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DOLFIN3600 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs et/ou négociées sur un autre marché réglementé
France
Actions
Suède | Valores mobiliarios e instrumentos del mercado monetario admitidos a cotización oficial en una Bolsa de valores y/o negociados en otro mercado reglamentado
Francia
Acciones
Suecia | Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs et/ou négociées sur un autre marché réglementé
France
Actions
Suède | fr | es |
DOLFIN3601 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Should any Benchmark Administrator or Benchmark’s status change, this Prospectus will be updated accordingly.
Dilution Levy and Swing Pricing
The price of a Share is calculated by reference to the Net Asset Value of the relevant Share Class to which it relates.
However, the actual cost of purchasing or selling investments may deviate from values used in calculating the price of the Shares, due to the costs of dealing, brokerage charges, taxes and any spread that may exist between the buying and selling price of the underlying assets of the Sub-Fund.
These costs can have a detrimental effect on the Sub-Fund, or “dilution”.
Applicable laws allow the cost of dilution to be met from the assets of the relevant Share Class and/or Sub-Fund or to be recovered from investors on the purchase, conversion or redemption of Shares in the Sub-Fund inter alia by means of a dilution adjustment to the dealing price.
The Board of Directors has the discretion to make a dilution levy by adjusting the valuation of the dealing price and thereby adjusting the dealing price of the Shares in the Sub-Fund to take account of the dealing costs.
The need to make a dilution adjustment will depend on the volume of purchases, conversions or redemptions of Shares on any given day, any of this being evaluated without prior notification to the Investor.
The Board of Directors may, therefore, make a dilution adjustment if in their opinion the existing (for net purchases) or remaining investors (for net redemptions) might otherwise be adversely affected. The Board of Directors reserves the right to make the adjustments in the following circumstances:
- where a Sub-Fund is in continual decline (is suffering net outflows of investment);
- where a Sub-Fund is experiencing high levels of net inflows relative to its size;
- where the Sub-Fund is experiencing net subscriptions or net redemptions on any day equivalent to 1% or more of the total net assets of the Sub-Fund;
- in any other circumstances where the Board of Directors believes it will be in the interests of Shareholders to make a dilution adjustment. | Sollte sich der Status eines Benchmark-Administrators oder einer Benchmark ändern, wird dieser Verkaufsprospekt entsprechend aktualisiert.
Verwässerungsabgabe und Swing Pricing
Der Preis einer Aktie wird unter Bezugnahme auf den Nettoinventarwert der jeweiligen Aktienklasse, auf die sie sich bezieht, berechnet.
Die tatsächlichen Kosten für den Kauf oder Verkauf von Anlagen können jedoch aufgrund von Handelskosten, Maklergebühren, Steuern und einer etwaigen Spanne zwischen dem Kauf- und Verkaufspreis der Basiswerte des Teilfonds von den bei der Berechnung des Aktienpreises zugrunde gelegten Werten abweichen.
Diese Kosten können sich nachteilig auf den Teilfonds auswirken, was als „Verwässerung“ bezeichnet wird.
Nach geltendem Recht können die Kosten der Verwässerung aus dem Vermögen der betreffenden Aktienklasse und/oder des Teilfonds bestritten oder von den Anlegern beim Kauf, Umtausch oder der Rücknahme von Aktien des Teilfonds unter anderem durch eine Verwässerungsanpassung des Handelspreises zurückgefordert werden.
Der Verwaltungsrat kann nach eigenem Ermessen durch Anpassung der Bewertung des Handelspreises und damit durch Anpassung des Handelspreises der Aktien des Teilfonds zwecks Berücksichtigung der Handelskosten eine Verwässerungsgebühr anwenden.
Die Notwendigkeit, eine Verwässerungsanpassung vorzunehmen, hängt vom Volumen der Käufe, Umtäusche oder Rücknahmen von Aktien an einem bestimmten Tag ab, wobei dies jeweils ohne vorherige Benachrichtigung des Anlegers bewertet wird.
Der Verwaltungsrat kann daher eine Verwässerungsanpassung vornehmen, wenn er der Meinung ist, dass die bestehenden Anleger (bei Nettokäufen) oder die verbleibenden Anleger (bei Nettorücknahmen) andernfalls benachteiligt werden könnten. Der Verwaltungsrat behält sich das Recht vor, unter den folgenden Umständen Anpassungen vorzunehmen:
- wenn sich ein Teilfonds in einem kontinuierlichen Rückgang befindet (d. h. Nettokapitalabflüsse zu verzeichnen sind)
- wenn ein Teilfonds im Verhältnis zu seiner Größe hohe Nettozuflüsse verzeichnet
- wenn der Teilfonds an einem beliebigen Tag Nettozeichnungen oder Nettorücknahmen in Höhe von 1% oder mehr des gesamten Nettovermögens des Teilfonds verzeichnet
- in allen anderen Fällen, in denen der Verwaltungsrat der Ansicht ist, dass eine Verwässerungsanpassung im Interesse der Aktionäre ist. | Should any Benchmark Administrator or Benchmark’s status change, this Prospectus will be updated accordingly.
Dilution Levy and Swing Pricing
The price of a Share is calculated by reference to the Net Asset Value of the relevant Share Class to which it relates.
However, the actual cost of purchasing or selling investments may deviate from values used in calculating the price of the Shares, due to the costs of dealing, brokerage charges, taxes and any spread that may exist between the buying and selling price of the underlying assets of the Sub-Fund.
These costs can have a detrimental effect on the Sub-Fund, or “dilution”.
Applicable laws allow the cost of dilution to be met from the assets of the relevant Share Class and/or Sub-Fund or to be recovered from investors on the purchase, conversion or redemption of Shares in the Sub-Fund inter alia by means of a dilution adjustment to the dealing price.
The Board of Directors has the discretion to make a dilution levy by adjusting the valuation of the dealing price and thereby adjusting the dealing price of the Shares in the Sub-Fund to take account of the dealing costs.
The need to make a dilution adjustment will depend on the volume of purchases, conversions or redemptions of Shares on any given day, any of this being evaluated without prior notification to the Investor.
The Board of Directors may, therefore, make a dilution adjustment if in their opinion the existing (for net purchases) or remaining investors (for net redemptions) might otherwise be adversely affected. The Board of Directors reserves the right to make the adjustments in the following circumstances:
- where a Sub-Fund is in continual decline (is suffering net outflows of investment);
- where a Sub-Fund is experiencing high levels of net inflows relative to its size;
- where the Sub-Fund is experiencing net subscriptions or net redemptions on any day equivalent to 1% or more of the total net assets of the Sub-Fund;
- in any other circumstances where the Board of Directors believes it will be in the interests of Shareholders to make a dilution adjustment. | en | de |
DOLFIN3602 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Le Compartiment peut investir jusqu'à 5 % de son actif net dans des obligations contingentes convertibles (« CoCo »).
Dans la limite de 200 % de son actif net, le Compartiment peut utiliser des investissements directs et/ou des produits dérivés, y compris des credit default swaps, pour atteindre son objectif d'investissement. Des produits dérivés peuvent également être utilisés à des fins de couverture. L'utilisation de produits dérivés à des fins d'investissement est limitée à 50 % de l'actif net du Compartiment.
L'objectif de la Classe d'Actions est la couverture du risque de change découlant de l'écart entre la devise de référence du Compartiment et la devise de cette Classe d'Actions via le recours à des instruments dérivés, tout en conservant l'allocation définie au titre de la Politique d'investissement du Compartiment. | ## El Subfondo podrá invertir hasta el 5 % de su patrimonio neto en bonos convertibles contingentes (CoCos).
Dentro del límite del 200 % del patrimonio neto del Subfondo, la estrategia de inversión puede llevarse a cabo con inversiones directas y/o mediante derivados, tales como permutas financieras de incumplimiento crediticio. Los derivados también podrán utilizarse con fines de cobertura. A modo aclaratorio, el uso de derivados con fines de inversión tiene un tope del 50 % del patrimonio neto del Subfondo.
El objetivo de la Clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la moneda de referencia del Subfondo y la moneda de la Clase de acción, mediante el uso de instrumentos derivados, mientras se mantiene la exposición a la Política de Inversión del Subfondo. | ## Le Compartiment peut investir jusqu'à 5 % de son actif net dans des obligations contingentes convertibles (« CoCo »).
Dans la limite de 200 % de son actif net, le Compartiment peut utiliser des investissements directs et/ou des produits dérivés, y compris des credit default swaps, pour atteindre son objectif d'investissement. Des produits dérivés peuvent également être utilisés à des fins de couverture. L'utilisation de produits dérivés à des fins d'investissement est limitée à 50 % de l'actif net du Compartiment.
L'objectif de la Classe d'Actions est la couverture du risque de change découlant de l'écart entre la devise de référence du Compartiment et la devise de cette Classe d'Actions via le recours à des instruments dérivés, tout en conservant l'allocation définie au titre de la Politique d'investissement du Compartiment. | fr | es |
DOLFIN3603 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 10 000 USD Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 370 USD | 1 010 USD |
| Rendement annuel moyen | -96.30% | -36.78% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 640 USD | 6 320 USD |
| Rendement annuel moyen | -33.60% | -8.77% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 820 USD | 10 240 USD |
| Rendement annuel moyen | -1.80% | 0.48% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 15 050 USD | 13 420 USD |
| Rendement annuel moyen | 50.50% | 6.06% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 USD En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | |
| Tensión | Lo que podría recibir tras deducir los costes | 370 USD | 1 010 USD |
| Rendimiento medio cada año | -96.30% | -36.78% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 6 640 USD | 6 320 USD |
| Rendimiento medio cada año | -33.60% | -8.77% |
| Moderado | Lo que podría recibir tras deducir los costes | 9 820 USD | 10 240 USD |
| Rendimiento medio cada año | -1.80% | 0.48% |
| Favorable | Lo que podría recibir tras deducir los costes | 15 050 USD | 13 420 USD |
| Rendimiento medio cada año | 50.50% | 6.06% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10 000 USD Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 370 USD | 1 010 USD |
| Rendement annuel moyen | -96.30% | -36.78% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 640 USD | 6 320 USD |
| Rendement annuel moyen | -33.60% | -8.77% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 820 USD | 10 240 USD |
| Rendement annuel moyen | -1.80% | 0.48% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 15 050 USD | 13 420 USD |
| Rendement annuel moyen | 50.50% | 6.06% | | fr | es |
DOLFIN3604 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SOFR is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | El Fondo invierte normalmente en depósitos bancarios reembolsables en el plazo de seis meses e instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves), con una duración máxima de un año.
Las inversiones del Fondo están denominadas o tienen cobertura (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) en dólares estadounidenses.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El SOFR a un día se utiliza a efectos de comparación de la rentabilidad. El Fondo no puede replicar el índice de referencia. El índice de referencia no es apto para la inversión y, por tanto, no puede replicarse.
El Gestor de inversiones tiene libertad para escoger las inversiones del Fondo, que no se asemejarán a los componentes del índice de referencia.
Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte inferior de la escala del indicador de riesgo y remuneración. Esto se debe a que el Fondo invierte en instrumentos del mercado monetario, cuya rentabilidad no suele experimentar grandes fluctuaciones.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Exposición a valores de emisores públicos: El Fondo puede invertir hasta el 100% de sus activos en valores emitidos o garantizados por una entidad soberana autorizada, según la definición recogida en el apartado de definiciones del folleto del Fondo.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Fondos del mercado monetario: Estas inversiones son distintas de los depósitos, ya que el importe invertido no está garantizado; el valor de las inversiones puede tanto subir como bajar. El Fondo no recibe ayuda externa para mantener su valor estable ni para garantizar su liquidez, es decir, que sus inversiones puedan convertirse fácilmente en efectivo. El inversor soporta el riesgo de pérdida.
Rentabilidad negativa: Como resultado de las condiciones del mercado (incluyendo, entre otras, una rebaja de los tipos de interés), puede que determinados instrumentos del mercado monetario en los que invierte el Fondo coticen con una rentabilidad negativa. Esto puede dar lugar a una reducción del valor, en el caso de las acciones de acumulación, y de la cantidad de rentas disponibles para reparto, en el caso de las acciones de distribución.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | The Fund normally invests in bank deposits repayable within six months and money market instruments (tradable securities where money can be invested for short periods) with a lifespan of up to one year.
The Fund’s investments are priced or hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Overnight SOFR is used for performance comparison. The Fund cannot replicate the benchmark index. The benchmark index is not investable and therefore cannot be replicated.
The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the lower end of the Risk and Reward Indicator scale. This is because the Fund invests in money market instruments, whose returns do not tend to fluctuate widely.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Government securities exposure: The Fund may invest up to 100% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Money Market Funds: These investments differ from deposits as the amount invested is not guaranteed; the value of investments may rise and fall. The Fund does not receive external support to help keep its value stable nor guarantee its liquidity, for example its investments can be easily converted to cash. The risk of loss is borne by the investor.
Negative Yield: As a result of market conditions, including but not limited to a reduction in interest rates, certain money market instruments in which the Fund invests may trade at a negative yield. Consequently, this may result in a reduction in value for accumulation shares and in the amount of income available for distribution in respect of income shares.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN3605 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Important legal information: This document is for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell shares of the fund/fund units or any investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Subscriptions of shares of the fund should in any event be made solely on the basis of the fund's current sales prospectus (the “Sales Prospectus”), the Key Investor Information Document (“KIID”), its articles of incorporation and the most recent annual and semi-annual report of the fund and after seeking the advice of an independent finance, legal, accounting and tax specialist. Furthermore and before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you.
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.
Interested parties may obtain the above-mentioned documents free of charge from the authorized distribution agencies and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Frankfurt/Main, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Refer for more information on the fund to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). These documents may also be downloaded from the website at www.sectoral.com. Refer for more information regarding subscriptions in Italy to the Modulo di Sottoscrizione. For any further information, the paying agents in Italy are: RBC Investor Services Bank, Milan Branch, Via Vittor Pisani, 26, I-20124 Milan or Allfunds Bank, S.A.U., Italian Branch, Via Bocchetto, 6, Allfunds Bank, S.A.U., Italian Branch, Via Bocchetto, 6, I-20123 Milan. The KIID is available in French and can be obtained from the financial and central administration agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris. The fund is authorized to the commercialization in France since 31/03/2014. Refer for more information on the funds to the Document d’Information Clé pour l’Investisseur (DICI). The funds authorized for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 620373. The KIID can be obtained in English from the facility agent in Great Britain: Carne Financial Services (UK) LLP, Suites 1.15 - 1.16, 1st Floor, 5 Old Bailey, London EC4M 7BA. In Spain, funds authorized for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 1268. The KIID can be obtained in Spanish. This document is not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association are not applicable. Neither this document nor any copy of it may be distributed in any jurisdiction where its distribution may be restricted by law. Persons who receive this document should make themselves aware of and adhere to any such restrictions. In particular, this document must not be distributed or handed over to US persons and must not be distributed in the USA. | Importante avvertenza legale:Il presente documento ha scopo meramente informativo e non rappresenta un’esortazione, un invito o un consiglio ad acquistare o vendere quote del fondo o qualsivoglia strumento di investimento né a effettuare qualsivoglia operazione o concludere qualsivoglia atto legale di qualsiasi natura. Le sottoscrizioni di quote nel fondo dovranno essere effettuate in ogni caso solo sulla base del prospetto di offerta corrente del fondo (il “Prospetto di offerta”), del Documento contenente le informazioni chiave per gli investitori ("KIID"), dello statuto e della relazione annuale o semestrale più recenti del fondo e dopo essersi consultati con un consulente finanziario, legale, fiscale o contabile indipendente. Prima di sottoscrivere un contratto relativo a un investimento qui menzionato, i potenziali investitori sono inoltre tenuti a valutarne l'idoneità con il loro professionista e/o consulente finanziario di fiducia.
La performance passata non è indicativa della performance corrente e futura. I dati sulla performance non tengono in considerazione eventuali commissioni e costi addebitati quando sono emesse o riscattate, se del caso, le quote del fondo. Il rendimento del fondo può variare sia al rialzo che al ribasso a fronte delle oscillazioni dei tassi di cambio. Il valore dei capitali investiti nel fondo può aumentare o diminuire e non vi è garanzia che tale capitale investito possa essere riscattato, in toto o in parte.
Gli interessati potranno richiedere i predetti documenti, a titolo gratuito, presso le agenzie di distribuzione autorizzate e presso le sedi del fondo all’11-13 Boulevard de la Foire, L-1528 Lussemburgo, al rappresentante del fondo in Svizzera: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurigo, all’agente di pagamento in Svizzera: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurigo, all’agente di pagamento in Germania: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Francoforte, all’agente di pagamento in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, all’agente di pagamento in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Per ulteriori informazioni sui fondi, fare riferimento al prospetto più recente, alle relazioni annuali e semestrali e al documento contenente le informazioni chiave per gli investitori (“KIID”). Questi documenti possono inoltre essere scaricati dal sito Internet www.sectoral.com. Per ulteriori informazioni in merito alle modalità di sottoscrizione in Italia si rimanda al Modulo di Sottoscrizione. Per richiedere ulteriori informazioni, gli agenti di pagamento in Italia sono: RBC Investor Services Bank, Filiale di Milano, Via Vittor Pisani, 26, I-20124 Milano o Allfunds Bank, S.A.U., Filiale italiana, Via Bocchetto, 6, I-20123 Milano. Il KIID è disponibile in lingua francese e può essere richiesto all’agente amministrativo centrale e finanziario in Francia: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Parigi. Il fondo dispone di autorizzazione alla commercializzazione in Francia dal 04/03/2015. Per ulteriori informazioni sui fondi, fare riferimento al Document d’Information Clé pour l’Investisseur (DICI). I fondi autorizzati per la distribuzione nel Regno Unito sono iscritti nel registro FCA con il numero di riferimento 620373. In Spagna, i fondi autorizzati per la distribuzione sono iscritti nel registro delle società estere di investimento collettivo della CNMV spagnola (al numero 1268). Il KIID è disponibile in lingua spagnola. Il presente documento non è il risultato di un’analisi finanziaria e quindi non vi si applicano le "Direttive sull’indipendenza della ricerca finanziaria" dell’Associazione svizzera dei banchieri. È vietata la distribuzione del presente documento o di copie dello stesso in giurisdizioni che non ne consentano legalmente la distribuzione. Le persone che ricevono il presente documento dovrebbero essere consapevoli di tali limitazioni e rispettarle. In particolare, il documento non deve essere distribuito o trasmesso a una US Person e non deve essere distribuito negli Stati Uniti. | Important legal information: This document is for information purposes only and does not constitute an offer, solicitation or recommendation to buy or sell shares of the fund/fund units or any investment instruments, to effect any transactions or to conclude any legal act of any kind whatsoever. Subscriptions of shares of the fund should in any event be made solely on the basis of the fund's current sales prospectus (the “Sales Prospectus”), the Key Investor Information Document (“KIID”), its articles of incorporation and the most recent annual and semi-annual report of the fund and after seeking the advice of an independent finance, legal, accounting and tax specialist. Furthermore and before entering into an agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment advisers as to its suitability for you.
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.
Interested parties may obtain the above-mentioned documents free of charge from the authorized distribution agencies and from the offices of the fund at 11-13 Boulevard de la Foire, L-1528 Luxembourg, the representative in Switzerland: Vontobel Fonds Services AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Switzerland: Bank Vontobel AG, Gotthardstrasse 43, 8022 Zurich, the paying agent in Germany: B. Metzler seel. Sohn & Co. KGaA, Untermainanlage 1, 60329 Frankfurt/Main, the paying agent in Liechtenstein: Liechtensteinische Landesbank AG, Städtle 44, FL-9490 Vaduz, the paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, A-1100 Vienna. Refer for more information on the fund to the latest prospectus, annual and semi-annual reports as well as the key investor information documents (“KIID”). These documents may also be downloaded from the website at www.sectoral.com. Refer for more information regarding subscriptions in Italy to the Modulo di Sottoscrizione. For any further information, the paying agents in Italy are: RBC Investor Services Bank, Milan Branch, Via Vittor Pisani, 26, I-20124 Milan or Allfunds Bank, S.A.U., Italian Branch, Via Bocchetto, 6, Allfunds Bank, S.A.U., Italian Branch, Via Bocchetto, 6, I-20123 Milan. The KIID is available in French and can be obtained from the financial and central administration agent in France: BNP Paribas Securities Services S.A., 3, Rue d’Antin, F-75002 Paris. The fund is authorized to the commercialization in France since 31/03/2014. Refer for more information on the funds to the Document d’Information Clé pour l’Investisseur (DICI). The funds authorized for distribution in the United Kingdom can be viewed in the FCA register under the Scheme Reference Number 620373. The KIID can be obtained in English from the facility agent in Great Britain: Carne Financial Services (UK) LLP, Suites 1.15 - 1.16, 1st Floor, 5 Old Bailey, London EC4M 7BA. In Spain, funds authorized for distribution are recorded in the register of foreign collective investment companies maintained by the Spanish CNMV (under number 1268. The KIID can be obtained in Spanish. This document is not the result of a financial analysis and therefore the “Directives on the Independence of Financial Research” of the Swiss Bankers Association are not applicable. Neither this document nor any copy of it may be distributed in any jurisdiction where its distribution may be restricted by law. Persons who receive this document should make themselves aware of and adhere to any such restrictions. In particular, this document must not be distributed or handed over to US persons and must not be distributed in the USA. | en | it |
DOLFIN3606 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an |
| --- |
| Coûts ponctuels à l'entrée ou à la sortie | |
| Coûts d'entrée | Nous ne facturons aucun frais d’entrée. | 0 USD |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 USD |
| Coûts récurents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,56% de la valeur de votre investissement par an. Il s’agit d’une estimation fondée sur les coûts réels au cours de la dernière année. | 56 USD |
| Coûts de transaction | 0,03% 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. | 3 USD |
| Coûts accesoires facturés dans certaines conditions | |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | N/A | | | Si lo vende después de 1 año |
| --- |
| Costes únicos de entrada o de salida | |
| Costes de entrada | No cobramos gastos de entrada. | 0 USD |
| Costes de salida | Nous ne facturons pas de coût de sortie pour ce produit. | 0 USD |
| Costes recurrentes | |
| Honorarios de gestión y gastos administrativos y de explotación | 0,56% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 56 USD |
| Costes de transacción | 0,03% del valor de su inversión al año. Se trata de una estimación de los costes soportados cuando compramos y vendemos las inversiones subyacentes al producto. El importe real varía en función de la cantidad que compramos y vendemos. | 3 USD |
| Costes accesorios facturados en determinadas condiciones | |
| Comisiones en función de la rentabilidad | No existe ninguna comisión en función de la rentabilidad para este producto. | N/A | | | Si vous sortez après 1 an |
| --- |
| Coûts ponctuels à l'entrée ou à la sortie | |
| Coûts d'entrée | Nous ne facturons aucun frais d’entrée. | 0 USD |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | 0 USD |
| Coûts récurents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,56% de la valeur de votre investissement par an. Il s’agit d’une estimation fondée sur les coûts réels au cours de la dernière année. | 56 USD |
| Coûts de transaction | 0,03% 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. | 3 USD |
| Coûts accesoires facturés dans certaines conditions | |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | N/A | | fr | es |
DOLFIN3607 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
An investor may be a U.S. Taxpayer for Federal income tax purposes but not a “U.S. Person” for purposes of investor qualification for a Sub-Fund. For example, an individual who is a U.S. citizen residing outside of the U.S. is not a “U.S. Person” but is a U.S. Taxpayer for Federal income tax purposes;
- “Excluded U.S. Taxpayer” means a U.S. Taxpayer who is also: (i) a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a member of the same expanded affiliated group, as defined in Section 1471(e)(2) of the Code, as a corporation described in clause (i); (iii) the United States or any wholly owned agency or instrumentality thereof; (iv) any state of the United States, any U.S. territory, any political subdivision of any of the foregoing, or any wholly owned agency or instrumentality of any one or more of the foregoing; (v) any organization exempt from taxation under Section 501(a) or an individual retirement plan as defined in Section 7701(a)(37) of the Code; (vi) any bank as defined in Section 581 of the Code; (vii) any real estate investment trust as defined in Section 856 of the Code; (viii) any regulated investment company as defined in Section 851 ofthe Code or any entity registered with the U.S. Securities Exchange Commission under the United States Investment Company Act of 1940, as amended; (ix) any common trust fund as defined in Section 584(a) of the Code; (x) any trust that is exempt from tax under Section 664(c) of the Code; (xi) a dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state thereof; or (xii) a broker as defined in Section 6045(c) of the Code.
- “Passive U.S. Controlled Foreign Entity” means any entity that is not a U.S. Taxpayer or Financial Institution, as defined in FACTA, and that has one or more “Controlling U.S. Persons” as owners of equity in such entity. For this purpose, a Controlling U.S. Person means an individual who is a U.S. Taxpayer and who exercises control over an entity. In the case of a trust, such term means the settler, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. | Un investisseur peut avoir qualité de Contribuable américain aux fins de l’impôt fédéral sur le revenu, m ais ne pas être une « Personne américaine » aux fins de la qualification d’investisseur pour un Compartiment. Pa r exemple, un particulier qui a qualité de citoyen américain résidant hors des États-Unis n’est pas une « Personne américaine », mais un Contribuable américain aux fins de l’impôt fédéral sur le revenu ;
- « Contribuable américain exclu » désigne un Contribuable américain qui est également : (i) une société dont les actions sont régulièrement négociées sur un ou plusieurs marchés de valeurs mobilières établis ;(ii) toute société qui est membre du même groupe affilié élargi, tel que défini à la Section 1471(e)(2) du Code, en tant que société décrite à la clause (i) ; (iii) les États-Unis ou toute agence ou émanation à part entière de ce pays ; (iv) tout État des États-Unis, tout territoire américain, toute subdivision politique de l’une quelconque des entités précitées, ou toute agence ou émanation à part entière de l’un ou l’a utredes entités précitées ; (v) toute organisation exonérée d’impôt en vertu de la Section 501 (a) ou tout régime de retraite individuel tel que défini à la Section 7701(a)(37) du Code ; (vi) une quelconque banque telle que définie à la Section 581 du Code ; (vii) toute fiducie de placement immobilier de type REIT tel que défini à la Section 856 du Code ; (viii) toute société d’investissement réglem entée telle que définie à la Section 851 du Code ou toute entité enregistrée auprès de la Securities Exchange Commission américaine en vertu de l’Investment Company Act américain (loi sur les sociétés d’investissement) de 1940, tel que modifié ; (ix) tout fonds commun de placement tel que déf ini à la Section 584(a) du Code ; (x) toute fiducie exonérée d’impôt en vertu de la Section 664(c) du Code ; (xi) un négociant en valeurs mobilières, en matières premières ou en instruments financiers dérivés (y compris les contrats notionnels fondés sur le principal, les contrats à terme standardisés, les contrats de change à terme et les options) qui est enregistré en tant que tel en vertu des lois des États -Unis ou de tout État de ce pays ; ou (xii) un courtier tel que défini à la Section 6045(c) du Code.
- « Entité étrangère passive contrôlée par des Personnes américaines » désigne toute entité qui n’a pas qualité de Contribuable américain ou d’Établissement financier, tel que défini pa r la Loi FATCA, et dont un ou plusieurs des propriétaires des capitaux propres sont des « Personnes américaines détenant le contrôle ». À ces fins, une Personne américaine détenant le contrôle désigne un particulier ayant qualité de Contribuable américain et qui exerce un contrôle sur une entité. Dans le cas d’une fiducie, ce term e désigne le constituant, les fiduciaires, le protecteur (le cas échéant), les bénéficiaires ou catégories de bénéficiaires ainsi que toute autre personne physique exerçant un contrôle effectif sur le trust, et dans le cas de montage juridique autre qu’une fiducie, ce terme désigne les personnes occupant des postes équivalents ou similaires. | An investor may be a U.S. Taxpayer for Federal income tax purposes but not a “U.S. Person” for purposes of investor qualification for a Sub-Fund. For example, an individual who is a U.S. citizen residing outside of the U.S. is not a “U.S. Person” but is a U.S. Taxpayer for Federal income tax purposes;
- “Excluded U.S. Taxpayer” means a U.S. Taxpayer who is also: (i) a corporation the stock of which is regularly traded on one or more established securities markets; (ii) any corporation that is a member of the same expanded affiliated group, as defined in Section 1471(e)(2) of the Code, as a corporation described in clause (i); (iii) the United States or any wholly owned agency or instrumentality thereof; (iv) any state of the United States, any U.S. territory, any political subdivision of any of the foregoing, or any wholly owned agency or instrumentality of any one or more of the foregoing; (v) any organization exempt from taxation under Section 501(a) or an individual retirement plan as defined in Section 7701(a)(37) of the Code; (vi) any bank as defined in Section 581 of the Code; (vii) any real estate investment trust as defined in Section 856 of the Code; (viii) any regulated investment company as defined in Section 851 ofthe Code or any entity registered with the U.S. Securities Exchange Commission under the United States Investment Company Act of 1940, as amended; (ix) any common trust fund as defined in Section 584(a) of the Code; (x) any trust that is exempt from tax under Section 664(c) of the Code; (xi) a dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state thereof; or (xii) a broker as defined in Section 6045(c) of the Code.
- “Passive U.S. Controlled Foreign Entity” means any entity that is not a U.S. Taxpayer or Financial Institution, as defined in FACTA, and that has one or more “Controlling U.S. Persons” as owners of equity in such entity. For this purpose, a Controlling U.S. Person means an individual who is a U.S. Taxpayer and who exercises control over an entity. In the case of a trust, such term means the settler, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the case of a legal arrangement other than a trust, such term means persons in equivalent or similar positions. | en | fr |
DOLFIN3608 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### companies located globally, that demonstrate leadership or meaningful improvement in having a diverse workforce and an equal and inclusive work culture. The Fund will seek to maintain higher levels of workforce diversity at a portfolio level than the underlying market benchmark as measured by average percentage of women at the board level and average percentage of board members representing underrepresented ethnicities.
* Fund commenced operations on 8 April 2022.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market | #### genere e inclusione, investendo principalmente in società con sede in qualsiasi parte del mondo che dimostrano leadership o progresso di rilievo nella diversificazione della forza lavoro e una cultura del lavoro basata sull’uguaglianza e l’inclusione. Il Fondo cercherà di mantenere una diversità a livello del portafoglio superiore al benchmark di mercato sottostante, espressa in percentuale media di donne al livello del consiglio di amministrazione e percentuale media dei rappresentanti di etnie sottorappresentate tra i membri del consiglio.
* Il Fondo ha iniziato a operare in data 8 aprile 2022.
Per la politica e l’obiettivo d’investimento del Fondo, si rimanda al prospetto informativo completo.
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato | #### companies located globally, that demonstrate leadership or meaningful improvement in having a diverse workforce and an equal and inclusive work culture. The Fund will seek to maintain higher levels of workforce diversity at a portfolio level than the underlying market benchmark as measured by average percentage of women at the board level and average percentage of board members representing underrepresented ethnicities.
* Fund commenced operations on 8 April 2022.
Please refer to the full prospectus for the Fund’s investment objective and policy.
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market | en | it |
DOLFIN3609 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Economical Classification of Schedule of Investments
Banks 24.16
Financial Services 13.77
Food and Beverages 5.65
Communications 4.82
Oil and Gas 4.72
Real Estate 4.61
Industry 4.10
Insurance 3.61
Electrical Appliances and Components 3.49
Chemicals 2.93
Traffic and Transportation 2.46
Media 2.45
Commercial Services and Supplies 2.16
Automobiles 2.05
Governments and Supranational 1.66
Miscellaneous Manufacture 1.55
Pharmaceuticals and Biotechnology 1.07
Consumer, Non-cyclical 1.01
Internet, Software and IT Services 0.96
Healthcare 0.92
Aerospace and Defence 0.91
Hotels, Restaurants and Leisure 0.87
Building Materials and Products 0.84
Pipelines 0.83
Engineering and Construction 0.82
Mechanical Engineering and Industrial Equipments 0.82
Energy and Water Supply 0.65
Holding Companies 0.65
Utilities 0.65
Consumer, Cyclical 0.58
Retail 0.56
Savings and Loans 0.56
Open-Ended Investment Funds 0.52
Technology 0.43
Financial, Investment and Other Diversified Companies 0.38
Containers and Packaging 0.08
98.30 | ## Wirtschaftliche Aufteilung des Wertpapierbestands
Banken 24.16
Finanzdienstleistungen 13.77
Nahrungsmittel und Getränke 5.65
Kommunikation 4.82
Erdöl und Erdgas 4.72
Immobilien 4.61
Industrie 4.10
Versicherungen 3.61
Elektrogeräte und -komponenten 3.49
Chemikalien 2.93
Verkehr und Transport 2.46
Medien 2.45
Gewerbliche Dienste und Betriebsstoffe 2.16
Automobile 2.05
Schuldtitel von Regierungen und supranationalen Einrichtungen 1.66
Verschiedene verarbeitende Industrien 1.55
Pharmazeutika und Biotechnologie 1.07
Nichtzyklische Konsumgüter 1.01
Internet, Software und IT-Dienste 0.96
Gesundheitswesen 0.92
Luftfahrt und Verteidigung 0.91
Hotels, Restaurants und Freizeit 0.87
Baustoffe und Baumaterialien 0.84
Pipelines 0.83
Bau- und Ingenieurswesen 0.82
Maschinenbau und Industrieausrüstung 0.82
Energie- und Wasserversorgung 0.65
Holdinggesellschaften 0.65
Versorgungsbetriebe 0.65
Zyklische Konsumgüter 0.58
Einzelhandel 0.56
Spareinlagen und Krediten 0.56
Offene Investmentfonds 0.52
Technologie 0.43
Finanzinstitute, Investmentgesellschaften und sonstige diversifizierte Unternehmen
0.38
Behälter und Verpackung 0.08
98.30 | ## Economical Classification of Schedule of Investments
Banks 24.16
Financial Services 13.77
Food and Beverages 5.65
Communications 4.82
Oil and Gas 4.72
Real Estate 4.61
Industry 4.10
Insurance 3.61
Electrical Appliances and Components 3.49
Chemicals 2.93
Traffic and Transportation 2.46
Media 2.45
Commercial Services and Supplies 2.16
Automobiles 2.05
Governments and Supranational 1.66
Miscellaneous Manufacture 1.55
Pharmaceuticals and Biotechnology 1.07
Consumer, Non-cyclical 1.01
Internet, Software and IT Services 0.96
Healthcare 0.92
Aerospace and Defence 0.91
Hotels, Restaurants and Leisure 0.87
Building Materials and Products 0.84
Pipelines 0.83
Engineering and Construction 0.82
Mechanical Engineering and Industrial Equipments 0.82
Energy and Water Supply 0.65
Holding Companies 0.65
Utilities 0.65
Consumer, Cyclical 0.58
Retail 0.56
Savings and Loans 0.56
Open-Ended Investment Funds 0.52
Technology 0.43
Financial, Investment and Other Diversified Companies 0.38
Containers and Packaging 0.08
98.30 | en | de |
DOLFIN3610 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator represents the annual historical volatility of the Fund over a 5-year period.
Due to a lack of sufficient historical data, the risk indicator incorporates simulated data from a benchmark portfolio.
Risk Category 5 reflects high potential gains and/or losses for the portfolio. This is due to investments in money market instruments, bonds, units of UCITS or UCI, and/or equities on the worldwide market.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time. The lowest risk category does not mean "risk free".
Your initial investment is not guaranteed.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Derivative for hedging purpose: The use of derivatives for hedging in a rising market may restrict potential gains.
Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. This can be the result of shocks of unprecedented intensity and severity such as but not limited to pandemics and natural disasters.
Investments into other UCI/UCITS: A Fund which invests in other collective investment schemes will not have an active role in the day-to-day management of the collective investment schemes in which it invests. Moreover, a Fund will generally not have the opportunity to evaluate the specific investments made by any underlying collective investment schemes before they are made. Accordingly, the returns of a Fund will primarily depend on the performance of these unrelated underlying fund managers and could be substantially adversely affected by the unfavourable performance.
Credit risk and interest rate risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. Bond prices and yields have an inverse relationship, when the price of a bond falls the yield rises.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase. | Este indicador representa la volatilidad histórica anual del Fondo a lo largo de un periodo de cinco años.
Al no disponer de suficientes datos históricos, el indicador de riesgo se basa en datos históricos simulados de una cartera de referencia.
La Categoría de riesgo 5 refleja unas ganancias y/o pérdidas potenciales de la cartera altas. Ello se debe a las inversiones en instrumentos del mercado monetario, bonos, participaciones de OICVM u OIC y/o acciones de mercados de todo el mundo.
Los datos históricos, como los empleados para calcular el indicador sintético, no pueden considerarse una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo que se atribuye al Fondo no está garantizada y puede variar a lo largo del tiempo.
La asignación a la categoría más baja de riesgo no significa que la inversión esté libre de riesgo.
Su inversión inicial no está garantizada.
Entre el/los riesgo(s) significativo(s) del Fondo no tenidos en cuenta en este indicador se incluyen los siguientes:
Derivados con fines de cobertura: el uso de derivados con fines de cobertura en un mercado alcista puede limitar las ganancias potenciales.
Riesgo de liquidez: existe riesgo de liquidez cuando algunas inversiones específicas son difíciles de comprar o vender. Esto puede reducir las rentabilidades del Fondo, puesto que el Fondo podría ser incapaz de realizar transacciones en momentos o a precios favorables. Puede ser el resultado de crisis de intensidad y gravedad sin precedentes, como pandemias y desastres naturales, entre otros.
Inversiones en otros OIC/OICVM: un Fondo que invierte en otros organismos de inversión colectiva no desempeñará un papel activo en la gestión diaria de los organismos de inversión colectiva en los que invierte. Además, un Fondo generalmente no tendrá la posibilidad de analizar las inversiones específicas realizadas por cualquiera de los organismos de inversión colectiva subyacentes antes de que se lleven a cabo. Por lo tanto, los rendimientos de un Fondo dependerán principalmente de la rentabilidad de estos gestores de fondos subyacentes e independientes y podrían verse afectados negativamente y de manera considerable por la rentabilidad desfavorable.
Riesgo de crédito y riesgo de los tipos de interés: el Fondo invierte en bonos, efectivo u otros instrumentos del mercado monetario. Existe el riesgo de que el emisor incumpla. La probabilidad de que esto ocurra dependerá de la solvencia del emisor. El riesgo de incumplimiento es generalmente mayor en el caso de los bonos con calificación crediticia inferior a la categoría de inversión. Una subida de los tipos de interés podría provocar un descenso del valor de los títulos de renta fija en los que invierte el Fondo. Los precios de los bonos y los rendimientos tienen una relación inversa: cuando el precio de un bono disminuye, el rendimiento aumenta.
Riesgo de divisa: el Fondo invierte en mercados internacionales. Puede verse afectado por las variaciones de los tipos de cambio, que pueden hacer que el valor de su inversión disminuya o se incremente. | This indicator represents the annual historical volatility of the Fund over a 5-year period.
Due to a lack of sufficient historical data, the risk indicator incorporates simulated data from a benchmark portfolio.
Risk Category 5 reflects high potential gains and/or losses for the portfolio. This is due to investments in money market instruments, bonds, units of UCITS or UCI, and/or equities on the worldwide market.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time. The lowest risk category does not mean "risk free".
Your initial investment is not guaranteed.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Derivative for hedging purpose: The use of derivatives for hedging in a rising market may restrict potential gains.
Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. This can be the result of shocks of unprecedented intensity and severity such as but not limited to pandemics and natural disasters.
Investments into other UCI/UCITS: A Fund which invests in other collective investment schemes will not have an active role in the day-to-day management of the collective investment schemes in which it invests. Moreover, a Fund will generally not have the opportunity to evaluate the specific investments made by any underlying collective investment schemes before they are made. Accordingly, the returns of a Fund will primarily depend on the performance of these unrelated underlying fund managers and could be substantially adversely affected by the unfavourable performance.
Credit risk and interest rate risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. Bond prices and yields have an inverse relationship, when the price of a bond falls the yield rises.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase. | en | es |
DOLFIN3611 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investment objective
The fund’s investment objective is to achieve the highest possible return. Income is reinvested in the fund or distributed in accordance with the table below.
The benchmark for the fund is the iBoxx € Covered.
The iBoxx € Covered is administrated by IHS Markit Benchmark Administration Limited. IHS Markit Benchmark Administration Limited is listed in an official register of benchmark admin- istrators and benchmarks at the European Securi- ties and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided. | ### Anlageziel
Der Fonds strebt als Anlageziel die Erwirtschaf- tung eines möglichst hohen Ertrages an. Die Erträge werden im Fonds wieder angelegt beziehungsweise ausgeschüttet gemäß unten stehender Tabelle.
Als Vergleichsindex wird der iBoxx € Covered herangezogen.
Der iBoxx € Covered wird von IHS Markit Bench- mark Administration Limited administriert. IHS Markit Benchmark Administration Limited ist bei der europäischen Wertpapieraufsichtsbehörde ESMA in ein öffentliches Register von Adminis- tratoren von Referenzwerten und von Referenz- werten eingetragen.
Die Gesellschaft hat robuste schriftliche Pläne auf- gestellt, in denen sie Maßnahmen dargelegt hat, die sie ergreifen würde, wenn der Vergleichsindex sich wesentlich ändert oder nicht mehr bereit- gestellt wird. | ### Investment objective
The fund’s investment objective is to achieve the highest possible return. Income is reinvested in the fund or distributed in accordance with the table below.
The benchmark for the fund is the iBoxx € Covered.
The iBoxx € Covered is administrated by IHS Markit Benchmark Administration Limited. IHS Markit Benchmark Administration Limited is listed in an official register of benchmark admin- istrators and benchmarks at the European Securi- ties and Markets Authority (ESMA).
The Company has established robust, written plans in which it has stipulated measures that it would take if the benchmark were to change materially or were no longer to be provided. | en | de |
DOLFIN3612 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Portefeuille vise à générer une croissance du capital à plus long terme.
