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DOLFIN4100 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Taxonomy Regulation
The Taxonomy Regulation sets out a list of economic activities with performance criteria for their contribution to the six environmental objectives namely (i) climate change mitigation; (ii) climate change adaptation; (iii) sustainable use and protection of water and marine resources; (iv) transition to a circular economy; (v) pollution prevention and control; (iv) protection and restoration of biodiversity and ecosystems (the "Environmental Objectives").
The Taxonomy Regulation builds on the SFDR requirements for both an Article 8 financial product and an Article 9 financial product by placing additional disclosure obligations on those funds that invest in economic activities that contribute to one or more of the six Environmental Objectives. It requires Financial Market Participants (of such financial products) to disclose (i) how and to what extent they have used the Taxonomy Regulation to determine the sustainability of the underlying investments; and (ii) to what Environmental Objective(s) the underlying investments contribute. | ## „Taxonomieverordnung“
Die Taxonomieverordnung enthält eine Liste mit Leistungskriterien für den Beitrag wirtschaftlicher Tätigkeiten zu den sechs Umweltzielen: (i) Eindämmung des Klimawandels, (ii) Anpassung an den Klimawandel, (iii) nachhaltige Nutzung und Schutz von Wasser- und Meeresressourcen, (iv) Übergang zu einer Kreislaufwirtschaft, (v) Vermeidung und Verminderung von Umweltverschmutzung, (vi) Schutz und Wiederherstellung der biologischen Vielfalt und der Ökosysteme (die „Umweltziele“).
Die Taxonomieverordnung baut auf den SFDR-Anforderungen sowohl für ein Finanzprodukt gemäß Artikel 8 als auch für ein Finanzprodukt gemäß Artikel 9 auf, indem zusätzliche Offenlegungspflichten für diejenigen Fonds festgelegt werden, die in wirtschaftliche Aktivitäten investieren, die zu einem oder mehreren der sechs Umweltziele beitragen. Sie verlangt von den Finanzmarktteilnehmern (solcher Finanzprodukte), dass sie offenlegen, (i) wie und in welchem Umfang sie die Taxonomieverordnung zur Bestimmung der Nachhaltigkeit der zugrunde liegenden Anlagen herangezogen haben, und (ii) zu welchem/welchen Umweltziel(en) die zugrunde liegenden Anlagen beitragen. | ## Taxonomy Regulation
The Taxonomy Regulation sets out a list of economic activities with performance criteria for their contribution to the six environmental objectives namely (i) climate change mitigation; (ii) climate change adaptation; (iii) sustainable use and protection of water and marine resources; (iv) transition to a circular economy; (v) pollution prevention and control; (iv) protection and restoration of biodiversity and ecosystems (the "Environmental Objectives").
The Taxonomy Regulation builds on the SFDR requirements for both an Article 8 financial product and an Article 9 financial product by placing additional disclosure obligations on those funds that invest in economic activities that contribute to one or more of the six Environmental Objectives. It requires Financial Market Participants (of such financial products) to disclose (i) how and to what extent they have used the Taxonomy Regulation to determine the sustainability of the underlying investments; and (ii) to what Environmental Objective(s) the underlying investments contribute. | en | de |
DOLFIN4101 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# GLOSSAIRE
## Benchmark
Indice servant de base de comparaison pour la performance d'un fonds de placement. Egalement appelé indice de référence ou indice de comparaison.
## Produit dérivé
Un produit dérivé est un instrument financier dont le prix est déterminé par l'évolution
du cours d'une variable de référence (le sous-jacent). Les sous-jacents peuvent être des actions, des indices d'actions, des emprunts d'Etat, des devises, des taux d'intérêt, des
matières premières (blé, or, etc.), mais aussi des swaps. Les instruments financiers dérivés peuvent prendre la forme d'une opération à terme ferme ou d'une option et se négocient soit sur les marchés à terme à des conditions standards, soit hors bourse (over-the-counter, OTC) à des conditions librement négociées. Dans certaines
circonstances, les fluctuations de cours du sous-jacent entraînent une variation beaucoup plus forte des cours du produit dérivé concerné. Les produits dérivés permettent de couvrir des risques financiers (hedging), de spéculer sur des fluctuations de cours (trading) ou d'exploiter des écarts de prix entre les marchés (arbitrage).
LE PRÉSENT DOCUMENT EST UNE PUBLICATION MARKETING. Il reflète l'opinion de l'Union Bancaire Privée, UBP SA ou d'une entité du Groupe UBP (ci-après l'«UBP») à la date de son émission. Il n'est pas destiné à être distribué, publié ou utilisé dans une juridiction où une telle distribution, publication ou utilisation serait interdite, et il ne s'adresse pas aux personnes ou aux entités auxquelles il serait illégal d'adresser un tel document.
Le présent document a été produit sur la base des meilleurs efforts possibles; il est fourni uniquement à titre d'information et ne saurait constituer une offre ou une recommandation d'achat ou de vente d'un quelconque titre, sauf mention contraire. Les opinions exprimées dans le présent document ne prennent pas en considération la situation, les objectifs ou les besoins spécifiques des investisseurs. Il appartient à chaque investisseur de se forger sa propre opinion à l'égard de tout titre ou instrument financier mentionné dans ce document. Il est conseillé aux investisseurs de vérifier, avant d'effectuer une quelconque transaction, si elle est adaptée à leur situation personnelle, et d'analyser les risques spécifiques encourus, notamment sur le plan financier, réglementaire et fiscal, en recourant le cas échéant à des conseillers professionnels.
Les informations et les analyses contenues dans le présent document sont basées sur des sources considérées comme fiables. Toutefois, l'UBP ne garantit ni l'actualité, ni l'exactitude, ni l'exhaustivité desdites informations et analyses, et n'assume aucune responsabilité quant aux pertes ou aux dommages susceptibles de résulter de leur utilisation. Toutes les informations et les appréciations sont susceptibles d'être modifiées sans préavis. LES PERFORMANCES PASSÉES N'OFFRENT AUCUNE GARANTIE QUANT AUX RÉSULTATS ACTUELS OU FUTURS. Ce document n'a pas été produit par le département d'analyse financière de l'UBP et ne peut donc être considéré comme de la recherche financière. Les investissements mentionnés dans le présent document peuvent comporter des risques qu'il est difficile de quantifier et d'intégrer dans l'évaluation des investissements.
Le présent document ne constitue ni une offre, ni une sollicitation pour la souscription d'actions dans le fonds ou le compartiment mentionné, dans les juridictions où une telle offre ou sollicitation ne serait pas autorisée, ou à l'intention de toute personne à laquelle il serait juridiquement interdit de faire une telle offre ou proposition. Le présent document ne saurait remplacer le prospectus et les autres documents juridiques qui peuvent être obtenus gratuitement auprès du siège du fonds.
Toute souscription non fondée sur le dernier prospectus, DICI/KIID, ou rapport annuel ou semestriel du fonds ne saurait être acceptée. Le présent document est confidentiel et destiné
uniquement à la personne à laquelle il a été remis. Il ne peut être reproduit (en totalité ou en partie), ou transmis à toute autre personne, sans l'autorisation écrite préalable de l'UBP.
Le représentant et l'agent payeur en Suisse est l'Union Bancaire Privée, UBP SA, 96-98 rue du Rhône, case postale 1320, 1211 Genève 1, Suisse (UBP). Les derniers prospectus, statuts, DICI/KIID et rapports annuel et semestriel peuvent être obtenus gratuitement auprès de l'UBP et auprès d'UBP Asset Management (Europe) S.A., 287-289 route d'Arlon, 1150 Luxembourg, Grand-Duché de Luxembourg.
L'Union Bancaire Privée, UBP SA est agréée et réglementée, en Suisse, par l'Autorité fédérale de surveillance des marchés financiers (FINMA); au Royaume-Uni, l'UBP est agréée par l'Autorité de régulation prudentielle (Prudential Regulation Authority, PRA) et elle est réglementée par l'Autorité de conduite financière (Financial Conduct Authority, FCA). | # GLOSSARIO
## Índice de referencia
Índice que se emplea como base de comparación de la rentabilidad de un fondo de inversión.
También es usual que se emplee el término en inglés, benchmark.
## Producto derivado
Instrumento financiero cuyo precio depende de la evolución de la cotización de una variable de referencia (activo subyacente). Pueden ser activos subyacentes las acciones, los índices de acciones, la deuda pública, las divisas, los tipos de interés, las materias
primas (trigo, oro, etc.), sin olvidar los swap. Los instrumentos financieros derivados pueden ser contratos firmes a plazo u opciones, y se negocian con claúsulas estándar en los mercados de futuros y opciones o en mercados extrabursátiles (over the counter, OTC) con claúsulas negociadas libremente entre las partes. En ciertas circunstancias, la
fluctuación de la cotización del activo subyacente provoca una variación mucho mayor de la cotización del producto derivado. Los productos derivados se emplean para dar cobertura a
los riesgos financieros (hedging), especular con las fluctuaciones de la cotización
EL PRESENTE DOCUMENTO ES UNA PUBLICACIÓN DE CARÁCTER COMERCIAL y refleja la opinión de Union Bancaire Privée, UBP SA o de cualquier otra entidad del Grupo UBP (en adelante «UBP») en la fecha de publicación de este. No será distribuido, publicado ni empleado en ninguna de las jurisdicciones en las que dicha distribución, publicación o empleo pudiera ser contraria a la ley y no va dirigido a aquellas personas o entidades a las que pudiera estar jurídicamente prohibido dirigir dicho documento.
Se ha puesto la mayor diligencia en la redacción de este documento y la información recogida en él lo es únicamente a título informativo. El documento no constituye una oferta ni una recomendación de compraventa de título alguno, a menos que se estipule lo contrario en la presente advertencia legal. Las opiniones en él recogidas no tienen en cuenta las circunstancias, objetivos o necesidades individuales de cada inversor. El inversor deberá tomar sus propias decisiones de manera independiente en relación a los títulos e instrumentos financieros mencionados en el presente documento. Antes de realizar cualquier transacción, instamos encarecidamente al inversor a que analice la conveniencia de dicha transacción en relación a sus circunstancias particulares y evalúe de manera independiente los riesgos que entraña, en particular en los ámbitos financiero, legal y fiscal, solicitando asesoramiento profesional de ser necesario.
La información y los análisis presentados en este documento se han basado en fuentes juzgadas fidedignas. No obstante, UBP no garantiza su pertinencia, exactitud o exhaustividad, y declina toda responsabilidad por las pérdidas o perjuicios que pudieran derivarse de su empleo. Toda información u opinión puede ser modificada sin previo aviso. LA RENTABILIDAD PASADA NO GARANTIZA LA RENTABILIDAD PRESENTE O FUTURA. Los analistas financieros de UBP no han estado a cargo de la redacción de este documento y no debe ser considerado el resultado de un análisis financiero. Es posible que las inversiones recogidas en el presente documento soporten riesgos que resulten difíciles de cuantificar e integrar en la valoración de la inversión. El presente documento no constituye ni una oferta ni una propuesta de suscripción de acciones del fondo o compartimento citado en ninguna de las jurisdicciones en las que dicha oferta o propuesta pudiera no estar autorizada, ni está dirigido a aquellas personas a las que pudiera estar jurídicamente prohibido dirigir dicha oferta o propuesta de suscripción. No tiene por objeto sustituir al folleto ni a ningún otro documento legal que pueden obtenerse de forma gratuita en el domicilio social del fondo.
No se aceptarán aquellas suscripciones que no se basen en el folleto, en los DICI (Documentos de Información Clave para el Inversor) y en los informes anual o semestral del fondo más recientes. Este documento es confidencial y se destina al uso exclusivo de la persona a la que se le ha hecho entrega. Queda prohibida su reproducción total o parcial y se prohíbe su entrega a cualquier otra persona sin la autorización previa y por escrito de UBP.
Union Bancaire Privée, UBP SA, sita en el 96-98 rue du Rhône, P.O. Box 1320, 1211 Ginebra 1, Suiza, (UBP) es el representante y agente de pago en Suiza. El folleto, los estatutos, los DICI (Documentos de Información Clave para el Inversor) y los informes anual y semestral más recientes pueden solicitarse gratuitamente tanto a UBP como en el domicilio de UBP Asset Management (Europe) S.A., en la dirección siguiente: 287-289 route d'Arlon, 1150 Luxemburgo, Gran Ducado de Luxemburgo. UBP ha sido autorizado y está regulado en Suiza por la Autoridad Federal de Supervisión de los Mercados Financieros (FINMA - Autorité fédérale de surveillance des marchés financiers) y en el Reino Unido, ha sido autorizado por la Autoridad de Regulación Prudencial (Prudential Regulation Authority) y está regulado por la Autoridad de Conducta Financiera (FCA - Financial Conduct Authority). | # GLOSSAIRE
## Benchmark
Indice servant de base de comparaison pour la performance d'un fonds de placement. Egalement appelé indice de référence ou indice de comparaison.
## Produit dérivé
Un produit dérivé est un instrument financier dont le prix est déterminé par l'évolution
du cours d'une variable de référence (le sous-jacent). Les sous-jacents peuvent être des actions, des indices d'actions, des emprunts d'Etat, des devises, des taux d'intérêt, des
matières premières (blé, or, etc.), mais aussi des swaps. Les instruments financiers dérivés peuvent prendre la forme d'une opération à terme ferme ou d'une option et se négocient soit sur les marchés à terme à des conditions standards, soit hors bourse (over-the-counter, OTC) à des conditions librement négociées. Dans certaines
circonstances, les fluctuations de cours du sous-jacent entraînent une variation beaucoup plus forte des cours du produit dérivé concerné. Les produits dérivés permettent de couvrir des risques financiers (hedging), de spéculer sur des fluctuations de cours (trading) ou d'exploiter des écarts de prix entre les marchés (arbitrage).
LE PRÉSENT DOCUMENT EST UNE PUBLICATION MARKETING. Il reflète l'opinion de l'Union Bancaire Privée, UBP SA ou d'une entité du Groupe UBP (ci-après l'«UBP») à la date de son émission. Il n'est pas destiné à être distribué, publié ou utilisé dans une juridiction où une telle distribution, publication ou utilisation serait interdite, et il ne s'adresse pas aux personnes ou aux entités auxquelles il serait illégal d'adresser un tel document.
Le présent document a été produit sur la base des meilleurs efforts possibles; il est fourni uniquement à titre d'information et ne saurait constituer une offre ou une recommandation d'achat ou de vente d'un quelconque titre, sauf mention contraire. Les opinions exprimées dans le présent document ne prennent pas en considération la situation, les objectifs ou les besoins spécifiques des investisseurs. Il appartient à chaque investisseur de se forger sa propre opinion à l'égard de tout titre ou instrument financier mentionné dans ce document. Il est conseillé aux investisseurs de vérifier, avant d'effectuer une quelconque transaction, si elle est adaptée à leur situation personnelle, et d'analyser les risques spécifiques encourus, notamment sur le plan financier, réglementaire et fiscal, en recourant le cas échéant à des conseillers professionnels.
Les informations et les analyses contenues dans le présent document sont basées sur des sources considérées comme fiables. Toutefois, l'UBP ne garantit ni l'actualité, ni l'exactitude, ni l'exhaustivité desdites informations et analyses, et n'assume aucune responsabilité quant aux pertes ou aux dommages susceptibles de résulter de leur utilisation. Toutes les informations et les appréciations sont susceptibles d'être modifiées sans préavis. LES PERFORMANCES PASSÉES N'OFFRENT AUCUNE GARANTIE QUANT AUX RÉSULTATS ACTUELS OU FUTURS. Ce document n'a pas été produit par le département d'analyse financière de l'UBP et ne peut donc être considéré comme de la recherche financière. Les investissements mentionnés dans le présent document peuvent comporter des risques qu'il est difficile de quantifier et d'intégrer dans l'évaluation des investissements.
Le présent document ne constitue ni une offre, ni une sollicitation pour la souscription d'actions dans le fonds ou le compartiment mentionné, dans les juridictions où une telle offre ou sollicitation ne serait pas autorisée, ou à l'intention de toute personne à laquelle il serait juridiquement interdit de faire une telle offre ou proposition. Le présent document ne saurait remplacer le prospectus et les autres documents juridiques qui peuvent être obtenus gratuitement auprès du siège du fonds.
Toute souscription non fondée sur le dernier prospectus, DICI/KIID, ou rapport annuel ou semestriel du fonds ne saurait être acceptée. Le présent document est confidentiel et destiné
uniquement à la personne à laquelle il a été remis. Il ne peut être reproduit (en totalité ou en partie), ou transmis à toute autre personne, sans l'autorisation écrite préalable de l'UBP.
