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DOLFIN400 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique de rémunération
Une synthèse de la Politique de rémunération actuellement appliquée à la Société de gestion (la « Politique de rémunération ») est consultable à l’adresse suivante : https://am.jpmorgan.com/lu/en/asset-management/adv/funds/policies/ (la « Déclaration concernant la politique de rémunération »). Cette Déclaration concernant la Politique de rémunération détaille la méthode de calcul des rémunérations et des avantages perçus, y compris les critères financiers et non financiers utilisés pour évaluer la performance. Elle présente également les responsabilités et la composition du Compensation and Management Development Committee (Comité des compensations et du perfectionnement des cadres supérieurs) de la Société, ainsi que les mesures adoptées pour éviter les conflits d’intérêts ou les gérer. Vous pouvez vous procurer un exemplaire de cette politique gratuitement et sur simple demande auprès de la Société de gestion.
La Politique de rémunération s’applique à tous les employés de la Société de gestion, y compris les personnes dont les activités professionnelles peuvent avoir un impact significatif sur le profil de risque de la Société de gestion ou sur celui des Fonds OPCVM dont elle assure la gestion (les « Collaborateurs identifiés des OPCVM »). Le Personnel identifié de l’OPCVM comprend les membres du Conseil de la Société de gestion (le « Conseil »), les membres de la direction, les responsables des Fonctions de contrôle applicables et les titulaires d’autres fonctions stratégiques. Ces personnes sont informées de leur identification et des implications de leur fonction au moins une fois par an.
Le Conseil révise et adopte la Politique de rémunération tous les ans et supervise sa mise en oeuvre, en ce compris la classification du Personnel identifié. Le Conseil a revu et adopté la Politique de rémunération appliquée à l’Année de performance 2019 en juin 2019. La Politique de rémunération a été mise à jour afin de prendre en compte l’établissement du Comité de rémunération JPMAMIL. Le Conseil s’est déclaré satisfait de la mise en oeuvre de la Politique de rémunération. | # Política remunerativa
El resumen de la Política de remuneración aplicada a la Sociedad gestora (la «Política de remuneración») puede consultarse en https://am.jpmorgan.com/lu/en/asset-management/adv/funds/policies/ (el «Declaración sobre Política de remuneración»). Esta Declaración sobre Política Remunerativa contiene información detallada sobre cómo se calculan la remuneración y las prestaciones, incluidos los criterios financieros y no financieros utilizados para evaluar el rendimiento, las responsabilidades y la composición del Comité de Retribución y Desarrollo de Directivos de la Empresa, y las medidas adoptadas para evitar o gestionar los conflictos de interés. Puede solicitarse una copia de esta política a la Sociedad Gestora de forma gratuita.
La Política Remunerativa se aplica a todos los empleados de la Sociedad Gestora, incluidas las personas cuyas actividades profesionales podrían afectar sustancialmente al perfil de riesgo de la Sociedad Gestora o los Fondos OICVM que gestiona («Empleados Identificados de OICVM»). La denominación
«Empleados Identificados de OICVM» incluye miembros del Consejo de la Sociedad Gestora (el «Consejo»), directivos, encargados de las Funciones de Control pertinentes y personas que desempeñan otras funciones clave. Al menos una vez al año se notifica a las personas que han sido identificadas y lo que implica esta identificación.
El Consejo de la Sociedad gestora revisa y adopta la Política de remuneración anualmente, y supervisa su aplicación, lo que incluye la clasificación de los Empleados identificados de OICVM. El Consejo de la Sociedad gestora revisó y adoptó por última vez en junio de 2019 la Política de remuneración aplicable al Ejercicio de resultados de 2019, que se actualizó para reflejar el establecimiento del Comité de remuneración JPMAMIL, y quedó satisfecho con su aplicación. | # Politique de rémunération
Une synthèse de la Politique de rémunération actuellement appliquée à la Société de gestion (la « Politique de rémunération ») est consultable à l’adresse suivante : https://am.jpmorgan.com/lu/en/asset-management/adv/funds/policies/ (la « Déclaration concernant la politique de rémunération »). Cette Déclaration concernant la Politique de rémunération détaille la méthode de calcul des rémunérations et des avantages perçus, y compris les critères financiers et non financiers utilisés pour évaluer la performance. Elle présente également les responsabilités et la composition du Compensation and Management Development Committee (Comité des compensations et du perfectionnement des cadres supérieurs) de la Société, ainsi que les mesures adoptées pour éviter les conflits d’intérêts ou les gérer. Vous pouvez vous procurer un exemplaire de cette politique gratuitement et sur simple demande auprès de la Société de gestion.
La Politique de rémunération s’applique à tous les employés de la Société de gestion, y compris les personnes dont les activités professionnelles peuvent avoir un impact significatif sur le profil de risque de la Société de gestion ou sur celui des Fonds OPCVM dont elle assure la gestion (les « Collaborateurs identifiés des OPCVM »). Le Personnel identifié de l’OPCVM comprend les membres du Conseil de la Société de gestion (le « Conseil »), les membres de la direction, les responsables des Fonctions de contrôle applicables et les titulaires d’autres fonctions stratégiques. Ces personnes sont informées de leur identification et des implications de leur fonction au moins une fois par an.
Le Conseil révise et adopte la Politique de rémunération tous les ans et supervise sa mise en oeuvre, en ce compris la classification du Personnel identifié. Le Conseil a revu et adopté la Politique de rémunération appliquée à l’Année de performance 2019 en juin 2019. La Politique de rémunération a été mise à jour afin de prendre en compte l’établissement du Comité de rémunération JPMAMIL. Le Conseil s’est déclaré satisfait de la mise en oeuvre de la Politique de rémunération. | fr | es |
DOLFIN401 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
: C
Fixed Distribution Rates: A numerical suffix will differentiate fixed distribution rates (e.g. 2, 3). The actual fixed percentage or amount will not be displayed in the Share Class name.
Subject to the Management Company’s discretion, the particular features of each Share Class are as follows:
- General Share ClassesA and B SharesA and B Shares will be available to all Investors. A and B Shares fees for each Fund are separately disclosed in the Fund details. | : C
Tassi di distribuzione fissi: un suffisso numerico differenzia i tassi di distribuzione fissi (ad es., 2, 3). La percentuale o l'importo fisso effettivo non verrà mostrato nel nome della Classe di Azioni.
A discrezione della Società di gestione, le caratteristiche particolari di ciascuna Classe di Azioni sono le seguenti:
- Classi di Azioni generaliAzioni A e BLe Azioni A e B saranno disponibili per tutti gli Investitori. Le commissioni relative alle Azioni A e B per ciascun Comparto sono riportate separatamente nelle specifiche del Comparto pertinente. | : C
Fixed Distribution Rates: A numerical suffix will differentiate fixed distribution rates (e.g. 2, 3). The actual fixed percentage or amount will not be displayed in the Share Class name.
Subject to the Management Company’s discretion, the particular features of each Share Class are as follows:
- General Share ClassesA and B SharesA and B Shares will be available to all Investors. A and B Shares fees for each Fund are separately disclosed in the Fund details. | en | it |
DOLFIN402 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The fund posted a return of -1.51% and trailed its benchmark by 29 bps, gross of fees. We maintained a cautious risk profile relative to the fund’s benchmark, having reduced the risk profile a bit more at the start of the quarter. Risks remain elevated due to inflation concerns, monetary policy changes and growth worries, as well as the conflict in Ukraine, although these have been reflected in market weakness. In our view, a cautious stance on the outlook for HY remains prudent at this stage, but we are conscious that wider spreads have priced in some of the economic risks associated with the war, rising interest rates and Covid variants.
At the sector level, holdings in energy, transportation and automotive detracted from performance. Our holdings in banking and financial services helped relative returns.
At the issuer level, our overweight in French supermarket group Casino detracted. At the end of July, Casino announced it had agreed an option to dispose of its majority stake in renewable energy business GreenYellow, as part of its plans to reduce the group’s overall debt. Despite initially reacting positively to the news, markets were underwhelmed by the deal. In addition, Casino’s Q2 results from late July showed a further uptick in net borrowing. The zero weights in Eastern European gas pipeline company EP Infrastructure and Mexican state oil company Pemex were also unhelpful. Pemex announced record Q2 profits and said it will now be able to service debt without government assistance. Meanwhile, EP’s bonds have rallied from depressed levels, having previously fallen after Russia’s invasion of Ukraine and a subsequent rating downgrade. EP announced a debt buyback programme at the end of June.
Our off-benchmark holding in Santander UK and zero weight in Iceland were key contributors. Moody’s downgraded Iceland’s credit rating to B3 from B2 and lowered the outlook from stable to negative. The ratings agency expressed concerns that Iceland will suffer from higher electricity prices as well as softer consumer demand amid high inflation. Moody’s also expects the group’s leverage to rise over the next 12 to 18 months. The overweight in Swedish property company Heimstaden Bostad also helped relative returns, as sentiment towards the real estate sector continued to recover. | Der Fonds erzielte eine Rendite von -1,51 % und blieb vor Abzug von Gebühren um 29 Bp hinter dem Vergleichsindex zurück. Wir behielten ein vorsichtiges Risikoprofil im Vergleich zum Vergleichsindex des Fonds bei, nachdem wir das Risikoprofil zu Beginn des Quartals etwas stärker reduziert hatten. Die Risiken sind aufgrund von Inflationssorgen, geldpolitischen Veränderungen und Wachstumssorgen sowie des Konflikts in der Ukraine weiterhin erhöht, auch wenn sich dies bereits in einer Marktschwäche niedergeschlagen hat. Wir sind der Ansicht, dass eine vorsichtige Haltung in Bezug auf die Aussichten für den Hochzinsbereich zum jetzigen Zeitpunkt weiterhin angebracht ist, sind uns aber bewusst, dass einige der wirtschaftlichen Risiken im Zusammenhang mit dem Krieg, den steigenden Zinssätzen und den Covid- Varianten in den breiteren Spreads eingepreist sind.
Auf Sektorebene wurde die Performance durch die Positionen in Energie, Transport und Automobile belastet. Unsere Positionen in Bankwesen und Finanzdienstleistern unterstützten die relativen Renditen.
Auf Emittentenebene schmälerte unsere Übergewichtung im französischen Supermarktkonzern Casino die Renditen. Ende Juli gab Casino bekannt, dass man eine Option zur Veräußerung seiner Mehrheitsbeteiligung an GreenYellow, einem Unternehmen für erneuerbare Energien, vereinbart hat, um die Gesamtverschuldung des Konzerns zu reduzieren. Obwohl die Märkte zunächst positiv auf die Nachricht reagierten, waren sie von der Vereinbarung nicht begeistert. Darüber hinaus zeigten die Ende Juli veröffentlichen Ergebnisse von Casino für das zweite Quartal einen weiteren Anstieg der Nettokreditaufnahme. Die Nullgewichtungen in dem osteuropäischen Gaspipeline- Unternehmen EP Infrastructure und dem staatlichen mexikanischen Öl- und Gasunternehmen Pemex waren ebenfalls nicht hilfreich. Pemex kündigte Rekordgewinne für das zweite Quartal an und erklärte, dass das Unternehmen nun in der Lage sein wird, seine Schulden ohne staatliche Hilfe zu bedienen. Mittlerweile haben sich die Anleihen von EP von einem niedrigen Niveau erholt, nachdem sie zuvor nach dem Einmarsch Russlands in der Ukraine und einer anschließenden Herabstufung des Ratings gefallen waren. EP hat Ende Juni ein Schuldenrückkaufprogramm angekündigt.
Unsere vom Vergleichsindex abweichende Position in Santander UK und die Nullgewichtung in Iceland leisteten bedeutende positive Beiträge zur Wertentwicklung. Moody's stufte die Kreditwürdigkeit von Iceland von B2 auf B3 herab und senkte den Ausblick von stabil auf negativ. Die Rating-Agentur äußerte Bedenken, dass Iceland durch höhere Strompreise und einer schwächeren Verbrauchernachfrage vor dem Hintergrund einer hohen Inflation belastet wird. Des Weiteren erwartet Moody’s, dass der Verschuldungsgrad des Konzerns in den nächsten 12 bis 18 Monaten steigen wird. Die Übergewichtung in der schwedischen Immobiliengesellschaft Heimstaden Bostad stützte ebenfalls die relativen Renditen, da sich die Stimmung gegenüber dem Immobiliensektor weiter erholte. | The fund posted a return of -1.51% and trailed its benchmark by 29 bps, gross of fees. We maintained a cautious risk profile relative to the fund’s benchmark, having reduced the risk profile a bit more at the start of the quarter. Risks remain elevated due to inflation concerns, monetary policy changes and growth worries, as well as the conflict in Ukraine, although these have been reflected in market weakness. In our view, a cautious stance on the outlook for HY remains prudent at this stage, but we are conscious that wider spreads have priced in some of the economic risks associated with the war, rising interest rates and Covid variants.
At the sector level, holdings in energy, transportation and automotive detracted from performance. Our holdings in banking and financial services helped relative returns.
At the issuer level, our overweight in French supermarket group Casino detracted. At the end of July, Casino announced it had agreed an option to dispose of its majority stake in renewable energy business GreenYellow, as part of its plans to reduce the group’s overall debt. Despite initially reacting positively to the news, markets were underwhelmed by the deal. In addition, Casino’s Q2 results from late July showed a further uptick in net borrowing. The zero weights in Eastern European gas pipeline company EP Infrastructure and Mexican state oil company Pemex were also unhelpful. Pemex announced record Q2 profits and said it will now be able to service debt without government assistance. Meanwhile, EP’s bonds have rallied from depressed levels, having previously fallen after Russia’s invasion of Ukraine and a subsequent rating downgrade. EP announced a debt buyback programme at the end of June.
Our off-benchmark holding in Santander UK and zero weight in Iceland were key contributors. Moody’s downgraded Iceland’s credit rating to B3 from B2 and lowered the outlook from stable to negative. The ratings agency expressed concerns that Iceland will suffer from higher electricity prices as well as softer consumer demand amid high inflation. Moody’s also expects the group’s leverage to rise over the next 12 to 18 months. The overweight in Swedish property company Heimstaden Bostad also helped relative returns, as sentiment towards the real estate sector continued to recover. | en | de |
DOLFIN403 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Data on Reuse of Collateral:
Cash collateral is received into the custody account for the Portfolio and therefore is not tracked specifically to determine if it is re-used. Therefore any cash collateral re-used cannot be reasonably verified.
1080 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SECURITIES FINANCING TRANSACTION REGULATION FINANCIAL STATEMENTS | #### Dati sul riutilizzo di garanzie:
La garanzia in contanti è ricevuta nel conto di deposito del Portafoglio e pertanto non è tracciata specificatamente per determinarne il suo eventuale riutilizzo. Pertanto, qualsivoglia garanzia in contanti riutilizzata non può essere ragionevolmente verificata.
1080 NEUBERGER BERMAN INVESTMENT FUNDS PLC
REGOLAMENTO SULLE OPERAZIONI DI FINANZIAMENTO TRAMITE TITOLI (SECURITIES FINANCING TRANSACTION REGULATION) BILANCIO | ##### Data on Reuse of Collateral:
Cash collateral is received into the custody account for the Portfolio and therefore is not tracked specifically to determine if it is re-used. Therefore any cash collateral re-used cannot be reasonably verified.
1080 NEUBERGER BERMAN INVESTMENT FUNDS PLC
SECURITIES FINANCING TRANSACTION REGULATION FINANCIAL STATEMENTS | en | it |
DOLFIN404 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Sauf indication contraire, l’analyse suivante suppose que le Fonds soit considéré comme étant fiscalement opaque aux fins de la fiscalité britannique.
Le Dépositaire, la Société de Gestion et la Société d’Investissement ont l’intention de gérer les affaires du Fonds de manière à minimiser, dans la mesure où ils le jugent raisonnablement possible, toute obligation du Fonds vis-à-vis des autorités fiscales britanniques. Cela inclut l'intention de gérer et de conduire les affaires du Fonds de sorte qu'il ne devienne pas résident du Royaume-Uni à des fins fiscales. Par conséquent, dans la mesure où le Fonds n’exerce pas d’activité commerciale au RU et ne fait pas de commerce au RU au travers d’un établissement permanent, le Fonds ne devrait pas être soumis à un impôt britannique autre que sur certains revenus générés au RU.
Il est peu probable que les activités du Fonds puissent être assimilées à des activités commerciales aux fins de la fiscalité britannique. Cependant, dans la mesure où des activités commerciales sont réalisées au RU, elles pourront, en principe, être assujetties à l’impôt britannique. Les bénéfices générés par ces activités commerciales ne seront pas, compte tenu des dispositions de la Loi de finances britannique de 2003, assujettis à l’impôt britannique, sous réserve que le Fonds et que la Société d’Investissement respectent certaines conditions. La Société de Gestion et la Société d’Investissement ont l’intention de conduire les activités du Fonds conformément à toutes ces conditions, dans la mesure où cela est en leurs pouvoirs respectifs.
Les Détenteurs de Parts qui sont résidents au Royaume-Uni doivent être informés que tous les dividendes versés par un Compartiment du Fonds sont passibles de l’impôt sur le revenu britannique en vertu de l'article 830(2) de l'Income Tax Trading and Other Income Act (ITTOIA 2005) ou de l’impôt sur les sociétés du Royaume-Uni en vertu des dispositions du Cas V de l’Annexe D, indépendamment du fait que les dividendes sont réinvestis automatiquement ou selon d'autres modalités dans des Parts supplémentaires du Fonds en question. À compter du 22 avril 2009, si un Fonds détenant plus de 60 % de ses actifs dans des valeurs mobilières portant intérêt (ou économiquement équivalentes) effectue une distribution, cette dernière sera considérée, pour le Détenteur de Parts individuel résident au Royaume-Uni à des fins fiscales, comme un versement d'intérêts annuels. Cela signifie que l'impôt britannique sera dû sur cette distribution au taux fiscaux applicables de temps à autre aux paiements d'intérêts. Cependant, toutes les autres distributions qui sont réalisées par un Fonds seront considérées, pour un Détenteur de Parts individuel résident au Royaume-Uni à des fins fiscales, comme une distribution, pour laquelle le Détenteur de Parts sera assujetti au cours de l'année 2013/2014 à un taux de 10 %, 32,5 % ou 37,5 %, selon qu'il est un contribuable assujetti à un taux d'imposition faible, majoré ou supplémentaire. | ## Salvo que se indique lo contrario, el siguiente análisis responde a una situación en que el Fideicomiso de inversiones se considere fiscalmente opaco a los efectos del sistema tributario británico.
El Depositario, la Entidad gestora y el Gestor de inversiones pretenden llevar a cabo las actividades del Fideicomiso de inversiones de forma que se minimicen, en la medida en que sea razonablemente factible, las eventuales obligaciones fiscales del Fideicomiso de inversiones en el Reino Unido. Esto incluye la intención de gestionar y llevar a cabo las actividades del Fideicomiso de inversiones de modo que no se convierta en residente en el Reino Unido a efectos fiscales. En consecuencia, siempre que el Fideicomiso de inversiones no realice actividades comerciales en el Reino Unido por su cuenta o a través de un establecimiento permanente, no debería estar sujeto al impuesto británico sobre la renta salvo en relación con determinados ingresos que se originen en dicho país.
No se prevé que las actividades del Fideicomiso de inversiones se consideren actividades comerciales a los efectos del sistema tributario del Reino Unido. Sin embargo, en la medida en que se lleven a cabo actividades comerciales en el Reino Unido, éstas podrían verse sujetas, en principio, a imposición fiscal en dicho país. Los beneficios derivados de dichas actividades comerciales no estarán sujetos, de conformidad con la Ley de Finanzas del Reino Unido de 2003, al pago de impuestos británicos siempre que el Fideicomiso de inversiones y el Gestor de inversiones cumplan determinadas condiciones. La Entidad gestora y el Gestor de inversiones pretenden llevar a cabo las actividades del Fideicomiso de inversiones de forma que cumplan dichas condiciones, en la medida en que estas se encuentren bajo su control respectivo.
Los Titulares de participaciones residentes en el Reino Unido deben tener en cuenta que las distribuciones de un Fondo del Fideicomiso de inversiones deben declararse a los efectos del impuesto sobre la renta del Reino Unido con arreglo al Artículo 830(2) de la Ley del Impuesto sobre la Renta (Ingresos de Negociación y Otros) de 2005 del Reino Unido (ITTOIA, por sus siglas en inglés) o para el impuesto de sociedades en virtud del caso V del Anexo D, ya sean reinvertidas automáticamente o de otro modo en más Participaciones del Fondo correspondiente. A partir del 22 de abril de 2009, en caso de que se realice una distribución de un Fondo que mantenga más del 60% de sus activos en valores que generan intereses (o sean similares desde una perspectiva económica), la distribución resultante realizada a un Titular de participaciones particular residente en el Reino Unido a efectos fiscales se considerará un pago de intereses anuales. Esto significa que se pagarán impuestos devengados en el Reino Unido sobre dicha distribución a los tipos aplicables en su momento a los pagos de intereses. Sin embargo, el resto de las distribuciones que se practiquen a partir de un Fondo será tratado, en el caso de un Titular de participaciones persona física con residencia fiscal en el Reino Unido, como distribución sujeta al tipo del 10%, 32,5% o 37,5% durante 2013/14, en función de que este titular sea un contribuyente sujeto a un tipo impositivo menor, mayor o adicional, respectivamente. | ## Sauf indication contraire, l’analyse suivante suppose que le Fonds soit considéré comme étant fiscalement opaque aux fins de la fiscalité britannique.
Le Dépositaire, la Société de Gestion et la Société d’Investissement ont l’intention de gérer les affaires du Fonds de manière à minimiser, dans la mesure où ils le jugent raisonnablement possible, toute obligation du Fonds vis-à-vis des autorités fiscales britanniques. Cela inclut l'intention de gérer et de conduire les affaires du Fonds de sorte qu'il ne devienne pas résident du Royaume-Uni à des fins fiscales. Par conséquent, dans la mesure où le Fonds n’exerce pas d’activité commerciale au RU et ne fait pas de commerce au RU au travers d’un établissement permanent, le Fonds ne devrait pas être soumis à un impôt britannique autre que sur certains revenus générés au RU.
Il est peu probable que les activités du Fonds puissent être assimilées à des activités commerciales aux fins de la fiscalité britannique. Cependant, dans la mesure où des activités commerciales sont réalisées au RU, elles pourront, en principe, être assujetties à l’impôt britannique. Les bénéfices générés par ces activités commerciales ne seront pas, compte tenu des dispositions de la Loi de finances britannique de 2003, assujettis à l’impôt britannique, sous réserve que le Fonds et que la Société d’Investissement respectent certaines conditions. La Société de Gestion et la Société d’Investissement ont l’intention de conduire les activités du Fonds conformément à toutes ces conditions, dans la mesure où cela est en leurs pouvoirs respectifs.
Les Détenteurs de Parts qui sont résidents au Royaume-Uni doivent être informés que tous les dividendes versés par un Compartiment du Fonds sont passibles de l’impôt sur le revenu britannique en vertu de l'article 830(2) de l'Income Tax Trading and Other Income Act (ITTOIA 2005) ou de l’impôt sur les sociétés du Royaume-Uni en vertu des dispositions du Cas V de l’Annexe D, indépendamment du fait que les dividendes sont réinvestis automatiquement ou selon d'autres modalités dans des Parts supplémentaires du Fonds en question. À compter du 22 avril 2009, si un Fonds détenant plus de 60 % de ses actifs dans des valeurs mobilières portant intérêt (ou économiquement équivalentes) effectue une distribution, cette dernière sera considérée, pour le Détenteur de Parts individuel résident au Royaume-Uni à des fins fiscales, comme un versement d'intérêts annuels. Cela signifie que l'impôt britannique sera dû sur cette distribution au taux fiscaux applicables de temps à autre aux paiements d'intérêts. Cependant, toutes les autres distributions qui sont réalisées par un Fonds seront considérées, pour un Détenteur de Parts individuel résident au Royaume-Uni à des fins fiscales, comme une distribution, pour laquelle le Détenteur de Parts sera assujetti au cours de l'année 2013/2014 à un taux de 10 %, 32,5 % ou 37,5 %, selon qu'il est un contribuable assujetti à un taux d'imposition faible, majoré ou supplémentaire. | fr | es |
DOLFIN405 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The amounts described in 1 and 2 may be distributed, wholly or in part, independently of each other. Distributable income shall be paid out within a maximum period of five months after year-end.
The fund's net income is equal to the amount of interest, arrears, premiums and prizes, dividends, directors’ fees and any other income generated by the securities held in the fund’s portfolio, plus any income generated by temporary cash holdings, less management fees and debt servicing costs.
The management company shall decide upon the division of the distributable income.
For each unit class, if applicable, the Fund may opt, for each of the sums described in 1 and 2, for one of the following formulas:
- Pure accumulation: distributable income is fully accumulated, with the exception of such amounts as are subject to compulsory distribution by law;
- Pure distribution: distributable income is fully distributed, rounded to the nearest whole number;
- For funds wishing to retain the freedom to accumulate and/or distribute and/or carry forward distributable income, the management company decides each year on the allocation of the amounts referred to in 1 and 2. | Las cantidades indicadas en los apartados 1.º y 2.º podrán distribuirse, total o parcialmente, con independencia la una de la otra.
El pago de las cantidades distribuibles se efectúa en un plazo máximo de 5 meses a partir del cierre del ejercicio.
El resultado neto del fondo es igual al importe de los intereses, intereses de demora, primas y premios, dividendos, primas de asistencia y cualquier otro ingreso relativo a los títulos que componen la cartera del fondo, más los ingresos de las cantidades temporalmente disponibles, menos el importe de los gastos de gestión y los costes de los préstamos.
La sociedad de gestión es quien decide sobre el reparto de las cantidades distribuibles.
Para cada categoría de participaciones, en su caso, el fondo puede optar por una de las siguientes fórmulas para cada una de las cantidades indicadas en los apartados 1.º y 2.º:
- Acumulación pura: las cantidades distribuibles se acumulan íntegramente excepto las que deban distribuirse por obligación legal;
- Distribución pura: las cantidades distribuibles se distribuyen íntegramente, con redondeo;
- Para los fondos que deseen conservar la libertad de acumular, distribuir o pasar las cantidades distribuibles a cuenta nueva, la sociedad de gestión decide cada año la asignación de cada una de las cantidades indicadas en los apartados 1.º y 2.º. | The amounts described in 1 and 2 may be distributed, wholly or in part, independently of each other. Distributable income shall be paid out within a maximum period of five months after year-end.
The fund's net income is equal to the amount of interest, arrears, premiums and prizes, dividends, directors’ fees and any other income generated by the securities held in the fund’s portfolio, plus any income generated by temporary cash holdings, less management fees and debt servicing costs.
The management company shall decide upon the division of the distributable income.
For each unit class, if applicable, the Fund may opt, for each of the sums described in 1 and 2, for one of the following formulas:
- Pure accumulation: distributable income is fully accumulated, with the exception of such amounts as are subject to compulsory distribution by law;
- Pure distribution: distributable income is fully distributed, rounded to the nearest whole number;
- For funds wishing to retain the freedom to accumulate and/or distribute and/or carry forward distributable income, the management company decides each year on the allocation of the amounts referred to in 1 and 2. | en | es |
DOLFIN406 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### The Company complies with AEoI regimes applicable in Luxembourg. Consequently, the Company or its delegates may need to:
- Perform a due diligence review of each Holder of Record to determine the tax status and, where required, to request additional information (such as the name, address, place of birth, place of incorporation, tax identification number, etc.) or documentation with respect to such Holders of Record. The Company will be entitled to redeem the Shares held by the Holders of Record which do not provide the required documentation on time or which otherwise do not comply with Luxembourg rules relating to AEoI. When permitted by the law, the Company may elect at its sole discretion to exclude from review certain Holders of Record whose holdings do not exceed $50,000 (in case of individuals) or$250,000 (in case of entities).
- Report data regarding Holders of Record and certain other categories of investors either to the Luxembourg tax authorities, who may exchange such data with foreign tax authorities, or directly to the foreign tax authorities.
- Withhold tax on certain payments by (or on behalf of) the Company to certain persons. | ##### La Sociedad cumple con los regímenes de IAI aplicables en Luxemburgo. Por consiguiente, la Sociedad o sus delegados pueden estar obligados a:
- Realizar un examen de diligencia debida (due diligence) de cada Titular registrado para determinar el estatus fiscal y, si fuera necesario, solicitar información complementaria (como su nombre, dirección, lugar de nacimiento, lugar de constitución, número de identificación fiscal, etc.) o documentación con respecto a esos Titulares registrados. La Sociedad está facultada para reembolsar las Acciones que mantengan los Titulares registrados que no faciliten en plazo la documentación solicitada o que no cumplan la legislación luxemburguesa relativa al IAI. Cuando lo autorice la ley, la Sociedad podrá optar, a su entera discreción, por excluir del citado examen a determinados Titulares registrados cuyas participaciones no superen los 50 000 USD (en el caso de personas físicas) o los 250 000 USD (en el caso de personas jurídicas).
- Comunicar información relativa a los Titulares registrados y otras categorías específicas de inversores a las autoridades tributarias de Luxemburgo, que podrán intercambiar dicha información con las autoridades tributarias extranjeras, o directamente a las autoridades tributarias extranjeras.
- Retener impuestos sobre determinados pagos realizados por la Sociedad (o en su nombre) a personas específicas. | ##### The Company complies with AEoI regimes applicable in Luxembourg. Consequently, the Company or its delegates may need to:
- Perform a due diligence review of each Holder of Record to determine the tax status and, where required, to request additional information (such as the name, address, place of birth, place of incorporation, tax identification number, etc.) or documentation with respect to such Holders of Record. The Company will be entitled to redeem the Shares held by the Holders of Record which do not provide the required documentation on time or which otherwise do not comply with Luxembourg rules relating to AEoI. When permitted by the law, the Company may elect at its sole discretion to exclude from review certain Holders of Record whose holdings do not exceed $50,000 (in case of individuals) or$250,000 (in case of entities).
- Report data regarding Holders of Record and certain other categories of investors either to the Luxembourg tax authorities, who may exchange such data with foreign tax authorities, or directly to the foreign tax authorities.
- Withhold tax on certain payments by (or on behalf of) the Company to certain persons. | en | es |
DOLFIN407 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Annex acc. to § 7(9) KARBV
Disclosures in accordance with the Derivatives Regulation
No derivative transactions were concluded in the financial year.
The utilisation of the upper limit for the market risk potential was determined for this investment fund in accordance with the Derivatives Regulation using the simple approach. | # Anhang gem. § 7 Nr. 9 KARBV
Angaben nach der Derivateverordnung
Im Geschäftsjahr sind keine Derivategeschäfte abgeschlossen worden.
Die Auslastung der Obergrenze für das Marktrisikopotential wurde für dieses Sondervermögen gemäß der Derivateverordnung nach dem einfachen Ansatz ermittelt. | # Annex acc. to § 7(9) KARBV
Disclosures in accordance with the Derivatives Regulation
No derivative transactions were concluded in the financial year.
The utilisation of the upper limit for the market risk potential was determined for this investment fund in accordance with the Derivatives Regulation using the simple approach. | en | de |
DOLFIN408 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention minimum recommandée : 2 Ans Exemple d’investissement: 10 000 USD |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 510 USD | 8 780 USD |
| | Rendement annuel moyen | - 14,87 % | - 6,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 350 USD | 9 420 USD |
| | Rendement annuel moyen | - 6,51% | - 2,95% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 170 USD | 10 290 USD |
| | Rendement annuel moyen | 1,66% | 1,42% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 800 USD | 10 880 USD |
| | Rendement annuel moyen | 7,95% | 4,3% | | | Período de mantenimiento mínimo recomendado: 2 Años Ejemplo de inversión: 10 000 USD |
| --- |
| Escenarios | En caso de salida después de 1 Año | En caso de salida después de 2 Años (período de mantenimiento recomendado) |
| Mínimo: | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 8 510 USD | 8 780 USD |
| | Rendimiento medio cada año | - 14,87 % | - 6,32 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 9 350 USD | 9 420 USD |
| | Rendimiento medio cada año | - 6,51% | - 2,95% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 170 USD | 10 290 USD |
| | Rendimiento medio cada año | 1,66% | 1,42% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 10 800 USD | 10 880 USD |
| | Rendimiento medio cada año | 7,95% | 4,3% | | | Période de détention minimum recommandée : 2 Ans Exemple d’investissement: 10 000 USD |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 510 USD | 8 780 USD |
| | Rendement annuel moyen | - 14,87 % | - 6,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 350 USD | 9 420 USD |
| | Rendement annuel moyen | - 6,51% | - 2,95% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 170 USD | 10 290 USD |
| | Rendement annuel moyen | 1,66% | 1,42% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 800 USD | 10 880 USD |
| | Rendement annuel moyen | 7,95% | 4,3% | | fr | es |
DOLFIN409 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Directors’ fees and expenses
The Directors shall be entitled to be paid a fee from the assets of the Company by way of remuneration for their services at a rate to be determined from time to time by the Directors, provided that the aggregate amount of Directors’ remuneration in any one financial year shall not exceed EUR 75,000 plus VAT or such other maximum amount as may be determined by the Directors, notified to Shareholders in advance, and disclosed in the Prospectus or the Company’s annual report. Mr Lasagna shall not receive a Directors’ fee. The Directors will be entitled to be reimbursed by the Company for all reasonable disbursements and out-of-pocket expenses incurred by them. The Directors’ fees for the financial period ended 30 June 2022 amounted to EUR 33,771 (30 June 2021: EUR 27,450) of which EUR 8,862 (31 December 2021: EUR 23,472) was payable at financial period end.
-
## Fees and expenses (continued) Auditor fees | ## Onorari e spese dei Consiglieri
I Consiglieri hanno diritto a una commissione, attingendo agli attivi della Società, a titolo di onorario per i servizi resi a un tasso stabilito di volta in volta dai Consiglieri, a condizione che l'importo complessivo degli onorari dei Consiglieri per ciascun esercizio non sia superiore a Euro 75.000 più IVA o a quel diverso importo massimo determinato dai Consiglieri, comunicato anticipatamente agli Azionisti e indicato nel Prospetto o nella relazione annuale della Società. Il dottor Lasagna non riceve alcun onorario come Consigliere. I Consiglieri hanno diritto al rimborso delle spese vive ragionevoli sostenute e dei propri esborsi. Le commissioni della Depositaria per il periodo chiuso al 30 giugno 2022 sono state pari a Euro 33.771 (30 giugno 2021: Euro 27.450) di cui Euro 8.862 (31 dicembre 2021: Euro 23.472) dovuti a fine periodo.
-
## Commissioni e spese (segue) Onorari della società di revisione | ## Directors’ fees and expenses
The Directors shall be entitled to be paid a fee from the assets of the Company by way of remuneration for their services at a rate to be determined from time to time by the Directors, provided that the aggregate amount of Directors’ remuneration in any one financial year shall not exceed EUR 75,000 plus VAT or such other maximum amount as may be determined by the Directors, notified to Shareholders in advance, and disclosed in the Prospectus or the Company’s annual report. Mr Lasagna shall not receive a Directors’ fee. The Directors will be entitled to be reimbursed by the Company for all reasonable disbursements and out-of-pocket expenses incurred by them. The Directors’ fees for the financial period ended 30 June 2022 amounted to EUR 33,771 (30 June 2021: EUR 27,450) of which EUR 8,862 (31 December 2021: EUR 23,472) was payable at financial period end.
-
## Fees and expenses (continued) Auditor fees | en | it |
DOLFIN410 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,330 | EUR 1,850 |
| | Average return each year % | -76.70% | -28.64% |
| Unfavourable scenario | What you might get back after costs | EUR 7,610 | EUR 8,730 |
| | Average return each year % | -23.90% | -2.68% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 14,500 |
| | Average return each year % | 11.20% | 7.71% |
| Favourable scenario | What you might get back after costs | EUR 17,280 | EUR 21,370 |
| | Average return each year % | 72.80% | 16.40% | | | | 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 2.330 | EUR 1.850 |
| | Rendimiento medio cada año | -76,70% | -28,64% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.610 | EUR 8.730 |
| | Rendimiento medio cada año | -23,90% | -2,68% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.120 | EUR 14.500 |
| | Rendimiento medio cada año | 11,20% | 7,71% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 17.280 | EUR 21.370 |
| | Rendimiento medio cada año | 72,80% | 16,40% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,330 | EUR 1,850 |
| | Average return each year % | -76.70% | -28.64% |
| Unfavourable scenario | What you might get back after costs | EUR 7,610 | EUR 8,730 |
| | Average return each year % | -23.90% | -2.68% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 14,500 |
| | Average return each year % | 11.20% | 7.71% |
| Favourable scenario | What you might get back after costs | EUR 17,280 | EUR 21,370 |
| | Average return each year % | 72.80% | 16.40% | | en | es |
DOLFIN411 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Japan Small & Mid cap (Total Return Net) is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the long term.
It mainly invests in equity securities issued by small and mid-cap companies incorporated or exercising a prominent part of their business activity in Japan.
In selecting the individual stocks, the Investment Manager will focus on capital efficiency such as the difference between the value of a company and its market value, companies with high quality management team and
with durable growth business model. The Sub-Fund will result in a relatively concentrated portfolio made up of shares in 60 to 100 different names. | ### Obiettivi e politica d'investimento
Il Comparto è gestito attivamente. Il MSCI Japan Small & Mid cap (Total Return Net) è utilizzato a fini di confronto della performance e degli indicatori di rischio interni, ma non comporta vincoli particolari per gli investimenti del Comparto.
L’obiettivo del Comparto è far crescere il capitale nel lungo periodo.
Il Comparto investe prevalentemente in titoli azionari emessi da società a bassa e media capitalizzazione, costituite o attive prevalentemente in Giappone.
Nel selezionare i singoli titoli, il Gestore ricercherà l’efficienza patrimoniale (differenza tra il valore di una società e la sua quotazione di mercato) e prediligerà aziende con un team dirigenziale di elevata qualità
e un modello operativo che assicura una crescita sostenibile. Il Comparto genera un portafoglio relativamente concentrato, costituito da azioni di 60-100 società diverse. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI Japan Small & Mid cap (Total Return Net) is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the long term.
It mainly invests in equity securities issued by small and mid-cap companies incorporated or exercising a prominent part of their business activity in Japan.
In selecting the individual stocks, the Investment Manager will focus on capital efficiency such as the difference between the value of a company and its market value, companies with high quality management team and
with durable growth business model. The Sub-Fund will result in a relatively concentrated portfolio made up of shares in 60 to 100 different names. | en | it |
DOLFIN412 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The potential impacts of sustainability risks on the Fund performance will also depend on the investments made by the Fund and the materiality of sustainability risks. The likelihood that sustainability risks will occur should be mitigated by the relevant Investment Manager’s approach to integrating sustainability risks in its investment decision-making process as outlined in the Policy. The potential impacts of sustainability risks on the performance of Funds that use ESG criteria are further mitigated. However, there is no guarantee that these measures will completely mitigate or prevent the occurrence of sustainability risks for these Funds. As a result, the likely impact on Fund performance of an actual or potential material decline in the value of an investment due to a sustainability risk will vary and depend on several factors.
- The Fund takes sustainability risks into consideration in the investment decision-making process. The Investment Manager integrates sustainability risks by identifying the ESG factors likely to have a material financial impact on an investment’s performance. Exposure to a sustainability risk does not necessarily mean that the Investment Manager will refrain from taking or maintaining a position. Rather, it meansthat the Investment Manager will take into consideration sustainability risk assessments as well as other material factors in the context of the company in which it is investing or the issuer, the investment objective and the investment strategy of the Fund.
- The Fund may make significant investments in derivatives. In that case, it is more difficult to take sustainability risks into account as the Fund does not invest directly in the underlying asset. As of the date of the prospectus, no ESG integration methodology can be applied to derivatives. | Les potentiels impacts des risques de durabilité sur la performance des OPC dépendront aussi des investissements de ces OPC et de la matérialité des risques de durabilité. La probabilité que surviennent des risques de durabilité doit être atténuée par leur intégration dans la procédure de décision d’investissement. Les potentiels impacts des risques de durabilité sur la performance des OPC qui s’appuient sur les critères ESG sont encore plus atténués. Cependant, il n’existe pas de garantie que ces mesures atténueront complètement ou préviendront la matérialisation des risques de durabilité sur ces OPC. Il en résulte que l'impact probable sur la performance des OPC d’une baisse significative réelle ou potentielle de la valeur d'un investissement due à un risque de durabilité va ainsi varier et dépend de plusieurs facteurs.
- Le FCP prend en considération des risques de durabilité dans le processus de prise de décision d'investissement. La société de gestion intègre les risques de durabilité en identifiant les facteurs ESG susceptibles d’avoir un impact financier significatif sur la performance d'un investissement. L’exposition à un risque de durabilité ne signifie pas nécessairement que la société de gestion s’abstiendra de prendre ou de conserver une position. Il s’agit plutôt pour la société de gestion de prendre en considération les évaluations des risques de durabilité ainsi que les autres facteurs significatifs dans le contexte de l’entreprise investie ou de l’émetteur, l'objectif de gestion et la stratégie d'investissement du FCP.