Le Portefeuille détiendra principalement des actions ou des instruments similaires liés à des sociétés des marchés émergents. Ces sociétés sont basées dans les marchés émergents ou tirent la majorité de leurs bénéfices ou de leur chiffre d'affaires de ces marchés. Le Portefeuille peut également investir dans des sociétés qui sont basées dans le monde entier.
Le Portefeuille n'investira pas plus de 33 % de ses actifs dans des obligations émises par des sociétés ou des entités gouvernementales, des titres convertibles (qui peuvent être convertis en d'autres types de titres), des instruments du marché monétaire et des instruments non liés à des actions. Le Portefeuille peut investir jusqu'à 30 % dans des titres de participation en Chine continentale, directement par le biais du programme | ### La Cartera trata de aumentar el capital a largo plazo.
La Cartera invertirá principalmente en acciones o instrumentos similares de empresas de mercados emergentes. Dichas empresas estarán establecidas en mercados emergentes u obtendrán la mayoría de sus beneficios o ingresos en dichos mercados. La Cartera también puede invertir en empresas con sede en cualquier parte del mundo.
La Cartera no invertirá más de un 33 % de sus activos en bonos emitidos por sociedades o entidades gubernamentales, ni en valores convertibles (es decir, aquellos que pueden convertirse en otros tipos de valores), instrumentos del mercado monetario o instrumentos no vinculados a acciones. La Cartera podrá invertir hasta un 30 % de sus activos en valores de renta variable de China continental, bien directamente a través del sistema | ### Le Portefeuille vise à générer une croissance du capital à plus long terme.
Le Portefeuille détiendra principalement des actions ou des instruments similaires liés à des sociétés des marchés émergents. Ces sociétés sont basées dans les marchés émergents ou tirent la majorité de leurs bénéfices ou de leur chiffre d'affaires de ces marchés. Le Portefeuille peut également investir dans des sociétés qui sont basées dans le monde entier.
Le Portefeuille n'investira pas plus de 33 % de ses actifs dans des obligations émises par des sociétés ou des entités gouvernementales, des titres convertibles (qui peuvent être convertis en d'autres types de titres), des instruments du marché monétaire et des instruments non liés à des actions. Le Portefeuille peut investir jusqu'à 30 % dans des titres de participation en Chine continentale, directement par le biais du programme | fr | es |
DOLFIN3613 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les Actionnaires peuvent obtenir le rachat de leurs Actions sur demande, lors de tout jour ouvrable au Luxembourg coïncidant avec les ouvertures de la Bourse de New York et du NASDAQ, avant 13 h 30.
## Veuillez lire la section du Prospectus intitulée « Souscription, transfert, conversion et rachat d’Actions » pour de plus amples renseignements.
Investisseurs de détail visés Le Produit convient aux investisseurs institutionnels et de détail qui recherchent une exposition aux marchés d’actions à l’échelle mondiale, recherchent un portefeuille relativement concentré, peuvent se permettre d’immobiliser du capital pendant 3 à 5 ans (horizon à moyen-long terme), peuvent accepter des pertes temporaires importantes et peuvent tolérer la volatilité.
## Informations pratiques
## Dépositaire du produit : Brown Brothers Harriman (Luxembourg) S.C.A
Des informations complémentaires concernant le Produit (dont la version anglaise du prospectus complet, des rapports et des comptes de la SICAV dans son ensemble), ainsi que la procédure d’échange d’Actions d’un Compartiment à un autre, sont disponibles gratuitement sur demande auprès du siège social de la Société de gestion ou de l’Agent administratif. Le prix par action du Compartiment peut être obtenu au siège social de la Société de gestion ou de l’Agent administratif.
## De plus amples informations relatives à la politique de rémunération sont disponibles sur www.im.natixis.com et des copies papier sont disponibles sans frais et sur demande.
Échange d’actions : Chaque Compartiment de la SICAV est séparé en vertu de la loi. Vous n’avez pas la possibilité d’échanger vos actions contre des actions d’un autre Compartiment du Fonds. Toutefois, vous avez la possibilité de demander le rachat de vos actions de ce Compartiment, puis de souscrire des actions d’un autre Compartiment. Pour plus d’informations, consultez le prospectus du Produit.
Fiscalité : Le Produit peut être assujetti à un régime fiscal spécifique au Luxembourg. Selon votre pays de résidence, cela peut avoir un impact sur votre investissement. Pour de plus amples renseignements, veuillez contacter votre conseiller.
| | Quels sont les risques et qu’est-ce que cela pourrait me rapporter ? |
| --- | --- |
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
## Risque plus faible Risque plus élevé
## L’indicateur de risque suppose que vous conservez le Produit pendant 5 ans.
L’indicateur synthétique de risque est un guide du niveau de risque de ce Produit par rapport à d’autres Produits. Il montre la probabilité que le Produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce Produit dans la classe de risque 5 sur 7, qui est une classe de risque moyenne à élevée. Cette classification évalue les pertes potentielles liées aux performances futures à un niveau moyen à élevé, et les mauvaises conditions de marché auront probablement un impact sur notre capacité à vous payer.
## Soyez conscient du risque de change. La devise de ce Produit peut être différente de celle de votre pays. Étant donné que vous pouvez recevoir des paiements dans la devise de ce Produit et non dans celle de votre pays, le rendement final obtenu dépendra du taux de change entre ces deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
## Autres risques importants pour le Produit non inclus dans l’indicateur synthétique de risque : Risque de liquidité, Risque lié à Stock Connect.
## Ce Produit n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement.
## Scénarios de performance
Les chiffres indiqués incluent tous les coûts du Produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | # Los Accionistas pueden reembolsar Acciones, previa solicitud, en cualquier día hábil de Luxemburgo en el que la Bolsa de Nueva York y el NASDAQ se encuentren abiertos, antes de las 13:30 horas.
## Consúltese la sección «Suscripción, transferencia, canje y reembolso de acciones» del Folleto para más información.
Inversor minorista al que va dirigido El Producto es adecuado para inversores institucionales y minoristas que buscan una exposición a los mercados de renta variable globales, que buscan una cartera relativamente concentrada, que pueden prescindir del capital invertido entre 3 y 5 años (horizonte temporal de medio a largo), que pueden aceptar pérdidas temporales significativas y que pueden tolerar la volatilidad.
## Información práctica
## Depositario del Producto: Brown Brothers Harriman (Luxembourg) S.C.A
Puede obtenerse información adicional gratuita sobre el Producto (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la Sociedad de Gestión o del Agente de Administración. El precio por acción del Subfondo puede obtenerse en el domicilio social de la Sociedad de Gestión o del Agente de Administración.
## Puede encontrar más información acerca de la política de remuneración en www.im.natixis.com y existen copias impresas disponibles de forma gratuita previa solicitud.
Canje de acciones: Todos los Subfondos de la SICAV están segregados por ley. Usted no tiene la oportunidad de canjear sus acciones por acciones de otro Subfondo del Fondo. Sin embargo, es posible que tenga la opción de reembolsar sus acciones de este Subfondo y, a continuación, suscribir acciones de otro Subfondo. Para obtener más información, puede consultar el folleto del Producto.
Fiscalidad: El Producto puede estar sujeto a regímenes de tributación específicos en Luxemburgo. Dependiendo de cuál sea su país de residencia, esto podría incidir sobre su inversión. Si desea obtener más información, contacte con un asesor.
| | ¿Qué riesgos corro y qué podría obtener a cambio? |
| --- | --- |
## Indicador de riesgo
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
## Riesgo muy bajo Riesgo muy alto
## En relación con el indicador de riesgo, se parte del supuesto que usted conservará el Producto durante 5 años.
El indicador resumido de riesgo es una guía del nivel de riesgo de este Producto en comparación con otros Productos. Muestra las probabilidades de que el Producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este Producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta, y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como probable.
## Debe tener en cuenta el riesgo de cambio. La moneda de este Producto puede ser diferente a la de su país. Como puede recibir pagos en la moneda de este Producto y no en la de su país, la rentabilidad final que obtendrá dependerá del tipo de cambio entre estas dos monedas. Este riesgo no se contempla en el indicador anterior.
## Otros riesgos de importancia significativa para el Producto no incluidos en el indicador resumido de riesgo son los siguientes: Riesgo de liquidez, riesgo de Stock Connects.
## Este Producto no incluye ninguna protección frente al rendimiento futuro del mercado, por lo que podría perder la totalidad o una parte de su inversión.
## Escenarios de rentabilidad
Las cifras presentadas incluyen todos los costes del Producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. | # Les Actionnaires peuvent obtenir le rachat de leurs Actions sur demande, lors de tout jour ouvrable au Luxembourg coïncidant avec les ouvertures de la Bourse de New York et du NASDAQ, avant 13 h 30.
## Veuillez lire la section du Prospectus intitulée « Souscription, transfert, conversion et rachat d’Actions » pour de plus amples renseignements.
Investisseurs de détail visés Le Produit convient aux investisseurs institutionnels et de détail qui recherchent une exposition aux marchés d’actions à l’échelle mondiale, recherchent un portefeuille relativement concentré, peuvent se permettre d’immobiliser du capital pendant 3 à 5 ans (horizon à moyen-long terme), peuvent accepter des pertes temporaires importantes et peuvent tolérer la volatilité.
## Informations pratiques
## Dépositaire du produit : Brown Brothers Harriman (Luxembourg) S.C.A
Des informations complémentaires concernant le Produit (dont la version anglaise du prospectus complet, des rapports et des comptes de la SICAV dans son ensemble), ainsi que la procédure d’échange d’Actions d’un Compartiment à un autre, sont disponibles gratuitement sur demande auprès du siège social de la Société de gestion ou de l’Agent administratif. Le prix par action du Compartiment peut être obtenu au siège social de la Société de gestion ou de l’Agent administratif.
## De plus amples informations relatives à la politique de rémunération sont disponibles sur www.im.natixis.com et des copies papier sont disponibles sans frais et sur demande.
Échange d’actions : Chaque Compartiment de la SICAV est séparé en vertu de la loi. Vous n’avez pas la possibilité d’échanger vos actions contre des actions d’un autre Compartiment du Fonds. Toutefois, vous avez la possibilité de demander le rachat de vos actions de ce Compartiment, puis de souscrire des actions d’un autre Compartiment. Pour plus d’informations, consultez le prospectus du Produit.
Fiscalité : Le Produit peut être assujetti à un régime fiscal spécifique au Luxembourg. Selon votre pays de résidence, cela peut avoir un impact sur votre investissement. Pour de plus amples renseignements, veuillez contacter votre conseiller.
| | Quels sont les risques et qu’est-ce que cela pourrait me rapporter ? |
| --- | --- |
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
## Risque plus faible Risque plus élevé
## L’indicateur de risque suppose que vous conservez le Produit pendant 5 ans.
L’indicateur synthétique de risque est un guide du niveau de risque de ce Produit par rapport à d’autres Produits. Il montre la probabilité que le Produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce Produit dans la classe de risque 5 sur 7, qui est une classe de risque moyenne à élevée. Cette classification évalue les pertes potentielles liées aux performances futures à un niveau moyen à élevé, et les mauvaises conditions de marché auront probablement un impact sur notre capacité à vous payer.
## Soyez conscient du risque de change. La devise de ce Produit peut être différente de celle de votre pays. Étant donné que vous pouvez recevoir des paiements dans la devise de ce Produit et non dans celle de votre pays, le rendement final obtenu dépendra du taux de change entre ces deux devises. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
## Autres risques importants pour le Produit non inclus dans l’indicateur synthétique de risque : Risque de liquidité, Risque lié à Stock Connect.
## Ce Produit n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou partie de votre investissement.
## Scénarios de performance
Les chiffres indiqués incluent tous les coûts du Produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. | fr | es |
DOLFIN3614 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks
-
### The Fund may not achieve its investment objective and the value of shares in the Fund may fall.
- Neither First Trust Global Portfolios Management Limited (“FTGPM”) nor any of its affiliates, guarantees the performance or the future returns of the Fund.
- The Fund may be subject to Chinese investment risks, including risk related to variable interest entities (“VIEs”). In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited, and VIE structures are put in place to allow indirect foreign investment, including an investment by the Fund. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. Intervention by the Chinese government with respect toVIEs could cause the market value of the Fund’s associated holdings to suffer significant, and possibly permanent, effects which could negatively impact the Fund’s Net Asset Value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of a Fund’s shares.
- There is no assurance that the Index will continue to be calculated and published on the basis described in the Prospectus. In addition, the Fund’s return may not match the return of the Index.
- See also the description of the risks applicable to the Fund in “Risk Factors” in the Prospectus. | # Rischi
-
### È possibile che il Fondo non raggiunga il proprio obiettivo di investimento e che il valore delle sue azioni diminuisca.
- Né First Trust Global Portfolios Management Limited (“FTGPM”), né alcuna delle sue affiliate garantiscono i risultati o i rendimenti futuri del Fondo.
- Il Fondo può essere soggetto ai rischi di investimento in titoli cinesi, compreso il rischio legato a entità di interesse variabile (“VIE”). In Cina, la detenzione diretta di società di alcuni settori da parte di entità e soggetti esteri è proibita: le strutture VIE sono introdotte per permettere l’investimento estero indiretto, compreso un investimento da parte del Fondo. Sebbene i VIE siano una pratica di lunga data conosciuta dai funzionari e regolatori cinesi, essi non sono formalmente riconosciuti ai sensi della legge cinese. Un intervento da partedel governo cinese relativamente ai VIE potrebbe ripercuotersi sensibilmente sul valore di mercato delle partecipazioni associate al fondo, possibilmente in modo permanente, con un impatto negativo sul Valore patrimoniale netto del Fondo e perdite sostanziali. Inoltre, non è chiaro se verranno adottate leggi, regole o normative riguardanti le strutture VIE e, nel caso vengano adottate, quale sarebbe l’impatto sul valore delle azioni di un Fondo.
- Non vi è alcuna garanzia che l’Indice continuerà a essere calcolato e pubblicato in base ai criteri descritti nel Prospetto. Inoltre, il rendimento del Fondo potrebbe non corrispondere al rendimento dell’Indice.
- Vedere la descrizione dei rischi applicabile al Fondo nei “Fattori di rischio” del Prospetto. | # Risks
-
### The Fund may not achieve its investment objective and the value of shares in the Fund may fall.
- Neither First Trust Global Portfolios Management Limited (“FTGPM”) nor any of its affiliates, guarantees the performance or the future returns of the Fund.
- The Fund may be subject to Chinese investment risks, including risk related to variable interest entities (“VIEs”). In China, direct ownership of companies in certain sectors by foreign individuals and entities is prohibited, and VIE structures are put in place to allow indirect foreign investment, including an investment by the Fund. Although VIEs are a longstanding industry practice and well known to officials and regulators in China, VIEs are not formally recognized under Chinese law. Intervention by the Chinese government with respect toVIEs could cause the market value of the Fund’s associated holdings to suffer significant, and possibly permanent, effects which could negatively impact the Fund’s Net Asset Value and could result in substantial losses. Further, it is uncertain whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the value of a Fund’s shares.
- There is no assurance that the Index will continue to be calculated and published on the basis described in the Prospectus. In addition, the Fund’s return may not match the return of the Index.
- See also the description of the risks applicable to the Fund in “Risk Factors” in the Prospectus. | en | it |
DOLFIN3615 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund will not issue or give effect to any transfer of Shares of such Classes to any investor who may not be considered an Institutional Investor. The Fund may, at its discretion, delay the acceptance of any subscription for Shares of a Class restricted to Institutional Investors until such date as it has received sufficient evidence on the qualification of the investor as an Institutional Investor. If it appears at any time that a holder of Shares of a Class restricted to Institutional Investors is not an Institutional Investor, the Board of Directors will either redeem the relevant Shares in accordance with the provisions under "5. Redemption of Shares" below, or switch such Shares into Shares of a Class which is not restricted to Institutional Investors (provided there exists such a Class with similar characteristics) and notify the relevant Shareholder of such a switch.
Where a Shareholder wishes to add to his/her shareholding in a given Share Class, the subsequent subscription must be at least the amount specified in the table below. The Board of Directors are not obliged to accept subsequent subscriptions falling below the specified amount.
Minimum Subsequent Subscription Amount | La SICAV n'émettra ni ne transférera aucune Action de ces Classes en faveur d'un quelconque investisseur ne pouvant être considéré comme un Investisseur institutionnel. La SICAV peut, à sa discrétion, retarder sa décision d'accepter une demande de souscription portant sur des Actions d'une Classe réservée aux Investisseurs institutionnels jusqu'à ce qu'elle reçoive les justificatifs suffisants attestant du fait que le demandeur est bien un Investisseur institutionnel. S'il apparaît à un moment donné qu'un Actionnaire d'une Classe d'Actions réservée aux Investisseurs institutionnels n'en est pas un, le Conseil d'administration procédera au rachat des Actions concernées conformément aux dispositions de la section 5 « Rachat d'Actions » ci-dessous, ou convertira lesdites Actions en Actions d'une Classe non réservée aux Investisseurs institutionnels (sous réserve qu'il existe une telle Classe d'Actions présentant des caractéristiques similaires) et avisera l'Actionnaire concerné de ladite conversion.
Lorsqu'un Actionnaire souhaite augmenter sa participation dans une Classe d'Actions donnée, la souscription ultérieure doit être au moins égale au montant indiqué dans le tableau ci-dessous. Le Conseil d'administration n'est pas contraint d'accepter des souscriptions ultérieures inférieures aux montants indiqués ci-dessous.
Montant minimum de souscription ultérieure | The Fund will not issue or give effect to any transfer of Shares of such Classes to any investor who may not be considered an Institutional Investor. The Fund may, at its discretion, delay the acceptance of any subscription for Shares of a Class restricted to Institutional Investors until such date as it has received sufficient evidence on the qualification of the investor as an Institutional Investor. If it appears at any time that a holder of Shares of a Class restricted to Institutional Investors is not an Institutional Investor, the Board of Directors will either redeem the relevant Shares in accordance with the provisions under "5. Redemption of Shares" below, or switch such Shares into Shares of a Class which is not restricted to Institutional Investors (provided there exists such a Class with similar characteristics) and notify the relevant Shareholder of such a switch.
Where a Shareholder wishes to add to his/her shareholding in a given Share Class, the subsequent subscription must be at least the amount specified in the table below. The Board of Directors are not obliged to accept subsequent subscriptions falling below the specified amount.
Minimum Subsequent Subscription Amount | en | fr |
DOLFIN3616 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET REVIEW
- The year ended on a positive note as Omicron anxieties subsided, and lockdowns were averted despite a surge in new global infections. Credit spreads tightened, benefiting most fixed income market sectors despite ongoing inflation concerns.
- US economic data releases were mixed. The trade gap widened as imports surged to restore depleted inventories. Consumer sentiment improved, though rising inflation was the dominant concern. Headline and core CPI accelerated amid persistent supply chain pressures. Consumer inflation and growing COVID-19 cases weighed on personal spending, and real disposable income declined.
- Fed announced a doubling of the tapering pace and signaled three 25bps rate hikes in 2022. The BOE delivered a surprise 15bps rate hike.
- Most global sovereign yields generally moved upward, reflecting hawkish central bank rhetoric while Omicron fears subsided slightly. US Treasury yields rose, particularly in the latter half of the month following the Fed’s hawkish tone. In Europe, UK gilt yields ended higher after the BOE surprise rate hike. European yields moved higher after ECB’s slightly hawkish rhetoric.
- Global credit bonds outperformed duration-equivalent government bonds as spreads tightened. High yield generated positive total returns as concerns about the rapid spread of Omicron were tempered somewhat by the variant’s relatively low severity of infection.
- Agency MBS, CMBS, and consumer ABS all outperformed duration-equivalent Treasuries. | # ANALISI DEL MERCATO
- L'anno si è chiuso su una nota positiva, con l'attenuazione delle preoccupazioni in merito a Omicron e l'allentamento dei lockdown nonostante l'impennata delle nuove infezioni globali. Gli spread creditizi si sono contratti, favorendo gran parte dei settori del mercato a reddito fisso nonostante i persistenti timori circa l’inflazione.
- I dati economici relativi agli USA sono contrastanti. Il divario commerciale si è ampliato alla luce dell'impennata delle importazioni per ripristinare le scorte esaurite. La fiducia dei consumatori è migliorata, sebbene l'aumento dell'inflazione abbia rappresentato la preoccupazione più grande. Gli indici dei prezzi al consumo principale e core hanno subito un’accelerazione in un contesto caratterizzato da persistenti pressioni sulla catena di approvvigionamento. L'inflazione al consumo e la crescita dei casi di COVID-19 hanno pesato sulla spesa personale e il reddito reale disponibile è diminuito.
- La Fed ha annunciato che il ritmo di tapering verrà raddoppiato e saranno attuati tre aumenti dei tassi pari a 25 pb nel 2022. La BOE ha aumentato a sorpresa i tassi di 15 pb.
- La maggior parte dei rendimenti dei titoli di Stato globali si è generalmente mossa al rialzo, riflettendo la retorica aggressiva delle banche centrali, mentre i timori circa Omicron si sono leggermente attenuati. I rendimenti dei titoli di Stato USA sono saliti, soprattutto nella seconda metà del mese dopo l'atteggiamento aggressivo della Fed. In Europa, i rendimenti dei gilt britannici hanno chiuso al rialzo dopo l'aumento a sorpresa dei tassi attuato dalla BOE. I rendimenti europei si sono mossi al rialzo dopo la retorica leggermente aggressiva della BCE.
- I titoli di credito globali hanno sovraperformato i titoli di Stato di duration equivalente in un contesto di spread in contrazione. Il segmento high yield ha generato rendimenti totali positivi dal momento che i timori sulla rapida diffusione di Omicron sono stati in qualche modo attenuati dalla gravità relativamente bassa dell'infezione della variante.
- MBS di agenzia, CMBS e ABS di consumo hanno tutti sovraperformato i titoli di Stato di duration equivalente. | # MARKET REVIEW
- The year ended on a positive note as Omicron anxieties subsided, and lockdowns were averted despite a surge in new global infections. Credit spreads tightened, benefiting most fixed income market sectors despite ongoing inflation concerns.
- US economic data releases were mixed. The trade gap widened as imports surged to restore depleted inventories. Consumer sentiment improved, though rising inflation was the dominant concern. Headline and core CPI accelerated amid persistent supply chain pressures. Consumer inflation and growing COVID-19 cases weighed on personal spending, and real disposable income declined.
- Fed announced a doubling of the tapering pace and signaled three 25bps rate hikes in 2022. The BOE delivered a surprise 15bps rate hike.
- Most global sovereign yields generally moved upward, reflecting hawkish central bank rhetoric while Omicron fears subsided slightly. US Treasury yields rose, particularly in the latter half of the month following the Fed’s hawkish tone. In Europe, UK gilt yields ended higher after the BOE surprise rate hike. European yields moved higher after ECB’s slightly hawkish rhetoric.
- Global credit bonds outperformed duration-equivalent government bonds as spreads tightened. High yield generated positive total returns as concerns about the rapid spread of Omicron were tempered somewhat by the variant’s relatively low severity of infection.
- Agency MBS, CMBS, and consumer ABS all outperformed duration-equivalent Treasuries. | en | it |
DOLFIN3617 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Investissement sur des marchés émergents (et/ou des marchés « frontières »)
Si un Compartiment investit dans des marchés émergents, cela peut comporter des risques plus importants et des considérations spéciales qui ne sont généralement pas associées aux investissements effectués sur des marchés plus développés, comme des risques de liquidité, des risques de change ou de contrôle des changes, des incertitudes politiques et économiques, des risques juridiques et fiscaux, des risques de règlement, des risques de dépôt et la probabilité d’un niveau de volatilité plus important. La volatilité élevée du marché et des difficultés de règlement éventuelles sur certains marchés peuvent également se traduire par des fluctuations significatives des
cours des titres négociés sur lesdits marchés et peuvent, de ce fait, affecter défavorablement la valeur d’un Compartiment. La conversion des devises et le rapatriement, par un Compartiment, des revenus des placements, du capital et des produits de cession peuvent être limités ou nécessiter des autorisations gouvernementales. Un Compartiment pourrait être pénalisé par des retards dans l’octroi ou par un refus d’octroi de ces autorisations de rapatriement de fonds, ou par une intervention officielle influant sur le processus de règlement des transactions. Les places boursières et autres plateformes de compensation peuvent ne pas être assez liquides, leurs procédures peuvent ne pas être assez solides et elles peuvent subir des perturbations. | ## Inversión en mercados emergentes (y/o mercados frontera)
En caso de que un Fondo invierta en mercados emergentes, ello puede implicar un aumento de los riesgos y consideraciones especiales que no suelen estar relacionadas con la inversión en mercados más desarrollados, como riesgos de liquidez, riesgos/control de divisas, incertidumbres políticas y económicas, riesgos legales y fiscales, riesgos de liquidación, riesgo de custodia y la probabilidad de un alto grado de volatilidad. La elevada volatilidad de
mercado y las posibles dificultades de liquidación en ciertos mercados pueden también ser la causa de una serie de notables fluctuaciones en el precio de los valores negociados en dichos mercados y, por tanto, pueden hacer mella en el valor de un Fondo. La conversión de divisas y la repatriación de las rentas de la inversión, el capital y los productos de la venta por parte de un Fondo podrían sufrir limitaciones o requerir autorizaciones oficiales. Un Fondo puede verse afectado negativamente por retrasos o denegaciones de dichos permisos para la repatriación de fondos o por la intervención de algún ente oficial que haya influido en la liquidación de las operaciones. Los mercados de valores y otros organismos de compensación podrían carecer de liquidez y procedimientos sólidos, además de ser susceptibles de interferencias externas. | ## Investissement sur des marchés émergents (et/ou des marchés « frontières »)
Si un Compartiment investit dans des marchés émergents, cela peut comporter des risques plus importants et des considérations spéciales qui ne sont généralement pas associées aux investissements effectués sur des marchés plus développés, comme des risques de liquidité, des risques de change ou de contrôle des changes, des incertitudes politiques et économiques, des risques juridiques et fiscaux, des risques de règlement, des risques de dépôt et la probabilité d’un niveau de volatilité plus important. La volatilité élevée du marché et des difficultés de règlement éventuelles sur certains marchés peuvent également se traduire par des fluctuations significatives des
cours des titres négociés sur lesdits marchés et peuvent, de ce fait, affecter défavorablement la valeur d’un Compartiment. La conversion des devises et le rapatriement, par un Compartiment, des revenus des placements, du capital et des produits de cession peuvent être limités ou nécessiter des autorisations gouvernementales. Un Compartiment pourrait être pénalisé par des retards dans l’octroi ou par un refus d’octroi de ces autorisations de rapatriement de fonds, ou par une intervention officielle influant sur le processus de règlement des transactions. Les places boursières et autres plateformes de compensation peuvent ne pas être assez liquides, leurs procédures peuvent ne pas être assez solides et elles peuvent subir des perturbations. | fr | es |
DOLFIN3618 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À moins que la détermination de la Valeur liquidative d'un Compartiment ait été suspendue ou différée dans les circonstances décrites à la rubrique « Suspensions temporaires » ci-dessus, le calcul de la Valeur liquidative de chaque Compartiment, de la Valeur liquidative de chaque Catégorie et de la Valeur liquidative par Part sera effectué à chaque Point d’évaluation, et ces évaluations seront mises à la disposition des Détenteurs de parts qui en feront la demande. La Valeur liquidative par Part sera également mise à la disposition du public dans les bureaux de l’Agent administratif pendant les heures de bureaux normales et sera publiée sur le site Internet du Fonds à l’adresse www.axa-im.com.
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## Détermination de la Valeur liquidative | Salvo en los casos en los que el cálculo del Valor Liquidativo de cualquiera de los Subfondos se haya suspendido o pospuesto por las circunstancias descritas en el apartado “Suspensiones temporales”, el cálculo del Valor Liquidativo de cada Subfondo, el Valor Liquidativo de cada Clase y el Valor Liquidativo por Participación se realizará en el Momento de Valoración correspondiente y los Partícipes podrán disponer de dichas valoraciones previa solicitud. El Valor Liquidativo por Participación también se hará público en las oficinas del Administrador durante el horario comercial normal y se publicará en el sitio web del Fondo, www.axa-im.com.
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## Determinación del Valor Liquidativo | À moins que la détermination de la Valeur liquidative d'un Compartiment ait été suspendue ou différée dans les circonstances décrites à la rubrique « Suspensions temporaires » ci-dessus, le calcul de la Valeur liquidative de chaque Compartiment, de la Valeur liquidative de chaque Catégorie et de la Valeur liquidative par Part sera effectué à chaque Point d’évaluation, et ces évaluations seront mises à la disposition des Détenteurs de parts qui en feront la demande. La Valeur liquidative par Part sera également mise à la disposition du public dans les bureaux de l’Agent administratif pendant les heures de bureaux normales et sera publiée sur le site Internet du Fonds à l’adresse www.axa-im.com.
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## Détermination de la Valeur liquidative | fr | es |
DOLFIN3619 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Objectif Le Compartiment vise à accroître la valeur de votre investissement à long terme.
Titres du portefeuille Le Compartiment investit principalement dans des actions d'entreprises de différentes tailles situées, immatriculées ou exerçant une part importante de leurs activités sur les marchés émergents. Le Compartiment peut également investir dans des obligations.
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors du choix des placements, le gestionnaire d'investissement recherche des titres qui sont sous-évalués et dont le cours est susceptible d'augmenter à long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Emerging Markets (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. La majorité des actions du Compartiment ne feront pas nécessairement partie de l'Indice de référence, ou leur pondération ne découlera pas obligatoirement de celle de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, surpondérer ou sous-pondérer certaines composantes de l'Indice de référence et peut investir dans des entreprises ou secteurs qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera de façon modérée de celle de | # Objetivos y política de inversión
Objetivo El Subfondo tiene como objetivo incrementar el valor de su inversión a lo largo del tiempo.
Valores de la cartera El Subfondo invierte principalmente en acciones de empresas de diverso tamaño que estén ubicadas, registradas o que desempeñen una parte significativa de su actividad comercial en los mercados emergentes. El Subfondo también podrá invertir en bonos.
Clasificación SFDR El Subfondo cumple los requisitos para ser considerado un fondo del artículo 8.
Proceso de inversión Al elegir las inversiones, el gestor de inversiones busca acciones infravaloradas y con potencial para incrementar su precio a largo plazo.
El Subfondo podrá emplear derivados con el fin de lograr una gestión eficaz de la cartera o para gestionar los riesgos.
Índice de referencia Este Subfondo tiene como objetivo superar la rentabilidad del índice MSCI Emerging Markets (el «Índice de referencia»). El Subfondo se gestiona de forma activa. El Índice de referencia ha sido seleccionado porque es representativo del universo de inversión del Subfondo y, por tanto, constituye un comparador de rentabilidad adecuado. La mayor parte de los títulos de renta variable del Subfondo no serán necesariamente componentes del Índice de referencia ni sus ponderaciones se derivarán de este. El Gestor de inversiones utilizará su discreción para sobreponderar o infraponderar determinados componentes del Índice de referencia y podrá invertir en compañías o sectores no incluidos en el Índice de referencia con el fin de aprovechar oportunidades de inversión específicas. Por lo tanto, se prevé que la rentabilidad del Subfondo se desvíe de forma moderada de la del Índice de referencia. | # Objectifs et politique d'investissement
Objectif Le Compartiment vise à accroître la valeur de votre investissement à long terme.
Titres du portefeuille Le Compartiment investit principalement dans des actions d'entreprises de différentes tailles situées, immatriculées ou exerçant une part importante de leurs activités sur les marchés émergents. Le Compartiment peut également investir dans des obligations.
Classification SFDR Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Processus d'investissement Lors du choix des placements, le gestionnaire d'investissement recherche des titres qui sont sous-évalués et dont le cours est susceptible d'augmenter à long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace du portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Emerging Markets (l'« Indice de référence »). Le Compartiment est géré de façon active. L'Indice de référence a été sélectionné, car il est représentatif de l'univers d'investissement du Compartiment et constitue par conséquent un comparateur de performance approprié. La majorité des actions du Compartiment ne feront pas nécessairement partie de l'Indice de référence, ou leur pondération ne découlera pas obligatoirement de celle de l'Indice de référence. Le Gestionnaire de Placements peut, à sa discrétion, surpondérer ou sous-pondérer certaines composantes de l'Indice de référence et peut investir dans des entreprises ou secteurs qui ne figurent pas dans l'Indice de référence afin de saisir des opportunités d'investissement spécifiques. Par conséquent, il est prévu que la performance du Compartiment déviera de façon modérée de celle de | fr | es |
DOLFIN3620 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 680 EUR | 2 630 EUR |
| Average return each year | - 73.23 % | - 23.45 % |
| Unfavourable scenario | What you might get back after costs | 7 550 EUR | 8 400 EUR |
| Average return each year | - 24.51% | - 3.43% |
| Moderate scenario | What you might get back after costs | 9 890 EUR | 11 950 EUR |
| Average return each year | - 1.09% | 3.63% |
| Favourable scenario | What you might get back after costs | 14 090 EUR | 15 740 EUR |
| Average return each year | 40.86% | 9.5% | | | Investimento: EUR 10.000 |
| --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Scenario di stress | Possibile rimborso al netto dei costi | 2 680 EUR | 2 630 EUR |
| Rendimento medio per ciascun anno | - 73,23 % | - 23,45 % |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 550 EUR | 8 400 EUR |
| Rendimento medio per ciascun anno | - 24,51% | - 3,43% |
| Scenario moderato | Possibile rimborso al netto dei costi | 9 890 EUR | 11 950 EUR |
| Rendimento medio per ciascun anno | - 1,09% | 3,63% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 14 090 EUR | 15 740 EUR |
| Rendimento medio per ciascun anno | 40,86% | 9,5% | | | Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 680 EUR | 2 630 EUR |
| Average return each year | - 73.23 % | - 23.45 % |
| Unfavourable scenario | What you might get back after costs | 7 550 EUR | 8 400 EUR |
| Average return each year | - 24.51% | - 3.43% |
| Moderate scenario | What you might get back after costs | 9 890 EUR | 11 950 EUR |
| Average return each year | - 1.09% | 3.63% |
| Favourable scenario | What you might get back after costs | 14 090 EUR | 15 740 EUR |
| Average return each year | 40.86% | 9.5% | | en | it |
DOLFIN3621 | 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: UCITS
Term: There is no fixed term for this Sub-Fund.
Objectives: The investment objective of the Sub-Fund is to achieve long-term capital appreciation and to provide a return to investors at the Target Date. After the initial 60-day Subscription Period (during which the Sub-Fund will gain exposure via units of Underlying Funds to instruments such as debt instruments, money market instruments and certificates of deposit i.e. the Initial Strategies), the Sub-Fund seeks to achieve this investment objective by rotating out of the Initial Strategies into the Longer Term Strategies (i.e. Averaging Out). This Averaging Out will continue on a pro-rata monthly basis up to the Target Date. The Manager, based on their discretion, can alter the above monthly amount by accelerating the reduction to the Initial Strategies according to their view of market conditions. The Longer Term Strategies may be achieved through purchasing: i) Underlying Funds that provide exposure to equities issued by companies incorporated anywhere in the world; ii) Underlying Funds with exposure to investment grade and below-investment grade debt securities of companies and governments issued anywhere in the world; iii) Underlying Funds with exposure to money market instruments and iv) Underlying Funds that are managed with absolute return/alternative investment strategies, including in Underlying Funds with indirect exposure to commodities. In addition to the above, the Sub-Fund may invest in Underlying Funds which have a low cost such as passive index-tracking funds, for example ETF products, and have a preference to invest in such low cost Underlying Funds. Investment in Underlying Funds will be made based on the examination of a number of factors including the investment policy and objectives, investment strategy and process, performance track record, team structure and risk management. The Manager uses in-house qualitative and quantitative techniques to evaluate, select and perform on-going monitoring of Underlying Funds and their investment managers. The Sub-Fund may also invest in exchange traded commodities (“ETCs”). Benchmark Information: The Sub-Fund is actively managed. The Sub-Fund does not aim to track the performance of a benchmark. Portfolio composition is determined based on active and discretionary investment decisions and choices. The Sub-Fund may use derivatives to reduce various risks for hedging and for investment purposes. There can be no guarantee that the investment objective will actually be attained and investors are explicitly warned that this Sub-Fund is not a capital guaranteed product. Investors can redeem their Shares on any business day in Luxembourg. Investors can ask for full or partial redemption of the Shares held.
Intended retail investor:
- With a basic knowledge of investing in funds and no or limited experience of investing in the Sub-Fund or similar funds
- Who understand the risk of losing some or all of the capital invested
- This fund may not be appropriate for investors who plan to withdraw their money before the Recommended holding period | # Cos'è questo prodotto?
Tipo: UCITS
Termine: Il Comparto non ha una durata prefissata.
Obiettivi: L'obiettivo d'investimento del Comparto consiste nel conseguire la crescita del capitale sul lungo periodo e fornire agli investitori un rendimento alla Data di scadenza o “Target Date”, come da supplemento in inglese. Dopo il Periodo di sottoscrizione iniziale di 60 giorni (durante il quale il Comparto acquisirà un’ esposizione tramite quote di Fondi Sottostanti a strumenti quali titoli di debito, strumenti del mercato monetario e certificati di deposito - ossia le Strategie Iniziali), il Comparto cercherà di conseguire questo obiettivo d'investimento disinvestendo dalle Strategie iniziali e accumulando in Strategie a lungo termine (processo di Averaging out). Tale Averaging out proseguirà, ogni mese e per lo stesso ammontare percentuale, fino alla Target Date. Il Gestore può discrezionalmente modificare tale importo mensile accelerando la riduzione delle Strategie iniziali in base alla loro visione delle condizioni di mercato. Per Strategie a lungo termine si intendono: i) Fondi sottostanti che forniscono esposizione ad azioni di società costituite in tutto il mondo; ii) Fondi sottostanti con esposizione a titoli di debito con rating pari o inferiore a investment grade di emittenti societari e sovrani di tutto il mondo; iii) Fondi sottostanti con esposizione a strumenti del mercato monetario e iv) Fondi sottostanti gestiti secondo strategie d'investimento alternative/absolute return, compresi i Fondi sottostanti con un'esposizione indiretta alle materie prime. Il Gestore cercherà inoltre di investire in Fondi Sottostanti che presentano costi inferiori, come i fondi passivi che replicano gli indici, ad esempio prodotti ETF, mostrando una preferenza nell’investimento in tali Fondi Sottostanti a basso costo. L'investimento nei Fondi sottostanti avviene sulla base dell'esame di una serie di fattori tra cui la politica e gli obiettivi d'investimento, la strategia e il processo d'investimento, le performance storiche, la struttura del team e la gestione del rischio. Il Gestore si avvale di tecniche qualitative e quantitative sviluppate internamente per valutare, selezionare e monitorare costantemente i Fondi sottostanti e i relativi gestori degli investimenti. Il Comparto può anche investire in exchange-traded commodities (“ETCs”). Informazioni sul Benchmark: Il Comparto è gestito attivamente. Il Comparto non mira a seguire la performance di un benchmark. La composizione del portafoglio è determinata sulla base di decisioni e scelte di investimento attive e discrezionali. Il Comparto può utilizzare derivati con finalità di riduzione del rischio, a scopo di copertura e di investimento. Non vi è alcuna garanzia che l’obiettivo di investimento venga effettivamente conseguito. Gli investitori possono chiedere il rimborso delle proprie Azioni in qualsiasi giorno lavorativo in Lussemburgo. Gli investitori possono richiedere il rimborso completo o parziale delle Azioni detenute.
Investitori al dettaglio a cui si intende commercializzare il prodotto:
- Con una conoscenza di base dell’investimento in fondi ed esperienza nulla o limitata nell’investimento nel Comparto o fondi simili
- Che comprendono il rischio di perdere una parte o l’intero capitale investito
- Questo Comparto potrebbe non essere indicato per investitori che prevedono di ritirare il proprio capitale prima del Periodo di investimento raccomandato | # What is this product?
Type: UCITS
Term: There is no fixed term for this Sub-Fund.
Objectives: The investment objective of the Sub-Fund is to achieve long-term capital appreciation and to provide a return to investors at the Target Date. After the initial 60-day Subscription Period (during which the Sub-Fund will gain exposure via units of Underlying Funds to instruments such as debt instruments, money market instruments and certificates of deposit i.e. the Initial Strategies), the Sub-Fund seeks to achieve this investment objective by rotating out of the Initial Strategies into the Longer Term Strategies (i.e. Averaging Out). This Averaging Out will continue on a pro-rata monthly basis up to the Target Date. The Manager, based on their discretion, can alter the above monthly amount by accelerating the reduction to the Initial Strategies according to their view of market conditions. The Longer Term Strategies may be achieved through purchasing: i) Underlying Funds that provide exposure to equities issued by companies incorporated anywhere in the world; ii) Underlying Funds with exposure to investment grade and below-investment grade debt securities of companies and governments issued anywhere in the world; iii) Underlying Funds with exposure to money market instruments and iv) Underlying Funds that are managed with absolute return/alternative investment strategies, including in Underlying Funds with indirect exposure to commodities. In addition to the above, the Sub-Fund may invest in Underlying Funds which have a low cost such as passive index-tracking funds, for example ETF products, and have a preference to invest in such low cost Underlying Funds. Investment in Underlying Funds will be made based on the examination of a number of factors including the investment policy and objectives, investment strategy and process, performance track record, team structure and risk management. The Manager uses in-house qualitative and quantitative techniques to evaluate, select and perform on-going monitoring of Underlying Funds and their investment managers. The Sub-Fund may also invest in exchange traded commodities (“ETCs”). Benchmark Information: The Sub-Fund is actively managed. The Sub-Fund does not aim to track the performance of a benchmark. Portfolio composition is determined based on active and discretionary investment decisions and choices. The Sub-Fund may use derivatives to reduce various risks for hedging and for investment purposes. There can be no guarantee that the investment objective will actually be attained and investors are explicitly warned that this Sub-Fund is not a capital guaranteed product. Investors can redeem their Shares on any business day in Luxembourg. Investors can ask for full or partial redemption of the Shares held.