Le représentant et l'agent payeur en Suisse est l'Union Bancaire Privée, UBP SA, 96-98 rue du Rhône, case postale 1320, 1211 Genève 1, Suisse (UBP). Les derniers prospectus, statuts, DICI/KIID et rapports annuel et semestriel peuvent être obtenus gratuitement auprès de l'UBP et auprès d'UBP Asset Management (Europe) S.A., 287-289 route d'Arlon, 1150 Luxembourg, Grand-Duché de Luxembourg.
L'Union Bancaire Privée, UBP SA est agréée et réglementée, en Suisse, par l'Autorité fédérale de surveillance des marchés financiers (FINMA); au Royaume-Uni, l'UBP est agréée par l'Autorité de régulation prudentielle (Prudential Regulation Authority, PRA) et elle est réglementée par l'Autorité de conduite financière (Financial Conduct Authority, FCA). | fr | es |
DOLFIN4102 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Second, the investment manager prioritizes the three material factors most relevant for the subsequent investment decisions based on the Subfund’s current market exposure. The Investment Manager re-assess its prioritization regularly to account for changes in the materiality framework, portfolio exposure or market conditions. Subsequently, the material ESG Factors may change over time.
- ESG Security AnalysisBased on the identified material ESG Factors, the Investment Manager performs security, sector and regional research across the Subfund’s investment universe. The Investment Manager makes use of ESG ratings from state of the art service providers and combines them with the Investment Manager’s proprietary analysis and information. This may include ESG related news, ESG ratings and scores, ESG related controversies and ESG trends. The outcome of the ESG Security Analysis on individual securities, combined with the traditional research, permits CSAM to make ESG adjusted risk-return assessments. This allows to compare securities on an ESG adjusted basis and to evaluate whether to keep certain securities in the portfolio or to sell those in the “Security Selection and Portfolio Implementation”. ESG Security Analysis is periodically updated.
- Security Selection and Portfolio ImplementationBased on the identified material ESG Factors and ESG adjusted security analysis, the Investment Manager constructs the portfolio in accordance to the Subfund’s investment process and principles. The ESG adjusted security analysis in combination with portfolio construction considerations is used to determine the appropriate portfolio weights that reflect the ESG adjusted risk- return profile of the securities analyzed.
- Portfolio MonitoringThe Investment Manager monitors the ESG Factors periodically with its portfolio management system to detect significant changes in the ESG Factors of underlying securities and is re-assessing regularly the portfolio to evaluate increase or decrease positions based on - among others - the continued assessment of the ESG Factors.
- Targeted EngagementOn top of regular engagement and proxy voting carried out by the ESG team through their active ownership activities, the Investment Manager may engage with companies individually in case of serious ESG related concerns.
- Active Ownership
- Engagement
- Exercise of voting rightsActive Ownership approaches are described above. | Als nächstes priorisiert der Anlageverwalter die drei anhand des derzeitigen Marktengagements des Subfonds für die nachfolgenden Anlageentscheidungen relevantesten wesentlichen Faktoren. Der Anlageverwalter beurteilt seine Priorisierung regelmäßig neu, um Veränderungen des Wesentlichkeitsregelwerks, des Portfolioengagements oder der Marktbedingungen zu berücksichtigen. Entsprechend können die wesentlichen ESG-Faktoren sich mit der Zeit verändern.
- ESG-WertpapieranalyseBasierend auf den identifizierten wesentlichen ESG-Faktoren betreibt der Anlageverwalter Wertpapier-, Sektor- und regionales Research für das Anlageuniversum des Subfunds. Der Anlageverwalter verwendet ESG-Ratings von erstklassigen Dienstleistern und verknüpft sie mit seinen eigenen Analysen und Informationen. Dies kann mit ESG in Zusammenhang stehende Nachrichten, Ratings und Scores, Kontroversen und Trends beinhalten. Das Ergebnis der ESG- Wertpapieranalyse für einzelne Titel gestattet CSAM in Verbindung mit traditionellem Research, ESG-bereinigte Risiko-Rendite-Beurteilungen vorzunehmen. Dies ermöglicht einen Vergleich von Wertpapieren auf ESG-bereinigter Basis und die Entscheidung, ob bestimmte Titel im Portfolio gehalten oder verkauft werden sollten (siehe hierzu den folgenden Abschnitt «Wertpapierauswahl und Portfolioumsetzung»). ESG-Wertpapieranalysen werden regelmäßig aktualisiert.
- Wertpapierauswahl und PortfolioumsetzungBasierend auf den identifizierten wesentlichen ESG-Faktoren und der ESG-bereinigten Wertpapieranalyse stellt der Anlageverwalter das Portfolio entsprechend dem Anlageprozess und den Prinzipien des Subfonds zusammen. Die ESG-bereinigte Wertpapieranalyse in Kombination mit Erwägungen zur Portfoliozusammenstellung wird verwendet, um angemessene Portfoliogewichtungen festzulegen, die das ESG-bereinigte Risiko-Rendite-Profil der analysierten Wertpapiere widerspiegeln.
- PortfolioüberwachungDer Anlageverwalter überwacht die ESG-Faktoren regelmäßig mit seinem Portfolio-Management-System, um wesentliche Veränderungen der ESG-Faktoren zugrunde liegender Wertpapiere zu ermitteln und beurteilt das Portfolio regelmäßig neu, um Positionen unter anderem anhand der laufenden Beurteilung von ESG-Faktoren aufzustocken oder zu reduzieren.
- Gezielter Kontakt mit UnternehmenZusätzlich zur regulären Kontaktaufnahme und zur Stimmrechtsvertretung durch das ESG-Team im Rahmen seiner Active-Ownership-Tätigkeiten kann der Anlageverwalter im Falle schwerwiegender ESG-Bedenken gezielt an einzelne Unternehmen herantreten.
- Active Ownership
- Kontakt mit Unternehmen
- Ausübung von StimmrechtenActive-Ownership-Ansätze werden oben beschrieben. | Second, the investment manager prioritizes the three material factors most relevant for the subsequent investment decisions based on the Subfund’s current market exposure. The Investment Manager re-assess its prioritization regularly to account for changes in the materiality framework, portfolio exposure or market conditions. Subsequently, the material ESG Factors may change over time.
- ESG Security AnalysisBased on the identified material ESG Factors, the Investment Manager performs security, sector and regional research across the Subfund’s investment universe. The Investment Manager makes use of ESG ratings from state of the art service providers and combines them with the Investment Manager’s proprietary analysis and information. This may include ESG related news, ESG ratings and scores, ESG related controversies and ESG trends. The outcome of the ESG Security Analysis on individual securities, combined with the traditional research, permits CSAM to make ESG adjusted risk-return assessments. This allows to compare securities on an ESG adjusted basis and to evaluate whether to keep certain securities in the portfolio or to sell those in the “Security Selection and Portfolio Implementation”. ESG Security Analysis is periodically updated.
- Security Selection and Portfolio ImplementationBased on the identified material ESG Factors and ESG adjusted security analysis, the Investment Manager constructs the portfolio in accordance to the Subfund’s investment process and principles. The ESG adjusted security analysis in combination with portfolio construction considerations is used to determine the appropriate portfolio weights that reflect the ESG adjusted risk- return profile of the securities analyzed.
- Portfolio MonitoringThe Investment Manager monitors the ESG Factors periodically with its portfolio management system to detect significant changes in the ESG Factors of underlying securities and is re-assessing regularly the portfolio to evaluate increase or decrease positions based on - among others - the continued assessment of the ESG Factors.
- Targeted EngagementOn top of regular engagement and proxy voting carried out by the ESG team through their active ownership activities, the Investment Manager may engage with companies individually in case of serious ESG related concerns.
- Active Ownership
- Engagement
- Exercise of voting rightsActive Ownership approaches are described above. | en | de |
DOLFIN4103 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive financial assets constituting guarantees with the objective of reducing its exposure to global counterparty risk.
The financial guarantees received shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, they shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets;
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate government bonds or treasury bills and short-term money market funds. | ### Contratos que constituyen garantías financieras
En el marco de las operaciones con instrumentos financieros derivados OTC y las operaciones de adquisición y cesión temporal de valores, el fondo puede recibir los activos financieros que constituyan garantías financieras y que tengan como objetivo reducir su exposición al riesgo global de contraparte.
Las garantías financieras recibidas consisten fundamentalmente en efectivo, en el caso de las operaciones con instrumentos financieros derivados OTC, y en efectivo y títulos de deuda pública elegibles, en el caso de las operaciones de adquisición y cesión temporal de valores. Todas las garantías financieras, recibidas u otorgadas, se transferirán en plena propiedad.
El riesgo de contraparte derivado de las operaciones con instrumentos derivados OTC y el riesgo derivado de las operaciones de adquisición y cesión temporal de valores no podrán, en su conjunto, superar el 10% del patrimonio neto del fondo cuando la contraparte sea una de las entidades de crédito definidas en la normativa en vigor, o el 5% del patrimonio neto en los demás casos.
A este respecto, la garantía financiera (colateral) recibida y que se utilice para reducir la exposición al riesgo de contraparte deberá respetar lo siguiente:
- Se aportará en efectivo o en obligaciones o bonos del Tesoro de cualquier vencimiento emitidos o garantizados por los países miembros de la OCDE o sus entes públicos territoriales o por instituciones y organismos supranacionales a escala comunitaria, regional o mundial.
- Será mantenida por el Depositario del fondo o por uno de sus agentes o una tercera parte bajo su supervisión, o por cualquier depositario tercero que esté sometido a una vigilancia prudencial y que no guarde relación alguna con el proveedor de las garantías financieras.
- De conformidad con la normativa en vigor, la garantía financiera respetará en todo momento los criterios de liquidez, valoración (a diario, como mínimo), calidad crediticia de los emisores (calificación mínima de AA-), escasa correlación con la contraparte y diversificación, con una exposición a un emisor determinado de un máximo del 20% del patrimonio neto;
- Las garantías financieras recibidas en efectivo se depositarán, en su gran mayoría, en entidades elegibles y/o se utilizarán en operaciones con pacto de recompra inversa y, en menor medida, se invertirán en títulos de deuda pública o bonos del Tesoro de alta calidad e IIC monetarias a corto plazo. | ### Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive financial assets constituting guarantees with the objective of reducing its exposure to global counterparty risk.
The financial guarantees received shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, they shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets;
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate government bonds or treasury bills and short-term money market funds. | en | es |
DOLFIN4104 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Suspension of the redemption of units
The Company may suspend the redemption of units under exceptional circumstances that make a suspension appear necessary when taking into consideration the interests of investors. Such exceptional circumstances include, for example, the unscheduled closing of an stock exchange on which a significant portion of the securities of the fund is traded or that the assets of the fund cannot be valued. In addition, BaFin may order that the Company suspend the redemption of units if that is necessary in the interests of the investors or the public.
The Company reserves the right not to redeem or exchange units until it has disposed of assets of the fund without delay, but serving the inter- ests of all investors, at the redemption price then applicable. A suspension without subsequent resumption of the redemption of units can lead directly to a liquidation of the investment fund (see section “Liquidation, transfer and merger of the fund”).
The Company shall notify the investors, by means of an announcement in the Bundesanzei- ger and on the Internet at www.dws.com, about the suspension of the redemption of units and its resumption. The institutions maintaining the custody accounts shall also inform investors by means of a durable medium, such as on paper or in electronic format. | ##### Sospensione del rimborso delle quote
La Società può sospendere temporaneamente il rimborso delle quote, qualora sussistano condi- zioni straordinarie che rendano necessaria tale sospensione in considerazione degli interessi degli investitori. Tali circostanze straordinarie potrebbero ad esempio essere la chiusura straordinaria delle contrattazioni in una borsa nella quale viene scam- biata una parte rilevante di titoli del fondo o l’im- possibilità di determinare debitamente i valori patrimoniali del fondo. Inoltre la BaFin può disporre la sospensione del rimborso delle quote da parte della Società qualora fosse necessario nell’interesse pubblico o degli investitori.
La Società si riserva il diritto di rimborsare o scambiare le quote al prezzo di rimborso valido in quel momento solo dopo aver immediatamente liquidato la quantità corrispondente di valori patrimoniali del fondo, pur tutelando gli interessi di tutti gli investitori. A una sospensione provviso- ria può seguire direttamente una liquidazione del fondo senza la ripresa del rimborso delle quote (vedere a riguardo al paragrafo “Liquidazione, trasferimento e fusione del fondo”).
La Società, in relazione alla sospensione e alla ripresa del rimborso delle quote, informerà gli investitori tramite pubblicazione nella Gazzetta Ufficiale Federale e sulla pagina internet www.dws.de. Inoltre gli investitori vengono informati tramite gli uffici depositari mediante supporto di memorizzazione permanente, in forma scritta o elettronica. | #### Suspension of the redemption of units
The Company may suspend the redemption of units under exceptional circumstances that make a suspension appear necessary when taking into consideration the interests of investors. Such exceptional circumstances include, for example, the unscheduled closing of an stock exchange on which a significant portion of the securities of the fund is traded or that the assets of the fund cannot be valued. In addition, BaFin may order that the Company suspend the redemption of units if that is necessary in the interests of the investors or the public.
The Company reserves the right not to redeem or exchange units until it has disposed of assets of the fund without delay, but serving the inter- ests of all investors, at the redemption price then applicable. A suspension without subsequent resumption of the redemption of units can lead directly to a liquidation of the investment fund (see section “Liquidation, transfer and merger of the fund”).
The Company shall notify the investors, by means of an announcement in the Bundesanzei- ger and on the Internet at www.dws.com, about the suspension of the redemption of units and its resumption. The institutions maintaining the custody accounts shall also inform investors by means of a durable medium, such as on paper or in electronic format. | en | it |
DOLFIN4105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 596 EUR | 822 EUR |
| Annual cost impact (*) | 6.0% | 2.7% | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- | --- |
| Costes totales | 596 EUR | 822 EUR |
| Incidencia anual de los costes (*) | 6,0% | 2,7% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 596 EUR | 822 EUR |
| Annual cost impact (*) | 6.0% | 2.7% | | en | es |
DOLFIN4106 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
(1) Closed 21 September 2021
(2) Closed 04 August 2021
(3) Closed 25 May 2022
(4) Closed 23 November 2021
(5) Closed 08 September 2021
(6) Closed 27 July 2021 | (1) Fermeture le 21 septembre 2021
(2) Fermeture le 4 août 2021
(3) Fermeture le 25 mai 2022
(4) Fermeture le 23 novembre 2021
(5) Fermeture le 8 septembre 2021
(6) Fermeture le 27 juillet 2021 | (1) Closed 21 September 2021
(2) Closed 04 August 2021
(3) Closed 25 May 2022
(4) Closed 23 November 2021
(5) Closed 08 September 2021
(6) Closed 27 July 2021 | en | fr |
DOLFIN4107 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.3% of the amount you pay in when entering this investment. | 511 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.7% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 168 EUR |
| Transaction costs | 0.6% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 61 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 5,3 % del importe que pagará usted al realizar esta inversión. | 511 EUR |
| Costes de salida | No cobramos una comisión de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,7 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 168 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 | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | 5.3% of the amount you pay in when entering this investment. | 511 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.7% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 168 EUR |
| Transaction costs | 0.6% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 61 EUR |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | es |
DOLFIN4108 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La SICAV ne conclura des opérations qu’avec les contreparties que la Société de gestion estime solvables. Les contreparties approuvées seront généralement notées A- au minimum. Les contreparties se conformeront à des règles prudentielles considérées par la CSSF comme équivalentes aux règles prudentielles de l’UE. La contrepartie ne dispose pas d’un droit de regard sur la composition ou la gestion d’un portefeuille d’un Compartiment ni sur les sous-jacents d’instruments financiers dérivés employés par un Compartiment.
Les sûretés peuvent être déduites de l’exposition brute aux contreparties pour autant qu’elles remplissent différentes conditions, notamment concernant leur liquidité, leur valorisation, la qualité de crédit de l’émetteur, leur corrélation et leur diversification. Lors de la déduction de la sûreté, sa valeur est diminuée d’un pourcentage (une « décote ») parant, entre autres, aux fluctuations à court terme de la valeur de l’exposition et de la sûreté. Le niveau des sûretés est maintenu de manière à veiller à ce que l’exposition nette aux contreparties ne dépasse pas les limites par contrepartie telles que définies dans le Prospectus. Le cas échéant, la garantie est reçue sous la forme de titres et d’espèces. Les sûretés reçues autres que des espèces ne sont pas vendues, réinvesties, ni mises en gage.
Les sûretés reçues dans le cadre d’instruments financiers dérivés sont exposées dans l’Annexe 9.