- Le FCP peut investir dans des instruments dérivés. Les risques de durabilité sont alors plus difficiles à prendre en compte car le FCP n'investit pas directement dans l’actif sous-jacent. A la date du prospectus, aucune méthodologie d'intégration ESG ne peut être appliquée pour les instruments dérivés. | The potential impacts of sustainability risks on the Fund performance will also depend on the investments made by the Fund and the materiality of sustainability risks. The likelihood that sustainability risks will occur should be mitigated by the relevant Investment Manager’s approach to integrating sustainability risks in its investment decision-making process as outlined in the Policy. The potential impacts of sustainability risks on the performance of Funds that use ESG criteria are further mitigated. However, there is no guarantee that these measures will completely mitigate or prevent the occurrence of sustainability risks for these Funds. As a result, the likely impact on Fund performance of an actual or potential material decline in the value of an investment due to a sustainability risk will vary and depend on several factors.
- The Fund takes sustainability risks into consideration in the investment decision-making process. The Investment Manager integrates sustainability risks by identifying the ESG factors likely to have a material financial impact on an investment’s performance. Exposure to a sustainability risk does not necessarily mean that the Investment Manager will refrain from taking or maintaining a position. Rather, it meansthat the Investment Manager will take into consideration sustainability risk assessments as well as other material factors in the context of the company in which it is investing or the issuer, the investment objective and the investment strategy of the Fund.
- The Fund may make significant investments in derivatives. In that case, it is more difficult to take sustainability risks into account as the Fund does not invest directly in the underlying asset. As of the date of the prospectus, no ESG integration methodology can be applied to derivatives. | en | fr |
DOLFIN413 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,160 | USD 2,740 |
| | Average return each year % | -68.40% | -22.81% |
| Unfavourable scenario | What you might get back after costs | USD 7,330 | USD 6,880 |
| | Average return each year % | -26.70% | -7.21% |
| Moderate scenario | What you might get back after costs | USD 10,960 | USD 15,560 |
| | Average return each year % | 9.60% | 9.25% |
| Favourable scenario | What you might get back after costs | USD 16,160 | USD 23,450 |
| | Average return each year % | 61.60% | 18.58% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 3.160 | USD 2.740 |
| | Rendimiento medio cada año | -68,40% | -22,81% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.330 | USD 6.880 |
| | Rendimiento medio cada año | -26,70% | -7,21% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.960 | USD 15.560 |
| | Rendimiento medio cada año | 9,60% | 9,25% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 16.160 | USD 23.450 |
| | Rendimiento medio cada año | 61,60% | 18,58% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 3,160 | USD 2,740 |
| | Average return each year % | -68.40% | -22.81% |
| Unfavourable scenario | What you might get back after costs | USD 7,330 | USD 6,880 |
| | Average return each year % | -26.70% | -7.21% |
| Moderate scenario | What you might get back after costs | USD 10,960 | USD 15,560 |
| | Average return each year % | 9.60% | 9.25% |
| Favourable scenario | What you might get back after costs | USD 16,160 | USD 23,450 |
| | Average return each year % | 61.60% | 18.58% | | en | es |
DOLFIN414 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Part I: The Prospectus
The issue and redemption of units in the corresponding sub-fund is performed on the basis of the current valid Trust Agreement and the Appendix A "Overview of the sub-fund". This Trust Agreement is supplemented by the respective most recent annual report. If the reporting date of the annual report is more than eight months ago, the interim report must also be offered to the buyer. In good time before the acquisition of units, the "Key Investor Information Document, KIID" shall also be made available to the investor free of charge.
It is not permitted to issue information or explanations that differ from the Prospectus, Trust Agreement, Appendix A "Overview of the sub-fund" or the Key Investor Information Document. The Management Company shall not be liable if and to the extent that information or explanations are issued that differ from the current Prospectus, Trust Agreement or the Key Investor Information Document.
In the present case, the Prospectus and the Trust Agreement including Appendix A "Overview of the sub-fund" are shown in a single document. The essential foundation document for the fund is the Trust Agreement including Appendix A "Overview of the sub-fund". Only the Trust Agreement including the special provisions pertaining to the investment policy set out in Appendix A "Overview of the sub-fund" is subject to the material legal appraisal of the Liechtenstein Financial Market Authority.
- | # Teil I: Der Prospekt
Die Ausgabe und Rücknahme von Anteilen des entsprechenden Teilfonds erfolgt auf der Basis des derzeit gültigen Treu- handvertrages und des Anhangs A "Teilfonds im Überblick". Dieser Treuhandvertrag wird ergänzt durch den jeweils letz- ten Jahresbericht. Wenn der Stichtag des Jahresberichtes länger als acht Monate zurückliegt, ist dem Erwerber auch der Halbjahresbericht anzubieten. Rechtzeitig vor dem Erwerb von Anteilen werden dem Anleger kostenlos die "Wesentli- chen Anlegerinformationen“ (Key Investor Information Document, KIID) zur Verfügung gestellt.
Es ist nicht gestattet, vom Prospekt, Treuhandvertrag, Anhang A "Teilfonds im Überblick" oder den Wesentlichen Anle- gerinformationen abweichende Auskünfte oder Erklärungen abzugeben. Die Verwaltungsgesellschaft haftet nicht, wenn und soweit Auskünfte oder Erklärungen abgegeben werden, die vom aktuellen Prospekt, Treuhandvertrag oder den We- sentlichen Anlegerinformationen abweichen.
Der Prospekt und Treuhandvertrag inklusive Anhang A "Teilfonds im Überblick" sind vorliegend in einem Dokument dar- gestellt. Wesentliches Gründungsdokument des Fonds ist der Treuhandvertrag inklusive Anhang A "Teilfonds im Über- blick". Lediglich der Treuhandvertrag inklusive den Besonderen Bestimmungen zur Anlagepolitik in Anhang A "Teilfonds im Überblick" unterliegt der materiell rechtlichen Prüfung der Finanzmarktaufsicht Liechtenstein.
- | # Part I: The Prospectus
The issue and redemption of units in the corresponding sub-fund is performed on the basis of the current valid Trust Agreement and the Appendix A "Overview of the sub-fund". This Trust Agreement is supplemented by the respective most recent annual report. If the reporting date of the annual report is more than eight months ago, the interim report must also be offered to the buyer. In good time before the acquisition of units, the "Key Investor Information Document, KIID" shall also be made available to the investor free of charge.
It is not permitted to issue information or explanations that differ from the Prospectus, Trust Agreement, Appendix A "Overview of the sub-fund" or the Key Investor Information Document. The Management Company shall not be liable if and to the extent that information or explanations are issued that differ from the current Prospectus, Trust Agreement or the Key Investor Information Document.
In the present case, the Prospectus and the Trust Agreement including Appendix A "Overview of the sub-fund" are shown in a single document. The essential foundation document for the fund is the Trust Agreement including Appendix A "Overview of the sub-fund". Only the Trust Agreement including the special provisions pertaining to the investment policy set out in Appendix A "Overview of the sub-fund" is subject to the material legal appraisal of the Liechtenstein Financial Market Authority.
- | en | de |
DOLFIN415 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Pour obtenir la liste des Compartiments éligibles au PEA, veuillez consulter le Supplément spécifique à la France sur le site www.invesco.fr.
- ChiliTant qu’un Compartiment est enregistré au Chili, celui-ci n’utilisera pas d’instruments dérivés ne reposant pas sur une couverture appropriée pour plus de 35 % de sa VL, conformément aux règlements promulgués par la Comisión Clasificadora de Riesgo.
- Procédure de gestion des risquesLa Société de gestion appliquera une procédure de gestion des risques qui lui permet de mesurer et suivre le risque de ses positions et leur contribution au profil de risque global de chaque Compartiment. S’il y a lieu, la Société de gestion appliquera une procédure en vue d’obtenir d’un expert indépendant une évaluation précise de la valeur de tout instrument dérivé de gré à gré. | Para obtener la lista de Fondos elegibles para el PEA, consulte el Suplemento de Francia en www.invesco.fr.
- ChileEn tanto un Fondo figure registrado en Chile, un Fondo no utilizará derivados que no cuenten con una cobertura adecuada para más del 35% del valor liquidativo del Fondo, con arreglo a las normativas emitidas por la Comisión Clasificadora de Riesgo.
- Procedimiento de gestión del riesgoLa Sociedad Gestora instrumentará un procedimiento de gestión del riesgo que le permitirá controlar y medir el riesgo asociado a las posiciones de sus carteras y la contribución de dichas posiciones al perfil de riesgo global de cada Fondo. La Sociedad Gestora aplicará, en su caso, un procedimiento que permita una evaluación precisa e independiente del valor de los derivados OTC. | Pour obtenir la liste des Compartiments éligibles au PEA, veuillez consulter le Supplément spécifique à la France sur le site www.invesco.fr.
- ChiliTant qu’un Compartiment est enregistré au Chili, celui-ci n’utilisera pas d’instruments dérivés ne reposant pas sur une couverture appropriée pour plus de 35 % de sa VL, conformément aux règlements promulgués par la Comisión Clasificadora de Riesgo.
- Procédure de gestion des risquesLa Société de gestion appliquera une procédure de gestion des risques qui lui permet de mesurer et suivre le risque de ses positions et leur contribution au profil de risque global de chaque Compartiment. S’il y a lieu, la Société de gestion appliquera une procédure en vue d’obtenir d’un expert indépendant une évaluation précise de la valeur de tout instrument dérivé de gré à gré. | fr | es |
DOLFIN416 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Share class creation date: 10/2014 Benchmark: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R USD of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R USD of the Absorbed Sub-Fund. | ## Fecha de creación de la clase de acciones: 10.2014 Índice de referencia: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R USD del fondo francés Edmond de Rothschild EMERGING BONDS (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R USD del Subfondo absorbido. | ## Share class creation date: 10/2014 Benchmark: JP Morgan EMBI Global Index
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R USD
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R USD of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R USD of the Absorbed Sub-Fund. | en | es |
DOLFIN417 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The entry costs are 3.00% (front-load fee), which corresponds to a deduction of 2.91% of your investment amount. This is the maximum amount that can be retained from your investment. The financial advisor will inform you about the actual value. | Up to 291 USD |
| Exit costs | We do not charge an redemption fee for this product. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1,55% of the value of your asset per year. This is an estimate based on last year's actual costs. | 155 USD |
| Transaction costs | 0,54% of the value of your investment per year. This is an estimate of the costs incurred when we buy or sell the underlying investments for the product. The actual amount depends on how much we buy and sell. | 54 USD |
| Incidental costs taken under specific conditions |
| Performance fees | 0,00% of the value of your investment per year. The actual amount depends on how well your investment performs. The above estimate of cumulative costs includes the average of the last five years. | 0 USD | | | Einmalige Kosten bei Einstieg oder Ausstieg Wenn Sie nach 1 Jahr aussteigen |
| --- |
| Einstiegskosten | Die Einstiegskosten betragen 3,00% (Ausgabeaufschlag) was rechnerisch einem Abzug von 2,91% Ihres Investitionsbetrages entspricht. Es handelt sich um den Höchstbetrag, der von Ihrer Anlage einbehalten werden kann. Über den tatsächlichen Wert informiert Sie der Finanzberater. | Bis zu 291 USD |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. | 0 USD |
| Laufende Kosten pro Jahr |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 1,55% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | 155 USD |
| Transaktionskosten | 0,54% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 54 USD |
| Zusätzliche Kosten unter bestimmten Bedingungen |
| Erfolgsgebühren | 0,00% des Werts Ihrer Anlage pro Jahr. Der tatsächliche Betrag hängt davon ab, wie gut sich Ihre Anlage entwickelt. Die vorstehende Schätzung der kumulierten Kosten enthält den Durchschnitt der letzten fünf Jahre. | 0 USD | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The entry costs are 3.00% (front-load fee), which corresponds to a deduction of 2.91% of your investment amount. This is the maximum amount that can be retained from your investment. The financial advisor will inform you about the actual value. | Up to 291 USD |
| Exit costs | We do not charge an redemption fee for this product. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1,55% of the value of your asset per year. This is an estimate based on last year's actual costs. | 155 USD |
| Transaction costs | 0,54% of the value of your investment per year. This is an estimate of the costs incurred when we buy or sell the underlying investments for the product. The actual amount depends on how much we buy and sell. | 54 USD |
| Incidental costs taken under specific conditions |
| Performance fees | 0,00% of the value of your investment per year. The actual amount depends on how well your investment performs. The above estimate of cumulative costs includes the average of the last five years. | 0 USD | | en | de |
DOLFIN418 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of S&P 500 EUR Hedged, the Fund’s benchmark index (Index).
The Index provides a return on the S&P 500 which measures the performance of the large-cap sector (i.e. leading companies with large market capitalisations) of the United States market. Market capitalisation is the share price multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international Investors. The Index also uses one month foreign exchange (FX) forward contracts to hedge each non-Euro currency in the Index back to Euro in accordance with the S&P Hedged Indices methodology. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities (e.g. shares) that make up the Index and Euro, the base currency of the Fund.
The Fund is passively managed and aims to invest in equity securities (e.g. shares) that, so far as possible and practicable, make up the S&P 500, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Euro.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del índice S&P 500 EUR Hedged, el índice de referencia del Fondo (el Índice).
El Índice proporciona una rentabilidad sobre el S&P 500, que mide la rentabilidad del sector de capitalización elevada (es decir, empresas líderes de capitalización bursátil elevada) del mercado estadounidense. La capitalización bursátil se obtiene multiplicando la cotización bursátil por el número de acciones emitidas. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil a flotación libre. Flotación libre significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil a flotación libre se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones disponibles para inversores internacionales. El Índice también utiliza contratos de divisas a plazo de un mes para cubrir cada divisa del Índice distinta del euro respecto de este, de acuerdo con la metodología de los índices cubiertos de S&P. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable (como acciones) que componen el Índice, y la moneda base del Fondo, que es el euro.
El Fondo se gestiona de forma pasiva y trata de invertir en los valores de renta variable (por ejemplo, acciones) que, en la medida de lo posible y realizable, componen el S&P 500, así como en contratos de divisas a plazo que, en la medida de lo posible y realizable, sigan la metodología de cobertura del Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el euro.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of S&P 500 EUR Hedged, the Fund’s benchmark index (Index).
The Index provides a return on the S&P 500 which measures the performance of the large-cap sector (i.e. leading companies with large market capitalisations) of the United States market. Market capitalisation is the share price multiplied by the number of shares issued. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors, rather than all of a company’s issued shares, are used to calculate the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international Investors. The Index also uses one month foreign exchange (FX) forward contracts to hedge each non-Euro currency in the Index back to Euro in accordance with the S&P Hedged Indices methodology. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities (e.g. shares) that make up the Index and Euro, the base currency of the Fund.
The Fund is passively managed and aims to invest in equity securities (e.g. shares) that, so far as possible and practicable, make up the S&P 500, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is Euro.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN419 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Partners Group (Luxembourg) S.A. is unable to pay out?
With respect to European Depositary Bank S.A. as depositary of the product responsible for the safekeeping of the assets of the product (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary are lost. However, such default risk is limited due to the rules set out in Article 19 of the Luxembourg Law of 12 July 2013 on alternative investment fund managers and in the Commission Delegated Regulation (EU) 231/2013 which require a segregation of assets between those of the Depositary and the product. The Depositary is liable to the product or to the investors of the product for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the AIFMD. The Depositary may contractually discharge itself for the loss of financial instruments by contractual transfer of its liab- ility to any delegates, as further specified in the prospectus of the product. There might be a default risk if the Depositary is the counterparty of the product in relation to any investment transactions and an asset is lost. As an investor in the product, you are not protected by an investor compensation scheme. | # Cosa accade se il Partners Group (Luxembourg) S.A. non è in grado di corrispondere quanto dovuto?
Per quanto riguarda European Depositary Bank S.A. in qualità di depositaria del prodotto responsabile della custodia delle attività del prodotto (la "Banca de- positaria"), esiste un potenziale rischio d'insolvenza qualora le attività del Fondo detenute presso la Banca depositaria vengano perse. Tale rischio d'insolvenza è tuttavia limitato per effetto delle regole previste nell'Articolo 19 della Legge del Lussemburgo del 12 luglio 2013 sui gestori di fondi d'investimento alternativi e del Regolamento Delegato della Commissione (UE) 231/2013, che richiedono la separazione delle attività della Banca depositaria dalle attività del prodotto. La Banca depositaria è responsabile nei confronti del prodotto o degli investitori del prodotto in caso di perdita da parte della Banca depositaria o di uno dei suoi delegati di uno strumento finanziario detenuto in custodia, salvo che la Banca depositaria sia in grado di dimostrare che la perdita è avvenuta a seguito di un evento esterno che esula dal suo ragionevole controllo. Per tutte le altre perdite, la Banca depositaria è responsabile in caso d'inadempienza negligente o intenzionale rispetto alle proprie obbligazioni previste dalla AIFMD. La Banca depositaria potrebbe esonerarsi a livello contrattuale rispetto alla perdita di strumenti finanziari attraverso il trasferimento contrattuale della relativa responsabilità a eventuali delegati, secondo quanto specificato in dettaglio all'interno del Prospetto del prodotto. Potrebbe sussistere un rischio d'insolvenza se la Banca depositaria fosse la controparte del prodotto nell'ambito di una qualsiasi operazione d'investimento e un'attività venisse persa. Gli investitori del prodotto non sono protetti in quanto tali da un sistema d'indennizzo degli investitori. | # What happens if Partners Group (Luxembourg) S.A. is unable to pay out?
With respect to European Depositary Bank S.A. as depositary of the product responsible for the safekeeping of the assets of the product (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary are lost. However, such default risk is limited due to the rules set out in Article 19 of the Luxembourg Law of 12 July 2013 on alternative investment fund managers and in the Commission Delegated Regulation (EU) 231/2013 which require a segregation of assets between those of the Depositary and the product. The Depositary is liable to the product or to the investors of the product for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the AIFMD. The Depositary may contractually discharge itself for the loss of financial instruments by contractual transfer of its liab- ility to any delegates, as further specified in the prospectus of the product. There might be a default risk if the Depositary is the counterparty of the product in relation to any investment transactions and an asset is lost. As an investor in the product, you are not protected by an investor compensation scheme. | en | it |
DOLFIN420 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# SUMMARY OF INVESTMENT OBJECTIVE
The Wellington FinTech Fund is actively managed and seeks long-term total returns in excess of the MSCI All Country World Index by investing primarily in companies globally that leverage technology to enhance or disrupt traditional financial services. Using fundamental, bottom-up, company specific analysis, the Fund aims to invest in financial technology companies and/or companies where the key growth driver is to provide or use technology to deliver the next generation of financial services (FinTech). | # SINTESI DELL'OBIETTIVO D'INVESTIMENTO
Il Wellington FinTech Fund è gestito attivamente e punta a generare rendimenti totali a lungo termine superiori all'Indice MSCI All Country World, investendo principalmente in società a livello globale che sfruttano la tecnologia per migliorare o rivoluzionare i servizi finanziari tradizionali. Tramite l'analisi fondamentale di tipo bottom-up, specifica per le singole società, il Fondo punta a investire in società tecnologiche finanziarie e/o società il cui principale catalizzatore della crescita sia la fornitura o l'utilizzo della tecnologia per offrire servizi finanziari di prossima generazione (FinTech). | # SUMMARY OF INVESTMENT OBJECTIVE
The Wellington FinTech Fund is actively managed and seeks long-term total returns in excess of the MSCI All Country World Index by investing primarily in companies globally that leverage technology to enhance or disrupt traditional financial services. Using fundamental, bottom-up, company specific analysis, the Fund aims to invest in financial technology companies and/or companies where the key growth driver is to provide or use technology to deliver the next generation of financial services (FinTech). | en | it |
DOLFIN421 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that are involved with new and emerging themes in health care.
In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market) across multiple industries including (without limitation) biotechnology, pharmaceuticals, life sciences tools and services, health care technology, health care equipment, medical devices and digital health care, and across multiple sub- themes including (without limitation) the following: genetic medicine, next generation diagnostics, immunotherapy, robotic-assisted surgery, biosensors and trackers, medical artificial intelligence applications and telehealth.The companies are evaluated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the next generation health care theme and their ESG risk and opportunity credentials.
Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets. The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA
Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline- screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes 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. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World 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 Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo.
El Fondo invierte al menos el 80 % de sus activos totales en valores de renta variable (es decir, acciones) de empresas internacionales implicadas en temas novedosos y emergentes relacionados con la sanidad.
En condiciones normales de mercado, el Fondo invertirá en una cartera de valores de renta variable de empresas de elevada, mediana y pequeña capitalización bursátil (es decir, el precio de las acciones de la empresa multiplicado por el número de acciones inmediatamente disponibles en el mercado), con actividades relacionadas con diferentes sectores, que incluyen, (sin limitación alguna) biotecnología, productos farmacéuticos, herramientas y servicios para ciencias biológicas, tecnología sanitaria, equipos de atención sanitaria, dispositivos médicos y atención sanitaria digital, así como múltiples subtemas, entre los que se incluyen (sin limitación alguna): medicina genética, diagnósticos de última generación, inmunoterapia, cirugía asistida por sistemas robóticos, biosensores y rastreadores, aplicaciones médicas basadas en la inteligente artificial y telemedicina. El Asesor de Inversiones (AI) evalúa las empresas en función de su capacidad para gestionar los riesgos y oportunidades asociados al tema de la atención sanitaria de última y sus credenciales de riesgos y oportunidades ESG.
Aunque es probable que la mayor parte de las inversiones del Fondo se haga en empresas establecidas en mercados desarrollados de todo el mundo, el Fondo también podrá invertir en mercados emergentes.
El AI tendrá en cuenta determinadas características ESG a la hora de seleccionar los valores que el Fondo mantendrá de forma directa en su cartera. Al hacerlo, el AI aplicará los filtros de referencia de BlackRock EMEA, con los que el AI tratará de limitar o excluir las inversiones directas (según corresponda) en emisores que, en opinión del AI, mantengan una exposición a determinados sectores o vínculos con ellos. Para obtener más información, consulte el sitio web de BlackRock: https:// www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión con el fin de alcanzar el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo, a través de los IFD, podrá generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa. El AI tiene potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el MSCI All Countries World Index 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 dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests at least 80% of its total assets in the equity securities (i.e. shares) of companies globally that are involved with new and emerging themes in health care.
In normal market conditions the Fund will invest in a portfolio of equity securities of companies with large, medium and small market capitalisation (i.e. the share price of the company multiplied by the number of shares readily available in the market) across multiple industries including (without limitation) biotechnology, pharmaceuticals, life sciences tools and services, health care technology, health care equipment, medical devices and digital health care, and across multiple sub- themes including (without limitation) the following: genetic medicine, next generation diagnostics, immunotherapy, robotic-assisted surgery, biosensors and trackers, medical artificial intelligence applications and telehealth.The companies are evaluated by the Investment Adviser (IA) based on their ability to manage the risks and opportunities associated with the next generation health care theme and their ESG risk and opportunity credentials.
Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets. The IA will take into account certain ESG characteristics when selecting the securities to be held directly by the Fund. In doing so, the IA will apply BlackRock EMEA
Baseline Screens, whereby the IA will seek to limit and/or exclude direct investment (as applicable) in issuers which, in the opinion of the IA, have exposure to, or ties with, certain sectors. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline- screens-in-europe-middleeast-and-africa.pdf
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes 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. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The MSCI All Countries World 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 Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN422 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
- Le Fonds a pour objectif de générer un rendement total positif lors d’un cycle de marché, en intégrant une approche d’Investissement durable et responsable (SRI).
- Le Fonds entend s’exposer principalement au niveau mondial à une répartition flexible des actions de sociétés et des titres de créance qui répondent aux critères de-durabilité du gestionnaire d’investissement.
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Les critères de durabilité comprendront notamment des critères environnementaux, sociaux et de gouvernance (ESG) ainsi que le code de déontologie, qui seront réévalués et appliqués de manière continue. La sélection permettra d’exclure les sociétés et/ou les émetteurs qui ne répondent pas aux critères du Fonds.
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Le Gestionnaire d’investissement utilisera également une présélection pour identifier les sociétés et/ou émetteurs dont les pratiques et les normes en matière d’ESG et de développement durable sont suffisantes par rapport à leurs pairs, afin de les inclure dans l’univers du Fonds.
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Le Fonds peut faire un usage intensif des instruments dérivés (instruments complexes) pour (i) réduire le risque et/ou générer du capital ou des revenus supplémentaires, et/ou (ii) atteindre ses objectifs d’investissement en produisant des effets de levier variables (c’est-à-dire en prenant une exposition au marché supérieure à sa valeur liquidative).
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Le Fonds fait l’objet d’une gestion active et aucune contrainte ne lui est imposée par son indice de référence, l’indice 3 Month Euribor Index, qui est utilisé à des fins de comparaison. Puisque l’indice de référence est un substitut à un taux du marché monétaire, le chevauchement ne s’applique pas.
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Veuillez vous reporter à la section Performance passée ci-dessous, dans laquelle un indice de référence sera affiché le cas échéant.
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Le Fonds promeut des critères environnementaux, sociaux et de gouvernance (ESG) qui relèvent de l’article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers.
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Vous pouvez acheter et vendre des actions du Fonds chaque Jour de Transaction tel que défini dans le Prospectus. Tout revenu découlant de votre investissement sera réinvesti. | # Objetivos y política de inversión
- El objetivo del Fondo es lograr una rentabilidad total positiva durante un ciclo de mercado integrando un enfoque de inversión sostenible y responsable (ISR).
- El Fondo pretende ganar exposición principalmente a asignaciones flexibles de acciones de sociedades e instrumentos de deuda de todo el mundo que cumplan con-los criterios de sostenibilidad del gestor de inversiones.
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Los criterios de sostenibilidad incluirán pautas ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés), además de pautas éticas, que se revisarán y aplicarán de forma continua. El filtrado se empleará para excluir a las sociedades y/o los emisores que no cumplan con los criterios del Fondo.
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El gestor de inversiones también evaluará e identificará sociedades y/o emisores con experiencia y estándares generales que resulten suficientes en relación con los respectivos de terceros, en materia de criterios ESG y desarrollo sostenible, con el objetivo de incluirlos en el universo del Fondo.
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El Fondo podrá hacer un uso significativo de derivados (instrumentos complejos) para (i) reducir el riesgo y/o generar capital o ingresos adicionales y/o (ii) cumplir con los objetivos de inversión del Fondo al generar cantidades variables de apalancamiento (es decir, cuando el Fondo obtenga una exposición al mercado superior a su valor liquidativo).
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El Fondo se gestiona activamente y no está limitado por su índice de referencia, el 3 Month Euribor Index, que se utiliza a efectos de comparación. Dado que el índice de referencia constituye una representación de un tipo de interés del mercado monetario, la superposición no es aplicable.
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Consulte la sección relativa a la rentabilidad histórica que aparece más adelante, donde se mostrará un índice de referencia si es pertinente.
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El Fondo promueve los criterios ambientales, sociales y de gobierno corporativo (ESG) contemplados en el artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
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Puede comprar y vender acciones del Fondo cualquier Día de Negociación según se define en el Folleto. Se reinvertirá todo ingreso proveniente de su inversión. | # Objectifs et politique d’investissement
- Le Fonds a pour objectif de générer un rendement total positif lors d’un cycle de marché, en intégrant une approche d’Investissement durable et responsable (SRI).
- Le Fonds entend s’exposer principalement au niveau mondial à une répartition flexible des actions de sociétés et des titres de créance qui répondent aux critères de-durabilité du gestionnaire d’investissement.
-
Les critères de durabilité comprendront notamment des critères environnementaux, sociaux et de gouvernance (ESG) ainsi que le code de déontologie, qui seront réévalués et appliqués de manière continue. La sélection permettra d’exclure les sociétés et/ou les émetteurs qui ne répondent pas aux critères du Fonds.
-
Le Gestionnaire d’investissement utilisera également une présélection pour identifier les sociétés et/ou émetteurs dont les pratiques et les normes en matière d’ESG et de développement durable sont suffisantes par rapport à leurs pairs, afin de les inclure dans l’univers du Fonds.
-
Le Fonds peut faire un usage intensif des instruments dérivés (instruments complexes) pour (i) réduire le risque et/ou générer du capital ou des revenus supplémentaires, et/ou (ii) atteindre ses objectifs d’investissement en produisant des effets de levier variables (c’est-à-dire en prenant une exposition au marché supérieure à sa valeur liquidative).
-
Le Fonds fait l’objet d’une gestion active et aucune contrainte ne lui est imposée par son indice de référence, l’indice 3 Month Euribor Index, qui est utilisé à des fins de comparaison. Puisque l’indice de référence est un substitut à un taux du marché monétaire, le chevauchement ne s’applique pas.
-
Veuillez vous reporter à la section Performance passée ci-dessous, dans laquelle un indice de référence sera affiché le cas échéant.
-
Le Fonds promeut des critères environnementaux, sociaux et de gouvernance (ESG) qui relèvent de l’article 8 du Règlement (UE) 2019/2088 sur la publication d’informations en matière de durabilité dans le secteur des services financiers.
-
Vous pouvez acheter et vendre des actions du Fonds chaque Jour de Transaction tel que défini dans le Prospectus. Tout revenu découlant de votre investissement sera réinvesti. | fr | es |
DOLFIN423 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company trades in financial instruments, taking positions in traded instruments to create a professionally managed portfolio consisting of high quality long-term growth companies. However, the Company’s equity securities remain susceptible to equity price risk arising from fluctuations in their fair value due to changes in market prices.
The positions in securities held by the Funds at the financial period end are disclosed in the Schedule of Investments along with details of the geographic breakdown of investments indicating which countries the Funds’ portfolios are exposed. However, exposure may not be limited to these countries if, for example, companies in a portfolio have part of their earnings based in other countries.
The tables below provide a risk sensitivity analysis of the impact of equity price movements on each of the Funds of the Company. This information is given only in conformity with the requirements of IFRS 7 Financial Instruments: Disclosures and is not intended to represent any kind of forecasting as to the performance of any Fund of the Company. Neither the Directors nor the Investment Manager, by virtue of providing this information for compliance purposes with IFRS 7 Financial Instruments: Disclosures, should be regarded as in any way forecasting the future performance of any of the Funds.
As at 30 June 2020, a 5% increase or decrease in the market prices of the underlying instruments would have increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the basis that all other variables remained constant. | La Société négocie des instruments financiers en prenant des positions sur instruments négociés afin de créer un portefeuille géré de manière professionnelle et composé de sociétés de premier ordre et de croissance sur le long terme. Néanmoins, les actions détenues par la Société sont sujettes au risque de cours des actions émanant de la variation de leur juste valeur due aux fluctuations de leurs cours.
Les positions sur les titres détenus par les Compartiments à la fin de l’exercice sont indiquées dans l’État du portefeuille, ainsi que les détails de la répartition géographique des investissements indiquant les pays auxquels les portefeuilles des Compartiments sont exposés. Néanmoins, l’exposition peut ne pas se limiter à ces pays si, par exemple, des sociétés du portefeuille réalisent une partie de leurs bénéfices dans d’autres pays.
Les tableaux ci-après montrent une analyse de sensibilité au risque de variation du cours des actions pour chaque Compartiment de la Société. Ces informations ne sont fournies qu’au titre de la norme IFRS 7 « Instruments financiers : informations à fournir » et ne représentent en aucune manière une prévision de performance d’un quelconque Compartiment de la Société. Ni les Administrateurs ni la Société de gestion ne sauraient, du fait d’avoir fourni ces informations afin de se conformer à la norme IFRS 7 « Instruments financiers : informations à fournir », être considérés comme ayant d’une quelconque manière émis des prévisions concernant la performance future d’un quelconque Compartiment.
Au 30 juin 2020, une hausse ou une baisse de 5 % des cours de marché des instruments sous-jacents aurait eu pour effet d’accroître ou de réduire l’actif net attribuable aux porteurs d’actions de participation rachetables des montants indiqués ci- dessous, sous réserve que toutes les autres variables soient restées constantes. | The Company trades in financial instruments, taking positions in traded instruments to create a professionally managed portfolio consisting of high quality long-term growth companies. However, the Company’s equity securities remain susceptible to equity price risk arising from fluctuations in their fair value due to changes in market prices.
The positions in securities held by the Funds at the financial period end are disclosed in the Schedule of Investments along with details of the geographic breakdown of investments indicating which countries the Funds’ portfolios are exposed. However, exposure may not be limited to these countries if, for example, companies in a portfolio have part of their earnings based in other countries.
The tables below provide a risk sensitivity analysis of the impact of equity price movements on each of the Funds of the Company. This information is given only in conformity with the requirements of IFRS 7 Financial Instruments: Disclosures and is not intended to represent any kind of forecasting as to the performance of any Fund of the Company. Neither the Directors nor the Investment Manager, by virtue of providing this information for compliance purposes with IFRS 7 Financial Instruments: Disclosures, should be regarded as in any way forecasting the future performance of any of the Funds.
As at 30 June 2020, a 5% increase or decrease in the market prices of the underlying instruments would have increased or decreased the net assets attributable to holders of redeemable shares by the amounts shown below, on the basis that all other variables remained constant. | en | fr |
DOLFIN424 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important information
The way we report our FRN’s has changed to categorise the coupon more accurately, which may result in changes to the percentage allocation.
The M&G (Lux) Sustainable Global High Yield Bond Fund is a sub-fund of M&G (Lux) Investment Funds 1.
SFDR Article Classification: Article 8 fund. The decision to invest in this fund should be based on all objectives and characteristics and not solely its non-financial objectives and characteristics. The Morningstar Overall Rating based on the fund’s US Dollar Class A shares. Copyright © 2022 Morningstar UK Limited. All Rights Reserved. Ratings should not be taken as recommendation.
Where a security has not been rated by Standard & Poor’s, Fitch or Moody’s, we may use M&G’s internal credit rating. Based on a comparison of all available ratings for each security, the most conservative rating (S&P, Fitch, Moody’s or M&G’s internal rating) is taken into consideration. The ratings so identified are then expressed or converted into M&G’s ratings format to obtain uniform information for all securities in the portfolio.
This information is not an offer or solicitation of an offer for the purchase of investment shares in one of the funds referred to herein. Purchases of a fund should be based on the current Prospectus. The Instrument of Incorporation, Prospectus, Key Investor Information Document, annual or interim Investment Report and Financial Statements, are available in English or Italian free of charge M&G International Investments S.A. They can also be obtained on the website: www.mandg.com/investments/private- investor/it-it
Before subscribing you should read the Prospectus and the Key Investor Information Document, which include a description of the investment risks and investor rights relating to these funds. The information contained herein is not a substitute for independent investment advice. M&G International Investments S.A. may terminate arrangements for marketing under the new Cross-Border Distribution Directive denotification process.
Complaints handling information is available in Italian from www.mandg.com/investments/private-investor/it-it/complaints-dealing-process This financial promotion is issued by M&G International Investments S.A. Registered Office: 16, boulevard Royal, L 2449, Luxembourg. | # Informazioni importanti
La modalità con la quale riportiamo i nostri FRN è cambiata al fine di classificare la cedola in modo più accurato; ciò potrebbe tradursi in variazioni dell'allocazione percentuale.
M&G (Lux) Sustainable Global High Yield Bond Fund è un comparto di M&G (Lux) Investment Funds 1.
Classificazione Articolo SFDR: fondo dell'Articolo 8. La decisione di investire in questo fondo deve basarsi su tutti gli obiettivi e le caratteristiche e non solo sui suoi obiettivi e caratteristiche non finanziari. Morningstar Overall Rating in base alle azioni di US Dollar Class A del fondo. Copyright © 2022 Morningstar UK Limited. Tutti i diritti riservati. I rating non sono da intendersi come una raccomandazione.
Qualora un titolo non disponga del rating di Standard & Poor’s, Fitch o Moody’s, possiamo fare ricorso a un giudizio di credito interno di M&G. Sulla base di un confronto tra tutti i giudizi disponibili per ciascun titolo, viene preso in considerazione il rating più prudente (S&P, Fitch, Moody’s o il giudizio interno di M&G). I rating così identificati sono in seguito espressi o convertiti nel formato di rating di M&G al fine di ottenere informazioni uniformi per tutti i titoli presenti in portafoglio.
Queste informazioni non costituiscono un’offerta o una sollecitazione di offerta per l’acquisto di azioni di investimento di uno dei Fondi qui citati. Gli acquisti relativi a un Fondo devono basarsi sul Prospetto Informativo corrente. Copie gratuite degli Atti Costitutivi, dei Prospetti Informativi, dei Documenti di Informazione Chiave per gli Investitori (KIID) e delle Relazioni annuali e semestrali sono disponibili in inglese o italiano presso M&G International Investments S.A. Tali documenti sono disponibili anche sul sito www.mandg.com/investments/private-investor/it-it
Prima della sottoscrizione gli investitori devono leggere il Prospetto informativo e il Documento di Informazioni Chiave per gli Investitori, che illustrano i rischi di investimento associati a questi fondi e che descrivono i diritti degli investitori. Le informazioni qui contenute non sostituiscono una consulenza indipendente in materia di investimenti. M&G International Investments S.A. può decidere di terminare gli accordi presi per la commercializzazione in base al nuovo processo di revoca della notifica della direttiva sulla distribuzione transfrontaliera.
Informazioni sulla gestione dei reclami sono disponibili in italiano presso www.mandg.com/investments/private-investor/it-it/complaints-dealing-process. Questa attività di marketing è pubblicata da M&G International Investments S.A. Sede legale: 16, boulevard Royal, L 2449, Luxembourg. | # Important information
The way we report our FRN’s has changed to categorise the coupon more accurately, which may result in changes to the percentage allocation.
The M&G (Lux) Sustainable Global High Yield Bond Fund is a sub-fund of M&G (Lux) Investment Funds 1.
SFDR Article Classification: Article 8 fund. The decision to invest in this fund should be based on all objectives and characteristics and not solely its non-financial objectives and characteristics. The Morningstar Overall Rating based on the fund’s US Dollar Class A shares. Copyright © 2022 Morningstar UK Limited. All Rights Reserved. Ratings should not be taken as recommendation.
Where a security has not been rated by Standard & Poor’s, Fitch or Moody’s, we may use M&G’s internal credit rating. Based on a comparison of all available ratings for each security, the most conservative rating (S&P, Fitch, Moody’s or M&G’s internal rating) is taken into consideration. The ratings so identified are then expressed or converted into M&G’s ratings format to obtain uniform information for all securities in the portfolio.
This information is not an offer or solicitation of an offer for the purchase of investment shares in one of the funds referred to herein. Purchases of a fund should be based on the current Prospectus. The Instrument of Incorporation, Prospectus, Key Investor Information Document, annual or interim Investment Report and Financial Statements, are available in English or Italian free of charge M&G International Investments S.A. They can also be obtained on the website: www.mandg.com/investments/private- investor/it-it
Before subscribing you should read the Prospectus and the Key Investor Information Document, which include a description of the investment risks and investor rights relating to these funds. The information contained herein is not a substitute for independent investment advice. M&G International Investments S.A. may terminate arrangements for marketing under the new Cross-Border Distribution Directive denotification process.
Complaints handling information is available in Italian from www.mandg.com/investments/private-investor/it-it/complaints-dealing-process This financial promotion is issued by M&G International Investments S.A. Registered Office: 16, boulevard Royal, L 2449, Luxembourg. | en | it |
DOLFIN425 | 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
L’objectif du fonds, de classification « obligations et autres titres de créance internationaux » est d’obtenir une performance nette de frais supérieure à celle de l’indice de référence composite : 50% Markit iBoxx EUR Contingent Convertible (IBXXC2CO Index) + 25% Markit iBoxx EUR Non-Financials Subordinated (I4BN Index) + 25% Markit Iboxx EUR Insurance Subordinated (IYHH Index), sur un horizon de placement recommandé supérieur à 10 ans en s’exposant notamment sur des titres de dette subordonnés présentant un profil de risque spécifique et différent de celui des obligations classiques et en investissant dans un portefeuille d’émetteurs filtrés préalablement selon des critères Environnementaux, Sociaux et de Gouvernance.
Indicateur de référence : 50% Markit iBoxx EUR Contingent Convertible dividendes non réinvestis (IBXXC2CO Index) + 25% Markit iBoxx EUR Non- Financials Subordinated dividendes non réinvestis (I4BN Index) + 25% Markit Iboxx EUR Insurance Subordinated dividendes non réinvestis (IYHH Index), indice composite donné à titre de comparaison. Le gérant peut ou non investir dans les titres qui composent l’indicateur de référence à sa libre discrétion. Il est donc libre de choisir les titres qui composent le portefeuille dans le respect de la stratégie de gestion et des contraintes d’investissement.
L’univers d’investissement du fonds englobe les obligations et titres de créances négociables émis ou garantis par les Etats membres de l'Union européenne, la Suisse, le Royaume-Uni et la Norvège (dette publique jusqu’à 50% de l’actif net), les obligations non gouvernementales (dette privée) de l'Union européenne, la Suisse, le Royaume-Uni et la Norvège et libellées en Dollar et/ou en Livre Sterling et/ou en Euro, les obligations convertibles et les instruments du marché monétaire. Cet univers d’investissement inclut notamment les différentes catégories de dette subordonnée comme les obligations contingentes convertibles (CoCos).