Intended retail investor:
- With a basic knowledge of investing in funds and no or limited experience of investing in the Sub-Fund or similar funds
- Who understand the risk of losing some or all of the capital invested
- This fund may not be appropriate for investors who plan to withdraw their money before the Recommended holding period | en | it |
DOLFIN3622 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Investment in financial products connected with Deutsche Bank or the Manager
The ICAV may invest in collective investment schemes, FDI or other financial products sponsored, managed, or otherwise affiliated with the Manager and/or Deutsche Bank in which event the ICAV will bear a share of the expenses of those financial products and may pay fees and other amounts to the Manager, Deutsche Bank or their affiliates, which might have the effect of increasing the expenses of the ICAV.
It is possible that Other Clients of the Manager will purchase or sell interests in such collective investment schemes, FDI or financial products at prices and at times more favourable than those at which the ICAV does so. | ## Investimento in prodotti finanziari collegati a Deutsche Bank o al Gestore
L'ICAV può investire in organismi di investimento collettivo, FDI o altri prodotti finanziari sponsorizzati, gestiti o altrimenti affiliati al Gestore e/o a Deutsche Bank, nel qual caso l'ICAV sosterrà una parte delle spese di tali prodotti finanziari e potrà pagare commissioni e altri importi al Gestore, a Deutsche Bank o alle loro affiliate, che potrebbero avere l'effetto di aumentare le spese dell'ICAV.
È possibile che altri clienti del Gestore acquistino o vendano interessi in tali organismi d'investimento collettivo, FDI o prodotti finanziari a prezzi e in momenti più favorevoli di quelli in cui non lo faccia l'ICAV. | ## Investment in financial products connected with Deutsche Bank or the Manager
The ICAV may invest in collective investment schemes, FDI or other financial products sponsored, managed, or otherwise affiliated with the Manager and/or Deutsche Bank in which event the ICAV will bear a share of the expenses of those financial products and may pay fees and other amounts to the Manager, Deutsche Bank or their affiliates, which might have the effect of increasing the expenses of the ICAV.
It is possible that Other Clients of the Manager will purchase or sell interests in such collective investment schemes, FDI or financial products at prices and at times more favourable than those at which the ICAV does so. | en | it |
DOLFIN3623 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
% independence on the board of directors: presence of independent persons on the boards of directors
Number of female board member
% independence on the board of directors
14.7% 14.1%
60.1% 58.6% | Nombre (%) de femmes membres au Conseil d’Administration : Cet indicateur en % fait référence à la proportion d'hommes et de femmes qui occupent des postes d'administrateur au sein des conseils d'administration des entreprises.
% d’indépendance au conseil d’administration : présence personnes indépendantes au sein des conseils d'administration
Nombre de femmes membres du conseil
% d’indépendance au conseil d’administration
14.7% 14.1%
60.1% 58.6% | Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
% independence on the board of directors: presence of independent persons on the boards of directors
Number of female board member
% independence on the board of directors
14.7% 14.1%
60.1% 58.6% | en | fr |
DOLFIN3624 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: The fund is a OGAW launched in Liechtenstein.
Term: The Fund does not have a pre-determined maturity, it is established for an indefinite period. For the recommended holding period, see section "V. How long should I hold it and can I take my money out early?". The Fund may be dissolved by resolution of LLB Fund Services AG. This is particularly the case if significant changes in the actual ratios occur that justify dissolution. The Fund must be dissolved by operati- on of law if it falls below the minimum capitalisation required by law.
Objectives: The objective of the fund management is to generate substantial increases in value. To achieve this, the fund invests mainly in shares of real state investments and real estate companies domiciled or active in a country in the Asia region. The fund management is re- sponsible for choosing the individual securities within this framework. The fund deploys derivative transactions in order to reduce possible losses resulting from price fluctuations, as well as to generate higher increases in value. The fees for the purchase and sale of securities are borne by the fund. These are incurred in addition to the percentages shown below under "Costs", and may reduce the returns of the fund. Earnings shall be retained by the fund, and raise the value of the units. Investors may essentially demand to redeem the units from the Ma- nagement company on a daily basis. The management company may however suspend the redemption if extraordinary circumstances mean this appears necessary, taking account of investor interests. The fund takes ecological and social criteria into account in its investments. The fund is managed actively and measures its outperformance against the index mentioned.
The depositary of the fund is Liechtensteinische Landesbank Aktiengesellschaft. The Prospectus and the current annual and semi-annual re- ports, the current unit prices and further information on the Fund can be found free of charge in the legally-binding language according to the Prospectus at www.llb.li.
Intended retail investor: The fund is aimed at private clients who are pursuing the goal of general asset accumulation/asset optimization and have a medium term investment horizon. This product is a fund for investors with advanced knowledge and/or experience in financial products. The investor can bear losses up to the complete loss of the invested capital and places no value on capital protection.
- | # Um welche Art von Produkt handelt es sich?
Art: Der Fonds ist ein in Liechtenstein aufgelegter OGAW.
Laufzeit: Der Fonds hat keine im vornherein festgelegte Laufzeit, er ist auf unbestimmte Zeit errichtet. Die empfohlene Haltedauer entneh- men Sie dem Abschnitt „V. Wie lange sollte ich die Anlage halten, und kann ich vorzeitig Geld entnehmen?“. Der Fonds kann durch Be- schluss der LLB Fund Services AG aufgelöst werden. Dies insbesondere dann, wenn erhebliche Veränderungen der tatsächlichen Verhältnis- ses auftreten, die eine Auflösung rechtfertigen. Der Fonds ist von Gesetzes wegen aufzulösen, wenn er die gesetzlich vorgeschriebene Min- destkapitalisierung unterschreitet.
Ziele: Ziel des Fondsmanagements sind hohe Wertzuwächse. Um dies zu erreichen, investiert der Fonds hauptsächlich in Aktien von Immobi- lien-Anlagen und Immobilien-Gesellschaften mit Sitz oder Geschäftstätigkeit in einem Land des asiatischen Raumes. In diesem Rahmen ob- liegt die Auswahl der einzelnen Wertpapiere dem Fondsmanagement. Der Fonds setzt Derivatgeschäfte ein, um mögliche Verluste in Folge von Kursschwankungen zu verringern als auch um höhere Wertzuwächse zu erzielen. Die Gebühren für den Kauf und Verkauf von Wertpa- pieren trägt der Fonds. Sie entstehen zusätzlich zu den unten unter „Kosten“ aufgeführten Prozentsätzen und können die Rendite des Fonds mindern. Die Erträge verbleiben im Fonds und erhöhen den Wert der Anteile. Die Anleger können von der Verwaltungsgesellschaft grund- sätzlich täglich die Rücknahme der Anteile verlangen. Die Verwaltungsgesellschaft kann jedoch die Rücknahme aussetzen, wenn ausserge- wöhnliche Umstände dies unter Berücksichtigung der Anlegerinteressen erforderlich erscheinen lassen. Der Fonds berücksichtigt in der Ver- anlagung ökologische bzw. soziale Kriterien. Der Fonds wird aktiv gemanagt und zieht zur Messung der Outperformance denn genannten In- dex bei.
Verwahrstelle des Fonds ist die Liechtensteinische Landesbank Aktiengesellschaft. Den Prospekt und die aktuellen Jahres- und Halbjahresbe- richte, die aktuellen Anteilpreise sowie weitere Informationen zu dem Fonds finden Sie kostenlos in der rechtsverbindlichen Sprache gemäss Prospekt unter www.llb.li.
Kleinanleger-Zielgruppe: Der Fonds richtet sich an Privatkunden, die das Ziel der allgemeinen Vermögensbildung / Vermögensoptimierung verfolgen und einen mittelfristigen Anlagehorizont haben. Bei dem vorliegenden Produkt handelt es sich um einen Fonds für Anleger mit er- weiterten Kenntnissen und / oder Erfahrungen in Finanzprodukten. Der Anleger kann Verluste tragen bis zum vollständigen Verlust des ein- gesetzten Kapitals und legt keinen Wert auf einen Kapitalschutz.
- | # What is this product?
Type: The fund is a OGAW launched in Liechtenstein.
Term: The Fund does not have a pre-determined maturity, it is established for an indefinite period. For the recommended holding period, see section "V. How long should I hold it and can I take my money out early?". The Fund may be dissolved by resolution of LLB Fund Services AG. This is particularly the case if significant changes in the actual ratios occur that justify dissolution. The Fund must be dissolved by operati- on of law if it falls below the minimum capitalisation required by law.
Objectives: The objective of the fund management is to generate substantial increases in value. To achieve this, the fund invests mainly in shares of real state investments and real estate companies domiciled or active in a country in the Asia region. The fund management is re- sponsible for choosing the individual securities within this framework. The fund deploys derivative transactions in order to reduce possible losses resulting from price fluctuations, as well as to generate higher increases in value. The fees for the purchase and sale of securities are borne by the fund. These are incurred in addition to the percentages shown below under "Costs", and may reduce the returns of the fund. Earnings shall be retained by the fund, and raise the value of the units. Investors may essentially demand to redeem the units from the Ma- nagement company on a daily basis. The management company may however suspend the redemption if extraordinary circumstances mean this appears necessary, taking account of investor interests. The fund takes ecological and social criteria into account in its investments. The fund is managed actively and measures its outperformance against the index mentioned.
The depositary of the fund is Liechtensteinische Landesbank Aktiengesellschaft. The Prospectus and the current annual and semi-annual re- ports, the current unit prices and further information on the Fund can be found free of charge in the legally-binding language according to the Prospectus at www.llb.li.
Intended retail investor: The fund is aimed at private clients who are pursuing the goal of general asset accumulation/asset optimization and have a medium term investment horizon. This product is a fund for investors with advanced knowledge and/or experience in financial products. The investor can bear losses up to the complete loss of the invested capital and places no value on capital protection.
- | en | de |
DOLFIN3625 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Mortgage-Backed Securities (MBS)
MBS are a form of security made up of pools of commercial or residential mortgages. MBS are generally subject to credit risks associated with the performance of the underlying mortgaged properties and to prepayment risk. As interest rates fall the underlying mortgages are likely to be prepaid shortening the term of the security and therefore the relevant Sub-Fund may not recoup its initial investment. Where interest rates rise, prepayments may slow which may lengthen the term of the investment.
Lower rated MBS in which certain Sub-Funds may invest are likely to be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. These securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. | #### Titoli Garantiti da Ipoteca (MBS)
Gli MBS sono una tipologia di titoli composti da un pool di ipoteche commerciali o residenziali. Gli MBS sono solitamente soggetti al rischio di credito associato alla performance delle proprietà ipotecate sottostanti e al rischio di prepagamento. Man mano che I tassi di interesse diminuiscono, le ipoteche sottostanti saranno probabilmente pagate anticipatamente riducendo il termine del titolo e pertanto il relativo Comparto può non recuperare il suo investimento iniziale. In caso di aumento dei tassi di interesse, i pagamenti anticipati possono rallentare allungando di conseguenza il termine dell'investimento.
Gli MBS a tassi inferiori in cui taluni Comparti possono investire possono presentare una maggiore volatilità e una minore liquidità, oltre a una certa difficoltà di apprezzamento accurato rispetto ai titoli obbligazionari più tradizionali. Questi titoli possono essere particolarmente suscettibili alle crisi economiche.
Potrebbe darsi che una recessione economica possa distorcere gravemente il mercato di questi titoli e avere un impatto negative sul valore dei titoli in questione. | #### Mortgage-Backed Securities (MBS)
MBS are a form of security made up of pools of commercial or residential mortgages. MBS are generally subject to credit risks associated with the performance of the underlying mortgaged properties and to prepayment risk. As interest rates fall the underlying mortgages are likely to be prepaid shortening the term of the security and therefore the relevant Sub-Fund may not recoup its initial investment. Where interest rates rise, prepayments may slow which may lengthen the term of the investment.
Lower rated MBS in which certain Sub-Funds may invest are likely to be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. These securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. | en | it |
DOLFIN3626 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be difficult to sell.
Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. | # Wichtige Hinweise
Der Wert Ihrer Anlage kann sowohl fallen als auch steigen und möglicherweise erhalten Sie einen geringeren Betrag als den ursprünglichen Anlagebetrag zurück. Der Einsatz von derivativen Finanzinstrumenten kann zu höheren Gewinnen oder Verlusten des Teilfonds führen. Dieser Fonds investiert in Märkte von Schwellenländern, die volatiler als stärker entwickelte Märkte sein können. Liquidität ist ein Maß dafür, wie leicht eine Anlage in Barmittel umgetauscht werden kann. Unter bestimmten Marktbedingungen lassen sich Vermögenswerte möglicherweise nur schwierig verkaufen.
Wertentwicklungen in der Vergangenheit sind kein verlässlicher Richtwert für zukünftige Ergebnisse. Die Rendite des Fonds kann von Wechselkursschwankungen beeinflusst werden. | # Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be difficult to sell.
Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. | en | de |
DOLFIN3627 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Schedule of Significant Portfolio Changes for SPDR STOXX Europe 600 SRI UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| Nestle | 2,861,416 |
| ASML Holding | 2,236,497 |
| Roche Holding | 2,197,807 |
| Novartis | 1,651,168 |
| AstraZeneca | 1,620,246 |
| Novo Nordisk | 1,394,039 |
| Prosus | 1,318,206 |
| Lloyds Banking Group | 1,133,062 |
| Sika | 1,107,631 |
| SAP | 1,072,270 |
| Unilever | 1,026,773 |
| Sanofi | 907,811 |
| Siemens | 903,304 |
| Vodafone Group | 876,350 |
| GlaxoSmithKline | 866,753 |
| L’Oreal | 806,201 |
| Banco Santander | 759,159 |
| Intesa Sanpaolo | 743,331 |
| Nordea Bank | 704,082 |
| Cellnex Telecom | 653,442 |
| Portfolio Sales | Proceeds EUR |
| Allianz | 2,085,886 |
| Banco Santander | 1,606,507 |
| LVMH Moet Hennessy Louis Vuitton | 1,577,491 |
| Linde | 1,491,850 |
| Nestle | 774,396 |
| Royal Dutch Shell (Class A) | 772,885 |
| Cie de Saint-Gobain | 757,423 |
| HSBC Holdings | 660,274 |
| Cie Financiere Richemont | 593,858 |
| BP | 577,898 |
| Total | 557,058 |
| Iberdrola | 553,658 |
| ASML Holding | 550,087 |
| Rio Tinto | 535,956 |
| Enel | 530,780 |
| Roche Holding | 499,404 |
| Sika | 498,224 |
| Infineon Technologies | 497,605 |
| Telefonica | 480,509 |
| BASF | 470,586 |
| A copy of the list of changes in the portfolio during the financial year may be obtained free of charge from the Administrator. | | | # Tableau des mouvements importants du portefeuille du Compartiment SPDR STOXX Europe 600 SRI UCITS ETF (non audité)
La liste ci-dessous contient les plus grandes acquisitions et cessions cumulées réalisées pendant l’exercice financier clôturé le 31 mars 2022, dont le montant dépasse 1 % des acquisitions totales ou 1 % des cessions totales. Les 20 principaux achats et les 20 principales ventes au minimum doivent être communiqués, ou le total des achats et des ventes s’il est inférieur à 20.
| Achats du Portefeuille | Coût EUR |
| --- | --- |
| Nestle | 2 861 416 |
| ASML Holding | 2 236 497 |
| Roche Holding | 2 197 807 |
| Novartis | 1 651 168 |
| AstraZeneca | 1 620 246 |
| Novo Nordisk | 1 394 039 |
| Prosus | 1 318 206 |
| Lloyds Banking Group | 1 133 062 |
| Sika | 1 107 631 |
| SAP | 1 072 270 |
| Unilever | 1 026 773 |
| Sanofi | 907 811 |
| Siemens | 903 304 |
| Vodafone Group | 876 350 |
| GlaxoSmithKline | 866 753 |
| L’Oreal | 806 201 |
| Banco Santander | 759 159 |
| Intesa Sanpaolo | 743 331 |
| Nordea Bank | 704 082 |
| Cellnex Telecom | 653 442 |
| Ventes du Portefeuille | Produits EUR |
| Allianz | 2 085 886 |
| Banco Santander | 1 606 507 |
| LVMH Moet Hennessy Louis Vuitton | 1 577 491 |
| Linde | 1 491 850 |
| Nestle | 774 396 |
| Royal Dutch Shell (Class A) | 772 885 |
| Cie de Saint-Gobain | 757 423 |
| HSBC Holdings | 660 274 |
| Cie Financiere Richemont | 593 858 |
| BP | 577 898 |
| Total | 557 058 |
| Iberdrola | 553 658 |
| ASML Holding | 550 087 |
| Rio Tinto | 535 956 |
| Enel | 530 780 |
| Roche Holding | 499 404 |
| Sika | 498 224 |
| Infineon Technologies | 497 605 |
| Telefonica | 480 509 |
| BASF | 470 586 |
Une copie de la liste des mouvements importants du portefeuille survenus pendant l’exercice financier peut être obtenue sur simple demande auprès de l’Agent administratif. | # Schedule of Significant Portfolio Changes for SPDR STOXX Europe 600 SRI UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2022 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| Nestle | 2,861,416 |
| ASML Holding | 2,236,497 |
| Roche Holding | 2,197,807 |
| Novartis | 1,651,168 |
| AstraZeneca | 1,620,246 |
| Novo Nordisk | 1,394,039 |
| Prosus | 1,318,206 |
| Lloyds Banking Group | 1,133,062 |
| Sika | 1,107,631 |
| SAP | 1,072,270 |
| Unilever | 1,026,773 |
| Sanofi | 907,811 |
| Siemens | 903,304 |
| Vodafone Group | 876,350 |
| GlaxoSmithKline | 866,753 |
| L’Oreal | 806,201 |
| Banco Santander | 759,159 |
| Intesa Sanpaolo | 743,331 |
| Nordea Bank | 704,082 |
| Cellnex Telecom | 653,442 |
| Portfolio Sales | Proceeds EUR |
| Allianz | 2,085,886 |
| Banco Santander | 1,606,507 |
| LVMH Moet Hennessy Louis Vuitton | 1,577,491 |
| Linde | 1,491,850 |
| Nestle | 774,396 |
| Royal Dutch Shell (Class A) | 772,885 |
| Cie de Saint-Gobain | 757,423 |
| HSBC Holdings | 660,274 |
| Cie Financiere Richemont | 593,858 |
| BP | 577,898 |
| Total | 557,058 |
| Iberdrola | 553,658 |
| ASML Holding | 550,087 |
| Rio Tinto | 535,956 |
| Enel | 530,780 |
| Roche Holding | 499,404 |
| Sika | 498,224 |
| Infineon Technologies | 497,605 |
| Telefonica | 480,509 |
| BASF | 470,586 |
| A copy of the list of changes in the portfolio during the financial year may be obtained free of charge from the Administrator. | | | en | fr |
DOLFIN3628 | 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?
L’indicateur de risque présuppose que vous conserverez le produit pendant 5 années. Le risque effectivement supporté peut être très différent si vous retirez de l’argent de faion anticipée et il se peut que vous ne récupériez pas l’intégralité du montant investi.
## Profil de risque et de rendement
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## Risque le plus faible Risque le plus élevé
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 attribué à ce produit une note de 4 sur 7, ce qui correspond à une classe de risque moyenne. Cette catégorisation évalue les pertes potentielles de rendement à venir à un niveau moyen, et il est probable que de mauvaises conditions de marché aient une incidence sur notre capacité à vous payer. Avec un fonds de catégorie 4, le risque de perdre votre argent est plus élevé mais le potentiel de gains est plus élevé également. Le Fonds relève de la catégorie 4 du fait de l’amplitude et de la fréquence supérieures à la moyenne des fluctuations des cours des investissements sous-jacents. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Pour connaître les autres risques d’importance significative pour le Fonds mais non intégrés à l’indicateur synthétique de risque, voir le Prospectus disponible à l’adresse www.firsteagle.com/funds/global-ex-us-value-fund#documents.
## Le score SRI présenté ici repose sur une Valeur de référence personnalisée des performances historiques combinant les performances de la
## catégorie d’actions I-UC du First Eagle Global ex-US Value Fund et celles d’un fonds domicilié aux États-Unis et poursuivant une stratégie identique. | # ¿Qué riesgos corro y qué podría obtener a cambio?
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.
## Perfil de riesgo y remuneración
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## Riesgo más bajo Riesgo más alto
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa «un riesgo medio». Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media y la probabilidad de que una mala coyuntura de mercado influya en nuestra capacidad de pagarle como probable. Con un fondo de la categoría 4, el riesgo de riesgo de perder su dinero es mayor, pero también hay posibilidad de obtener mayores ganancias. El Fondo pertenece a la categoría 4 debido a la amplitud y frecuencia superiores a la media de los movimientos de precios de las inversiones subyacentes. 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. Para conocer otros riesgos de importancia significativa para el Fondo no incluidos en el indicador resumido de riesgo, consulte el Folleto, disponible en www.firsteagle.com/funds/global-ex-us-value-fund#documents.
## La puntuación ISR presentada se basa en un «Valor de referencia» de historial personalizado, compuesto por la clase de acciones I-UC de First Eagle
## Global ex-US Value Fund y un fondo de la misma estrategia domiciliado en EE. UU. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
L’indicateur de risque présuppose que vous conserverez le produit pendant 5 années. Le risque effectivement supporté peut être très différent si vous retirez de l’argent de faion anticipée et il se peut que vous ne récupériez pas l’intégralité du montant investi.
## Profil de risque et de rendement
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## Risque le plus faible Risque le plus élevé
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 attribué à ce produit une note de 4 sur 7, ce qui correspond à une classe de risque moyenne. Cette catégorisation évalue les pertes potentielles de rendement à venir à un niveau moyen, et il est probable que de mauvaises conditions de marché aient une incidence sur notre capacité à vous payer. Avec un fonds de catégorie 4, le risque de perdre votre argent est plus élevé mais le potentiel de gains est plus élevé également. Le Fonds relève de la catégorie 4 du fait de l’amplitude et de la fréquence supérieures à la moyenne des fluctuations des cours des investissements sous-jacents. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Pour connaître les autres risques d’importance significative pour le Fonds mais non intégrés à l’indicateur synthétique de risque, voir le Prospectus disponible à l’adresse www.firsteagle.com/funds/global-ex-us-value-fund#documents.
## Le score SRI présenté ici repose sur une Valeur de référence personnalisée des performances historiques combinant les performances de la
## catégorie d’actions I-UC du First Eagle Global ex-US Value Fund et celles d’un fonds domicilié aux États-Unis et poursuivant une stratégie identique. | fr | es |
DOLFIN3629 | 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 a focused portfolio of the shares of companies having their head office or main activities in the US.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references S&P 500 Index (Net) Hedged to EUR (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos un 70 % en una cartera centrada de acciones de empresas cuya sede se encuentre en los Estados Unidos, o que lleven a cabo sus actividades principales en dicho país.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa y utiliza como referencia el S&P 500 Index (Net) Hedged to EUR (en adelante, el «Índice»), únicamente a efectos de comparación.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in a focused portfolio of the shares of companies having their head office or main activities in the US.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and references S&P 500 Index (Net) Hedged to EUR (the ‘Index’), for comparative purposes only.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN3630 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower rewards Potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## What does this synthetic indicator mean?
## The shares of Class D are classified in category 4 because the value of the share may be subject to medium variations and consequently the risk of loss and the opportunity of gain may be moderate.
The risk category has been determined on the basis of historical and simulated data and may not be a reliable indication of the future risk profile. The risk and reward category shown does not necessarily remain unchanged and the categorisation of the sub-fund may shift over time.
## The lowest category does not mean a risk-free investment. Repayment of the initial investment is not guaranteed.
## Which materially relevant risks are not adequately captured by the synthetic indicator? Credit risk: The sub-fund may invest in fixed-income products. The credit risk represents
## the risk that the issuer of a security may not be able to honour its commitments. Note that the sub-fund may invest in bonds only if they are rated AA or higher by Standard & Poor’s or equivalent.
## Counterparty risk: Represents the risk of default of a market participant, preventing it from honouring its commitments vis-à-vis your portfolio.
Risk of the impact of using financial techniques involving derivatives (excl. the systematic strategy of asymmetrically reducing exposure to equity risk, already taken into account in the risk indicator): the use of derivatives may give rise to significant upward or downward fluctuations in the net asset value over short periods.
Currency risk: The sub-fund may invest the majority and up to 100% of its assets in securi- ties denominated in currencies other than the euro. Fluctuations in these currencies against the euro may have a negative impact on the sub-fund’s net asset value.
## How can I get more information about the risks of the sub-fund?
Additional information concerning the risks of investment in the sub-fund is indicated in the corresponding section of the prospectus of the fund which is available at the Management Company and on the website www.clartan.com. | # Risiko- und Ertragsprofil
Geringeres Risiko Höheres Risiko
Potenziell geringere Erträge Potenziell höhere Erträge
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## Was stellt dieser Indikator dar?
## Die Aktien der Klasse D sind in Kategorie 4 eingestuft, weil der Aktienpreis mäßig schwanken kann und deshalb das Verlustrisiko aber auch die Ertragschance moderat sein können.
Die Berechnung der Risikokategorie beruht auf historischen und simulierten Daten, die nicht als verlässlicher Hinweis auf das künftige Risikoprofil herangezogen werden können. Die ausgewiesene Risiko- und Ertragskategorie kann durchaus Veränderungen unterliegen und die Einstufung des Teilfonds in eine Kategorie kann sich im Laufe der Zeit verändern.
## Die niedrigste Kategorie stellt keine risikolose Anlage dar. Die Rückzahlung der Anfangsinvestition ist nicht garantiert.
## Welche wesentlichen Risiken werden vom Indikator nicht angemessen erfasst?
## Kreditrisiko: Der Teilfonds kann seine Aktiva in Zinsinstrumenten anlegen. Das Kreditrisiko entspricht damit dem Risiko, dass die emittierende Gesellschaft ihren Verpflichtungen nicht
nachkommen kann. Wir weisen im Übrigen an dieser Stelle darauf hin, dass der Teilfonds seine Aktiva nur in Anleihen anlegen kann, die von Standard & Poor’s oder äquivalenten Ratingagenturen mit AA oder besser bewertet werden.
## Ausfallrisiko: Dieses Risiko besteht darin, dass ein Marktteilnehmer seine vertraglichen Ver- pflichtungen gegenüber Ihrem Portfolio nicht erfüllt.
Risiko aufgrund der Verwendung von Finanztechniken in Verbindung mit Terminfinanzin- strumenten (ohne die systematische Strategie der asymmetrischen Reduzierung des Ex- posures gegenüber dem Aktienrisiko, da dieses bereits im Risikoindikator berücksichtigt wird): Der Einsatz von derivativen Finanzinstrumenten kann vorübergehend zu spürbaren Schwankungen des Nettoinventarwerts nach oben oder unten führen.
Wechselkursrisiko: Der Teilfonds kann mehrheitlich und bis zu 100% in auf Fremdwährun- gen außerhalb der Eurozone lautende Instrumente investiert sein. Die Schwankungen die- ser Währungen gegenüber dem Euro können den Nettoinventarwert des Teilfonds negativ beeinflussen.
## Wo erhält man zusätzliche Informationen über die Risiken des Teilfonds?
Zusätzliche Informationen über die Risiken einer Anlage in den Teilfonds sind in der entspre- chenden Sektion des Verkaufsprospekts des Fonds, welcher bei der Verwaltungsgesellschaft und über die Website www.clartan.com erhältlich ist, angegeben. | # Risk and reward profile
Lower risk Higher risk
Potentially lower rewards Potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
## What does this synthetic indicator mean?
## The shares of Class D are classified in category 4 because the value of the share may be subject to medium variations and consequently the risk of loss and the opportunity of gain may be moderate.
The risk category has been determined on the basis of historical and simulated data and may not be a reliable indication of the future risk profile. The risk and reward category shown does not necessarily remain unchanged and the categorisation of the sub-fund may shift over time.
## The lowest category does not mean a risk-free investment. Repayment of the initial investment is not guaranteed.
## Which materially relevant risks are not adequately captured by the synthetic indicator? Credit risk: The sub-fund may invest in fixed-income products. The credit risk represents
## the risk that the issuer of a security may not be able to honour its commitments. Note that the sub-fund may invest in bonds only if they are rated AA or higher by Standard & Poor’s or equivalent.
## Counterparty risk: Represents the risk of default of a market participant, preventing it from honouring its commitments vis-à-vis your portfolio.
Risk of the impact of using financial techniques involving derivatives (excl. the systematic strategy of asymmetrically reducing exposure to equity risk, already taken into account in the risk indicator): the use of derivatives may give rise to significant upward or downward fluctuations in the net asset value over short periods.
Currency risk: The sub-fund may invest the majority and up to 100% of its assets in securi- ties denominated in currencies other than the euro. Fluctuations in these currencies against the euro may have a negative impact on the sub-fund’s net asset value.
## How can I get more information about the risks of the sub-fund?
Additional information concerning the risks of investment in the sub-fund is indicated in the corresponding section of the prospectus of the fund which is available at the Management Company and on the website www.clartan.com. | en | de |
DOLFIN3631 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
## Custodian:
## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy
## L-1855 Luxembourg
Further Information: More detailed information on this Sub-Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge, in English, German, French, Spanish and Italian from the Sub-Fund Management Company, the central administrator, the Sub- Funds' distributors or online at www.axa-im.com.
## More share classes are available for this Sub-Fund. For more details about other share classes, please refer to the prospectus, which is available at www.axa-im.com.
Details of the up to date remuneration policy of the company are published online at https://www.axa-im.com/en/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request.
## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
## Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your own country of residence this might have an
## impact on your investments. For further details, you should consult a Tax Adviser.
## Specific Share Class Information:
## Share Class A Capitalisation USD (LU0800597873) is representative for Share Class A Distribution USD (LU0964940091).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request.
## The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus.
## For more details about how to switch compartment, please refer to the prospectus, section switch between Sub-Funds, which is available at www.axa-im.com.
This Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 03/08/2018. | # Información práctica
## Custodio:
## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy
## L-1855 Luxemburgo
Información adicional: Si desea información más detallada sobre este Subfondo, como el folleto o el último informe anual o semestral, puede obtenerla gratuitamente, en inglés, alemán, francés, español e italiano, en la sociedad gestora del Subfondo, el administrador central, los distribuidores del Subfondo o en www.axa-im.com.
## Existen más clases de acciones disponibles para este Subfondo. Si desea más detalles sobre otras clases de acciones, consulte el folleto que se encuentra disponible en www.axa-im.com.
La información sobre la política de retribución actualizada de la empresa está disponible online en https://www.axa-im.com/en/remuneration. Ésta incluye la descripción de la retribución y los beneficios de los empleados así como datos sobre el comité de retribuciones. Podrá obtener una copia física previa solicitud a la empresa sin cargo alguno.
## Publicación del valor liquidativo: El valor liquidativo por acción está disponible en www.axa-im.com y en el domicilio social de la empresa.
## Legislación fiscal: El Subfondo está sometido a las leyes y normas fiscales de Luxemburgo. En función del país en el que usted resida, sus inversiones
## podrían verse afectadas. Si desea conocer más detalles, le recomendamos que consulte a un asesor fiscal.
## Información específica de las clases de acciones:
## La clase de acción A Capitalización USD (LU0800597873) es representativa de la clase de acción A Distribución USD (LU0964940091).
Declaración de responsabilidad: AXA Funds Management S.A. responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Subfondo.
Cambiar entre Subfondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Subfondo sea convertida en clases de acciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión.
## Tal como se indica en el folleto, los gastos de reembolso y suscripción relativos a la conversión pueden ser cargados al accionista.
## Si desea más detalles sobre cómo cambiar de compartimento, consulte el folleto, sección "cambiar entre Subfondos", que se encuentra disponible en www.axa-im.com.
Este Subfondo está autorizado en Luxemburgo y regulado por Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. está autorizado en Luxemburgo y regulado por Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero luxemburgués). Esta información clave para el inversor es correcta a 03/08/2018. | # Practical Information
## Custodian:
## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy
## L-1855 Luxembourg
Further Information: More detailed information on this Sub-Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge, in English, German, French, Spanish and Italian from the Sub-Fund Management Company, the central administrator, the Sub- Funds' distributors or online at www.axa-im.com.
## More share classes are available for this Sub-Fund. For more details about other share classes, please refer to the prospectus, which is available at www.axa-im.com.
Details of the up to date remuneration policy of the company are published online at https://www.axa-im.com/en/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request.
## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company.
## Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your own country of residence this might have an
## impact on your investments. For further details, you should consult a Tax Adviser.
## Specific Share Class Information:
## Share Class A Capitalisation USD (LU0800597873) is representative for Share Class A Distribution USD (LU0964940091).
Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund.
Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request.
## The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus.
## For more details about how to switch compartment, please refer to the prospectus, section switch between Sub-Funds, which is available at www.axa-im.com.
This Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 03/08/2018. | en | es |
DOLFIN3632 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Definitions:
- Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock.
- Free cash flow is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets.
- Russell 2500 Growth Index: An unmanaged index designed to measure the performance of the 2,500 smallest companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.
- The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending.
- The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The MSCI ACWI Index performance does not reflect deductions for fees or expenses.
- The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
- The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
- The price-to-book ratio is the ratio of a company’s market price to its book value.
- The Russell 1000 Growth Index is an unmanaged index designed to measure the performance of the largest 1000 companies in the Russell 3000 Index with higher price to book ratios and higher forecasted growth values.
- The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000ALGER SICAVManager’s Report to Shareholders (continued)of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the Russell 3000 Index, as of the most recent reconstitution. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.
- The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology.
- The Russell 2000 Index is a small cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.
- The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.
- The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Russell Midcap Growth Index performance does not reflect deductions for fees or expenses.
- The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set.
- The S&P 500 Index tracks the performance of 500 large companies listed on stock exchanges in the U.S. | # Definiciones:
- Los beneficios por acción (BPA) se calculan comoel beneficio de la empresa dividido entre sus acciones ordinarias en circulación.
- El flujo de caja disponible es la liquidez que genera una empresa una vez descontados las salidas de efectivo que respaldan sus operaciones y mantienen sus activos de capital.
- Índice Russell 2500 Growth: Un índice no gestionado concebido para medir la rentabilidad de las 2.500 empresas más pequeñas del índice Russell 3000 con mayores ratios precio/valor contable y mayores valores de crecimiento previsto.
- El índice de precios al consumo (IPC) mide la variación mensual de los precios que pagan los consumidores estadounidenses. La Oficina de Estadísticas Laborales de EE. UU. (BLS) calcula el IPC como una media ponderada de los precios de una cesta de bienes y servicios representativos del conjunto del gasto de los consumidores estadounidenses.
- El índice MSCI ACWI es un índice ponderado por capitalización de mercado ajustado porel capital flotante (free float) concebido para medir la rentabilidad de la renta variable cotizada en mercados desarrollados y emergentes. El MSCI ACWI representa los segmentos de capitalización grande y mediana de mercados desarrollados (MD) y mercados emergentes (ME). La rentabilidad del índice MSCI ACWI no refleja las deducciones de comisiones o gastos.
- El índice MSCI EAFE está diseñado para representar la rentabilidad de los valores de capitalización grande y mediana de distintos mercados desarrollados, incluyendo países de Europa, Australasia y Extremo Oriente, y excluyendo EE. UU. y Canadá.
- El índice MSCI Emerging Markets es un índice de capitalización de mercado ajustado por el capital flotante (free float) concebido para medir la rentabilidad de la renta variable cotizada en mercados emergentes de todo el mundo.
- Precio/valor contable es la ratio del precio de mercado de una empresa respecto a su valor contable.
- El índice Russell 1000 Growth es un índice no gestionado concebido para medir la rentabilidad de las 1.000 empresas más pequeñas del índice Russell 3000 con mayores ratios precio-valor contable y mayores valores de crecimiento previsto.
- El índice Russell 1000 mide la rentabilidad del segmento de gran capitalización deluniverso de renta variable estadounidense. Es un subconjunto del índice Russell 3000 e incluye aproximadamente 1.000ALGER SICAVInforme del Gestor a los accionistas (continuación)valores de gran tamaño en función de una combinación de su capitalización bursátil y su afiliación actual en el índice. El Russell 1000 representa aproximadamente el 93% del Russell 3000, teniendo en cuenta su reconstitución más reciente. El índice Russell 1000 está diseñado para ofrecer un barómetro exhaustivo y sin sesgos del segmento de gran capitalización y se reconstituye por completo anualmente con el fin de garantizar la inclusión de las acciones nuevas y en crecimiento.
- El índice Russell 2000 Growth mide la rentabilidad del segmento de crecimiento depequeña capitalización del universo estadounidense de renta variable. Incluye las empresas del Russell 2000 con un mayor potencial de crecimiento de las ganancias, conforme a la metodología de estilo líder de Russell.
- El Índice Russell 2000 es un índice bursátil de pequeña capitalización que comprende los2.000 valores de menor capitalización del Russell 3000.
- El índice Russell 3000 mide la rentabilidad de las 3.000 mayores empresas estadounidenses, que representan aproximadamente el 96% del mercado de renta variable del país susceptible de inversión, teniendo en cuenta su reconstitución más reciente. El índice Russell 3000 está diseñado para ofrecer un barómetro estable, exhaustivo y sin sesgos del conjunto del mercado y se reconstituye por completo anualmente con el fin de garantizar la inclusión de las acciones nuevas y en crecimiento.
- El índice Russell Midcap Growth mide la rentabilidad del segmento de crecimiento demediana capitalización del universo estadounidense de renta variable. Incluye las empresas del índice Russell Midcap con mayor potencial de crecimiento de las ganancias, conforme a la metodología de estilo líder de Russell. El índice Russell Midcap Growth se elabora para ofrecer un barómetro exhaustivo y sin sesgos del mercado de crecimiento de mediana capitalización. La rentabilidad de este índice no refleja deducciones por comisiones ni gastos.
- El índice Russell Midcap mide la rentabilidad del segmento de mediana capitalización del universo de renta variable estadounidense. El índice Russell Midcap es un subconjunto del índice Russell 1000. Incluye aproximadamente 800 de los valores más pequeños en función de una combinación de su capitalización bursátil y su afiliación actual en el índice. El Russell Midcap representa aproximadamente el 27 % de la capitalización bursátil total de las empresas que componen el Russell 1000, teniendo en cuenta su reconstitución más reciente. El índice Russell Midcap se elabora para ofrecer un barómetro exhaustivo y sin sesgos del segmento de mediana capitalización. Se reconstituye por completo anualmente con el fin de garantizar que las acciones más grandes no distorsionen la rentabilidad y características del verdadero conjunto de oportunidades de mediana capitalización.
- El S&P 500 Index replica la rentabilidad de 500 grandes empresas cotizadas en bolsas de valores de EE. UU. | # Definitions:
- Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock.
- Free cash flow is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets.
- Russell 2500 Growth Index: An unmanaged index designed to measure the performance of the 2,500 smallest companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values.
- The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending.
- The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The MSCI ACWI Index performance does not reflect deductions for fees or expenses.
- The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.
- The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
- The price-to-book ratio is the ratio of a company’s market price to its book value.
- The Russell 1000 Growth Index is an unmanaged index designed to measure the performance of the largest 1000 companies in the Russell 3000 Index with higher price to book ratios and higher forecasted growth values.
- The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000ALGER SICAVManager’s Report to Shareholders (continued)of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the Russell 3000 Index, as of the most recent reconstitution. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included.
- The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology.
- The Russell 2000 Index is a small cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index.
- The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included.
- The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Russell Midcap Growth Index performance does not reflect deductions for fees or expenses.
- The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set.
- The S&P 500 Index tracks the performance of 500 large companies listed on stock exchanges in the U.S. | en | es |
DOLFIN3633 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le passage suivant relatif au Compartiment MainFirst – Emerging Markets Credit Opportunities Fund est supprimé :
« Une commission de rachat pouvant atteindre 1 % de la valeur liquidative sera prélevée pour les Classes d’Actions du Compartiment si le volume net des rachats lors d’un Jour de négociation donné dépasse 5 % du volume du Compartiment. »
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# Reclassification dans le champ d’application de l’article 8 du règlement (UE) 2019/2088 | Se elimina el siguiente enunciado relacionado con el subfondo MainFirst – Emerging Markets Credit Opportunities Fund:
«Para las clases de acciones del subfondo, existe una comisión de reembolso de hasta el 1% del valor de inventario neto si el volumen de reembolso neto en un día de negociación supera el 5% del volumen del subfondo».
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# Reclasificación conforme al artículo 8 del Reglamento (UE) 2019/2088 | Le passage suivant relatif au Compartiment MainFirst – Emerging Markets Credit Opportunities Fund est supprimé :
« Une commission de rachat pouvant atteindre 1 % de la valeur liquidative sera prélevée pour les Classes d’Actions du Compartiment si le volume net des rachats lors d’un Jour de négociation donné dépasse 5 % du volume du Compartiment. »
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# Reclassification dans le champ d’application de l’article 8 du règlement (UE) 2019/2088 | fr | es |
DOLFIN3634 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| KEY INFORMATION DOCUMENT | |
| --- | --- |
| Purpose | | |
| This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. |
| Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT |
| PRODUCT |
| Product: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU) Portfolio Fund. |
| Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. |
| Asset manager: | Zürcher Kantonalbank | |
| ISIN: | LU0112806921 | |
| Website: | www.swisscanto.com | |
| Phone: | +352 27 843 592 | |
| The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). |
| Date of the document: | 01/01/2023 | | | | DOCUMENTO DE DATOS FUNDAMENTALES | |
| --- | --- |
| Finalidad | | |
| Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. |
| Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT |
| PRODUCTO |
| Producto: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (en adelante el «Producto») es una clase de acción del fondo parcial Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (en adelante «Fondo»), un fondo parcial del fondo paraguas Swisscanto (LU) Portfolio Fund. |
| Productor: | El Fondo es gestionado por Swisscanto Asset Management International S.A., Luxemburgo (Sociedad de gestión), una empresa del Grupo Zürcher Kantonalbank. |
| Gestor de la cartera: | Zürcher Kantonalbank | |
| ISIN: | LU0112806921 | |
| Página web: | www.swisscanto.com | |
| Teléfono: | +352 27 843 592 | |
| El Fondo y Swisscanto Asset Management International S.A., Luxemburgo están autorizados en Luxemburgo y son regulados por Commission de Surveillance du Secteur Financier (CSSF). |
| Fecha del documento: | 01/01/2023 | | | | KEY INFORMATION DOCUMENT | |
| --- | --- |
| Purpose | | |
| This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. |
| Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT |
| PRODUCT |
| Product: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU) Portfolio Fund. |
| Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. |
| Asset manager: | Zürcher Kantonalbank | |
| ISIN: | LU0112806921 | |
| Website: | www.swisscanto.com | |
| Phone: | +352 27 843 592 | |
| The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). |
| Date of the document: | 01/01/2023 | | | en | es |
DOLFIN3635 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Periodic investor information
Further information on the conditions of application of these efficient portfolio management techniques is contained in the annual and semi-annual reports.