- Prêt de titresLa SICAV peut prêter une partie de son portefeuille-titres à des tiers afin de générer des revenus supplémentaires ou de réduire les coûts ou le risque, dans toute la mesure autorisée par et dans le respect des limites énoncées dans (i) l’article 11 du Règlement grand-ducal du 8 février 2008 relatif à certaines définitions de la Loi luxembourgeoise, (ii) la Circulaire 08/356 de la CSSF relative aux règles applicables aux Organismes de Placement Collectif lorsqu’ils utilisent certaines techniques et instruments liés aux valeurs mobilières et instruments du marché monétaire (la « Circulaire 08/356 de la CSSF »), et (iii) toutes autres lois, réglementations, circulaires ou recommandations de la CSSF applicables. | La SICAV solamente celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Las contrapartes tendrán que cumplir las normas prudenciales que la CSSF considere equivalentes a las normas prudenciales de la UE. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo ni con el subyacente de los instrumentos financieros derivados utilizados por un Subfondo.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte, siempre y cuando cumpla una serie de criterios, tales como la liquidez, la valoración, la calidad crediticia del emisor, la correlación y la diversificación. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el Folleto. La garantía, si la hubiera, se recibe en forma de valores y efectivo. Los valores recibidos en garantía no se venderán, reinvertirán o pignorarán.
La garantía recibida en relación con instrumentos financieros derivados se muestra en el Anexo 9.
- Préstamo de valoresLa SICAV puede prestar parte de su cartera de valores a terceros con el fin de generar ingresos adicionales o para reducir los costes o los riesgos, en la medida máxima permitida y dentro de los límites fijados en (i) el artículo 11 del reglamento del Gran Ducado de Luxemburgo de 8 de febrero de 2008 relativo a determinadas definiciones de la Ley de Luxemburgo, (ii) la Circular 08/356 de la CSSF relativa a las normas aplicables a organismos de inversión colectiva cuando estos utilizan determinadas técnicas e instrumentos relacionados con valores mobiliarios e instrumentos del mercado monetario («Circular 08/356 de la CSSF») y(iii) cualquier otra ley, reglamento, circular o posición de la CSSF aplicable. | La SICAV ne conclura des opérations qu’avec les contreparties que la Société de gestion estime solvables. Les contreparties approuvées seront généralement notées A- au minimum. Les contreparties se conformeront à des règles prudentielles considérées par la CSSF comme équivalentes aux règles prudentielles de l’UE. La contrepartie ne dispose pas d’un droit de regard sur la composition ou la gestion d’un portefeuille d’un Compartiment ni sur les sous-jacents d’instruments financiers dérivés employés par un Compartiment.
Les sûretés peuvent être déduites de l’exposition brute aux contreparties pour autant qu’elles remplissent différentes conditions, notamment concernant leur liquidité, leur valorisation, la qualité de crédit de l’émetteur, leur corrélation et leur diversification. Lors de la déduction de la sûreté, sa valeur est diminuée d’un pourcentage (une « décote ») parant, entre autres, aux fluctuations à court terme de la valeur de l’exposition et de la sûreté. Le niveau des sûretés est maintenu de manière à veiller à ce que l’exposition nette aux contreparties ne dépasse pas les limites par contrepartie telles que définies dans le Prospectus. Le cas échéant, la garantie est reçue sous la forme de titres et d’espèces. Les sûretés reçues autres que des espèces ne sont pas vendues, réinvesties, ni mises en gage.
Les sûretés reçues dans le cadre d’instruments financiers dérivés sont exposées dans l’Annexe 9.
- Prêt de titresLa SICAV peut prêter une partie de son portefeuille-titres à des tiers afin de générer des revenus supplémentaires ou de réduire les coûts ou le risque, dans toute la mesure autorisée par et dans le respect des limites énoncées dans (i) l’article 11 du Règlement grand-ducal du 8 février 2008 relatif à certaines définitions de la Loi luxembourgeoise, (ii) la Circulaire 08/356 de la CSSF relative aux règles applicables aux Organismes de Placement Collectif lorsqu’ils utilisent certaines techniques et instruments liés aux valeurs mobilières et instruments du marché monétaire (la « Circulaire 08/356 de la CSSF »), et (iii) toutes autres lois, réglementations, circulaires ou recommandations de la CSSF applicables. | fr | es |
DOLFIN4109 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance analysis
The fund ended September in positive territory despite global markets falling, extending its outperformance further. While the inherent lack of exposure to the weakest sectors energy, communication services and financials helped, the main outperfor- mance driver was stock selection, mainly in the information technology and industrials sectors. Our clean water investments performed well across the board, followed by clean energy infrastructure, despite utilities ending the month flat. The largest con- tribution to performance came from Xinyi Solar, not surprising after the announcement from China. The largest detractor was First Solar due to a secondary offering. One of its major shareholders and an early backer, Lukas Walton, sold 8.2% of First Solar’s outstanding shares. He will use the proceeds for impact investments to promote various environmental and social causes, also announcing that he intends to donate a similar amount of First Solar shares to charitable organisations over time. | # Performanceanalyse
Der Fonds schloss den September trotz rückläufiger Weltmärkte im positiven Bereich ab und konnte seine Outperformance weiter ausbauen. Während das nicht vorhandene Engagement in den schwächsten Sektoren Energie, Kommu- nikationsdienstleistungen und Finanzen unterstützend war, war der wichtigste Treiber für die Outperformance die Aktienaus- wahl, im Wesentlichen in den Sektoren Informationstechnologie und Industrie. Unsere Investments in das Thema sauberes Wasser entwickelten sich auf breiter Front gut, gefolgt von Infrastruktur für saubere Energie, obwohl die Versorgungsunterneh- men den Monat auf gleichem Stand wie im Vormonat beendeten. Der grösste Beitrag zur Performance kam von Xinyi Solar, was nach der Ankündigung aus China nicht überrascht. Der grösste Belastungsfaktor war First Solar aufgrund einer Folgeplatzi- erung. Einer der Hauptaktionäre und ein früher Geldgeber, Lukas Walton, verkaufte 8.2% der ausstehenden Aktien von First Solar. Er wird den Erlös für Impact Investments zur Förderung verschiedener ökologischer und sozialer Zwecke verwenden und kündigte zudem an, dass er beabsichtigt, im Laufe der Zeit einen ähnlichen Betrag an First Solar-Aktien an wohltätige Organi- sationen zu spenden. | # Performance analysis
The fund ended September in positive territory despite global markets falling, extending its outperformance further. While the inherent lack of exposure to the weakest sectors energy, communication services and financials helped, the main outperfor- mance driver was stock selection, mainly in the information technology and industrials sectors. Our clean water investments performed well across the board, followed by clean energy infrastructure, despite utilities ending the month flat. The largest con- tribution to performance came from Xinyi Solar, not surprising after the announcement from China. The largest detractor was First Solar due to a secondary offering. One of its major shareholders and an early backer, Lukas Walton, sold 8.2% of First Solar’s outstanding shares. He will use the proceeds for impact investments to promote various environmental and social causes, also announcing that he intends to donate a similar amount of First Solar shares to charitable organisations over time. | en | de |
DOLFIN4110 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
With the amendment of the sales prospectus, the Articles of Association are included as an integral part of the sales prospectus. The Articles of Association are also to be amended as follows at an extraordinary general meeting:
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# Amendment to Article 2 of the Articles of Association | Con la modificación del folleto informativo, los estatutos se incluirán como parte integrante del mismo. Además, los estatutos se modificarán como sigue en una junta general extraordinaria:
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# Modificación del artículo 2 de los estatutos | With the amendment of the sales prospectus, the Articles of Association are included as an integral part of the sales prospectus. The Articles of Association are also to be amended as follows at an extraordinary general meeting:
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# Amendment to Article 2 of the Articles of Association | en | es |
DOLFIN4111 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The manager may take positions in all of these markets to hedge the portfolio against market risks (interest rate and/or credit and/or equity and/or index and/or exchange rate) and/or to achieve the management objective of the SICAV.
The indicative leverage linked to the use of derivatives may represent up to three times the net assets of the SICAV. However, depending on the volatility of the underlying assets and the option strategies implemented, the SICAV reserves the right to achieve a higher level of leverage.
Options may be used to retain an upside potential in the event of a fall in the market, but may reduce the performance potential in certain market configurations, and increase it in others.
The SICAV may enter into total return swaps to achieve its management objective. The SICAV will enter into one or more swaps and total return swaps, exchanging all or part of the yield of assets deemed “low risk” for exposure to the dynamic portfolio (assets deemed “risky”).
Maximum proportion of assets under management that may be the subject of a total return swap: 100% of net assets.
Proportion of assets under management expected to be the subject of a total return swap: 0% of net assets.
These transactions will be entered into with counterparties selected by the delegated financial manager from among those institutions whose registered office is located in an OECD or European Union member country referred to in R.214-19 of the French Monetary and Financial Code. They may be conducted with companies affiliated to the BNP Paribas Group. The counterparties must have a good credit rating (equivalent to Investment Grade). Counterparties for swap agreements will be selected following an invitation to tender. The eligible counterparty or counterparties has/have no influence over the composition or management of the SICAV’s portfolio.
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##### Instruments including embedded derivatives: | Le gérant a la possibilité de prendre des positions sur l’ensemble de ces marchés pour couvrir le portefeuille contre les risques de marchés (de taux et/ou de crédit et/ou actions et/ou d’indices et/ou de change) et/ou satisfaire à l’objectif de gestion de la SICAV.
Le levier indicatif lié à l’utilisation d’instruments dérivés pourra représenter jusqu’à 3 fois l’actif net de la SICAV. Cependant, en fonction de la volatilité des sous-jacents et des stratégies optionnelles implémentées, la SICAV se réserve la possibilité d’atteindre un niveau de levier plus élevé.
L’utilisation d’options pourra avoir pour objet de conserver un potentiel de hausse en cas de baisse des marchés, mais pourra réduire le potentiel de performance dans certaines configurations de marché, et l’augmenter dans d’autres.
La SICAV pourra conclure des contrats d’échange sur rendement global (Total Return Swap) pour réaliser son objectif de gestion. La SICAV contractera un ou plusieurs swaps et des contrats d’échange sur rendement global (Total Return Swap) échangeant tout ou partie du rendement des actifs dits « à faible risque » contre une exposition au portefeuille dynamique (actifs dits « risqués » ).
Proportion maximale d’actifs sous gestion pouvant faire l’objet d’un total return swap : 100% de l’actif net. Proportion attendue d’actifs sous gestion qui feront l’objet d’un total return swap : 0% de l’actif net.
Ces opérations seront conclues avec des contreparties sélectionnées par le gestionnaire financier par délégation parmi les établissements ayant leur siège social dans un pays membre de l’OCDE ou de l’Union européenne mentionnés au R.214-19 du code monétaire et financier. Elles pourront être effectuées avec des sociétés liées au Groupe BNP Paribas. Les contreparties devront être de bonne qualité de crédit (équivalent à Investment Grade). Dans le cadre de contrats d’échange, les contreparties seront sélectionnées à l’issue d’un appel d’offres. La ou les contreparties éligibles ne dispose(nt) d’aucun pouvoir sur la composition ou la gestion du portefeuille de la SICAV.
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##### Instruments intégrant des dérivés : | The manager may take positions in all of these markets to hedge the portfolio against market risks (interest rate and/or credit and/or equity and/or index and/or exchange rate) and/or to achieve the management objective of the SICAV.
The indicative leverage linked to the use of derivatives may represent up to three times the net assets of the SICAV. However, depending on the volatility of the underlying assets and the option strategies implemented, the SICAV reserves the right to achieve a higher level of leverage.
Options may be used to retain an upside potential in the event of a fall in the market, but may reduce the performance potential in certain market configurations, and increase it in others.
The SICAV may enter into total return swaps to achieve its management objective. The SICAV will enter into one or more swaps and total return swaps, exchanging all or part of the yield of assets deemed “low risk” for exposure to the dynamic portfolio (assets deemed “risky”).
Maximum proportion of assets under management that may be the subject of a total return swap: 100% of net assets.
Proportion of assets under management expected to be the subject of a total return swap: 0% of net assets.
These transactions will be entered into with counterparties selected by the delegated financial manager from among those institutions whose registered office is located in an OECD or European Union member country referred to in R.214-19 of the French Monetary and Financial Code. They may be conducted with companies affiliated to the BNP Paribas Group. The counterparties must have a good credit rating (equivalent to Investment Grade). Counterparties for swap agreements will be selected following an invitation to tender. The eligible counterparty or counterparties has/have no influence over the composition or management of the SICAV’s portfolio.
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##### Instruments including embedded derivatives: | en | fr |
DOLFIN4112 | 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 income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital a largo plazo.
- El fondo invertirá al menos un 70 % en acciones que creen renta de empresas de todo el mundo. La selección de activos queda determinada por una atractiva rentabilidad por dividendos, además de por el potencial de crecimiento del capital.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa y tiene como objetivo ofrecer ingresos y crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI ACWI Index (Net) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund will invest at least 70% in income producing shares of companies globally. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (Net) (the "Index"). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN4113 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,140 EUR | 1,000 EUR |
| Average return each year | -88.6% | -36.9% |
| Unfavourable (*) | What you might get back after costs | 8,260 EUR | 9,220 EUR |
| Average return each year | -17.4% | -1.6% |
| Moderate (*) | What you might get back after costs | 11,300 EUR | 20,130 EUR |
| Average return each year | 13.0% | 15.0% |
| Favourable (*) | What you might get back after costs | 13,890 EUR | 23,380 EUR |
| Average return each year | 38.9% | 18.5% | | | Período de mantenimiento recomendado: 5 años En caso de salida En caso de salida Ejemplo de inversión: 10.000 EUR después de 1 año después de 5 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 1.140 EUR | 1.000 EUR |
| Rendimiento medio cada año | -88,6 % | -36,9 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8.260 EUR | 9.220 EUR |
| Rendimiento medio cada año | -17,4 % | -1,6 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 11.300 EUR | 20.130 EUR |
| Rendimiento medio cada año | 13,0 % | 15,0 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 13.890 EUR | 23.380 EUR |
| Rendimiento medio cada año | 38,9 % | 18,5 % | | | Recommended holding period: 5 years If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years |
| --- |
| Scenarios |
| Minimum This Product does not include any guarantee so you could lose some or all of your investment. |
| Stress | What you might get back after costs | 1,140 EUR | 1,000 EUR |
| Average return each year | -88.6% | -36.9% |
| Unfavourable (*) | What you might get back after costs | 8,260 EUR | 9,220 EUR |
| Average return each year | -17.4% | -1.6% |
| Moderate (*) | What you might get back after costs | 11,300 EUR | 20,130 EUR |
| Average return each year | 13.0% | 15.0% |
| Favourable (*) | What you might get back after costs | 13,890 EUR | 23,380 EUR |
| Average return each year | 38.9% | 18.5% | | en | es |
DOLFIN4114 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Le fonds est géré activement par rapport à l'indice de référence S&P Global Infrastructure (TR). Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. L’objectif de la politique de placement de Partners Group Listed Investments SICAV - Listed Infrastructure (le «compartiment») est de générer une croissance appropriée à partir de la croissance et des revenus du capital dans la monnaie de la catégorie d’actions tout en tenant compte du risque d’investissement. Le compartiment investit ses actifs dans des actions, des certificats d’actions, des bons de participation, des titres à revenu fixe et à revenu variable, des obligations convertibles et à option, des obligations à coupon zéro ainsi que dans d’autres fonds. Au moins deux tiers des actifs du fonds seront investis dans des entreprises d’infrastructure impliquées directement ou indirectement dans l’exploitation ou les placements d’actifs d’infrastructures. Le compartiment ne peut pas investir plus de 10% de ses actifs dans d’autres fonds. À des fins de couverture ou pour accroître les actifs, le compartiment peut également utiliser des instruments financiers dont la valeur dépend des cours futurs d’autres actifs («produits dérivés»). En principe, les investisseurs peuvent obtenir le remboursement de leurs parts n’importe quel jour ouvrable au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat d’actions peut être suspendu dans les cas exceptionnels où cela est jugé nécessaire dans l’intérêt des investisseurs. Ce fonds paie les rendements générés aux investisseurs.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Fondo de gestión activa con referencia al índice S&P Global Infrastructure (TR). El fondo promueve características medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del fondo sobre ESG publicados en el sitio web. El objetivo de la política de inversión de Partners Group Listed Investments SICAV - Listed Infrastructure («subfondo») es lograr un crecimiento adecuado del capital e ingresos en la moneda de la clase de acciones teniendo en cuenta el riesgo de inversión. El subfondo invierte sus activos en renta variable, certificados de renta variable, certificados de participación, valores mobiliarios de interés fijo y variable, bonos convertibles y con opciones, bonos cupón cero y otros fondos. Al menos dos terceras partes de los activos del fondo se invertirán en empresas de infraestructuras que directa o indirectamente operan o invierten en activos de infraestructura. El subfondo no podrá invertir más del 10% de sus activos en otros fondos. A efectos de cobertura o para aumentar los activos, el subfondo puede también hacer uso de instrumentos financieros, cuyo valor depende de los precios futuros de otros activos («instrumentos derivados»). En principio, los inversores pueden rescatar sus acciones cualquier día hábil bancario en Luxemburgo, con excepción del 24 y 31 de diciembre. El rescate de acciones puede quedar suspendido en circunstancias extraordinarias si esto se estima necesario en interés de los inversores. Este fondo paga las primas generadas a los inversores.