Les « CoCos » présentent un caractère plus spéculatif et un risque de défaut plus important qu’une obligation classique mais ces titres obligataires contingent convertible seront recherchés dans le cadre de la gestion du fonds compte tenu de leur rendement important. Cette rémunération vient en compensation du fait que ces titres peuvent être convertis en fonds propres (actions) ou subir une perte en capital en cas de déclenchement des clauses contingentes de l’institution financière concernée (franchissement d’un seuil de capital prédéfini dans le prospectus d’émission d’une obligation subordonnée). L’univers d’investissement initial couvert est analyse par La Française Sustainable Investment Research (ci-après « Equipe de Recherche ESG ») de l’entité « La Française Group UK Limited » appartenant au groupe La Française. L’analyse des critères Environnementaux, Sociaux et de Gouvernance est effectuée par l’ « Equipe de Recherche ESG » qui a développé un modèle ESG propriétaire et qui permet d’avoir une approche en sélectivité par rapport à l’univers investissable. Cette approche en sélectivité décrite dans le prospectus permet chaque émetteur privé ou public de se voir attribuer un score de zéro (le pire) à 10 (le meilleure). Ce score est le reflet des opportunités d’investissement ou a contrario des risques extra-financiers. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del fondo, clasificado como «bonos y otros títulos de deuda internacional», es obtener una rentabilidad neta de comisiones superior a la del índice de referencia compuesto: 50 % Markit iBoxx EUR Contingent Convertible (IBXXC2CO Index) + 25 % Markit iBoxx EUR Non-Financials Subordinated (I4BN Index) + 25 % Markit Iboxx EUR Insurance Subordinated (IYHH Index), en un período de inversión recomendado superior a 10 años, exponiéndose principalmente a títulos de deuda subordinados con un perfil de riesgo específico y diferente a aquel de las obligaciones clásicas, invirtiendo en una cartera de emisores filtrada previamente según los criterios ambientales, sociales y de gobernanza.
Indicador de referencia: 50 % Markit iBoxx EUR Contingent Convertible dividendos no reinvertidos (IBXXC2CO Index) + 25 % Markit iBoxx EUR Non-Financials Subordinated dividendos no reinvertidos (I4BN Index) + 25 % Markit Iboxx EUR Insurance Subordinated dividendos no reinvertidos (IYHH Index), índice proporcionado para comparación. El administrador puede o no invertir libremente en los títulos que conforman el indicador de referencia. Por lo tanto, es libre de elegir los títulos que componen la cartera respetando la estrategia de gestión y las restricciones de inversión.
El universo de inversión del fondo engloba las obligaciones y los títulos de créditos negociables emitidos o garantizados por los Estados miembros de la Unión Europea, Suiza, el Reino Unido y Noruega (deuda pública de hasta el 50 % del activo neto), las obligaciones no gubernamentales (deuda privada) de la Unión Europea, Suiza, el Reino Unido y Noruega y denominadas en dólares, libra esterlina y euros, las obligaciones convertibles y los instrumentos del mercado monetario. Este universo de inversión incluye, en concreto, las diferentes categorías de deuda subordinada como las obligaciones contingentes convertibles («CoCos»).
Los «CoCos» tienen un carácter más especulativo y un riesgo de incumplimiento mayor que una obligación clásica, pero estos bonos contingentes convertibles se estudiarán en el marco de la gestión de fondos teniendo en cuenta su importante rendimiento. Esta remuneración viene a compensar el hecho de que estos bonos puedan convertirse en fondos propios (acciones) o sufrir una pérdida de capital en caso de aplicación de las cláusulas contingentes de la institución financiera en cuestión (superación de un umbral de capital preestablecido en el folleto de emisión de una obligación subordinada). La Française Sustainable Investment Research (en adelante «Equipo de investigación ESG») de la entidad «La Française Group UK Limited» perteneciente al Grupo La Française, analiza el universo de inversión inicial cubierto. El análisis de los criterios ambientales, sociales y de gobernanza lo realiza el «Equipo de investigación ESG», el cual ha desarrollado un modelo ESG propio que permite adoptar un enfoque de selectividad en relación con el universo de inversión. Este enfoque de selectividad descrito en el folleto permite que a cada emisor público o privado se le asigne una puntuación de cero (la peor) a 10 (la mejor). Esta calificación refleja las oportunidades de inversión o, por el contrario, los riesgos extrafinancieros. A continuación, se excluye el 20 % de los emisores privados y el 20 % de los emisores públicos con las puntuaciones ESG más bajas en | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L’objectif du fonds, de classification « obligations et autres titres de créance internationaux » est d’obtenir une performance nette de frais supérieure à celle de l’indice de référence composite : 50% Markit iBoxx EUR Contingent Convertible (IBXXC2CO Index) + 25% Markit iBoxx EUR Non-Financials Subordinated (I4BN Index) + 25% Markit Iboxx EUR Insurance Subordinated (IYHH Index), sur un horizon de placement recommandé supérieur à 10 ans en s’exposant notamment sur des titres de dette subordonnés présentant un profil de risque spécifique et différent de celui des obligations classiques et en investissant dans un portefeuille d’émetteurs filtrés préalablement selon des critères Environnementaux, Sociaux et de Gouvernance.
Indicateur de référence : 50% Markit iBoxx EUR Contingent Convertible dividendes non réinvestis (IBXXC2CO Index) + 25% Markit iBoxx EUR Non- Financials Subordinated dividendes non réinvestis (I4BN Index) + 25% Markit Iboxx EUR Insurance Subordinated dividendes non réinvestis (IYHH Index), indice composite donné à titre de comparaison. Le gérant peut ou non investir dans les titres qui composent l’indicateur de référence à sa libre discrétion. Il est donc libre de choisir les titres qui composent le portefeuille dans le respect de la stratégie de gestion et des contraintes d’investissement.
L’univers d’investissement du fonds englobe les obligations et titres de créances négociables émis ou garantis par les Etats membres de l'Union européenne, la Suisse, le Royaume-Uni et la Norvège (dette publique jusqu’à 50% de l’actif net), les obligations non gouvernementales (dette privée) de l'Union européenne, la Suisse, le Royaume-Uni et la Norvège et libellées en Dollar et/ou en Livre Sterling et/ou en Euro, les obligations convertibles et les instruments du marché monétaire. Cet univers d’investissement inclut notamment les différentes catégories de dette subordonnée comme les obligations contingentes convertibles (CoCos).
Les « CoCos » présentent un caractère plus spéculatif et un risque de défaut plus important qu’une obligation classique mais ces titres obligataires contingent convertible seront recherchés dans le cadre de la gestion du fonds compte tenu de leur rendement important. Cette rémunération vient en compensation du fait que ces titres peuvent être convertis en fonds propres (actions) ou subir une perte en capital en cas de déclenchement des clauses contingentes de l’institution financière concernée (franchissement d’un seuil de capital prédéfini dans le prospectus d’émission d’une obligation subordonnée). L’univers d’investissement initial couvert est analyse par La Française Sustainable Investment Research (ci-après « Equipe de Recherche ESG ») de l’entité « La Française Group UK Limited » appartenant au groupe La Française. L’analyse des critères Environnementaux, Sociaux et de Gouvernance est effectuée par l’ « Equipe de Recherche ESG » qui a développé un modèle ESG propriétaire et qui permet d’avoir une approche en sélectivité par rapport à l’univers investissable. Cette approche en sélectivité décrite dans le prospectus permet chaque émetteur privé ou public de se voir attribuer un score de zéro (le pire) à 10 (le meilleure). Ce score est le reflet des opportunités d’investissement ou a contrario des risques extra-financiers. | fr | es |
DOLFIN426 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was 0.72%.
The fund had a positive total return in December. Credit returns made a positive contribution to performance in December. Banking and insurance were the strongest sector contributors. On a name basis, the strongest contributors were mainly in the insurance sector, with names like Athora, Prudential and La Mondiale. The fund's duration exposure made a negative contribution to total returns as Treasury yields rose | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del 0,72%.
El fondo registró un rendimiento total positivo en diciembre. Durante el mes, los rendimientos del crédito contribuyeron positivamente a la rentabilidad. Banca y seguros fueron los sectores que realizaron las mayores aportaciones a la rentabilidad. Las mayores aportaciones se generaron en el sector de seguros, con nombres como Athora, Prudential y La Mondiale. La exposición de la duración del fondo restó a la rentabilidad de los rendimientos totales, pues las rentabilidades de la deuda pública aumentaron. | # Performance
Based on transaction prices, the fund's return was 0.72%.
The fund had a positive total return in December. Credit returns made a positive contribution to performance in December. Banking and insurance were the strongest sector contributors. On a name basis, the strongest contributors were mainly in the insurance sector, with names like Athora, Prudential and La Mondiale. The fund's duration exposure made a negative contribution to total returns as Treasury yields rose | en | es |
DOLFIN427 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Manager or the Trustee (as appropriate) will immediately inform the FCA of the suspension and the reasons for it and will follow this up as soon as practicable with written confirmation of the suspension and the reasons for it to the FCA and the regulator in each EEA state where the relevant Trust is offered for sale.
The Manager shall notify Unitholders as soon as is practicable after the commencement of the suspension, including giving details of the exceptional circumstances which led to the suspension in a clear, fair and not misleading way and details of how Unitholders may find out further information about the suspension. In the event of suspension, the Manager shall publish sufficient details on its website or by other general means to keep Unitholders appropriately informed about the suspension including, if known, its possible duration.
The Manager and the Trustee will formally review the suspension at least every 28 days and will inform the FCA of such review and any change to the information supplied to Unitholders.
Suspension will cease as soon as practicable after the exceptional circumstances leading to the suspension have ceased. On a resumption of dealings following suspension, it is anticipated that Unit pricing and dealing will take place at the Dealing Days and times stated in this Prospectus.
During any suspension, a Unitholder may withdraw his redemption notice provided that such withdrawal is in writing and is received before the end of the suspension. Any notice not withdrawn will be dealt with on the Dealing Day next following the end of the suspension.
Dilution Adjustment
All Trusts operate on a single, as opposed to bid and offer, pricing basis. The Trusts may suffer a reduction or dilution in value as a result of the costs incurred in dealing in its underlying investments and of any spread between the buying and selling prices of such investments.
In order to mitigate this, the Manager has the ability to apply a dilution adjustment (“dilution adjustment”) as defined in the Rules, on the subscription and redemption of Units. A dilution adjustment is an adjustment to the price of a Unit to reduce the effect of dilution where in the Manager’s opinion it is sufficiently material for the interests of Unitholders to require it. The Manager shall comply with the Rules in their application of any such dilution adjustment.
The Manager may make a dilution adjustment in the following circumstances:
- where the aggregate net investor inflows or outflows exceed a pre-determined threshold (as determined from time to time by the Manager); and / or
- where in any case the Manager is of the opinion that the interests of Unitholders require the imposition of a dilution adjustment. | Die Verwaltungsgesellschaft oder (gegebenenfalls) der Treuhänder informieren die FCA unverzüglich über die Aussetzung und die Gründe dafür und schicken eine schriftliche Bestätigung der Aussetzung unter Angabe der Gründe sobald wie möglich an die FCA und die Aufsichtsbehörde in jedem EWR-Staat, in dem der Fonds zum Verkauf angeboten wird.
Die Verwaltungsgesellschaft informiert die Anteilsinhaber sobald wie möglich nach Beginn der Aussetzung unter Nennung der außerordentlichen Umstände, die zu der Aussetzung geführt haben, auf eine eindeutige, faire und nicht irreführende Art und Weise und teilt den Anteilsinhabern mit, wie sie weitere Informationen über die Aussetzung erhalten können. Im Fall einer Aussetzung veröffentlicht die Verwaltungsgesellschaft auf ihrer Internetseite oder über andere allgemeine Kommunikationsmittel ausreichende Informationen, um die Anteilsinhaber über die Aussetzung und falls bekannt, über ihre mögliche Dauer auf geeignete Weise auf dem Laufenden zu halten.
Die Verwaltungsgesellschaft und der Treuhänder überprüfen die Aussetzung formell mindestens alle 28 Tage und informieren die FCA über eine derartige Überprüfung und alle Änderungen der Informationen, die den Anteilsinhabern bereitgestellt werden.
Die Aussetzung endet sobald wie möglich nachdem die außerordentlichen Umstände, die zu der Aussetzung geführt haben, vorüber sind. Bei Wiederaufnahme des Handels nach der Aussetzung ist vorgesehen, dass die Preisfestlegung und der Handel mit Anteilen zu den in diesem Verkaufsprospekt genannten Handelstagen und Zeiten stattfinden.
Während einer Aussetzung kann ein Anteilsinhaber seinen Rücknahmeantrag zurückziehen, sofern diese Zurücknahme schriftlich erfolgt und vor Ablauf der Aussetzung eingeht. Nicht zurückgezogene Anträge werden am ersten auf das Ende der Aussetzung folgenden Handelstag abgewickelt.
Verwässerungsanpassung
Alle Fonds arbeiten auf Einzelpreisbasis anstatt auf der Basis von Rücknahme- und Angebotspreisen. Der Wert der Fonds könnte aufgrund der beim Handel mit den zugrunde liegenden Anlagen entstehenden Kosten oder aufgrund einer eventuellen Spanne zwischen dem Kauf- und Verkaufspreis für diese Anlagen reduziert bzw. verwässert werden.
Um dies abzufedern, kann die Verwaltungsgesellschaft eine Verwässerungsanpassung („Verwässerungsanpassung“) im Sinne der Regeln auf den Verkauf und die Rücknahme von Anteilen anwenden. Eine Verwässerungsanpassung ist eine Anpassung des Preises eines Anteils zwecks Minderung des Verwässerungseffekts, wenn dieser nach Ansicht der Verwaltungsgesellschaft so bedeutend ist, dass die Anpassung im Interesse der Anteilsinhaber notwendig ist.
Die Verwaltungsgesellschaft erfüllt bei Anwendung einer solchen Verwässerungsanpassung die Vorschriften. Die Verwaltungsgesellschaft kann unter folgenden Umständen eine Verwässerungsanpassung vornehmen:
- wenn die aggregierten Nettozu- oder -abflüsse von Anlegern eine zuvor bestimmte Schwelle überschreiten (wie von Zeit zu Zeit durch die Verwaltungsgesellschaft festgelegt); und/oder
- wenn nach Ansicht der Verwaltungsgesellschaft im Interesse der Anteilsinhaber eine Verwässerungsanpassung erforderlich ist. | The Manager or the Trustee (as appropriate) will immediately inform the FCA of the suspension and the reasons for it and will follow this up as soon as practicable with written confirmation of the suspension and the reasons for it to the FCA and the regulator in each EEA state where the relevant Trust is offered for sale.
The Manager shall notify Unitholders as soon as is practicable after the commencement of the suspension, including giving details of the exceptional circumstances which led to the suspension in a clear, fair and not misleading way and details of how Unitholders may find out further information about the suspension. In the event of suspension, the Manager shall publish sufficient details on its website or by other general means to keep Unitholders appropriately informed about the suspension including, if known, its possible duration.
The Manager and the Trustee will formally review the suspension at least every 28 days and will inform the FCA of such review and any change to the information supplied to Unitholders.
Suspension will cease as soon as practicable after the exceptional circumstances leading to the suspension have ceased. On a resumption of dealings following suspension, it is anticipated that Unit pricing and dealing will take place at the Dealing Days and times stated in this Prospectus.
During any suspension, a Unitholder may withdraw his redemption notice provided that such withdrawal is in writing and is received before the end of the suspension. Any notice not withdrawn will be dealt with on the Dealing Day next following the end of the suspension.
Dilution Adjustment
All Trusts operate on a single, as opposed to bid and offer, pricing basis. The Trusts may suffer a reduction or dilution in value as a result of the costs incurred in dealing in its underlying investments and of any spread between the buying and selling prices of such investments.
In order to mitigate this, the Manager has the ability to apply a dilution adjustment (“dilution adjustment”) as defined in the Rules, on the subscription and redemption of Units. A dilution adjustment is an adjustment to the price of a Unit to reduce the effect of dilution where in the Manager’s opinion it is sufficiently material for the interests of Unitholders to require it. The Manager shall comply with the Rules in their application of any such dilution adjustment.
The Manager may make a dilution adjustment in the following circumstances:
- where the aggregate net investor inflows or outflows exceed a pre-determined threshold (as determined from time to time by the Manager); and / or
- where in any case the Manager is of the opinion that the interests of Unitholders require the imposition of a dilution adjustment. | en | de |
DOLFIN428 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Ce Fonds, la Société de Gestion et l'OPCVM sont agrées au Liechtenstein et sont réglementées par l'Autorité des Marchés Financiers (FMA) du Liechtenstein.
Le Fonds Maître est un compartiment de Crown Sigma UCITS plc. Le Fonds Maître et sa société de gestion, LGT Capital Partners (Ireland) SA, sont agréés et réglementés par la Banque centrale d'Irlande.
Les informations clés pour l'investisseur ici fournies sont exactes au 31/01/2020. | Este Fondo, la Sociedad Gestora y el UCITS, se encuentran habilitados en Liechtenstein y están regulados por la Autoridad de los Merca- dos Financieros (FMA) de Liechtenstein.
El Fondo principal es un subfondo de Crown Sigma UCITS plc. El Fondo principal y su sociedad gestora LGT Capital Partners (Ireland) Ltd están autorizados y regulados por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son correctos a fecha 31/01/2020. | Ce Fonds, la Société de Gestion et l'OPCVM sont agrées au Liechtenstein et sont réglementées par l'Autorité des Marchés Financiers (FMA) du Liechtenstein.
Le Fonds Maître est un compartiment de Crown Sigma UCITS plc. Le Fonds Maître et sa société de gestion, LGT Capital Partners (Ireland) SA, sont agréés et réglementés par la Banque centrale d'Irlande.
Les informations clés pour l'investisseur ici fournies sont exactes au 31/01/2020. | fr | es |
DOLFIN429 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 12-month rolling return (%)
August 16 - August 17 - August 18 - August 19 - August 20 -
July 17 July 18 July 19 July 20 July 21
- - - 2.03 3.60
Past performance is not a reliable indicator of future performance. | # 12 mesi rolling ritorno %
agosto 16 - agosto 17 - agosto 18 - agosto 19 - agosto 20 -
luglio 17 luglio 18 luglio 19 luglio 20 luglio 21
- - - 2,03 3,60
La performance passata non è indicativa di quella futura. | # 12-month rolling return (%)
August 16 - August 17 - August 18 - August 19 - August 20 -
July 17 July 18 July 19 July 20 July 21
- - - 2.03 3.60
Past performance is not a reliable indicator of future performance. | en | it |
DOLFIN430 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
### Gestionnaire d’investissement : Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Performances passées : Les informations sur les performances passées de ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0360483019_fr_BE-FR.pdf).
### Ce diagramme affiche la performance du fonds en pourcentage de perte ou de gain par an au cours des 10 dernières années.
Scénarios de performance : Les scénarios de performance précédents pour ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0360483019_fr_BE-FR.csv). | # Otros datos de interés
### Gestor de inversiones: Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Rentabilidad histórica: La información sobre la rentabilidad histórica de este producto se puede encontrar en www.morganstanley.com/im, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0360483019_es_ES.pdf).
### Este diagrama muestra la rentabilidad del fondo como pérdida o ganancia porcentual anual durante los últimos 10 años.
Escenarios de rentabilidad: Los escenarios de rentabilidad anterior de este producto se pueden encontrar en www.morganstanley.com/im, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0360483019_es_ES.csv). | # Autres informations pertinentes
### Gestionnaire d’investissement : Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom.
Performances passées : Les informations sur les performances passées de ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU0360483019_fr_BE-FR.pdf).
### Ce diagramme affiche la performance du fonds en pourcentage de perte ou de gain par an au cours des 10 dernières années.
Scénarios de performance : Les scénarios de performance précédents pour ce produit sont disponibles sur www.morganstanley.com/im et directement via ce lien (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU0360483019_fr_BE-FR.csv). | fr | es |
DOLFIN431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# LES PRINCIPAUX RISQUES DU FONDS
Risque lié à des investissements réalisés dans d’autres OPC/OPCVM
Il s’agit des risques inhérents de ces OPC/OPCVM, comme par exemple le risque de fluctuation de la devise du pays où cet OPC investit, la réglementation du contrôle des changes, l’application des lois fiscales des différents pays, etc.
Risque lié aux instruments financiers dérivés
Il s’agit des risques de variation de la valeur de marché du sous-jacent, des risques de liquidité, risques de gestion, et risques de défaillance de la contrepartie.
Risque de devise
Le Fonds investit dans des marchés étrangers et pourrait être impacté par des variations des cours de change donnant lieu à une augmentation ou une diminution de la valeur des investissements.
Risque de perte en capital
Le Fonds ne bénéficie d’aucune garantie ou protection du capital investi. Vous risquez de ne pas récu- pérer l’entièreté de votre capital investi.
1
Échelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). La catégorie de risque 4 reflète un potentiel de gain et/ou de perte modéré de la valeur du portefeuille. Les données historiques telles que celles utilisées pour calcu- ler l’indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur du Fonds. La catégorie de risque associée à ce Fonds n’est pas garantie et pourra évoluer dans le temps. La catégorie la plus faible ne signifie pas
« sans risque ». Le niveau de risque de ce Fonds reflète principalement les investissements en actions et obligations sur le marché sans contrainte géographique.
2
Le profil Equilibre regroupe les investisseurs qui ont une sensibilité moyenne face au risque. Ils sont prêts à perdre une partie de leur capital pour atteindre un niveau de rendement satisfaisant. Il s’agit donc de trouver un équilibre entre sécu- rité et performance.
3
L’équipe de gestion est sujette à changement. | # PRINCIPALES RIESGOS DEL FONDO
Riesgo asociado a las inversiones realizadas en otros OIC/OICVM
Son los riesgos inherentes a estos OIC/OICVM, como el riesgo de fluctuación de la moneda del país en el que invierte el OIC, la normativa de control del tipo de cambio, la aplicación de la legislación fiscal de los distintos países, etc.
Riesgo asociado a instrumentos financieros derivados
Son riesgos de variación en el valor de mercado del subyacente, riesgos de liquidez, riesgos de gestión y riesgos de impago de la contraparte.
Riesgo de divisa
El Fondo invierte en mercados extranjeros y puede verse afectado por variaciones de los tipos de cam- bio que den lugar a un aumento o una disminución del valor de las inversiones.
Riesgo de pérdida de capital
El Fondo carece de cualquier garantía o protección del capital invertido. Cabe la posibilidad de que no recupere todo el capital que invirtió.
1
Escala de riesgo del DFI (documento de Datos Fundamentales para el Inversor). La categoría de riesgo 4 refleja un potencial de ganancia y/o pérdida moderado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sin- tético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no implica la ausencia de riesgos. El nivel de riesgo de este Fondo refleja principalmente las inversiones en acciones y bonos en el mercado sin limitaciones geográficas.
2
El perfil Equilibrio aglutina a los inversores con una sensibilidad media al riesgo que están dispuestos a perder parte de su capital para lograr un nivel de rendimiento satisfactorio. Por tanto, se trata de encontrar un equilibrio entre seguridad y ren- tabilidad.
3
El equipo de gestión puede cambiar. | # LES PRINCIPAUX RISQUES DU FONDS
Risque lié à des investissements réalisés dans d’autres OPC/OPCVM
Il s’agit des risques inhérents de ces OPC/OPCVM, comme par exemple le risque de fluctuation de la devise du pays où cet OPC investit, la réglementation du contrôle des changes, l’application des lois fiscales des différents pays, etc.
Risque lié aux instruments financiers dérivés
Il s’agit des risques de variation de la valeur de marché du sous-jacent, des risques de liquidité, risques de gestion, et risques de défaillance de la contrepartie.
Risque de devise
Le Fonds investit dans des marchés étrangers et pourrait être impacté par des variations des cours de change donnant lieu à une augmentation ou une diminution de la valeur des investissements.
Risque de perte en capital
Le Fonds ne bénéficie d’aucune garantie ou protection du capital investi. Vous risquez de ne pas récu- pérer l’entièreté de votre capital investi.
1
Échelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). La catégorie de risque 4 reflète un potentiel de gain et/ou de perte modéré de la valeur du portefeuille. Les données historiques telles que celles utilisées pour calcu- ler l’indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur du Fonds. La catégorie de risque associée à ce Fonds n’est pas garantie et pourra évoluer dans le temps. La catégorie la plus faible ne signifie pas
« sans risque ». Le niveau de risque de ce Fonds reflète principalement les investissements en actions et obligations sur le marché sans contrainte géographique.
2
Le profil Equilibre regroupe les investisseurs qui ont une sensibilité moyenne face au risque. Ils sont prêts à perdre une partie de leur capital pour atteindre un niveau de rendement satisfaisant. Il s’agit donc de trouver un équilibre entre sécu- rité et performance.
3
L’équipe de gestion est sujette à changement. | fr | es |
DOLFIN432 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## EU Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation (SFTR), which came into effect on the 13 January 2017, requires further transparency regarding the use of securities financing transactions.
The Company may use total return swaps or other financial derivative instruments with similar characteristics to meet the investment objective of the Company.
The Company used contracts for difference (CFD), total return swap (TRS) and securities lending for the period ended 31 October 2021. The top 10 counterparties are disclosed in note 6 for the securities lending, in note 13 for TRS and in note 14 for CFD.
As at 31 October 2021, there was only collateral received from collateral issuers (governments and international institutions) for securities lending as is shown in note 6. | ## Regolamento SFTR
Il regolamento SFTR (Regolamento sulle operazioni di finanziamento tramite titoli), entrato in vigore il 13 gennaio 2017, richiede ulteriore trasparenza per quanto riguarda l’uso delle transazioni di finanziamento in titoli.
La Società può fare ricorso ai total return swap ed altri strumenti finanziari derivati con caratteristiche simili per soddisfare l’obiettivo di investimento. La Società ha utilizzato contratti per differenza (CFD), total return swap (TRS) e prestito titoli per il periodo chiuso al 31 ottobre 2021.
Le prime 10 controparti sono indicate nella nota 6 per il prestito titoli, nella nota 13 per i TRS e nella nota 14 per i CFD.
Al 31 ottobre 2021 era stato fornito collaterale soltanto da emittenti di collaterale (governi e istituzioni internazionali) per il prestito titoli come indicato nella nota 6. | ## EU Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation (SFTR), which came into effect on the 13 January 2017, requires further transparency regarding the use of securities financing transactions.
The Company may use total return swaps or other financial derivative instruments with similar characteristics to meet the investment objective of the Company.
The Company used contracts for difference (CFD), total return swap (TRS) and securities lending for the period ended 31 October 2021. The top 10 counterparties are disclosed in note 6 for the securities lending, in note 13 for TRS and in note 14 for CFD.
As at 31 October 2021, there was only collateral received from collateral issuers (governments and international institutions) for securities lending as is shown in note 6. | en | it |
DOLFIN433 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
This Fund is actively managed without reference to a benchmark based on an institutional investment process to allocate capital across a range of alternative investment strategies. It seeks to achieve total return consistent with the risk and return patterns of a diversified universe of hedge funds. The Fund invests in a broad range of instruments, including but not limited to, futures, commodities, exchange-traded funds (ETFs), options, currencies and others, but does not | # Objetivos y política de inversión
Este fondo se gestiona de forma activa sin referencia a un índice de referencia y en base a un proceso de inversión institucional de asignación de capital a través de una gama de estrategias de inversión alternativa. Tiene como objetivo lograr una rentabilidad total coherente con los patrones de riesgo y rentabilidad de un universo de fondos de cobertura diversificado. El fondo invierte en una amplia gama de instrumentos, incluyendo, sin carácter limitativo, futuros, materias primas, fondos cotizados (ETF), opciones, monedas y otros, pero no invierte en | # Objectives and investment policy
This Fund is actively managed without reference to a benchmark based on an institutional investment process to allocate capital across a range of alternative investment strategies. It seeks to achieve total return consistent with the risk and return patterns of a diversified universe of hedge funds. The Fund invests in a broad range of instruments, including but not limited to, futures, commodities, exchange-traded funds (ETFs), options, currencies and others, but does not | en | es |
DOLFIN434 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives & Investment Policy
The Fund aims to provide capital growth over the medium to long term.
The Fund’s life is divided into two investment phases: the "Investment Build-up Phase", which will start on the Closing Date and end on or about the 2nd of March 2020, and the "Main Investment Phase", which will start on the valuation day immediately following the end of the Investment Build-up Phase. During the Investment Build-up Phase, the Fund will seek to provide a stable Net Asset Value per Share by receiving payments from the Swap Counterparty which are sufficient to preserve the Net Asset Value per Share at the level of the Initial Issue Price, net of any fees and expenses.
During the Main Investment Phase, the Fund will seek to provide a return based on the performance of an investment portfolio and a cash element. The returns of the investment portfolio are linked to the performance of a diversified basket of equity and fixed income assets globally, including emerging markets, as determined by the Investment Manager taking into account the advice of Investment Advisor. The fund is actively managed and does not reference a benchmark. | # Objetivos y política de inversión
El Fondo pretende proporcionar crecimiento del capital de medio a largo plazo.
La vida del Fondo se divide en dos fases de inversión: la “Fase de acumulación de la inversión”, que comenzará en la Fecha de Cierre y finalizará alrededor del 2 de marzo de 2020, y la “Fase de inversión principal”, que comenzará el día de valoración inmediatamente posterior al final de la Fase de acumulación de la inversión.
Durante la Fase de Acumulación de la Inversión, el Fondo tratará de proporcionar un Valor Liquidativo estable por Acción recibiendo pagos de la Contraparte de Swaps que sean suficientes para preservar el Valor Liquidativo por Acción al nivel del Precio de Emisión Inicial, neto de cualquier comisión y gasto. Durante la fase principal de inversión, el Fondo intentará proporcionar una rentabilidad basada en el rendimiento de una cartera de inversiones y un elemento de efectivo. Las rentabilidades de la cartera de inversiones están vinculadas al rendimiento de una cesta diversificada de activos de renta variable y de renta fija de todo el mundo, incluidos mercados emergentes, según lo establecido por el Gestor de inversiones teniendo en cuenta el asesoramiento del Asesor de inversiones. El fondo es activamente administrado y no hace referencia a una marca. | # Objectives & Investment Policy
The Fund aims to provide capital growth over the medium to long term.
The Fund’s life is divided into two investment phases: the "Investment Build-up Phase", which will start on the Closing Date and end on or about the 2nd of March 2020, and the "Main Investment Phase", which will start on the valuation day immediately following the end of the Investment Build-up Phase. During the Investment Build-up Phase, the Fund will seek to provide a stable Net Asset Value per Share by receiving payments from the Swap Counterparty which are sufficient to preserve the Net Asset Value per Share at the level of the Initial Issue Price, net of any fees and expenses.
During the Main Investment Phase, the Fund will seek to provide a return based on the performance of an investment portfolio and a cash element. The returns of the investment portfolio are linked to the performance of a diversified basket of equity and fixed income assets globally, including emerging markets, as determined by the Investment Manager taking into account the advice of Investment Advisor. The fund is actively managed and does not reference a benchmark. | en | es |
DOLFIN435 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Absolute Contribution (in %) |
| --- |
| Ping An Insurance Group Co of China | -0.47 |
| Alibaba Group Holding ADR | -0.42 |
| Baidu ADR | -0.38 |
| China Longyuan Power Group | -0.32 |
| Taiwan Semiconductor Manufacturing | -0.30 |
| Absolute contribution to gross performance expressed in USD | | | | Contribuzioni assolute (in %) |
| --- |
| Ping An Insurance Group Co of China | -0,47 |
| Alibaba Group Holding ADR | -0,42 |
| Baidu ADR | -0,38 |
| China Longyuan Power Group | -0,32 |
| Taiwan Semiconductor Manufacturing | -0,30 |
| Contribuzione (in termini Assoluti) alla performance lorda espressa in USD | | | | Absolute Contribution (in %) |
| --- |
| Ping An Insurance Group Co of China | -0.47 |
| Alibaba Group Holding ADR | -0.42 |
| Baidu ADR | -0.38 |
| China Longyuan Power Group | -0.32 |
| Taiwan Semiconductor Manufacturing | -0.30 |
| Absolute contribution to gross performance expressed in USD | | | en | it |
DOLFIN436 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
It is not the intention of the Investment Manager to invest more than 20% of its net assets in emerging markets. However, in case of opportunities or changes in the sectors of companies involved in the climate change mitigation, climate adaptation and/or the circular economy, the Sub-Fund may invest up to 50% of its net assets in emerging markets.
On an ancillary basis, the Sub-Fund can invest in debt securities, equities and equity related securities other than those above-mentioned (including REITS up to 10% of its net assets), money market instruments, term deposits, and cash at sight (up to 20% of its net assets). For hedging and for investment purposes, the Sub-Fund may use all types of financial derivative instruments traded on a Regulated Market and/or OTC. In
normal market conditions, the Sub-Investment Manager intends to use only currency derivatives (such as forward foreign exchange contracts).
The Sub-Fund cannot invest more than 10% of its net assets in shares or units of UCITS and other UCIs. The Sub-Fund does not intend to use total return swap, securities lending and borrowing transactions and/ or repurchase, reverse repurchase agreements transactions.
If the Sub-Investment Manager / Investment Manager considers this to be in the best interest of the Shareholders, the Sub-Fund may also hold, on a temporary basis and for defensive purposes, up to 100% of its net assets in in cash and cash equivalent, such as cash deposits, money market UCIs (within the 10% limit) and money market instruments. | Le Gestionnaire d'investissement n'a pas l'intention d'investir plus de 20% de son actif net dans des pays émergents. Toutefois, en cas d'opportunités ou de changements dans les secteurs des entreprises impliquées dans l'atténuation du changement climatique, l'adaptation au climat et/ou l'économie circulaire, le Compartiment pourra investir jusqu'à 50 % de ses actifs nets dans les marchés émergents.
À titre accessoire, le Compartiment peut investir dans des titres de créance, des actions et des titres apparentés à des actions autres que ceux mentionnés ci-dessus (y compris les REIT jusqu'à 10% de ses actifs nets), des instruments du marché monétaire, des dépôts à terme et des liquidités à vue (jusqu'à 20% de ses actifs nets). À des fins de couverture et d'investissement, le Compartiment peut recourir à tous les types d'instruments financiers dérivés négociés sur un marché réglementé et/
ou de gré à gré (dérivés OTC). Dans des conditions de marché normales, le gestionnaire d'investissement par délégation a l'intention d'utiliser uniquement des produits dérivés sur devises (tels que des contrats de change à terme).
Le Compartiment ne peut investir plus de 10% de son actif net dans des parts d' OPCVM et autres OPC. Le Compartiment ne prévoit pas d'utiliser des swaps de rendement total, des opérations de prêt et d'emprunt de titres et/ou des opérations de mise et de prise en pension de titres.
Si le Gestionnaire d'investissement (par délégation) estime que cette mesure est dans l'intérêt des actionnaires, le Compartiment pourra également détenir, à titre temporaire et à des fins défensives, jusqu'à 100% de son actif net en liquidités et quasi-liquidités telles que des dépôts en espèces, des OPC monétaires (dans la limite des 10%) et des instruments du marché monétaire. | It is not the intention of the Investment Manager to invest more than 20% of its net assets in emerging markets. However, in case of opportunities or changes in the sectors of companies involved in the climate change mitigation, climate adaptation and/or the circular economy, the Sub-Fund may invest up to 50% of its net assets in emerging markets.
On an ancillary basis, the Sub-Fund can invest in debt securities, equities and equity related securities other than those above-mentioned (including REITS up to 10% of its net assets), money market instruments, term deposits, and cash at sight (up to 20% of its net assets). For hedging and for investment purposes, the Sub-Fund may use all types of financial derivative instruments traded on a Regulated Market and/or OTC. In
normal market conditions, the Sub-Investment Manager intends to use only currency derivatives (such as forward foreign exchange contracts).
The Sub-Fund cannot invest more than 10% of its net assets in shares or units of UCITS and other UCIs. The Sub-Fund does not intend to use total return swap, securities lending and borrowing transactions and/ or repurchase, reverse repurchase agreements transactions.
If the Sub-Investment Manager / Investment Manager considers this to be in the best interest of the Shareholders, the Sub-Fund may also hold, on a temporary basis and for defensive purposes, up to 100% of its net assets in in cash and cash equivalent, such as cash deposits, money market UCIs (within the 10% limit) and money market instruments. | en | fr |
DOLFIN437 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Investment GBP 10,000 | If you cash in after 1 year | If you cash in after 5 years |
| --- | --- | --- |
| Total costs | 9.00 GBP | 59.00 GBP |
| Impact on return (RIY) per year | 0.09% | 0.09% | | | Anlage 10.000 GBP | Wenn Sie es nach 1 Jahr einlösen | Wenn Sie es nach 5 Jahren einlösen |
| --- | --- | --- |
| Kosten insgesamt | 9.00 GBP | 59.00 GBP |
| Renditeminderung (RIY) pro Jahr | 0.09% | 0.09% | | | Investment GBP 10,000 | If you cash in after 1 year | If you cash in after 5 years |
| --- | --- | --- |
| Total costs | 9.00 GBP | 59.00 GBP |
| Impact on return (RIY) per year | 0.09% | 0.09% | | en | de |
DOLFIN438 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The lump-sum taxation amount is attributed to German investors as deemed taxable income on an annual basis on the first business day of each calendar year with respect to the preceding calendar year. The lump-sum taxation amount is calculated as follows: Redemption Price (or alternatively stock exchange price or market price) per Fund Share at the beginning of the calendar year multiplied by 70% of the so-called “basic interest rate” (Basiszins) as published by the German Federal Ministry of Finance (for the lump-sum taxation amount with respect to the calendar year 2020 that is attributed on 4 January 2021: 0.07% p.a.; for the lump-sum taxation amount with respect to the calendar year 2021 that is attributed on 3 January 2022: minus 0.45% p.a., i.e. for 2021 no lump-sum taxation amount has to be assessed).The lump sum taxation amount is reduced by the actual distributions of the respective calendar year. The lump sum taxation amount is further capped by reference to the sum of (i) the actual increase of the Redemption Price (or stock exchange price or market price, as applicable) of the Fund Share during the calendar year plus (ii) the actual annual distributions.
The Investment Income is as a rule subject to:
- German income tax at a flat tax rate of 25% (plus solidarity surcharge and church tax, if applicable) in the case of German investors holding the Fund Shares as private assets (“Private Investors”),
- German income tax at the personal progressive income tax rate (up to 45% plus solidarity surcharge and church tax, if applicable) and German trade tax at the respective local trade tax rate in the case of German investors holding the Fund Shares as business assets (“Business Investors”) and
- German corporate income tax at a rate of 15% (plus solidarity surcharge) and trade tax at the respective local trade tax rate in the case of German investors qualifying as corporate tax subjects (“Corporate Investors”)However, given that each Fund intends to qualify as “Equity Fund” for German tax purposes, the following tax exemptions apply to German investors of the respective Fund:
- Private Investors benefit from a 30% tax exemption on any Investment Income for German income tax purposes,
- Business Investors benefit from a 60% tax exemption on any Investment Income for German income tax purposes and a 30% tax exemption on any Investment Income for German trade tax purposes and
- Corporate Investors benefit from an 80% tax exemption on any Investment Income for German corporate income tax purposes and a 40% tax exemption on any Investment Income for German trade tax purposes. | Der Pauschalbesteuerungsbetrag wird deutschen Anlegern jährlich am ersten Geschäftstag eines jeden Kalenderjahres für das vorangegangene Kalenderjahr als steuerpflichtiges Einkommen zugerechnet. Der Pauschalbesteuerungsbetrag wird wie folgt berechnet: Rücknahmepreis (oder alternativ Börsen- oder Marktpreis) pro Fondsanteil zu Beginn des Kalenderjahres multipliziert mit 70 % des sogenannten „Basiszinses“, wie er vom Bundesministerium der Finanzen veröffentlicht wird (für den Pauschalbesteuerungsbetrag für das Kalenderjahr 2020, der am 4. Januar 2021 zugerechnet wird: 0,07 % p. a.; für den Pauschalbesteuerungsbetrag für das Kalenderjahr 2021, der am 3. Januar 2022 zugerechnet wird: minus 0,45 % p. a., d. h. für 2021 muss kein Pauschalbesteuerungsbetrag veranschlagt werden). Der Pauschalbesteuerungsbetrag wird um die tatsächlichen Ausschüttungen des jeweiligen Kalenderjahres gekürzt. Der Pauschalbesteuerungsbetrag wird ferner durch Bezugnahme auf die Summe aus (i) der tatsächlichen Erhöhung des Rücknahmepreises (bzw. des Börsen- oder Marktpreises) des Fondsanteils während des Kalenderjahres plus (ii) der tatsächlichen jährlichen Ausschüttungen begrenzt.