- Management of financial collateral for OTC derivative products and efficient portfolio management techniquesSome over-the-counter transactions in financial instruments are covered by a collateralisation policy that has been validated by the risk management department. | Informazione periodica degli investitori
Informazioni supplementari sulle condizioni di applicazione delle suddette tecniche di gestione efficace del portafoglio sono riportate nelle relazioni annuali e semestrali.
- Gestione delle garanzie finanziarie per i prodotti derivati fuori borsa e le tecniche di gestione efficace del portafoglioNell'ambito di operazioni su strumenti finanziari fuori borsa, alcune transazioni sono coperte da una politica di collateralizzazione, convalidata dal Risk Management. | Periodic investor information
Further information on the conditions of application of these efficient portfolio management techniques is contained in the annual and semi-annual reports.
- Management of financial collateral for OTC derivative products and efficient portfolio management techniquesSome over-the-counter transactions in financial instruments are covered by a collateralisation policy that has been validated by the risk management department. | en | it |
DOLFIN3636 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company applies specific activities to monitor the above-mentioned sustainability risk integration strategies, specifically:
- SRI exclusion/limitation: the consistency monitoring of the managed portfolios against the list of issuers operating in sectors considered as non “socially responsible” is controlled by means of special investment limits in the application Modulo Compliance, which allows for both an ex-ante check at the order preparation stage and an ex-post check at the portfolio valuation stage.
- ESG exclusion/limitation: the consistency monitoring of the managed portfolios against the list of issuers considered as "critical" is performed through dedicated active investment limits that allows for both an ex-ante check at the order preparation stage and an ex-post check at the portfolio valuation stage. When issuers of securities already existing in the portfolios of the assets under management are detected to have a rating or to have undergone a revision of the ESG sustainability rating that casts them among the “critical” issuers, the Company decides on the activation of an escalation process (“engagement”), also taking into account (i) the significance of the total positions held by the assets under management, or (ii) the exposure within the individual assets under management. The “critical” issuers, for which the engagement process is not started, are divested from the portfolios under management, in accordance with the timing deemed appropriate in the interest of the participants/clients and, in any case, within three months from the decision taken. Whenever after 18 months from the activation of the engagement, neither positive effects have been found nor has the sustainability rating improved, the Company considers to start the disinvestment process from the assets under management; the disinvestments shall be carried out in respect of the appropriate timing in the interest of the participants/clients and, in any event, within three months from the decision taken.
- Integration of ESG factors: monitoring of the integration of ESG factors is monitored through special investment limits. The consistency controls performed are based on a "non-denial principle” and is intended to identify, within each portfolio, any positions that are to be considered significant by size or duration of the deviation. In addition, the Company applies special investment limits for issuers who do not comply with good governance practices
- 2
- .
- Carbon footprint: in order to monitor the carbon footprint, on a monthly basis, the Company prepares a report – based on disclosures made available by issuers, from ESG data providers and from the internal research – that highlights the evolution of the exposure of the portfolios concerned during the reference period. The consistency controls performed are based on a "non-denial principle” and is intended to identify, within each portfolio, any positions that are to be considered significant by size or duration of the deviation.
- Impact Investing: in order to monitor the Impact investing strategies, on a monthly basis, the Company prepares a report that highlights the evolution of the exposure of the portfolios concerned during the reference period. | La Società applica specifiche attività di monitoraggio delle strategie di integrazione dei rischi di sostenibilità sopra richiamate, nello specifico:
- Esclusioni e restrizioni SRI: il monitoraggio della coerenza del portafoglio rispetto alla lista di emittenti operanti in settori ritenuti non “socialmente responsabili” è presidiato attraverso appositi limiti di investimento che permettono sia un controllo ex-ante in fase di predisposizione degli ordini sia ex-post in fase di valorizzazione del portafoglio.
- Esclusioni e restrizioni ESG: il monitoraggio della coerenza del portafoglio rispetto alla lista di emittenti ritenuti “critici” è presidiato attraverso appositi limiti di investimento che permettono sia un controllo ex-ante in fase di predisposizione degli ordini sia ex-post in fase di valorizzazione del portafoglio. Qualora vengano individuati emittenti di titoli già presenti nei portafogli dei patrimoni gestiti che abbiano un rating o abbiano subito una revisione del rating di sostenibilità ESG che li facciano rientrare tra quelli “critici”, la Società decide circa l’attivazione di un processo di escalation (cd. “engagement”), tenuto altresì conto (i) della significatività delle posizioni complessivamente detenute dai patrimoni gestiti o (ii) dell’esposizione all’interno del singolo patrimonio gestito. Gli emittenti “critici” per i quali non viene avviato il processo di engagement vengono dismessi dai portafogli gestiti secondo le tempistiche ritenute più opportune nell’interesse dei partecipanti/clienti e, comunque, entro tre mesi dalla decisione assunta. Qualora trascorsi 18 mesi dall’attivazione dell’engagement, non siano stati riscontrati effetti positivi o il miglioramento del rating di sostenibilità, la Società decide se avviare il processo di disinvestimento dai patrimoni gestiti; le dismissioni sono effettuate secondo le tempistiche ritenute più opportune nell’interesse dei partecipanti/clienti e, comunque, entro tre mesi dalla decisione Assunta.
- Integrazione di fattori ESG: per quanto concerne il monitoraggio relativo all’integrazione di fattori ESG, l’attività è presidiata attraverso appositi limiti di investimento. Il controllo di coerenza si basa sul principio di “non negazione” ed è volto a identificare eventuali posizioni che siano da ritenere significative per entità o per durata della deviazione. In aggiunta, la Società applica specifici limiti di investimento in emittenti che non rispettano prassi di buona governance
- 1
- .
- Impronta di carbonio: per il monitoraggio dell’impronta di carbonio, mensilmente, la Società predispone un report - basato su disclosure messe a disposizione dagli emittenti, da fornitori di dati ESG e dalla ricerca interna della SGR - che evidenzia l’evoluzione dell’esposizione del portafoglio nel corso del periodo di riferimento. Il controllo di coerenza si basa sul principio di “non negazione” ed è volto a identificare eventuali posizioni che siano da ritenere significative per entità o per durata della deviazione.
- Investimenti ad impatto: al fine di monitorare le strategie di Impact investing, su base mensile, la Società prepara un rapporto che evidenzia l'evoluzione dell'esposizione dei portafogli interessati durante il periodo di riferimento. | The Company applies specific activities to monitor the above-mentioned sustainability risk integration strategies, specifically:
- SRI exclusion/limitation: the consistency monitoring of the managed portfolios against the list of issuers operating in sectors considered as non “socially responsible” is controlled by means of special investment limits in the application Modulo Compliance, which allows for both an ex-ante check at the order preparation stage and an ex-post check at the portfolio valuation stage.
- ESG exclusion/limitation: the consistency monitoring of the managed portfolios against the list of issuers considered as "critical" is performed through dedicated active investment limits that allows for both an ex-ante check at the order preparation stage and an ex-post check at the portfolio valuation stage. When issuers of securities already existing in the portfolios of the assets under management are detected to have a rating or to have undergone a revision of the ESG sustainability rating that casts them among the “critical” issuers, the Company decides on the activation of an escalation process (“engagement”), also taking into account (i) the significance of the total positions held by the assets under management, or (ii) the exposure within the individual assets under management. The “critical” issuers, for which the engagement process is not started, are divested from the portfolios under management, in accordance with the timing deemed appropriate in the interest of the participants/clients and, in any case, within three months from the decision taken. Whenever after 18 months from the activation of the engagement, neither positive effects have been found nor has the sustainability rating improved, the Company considers to start the disinvestment process from the assets under management; the disinvestments shall be carried out in respect of the appropriate timing in the interest of the participants/clients and, in any event, within three months from the decision taken.
- Integration of ESG factors: monitoring of the integration of ESG factors is monitored through special investment limits. The consistency controls performed are based on a "non-denial principle” and is intended to identify, within each portfolio, any positions that are to be considered significant by size or duration of the deviation. In addition, the Company applies special investment limits for issuers who do not comply with good governance practices
- 2
- .
- Carbon footprint: in order to monitor the carbon footprint, on a monthly basis, the Company prepares a report – based on disclosures made available by issuers, from ESG data providers and from the internal research – that highlights the evolution of the exposure of the portfolios concerned during the reference period. The consistency controls performed are based on a "non-denial principle” and is intended to identify, within each portfolio, any positions that are to be considered significant by size or duration of the deviation.
- Impact Investing: in order to monitor the Impact investing strategies, on a monthly basis, the Company prepares a report that highlights the evolution of the exposure of the portfolios concerned during the reference period. | en | it |
DOLFIN3637 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The periodic reports contain detailed information on the income from securities lending activities and on the operational costs and fees engendered.
The annual report contains detailed information on the income from securities lending activities and on the operational costs and charges engendered. It also specifies the identity of the entities to which these costs and fees are paid and specifies if they are related to the Management Company and/or the depositary.
- Remuneration policy for repurchase agreementsIncome from repurchase agreements is paid in full to the fund.
- Remuneration policy for securities borrowing activitiesIncome from securities borrowing activities is paid in full to the fund. | #### Les rapports périodiques contiennent des informations détaillées sur les revenus découlant de l’activité de prêt de titres, ainsi que sur les coûts et frais opérationnels occasionnés.
Le rapport annuel contient des informations détaillées sur les revenus découlant de l’activité de prêt de titres ainsi que sur les coûts et frais opérationnels occasionnés. Il renseigne par ailleurs l’identité des entités auxquelles ces coûts et frais sont payés et précise si celles-ci sont liées à la Société de Gestion ou au Dépositaire.
- Politique de rémunération concernant l’activité mise en pensionLes revenus liés à l’activité de mise en pension sont intégralement versés au fonds.
- Politique de rémunération concernant les emprunts de titresLes revenus liés à l’activité d’emprunt de titres sont intégralement versés au fonds. | #### The periodic reports contain detailed information on the income from securities lending activities and on the operational costs and fees engendered.
The annual report contains detailed information on the income from securities lending activities and on the operational costs and charges engendered. It also specifies the identity of the entities to which these costs and fees are paid and specifies if they are related to the Management Company and/or the depositary.
- Remuneration policy for repurchase agreementsIncome from repurchase agreements is paid in full to the fund.
- Remuneration policy for securities borrowing activitiesIncome from securities borrowing activities is paid in full to the fund. | en | fr |
DOLFIN3638 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Inducements
In the course of providing portfolio management services, the Investment Manager is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor non-monetary benefits and research which is permitted), where these are paid or provided by any third party or a person acting on their behalf. The Investment Manager considers that:
- information or documentation relating to a financial instrument or investment service, that is generic in nature or personalised to reflect the circumstances of an individual client;
- written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the issuer, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the material and that the material is made available at the same time to any firms wishing to receive it, or to the general public;
- participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service;
- hospitality of a reasonable de minimis value, including food and drink during a business meeting or a conference, seminar or other training event specified in this clause;
- research relating to an issue of shares, debentures, warrants or certificates representing certain securities by an issuer, which is:
- produced prior to the issue being completed, by a person that is providing underwriting or placing services to the issuer on that issue; and
- made available to prospective investors in the issue; and
- research that is received during a trial period so that the Investment Manager may evaluate the research provider’s research service in accordance with FCA rulesare regarded as acceptable minor non-monetary benefits as they are capable of enhancing the quality of the service provided by the Investment Manager to the Unitholders; of a scale and nature that it could not be judged to impair the Investment Manager’s compliance with its duty to act honestly, fairly and professionally in the best interests of the Unitholders; and reasonable, proportionate and of a scale that is unlikely to influence the Investment Manager’s behaviour in any way that is detrimental to the interests of the Unitholders.
If the Investment Manager receives any such fees, commissions or monetary benefits, it will transfer these for the benefit of the Unit Trust and will inform the Manager within the standard reporting. | # Incentivos
En el transcurso del suministro de servicios de gestión de cartera, se le prohíbe al Gestor de inversiones la aceptación y retención de cargos, comisiones o prestaciones monetarias, o bien la aceptación de prestaciones no monetarias (distintas de las prestaciones menores no monetarias admisibles y la investigación autorizada), en el supuesto de que sean sufragadas o prestadas por terceros o toda persona que intervenga en su nombre. El Gestor de inversiones considera que:
- información o documentación relativas a un instrumento financiero o servicio de inversión con características genéricas o personalizadas, con el fin de reflejar la realidad de un cliente específico;
- material escrito de un tercero al que un emisor corporativo o emisor potencial encarga y paga la promoción de una nueva emisión por parte del emisor, o si el tercero mantiene un compromiso contractual con el emisor y este le paga para que genere dicho material de forma periódica, siempre y cuando la relación se haga constar de forma clara en el material y el material se facilite al mismo tiempo a todas aquellas firmas que deseen recibirlo o al público en general;
- participación en conferencias, seminarios y otros cursos de formación sobre las ventajas y las características de un instrumento financiero específico o un servicio de inversión;
- hostelería con un valor razonable de minimis, como la alimentación y la bebida en una reunión de negocios o un congreso, seminario u otras formaciones que se especifican en la presente cláusula;
- la investigación relativa a una emisión de participaciones, obligaciones, warrants o certificados que representen determinados valores de un emisor, que:
- sea presentada antes de que se complete la emisión por una persona que preste servicios de suscripción o colocación al emisor en relación con dicha emisión; y
- puesta a disposición de los futuros inversores en el momento de la emisión; y
- la investigación que se reciba durante un periodo de prueba de modo que el Gestor de inversiones pueda evaluar el servicio de investigación del proveedor de investigación de conformidad con las reglas de la FCAse consideran como beneficios menores no monetarios admisibles, ya que pueden aumentar la calidad del servicio prestado por el Gestor de inversiones en favor de los Titulares de participaciones; que por su escala y naturaleza no podría afirmarse que suponen un menoscabo al cumplimiento del Gestor de inversiones de su deber de actuar con honestidad, justicia y profesionalidad, redundando en el interés de los Titulares de participaciones; y de forma razonable, proporcionada en una escala que tenga pocas probabilidades de influir en la conducta del Gestor de inversiones de manera contraria a los intereses de los Titulares de participaciones.
Si el Gestor de inversiones percibe tales cargos, comisiones o prestaciones monetarias, procederá a transmitirlos en favor del Fideicomiso de inversiones e informará a la Entidad gestora conforme a las normas declarativas. | # Inducements
In the course of providing portfolio management services, the Investment Manager is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor non-monetary benefits and research which is permitted), where these are paid or provided by any third party or a person acting on their behalf. The Investment Manager considers that:
- information or documentation relating to a financial instrument or investment service, that is generic in nature or personalised to reflect the circumstances of an individual client;
- written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the issuer, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the material and that the material is made available at the same time to any firms wishing to receive it, or to the general public;
- participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service;
- hospitality of a reasonable de minimis value, including food and drink during a business meeting or a conference, seminar or other training event specified in this clause;
- research relating to an issue of shares, debentures, warrants or certificates representing certain securities by an issuer, which is:
- produced prior to the issue being completed, by a person that is providing underwriting or placing services to the issuer on that issue; and
- made available to prospective investors in the issue; and
- research that is received during a trial period so that the Investment Manager may evaluate the research provider’s research service in accordance with FCA rulesare regarded as acceptable minor non-monetary benefits as they are capable of enhancing the quality of the service provided by the Investment Manager to the Unitholders; of a scale and nature that it could not be judged to impair the Investment Manager’s compliance with its duty to act honestly, fairly and professionally in the best interests of the Unitholders; and reasonable, proportionate and of a scale that is unlikely to influence the Investment Manager’s behaviour in any way that is detrimental to the interests of the Unitholders.
If the Investment Manager receives any such fees, commissions or monetary benefits, it will transfer these for the benefit of the Unit Trust and will inform the Manager within the standard reporting. | en | es |
DOLFIN3639 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The limits mentioned under third, fourth and fifth indents above may be disregarded at the time of acquisition, if at that time the gross amount of debt securities or of money market instruments or of UCITS/UCI or the net amount of the instruments in issue cannot be calculated.
The ceilings set forth above do not apply in respect of:
- transferable securities and money market instruments issued or guaranteed by a Member State or by its local authorities;
- transferable securities and money market instruments issued or guaranteed by any other Eligible State which is not a Member State;
- transferable securities and money market instruments issued or guaranteed by a public international body of which one or more Member State(s) are member(s);
- shares in the capital of a company which is incorporated under or organized pursuant to the laws of a State which is not a Member State provided that (i) such company invests its assets principally in securities issued by issuers of the State, (ii) pursuant to the law of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such Company observes in its investments policy the restrictions referred in this Prospectus;
- shares held by one or more investment companies in the capital of subsidiaries companies which, exclusively on its or their behalf carry on only the business of management, advice, or marketing in the country where the subsidiary is located, in regard to the redemption of units at the request of unitholders. | Les limites visées aux troisième, quatrième et cinquième tirets ne s’appliquent pas au moment de l’acquisition, si à ce moment, le montant brut des titres de créance ou des instruments du marché monétaire ou de l’OPCVM/OPC ou le montant net des instruments en émission ne peut être calculé.
Les limites visées ci-dessus ne s’appliquent pas en ce qui concerne:
- les valeurs mobilières et instruments du marché monétaire émis ou garantis par un Etat Membre ou par ses collectivités publiques territoriales;
- les valeurs mobilières et instruments du marché monétaire émis ou garantis par un autre Etat éligible qui n’est pas un Etat Membre;
- les valeurs mobilières et instruments du marché monétaire émis ou garantis par un organisme international à caractère public dont un ou plusieurs Etats Membres font partie;
- les actions de capital d’une société qui a son siège dans ou qui est organisée conformément aux lois d’un Etat qui n’est pas un Etat Membre, pour autant que (i) la société concernée investisse principalement en valeurs mobilières émises par des émetteurs de l’Etat concerné, (ii) conformément à la loi de l’Etat concerné, une participation du Compartiment concerné en actions de cette société constitue la seule possibilité d’acquérir des valeurs mobilières d’émetteurs decet Etat et (iii) la politique d’investissement de cette société respecte les Restrictions d’investissement décrites dans le présent Prospectus;
- les actions détenues par une ou plusieurs sociétés d’investissement dans le capital de filiales qui, exclusivement pour le compte de cette ou de ces sociétés, ne rendent que des services de gestion, de conseil ou de commercialisation dans le pays où elles sont implantées, relativement au remboursement des parts à la demande de leurs détenteurs. | The limits mentioned under third, fourth and fifth indents above may be disregarded at the time of acquisition, if at that time the gross amount of debt securities or of money market instruments or of UCITS/UCI or the net amount of the instruments in issue cannot be calculated.
The ceilings set forth above do not apply in respect of:
- transferable securities and money market instruments issued or guaranteed by a Member State or by its local authorities;
- transferable securities and money market instruments issued or guaranteed by any other Eligible State which is not a Member State;
- transferable securities and money market instruments issued or guaranteed by a public international body of which one or more Member State(s) are member(s);
- shares in the capital of a company which is incorporated under or organized pursuant to the laws of a State which is not a Member State provided that (i) such company invests its assets principally in securities issued by issuers of the State, (ii) pursuant to the law of that State a participation by the relevant Sub-Fund in the equity of such company constitutes the only possible way to purchase securities of issuers of that State, and (iii) such Company observes in its investments policy the restrictions referred in this Prospectus;
- shares held by one or more investment companies in the capital of subsidiaries companies which, exclusively on its or their behalf carry on only the business of management, advice, or marketing in the country where the subsidiary is located, in regard to the redemption of units at the request of unitholders. | en | fr |
DOLFIN3640 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Costs
For the A (EUR) unit class, the Company shall receive a daily all-in fee of 1.80% p.a. of the pro rata value of the Feeder Fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. The Company may, however, charge a lower all-in fee.
In accordance with sub-section 1, this all-in fee covers the following fees and expenses which are not charged separately to the Feeder Fund:
- fee for the management of the Feeder Fund (fund management, administrative activities),
- fee for the distributors of the Feeder Fund,
- the depositary fee,
- safe-custody and account fees in line with current banking practice, including any fees charged in line with current banking practices for the custody of foreign securities abroad,
- costs for the printing and dispatch of the statutory sales documents (annual and semi-annual reports, prospectus, key investor information) intended for the investors,
- costs for the publication of the annual and semi-annual reports, the liquidation report, the subscription and redemption prices, and distributions or accumulated income,
- costs for having the Feeder Fund audited by the Company’s auditors, including the costs for a certificate stating that all tax data complies with the regulations of German tax law,
- costs for providing information to investors in the Feeder Fund by means of a durable medium, with the exception of information about fund mergers and with the exception of information about measures related to violations of investment limits or calculation errors when determining the unit value,
- fees and costs charged in relation to the Feeder Fund by governmental authorities,
- costs for having the success of the Feeder Fund’s investment analysed by third parties,
- costs for the cashing of coupons. | ## Kosten
Die Gesellschaft erhält für die Anteilklasse A (EUR) aus dem Feederfonds eine tägliche Pauschalvergütung in Höhe von 1,80 % p.a. des anteiligen Wertes des Feederfonds, errechnet auf Basis des börsentäglich ermittelten Nettoinventarwertes. Es steht der Gesellschaft frei, eine niedrigere Pauschalvergütung zu berechnen.
Mit dieser Pauschalvergütung gemäß Absatz 1 sind folgende Vergütungen und Aufwendungen abgedeckt und werden dem Feederfonds nicht separat belastet:
- Vergütung für die Verwaltung des Feederfonds (Fondsmanagement, administrative Tätigkeiten),
- Vergütung für die Vertriebsstellen des Feederfonds,
- Vergütung für die Verwahrstelle,
- bankübliche Depot- und Kontogebühren, ggf. einschließlich der banküblichen Kosten für die Verwahrung ausländischer Wertpapiere im Ausland,
- Kosten für den Druck und Versand der für die Anleger bestimmten gesetzlich vorgeschriebenen Verkaufsunterlagen (Jahres- und Halbjahresberichte, Verkaufsprospekt, wesentliche Anlegerinformationen),
- Kosten der Bekanntmachung der Jahres- und Halbjahresberichte sowie des Auflösungsberichts, der Ausgabe- und Rücknahmepreise und der Ausschüttungen bzw. der thesaurierten Erträge,
- Kosten für die Prüfung des Feederfonds durch den Abschlussprüfer der Gesellschaft, einschließlich der Kosten der Bescheinigung, dass die steuerlichen Angaben nach den Regeln des deutschen Steuerrechts ermittelt wurden,
- Kosten für die Information der Anleger des Feederfonds mittels einen dauerhaften Datenträgers, mit Ausnahme der Informationen über Fondsverschmelzungen und mit Ausnahme der Informationen über Maßnahmen im Zusammenhang mit Anlagegrenzverletzungen oder Berechnungsfehlern bei der Anteilwertermittlung,
- Gebühren und Kosten, die von staatlichen Stellen in Bezug auf den Feederfonds erhoben werden,
- Kosten zur Analyse des Anlageerfolgs des Feederfonds durch Dritte,
- Kosten für die Einlösung der Ertragsscheine. | ## Costs
For the A (EUR) unit class, the Company shall receive a daily all-in fee of 1.80% p.a. of the pro rata value of the Feeder Fund’s assets, calculated on the basis of the net asset value, which is determined every trading day. The Company may, however, charge a lower all-in fee.
In accordance with sub-section 1, this all-in fee covers the following fees and expenses which are not charged separately to the Feeder Fund:
- fee for the management of the Feeder Fund (fund management, administrative activities),
- fee for the distributors of the Feeder Fund,
- the depositary fee,
- safe-custody and account fees in line with current banking practice, including any fees charged in line with current banking practices for the custody of foreign securities abroad,
- costs for the printing and dispatch of the statutory sales documents (annual and semi-annual reports, prospectus, key investor information) intended for the investors,
- costs for the publication of the annual and semi-annual reports, the liquidation report, the subscription and redemption prices, and distributions or accumulated income,
- costs for having the Feeder Fund audited by the Company’s auditors, including the costs for a certificate stating that all tax data complies with the regulations of German tax law,
- costs for providing information to investors in the Feeder Fund by means of a durable medium, with the exception of information about fund mergers and with the exception of information about measures related to violations of investment limits or calculation errors when determining the unit value,
- fees and costs charged in relation to the Feeder Fund by governmental authorities,
- costs for having the success of the Feeder Fund’s investment analysed by third parties,
- costs for the cashing of coupons. | en | de |
DOLFIN3641 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor / and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: This type of scenario occurred for an investment between 01/2022 and 12/2022. Moderate: This type of scenario occurred for an investment between 09/2016 and 08/2019.
Favourable: This type of scenario occurred for an investment between 01/2019 and 12/2021. | Die angeführten Zahlen beinhalten sämtliche Kosten des Produkts selbst, jedoch unter Umständen nicht alle Kosten, die Sie an Ihren Berater oder Ihre Vertriebsstelle zahlen müssen / sowie die an Ihren Berater oder Ihre Vertriebsstelle zu zahlenden Kosten. Unberücksichtigt ist auch Ihre persönliche steuerliche Situation, die sich ebenfalls auf den am Ende erzielten Betrag auswirken kann.
Das Stressszenario zeigt, was Sie unter extremen Marktbedingungen zurückbekommen könnten. Pessimistisches Szenario: Diese Art von Szenario ergab sich bei einer Anlage zwischen 01.2022 und 12.2022. Mittleres Szenario: Diese Art von Szenario ergab sich bei einer Anlage zwischen 09.2016 und 08.2019.
Optimistisches Szenario: Diese Art von Szenario ergab sich bei einer Anlage zwischen 01.2019 und 12.2021. | The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor / and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. Unfavourable: This type of scenario occurred for an investment between 01/2022 and 12/2022. Moderate: This type of scenario occurred for an investment between 09/2016 and 08/2019.
Favourable: This type of scenario occurred for an investment between 01/2019 and 12/2021. | en | de |
DOLFIN3642 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Force majeure, including terrorism and pandemic risk
The Funds and relevant parties (i.e. the Company, the Management Company, the Investment Manager and its delegates, the rest of the M&G Group, the service providers and their delegates, and counterparties which the Company may do business with on behalf of the Funds) could be severely disrupted in the event of a major terrorist attack or the outbreak, continuation or expansion of war or other hostilities, or as result of governmental or regulatory actions in anticipation of the same.
Additionally, a serious pandemic, or a natural disaster, such as a hurricane or a super typhoon, or governmental or regulatory actions in anticipation or mitigation of the same, such as a lockdown or a typhoon warning, could severely disrupt the global economy and the operation of the Funds and relevant parties. Even where these events are local in initial effect, the interconnectedness of the financial markets could nonetheless cause disruption to the global economy or the operation of the Funds and relevant parties. In particular, the recent "novel coronavirus" (COVID-19) outbreak, which has affected various parts of the world, could have a material and adverse effect on the ability to accurately determine the prices of investments owned by the Funds, which might further result in inaccurate valuation of the Funds’ assets. In the event of a serious pandemic or natural disaster, for safety and public policy reasons, relevant persons and entities involved in the operations of the Company may to the extent that they are affected by such pandemic or natural disaster or by such governmental or regulatory actions, be required to temporarily shut down their offices and to prohibit their respective employees from going to work. Any such closure could severely disrupt the services provided to the Company and materially and adversely affect the Funds’ operation. | ###### Höhere Gewalt einschließlich Terrorismus und Pandemie-Risiko
Die Fonds und relevante Parteien (d. h. die Gesellschaft, die Verwaltungsgesellschaft, die Anlageverwaltungsgesellschaft und ihre Beauftragten, der Rest der M&G Gruppe, die Dienstleister und ihre Beauftragten und Gegenparteien, mit denen die Gesellschaft im Auftrag der Fonds Geschäfte tätigen kann) könnten im Falle eines größeren Terroranschlags, des Ausbruchs, der Fortsetzung oder Ausbreitung eines Kriegs oder anderer Feindseligkeiten oder infolge von staatlichen bzw. aufsichtsbehördlichen Maßnahmen in Erwartung solcher Ereignisse stark beeinträchtigt werden.
Darüber hinaus könnten eine ernsthafte Pandemie oder eine Naturkatastrophe wie ein Hurrikan oder ein Supertaifun oder in Erwartung oder zur Eindämmung solcher Ereignisse ergriffene staatliche oder aufsichtsrechtliche Maßnahmen wie Lockdown-Maßnahmen oder eine Taifun-Warnung die Weltwirtschaft und den Betrieb der Fonds und der relevanten Parteien erheblich stören. Selbst wenn diese Ereignisse zunächst örtlich begrenzt sind, könnte die Verflechtung der Finanzmärkte dennoch zu Störungen der Weltwirtschaft oder der Geschäftstätigkeit der Fonds und der relevanten Parteien führen. Insbesondere der jüngste Ausbruch des „neuartigen Coronavirus“ (COVID-19), der verschiedene Regionen der Welt befallen hat, könnte erhebliche und nachteilige Auswirkungen auf die Fähigkeit haben, die Preise von Anlagen im Besitz der Fonds genau zu bestimmen, was wiederum zu einer ungenauen Bewertung des
Vermögens der Fonds führen könnte. Im Falle einer ernsthaften Pandemie oder Naturkatastrophe können relevante, am Betrieb der Gesellschaft beteiligte Personen und Unternehmen aus Gründen der Sicherheit und öffentlichen Ordnung gezwungen sein, ihre Büros vorübergehend zu schließen und ihren Mitarbeitern zu untersagen, zur Arbeit zu kommen, sofern sie von dieser Pandemie oder Naturkatastrophe oder von diesen staatlichen oder aufsichtsrechtlichen Maßnahmen betroffen sind. Eine solche Schließung könnte die für die Gesellschaft erbrachten Dienstleistungen ernsthaft stören und die Geschäftstätigkeit der Fonds erheblich und nachteilig beeinflussen. | ##### Force majeure, including terrorism and pandemic risk
The Funds and relevant parties (i.e. the Company, the Management Company, the Investment Manager and its delegates, the rest of the M&G Group, the service providers and their delegates, and counterparties which the Company may do business with on behalf of the Funds) could be severely disrupted in the event of a major terrorist attack or the outbreak, continuation or expansion of war or other hostilities, or as result of governmental or regulatory actions in anticipation of the same.
Additionally, a serious pandemic, or a natural disaster, such as a hurricane or a super typhoon, or governmental or regulatory actions in anticipation or mitigation of the same, such as a lockdown or a typhoon warning, could severely disrupt the global economy and the operation of the Funds and relevant parties. Even where these events are local in initial effect, the interconnectedness of the financial markets could nonetheless cause disruption to the global economy or the operation of the Funds and relevant parties. In particular, the recent "novel coronavirus" (COVID-19) outbreak, which has affected various parts of the world, could have a material and adverse effect on the ability to accurately determine the prices of investments owned by the Funds, which might further result in inaccurate valuation of the Funds’ assets. In the event of a serious pandemic or natural disaster, for safety and public policy reasons, relevant persons and entities involved in the operations of the Company may to the extent that they are affected by such pandemic or natural disaster or by such governmental or regulatory actions, be required to temporarily shut down their offices and to prohibit their respective employees from going to work. Any such closure could severely disrupt the services provided to the Company and materially and adversely affect the Funds’ operation. | en | de |
DOLFIN3643 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Comment puis-je formuler une réclamation ?
Si vous avez des réclamations relatives au produit, au comportement de l’initiateur ou de la personne qui vous fournit des conseils sur le produit, vous pouvez déposer une plainte selon les modalités suivantes :
- Tél. : +001 (213) 244-0000
- E-mail : [email protected]
- Courrier : 865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017
- En ligne : www.tcw.com | # ¿Cómo puedo reclamar?
Si desea presentar alguna reclamación relativa al producto, la conducta del productor o la persona que le haya asesorado sobre él, puede utilizar los siguientes métodos:
- Teléfono: +001 (213) 244-0000
- Correo electrónico: [email protected]
- Correo postal: 865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017
- En línea: www.tcw.com | # Comment puis-je formuler une réclamation ?
Si vous avez des réclamations relatives au produit, au comportement de l’initiateur ou de la personne qui vous fournit des conseils sur le produit, vous pouvez déposer une plainte selon les modalités suivantes :
- Tél. : +001 (213) 244-0000
- E-mail : [email protected]
- Courrier : 865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017
- En ligne : www.tcw.com | fr | es |
DOLFIN3644 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This NIMI remuneration policy consists of general principles applicable to all employees (see point I), specific principles applicable to employees identified by AIFM and UCITS V (see point II) and a governance mechanism applicable to all employees (see point III).
It falls within the framework of the remuneration policy defined by Natixis and is established in compliance with the provisions relating to remuneration stipulated in the following regulatory texts, as well as the guidelines of the European Securities and Markets Authority (ESMA) and the positions of the Autorité des Marchés Financiers (AMF, the French Financial Markets Authority) resulting therefrom:
- Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, transposed into the French Monetary and Financial Code by Order No. 2013-676 of 27 July 2013 (“AIFM Directive”),
- Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 on undertakings for collective investment in transferable securities, transposed into the French Monetary and Financial Code by Order No. 2016-312 of 17 March 2016 (“UCITS V Directive”),
- Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, transposed into the French Monetary and Financial Code by Order No. 2016-827 of 23 June 2016, supplemented by the Delegated Regulation 2017/565/EU of 25 April 2016 (“MIFID II Directive”),
- Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector.
- GENERAL PRINCIPLES OF THE REMUNERATION POLICYThe remuneration policy is a strategic aspect of the NIMI policy. As a tool to enhance employee motivation and commitment, it aims to be competitive and attractive in relation to the rest of the industry while fully complying with key financial indicators and regulations. | La présente politique de rémunération de NIMI est composée de principes généraux applicables à l’ensemble des collaborateurs (cf. point I), de principes spécifiques applicables à la population identifiée par AIFM et UCITS V (cf. point II) et d’un dispositif de gouvernance applicable à l’ensemble des collaborateurs (cf. point III).
Elle s’inscrit dans le cadre de la politique de rémunération définie par NATIXIS et elle est établie en conformité avec les dispositions relatives à la rémunération figurant dans les textes réglementaires suivants, ainsi que les orientations de l’European Securities and Markets Authority (ESMA) et les positions de l’Autorité des Marchés Financiers (AMF) qui en découlent :
- Directive 2011/61/UE du Parlement Européen et du Conseil du 8 juin 2011 sur les gestionnaires de fonds d’investissement alternatifs, transposée dans le Code Monétaire et Financier par l’Ordonnance n°2013-676 du 27 juillet 2013 (« Directive AIFM »).
- Directive 2014/91/UE du Parlement Européen et du Conseil du 23 juillet 2014 sur les organismes de placement collectif en valeurs mobilières (OPCVM), transposée dans le Code Monétaire et Financier par l’Ordonnance n°2016-312 du 17 mars 2016 (« Directive UCITS V »).
- Directive 2014/65/UE du Parlement Européen et du Conseil du 15 mai 2014 concernant les marchés d’instruments financiers, transposée dans le Code Monétaire et Financier par l’Ordonnance n°2016-827 du 23 juin 2016, complétée par le Règlement Délégué 2017/565/UE du 25 avril 2016 (« Directive MIFII »).
- Règlement (UE) 2019/2088 du Parlement Européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers.
- PRINCIPES GENERAUX DE LA POLITIQUE DE REMUNERATIONLa politique de rémunération est un élément stratégique de la politique de NIMI. Outil de mobilisation et d’engagement des collaborateurs, elle veille, dans le cadre d’un strict respect des grands équilibres financiers et de la règlementation, à être compétitive et attractive au regard des pratiques de marché. | This NIMI remuneration policy consists of general principles applicable to all employees (see point I), specific principles applicable to employees identified by AIFM and UCITS V (see point II) and a governance mechanism applicable to all employees (see point III).
It falls within the framework of the remuneration policy defined by Natixis and is established in compliance with the provisions relating to remuneration stipulated in the following regulatory texts, as well as the guidelines of the European Securities and Markets Authority (ESMA) and the positions of the Autorité des Marchés Financiers (AMF, the French Financial Markets Authority) resulting therefrom:
- Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, transposed into the French Monetary and Financial Code by Order No. 2013-676 of 27 July 2013 (“AIFM Directive”),
- Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 on undertakings for collective investment in transferable securities, transposed into the French Monetary and Financial Code by Order No. 2016-312 of 17 March 2016 (“UCITS V Directive”),
- Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, transposed into the French Monetary and Financial Code by Order No. 2016-827 of 23 June 2016, supplemented by the Delegated Regulation 2017/565/EU of 25 April 2016 (“MIFID II Directive”),
- Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability- related disclosures in the financial services sector.
- GENERAL PRINCIPLES OF THE REMUNERATION POLICYThe remuneration policy is a strategic aspect of the NIMI policy. As a tool to enhance employee motivation and commitment, it aims to be competitive and attractive in relation to the rest of the industry while fully complying with key financial indicators and regulations. | en | fr |
DOLFIN3645 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment objective and strategy
Through the fund, the Company promotes environmental and social characteristics or a combination of these characteristics as defined by article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“Disclosure Regulation”), with- out pursuing an explicit ESG and/or sustainable investment strategy.
Within the framework of the securities selection process, the Company assesses and considers not only classic criteria such as performance, liquidity, risk and the financial and economic success of an issuer but also the issuer’s perfor- mance in the areas of environment, social and corporate governance (so-called ESG standards). The assessment and consideration of ESG stan- dards takes place within the framework of the implementation of the individual investment strategy for the fund in the form of basic exclu- sions of assets, which restrict the investment universe. These exclusions are more fundamen- tal, which is why they do not constitute a focus on investments in sustainable assets or a sustain- able investment strategy. | ## Objectif et stratégie d’investissement
Par le biais de ce fonds, la Société promeut des caractéristiques environnementales et sociales ou une combinaison de ces caractéristiques telles que définies à l’article 8 du règlement (UE) 2019/2088 (règlement sur les obligations d’infor- mation en matière de développement durable dans le secteur des services financiers, « Règle- ment sur les obligations d’information »), sans pour autant suivre une stratégie d’investisse- ment ESG et/ou durable explicite.
Dans le cadre du processus de sélection des titres, outre les critères classiques tels que la performance, la liquidité, le risque et la réussite financière et économique d’un émetteur, sa performance dans les domaines de l’environne- ment, du social et de la gouvernance d’entreprise (les « normes ESG » pour les désignations anglaises correspondantes Environmental, Social and Governance) est évaluée et prise en compte. L’évaluation et la prise en compte des normes ESG s’effectuent dans le cadre de la mise en œuvre de la stratégie d’investissement indivi- duelle du fonds, sous la forme d’exclusions de base d’actifs qui limitent l’univers d’investisse- ment. Ces exclusions sont de ce fait de nature fondamentale et ne constituent donc pas une orientation vers des investissements dans des actifs durables ou une stratégie d’investissement durable. | ## Investment objective and strategy
Through the fund, the Company promotes environmental and social characteristics or a combination of these characteristics as defined by article 8 of EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“Disclosure Regulation”), with- out pursuing an explicit ESG and/or sustainable investment strategy.
Within the framework of the securities selection process, the Company assesses and considers not only classic criteria such as performance, liquidity, risk and the financial and economic success of an issuer but also the issuer’s perfor- mance in the areas of environment, social and corporate governance (so-called ESG standards). The assessment and consideration of ESG stan- dards takes place within the framework of the implementation of the individual investment strategy for the fund in the form of basic exclu- sions of assets, which restrict the investment universe. These exclusions are more fundamen- tal, which is why they do not constitute a focus on investments in sustainable assets or a sustain- able investment strategy. | en | fr |
DOLFIN3646 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### With effect from 1 January 2022 the following amendments were made to the Sales Prospectus of the Funds:
- implementation of the taxonomy regulation
- implementation of the ESMA on performance fees
- sample adaptations and editorial amendments to the Sales Prospectus There were no further significant events after reporting period.
-
### PERFORMANCE FEE | #### Mit Wirkung zum 1. Januar 2022 wurden folgende Änderungen der Verkaufsprospekte der Fonds vorgenommen:
- Umsetzung der Taxonomieverordnung
- Umsetzung der ESMA-Richtlinie über erfolgsabhängige Gebühren
- Modellanpassungen und redaktionelle Änderungen des Verkaufsprospekts Nach dem Berichtszeitraum gab es keine weiteren wesentlichen Ereignisse.
-
### ERFOLGSABHÄNGIGE VERGÜTUNG | #### With effect from 1 January 2022 the following amendments were made to the Sales Prospectus of the Funds:
- implementation of the taxonomy regulation
- implementation of the ESMA on performance fees
- sample adaptations and editorial amendments to the Sales Prospectus There were no further significant events after reporting period.
-
### PERFORMANCE FEE | en | de |
DOLFIN3647 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Securities which are not officially listed on a stock exchange but which are traded on a market open to the public shall be valued at the last available price. If a security is traded on various markets open to the public, the last available price on the market with the highest liquidity shall be decisive.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference be- tween the cost price (purchase price) and the redemption price (price at final maturity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account.