Inversor minorista al que va dirigido: Este producto está destinado a inversores minoristas, así como a inversores institucionales con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Le fonds est géré activement par rapport à l'indice de référence S&P Global Infrastructure (TR). Le fonds promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du fonds. L’objectif de la politique de placement de Partners Group Listed Investments SICAV - Listed Infrastructure (le «compartiment») est de générer une croissance appropriée à partir de la croissance et des revenus du capital dans la monnaie de la catégorie d’actions tout en tenant compte du risque d’investissement. Le compartiment investit ses actifs dans des actions, des certificats d’actions, des bons de participation, des titres à revenu fixe et à revenu variable, des obligations convertibles et à option, des obligations à coupon zéro ainsi que dans d’autres fonds. Au moins deux tiers des actifs du fonds seront investis dans des entreprises d’infrastructure impliquées directement ou indirectement dans l’exploitation ou les placements d’actifs d’infrastructures. Le compartiment ne peut pas investir plus de 10% de ses actifs dans d’autres fonds. À des fins de couverture ou pour accroître les actifs, le compartiment peut également utiliser des instruments financiers dont la valeur dépend des cours futurs d’autres actifs («produits dérivés»). En principe, les investisseurs peuvent obtenir le remboursement de leurs parts n’importe quel jour ouvrable au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat d’actions peut être suspendu dans les cas exceptionnels où cela est jugé nécessaire dans l’intérêt des investisseurs. Ce fonds paie les rendements générés aux investisseurs.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail et aux investisseurs institutionnels ayant une connaissance et une expérience suffisantes des placements collectifs de capitaux et des produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN4115 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each sub-fund (and notably on the basis of the use of derivative financial instruments).
One of two methods is used to monitor the overall risk: the commitment method or the value at risk method. The method used is stated in the Fact Sheet for each sub-fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | La Société de Gestion a mis en place un système de procédures de gestion des risques permettant de mesurer le risque des positions et leur contribution au risque global du portefeuille.
La méthode de détermination du risque global est déterminée en fonction de la politique et de la stratégie d’investissement de chaque compartiment (notamment en fonction de l’utilisation d’instruments financiers dérivés).
Une des deux méthodes suivantes est utilisée pour le suivi du risque global : la méthode par les engagements ou la méthode de la Value-at-Risk. La méthode utilisée est indiquée dans la Fiche Technique de chaque compartiment.
- Méthode par les engagementsCette méthode consiste à convertir les instruments financiers dérivés en positions équivalentes de l’actif sous-jacent (le cas échéant en fonction de leur sensibilité respective). Le cas échéant, cette conversion peut être remplacée par la valeur notionnelle. | The Management Company has put in place a system of risk management procedures in order to measure the risk of the positions and their contribution to the overall risk of the portfolio.
The method of determining the overall risk is established on the basis of the investment policy and strategy of each sub-fund (and notably on the basis of the use of derivative financial instruments).
One of two methods is used to monitor the overall risk: the commitment method or the value at risk method. The method used is stated in the Fact Sheet for each sub-fund.
- Commitment methodThis method consists in converting the derivative financial instruments into equivalent positions in the underlying assets (where applicable, based on their respective sensitivity). This conversion may, if necessary, be replaced by the notional value. | en | fr |
DOLFIN4116 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The AIFM may also decide to completely or temporarily suspend the issue of units of an AIF if new investments could impact achieving the investment goal. The issuing of units of an AIF will be temporarily discontinued, in particular, if calculation of the net asset value per unit is discontinued. If the issuing of units of an AIF is discontinued, investors will be informed of the reasons for and the time of discontinuation immediately by notification in the publication organ as well as in the media set out in the Articles of Association, or via permanent data carrier (letter, fax, e-mail or comparable).
In addition, the AIFM is entitled, subject to ensuring the interests of the investors, not to carry out significant redemptions, i.e. to temporarily suspend redemption, until such time as corresponding assets of the AIF can be sold without delay and while ensuring the interests of the investors.
As long as redemption of the units is suspended, no new units will be issued. The temporary suspension of the redemption of units of one fund shall not result in the temporary discontinuation of the redemption of other funds not affected by the corresponding events.
The AIFM and / or the portfolio management shall ensure that the AIF assets have sufficient liquidity to enable redemption of units immediately upon application by investors under normal circumstances.
The AIFM is entitled, but not obligated, to suspend calculation of the net asset value (suspension of the AIF) if the statutorily prescribed minimum net assets are not achieved, or if insufficient net assets are available in relation to the costs of the AIF. Subscriptions and redemptions and swapping whose settlement has not been possible due to the suspension, will be noted for the next officially published NAV and carried out with it.
The AIFM shall inform the FMA immediately – and investors in a suitable manner – of the suspension of redemption and payout of the units. Applications for subscription and redemption will be settled after resuming the calculation of the net asset value. Investors may revoke their application for subscription and redemption up to the time of resuming unit trading. | Der AIFM kann zudem auch den Beschluss zur vollständigen oder zeit- weiligen Aussetzung der Ausgabe von Anteilen fassen, falls Neuanla- gen das Erreichen des Anlageziels beeinträchtigen könnten. Die Aus- gabe von Anteilen wird insbesondere dann zeitweilig eingestellt, wenn die Berechnung des Nettoinventarwertes pro Anteil eingestellt wird. Bei Einstellung der Ausgabe von Anteilen werden die Anleger umgehend per Mitteilung im Publikationsorgan sowie in dem Gesellschaftsvertrag genannten Medien oder mittels dauerhaften Datenträgern (Brief, Fax, Email oder Vergleichbares) über den Grund und den Zeitpunkt der Ein- stellung informiert.
Daneben ist der AIFM unter Wahrung der Interessen der Anleger be- rechtigt, erhebliche Rücknahmen erst zu tätigen, d.h. die Rücknahme zeitweilig auszusetzen, nachdem entsprechende Vermögenswerte des AIF ohne Verzögerung unter Wahrung der Interessen der Anleger ver- kauft werden können.
Solange die Rücknahme der Anteile ausgesetzt ist, werden keine neuen Anteile ausgegeben. Die zeitweilige Aussetzung der Rücknah- men von Anteilen eines Fonds führt nicht zur zeitweiligen Einstellung der Rücknahme anderer Fonds, die von den betreffenden Ereignissen nicht berührt sind. Der AIFM und/oder der Portfolio Manager achtet da- rauf, dass dem Fondsvermögen ausreichende flüssige Mittel zur Ver- fügung stehen, damit eine Rücknahme von Anteilen auf Antrag von Anlegern unter normalen Umständen unverzüglich erfolgen kann.
Der AIFM ist berechtigt, jedoch nicht verpflichtet, die Berechnung des Nettoinventarwertes auszusetzen (Sistierung des Fonds), sofern das gesetzlich vorgeschriebene Mindestnettovermögen unterschritten wird, oder sofern ein im Verhältnis zu den Kosten des Fonds ungenü- gendes Nettovermögen vorliegt. Zeichnungen und Rücknahmen wel- che durch die Sistierung nicht abgerechnet werden konnten, werden für den nächsten offiziell publizierten NAV vorgemerkt und mit diesem ausgeführt.
Der AIFM teilt die Aussetzung der Anteilsrücknahme und -auszahlung unverzüglich der FMA und in geeigneter Weise den Anlegern mit. Zeichnungs-, Rücknahmeanträge werden nach Wiederaufnahme der Berechnung des Nettoinventarwertes abgerechnet. Der Anleger kann seinen Zeichnungs-, Rücknahmeantrag bis zur Wiederaufnahme des Anteilshandels widerrufen. | The AIFM may also decide to completely or temporarily suspend the issue of units of an AIF if new investments could impact achieving the investment goal. The issuing of units of an AIF will be temporarily discontinued, in particular, if calculation of the net asset value per unit is discontinued. If the issuing of units of an AIF is discontinued, investors will be informed of the reasons for and the time of discontinuation immediately by notification in the publication organ as well as in the media set out in the Articles of Association, or via permanent data carrier (letter, fax, e-mail or comparable).
In addition, the AIFM is entitled, subject to ensuring the interests of the investors, not to carry out significant redemptions, i.e. to temporarily suspend redemption, until such time as corresponding assets of the AIF can be sold without delay and while ensuring the interests of the investors.
As long as redemption of the units is suspended, no new units will be issued. The temporary suspension of the redemption of units of one fund shall not result in the temporary discontinuation of the redemption of other funds not affected by the corresponding events.
The AIFM and / or the portfolio management shall ensure that the AIF assets have sufficient liquidity to enable redemption of units immediately upon application by investors under normal circumstances.
The AIFM is entitled, but not obligated, to suspend calculation of the net asset value (suspension of the AIF) if the statutorily prescribed minimum net assets are not achieved, or if insufficient net assets are available in relation to the costs of the AIF. Subscriptions and redemptions and swapping whose settlement has not been possible due to the suspension, will be noted for the next officially published NAV and carried out with it.
The AIFM shall inform the FMA immediately – and investors in a suitable manner – of the suspension of redemption and payout of the units. Applications for subscription and redemption will be settled after resuming the calculation of the net asset value. Investors may revoke their application for subscription and redemption up to the time of resuming unit trading. | en | de |
DOLFIN4117 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of gambling and/or pornography and/or which are involved in the distribution/sales of gambling and/or pornography of more than 10% of their revenues and/or which provide services in relation to gambling and/or pornography of more than 10% of their revenues
- Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of non-conventional oil and gas and/or which provide services in relation to non-conventional oil and gas of more than 10% of their revenues
- Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of alcohol and/or which are involved in the distribution/sales of alcohol of more than 10% of their revenues and/or which provide services in relation to alcoholof more than 20% of their revenues
| | - Il patrimonio del Comparto non può essere investito in titoli di debito di emittenti coinvolti nella produzione di gioco d’azzardo e/o pornografia e/o coinvolti nella distribuzione/vendita di gioco d’azzardo e/o pornografia di oltre il 10% dei propri ricavi e/o che forniscono servizi in relazione al gioco e/o alla pornografia per oltre il 10% dei ricavi
- Il patrimonio del Comparto non può essere investito in titoli di debito di emittenti coinvolti nella produzione di petrolio e gas non convenzionali e/o che forniscono servizi relativi a petrolio e gas non convenzionali per oltre il 10% dei propri ricavi
- Il patrimonio del Comparto non può essere investito in titoli di debito di emittenti coinvolti nella produzione di alcolici e/o coinvolti nella distribuzione/vendita di alcolici per un ammontare superiore al 10% dei propri ricavi e/o che forniscono servizi in relazione al mercato degli alcolici per un ammontaresuperiore al 20% dei propri ricavi
| | - Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of gambling and/or pornography and/or which are involved in the distribution/sales of gambling and/or pornography of more than 10% of their revenues and/or which provide services in relation to gambling and/or pornography of more than 10% of their revenues
- Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of non-conventional oil and gas and/or which provide services in relation to non-conventional oil and gas of more than 10% of their revenues
- Sub-fund assets may not be invested in Debt Securities of issuers which are involved in the production of alcohol and/or which are involved in the distribution/sales of alcohol of more than 10% of their revenues and/or which provide services in relation to alcoholof more than 20% of their revenues
| | en | it |
DOLFIN4118 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Stress | What you might get back after costs Average return each year | 2,940 GBP -70.63 % | 2,390 GBP -24.90 % |
| Unfavourable | What you might get back after costs Average return each year | 6,170 GBP -38.34 % | 7,880 GBP -4.66 % |
| Moderate | What you might get back after costs Average return each year | 10,350 GBP 3.47 % | 12,540 GBP 4.63 % |
| Favourable | What you might get back after costs Average return each year | 16,630 GBP 66.28 % | 22,620 GBP 17.74 % | | | | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2 940 GBP -70,63 % | 2 390 GBP -24,90 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 6 170 GBP -38,34 % | 7 880 GBP -4,66 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10 350 GBP 3,47 % | 12 540 GBP 4,63 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 16 630 GBP 66,28 % | 22 620 GBP 17,74 % | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Stress | What you might get back after costs Average return each year | 2,940 GBP -70.63 % | 2,390 GBP -24.90 % |
| Unfavourable | What you might get back after costs Average return each year | 6,170 GBP -38.34 % | 7,880 GBP -4.66 % |
| Moderate | What you might get back after costs Average return each year | 10,350 GBP 3.47 % | 12,540 GBP 4.63 % |
| Favourable | What you might get back after costs Average return each year | 16,630 GBP 66.28 % | 22,620 GBP 17.74 % | | en | fr |
DOLFIN4119 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# General Information
Corporate Information
The Company is an open-ended investment company which qualifies as an Undertaking for Collective Investment in Transferable Securities ("UCITS") under Part I of the Law. It was incorporated in Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") on 22 September 2005 for an unlimited duration. Its Articles were published in the Mémorial, Recueil des Sociétés et Associations of 11 October 2005. The Articles were last amended with effect from 11 October 2021. It is registered with the Luxembourg Register of Commerce under number B 110.737.
The Shares are of no par value. The capital of the Company is equal to its net assets expressed in Euro and the minimum capital is €1,250,000. | # Informations générales
Informations sur la Société
La Société est une société d’investissement de type ouvert agréée en tant qu’Organisme de placement collectif en valeurs mobilières (« OPCVM ») en vertu de la partie I de la Loi. Elle a été constituée au Luxembourg en tant que société d’investissement à capital variable (« SICAV ») le 22 septembre 2005 pour une durée illimitée. Ses Statuts ont été publiés au Mémorial, Recueil des Sociétés et Associations du 11 octobre 2005. La dernière modification des Statuts a pris effet le 11 octobre 2021. Elle est immatriculée auprès du registre de commerce luxembourgeois sous le numéro B 110.737.
Les Actions n’ont aucune valeur nominale. Le capital de la Société est égal à ses actifs nets libellés en Euros et le montant minimum du capital est fixé à 1 250 000 €. | # General Information
Corporate Information
The Company is an open-ended investment company which qualifies as an Undertaking for Collective Investment in Transferable Securities ("UCITS") under Part I of the Law. It was incorporated in Luxembourg as a Société d'Investissement à Capital Variable ("SICAV") on 22 September 2005 for an unlimited duration. Its Articles were published in the Mémorial, Recueil des Sociétés et Associations of 11 October 2005. The Articles were last amended with effect from 11 October 2021. It is registered with the Luxembourg Register of Commerce under number B 110.737.
The Shares are of no par value. The capital of the Company is equal to its net assets expressed in Euro and the minimum capital is €1,250,000. | en | fr |
DOLFIN4120 | 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
La période d’investissement recommandée est calculée en fonction de l’Indicateur synthétique de risque présenté ci-dessus. Conformément à l’objectif de placement susmentionné, le Produit est adapté à un horizon de placement à long terme. Le Produit est un produit ouvert. L’investisseur peut vendre son investissement tous les jours (jours ouvrables). Aucuns frais ou pénalités de rachat ne seront facturés au niveau du Produit.
Comment puis-je formuler une réclamation?
Toute réclamation concernant la personne ayant assuré le conseil ou la vente du Produit peut être directement adressée à la personne en question ou à la banque. Toute réclamation concernant le Produit ou le présent document peut être transmise par écrit à l’adresse suivante: Credit Suisse Fund Management S.A., 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxembourg. Les investisseurs sont priés de noter qu’une réclamation peut également être adressée par e-mail à [email protected] ou qu’ils peuvent se rendre sur le site Web www.credit-suisse.com/fundsearch.
Autres informations pertinentes
Ce document d’informations clés ne contient pas toutes les informations relatives à ce Produit. Plus d’informations sur CS Investment Funds 12, son prospectus et ses derniers rapports annuel et semestriel, ainsi que les prix actuels du Produit, peuvent être obtenus gratuitement en anglais langue, auprès de Credit Suisse Fund Management S.A., des distributeurs agréés ou par Internet sur www.credit-suisse.com/fundsearch. Vous y trouverez également des informations sur les performances des 9 dernières années. | # Periodo de mantenimiento recomendado: 5 años
El periodo de mantenimiento recomendado se calcula en función del indicador resumido de riesgo indicado anteriormente. Según el objetivo de inversión especificado anteriormente, el producto está diseñado para una inversión a largo plazo. El producto es un producto de capital abierto. El inversor puede vender su inversión diariamente (en días hábiles). No se cobrarán comisiones de reembolso ni penalizaciones a nivel del producto.