Die Anlageerträge unterliegen in der Regel Folgendem:
- deutscher Einkommensteuer mit einem pauschalen Steuersatz von 25 % (zuzüglich Solidaritätszuschlag und ggf. Kirchensteuer) bei deutschen Anlegern, die die Fondsanteile im Privatvermögen halten („Privatanleger“),
- deutscher Einkommensteuer mit einem persönlichen progressiven Einkommensteuersatz von 45 % (zuzüglich Solidaritätszuschlag und ggf. Kirchensteuer) und deutsche Gewerbesteuer zum jeweiligen lokalen Gewerbesteuersatz bei deutschen Anlegern, die die Fondsanteile im Betriebsvermögen halten („gewerbliche Anleger“), und
- deutscher Körperschaftsteuer in Höhe von 15 % (zuzüglich Solidaritätszuschlag und ggf. Kirchensteuer) und lokale Gewerbesteuer bei deutschen Anlegern, die als körperschaftsteuerpflichtig gelten („Unternehmensinvestoren“)Da jedoch jeder Fonds beabsichtigt, sich für deutsche Steuerzwecke als „Aktienfonds“ zu qualifizieren, gelten die folgenden Steuerbefreiungen für deutsche Anleger des jeweiligen Fonds:
- Privatanleger profitieren für die Zwecke der deutschen Einkommensteuer von einer Steuerbefreiung in Höhe von 30 % auf alle Anlageerträge,
- Gewerbliche Anleger profitieren für die Zwecke der deutschen Einkommensteuer von einer Steuerbefreiung in Höhe von 60 % auf alle Anlageerträge und für die Zwecke der deutschen Gewerbesteuer von einer Steuerbefreiung in Höhe von 30 % auf alle Anlageerträge und
- Unternehmensinvestoren profitieren von einer Steuerbefreiung in Höhe von 80 % auf alle Anlageerträge für die Zwecke der deutschen Körperschaftssteuer und von einer Steuerbefreiung in Höhe von 40 % auf alle Anlageerträge für die Zwecke der deutschen Gewerbesteuer. | The lump-sum taxation amount is attributed to German investors as deemed taxable income on an annual basis on the first business day of each calendar year with respect to the preceding calendar year. The lump-sum taxation amount is calculated as follows: Redemption Price (or alternatively stock exchange price or market price) per Fund Share at the beginning of the calendar year multiplied by 70% of the so-called “basic interest rate” (Basiszins) as published by the German Federal Ministry of Finance (for the lump-sum taxation amount with respect to the calendar year 2020 that is attributed on 4 January 2021: 0.07% p.a.; for the lump-sum taxation amount with respect to the calendar year 2021 that is attributed on 3 January 2022: minus 0.45% p.a., i.e. for 2021 no lump-sum taxation amount has to be assessed).The lump sum taxation amount is reduced by the actual distributions of the respective calendar year. The lump sum taxation amount is further capped by reference to the sum of (i) the actual increase of the Redemption Price (or stock exchange price or market price, as applicable) of the Fund Share during the calendar year plus (ii) the actual annual distributions.
The Investment Income is as a rule subject to:
- German income tax at a flat tax rate of 25% (plus solidarity surcharge and church tax, if applicable) in the case of German investors holding the Fund Shares as private assets (“Private Investors”),
- German income tax at the personal progressive income tax rate (up to 45% plus solidarity surcharge and church tax, if applicable) and German trade tax at the respective local trade tax rate in the case of German investors holding the Fund Shares as business assets (“Business Investors”) and
- German corporate income tax at a rate of 15% (plus solidarity surcharge) and trade tax at the respective local trade tax rate in the case of German investors qualifying as corporate tax subjects (“Corporate Investors”)However, given that each Fund intends to qualify as “Equity Fund” for German tax purposes, the following tax exemptions apply to German investors of the respective Fund:
- Private Investors benefit from a 30% tax exemption on any Investment Income for German income tax purposes,
- Business Investors benefit from a 60% tax exemption on any Investment Income for German income tax purposes and a 30% tax exemption on any Investment Income for German trade tax purposes and
- Corporate Investors benefit from an 80% tax exemption on any Investment Income for German corporate income tax purposes and a 40% tax exemption on any Investment Income for German trade tax purposes. | en | de |
DOLFIN439 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### General
The Company is not engaged in any legal or arbitration proceedings and no legal or arbitration proceedings are known to the Directors to be pending or threatened by or against the Company since its establishment.
No Director (except where disclosed below) has:
- any unspent convictions in relation to indictable offences;
- been bankrupt or the subject of an individual voluntary arrangement, or has had a receiver appointed to any asset of such Director;
- been a director of any company which, while he was a director with an executive function or within 12 months after he ceased to be a director with an executive function, had a receiver appointed or went into compulsory liquidation, creditors voluntary liquidation, administration or company voluntary arrangements, or made any composition or arrangements with its creditors generally or with any class of its creditors;
- been a partner of any partnership, which while he was a partner or within 12 months after he ceased to be a partner, went into compulsory liquidation, administration or partnership voluntary arrangement, or had a receiver appointed to any partnership asset;
- had any public criticism by statutory or regulatory authorities (including recognised professional bodies);or
- been disqualified by a court from acting as a director or from acting in the management or conduct of affairs of any company. | #### Informazioni Generali
La Società non è parte di alcun procedimento giudiziario od arbitrale a conoscenza degli Amministratori, né questi sono a conoscenza di simili procedimenti pendenti o minaccianti sulla Società dalla sua costituzione.
Nessun Amministratore (eccetto dove illustrato sotto) ha, è stato o deve:
- scontare un residuo di pena in relazione a reati procedibili d'ufficio;
- essere stato dichiarato fallito o soggetto a un concordato fallimentare individuale, o è stato nominato un curatore per qualsiasi bene di tale Amministratore;
- ministratore di una società per la quale, mentre egli era amministratore con funzione esecutiva, o entro i 12 mesi successivi a tale incarico, è stato nominato un curatore o è stata posta in liquidazione coatta, in una liquidazione volontaria dei creditori o in un concordato preventivo o per l'amministrazione o è stato effettuato un concordato con tutti o una classe dei creditori della stessa società;
- o di una partnership, che, mentre egli era socio o entro i 12 mesi successivi alla cessazione della sua qualifica di socio, sia stata sottoposta a una liquidazione coatta, o in un concordato preventivo o per l'amministrazione della società, o sia stato nominato un curatore per uno dei beni della società;
- avuto pubblico biasimo da autorità di vigilanza o associative (comprese le associazioni professionali riconosciute);oppure
- dichiarato da un giudice incapace di agire come amministratore o di agire nella gestione o conduzione degli affari di una Società. | #### General
The Company is not engaged in any legal or arbitration proceedings and no legal or arbitration proceedings are known to the Directors to be pending or threatened by or against the Company since its establishment.
No Director (except where disclosed below) has:
- any unspent convictions in relation to indictable offences;
- been bankrupt or the subject of an individual voluntary arrangement, or has had a receiver appointed to any asset of such Director;
- been a director of any company which, while he was a director with an executive function or within 12 months after he ceased to be a director with an executive function, had a receiver appointed or went into compulsory liquidation, creditors voluntary liquidation, administration or company voluntary arrangements, or made any composition or arrangements with its creditors generally or with any class of its creditors;
- been a partner of any partnership, which while he was a partner or within 12 months after he ceased to be a partner, went into compulsory liquidation, administration or partnership voluntary arrangement, or had a receiver appointed to any partnership asset;
- had any public criticism by statutory or regulatory authorities (including recognised professional bodies);or
- been disqualified by a court from acting as a director or from acting in the management or conduct of affairs of any company. | en | it |
DOLFIN440 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €113 | €570 |
| Annual cost impact (*) | 1.1% | 1.1% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | €113 | €570 |
| Incidenza annuale dei costi (*) | 1.1% | 1.1% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €113 | €570 |
| Annual cost impact (*) | 1.1% | 1.1% each year | | en | it |
DOLFIN441 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Cyber Security Risk
The Unit Trust and its service providers are susceptible to operational and information security and related risks of cyber security incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber security attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption.
Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e. efforts to make services unavailable to intended users). Cyber security incidents affecting the Manager, Investment Manager, Administrator or Depositary or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the Administrators ability to calculate the Net Asset Value; impediments to trading for the relevant Funds’ portfolio; the inability of Unitholders to transact business with the Unit Trust; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs.
Similar adverse consequences could result from cyber security incidents affecting issuers of securities in which the Unit Trust invests, counterparties with which the Unit Trust engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed which are designed to reduce the risks associated with cyber security, there are inherent limitations in any cyber security risk management systems or business continuity plans, including the possibility that certain risks have not been identified. | ### Risiko bei der Internetsicherheit
Der Investmentfonds und seine Serviceanbieter sind anfällig für Risiken im Hinblick auf die Betriebs- und Informationssicherheit und damit verbundene Risiken von Internetsicherheitsvorfällen. Internetvorfälle können auf absichtliche Angriffe oder unabsichtlich ausgelöste Vorfälle zurückzuführen sein. Cyber-Angriffe umfassen unter anderem den unerlaubten Zugang zu digitalen Systemen (z. B. durch „Hacking“ oder die Programmierung von Schadsoftware) zum Zwecke der Veruntreuung von Vermögenswerten oder sensiblen Informationen, Beschädigung von Daten oder Auslösung von Störungen im Betriebsablauf.
Cyber-Angriffe können auch auf eine Weise ausgeführt werden, die keinen unerlaubten Zugang erfordert, zum Beispiel durch die Auslösung von Denial-of-Service-Angriffen auf Websites (so dass die Dienste für die vorgesehenen Anwender nicht verfügbar sind). Internetsicherheitsvorfälle, die die Verwaltungsgesellschaft, die Anlageverwaltung, den Allgemeinen Verwalter oder die Verwahrstelle oder andere Serviceanbieter, wie Finanzmittler, betreffen, können Störungen hervorrufen und sich auf die Geschäftstätigkeit auswirken, was zu finanziellen Verlusten führen kann, u. a. durch die Beeinträchtigung der Fähigkeit des Allgemeinen Verwalters zur Berechnung des Nettoinventarwerts, Behinderungen des Handels für das Portfolio des entsprechenden Fonds, die Unfähigkeit der Anteilsinhaber, Geschäfte mit dem Investmentfonds zu tätigen, Verstöße gegen die anwendbaren Datenschutz-, Datensicherheits- oder sonstigen Gesetze, aufsichtsrechtliche Gebühren und Bußgelder, Rufschädigung, Erstattungs- oder andere Schadenersatz- oder Entschädigungskosten, Rechtskosten oder zusätzliche Compliance-Kosten.
Ähnliche negative Folgen können durch Internetsicherheitsvorfälle entstehen, die die Emittenten von Wertpapieren betreffen, in die der Investmentfonds investiert, Kontrahenten von Transaktionen des Investmentfonds, Regierungs- und Aufsichtsbehörden, die Betreiber von Börsen und anderen Finanzmarkteinrichtungen, Banken, Broker, Händler, Versicherungsunternehmen und andere Finanzinstitute und andere Parteien. Zwar sind Managementsysteme für das Informationsrisiko und Geschäftskontinuitätspläne entwickelt worden, die die mit der Internetsicherheit verbundenen Risiken mindern sollen, jedoch unterliegen alle Managementsysteme für das Internetsicherheitsrisiko und Geschäftskontinuitätspläne inhärenten Beschränkungen, einschließlich der Möglichkeit, dass bestimmte Risiken nicht erkannt worden sind. | ### Cyber Security Risk
The Unit Trust and its service providers are susceptible to operational and information security and related risks of cyber security incidents. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber security attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption.
Cyber attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e. efforts to make services unavailable to intended users). Cyber security incidents affecting the Manager, Investment Manager, Administrator or Depositary or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the Administrators ability to calculate the Net Asset Value; impediments to trading for the relevant Funds’ portfolio; the inability of Unitholders to transact business with the Unit Trust; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs.
Similar adverse consequences could result from cyber security incidents affecting issuers of securities in which the Unit Trust invests, counterparties with which the Unit Trust engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed which are designed to reduce the risks associated with cyber security, there are inherent limitations in any cyber security risk management systems or business continuity plans, including the possibility that certain risks have not been identified. | en | de |
DOLFIN442 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Switching ChargeUnitholders may effect one switch from a Class within an original Sub-Fund to a permitted Class within a new Sub-Fund in any accounting period without charge. Thereafter, at the discretion of the Manager, a switching charge of 2% of the Net Asset Value of the Units in the original Sub-Fund being switched will apply in respect of each switch within one year of the date such Units were first subscribed to and a switching charge of 1% will apply in respect of each switch thereafter to a maximum of 5 switches in any accounting period. For every additional switch, at the discretion of the Manager, a switching charge of up to 5% will apply.
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### Distribution Fee | - Commissione di ConversioneI Titolari di Quote possono effettuare conversioni a titolo gratuito da una Classe di un Comparto originario ad una Classe ammessa di un nuovo Comparto in qualunque periodo contabile. In seguito, a discrezione del Gestore, verranno applicate una commissione di conversione pari al 2% del Valore Patrimoniale Netto delle Quote del Comparto originario soggette a conversione in relazione a ciascuna conversione effettuata entro un anno dalla data di sottoscrizione iniziale di tali Quote e una commissione di conversione pari all'1% in relazione a ciascuna conversione successiva fino a un massimo di 5 conversioni per periodo contabile. Per ogni ulteriore conversione verrà applicata, a discrezione del Gestore, una commissione di conversione non superiore al 5%.
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### Commissione di Distribuzione | - Switching ChargeUnitholders may effect one switch from a Class within an original Sub-Fund to a permitted Class within a new Sub-Fund in any accounting period without charge. Thereafter, at the discretion of the Manager, a switching charge of 2% of the Net Asset Value of the Units in the original Sub-Fund being switched will apply in respect of each switch within one year of the date such Units were first subscribed to and a switching charge of 1% will apply in respect of each switch thereafter to a maximum of 5 switches in any accounting period. For every additional switch, at the discretion of the Manager, a switching charge of up to 5% will apply.
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### Distribution Fee | en | it |
DOLFIN443 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### HSBC MSCI WORLD CLIMATE PARIS ALIGNED UCITS ETF
The sub-fund gives investors the ability to invest in sustainable assets in the developed market equity sector. It aims to achieve a 10% year-on-year decarbonisation trajectory, at least 50% reduction in the GHG intensity, Weighted Average Potential Emissions intensity and Physical Risk Climate V alue-at-Risk. Moreover, it aims at an at least 100% higher weighted average green revenue and an at least 4 times higher green/brown revenue ratio compared to its parent index and finally, an overweight to companies providing solutions. The sub-fund’s benchmark index is a screened version of a market cap parent index which invests in the mid and large cap stocks from developed markets. The sub-fund has an exclusion policy, which means it cannot invest in the companies with more than 1% revenues from thermal coal mining and extraction, companies with more than 10% aggregate revenues from oil & gas related activities, and companies with more than 10% aggregate revenues from power generation from thermal coal, oil and natural gas. Moreover, the sub-fund excludes companies with involvement in activities related to tobacco and controversial weapons, companies involved with controversies related to UN Global Compact principles, and companies that significantly harm one or more of the environmental objectives (i.e. Red Flag and Orange Flag securities based on Environmental Controversies)*.
*MSCI ESG Research signals the severity of the assessment through colour coded alerts and a zero to 10 score. Red (0) indicates at least one very severe controversy. Orange (1) indicates one or more major controversies that approach the criteria for a red flag. Yellow (2/3/4) indicates notew orthy controversies. Green (5 and above) indicates either less significant controversies or none at all. | #### HSBC MSCI WORLD CLIMATE PARIS ALIGNED UCITS ETF
Le compartiment donne aux investisseurs la possibilité d’investir dans des actifs durables du secteur des actions de marchés développés. Il vise à atteindre une trajectoire de décarbonisation de 10 % en glissement annuel, une réduction d’au moins 50 % de l’intensité des GES, de l’intensité moyenne pondérée des émissions potentielles et de Valeur à risque des risques climatiques physiques. En outre, il vise un revenu vert moyen pondéré supérieur d’au moins 100 %, un ratio de revenus « verts »/« marron » au moins 4 fois supérieur à celui de son indice parent et une surpondération des sociétés fournissant des solutions. L’indice de référence du compartiment est une version soumise à des critères de sélection d’un indice parent de capitalisations boursières qui investit dans des actions de moyennes et grandes capitalisations de marchés développés. Le compartiment dispose d’une politique d’exclusion, ce qui signifie qu’il ne peut pas investir dans des sociétés tirant plus de 1 % de leur chiffre d’affaires de l’extraction de charbon thermique, des sociétés dont plus de 10 % du chiffre d’affaires total provient d’activités liées au pétrole et au gaz, et des sociétés dont plus de 10 % du chiffre d’affaires total provient de la production d’énergie à partir de charbon thermique, de pétrole et de gaz naturel. En outre, le compartiment exclut les sociétés impliquées dans des activités liées au tabac et aux armes controversées, les sociétés impliquées dans des controverses liées aux principes du Pacte mondial des Nations unies et les sociétés qui causent un préjudice important à un ou plusieurs des objectifs environnementaux (c’est-à-dire des titres présentant un avertissement rouge ou orange en matière de controverses environnementales)*.
* MSCI ESG Research indique la gravité de l'évaluation par un code couleur et une note de zéro à dix. Rouge (0) indique au moins une controverse très grave. Orange (1) indique une ou plusieurs controverses majeures qui se rapprochent des critères d'une évaluation rouge. Jaune (2/3/4) indique des controverses notables. Vert (5 et plus) indique des controverses moins importantes ou aucune controverse. | #### HSBC MSCI WORLD CLIMATE PARIS ALIGNED UCITS ETF
The sub-fund gives investors the ability to invest in sustainable assets in the developed market equity sector. It aims to achieve a 10% year-on-year decarbonisation trajectory, at least 50% reduction in the GHG intensity, Weighted Average Potential Emissions intensity and Physical Risk Climate V alue-at-Risk. Moreover, it aims at an at least 100% higher weighted average green revenue and an at least 4 times higher green/brown revenue ratio compared to its parent index and finally, an overweight to companies providing solutions. The sub-fund’s benchmark index is a screened version of a market cap parent index which invests in the mid and large cap stocks from developed markets. The sub-fund has an exclusion policy, which means it cannot invest in the companies with more than 1% revenues from thermal coal mining and extraction, companies with more than 10% aggregate revenues from oil & gas related activities, and companies with more than 10% aggregate revenues from power generation from thermal coal, oil and natural gas. Moreover, the sub-fund excludes companies with involvement in activities related to tobacco and controversial weapons, companies involved with controversies related to UN Global Compact principles, and companies that significantly harm one or more of the environmental objectives (i.e. Red Flag and Orange Flag securities based on Environmental Controversies)*.
*MSCI ESG Research signals the severity of the assessment through colour coded alerts and a zero to 10 score. Red (0) indicates at least one very severe controversy. Orange (1) indicates one or more major controversies that approach the criteria for a red flag. Yellow (2/3/4) indicates notew orthy controversies. Green (5 and above) indicates either less significant controversies or none at all. | en | fr |
DOLFIN444 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement Swiss Re Cat Bond Index (TR) entre 01.2014-01.2019.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
CHF 11 225
12,3%
CHF 12 321
4,3% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 225 CHF
12,3%
12 321 CHF
4,3% | # Ce type de scénario s’est produit pour un placement Swiss Re Cat Bond Index (TR) entre 01.2014-01.2019.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
CHF 11 225
12,3%
CHF 12 321
4,3% | fr | es |
DOLFIN445 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Article 12 Shares
- Shares are shares in the respective sub-funds. They shall be issued solely as registered shares through registration in the share register of the Investment Company, with written confirmation thereof provided. The Investment Company may issue fractional shares in fractions of up to0.001 shares. Fractional shares shall have no voting rights. Ownership of fractional shares shall entitle the shareholder to a proportional rights in such shares. All shares are without par value; they are fully paid-up, freely transferable, and possess no preferential or pre-emption rights.
- In order to facilitate the transfer of shares, application shall be made for authorization to hold the shares in a collective custody account.
- All notifications and announcements on the part of the Investment Company may be sent to the shareholders at the address recorded in the share register. In the event that a shareholder fails to provide such an address, the Board of Directors may resolve this to be recorded in the share register. In such case, the shareholder's address shall be considered as that of the registered office of the Investment Company until such time as the shareholder informs the Investment Company of another address. The shareholder may at any time correct the address recorded in the share register by notification in writing to the register and transfer agent at its registered office or to an address designated by the Board of Directors.
- The Board of Directors shall be authorized to issue at any time an unlimited number of fully paid-up shares without granting the existing shareholders any preemptive rights for the subscription of the newly to be issued shares.
- All shares in a sub-fund shall, as a general rule, have the same rights, subject to a resolution by the Board of Directors to issue different classes of shares within a sub-fund, pursuant to the following sub- sections of this article.
- The Board of Directors may from time to time resolve to provide for two or more classes of shares within a sub-fund. The share classes may be distinguished from each other by their features and rights, by the way in which their earnings are employed, by their fee structure, or by other specific features and rights. All shares are equally entitled, from their date of issue, to a share in the earnings, share price appreciation, and liquidation proceeds of their respective share class. Where share classes are created for a given sub-fund, this shall be mentioned, together with a description of the specific features or rights in the appropriate appendix to the Sales Prospectus. The Board of Directors may, at its own discretion, in conformity with such procedures as the Board of Directors may from time to time determine, resolve upon changes to the characteristics of a share class as described in the Sales Prospectus.
- Shares of a given share class may be subject, at any time, by resolution of the Board of Directors of the Investment Company, to compulsory redemption at the Redemption Price on the redemption date at which the resolution is to take effect (with due regard for the actual sale value and investment costs). Compulsory redemption may be resolved upon, in particular, in the following instances:
- where the net assets of the share class on a given valuation date fall below the level considered the minimum amount required for managing the share class in a financially reasonable manner.
- insofar as due to a substantial change in the economic or political environment, or for reasons of financial profitability, it no longer appears financially reasonable to manage the share class. | # Artikel 12 Aktien
- Aktien sind Aktien an dem jeweiligen Teilfonds. Sie werden ausschließlich als Namensaktien mittels Eintragung in ein Aktienregister der Investmentgesellschaft in der Form von Aktienbestätigungen zur Verfügung gestellt. Die Investmentgesellschaft kann Aktienbruchteile bis zu 0,001 Aktien ausgeben. Aktienbruchteilen stehen keine Stimmrechte zu. Ein Bruchteilbestand an Aktien verleiht dem Aktionär anteilmäßige Rechte an solchen Aktien. Alle Aktien sind nennwertlos; sie sind volleingezahlt, frei übertragbar und besitzen kein Vorzugs- oder Vorkaufs- recht.
- Zum Zwecke der problemlosen Übertragbarkeit wird die Girosammelverwahrfähigkeit der Aktien beantragt.
- Sämtliche Mitteilungen und Ankündigungen der Investmentgesellschaft an die Aktionäre können an die Anschrift gesandt werden, die in das Aktienregister eingetragen wurde. Falls ein Aktionär eine solche Anschrift nicht mitteilt, kann der Verwaltungsrat beschließen, dass eine entsprechende Notiz in das Aktienregister eingetragen wird. In diesem Falle wird der Aktionär solange behandelt als befände sich seine Anschrift am Sitz der Investmentgesellschaft bis der Aktionär der Investmentgesellschaft eine andere Anschrift mitteilt. Der Aktionär kann zu jeder Zeit seine in dem Aktienregister eingetragene Anschrift, durch schriftliche Mitteilung an die Register- und Transferstelle an deren Gesellschaftssitz oder an eine vom Verwaltungsrat bestimmte Anschrift korrigieren.
- Der Verwaltungsrat ist ermächtigt, jederzeit eine unbegrenzte Anzahl voll einbezahlter Aktien auszugeben ohne den bestehenden Aktionären ein Vorrecht zur Zeichnung neu auszugebender Aktien einzuräumen.
- Alle Aktien an einem Teilfonds haben grundsätzlich die gleichen Rechte, es sei denn der Verwaltungsrat beschließt, gemäß der nachfolgenden Ziffer dieses Artikels, innerhalb eines Teilfonds verschiedene Aktienklassen auszugeben.
- Der Verwaltungsrat kann beschließen, innerhalb eines Teilfonds von Zeit zu Zeit zwei oder mehrere Aktienklassen vorzusehen. Die Aktienklassen können sich in ihren Merkmalen und Rechten nach der Art der Verwendung ihrer Erträge, nach der Gebührenstruktur oder anderen spezifischen Merkmalen und Rechten unterscheiden. Alle Aktien sind vom Tage ihrer Ausgabe an in gleicher Weise an Erträgen, Kursgewinnen und am Liquidationserlös ihrer jeweiligen Aktienklasse beteiligt. Sofern für die jeweiligen Teilfonds Aktienklassen gebildet werden, findet dies unter Angabe der spezifischen Merkmale oder Rechte im entsprechenden Anhang zum Verkaufsprospekt Erwähnung. Der Verwaltungsrat kann nach eigenem Ermessen entscheiden, die im Verkaufsprospekt beschriebenen Eigenschaften einer Aktienklasse im Einklang mit den vom Verwaltungsrat von Zeit zu Zeit bestimmten Verfahrensweisen zu ändern.
- Aktien einer Aktienklasse können jederzeit durch Beschluss des Verwaltungsrates der Investmentgesellschaft zum Rückgabepreis für den Rückgabetag, an dem der Beschluss in Kraft treten soll (unter Berücksichtigung der tatsächlichen Veräußerungswerte und der Anlagekosten) zwangsweise zurückgenommen werden. Die zwangsweise Rücknahme kann insbesondere in folgenden Fällen beschlossen werden:
- sofern das Nettovermögen der Aktienklasse an einem Bewertungsstichtag unter einen Betrag gefallen ist, welcher als Mindestbetrag erscheint, um die Aktienklasse in wirtschaftlich sinnvoller Weise zu verwalten.
- sofern es wegen einer wesentlichen Änderung im wirtschaftlichen oder politischen Umfeld oder aus Ursachen wirtschaftlicher Rentabilität nicht als wirtschaftlich sinnvoll erscheint, die Aktienklasse zu verwalten. | # Article 12 Shares
- Shares are shares in the respective sub-funds. They shall be issued solely as registered shares through registration in the share register of the Investment Company, with written confirmation thereof provided. The Investment Company may issue fractional shares in fractions of up to0.001 shares. Fractional shares shall have no voting rights. Ownership of fractional shares shall entitle the shareholder to a proportional rights in such shares. All shares are without par value; they are fully paid-up, freely transferable, and possess no preferential or pre-emption rights.
- In order to facilitate the transfer of shares, application shall be made for authorization to hold the shares in a collective custody account.
- All notifications and announcements on the part of the Investment Company may be sent to the shareholders at the address recorded in the share register. In the event that a shareholder fails to provide such an address, the Board of Directors may resolve this to be recorded in the share register. In such case, the shareholder's address shall be considered as that of the registered office of the Investment Company until such time as the shareholder informs the Investment Company of another address. The shareholder may at any time correct the address recorded in the share register by notification in writing to the register and transfer agent at its registered office or to an address designated by the Board of Directors.
- The Board of Directors shall be authorized to issue at any time an unlimited number of fully paid-up shares without granting the existing shareholders any preemptive rights for the subscription of the newly to be issued shares.
- All shares in a sub-fund shall, as a general rule, have the same rights, subject to a resolution by the Board of Directors to issue different classes of shares within a sub-fund, pursuant to the following sub- sections of this article.
- The Board of Directors may from time to time resolve to provide for two or more classes of shares within a sub-fund. The share classes may be distinguished from each other by their features and rights, by the way in which their earnings are employed, by their fee structure, or by other specific features and rights. All shares are equally entitled, from their date of issue, to a share in the earnings, share price appreciation, and liquidation proceeds of their respective share class. Where share classes are created for a given sub-fund, this shall be mentioned, together with a description of the specific features or rights in the appropriate appendix to the Sales Prospectus. The Board of Directors may, at its own discretion, in conformity with such procedures as the Board of Directors may from time to time determine, resolve upon changes to the characteristics of a share class as described in the Sales Prospectus.
- Shares of a given share class may be subject, at any time, by resolution of the Board of Directors of the Investment Company, to compulsory redemption at the Redemption Price on the redemption date at which the resolution is to take effect (with due regard for the actual sale value and investment costs). Compulsory redemption may be resolved upon, in particular, in the following instances:
- where the net assets of the share class on a given valuation date fall below the level considered the minimum amount required for managing the share class in a financially reasonable manner.
- insofar as due to a substantial change in the economic or political environment, or for reasons of financial profitability, it no longer appears financially reasonable to manage the share class. | en | de |
DOLFIN446 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### ARTICLE 15 - TERM OF OFFICE OF DIRECTORS - REAPPOINTMENT TO THE BOARD
Subject to the provisions of the previous paragraph in this Article, the term of office of Directors is three years for new Directors and no more than six years for reappointments; "year" is understood to mean the period between two consecutive Annual General Meetings.
If one or more directorships become vacant between any two General Meetings, as a result of death or resignation, the Board of Directors may make provisional appointments.
A Director appointed provisionally by the Board to replace another, remains in office only for the remaining period of its predecessor's term. The provisional appointment is subject to ratification by the next General Meeting.
All outgoing Directors are eligible for reappointment. Their directorships may be revoked at any time by an Ordinary General Meeting.
The term of office of each member of the Board of Directors ends at the close of the Ordinary General Meeting of Shareholders convened to approve the financial statements for the past year, held in the year in which the Director's mandate expires, it being understood that if no General Meeting is held in that year, the Director in question shall remain in office but only until 31 December of that year, subject to the following exceptions.
Any Director may be appointed for a period less than six years if required to keep the Board renewal schedule as consistent as possible over any six-year period. This applies in particular where the number of Directors is increased or decreased in a way that affects renewal consistency.
When the number of members of the Board of Directors falls below the legal minimum, the remaining member(s) must immediately convene an Ordinary General Meeting of Shareholders with a view to make up the full complement of Board members.
In accordance with regulations, Directors over the age of 70 may not comprise more than one-third of the number Board members.
The Board of Directors may be renewed in fractions.
In the event of the death or resignation of a Director and when the number of remaining Directors is more than or equal to the statutory minimum, the Board may, provisionally and for the duration of the remaining term of office, provide for its replacement. | #### ARTÍCULO 15 - DURACIÓN DE LAS FUNCIONES DE LOS CONSEJEROS - RENOVACIÓN DEL CONSEJO
Sin perjuicio de lo dispuesto en el último párrafo de este artículo, la duración del mandato de los consejeros será de tres años para los primeros consejeros y no superior a seis años para los siguientes, definiéndose cada año como el intervalo entre dos juntas generales anuales consecutivas.
En caso de que entre dos juntas generales queden vacantes uno o más puestos de consejero, por fallecimiento o renuncia, el Consejo de Administración podrá efectuar nombramientos provisionales.
El consejero designado por el Consejo de manera temporal para reemplazar a otro permanecerá en el cargo solamente durante el resto del mandato de su predecesor. Su nombramiento está sujeto a ratificación en la próxima junta general.
Cualquier consejero saliente podrá ser reelegido. La junta general ordinaria podrá destituirlos en cualquier momento.
Los mandatos de cada miembro del Consejo de Administración finalizarán a la vez que la junta general ordinaria de accionistas convocada para aprobar los estados financieros del ejercicio anterior y celebrada en el año en que expire su mandato, quedando entendido que, en caso de que la junta no se celebre durante ese año, dicho mandato del miembro de que se trate finalizará el 31 de diciembre del mismo año, con las siguientes excepciones. Cualquier consejero puede ser nombrado por un periodo inferior a seis años cuando sea necesario para garantizar que la renovación del Consejo de Administración sea lo más regular y completa posible en cada periodo de seis años. Este será el caso si el número de consejeros aumenta o disminuye y la regularidad de la renovación se ve afectada.
Cuando el número de miembros del Consejo de Administración sea inferior al mínimo legal, el/los miembro(s) restante(s) debe(n) convocar inmediatamente la junta general ordinaria de accionistas para completar la composición del Consejo.
De acuerdo con la normativa, el número de consejeros mayores de 70 años no puede exceder un tercio del número de consejeros en cuestión.
El Consejo de Administración podrá ser renovado por fracciones.
En el caso de renuncia o fallecimiento de un consejero y cuando el número de consejeros que permanezcan en el cargo sea mayor o igual al mínimo legal, el Consejo podrá, provisionalmente y durante el resto del mandato, prever su reemplazo. | #### ARTICLE 15 - TERM OF OFFICE OF DIRECTORS - REAPPOINTMENT TO THE BOARD
Subject to the provisions of the previous paragraph in this Article, the term of office of Directors is three years for new Directors and no more than six years for reappointments; "year" is understood to mean the period between two consecutive Annual General Meetings.
If one or more directorships become vacant between any two General Meetings, as a result of death or resignation, the Board of Directors may make provisional appointments.
A Director appointed provisionally by the Board to replace another, remains in office only for the remaining period of its predecessor's term. The provisional appointment is subject to ratification by the next General Meeting.
All outgoing Directors are eligible for reappointment. Their directorships may be revoked at any time by an Ordinary General Meeting.
The term of office of each member of the Board of Directors ends at the close of the Ordinary General Meeting of Shareholders convened to approve the financial statements for the past year, held in the year in which the Director's mandate expires, it being understood that if no General Meeting is held in that year, the Director in question shall remain in office but only until 31 December of that year, subject to the following exceptions.
Any Director may be appointed for a period less than six years if required to keep the Board renewal schedule as consistent as possible over any six-year period. This applies in particular where the number of Directors is increased or decreased in a way that affects renewal consistency.
When the number of members of the Board of Directors falls below the legal minimum, the remaining member(s) must immediately convene an Ordinary General Meeting of Shareholders with a view to make up the full complement of Board members.
In accordance with regulations, Directors over the age of 70 may not comprise more than one-third of the number Board members.
The Board of Directors may be renewed in fractions.
In the event of the death or resignation of a Director and when the number of remaining Directors is more than or equal to the statutory minimum, the Board may, provisionally and for the duration of the remaining term of office, provide for its replacement. | en | es |
DOLFIN447 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Some limitations of VaR are
- the methodology is based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; and
- the VaR is a point-in-time calculation, and does not necessarily reflect the risk position of the Funds at any timeother than the date and time at which it is calculated. | ## La VaR présente certaines limites :
- la méthodologie est basée sur des données historiques et ne peut tenir compte du fait que les fluctuations futures des prix de marché, les corrélations entre les marchés et les niveaux de liquidité des marchés dans des conditions de stress du marché pourraient ne pas suivre les modèles historiques ; et
- la VaR est un calcul à un moment donné et ne reflète pas nécessairement la position de risque des Fonds à toute autre date et heure différentes de celles auxquelles elle est calculée. | ## Some limitations of VaR are
- the methodology is based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns; and
- the VaR is a point-in-time calculation, and does not necessarily reflect the risk position of the Funds at any timeother than the date and time at which it is calculated. | en | fr |
DOLFIN448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2018.
As the initial offer period for this share class closed in 2020, there is not enough historical data to provide investors with any useful indication of past performance for 2019 and 2020.
Past performance has been calculated in GBP. | La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2018.
Debido a que el período de oferta inicial para esta clase de acciones cerró en 2020, los datos disponibles son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica relativa a 2019 y 2020 que resulte de utilidad.
La rentabilidad histórica se ha calculado en GBP. | Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2018.
As the initial offer period for this share class closed in 2020, there is not enough historical data to provide investors with any useful indication of past performance for 2019 and 2020.
Past performance has been calculated in GBP. | en | es |
DOLFIN449 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Risk of redemption suspension
Investors may, in principle, request the redemption of their units from the Management Company on any valuation day in accordance with the information provided in the section on the redemption of units. However, the management company may temporarily suspend the redemption of units under exceptional circumstances and buy back the units at a later point at the price valid at that time (see Article 7 of the management regulations, “Suspension of calculation of the unit value”, and Article 10 of the management regulations, “Redemption and exchange of units”). This price may be lower than it was before redemption was suspended.
The Management Company may also be forced to suspend redemption in particular if one or more target funds whose units were acquired for a sub-fund suspend(s) the redemption of their units and such units make up a significant proportion of the net sub-fund assets. | #### Risiko der Rücknahmeaussetzung
Die Anleger können grundsätzlich von der Verwaltungsgesellschaft die bewertungstägliche Rücknahme ihrer Anteile ge- mäß den im Abschnitt Rücknahme von Anteilen gemachten Angaben verlangen. Die Verwaltungsgesellschaft kann die Rücknahme der Anteile jedoch bei Vorliegen außergewöhnlicher Umstände zeitweilig aussetzen und die Anteile erst spä- ter zu dem dann gültigen Preis zurücknehmen (siehe hierzu auch Artikel 7 des Verwaltungsreglements „Einstellung der Berechnung des Anteilwertes“, Artikel 10 des Verwaltungsreglements „Rücknahme und Umtausch von Anteilen“). Dieser Preis kann niedriger liegen als derjenige vor Aussetzung der Rücknahme.
Zu einer Rücknahmeaussetzung kann die Verwaltungsgesellschaft insbesondere auch dann gezwungen sein, wenn ein oder mehrere Zielfonds, deren Anteile für einen Teilfonds erworben wurden, ihrerseits die Anteilrücknahme aussetzen und diese einen erheblichen Anteil des jeweiligen Netto-Teilfondsvermögens ausmachen. | #### Risk of redemption suspension
Investors may, in principle, request the redemption of their units from the Management Company on any valuation day in accordance with the information provided in the section on the redemption of units. However, the management company may temporarily suspend the redemption of units under exceptional circumstances and buy back the units at a later point at the price valid at that time (see Article 7 of the management regulations, “Suspension of calculation of the unit value”, and Article 10 of the management regulations, “Redemption and exchange of units”). This price may be lower than it was before redemption was suspended.
The Management Company may also be forced to suspend redemption in particular if one or more target funds whose units were acquired for a sub-fund suspend(s) the redemption of their units and such units make up a significant proportion of the net sub-fund assets. | en | de |
DOLFIN450 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations importantes
Principal Global Investors (« PGI ») est l’entité de la gestion d’actifs du Principal Financial Group et inclut (entre autres entités) : Principal Global Investors LLC (« PGI LLC »), Principal Global Investors (Europe) Limited (« PGIE ») et touts les sous-conseillers au Fonds. PGIE a été nommé distributeur pour le Fonds et a identifié que le Fonds est compatible avec les besoins, les caractéristiques et les objectifs des deux institutions et des investisseurs de détail. Veuillez cependant noter que PGI ne fait pas de distribution directement aux investisseurs de détail qui doivent faire appel au préalable à un conseil indépendant en matière d’investissement afin de décider si le fonds en question est adapté à leurs besoins et objectifs de placement.
Tous les détails des risques associés à l’investissement dans le Fonds se trouvent de façon détaillée dans le prospectus du Fonds, le supplément et document d’information clé pour l’investisseur (« DICI »). Le présent document peut ne pas indiquer la totalité des frais et charges inhérents au Fonds. Les informations concernant les coûts et les charges liées au Fonds se trouvent dans la divulgation ex-ante MiFID II. Ces documents sont disponbiles sur notre site internet sur principalglobal.com et nous vous conseillons de les lire avant d’effectuer un investissement pour prendre une décision en toute connaissance de cause concernant un éventuel investissement. Toute personne vendant un produit lié au Fonds ou vous conseillant peut vous facturer des coûts supplémentaires et il est conseillé de vous informer concernant ces coûts et charges auprès de cette personne.
Ce document est destiné à une utilisation purement informative. Il ne peut être considéré comme une offre ou proposition de souscription de parts du Fonds. Il ne doit pas être interprété comme un conseil en matière d’investissement. La réalisation de l’objectif d’investissement du Fonds ne peut faire l’objet d’aucune garantie. Les déclarations se basent sur les conditions actuelles du marché, il ne peut pas être garanti que ces événements et prévisions vont se produire et il se peut que les conditions réelles soient sensiblement différentes. Les expressions d’opinion et les prévisions contenues dans ce document sont exactes à la date de sa publication et peuvent faire l’objet de modifications sans préavis. Une référence à un investissement ou à un titre spécifique ne constitue aucunement une recommandation d’acheter, de vendre ou de détenir un tel investissement ou titre et est fournie à seule fin d’illustration. Les pourcentages n’atteignent pas toujours 100% en raison des arrondis.
Le Fonds peut offrir différentes classes de parts qui peuvent faire l’objet de différents frais et dépenses (qui peuvent influencer la performance) et peuvent ne pas être disponibles pour tous les investisseurs. Si le Fonds offre des classes de parts couvertes, les rendements de telles classes de parts peuvent s’écarter des classes de parts libellées dans la devise de référence du Fonds et de la devise des classes de parts couvertes.
Les chiffres publiés sont purement informatifs et donnent des détails de la performance d’un indice comparable. La méthode de calcul de la performance peut varier entre le Fonds et son indice. De plus, il n’est pas possible d’investir dans un indice.
Les informations contenues dans ce document proviennent de sources estimées fiables à compter de la date d’émission et proviennent de PGI ou de ses filiales sauf mention contraire. Les informations provenant de sources autres que PGI ou ses filiales sont estimées fiables. Cependant, nous ne les vérifions pas de façon indépendante ou ne garantissons pas leur exactitude ou validité. Sous réserve des dispositions contraires de toute législation applicable, aucune entreprise du Principal Financial Group, ni aucun de ses employés ou cadres ne peut donner des garanties de fiabilité, ni ne saurait être tenu responsable de toute manière que ce soit (y compris pour cause de négligence) des erreurs ou omissions dans ce document.
Le présent document n’est pas destiné à être distribué ou utilisé par quelque personne ou société que ce soit dans quelque juridiction ou pays dans lesquels sa distribution ou son utilisation serait contraire à la législation ou la réglementation locale. Quand ce document est publié dans les pays/juridictions suivantes, il est publié par les entités ci- dessous : En Europe par Principal Global Investors (EU) Limited, Sobo Works, Windmill Lane, Dublin D02 K156, Irlande. Principal Global Investors (EU) Limited est réglementée par la Banque centrale d’Irlande. Au Royaume-Uni par PGIE, Level 1, 1 Wood Street, Londres, EC2V 7JB, enregistrée en Angleterre, n° 03819986, qui a approuvé son contenu, et qui est agréée et réglementée par la Financial Conduct Authority ; Suisse, par Principal Global Investors (Switzerland) GmbH ; Singapour, par Principal Global Investors (Singapore) Limited (enregistrement auprès de l'ACRA, N° 199603735H), qui est réglementée par la Monetary Authority of Singapore et s'adresse exclusivement aux investisseurs institutionnels tels que définis par le Securities and Futures Act 2001. Cette publicité ou publication n'a pas été examinée par la Monetary Authority of Singapore et le Dubai International Financial Centre (« DIFC »), par le Principal Global Investors LLC, une succursale enregistrée au Dubai International Financial Centre et autorisée par la Dubai Financial Services Authority (« DFSA ») en tant que bureau de représentation.