- investments the price of which is not in line with the market and those assets which are not covered by Clause 1, Clause 2 and Clause 3 above shall be employed at the price which would probably be obtained by diligent sale at the time of valuation and which shall be determined in good faith by the management of the Management Company or under its direction or super- vision by authorised agents.
- OTC derivatives shall be valued on a daily basis at a verifiable valuation to be determined by the Management Company in good faith and in accord- ance with generally accepted valuation models verifiable by auditors on the basis of the probable realisable value.
- UCITS or undertakings for collective investment (UCI) shall be valued at the last determined and available redemption price. If the redemption of units is suspended or if, in the case of closed-ended UCIs, there is no right of redemp- tion or no redemption prices are fixed, these units, like all other assets, shall be valued at their respective market value as determined by the Manage- ment Company in good faith and in accordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective mar- ket value as determined by the Management Company in good faith and in accordance with generally recognised valuation models verifiable by au- ditors on the basis of the sales value that can probably be achieved.
- Cash and cash equivalents are valued at their nominal value plus accrued interest.
- The market value of securities and other investments denominated in a cur- rency other than the currency of the UCITS shall be converted into the cur- rency of the UCITS at the latest mean rate of exchange.
| | - Wertpapiere, die nicht an einer Börse amtlich notiert sind, die aber an einem dem Publikum offen stehenden Markt gehandelt werden, werden zum letzten verfügbaren Kurs bewertet. Wird ein Wertpapier an verschiede- nen dem Publikum offenstehenden Märkten gehandelt, ist grundsätzlich der zuletzt verfügbare Kurs jenes Marktes massgebend, der die höchste Li- quidität aufweist.
- Wertpapiere oder Geldmarktinstrumente mit einer Restlaufzeit von weniger als 397 Tagen können mit der Differenz zwischen Einstandspreis (Erwerbs- preis) und Rückzahlungspreis (Preis bei Endfälligkeit) linear ab- oder zuge- schrieben werden. Eine Bewertung zum aktuellen Marktpreis kann unter- bleiben, wenn der Rückzahlungspreis bekannt und fixiert ist. Allfällige Boni- tätsveränderungen werden zusätzlich berücksichtigt.
- Anlagen, deren Kurs nicht marktgerecht ist und diejenigen Vermögenswer- te, die nicht unter Ziffer 1, Ziffer 2 und Ziffer 3 oben fallen, werden mit dem Preis eingesetzt, der bei sorgfältigem Verkauf im Zeitpunkt der Bewertung wahrscheinlich erzielt würde und der nach Treu und Glauben durch die Ge- schäftsleitung der Verwaltungsgesellschaft oder unter deren Leitung oder Aufsicht durch Beauftragte bestimmt wird.
- OTC-Derivate werden auf einer von der Verwaltungsgesellschaft festzule- genden und überprüfbaren Bewertung auf Tagesbasis bewertet, wie ihn die Verwaltungsgesellschaft nach Treu und Glauben und nach allgemein aner- kannten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen auf der Grundlage des wahrscheinlich erreichbaren Verkaufswertes festlegt.
- OGAW bzw. Organismen für gemeinsame Anlagen (OGA) werden zum letzten festgestellten und erhältlichen Rücknahmepreis bewertet. Falls für Anteile die Rücknahme ausgesetzt ist oder bei geschlossenen OGA kein Rücknahmeanspruch besteht oder keine Rücknahmepreise festgelegt wer- den, werden diese Anteile ebenso wie alle anderen Vermögenswerte zum jeweiligen Verkehrswert bewertet, wie ihn die Verwaltungsgesellschaft nach Treu und Glauben und allgemein anerkannten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen festlegt.
- Falls für die jeweiligen Vermögensgegenstände kein handelbarer Kurs ver- fügbar ist, werden diese Vermögensgegenstände, ebenso wie die sonsti- gen gesetzlich zulässigen Vermögenswerte zum jeweiligen Verkehrswert bewertet, wie ihn die Verwaltungsgesellschaft nach Treu und Glauben und nach allgemein anerkannten, von Wirtschaftsprüfern nachprüfbaren Bewer- tungsmodellen auf der Grundlage des wahrscheinlich erreichbaren Ver- kaufswertes festlegt.
- Die flüssigen Mittel werden zu deren Nennwert zuzüglich aufgelaufener Zinsen bewertet.
- Der Marktwert von Wertpapieren und anderen Anlagen, die auf eine ande- re Währung als die Währung des OGAW lauten, wird zum letzten Devisen- mittelkurs in die Währung des OGAW umgerechnet.
| | - Securities which are not officially listed on a stock exchange but which are traded on a market open to the public shall be valued at the last available price. If a security is traded on various markets open to the public, the last available price on the market with the highest liquidity shall be decisive.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference be- tween the cost price (purchase price) and the redemption price (price at final maturity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account.
- investments the price of which is not in line with the market and those assets which are not covered by Clause 1, Clause 2 and Clause 3 above shall be employed at the price which would probably be obtained by diligent sale at the time of valuation and which shall be determined in good faith by the management of the Management Company or under its direction or super- vision by authorised agents.
- OTC derivatives shall be valued on a daily basis at a verifiable valuation to be determined by the Management Company in good faith and in accord- ance with generally accepted valuation models verifiable by auditors on the basis of the probable realisable value.
- UCITS or undertakings for collective investment (UCI) shall be valued at the last determined and available redemption price. If the redemption of units is suspended or if, in the case of closed-ended UCIs, there is no right of redemp- tion or no redemption prices are fixed, these units, like all other assets, shall be valued at their respective market value as determined by the Manage- ment Company in good faith and in accordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective mar- ket value as determined by the Management Company in good faith and in accordance with generally recognised valuation models verifiable by au- ditors on the basis of the sales value that can probably be achieved.
- Cash and cash equivalents are valued at their nominal value plus accrued interest.
- The market value of securities and other investments denominated in a cur- rency other than the currency of the UCITS shall be converted into the cur- rency of the UCITS at the latest mean rate of exchange.
| | en | de |
DOLFIN3648 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
To replicate the Underlying Index, only the follow- ing assets may be acquired:
- securities included in the Security Index or introduced to it following a change to the index (index securities).
-
##### Duplication percentage | Zur Nachbildung des zugrunde liegenden Index dürfen ausschließlich die folgenden Vermögensge- genstände erworben werden:
- Wertpapiere, die im Wertpapierindex enthalten sind oder im Zuge von Indexänderungen in die- sen aufgenommen werden (Indexwertpapiere).
-
##### Duplizierungsgrad | To replicate the Underlying Index, only the follow- ing assets may be acquired:
- securities included in the Security Index or introduced to it following a change to the index (index securities).
-
##### Duplication percentage | en | de |
DOLFIN3649 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
Custodian bank: CACEIS Bank, Luxembourg Branch.
This document provides a description of a share class of a sub- fund of Candriam Money Market. The prospectus and periodical reports are established for all the sub-funds. There are other share classes and these are listed in the prospectus.
Investors may apply for the conversion of their shares into shares of another class of the same sub-fund or into shares of a class of another sub-fund of the fund, based on the eligibility criteria and following the procedures available through their financial intermediary.
The sub-fund is only liable for the debts, liabilities and obligations that can be charged to it.
Additional information about the fund can be found in the prospectus and the periodical reports, which may be obtained free of charge on request from the registered office of the Management Company or viewed at any time on the website www.candriam.com. These documents are available in one of the languages approved by the local authority of each country where the fund is authorised to market its shares or in a common language in the international finance sphere. All other practical
information, in particular the latest share price, is available from the places shown above.
The tax legislation of the Home State of the fund may have an effect on the investor's personal taxation position.
An investment in the Fund is not a guaranteed investment.An investment in a Fund is different from an investment in deposit accounts and the investment capital is likely to fluctuate.The Fund does not draw on an external support to guarantee its liquidity or stabilise its net asset value per unit.The investor bears the risk of losing the invested capital.
Details of the up-to-date remuneration policy, including the composition of the remuneration committee, a description of how remuneration and benefits are determined and on how this policy is consistent with the consideration of sustainability risks and impacts, are available on Candriam's website via the link https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf.
Upon request, a paper copy of the remuneration policy can be obtained from the Management Company free of charge. | # INFORMACION PRACTICA
Banco depositario: CACEIS Bank, Luxembourg Branch.
Este documento describe una categoría de acciones de un subfondo de Candriam Money Market. El folleto y los informes periódicos se establecen para todos los subfondos. Las demás categorías de acciones existentes se enumeran en el folleto.
El inversor tiene derecho a solicitar el canje de sus acciones por acciones de otra categoría del mismo subfondo o por acciones de una categoría de otro subfondo del fondo en función de los criterios de admisión y con base a las modalidades disponibles ante su intermediario financiero.
El subfondo tan sólo es responsable ante las deudas, compromisos y obligaciones que se le puedan imputar.
Los inversores podrán recibir información adicional sobre el fondo solicitando el folleto y los informes periódicos correspondientes, de forma gratuita y en todo momento, al domicilio social de la Sociedad Gestora y consultándolos directamente en la página Web www.candriam.com. Estos documentos se encuentran disponibles en uno de los idiomas aceptados por la autoridad local de todos y cada uno de los países en los que el fondo ha sido autorizado para comercializar sus acciones o en un idioma habitual de la esfera financiera internacional. Cualquier otra
información de utilidad y concretamente, el último precio de las acciones, podrá obtenerse en los lugares indicados más arriba.
La legislación fiscal del estado miembro de origen del fondo puede tener una incidencia en la situación fiscal personal del inversor.
Una inversión en el Fondo no es una inversión garantizada.La inversión en un Fondo es diferente de la inversión en depósitos y el monto principal de la inversión está sujeto a fluctuaciones.El Fondo no depende de ningún apoyo externo para garantizar su liquidez o para estabilizar su valor del activo neto por participación.El inversor soporta el riesgo de pérdida del capital invertido.
Los detalles de la política de remuneración actualizada, incluidas la composición del comité de remuneraciones, una descripción de la forma en la que se calculan las remuneraciones y los beneficios, así como la coherencia de esta política con la consideración de los riesgos e impactos de sostenibilidad, se encuentran disponibles en el sitio web de Candriam a través del enlace https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf.
Se podrá obtener gratuitamente un ejemplar impreso de esta información previa petición. | # PRACTICAL INFORMATION
Custodian bank: CACEIS Bank, Luxembourg Branch.
This document provides a description of a share class of a sub- fund of Candriam Money Market. The prospectus and periodical reports are established for all the sub-funds. There are other share classes and these are listed in the prospectus.
Investors may apply for the conversion of their shares into shares of another class of the same sub-fund or into shares of a class of another sub-fund of the fund, based on the eligibility criteria and following the procedures available through their financial intermediary.
The sub-fund is only liable for the debts, liabilities and obligations that can be charged to it.
Additional information about the fund can be found in the prospectus and the periodical reports, which may be obtained free of charge on request from the registered office of the Management Company or viewed at any time on the website www.candriam.com. These documents are available in one of the languages approved by the local authority of each country where the fund is authorised to market its shares or in a common language in the international finance sphere. All other practical
information, in particular the latest share price, is available from the places shown above.
The tax legislation of the Home State of the fund may have an effect on the investor's personal taxation position.
An investment in the Fund is not a guaranteed investment.An investment in a Fund is different from an investment in deposit accounts and the investment capital is likely to fluctuate.The Fund does not draw on an external support to guarantee its liquidity or stabilise its net asset value per unit.The investor bears the risk of losing the invested capital.
Details of the up-to-date remuneration policy, including the composition of the remuneration committee, a description of how remuneration and benefits are determined and on how this policy is consistent with the consideration of sustainability risks and impacts, are available on Candriam's website via the link https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf.
Upon request, a paper copy of the remuneration policy can be obtained from the Management Company free of charge. | en | es |
DOLFIN3650 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
| --- | --- |
| The Colchester Global Bond Fund (the ''Fund'') |
| PRODUIT |
| Produit : | The Colchester Multi-Strategy Global Bond Fund plc - The Colchester Global Bond Fund (the ''Fund'') - USD Unhedged Accumulation Class - B Shares |
| Nom du fabricant : | Colchester Global Investors (Dublin) Management Limited | |
| Code produit: | IE00BJLWDW04 | |
| Site internet : | www.colchesterglobal.com | |
| Téléphone : | +353 1 264 1011 | |
| Autorité compétente : | Colchester Global Investors (Dublin) Management Limited est agréé(e) Ireland et réglementé(e) par Central Bank of Ireland. Ce PRIIP est agréé en/au/aux/à Ireland. |
| Pays de domiciliation : | Irlande | |
| Date de production : 1er janvier 2023 |
| EN QUOI CONSISTE CE PRODUIT? |
| Type : | | |
| OPCVM Durée : Le produit n’est soumis à aucune échéance fixe. |
| Objectifs : | | |
| Le Fonds vise à générer des revenus et une appréciation du capital en investissant dans des devises et dans un portefeuille d’obligations d’État diversifié à l’échelle mondiale. Le Fonds est géré activement par rapport à l’indice *FTSE World Government Bond Index (l’« indice de référence »). Le Fonds peut investir dans des obligations (y compris des obligations indexées sur l’inflation) émises par des gouvernements, des agences gouvernementales et des agences supranationales (telles que la Banque mondiale), que ces obligations soient ou non incluses dans l’indice de référence. Le Fonds achètera généralement des obligations présentant des caractéristiques similaires à celles de l’indice de référence. Toutefois, la stratégie d’investissement peut conduire à un écart important par rapport à l’indice de référence en termes de pondération des pays et des devises ainsi que de duration, ce qui peut entraîner un écart significatif entre le rendement du Fonds et celui de l’indice de référence. Le Fonds peut investir dans des devises à l’aide de contrats sur le marché au comptant et à terme, tels que des contrats de change à terme de gré à gré (contrats portant sur l’achat ou la vente d’une devise à une date future et à un prix convenu). Jusqu’à 20 % des investissements réalisés par le Fonds peuvent être de qualité inférieure à investment grade (par exemple, les investissements sur les marchés émergents). Le choix des actifs est fonction de leur valeur. Vous devez savoir que, si vous décidez d’acheter des Actions, vous pourrez compter sur l’expertise du Gestionnaire d’investissement du Fonds en matière de sélection d’actifs. Les gains et pertes potentiels du Fonds peuvent être amplifiés par le recours à des instruments financiers dérivés tels que les contrats de change à terme de gré à gré, qui sont utilisés par le Gestionnaire d’investissement du Fonds pour compenser l’exposition aux devises. Les pertes potentielles ne sauraient dépasser 100 % de la valeur du Fonds. Pour plus d’informations sur la politique d’investissement du Fonds, veuillez vous reporter à la section « Objectifs d’investissement, politiques et catégories d’actions des fonds » du prospectus, disponible auprès de l’Agent administratif. |
| Investisseurs de détail visés : |
| Le produit s’adresse aux investisseurs pour lesquels un investissement dans un fonds ne constitue pas un programme d’investissement complet, qui cherchent à diversifier leur portefeuille en s’exposant aux obligations souveraines et quasi souveraines ainsi qu’aux devises des marchés tant développés qu’émergents et qui comprennent parfaitement les risques liés au programme d’investissement du Fonds et sont à même de les assumer, y compris au regard d’une tolérance modérée au risque. Ce produit est destiné aux investisseurs qui recherchent des rendements à la fois sous la forme de revenus et d’une appréciation modérée du capital et qui sont prêts à adopter une approche d’investissement à moyen ou long terme, en investissant sur un horizon de placement d’au moins trois ans. | | | DOCUMENTO DE DATOS FUNDAMENTALES Finalidad Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. | |
| --- | --- |
| The Colchester Global Bond Fund (the ''Fund'') |
| PRODUCTO |
| Producto: | The Colchester Multi-Strategy Global Bond Fund plc - The Colchester Global Bond Fund (the ''Fund'') - USD Unhedged Accumulation Class - B Shares |
| Nombre del productor: | Colchester Global Investors (Dublin) Management Limited | |
| Código de producto: | IE00BJLWDW04 | |
| Sitio web: | www.colchesterglobal.com | |
| Teléfono: | +353 1 264 1011 | |
| Autoridad competente: | Colchester Global Investors (Dublin) Management Limited está autorizado/a en Ireland y está regulado/a por Central Bank of Ireland. Este PRIIP está autorizado en Ireland. |
| País de domicilio: | Irlanda | |
| Fecha de producción: 1° de enero de 2023 |
| ¿QUÉ ES ESTE PRODUCTO? |
| Tipo: | | |
| OICVM Plazo: Este producto no está sujeto a ningún plazo fijo. |
| Objetivos: | | |
| El fondo pretende generar ingresos y apreciación del capital mediante la inversión en divisas y una cartera diversificada a nivel mundial compuesta principalmente por bonos soberanos de mercados en desarrollo. El fondo se gestiona de forma activa con relación al *JPMorgan Government Bond Index – Emerging Markets (GBI-EM) Global Diversified (la “referencia”). El fondo puede invertir en bonos (que pueden incluir bonos ligados a la inflación) emitidos por gobiernos, agencias públicas y organismos supranacionales (como el Banco Mundial), con independencia de si dichos bonos están incluidos en la referencia. El fondo tenderá a adquirir bonos con características similares a las de la referencia, aunque la estrategia de inversión puede hacer que se desvíe considerablemente de la referencia en lo que a ponderaciones por país y divisa se refiere, así como en cuanto a la duración. Esto puede hacer que la rentabilidad del fondo difiera significativamente de la de la referencia. El fondo puede invertir en divisas que empleen contratos en el mercado al contado y a plazo, como contratos de divisas a plazo (contratos de compra o venta de un valor en una fecha futura concreta a un precio acordado). Como máximo el 20% de las inversiones realizadas por el fondo pueden ser de calidad inferior a grado de inversión (por ejemplo, inversiones en mercados emergentes). La elección de los activos la determina su valor. Debe tener presente que, si decide adquirir acciones, usted dependerá de los conocimientos y la experiencia del gestor de inversiones del fondo a la hora de seleccionar inversiones para este. Las posibles ganancias y pérdidas del fondo pueden verse incrementadas mediante el uso de instrumentos derivados financieros, como contratos de divisas a plazo, empleados por su gestor de inversiones para contrarrestar la exposición a divisas. Las posibles pérdidas no pueden superar el 100% del valor del fondo. Para obtener más información sobre la política de inversión del fondo, véase “Investment Objectives, Policies and Share Classes of the Funds” (Objetivos de inversión, políticas y clases de acciones) en el folleto, que puede obtenerse a través del administrador. |
| Inversor minorista al que va dirigido: |
| El producto está dirigido a inversores para los que la inversión en un fondo no constituye un programa de inversión completo, y que buscan diversificar sus inversiones mediante la exposición a bonos del Estado y relacionados con estos y divisas de mercados tanto desarrollados como emergentes, que además comprenden plenamente los riesgos que conlleva el programa de inversión del Fondo y están dispuestos a asumirlos, lo que incluye aceptar una tolerancia al riesgo moderada. Este producto va dirigido a inversores que pretenden obtener rentabilidad tanto de los ingresos como de una apreciación moderada del capital, y que están dispuestos a adoptar un enfoque de medio a largo plazo en su estrategia de inversión, con un período de inversión mínimo de tres años. | | | DOCUMENT D'INFORMATIONS CLÉS Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits. | |
| --- | --- |
| The Colchester Global Bond Fund (the ''Fund'') |
| PRODUIT |
| Produit : | The Colchester Multi-Strategy Global Bond Fund plc - The Colchester Global Bond Fund (the ''Fund'') - USD Unhedged Accumulation Class - B Shares |
| Nom du fabricant : | Colchester Global Investors (Dublin) Management Limited | |
| Code produit: | IE00BJLWDW04 | |
| Site internet : | www.colchesterglobal.com | |
| Téléphone : | +353 1 264 1011 | |
| Autorité compétente : | Colchester Global Investors (Dublin) Management Limited est agréé(e) Ireland et réglementé(e) par Central Bank of Ireland. Ce PRIIP est agréé en/au/aux/à Ireland. |
| Pays de domiciliation : | Irlande | |
| Date de production : 1er janvier 2023 |
| EN QUOI CONSISTE CE PRODUIT? |
| Type : | | |
| OPCVM Durée : Le produit n’est soumis à aucune échéance fixe. |
| Objectifs : | | |
| Le Fonds vise à générer des revenus et une appréciation du capital en investissant dans des devises et dans un portefeuille d’obligations d’État diversifié à l’échelle mondiale. Le Fonds est géré activement par rapport à l’indice *FTSE World Government Bond Index (l’« indice de référence »). Le Fonds peut investir dans des obligations (y compris des obligations indexées sur l’inflation) émises par des gouvernements, des agences gouvernementales et des agences supranationales (telles que la Banque mondiale), que ces obligations soient ou non incluses dans l’indice de référence. Le Fonds achètera généralement des obligations présentant des caractéristiques similaires à celles de l’indice de référence. Toutefois, la stratégie d’investissement peut conduire à un écart important par rapport à l’indice de référence en termes de pondération des pays et des devises ainsi que de duration, ce qui peut entraîner un écart significatif entre le rendement du Fonds et celui de l’indice de référence. Le Fonds peut investir dans des devises à l’aide de contrats sur le marché au comptant et à terme, tels que des contrats de change à terme de gré à gré (contrats portant sur l’achat ou la vente d’une devise à une date future et à un prix convenu). Jusqu’à 20 % des investissements réalisés par le Fonds peuvent être de qualité inférieure à investment grade (par exemple, les investissements sur les marchés émergents). Le choix des actifs est fonction de leur valeur. Vous devez savoir que, si vous décidez d’acheter des Actions, vous pourrez compter sur l’expertise du Gestionnaire d’investissement du Fonds en matière de sélection d’actifs. Les gains et pertes potentiels du Fonds peuvent être amplifiés par le recours à des instruments financiers dérivés tels que les contrats de change à terme de gré à gré, qui sont utilisés par le Gestionnaire d’investissement du Fonds pour compenser l’exposition aux devises. Les pertes potentielles ne sauraient dépasser 100 % de la valeur du Fonds. Pour plus d’informations sur la politique d’investissement du Fonds, veuillez vous reporter à la section « Objectifs d’investissement, politiques et catégories d’actions des fonds » du prospectus, disponible auprès de l’Agent administratif. |
| Investisseurs de détail visés : |
| Le produit s’adresse aux investisseurs pour lesquels un investissement dans un fonds ne constitue pas un programme d’investissement complet, qui cherchent à diversifier leur portefeuille en s’exposant aux obligations souveraines et quasi souveraines ainsi qu’aux devises des marchés tant développés qu’émergents et qui comprennent parfaitement les risques liés au programme d’investissement du Fonds et sont à même de les assumer, y compris au regard d’une tolérance modérée au risque. Ce produit est destiné aux investisseurs qui recherchent des rendements à la fois sous la forme de revenus et d’une appréciation modérée du capital et qui sont prêts à adopter une approche d’investissement à moyen ou long terme, en investissant sur un horizon de placement d’au moins trois ans. | | fr | es |
DOLFIN3651 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The following are exempt from this “taxed’abonnement”:
- the value of assets represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the “taxed’abonnement”;
- sub-funds, share categories and/or classes:
- whose securities are reserved for Institutional Investors, Managers, or UCIs and
- whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and
- whose weighted residual portfolio maturity does not exceed 90 days, and
- that have obtained the highest possible rating from a recognised rating agency; | La taxe d’abonnement ne s’applique pas dans les cas suivants :
- la valeur des actifs représentés par des parts ou actions d'autres OPC, pour autant que ces parts ou actions aient déjà été soumises à la taxe d'abonnement ;
- les compartiments, catégories et/ou classes d’actions :
- dont les titres sont réservés aux Investisseurs institutionnels, aux Gestionnaires ou aux OPC ; et
- dont l’objet exclusif est le placement collectif dans des instruments du marché monétaire et le placement de dépôts auprès d’établissements de crédit, et
- dont l’échéance résiduelle pondérée du portefeuille ne dépasse pas 90 jours, et
- ayant obtenu la meilleure note possible auprès d’une agence de notation reconnue ; | The following are exempt from this “taxed’abonnement”:
- the value of assets represented by units or shares in other UCIs, provided that these units, or shares have already been subject to the “taxed’abonnement”;
- sub-funds, share categories and/or classes:
- whose securities are reserved for Institutional Investors, Managers, or UCIs and
- whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and
- whose weighted residual portfolio maturity does not exceed 90 days, and
- that have obtained the highest possible rating from a recognised rating agency; | en | fr |
DOLFIN3652 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The undersigned hereby empowers the proxy-holder to state, in the event all shares are present or represented at the Meeting, that we have knowledge of the agenda of the Meeting and that we agree that the Annual General Meeting is held without the convening notice as foreseen by the applicable laws and the articles of incorporation of the Company.
The proxy-holder is furthermore authorised to make any statement, cast all votes, sign all minutes of meetings and other documents, do everything which is lawful, necessary or simply useful in view of the accomplishment and fulfilment of the present proxy and to proceed in accordance with the requirements of Luxembourg law.
The present proxy shall remain in full force and effect if this Meeting, for whatever reason, is postponed.
This proxy form must be sent by email to [email protected] or by fax to +352 2452 4434 no later than 27th April 2020 close of business in Luxembourg.
The original Form of Proxy shall then be sent by mail to the registered office of the Company. Dated: 2020
Name and address of shareholders (printed)
Signature(s): | Der Unterzeichnete bevollmächtigt den Stimmrechtsvertreter hiermit zu erklären, sofern bei der Hauptversammlung alle Aktien anwesend bzw. vertreten sind, dass wir Kenntnis von der Tagesordnung der Hauptversammlung haben und unsere Zustimmung dazu erteilen, dass die jährliche Hauptversammlung ohne die nach geltendem Recht und der Satzung der Gesellschaft vorgesehene Einberufungsmitteilung abgehalten wird.
Der Stimmrechtsvertreter ist zudem befugt, jegliche Erklärung abzugeben, alle Stimmen abzugeben, sämtliche Sitzungsprotokolle und andere Dokumente zu unterzeichnen, alle Handlungen vorzunehmen, die im Hinblick auf die Umsetzung und Erfüllung der vorliegenden Vollmacht rechtmäßig, notwendig oder schlichtweg nützlich sind, und in Übereinstimmung mit den Anforderungen des luxemburgischen Rechts zu verfahren.
Die vorliegende Vollmacht bleibt voll wirksam und in Kraft, wenn diese Hauptversammlung gleich aus welchem Grund verschoben werden sollte.
Dieses Vollmachtsformular ist bis spätestens zum 27. April 2020 zum Geschäftsschluss in Luxemburg per E- Mail an [email protected] oder per Fax an die Nummer +352 2452 4434 zu senden.
Das Originalexemplar des Vollmachtsformulars ist anschließend per Post an den Geschäftssitz der Gesellschaft zu senden.
Datiert: 2020
Name und Anschrift der Aktionäre (Druckschrift)
Unterschrift(en): | The undersigned hereby empowers the proxy-holder to state, in the event all shares are present or represented at the Meeting, that we have knowledge of the agenda of the Meeting and that we agree that the Annual General Meeting is held without the convening notice as foreseen by the applicable laws and the articles of incorporation of the Company.
The proxy-holder is furthermore authorised to make any statement, cast all votes, sign all minutes of meetings and other documents, do everything which is lawful, necessary or simply useful in view of the accomplishment and fulfilment of the present proxy and to proceed in accordance with the requirements of Luxembourg law.
The present proxy shall remain in full force and effect if this Meeting, for whatever reason, is postponed.
This proxy form must be sent by email to [email protected] or by fax to +352 2452 4434 no later than 27th April 2020 close of business in Luxembourg.
The original Form of Proxy shall then be sent by mail to the registered office of the Company. Dated: 2020
Name and address of shareholders (printed)
Signature(s): | en | de |
DOLFIN3653 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
You may sell your investment on most working days.
Intended Retail Investor
Designed for investors with a focus on income and planning to invest for at least 3 years. The Fund may appeal to investors who are looking for a core fixed income investment and are interested in low cost exposure to the global government market.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the UCITS. Further information about the UCITS including the Prospectus, the most recent annual and semi-annual reports of the UCITS and the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. Details of the underlying investments of the fund are available on www.global.assetmanagement.hsbc.com. The indicative intra-day net asset value of the fund is available on at least one major market data vendor terminal such as Bloomberg, as well as on a wide range of websites that display stock market data, including www.reuters.com. The Prospectus, annual and semi-annual reports are prepared for the entire UCITS.
The Depositary is HSBC Continental Europe . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the ICAV, however the conversion of the ETF Shares into Non-ETF Shares and vice versa is not permitted. Details of how to do this are in the “How to convert between sub-funds / Classes” section of the Prospectus. | Gli investitori possono vendere i loro investimenti nella maggior parte dei giorni lavorativi.
Investitori al dettaglio cui si intende commercializzare il prodotto
Concepito per investitori che puntano a ottenere un reddito con un orizzonte d'investimento di almeno 3 anni. Il Fondo può essere appropriato per gli investitori in cerca di un investimento obbligazionario centrale nel portafoglio e interessati a un'esposizione a basso costo al mercato mondiale dei titoli di Stato.
L'investimento nel Fondo è adatto unicamente agli investitori in grado di valutarne i rischi e le caratteristiche e che dispongono di risorse sufficienti a sostenere eventuali perdite, in quanto il Fondo non è garantito e potrebbero ricevere un rimborso inferiore all'importo investito. Il Fondo è concepito per essere inserito nell'ambito di un portafoglio d'investimento diversificato. Si consiglia ai potenziali investitori di rivolgersi al proprio consulente finanziario prima di effettuare un investimento.
Termine:
Il Fondo non ha una data di scadenza.
L’ideatore di PRIIP non può chiudere il Fondo unilateralmente. Il Consiglio di amministrazione può inoltre decidere di liquidare il Fondo in specifiche circostanze indicate nel prospetto e nello statuto del Fondo.
Ulteriori informazioni:
Il presente documento descrive una sola categoria di azioni di un comparto dell'OICVM. Maggiori informazioni sull'OICVM, ivi compreso il Prospetto, le relazioni annuali e semestrali più recenti dell'OICVM e i più recenti prezzi delle azioni sono disponibili gratuitamente in lingua inglese tramite l'Agente amministrativo via e-mail all'indirizzo [email protected] o visitando il sito www.global.assetmanagement.hsbc.com. I dettagli degli investimenti sottostanti del fondo sono disponibili sul sito www.global.assetmanagement.hsbc.com. Il valore patrimoniale netto infragiornaliero indicativo del fondo è disponibile sul terminal di almeno uno dei principali fornitori di dati di mercato, come Bloomberg, e su vari siti web che presentano dati del mercato azionario, tra cui www.reuters.com. Il Prospetto, così come le relazioni annuali e semestrali sono preparati per l'intero OICVM.
Il Depositario è HSBC Continental Europe. Le attività del Fondo sono custodite dal Depositario e separate da quelle degli altri Fondi.
Un investitore può convertire le sue azioni in azioni di una categoria di azioni o di un comparto differente dell'ICAV; tuttavia, non è consentita la conversione delle azioni ETF in azioni non-ETF e viceversa. Dettagli su come effettuare questa operazione sono inclusi nella sezione del Prospetto "Modalità di conversione tra Comparti/Categorie". | You may sell your investment on most working days.
Intended Retail Investor
Designed for investors with a focus on income and planning to invest for at least 3 years. The Fund may appeal to investors who are looking for a core fixed income investment and are interested in low cost exposure to the global government market.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the UCITS. Further information about the UCITS including the Prospectus, the most recent annual and semi-annual reports of the UCITS and the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. Details of the underlying investments of the fund are available on www.global.assetmanagement.hsbc.com. The indicative intra-day net asset value of the fund is available on at least one major market data vendor terminal such as Bloomberg, as well as on a wide range of websites that display stock market data, including www.reuters.com. The Prospectus, annual and semi-annual reports are prepared for the entire UCITS.
The Depositary is HSBC Continental Europe . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the ICAV, however the conversion of the ETF Shares into Non-ETF Shares and vice versa is not permitted. Details of how to do this are in the “How to convert between sub-funds / Classes” section of the Prospectus. | en | it |
DOLFIN3654 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Lower risk Higher risk
Potentially lower return Potentially higher return
- The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards.
- The historical data may not be a reliable indication for the future.
- The indicated category may vary over time.
- The lowest category does not mean "risk-free".
- There is no guarantee or mechanism to protect the capital.
## The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator:
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | # PROFIL DE RISQUE ET DE RENDEMENT
Risque plus faible Risque plus élevé
Rendement potentiellement plus faible Rendement potentiellement plus élevé
- Le niveau de risque mentionné reflète la volatilité de l’historique du fonds, éventuellement complété de celui de son cadre de référence. La volatilité indique dans quelle mesure la valeur du fonds peut fluctuer à la hausse comme à la baisse.
- Les données historiques ne présagent pas du profil de risque futur.
- La catégorie affichée pourra évoluer dans le temps.
- La catégorie la plus faible ne signifie pas « sans risque ».
- Il n'existe ni garantie ni mécanisme de protection de capital.
## L’investisseur doit être conscient des risques importants suivants qui ne sont pas nécessairement adéquatement pris en compte par l’indicateur :
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Risque de crédit: le fonds est soumis au risque de défaillance d’un émetteur dans sa capacité à honorer le paiement de coupons et/ou à rembourser le montant emprunté.
- Risque de contrepartie: le fonds pouvant utiliser des produits dérivés de gré à gré, ces produits peuvent représenter un risque de contrepartie, soit l’incapacité de celle-ci à honorer ses engagements à l’égard du fonds. Ce risque de contrepartie peut éventuellement être partiellement ou totalement couvert par la réception de sûretés.
- Risque de durabilité: fait référence à tout évènement ou situation dans le domaine environnemental, social ou de la gouvernance qui pourrait affecter la performance et/ou la réputation des émetteurs dans le portefeuille. Le risque de durabilité peut être spécifique à l’émetteur, en fonction de ses activités et ses pratiques, mais il peut aussi être dû à des facteurs externes. | # RISK AND REWARD PROFILE
Lower risk Higher risk
Potentially lower return Potentially higher return
- The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards.
- The historical data may not be a reliable indication for the future.
- The indicated category may vary over time.
- The lowest category does not mean "risk-free".
- There is no guarantee or mechanism to protect the capital.
## The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator:
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | en | fr |
DOLFIN3655 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
1) NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
Acquisitions and disposals
from 1 January 2021 to 31 December 2021
29
Acquisitions and disposals from 1 January 2021 to 31 December 2021
Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets. | 1) PNF= Patrimonio netto del fondo. A causa di differenze di arrotondamento nelle singole posizioni, gli importi possono discostarsi dal valore effettivo.
Entrate e uscite
dal 1° gennaio 2021 al 31 dicembre 2021
Entrate e uscite dal 1° gennaio 2021 al 31 dicembre 2021
29
Le operazioni di compravendita di valori mobiliari, i prestiti garantiti da certificati di indebitamento (“Schuldscheindarlehen”) e i derivati, incluse le relative variazioni senza trasferimenti di denaro, effettuati durante il periodo in rassegna e non menzionati nello stato patrimoniale. | 1) NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
Acquisitions and disposals
from 1 January 2021 to 31 December 2021
29
Acquisitions and disposals from 1 January 2021 to 31 December 2021
Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets. | en | it |
DOLFIN3656 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Any such suspension of the determination of the Net Asset Value of any Fund and/or issue, redemption and/or switching of Shares shall be notified immediately (without delay) to the Central Bank and to the competent authorities in the Member States in which the relevant class of Shares or Series is marketed. It shall also be notified if applicable to Euronext Dublin and to Shareholders requesting the issue or redemption of Shares of the relevant class or Series by the Directors at the time of application or the making of the irrevocable request to redeem. Any such redemption request which is not withdrawn shall be dealt with on the first Dealing Day after the suspension is lifted at the relevant redemption price prevailing on that day.
Any such suspension of switching of Shares shall be notified to the Shareholders requesting such a switch and, where the relevant switch notice is not withdrawn, any such switch shall be dealt with on the first Dealing Day after such suspension is lifted.
Where the Directors declare a temporary suspension of the determination of the Net Asset Value of a Fund, no Shares will be issued (except where an application for Shares was previously received), redeemed or switched on any Dealing Day during the period of suspension. Where the Directors only declare a temporary suspension of the issue, redemption and/or switching of Shares, the determination of the Net Asset Value of the relevant Fund, class of Shares and Series and the Net Asset Value per Share shall continue to be calculated. | Toute suspension de la détermination de la Valeur nette d'inventaire d'un Fonds et/ou de l'émission, du rachat et/ou de la conversion d'Actions sera notifiée immédiatement (sans délai) à la Banque centrale et aux autorités compétentes des États membres dans lesquels la catégorie d'Actions ou Série concernée est commercialisée. Il sera également notifié, le cas échéant, à Euronext Dublin et aux Actionnaires demandant l'émission ou le rachat d'Actions de la Catégorie ou Série concernée par les Administrateurs au moment de la demande ou de la demande irrévocable de rachat. Toute demande de rachat qui n'est pas retirée sera traitée le premier Jour de négociation suivant la levée de la suspension au prix de rachat en vigueur le jour en question.
Toute suspension d'une telle conversion d'Actions sera notifiée aux Actionnaires qui en font la demande et, si la demande de conversion pertinente n'est pas retirée, la conversion sera traitée le premier Jour de négociation suivant la levée de cette suspension.
Lorsque les Administrateurs déclarent une suspension temporaire de la détermination de la Valeur nette d'inventaire d'un Fonds, aucune Action ne sera émise (sauf si une demande d'Actions a déjà été reçue), rachetée ou échangée lors d'un Jour de négociation pendant la période de suspension. Lorsque les Administrateurs déclarent uniquement une suspension temporaire de l'émission, du rachat et/ou de la conversion d'Actions, la détermination de la Valeur nette d'inventaire du Fonds, de la catégorie d'Actions et de la Série concernés et de la Valeur nette d'inventaire par Action continuera à être calculée. | Any such suspension of the determination of the Net Asset Value of any Fund and/or issue, redemption and/or switching of Shares shall be notified immediately (without delay) to the Central Bank and to the competent authorities in the Member States in which the relevant class of Shares or Series is marketed. It shall also be notified if applicable to Euronext Dublin and to Shareholders requesting the issue or redemption of Shares of the relevant class or Series by the Directors at the time of application or the making of the irrevocable request to redeem. Any such redemption request which is not withdrawn shall be dealt with on the first Dealing Day after the suspension is lifted at the relevant redemption price prevailing on that day.
Any such suspension of switching of Shares shall be notified to the Shareholders requesting such a switch and, where the relevant switch notice is not withdrawn, any such switch shall be dealt with on the first Dealing Day after such suspension is lifted.
Where the Directors declare a temporary suspension of the determination of the Net Asset Value of a Fund, no Shares will be issued (except where an application for Shares was previously received), redeemed or switched on any Dealing Day during the period of suspension. Where the Directors only declare a temporary suspension of the issue, redemption and/or switching of Shares, the determination of the Net Asset Value of the relevant Fund, class of Shares and Series and the Net Asset Value per Share shall continue to be calculated. | en | fr |
DOLFIN3657 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.93% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 193 EUR |
| Transaction costs | 0.11% 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. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 0 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,93% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 193 EUR |
| Costes de operación | 0,11% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 11 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 0,00% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.93% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 193 EUR |
| Transaction costs | 0.11% 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. | 11 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 0 EUR | | en | es |
DOLFIN3658 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 9 - CALCULATION OF NET ASSET VALUE
Share NAV is calculated in accordance with the valuation rules set out in the prospectus.
A spot NAV will also be calculated on an indicative basis by the market operator if the shares are listed on a stock exchange. | #### ARTICOLO 9: CALCOLO DEL VALORE PATRIMONIALE NETTO DELL’AZIONE
Il calcolo del valore patrimoniale netto dell’azione viene eseguito prendendo in considerazione le regole di valutazione precisate nel prospetto informativo.
Inoltre, l’operatore di mercato calcolerà un valore patrimoniale netto indicativo immediato in caso di ammissione alla negoziazione. | #### ARTICLE 9 - CALCULATION OF NET ASSET VALUE
Share NAV is calculated in accordance with the valuation rules set out in the prospectus.
A spot NAV will also be calculated on an indicative basis by the market operator if the shares are listed on a stock exchange. | en | it |
DOLFIN3659 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Practical Information |
| --- |
| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429559385 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(EUR) | LU1435390080 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(GBP) | LU1435390163 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(CHF) | LU1435390247 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(SGD) | LU1435390320 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(EUR) | LU1435390593 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(CHF) | LU1435390676 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(SGD) | LU1435390759 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/D(USD) | LU1429560128 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Distribution | 1.75% p.a. |
| R/D(GBP) | LU1435390833 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Distribution | 1.75% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | | Información práctica |
| --- |
| Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. |
| Información adicional |
| Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER |
| R/A(USD) | LU1429559385 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| R/A(EUR) | LU1435390080 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| R/A(GBP) | LU1435390163 | Inversores minoristas | Libra esterlina | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| R/A(CHF) | LU1435390247 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| R/A(SGD) | LU1435390320 | Inversores minoristas | Dólar de Singapur | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| H-R/A(EUR) | LU1435390593 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| H-R/A(CHF) | LU1435390676 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| H-R/A(SGD) | LU1435390759 | Inversores minoristas | Dólar de Singapur | 1.000 USD | 1 acción | Acumulación | 1,75% anual |
| R/D(USD) | LU1429560128 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Distribución | 1,75% anual |
| R/D(GBP) | LU1435390833 | Inversores minoristas | Libra esterlina | 1.000 USD | 1 acción | Distribución | 1,75% anual |
| **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | | | Practical Information |
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| Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. |
| Additional Information |
| Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER |
| R/A(USD) | LU1429559385 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(EUR) | LU1435390080 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(GBP) | LU1435390163 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(CHF) | LU1435390247 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/A(SGD) | LU1435390320 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(EUR) | LU1435390593 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(CHF) | LU1435390676 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| H-R/A(SGD) | LU1435390759 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. |
| R/D(USD) | LU1429560128 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Distribution | 1.75% p.a. |
| R/D(GBP) | LU1435390833 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Distribution | 1.75% p.a. |
| **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. | | en | es |
DOLFIN3660 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
When a Sub-Fund invests in the shares or units of other UCITS or collective investment undertakings or both and those other UCITS or collective investment undertakings are managed, directly or by delegation, by the Investment Manager or by any other company with which the Investment Manager is linked by common management or control, or by a substantial direct or indirect holding, the Investment Manager or other company shall not charge subscription or repurchase fees on account of the investment of the Sub-Fund in the shares or units of such other UCITS or collective investment undertakings or both, as the case may be.