¿Cómo puedo reclamar?
Toda reclamación sobre la persona que le venda el producto o le asesore al respecto puede ser enviada directamente a dicha persona o al banco. Toda reclamación sobre el producto o este documento puede enviarse por escrito a la siguiente dirección: Credit Suisse Fund Management S.A., 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxemburgo. Los inversores también pueden enviar una reclamación por correo electrónico a [email protected] o visitar el sitio web: www.credit-suisse.com/fundsearch.
Otros datos de interés
Este documento de datos fundamentales no contiene toda la información relativa a este producto. Puede obtener más información sobre CS Investment Funds 12, su folleto y su último informe anual y semestral, y los precios actuales del producto pueden obtenerse gratuitamente en inglés de Credit Suisse Fund Management S.A. los distribuidores designados o en línea en www.credit-suisse.com/fundsearch. Allí también puede encontrar información sobre el rendimiento pasado del último/de los últimos 9 años. | # Période de détention recommandée: 5 ans
La période d’investissement recommandée est calculée en fonction de l’Indicateur synthétique de risque présenté ci-dessus. Conformément à l’objectif de placement susmentionné, le Produit est adapté à un horizon de placement à long terme. Le Produit est un produit ouvert. L’investisseur peut vendre son investissement tous les jours (jours ouvrables). Aucuns frais ou pénalités de rachat ne seront facturés au niveau du Produit.
Comment puis-je formuler une réclamation?
Toute réclamation concernant la personne ayant assuré le conseil ou la vente du Produit peut être directement adressée à la personne en question ou à la banque. Toute réclamation concernant le Produit ou le présent document peut être transmise par écrit à l’adresse suivante: Credit Suisse Fund Management S.A., 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxembourg. Les investisseurs sont priés de noter qu’une réclamation peut également être adressée par e-mail à [email protected] ou qu’ils peuvent se rendre sur le site Web www.credit-suisse.com/fundsearch.
Autres informations pertinentes
Ce document d’informations clés ne contient pas toutes les informations relatives à ce Produit. Plus d’informations sur CS Investment Funds 12, son prospectus et ses derniers rapports annuel et semestriel, ainsi que les prix actuels du Produit, peuvent être obtenus gratuitement en anglais langue, auprès de Credit Suisse Fund Management S.A., des distributeurs agréés ou par Internet sur www.credit-suisse.com/fundsearch. Vous y trouverez également des informations sur les performances des 9 dernières années. | fr | es |
DOLFIN4121 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La performance passée est présentée après déduction des frais courants. Tous les droits d’entrée/de sortie sont exclus du calcul.
Le Fonds a été lancé le 23/08/2011.
La catégorie de parts du Fonds a été lancée le 15/07/2021.
La performance est indiquée uniquement lorsque l’historique de performance est disponible sur une année entière.
La performance passée a été calculée en EUR et est exprimée sous la forme d’une variation en pourcentage de la valeur liquidative du Fonds à la fin de chaque exercice.
Cette performance passée est calculée à partir de la performance passée de la Classe A USD convertie au taux de change au comptant applicable.
La performance de l’indice de référence est exprimée dans une monnaie différente de celle de la catégorie d’actions, ce qui pourrait influencer la comparaison des performances. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 23/08/2011.
La clase de acciones del Fondo se lanzó el 15/07/2021.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
Esta rentabilidad histórica se calcula a partir de la rentabilidad histórica de la clase A USD convertida al tipo de cambio al contado aplicable.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | La performance passée est présentée après déduction des frais courants. Tous les droits d’entrée/de sortie sont exclus du calcul.
Le Fonds a été lancé le 23/08/2011.
La catégorie de parts du Fonds a été lancée le 15/07/2021.
La performance est indiquée uniquement lorsque l’historique de performance est disponible sur une année entière.
La performance passée a été calculée en EUR et est exprimée sous la forme d’une variation en pourcentage de la valeur liquidative du Fonds à la fin de chaque exercice.
Cette performance passée est calculée à partir de la performance passée de la Classe A USD convertie au taux de change au comptant applicable.
La performance de l’indice de référence est exprimée dans une monnaie différente de celle de la catégorie d’actions, ce qui pourrait influencer la comparaison des performances. | fr | es |
DOLFIN4122 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Revision of the S&P 500 Index
The objective of S&P 500 Index is to closely track changes in the market that it represents. In this respect, it is regularly revised as the need arises to take account of changes affecting a stock’s capitalisation (number of shares and float) or changes in the market. The S&P 500 Index is subject to quarterly review.
The rules for the revision of the S&P 500 Index are published by S&P and available on the S&P website: standardandpoors.com. | ### Révision de l’Indice S&P 500
L'Indice S&P 500 a pour objectif de refléter au plus près l’évolution du marché qu'il représente. A cet effet il fait l’objet d’une révision régulière au fil de l'eau afin de tenir compte des changements qui impactent la capitalisation d’une valeur (nombre de titres et flottant) ou encore l'évolution du marché. L'Indice S&P 500 fait l'objet d'une révision trimestrielle.
Les règles de révision de l’Indice S&P 500 sont éditées par S&P et sont disponibles sur le site Internet de S&P : standardandpoors.com. | ### Revision of the S&P 500 Index
The objective of S&P 500 Index is to closely track changes in the market that it represents. In this respect, it is regularly revised as the need arises to take account of changes affecting a stock’s capitalisation (number of shares and float) or changes in the market. The S&P 500 Index is subject to quarterly review.
The rules for the revision of the S&P 500 Index are published by S&P and available on the S&P website: standardandpoors.com. | en | fr |
DOLFIN4123 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The UCITS may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 08.07.2022. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) 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 OICVM.
El OICVM y sus participaciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El OICVM podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El OICVM no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico.
Este OICVM está autorizado en Francia y regulado por la Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (332 652 536 Registro Mercantil de París) está autorizada en Francia con el número GP-04000015 y está regulada por la AMF. Los presentes datos fundamentales para el inversor son exactos a 8 de julio de 2022. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The UCITS may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 08.07.2022. | en | es |
DOLFIN4124 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Investment Manager believes successful investing is achieved through a philosophy that is value-oriented, research-driven and risk-controlled:
Value-Oriented
- Focus on equity securities with attractive valuations relative to the market, sector, and stock history.
- Avoid the value trap and "being early" by combining traditional valuation measures with companies that exhibit business improvement and strong fundamentals. | Il Gestore degli Investimenti ritiene che gli investimenti di successo si ottengano attraverso una filosofia orientata al valore, orientata alla ricerca e in grado di controllare i rischi.
Orientata al valore
- L'attenzione è concentrata sui titoli azionari con valorizzazioni interessanti relative al mercato, al settore e allo storico dei titoli.
- Va evitata la trappola del valore e occorre giocare d'anticipo nel combinare le misure di valutazione tradizionali con società che presentano miglioramenti di crescita aziendale e fondamentali solidi. | The Investment Manager believes successful investing is achieved through a philosophy that is value-oriented, research-driven and risk-controlled:
Value-Oriented
- Focus on equity securities with attractive valuations relative to the market, sector, and stock history.
- Avoid the value trap and "being early" by combining traditional valuation measures with companies that exhibit business improvement and strong fundamentals. | en | it |
DOLFIN4125 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 5, because it invests in equity securities located in various countries around the world and across a range of sectors whose values tend to fluctuate more widely. Please note that the calculation is based on past
information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- There is no guarantee that the Fund can prevent currency risks. The Fund may use derivatives to reduce or manage the risk.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | # Perfil de riesgo y remuneración
| ) Menor riesgo Mayor riesgo ) ) Normalmente menor Normalmente mayor ) remuneración remuneración |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador de riesgo y remuneración muestra la categoría de la clase de acciones y su riesgo y remuneración potencial.
Cuanto más alta sea la categoría, más alta será la posible remuneración, pero también el riesgo de perder dinero. El indicador utiliza un método de cálculo estándar que utilizan todas las empresas que ofrecen tales fondos dentro de la Unión Europea.
Tenga en cuenta que la categoría más baja no significa que la inversión esté libre de riesgo.
La parte sombreada de la tabla anterior muestra la calificación de la Clase según el Indicador sintético de riesgo y remuneración. Se basa en las fluctuaciones históricas del precio de la Clase.
Esta clase de acciones tiene una calificación de 5, porque invierte en valores de renta variable ubicados en varios países del mundo y en distintos sectores cuyos valores tienden a fluctuar más ampliamente. Tenga en cuenta que el cálculo está basado en datos históricos y puede que no constituya
una indicación fiable sobre el modo en el que la clase de acciones se ejecutará en el futuro. Su categoría podrá cambiar con el tiempo y, por lo tanto, no está garantizado que permanezca sin cambios.
El indicador de riesgo y remuneración no tiene en cuenta los siguientes aspectos:
- El valor de los activos del Fondo podrá verse afectado por incertidumbres en cuanto a las políticas gubernamentales e incertidumbres fiscales, sociales y religiosas, así como otros acontecimientos políticos o que afecten a la legislación de países en los que puede invertir el Fondo.
- No existe garantía alguna de que el Fondo pueda prevenir los riesgos de liquidez. En mercados altamente volátiles, determinados valores pueden ser menos líquidos, lo que impide que se vendan con rapidez y facilidad. Algunos valores pueden ser ilíquidos debido a restricciones legales, a la naturaleza de la inversión y a ciertas características como garantías o una falta de interés por parte de los compradores en un valor o un mercado en particular.
- No existe garantía alguna de que el Fondo pueda prevenir los riesgos de divisas. El Fondo puede utilizar derivados para reducir o gestionar el riesgo.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | 0,00% |
| Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos deba pagar menos. En determinadas circunstancias, podrá aplicarse un gasto de conversión de hasta un 2,00%. |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,70% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | N/D | | # Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The Risk and Reward Indicator table illustrates where the share class ranks in terms of its potential risk and return. The higher the rank, the greater the potential reward, but also the greater the risk of losing money. The table uses a standard calculation method that is used by all companies who offer such funds within the European Union.
Please note that the lowest category does not mean a risk- free investment.
The shaded area in the table above shows the Class’s ranking based on the Synthetic Risk and Reward Indicator. It is based upon how much the price of the Class has moved up and down in the past.
The share class is ranked at 5, because it invests in equity securities located in various countries around the world and across a range of sectors whose values tend to fluctuate more widely. Please note that the calculation is based on past
information and may not reliably predict how the share class will perform in the future. Its ranking may shift over time and therefore is not guaranteed to remain unchanged.
The Risk and Reward Indicator does not take into account the following:
- The value of the assets in the Fund may be affected by uncertainties in government policies, taxation, social and religious instability, and political or other developments in the law or regulations of the countries which the Fund may invest in.
- There is no guarantee that the Fund can prevent liquidity risks. In highly volatile markets, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment and certain features such as guarantees or a lack of buyers interest in the particular security or market.
- There is no guarantee that the Fund can prevent currency risks. The Fund may use derivatives to reduce or manage the risk.
| One off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| The entry and exit charges shown are maximum figures. In some cases, you might pay less. A conversion charge of up to 2.00% may also apply in certain circumstances. |
| Charges taken from the Fund over a year |
| Ongoing charge | 0.70% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | N/A | | en | es |
DOLFIN4126 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# OTHER INFORMATION
The fund's prospectus, the latest version of the key information document, as well as the latest annual report and information on past performance over the last ten years, where available, can be obtained free of charge from the offeror's website: www.bdlcm.com , directly from the offeror or www.fundinfo.com. The fund may consist of other types of units. More information on these units can be found in its prospectus or on the website: www.bdlcm.com.
When this product is used as a unit-linked investment option in a life insurance or capitalization contract, additional information about this contract, such as the contract costs which are not included in the costs indicated in this document, the contact person in case of claim, and what happens in the event of the insurance company's failure, are presented in the key information document of this contract, which must be provided by your insurer, broker or any other insurance intermediary in accordance with its legal obligation. | # ALTRE INFORMAZIONI
Il prospetto del fondo, l'ultima versione del documento contenente le informazioni chiave, nonché l'ultima relazione annuale e le informazioni sui rendimenti passati degli ultimi dieci anni, ove disponibili, possono essere ottenuti gratuitamente dal sito web dell'offerente: www.bdlcm.com , direttamente dall'offerente o da www.fundinfo.com. Il fondo può essere composto da altri tipi di quote. Ulteriori informazioni su queste quote sono disponibili nel prospetto informativo o sul sito web: www.bdlcm.com.
Quando questo prodotto viene utilizzato come opzione di investimento collegata ad una unità in un contratto di assicurazione sulla vita o di capitalizzazione, ulteriori informazioni su questo contratto, come i costi del contratto che non sono inclusi nei costi indicati in questo documento, la persona di contatto in caso di reclamo e ciò che succede in caso di fallimento della compagnia di assicurazioni, sono presentate nel documento di informazioni chiave di questo contratto, che deve essere fornito dalla vostra compagnia di assicurazioni, dal vostro broker o da qualsiasi altro intermediario assicurativo in conformità con la sua obbligazione legale. | # OTHER INFORMATION
The fund's prospectus, the latest version of the key information document, as well as the latest annual report and information on past performance over the last ten years, where available, can be obtained free of charge from the offeror's website: www.bdlcm.com , directly from the offeror or www.fundinfo.com. The fund may consist of other types of units. More information on these units can be found in its prospectus or on the website: www.bdlcm.com.
When this product is used as a unit-linked investment option in a life insurance or capitalization contract, additional information about this contract, such as the contract costs which are not included in the costs indicated in this document, the contact person in case of claim, and what happens in the event of the insurance company's failure, are presented in the key information document of this contract, which must be provided by your insurer, broker or any other insurance intermediary in accordance with its legal obligation. | en | it |
DOLFIN4127 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Any Shareholder may request the redemption of all or part of his Shares by the Company provided that:
- the Company may refuse to comply with any redemption request which would result in a holding of Shares of a Net Asset Value of less than U.S. Dollars 1.000,- or such other amount or number of Shares as the Board may determine from time to time and the Company may compulsory redeem any holding falling below such minimum; and
- the Company shall not be bound to redeem on any Valuation Date more than 10% of the Net Asset Value of any Class or Sub-Fund on such Valuation Date.
In case of a deferral of redemptions, the relevant Shares shall be redeemed on the basis of the Net Asset Value per Share of the relevant Class prevailing on the Valuation Date on which the redemption is effected. On such Valuation Date such requests shall be complied with by giving priority to the earliest request.
Whenever the Company shall redeem Shares, the price at which such Shares shall be redeemed by the Company shall be based on the Net Asset Value per Share determined on the Valuation Date when or immediately after a written and irrevocable redemption request is received, less a redemption charge, as may be decided by the Board from time to time and described in the then current Prospectus and less notional dealing costs as may be determined from time to time by the Board.
The redemption price shall be paid normally within ten business days (being a day on which the banks in Luxembourg are open for business) after the date on which the applicable redemption price was determined or, if later, on the date the written confirmation, or as the case may be, Share certificates (if issued) have been received by the Company. This shall be based on the Net Asset Value per Share of the relevant Class as determined in accordance with the provisions of Article 23 hereof, less notional realization dealing costs, if any, and a redemption charge, if any, as may be decided by the Board from time to time. Any such request must be filed or confirmed by such Shareholder in written form at the registered office of the Company in Luxembourg or with any other person or entity appointed by the Company as its agent for redemption of Shares. Evidence of transfer or assignment accompanied by the certificate(s) (with redemption requests thereon), representing the shareholding, if issued in certificate form, must be received by the Company or its agent appointed for that purpose before the redemption monies may be paid.
The Company shall have the right, if the Board so determines, to satisfy payment of the redemption price to any Shareholder requesting redemption of any of his Shares (but subject to the consent of the Shareholder) in specie by allocating to the holder investments from the portfolio of the relevant Sub-Fund equal in value (calculated in the manner described in Article 23 hereof) to the value of the holding to be redeemed. The nature and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other holders of Shares in the relevant Sub- Fund and the valuation used shall be confirmed by a special report of an independent auditor. | # Die Anteilinhaber können die Rücknahme der Gesamtheit oder eines Teiles ihrer Anteile von der Gesellschaft verlangen, wozu jedoch gilt, dass:
- die Gesellschaft es ablehnen kann, Rücknahmeanträge zu erledigen, die zur Folge hätten, dass der Anteilinhaber einen Anteilbestand mit einem Nettoinventarwert von weniger als US$ 1.000,- oder unter einem Wert oder einer Zahl von Anteilen halten würde, welche der Verwaltungsrat jeweils festlegt, und die Gesellschaft einen Anteilsbestand der unter diesen Betrag fällt zwangsweise zurücknehmen kann;
- die Gesellschaft nicht verpflichtet ist, an einem Bewertungstag mehr als 10 % des an diesem Bewertungstag geltenden Nettovermögenswerts einer Anteilklasse oder eines Teilfonds zurückzunehmen.