Divulgation pour Singapour : Ce document s’adresse exclusivement aux investisseurs institutionnels tels que définis par la Securities and Futures Act (Chapitre 289) (« SFA »). Divulgation obligatoire pour le DIFC : Module 4.6.5.(d) - La DFSA n’assume aucune responsabilité en matière d’examen ou de vérification de tout prospectus ou document en relation avec ce produit financier. Ce document, ou tout autre document associé, n’a pas reçu son approbation et aucune mesure de vérification des informations qui y figurent n’a été prise. Le document est destiné aux investisseurs professionnels et institutionnels élaborés uniquement dans le DIFC et est seulement distribué individuellement au
destinataire. Il ne doit pas être transmis ou distribué à toute autre personne ou organisation. Divulgation pour la Suisse : Quand le Fonds est enregistré en Suisse, le nom du représentant suisse est ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich. Ceci est un document publicitaire. L’agent payeur en Suisse est la Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Genève. Les investisseurs peuvent obtenir le prospectus, l’acte de fiducie, le document d’information clé de l’investisseur (DICI) et les rapports annuels et semestriels gratuitement auprès du représentant en Suisse. | # Declaraciones
Principal Global Investors ("PGI") es el brazo de administración de activos del Principal Financial Group e incluye (entre otras entidades): Principal Global Investors LLC ("PGI LLC"), Principal Global Investors (Europe) Limited ("PGIE") y cualquier Sub-Asesor del Fondo. PGIE ha sido nombrado Distribuidor del Fondo y ha identificado que el Fondo es compatible con las necesidades, características y objetivos de los inversores tanto institucionales como minoristas. Sin embargo, tenga en cuenta que PGI no distribuye directamente a los inversores minoristas, que deben buscar asesoramiento de inversión independiente antes de decidir si el fondo en cuestión es adecuado para satisfacer sus necesidades y objetivos de inversión.
Los detalles completos de los riesgos asociados con la inversión en el Fondo se detallan en el Folleto del Fondo, el Suplemento y el Documento de Información del Inversor Clave ("KIID"). Este documento puede no incluir todas las comisiones y los gastos relacionados con el Fondo. La información sobre los costos y cargos asociados con el Fondo se proporciona en la divulgación previa de MiFID II. Estos documentos están disponibles en nuestro sitio web en principalglobal.com y le recomendamos que los lea antes de invertir para que pueda tomar una decisión informada sobre si invertir. Cualquier persona que venda o le asesore sobre el Fondo puede cobrarle costos adicionales y usted debe solicitar información sobre dichos costos y cargos a esa persona.
Este documento está destinado únicamente para fines informativos. No es una oferta ni una solicitud a nadie para suscribirse a las unidades del Fondo. No debe interpretarse como un consejo de inversión. No se ofrecen garantías de que se logre el objetivo de inversión del Fondo. Los comentarios se basan en las condiciones actuales del mercado, no hay seguridad de que tales eventos o proyecciones ocurran y que las condiciones reales puedan ser significativamente diferentes. Las expresiones de opinión y las predicciones contenidas en este documento son precisas a la fecha de emisión y están sujetas a cambios sin previo aviso. La referencia a una inversión o seguridad específica no constituye una recomendación para comprar, vender o mantener dicha inversión o seguridad, y se proporciona con fines ilustrativos. Los porcentajes no siempre suman el 100% debido al redondeo.
El Fondo puede ofrecer diferentes clases de unidades que pueden estar sujetas a diferentes comisiones y gastos (que podrían afectar el rendimiento) y pueden no estar disponibles para todos los inversores. Si el Fondo ofrece clases de participaciones cubiertas, las rentabilidades de dichas clases de participaciones pueden diferir de las clases de participaciones denominadas en la moneda base del Fondo y la moneda de la clase de participaciones cubierta.
Las cifras publicadas tiene carácter meramente informativo y proporcionan datos de la rentabilidad de un índice comparable. El método de cálculo de la rentabilidad puede diferir entre el Fondo y su índice. Además, no es posible invertir en un índice.
La información en este documento se ha derivado de fuentes que se consideran precisas a la fecha de emisión y se deriva de PGI o sus afiliados, a menos que se indique lo contrario. La información derivada de fuentes distintas a PGI o sus afiliadas se considera confiable, sin embargo, no verificamos ni garantizamos de forma independiente su exactitud o validez. Sin perjuicio de las disposiciones en contrario de la legislación aplicable, las sociedades de Principal Financial Group y sus empleados o consejeros no ofrecen garantías respecto a la fiabilidad o la exactitud de este documento, ni aceptan responsabilidades que pudieran derivarse de errores u omisiones que pueda presentar el mismo por otros motivos (incluido el de negligencia).
Este documento no tiene como fin distribuirse a, ni que lo utilicen, personas o entidades en jurisdicciones o países en que su distribución o su uso contravengan leyes o reglamentos locales. Cuando este documento se emite en los siguientes países / jurisdicciones, es emitido por las entidades anotadas: En Europa, por Principal Global Investors (EU) Limited, Sobo Works, Windmill Lane, Dublin D02 K156, Irlanda. Principal Global Investors (EU) Limited está regulada por el Banco Central de Irlanda. En Reino Unido, por PGIE, Level 1, 1 Wood Street, Londres, EC2V 7JB, registrado en Inglaterra, n.º 03819986, que ha aprobado su contenido, y que está autorizado y regulado por la Financial Conduct Authority; Suiza, por Principal Global Investors (Switzerland) GmbH; Singapur, por Principal Global Investors (Singapore) Limited (ACRA Reg. n.º 199603735H), que está regulado por la Monetary Authority of Singapore y está dirigido exclusivamente a inversores institucionales según lo define la Ley de Valores y Futuros de 2001. Este anuncio o publicación no ha sido revisado por la Monetary Authority of Singapore; y el Dubai International Financial Centre ("DIFC"), por Principal Global Investors LLC, una sucursal registrada en el DIFC y autorizada por la Dubai International Financial Centre ("DFSA") como oficina de representación.
Divulgación para Singapur: Este documento está dirigido exclusivamente a inversionistas institucionales según lo define la Ley de Valores y Futuros (Capítulo 289) ("SFA"). Divulgación obligatoria para el DIFC: Módulo 4.6.5.(d) - La DFSA no tiene responsabilidad alguna en lo que respecta a la revisión o verificación de los folletos de emisión u otros documentos relacionados con este producto financiero. Tampoco ha aprobado este documento u otros relacionados, ni ha tomado medidas para verificar la información que figura en los mismos. El documento está destinado a inversores institucionales y profesionales sofisticados solo en el DIFC y se entrega de forma individual al destinatario únicamente y no debe ser transmitido o distribuido a ninguna otra persona u organización. Divulgación para Suiza: Cuando el Fondo está registrado en Suiza, el nombre del representante suizo es ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zúrich. Este es un documento publicitario. El agente de pagos en Suiza es Banque
Cantonale de Genève, 17, quai de l'Ile, 1204 Ginebra. Los inversores pueden obtener de forma gratuita el folleto, la escritura de fideicomiso, el documento de datos fundamentales para el inversor y los informes anual y semestral del representante en Suiza. | # Informations importantes
Principal Global Investors (« PGI ») est l’entité de la gestion d’actifs du Principal Financial Group et inclut (entre autres entités) : Principal Global Investors LLC (« PGI LLC »), Principal Global Investors (Europe) Limited (« PGIE ») et touts les sous-conseillers au Fonds. PGIE a été nommé distributeur pour le Fonds et a identifié que le Fonds est compatible avec les besoins, les caractéristiques et les objectifs des deux institutions et des investisseurs de détail. Veuillez cependant noter que PGI ne fait pas de distribution directement aux investisseurs de détail qui doivent faire appel au préalable à un conseil indépendant en matière d’investissement afin de décider si le fonds en question est adapté à leurs besoins et objectifs de placement.
Tous les détails des risques associés à l’investissement dans le Fonds se trouvent de façon détaillée dans le prospectus du Fonds, le supplément et document d’information clé pour l’investisseur (« DICI »). Le présent document peut ne pas indiquer la totalité des frais et charges inhérents au Fonds. Les informations concernant les coûts et les charges liées au Fonds se trouvent dans la divulgation ex-ante MiFID II. Ces documents sont disponbiles sur notre site internet sur principalglobal.com et nous vous conseillons de les lire avant d’effectuer un investissement pour prendre une décision en toute connaissance de cause concernant un éventuel investissement. Toute personne vendant un produit lié au Fonds ou vous conseillant peut vous facturer des coûts supplémentaires et il est conseillé de vous informer concernant ces coûts et charges auprès de cette personne.
Ce document est destiné à une utilisation purement informative. Il ne peut être considéré comme une offre ou proposition de souscription de parts du Fonds. Il ne doit pas être interprété comme un conseil en matière d’investissement. La réalisation de l’objectif d’investissement du Fonds ne peut faire l’objet d’aucune garantie. Les déclarations se basent sur les conditions actuelles du marché, il ne peut pas être garanti que ces événements et prévisions vont se produire et il se peut que les conditions réelles soient sensiblement différentes. Les expressions d’opinion et les prévisions contenues dans ce document sont exactes à la date de sa publication et peuvent faire l’objet de modifications sans préavis. Une référence à un investissement ou à un titre spécifique ne constitue aucunement une recommandation d’acheter, de vendre ou de détenir un tel investissement ou titre et est fournie à seule fin d’illustration. Les pourcentages n’atteignent pas toujours 100% en raison des arrondis.
Le Fonds peut offrir différentes classes de parts qui peuvent faire l’objet de différents frais et dépenses (qui peuvent influencer la performance) et peuvent ne pas être disponibles pour tous les investisseurs. Si le Fonds offre des classes de parts couvertes, les rendements de telles classes de parts peuvent s’écarter des classes de parts libellées dans la devise de référence du Fonds et de la devise des classes de parts couvertes.
Les chiffres publiés sont purement informatifs et donnent des détails de la performance d’un indice comparable. La méthode de calcul de la performance peut varier entre le Fonds et son indice. De plus, il n’est pas possible d’investir dans un indice.
Les informations contenues dans ce document proviennent de sources estimées fiables à compter de la date d’émission et proviennent de PGI ou de ses filiales sauf mention contraire. Les informations provenant de sources autres que PGI ou ses filiales sont estimées fiables. Cependant, nous ne les vérifions pas de façon indépendante ou ne garantissons pas leur exactitude ou validité. Sous réserve des dispositions contraires de toute législation applicable, aucune entreprise du Principal Financial Group, ni aucun de ses employés ou cadres ne peut donner des garanties de fiabilité, ni ne saurait être tenu responsable de toute manière que ce soit (y compris pour cause de négligence) des erreurs ou omissions dans ce document.
Le présent document n’est pas destiné à être distribué ou utilisé par quelque personne ou société que ce soit dans quelque juridiction ou pays dans lesquels sa distribution ou son utilisation serait contraire à la législation ou la réglementation locale. Quand ce document est publié dans les pays/juridictions suivantes, il est publié par les entités ci- dessous : En Europe par Principal Global Investors (EU) Limited, Sobo Works, Windmill Lane, Dublin D02 K156, Irlande. Principal Global Investors (EU) Limited est réglementée par la Banque centrale d’Irlande. Au Royaume-Uni par PGIE, Level 1, 1 Wood Street, Londres, EC2V 7JB, enregistrée en Angleterre, n° 03819986, qui a approuvé son contenu, et qui est agréée et réglementée par la Financial Conduct Authority ; Suisse, par Principal Global Investors (Switzerland) GmbH ; Singapour, par Principal Global Investors (Singapore) Limited (enregistrement auprès de l'ACRA, N° 199603735H), qui est réglementée par la Monetary Authority of Singapore et s'adresse exclusivement aux investisseurs institutionnels tels que définis par le Securities and Futures Act 2001. Cette publicité ou publication n'a pas été examinée par la Monetary Authority of Singapore et le Dubai International Financial Centre (« DIFC »), par le Principal Global Investors LLC, une succursale enregistrée au Dubai International Financial Centre et autorisée par la Dubai Financial Services Authority (« DFSA ») en tant que bureau de représentation.
Divulgation pour Singapour : Ce document s’adresse exclusivement aux investisseurs institutionnels tels que définis par la Securities and Futures Act (Chapitre 289) (« SFA »). Divulgation obligatoire pour le DIFC : Module 4.6.5.(d) - La DFSA n’assume aucune responsabilité en matière d’examen ou de vérification de tout prospectus ou document en relation avec ce produit financier. Ce document, ou tout autre document associé, n’a pas reçu son approbation et aucune mesure de vérification des informations qui y figurent n’a été prise. Le document est destiné aux investisseurs professionnels et institutionnels élaborés uniquement dans le DIFC et est seulement distribué individuellement au
destinataire. Il ne doit pas être transmis ou distribué à toute autre personne ou organisation. Divulgation pour la Suisse : Quand le Fonds est enregistré en Suisse, le nom du représentant suisse est ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich. Ceci est un document publicitaire. L’agent payeur en Suisse est la Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Genève. Les investisseurs peuvent obtenir le prospectus, l’acte de fiducie, le document d’information clé de l’investisseur (DICI) et les rapports annuels et semestriels gratuitement auprès du représentant en Suisse. | fr | es |
DOLFIN451 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## applicable to them and listed in the section entitled “Risk diversification” are adhered to;
the counterparties in transactions involving OTC derivatives are institutions subject to prudential supervision and belonging to the categories admitted by the CSSF and expressly approved by the Company. The approval process by the Company is based on the principles drawn up by UBS AM Credit Risk and concerning, inter alia, the creditworthiness, reputation and experience of the relevant counterparty in settling transactions of this type, as well as their willingness to provide capital. The Company maintains a list of counterparties it has approved;
the OTC derivatives are valued daily in a reliable and verifiable manner and may be sold, liquidated or settled by means of a back-to-back transaction at any time, upon the Company’s initiative and at the appropriate fair value; and
the counterparty is not granted discretion regarding the composition of the portfolio managed by the relevant sub-fund (e.g. in the case of a total return swap or a derivative financial instrument with similar characteristics), or regarding the underlying of the relevant OTC derivative. | ## „Risikodiversifizierung“ aufgeführten und auf sie anwendbaren Diversifikationsregeln jederzeit eingehalten sind;
die Gegenparteien bei Geschäften mit OTC-Derivaten einer behördlichen Aufsicht unterliegende Institute der Kategorien sind, die von der CSSF zugelassen wurden und von der Gesellschaft gesondert genehmigt sind. Das Genehmigungsverfahren durch die Gesellschaft basiert auf den Grundsätzen, die von UBS AM Credit Risk herausgearbeitet worden sind und u.a. Kreditwürdigkeit, Reputation und Erfahrung der in Frage stehenden Gegenpartei in Abwicklung der Transaktionen dieser Art sowie ihre Bereitschaft, Kapital zu stellen, zum Gegenstand haben. Die Gesellschaft unterhält eine Liste der von ihr genehmigten Gegenparteien;
die OTC-Derivate einer zuverlässigen und überprüfbaren Bewertung auf Tagesbasis unterliegen und jederzeit auf Initiative der Gesellschaft zum angemessenen Zeitwert veräußert, liquidiert oder durch ein Gegengeschäft glattgestellt werden können und
der jeweiligen Gegenpartei weder Diskretion über die Zusammensetzung des von dem jeweiligen Subfonds verwalteten Portfolios (z.B. im Falle eines total return swaps oder eines derivativen Finanzinstruments mit ähnlichen Charakteristika) noch über den Basiswert, welcher dem jeweiligen OTC-Derivat zugrunde liegt, eingeräumt wird. | ## applicable to them and listed in the section entitled “Risk diversification” are adhered to;
the counterparties in transactions involving OTC derivatives are institutions subject to prudential supervision and belonging to the categories admitted by the CSSF and expressly approved by the Company. The approval process by the Company is based on the principles drawn up by UBS AM Credit Risk and concerning, inter alia, the creditworthiness, reputation and experience of the relevant counterparty in settling transactions of this type, as well as their willingness to provide capital. The Company maintains a list of counterparties it has approved;
the OTC derivatives are valued daily in a reliable and verifiable manner and may be sold, liquidated or settled by means of a back-to-back transaction at any time, upon the Company’s initiative and at the appropriate fair value; and
the counterparty is not granted discretion regarding the composition of the portfolio managed by the relevant sub-fund (e.g. in the case of a total return swap or a derivative financial instrument with similar characteristics), or regarding the underlying of the relevant OTC derivative. | en | de |
DOLFIN452 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The above table does not represent the past performance of any Sub-fund nor is it an indicator of future results.
- Soft CommissionsSubject to applicable laws and regulations, the Investment Manager may be entitled to receive soft commissions in the form of supplemental goods and services such as consultancy and research, information-technology material associated with specialist software, performance methods and instruments for setting prices, subscriptions to financial information or pricing providers. Brokers who provide supplemental goods and services to a Sub-fund's Investment Manager may receive orders for transactions by the Management Company. The following goods and services are expressly excluded from the soft commissions: travel, accommodation costs, entertainment, current goods and services connected with the management, the offices, the office equipment, staff costs, clerical salaries and all financial charges. Soft commission services so received by an Investment Manager will be in addition to and not in lieu of the services required to be performed by the Investment Manager and the fees of the Investment Manager will not be reduced as a result of the receipt of such soft commissions. An Investment Manager, in using a broker who provides soft commission services, will do so only on the basis that the broker is not a physical person and will execute the relevant transactions on a best execution basis and that there will be no comparative price disadvantage in using that broker. The Investment Managers or anyone connected to them shall not personally benefit from any financial return on the commissions collected by brokers or dealers. The Investment Manager will provide the Management Company with the details of the soft commissions effectively received on an annual basis. This information will be inserted in the Annual Reports of the Fund.
- Co-operation AgreementsSubject to applicable laws and regulations, the Distributors may reallocate a portion of their fees to distributors, dealers, other intermediaries or entities, with whom they have a distribution agreement, or to or for the benefit of a holder or prospective holder of Units. | La tabella sopra riportata e gli esempi che seguono non rappresentano la performance passata di alcun Comparto e non sono indicativi di risultati futuri.
- Soft CommissionAi sensi delle leggi e dei regolamenti applicabili, il Gestore degli Investimenti può avere il diritto di ricevere soft commission sotto forma di beni e servizi supplementari, quali consulenza e ricerca, materiale informatico associato a software specialistico, metodi e strumenti di performance per la determinazione di prezzi, abbonamenti a fornitori di informazioni finanziarie o di prezzi. Gli intermediari che forniscono beni e servizi supplementari al Gestore degli Investimenti di un Comparto potranno ricevere ordini per operazioni da parte della Società di Gestione. I seguenti beni e servizi sono esclusi espressamente dalle soft commission: viaggi, costi di alloggio, e di intrattenimento, beni e servizi correnti correlati alla gestione, uffici, apparecchiature da ufficio, costi del personale, stipendi a impiegati o ogni onere finanziario. I servizi di soft commission ricevuti da un Gestore degli Investimenti saranno in aggiunta e non in luogo dei servizi che si prevede vengano prestati dal Gestore degli Investimenti e i compensi del Gestore degli Investimenti non saranno ridotti in conseguenza della ricezione delle soft commission. Un Gestore degli Investimenti potrà avvalersi di un intermediario che fornisce servizi di soft commission, soltanto se l’intermediario non è una persona fisica ed eseguirà le transazioni corrispondenti sulla base del principio di best execution e se l’utilizzo di tale intermediario non comporterà alcuno svantaggio di prezzo. Il Gestore degli Investimenti o chiunque ad essi collegato, non potrà trarre alcun beneficio personale da qualunque rendimento finanziario sulle commissioni ricevute dagli intermediari o dai dealer. Il Gestore degli Investimenti fornirà alla Società di Gestione i dettagli delle soft commission effettivamente ricevute su base annuale. Questa informazione sarà inserita nelle Relazioni annuali del Fondo.
- Accordi di collaborazioneAi sensi delle leggi e dei regolamenti applicabili, i Distributori potranno ripartire parte delle loro commissioni ai distributori, dealer, altri intermediari o entità con cui abbiano un accordo di distribuzione, oppure a un titolare o a vantaggio di un titolare o potenziale titolare di Quote. | The above table does not represent the past performance of any Sub-fund nor is it an indicator of future results.
- Soft CommissionsSubject to applicable laws and regulations, the Investment Manager may be entitled to receive soft commissions in the form of supplemental goods and services such as consultancy and research, information-technology material associated with specialist software, performance methods and instruments for setting prices, subscriptions to financial information or pricing providers. Brokers who provide supplemental goods and services to a Sub-fund's Investment Manager may receive orders for transactions by the Management Company. The following goods and services are expressly excluded from the soft commissions: travel, accommodation costs, entertainment, current goods and services connected with the management, the offices, the office equipment, staff costs, clerical salaries and all financial charges. Soft commission services so received by an Investment Manager will be in addition to and not in lieu of the services required to be performed by the Investment Manager and the fees of the Investment Manager will not be reduced as a result of the receipt of such soft commissions. An Investment Manager, in using a broker who provides soft commission services, will do so only on the basis that the broker is not a physical person and will execute the relevant transactions on a best execution basis and that there will be no comparative price disadvantage in using that broker. The Investment Managers or anyone connected to them shall not personally benefit from any financial return on the commissions collected by brokers or dealers. The Investment Manager will provide the Management Company with the details of the soft commissions effectively received on an annual basis. This information will be inserted in the Annual Reports of the Fund.
- Co-operation AgreementsSubject to applicable laws and regulations, the Distributors may reallocate a portion of their fees to distributors, dealers, other intermediaries or entities, with whom they have a distribution agreement, or to or for the benefit of a holder or prospective holder of Units. | en | it |
DOLFIN453 | 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 Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.380 USD -76,18 % | 2.220 USD -26,01 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.410 USD -25,86 % | 7.240 USD -6,25 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.430 USD 4,30 % | 12.670 USD 4,84 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 16.340 USD 63,44 % | 22.930 USD 18,05 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.380 USD -76,18% | 2.220 USD -26,01% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.410 USD -25,86% | 7.240 USD -6,25% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.430 USD 4,30% | 12.670 USD 4,84% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.340 USD 63,44% | 22.930 USD 18,05% | | | Période de détention recommandée : 5 ans Investissement : 10.000 USD |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.380 USD -76,18 % | 2.220 USD -26,01 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.410 USD -25,86 % | 7.240 USD -6,25 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.430 USD 4,30 % | 12.670 USD 4,84 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 16.340 USD 63,44 % | 22.930 USD 18,05 % | | fr | es |
DOLFIN454 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# LEGAL ADVISERS IN LUXEMBOURG
Arendt & Medernach S.A. 41A, avenue J.F. Kennedy L-2082 Luxembourg
Grand Duchy of Luxembourg
- THE FUNDThe Fund is organized in and under the laws of the Grand Duchy of Luxembourg as a mutual investment fund ("fonds commun de placement") with separate Sub-funds constituting each a separate portfolio of assets and liabilities. The net assets of the Fund must reach EUR 1,250,000.- within the first six months following its authorisation by the Commission de Surveillance du Secteur Financier (the "CSSF"), and thereafter may not be less than this amount. | # CONSULENTI LEGALI IN LUSSEMBURGO
Arendt & Madernach S.A. 41A, avenue J.F. Kennedy L-2082 Lussemburgo
Granducato del Lussemburgo
- IL FONDOIl Fondo è organizzato nell’ambito e secondo le leggi del Granducato di Lussemburgo come fondo di mutuo investimento (“fondo comune d’investimento”) con Comparti separati che costituiscono un portafoglio separato di attività e passività. Le attività nette del Fondo devono raggiungere EUR 1.250.000.- entro i primi sei mesi successivi alla sua autorizzazione da parte della Commission de Surveillance du Secteur Financier (la “CSSF”) e successivamente non devono essere inferiori a questa cifra. | # LEGAL ADVISERS IN LUXEMBOURG
Arendt & Medernach S.A. 41A, avenue J.F. Kennedy L-2082 Luxembourg
Grand Duchy of Luxembourg
- THE FUNDThe Fund is organized in and under the laws of the Grand Duchy of Luxembourg as a mutual investment fund ("fonds commun de placement") with separate Sub-funds constituting each a separate portfolio of assets and liabilities. The net assets of the Fund must reach EUR 1,250,000.- within the first six months following its authorisation by the Commission de Surveillance du Secteur Financier (the "CSSF"), and thereafter may not be less than this amount. | en | it |
DOLFIN455 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### For all other issuers which are not allocated to the investment segment "Gold mining companies worldwide", the basic regulation above applies.
-
### Investment segment: "Others | #### Für alle anderen Emittenten, welche nicht dem Anlagesegment "Goldminen-Gesellschaften weltweit" zugeordnet sind, gilt die grundsätzliche Regelung vorstehend.
-
### Anlagesegment: "Übrige" | #### For all other issuers which are not allocated to the investment segment "Gold mining companies worldwide", the basic regulation above applies.
-
### Investment segment: "Others | en | de |
DOLFIN456 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs (* †) | 174 USD | 1,262 USD |
| Annual cost impact (** †) | 1.7% | 1.8% | | | Investissement : 10.000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux (* †) | 174 USD | 1.262 USD |
| Incidence des coûts annuels (** †) | 1,7 % | 1,8 % | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs (* †) | 174 USD | 1,262 USD |
| Annual cost impact (** †) | 1.7% | 1.8% | | en | fr |
DOLFIN457 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, CONVERSION AND REDEMPTION OF UNITS
The Management Company shall suspend the issue and redemption of units forthwith upon the occurrence of an event causing it to enter into liquidation or upon the order of the Luxembourg supervisory authority. The Management Company may suspend the determination of the Net Asset Value of any or all sub-fund(s) or category(ies) and, consequently, the issue, switch and redemption of units of such sub-fund(s) or category(ies) when:
- any market(s) or stock exchange(s) on which a material part of the relevant sub-fund's investments are quoted, is/are closed, other than for official holidays or when dealings are substantially restricted or suspended; or
- the disposal of the assets of the relevant sub-fund(s) or the determination of their values is not possible due to, and/or in the context of, a local, regional or global crisis, a communications breakdown or similar circumstances; or
- the reliable determination of the value of the assets of the relevant sub-fund(s) is not possible, despite the use of fair valuation procedures, due to exceptionally high levels of market volatility or similar circumstances; or
- as a result of exchange or other restrictions or difficulties affecting the transfer or remittance of funds, transactions are rendered impossible or impracticable or when purchases and sales of the assets cannot be effected at the normal rate of exchange; or
- a failure to do so might result in the relevant sub-fund(s) or category(ies) or unitholders suffering any financial disadvantage which might not otherwise have been suffered; or
- the Fund, any sub-fund(s) or category(ies) are liquidated; or
- following a decision to merge a category, a sub-fund or the Fund, if justified with a view to protecting the interest of unitholders; or
- in case a sub-fund is a feeder of another UCITS (or a sub-fund thereof) or of another sub-fund of the Umbrella Fund, if the Net Asset Value calculation of the Master UCITS (or the sub-fund thereof) or of the master sub-fund of the Fund is suspended.
The suspension of the determination of the Net Asset Value of any sub-fund or category will have no effect on the calculation of the Net Asset Value, and/or the issue, switch and redemption of the units, of any other sub-fund or category.
Investors who have applied for subscription and unitholders who have requested switch or redemption of their units in the relevant sub-fund(s) or category(ies) will be promptly notified of any suspension and of the termination of the suspension of the issue, switch or redemption of units. Subscription, conversion and redemption requests may be withdrawn until termination of the suspension has been notified; in such case, the subscription amount will be returned, without interest, as soon as practicable following the date of withdrawal, at the applicant’s expense and risk.
- | # SUSPENSION DU CALCUL DE LA VALEUR LIQUIDATIVE ET ÉMISSION, CONVERSION ET RACHAT DE PARTS
La Société de gestion suspend immédiatement l’émission et le rachat des parts dès la survenance d’un événement entraînant la liquidation, ou sur ordre de l’autorité de contrôle luxembourgeoise. La Société de gestion peut suspendre la détermination de la valeur liquidative de tous compartiments ou catégories et, par conséquent, l’émission, l’échange et le rachat de parts de ces compartiments ou catégories lorsque :
- les marchés ou bourses sur lesquels une partie importante des investissements du compartiment concerné est cotée sont fermés, à l’exception des jours fériés officiels ou lorsque les transactions sont substantiellement restreintes ou suspendues ; ou
- la cession des actifs des compartiments concernés ou la détermination de leurs valeurs n’est pas possible en raison d’une crise locale, régionale ou mondiale ou dans le contexte d’une telle crise, d’une rupture des communications ou de circonstances similaires ; ou
- la détermination fiable de la valeur des actifs du ou des compartiments concernés n’est pas possible, malgré l’utilisation de procédures d’évaluation à la juste valeur, en raison de niveaux exceptionnellement élevés de volatilité du marché ou de circonstances similaires ; ou
- en raison de restrictions de change ou d’autres restrictions ou difficultés affectant le transfert ou le transfert de fonds, les transactions sont rendues impossibles ou impossibles ou lorsque les achats et les ventes des actifs ne peuvent pas être effectués au taux de change normal ; ou
- ne pas le faire entraînerait pour les compartiments ou catégories, ou pour les porteurs de parts concernés un désavantage financier qui n’aurait pas été subi dans d’autres circonstances ; ou
- le Fonds, tous compartiments ou catégories sont liquidés ; ou
- à la suite d’une décision de fusion d’une catégorie, d’un compartiment ou du Fonds, si cela est justifié en vue de protéger l’intérêt des porteurs de parts ; ou
- si un compartiment est un nourricier d’un autre OPCVM (ou d’un compartiment de celui-ci) ou d’un autre compartiment du fonds à compartiments multiples, si le calcul de la valeur liquidative de l’OPCVM maître (ou de son compartiment) ou du compartiment maître du Fonds est suspendu.
La suspension de la détermination de la valeur liquidative d’un compartiment ou d’une catégorie n’aura aucun effet sur le calcul de la valeur liquidative ou sur l’émission, l’échange et le rachat des parts, de tout autre compartiment ou catégorie.
Les investisseurs ayant demandé la souscription et les porteurs de parts ayant demandé la conversion ou le rachat de leurs parts dans les compartiments ou les catégories concernés seront immédiatement informés de toute suspension et de la résiliation de la suspension de l’émission, de la conversion ou du rachat de parts. Les demandes de souscription, de conversion et de rachat peuvent être retirées jusqu’à la notification de la résiliation de la suspension ; dans ce cas, le montant de la souscription sera restitué, sans intérêt, dès que possible après la date du retrait, aux frais et risques du demandeur.
- | # SUSPENSION OF THE CALCULATION OF THE NET ASSET VALUE AND ISSUE, CONVERSION AND REDEMPTION OF UNITS
The Management Company shall suspend the issue and redemption of units forthwith upon the occurrence of an event causing it to enter into liquidation or upon the order of the Luxembourg supervisory authority. The Management Company may suspend the determination of the Net Asset Value of any or all sub-fund(s) or category(ies) and, consequently, the issue, switch and redemption of units of such sub-fund(s) or category(ies) when:
- any market(s) or stock exchange(s) on which a material part of the relevant sub-fund's investments are quoted, is/are closed, other than for official holidays or when dealings are substantially restricted or suspended; or
- the disposal of the assets of the relevant sub-fund(s) or the determination of their values is not possible due to, and/or in the context of, a local, regional or global crisis, a communications breakdown or similar circumstances; or
- the reliable determination of the value of the assets of the relevant sub-fund(s) is not possible, despite the use of fair valuation procedures, due to exceptionally high levels of market volatility or similar circumstances; or
- as a result of exchange or other restrictions or difficulties affecting the transfer or remittance of funds, transactions are rendered impossible or impracticable or when purchases and sales of the assets cannot be effected at the normal rate of exchange; or
- a failure to do so might result in the relevant sub-fund(s) or category(ies) or unitholders suffering any financial disadvantage which might not otherwise have been suffered; or
- the Fund, any sub-fund(s) or category(ies) are liquidated; or
- following a decision to merge a category, a sub-fund or the Fund, if justified with a view to protecting the interest of unitholders; or
- in case a sub-fund is a feeder of another UCITS (or a sub-fund thereof) or of another sub-fund of the Umbrella Fund, if the Net Asset Value calculation of the Master UCITS (or the sub-fund thereof) or of the master sub-fund of the Fund is suspended.
The suspension of the determination of the Net Asset Value of any sub-fund or category will have no effect on the calculation of the Net Asset Value, and/or the issue, switch and redemption of the units, of any other sub-fund or category.
Investors who have applied for subscription and unitholders who have requested switch or redemption of their units in the relevant sub-fund(s) or category(ies) will be promptly notified of any suspension and of the termination of the suspension of the issue, switch or redemption of units. Subscription, conversion and redemption requests may be withdrawn until termination of the suspension has been notified; in such case, the subscription amount will be returned, without interest, as soon as practicable following the date of withdrawal, at the applicant’s expense and risk.
- | en | fr |
DOLFIN458 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Distribution from capital risk
Distribution Share Classes (such as those identified with an "F", "SP", "SY","IRD" or "EP" suffix) may pay dividends out of investment income, capital gains and/or capital. This is because, from time to time, the dividend paid may be more than the income earned by the relevant Fund.
For Distribution Shares Classes where the dividend is based on a fixed amount or fixed percentage of the Net Asset Value per Share which is not linked to income or capital, a payment of dividend out of capital may be required where the amount of investment income earned is not sufficient to meet this fixed amount or fixed percentage.
The distribution of dividends out of capital may exceed the gains of the Share Class and could result in an erosion of an investor’s initial investment. The capital will be eroded and "income" will be achieved by forgoing the potential for future capital growth of Shareholders’ investments and the value of future returns may also be diminished.
The distribution of dividends out of capital will normally continue during periods of negative performance of a Fund, resulting in a more rapid fall in the value of a Share Class than would occur if dividends were not being paid. This cycle may continue until all capital is depleted.
The payment of dividends out of capital may have different tax implications to dividends paid out of income and be tax- inefficient in certain countries. Investors are recommended to seek appropriate tax advice in relation to investment in distribution Share Classes. | ###### Risque de distribution issue du capital
Les Catégories d’Actions de distribution (identifiées par les suffixes « F », « SP », « SY », « IRD » ou « EP ») peuvent verser des dividendes à partir des revenus des investissements, des plus-values et/ou du capital. En effet, de temps à autre, le dividende versé peut être supérieur aux revenus générés par le Fonds concerné.
Pour les Catégories d’Actions de distribution pour lesquelles le dividende est fondé sur un montant fixe ou un pourcentage fixe de la Valeur liquidative par Action qui n’est pas lié aux revenus ou au capital, un paiement de dividende à partir du capital peut s’avérer nécessaire lorsque le montant des revenus d’investissement n’est pas suffisant pour couvrir ce montant fixe ou ce pourcentage fixe.
La distribution de dividendes à partir du capital peut excéder les gains de la Catégorie d’Actions, et cela peut entraîner une érosion de l’investissement initial de l’investisseur. Le capital sera érodé et le « revenu » sera réalisé en renonçant au potentiel de croissance future du capital des investissements des Actionnaires ; de plus, la valeur des rendements futurs pourra également être diminuée.
La distribution de dividendes à partir de capital continue normalement au cours de périodes de performance négative d’un Fonds, ce qui entraîne une diminution plus rapide de la valeur d’une Catégorie d’Actions que ce qui se passerait si des dividendes n’étaient pas versés. Ce cycle peut continuer jusqu’à l’épuisement du capital.
Les dividendes payés à partir du capital peuvent avoir des implications fiscales différentes des dividendes payés à partir des revenus, et peuvent être inefficaces sur le plan fiscal dans certains pays. Nous recommandons aux investisseurs de demander des conseils fiscaux appropriés en relation avec l’investissement dans des Catégories d’Actions de distribution. | ##### Distribution from capital risk
Distribution Share Classes (such as those identified with an "F", "SP", "SY","IRD" or "EP" suffix) may pay dividends out of investment income, capital gains and/or capital. This is because, from time to time, the dividend paid may be more than the income earned by the relevant Fund.
For Distribution Shares Classes where the dividend is based on a fixed amount or fixed percentage of the Net Asset Value per Share which is not linked to income or capital, a payment of dividend out of capital may be required where the amount of investment income earned is not sufficient to meet this fixed amount or fixed percentage.
The distribution of dividends out of capital may exceed the gains of the Share Class and could result in an erosion of an investor’s initial investment. The capital will be eroded and "income" will be achieved by forgoing the potential for future capital growth of Shareholders’ investments and the value of future returns may also be diminished.
The distribution of dividends out of capital will normally continue during periods of negative performance of a Fund, resulting in a more rapid fall in the value of a Share Class than would occur if dividends were not being paid. This cycle may continue until all capital is depleted.
The payment of dividends out of capital may have different tax implications to dividends paid out of income and be tax- inefficient in certain countries. Investors are recommended to seek appropriate tax advice in relation to investment in distribution Share Classes. | en | fr |
DOLFIN459 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Transactions involving the use of derivative instruments
- Use of derivativesThe Company may enter into derivative transactions for investment purposes, for efficient portfolio management purposes as well as for hedging purposes. Hedging techniques will only be applied for the purposes of hedging currency exposure in the sub-fund where the calculation of the index return hedges currency exposure back to the base currency of the sub-fund.
The Company may, for each sub-fund, enter into contract relating to forward transactions (financial futures and forwards), swaps (excluding funded swaps) and options on financial instruments, provided that their underlying securities are permissible investments under chapter O "Investment restrictions". These contracts may be traded on an exchange or over-the-counter.
- General limits applicable to derivative transactionsThe Company must ensure that the overall risk associated with derivatives does not exceed the net assets of the relevant sub-fund. The following are taken into account in computing risk: the market value of the underlying instruments, the risk of default, future foreseeable market developments and the period within which the positions are to be liquidated. This also applies to the following two points:
- In the case of investments in derivatives, the overall risk for the underlying instruments may not exceed the investment limits set forth under sections 3 to 9 of the chapter O "Investment Restrictions" above. Investments in index-based derivatives need not be taken into account in the case of the investment limits set forth under sections 3 to 9 of the chapter O "Investment Restrictions" above.
- If a derivative has a security or money market instrument as the underlying, it has to be taken into account with regard to compliance with the rules set forth under section 6 of the chapter O "Investment Restrictions" above.
- | # Opérations impliquant l'utilisation d'instruments dérivés
- Utilisation d'instruments dérivésLa Société peut engager des opérations portant sur des instruments dérivés à des fins d'investissement, de gestion efficace de portefeuille, mais aussi de couverture. Des techniques de couverture ne seront appliquées qu'à des fins de couverture du risque de change au sein du compartiment, lorsque le calcul du rendement de l'indice couvre l'exposition au risque de change dans la devise de base du compartiment.
Pour chaque compartiment, la Société peut conclure des contrats en lien avec des transactions à terme (contrats à terme standardisés et contrats à terme financiers), des swaps (sauf swaps collatéralisés) et des options sur instruments financiers, à condition que leurs titres sous-jacents soient des investissements autorisés par le chapitre O « Restrictions d'investissement ». Ces contrats peuvent se négocier en Bourse ou de gré à gré.
- Limites générales applicables aux opérations sur instruments dérivésLa Société doit s'assurer que le risque global associé aux instruments dérivés n'excède pas les actifs nets du compartiment concerné. Les éléments suivants sont pris en compte pour le calcul du risque : la valeur de marché des instruments sous- jacents, le risque de défaillance, l'évolution prévisible du marché et la période au cours de laquelle les positions devront être liquidées. Cela s'applique également aux deux points suivants :
- Dans le cas d'investissements dans des instruments dérivés, le risque global pour les instruments sous-jacents ne peut excéder les limites d'investissement fixées aux sections 3 à 9 du chapitre O « Restrictions d'investissement » ci-dessus. Il n'est pas nécessaire de tenir compte des investissements dans des instruments dérivés indiciels dans le cadre des limites d'investissement fixées aux sections 3 à 9 du chapitre O « Restrictions d'investissement » ci-dessus.
- Si le sous-jacent d'un instrument dérivé est un titre ou un instrument du marché monétaire, il doit être pris en compte aux fins du respect des règles exposées à la section 6 du chapitre O « Restrictions d'investissement » ci- dessus.
- | # Transactions involving the use of derivative instruments
- Use of derivativesThe Company may enter into derivative transactions for investment purposes, for efficient portfolio management purposes as well as for hedging purposes. Hedging techniques will only be applied for the purposes of hedging currency exposure in the sub-fund where the calculation of the index return hedges currency exposure back to the base currency of the sub-fund.
The Company may, for each sub-fund, enter into contract relating to forward transactions (financial futures and forwards), swaps (excluding funded swaps) and options on financial instruments, provided that their underlying securities are permissible investments under chapter O "Investment restrictions". These contracts may be traded on an exchange or over-the-counter.