If a Sub-Fund invests a substantial proportion of its net assets in other UCITS or non-UCITS collective investment undertakings or both the maximum level of the management fees that may be charged to the Sub-Fund by the other UCITS or non-UCITS collective investment undertakings or both, as the case may be, will be set out in the relevant Supplement. Details of such fees will also be contained in the Fund’s annual report.
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###### DIVIDEND POLICY | Investiert ein Teilfonds in Aktien oder Anteile anderer OGAW oder Organismen für gemeinsame Anlagen oder beide und werden diese anderen OGAW oder Organismen für gemeinsame Anlagen (unmittelbar oder durch Beauftragung) vom Investment Manager oder einem anderen Unternehmen verwaltet, mit dem der Investment Manager durch gemeinsame Verwaltung oder Kontrolle oder durch maßgebliche direkte oder indirekte Beteiligung verbunden ist, so berechnen der Investment Manager oder das andere Unternehmen keine Ausgabeaufschläge oder Rücknahmeabschläge in Bezug auf die Anlage des Teilfonds in die Aktien oder Anteile dieses anderen OGAW oder Organismus für gemeinsame Anlagen oder gegebenenfalls beide.
Legt ein Teilfonds einen erheblichen Teil seines Nettovermögens in andere OGAW oder Organismen für gemeinsame Anlagen, die keine OGAW sind, oder in beide an, so dürfen die dem Teilfonds durch den anderen OGAW oder Organismus für gemeinsame Anlagen, der kein OGAW ist, oder beide berechneten Vermögensverwaltungsgebühren den im maßgeblichen Supplement genannten nicht übersteigen. Einzelheiten zu diesen Gebühren enthält auch der Jahresbericht des Fonds.
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##### DIVIDENDENPOLITIK | When a Sub-Fund invests in the shares or units of other UCITS or collective investment undertakings or both and those other UCITS or collective investment undertakings are managed, directly or by delegation, by the Investment Manager or by any other company with which the Investment Manager is linked by common management or control, or by a substantial direct or indirect holding, the Investment Manager or other company shall not charge subscription or repurchase fees on account of the investment of the Sub-Fund in the shares or units of such other UCITS or collective investment undertakings or both, as the case may be.
If a Sub-Fund invests a substantial proportion of its net assets in other UCITS or non-UCITS collective investment undertakings or both the maximum level of the management fees that may be charged to the Sub-Fund by the other UCITS or non-UCITS collective investment undertakings or both, as the case may be, will be set out in the relevant Supplement. Details of such fees will also be contained in the Fund’s annual report.
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###### DIVIDEND POLICY | en | de |
DOLFIN3661 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco QI Emerging Markets Enhanced Index Equities is an actively managed fund that invests in stocks of companies in emerging markets. The selection of these stocks is based on a quantitative model. The fund's objective is to achieve a better return than the index. The fund aims for a better sustainability profile compared to the Benchmark by promoting E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The fund has diversified exposure to an integrated multi-factor stock selection model and uses a stock selection strategy which ranks stocks on their expected future relative performance using three factors: valuation, quality and momentum. The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate from the weightings of the Benchmark to a limited extent. Highly ranked stocks are overweighted against the Benchmark, whereas low-ranked stocks are underweighted, resulting in a well-diversified portfolio with a low tracking error relative to the Benchmark of the fund. The fund aims to outperform the benchmark over the long run, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | # Politique d'investissement
Robeco QI Emerging Markets Enhanced Index Equities est un fonds à gestion active qui investit dans des actions de sociétés de marchés émergents. La sélection de ces titres est basée sur un modèle quantitatif. Le fonds vise une performance supérieure à l'indice. Le fonds vise un profil de durabilité supérieur à l'indice en favorisant des caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, en intégrant les risques de durabilité dans le processus d'investissement et en appliquant la politique de bonne gouvernance de Robeco. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Le fonds a une exposition diversifiée à un modèle intégré de sélection de titres multifactorielle qui classe les actions selon leur performance relative future prévue en utilisant 3 facteurs : valorisation, qualité et momentum. La majorité des titres ainsi sélectionnés seront des composantes de l'indice, mais pas nécessairement. Le fonds peut, dans une mesure limitée, dévier des pondérations de l'indice. Les titres en tête de classement sont surpondérés par rapport à l'indice et ceux en bas de classement sont sous-pondérés, créant un portefeuille diversifié avec une faible tracking error par rapport à l'indice. Le fonds vise à surperformer l'indice sur le long terme, tout en contrôlant le risque relatif en appliquant des limites (pays et secteurs) dans la mesure de l'écart par rapport à l'indice. Cela limitera l'écart de performance par rapport à l'indice. Le benchmark est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | # Investment policy
Robeco QI Emerging Markets Enhanced Index Equities is an actively managed fund that invests in stocks of companies in emerging markets. The selection of these stocks is based on a quantitative model. The fund's objective is to achieve a better return than the index. The fund aims for a better sustainability profile compared to the Benchmark by promoting E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The fund has diversified exposure to an integrated multi-factor stock selection model and uses a stock selection strategy which ranks stocks on their expected future relative performance using three factors: valuation, quality and momentum. The majority of stocks selected through this approach will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate from the weightings of the Benchmark to a limited extent. Highly ranked stocks are overweighted against the Benchmark, whereas low-ranked stocks are underweighted, resulting in a well-diversified portfolio with a low tracking error relative to the Benchmark of the fund. The fund aims to outperform the benchmark over the long run, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. This will consequently limit the deviation of the performance relative to the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | en | fr |
DOLFIN3662 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Tous les coûts sont en premier lieu imputés sur les revenus courants et les plus-values, puis sur l’actif du Fonds.
Les coûts de la création du Fonds et de l’émission initiale des parts sont amortis pendant les cinq premiers exercices par l’actif du Fonds. Les frais de constitution ainsi que les frais précités sont répartis par la Société de gestion au prorata. | # La totalidad de los costes se imputarán primero a los rendimientos ordinarios y las plusvalías de capital y en último término al patrimonio del fondo.
Los costes de constitución del fondo y de la emisión inicial de participaciones se amortizarán a cargo del patri- monio del fondo durante los primeros cinco ejercicios. La sociedad gestora imputará los costes de constitución y los costes anteriormente enumerados al patrimonio del fondo de forma prorrateada. | # Tous les coûts sont en premier lieu imputés sur les revenus courants et les plus-values, puis sur l’actif du Fonds.
Les coûts de la création du Fonds et de l’émission initiale des parts sont amortis pendant les cinq premiers exercices par l’actif du Fonds. Les frais de constitution ainsi que les frais précités sont répartis par la Société de gestion au prorata. | fr | es |
DOLFIN3663 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## To the extent that a Sub-Fund’s investments on the CIBM are made through Bond Connect, such investments may be subject to additional risk factors.
Shareholders should note that Bond Connect is a novel trading program in the PRC. The application and interpretation of relevant investment regulations are largely untested and there is a lack of certainty or guidance as to how any provision of the investment regulations will be applied and interpreted in practice. The investment regulations also give the relevant PRC regulators a certain degree of discretion and there is limited precedent or certainty as to how such discretion might be exercised, either now or in the future. In addition, the investment regulations under which a Sub-Fund may invest via Bond Connect are subject to evolvement and there is no assurance that the investment regulations will not be changed in a way prejudicing the interests of the relevant Sub-Fund.
Moreover, Bond Connect and its technology and risk management capability have only a short operating history. There is no assurance that the systems and controls of the Bond Connect program will function as intended or whether they will be adequate
Under the prevailing regulations in the PRC, eligible foreign investors who wish to invest in Bond Connect Securities may do so via an offshore custody agent approved by the Hong Kong Monetary Authority (“Offshore Custody Agent”), who will be responsible for the account opening with the relevant onshore custody agent approved by the PBC. As the account opening for investment in the CIBM market via Bond Connect has to be carried out via an Offshore Custody Agent, the relevant Sub-Fund is subject to the risks of default or errors on the part of the Offshore Custody Agent.
Trading in Bond Connect Securities may be subject to clearing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities/make payment, the Sub-Fund may suffer delays in recovering its losses or may not be able to fully recover its losses.
Investments through Bond Connect are not subject to any quota but the relevant authorities may suspend account opening or trading via Bond Connect, and in the absence of CIBM Direct Access, the relevant Sub-Fund’s ability to invest in CIBM will be limited, and the relevant Sub-Fund may not be able to effectively pursue its investment strategy or it may have an adverse effect on the relevant Sub-Fund’s performance. The relevant Sub-Fund may also suffer losses as a result.
A Sub-Fund’s Bond Connect Securities will be held in accounts maintained by the CMU as central securities depositary in Hong Kong and nominee holder. Because CMU is only a nominee holder and not the beneficial owner of Bond Connect Securities, in the unlikely event that CMU becomes subject to winding up proceedings in Hong Kong, investors should note that Bond Connect Securities will not be regarded as part of the general assets of CMU available for distribution to creditors even under PRC law. However, CMU will not be obliged to take any legal action or enter into court proceedings to enforce any rights on behalf of investors in Bond Connect Securities in the PRC. A failure or delay by the CMU in the performance of its obligations may result in a failure of settlement, or the loss, of Bond Connect Securities and/or moni es in connection with them and a Sub-Fund and its investors may suffer losses as a result. Neither the Fund, the Management Company, nor the Investment Manager and/or the Sub-Investment Manager shall be responsible or liable for any such losses.
A Sub-Fund’s title or interests in, and entitlements to Bond Connect Securities (whether legal, equitable or otherwise) will be subject to applicable requirements, including laws relating to any disclosure of interest requirement or foreign bondholding restriction, if any. It is uncertain whether the Chinese courts would recognize the ownership interest of the investors to allow them standing to take legal action against the Chinese entities in case disputes arise.
Bond Connect Securities may be recalled from the scope of eligible bonds for trading through Bond Connect for various reasons, and in such event such Bond Connect Securities can only be sold but are restricted from being bought. This may affect the investment portfolio or strategies of the Sub-Fund. | ## In dem Masse, in dem die Anlagen eines Teilfonds am CIBM über Bond Connect gehandelt werden, können diese Anlagen zusätzlichen Risikofaktoren unterliegen.
Anteilinhaber sollten beachten, dass Bond Connect ein neuartiges Handelsprogramm in der VR China ist. Die Anwendung und Auslegung der einschlägigen Anlagevorschriften sind weitgehend unerprobt, und es besteht ein Mangel an Gewissheit oder Leitlinien, wie eine Bestimmung der Anlagevorschriften in der Praxis angewandt und ausgelegt wird. Die Anlagevorschriften räumen den zuständigen Regulierungsbehörden der VR China auch einen gewissen Ermessensspielraum ein, und es gibt nur begrenzt Präzedenzfälle bzw. begrenzte Gewissheit darüber, wie ein solcher Ermessensspielraum jetzt oder in Zukunft ausgeübt werden könnte. Darüber hinaus unterliegen die Anlagevorschriften, nach denen ein Teilfonds über Bond Connect investieren kann, einer Weiterentwicklung, und es gibt keine Gewähr, dass die Anlagevorschriften nicht in einer Weise geändert werden, die den Interessen des betreffenden Teilfonds schadet.
Ausserdem haben Bond Connect und dessen Technologie- und Risikomanagementfähigkeiten nur eine kurze Betriebshistorie. Es gibt keine Garantie dafür, dass die Systeme und Kontrollen des Bond-Connect-Programms wie beabsichtigt funktionieren werden oder ob sie angemessen sind.
Nach den geltenden Vorschriften in der VR China können berechtigte ausländische Anleger, die in Bond-Connect- Wertpapiere investieren möchten, dies über eine von der Hong Kong Monetary Authority zugelassene Offshore- Verwahrstelle („Offshore-Verwahrstelle“) tun, die für die Kontoeröffnung bei der entsprechenden von der PBC zugelassenen Onshore-Verwahrstelle verantwortlich ist. Da die Kontoeröffnung für Anlagen auf dem CIBM-Markt über Bond Connect über eine Offshore-Verwahrstelle erfolgen muss, unterliegt der betreffende Teilfonds den Risiken des Ausfalls oder von Fehlern seitens der Offshore-Verwahrstelle.
Der Handel mit Bond-Connect-Wertpapieren kann einem Clearing- und Abwicklungsrisiko unterliegen. Wenn die Clearingstelle der VR China ihrer Verpflichtung zur Lieferung von Wertpapieren/Zahlung nicht nachkommt, kann es sein, dass dem Teilfonds Verzögerungen beim Ausgleich seiner Verluste entstehen oder er nicht in der Lage ist, seine Verluste vollständig wieder auszugleichen.
Anlagen über Bond Connect unterliegen keiner Quote, aber die zuständigen Behörden können die Kontoeröffnung oder den Handel über Bond Connect aussetzen, und ohne direkten Zugang zum CIBM ist die Fähigkeit des betreffenden Teilfonds, am CIBM zu investieren, eingeschränkt, und der betreffende Teilfonds ist möglicherweise nicht in der Lage, seine Anlagestrategie effektiv zu verfolgen, oder die Performance des betreffenden Teilfonds kann dadurch beeinträchtigt werden. Dem betreffenden Teilfonds können dadurch auch Verluste entstehen.
Die Bond-Connect-Wertpapiere eines Teilfonds werden auf Konten gehalten, die von der CMU als zentraler Wertpapierverwahrstelle in Hongkong und Nominee-Inhaber geführt werden. Da die CMU nur ein Nominee-Inhaber und nicht der wirtschaftlich Berechtigte dieser Bond-Connect-Wertpapiere ist, sollten Anleger für den unwahrscheinlichen Fall, dass die CMU Gegenstand eines Liquidationsverfahrens in Hongkong wird, beachten, dass diese Bond-Connect- Wertpapiere nicht als Teil des allgemeinen Vermögens der CMU betrachtet werden und dass, auch nach dem Recht der VR China, dieses nicht zur Verteilung an Gläubiger zur Verfügung steht. Die CMU ist jedoch nicht verpflichtet, rechtliche Schritte zu unternehmen oder Gerichtsverfahren einzuleiten, um Rechte im Namen von Anlegern in Bond- Connect-Wertpapieren in der VR China durchzusetzen. Ein Ausfall oder eine Verzögerung seitens der CMU bei der Erfüllung ihrer Verpflichtungen kann zu einem Scheitern der Abwicklung oder zum Verlust von Stock-Connect- Wertpapieren und/oder Geldern im Zusammenhang mit diesen führen, und einem Teilfonds und seinen Anlegern können dadurch Verluste entstehen. Weder der Fonds noch die Verwaltungsgesellschaft, der Anlageverwalter und/oder der Unteranlageverwalter sind für solche Verluste verantwortlich oder haftbar.
Die Eigentumsrechte oder Beteiligungen des Teilfonds an den Bond-Connect-Wertpapieren (ob rechtlich, billigkeitsrechtlich oder anderweitig) unterliegen den geltenden Anforderungen, einschliesslich allfälligen Gesetzen über die Pflicht zur Angabe von Beteiligungen oder Beschränkungen hinsichtlich ausländischen Anleihenbesitzes. Es ist unsicher, ob chinesische Gerichte das Eigentumsrecht der Anleger anerkennen und es zulassen würden, dass sie rechtliche Schritte einleiten, falls Streitigkeiten entstehen.
Bond-Connect-Wertpapiere können aus verschiedenen Gründen aus dem Spektrum der für den Handel über Bond Connect in Frage kommenden Anleihen zurückgerufen werden, und in einem solchen Fall können solche Bond-Connect- Wertpapiere nur verkauft, aber nicht mehr gekauft werden. Dies kann sich auf das Anlageportfolio oder die Strategien des Teilfonds auswirken. | ## To the extent that a Sub-Fund’s investments on the CIBM are made through Bond Connect, such investments may be subject to additional risk factors.
Shareholders should note that Bond Connect is a novel trading program in the PRC. The application and interpretation of relevant investment regulations are largely untested and there is a lack of certainty or guidance as to how any provision of the investment regulations will be applied and interpreted in practice. The investment regulations also give the relevant PRC regulators a certain degree of discretion and there is limited precedent or certainty as to how such discretion might be exercised, either now or in the future. In addition, the investment regulations under which a Sub-Fund may invest via Bond Connect are subject to evolvement and there is no assurance that the investment regulations will not be changed in a way prejudicing the interests of the relevant Sub-Fund.
Moreover, Bond Connect and its technology and risk management capability have only a short operating history. There is no assurance that the systems and controls of the Bond Connect program will function as intended or whether they will be adequate
Under the prevailing regulations in the PRC, eligible foreign investors who wish to invest in Bond Connect Securities may do so via an offshore custody agent approved by the Hong Kong Monetary Authority (“Offshore Custody Agent”), who will be responsible for the account opening with the relevant onshore custody agent approved by the PBC. As the account opening for investment in the CIBM market via Bond Connect has to be carried out via an Offshore Custody Agent, the relevant Sub-Fund is subject to the risks of default or errors on the part of the Offshore Custody Agent.
Trading in Bond Connect Securities may be subject to clearing and settlement risk. If the PRC clearing house defaults on its obligation to deliver securities/make payment, the Sub-Fund may suffer delays in recovering its losses or may not be able to fully recover its losses.
Investments through Bond Connect are not subject to any quota but the relevant authorities may suspend account opening or trading via Bond Connect, and in the absence of CIBM Direct Access, the relevant Sub-Fund’s ability to invest in CIBM will be limited, and the relevant Sub-Fund may not be able to effectively pursue its investment strategy or it may have an adverse effect on the relevant Sub-Fund’s performance. The relevant Sub-Fund may also suffer losses as a result.
A Sub-Fund’s Bond Connect Securities will be held in accounts maintained by the CMU as central securities depositary in Hong Kong and nominee holder. Because CMU is only a nominee holder and not the beneficial owner of Bond Connect Securities, in the unlikely event that CMU becomes subject to winding up proceedings in Hong Kong, investors should note that Bond Connect Securities will not be regarded as part of the general assets of CMU available for distribution to creditors even under PRC law. However, CMU will not be obliged to take any legal action or enter into court proceedings to enforce any rights on behalf of investors in Bond Connect Securities in the PRC. A failure or delay by the CMU in the performance of its obligations may result in a failure of settlement, or the loss, of Bond Connect Securities and/or moni es in connection with them and a Sub-Fund and its investors may suffer losses as a result. Neither the Fund, the Management Company, nor the Investment Manager and/or the Sub-Investment Manager shall be responsible or liable for any such losses.
A Sub-Fund’s title or interests in, and entitlements to Bond Connect Securities (whether legal, equitable or otherwise) will be subject to applicable requirements, including laws relating to any disclosure of interest requirement or foreign bondholding restriction, if any. It is uncertain whether the Chinese courts would recognize the ownership interest of the investors to allow them standing to take legal action against the Chinese entities in case disputes arise.
Bond Connect Securities may be recalled from the scope of eligible bonds for trading through Bond Connect for various reasons, and in such event such Bond Connect Securities can only be sold but are restricted from being bought. This may affect the investment portfolio or strategies of the Sub-Fund. | en | de |
DOLFIN3664 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Sauf indication contraire ci-dessous, chaque Compartiment a pour politique de réinvestir tous les revenus et plus-values et de ne verser aucun dividende. Le Conseil d’administration aura toutefois la faculté, au cours de chaque exercice comptable, s’il le juge approprié, de proposer aux Actionnaires d’un Compartiment ou d’une Catégorie, lors de l’Assemblée générale annuelle, le paiement d’un dividende sur tout ou partie du revenu net de l’investissement de ce Compartiment ou de cette Catégorie. Afin de lever toute ambiguïté, le revenu net de l’investissement n’inclut pas toute plus-value. Le Conseil d’administration peut choisir de verser des dividendes intermédiaires à tout moment pendant l’exercice concerné. Le Conseil d’administration ne pourra proposer le paiement d’un dividende que si, après déduction de cette distribution, le capital du Fonds est supérieur au capital minimum requis par le droit luxembourgeois.
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## Catégories de distribution | Salvo en los casos que se indique a continuación, la norma general de cada Subfondo es reinvertir todos los ingresos y plusvalías y no repartir dividendos. No obstante, el Consejo de Administración en cada ejercicio económico tendrá la opción, si lo considera apropiado, de proponer a los Accionistas de cualquier Subfondo o Clase en la Junta General Ordinaria el pago de un dividendo con cargo a la totalidad o parte de la inversión neta de dicho Subfondo o Clase. Para evitar dudas, la inversión neta no incluirá apreciación del capital. El Consejo de Administración podrá optar por pagar dividendos provisionales en cualquier momento durante el ejercicio económico correspondiente. El Consejo de Administración solo podrá proponer el pago de un dividendo si, una vez deducida dicha distribución, el capital del Fondo continúa superando el capital mínimo exigido por el Derecho luxemburgués.
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## Clases de distribución | Sauf indication contraire ci-dessous, chaque Compartiment a pour politique de réinvestir tous les revenus et plus-values et de ne verser aucun dividende. Le Conseil d’administration aura toutefois la faculté, au cours de chaque exercice comptable, s’il le juge approprié, de proposer aux Actionnaires d’un Compartiment ou d’une Catégorie, lors de l’Assemblée générale annuelle, le paiement d’un dividende sur tout ou partie du revenu net de l’investissement de ce Compartiment ou de cette Catégorie. Afin de lever toute ambiguïté, le revenu net de l’investissement n’inclut pas toute plus-value. Le Conseil d’administration peut choisir de verser des dividendes intermédiaires à tout moment pendant l’exercice concerné. Le Conseil d’administration ne pourra proposer le paiement d’un dividende que si, après déduction de cette distribution, le capital du Fonds est supérieur au capital minimum requis par le droit luxembourgeois.
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## Catégories de distribution | fr | es |
DOLFIN3665 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 3 - Issue and redemption of units
The units are issued at any time at the request of the unit-holders, based on their net asset value plus, where applicable, subscription fee. Redemptions and subscriptions are carried out under the conditions and according to the procedures defined in the prospectus.
The units of Mutual Funds may form the subject of admission for listing, according to the regulations in force.
Subscriptions must be paid-up in full on the day of calculation of the net asset value. They can be paid in cash and/or by contribution of financial instruments. The management company is entitled to refuse the securities proposed and, to this end, has a period of seven days from their deposit in which to make its decision known. In the case of acceptance, the securities contributed are valued according to the rules fixed in Article 4 and subscription is carried out based on the first net asset value following acceptance of the securities concerned.
Redemptions are carried out exclusively in cash, except in the case of liquidation of the Fund when the unitholders have notified their consent to be reimbursed in stocks. They are paid by the account holder-issuer within five days at the most following the day of valuation of the unit.
However, if, in exceptional circumstances, redemption requires the prior realisation of assets included in the Fund, this deadline may be extended, but may not exceed 30 days.
Except in the case of succession or donation-sharing, the assignment or transfer of shares between unit-holders, or from unit-holders to a third party, is comparable to redemption followed by subscription; if this is a third party, the amount of the assignment or of the transfer must, where appropriate, be complemented by the beneficiary in order to reach, as a minimum, the amount of the minimum subscription required by the prospectus.
Under Article L. 214-8-7 of the Monetary and Financial Code, the redemption by the mutual fund of its units, like the issue of new units, may be suspended, temporarily, by the management company, when exceptional circumstances require this and if the interest of the unit-holders demands this.
When the assets of the mutual fund are less than the amount fixed by the regulations, no redemption of units can be carried out. | # Article 3 - Émission et rachat des parts
Les parts sont émises à tout moment à la demande des porteurs sur la base de leur valeur liquidative augmentée, le cas échéant, des commissions de souscription.
Les rachats et les souscriptions sont effectués dans les conditions et selon les modalités définies dans le prospectus.
Les parts de Fonds Communs de Placement peuvent faire l’objet d’une admission à la cote selon la réglementation en vigueur.
Les souscriptions doivent être intégralement libérées le jour de calcul de la valeur liquidative. Elles peuvent être effectuées en numéraire et/ou par apport d’instruments financiers. La société de gestion a le droit de refuser les valeurs proposées et, à cet effet, dispose d’un délai de sept jours à partir de leur dépôt pour faire connaître sa décision. En cas d’acceptation, les valeurs apportées sont évaluées selon les règles fixées à l’article 4 et la souscription est réalisée sur la base de la première valeur liquidative suivant l’acceptation des valeurs concernées.
Les rachats sont effectués exclusivement en numéraire, sauf en cas de liquidation du Fonds lorsque les porteurs de parts ont signifié leur accord pour être remboursés en titres. Ils sont réglés par le teneur de compte émetteur dans un délai maximum de cinq jours suivant celui de l’évaluation de la part.
Toutefois, si, en cas de circonstances exceptionnelles, le remboursement nécessite la réalisation préalable d’actifs compris dans le Fonds, ce délai peut être prolongé, sans pouvoir excéder 30 jours.
Sauf en cas de succession ou de donation-partage, la cession ou le transfert de parts entre porteurs, ou de porteurs à un tiers, est assimilé à un rachat suivi d’une souscription ; s’il s’agit d’un tiers, le montant de la cession ou du transfert doit, le cas échéant, être complété par le bénéficiaire pour atteindre au minimum celui de la souscription minimale exigée par le prospectus.
En application de l’article L. 214-8-7 du code monétaire et financier, le rachat par le FCP de ses parts, comme l’émission de parts nouvelles, peuvent être suspendus, à titre provisoire, par la société de gestion, quand des circonstances exceptionnelles l’exigent et si l’intérêt des porteurs le commande.
Lorsque l’actif du FCP, est inférieur au montant fixé par la réglementation, aucun rachat des parts ne peut être effectué. | # Article 3 - Issue and redemption of units
The units are issued at any time at the request of the unit-holders, based on their net asset value plus, where applicable, subscription fee. Redemptions and subscriptions are carried out under the conditions and according to the procedures defined in the prospectus.
The units of Mutual Funds may form the subject of admission for listing, according to the regulations in force.
Subscriptions must be paid-up in full on the day of calculation of the net asset value. They can be paid in cash and/or by contribution of financial instruments. The management company is entitled to refuse the securities proposed and, to this end, has a period of seven days from their deposit in which to make its decision known. In the case of acceptance, the securities contributed are valued according to the rules fixed in Article 4 and subscription is carried out based on the first net asset value following acceptance of the securities concerned.
Redemptions are carried out exclusively in cash, except in the case of liquidation of the Fund when the unitholders have notified their consent to be reimbursed in stocks. They are paid by the account holder-issuer within five days at the most following the day of valuation of the unit.
However, if, in exceptional circumstances, redemption requires the prior realisation of assets included in the Fund, this deadline may be extended, but may not exceed 30 days.
Except in the case of succession or donation-sharing, the assignment or transfer of shares between unit-holders, or from unit-holders to a third party, is comparable to redemption followed by subscription; if this is a third party, the amount of the assignment or of the transfer must, where appropriate, be complemented by the beneficiary in order to reach, as a minimum, the amount of the minimum subscription required by the prospectus.
Under Article L. 214-8-7 of the Monetary and Financial Code, the redemption by the mutual fund of its units, like the issue of new units, may be suspended, temporarily, by the management company, when exceptional circumstances require this and if the interest of the unit-holders demands this.
When the assets of the mutual fund are less than the amount fixed by the regulations, no redemption of units can be carried out. | en | fr |
DOLFIN3666 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Investment Manager supplements the study of financial results of potential investments with additional qualitative and quantitative non-financial (or non-fundamental) analysis including ESG risks and will factor them into its investment decision making and risk monitoring to the extent they represent potential or actual material risks and/or opportunities to maximise long-term risk-adjusted returns.
Systematic ESG screening and scoring
This systematic integration of ESG risks in investment analysis and decision-making relies on:
- "qualitative assessments", which will be by reference, but not limited, to case studies, environmental, social and governance impacts associated with issuers, product safety documents, customer reviews, company visits or data from proprietary models and local intelligence; and
- "quantitative assessments", which will be by reference to ESG ratings which may be from external providers, including but not limited to MSCI, or an internal rating assigned by the Investment Manager primarily using Fidelity Sustainability Ratings (described below), relevant data in third-party certificates or labels, assessment reports on carbon footprints, or percentage of revenue or profits of issuers generated from ESG-relevant activities. | Le Gérant complète l’étude des résultats financiers d’investissements potentiels par une analyse qualitative et quantitative non financière (ou non fondamentale) additionnelle incluant les risques ESG et les intégrera dans sa décision d’investissement et sa surveillance des risques dans la mesure où ils représentent un risque important, réel ou potentiel, et/ou une opportunité de maximiser les rendements ajustés au risque à long terme.
Filtrage et notation ESG systématiques
Cette intégration systématique des risques ESG dans l’analyse d’investissement et le processus de décision repose sur les éléments suivants:
- Les "évaluations qualitatives", qui porteront, notamment, sur des études de cas, les incidences environnementales, sociales et de gouvernance associées aux émetteurs, la documentation relative à la sécurité des produits, l'examen de clients, des visites d’entreprises, les données issues de modèles propriétaires et les informations au niveau local; et
- Les "évaluations quantitatives", qui porteront sur les notations ESG pouvant provenir de prestataires externes, notamment MSCI, ou d’une notation interne attribuée par le Gérant en utilisant principalement les Notations Fidelity en matière de durabilité (décrites ci-après), les données pertinentes de certificats ou labels externes, les rapports d’évaluation sur les empreintes carbone ou la part du chiffre d’affaires ou des bénéfices des émetteurs générée par des activités liées aux Facteurs ESG. | The Investment Manager supplements the study of financial results of potential investments with additional qualitative and quantitative non-financial (or non-fundamental) analysis including ESG risks and will factor them into its investment decision making and risk monitoring to the extent they represent potential or actual material risks and/or opportunities to maximise long-term risk-adjusted returns.
Systematic ESG screening and scoring
This systematic integration of ESG risks in investment analysis and decision-making relies on:
- "qualitative assessments", which will be by reference, but not limited, to case studies, environmental, social and governance impacts associated with issuers, product safety documents, customer reviews, company visits or data from proprietary models and local intelligence; and
- "quantitative assessments", which will be by reference to ESG ratings which may be from external providers, including but not limited to MSCI, or an internal rating assigned by the Investment Manager primarily using Fidelity Sustainability Ratings (described below), relevant data in third-party certificates or labels, assessment reports on carbon footprints, or percentage of revenue or profits of issuers generated from ESG-relevant activities. | en | fr |
DOLFIN3667 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 4 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 902 EUR | 1,356 EUR |
| Annual cost impact* | 9.0% | 3.2% | | | Esempio di investimento 10.000 EUR | in caso di uscita dopo 1 anno | in caso di uscita dopo 4 anni (periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 902 EUR | 1.356 EUR |
| Incidenza annuale dei costi* | 9,0% | 3,2% | | | Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 4 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 902 EUR | 1,356 EUR |
| Annual cost impact* | 9.0% | 3.2% | | en | it |
DOLFIN3668 | 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 admitted to an official stock exchange listing and/or dealt in on another regulated market
Bonds and other debt instruments
Netherlands
1,576,000 | ###### Titoli negoziabili e strumenti del mercato monetario ammessi alla quotazione ufficiale di una borsa valori e/o negoziati su un altro mercato regolamentato
Obbligazioni e altri titoli di debito
Paesi Bassi
1,205,000 | ##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Bonds and other debt instruments
Netherlands
1,576,000 | en | it |
DOLFIN3669 | 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 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 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, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.nuveen.com/ucits pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque ou dans les autres informations.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa «un riesgo bajo». Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como «baja» y es muy poco probable que una mala coyuntura de mercado afecte al valor de su inversión.
Para consultar otros riesgos sustancialmente relevantes para el producto que no tiene en cuenta el indicador resumido de riesgo u otra información, lea el Informe anual del producto o el Folleto disponible en www.nuveen.com/ucits.
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. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 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, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.nuveen.com/ucits pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque ou dans les autres informations.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN3670 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of smaller capitalisation companies.
Smaller capitalisation companies are companies which, at the time of purchase, form the bottom 20% by market capitalisation of global stock markets. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The geographical focus of the Fund's investments is developed markets globally however, the Fund may also invest in the emerging markets of the world.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI ACWI Small Cap Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the market capitalisation requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo. El Fondo invierte al menos el 70% de sus activos totales en valores de renta variable (como acciones) de empresas de pequeña capitalización.
Son empresas con capitalización pequeña aquellas que, en el momento de adquisición de los valores, representen una capitalización de mercado situada por debajo del 20% de los mercados de valores globales. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas.
El foco geográfico de las inversiones del Fondo es los mercados desarrollados mundiales, aunque el Fondo también puede invertir en los mercados emergentes del mundo.
Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de 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 AI puede referirse al MSCI ACWI Small Cap Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos de capitalización bursátil del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of smaller capitalisation companies.
Smaller capitalisation companies are companies which, at the time of purchase, form the bottom 20% by market capitalisation of global stock markets. Market capitalisation is the share price of the company multiplied by the number of shares issued.
The geographical focus of the Fund's investments is developed markets globally however, the Fund may also invest in the emerging markets of the world.
In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI ACWI Small Cap Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the market capitalisation requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. 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 |
DOLFIN3671 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Practical information
Custodian: CACEIS Bank
Taxation: Depending on your tax status, potential capital gains and income arising from holding units in this Fund may be subject to taxation. We recommend that you obtain further information on this matter from the Fund’s marketer or from your financial adviser. This UCITS share/unit has not been registered under the US Securities Act of 1933. It may not be offered or sold, directly or indirectly, in the United States to or for the account or benefit of, a “US Person”, as defined by the United States “Regulation S”.
The Fund’s prospectus and the latest annual and interim documents as well as the remuneration policy will be sent to holders on request, addressed to: Tikehau Investment Management - 32 rue de Monceau 75008 Paris / Tel.: +33 (0)1 53 59 05 00 / E-mail: client- [email protected].
The net asset value is calculated each day and is available on Tikehau Investment Management’s website: http://www.tikehaucapital.com.
Tikehau Investment Management may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant sections of the Fund’s prospectus.
The Fund may be made up of other types of unit classes. You will be able to find more information on these unit classes in the Fund’s prospectus or on the company’s website.
This Fund is authorised in France and regulated by the French financial markets authority, the Autorité des Marchés Financiers (AMF).
Tikehau Investment Management is a portfolio management company authorised in France and regulated by the AMF.
This key investor information is accurate and up to date as at 26/10/2022.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | Información práctica
Depositario: CACEIS Bank
Fiscalidad: Según su régimen fiscal, las posibles plusvalías y rendimientos relacionados con la tenencia de participaciones pueden estar sujetos a tributación. Le recomendamos que se ponga en contacto con el comercializador del Fondo o con su asesor fiscal para más información. La participación de este Fondo no se ha registrado en virtud de la Ley de valores estadounidense (U.S. Securities Act) de 1933. Esta no podrá ofrecerse ni venderse en Estados Unidos, directa o indirectamente, en beneficio o por cuenta de una persona estadounidense («US Person»), de acuerdo con la definición de la normativa S estadounidense («Regulation S»).
El folleto del Fondo, los últimos documentos anuales y periódicos, así como la política de remuneración están disponibles previa petición a la siguiente dirección: Tikehau Investment Management - 32 rue de Monceau 75008 París / Tel.: 01 53 59 05 00 / Correo electrónico: client- [email protected].
El valor liquidativo se calcula diariamente y puede consultarse en la web de Tikehau Investment Management: http://www.tikehaucapital.com.
Tikehau Investment Management únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El Fondo puede incluir otras clases de participaciones. Puede obtener información adicional sobre estas participaciones en el folleto del Fondo o en el sitio web de la sociedad.
Este Fondo está autorizado en Francia y está regulado por la Autoridad de los Mercados Financieros francesa (AMF).
Tikehau Investment Management es una sociedad gestora de carteras autorizada en Francia y regulada por la Autoridad de los Mercados Financieros francesa (AMF).
Los presentes datos fundamentales para el inversor son exactos a 26/10/2022.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | Practical information
Custodian: CACEIS Bank
Taxation: Depending on your tax status, potential capital gains and income arising from holding units in this Fund may be subject to taxation. We recommend that you obtain further information on this matter from the Fund’s marketer or from your financial adviser. This UCITS share/unit has not been registered under the US Securities Act of 1933. It may not be offered or sold, directly or indirectly, in the United States to or for the account or benefit of, a “US Person”, as defined by the United States “Regulation S”.
The Fund’s prospectus and the latest annual and interim documents as well as the remuneration policy will be sent to holders on request, addressed to: Tikehau Investment Management - 32 rue de Monceau 75008 Paris / Tel.: +33 (0)1 53 59 05 00 / E-mail: client- [email protected].
The net asset value is calculated each day and is available on Tikehau Investment Management’s website: http://www.tikehaucapital.com.
Tikehau Investment Management may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant sections of the Fund’s prospectus.
The Fund may be made up of other types of unit classes. You will be able to find more information on these unit classes in the Fund’s prospectus or on the company’s website.
This Fund is authorised in France and regulated by the French financial markets authority, the Autorité des Marchés Financiers (AMF).
Tikehau Investment Management is a portfolio management company authorised in France and regulated by the AMF.
This key investor information is accurate and up to date as at 26/10/2022.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | en | es |
DOLFIN3672 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund’s NAV is available on the Management Company’s website. Other unit classes are available for this Fund.
ODDO BHF Asset Management SAS may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund.
## Taxation: | # El valor liquidativo del Fondo está disponible en el sitio web de la Sociedad gestora. Existen otras categorías de participaciones disponibles para este Fondo.
ODDO BHF Asset Management SAS únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
## Fiscalidad: | # The Fund’s NAV is available on the Management Company’s website. Other unit classes are available for this Fund.
ODDO BHF Asset Management SAS may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund.
## Taxation: | en | es |
DOLFIN3673 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Allocation of the assets of the SICAV:
The SICAV shall establish a Sub-Fund in respect of each Class of Shares and may establish a Sub-Fund in respect of two or more Classes of Shares in the following manner:
- if two or more Classes of Shares relate to one Sub-Fund, the assets attributable to such Classes shall be commonly invested pursuant to the specific investment policy of the Sub-Fund concerned. Within a Sub- Fund, Classes of Shares may be defined from time to time by the Board of Directors so as to correspond to:(i) a specific distribution policy, such as entitling to distributions or not entitling to distributions; and/or (ii)a specific sales and redemption charge structure; and/or (iii) a specific management or advisory fee structure; and/or (iv) a specific assignment of distribution, Shareholder services or other fees; and/or (v) a specific type of investor; and/or (vi) a specific currency; (vii) the use of different hedging techniques in order to protect in the reference currency of the relevant Sub-Fund the assets and returns quoted in the currency of the relevant Class of Shares against long-term movements of their currency of quotation; and/or (viii) any other specific features applicable to one Class of Shares, as specified in section “Shares” of this Prospectus. | ## Zuweisung der Vermögenswerte der SICAV:
Die SICAV errichtet für jede Anteilklasse einen Teilfonds und kann für zwei oder mehrere Anteilklassen einen Teilfonds errichten, wie nachfolgend beschrieben:
- wenn zwei oder mehr Anteilklassen sich auf einen Teilfonds beziehen, werden die Vermögenswerte, die diesen Klassen zuzuordnen sind, gemeinsam gemäß den spezifischen Anlagerichtlinien des betreffenden Teilfonds angelegt. Innerhalb eines Teilfonds kann der Verwaltungsrat jeweils Anteilklassen festlegen, welche Folgendem entsprechen: (i) einer bestimmten Ausschüttungspolitik, beispielsweise mit Ausschüttungsanspruch oder ohne Ausschüttungsanspruch; und/oder (ii) einer bestimmten Struktur der Verkaufs- und Rücknahmegebühren; und/oder (iii) einer bestimmten Struktur der Verwaltungs- und Beratungsgebühren; und/oder (iv) einer bestimmten Zuweisung von Vertriebs-, Anlegerdienstleistungs- oder anderen Gebühren; und/oder (v) einer bestimmten Art von Anlegern; und/oder (vi) einer bestimmten Währung; (vii) der Anwendung verschiedener Absicherungstechniken, um die in der Währung der betreffenden Anteilklasse notierten Vermögenswerte und Erträge in der Referenzwährung des betreffenden Teilfonds vor langfristigen Veränderungen ihrer Notierungswährung zu schützen; und/oder (viii) bestimmten anderen, für eine Anteilklasse geltenden Merkmalen, wie in dem Abschnitt „Anteile“ des Prospekts angegeben. | ## Allocation of the assets of the SICAV:
The SICAV shall establish a Sub-Fund in respect of each Class of Shares and may establish a Sub-Fund in respect of two or more Classes of Shares in the following manner:
- if two or more Classes of Shares relate to one Sub-Fund, the assets attributable to such Classes shall be commonly invested pursuant to the specific investment policy of the Sub-Fund concerned. Within a Sub- Fund, Classes of Shares may be defined from time to time by the Board of Directors so as to correspond to:(i) a specific distribution policy, such as entitling to distributions or not entitling to distributions; and/or (ii)a specific sales and redemption charge structure; and/or (iii) a specific management or advisory fee structure; and/or (iv) a specific assignment of distribution, Shareholder services or other fees; and/or (v) a specific type of investor; and/or (vi) a specific currency; (vii) the use of different hedging techniques in order to protect in the reference currency of the relevant Sub-Fund the assets and returns quoted in the currency of the relevant Class of Shares against long-term movements of their currency of quotation; and/or (viii) any other specific features applicable to one Class of Shares, as specified in section “Shares” of this Prospectus. | en | de |
DOLFIN3674 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Fund Characteristics
Fund Currency USD
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy. | ### Caractéristiques du Compartiment
Devise du Compartiment USD
s’écarter de l’indice de référence cible. Le Gestionnaire d’investissement investira dans des sociétés ou des secteurs qui ne figurent pas dans l’indice de référence cible afin de tirer parti de certaines opportunités d’investissement.