Im Falle aufgeschobener Rücknahmen werden die betreffenden Anteile auf Grundlage des Nettoinventarwertes je Anteil der betreffenden Klasse zurückgenommen, der an dem Bewertungstag gilt, an dem die Rücknahme erfolgt. An einem solchen Bewertungstag werden die Anträge in der Reihenfolge ihres Eingangs ausgeführt.
Wann immer die Gesellschaft Anteile zurücknimmt, gründet sich der Preis, zu dem die Anteile von der Gesellschaft zurückgenommen werden, auf den Nettoinventarwert je Anteil der betreffenden Anteilsklasse, der an dem Bewertungstag ermittelt wird, an dem ein schriftlicher und unwiderruflicher Rücknahmeantrag eingegangen ist, oder der unmittelbar auf diesen folgt, abzüglich einer Rücknahmegebühr, welche der Verwaltungsrat jeweils beschließen kann und im neuesten Prospekt beschrieben ist, sowie abzüglich der fiktiven Abwicklungskosten, welche der Verwaltungsrat jeweils festlegen kann.
Der Rücknahmepreis wird normalerweise innerhalb von zehn Geschäftstagen (an denen die Banken in Luxemburg für Geschäfte geöffnet sind) nach dem Datum gezahlt, an dem der betreffende Rücknahmepreis ermittelt worden ist oder an dem Datum, an dem die schriftliche Bestätigung bzw. die Anteilscheine (wenn solche ausgegeben worden sind) bei der Gesellschaft eingegangen sind, wenn dieses Datum später liegt. Der Rücknahmepreis gründet sich auf den Nettoinventarwert je Anteil der betreffenden Klasse, der gemäß den Bestimmungen des Artikels 23 dieser Satzung ermittelt wurde, abzüglich der etwaigen fiktiven Abwicklungskosten und einer etwaigen Rücknahmegebühr, welche der Verwaltungsrat jeweils beschließen kann. Rücknahmeersuchen müssen die Anteilinhaber beim eingetragenen Sitz der Gesellschaft in Luxemburg oder bei anderen Personen oder Körperschaften, die von der Gesellschaft mit der Rücknahme von Anteilen beauftragt sind, schriftlich einreichen oder bestätigen. Bevor die Rücknahmegelder gezahlt werden können, müssen die Nachweise der Übertragung oder Abtretung zusammen mit den Anteilscheinen (auf denen der Rücknahmeantrag vorgedruckt ist), die den Bestand repräsentieren, wenn dieser in eingetragener Form ausgegeben worden ist, bei der Gesellschaft oder ihrem für diese Zwecke ernannten Beauftragten eingegangen sein.
Die Zahlung des Rücknahmepreises an einen Anteilinhaber, der die Rücknahme aller oder einzelner seiner Anteile beantragt hat, kann die Gesellschaft bei Vorliegen eines entsprechenden Beschlusses des Verwaltungsrats (jedoch vorbehaltlich der Zustimmung des Anteilinhabers) in specie leisten, indem sie dem Anteilinhaber Anlagen aus dem Portfolio des betroffenen Teilfonds zuweist, deren (gemäß Artikel 23 dieser Satzung berechneter) Wert dem Wert des rückzunehmenden Anteilbestands entspricht. Die Art der in einem solchen Fall zu übertragenden Vermögenswerte ist auf einer fairen und angemessenen Grundlage und ohne Beeinträchtigung der Interessen der übrigen Inhaber von Anteilen des betroffenen Teilfonds zu bestimmen. Die gewählte Bewertung ist in einem Sondervermerk eines unabhängigen Wirtschaftsprüfers zu bestätigen. | # Any Shareholder may request the redemption of all or part of his Shares by the Company provided that:
- the Company may refuse to comply with any redemption request which would result in a holding of Shares of a Net Asset Value of less than U.S. Dollars 1.000,- or such other amount or number of Shares as the Board may determine from time to time and the Company may compulsory redeem any holding falling below such minimum; and
- the Company shall not be bound to redeem on any Valuation Date more than 10% of the Net Asset Value of any Class or Sub-Fund on such Valuation Date.
In case of a deferral of redemptions, the relevant Shares shall be redeemed on the basis of the Net Asset Value per Share of the relevant Class prevailing on the Valuation Date on which the redemption is effected. On such Valuation Date such requests shall be complied with by giving priority to the earliest request.
Whenever the Company shall redeem Shares, the price at which such Shares shall be redeemed by the Company shall be based on the Net Asset Value per Share determined on the Valuation Date when or immediately after a written and irrevocable redemption request is received, less a redemption charge, as may be decided by the Board from time to time and described in the then current Prospectus and less notional dealing costs as may be determined from time to time by the Board.
The redemption price shall be paid normally within ten business days (being a day on which the banks in Luxembourg are open for business) after the date on which the applicable redemption price was determined or, if later, on the date the written confirmation, or as the case may be, Share certificates (if issued) have been received by the Company. This shall be based on the Net Asset Value per Share of the relevant Class as determined in accordance with the provisions of Article 23 hereof, less notional realization dealing costs, if any, and a redemption charge, if any, as may be decided by the Board from time to time. Any such request must be filed or confirmed by such Shareholder in written form at the registered office of the Company in Luxembourg or with any other person or entity appointed by the Company as its agent for redemption of Shares. Evidence of transfer or assignment accompanied by the certificate(s) (with redemption requests thereon), representing the shareholding, if issued in certificate form, must be received by the Company or its agent appointed for that purpose before the redemption monies may be paid.
The Company shall have the right, if the Board so determines, to satisfy payment of the redemption price to any Shareholder requesting redemption of any of his Shares (but subject to the consent of the Shareholder) in specie by allocating to the holder investments from the portfolio of the relevant Sub-Fund equal in value (calculated in the manner described in Article 23 hereof) to the value of the holding to be redeemed. The nature and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other holders of Shares in the relevant Sub- Fund and the valuation used shall be confirmed by a special report of an independent auditor. | en | de |
DOLFIN4128 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment advisor Rockefeller Asset Management
- Experienced and complementary team of senior portfolio managers.
- Investment manager with a continuously successful track record in sustainable and thematic investing and collaborative engagement outcomes.
- Credit Suisse’s deep expertise in investment strategy combined with Rockefeller Asset Management en- gagement and ocean investment expertise. | # Consulente agli investimenti Rockefeller Asset Management
- Team esperto e complementare composto da Senior Portfolio Manager.
- Gestore d’investimento che vanta un track record di successo continuo in investimenti sostenibili e tematici e in risultati di engagement collaborativi.
- Approfondita esperienza di Credit Suisse in strategie d’investimento unita alle competenze d’investimento di Rockefeller Asset Management in materia di engagement e tematiche legate agli oceani. | # Investment advisor Rockefeller Asset Management
- Experienced and complementary team of senior portfolio managers.
- Investment manager with a continuously successful track record in sustainable and thematic investing and collaborative engagement outcomes.
- Credit Suisse’s deep expertise in investment strategy combined with Rockefeller Asset Management en- gagement and ocean investment expertise. | en | it |
DOLFIN4129 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Key Information Document
Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product Class IX Accumulation shares in euros | ISIN: LU1939256340
Global Environment Fund
A sub-fund of the Ninety One Global Strategy Fund (‘GSF’), a UCITS managed by Ninety One Luxembourg S.A. (a member of the Ninety One group) both of which are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF is responsible for supervising Ninety One Luxembourg S.A in its capacity as the PRIIP manufacturer in relation to this Key Information Document.
Contact details: www.ninetyone.com | +44 (0) 203 938 1800. Published on 1 January 2023. | # Document d’informations clés
Objectif Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit Actions de capitalisation de catégorie IX en euro | ISIN: LU1939256340
Global Environment Fund
Un compartiment de Ninety One Global Strategy Fund (« GSF »), un OPCVM géré par Ninety One Luxembourg S.A. (un membre du groupe Ninety One), lesquels sont tous deux agréés au Luxembourg et réglementés par la Commission de Surveillance du Secteur Financier (CSSF). La CSSF est chargée du contrôle de Ninety One Luxembourg S.A. en sa qualité d’initiateur de PRIIP en ce qui concerne ce Document d’informations clés.
Coordonnées : www.ninetyone.com | +44 (0) 203 938 1800. Publié le 1 janvier 2023. | # Key Information Document
Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product Class IX Accumulation shares in euros | ISIN: LU1939256340
Global Environment Fund
A sub-fund of the Ninety One Global Strategy Fund (‘GSF’), a UCITS managed by Ninety One Luxembourg S.A. (a member of the Ninety One group) both of which are authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). The CSSF is responsible for supervising Ninety One Luxembourg S.A in its capacity as the PRIIP manufacturer in relation to this Key Information Document.
Contact details: www.ninetyone.com | +44 (0) 203 938 1800. Published on 1 January 2023. | en | fr |
DOLFIN4130 | 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 faire croître l'investissement des actionnaires sur le long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les sociétés en mettant particulièrement l'accent sur leur capacité à se conformer aux normes environnementales, sociales et de gouvernance d'entreprise en vigueur à l'échelle internationale et à offrir des perspectives de croissance et des caractéristiques d'investissement supérieures. Le fonds investit en partie dans des investissements durables. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement dans des actions de sociétés asiatiques. Plus précisément, le fonds investit au moins 75% de ses actifs totaux dans des actions et des titres rattachés à des actions émis par des sociétés domiciliées ou exerçant la majeure partie de leur activité en Asie, à l'exclusion du Japon. Le fonds peut investir dans, ou s'exposer à, des actions A chinoises à concurrence de 25% de ses actifs totaux (directement via Stock Connect).
Le fonds sera exposé (par le biais d'investissements ou de positions en liquidités) à des devises autres que la devise de référence.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | # Objetivos y política de inversión
El objetivo del fondo consiste en proporcionar a los accionistas un crecimiento de la inversión a largo plazo.
Al gestionar activamente la cartera del fondo, el equipo de gestión selecciona las empresas en función de su capacidad para respetar las normas ambientales, sociales y de gobierno corporativo a escala internacional, y que parecen ofrecer perspectivas de crecimiento y características de inversión superiores. El fondo invierte en parte en inversiones sostenibles. Las PIAS se tienen en cuenta en el marco del proceso de inversión.
El fondo invierte principalmente en títulos de renta variable de empresas asiáticas. En concreto, el fondo invierte al menos un 75% de su patrimonio total en títulos de renta variable y valores relacionados con la renta variable emitidos por empresas que estén domiciliadas o realicen la mayor parte de su actividad en Asia, excluido Japón. El fondo podrá invertir o mantener una exposición de hasta un 25% de su patrimonio total en acciones A de China (directamente a través de Stock Connect).
El fondo estará expuesto (mediante inversiones o efectivo) a divisas distintas de la moneda base.
El fondo podrá utilizar derivados y otras técnicas con fines de cobertura (reducción de riesgos), a efectos de lograr una gestión eficaz de la cartera y obtener ganancias de inversión. Un derivado es un instrumento financiero cuyo valor se deriva del valor de un activo subyacente. El uso de derivados no está exento de costes o riesgos. | # Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les sociétés en mettant particulièrement l'accent sur leur capacité à se conformer aux normes environnementales, sociales et de gouvernance d'entreprise en vigueur à l'échelle internationale et à offrir des perspectives de croissance et des caractéristiques d'investissement supérieures. Le fonds investit en partie dans des investissements durables. Les PIN sont pris en compte dans le cadre du processus d'investissement.
Le fonds investit principalement dans des actions de sociétés asiatiques. Plus précisément, le fonds investit au moins 75% de ses actifs totaux dans des actions et des titres rattachés à des actions émis par des sociétés domiciliées ou exerçant la majeure partie de leur activité en Asie, à l'exclusion du Japon. Le fonds peut investir dans, ou s'exposer à, des actions A chinoises à concurrence de 25% de ses actifs totaux (directement via Stock Connect).
Le fonds sera exposé (par le biais d'investissements ou de positions en liquidités) à des devises autres que la devise de référence.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | fr | es |
DOLFIN4131 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Opportunities
The fund invests in a broadly diversified investment universe and seeks opportunities for returns wherever they exist.
The fund gives investors easy access to the emerging markets. Many of these countries may offer attractive potential returns in various asset classes.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are most attractive and to generate interesting and profitable opportunities for investors. | # Opportunità
Il Fondo investe in un universo d'investimento ampiamente diversificato e cerca di cogliere le opportunità di rendimento ovunque si presentino.
Il Fondo offre agli investitori un agevole accesso ai mercati emergenti, molti dei quali possono offrire un interessante potenziale di rendimento in diverse classi di attività.
Il Fondo è gestito attivamente da gestori esperti e altamente qualificati, che utilizzano un approccio basato su valutazioni fondamentali, con l'obiettivo di individuare, sulla base delle valutazioni dei gestori del portafoglio, gli investimenti potenzialmente più interessanti e generare opportunità di rendimento allettanti per gli investitori. | # Opportunities
The fund invests in a broadly diversified investment universe and seeks opportunities for returns wherever they exist.
The fund gives investors easy access to the emerging markets. Many of these countries may offer attractive potential returns in various asset classes.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are most attractive and to generate interesting and profitable opportunities for investors. | en | it |
DOLFIN4132 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The strategy focuses on identifying companies that offer the highest potential risk/reward ratio. It is based on the selection and dynamic management of the securities that meet the management objective. The composition of the portfolio may be entirely different from that of the MSCI India index. In constructing the portfolio, the manager will take into account the overall sectoral diversification of the UCITS, in order to avoid overexposure to any single sector.
Stock selection is carried out in accordance with traditional financial analysis ratios (including price/sales, price/assets, PER, price/cash flow and earnings growth, etc.).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
External research is used to help the manager focus their own research on a smaller number of stocks included in the investment scope. The choice of external analysts is also subject to a selection procedure defined by the Management Company. The selected stocks are subjected to fundamental analysis, which determines the potential growth and performance of each stock (detailed analysis of company accounts, analysis of future prospects in terms of sales, net profits and cash flows, numerous company visits within the Indian subcontinent and meetings with company executives and external analysts). The resulting portfolio is concentrated, which enables the managers to maintain direct contact with the management teams of the companies selected.
- Assets:o equities:The equities included in the portfolio are predominantly issued by companies from the Indian subcontinent, the registered offices of which are located in one of the following countries: India, Pakistan, Sri Lanka and Bangladesh. The portfolio is at all times at least 60% exposed to equities and other similar securities traded on regulated markets. | Die Strategie zielt darauf ab, Unternehmen zu finden, die das beste Gewinn-Risiko-Verhältnis bieten. Sie beruht auf der Selektion und dynamischen Verwaltung der Werte, die dem Anlageziel entsprechen. Die Zusammensetzung des Portfolios kann von derjenigen des MSCI Indien vollkommen abweichen. Bei der Zusammenstellung des Portfolios wird der globalen sektoriellen Diversifikation des OGAW Rechnung getragen, um eine eventuelle übergewichtete Position in einem bestimmten Sektor zu identifizieren.
Die Titelauswahl erfolgt anhand traditioneller Kennzahlen der Finanzanalyse (Kurs-Umsatz- Verhältnis, Kurs/Vermögenswerte, KGV, Kurs/Cashflow, Gewinnsteigerung...).
Die Titelauswahl gründet sich nicht mechanisch und ausschließlich auf das Kriterium des Ratings. Sie basiert insbesondere auf einer internen Analyse. Die Verwaltungsgesellschaft analysiert die einzelnen Titel vor jeder Anlageentscheidung unter Berücksichtigung anderer Kriterien als dem Rating. Im Falle einer Herabstufung eines Emittenten in die Kategorie „High Yield“ (hochrentierlich) führt die Verwaltungsgesellschaft unbedingt eine detaillierte Analyse durch, um darüber zu entscheiden, ob dieser Titel im Rahmen der Einhaltung des Rating-Ziels verkauft oder behalten werden sollte.