- General limits applicable to derivative transactionsThe Company must ensure that the overall risk associated with derivatives does not exceed the net assets of the relevant sub-fund. The following are taken into account in computing risk: the market value of the underlying instruments, the risk of default, future foreseeable market developments and the period within which the positions are to be liquidated. This also applies to the following two points:
- In the case of investments in derivatives, the overall risk for the underlying instruments may not exceed the investment limits set forth under sections 3 to 9 of the chapter O "Investment Restrictions" above. Investments in index-based derivatives need not be taken into account in the case of the investment limits set forth under sections 3 to 9 of the chapter O "Investment Restrictions" above.
- If a derivative has a security or money market instrument as the underlying, it has to be taken into account with regard to compliance with the rules set forth under section 6 of the chapter O "Investment Restrictions" above.
- | en | fr |
DOLFIN460 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### In the following cases, investors shall additionally be in- formed by means of a durable medium within the mean- ing of the KAGB:
- the suspension of the redemption of the units,
- the termination of the management or the winding up of the Company or an AIF,
- Amendments to the Fund Rules that are inconsistent with the previous investment principles, that affect material investor rights or that concern remuneration and reimbursement of expenses that may be with- drawn from the investment fund, including the back- ground to the amendments and the rights of investors in a comprehensible manner,
- the merger of investment assets must be prepared in the form of merger information, and
- the conversion of an investment fund into a feeder AIF or the changes to a master AIF are to be prepared in the form of information. | #### In folgenden Fällen werden die Anleger zusätzlich mittels eines dauerhaften Datenträgers im Sinne des KAGB infor- miert:
- die Aussetzung der Rücknahme der Anteile,
- die Kündigung der Verwaltung oder die Abwicklung der Gesellschaft oder eines AIF,
- Änderungen der Vertragsbedingungen, die mit den bisherigen Anlagegrundsätzen nicht vereinbar sind, die wesentliche Anlegerrechte berühren oder die Vergütungen und Aufwendungserstattungen betref- fen, die aus dem Investmentvermögen entnommen werden können, einschliesslich der Hintergründe der Änderungen sowie der Rechte der Anleger in einer verständlichen Art und Weise,
- die Verschmelzung von Investmentvermögen in Form von Verschmelzungs-informationen zu erstellen sind, und
- die Umwandlung eines Investmentvermögens in ei- nen Feeder-AIF oder die Änderungen eines Master- AIF in Form von Informationen zu erstellen sind. | #### In the following cases, investors shall additionally be in- formed by means of a durable medium within the mean- ing of the KAGB:
- the suspension of the redemption of the units,
- the termination of the management or the winding up of the Company or an AIF,
- Amendments to the Fund Rules that are inconsistent with the previous investment principles, that affect material investor rights or that concern remuneration and reimbursement of expenses that may be with- drawn from the investment fund, including the back- ground to the amendments and the rights of investors in a comprehensible manner,
- the merger of investment assets must be prepared in the form of merger information, and
- the conversion of an investment fund into a feeder AIF or the changes to a master AIF are to be prepared in the form of information. | en | de |
DOLFIN461 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# RAPPORT DU GESTIONNAIRE
Le Fonds cherche à accroître le capital et à générer un revenu, principalement par le biais d'investissements dans des OPCVM réglementés et des fonds non OPCVM qui ont pour objectif d'investir dans des actions et d'autres valeurs mobilières similaires, entre 30 et 70 %, et dans des obligations et d'autres titres de créance entre 30 et 70 %. Les fonds non OPCVM seront soumis à une supervision réglementaire équivalente à celle des OPCVM.
Le Fonds est activement géré et bien diversifié. Il est principalement composé de titres libellés en USD, mais des positions dans d'autres devises ne sont pas impossibles. Ces investissements sont couverts ou non par le Gérant, à la discrétion de ce dernier.
À titre accessoire, le Fonds peut également investir dans des actifs liquides et des instruments dérivés à des fins de couverture. Le Fonds n'est pas géré par rapport à un indice de référence. | # INFORME DEL GESTOR
El Fondo trata de obtener un crecimiento del capital y generar ingresos principalmente mediante la inversión en fondos OICVM y no OICVM regulados cuyo objetivo de inversión sea invertir en renta variable y otros valores mobiliarios similares, entre un 30
% y un 70 %, y en bonos y otros títulos de deuda, entre un 30 % y un 70 %. Los fondos no OICVM estarán sometidos a una supervisión normativa equivalente a la de un OICVM.
El Fondo se gestiona activamente y está bien diversificado, invirtiendo principalmente en valores denominados en dólares estadounidenses, pero puede asumir cierta exposición a las divisas. Dichas inversiones podrán o no cubrirse a la entera discreción del Gestor de inversiones.
Con carácter accesorio, el Fondo podrá invertir asimismo en activos líquidos así como en instrumentos derivados con fines de cobertura.
El Fondo no se gestiona en referencia a un índice de referencia. | # RAPPORT DU GESTIONNAIRE
Le Fonds cherche à accroître le capital et à générer un revenu, principalement par le biais d'investissements dans des OPCVM réglementés et des fonds non OPCVM qui ont pour objectif d'investir dans des actions et d'autres valeurs mobilières similaires, entre 30 et 70 %, et dans des obligations et d'autres titres de créance entre 30 et 70 %. Les fonds non OPCVM seront soumis à une supervision réglementaire équivalente à celle des OPCVM.
Le Fonds est activement géré et bien diversifié. Il est principalement composé de titres libellés en USD, mais des positions dans d'autres devises ne sont pas impossibles. Ces investissements sont couverts ou non par le Gérant, à la discrétion de ce dernier.
À titre accessoire, le Fonds peut également investir dans des actifs liquides et des instruments dérivés à des fins de couverture. Le Fonds n'est pas géré par rapport à un indice de référence. | fr | es |
DOLFIN462 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium- high level, and poor market conditions will likely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, clase de riesgo entre media y alta. 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.
Riesgos adicionales: El riesgo de liquidez del mercado podría amplificar la variación de la rentabilidad entre los productos.
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.
Además de los riesgos incluidos en el indicador de riesgo, otros riesgos pueden afectar a la rentabilidad del Subfondo. Consulte el folleto de MULTI UNITS FRANCE.
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. | # What are the risks and what could I get in return?
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium- high level, and poor market conditions will likely impact our capacity to pay you.
Additional risks: Market liquidity risk could amplify the variation of product performances.
This product does not include any protection from future market performance so you could lose some or all of your investment.
Beside the risks included in the risk indicator, other risks may affect the Sub-Fund's performance. Please refer to the MULTI UNITS FRANCE prospectus.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movement in the markets or because we are not able to pay you. | en | es |
DOLFIN463 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectif d’investissement durable
raison d’un manque de données du fournisseur de données, l’investissement relève de la catégorie «aucune intégration de données». Lorsque MSCI prend en compte un type d’actif hors du champ d’application de l’analyse ESG (p. ex. Espèces, Monnaie), l’exposition économique relève de la catégorie «non évaluable». Pour plus d’informations sur les types d’actifs exclus, veuillez consulter le site www.msci.com/our-solutions/esg-investing.
Les frais courants sont calculés selon la méthode décrite dans la directive Committee of European Securities Regulators/10-674. Pour une période maximale de 12 mois à compter du décembre 31, 2020, le calcul des frais courants repose sur une estimation des coûts. À partir décembre 2021, le calcul des frais courants se fonde sur les coûts de l’exercice précédent, clos en décembre 2021. Il exclut les commissions de performance et les frais de transactions du portefeuille, excepté lorsque le fonds paie des frais d’entrée/de sortie pour l’achat ou la vente d’actions/de parts d’un autre organisme de placement collectif
À des fins de gestion des risques, le gestionnaire d’investissement intègre les critères ESG dans l’analyse de sécurité afin de développer un système en cascade exclusif combinant les notations ESG de plusieurs fournisseurs de données. Les données externes prises en compte proviennent de Lucror, MSCI, Sustainalytics, Inrate, Clarity AI et Refinitiv. La notation peut signaler une tendance «positive», «neutre» ou «négative» des critères ESG. Lorsque les fournisseurs externes ne mettent aucune donnée pertinente à disposition sur l’émetteur, l’intégration des critères ESG ne peut pas être calculée et ces placements relèvent de la catégorie «non noté». La méthodologie exclusive appliquée par le gestionnaire d’investissement n’est pas soumise à une assurance tierce.
Lorsque la case «objectif d’investissement durable» est cochée, cela signifie que le produit met en œuvre des stratégies d’investissement de CSAM qui allouent du capital aux entreprises apportant des solutions aux enjeux de la société et répondant à un objectif d’investissement durable. L’objectif d’investissement durable est atteint par le biais d’un processus d’investissement dédié axé sur les placements dans des thèmes et des secteurs dont les activités économiques répondent à des défis spécifiques posés par les enjeux ESG. Une case non cochée indique que le produit ne vise pas à atteindre un objectif de placement durable. | ## Objetivo de inversión sostenible
proveedor de datos, la inversión se incluye en la categoría «Sin cobertura de datos». Cuando MSCI considera que un tipo de activo está fuera del ámbito de aplicación para el análisis ESG (por ejemplo, efectivo, divisas), la exposición económica se incluye en la categoría «No calificable». Si desea obtener más información sobre los tipos de activos excluidos, consulte www.msci.com/our-solutions/esg-investing.
El cálculo de los gastos corrientes se basa en la Directiva Committee of European Securities Regulators/10-674. Durante un periodo máximo de 12 mese a partir del diciembre 31, 2020, la cifra correspondiente a los gastos corrientes se basa en gastos estimados. A partir de Diciembre 2021, la cifra correspondiente a los gastos corrientes se basa en los gastos del año pasado para el ejercicio finalizado en Diciembre 2021. No incluye las comisiones de rendimiento y los costes de transacción de la cartera, excepto en el caso de una comisión de entrada/salida pagada por el fondo al comprar o vender acciones/participaciones de otro organismo de inversión colectiva
Con fines de gestión de riesgos, el gestor de inversiones integra factores ESG en el análisis de los valores para desarrollar una cascada propia que combina las calificaciones ESG de varios proveedores de datos. Las fuentes de datos externas consideradas son Lucror, MSCI, Sustainalytics, Inrate, Clarity AI y Refinitiv. La calificación puede producir una señal ESG «positiva», «neutra» o «negativa». Cuando los proveedores externos no facilitan los datos necesarios sobre el emisor, no se puede calcular la señal ESG y estas inversiones entran en la categoría «Sin calificación». La metodología propia aplicada por el gestor de inversiones no está sujeta a la garantía de terceros.
Si está marcada la casilla «objetivo de inversión sostenible», esto significa que el producto implementa estrategias de inversión de CSAM que asignan capital a empresas que ofrecen soluciones a los desafíos de la sociedad y cumplen un objetivo de inversión sostenible. El objetivo de inversión sostenible se alcanza por medio de un proceso de inversión específico centrado en inversiones en temas y sectores cuyas actividades económicas abordan retos específicos en materia de ESG. Una casilla sin marcar refleja que el producto no pretende cumplir un objetivo de inversión sostenible. | ## Objectif d’investissement durable
raison d’un manque de données du fournisseur de données, l’investissement relève de la catégorie «aucune intégration de données». Lorsque MSCI prend en compte un type d’actif hors du champ d’application de l’analyse ESG (p. ex. Espèces, Monnaie), l’exposition économique relève de la catégorie «non évaluable». Pour plus d’informations sur les types d’actifs exclus, veuillez consulter le site www.msci.com/our-solutions/esg-investing.
Les frais courants sont calculés selon la méthode décrite dans la directive Committee of European Securities Regulators/10-674. Pour une période maximale de 12 mois à compter du décembre 31, 2020, le calcul des frais courants repose sur une estimation des coûts. À partir décembre 2021, le calcul des frais courants se fonde sur les coûts de l’exercice précédent, clos en décembre 2021. Il exclut les commissions de performance et les frais de transactions du portefeuille, excepté lorsque le fonds paie des frais d’entrée/de sortie pour l’achat ou la vente d’actions/de parts d’un autre organisme de placement collectif
À des fins de gestion des risques, le gestionnaire d’investissement intègre les critères ESG dans l’analyse de sécurité afin de développer un système en cascade exclusif combinant les notations ESG de plusieurs fournisseurs de données. Les données externes prises en compte proviennent de Lucror, MSCI, Sustainalytics, Inrate, Clarity AI et Refinitiv. La notation peut signaler une tendance «positive», «neutre» ou «négative» des critères ESG. Lorsque les fournisseurs externes ne mettent aucune donnée pertinente à disposition sur l’émetteur, l’intégration des critères ESG ne peut pas être calculée et ces placements relèvent de la catégorie «non noté». La méthodologie exclusive appliquée par le gestionnaire d’investissement n’est pas soumise à une assurance tierce.
Lorsque la case «objectif d’investissement durable» est cochée, cela signifie que le produit met en œuvre des stratégies d’investissement de CSAM qui allouent du capital aux entreprises apportant des solutions aux enjeux de la société et répondant à un objectif d’investissement durable. L’objectif d’investissement durable est atteint par le biais d’un processus d’investissement dédié axé sur les placements dans des thèmes et des secteurs dont les activités économiques répondent à des défis spécifiques posés par les enjeux ESG. Une case non cochée indique que le produit ne vise pas à atteindre un objectif de placement durable. | fr | es |
DOLFIN464 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Product
Macquarie Emerging Markets Fund Class SI USD
A sub-fund of Macquarie Fund Solutions, a Société d'Investissement à Capital Variable (the “SICAV”).
ISIN: LU1818608553
Website: www.macquarieim.com/investments/products/macquarie-fund-solutions
Please call +352 315155 or contact [email protected] for more information.
The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising the SICAV in relation to this Key Information Document.
This PRIIP is authorised in Luxembourg.
Lemanik Asset Management S.A. is authorised in the Grand Duchy of Luxembourg and regulated by the CSSF and is the management company of
the SICAV (the “Management Company”).
The document was published on 03 July 2023.
You are about to purchase a product that is not simple and may be difficult to understand. | # Produit
Macquarie Emerging Markets Fund Classe SI USD
Un compartiment de Macquarie Fund Solutions, une Société d'Investissement à Capital Variable (la «SICAV»).
ISIN : LU1818608553
Site web : www.macquarieim.com/investments/products/macquarie-fund-solutions
Veuillez nous joindre au +352 315155 ou contacter [email protected] pour plus d'informations.
La Commission de Surveillance du Secteur Financier (CSSF) est responsable de la surveillance de la SICAV par rapport au présent Document d'informations clés.
Ce PRIIP est autorisé au Luxembourg.
Lemanik Asset Management S.A., agréée au Grand-Duché de Luxembourg et réglementée par la CSSF, est la société de gestion de la SICAV (la
« Société de gestion »).
Le document a été publié le 03 Juillet 2023.
Vous êtes sur le point d'acheter un produit complexe et qui peut être difficile à assimiler. | # Product
Macquarie Emerging Markets Fund Class SI USD
A sub-fund of Macquarie Fund Solutions, a Société d'Investissement à Capital Variable (the “SICAV”).
ISIN: LU1818608553
Website: www.macquarieim.com/investments/products/macquarie-fund-solutions
Please call +352 315155 or contact [email protected] for more information.
The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising the SICAV in relation to this Key Information Document.
This PRIIP is authorised in Luxembourg.
Lemanik Asset Management S.A. is authorised in the Grand Duchy of Luxembourg and regulated by the CSSF and is the management company of
the SICAV (the “Management Company”).
The document was published on 03 July 2023.
You are about to purchase a product that is not simple and may be difficult to understand. | en | fr |
DOLFIN465 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
We, us The SICAV, acting through the board or through its service providers.
You Any past, current or prospective shareholder, or an agent for the same.
Sustainability Annexes
Effective from 1 January 2023 (unless stated otherwise in annexes). | Noi (nostro/a/i/e) La SICAV, che agisce tramite il Consiglio di amministrazione o i suoi fornitori di servizi.
Investitore Qualsiasi azionista passato, attuale o potenziale o un suo agente.
Allegati relativi alla sostenibilità
In vigore dal 1° gennaio 2023 (se non diversamente indicato negli allegati). | We, us The SICAV, acting through the board or through its service providers.
You Any past, current or prospective shareholder, or an agent for the same.
Sustainability Annexes
Effective from 1 January 2023 (unless stated otherwise in annexes). | en | it |
DOLFIN466 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### AXA World Funds - Framlington Digital Economy (note 1b)
- LU1684369710: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1694771590: Class "A" - Capitalisation in USD
- LU1684370056: Class "E" - Capitalisation in EUR Hedged (95%)
- LU1684370213: Class "F" - Capitalisation in USD
- LU1684370304: Class "F" - Capitalisation in EUR Hedged (95%)
- LU1694772051: Class "F" - Distribution in EUR Hedged (95%)
- LU1684371708: Class "G" - Capitalisation in EUR Hedged (95%)
- LU1684370999: Class "I" - Capitalisation in EUR Hedged (95%)
- LU1694772994: Class "I" - Capitalisation in USD
- LU1694772218: Class "ZF" - Capitalisation in USD
- LU1694772721: Class "ZF" - Distribution quarterly in GBP Hedged (95%) | ##### AXA World Funds - Framlington Digital Economy (nota 1b)
- LU1684369710: Clase "A" - Capitalización en EUR Hedged (95%)
- LU1694771590: Clase "A" - Capitalización en USD
- LU1684370056: Clase "E" - Capitalización en EUR Hedged (95%)
- LU1684370213: Clase "F" - Capitalización en USD
- LU1684370304: Clase "F" - Capitalización en EUR Hedged (95%)
- LU1694772051: Clase "F" - Reparto en EUR Hedged (95%)
- LU1684371708: Clase "G" - Capitalización en EUR Hedged (95%)
- LU1684370999: Clase "I" - Capitalización en EUR Hedged (95%)
- LU1694772994: Clase "I" - Capitalización en USD
- LU1694772218: Clase "ZF" - Capitalización en USD
- LU1694772721: Clase "ZF" - Reparto trimestral en GBP Hedged (95%) | ##### AXA World Funds - Framlington Digital Economy (note 1b)
- LU1684369710: Class "A" - Capitalisation in EUR Hedged (95%)
- LU1694771590: Class "A" - Capitalisation in USD
- LU1684370056: Class "E" - Capitalisation in EUR Hedged (95%)
- LU1684370213: Class "F" - Capitalisation in USD
- LU1684370304: Class "F" - Capitalisation in EUR Hedged (95%)
- LU1694772051: Class "F" - Distribution in EUR Hedged (95%)
- LU1684371708: Class "G" - Capitalisation in EUR Hedged (95%)
- LU1684370999: Class "I" - Capitalisation in EUR Hedged (95%)
- LU1694772994: Class "I" - Capitalisation in USD
- LU1694772218: Class "ZF" - Capitalisation in USD
- LU1694772721: Class "ZF" - Distribution quarterly in GBP Hedged (95%) | en | es |
DOLFIN467 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
20% maximum de la sur-performance nette du MSCI USA Net Return USD Index (M1US). Veuillez noter que des commissions de performance pourraient être perçues en cas de performance absolue négative du Fonds.
Les frais d'entrée et de sortie affichés sont des taux maximum. Dans certains cas, les frais payés peuvent être inférieurs.
Le chiffre des frais courants se fonde sur les frais de l’exercice précédent, clos au 31 décembre 2021. Ce pourcentage peut varier d'une année sur l'autre. Il exclut les commissions de surperformance et les frais d'intermédiation, à l'exception des frais d'entrée et de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre Fonds.
Pour plus d'informations sur les frais du Fonds, veuillez vous reporter au chapitre "Frais à la charge de la société" et concernant le fonctionnement du mécanisme de commission de performance, veuillez vous reporter à la section "la commission de performance" du prospectus, disponible sur demande aux adresses www.fundsquare.net et www.ca-indosuez-am.com . | un porcentaje máximo del 20% sobre la rentabilidad superior neta del índice MSCI USA Net Return USD Index (M1US). Tenga en cuenta que pueden cobrarse comisiones de rentabilidad en caso de que la rentabilidad absoluta del Fondo sea negativa.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
La cifra de gastos corrientes se basa en los gastos del ejercicio anterior, cerrado a 31 de diciembre de 2021. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos del fondo, consulte la sección titulada “Gastos a cargo de la sociedad” y respecto al funcionamiento del mecanismo de la comisión de rentabilidad, consulte la sección “Comisión de rentabilidad” del folleto, que se encuentra disponible previa solicitud en www.fundsquare.net y en www.ca-indosuez-am.com. | 20% maximum de la sur-performance nette du MSCI USA Net Return USD Index (M1US). Veuillez noter que des commissions de performance pourraient être perçues en cas de performance absolue négative du Fonds.
Les frais d'entrée et de sortie affichés sont des taux maximum. Dans certains cas, les frais payés peuvent être inférieurs.
Le chiffre des frais courants se fonde sur les frais de l’exercice précédent, clos au 31 décembre 2021. Ce pourcentage peut varier d'une année sur l'autre. Il exclut les commissions de surperformance et les frais d'intermédiation, à l'exception des frais d'entrée et de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre Fonds.
Pour plus d'informations sur les frais du Fonds, veuillez vous reporter au chapitre "Frais à la charge de la société" et concernant le fonctionnement du mécanisme de commission de performance, veuillez vous reporter à la section "la commission de performance" du prospectus, disponible sur demande aux adresses www.fundsquare.net et www.ca-indosuez-am.com . | fr | es |
DOLFIN468 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Why is the fund in this category?
Funds of category 3 have shown in the past a low to medium volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 3
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to low to medium price fluctuations based on the historical volatilities observed.
The following material risks are not fully captured by the risk and reward indicator:
We may invest directly or indirectly a significant portion of the fund into bonds or money markets instruments. If the issuer may fall into insolvency or may suffer economical problems the interest and/or the capital of these assets may not or may not be completely paid and/or the price of the assets may drop.
Since there may be a lack of opportunities in relation to mergers, takeovers or other corporate transactions, or since transactions of this nature may not go ahead, it is possible that the Sub-Fund may not reach its investment objective under these circumstances. The share price may fall as a result.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: until 30.09.2021 EONIA + 50 bps (in EUR), starting 01.10.2021 €STR + 50bps (in EUR)
In those years, the fund had different characteristics. Please consult the Management Company for further information. | ¿Por qué el fondo pertenece a esta categoría?
Los fondos de la categoría 3 han mostrado en el pasado una volatilidad de baja a media. La volatilidad describe cuánto aumentó y disminuyó el valor del fondo en el pasado. Las participaciones de un fondo de la categoría 3 pueden estar
Este indicador de riesgo y remuneración se basa en los datos de rentabilidad histórica. Es posible que no sea una indicación fiable del perfil de riesgo futuro del fondo.
La categorización del fondo no está garantizada y puede variar en el futuro.
Incluso la asignación a la categoría más baja 1 no significa que la inversión esté libre de riesgos.
sujetas a fluctuaciones de precio de bajas a medias según las volatilidades históricas observadas.
Los siguientes riesgos materiales no están totalmente contemplados por el indicador de riesgo y remuneración:
Podemos invertir directa o indirectamente una porción considerable del fondo en bonos o instrumentos del mercado monetario. Si se declara la insolvencia del emisor o este padece problemas económicos, el interés y/o capital de estos activos no se pagará o no se pagará en su totalidad y/o el precio de los activos puede disminuir.
Puesto que es posible que haya una falta de oportunidades con respecto a fusiones, adquisiciones u otras transacciones corporativas, o debido a que las transacciones de este tipo pueden no prosperar, es posible que el Subfondo no logre su objetivo de inversión en estas circunstancias. En consecuencia, el precio de las acciones puede bajar.
Gastos
Estos gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el posible crecimiento de su inversión.
Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada Gastos de salida
Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión.
Gastos detraídos del fondo a lo largo de un año
Gastos corrientes
Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar con su asesor financiero cuáles son sus gastos de entrada y salida reales.
Los gastos corrientes indicados se basan en el último ejercicio financiero del fondo, que finalizó el 30.09.2021. Pueden variar de un año a otro. No incluyen los costes de transacción incurridos cuando compramos o vendemos activos para el fondo.
Puede obtener más información sobre el cálculo de los gastos consultando la parte respectiva del folleto.
Rentabilidad histórica
n Crecimiento porcentual del fondo n Valor de referencia: hasta 30.09.2021 EONIA + 50 bps (in EUR), desde el 01.10.2021 €STR + 50bps (in EUR)
En esos años, el fondo tenía otras características. Consulte a la Sociedad Gestora para obtener información adicional. | Why is the fund in this category?
Funds of category 3 have shown in the past a low to medium volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 3
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to low to medium price fluctuations based on the historical volatilities observed.
The following material risks are not fully captured by the risk and reward indicator:
We may invest directly or indirectly a significant portion of the fund into bonds or money markets instruments. If the issuer may fall into insolvency or may suffer economical problems the interest and/or the capital of these assets may not or may not be completely paid and/or the price of the assets may drop.
Since there may be a lack of opportunities in relation to mergers, takeovers or other corporate transactions, or since transactions of this nature may not go ahead, it is possible that the Sub-Fund may not reach its investment objective under these circumstances. The share price may fall as a result.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: until 30.09.2021 EONIA + 50 bps (in EUR), starting 01.10.2021 €STR + 50bps (in EUR)
In those years, the fund had different characteristics. Please consult the Management Company for further information. | en | es |
DOLFIN469 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period (RHP): Example investment | 5 years CHF 10,000 |
| --- | --- |
| If you exit after 1 year | If you exit after 5 years | |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress scenario | What you might get back after costs Average return each year | CHF 6,610 -33.9% | CHF 5,750 -10.5% | |
| Unfavourable scenario | What you might get back after costs Average return each year | CHF 7,640 -23.6% | CHF 7,580 -5.4% | This type of scenario occurred for an investment in the product between February 2021 and December 2022. |
| Moderate scenario | What you might get back after costs Average return each year | CHF 10,210 2.1% | CHF 11,340 2.5% | This type of scenario occurred for an investment in the product between March 2017 and March 2022. |
| Favourable scenario | What you might get back after costs Average return each year | CHF 13,490 34.9% | CHF 14,620 7.9% | This type of scenario occurred for an investment in the proxy then the product between December 2012 and December 2017. | | | Période de détention recommandée : Exemple d’investissement | 5 années CHF 10,000 |
| --- | --- |
| Si vous sortez après 1 an | Si vous sortez après 5 ans | |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | CHF 6,610 -33.9% | CHF 5,750 -10.5% | |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | CHF 7,640 -23.6% | CHF 7,580 -5.4% | Ce type de scénario s'est produit pour un investissement dans le produit entre février 2021 et décembre 2022. |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | CHF 10,210 2.1% | CHF 11,340 2.5% | Ce type de scénario s'est produit pour un investissement dans le produit entre mars 2017 et mars 2022. |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | CHF 13,490 34.9% | CHF 14,620 7.9% | Ce type de scénario s'est produit pour un investissement dans le proxy puis le produit entre décembre 2012 et décembre 2017. | | | Recommended holding period (RHP): Example investment | 5 years CHF 10,000 |
| --- | --- |
| If you exit after 1 year | If you exit after 5 years | |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress scenario | What you might get back after costs Average return each year | CHF 6,610 -33.9% | CHF 5,750 -10.5% | |
| Unfavourable scenario | What you might get back after costs Average return each year | CHF 7,640 -23.6% | CHF 7,580 -5.4% | This type of scenario occurred for an investment in the product between February 2021 and December 2022. |
| Moderate scenario | What you might get back after costs Average return each year | CHF 10,210 2.1% | CHF 11,340 2.5% | This type of scenario occurred for an investment in the product between March 2017 and March 2022. |
| Favourable scenario | What you might get back after costs Average return each year | CHF 13,490 34.9% | CHF 14,620 7.9% | This type of scenario occurred for an investment in the proxy then the product between December 2012 and December 2017. | | en | fr |
DOLFIN470 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Statutory Auditor’s responsibilities for the audit of the annual accounts
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the annual accounts in Belgium. A statutory audit does not provide any assurance as to the Company’s future viability nor as to the efficiency or effectiveness of the Board of Directors’ current or future business management. | #### Responsabilités du Commissaire relatives à l’audit des comptes annuels
Nos objectifs sont d’obtenir l’assurance raisonnable que les comptes annuels pris dans leur ensemble ne comportent pas d’anomalies significatives, que celles-ci proviennent de fraudes ou résultent d’erreurs, et d’émettre un rapport du commissaire comprenant notre opinion. Une assurance raisonnable correspond à un niveau élevé d’assurance, qui ne garantit toutefois pas qu’un audit réalisé conformément aux normes ISA permette de toujours détecter toute anomalie significative existante. Les anomalies peuvent provenir de fraudes ou résulter d’erreurs et sont considérées comme significatives lorsque l‘on peut raisonnablement s’attendre à ce qu’elles puissent, prises individuellement ou en cumulé, influencer les décisions économiques que les utilisateurs des comptes annuels prennent en se fondant sur ceux-ci.
Lors de l’exécution de notre contrôle, nous respectons le cadre légal, réglementaire et normatif qui s’applique à l’audit de comptes annuels en Belgique. L’étendue du contrôle légal des comptes ne comprend pas d’assurance quant à la viabilité future de la Société ni quant à l’efficience ou l’efficacité avec laquelle le Conseil d’Administration a mené ou mènera les affaires de la Société. | #### Statutory Auditor’s responsibilities for the audit of the annual accounts
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the annual accounts in Belgium. A statutory audit does not provide any assurance as to the Company’s future viability nor as to the efficiency or effectiveness of the Board of Directors’ current or future business management. | en | fr |
DOLFIN471 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 304 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,6 % de la valeur de votre investissement, par an. | 263 EUR |
| Coûts de transaction | 0,6 % 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. | 61 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. 20,00 % de tout rendement excédentaire obtenu par la VNI au-dessus du seuil (« High Water Mark »). | 116 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 3,0 % máximo de la cantidad que paga cuando suscribe esta inversión. Esto es el máximo que se le cobrará. La persona que le venda el producto le informará del coste real. | 304 EUR |
| Costes de salida | No cobramos ninguna comisión de salida. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,6 % del valor de su inversión cada año. | 263 EUR |
| Costes de operación | 0,6 % 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. | 61 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | El impacto de la comisión de resultados. 20,00 % del diferencial de rentabilidad que alcance el VL por encima de la cota máxima (High Water Mark). | 116 EUR | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant que vous versez lors de votre participation à cet investissement. Il s’agit du montant le plus élevé qui vous sera facturé. La personne qui vous vend le produit vous informera des frais réels. | 304 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 2,6 % de la valeur de votre investissement, par an. | 263 EUR |
| Coûts de transaction | 0,6 % 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. | 61 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | L’impact de la commission de performance. 20,00 % de tout rendement excédentaire obtenu par la VNI au-dessus du seuil (« High Water Mark »). | 116 EUR | | fr | es |
DOLFIN472 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Furthermore, the Company must identify the source of the funds in the event that the sources are financial establishments that are not subject to identification requirements equivalent to those required under Luxembourg law. Subscriptions may be temporarily blocked until the source of the funds has been identified. The Company also performs verifications on investments in the context of fight against money laundering and financing of terrorism.
It is generally accepted that financial sector professionals residing in countries that have adhered to the conclusions of the GAFI report (Groupe d'Action Financière sur le blanchiment de capitaux – Financial Action Task Force on Money Laundering) are deemed to have identification requirements equivalent to those required by Luxembourg law.
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## Conflicts of Interests | La Società è tenuta inoltre a identificare la provenienza dei fondi se le entità di provenienza sono istituzioni finanziarie non soggette a un obbligo di identificazione equivalente a quello previsto dalla legge lussemburghese. Le sottoscrizioni potranno essere temporaneamente sospese fino all'identificazione della provenienza dei fondi. La Società effettua inoltre verifiche sugli investimenti nel contesto della lotta contro il riciclaggio di denaro e il finanziamento del terrorismo.
Si riconosce generalmente che i professionisti del settore finanziario residenti in un paese che ha aderito alle conclusioni del rapporto GAFI (Groupe d'Action Financière sur le blanchiment de capitaux Gruppo d'Azione Finanziaria contro il riciclaggio dei capitali) sono ritenuti soggetti a un obbligo di identificazione equivalente a quello previsto dalla legge lussemburghese.
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## Conflitto di interessi | Furthermore, the Company must identify the source of the funds in the event that the sources are financial establishments that are not subject to identification requirements equivalent to those required under Luxembourg law. Subscriptions may be temporarily blocked until the source of the funds has been identified. The Company also performs verifications on investments in the context of fight against money laundering and financing of terrorism.
It is generally accepted that financial sector professionals residing in countries that have adhered to the conclusions of the GAFI report (Groupe d'Action Financière sur le blanchiment de capitaux – Financial Action Task Force on Money Laundering) are deemed to have identification requirements equivalent to those required by Luxembourg law.
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## Conflicts of Interests | en | it |
DOLFIN473 | Translate the following text in en into es. 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 the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between November 2014 and November 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between December 2015 and December 2020. | El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Escenario desfavorable: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre septiembre de 2017 y septiembre de 2022.
Escenario moderado: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre noviembre de 2014 y noviembre de 2019.
Escenario favorable: Este tipo de escenario se produjo en el caso de una inversión que utilizaba el índice de referencia indicado en el folleto entre diciembre de 2015 y diciembre de 2020. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between November 2014 and November 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between December 2015 and December 2020. | en | es |
DOLFIN474 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
On 6 June 2017, the Single Resolution Board (the European Banking Union's bank resolution authority) (the “SRB”) adopted a resolution plan with respect to Banco Popular Español S.A. (“Banco Popular”), citing a “significant deterioration of the liquidity situation of the bank” (the “Resolution”). As part of the Resolution, Banco Popular’s outstanding AT1 securities were converted to equity and written down, while its Tier 2 securities were converted to equity, written down and transferred to Banco Santander, S.A. (“Santander”) for one Euro. In the wake of the Resolution (and without conceding its validity), it was decided that the net asset value of Algebris Financial Credit Fund, Algebris Global Credit Opportunities Fund, Algebris Financial Income Fund and the Algebris Financial Equity Fund (the “Impacted Funds”) should be reduced.
Algebris (UK) Limited, as Investment Manager on behalf of the Impacted Funds, has joined a group of affected bondholders (the “Bondholders”) that have jointly appointed the law firm Quinn Emanuel Urquhart & Sullivan UK LLP (“Quinn Emanuel”) to pursue various legal claims and actions in an effort to recover losses suffered by the Bondholders in connection with the Resolution.
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## Litigation (continued) | Il 6 giugno 2017, il Comitato di Risoluzione Unico (“SRB”) della BCE ha deliberato la risoluzione di Banco Popular Español S.A. ("Banco Popular") citando un “significativo deterioramento della liquidità della banca” (la “risoluzione”). Nell’ambito della suddetta Risoluzione, è stato deliberato di convertire i titoli AT1 in partecipazioni e di svalutarli, mentre i titoli Tier 2 sono stati convertiti in partecipazioni e trasferiti a Banco Santander, S.A. (“Santander”) al valore di Euro 1. Conseguentemente (e senza pregiudicarne la validità), è stato deliberato di ridurre il NAV di Algebris Financial Credit Fund, Algebris Global Credit Opportunities Fund, Algebris Financial Income Fund e Algebris Financial Equity Fund (i “Comparti Interessati”).
Algebris (UK) Limited come Gestore degli investimenti, per conto dei Comparti Interessati, si è unito a un gruppo di obbligazionisti interessati (gli “Obbligazionisti”), nominando lo studio legale Quinn Emanuel Urquhart & Sullivan UK LLP (“Quinn Emanuel”) per promuovere una serie di azioni legali al fine di recuperare le perdite sostenute dagli Obbligazionisti a seguito della Risoluzione.
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## Contenzioso (segue) | On 6 June 2017, the Single Resolution Board (the European Banking Union's bank resolution authority) (the “SRB”) adopted a resolution plan with respect to Banco Popular Español S.A. (“Banco Popular”), citing a “significant deterioration of the liquidity situation of the bank” (the “Resolution”). As part of the Resolution, Banco Popular’s outstanding AT1 securities were converted to equity and written down, while its Tier 2 securities were converted to equity, written down and transferred to Banco Santander, S.A. (“Santander”) for one Euro. In the wake of the Resolution (and without conceding its validity), it was decided that the net asset value of Algebris Financial Credit Fund, Algebris Global Credit Opportunities Fund, Algebris Financial Income Fund and the Algebris Financial Equity Fund (the “Impacted Funds”) should be reduced.
Algebris (UK) Limited, as Investment Manager on behalf of the Impacted Funds, has joined a group of affected bondholders (the “Bondholders”) that have jointly appointed the law firm Quinn Emanuel Urquhart & Sullivan UK LLP (“Quinn Emanuel”) to pursue various legal claims and actions in an effort to recover losses suffered by the Bondholders in connection with the Resolution.
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## Litigation (continued) | en | it |
DOLFIN475 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction costs include fees and commissions paid to brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These costs are accounted for as they are incurred and are recognised as an expense for financial reporting purposes in the Profit and Loss Account.
The Company and the Portfolios also pay certain other costs, charges, fees and expenses incurred in its operation. These may include without limitation fees and expenses incurred in relation to banking and brokerage in respect of the purchase and sale of Portfolio securities, taxes, insurance, the costs and expenses of maintaining its accounting records and of preparing, printing, publishing and distributing (in such languages as may be necessary) prospectuses, supplements, annual and semi-annual reports and other documents or information to current and prospective shareholders (including the costs of electronic transmission techniques to distribute such documents or information), the expense of publishing price and yield information, in relevant media, the costs and expenses of obtaining authorisations or registrations of the Company or of any shares with the regulatory authorities in various jurisdictions, including any levy applied by the Central Bank of Ireland, the cost of listing and maintaining a listing of shares on any stock exchange, marketing and promotional expenses, the cost of convening and holding Directors and Shareholders meetings, the costs of exercising voting rights attached to the Company’s investment in the best interest of the Shareholders, professional fees and expenses for legal, auditing and other consulting services, any and all expenses arising in respect of the termination or liquidation of the Company and such other costs and expenses (including non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Portfolio. In connection with the registration of the Company or the shares for sale in certain jurisdictions, the Company pays the fees and expenses of paying agents, information agents and/or correspondent banks, such payments being made at normal commercial rates.
For financial reporting purposes, organisation expenses are expensed to the Profit and Loss Account as they are incurred. For the purpose of calculating the NAV per share for shareholder dealing, organisation expenses are being amortised over the first two financial years of the lifetime of the Portfolio.
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#### RELATED PARTY TRANSACTIONS | Los costes de transacción son los costes en que se incurre con motivo de la adquisición, la emisión o la enajenación de activos y pasivos financieros. Incluyen las comisiones abonadas a intermediarios financieros, las tasas impuestas por agencias reguladoras y mercados de valores y los impuestos y tasas que gravan las transmisiones. Los costes de transacción no incluyen primas ni descuentos de deuda, costes de financiación ni costes administrativos o de tenencia de valores de carácter interno. Estos costes se contabilizan cuando se producen y se reconocen como gastos a efectos de la información financiera, en la Cuenta de pérdidas y ganancias.
La Sociedad y las Carteras abonan también otros costes, comisiones y gastos en los que incurren en el marco de sus operaciones. Estos pueden incluir, entre otros, comisiones y gastos bancarios o de corretaje en que se incurra en la compraventa de valores de las Carteras, impuestos, seguros, los costes y gastos de mantener sus registros contables y de elaborar, imprimir, publicar y distribuir (en los idiomas en que sea preciso) folletos, suplementos, informes anuales y semestrales y otra documentación o información a Accionistas actuales o potenciales (incluidos los costes de las técnicas de transmisión electrónica para distribuir dicha documentación o información), los gastos de publicar información sobre precios o rentabilidades en los medios de comunicación pertinentes, los costes y gastos de obtener autorizaciones o registros de la Sociedad o de cualquiera de las Acciones ante autoridades reguladoras de diversas jurisdicciones, incluida cualquier tasa aplicada por el Banco Central de Irlanda, el coste de admisión a cotización y el mantenimiento de la cotización de Acciones en cualquier bolsa de valores, gastos de marketing y promocionales, el coste de convocar y celebrar juntas de Accionistas y reuniones del Consejo de administración, los costes derivados de ejercer los derechos de voto vinculados a la inversión de la Sociedad atendiendo al interés de los Accionistas, y los honorarios profesionales y gastos de servicios jurídicos, de auditoría o consultoría, todos y cada uno de los gastos derivados de la liquidación o cierre de la Sociedad y cualesquiera otros costes y gastos (incluidos los costes y gastos extraordinarios o no recurrentes) que se produzcan y que hayan sido autorizados por el Consejo de administración por estimarlos necesarios o apropiados para la explotación continuada de la Sociedad o de cualquier Cartera. En relación con el registro de la Sociedad o de las Acciones para su venta en determinadas jurisdicciones, la Sociedad abonará las comisiones y gastos de agentes de pago, agentes de información y o bancos corresponsales, en todos los casos a tarifas comerciales normales.
A efectos de la información financiera, los gastos de constitución se cargan en la Cuenta de pérdidas y ganancias a medida en que se incurren. A los efectos del cálculo del Valor liquidativo de la Acción utilizado en las operaciones de los accionistas, los gastos de constitución se amortizan durante los dos primeros ejercicios de la vida de la Cartera.
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#### TRANSACCIONES CON PARTES RELACIONADAS | Transaction costs are the costs incurred in the acquisition, issue or disposal of financial assets and liabilities. Transaction costs include fees and commissions paid to brokers and dealers, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or internal administrative or holding costs. These costs are accounted for as they are incurred and are recognised as an expense for financial reporting purposes in the Profit and Loss Account.