L’indice de référence cible a été sélectionné parce qu’il est représentatif du type d’investissements dans lesquels le Compartiment est susceptible d’investir et qu’il constitue, par conséquent, un objectif approprié par rapport au rendement que le Compartiment vise à générer. L’indice de référence comparateur a été sélectionné parce que le Gestionnaire d’investissement estime que l’indice de référence constitue un élément de comparaison approprié à des fins de performance, conformément à l’objectif et à la politique d’investissement du Compartiment. | ### Fund Characteristics
Fund Currency USD
deviate from the target benchmark. The Investment Manager will invest in companies or sectors not included in the target benchmark in order to take advantage of specific investment opportunities.
The target benchmark has been selected because it is representative of the type of investments in which the Fund is likely to invest and it is, therefore, an appropriate target in relation to the return that the Fund aims to provide. The comparator benchmark has been selected because the Investment Manager believes that the benchmark is a suitable comparison for performance purposes given the Fund’s investment objective and policy. | en | fr |
DOLFIN3675 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### JD.com (+ 18 %), un nouvel achat effectué pendant la période dans le secteur des Produits de consommation non essentiels, a également contribué à la performance.
L’objectif de placement du Davis Value Fund est la plus-value à long terme du capital. Il ne peut y avoir aucune assurance que le Fonds réalisera son objectif. Les principaux risques du Davis Value Fund sont les suivants : le risque des actions ordinaires, le risque lié au certificat de titre en dépôt, le risque des marchés émergents, le risque des frais et des dépenses, le risque lié aux services financiers, le risque lié aux titres de la presse, les risques des sociétés à forte capitalisation, le risque lié à la direction, le risque des sociétés à capitalisation faible et moyenne, le risque des pays non américains, le risque des devises non américaines et le risque lié à la bourse. Veuillez vous référer au prospectus qui contient une description intégrale de chaque risque.
Les performances passées ne garantissent pas les résultats à venir. Les prix des fonds fluctuent et la valeur d’un placement peut être supérieure ou inférieure au prix d’achat. À moins d’indications contraires, les données apportées dans cette présentation de performance couvrent la période de six mois clôturée au 31 janvier 2022. Les résultats des rendements pour les positions sous-jacentes du Fonds montrent le rendement d’un titre au début de la période considérée ou la date du premier achat si effectué par la suite, jusqu’à la fin de la période en question ou la date lorsque la position est complètement liquidée. La contribution réelle au Fonds varie en fonction d’un certain nombre de facteurs (par ex., les activités commerciales, la pondération). Les informations sur les avoirs en portefeuille se situent à la fin de la période de six mois, le 31 janvier 2022, sauf avis contraire.
1 Les sociétés inclues dans l’indice Standard & Poor’s 500® sont réparties en onze secteurs. Un ou plusieurs groupes industriels constituent un secteur. Pour évaluer la concentration, le Fonds évalue en général les sociétés au niveau du groupe industriel ou de l’industrie.
2 L’impact favorable ou défavorable d’une valeur ou d’un secteur sur les résultats du Fonds est fonction aussi bien de sa plus-value/moins-value que de sa pondération au sein du Fonds. Exemple : si un avoir qui représente 5 % des actifs du portefeuille progresse de 20 %, son impact sera deux fois plus important que celui d’un avoir affichant une plus-value de 50 %, mais dont la part au sein du portefeuille n’est que de 1 %.
3 Le présent Rapport du gestionnaire du Fonds mentionne un certain nombre de sociétés. Les informations figurant au sein du présent rapport ne sont pas raisonnablement suffisantes pour servir de base à une décision d’investissement, et elles ne sauraient avoir valeur de conseil d’achat ou de vente quant à un titre particulier. L’état du portefeuille-titres énumère les avoirs détenus par le Fonds dans chaque entreprise mentionnée.
(En dollars US | #### Otro contribuyente individual fue JD.com (suba de 18%), una nueva adquisición durante el período, del sector de Consumo Discrecional.
El objetivo de inversión de Davis Value Fund es el crecimiento del capital a largo plazo. No se puede garantizar que el Fondo logrará su objetivo. Los principales riesgos de Davis Value Fund son: riesgo de las acciones ordinarias, riesgo de recibos de depósito, riesgo de mercados emergentes, riesgo de comisiones y gastos, riesgo de servicios financieros, riesgo de influencia de los titulares de las noticias, riesgo de las compañías de gran capitalización, riesgo de administrador, riesgo de compañías de capitalización media y baja, riesgo de países que no son los EE. UU., riesgo de monedas que no son la de los EE. UU. y riesgo de la bolsa de valores. Consulte el folleto informativo para obtener una descripción completa de cada riesgo.
El rendimiento pasado no garantiza resultados futuros. Los precios del Fondo fluctúan, y el valor de una inversión puede ser mayor o menor que el precio de compra. Los datos proporcionados en este resumen de rendimiento corresponden al período de seis meses finalizado el 31 de enero de 2022, a menos que se indique lo contrario. Las cifras de retorno para las posiciones subyacentes del Fondo reflejan el retorno del título valor desde el comienzo del período o la fecha de primera compra si es posterior hasta el final del período o la fecha en que se liquide completamente la posición. La contribución real al Fondo variará según diversos factores (por ej., actividad bursátil, ponderación). La información sobre la cartera de participaciones corresponde hasta el final del período de seis meses, 31 de enero de 2022, a menos que se indique lo contrario.
1 Las compañías incluidas en el Índice Standard & Poor’s 500® se dividen en once sectores. Uno o más grupos de industrias conforman un sector. A los efectos de medir la concentración, el Fondo generalmente clasifica las compañías a nivel del grupo industrial o industria.
2 La contribución de una compañía o sector al rendimiento del Fondo, o su detracción del rendimiento, es un producto de su apreciación o depreciación y su ponderación dentro del Fondo. Por ejemplo, una participación de 5% que sube a 20% tiene el doble de impacto que una participación de 1% que sube a 50%.
3 Esta Discusión de la Gerencia sobre el Rendimiento del Fondo aborda varias compañías individuales. La información proporcionada en este informe no brinda información razonablemente suficiente sobre la cual basar una decisión de inversión y no debe considerarse como una recomendación para comprar, vender o conservar un título valor en particular. El Programa de Inversiones indica las participaciones del Fondo de cada compañía mencionada.
(Basado en dólares estadounidenses | #### JD.com (+ 18 %), un nouvel achat effectué pendant la période dans le secteur des Produits de consommation non essentiels, a également contribué à la performance.
L’objectif de placement du Davis Value Fund est la plus-value à long terme du capital. Il ne peut y avoir aucune assurance que le Fonds réalisera son objectif. Les principaux risques du Davis Value Fund sont les suivants : le risque des actions ordinaires, le risque lié au certificat de titre en dépôt, le risque des marchés émergents, le risque des frais et des dépenses, le risque lié aux services financiers, le risque lié aux titres de la presse, les risques des sociétés à forte capitalisation, le risque lié à la direction, le risque des sociétés à capitalisation faible et moyenne, le risque des pays non américains, le risque des devises non américaines et le risque lié à la bourse. Veuillez vous référer au prospectus qui contient une description intégrale de chaque risque.
Les performances passées ne garantissent pas les résultats à venir. Les prix des fonds fluctuent et la valeur d’un placement peut être supérieure ou inférieure au prix d’achat. À moins d’indications contraires, les données apportées dans cette présentation de performance couvrent la période de six mois clôturée au 31 janvier 2022. Les résultats des rendements pour les positions sous-jacentes du Fonds montrent le rendement d’un titre au début de la période considérée ou la date du premier achat si effectué par la suite, jusqu’à la fin de la période en question ou la date lorsque la position est complètement liquidée. La contribution réelle au Fonds varie en fonction d’un certain nombre de facteurs (par ex., les activités commerciales, la pondération). Les informations sur les avoirs en portefeuille se situent à la fin de la période de six mois, le 31 janvier 2022, sauf avis contraire.
1 Les sociétés inclues dans l’indice Standard & Poor’s 500® sont réparties en onze secteurs. Un ou plusieurs groupes industriels constituent un secteur. Pour évaluer la concentration, le Fonds évalue en général les sociétés au niveau du groupe industriel ou de l’industrie.
2 L’impact favorable ou défavorable d’une valeur ou d’un secteur sur les résultats du Fonds est fonction aussi bien de sa plus-value/moins-value que de sa pondération au sein du Fonds. Exemple : si un avoir qui représente 5 % des actifs du portefeuille progresse de 20 %, son impact sera deux fois plus important que celui d’un avoir affichant une plus-value de 50 %, mais dont la part au sein du portefeuille n’est que de 1 %.
3 Le présent Rapport du gestionnaire du Fonds mentionne un certain nombre de sociétés. Les informations figurant au sein du présent rapport ne sont pas raisonnablement suffisantes pour servir de base à une décision d’investissement, et elles ne sauraient avoir valeur de conseil d’achat ou de vente quant à un titre particulier. L’état du portefeuille-titres énumère les avoirs détenus par le Fonds dans chaque entreprise mentionnée.
(En dollars US | fr | es |
DOLFIN3676 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The Sub-fund aims to outperform its benchmark index, comprising 50% of the ICE BofA 1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% of the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index with coupons reinvested, over the recommended investment period, by investing in the corporate bond markets. In order to achieve this objective, additional remuneration will be sought for the bond portfolio through active management of interest rate risk and credit risk. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
Benchmark index: 50% ICE BofA 1-5 Year A-BBB Euro Corporate Index, with coupons reinvested + 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, with coupons reinvested
Investment policy: In order to achieve the management objective, the manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by public or private companies. The ESG investment universe is composed of securities from the Sub-fund’s benchmark index. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
The Sub-fund aims to invest:
- a minimum of 30% of its net assets in bonds with a rating higher than or equal to BBB- (Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies.
- a minimum of 30% of its net assets in high-yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, speculative securities with a higher risk of default than investment grade bonds);
- a maximum of 10% of its net assets in non-rated bonds;
- a maximum of 10% of its assets in bonds issued by public or private companies located in non-OECD countries;
- a maximum of 10% of its assets in bonds with a residual maturity of more than five years.
The manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.).
In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks.
In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose up to 10% of the portfolio to the credit risk of one or more issuers.
These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts.
The Sub-fund may invest up to 10% of its net assets in contingent convertible bonds (CoCos).
The manager will also implement active management of the Sub-fund’s sensitivity to interest rates, which may vary between 0 and 4.
The Sub-fund may be exposed to equity markets through the potential purchases of convertible bonds, subject to the limit of up to 10% of its net assets.
The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. However, there may still be a residual currency risk of up to a maximum of 2% of the net assets.
AMF classification: Bonds and other debt securities denominated in euros
DISCLAIMER: THIS FUND MAY INVEST 30% OF ITS ASSETS IN BONDS WITH A LOW CREDIT RATING. YOU THEREFORE HAVE A VERY HIGH CREDIT RISK.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value.
A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 2 years | # Objetivos y política de inversión
Objetivo de gestión: El subfondo aspira a ofrecer una rentabilidad superior a la de su índice de referencia, compuesto en un 50% por el ICE BofA 1-5 Year A-BBB Euro Corporate Index, con cupones reinvertidos, y en un 50% por el ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, con cupones reinvertidos, en el horizonte de inversión recomendado, mediante inversiones en los mercados de deuda corporativa. Para lograr este objetivo, se buscará un rendimiento adicional en la cartera de renta fija mediante una gestión activa de los tipos y del riesgo de crédito. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia, en lo que se refiere al posicionamiento de su cartera, y es posible que el subfondo no mantenga todos los susodichos componentes, o bien que no contemple ninguno de ellos. La desviación respecto del índice de referencia puede ser total o significativa, si bien también puede verse limitada ocasionalmente.
Índice de referencia: Compuesto en un 50% por el ICE BofA 1-5 Year A-BBB Euro Corporate Index, con cupones reinvertidos y en un 50% por el ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, con cupones reinvertidos
Política de inversión: Para lograr su objetivo de gestión, el gestor invertirá de forma discrecional en títulos de renta fija emitidos por sociedades públicas o privadas, dentro del límite del 100% de la cartera. El universo de inversión ESG está compuesto por valores del índice de referencia del subfondo. La Sociedad Gestora puede seleccionar valores ajenos al índice. No obstante, se asegurará de que el índice de referencia empleado sea un elemento comparativo relevante para la calificación ESG del subfondo.
El subfondo pretende invertir según la distribución siguiente:
- al menos un 30% de su patrimonio neto en bonos con una calificación superior o equivalente a BBB (según Standard & Poor's o equivalente, o si la Sociedad gestora les otorga una calificación interna equiparable) y emitidos por sociedades públicas o privadas;
- al menos un 30% de su patrimonio neto en bonos “High Yield” (con calificación inferior a BBB-, según Standard & Poor’s o equivalente, o una calificación interna equivalente de la Sociedad gestora, son títulos especulativos que presentan un riesgo de crédito superior al de los bonos de “Investment Grade”);
- un máximo del 10% de su patrimonio neto en bonos sin calificar;
- un máximo del 10% de su patrimonio en bonos emitidos por sociedades públicas o privadas ubicadas en países que no sean miembros de la OCDE;
- un máximo del 10% de su patrimonio en bonos con un vencimiento residual de más de cinco años.
El gestor trata de seleccionar las emisiones que, en función de sus convicciones, le parezcan más atractivas para intentar maximizar la relación rendimiento/riesgo de la cartera.
Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, sin buscar una sobreexposición, el subfondo podrá recurrir a instrumentos financieros derivados, negociados en mercados regulados (futuros y opciones cotizadas) o extrabursátiles (opciones, swaps, etc.).
En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito.
En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores, hasta un límite del 10% de exposición.
Estas estrategias se implementarán principalmente mediante operaciones de compraventa de coberturas a través de derivados de crédito de tipo “Credit Default Swap”, en una única entidad de referencia o en índices (iTraxx o CDX).
Asimismo, podrá aplicar estrategias que tengan como objetivo reducir los riesgos de cambio y/o gestionar el riesgo de tipos de interés mediante la utilización de contratos financieros y, principalmente, de futuros, opciones, contratos a plazo o swaps.
El subfondo podrá invertir en bonos contingentes convertibles (CoCos) hasta el 10% de su patrimonio neto.
Asimismo, el gestor implementará una gestión activa de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 4.
Dentro del límite del 10% de su patrimonio neto, el subfondo podrá estar expuesto a los mercados de renta variable a través de posibles adquisiciones de bonos convertibles.
El subfondo podrá mantener, a título accesorio, hasta el 10% de los títulos emitidos en divisas extranjeras. El riesgo de cambio estará cubierto. No obstante, puede existir un riesgo de cambio residual de hasta el 2% del patrimonio neto.
Clasificación AMF: Obligaciones y otros títulos de deuda denominados en euros
ADVERTENCIA: ESTE FONDO PUEDE INVERTIR UN PORCENTAJE DEL 30% EN EMISIONES DE RENTA FIJA DE BAJA CALIDAD CREDITICIA, POR LO QUE TIENE UN RIESGO DE CRÉDITO MUY ELEVADO.
Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día.
La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo.
Asignación de los ingresos: Capitalización
Asignación de las plusvalías netas realizadas: Capitalización
Otra información: Los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) son un componente de la gestión; su peso en la decisión final no está definido previamente.
Duración de la participación recomendada superior a 2 años | # Objectives and investment policy
Management objective: The Sub-fund aims to outperform its benchmark index, comprising 50% of the ICE BofA 1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% of the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index with coupons reinvested, over the recommended investment period, by investing in the corporate bond markets. In order to achieve this objective, additional remuneration will be sought for the bond portfolio through active management of interest rate risk and credit risk. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
Benchmark index: 50% ICE BofA 1-5 Year A-BBB Euro Corporate Index, with coupons reinvested + 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, with coupons reinvested
Investment policy: In order to achieve the management objective, the manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by public or private companies. The ESG investment universe is composed of securities from the Sub-fund’s benchmark index. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating.
The Sub-fund aims to invest:
- a minimum of 30% of its net assets in bonds with a rating higher than or equal to BBB- (Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies.
- a minimum of 30% of its net assets in high-yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, speculative securities with a higher risk of default than investment grade bonds);
- a maximum of 10% of its net assets in non-rated bonds;
- a maximum of 10% of its assets in bonds issued by public or private companies located in non-OECD countries;
- a maximum of 10% of its assets in bonds with a residual maturity of more than five years.
The manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio.
In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.).
In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks.
In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose up to 10% of the portfolio to the credit risk of one or more issuers.
These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX).
It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts.
The Sub-fund may invest up to 10% of its net assets in contingent convertible bonds (CoCos).
The manager will also implement active management of the Sub-fund’s sensitivity to interest rates, which may vary between 0 and 4.
The Sub-fund may be exposed to equity markets through the potential purchases of convertible bonds, subject to the limit of up to 10% of its net assets.
The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. However, there may still be a residual currency risk of up to a maximum of 2% of the net assets.
AMF classification: Bonds and other debt securities denominated in euros
DISCLAIMER: THIS FUND MAY INVEST 30% OF ITS ASSETS IN BONDS WITH A LOW CREDIT RATING. YOU THEREFORE HAVE A VERY HIGH CREDIT RISK.
Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value.
A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV.
Allocation of income: Accumulation
Allocation of net realised gains: Accumulation
Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance.
Recommended investment period: more than 2 years | en | es |
DOLFIN3677 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and Investment Policy
## Investment Objective
The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities in Euros, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 8 and 18.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities issued by corporate and governement institutions.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager.In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more than two different ratings of rating agencies exist, the second highest rating will be considered. | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo principalmente en títulos de deuda pública o corporativa en euros. El Subfondo se gestionará con una sensibilidad a los tipos de interés entre 8 y 18.
## Política de inversión
Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de renta fija pública y corporativa en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado:
- posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés)
- posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono)
- distribución geográfica
- selección de emisoresEl Subfondo invierte permanentemente como mínimo dos tercios de sus activos totales en títulos de deuda negociables de empresas y gobiernos, con calificación de primera calidad crediticia (investment grade) o por debajo de ella, denominados en euros. El Subfondo invertirá principalmente en títulos de deuda negociables de primera calidad crediticia (investment grade) emitidos por instituciones empresariales y gubernamentales.
Los títulos de primera calidad crediticia tendrán una calificación mínima de BBB- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. Los títulos por debajo de primera calidad crediticia estarán calificados entre BB+ y B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, cuando así los considere el gestor de inversiones. En caso de reducción de la calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, cuando así lo considere el gestor de inversiones, los títulos se venderán dentro de un plazo de 6 meses. Si existieran dos calificaciones diferentes entre agencias de calificación crediticia, se tendrá en cuenta la inferior. Si existieran más de dos calificaciones diferentes entre agencias, se tendrá en cuenta la segunda superior. | # Objective and Investment Policy
## Investment Objective
The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities in Euros, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 8 and 18.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market:
- duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations)
- yield curve positioning (the yield curve illustrates the relation between investment term and bond yield)
- geographical allocation
- issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities issued by corporate and governement institutions.
Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager.In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more than two different ratings of rating agencies exist, the second highest rating will be considered. | en | es |
DOLFIN3678 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using a suitable benchmark between February 2020 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using a suitable benchmark between October 2015 and October 2020.
Favourable scenario: This type of scenario occurred for an investment using a suitable benchmark between February 2014 and February 2019. | Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Scenario sfavorevole: Questo tipo di scenario si è verificato per un investimento utilizzando un parametro di riferimento idoneo tra febbraio 2020 e gennaio 2023.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento utilizzando un parametro di riferimento idoneo tra ottobre 2015 e ottobre 2020.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento utilizzando un parametro di riferimento idoneo tra febbraio 2014 e febbraio 2019. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using a suitable benchmark between February 2020 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using a suitable benchmark between October 2015 and October 2020.
Favourable scenario: This type of scenario occurred for an investment using a suitable benchmark between February 2014 and February 2019. | en | it |
DOLFIN3679 | 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 objective of the compartment (hereinafter, the "Fund") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US small and mid-cap companies, irrespective of size or industry.
The net assets of the Fund will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in Chapter 4 of the prospectus, the Fund may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes.
For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, specifically the Russell 2000 Net Total Return Index (RU20N30U). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The investments underlying this Fund do not take into account the European Union's criteria for environmentally sustainable economic activities. The base currency for the Fund is the US Dollar and the trading currency for this class is the Euro.
This class is hedged against currency risk.
The investor may purchase or sell units of the Fund on a daily basis (full banking days in Luxembourg and the United States). All the Fund's income is reinvested. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del compartimento (en lo sucesivo, el “Fondo”) consiste en buscar un rendimiento y/o un aumento del capital a largo plazo mediante la gestión de una cartera compuesta principalmente por acciones de sociedades estadounidenses de pequeña y mediana capitalización, sin ningún tipo de restricción en lo que respecta al sector de actividad.
El patrimonio neto del Fondo se invertirá principalmente en acciones u otros títulos que proporcionen acceso al capital de empresas, warrants, opciones, así como títulos de deuda. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM, principalmente en fondos cotizados (ETF).
Dentro de los límites de las restricciones de inversión descritas en el capítulo 4 del folleto, el Fondo podrá utilizar contratos a plazos u opciones sobre acciones o índices bursátiles, ya sea con fines de cobertura o de exposición de activos.
Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el Russel 2000 Net Total Return Index (RU20N30U). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
Las inversiones subyacentes a este fondo no tienen en cuenta los criterios de la Unión Europea para las actividades económicas sostenibles desde el punto de vista ambiental.
La divisa de referencia del Fondo será el dólar estadounidense y la divisa de negociación de esta clase será el euro. Esta clase está cubierta contra el riesgo de cambio.
El inversor podrá adquirir o vender las acciones del Fondo a diario (día hábil a efectos bancarios en Luxemburgo y Estados Unidos). Todos los beneficios del Fondo serán reinvertidos. | # OBJECTIVES AND INVESTMENT POLICY
The objective of the compartment (hereinafter, the "Fund") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US small and mid-cap companies, irrespective of size or industry.
The net assets of the Fund will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs.
Within the limits of the investment restrictions as described in Chapter 4 of the prospectus, the Fund may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes.
For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach.
The Fund aims to outperform its benchmark index, specifically the Russell 2000 Net Total Return Index (RU20N30U). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions.
The investments underlying this Fund do not take into account the European Union's criteria for environmentally sustainable economic activities. The base currency for the Fund is the US Dollar and the trading currency for this class is the Euro.
This class is hedged against currency risk.
The investor may purchase or sell units of the Fund on a daily basis (full banking days in Luxembourg and the United States). All the Fund's income is reinvested. | en | es |
DOLFIN3680 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- deposits made with a single body, and/or
- exposures arising from OTC derivative transactions undertaken with a single body,in excess of 20% of its net assets.
| | - depositi presso un singolo organismo, e/o
- esposizioni derivanti da operazioni in derivati OTC effettuate con un singolo organismo,per oltre il 20% dei propri attivi netti.
| | - deposits made with a single body, and/or
- exposures arising from OTC derivative transactions undertaken with a single body,in excess of 20% of its net assets.
| | en | it |
DOLFIN3681 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Contracts for difference
Contracts for difference are agreements between the Company and third parties, which allow the Company to acquire an exposure to the price movement of specific securities without actually purchasing the securities. The changes in contract values are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed. Realised and unrealised gains and losses on contracts for difference are recognised in the Statement of Comprehensive Income. At each valuation point the difference in price between the contract price of the contracts for difference and the market price of the underlying equity is recorded as the fair value (unrealised gain or loss) of the contracts for difference. When a contract for difference is closed the difference between the contract price of the contracts for difference and the market price is recorded as a realised fair value gain or loss in the Statement of Comprehensive Income.
Futures
Futures are contracts for delayed delivery of commodities in which the seller agrees to make delivery at a specific future date of a specific commodity, at a specified price or yield. Gains and losses on futures are recorded by the Sub-Funds based on market fluctuations and are recorded as realised or unrealised gains/(losses) or other income dependent upon settlement terms of the contracts held. Futures are valued at fair value based on the settlement price on the relevant valuation date.
Options
An option is a financial contract that gives an investor the right, but not the obligation, to either buy or sell an asset at a pre- determined price (known as the strike price) by a specified date (known as the expiration date). Options are valued at fair value based on the closing price on the relevant valuation date provided by the relevant counterparty.
The premium on written call options exercised is added to the proceeds from the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased. Premiums received from written options, which expire unexercised, are treated as realised gains. For unsettled positions, unrealised gains or losses are recognised in the Statement of Comprehensive Income.
Swaps
Generally, a swap contract is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Equity swaps are valued based on the underlying security. OTC swaps are valued at fair value by an external vendor Markit.
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## Principal accounting policies (continued)
- Financial assets and liabilities at fair value through profit or loss (continued)Equity WarrantsWarrants are recorded as an asset or liability at their fair value on the Statement of Financial Position. Fair value as determined by the Administrator is the quoted market price as provided by electronic feed from one or more reputable price vendors. The change in fair value, if any, is recorded as an unrealised gain or loss in the Statement of Comprehensive Income. Realised gains or losses on warrants are shown in the Statement of Comprehensive Income. On the expiry of a warrant the amount previously recognised in the Statement of Financial Position is recognised in the Statement of Comprehensive Income as a realised gain or loss. | Contratti per differenza
I contratti per differenza sono accordi tra la Società e terzi che consentono alla Società di acquisire un'esposizione ai movimenti di prezzo di specifici titoli senza effettivamente acquistare tali titoli. Le variazioni del valore del contratto sono contabilizzate come utili o perdite non realizzati e la Società rileva un utile o una perdita quando il contratto viene chiuso. Gli utili o perdite realizzati o non realizzati su contratti per differenza sono rilevati nel Conto economico complessivo. A ciascun punto di valutazione la differenza di prezzo tra il prezzo del contratto per differenza e il prezzo di mercato del titolo azionario sottostante è registrata come fair value (utile o perdita non realizzato) dei contratti per differenza. Quando un contratto per differenza viene chiuso, la differenza tra il prezzo del contratto per differenza e il prezzo di mercato viene registrata come un utile o perdita realizzato/a al fair value nel conto economico complessivo.
Future
I futures sono contratti che prevedono la consegna differita di materie prime ai sensi di cui il venditore accetta di consegnare a una specifica data futura la materia prima oggetto del contratto, a un prezzo concordato o per un rendimento concordato. Gli utili e perdite su futures sono rilevati dai Comparti sulla base delle oscillazioni di mercato e sono iscritti come utili/(perdite) realizzati o non realizzati o come altro reddito sulla base dei termini di regolamento dei corrispondenti contratti. I futures sono valutati al fair value basato sul prezzo di regolamento alla data di valutazione di riferimento.
Opzioni
Per opzione si intende un contratto finanziario che conferisce all’investitore il diritto, ma non l’obbligo, di acquistare o vendere un’attività a un prezzo prestabilito (il prezzo strike) entro una data specifica (la data di scadenza). Le opzioni sono valutate al fair value sulla base del prezzo di chiusura alla corrispondente data di valutazione fornito dalla controparte dell'operazione.
Il premio sulle opzioni call esercitate è sommato ai proventi della vendita del titolo sottostante o della valuta estera per stabilire l'utile o perdita realizzato. Il premio sulle opzioni put esercitate è sottratto dal costo dei titoli o delle valute estere acquistate. I premi ricevuti dalle opzioni sottoscritte, che scadono senza essere state esercitate, sono trattati come utili realizzati. Per le posizioni non regolate, gli utili o perdite non realizzati sono rilevati nel Conto economico complessivo.
Swap
In generale un contratto swap è un accordo che obbliga due parti a scambiarsi una serie di flussi di cassa a intervalli specifici sulla base di o calcolati con riferimento alle variazioni di specifici prezzi o tassi pagati per un importo nominale definito degli attivi sottostanti. I flussi di pagamenti si compensano di norma tra loro, mentre la differenza viene versata da una parte all'altra secondo il caso. Gli swap su titoli azionari vengono valutati sulla base del titolo sottostante. Gli swap OTC sono valutati al fair value da un fornitore indipendente Markit.
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## Principali politiche contabili (segue)
- Attività e passività finanziarie valutate al fair value rilevate a conto economico (segue)Warrant su azioniI warrant sono iscritti come attività o passività al rispettivo fair value nello Stato patrimoniale, così come determinato dall’Agente amministrativo, ed è pari al prezzo di mercato quotato fornito in modo automatico da parte di uno o più fornitori di prezzi maggiormente utilizzati dal mercato. L’eventuale variazione del fair value è iscritta come utile o perdita non realizzato nel Conto economico complessivo. Gli utili o perdite realizzati sui warrant sono riportati nel Conto economico complessivo. Alla scadenza di un warrant l’importo precedentemente iscritto nello Stato patrimoniale viene rilevato nel Conto economico complessivo come utile o perdita realizzati. | Contracts for difference
Contracts for difference are agreements between the Company and third parties, which allow the Company to acquire an exposure to the price movement of specific securities without actually purchasing the securities. The changes in contract values are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed. Realised and unrealised gains and losses on contracts for difference are recognised in the Statement of Comprehensive Income. At each valuation point the difference in price between the contract price of the contracts for difference and the market price of the underlying equity is recorded as the fair value (unrealised gain or loss) of the contracts for difference. When a contract for difference is closed the difference between the contract price of the contracts for difference and the market price is recorded as a realised fair value gain or loss in the Statement of Comprehensive Income.
Futures
Futures are contracts for delayed delivery of commodities in which the seller agrees to make delivery at a specific future date of a specific commodity, at a specified price or yield. Gains and losses on futures are recorded by the Sub-Funds based on market fluctuations and are recorded as realised or unrealised gains/(losses) or other income dependent upon settlement terms of the contracts held. Futures are valued at fair value based on the settlement price on the relevant valuation date.
Options
An option is a financial contract that gives an investor the right, but not the obligation, to either buy or sell an asset at a pre- determined price (known as the strike price) by a specified date (known as the expiration date). Options are valued at fair value based on the closing price on the relevant valuation date provided by the relevant counterparty.
The premium on written call options exercised is added to the proceeds from the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on written put options exercised is subtracted from the cost of the securities or foreign currencies purchased. Premiums received from written options, which expire unexercised, are treated as realised gains. For unsettled positions, unrealised gains or losses are recognised in the Statement of Comprehensive Income.
Swaps
Generally, a swap contract is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified notional amount of the underlying assets. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Equity swaps are valued based on the underlying security. OTC swaps are valued at fair value by an external vendor Markit.
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## Principal accounting policies (continued)
- Financial assets and liabilities at fair value through profit or loss (continued)Equity WarrantsWarrants are recorded as an asset or liability at their fair value on the Statement of Financial Position. Fair value as determined by the Administrator is the quoted market price as provided by electronic feed from one or more reputable price vendors. The change in fair value, if any, is recorded as an unrealised gain or loss in the Statement of Comprehensive Income. Realised gains or losses on warrants are shown in the Statement of Comprehensive Income. On the expiry of a warrant the amount previously recognised in the Statement of Financial Position is recognised in the Statement of Comprehensive Income as a realised gain or loss. | en | it |
DOLFIN3682 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subject to the provisions of the Acts, the UCITS Regulations, the Memorandum of Association of the Company and these Articles and to any directions by the Members given by Ordinary Resolution, not being inconsistent with these Articles or with the Acts, the business of the Company shall be managed by the Directors who may do all such acts and things and exercise all the powers of the Company as are not by the Acts or by these Articles required to be done or exercised by the Company in general meeting. No alteration of the Memorandum of Association of the Company or of these Articles and no direction made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or such direction had not been given. The powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.
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## Power to Delegate. | Sin perjuicio de las disposiciones de las Leyes, el Reglamento OICVM, la Escritura de Constitución de la Sociedad y los presentes Estatutos y de las instrucciones dadas por los Socios mediante Acuerdo Ordinario, y que no contradigan los presentes Estatutos o las Leyes, la gestión de los asuntos de la Sociedad se encomienda a los Consejeros, que harán todos los actos y cosas y ejercerán todas las facultades de la Sociedad cuyo ejercicio no esté reservado por las Leyes o los presentes Estatutos a la Junta General de la Sociedad. Ninguna modificación de la Escritura de Constitución de la Sociedad o de los presentes Estatutos y ninguna orden dictada por la Sociedad reunida en Junta General invalidarán ningún acto anterior de los Consejeros que hubiera sido válido de no haberse introducido la enmienda o dictado la orden. Las facultades otorgadas por el presente no quedarán limitadas o restringidas por ninguna facultad o poder especial otorgado a los Consejeros por los presentes Estatutos, y un Consejo de Administración con quórum puede ejercer todas las facultades que puedan ser ejercidas por los Consejeros.
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## Facultad de delegación. | Subject to the provisions of the Acts, the UCITS Regulations, the Memorandum of Association of the Company and these Articles and to any directions by the Members given by Ordinary Resolution, not being inconsistent with these Articles or with the Acts, the business of the Company shall be managed by the Directors who may do all such acts and things and exercise all the powers of the Company as are not by the Acts or by these Articles required to be done or exercised by the Company in general meeting. No alteration of the Memorandum of Association of the Company or of these Articles and no direction made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or such direction had not been given. The powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors.
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## Power to Delegate. | en | es |
DOLFIN3683 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Key Information Document
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
zCapital Swiss ESG Fund A Klasse
ISIN: CH0592732678 | Basisinformationsblatt
Dieses Informationsblatt stellt Ihnen wesentliche Informationen über dieses Anlageprodukt zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
zCapital Swiss ESG Fund A Klasse
ISIN: CH0592732678 | Key Information Document
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
zCapital Swiss ESG Fund A Klasse
ISIN: CH0592732678 | en | de |
DOLFIN3684 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Board shall have power to impose such restrictions as it may think necessary for the purpose of ensuring that no Shares in the Corporation are acquired or held by:
- any person in breach of the law or requirement of any country or governmental authority; or
- any person in circumstances which in the opinion of the Board might result in the Corporation incurring any liability to taxation or suffering any other pecuniary disadvantage which the Corporation might not otherwise have incurred or suffered; or
- any person in circumstances which, in the opinion of the Board, may cause detriment to the Corporation or to the shareholders. | # Le Conseil peut imposer toutes restrictions qu’il estime nécessaires afin d’assurer qu’aucune Action de la Société n’est acquise ou détenue par :
- une quelconque personne en infraction avec la loi ou les exigences d’un pays ou d’une autorité gouvernementale ; ou
- une quelconque personne si, de l’avis du Conseil, les circonstances sont telles que la Société pourrait encourir une obligation fiscale ou subir tout autre désavantage pécuniaire que la Société n’aurait autrement pas encouru ou subi ; ou
- une quelconque personne si, de l’avis du Conseil, les circonstances sont telles que la Société ou ses actionnaires pourraient subir un préjudice. | # The Board shall have power to impose such restrictions as it may think necessary for the purpose of ensuring that no Shares in the Corporation are acquired or held by:
- any person in breach of the law or requirement of any country or governmental authority; or
- any person in circumstances which in the opinion of the Board might result in the Corporation incurring any liability to taxation or suffering any other pecuniary disadvantage which the Corporation might not otherwise have incurred or suffered; or
- any person in circumstances which, in the opinion of the Board, may cause detriment to the Corporation or to the shareholders. | en | fr |
DOLFIN3685 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# This credit risk is controlled by a qualitative analysis carried out by the team of credit analysts on the evaluation of companies’ solvency.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Emerging markets risk: the operating and supervision conditions of emerging markets may deviate from the standards prevailing on the major international markets, and price variations may be high.
- Risk associated with high-yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Liquidity risk: the markets in which the fund participates may occasionally be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Currency risk: currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. For units denominated in a currency other than the euro, the currency risk linked to fluctuations in the euro versus the valuation currency is residual thanks to systematic hedging. This hedging may generate a performance differential between units in different currencies.
- Counterparty risk: counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to it through over- the-counter financial contracts agreed with various counterparties. In order to reduce the fund’s exposure to counterparty risk, the management company may establish financial guarantees in favour of the fund.
- Risk associated with investment in contingent convertible bonds (CoCos): risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur. Liquidity risk: as with the high yield bond market, the liquidity of contingent convertible bonds may be affected significantly in the event of market turmoil.
- Risk associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received. | # Das Kreditrisiko wird durch eine qualitative Analyse der Solvabilitätsbewertung der Unternehmen überwacht (durch das Kreditanalystenteam).
- Kapitalverlustrisiko:Das Portfolio wird mit Ermessensspielraum verwaltet und es besteht weder eine Garantie noch ein Schutz des investierten Kapitals. Der Kapitalverlust tritt ein, wenn ein Anteil zu einem Preis verkauft wird, der unter dem Kaufpreis liegt.
- Risiko in Verbindung mit Schwellenländern: Die Handels- und Aufsichtsbedingungen an diesen Schwellenmärkten können von den an den großen internationalen Finanzplätzen geltenden Standards abweichen und die Kursschwankungen können hier hoch sein.
- Risiko im Zusammenhang mit spekulativen Wertpapieren: Ein Wertpapier wird als „spekulativ“ bezeichnet, wenn sein Rating unterhalb von „Investment Grade“ liegt. Der Wert dieser als „spekulativ“ eingestuften Anleihen kann in stärkerem Maße und schneller abnehmen als der anderer Anleihen und sich negativ auf den Nettoinventarwert des Fonds auswirken, d.h. der Nettoinventarwert kann sich verringern.
- Liquiditätsrisiko: An den Märkten, an denen der Fonds tätig wird, kann es gelegentlich zu einem zeitweiligen Liquiditätsmangel kommen. Diese Marktstörungen können die Preisbedingungen beeinträchtigen, zu denen der Fonds gegebenenfalls Positionen auflösen, aufbauen oder verändern muss.
- Währungsrisiko: Das Währungsrisiko des Fonds ist durch seine Anlagen und durch den Einsatz von Terminfinanzinstrumenten mit dem Exposure in einer Währung verbunden, die nicht die Bewertungswährung des Fonds ist. Bei Anteilen, die auf eine andere Währung als den Euro lauten, verbleibt aufgrund der systematischen Risikoabsicherung ein Restrisiko von Kursschwankungen des Euro gegenüber der Bewertungswährung. Diese Deckung kann zu einer Abweichung der Wertentwicklung von auf unterschiedliche Währungen lautenden Anteilen führen.
- Ausfallrisiko: Das Ausfallrisiko misst den möglichen Verlust für den Fall, dass eine Gegenpartei bei außerbörslichen Finanzkontrakten oder bei befristeten Käufen und Abtretungen von Wertpapieren ihren vertraglichen Pflichten nicht nachkommen kann. Der Fonds ist diesem Risiko durch außerbörsliche Finanzkontrakte ausgesetzt, die mit verschiedenen Gegenparteien abgeschlossen werden. Die Verwaltungsgesellschaft kann zugunsten des Fonds eine Garantie hinterlegen, um das Ausfallrisiko des Fonds zu reduzieren.
- Risiko in Zusammenhang mit der Anlage in „Contingent Convertible“-Anleihen (CoCos): Risiko in Verbindung mit der Auslösungsschwelle: Diese Wertpapiere haben die für sie typischen Merkmale. Das Eintreten des auslösenden Ereignisses kann eine Umwandlung in Aktien oder eine vorübergehende oder dauerhafte Herabschreibung der gesamten Schuldverschreibung oder eines Teils davon zur Folge haben. Das Umwandlungsrisiko kann sich zum Beispiel entsprechend dem Abstand zwischen einer Kapitalquote des Emittenten und einer im Emissionsprospekt festgelegten Schwelle ändern. Risiko des Kuponverlusts: Bei bestimmten Arten von CoCos liegen Kuponzahlungen im Ermessen des Emittenten und können von diesem gekündigt werden. Risiko in Verbindung mit der Komplexität des Instruments: Da diese Wertpapiere noch relativ neu sind, wurde ihr Verhalten in Stresszeiten noch nicht vollständig getestet. Risiko in Verbindung mit der aufgeschobenen Rückzahlung und/oder Nicht-Rückzahlung: Contingent-Convertible-Anleihen sind ewige Anleihen, die nurmit der Zustimmung der zuständigen Aufsichtsbehörde in der vorher festgelegten Höhe rückzahlbar sind. Kapitalstrukturrisiko: Konträr zur klassischen Kapitalhierarchie können Anleger in dieser Art von Instrumenten einen Kapitalverlust erleiden, wohingegen Eigenkapitalgebern desselben Emittenten keine Verluste entstehen. Liquiditätsrisiko: Wie auch auf dem Markt für hochverzinsliche Anleihen kann die Liquidität von „Contingent Convertible“-Anleihen in Phasen von Marktturbulenzen stark eingeschränkt sein.
- Risiko im Zusammenhang mit befristeten Käufen und Abtretungen von Wertpapieren: Die Nutzung dieser Transaktionen und die Verwaltung ihrer Garantien können mit bestimmten spezifischen Risiken verbunden sein, beispielsweise mit operationellen Risiken oder dem Verwahrungsrisiko. Daher kann sich die Nutzung dieser Transaktionen negativ auf den Nettoinventarwert des Fonds auswirken.
- Rechtliches Risiko: Hierbei handelt es sich um das Risiko einer unangemessenen Abfassung der mit Gegenparteien im Rahmen des/der befristeten Erwerbs/Abtretung von Wertpapieren oder mit Gegenparteien der OTC-Terminkontrakte abgeschlossenen Verträge.