Die Heranziehung externer Analysen soll dem Anlageverwalter dabei helfen, seine eigene Recherche auf eine kleinere Anzahl von dem Anlageuniversum entsprechenden Titeln zu beschränken. Auch die Auswahl der externen Analysten ist Gegenstand eines Selektionsprozesses, der von der Verwaltungsgesellschaft vorgegeben wird. Die so ausgewählten Titel werden dann einer Fundamentalanalyse unterzogen, um das Wachstums- und Performancepotenzial jedes dieser Werte zu ermitteln (detaillierte Analysen der Jahresabschlüsse der Unternehmen, Analyse der Zukunftsaussichten hinsichtlich Umsatz, Gewinn und Cashflow, zahlreiche Besuche bei Unternehmen auf dem indischen Subkontinent, Treffen mit Unternehmensleitern und externen Analysten). Da das resultierende Portfolio eng gefasst ist, können die Verwalter direkte Kontakte mit den Managern der ausgewählten Gesellschaften pflegen.
- Aktiva:
- Aktien:Die im Portfolio enthaltenen Aktien werden hauptsächlich von Unternehmen des indischen Subkontinents begeben, mit Sitz in den folgenden Ländern: Indien, Pakistan, Sri Lanka und Bangladesch. Das Portfolio ist dauerhaft zu mindestens 60 % in Aktien und anderen vergleichbaren Wertpapieren angelegt, die an geregelten Märkten gehandelt werden. | The strategy focuses on identifying companies that offer the highest potential risk/reward ratio. It is based on the selection and dynamic management of the securities that meet the management objective. The composition of the portfolio may be entirely different from that of the MSCI India index. In constructing the portfolio, the manager will take into account the overall sectoral diversification of the UCITS, in order to avoid overexposure to any single sector.
Stock selection is carried out in accordance with traditional financial analysis ratios (including price/sales, price/assets, PER, price/cash flow and earnings growth, etc.).
The selection of securities is not based automatically and exclusively on the rating criterion. It is mainly based on an internal analysis. Prior to each investment decision, the Management Company analyses each security on criteria other than its rating. In the event that an issuer in the “High Yield” category has its rating downgraded, the Management Company must conduct a detailed analysis in order to decide whether to sell or retain the security, so as to maintain the rating objective.
External research is used to help the manager focus their own research on a smaller number of stocks included in the investment scope. The choice of external analysts is also subject to a selection procedure defined by the Management Company. The selected stocks are subjected to fundamental analysis, which determines the potential growth and performance of each stock (detailed analysis of company accounts, analysis of future prospects in terms of sales, net profits and cash flows, numerous company visits within the Indian subcontinent and meetings with company executives and external analysts). The resulting portfolio is concentrated, which enables the managers to maintain direct contact with the management teams of the companies selected.
- Assets:o equities:The equities included in the portfolio are predominantly issued by companies from the Indian subcontinent, the registered offices of which are located in one of the following countries: India, Pakistan, Sri Lanka and Bangladesh. The portfolio is at all times at least 60% exposed to equities and other similar securities traded on regulated markets. | en | de |
DOLFIN4133 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund's assets may be invested in currencies other than the fund currency. The Fund receives income, repayments and proceeds from such in- vestments in the respective currency. If the value of this currency falls in relation to the fund curren- cy, this reduces the value of such investments and thus the value of the Fund's assets.
- Concentration riskThe Underlying Index of the Fund concen- trates investments on a particular national market. This makes the Fund exclusively de- pendent on the performance of this national market, and not on the overall market.
- Risks associated with investing in investment unitsThe risks of investment units that are acquired for the Fund (called target funds), are closely related to the risks of the assets contained in these funds or the investment strategies they pursue. However, as the managers of the individual target funds act independently of each other, it may also happen that several target funds have the same or oppo- site investment strategies. This may result in the accumulation of existing risks, and any opportuni- ties might be offset. It is generally not possible for the Company to control the management of the target funds. Their investment decisions do not necessarily have to correspond with the assump- tions or expectations of the Company. The Compa- ny will often not be promptly informed of the cur- rent composition of the target funds. If the compo- sition does not correspond to its assumptions or expectations, it may react only with a considerable delay by returning target fund units. | Vermögenswerte des Fonds können in anderen Währungen als der Fondswährung angelegt sein. Der Fonds erhält die Erträge, Rückzahlungen und Erlöse aus solchen Anlagen in der jeweiligen Wäh- rung. Fällt der Wert dieser Währung gegenüber der Fondswährung, so reduziert sich der Wert solcher Anlagen und somit auch der Wert des Fondsvermö- gens.
- KonzentrationsrisikoDer dem Fonds zugrunde liegende Index kon- zentriert die Anlage der Vermögensgegen- stände auf einen bestimmten nationalen Markt. Dadurch ist der Fonds ausschließlich von der Entwicklung dieses nationalen Mark- tes und nicht des Gesamtmarktes abhängig.
- Risiken im Zusammenhang mit der Investition in InvestmentanteileDie Risiken der Investmentanteile, die für den Fonds erworben werden (sogenannte Zielfonds), stehen in engem Zusammenhang mit den Risiken der in diesen Fonds enthaltenen Vermögensgegen- stände bzw. der von diesen verfolgten Anlagestra- tegien. Da die Manager der einzelnen Zielfonds voneinander unabhängig handeln, kann es aber auch vorkommen, dass mehrere Zielfonds gleiche oder einander entgegengesetzte Anlagestrategien verfolgen. Hierdurch können bestehende Risiken kumulieren, und eventuelle Chancen können sich gegeneinander aufheben. Es ist der Gesellschaft im Regelfall nicht möglich, das Management der Ziel- fonds zu kontrollieren. Deren Anlageentscheidun- gen müssen nicht zwingend mit den Annahmen oder Erwartungen der Gesellschaft übereinstim- men. Der Gesellschaft wird die aktuelle Zusam- mensetzung der Zielfonds oftmals nicht zeitnah bekannt sein. Entspricht die Zusammensetzung nicht ihren Annahmen oder Erwartungen, so kann sie ggf. erst deutlich verzögert reagieren, indem sie Zielfondsanteile zurückgibt. | The Fund's assets may be invested in currencies other than the fund currency. The Fund receives income, repayments and proceeds from such in- vestments in the respective currency. If the value of this currency falls in relation to the fund curren- cy, this reduces the value of such investments and thus the value of the Fund's assets.
- Concentration riskThe Underlying Index of the Fund concen- trates investments on a particular national market. This makes the Fund exclusively de- pendent on the performance of this national market, and not on the overall market.
- Risks associated with investing in investment unitsThe risks of investment units that are acquired for the Fund (called target funds), are closely related to the risks of the assets contained in these funds or the investment strategies they pursue. However, as the managers of the individual target funds act independently of each other, it may also happen that several target funds have the same or oppo- site investment strategies. This may result in the accumulation of existing risks, and any opportuni- ties might be offset. It is generally not possible for the Company to control the management of the target funds. Their investment decisions do not necessarily have to correspond with the assump- tions or expectations of the Company. The Compa- ny will often not be promptly informed of the cur- rent composition of the target funds. If the compo- sition does not correspond to its assumptions or expectations, it may react only with a considerable delay by returning target fund units. | en | de |
DOLFIN4134 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
This is an investment fund.
Investment objective
The Fund aims to provide capital growth over five to seven years by investing in a diversified range of private and public companies worldwide which contribute to the transition to a circular economy and which the Investment Manager deems to be sustainable investments.
The Fund will invest directly and indirectly in the equity interests of companies that are not listed on stock exchanges (private equity) and in public equities or equity related securities. The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which the Investment Manager believes will contribute towards the environmental objective of the transition to a circular economy.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager's rating criteria. The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Fund may access investment opportunities within the Strategies
through primary and secondary investments in private equity funds and direct investments or co-investments.
The Fund may invest up to 100% in private equity strategies. The Fund may invest up to 50% in public equities or equity related securities under normal circumstances. The Fund may invest in money market instruments, money market funds and hold cash and may exceptionally hold up to 100% in such assets. The Fund may invest up to 100% of its total net assets in unlisted securities. However, except for investment in open-ended Investment Funds, no more than 10% of its total net assets may be invested in any single company as measured at the time of investment. The Fund may invest up to 30% of its total net assets in a single open-ended Investment Fund. The Fund will not invest more than 30% of its total net assets in private funds or companies managed by any single general partner.
Recommendation: Investors should seek independent advice or satisfy themselves that they have an understanding of the strategies and techniques employed by the manager.
Intended retail investor
The Fund is intended for professional investors and advised or sophisticated retail investors. | # Cos'è questo prodotto?
Tipo
Si tratta di un fondo d'investimento.
Obiettivo d'investimento
Il Fondo mira a conseguire una crescita del valore del capitale in cinque- sette anni investendo in una gamma diversificata di società private e pubbliche di tutto il mondo, le quali contribuiscono alla transizione verso un'economia circolare e che, secondo il Gestore degli investimenti, rappresentano investimenti sostenibili.
Il Fondo investirà direttamente e indirettamente in partecipazioni azionarie di società non quotate sulle borse valori (private equity) e in azioni quotate o titoli connessi ad azioni. Il Fondo è gestito attivamente e investe almeno il 75% del patrimonio in investimenti sostenibili, che il Gestore degli investimenti ritiene contribuiranno al raggiungimento dell'obiettivo ambientale della transizione verso un'economia circolare. Il Fondo investe in società che non provocano danni ambientali o sociali significativi e che hanno buone pratiche di governance, come stabilito dai criteri di rating del Gestore degli investimenti. Il Fondo può investire in società che, secondo il Gestore degli investimenti, miglioreranno le proprie pratiche di sostenibilità entro un periodo di tempo ragionevole, in genere fino a due anni.
Il Fondo può accedere a opportunità d'investimento nell'ambito delle
Strategie effettuando investimenti primari e secondari in fondi di private equity e investimenti diretti o co-investimenti.
Il Fondo può investire fino al 100% in strategie di private equity. In circostanze normali, il Fondo può investire fino al 50% in azioni quotate o titoli connessi ad azioni. Il Fondo può investire in strumenti del mercato monetario e fondi del mercato monetario, nonché detenere liquidità e in via eccezionale può detenere fino al 100% di tali attività. Il Fondo può investire fino al 100% del patrimonio netto totale in titoli non quotati. Tuttavia, ad eccezione degli investimenti in Fondi d'investimento di tipo aperto, può investire al massimo il 10% del patrimonio netto totale in un'unica società, come misurato al momento dell'investimento. Il Fondo può investire fino al 30% del patrimonio netto totale in un singolo Fondo di investimento di tipo aperto. Il Fondo non investirà più del 30% del patrimonio netto totale in fondi privati o società gestite da un unico partner generale.
Raccomandazione: si invitano gli investitori a rivolgersi a consulenti indipendenti o ad accertarsi di avere compreso le strategie e tecniche adottate dal gestore.
Investitore privato a cui si rivolge
Il Fondo è rivolto a investitori professionali e a investitori al dettaglio esperti o che si avvalgono di un consulente. | # What is this product?
Type
This is an investment fund.
Investment objective
The Fund aims to provide capital growth over five to seven years by investing in a diversified range of private and public companies worldwide which contribute to the transition to a circular economy and which the Investment Manager deems to be sustainable investments.
The Fund will invest directly and indirectly in the equity interests of companies that are not listed on stock exchanges (private equity) and in public equities or equity related securities. The Fund is actively managed and invests at least 75% of its assets in sustainable investments, which the Investment Manager believes will contribute towards the environmental objective of the transition to a circular economy.
The Fund invests in companies that do not cause significant environmental or social harm and have good governance practices, as determined by the Investment Manager's rating criteria. The Fund may invest in companies that the Investment Manager believes will improve their sustainability practices within a reasonable timeframe, typically up to two years.
The Fund may access investment opportunities within the Strategies
through primary and secondary investments in private equity funds and direct investments or co-investments.
The Fund may invest up to 100% in private equity strategies. The Fund may invest up to 50% in public equities or equity related securities under normal circumstances. The Fund may invest in money market instruments, money market funds and hold cash and may exceptionally hold up to 100% in such assets. The Fund may invest up to 100% of its total net assets in unlisted securities. However, except for investment in open-ended Investment Funds, no more than 10% of its total net assets may be invested in any single company as measured at the time of investment. The Fund may invest up to 30% of its total net assets in a single open-ended Investment Fund. The Fund will not invest more than 30% of its total net assets in private funds or companies managed by any single general partner.
Recommendation: Investors should seek independent advice or satisfy themselves that they have an understanding of the strategies and techniques employed by the manager.
Intended retail investor
The Fund is intended for professional investors and advised or sophisticated retail investors. | en | it |
DOLFIN4135 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Exchange-traded derivatives
While exchange-traded derivatives are generally considered lower-risk than OTC derivatives, there is still the risk that a suspension of trading in derivatives or in their underlying assets could make it impossible for the sub-fund to realise gains or avoid losses, which in turn could cause a delay in handling redemptions of shares. There is also a risk that settlement of exchange-traded derivatives through a transfer system may not happen when or as expected.
Defensive stance risk The more the current NAV gets close to the guaranteed NAV, the more the sub-fund seeks to preserve capital by reducing or eliminating its exposure to dynamic investments and by investing in more conservative investments. This reduces or eliminates the sub-fund’s ability to benefit from any future value increases.
Emerging markets risk Emerging markets are less established than developed markets and therefore involve higher risks, particularly market, liquidity, currency risks and interest rate risks, and the risk of higher volatility. | ###### Börsengehandelte Derivate
Auch wenn börsengehandelte Derivate im Allgemeinen als weniger riskant als OTC-Derivate gelten, besteht dennoch das Risiko, dass eine Aussetzung des Handels mit Derivaten oder ihren Basiswerten dazu führen könnte, dass der Teilfonds nicht in der Lage ist, Gewinne zu realisieren oder Verluste zu vermeiden, was wiederum Verzögerungen bei der Rückgabe von Anteilen zur Folge hätte. Zudem besteht das Risiko, dass die Abwicklung von börsengehandelten Derivaten über ein Übertragungssystem nicht oder nicht wie erwartet erfolgt.
Risiko einer defensiven Ausrichtung Je mehr sich der aktuelle NIW dem garantierten NIW annähert, desto mehr strebt der Teilfonds an, Kapital zu bewahren, indem er seine Positionen in dynamischen Anlagen reduziert oder eliminiert und in konservativere Anlagen anlegt. Der Teilfonds kann damit nicht mehr oder nur in geringerem Maße von künftigen Wertsteigerungen profitieren.
Schwellenländerrisiko Schwellenländer sind weniger etabliert als entwickelte Märkte und bergen daher höhere Risiken, insbesondere Markt-, Liquiditäts-, Währungs- und Zinsrisiken sowie das Risiko einer höheren Volatilität. | ###### Exchange-traded derivatives
While exchange-traded derivatives are generally considered lower-risk than OTC derivatives, there is still the risk that a suspension of trading in derivatives or in their underlying assets could make it impossible for the sub-fund to realise gains or avoid losses, which in turn could cause a delay in handling redemptions of shares. There is also a risk that settlement of exchange-traded derivatives through a transfer system may not happen when or as expected.
Defensive stance risk The more the current NAV gets close to the guaranteed NAV, the more the sub-fund seeks to preserve capital by reducing or eliminating its exposure to dynamic investments and by investing in more conservative investments. This reduces or eliminates the sub-fund’s ability to benefit from any future value increases.
Emerging markets risk Emerging markets are less established than developed markets and therefore involve higher risks, particularly market, liquidity, currency risks and interest rate risks, and the risk of higher volatility. | en | de |
DOLFIN4136 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.27% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of any Share Class Return above the MSCI World Growth Index, or the High Water Mark, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.29%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 0.50% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2.27% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la rentabilidad de la clase de acciones superior al MSCI World Growth Index o la High Water Mark, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 0.29%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.27% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of any Share Class Return above the MSCI World Growth Index, or the High Water Mark, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.29%. | | en | es |
DOLFIN4137 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
To support the integration of ESG factors into a wider range of asset classes and product offerings, the asset manager's proprietary sustainability rating takes into account key sustainability aspects or ecological and social characteristics and offers a holistic scoring concept with modular sub-categories that provides investors with a simple overview and a possibility of an in-depth analysis.
The sustainability rating is calculated according to the values of the collective assets and individual securities contained in the portfolio and is divided into seven sustainability classes ranging from A (highest level) to G (lowest level). To calculate the rating, companies are assessed according to the four pillars of the in-house sustainability research:
- Sustainable management (ESG score):How sustainably is the company run? For details on ESG score methodology, see 5.2 ESG integration.
- Carbon intensity (climate score):How large is the negative impact of the company on the environment with regard to CO2e emissions3? The climate score measures the CO2e intensity of a company4.
- Controversial business activities (controversy score):To what extent do controversial business areas, questionable business practices or violations of international standards exist? The controversy score methodology takes into account the exclusions described in section 5.3 Application of exclusion criteria.