The Company and the Portfolios also pay certain other costs, charges, fees and expenses incurred in its operation. These may include without limitation fees and expenses incurred in relation to banking and brokerage in respect of the purchase and sale of Portfolio securities, taxes, insurance, the costs and expenses of maintaining its accounting records and of preparing, printing, publishing and distributing (in such languages as may be necessary) prospectuses, supplements, annual and semi-annual reports and other documents or information to current and prospective shareholders (including the costs of electronic transmission techniques to distribute such documents or information), the expense of publishing price and yield information, in relevant media, the costs and expenses of obtaining authorisations or registrations of the Company or of any shares with the regulatory authorities in various jurisdictions, including any levy applied by the Central Bank of Ireland, the cost of listing and maintaining a listing of shares on any stock exchange, marketing and promotional expenses, the cost of convening and holding Directors and Shareholders meetings, the costs of exercising voting rights attached to the Company’s investment in the best interest of the Shareholders, professional fees and expenses for legal, auditing and other consulting services, any and all expenses arising in respect of the termination or liquidation of the Company and such other costs and expenses (including non-recurring and extraordinary costs and expenses) as may arise from time to time and which have been approved by the Directors as necessary or appropriate for the continued operation of the Company or of any Portfolio. In connection with the registration of the Company or the shares for sale in certain jurisdictions, the Company pays the fees and expenses of paying agents, information agents and/or correspondent banks, such payments being made at normal commercial rates.
For financial reporting purposes, organisation expenses are expensed to the Profit and Loss Account as they are incurred. For the purpose of calculating the NAV per share for shareholder dealing, organisation expenses are being amortised over the first two financial years of the lifetime of the Portfolio.
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#### RELATED PARTY TRANSACTIONS | en | es |
DOLFIN476 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### FRANKLIN EURO SHORT DURATION BOND FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology with the aim to avoid investment in issuers that are lagging in the transition to support a low-carbon economy. The ESG rating methodology is applied to at least 90% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
In relation to corporate issuers, the Fund uses a combination of external and internal data inputs to determine ‘climate transition performance’ (i.e. the extent to which an issuer is responding to the threat of climate change, for example by engaging in a combination of decarbonisation of products and services, establishing low or no emissions infrastructure, and reducing or eliminating reliance on fossil fuels, including revenue generated from fossil fuels), including but not limited to issuers’ direct emissions trajectory relative to peers, decarbonisation of product and services portfolio, and the assessment of opportunities in clean technology and energy.
In relation to government bond issuers, the Fund uses a combination of data inputs to determine ‘climate transition performance’, including but not limited to issuers’ environmental risk exposure and environmental risk management. These include data relating to energy resource management, resource conservation, water resource management, environmental performance, management of environmental externalities, energy security risk, productive land and mineral resources, vulnerability to environmental events and environmental externalities. The Fund is not permitted to invest in sovereign bonds issued by countries that have insufficient scoring according to the Freedom House Index, or those with an ESG rating of CCC according to MSCI.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions, water and wastewater issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | ##### FRANKLIN EURO SHORT DURATION BOND FUND
Il Comparto utilizza una metodologia proprietaria di rating in materia ambientale, sociale e di governance (ESG) al fine di evitare di investire in emittenti carenti sul fronte della transizione verso un’economia a basse emissioni di carbonio. La metodologia di rating ESG viene applicata ad almeno il 90% degli emittenti presenti nel portafoglio del Comparto ed è vincolante per la costruzione del portafoglio.
Con riferimento agli emittenti societari, il Comparto utilizza una combinazione di fonti di dati interne ed esterne per determinare le “performance relativa alla transizione climatica” (ovvero la misura in cui un emittente sta affrontando la minaccia del cambiamento climatico, ad esempio attraverso una combinazione di decarbonizzazione di prodotti e servizi, introduzione di un’infrastruttura a emissioni basse o nulle, ma anche riduzione o eliminazione della dipendenza da fonti rinnovabili, inclusi i ricavi provenienti da combustibili fossili), tra cui, senza peraltro limitarvisi, la traiettoria delle emissioni dirette degli emittenti rispetto agli omologhi, la decarbonizzazione del portafoglio di prodotti e servizi e la valutazione di opportunità nel campo delle tecnologie e delle energie pulite.
Con riferimento agli emittenti di titoli di Stato, il Comparto utilizza una combinazione di fonti di dati per determinare la “performance sulla transizione energetica”, tra cui, senza peraltro limitarvisi, l’esposizione al rischio ambientale e la gestione del rischio ambientale da parte degli emittenti. Rientrano in questo discorso i dati relativi alla gestione delle risorse energetiche, alla conservazione delle risorse, alla gestione delle risorse idriche, alle performance ambientali, alla gestione delle esternalità ambientali, al rischio di sicurezza energetica, alle risorse produttive naturali e minerali, alla vulnerabilità a eventi ed esternalità ambientali. Il Comparto non può investire in titoli di Stato emessi da paesi che esibiscono un punteggio insufficiente secondo il Freedom House Index, o da paesi con un rating ESG pari a CCC secondo MSCI.
I fattori ESG costituiscono una componente importante del processo di ricerca sul credito societario del Comparto, che unisce l’analisi del credito fondamentale bottom-up con la disamina di eventuali criteri ESG rilevanti per giungere a una valutazione olistica dei punti di forza e di debolezza sotto il profilo creditizio, nonché dei potenziali rischi associati. Gli analisti dei Gestori del Portafoglio potranno lavorare con emittenti che esibiscono problematiche specifiche in materia di emissioni di carbonio, risorse idriche e acque reflue al fine di migliorare la gestione del rischio applicata in queste aree.
A livello dell’intero portafoglio | ##### FRANKLIN EURO SHORT DURATION BOND FUND
The Fund employs a proprietary environmental, social and governance (ESG) rating methodology with the aim to avoid investment in issuers that are lagging in the transition to support a low-carbon economy. The ESG rating methodology is applied to at least 90% of issuers present in the Fund’s portfolio and is binding for the portfolio construction.
In relation to corporate issuers, the Fund uses a combination of external and internal data inputs to determine ‘climate transition performance’ (i.e. the extent to which an issuer is responding to the threat of climate change, for example by engaging in a combination of decarbonisation of products and services, establishing low or no emissions infrastructure, and reducing or eliminating reliance on fossil fuels, including revenue generated from fossil fuels), including but not limited to issuers’ direct emissions trajectory relative to peers, decarbonisation of product and services portfolio, and the assessment of opportunities in clean technology and energy.
In relation to government bond issuers, the Fund uses a combination of data inputs to determine ‘climate transition performance’, including but not limited to issuers’ environmental risk exposure and environmental risk management. These include data relating to energy resource management, resource conservation, water resource management, environmental performance, management of environmental externalities, energy security risk, productive land and mineral resources, vulnerability to environmental events and environmental externalities. The Fund is not permitted to invest in sovereign bonds issued by countries that have insufficient scoring according to the Freedom House Index, or those with an ESG rating of CCC according to MSCI.
ESG factors are an important component of the Fund’s corporate credit research process, combining bottom-up fundamental credit analysis with a review of any material ESG factors to arrive at a holistic assessment of credit strengths, weaknesses and potential risks. The Investment Managers’ analysts may work with issuers presenting specific carbon emissions, water and wastewater issues so as to improve the risk-management they apply in these areas.
Across the entire portfolio | en | it |
DOLFIN477 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to generate long-term capital growth along with an adequate return by investing in the shares of Japanese SMEs.
The fund invests at least 80% of its assets in the equity securities of small and mid-caps whose registered office or primary business activities are in the Japan region. The market capitalisation of the companies may not account for more than 2% of the market capitalisation of the entire share market in question. At least 2/3 of the investments are selected by systematically taking into account ESG criteria. The fund is classified under Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector («SFDR»).
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index. The portfolio composition may deviate significantly from this benchmark index. The composition is set out in the sales prospectus. The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have a long-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
Fondo de inversión (UCITS) de derecho luxemburgués, que está sujeto a la ley de organismos de inversión colectiva del 17 de diciembre de 2010 y que es un fondo común de colocación en virtud de esta ley. El rendimiento del fondo depende del rendimiento de las inversiones subyacentes.
## Plazo:
Este producto reviste un carácter indefinido y no tiene fecha de vencimiento. El productor puede reposicionar el producto en cualquier momento, combinarlo con otro producto o anularlo de manera unilateral sin previo aviso.
## Objetivos:
El objetivo de inversión es lograr un crecimiento del capital a largo plazo junto con un rendimiento adecuado, invirtiendo para ello en acciones de pequeñas y medianas empresas japonesas.
El Fondo invierte como mínimo el 80% de su patrimonio en títulos de participación de empresas de pequeña y mediana capitalización que tienen su domicilio social o desempeñan la mayor parte de su actividad en Japón. La capitalización de mercado de la empresa no debe representar más del 2% del valor de mercado del conjunto del mercado bursátil en cuestión. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios de sostenibilidad ESG. El Fondo se clasifica bajo el Art. 8 del Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo de 27 de noviembre de 2019 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Los valores se seleccionan de manera discrecional mediante un proceso de inversión coherente (gestión activa). Sobre la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del índice de referencia personalizado. La desviación del índice puede ser significativa. La composición de la cartera figura en el folleto de venta. La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo. No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten.
Banco depositario es el RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette.
El presente documento describe el fondo. Podrá obtener gratuitamente más información en alemán sobre el fondo, el folleto de venta correspondiente, las condiciones contractuales, el informe anual y semestral, así como los precios actuales de las participaciones, en www.swisscanto.com. No obstante, estos documentos se elaboran, dado el caso, para el fondo paraguas completo.
Está excluida la responsabilidad del patrimonio de un fondo dentro del fondo paraguas por los pasivos que afectan el patrimonio de otro fondo.
El inversor tendrá derecho a convertir sus participaciones en un subfondo en participaciones de otro subfondo. Podrá encontrar más información sobre las modalidades de canje de participaciones en el folleto y en los términos del contrato.
## Inversor minorista al que va dirigido:
Este producto resulta adecuado para inversores que ...
... tienen, al menos, un conocimiento elemental de los instrumentos financieros contenidos en el fondo,
... tengan un horizonte de inversión a largo plazo,
... en el peor de los casos también podrían soportar la pérdida de todo el capital invertido. | # WHAT IS THIS PRODUCT?
## Type:
Investment fund (UCITS) under Luxembourg law, which is subject to the law for undertakings for collective investment of December 17, 2010 and which is a fonds commun de placement under this law. The fund's performance depends on the performance of the underlying investments.
## Term:
The term of this product is indefinite and it has no maturity date. The manufacturer may reposition the product at any time, merge it with another product or terminate it unilaterally and without notice.
## Objectives:
The investment objective is to generate long-term capital growth along with an adequate return by investing in the shares of Japanese SMEs.
The fund invests at least 80% of its assets in the equity securities of small and mid-caps whose registered office or primary business activities are in the Japan region. The market capitalisation of the companies may not account for more than 2% of the market capitalisation of the entire share market in question. At least 2/3 of the investments are selected by systematically taking into account ESG criteria. The fund is classified under Article 8 of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector («SFDR»).
The securities are selected on a discretionary basis using a consistent investment process (active management). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the tailored benchmark index. The portfolio composition may deviate significantly from this benchmark index. The composition is set out in the sales prospectus. The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Fund units are issued and redeemed basically on every bank business day in Luxembourg. Earnings and profits of the unit class are not distributed, but reinvested.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, was appointed as the custodian bank (depository).
This document describes the fund. Additional information about the fund, the sales prospectus, the management regulations, the annual and semi-annual reports, and the latest unit prices can be accessed in German free of charge at www.swisscanto.com. Where appropriate, these documents are created for the entire umbrella fund.
The liability of the assets of a fund within the umbrella fund for claims against the assets of another fund is excluded.
The investor has the right to convert his investment in the shares of one sub-fund into the shares of another sub-fund. Further information on unit conversion procedures can be found in the sales prospectus and the management regulations.
## Intended retail investor:
This product is suitable for investors who ...
... have at least a basic knowledge of the financial instruments contained in the fund;
... have a long-term investment horizon;
... would, in a worst-case scenario, be able to withstand the loss of the entire invested capital. | en | es |
DOLFIN478 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of
metrics of the index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on at least a quarterly basis. The index is calculated in Euros on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investments.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en
cuales, si los actuales parámetros de carbono del índice no se reducen lo suficiente con respecto al índice principal, se procede a eliminar aquellos títulos con los valores más altos hasta que los parámetros en vigor del índice para el carbono se hayan reducido lo suficiente en comparación con el índice principal. Los valores restantes se ponderan en función de su capitalización de mercado ajustada al capital flotante y también se someten a un límite de ponderación relativo con respecto a su ponderación en el índice principal. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y ajusta, al menos, una vez por trimestre. El índice se calcula diariamente en euros. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. Durante el proceso de cribado del índice se aplican criterios ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. Para el cribado por ESG, la sociedad únicamente se basa en las actividades llevadas a cabo por el administrador del índice y MSCI ESG Research LLC y en la información que estos proporcionen. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros con fines de inversión y para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of
metrics of the index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on at least a quarterly basis. The index is calculated in Euros on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investments.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN479 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Furthermore, exempt from the subscription tax are:
- the value of the assets represented by units held in other UCIs, provided such units have already been subject to the subscription tax provided for in Article 174 of the 2010 Law or in Article 68 of the amended law of 13 February 2007 on specialised investment funds, or by Article 46 of the amended law of 23 July 2016 on reserved alternative investment funds;
- UCIs, as well as individual compartments of UCIs with multiple compartments (i) whose securities are reserved for institutional investors, and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency. Where several classes of securities exist within the UCI or the compartment, the exemption only applies to classes whose securities are reserved for institutional investors;
- UCIs whose securities are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set up on one or more employers’ initiative for the benefit of their employees and (ii) companies of one or more employers investing funds they hold, to provide retirement benefits to their employees;
- UCIs as well as individual compartments of UCIs with multiple compartments whose main objective is the investment in microfinance institutions;
- ETFs as defined by Article 175 e) of the 2010 Law. | Darüber hinaus sind von der Abonnementsteuer ausgenommen:
- der Wert der Vermögenswerte, den an anderen OGA gehaltene Anteile ausmachen, vorausgesetzt, diese Anteile unterlagen bereits gemäß Artikel 174 des Gesetzes von 2010 oder Artikel68 des geänderten Gesetzes vom 13. Februar 2007 über spezialisierte Investmentfonds oder Artikel 46 des geänderten Gesetzes vom 23. Juli 2016 zu vorbehaltenen alternativen Investmentfonds der Abonnementsteuer;
- OGA und die einzelnen Teilfonds von OGA mit mehreren Teilfonds, (i) deren Wertpapiere institutionellen Anlegern vorbehalten sind und (ii) deren einziger Zweck in der gemeinsamen Anlage in Geldmarktinstrumenten sowie in der Platzierung von Einlagen bei Kreditinstituten besteht und (iii) deren gewichtete Portfolio-Restlaufzeit höchstens 90 Tagebeträgt und (iv) die von einer anerkannten Ratingagentur das höchstmögliche Rating erhalten haben. Wenn innerhalb eines OGA oder eines Teilfonds mehrere Klassen von Wertpapieren existieren, gilt die Ausnahme nur für diejenigen Klassen, die institutionellen Anlegern vorbehalten sind;
- OGA, deren Wertpapiere (i) Einrichtungen der betrieblichen Altersvorsorge oder ähnlichen Anlagevehikeln, die auf Veranlassung eines oder mehrerer Arbeitgeber(s) zugunsten ihrer Mitarbeiter errichtet wurden, und (ii) Gesellschaften einzelner oder mehrerer Arbeitgeber, die die von diesen gehaltenen Mittel anlegen, um ihren Mitarbeitern Leistungen der Altersvorsorge zu gewähren, vorbehalten sind;
- OGA sowie einzelne Teilfonds von OGA mit mehreren Teilfonds, deren Hauptzweck in der Anlage in Mikrofinanzinstitute besteht;
- ETFs wie in Artikel 175 e) des Gesetzes von 2010 definiert. | Furthermore, exempt from the subscription tax are:
- the value of the assets represented by units held in other UCIs, provided such units have already been subject to the subscription tax provided for in Article 174 of the 2010 Law or in Article 68 of the amended law of 13 February 2007 on specialised investment funds, or by Article 46 of the amended law of 23 July 2016 on reserved alternative investment funds;
- UCIs, as well as individual compartments of UCIs with multiple compartments (i) whose securities are reserved for institutional investors, and (ii) whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, and (iii) whose weighted residual portfolio maturity does not exceed 90 days, and (iv) that have obtained the highest possible rating from a recognised rating agency. Where several classes of securities exist within the UCI or the compartment, the exemption only applies to classes whose securities are reserved for institutional investors;
- UCIs whose securities are reserved for (i) institutions for occupational retirement pension or similar investment vehicles, set up on one or more employers’ initiative for the benefit of their employees and (ii) companies of one or more employers investing funds they hold, to provide retirement benefits to their employees;
- UCIs as well as individual compartments of UCIs with multiple compartments whose main objective is the investment in microfinance institutions;
- ETFs as defined by Article 175 e) of the 2010 Law. | en | de |
DOLFIN480 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Ce type de scénario s’est produit pour un placement MSCI ACWI Net TR USD Index entre 30/09/2011-30/09/2018.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
USD 15 457
54,6%
USD 21 582
11,6% | # Este tipo de escenario se produjo para una inversión MSCI ACWI Net TR USD Index entre 30/09/2011-30/09/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
15 457 USD
54,6%
21 582 USD
11,6% | # Ce type de scénario s’est produit pour un placement MSCI ACWI Net TR USD Index entre 30/09/2011-30/09/2018.
Scénario favorable
Ce que vous pourriez obtenir après déduction des coûts
Rendement annuel moyen
USD 15 457
54,6%
USD 21 582
11,6% | fr | es |
DOLFIN481 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type : Actions d’un Compartiment d’Amundi Funds, une SICAV.
Durée : Le Compartiment est de type ouvert. La société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds dans l’intérêt des investisseurs et conformément au Prospectus.
Objectifs :
Le Compartiment est un produit financier qui promeut les caractéristiques ESG en vertu de l’article 8 du Règlement sur la Publication d’informations en matière de durabilité dans le secteur des services financiers.
Vise à augmenter la valeur de votre investissement et de générer des revenus au cours de la période de détention recommandée.
Le Compartiment investit principalement dans un large éventail d’obligations « investment grade » libellées en dollars américains. Les investissements peuvent inclure des titres adossés à des créances hypothécaires (MBS) et des titres adossés à des actifs (ABS). Le Compartiment peut également investir jusqu’à 25 % de ses actifs dans des titres convertibles (y compris des obligations convertibles conditionnelles à hauteur de 5 % des actifs nets), jusqu’à 20 % dans des obligations de qualité inférieure à « investment grade » et jusqu’à 10 % dans des actions. Le Compartiment peut investir jusqu’à 70 % de son actif net en ABS et MBS. Cela inclut l’exposition indirecte obtenue par le biais de contrats à terme sur des titres adossés à des hypothèques (TBA), qui est limitée à 50 % de ses actifs nets. L’exposition aux MBS et ABS non garantis par une agence est limitée à 50 % des actifs nets.
Le Compartiment a recours à des produits dérivés pour réduire les risques, pour une gestion efficace du portefeuille et pour obtenir une exposition (à court ou long terme) à divers actifs, marchés ou autres opportunités d’investissement (y compris des instruments dérivés axés sur le crédit et les taux d’intérêt).
Indice de référence : Le Compartiment est activement géré en référence à l’Indice Bloomberg US Aggregate et vise à le surperformer sur la période de détention recommandée. Le Compartiment est principalement exposé aux émetteurs de l’Indice de référence. Toutefois, la gestion du Compartiment est discrétionnaire et sera exposée à des émetteurs non inclus dans l’indice de référence. Le Compartiment surveille l’exposition au risque par rapport à l’Indice de référence, mais l’ampleur de l’écart par rapport à l’indice de
référence devrait être importante. En outre, le Compartiment a désigné l’Indice de référence comme un indice de référence aux fins du Règlement sur la publication d’informations en matière de durabilité dans le secteur des services financiers. L’Indice de référence est un indice de marché large, qui n’évalue pas ou n’inclut pas ses composants en fonction des caractéristiques environnementales et n’est donc pas aligné sur les caractéristiques environnementales promues par le Compartiment.
Processus de gestion : Le Compartiment intègre des Facteurs de durabilité dans son processus d’investissement, comme décrit plus en détail à la section « Investissement durable » du Prospectus. Le gestionnaire d’investissement utilise une combinaison d’analyse de marché et d’analyse des émetteurs d’obligations individuels pour identifier les obligations qui semblent plus solvables que leurs notations ne l’indiquent. Le gestionnaire d’investissement applique une stratégie d’allocation flexible des actifs. Le compartiment s’efforce de faire en sorte que la note ESG de son portefeuille soit supérieure à celle de l’indice de référence.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement et à recevoir des revenus sur la période de détention recommandée et qui sont prêts à assumer un niveau de risque élevé pour leur capital d’origine.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples détails sont exposés dans le prospectus d’Amundi Funds.
Politique de distribution : Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | # ¿Qué es este producto?
Tipo: Acciones de un Subfondo de Amundi Funds, una SICAV.
Plazo: El Subfondo es de capital variable. La sociedad de gestión podrá poner fin al Fondo mediante la liquidación o la fusión con otro Fondo en el mejor interés de los inversores y de conformidad con el folleto.
Objetivos:
El Subfondo es un producto financiero que promueve las características ESG de conformidad con el artículo 8 del Reglamento de divulgación.
Su objetivo es aumentar el valor de su inversión y proporcionar ingresos durante el período de mantenimiento recomendado.
El Subfondo invierte principalmente en una amplia variedad de bonos con grado de inversión denominados en dólares estadounidenses. Las inversiones pueden incluir valores respaldados por hipotecas (MBS) y valores respaldados por activos (ABS). El Subfondo también podrá invertir hasta el 25 % de sus activos en valores convertibles (incluidos los bonos convertibles contingentes hasta el 5 % de los activos netos), hasta el 20 % en bonos con calificación inferior a grado de inversión y hasta el 10 % en renta variable. El Subfondo puede invertir hasta el 70 % de sus activos netos en ABS y MBS. Dicho límite incluye la exposición indirecta adquirida a través de títulos por determinar (TBA), que está limitada al 50 % de los activos netos. La exposición a MBS y ABS no emitidos por agencias se limita al 50 % de sus activos netos.
El Subfondo utiliza derivados para reducir diferentes riesgos, para lograr una gestión eficiente de la cartera y como un modo de obtener exposición (larga o corta) a diferentes activos, mercados u otras oportunidades de inversión (como derivados centrados en instrumentos de crédito y tipos de interés).
Índice de referencia: El Subfondo se gestiona de forma activa, utilizando como referencia y buscando superar la rentabilidad del Bloomberg US Aggregate Index durante el período de mantenimiento recomendado. El Subfondo está expuesto principalmente a los emisores del índice de referencia. Sin embargo, la gestión del Subfondo es discrecional y estará expuesto a emisores no incluidos en el índice de referencia. El Subfondo hace un seguimiento de la exposición al riesgo en relación con el índice de
referencia, aunque se prevé que el grado de desviación con respecto al mismo sea importante. Por otra parte, el Subfondo ha designado el índice de referencia como referencia a los efectos del Reglamento de divulgación. El índice de referencia es un índice de mercado amplio, que no evalúa ni incluye componentes en función de las características medioambientales y, por lo tanto, no se ajusta a las características medioambientales promovidas por el Subfondo.
Proceso de gestión: El Subfondo integra factores de sostenibilidad en su proceso de inversión, tal y como se describe con más detalle en la sección “Inversión sostenible” del Folleto. El gestor de inversiones utiliza una combinación de análisis de mercado y de emisores de bonos individuales para identificar aquellos bonos que tienen aparentemente mayor solvencia de la que indican sus calificaciones. El gestor de inversiones adopta una estrategia de asignación de activos flexible. El Subfondo tratará de obtener una puntuación ESG de su cartera superior a la del Índice de referencia.
Inversor minorista al que va dirigido: Este producto está destinado a inversores con un conocimiento básico y poca o ninguna experiencia en inversiones en fondos, que busquen aumentar el valor de su inversión durante el período de mantenimiento recomendado y que estén dispuestos a asumir un nivel de riesgo alto respecto a su capital original.
Reembolso y negociación: Las acciones se pueden vender (reembolsar) según se indica en el folleto al precio de negociación correspondiente (valor liquidativo). Puede encontrar más información en el folleto de Amundi Funds.
Política de distribución: Debido a que se trata de una clase de acciones que no es de distribución, los ingresos de las inversiones se reinvierten.
Más información: Puede obtener más información sobre el Subfondo y solicitar el folleto y los informes financieros, que están disponibles de forma gratuita previa petición a través de: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxemburgo.
El valor liquidativo del Subfondo está disponible en www.mundi.lu.
Depositario: CACEIS Bank, Luxembourg Branch. | # En quoi consiste ce produit ?
Type : Actions d’un Compartiment d’Amundi Funds, une SICAV.
Durée : Le Compartiment est de type ouvert. La société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds dans l’intérêt des investisseurs et conformément au Prospectus.
Objectifs :
Le Compartiment est un produit financier qui promeut les caractéristiques ESG en vertu de l’article 8 du Règlement sur la Publication d’informations en matière de durabilité dans le secteur des services financiers.
Vise à augmenter la valeur de votre investissement et de générer des revenus au cours de la période de détention recommandée.
Le Compartiment investit principalement dans un large éventail d’obligations « investment grade » libellées en dollars américains. Les investissements peuvent inclure des titres adossés à des créances hypothécaires (MBS) et des titres adossés à des actifs (ABS). Le Compartiment peut également investir jusqu’à 25 % de ses actifs dans des titres convertibles (y compris des obligations convertibles conditionnelles à hauteur de 5 % des actifs nets), jusqu’à 20 % dans des obligations de qualité inférieure à « investment grade » et jusqu’à 10 % dans des actions. Le Compartiment peut investir jusqu’à 70 % de son actif net en ABS et MBS. Cela inclut l’exposition indirecte obtenue par le biais de contrats à terme sur des titres adossés à des hypothèques (TBA), qui est limitée à 50 % de ses actifs nets. L’exposition aux MBS et ABS non garantis par une agence est limitée à 50 % des actifs nets.
Le Compartiment a recours à des produits dérivés pour réduire les risques, pour une gestion efficace du portefeuille et pour obtenir une exposition (à court ou long terme) à divers actifs, marchés ou autres opportunités d’investissement (y compris des instruments dérivés axés sur le crédit et les taux d’intérêt).
Indice de référence : Le Compartiment est activement géré en référence à l’Indice Bloomberg US Aggregate et vise à le surperformer sur la période de détention recommandée. Le Compartiment est principalement exposé aux émetteurs de l’Indice de référence. Toutefois, la gestion du Compartiment est discrétionnaire et sera exposée à des émetteurs non inclus dans l’indice de référence. Le Compartiment surveille l’exposition au risque par rapport à l’Indice de référence, mais l’ampleur de l’écart par rapport à l’indice de
référence devrait être importante. En outre, le Compartiment a désigné l’Indice de référence comme un indice de référence aux fins du Règlement sur la publication d’informations en matière de durabilité dans le secteur des services financiers. L’Indice de référence est un indice de marché large, qui n’évalue pas ou n’inclut pas ses composants en fonction des caractéristiques environnementales et n’est donc pas aligné sur les caractéristiques environnementales promues par le Compartiment.
Processus de gestion : Le Compartiment intègre des Facteurs de durabilité dans son processus d’investissement, comme décrit plus en détail à la section « Investissement durable » du Prospectus. Le gestionnaire d’investissement utilise une combinaison d’analyse de marché et d’analyse des émetteurs d’obligations individuels pour identifier les obligations qui semblent plus solvables que leurs notations ne l’indiquent. Le gestionnaire d’investissement applique une stratégie d’allocation flexible des actifs. Le compartiment s’efforce de faire en sorte que la note ESG de son portefeuille soit supérieure à celle de l’indice de référence.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement et à recevoir des revenus sur la période de détention recommandée et qui sont prêts à assumer un niveau de risque élevé pour leur capital d’origine.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples détails sont exposés dans le prospectus d’Amundi Funds.
Politique de distribution : Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | fr | es |
DOLFIN482 | 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 France, 1-3 place Valhubert, 75206 Paris Cedex 13
The Fund’s full prospectus and latest annual and interim documents are sent free of charge upon written request of the unitholder to BDL Capital Management, 24 rue du Rocher – 75008 PARIS. These documents are available in English.
Requests for subscriptions and redemptions are centralised through the Depositary every day until 11 a.m. The net asset value is available on the website of the company.
Given that the Fund only offers accumulation units, the tax system is that of the taxation of capital gains on transferable securities applicable in the country of residence of the unitholder, following the rules appropriate to their situation. Depending on your tax system, any capital gains and income related to the holding of UCITS units may be subject to taxation. The investor is advised to seek information about their tax situation from the promoter of the Fund.
BDL Capital Management 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.
This Fund is authorised in France and regulated by the French Financial Markets Authority [Autorité des Marchés Financiers (AMF)]. The management company BDL Capital Management is authorised in France and regulated by the AMF. This key investor information is accurate as at 01/09/2022. | # Información práctica
Depositario: CACEIS Bank France, 1-3 place Valhubert, 75206 PARÍS Cedex 13
El folleto completo del Fondo y los documentos anuales y periódicos más recientes se envían, de forma gratuita, previa solicitud por escrito del partícipe dirigida BDL Capital Management, 24 rue du Rocher – 75008 PARÍS. Dichos documentos están disponibles en francés.
Las solicitudes de suscripción y reembolso se tramitan hasta las 11:00 horas cada día. El valor liquidativo está disponible en el sitio web de la sociedad.
Dado que el Fondo únicamente ofrece participaciones de capitalización, el régimen fiscal es del impuesto sobre las plusvalías de valores mobiliarios aplicable en el país de residencia del partícipe, según las normas aplicables a su situación. Según su régimen fiscal, las plusvalías y los posibles rendimientos relacionados con la inversión en participaciones del OICVM pueden estar sujetos a impuestos. Se recomienda a los inversores que se informen sobre su situación fiscal consultando al distribuidor del Fondo.
BDL Capital 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.
Este Fondo está autorizado y regulado en Francia por la Autoridad de los Mercados Financieros (AMF). La sociedad gestora BDL Capital Management está autorizada en Francia y está regulada por la AMF.
Los datos fundamentales para el inversor facilitados en el presente son exactos y están actualizados a 1 de septiembre de 2022. | # Practical Information
Custodian: CACEIS Bank France, 1-3 place Valhubert, 75206 Paris Cedex 13
The Fund’s full prospectus and latest annual and interim documents are sent free of charge upon written request of the unitholder to BDL Capital Management, 24 rue du Rocher – 75008 PARIS. These documents are available in English.
Requests for subscriptions and redemptions are centralised through the Depositary every day until 11 a.m. The net asset value is available on the website of the company.
Given that the Fund only offers accumulation units, the tax system is that of the taxation of capital gains on transferable securities applicable in the country of residence of the unitholder, following the rules appropriate to their situation. Depending on your tax system, any capital gains and income related to the holding of UCITS units may be subject to taxation. The investor is advised to seek information about their tax situation from the promoter of the Fund.
BDL Capital Management 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.
This Fund is authorised in France and regulated by the French Financial Markets Authority [Autorité des Marchés Financiers (AMF)]. The management company BDL Capital Management is authorised in France and regulated by the AMF. This key investor information is accurate as at 01/09/2022. | en | es |
DOLFIN483 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy:
The Fund invests primarily in equity securities of companies that have been identified by the Investment Manager as being participants in or having an exposure to the potential growth relating to global investment themes developed by the Investment Manager and implemented through the thematic Funds of the Umbrella Fund, as further described below.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. The Fund’s equity investments may include common stocks, preferred stocks and, on an ancillary basis, closed- ended real estate investment trusts (“REITS”), equity-related instruments such as warrants, equity-linked notes, convertible bonds whose value is derived from the value of any of those equity securities, and depositary receipts for any of those equity investments.
As part of the Fund’s investments in equity securities worldwide, the Fund may also invest up to 30% of its total assets in emerging markets companies including, but not limited to, certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). | # Política de inversión:
El fondo invierte principalmente en títulos de renta variable de empresas que el gestor de inversiones haya determinado que participan del potencial crecimiento o que mantienen una exposición al potencial crecimiento asociado a temas de inversión globales desarrollados por el gestor de inversiones e implementados a través de los fondos temáticos del fondo paraguas, tal y como se describe más abajo.
El fondo invierte al menos dos tercios de su patrimonio total en renta variable a escala mundial. Las inversiones en renta variable del fondo pueden incluir acciones ordinarias, acciones preferentes y, de forma complementaria, fondos de inversión inmobiliaria cerrados («REIT»), instrumentos relacionados con la renta variable, tales como warrants, pagarés vinculados a renta variable, bonos convertibles cuyo valor se calcula a partir del valor de cualquiera de esos títulos de renta variable, y recibos de depósito sobre cualquiera de las mencionadas inversiones en renta variable.
Como parte de las inversiones del fondo en valores de renta variable a escala mundial, el fondo también puede invertir hasta el 30% de su patrimonio total en empresas de mercados emergentes incluidas, entre otras, determinadas Acciones A admisibles mediante el programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect (colectivamente, los «programas Stock Connect»). | # Investment policy:
The Fund invests primarily in equity securities of companies that have been identified by the Investment Manager as being participants in or having an exposure to the potential growth relating to global investment themes developed by the Investment Manager and implemented through the thematic Funds of the Umbrella Fund, as further described below.
The Fund invests at least two-thirds of its total assets in equity securities worldwide. The Fund’s equity investments may include common stocks, preferred stocks and, on an ancillary basis, closed- ended real estate investment trusts (“REITS”), equity-related instruments such as warrants, equity-linked notes, convertible bonds whose value is derived from the value of any of those equity securities, and depositary receipts for any of those equity investments.
As part of the Fund’s investments in equity securities worldwide, the Fund may also invest up to 30% of its total assets in emerging markets companies including, but not limited to, certain eligible A-Shares via the Shanghai-Hong Kong Stock Connect program and/or Shenzhen-Hong Kong Stock Connect program (collectively, the “Stock Connects”). | en | es |
DOLFIN484 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Security Name | Weight (in %) | Sector | Country | Instrument Type |
| --- | --- | --- | --- | --- |
| Xcel Energy | 5.01 | Utilities | United States | Equity |
| Pan Pacific International Holdings | 3.53 | Consumer Discretionary | Japan | Equity |
| Colgate-Palmolive | 3.47 | Consumer Staples | United States | Equity |
| Kimberly-Clark | 3.41 | Consumer Staples | United States | Equity |
| TJX Cos | 3.35 | Consumer Discretionary | United States | Equity |
| Toyota Motor | 3.15 | Consumer Discretionary | Japan | Equity |
| RWE | 3.14 | Utilities | Germany | Equity |
| DSV A/S | 2.92 | Industrials | Denmark | Equity |
| Waste Connections | 2.87 | Industrials | United States | Equity |
| ICICI Bank | 2.87 | Financials | India | Equity |
| Solvay | 2.72 | Materials | Belgium | Equity |
| Duke Energy | 2.70 | Utilities | United States | Equity |
| Union Pacific | 2.66 | Industrials | United States | Equity |
| Hawaiian Electric Industries | 2.64 | Utilities | United States | Equity |
| Ashland | 2.55 | Materials | United States | Equity | | | Nome del titolo | Peso (in %) | Settore | Paese | Tipo di Strumento |
| --- | --- | --- | --- | --- |
| Xcel Energy | 5,01 | Servizi di pubblica utilità | Stati Uniti | Azioni |
| Pan Pacific International Holdings | 3,53 | Beni voluttuari | Giappone | Azioni |
| Colgate-Palmolive | 3,47 | Beni di prima necessita' | Stati Uniti | Azioni |
| Kimberly-Clark | 3,41 | Beni di prima necessita' | Stati Uniti | Azioni |
| TJX Cos | 3,35 | Beni voluttuari | Stati Uniti | Azioni |
| Toyota Motor | 3,15 | Beni voluttuari | Giappone | Azioni |
| RWE | 3,14 | Servizi di pubblica utilità | Germania | Azioni |
| DSV A/S | 2,92 | Industria | Danimarca | Azioni |
| Waste Connections | 2,87 | Industria | Stati Uniti | Azioni |
| ICICI Bank | 2,87 | Finanza | India | Azioni |
| Solvay | 2,72 | Materiali | Belgio | Azioni |
| Duke Energy | 2,70 | Servizi di pubblica utilità | Stati Uniti | Azioni |
| Union Pacific | 2,66 | Industria | Stati Uniti | Azioni |
| Hawaiian Electric Industries | 2,64 | Servizi di pubblica utilità | Stati Uniti | Azioni |
| Ashland | 2,55 | Materiali | Stati Uniti | Azioni | | | Security Name | Weight (in %) | Sector | Country | Instrument Type |
| --- | --- | --- | --- | --- |
| Xcel Energy | 5.01 | Utilities | United States | Equity |
| Pan Pacific International Holdings | 3.53 | Consumer Discretionary | Japan | Equity |
| Colgate-Palmolive | 3.47 | Consumer Staples | United States | Equity |
| Kimberly-Clark | 3.41 | Consumer Staples | United States | Equity |
| TJX Cos | 3.35 | Consumer Discretionary | United States | Equity |
| Toyota Motor | 3.15 | Consumer Discretionary | Japan | Equity |
| RWE | 3.14 | Utilities | Germany | Equity |
| DSV A/S | 2.92 | Industrials | Denmark | Equity |
| Waste Connections | 2.87 | Industrials | United States | Equity |
| ICICI Bank | 2.87 | Financials | India | Equity |
| Solvay | 2.72 | Materials | Belgium | Equity |
| Duke Energy | 2.70 | Utilities | United States | Equity |
| Union Pacific | 2.66 | Industrials | United States | Equity |
| Hawaiian Electric Industries | 2.64 | Utilities | United States | Equity |
| Ashland | 2.55 | Materials | United States | Equity | | en | it |
DOLFIN485 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Performance & Market environment
Global equity markets rose in November, with the MSCI ACWI gaining 7.6%[1].
The macro-economic and geo-political backdrop continue to be an overhang whilst central banks continue to raise interest rates as they attempt to limit higher inflation.
Reporting season continued with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 59% have reported better-than-expected revenues and 50% have reported better-than-expected earnings.
When provided, outlooks for the fourth quarter and for 2023 have been mostly muted reflecting the challenging economy. The Thanksgiving shopping holiday took place over the final weekend of November, and according to data from Adobe Analytics, consumer spending online over the 5-day holiday reached new highs with $35.4bn spent, up 4.4% over the same period in 2021. Whilst the headline figure was robust, when considering inflation, it probably suggests that the average shopper made fewer purchases reflecting the current challenges present for consumers in terms of the higher cost of living and the rising interest rate environment.
This trend appears more apparent when looking at the results of two of our payment investments, Fidelity National Information Services and Global Payments. Both companies reported disappointing results and outlook, detracting from the fund’s performance during the month. As a result, the Payments/Fintech sub-theme (within our Delivery theme) was the biggest negative contributor to performance in November.
Our investments in the Discovery theme provided the best returns; with positive contributions in the Search Engine/Social Media sub-theme due to good gains from Tencent, the Hong Kong listed Chinese online media and entertainment company as well as Alphabet and Meta Platforms.
Portfolio Activity
There was no significant investment activity during the month. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 30/11/22, in USD
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | # Informe del gestor
Resultados y entorno de mercado
Los mercados mundiales de renta variable repuntaron en noviembre y el MSCI ACWI ganó un 7,6 %[1].
El contexto macroeconómico y geopolítico sigue siendo una amenaza, mientras que los bancos centrales continúan subiendo los tipos de interés en su intento de limitar el aumento de la inflación.
La temporada de publicación de resultados continuó con un menor número de empresas que superaron las previsiones de ingresos y beneficios en lo que va del tercer trimestre en comparación con periodos anteriores. De las empresas del índice MSCI ACWI (representativo del conjunto del mercado de renta variable) que han presentado sus cifras del tercer trimestre, el 59 % han anunciado unos ingresos mejores de lo previsto y el 50 %, unos beneficios mejores de lo previsto.
En los casos en los que se han presentado, las perspectivas para el cuarto trimestre y para 2023 han sido, en su mayor parte, moderadas, lo que refleja la difícil situación económica.
La festividad de Acción de Gracias tuvo lugar el último fin de semana de noviembre y, según datos de Adobe Analytics, el gasto de consumo en Internet durante los cinco días de la festividad alcanzó nuevos máximos, con 35 400 millones de USD gastados, un 4,4 % más que en el mismo periodo de 2021. Aunque la cifra global fue sólida, si se tiene en cuenta la inflación, probablemente sugiere que el comprador medio realizó menos compras, lo que refleja los retos actuales a los que se enfrentan los consumidores en términos de encarecimiento del coste de vida y subida de los tipos de interés.
Esta tendencia resulta más evidente al analizar los resultados de dos de nuestras inversiones en empresas de pagos, Fidelity National Information Services y Global Payments. Ambas empresas publicaron unos resultados y perspectivas decepcionantes, lo que lastró la rentabilidad del fondo durante el mes. Como resultado, la subtemática de pagos/tecnología financiera (dentro de nuestra temática de Entrega) fue la mayor contribución negativa a la rentabilidad en noviembre.