- Risiko im Zusammenhang mit der Weiterverwendung finanzieller Garantien: Der Fonds beabsichtigt nicht, erhaltene finanzielle Garantien weiterzuverwenden. Sollte dies jedoch der Fall sein, besteht das Risiko, dass der sich hieraus ergebende Wert geringer ist als der ursprünglich erhaltene Wert. | # This credit risk is controlled by a qualitative analysis carried out by the team of credit analysts on the evaluation of companies’ solvency.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Emerging markets risk: the operating and supervision conditions of emerging markets may deviate from the standards prevailing on the major international markets, and price variations may be high.
- Risk associated with high-yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Liquidity risk: the markets in which the fund participates may occasionally be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Currency risk: currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. For units denominated in a currency other than the euro, the currency risk linked to fluctuations in the euro versus the valuation currency is residual thanks to systematic hedging. This hedging may generate a performance differential between units in different currencies.
- Counterparty risk: counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to it through over- the-counter financial contracts agreed with various counterparties. In order to reduce the fund’s exposure to counterparty risk, the management company may establish financial guarantees in favour of the fund.
- Risk associated with investment in contingent convertible bonds (CoCos): risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur. Liquidity risk: as with the high yield bond market, the liquidity of contingent convertible bonds may be affected significantly in the event of market turmoil.
- Risk associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received. | en | de |
DOLFIN3686 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# An unexplored land of potential
Our fund´s concept is based on four pillars aiming to create sus- tainable value2:
- Challenge: we assess companies facing meaningful fun- damental risks in the transition to a sustainable economy
- Opportunity: we select underappreciated opportunities which have an attractive valuation and the potential to become relevant in the low carbon future
- Engagement: we engage with companies to drive for- ward the necessary strategic and operational changes that will unlock their potential
- Outcomes: make a tangible difference in the world by helping companies in curbing real-world emissionsOn a broader perspective, we do not aim to invest in compa- nies that are already recognised as climate leaders and today’s solution providers. We are rather searching for those companies which are in the area of potential – businesses that have a con- tinued role in a low-carbon economy that require the guidance to further their green transition and communicate it to the market. | # Una terra inesplorata di potenziale
Il concetto della nostra strategia si basa su quattro pilastri volti a creare valore sostenibile2:
- Sfida: valutiamo le aziende che devono affrontare rischi fondamentali significativi nella transizione verso un’econo- mia sostenibile
- Opportunità: selezioniamo opportunità sottoprezzate che hanno una valutazione attraente e il potenziale per diven- tare rilevanti nel futuro a basse emissioni di carbonio
- Engagement: ci impegniamo con le aziende per portare avanti i necessari cambiamenti strategici e operativi che sbloccheranno il potenziale delle aziende
- Risultati: Fare una differenza tangibile nel mondo aiu- tando le aziende a contenere le emissioni realiIn una prospettiva più ampia, non intendiamo investire in aziende già riconosciute come leader del clima e fornitori di soluzioni di oggi. Stiamo piuttosto cercando quelle aziende che si trovano nel settore che esibisce potenziale, ovvero imprese che hannoun ruolo continuo in un’economia a basse emissioni di carbonio che richiedono la guida per promuovere la loro transizione verde e comunicarla al mercato. | # An unexplored land of potential
Our fund´s concept is based on four pillars aiming to create sus- tainable value2:
- Challenge: we assess companies facing meaningful fun- damental risks in the transition to a sustainable economy
- Opportunity: we select underappreciated opportunities which have an attractive valuation and the potential to become relevant in the low carbon future
- Engagement: we engage with companies to drive for- ward the necessary strategic and operational changes that will unlock their potential
- Outcomes: make a tangible difference in the world by helping companies in curbing real-world emissionsOn a broader perspective, we do not aim to invest in compa- nies that are already recognised as climate leaders and today’s solution providers. We are rather searching for those companies which are in the area of potential – businesses that have a con- tinued role in a low-carbon economy that require the guidance to further their green transition and communicate it to the market. | en | it |
DOLFIN3687 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 6 sur 7, qui est la deuxième catégorie de risque le plus élevé.
Le Fonds est exposé aux risques associés aux sociétés axées sur la technologie, lesquelles sont particulièrement vulnérables aux évolutions rapides de la technologie (qui peuvent accélérer l’obsolescence d’un produit), aux réglementations et à la concurrence qui peuvent donner lieu à une incidence négative sur leur valeur.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | # ¿Qué riesgos corro y qué podría obtener a cambio?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Normalmente menor remuneración Normalmente mayor remuneración Menor riesgo Mayor riesgo El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero. 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 6 en una escala de 7, que es el segundo riesgo más alto.
El Fondo está sujeto a los riesgos asociados con las empresas tecnológicas que son especialmente vulnerables a la rápida evolución tecnológica (que puede dejar sus productos obsoletos), la regulación pública y la competencia, que podrían afectar negativamente a su valor.
El valor del Fondo puede verse afectado por riesgos que no capta el indicador resumido de riesgo, como el impago de una contraparte, el custodio o el emisor, los riesgos relativos al proveedor del índice y los propios del uso de derivados. | # Quel est le risque et qu’est-ce que cela pourrait me rapporter ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
| Rendements généralement plus faibles Rendements généralement plus élevés Risque plus faible Risque plus élevé L’indicateur de risque suppose que vous conservez le produit pendant 5 ans. Le risque réel peut varier considérablement si vous en sortez à un stade précoce et si vous pouvez récupérer moins. Il se peut que vous ne puissiez pas vendre facilement votre produit ou que vous deviez vendre à un prix qui influe considérablement sur le montant que vous obtenez. |
L’indicateur synthétique de risque est un guide du niveau de risque de ce produit par rapport à d’autres produits. Il montre la probabilité que le produit perde de l’argent en raison de mouvements sur les marchés ou parce que nous ne sommes pas en mesure de vous payer.
Nous avons classé ce produit dans la catégorie 6 sur 7, qui est la deuxième catégorie de risque le plus élevé.
Le Fonds est exposé aux risques associés aux sociétés axées sur la technologie, lesquelles sont particulièrement vulnérables aux évolutions rapides de la technologie (qui peuvent accélérer l’obsolescence d’un produit), aux réglementations et à la concurrence qui peuvent donner lieu à une incidence négative sur leur valeur.
La valeur du Fonds peut être affectée par des risques non inclus dans L’ISR, y compris la défaillance d’une contrepartie, d’un dépositaire, d’un émetteur ou d’un fournisseur d’indice et l’utilisation de produits dérivés. | fr | es |
DOLFIN3688 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Financial derivative instruments
Financial derivative instruments, including equivalent cash-settled instruments that are traded on one of the Regulated Markets designated under section 1, or financial derivative instruments that are not traded on a stock exchange ("OTC derivatives"), may be acquired, provided that
- the underlying assets are instruments as referred to in sections 1 through 6, or are financial indexes, interest rates, exchange rates, or currencies, in which a sub-fund is authorized to invest pursuant to its investment objectives.
- the counterparties in OTC derivative transactions are establishments subject to official prudential supervision and belong to categories authorized by the CSSF, and
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and are capable of being sold, liquidated, or closed by an offsetting transaction at any time at their fair value, at the initiative of the sub-fund in question.
- | # Abgeleitete Finanzinstrumente - Derivate
Es können abgeleitete Finanzinstrumente, einschließlich gleichwertiger bar abgerechneter Instrumente, die an einem der in Nummer 1 bezeichneten geregelten Märkte gehandelt werden, oder abgeleitete Finanzinstrumente, die nicht an einer Börse gehandelt werden („OTC-Derivate“) erworben werden, sofern
- es sich bei den Basiswerten um Instrumente im Sinne der Nummern 1 bis6 oder um Finanzindizes, Zinssätze, Wechselkurse oder Währungen handelt, in die ein Teilfonds gemäß seinen Anlagezielen investieren darf,
- die Gegenparteien bei Geschäften mit OTC-Derivaten einer behördlichen Aufsicht unterliegende Institute der Kategorien sind, die von der CSSF zugelassen wurden, und
- die OTC-Derivate einer zuverlässigen und überprüfbaren Bewertung auf Tagesbasis unterliegen und jederzeit auf Initiative des betroffenen Teilfonds zum angemessenen Zeitwert veräußert, liquidiert oder durch ein Gegengeschäft glattgestellt werden können.
- | # Financial derivative instruments
Financial derivative instruments, including equivalent cash-settled instruments that are traded on one of the Regulated Markets designated under section 1, or financial derivative instruments that are not traded on a stock exchange ("OTC derivatives"), may be acquired, provided that
- the underlying assets are instruments as referred to in sections 1 through 6, or are financial indexes, interest rates, exchange rates, or currencies, in which a sub-fund is authorized to invest pursuant to its investment objectives.
- the counterparties in OTC derivative transactions are establishments subject to official prudential supervision and belong to categories authorized by the CSSF, and
- the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and are capable of being sold, liquidated, or closed by an offsetting transaction at any time at their fair value, at the initiative of the sub-fund in question.
- | en | de |
DOLFIN3689 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Russian-Ukraine Conflict
Due to the current market disruption created by the Russian-Ukraine conflict and deteriorating tradability of Russian Shares and GDRs, dissemination of the Reference Index for the Invesco RDX UCITS ETF has been suspended. As a result, the Directors of Invesco Markets plc based on the advice of the promoter and investment manager have determined that it is in the best interests of the shareholders to suspend calculation of the Net Asset Value (“NAV”) and to suspend creations and redemption of shares in the Fund with effect from 2 March 2022. We continue to monitor the situation but cannot provide any guidance at this time as to when or if the suspension will be lifted. The Board have agreed that all management fees be waived from the date of suspension.
No other funds had any net economic Russian exposure, with the exception of Invesco MSCI Emerging Markets UCITS ETF and Invesco Goldman Sachs Equity Factor Index Emerging Markets UCITS ETF (both of which had immaterial Russian exposures on their index returns), and the above Invesco RDX UCITS ETF. By the synthetic strategy of the funds, and the mechanism of the outperformance swap in place, the return in Russian equities is swapped out for the return on the index, further mitigating the fund’s exposure and maintaining effective tracking error. The above Russian exposures are not material to the Company as a whole. | ## Konflikt zwischen Russland und der Ukraine
Wegen der derzeitigen Marktstörungen, die durch den Konflikt zwischen Russland und der Ukraine ausgelöst wurden, und der Verschlechterung der Handelbarkeit russischer Aktien und GDRs wurde die Verbreitung des Referenzindex für den Invesco RDX UCITS ETF ausgesetzt. Infolgedessen hat der Verwaltungsrat von Invesco Markets plc auf Anraten des Promoters und des Anlageverwalters beschlossen, dass es im besten Interesse der Anteilsinhaber ist, die Berechnung des Nettoinventarwerts („NIW“) sowie die Zeichnung und Rücknahme von Anteilen des Fonds ab dem 2. März 2022 auszusetzen. Wir behalten die Situation im Auge, können derzeit jedoch keine Angaben dazu machen, wann oder ob diese Aussetzung aufgehoben wird. Der Verwaltungsrat hat beschlossen, ab dem Datum der Aussetzung auf jedwede Managementgebühr zu verzichten.
Mit Ausnahme des Invesco MSCI Emerging Markets UCITS ETF und des Invesco Goldman Sachs Equity Factor Index Emerging Markets UCITS ETF (die jeweils ein unwesentliches Russland- Engagement in ihren Indexrenditen aufwiesen) sowie des Invesco RDX UCITS ETF hatten keine anderen Fonds ein wirtschaftliches Nettoengagement in russischen Anlagewerten. Durch die synthetische Strategie der Fonds und den Mechanismus des Outperformance-Swaps wird die Rendite russischer Aktien gegen die Rendite des Index getauscht, wodurch das Risiko des Fonds weiter verringert und der tatsächliche Tracking Error aufrechterhalten wird. Die oben genannten Engagements in Russland sind für die Gesellschaft als Ganzes nicht wesentlich. | ## Russian-Ukraine Conflict
Due to the current market disruption created by the Russian-Ukraine conflict and deteriorating tradability of Russian Shares and GDRs, dissemination of the Reference Index for the Invesco RDX UCITS ETF has been suspended. As a result, the Directors of Invesco Markets plc based on the advice of the promoter and investment manager have determined that it is in the best interests of the shareholders to suspend calculation of the Net Asset Value (“NAV”) and to suspend creations and redemption of shares in the Fund with effect from 2 March 2022. We continue to monitor the situation but cannot provide any guidance at this time as to when or if the suspension will be lifted. The Board have agreed that all management fees be waived from the date of suspension.
No other funds had any net economic Russian exposure, with the exception of Invesco MSCI Emerging Markets UCITS ETF and Invesco Goldman Sachs Equity Factor Index Emerging Markets UCITS ETF (both of which had immaterial Russian exposures on their index returns), and the above Invesco RDX UCITS ETF. By the synthetic strategy of the funds, and the mechanism of the outperformance swap in place, the return in Russian equities is swapped out for the return on the index, further mitigating the fund’s exposure and maintaining effective tracking error. The above Russian exposures are not material to the Company as a whole. | en | de |
DOLFIN3690 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Common Reporting Standard (CRS) pursuant to Directive 2014/107/EU has been implemented into the Luxembourg Law of 18 December 2015 on the automatic exchange of information on financial accounts in tax issues (hereinafter: CRS law). Pursuant to the current Luxembourg CRS provisions, the Company qualifies as a financial institution and is required to collect information on the financial accounts of investors and to report it to the competent authorities as necessary.
Each investor declares that he is prepared to make corresponding voluntary disclosures to the Company for FATCA and CRS purposes, and to provide it with any further documents that may be required (such as W8 tax forms). If there is a change in the information provided, the investor must inform the Company without delay (i.e. within 30 days) by sending a corresponding updated form to it.
Should the Company become subject to withholding tax or to reporting requirements or suffer any other loss due to an investor's failure to comply with FATCA or CRS, the Company reserves the right, notwithstanding other rights, to make claims for damages against the investor concerned. | La norme de déclaration commune (Common Reporting Standard, CRS) visée par la directive 2014/107/UE est mise en œuvre dans la loi luxembourgeoise du 18 décembre 2015 portant sur l'échange automatique d'informations sur les comptes financiers en matière fiscale (ci-après « loi CRS »). Conformément aux dispositions CRS actuellement en vigueur au Luxembourg, la Société possède le statut d'institution financière et est tenue de recueillir des informations sur les comptes financiers des investisseurs et, le cas échéant, de les communiquer aux autorités compétentes.
Tout investisseur se déclare prêt à fournir à la Société des renseignements personnels aux fins de FATCA et CRS et, le cas échéant, d'autres documents utiles (formulaires fiscaux W8 p. ex.). En cas de modification des renseignements fournis, l'investisseur devra en aviser la Société dans les plus brefs délais (sous 30 jours) en lui faisant parvenir le formulaire correspondant actualisé.
Si la Société, suite à un défaut de conformité à la règlementation FATCA ou à la norme CRS d'un investisseur, était contrainte de payer une retenue à la source ou de produire un rapport ou venait à subir un autre préjudice, la Société se réserve le droit, sans préjudice des autres droits, de demander des dommages-intérêts à l'investisseur concerné.
En cas de question au sujet de FATCA/CRS ou du statut FATCA de la Société, il est recommandé aux investisseurs actuels et potentiels de consulter leur conseiller fiscal ou juridique. | The Common Reporting Standard (CRS) pursuant to Directive 2014/107/EU has been implemented into the Luxembourg Law of 18 December 2015 on the automatic exchange of information on financial accounts in tax issues (hereinafter: CRS law). Pursuant to the current Luxembourg CRS provisions, the Company qualifies as a financial institution and is required to collect information on the financial accounts of investors and to report it to the competent authorities as necessary.
Each investor declares that he is prepared to make corresponding voluntary disclosures to the Company for FATCA and CRS purposes, and to provide it with any further documents that may be required (such as W8 tax forms). If there is a change in the information provided, the investor must inform the Company without delay (i.e. within 30 days) by sending a corresponding updated form to it.
Should the Company become subject to withholding tax or to reporting requirements or suffer any other loss due to an investor's failure to comply with FATCA or CRS, the Company reserves the right, notwithstanding other rights, to make claims for damages against the investor concerned. | en | fr |
DOLFIN3691 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 9160 EUR | 8590 EUR |
| Rendement annuel moyen | -8.40% | -4.94% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9210 EUR | 8910 EUR |
| Rendement annuel moyen | -7.90% | -3.77% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10170 EUR | 10720 EUR |
| Rendement annuel moyen | 1.70% | 2.34% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12300 EUR | 13060 EUR |
| Rendement annuel moyen | 23.00% | 9.31% |
| Montant investi au fil du temps | 10000 EUR | | | | En caso de salida después de 1 En caso de salida después de 3 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 9160 EUR | 8590 EUR |
| Rendimiento medio cada año | -8.40% | -4.94% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9210 EUR | 8910 EUR |
| Rendimiento medio cada año | -7.90% | -3.77% |
| Moderado | Lo que podría recibir tras deducir los costes | 10170 EUR | 10720 EUR |
| Rendimiento medio cada año | 1.70% | 2.34% |
| Favorable | Lo que podría recibir tras deducir los costes | 12300 EUR | 13060 EUR |
| Rendimiento medio cada año | 23.00% | 9.31% |
| Importe invertido a lo largo del tiempo | 10000 EUR | | | | Si vous sortez après 1 an Si vous sortez après 3 ans Scénarios |
| --- |
| Minimum | Il n'existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 9160 EUR | 8590 EUR |
| Rendement annuel moyen | -8.40% | -4.94% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9210 EUR | 8910 EUR |
| Rendement annuel moyen | -7.90% | -3.77% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10170 EUR | 10720 EUR |
| Rendement annuel moyen | 1.70% | 2.34% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12300 EUR | 13060 EUR |
| Rendement annuel moyen | 23.00% | 9.31% |
| Montant investi au fil du temps | 10000 EUR | | | fr | es |
DOLFIN3692 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Jupiter Global Fund – Jupiter Global Sovereign Opportunities
Facilities according to Art. 92(1) a) of the Directive 2009/65/EC (as amended by the Directive (EU) 2019/1160) are available from the Administrator:
Citibank Europe plc, Luxembourg Branch is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders.
Citibank Europe plc, Luxembourg Branch 31 Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg
Email address: [email protected]
The following facilities according to Art. 92(1) b) to e) of the Directive 2009/65/EC (as amended by the Directive (EU) 2019/1160) are available from www.eifs.lu/jupiteram:
- Information on how orders (subscription, repurchase and redemption) can be made and how repurchase and redemption proceeds are paid;
- information and access to procedures and arrangements related to investors’ rights and complaints handling;
- information in relation to the tasks performed by the facilities in a durable medium;
- the latest sales prospectus, the articles of association, the annual and semi-annual reports, as well as the key investor information documents.
Applications for the redemptions and conversion of Shares may be sent to Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg (the “Administrator”).
All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the Administrator.
Any notices to Shareholders will be sent via letters. Additionally, in the following cases a publication on www.jupiteram.com will be made:
- suspension of the redemption of the Shares;
- termination of the investment management agreement or its winding-up;
- amendments to the Articles which are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or reimbursement of expenses that may be taken out of the Company’s assets;
- the merger of the Company in the form of information on the proposed merger which must be drawn up in accordance with Article 43 of UCITS Directive; and
- the conversion of the Company into a feeder fund or any change to a master fund in the form of information which must be drawn up in accordance with Article 64 of UCITS Directive. | # The Jupiter Global Fund – Jupiter Global Sovereign Opportunities
Les facilités prévues par l’article 92, paragraphe 1, sous a) de la directive 2009/65/CE (telle que modifiée par la directive (UE) 2019/1160) sont disponibles auprès de l’Agent administratif :
Citibank Europe plc, Luxembourg Branch est responsable du traitement des ordres de souscription, de rachat et de remboursement et de l’exécution d’autres paiements en faveur des Actionnaires.
Citibank Europe plc, Luxembourg Branch 31 Z.A. Bourmicht, L-8070 Bertrange, Grand-Duché de Luxembourg
Adresse e-mail : [email protected]
Les facilités suivantes prévues par l’article 92, paragraphe 1, sous b) à e) de la directive 2009/65/CE (telle que modifiée par la directive (UE) 2019/1160) sont disponibles sur le site www.eifs.lu/jupiteram: :
- Informations relatives à la manière dont les ordres de souscription, de rachat et de remboursement peuvent être passés et aux modalités de versement des recettes provenant de rachats et de remboursements ;
- informations et accès aux procédures relatives aux droits des investisseurs et au traitement des réclamations ;
- informations relatives aux tâches exécutées par les facilités sur un support durable ;
- le prospectus de vente le plus récent, les statuts, les rapports semestriels et annuels ainsi que les documents d’information clés pour l’investisseur.
Les demandes de rachat et de conversion d'actions peuvent être adressées à Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand-Duché de Luxembourg (l '«Agent Administrateur»).
Tous les paiements aux investisseurs, y compris le produit du rachat et les distributions potentielles, peuvent, sur demande, être payés par l'intermédiaire de l'Agent Administratif.
Tous les avis aux Actionnaires sont envoyés par courrier écrit. En outre, dans les cas suivants, un avis sera publié dans la version électronique sur www.jupiteram.com:
- suspension du rachat des Actions ;
- résiliation ou liquidation du Contrat de gestion de portefeuille ;
- modification des Statuts incohérente avec les principes d’investissement existants, affectant les droits importants des investisseurs ou concernant la rémunération ou le remboursement des dépenses pouvant être acquittées à partir des actifs de la Société ;
- fusion de la Société, sous forme d’informations concernant la fusion envisagée devant être rédigées conformément à l’article 43 de la Directive OPCVM ; et
- conversion de la Société en un fonds nourricier, ou tout changement apporté à un fonds maître, sous forme d’informations devant être rédigées conformément à l’article 64 de la Directive OPCVM. | # The Jupiter Global Fund – Jupiter Global Sovereign Opportunities
Facilities according to Art. 92(1) a) of the Directive 2009/65/EC (as amended by the Directive (EU) 2019/1160) are available from the Administrator:
Citibank Europe plc, Luxembourg Branch is responsible for processing subscription, repurchase and redemption orders and making other payments to Shareholders.
Citibank Europe plc, Luxembourg Branch 31 Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg
Email address: [email protected]
The following facilities according to Art. 92(1) b) to e) of the Directive 2009/65/EC (as amended by the Directive (EU) 2019/1160) are available from www.eifs.lu/jupiteram:
- Information on how orders (subscription, repurchase and redemption) can be made and how repurchase and redemption proceeds are paid;
- information and access to procedures and arrangements related to investors’ rights and complaints handling;
- information in relation to the tasks performed by the facilities in a durable medium;
- the latest sales prospectus, the articles of association, the annual and semi-annual reports, as well as the key investor information documents.
Applications for the redemptions and conversion of Shares may be sent to Citibank Europe plc, Luxembourg Branch, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg (the “Administrator”).
All payments to investors, including redemption proceeds and potential distributions, may, upon request, be paid through the Administrator.
Any notices to Shareholders will be sent via letters. Additionally, in the following cases a publication on www.jupiteram.com will be made:
- suspension of the redemption of the Shares;
- termination of the investment management agreement or its winding-up;
- amendments to the Articles which are inconsistent with existing investment principles, affect material investor rights, or relate to remuneration or reimbursement of expenses that may be taken out of the Company’s assets;
- the merger of the Company in the form of information on the proposed merger which must be drawn up in accordance with Article 43 of UCITS Directive; and
- the conversion of the Company into a feeder fund or any change to a master fund in the form of information which must be drawn up in accordance with Article 64 of UCITS Directive. | en | fr |
DOLFIN3693 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Article 5 - the Management Company
The Fund is managed by the Management Company in accordance with the Fund’s investment objectives.
the Management Company shall act in all circumstances in the exclusive interest of the unitholders and shall have the exclusive right to exercise the voting rights attached to the securities held in the Fund. | #### Articolo 5 - La società di gestione
La gestione del fondo viene garantita dalla società di gestione in conformità all'orientamento definito per il fondo.
La Società di gestione agisce in qualsiasi circostanza nell'interesse esclusivo dei detentori di quote e può esercitare solo i diritti di voto associati ai titoli compresi nel Fondo. | #### Article 5 - the Management Company
The Fund is managed by the Management Company in accordance with the Fund’s investment objectives.
the Management Company shall act in all circumstances in the exclusive interest of the unitholders and shall have the exclusive right to exercise the voting rights attached to the securities held in the Fund. | en | it |
DOLFIN3694 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SUMMARY OF SHARES
Details of the available Classes are set out below. Additional Classes may be added in the future in accordance with the requirements of the Central Bank. Where a Class is denominated in a currency other than the Base Currency, it is intended that the currency exposure of that Class to the Base Currency of the Sub-Fund will be hedged to the relevant Reference Currency set out in the tables below, as set out under “Share Class Hedging” in the Prospectus.
Shares are freely transferable subject to and in accordance with the provisions of the Articles and as set out in the Prospectus.
The Directors may in their sole discretion waive the minimum initial subscription, minimum subsequent subscription and/or minimum holding amounts from time to time. | # SYNTHÈSE SUR LES CATÉGORIES D’ACTIONS
Les caractéristiques des Catégories disponibles sont présentées ci-dessous. Des Catégories supplémentaires peuvent être créées à l’avenir conformément aux exigences de la Banque Centrale. Lorsqu’une Catégorie est libellée dans une devise autre que la Devise de base, il est prévu que l’exposition au risque de change de cette Catégorie exprimée dans la Devise de base du Compartiment soit couverte vis-à-vis de la Devise de référence correspondante qui est indiquée dans les tableaux ci-dessous et ainsi qu’il est décrit dans la section « Couverture de Catégorie d’Actions » du Prospectus.
Les Actions sont librement cessibles sous réserve de et conformément aux dispositions des Statuts et selon les modalités décrites dans le Prospectus.
De temps à autre, le Conseil d’administration peut, à sa seule discrétion, renoncer à l’application du montant minimum de souscription initiale, de souscription postérieure et/ou des seuils de souscription. | # SUMMARY OF SHARES
Details of the available Classes are set out below. Additional Classes may be added in the future in accordance with the requirements of the Central Bank. Where a Class is denominated in a currency other than the Base Currency, it is intended that the currency exposure of that Class to the Base Currency of the Sub-Fund will be hedged to the relevant Reference Currency set out in the tables below, as set out under “Share Class Hedging” in the Prospectus.
Shares are freely transferable subject to and in accordance with the provisions of the Articles and as set out in the Prospectus.
The Directors may in their sole discretion waive the minimum initial subscription, minimum subsequent subscription and/or minimum holding amounts from time to time. | en | fr |
DOLFIN3695 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# MARKET COMMENT (BASED ON THE SICAV REFERENCE CURRENCY)
The European equity market continued to rebound in November, supported by the expectation that central banks may moderate their pace of rate hikes. However, the Riksbank delivered an aggres- sive 75-bps rate increase and the BoE made hawkish statements. Other tailwinds came from the re-opening of the Chinese economy, hopes for a potential pivot of the Zero-Covid Policy and, on the Russian-Ukrainian front, Russian troop withdrawal from Kherson, which generated hopes for negotiation talks. Macro data reinforced contraction expectations but also provided some encouraging signs for Eurozone inflation and business confidence. Energy prices remained in focus as policymakers were negotiating price caps on natural gas, which failed on month-end, and on Russian oil, which just closed with an agreement at $60 on December 1. Analysts note gas is even more essential to Europe than oil, so avoiding market disruptions remains paramount. By sector, Semiconductors, Consumer Durables and Retailing outperformed the most while Commercial Services (the only negative sector, dropping by a small 0.4%), Telecommunication and Consumer Services underperformed. In terms of style, Low Risk equities underperformed in an up-market environment, while Quality and Growth outpaced their counterparts. Value stocks were roughly flat, while small cap stocks underperformed.
In November, the fund increased by 4.97% (in EUR terms), underperforming its benchmark by 338bp (in EUR terms). The MSCI EMU Net Return EUR ended the month up by 8.35%. The fund records a negative YTD performance of -14.17%, strongly underperforming its benchmark by 483bp.
From an industry group point of view, both allocation and stock selection had a negative impact on performance. The overweight in Commercial Services (-58bp) and the underweight in Semiconductors (-62bp) detracted the most. On the other hand, the underweight in Capital Goods (13bp) and Pharmaceuticals (13bp) added the most to excess returns. Our selection in Real Estate (-25bp) and Household Products (-25bp) underperformed. On the contrary, our selection in Commercial Services (28bp) and Pharmaceuticals (15bp) generated relative gains.
From a country perspective, both stock selection and allocation had a negative impact on performance. Our selection in the Netherlands (-136bp) and France (-33bp) detracted from relative performance. Our selection in Spain (20bp) produced relative gains. The overweight in Spain (-41bp) and Finland (-20bp) detracted the most from relative performance. Conversely, the underweight in France (9bp) and Ireland (4bp) was the largest contributor to relative performance.
With a positive impact of (22bp), SANOFI (not held in portfolio) was the largest contributor to relative performance. With a negative contribution of (52bp), underweight of ASML HOLDING NV was the top detractor from excess portfolio returns. | # COMMENTAIRE DE MARCHÉ (BASÉ SUR LA MONNAIE DE RÉFÉRENCE DU FONDS)
Le marché actions européen a poursuivi son rebond en novembre, soutenu par les anticipations d’un ralentissement du rythme des hausses de taux par les banques centrales. En revanche, la Riksbank a relevé ses taux de 75 pb de manière agressive et la BoE a tenu des propos agressifs. D’autres facteurs positifs sont venus de la réouverture de l’économie chinoise, des espoirs d’une potentielle réorientation de la politique de zéro Covid et, sur le front russo-ukrainien, du retrait des troupes russes de Kherson, qui a suscité des espoirs de négociations. Les données macroéconomiques ont renforcé les prévisions de contraction, mais ont également fourni des signes encourageants d’inflation et de confiance des entreprises dans la zone euro. Les prix de l’énergie sont restés au centre des préoccupations car les responsables politiques négociaient des prix plafonds pour le gaz naturel, qui a échoué en fin de mois, et pour le pétrole russe, qui vient de conclure un accord à 60 $ le 1 décembre. Les analystes notent que le gaz est encore plus essentiel pour l’Europe que le pétrole, d’où la nécessité d’éviter les perturbations de marché. En termes sectoriels, les semi-conducteurs, les biens de consommation durables et la distribution surperforment le plus tandis que les services commerciaux (le seul secteur négatif avec une légère baisse de 0,4%), les télécommunications et les services de consommation sous-performent. En termes de style, les actions à faible risque ont sous-performé dans un environnement de marché haussier, tandis que les styles qualité et growth a devancé leurs homologues. Les actions value ont globalement stagné, tandis que les petites capitalisations ont sous-performé.
En novembre, le fonds a progressé de 4,97% (en EUR), sous-performant son indice de 338 pb (en EUR). L’indice MSCI EMU Net Return EUR a clôturé le mois en hausse de 8,35%. Le fonds enregistre une performance négative de -14,17% depuis le début de l’année, sous-performant son indice de 483 pb.
D’un point de vue sectoriel, l’allocation et la sélection de titres ont eu un impact négatif sur la performance. La surpondération des services commerciaux (-58 pb) et la sous-pondération des semi- conducteurs (-62 pb) ont été les plus préjudiciables. En revanche, la sous-pondération des biens d’équipement (13 pb) et de la pharmacie (13 pb) a le plus contribué aux rendements excédentaires. Notre sélection de titres dans l’immobilier (-25 pb) et les produits ménagers (-25 pb) a sous-performé. En revanche, notre sélection dans les services commerciaux (28 pb) et la pharmacie (15 pb) a généré des gains relatifs.
D’un point de vue géographique, la sélection de titres et l’allocation ont eu un impact négatif sur la performance. Notre sélection sur les Pays-Bas (-136 pb) et la France (-33 pb) a pesé sur la performance relative. Notre sélection en Espagne (20 pb) a généré des gains relatifs. La surpondération de l’Espagne (-41 pb) et de la Finlande (-20 pb) a été la plus préjudiciable à la performance relative. A l’inverse, la sous-pondération de la France (9 pb) et de l’Irlande (4 pb) a le plus contribué à la performance relative.
Avec un impact positif de (22 pb), SANOFI (non détenu en portefeuille) a généré la meilleure contribution à la performance relative. Avec une contribution négative de (52 pb), la sous-pondération d’ASML HOLDING NV a été le principal frein à la surperformance du portefeuille. | # MARKET COMMENT (BASED ON THE SICAV REFERENCE CURRENCY)
The European equity market continued to rebound in November, supported by the expectation that central banks may moderate their pace of rate hikes. However, the Riksbank delivered an aggres- sive 75-bps rate increase and the BoE made hawkish statements. Other tailwinds came from the re-opening of the Chinese economy, hopes for a potential pivot of the Zero-Covid Policy and, on the Russian-Ukrainian front, Russian troop withdrawal from Kherson, which generated hopes for negotiation talks. Macro data reinforced contraction expectations but also provided some encouraging signs for Eurozone inflation and business confidence. Energy prices remained in focus as policymakers were negotiating price caps on natural gas, which failed on month-end, and on Russian oil, which just closed with an agreement at $60 on December 1. Analysts note gas is even more essential to Europe than oil, so avoiding market disruptions remains paramount. By sector, Semiconductors, Consumer Durables and Retailing outperformed the most while Commercial Services (the only negative sector, dropping by a small 0.4%), Telecommunication and Consumer Services underperformed. In terms of style, Low Risk equities underperformed in an up-market environment, while Quality and Growth outpaced their counterparts. Value stocks were roughly flat, while small cap stocks underperformed.
In November, the fund increased by 4.97% (in EUR terms), underperforming its benchmark by 338bp (in EUR terms). The MSCI EMU Net Return EUR ended the month up by 8.35%. The fund records a negative YTD performance of -14.17%, strongly underperforming its benchmark by 483bp.
From an industry group point of view, both allocation and stock selection had a negative impact on performance. The overweight in Commercial Services (-58bp) and the underweight in Semiconductors (-62bp) detracted the most. On the other hand, the underweight in Capital Goods (13bp) and Pharmaceuticals (13bp) added the most to excess returns. Our selection in Real Estate (-25bp) and Household Products (-25bp) underperformed. On the contrary, our selection in Commercial Services (28bp) and Pharmaceuticals (15bp) generated relative gains.
From a country perspective, both stock selection and allocation had a negative impact on performance. Our selection in the Netherlands (-136bp) and France (-33bp) detracted from relative performance. Our selection in Spain (20bp) produced relative gains. The overweight in Spain (-41bp) and Finland (-20bp) detracted the most from relative performance. Conversely, the underweight in France (9bp) and Ireland (4bp) was the largest contributor to relative performance.
With a positive impact of (22bp), SANOFI (not held in portfolio) was the largest contributor to relative performance. With a negative contribution of (52bp), underweight of ASML HOLDING NV was the top detractor from excess portfolio returns. | en | fr |
DOLFIN3696 | 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 |
| --- | --- | --- | --- | --- | --- | --- |
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.
actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte. Ce fonds est considéré comme un fonds à gestion active en référence à l’Indice, du fait qu’il l’utilise pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice et assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
Les investissements peuvent également être liés à des pays de marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés mondiaux des titres à revenu fixe de qualité investment grade. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
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, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque de crédit et de défaut, le risque de taux d’intérêt et le risque de liquidité. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
interés. Cuanto mayor es la duración, mayor es la sensibilidad a las variaciones de los tipos de interés. Se considera que el fondo se gestiona de forma activa por referencia al Índice por el hecho de que se utiliza para medir la duración, calcular la exposición global del fondo aplicando la metodología del valor en riesgo (VaR) relativo y para realizar comparaciones de rentabilidad. Determinados valores en cartera del fondo pueden ser componentes del Índice o tener ponderaciones similares. Sin embargo, el Índice no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad, y el fondo podrá estar totalmente invertido en valores que no forman parte del Índice.
Las inversiones también pueden estar vinculadas a países de mercados emergentes que, en términos de inversión, son aquellas economías que no están plenamente desarrolladas. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Los activos que posee el fondo pueden estar denominados en una amplia variedad de divisas, y la exposición a divisas distintas del dólar estadounidense estará limitada al 20% de los activos totales. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad total mediante una combinación de ingresos y crecimiento del capital, que busca una exposición diversificada a los mercados mundiales de renta fija con grado de inversión y está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en este tipo de mercados, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión como «muy improbable».
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de crédito y de incumplimiento, el riesgo de tipos de interés y el riesgo de liquidez. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
actifs au risque de taux d’intérêt. Plus la duration est longue, plus la sensibilité aux variations des taux d’intérêt est forte. Ce fonds est considéré comme un fonds à gestion active en référence à l’Indice, du fait qu’il l’utilise pour mesurer la duration, calculer son exposition globale à l’aide de la méthode de la VàR relative et à des fins de comparaison de la performance. Certains des titres du fonds peuvent être des composantes de l’Indice et assortis de pondérations identiques à celles utilisées par ce dernier. Toutefois, l’Indice n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance et le fonds peut être totalement investi dans des titres qui ne sont pas des composantes de l’Indice.
Les investissements peuvent également être liés à des pays de marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises, avec une exposition de change hors USD limitée à 20 % du total des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement total en combinant revenu et croissance du capital et de construire une exposition diversifiée aux marchés mondiaux des titres à revenu fixe de qualité investment grade. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés à ces marchés, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
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, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque de crédit et de défaut, le risque de taux d’intérêt et le risque de liquidité. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN3697 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 4,250 | EUR 5,680 |
| | Average return each year % | -57.50% | -17.18% |
| Unfavourable scenario | What you might get back after costs | EUR 7,720 | EUR 7,370 |
| | Average return each year % | -22.80% | -9.67% |
| Moderate scenario | What you might get back after costs | EUR 10,160 | EUR 10,640 |
| | Average return each year % | 1.60% | 2.09% |
| Favourable scenario | What you might get back after costs | EUR 11,690 | EUR 12,390 |
| | Average return each year % | 16.90% | 7.40% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 4.250 | EUR 5.680 |
| | Rendimiento medio cada año | -57,50% | -17,18% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.720 | EUR 7.370 |
| | Rendimiento medio cada año | -22,80% | -9,67% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.160 | EUR 10.640 |
| | Rendimiento medio cada año | 1,60% | 2,09% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 11.690 | EUR 12.390 |
| | Rendimiento medio cada año | 16,90% | 7,40% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 4,250 | EUR 5,680 |
| | Average return each year % | -57.50% | -17.18% |
| Unfavourable scenario | What you might get back after costs | EUR 7,720 | EUR 7,370 |
| | Average return each year % | -22.80% | -9.67% |
| Moderate scenario | What you might get back after costs | EUR 10,160 | EUR 10,640 |
| | Average return each year % | 1.60% | 2.09% |
| Favourable scenario | What you might get back after costs | EUR 11,690 | EUR 12,390 |
| | Average return each year % | 16.90% | 7.40% | | en | es |
DOLFIN3698 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Concentration Risk
Although a Sub-Fund’s policy is to diversify its investment portfolio, a Sub-Fund may at certain times hold relatively few investments subject to the overall investment restrictions. Although this strategy has the potential to generate attractive returns, it may increase the volatility of the Sub-Fund’s investment performance as compared to funds that invest in a larger number of stocks. A Sub-Fund could therefore be subject to losses if it holds a large position in a particular investment that declines in value or is otherwise adversely affected, including default of the issuer. | # Risque de concentration
Même un Compartiment ayant pour politique de diversifier son portefeuille d’investissement peut, à certains moments, détenir un nombre relativement réduit d’investissements dans le respect des restrictions générales d’investissement. Bien que cette stratégie offre la possibilité de générer des rendements attrayants, elle peut accroître la volatilité de la performance d’investissement du Compartiment par rapport aux fonds qui investissent dans un plus grand nombre d’actions. Un Compartiment pourrait donc subir des pertes s’il détient une position importante sur un investissement particulier dont la valeur baisse ou subit d’autres revers, y compris la situation de défaut de l’émetteur. | # Concentration Risk
Although a Sub-Fund’s policy is to diversify its investment portfolio, a Sub-Fund may at certain times hold relatively few investments subject to the overall investment restrictions. Although this strategy has the potential to generate attractive returns, it may increase the volatility of the Sub-Fund’s investment performance as compared to funds that invest in a larger number of stocks. A Sub-Fund could therefore be subject to losses if it holds a large position in a particular investment that declines in value or is otherwise adversely affected, including default of the issuer. | en | fr |
DOLFIN3699 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs before and after the investment |
| --- |
| Subscription fee 5% |
| Redemption fee 0% This is the maximum amount that will be deducted from your investment before investment/before payment of the return. |
| Costs deducted from the fund during the course of the year |
| Running costs 1.22% (Estimated costs, this share class was launched in 2022) |
| Fees linked to the performance of the fund |
| Performance-Fee The Fund does not charge a performance- related fee. | | | Einmalige Kosten vor und nach der Anlage |
| --- |
| Verkaufsgebühr 5% |
| Rücknahmegebühr 0% Dabei handelt es sich um den Höchstbetrag, der von Ihrer Anlage vor der Anlage / vor der Auszahlung der Rendite abgezogen wird. |
| Kosten, die dem Fonds im Laufe des Jahres abgezogen werden |
| Laufende Kosten 1.22% (Geschätzte Kosten, diese Anteilsklasse wurde im Jahr 2022 lanciert) |
| An die Wertentwicklung des Fonds gebundene Gebühren |
| Performance-Gebühr Der Fonds erhebt keine erfolgsabhängige Gebühr. | | | One-off costs before and after the investment |
| --- |
| Subscription fee 5% |
| Redemption fee 0% This is the maximum amount that will be deducted from your investment before investment/before payment of the return. |
| Costs deducted from the fund during the course of the year |
| Running costs 1.22% (Estimated costs, this share class was launched in 2022) |
| Fees linked to the performance of the fund |
| Performance-Fee The Fund does not charge a performance- related fee. | | en | de |
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