Nuestras inversiones en la temática del Descubrimiento proporcionaron las mejores rentabilidades; con contribuciones positivas en la subtemática de motores de búsqueda/redes sociales gracias a las buenas ganancias de Tencent, la empresa china de medios de comunicación y entretenimiento en línea que cotiza en Hong Kong, así como de Alphabet y Meta Platforms.
Cambios en la cartera
No hubo actividad de inversión significativa durante el mes. Perspectivas del mercado
Mientras continúe la incertidumbre macroeconómica y geopolítica, cabría esperar que los mercados sigan siendo volátiles. Las presiones inflacionistas, la fortaleza del dólar, el aumento de los costes energéticos y el aumento de los tipos de interés seguirán teniendo un impacto negativo en el consumo y las empresas expuestas al consumo. Es probable que las expectativas de crecimiento a corto plazo se reajusten en los próximos meses. Sin embargo, creemos que es probable que el potencial de crecimiento a largo plazo de muchas de las empresas de la estrategia de economía digital siga siendo elevado por encima de las tasas de crecimiento económico más generales durante un ciclo de inversión, y con la contracción de las valoraciones creemos que surgen muchas oportunidades de inversión interesantes. Somos conscientes de que los mercados de renta variable pueden superarse en ambas direcciones, por lo que no estamos tratando de esperar una estabilización, pero creemos que nuestra filosofía de inversión en torno a la identificación de temáticas a largo plazo y las empresas que se beneficiarán de estas temáticas permanece intacta a pesar de los desafíos a corto plazo.
Si bien las tendencias de crecimiento a largo plazo a las que está expuesto el fondo siguen intactas, la fortaleza de la economía mundial podría influir en el ritmo de este crecimiento. Es incluso más importante que sigamos centrándonos en la calidad dentro de nuestro universo de inversión, identificando a los equipos directivos que creemos que pueden dirigir sus empresas en estos momentos difíciles.
Las tendencias de inversión a largo plazo a las que nuestra estrategia está expuesta, como el crecimiento de la publicidad en línea, la adopción del comercio electrónico y la importancia de contar con una transacción y una operación de reposición fiables y seguras, siguen desempeñando un papel importante en muchos modelos de negocio exitosos, incluso en un entorno económico difícil. Podría decirse que la capacidad de las empresas para aprovechar el poder de los datos y la digitalización para ser más productivas y eficaces desempeña un papel aún más vital en tiempos en los que el crecimiento se ha vuelto escaso.
[1] Bloomberg, a 30/11/2022, en USD
Fuente(s) : AXA Investment Managers - MSCI a 30/11/2022 Redactor: AXA Investment Managers Paris. | # Fund manager's report
Performance & Market environment
Global equity markets rose in November, with the MSCI ACWI gaining 7.6%[1].
The macro-economic and geo-political backdrop continue to be an overhang whilst central banks continue to raise interest rates as they attempt to limit higher inflation.
Reporting season continued with fewer companies exceeding revenue and earnings forecasts so far in the third quarter than in prior periods. For those companies in the MSCI ACWI (representing the broader equity market) that have reported their third-quarter numbers, 59% have reported better-than-expected revenues and 50% have reported better-than-expected earnings.
When provided, outlooks for the fourth quarter and for 2023 have been mostly muted reflecting the challenging economy. The Thanksgiving shopping holiday took place over the final weekend of November, and according to data from Adobe Analytics, consumer spending online over the 5-day holiday reached new highs with $35.4bn spent, up 4.4% over the same period in 2021. Whilst the headline figure was robust, when considering inflation, it probably suggests that the average shopper made fewer purchases reflecting the current challenges present for consumers in terms of the higher cost of living and the rising interest rate environment.
This trend appears more apparent when looking at the results of two of our payment investments, Fidelity National Information Services and Global Payments. Both companies reported disappointing results and outlook, detracting from the fund’s performance during the month. As a result, the Payments/Fintech sub-theme (within our Delivery theme) was the biggest negative contributor to performance in November.
Our investments in the Discovery theme provided the best returns; with positive contributions in the Search Engine/Social Media sub-theme due to good gains from Tencent, the Hong Kong listed Chinese online media and entertainment company as well as Alphabet and Meta Platforms.
Portfolio Activity
There was no significant investment activity during the month. Market Outlook
Whilst macro-economic and geo-political uncertainty continue, we would expect markets to remain volatile. The pressures from inflation, a strong US dollar, higher energy costs and rising interest rates will continue to have a negative impact on consumer spending and businesses exposed to consumer spending. Near term growth expectations will likely be reset over the coming months. However, we believe the longer-term growth potential for many of the companies within the Digital Economy strategy are likely to remain elevated above broader economic growth rates over the duration of an investment cycle and with the contraction of valuations we believe there are many attractive investment opportunities arising. We are mindful that equity markets can overshoot in both directions, so we are not trying to call the bottom, but we do believe that our investment philosophy around identifying long term themes and the companies that will benefit from these themes remains intact despite the near-term challenges.
Whilst the long-term growth trends to which the fund is exposed are still intact the strength of the global economy may influence the pace of this growth. It is even more important that we continue to focus on quality within our investment universe, identifying management teams who we believe can navigate their organisations through these challenging times.
Long term investment trends that our strategy is exposed to such as the growth in online advertising, the adoption of e-commerce and the importance of having a reliable and safe transaction and fulfilment operation continue to play an important role in many successful business models even in a difficult economic environment. Arguably, the ability for
companies to harness the power of data and digitalisation to make themselves more productive and efficient play an even more vital role during times when growth has become scarce.
[1] Bloomberg as of 30/11/22, in USD
Source(s): AXA Investment Managers - MSCI as at 30/11/2022 Editor: AXA Investment Managers Paris | en | es |
DOLFIN486 | 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 is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI USA Health Care Index (index). The index is based on the MSCI USA Index (Parent Index), which is designed to reflect the performance of large and medium sized companies representing 85% of the readily available shares in the United States of America. The index contains all of the constituents of the Parent Index assigned to the “MSCI USA Health Care” classification. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento, antes de comisiones y gastos, del índice MSCI USA Health Care (el "índice"). El índice toma como base el índice MSCI USA (el "índice principal"), que está diseñado para reflejar la evolución de empresas de tamaño mediano y grande que representen el 85% de las acciones de mayor disponibilidad en los Estados Unidos de América. El índice contiene todos los componentes del índice principal asignados a la categoría “MSCI USA Health Care”. El índice se calcula con una base de rentabilidad total neta. Esto supone que todos los dividendos y repartos de las empresas se reinviertan en las acciones tras descontar los impuestos. El índice se revisa y reajusta trimestralmente y también podrá ajustarse en otros momentos con el fin de reflejar actividades corporativas como | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI USA Health Care Index (index). The index is based on the MSCI USA Index (Parent Index), which is designed to reflect the performance of large and medium sized companies representing 85% of the readily available shares in the United States of America. The index contains all of the constituents of the Parent Index assigned to the “MSCI USA Health Care” classification. The index is calculated on a total return net basis. This means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate | en | es |
DOLFIN487 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you redeem at an early stage and you may get back less.
The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 2 out of 7, which is a low risk class and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. The Product may experience a partial or substantial loss due to insurance catastrophe events or other events including but not limited to an unusual clustering of independent catastrophe events. This Product does not include any protection from future market performance so you could lose some or all of your investment. | # El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. El riesgo real puede variar considerablemente en caso de reembolso anticipado, 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. Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que el riesgo es bajo y es probable que una mala coyuntura de mercado influya en nuestra capacidad para pagarle como muy improbable. Tenga presente el riesgo cambiario si su moneda de referencia no es la misma que la moneda del producto. Es posible que reciba los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Los inversores deben tener en cuenta que es posible que el producto esté expuesto a riesgos adicionales, como riesgos operativos, de contraparte, políticos, de sostenibilidad y legales, que no están incluidos en el indicador resumido de riesgo. El producto podría sufrir una pérdida parcial o sustancial debido a eventos catastróficos del seguro u otros eventos, entre los que se incluye la acumulación inusual de eventos catastróficos independientes. 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. | # The risk indicator assumes you keep the Product for 5 years. The actual risk can vary significantly if you redeem at an early stage and you may get back less.
The Summary Risk Indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the Product will lose money because of movements in the markets. We have classified this Product as 2 out of 7, which is a low risk class and poor market conditions are very unlikely to impact our capacity to pay you. Be aware of currency risk if your reference currency differs from the currency of the Product. You may receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. Investors shall note that the Product may be exposed to further risks such as operational, counterparty, political, sustainability and legal risks that are not included in the Summary Risk Indicator. The Product may experience a partial or substantial loss due to insurance catastrophe events or other events including but not limited to an unusual clustering of independent catastrophe events. This Product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN488 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
valores que lo componen. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es GBP. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en normas y no puede ajustarse para tener en cuenta los cambios en las circunstancias de mercado. En consecuencia, puede que se vea negativamente afectado, o no obtenga beneficios, al no realizarse dichos ajustes cuando cambian las circunstancias del mercado. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
securities in the index. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is GBP. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN489 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 4 ans Exemple d'investissement : EUR 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 3,290 EUR | 3,390 EUR |
| Rendement annuel moyen | -67.1% | -23.7% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,460 EUR | 9,230 EUR |
| Rendement annuel moyen | -15.4% | -2.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11,210 EUR | 15,270 EUR |
| Rendement annuel moyen | 12.1% | 11.2% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 15,970 EUR | 21,160 EUR |
| Rendement annuel moyen | 59.7% | 20.6% | | | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 3 290 EUR | 3 390 EUR |
| Rendimento medio cada año | -67,1 % | -23,7 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 460 EUR | 9 230 EUR |
| Rendimento medio cada año | -15,4 % | -2,0 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 11 210 EUR | 15 270 EUR |
| Rendimento medio cada año | 12,1 % | 11,2 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 15 970 EUR | 21 160 EUR |
| Rendimento medio cada año | 59,7 % | 20,6 % | | | Période de détention recommandée: 4 ans Exemple d'investissement : EUR 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 3,290 EUR | 3,390 EUR |
| Rendement annuel moyen | -67.1% | -23.7% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,460 EUR | 9,230 EUR |
| Rendement annuel moyen | -15.4% | -2.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 11,210 EUR | 15,270 EUR |
| Rendement annuel moyen | 12.1% | 11.2% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 15,970 EUR | 21,160 EUR |
| Rendement annuel moyen | 59.7% | 20.6% | | fr | es |
DOLFIN490 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If different unit classes are established for the sub-fund in accordance with Article 1(4) of the Management Regulations, the following special features apply to the calculation of unit value:
The unit value is calculated separately for each unit class according to the criteria stated in this Article.
The inflow of funds due to the issuing of units increases the unit class's percentage share of the total value of the sub-fund's net fund assets. The outflow of funds based on the redemption of units reduces the percentage share of the respective unit class in the total value of the net assets of the sub-fund.
In the event of a distribution, the unit value of units in the corresponding unit class which carry entitlement to a distribution is lowered by the amount of the distribution. At the same time, the percentage share made up of the unit class carrying entitlement to a distribution in the total net assets of the sub-fund is reduced, whilst the percentage share of the unit class which does not carry entitlement to a distribution in the total net assets of the sub-fund is increased.
An income equalisation procedure is calculated on the Fund's income. This means that the income which has accrued during the financial year which the purchaser of units has to pay as part of the issue price, and which the seller of unit certificates will receive as part of the redemption price, is continuously netted. The expenses incurred are taken into account correspondingly. When calculating the income equalisation, the method is used which corresponds to the applicable rules given in the German Investment Act.
If unusual circumstances arise which render a valuation in accordance with the above criteria impossible or inappropriate, the Management Company has the right to apply other valuation rules, in good faith, which are generally recognised and may be verified by auditors, in order to obtain a proper valuation of the fund assets.
The Management Company is not obliged to redeem more than 10% of the units currently in circulation at this point on a valuation day. If the company receives redemption requests on a valuation day for more than the stated number of units the Management Company is entitled to postpone the redemption of units exceeding more than 10% of the units in issue at this point until the fourth valuation day afterwards. These redemption requests shall be given preferential treatment over applications received later. Redemption requests submitted on the same valuation day shall be treated equally. | Sofern für den Teilfonds gemäß Artikel 1 Absatz 4 des Verwaltungsreglements unterschiedliche Anteilklassen eingerichtet sind, ergeben sich für die Anteilwertberechnung folgende Besonderheiten:
Die Anteilwertberechnung erfolgt nach den in diesem Artikel genannten Kriterien für jede Anteilklasse separat.
Der Mittelzufluss aufgrund der Ausgabe von Anteilen erhöht den prozentualen Anteil der jeweiligen Anteilklasse am gesamten Wert des Nettofondsvermögens des Teilfonds. Der Mittelabfluss aufgrund der Rücknahme von Anteilen vermindert den prozentualen Anteil der jeweiligen Anteilklasse am gesamten Wert des Nettofondsvermögens des Teilfonds.
Im Fall einer Ausschüttung vermindert sich der Anteilwert der -ausschüttungsberechtigten- Anteile der entsprechenden Anteilklasse um den Betrag der Ausschüttung. Damit vermindert sich zugleich der prozentuale Anteil der ausschüttungsberechtigten Anteilklasse am gesamten Wert des Nettofondsvermögens des Teilfonds, während sich der prozentuale Anteil der - nicht ausschüttungsberechtigten - Anteilklasse am gesamten Nettofondsvermögen des Teilfonds erhöht.
Auf die Erträge des Fonds wird ein Ertragsausgleichsverfahren gerechnet. Damit werden die während des Geschäftsjahres angefallenen Erträge, die der Anteilerwerber als Teil des Ausgabepreises bezahlen muss und die der Verkäufer von Anteilscheinen als Teil des Rücknahmepreises vergütet erhält, fortlaufend verrechnet. Die angefallenen Aufwendungen werden entsprechend berücksichtigt. Bei der Berechnung des Ertragsausgleiches wird ein Verfahren angewendet, das den jeweils gültigen Regelungen des deutschen Investmentgesetzes entspricht.
Falls außergewöhnliche Umstände eintreten, welche die Bewertung gemäß den oben aufgeführten Kriterien unmöglich oder unsachgerecht machen, ist die Verwaltungsgesellschaft ermächtigt, andere von ihr nach Treu und Glauben festgelegte, allgemein anerkannte und von Wirtschaftsprüfern nachprüfbare Bewertungsregeln zu befolgen, um eine sachgerechte Bewertung des Fondsvermögens zu erreichen.
Die Verwaltungsgesellschaft ist nicht verpflichtet, an einem Bewertungstag mehr als 10 % der zu diesem Zeitpunkt ausgegebenen Anteile zurückzunehmen. Gehen bei der Gesellschaft an einem Bewertungstag Rücknahmeanträge für eine größere als die genannte Zahl von Anteilen ein, bleibt es der Verwaltungsgesellschaft vorbehalten, die Rücknahme von Anteilen, die über 10 % der zu diesem Zeitpunkt ausgegebenen Anteile hinausgehen, die Rücknahme bis zum vierten darauf folgenden Bewertungstag aufzuschieben. Diese Rücknahmeanträge werden gegenüber später eingegangenen Anträgen bevorzugt behandelt. Am selben Bewertungstag eingereichte Rücknahmeanträge werden untereinander gleichbehandelt. | If different unit classes are established for the sub-fund in accordance with Article 1(4) of the Management Regulations, the following special features apply to the calculation of unit value:
The unit value is calculated separately for each unit class according to the criteria stated in this Article.
The inflow of funds due to the issuing of units increases the unit class's percentage share of the total value of the sub-fund's net fund assets. The outflow of funds based on the redemption of units reduces the percentage share of the respective unit class in the total value of the net assets of the sub-fund.
In the event of a distribution, the unit value of units in the corresponding unit class which carry entitlement to a distribution is lowered by the amount of the distribution. At the same time, the percentage share made up of the unit class carrying entitlement to a distribution in the total net assets of the sub-fund is reduced, whilst the percentage share of the unit class which does not carry entitlement to a distribution in the total net assets of the sub-fund is increased.
An income equalisation procedure is calculated on the Fund's income. This means that the income which has accrued during the financial year which the purchaser of units has to pay as part of the issue price, and which the seller of unit certificates will receive as part of the redemption price, is continuously netted. The expenses incurred are taken into account correspondingly. When calculating the income equalisation, the method is used which corresponds to the applicable rules given in the German Investment Act.
If unusual circumstances arise which render a valuation in accordance with the above criteria impossible or inappropriate, the Management Company has the right to apply other valuation rules, in good faith, which are generally recognised and may be verified by auditors, in order to obtain a proper valuation of the fund assets.
The Management Company is not obliged to redeem more than 10% of the units currently in circulation at this point on a valuation day. If the company receives redemption requests on a valuation day for more than the stated number of units the Management Company is entitled to postpone the redemption of units exceeding more than 10% of the units in issue at this point until the fourth valuation day afterwards. These redemption requests shall be given preferential treatment over applications received later. Redemption requests submitted on the same valuation day shall be treated equally. | en | de |
DOLFIN491 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges and commissions are used to cover the Fund's operating costs, including marketing and distribution of shares. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 1.00% |
| The percentage shown is the maximum amount that can be paid out of your investment. Your financial advisor or distributor can inform you of the associated entry and exit charges. |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.80% |
| Charges taken from the Fund under specific conditions |
| Performance fee: None |
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The indicated ongoing charges are an estimate based on the expected total amount of charges. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information about Fund charges, please refer to the relevant sections of the prospectus, which is available at www.tobam.fr. | # Frais
Les frais et commissions servent à couvrir les coûts d’exploitation du Fonds, y compris les coûts de commercialisation et de distribution des parts. Ils réduisent la croissance potentielle de vos investissements.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5,00 % |
| Frais de sortie | 1,00 % |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital. L’investisseur peut obtenir de son conseil ou de son distributeur le montant effectif des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 0,80 % |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance : Néant |
Les frais d’entrée et de sortie affichés sont des taux maximum. Dans certains cas, les frais payés peuvent être inférieurs.
Les frais courants font l’objet d’une estimation fondée sur le montant total attendu des frais. Ce pourcentage peut varier d’une année sur l’autre. Il exclut les commissions de surperformance et les frais d’intermédiation, à l’exception des frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ou vend des parts d’un autre Fonds.
Pour plus d’information sur les frais du Fonds, veuillez vous reporter aux parties du prospectus, disponible à l’adresse www.tobam.fr. | # Charges
The charges and commissions are used to cover the Fund's operating costs, including marketing and distribution of shares. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 1.00% |
| The percentage shown is the maximum amount that can be paid out of your investment. Your financial advisor or distributor can inform you of the associated entry and exit charges. |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.80% |
| Charges taken from the Fund under specific conditions |
| Performance fee: None |
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The indicated ongoing charges are an estimate based on the expected total amount of charges. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information about Fund charges, please refer to the relevant sections of the prospectus, which is available at www.tobam.fr. | en | fr |
DOLFIN492 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### This document sets out the conditions under which the management company called on investment support and order execution services over the past financial year.
Following the transposition of directive 2014/91/EU of 23 July 2014 (or “UCITS 5 Directive”), the ESMA adopted its guidelines on 31 March 2016 on the provisions relating to compensation for UCITS managers. The guidelines apply to UCITS management companies from 1 January 2017 and concern bonuses paid in 2018.
As such, LFDE has updated its compensation policy. La Financière de l’Echiquier has adapted its compensation policy in terms of the variable component to enable healthy and efficient risk management but also to control the behaviour of colleagues exposed to risk-taking in the course of their functions.
The compensation policy is consistent with the business strategy, objectives, values and interests of the management company and the UCITS managed by it and consistent with those of the investors in such UCITS and includes measures to avoid conflicts of interest. | #### Ce document précise les conditions dans lesquelles la société de gestion a eu recours pour l’exercice précédent à des services d’aide à la décision d’investissement et d’exécutions d’ordres.
Suite à la transposition de la directive 2014/91/UE du 23 juillet 2014 (ou « Directive OPCVM 5 »), l’ESMA a adopté le 31 mars 2016, ses orientations sur les dispositions relatives à la rémunération des gérants d’OPCVM. Les orientations s’appliquent aux sociétés de gestion d’OPCVM à compter du 1er janvier 2017, pour les bonus payés en 2018.
Dans ce cadre, LFDE a mis à jour sa politique de rémunération. La Financière de l’Echiquier a adapter sa politique de rémunération sur la composante variable, afin de permettre une gestion saine et efficace des risques mais également de permettre un contrôle des comportements des collaborateurs exposés dans leur fonction, à la prise de risque.
La politique de rémunération est conforme à la stratégie économique, aux objectifs, aux valeurs et aux intérêts de la Société de Gestion et des OPCVM qu’elle gère et à ceux des investisseurs dans ces OPCVM, et comprend des mesures visant à éviter les conflits d’intérêts. | #### This document sets out the conditions under which the management company called on investment support and order execution services over the past financial year.
Following the transposition of directive 2014/91/EU of 23 July 2014 (or “UCITS 5 Directive”), the ESMA adopted its guidelines on 31 March 2016 on the provisions relating to compensation for UCITS managers. The guidelines apply to UCITS management companies from 1 January 2017 and concern bonuses paid in 2018.
As such, LFDE has updated its compensation policy. La Financière de l’Echiquier has adapted its compensation policy in terms of the variable component to enable healthy and efficient risk management but also to control the behaviour of colleagues exposed to risk-taking in the course of their functions.
The compensation policy is consistent with the business strategy, objectives, values and interests of the management company and the UCITS managed by it and consistent with those of the investors in such UCITS and includes measures to avoid conflicts of interest. | en | fr |
DOLFIN493 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les droits d’entrée et de sortie affichés constituent les maxima applicables. Dans certains cas des droits inférieurs peuvent être appliqués. L’investisseur peut obtenir de son conseil ou son distributeur le montant effectif des frais d’entrée et de sortie.
Les frais indiqués prélevés par le FCP sur une année sont basés sur les coûts du dernier exercice clos le 29/09/2021. Ils peuvent varier d’année en année. Les frais courants ne comprennent pas les commissions de performance et les frais de transactions excepté dans le cas de frais d’entrée et/ou de sortie payés par le FCP lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective.
La commission de performance représente 20% TTC de la performance du FCP au-delà de la performance du US Federal funds effective rate capitalisé, uniquement si la performance du FCP est positive. Des précisions supplémentaires sont disponibles dans le prospectus du fonds. Le montant des commissions de performances versé au titre de l’exercice clos le 29/09/2021 représente 4.05%.
Pour plus d’information sur les frais, se référer au prospectus du FCP, disponible sur le site internet www.bdlcm.com | Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior. El inversor puede consultar a su asesor o distribuidor el importe de gastos de entrada y salida que realmente pagará.
Los gastos detraídos por el Fondo en un año que aquí se muestran se basan en los costes del último ejercicio, cerrado a 29/9/2021. Pueden variar de un año a otro. Los gastos corrientes no incluyen las comisiones de rentabilidad ni los costes de transacción, excepto en caso de que el Fondo pague gastos de entrada y/o de salida cuando compre o venda participaciones de otro vehículo de gestión colectiva.
La comisión de rentabilidad representa el 20% (impuestos incluidos) de la rentabilidad del Fondo superior a la rentabilidad del tipo efectivo de los fondos federales de
EE. UU. capitalizado, únicamente si la rentabilidad del Fondo es positiva. En el folleto del fondo figura información adicional al respecto. El importe de las comisiones de rentabilidad correspondiente al ejercicio cerrado a 29/9/2021 es del 4,05%.
Para más información relacionada con los gastos, consulte el folleto del Fondo, que se encuentra disponible en el sitio web www.bdlcm.com. | Les droits d’entrée et de sortie affichés constituent les maxima applicables. Dans certains cas des droits inférieurs peuvent être appliqués. L’investisseur peut obtenir de son conseil ou son distributeur le montant effectif des frais d’entrée et de sortie.
Les frais indiqués prélevés par le FCP sur une année sont basés sur les coûts du dernier exercice clos le 29/09/2021. Ils peuvent varier d’année en année. Les frais courants ne comprennent pas les commissions de performance et les frais de transactions excepté dans le cas de frais d’entrée et/ou de sortie payés par le FCP lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective.
La commission de performance représente 20% TTC de la performance du FCP au-delà de la performance du US Federal funds effective rate capitalisé, uniquement si la performance du FCP est positive. Des précisions supplémentaires sont disponibles dans le prospectus du fonds. Le montant des commissions de performances versé au titre de l’exercice clos le 29/09/2021 représente 4.05%.
Pour plus d’information sur les frais, se référer au prospectus du FCP, disponible sur le site internet www.bdlcm.com | fr | es |
DOLFIN494 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Any US reportable person and/or CRS reportable person will be reported to the ACD, which may then send the information to the relevant taxation authority, in particular, under FATCA, the US Department of Treasury.
If the SICAV does not obtain the information and supporting documents from the investor, it is authorised at its sole discretion or may be required to take certain measures to comply with the Luxembourg FATCA Regulation and Luxembourg CRS Regulation. Such measures (i) may include the disclosure to the ACD of information about the investor concerned and, where applicable, about the investor’s Controlling Person(s) and (ii) may involve the deduction of any tax or penalties levied on the SICAV as a result of the investor’s failure to provide the information and supporting documents required.
The SICAV may also, at its sole discretion, proceed with the compulsory redemption of an investor’s units or reject subscription orders from any investor that it determines could compromise its status. | Jede anzugebende amerikanische Person und/oder Person, die eine CRS-Erklärung erfordert, wird dem ACD mitgeteilt, der anschließend die Informationen der betreffenden Steuerbehörde zukommen lässt, insbesondere im Hinblick auf FATCA, dem US Department of Treasury.
Falls die SICAV nicht die Informationen und Belege vom Anleger erhält, kann die SICAV nach eigenem Ermessen oder auch dazu verpflichtet sein, bestimmte Maßnahmen zu ergreifen, um den luxemburgischen FATCA-Vorschriften und den luxemburgischen CRS-Vorschriften zu genügen. Solche Maßnahmen (i) können die Übermittlung der Informationen zu dem betreffenden Anleger und ggf. zu bestimmten Personen, die den Anleger kontrollieren, an den ACD beinhalten und (ii) können auch die Erhebung von Steuern oder Strafen umfassen, die die SICAV aufgrund der Tatsache beeinträchtigen, dass dieser Anleger die erforderlichen Informationen und Belege nicht bereitgestellt hat.
Außerdem kann die SICAV auch nach eigenem Ermessen den zwangsweisen Rückkauf der Anteile eines Anlegers vornehmen, oder Subskriptionsaufträge von Anlegern ablehnen, von denen sie vermutet, dass sie ihren Status beeinträchtigen. | Any US reportable person and/or CRS reportable person will be reported to the ACD, which may then send the information to the relevant taxation authority, in particular, under FATCA, the US Department of Treasury.
If the SICAV does not obtain the information and supporting documents from the investor, it is authorised at its sole discretion or may be required to take certain measures to comply with the Luxembourg FATCA Regulation and Luxembourg CRS Regulation. Such measures (i) may include the disclosure to the ACD of information about the investor concerned and, where applicable, about the investor’s Controlling Person(s) and (ii) may involve the deduction of any tax or penalties levied on the SICAV as a result of the investor’s failure to provide the information and supporting documents required.
The SICAV may also, at its sole discretion, proceed with the compulsory redemption of an investor’s units or reject subscription orders from any investor that it determines could compromise its status. | en | de |
DOLFIN495 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S EUR Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,033
-19.7%
EUR 9,114
-1.3% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S EUR Acc entre 13/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 033 EUR
-19,7%
9 114 EUR
-1,3% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S EUR Acc between 13/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,033
-19.7%
EUR 9,114
-1.3% | en | es |
DOLFIN496 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PRELIMINARY
- Sections 65, 77 to 81, 83(1), 94(8), 95(1), 96(2) to (11), 124, 125, 126, 144(3),144(4), 148(2), 158(3), 159 to 165, 178(2), 181(6), 182(2), 182(5), 183(3),186(c), 187, 188, 218(3), (4), (5), 229, 230, 338(5), 338(6), 339(7), 618(1)(b),620(8), 1090, 1092, 1093 and 1113 of the Act shall not apply to the Company.
- Subject to the provisions of the Regulations, the business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit.
- The Preliminary Expenses shall be payable by the Company or by the Investment Manager. Subject to applicable law, the amount of Preliminary Expenses payable by the Company may be carried forward in the accounts of the Company and amortised in such manner and over such period as the Directors may determine. The Preliminary Expenses for the funds shall be allocated between the funds pro rata. The Directors may adjust the allocation following the issue of additional classes of shares.
- The Company shall also bear the following fees and expenses:-
- all taxes and expenses which may be incurred in connection with the acquisition and disposal of the assets of the Company;
- all taxes which may be payable on the assets, income and expenses chargeable to the Company;
- all brokerage, bank and other charges incurred by the Company in relation to its business transactions;
- all fees and expenses (including Value Added Tax, if applicable) due to the Auditors, the legal advisers to the Company, any valuer or other supplier of services to the Company, and the fees payable to the Depositary, the Manager, the Administrator, the Investment Manager and the Distributor as shall be disclosed in the Prospectus together with sub- custodial fees and expenses;
- all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
- all expenses incurred in the registration of the Company with any government agencies or regulatory authority and in having the shares of the Company listed or dealt on any stock exchange or any regulatedmarket and in having the shares of the Company rated by any rating agency;
- all expenses arising in respect of legal or administrative proceedings; and
- all expenses incurred in connection with the operation and management of the Company, including, without limitation to the generality of the foregoing, all Directors fees, all costs incurred in organising Directors and Members meetings and in obtaining proxies in relation to such meetings, all insurance premiums and association membership dues and all non-recurring and extraordinary items of expenditure as may arise.
- At the discretion of the Directors and in accordance with the requirements of the Central Bank fees and expenses may be charged against current income, realised capital gains and/or assets.
- | # PRÉAMBULE
- Les Sections 65, 77 à 81, 83(1), 94(8), 95(1), 96(2) à (11), 124, 125, 126,144(3), 144(4), 148(2), 158(3), 159 à 165, 178(2), 181(6), 182(2), 182(5),183(3), 186(c), 187, 188, 218(3), (4) et (5), 229, 230, 338(5), 338(6), 339(7),618(1)(b), 620(8), 1090, 1092, 1093 et 1113 de la Loi ne s'appliquent pas à la Société.
- Sous réserve des dispositions du Règlement, l'activité de la Société débutera dès que les Administrateurs le jugeront opportun après sa constitution.
- Les Frais Préliminaires seront acquittés par la Société ou par le Gestionnaire de Portefeuille. Sous réserve de la législation en vigueur, le montant des Frais Préliminaires à acquitter par la Société peut être reporté dans les comptes de la Société et amortis de la manière et sur la durée déterminées par lesAdministrateurs. Les Frais Préliminaires afférents aux compartiments sont répartis proportionnellement entre ceux-ci. Les Administrateurs ont la faculté d'ajuster la répartition après l'émission de catégories d'actions supplémentaires.
- La Société supportera également les frais et dépenses suivants :
- tous les impôts, taxes et dépenses pouvant être encourus dans le cadre de l'acquisition et de la cession d’actifs de la Société ;
- tous les impôts et taxes éventuellement dus au titre des actifs, revenus et dépenses imputables à la Société ;
- toutes les commissions de courtage, frais bancaires et autres frais encourus par la Société en lien avec ses opérations ;
- tous les honoraires, commissions et débours (dont la Taxe sur la valeur ajoutée, le cas échéant) dus aux Commissaires aux Comptes, aux conseillers juridiques de la Société, à tout expert-évaluateur ou autre prestataire de services à la Société, ainsi que les commissions à payer au Dépositaire, au Gestionnaire, à l'Agent Administratif, au Gestionnaire de Portefeuille et au Distributeur, telles qu'indiquées dans le Prospectus, ainsi que les commissions et débours du dépositaire par délégation ;
- toutes les dépenses encourues dans le cadre de la publication et de la fourniture d'informations aux Membres et, en particulier, sans préjudice du caractère général de ce qui précède, le coût d'impression et de diffusion du Rapport Annuel, de tout rapport à la Banque Centrale ou à toute autre autorité réglementaire, du rapport semestriel ou d'un autre rapport, de tout Prospectus et le coût de publication de cours et d'avis dans la presse financière ainsi que tous les frais de papeterie, d'impression et de port liés à la préparation et à la distribution de chèques, bons de souscription, attestations fiscales et relevés ;
- toutes les dépenses engagées dans le cadre de l'enregistrement de la Société auprès de tout organisme gouvernemental ou autorité de réglementation, de l'inscription à la cote ou à la négociation des actions de la Société sur toute Bourse ou tout marché réglementé et de la notation des actions de la Société par toute agence de notation ;
- toutes les dépenses engagées dans le cadre de procédures judiciaires ou administratives ; et
- toutes les dépenses engagées dans le cadre de l'exploitation et de la gestion de la Société, y compris, sans limiter le caractère général de ce qui précède, tous les jetons de présence des Administrateurs, tous les frais engagés dans le cadre de l'organisation des réunions des Administrateurs et des assemblées des Membres et de l'obtention de procurations pour ces réunions et assemblées, toutes les primesd'assurance et cotisations d'association et toutes les dépenses non récurrentes et extraordinaires susceptibles de survenir.
- À la discrétion des Administrateurs et conformément aux exigences de la Banque Centrale, les honoraires, commissions et débours peuvent être imputés sur le résultat courant, les plus-values réalisées et/ou les actifs.
- | # PRELIMINARY
- Sections 65, 77 to 81, 83(1), 94(8), 95(1), 96(2) to (11), 124, 125, 126, 144(3),144(4), 148(2), 158(3), 159 to 165, 178(2), 181(6), 182(2), 182(5), 183(3),186(c), 187, 188, 218(3), (4), (5), 229, 230, 338(5), 338(6), 339(7), 618(1)(b),620(8), 1090, 1092, 1093 and 1113 of the Act shall not apply to the Company.
- Subject to the provisions of the Regulations, the business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit.
- The Preliminary Expenses shall be payable by the Company or by the Investment Manager. Subject to applicable law, the amount of Preliminary Expenses payable by the Company may be carried forward in the accounts of the Company and amortised in such manner and over such period as the Directors may determine. The Preliminary Expenses for the funds shall be allocated between the funds pro rata. The Directors may adjust the allocation following the issue of additional classes of shares.
- The Company shall also bear the following fees and expenses:-
- all taxes and expenses which may be incurred in connection with the acquisition and disposal of the assets of the Company;
- all taxes which may be payable on the assets, income and expenses chargeable to the Company;
- all brokerage, bank and other charges incurred by the Company in relation to its business transactions;
- all fees and expenses (including Value Added Tax, if applicable) due to the Auditors, the legal advisers to the Company, any valuer or other supplier of services to the Company, and the fees payable to the Depositary, the Manager, the Administrator, the Investment Manager and the Distributor as shall be disclosed in the Prospectus together with sub- custodial fees and expenses;
- all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
- all expenses incurred in the registration of the Company with any government agencies or regulatory authority and in having the shares of the Company listed or dealt on any stock exchange or any regulatedmarket and in having the shares of the Company rated by any rating agency;
- all expenses arising in respect of legal or administrative proceedings; and
- all expenses incurred in connection with the operation and management of the Company, including, without limitation to the generality of the foregoing, all Directors fees, all costs incurred in organising Directors and Members meetings and in obtaining proxies in relation to such meetings, all insurance premiums and association membership dues and all non-recurring and extraordinary items of expenditure as may arise.
- At the discretion of the Directors and in accordance with the requirements of the Central Bank fees and expenses may be charged against current income, realised capital gains and/or assets.
- | en | fr |
DOLFIN497 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The AIFM is responsible for ensuring that the Net Asset Value and Net Asset Value per Unit are calculated and disclosed to Unitholders. The procedures and methodology for calculating the Net Asset Value per Unit are summarized below. As part of its control function, the AIFM shall regularly verify and update as necessary these calculation procedures and methodologies.
The assets and liabilities of each Sub-Fund will be valued in accordance with the valuation policy of the AIFM consistent with the provisions outlined below. The valuation policy of the AIFM covers, but is not limited to, the following items:
- details of the competence and independence of the personnel who are effectively carrying out the valuation of assets;
- the valuation methodologies and standards specific to investment strategies employed by each Sub- Fund;
- the controls over the selection of valuation inputs and the assets that a Sub-Fund might invest in;
- the escalation channels for resolving differences in values for assets;
- the valuation of any adjustments related to the size and liquidity of positions, or to changes in the market conditions, as appropriate;
- the appropriate time for closing the books for valuation purposes;
- the appropriate frequency for valuing assets. | Der AIFM trägt die Verantwortung dafür sicherzustellen, dass der Nettoinventarwert und der Nettoinventarwert pro Anteil berechnet und den Anteilinhabern mitgeteilt werden. Das Verfahren und die Methodik zur Berechnung des Nettoinventarwerts pro Anteil sind nachstehend zusammenfassend beschrieben. Im Rahmen seiner Kontrollfunktion überprüft und aktualisiert der AIFM diese Berechnungsverfahren und -methoden regelmäßig, falls erforderlich.
Die Vermögenswerte und Verbindlichkeiten aller Teilfonds werden gemäß den Bewertungsgrundsätzen des AIFM im Einklang mit den nachstehend aufgezeigten Vorschriften bewertet. Die Bewertungsgrundsätze des AIFM berücksichtigen unter anderem die folgenden Aspekte:
- Angaben zur Kompetenz und Unabhängigkeit des Personals, das die Bewertung der Vermögenswerte tatsächlich vornimmt;
- die Bewertungsmethoden und -standards, die speziell für die von den einzelnen Teilfonds verwendeten Anlagestrategien verwendet werden,
- die Kontrollen der Auswahl von Eingangswerten, die in die Bewertung einfließen, und die Vermögenswerte, in die ein Teilfonds investieren kann,
- die Eskalationskanäle zur Beseitigung von Differenzen hinsichtlich des Werts von Vermögenswerten,
- die Bewertung von Anpassungen, die mit dem Umfang und der Liquidität von Positionen oder gegebenenfalls mit Änderungen der Marktbedingungen zusammenhängen,
- den geeigneten Zeitpunkt der Kontoabschlüsse für den Bewertungsstichtag,
- die geeignete Bewertungshäufigkeit im Hinblick auf Vermögenswerte. | The AIFM is responsible for ensuring that the Net Asset Value and Net Asset Value per Unit are calculated and disclosed to Unitholders. The procedures and methodology for calculating the Net Asset Value per Unit are summarized below. As part of its control function, the AIFM shall regularly verify and update as necessary these calculation procedures and methodologies.
The assets and liabilities of each Sub-Fund will be valued in accordance with the valuation policy of the AIFM consistent with the provisions outlined below. The valuation policy of the AIFM covers, but is not limited to, the following items:
- details of the competence and independence of the personnel who are effectively carrying out the valuation of assets;
- the valuation methodologies and standards specific to investment strategies employed by each Sub- Fund;
- the controls over the selection of valuation inputs and the assets that a Sub-Fund might invest in;
- the escalation channels for resolving differences in values for assets;
- the valuation of any adjustments related to the size and liquidity of positions, or to changes in the market conditions, as appropriate;
- the appropriate time for closing the books for valuation purposes;
- the appropriate frequency for valuing assets. | en | de |
DOLFIN498 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed European countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI Europe Enhanced Value Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y realizable, componen el Índice.
El Índice trata de reflejar las características de rentabilidad de un subconjunto de valores de renta variable incluidos en el MSCI Europe Index (el «Índice matriz»), seleccionados por su buena relación calidad-precio. Los componentes del Índice se seleccionan entre los valores del Índice matriz en función de tres indicadores principales con la misma ponderación que reflejan si los valores de renta variable de una empresa ofrecen un valor adecuado: la comparación del precio de un valor de renta variable con las ganancias futuras estimadas de la empresa (basándose en un consenso de las opiniones publicadas de los analistas de una agencia externa reconocida en el sector); el precio de un valor de renta variable en relación con el valor contable (es decir, el valor de la cartera de los accionistas en la cuenta de resultados) de la empresa, y el valor empresarial (una medida del valor de una empresa, que incluye su deuda y sus activos) de una empresa en relación con su flujo de tesorería operativo (es decir, una medida de la cantidad de efectivo generado por las actividades empresariales normales de la empresa), con la salvedad de que el valor empresarial no se utiliza como un indicador del valor adecuado para las empresas del sector financiero debido a la estructura de su capital. El Índice incorpora restricciones a la exposición a las ponderaciones sectoriales para limitar las desviaciones importantes con respecto al Índice matriz.
El Índice matriz está diseñado para ofrecer una representación de los mercados de renta variable de países desarrollados europeos. Las empresas se incluyen en el Índice matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Subfondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Subfondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI Europe Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI Europe Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed European countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN499 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### In the event that the swing pricing mechanism is applied, the “swung” NAV will be the official NAV notified to the SICAV's shareholders.
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#### ACCOUNTING METHODS | ###### Bei Anwendung des „Swing Pricing“-Mechanismus ist der „geswingte“ Nettoinventarwert der offizielle Nettoinventarwert, der den Anteilinhaber der Sicav bekanntgegeben wird.
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#### BILANZIERUNGSMETHODEN | ###### In the event that the swing pricing mechanism is applied, the “swung” NAV will be the official NAV notified to the SICAV's shareholders.
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#### ACCOUNTING METHODS | en | de |
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