- Impact (impact score):What impact do companies have on society and the environment in terms of achieving the 17 UN Sustainable Development Goals? See section 5.1 Impact valuation. | Um die Integration von ESG-Faktoren in eine breitere Palette von Anlageklassen und Produktangeboten zu unterstützen, berücksichtigt das proprietäre Sustainability Rating des Vermögensverwalters zentrale Nachhaltigkeitsaspekte bzw. ökologische und soziale Merkmale und bietet ein ganzheitliches Scoring-Konzept mit modularen Subkategorien, das Anlegern einen einfachen Überblick und die Möglichkeit einer tiefgreifenden Analyse verschaffen soll.
Das Sustainability Rating wird aus den Werten der im Portfolio enthaltenen Kollektivvermögen und Einzeltitel berechnet und in sieben Nachhaltigkeitsklassen von A (höchste Stufe) bis G (niedrigste Stufe) eingeteilt. Für die Berechnung des Ratings werden Unternehmungen auf den vier Säulen des hauseigenen Nachhaltigkeitsresearch beurteilt:
- Nachhaltige Geschäftsführung (ESG-Score):Wie nachhaltig ist die Unternehmung geführt? Details zur Methodik des ESG-Score siehe 5.2 ESG-IntegrationESG- Integration
- Kohlenstoffintensität (Climate Score):Wie stark belastet das Unternehmung die Umwelt hinsichtlich CO2e-Emissionen3? Der Climate Score misst die CO2e-Intensität einer Unternehmung4.
- Kontroverse Geschäftstätigkeiten (Controversy Score):In welchem Umfang liegen umstrittene Geschäftsfelder, fragwürdige Unternehmenspraktiken oder Verletzungen internationaler Normen vor? Die Methodik des Conroversy Score berücksichtigt die im Abschnitt 5.3 beschriebenen Ausschlüsse.
- Wirkung (Impact Score):Welchen Impact haben Unternehmungen auf Gesellschaft und Umwelt hinsichtlich der Erreichung der 17 UN-Ziele für eine nachhaltige Entwicklung? Siehe auch 5.1 Impact-Bewertung. | To support the integration of ESG factors into a wider range of asset classes and product offerings, the asset manager's proprietary sustainability rating takes into account key sustainability aspects or ecological and social characteristics and offers a holistic scoring concept with modular sub-categories that provides investors with a simple overview and a possibility of an in-depth analysis.
The sustainability rating is calculated according to the values of the collective assets and individual securities contained in the portfolio and is divided into seven sustainability classes ranging from A (highest level) to G (lowest level). To calculate the rating, companies are assessed according to the four pillars of the in-house sustainability research:
- Sustainable management (ESG score):How sustainably is the company run? For details on ESG score methodology, see 5.2 ESG integration.
- Carbon intensity (climate score):How large is the negative impact of the company on the environment with regard to CO2e emissions3? The climate score measures the CO2e intensity of a company4.
- Controversial business activities (controversy score):To what extent do controversial business areas, questionable business practices or violations of international standards exist? The controversy score methodology takes into account the exclusions described in section 5.3 Application of exclusion criteria.
- Impact (impact score):What impact do companies have on society and the environment in terms of achieving the 17 UN Sustainable Development Goals? See section 5.1 Impact valuation. | en | de |
DOLFIN4138 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the debt and currency markets, and using derivatives where appropriate.
INVESTMENT PROCESS
Investment approach
- Uses an absolute return oriented approach to target uncorrelated, low volatility returns over the medium term regardless of market conditions.
- Flexibility to draw on diversified sources of returns across three distinct strategies: tactical rotation between traditional fixed income sectors, alternative strategies such as relative value trading, and hedging strategies.
Share Class Benchmark ICE BofA ESTR Overnight Rate Index Total Return in EUR
Benchmark uses and resemblance
- Performance comparison.
- Performance fee calculation.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested in a broad range of government and corporate debt securities from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 10% and 30% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del índice de referencia mediante la búsqueda de oportunidades de inversión en los mercados de renta fija y de divisas, entre otros, y utilizando derivados cuando proceda.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un enfoque orientado a la rentabilidad absoluta con el fin de generar rentabilidad a medio plazo con una volatilidad reducida y sin correlación con independencia de las condiciones del mercado.
- Flexibilidad para emplear fuentes de rentabilidad diversificadas en tres estrategias diferenciadas entre sí: rotación táctica entre sectores de renta fija tradicionales, estrategias alternativas (por ejemplo, valor relativo) y estrategias de cobertura.
Índice de referencia de la Clase de Acciones ICE BofA ESTR Overnight Rate Index Total Return in EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Cálculo de la comisión de éxito.
El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invierte en un amplio abanico de títulos de deuda pública y corporativa de emisores de cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 10% y un 30% de su patrimonio en titulizaciones hipotecarias (MBS) y/o activos titulizados (ABS) de cualquier calidad crediticia; sin embargo, debido al carácter sin restricciones del enfoque de inversión, el nivel de inversión real podrá variar. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades distintas de agencias (instituciones privadas), representan títulos de deuda que están respaldados por hipotecas, incluidas las hipotecas residenciales y comerciales; los ABS hacen referencia a los títulos de deuda que están respaldados por otros tipos de activos, como deudas de tarjetas de crédito, préstamos para automóviles, créditos al consumo y arrendamiento de bienes de equipo.
Asimismo, el Subfondo podrá invertir en otros activos, como valores convertibles, valores de renta variable, ETF y REIT. El Subfondo podrá | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the debt and currency markets, and using derivatives where appropriate.
INVESTMENT PROCESS
Investment approach
- Uses an absolute return oriented approach to target uncorrelated, low volatility returns over the medium term regardless of market conditions.
- Flexibility to draw on diversified sources of returns across three distinct strategies: tactical rotation between traditional fixed income sectors, alternative strategies such as relative value trading, and hedging strategies.
Share Class Benchmark ICE BofA ESTR Overnight Rate Index Total Return in EUR
Benchmark uses and resemblance
- Performance comparison.
- Performance fee calculation.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested in a broad range of government and corporate debt securities from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 10% and 30% of its assets in mortgage-backed securities (MBS) and/or asset-backed securities (ABS) of any credit quality, however, due to the unconstrained investment approach, the actual investment level may vary. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases. | en | es |
DOLFIN4139 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Legal or tax risk
The buying, holding or sale of UCITS investments may be subject to statutory fiscal regulations (e.g. deduction of with- holding tax) outside the country of domicile of the UCITS. Furthermore, the legal and tax treatment of the UCITS may change in an unforeseen and uncontrollable manner. A change in incorrectly ascertained UCITS or sub- fund taxation principles for past financial years (e.g. on the basis of external tax audits) may, in the case of an essentially disadvantageous tax correction for the investor, mean that the investor is required to bear the tax burden for past financial years arising out of the correction, even though he might not have even been invested in the UCITS. On the other hand, it may be the case that the investor, in the event of a tax correction for the current and for past financial years in which he had an interest in the UCITS which was essentially beneficial for him, may no longer be able to benefit from the redemption of alienation of the units before the implementation of the corresponding correction. In addition, a correction of tax data may mean that taxable earnings or taxable benefits may be assessed in an assessment period other than that in which they were actually attributed, which could have a negative impact on the individual investor. | # Rechtliches und steuerliches Risiko
Das Kaufen, Halten oder Verkaufen von Anlagen des OGAW kann steuergesetzlichen Vorschriften (z. B. Quellensteuer- abzug) ausserhalb des Domizillandes des OGAW unterliegen. Ferner kann sich die rechtliche und steuerliche Behand- lung des OGAW in unabsehbarer und nicht beeinflussbarer Weise ändern. Eine Änderung fehlerhaft festgestellter Be- steuerungsgrundlagen des OGAW für vorangegangene Geschäftsjahre (z.B. aufgrund von steuerlichen Aussenprüfun- gen) kann für den Fall einer für den Anleger steuerlich grundsätzlich nachteiligen Korrektur zur Folge haben, dass der Anleger die Steuerlast aus der Korrektur für vorangegangene Geschäftsjahre zutragen hat, obwohl er unter Umständen zu diesem Zeitpunkt nicht in dem OGAW investiert war. Umgekehrt kann für den Anleger der Fall eintreten, dass ihm eine steuerlich grundsätzlich vorteilhafte Korrektur für das aktuelle und für vorangegangene Geschäftsjahre, in denen er an dem OGAW beteiligt war, durch die Rückgabe oder Veräusserung der Anteile vor Umsetzung der entsprechenden Korrektur nicht mehr zugutekommt. Zudem kann eine Korrektur von Steuerdaten dazu führen, dass steuerpflichtige Er- träge bzw. steuerliche Vorteile in einem anderen als eigentlich zutreffenden Veranlagungszeitraum tatsächlich steuerlich veranlagt werden und sich dies beim einzelnen Anleger negativ auswirkt. | # Legal or tax risk
The buying, holding or sale of UCITS investments may be subject to statutory fiscal regulations (e.g. deduction of with- holding tax) outside the country of domicile of the UCITS. Furthermore, the legal and tax treatment of the UCITS may change in an unforeseen and uncontrollable manner. A change in incorrectly ascertained UCITS or sub- fund taxation principles for past financial years (e.g. on the basis of external tax audits) may, in the case of an essentially disadvantageous tax correction for the investor, mean that the investor is required to bear the tax burden for past financial years arising out of the correction, even though he might not have even been invested in the UCITS. On the other hand, it may be the case that the investor, in the event of a tax correction for the current and for past financial years in which he had an interest in the UCITS which was essentially beneficial for him, may no longer be able to benefit from the redemption of alienation of the units before the implementation of the corresponding correction. In addition, a correction of tax data may mean that taxable earnings or taxable benefits may be assessed in an assessment period other than that in which they were actually attributed, which could have a negative impact on the individual investor. | en | de |
DOLFIN4140 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## The need to levy the dilution levy depends on the volume of the net issue, redemption or exchange of shares and is determined by the management company.
If levied, the dilution levy shall be shown in addition to the (but not part of) the price of the shares at their issuance or as a deduction at their redemption. The dilution levy shall be paid either in the event of an issue or conversion of shares into the respective sub-fund/share class or in the event of a redemption or conversion of shares in the sub-fund/share class withheld.
The management company may levy a dilution levy of up to two (2) per cent of the net asset value of the corresponding units when issuing, redemption or exchange of shares if it considers that the existing shareholders (in the case of expenses and exchanges) or the remaining shareholders (in the case of redemptions and exchanges) could be adversely affected. | ## Die Notwendigkeit, die Verwässerungsabgabe zu erheben, hängt vom Volumen der Netto-Ausgabe, -Rücknahme oder Umtausch von Anteilen ab und wird von der Verwaltungsgesellschaft festgelegt.
Falls erhoben, wird die Verwässerungsabgabe zusätzlich zum (aber nicht als Teil vom) Preis der Anteile bei deren Ausgabe oder als Abzug bei deren Rücknahme ausgewiesen. Die Verwässerungsabgabe wird entweder im Falle einer Ausgabe oder Umwandlung von Anteilen in den jeweiligen Teilfonds/Anteilsklasse eingezahlt oder im Falle einer Rücknahme oder Umwandlung von Anteilen in dem Teilfonds/Anteilsklasse einbehalten.
Die Verwaltungsgesellschaft kann bei der Ausgabe, Rücknahme oder Umtausch von Anteilen eine Verwässerungsabgabe von bis zu zwei (2) Prozent des Nettoinventarwerts der entsprechenden Anteile erheben, wenn ihrer Meinung nach die bestehenden Anteilsinhaber (bei Ausgaben und Umtausch) oder die verbleibenden Anteilsinhaber (bei Rücknahmen und Umtausch) nachteilig beeinträchtigt werden könnten. | ## The need to levy the dilution levy depends on the volume of the net issue, redemption or exchange of shares and is determined by the management company.
If levied, the dilution levy shall be shown in addition to the (but not part of) the price of the shares at their issuance or as a deduction at their redemption. The dilution levy shall be paid either in the event of an issue or conversion of shares into the respective sub-fund/share class or in the event of a redemption or conversion of shares in the sub-fund/share class withheld.
The management company may levy a dilution levy of up to two (2) per cent of the net asset value of the corresponding units when issuing, redemption or exchange of shares if it considers that the existing shareholders (in the case of expenses and exchanges) or the remaining shareholders (in the case of redemptions and exchanges) could be adversely affected. | en | de |
DOLFIN4141 | 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 Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice. Le Compartiment met en œuvre une stratégie d’allocation d’actifs aux obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions, monnaies et/ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE ou des Marchés émergents, y compris le CNH et le CNY. Les instruments décrits ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment-grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises).
Le Compartiment peut investir jusqu’à 10% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A
chinoises comprises) et négociées en Bourse. Les actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Jusqu’à 20% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect. | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El subfondo no se gestiona por referencia a un índice. El subfondo aplica una estrategia de asignación de activos en bonos, otros títulos de deuda a tipo fijo o variable e instrumentos de deuda a corto plazo emitidos o garantizados por emisores soberanos o no soberanos, bonos convertibles, renta variable, divisas y/o efectivo y equivalentes de efectivo, denominados en divisas de países de la OCDE y/o de mercados emergentes, incluidos el CNH y el CNY. Los instrumentos antes indicados pueden ser de cualquier calificación crediticia (incluidos valores sin grado de inversión, según se describen en el apartado 3.2). El gestor de inversiones determina, según su criterio, la selección de emisores, mercados (en concreto, el subfondo podrá invertir la totalidad de su cartera en mercados emergentes) y divisas (incluidas divisas de mercados emergentes).
El subfondo podrá invertir hasta un 10% de su patrimonio neto en acciones emitidas por empresas constituidas en China continental
(incluidas acciones A de China) negociadas en bolsas de valores. Las acciones A de China se adquirirán a través de Stock Connect. Hasta un 20% de la cartera del subfondo podrá invertirse en bonos de CIBM, particularmente a través de Bond Connect. | ### Objectifs et politique d'investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice. Le Compartiment met en œuvre une stratégie d’allocation d’actifs aux obligations, autres titres de créance à taux fixe ou flottant et titres de créance à court terme, émis ou garantis par des émetteurs souverains ou non souverains, obligations convertibles, actions, monnaies et/ou Liquidités et Moyens proches des liquidités, libellés dans des monnaies de l’OCDE ou des Marchés émergents, y compris le CNH et le CNY. Les instruments décrits ci-dessus peuvent présenter une quelconque qualité de crédit (y compris des titres d’une notation de qualité inférieure à la notation investment-grade visée au paragraphe 3.2). Le Gérant pourra, à sa discrétion, choisir les émetteurs, les marchés (le Compartiment pourra, en particulier, être entièrement investi sur les Marchés émergents) et les monnaies (monnaies des Marchés émergents comprises).
Le Compartiment peut investir jusqu’à 10% de ses actifs nets en actions émises par des sociétés constituées en Chine continentale (Actions A
chinoises comprises) et négociées en Bourse. Les actions A chinoises seront acquises par l’intermédiaire de Stock Connect. Jusqu’à 20% du portefeuille du Compartiment peuvent être investis en obligations du CIBM, en particulier par le biais de Bond Connect. | fr | es |
DOLFIN4142 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The daily changes in contract value are recorded as unrealised gains or losses, and the Funds recognise a realised gain or loss when the contract is closed. Unrealised gains and losses on futures contracts are recognised in the profit and loss account.
- OptionsWhen a Fund purchases an option, an amount equal to fair value which is based on the premium paid is recorded as an asset. When the Fund writes an option, an amount equal to fair value which is based on the premium received by the Fund is recorded as a liability. When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions, or the full amount of the premium if the option expires worthless, is recognised as a gain or loss and is presented in the profit and loss account within the net fair value gain/(loss) on financial assets and financial liabilities at fair value through profit or loss account.
- Investment FundsInvestment funds are stated at fair value, which is represented by the unaudited NAV of the underlying investment as reported by the management of these investment funds. The Company estimates that this valuation method most fairly represents the amount that would have been realised had the investment been sold as at the date of these financial statements. | Les fluctuations quotidiennes de la valeur du contrat sont enregistrées comme gains ou pertes latents et les Fonds comptabilisent un gain ou une perte réalisé(e) à la clôture du contrat. Les gains et pertes latents sur les contrats à terme normalisés sont portés au compte de résultat.
- OptionsLorsqu’un Fonds achète une option, une somme égale à la juste valeur, basée sur la prime payée, est comptabilisée comme actif. Lorsqu’un Fonds vend une option, une somme égale à la juste valeur, basée sur la prime perçue par le Fonds, est comptabilisée comme passif. Lorsque les options sont clôturées, l’écart entre la prime et la somme payée ou perçue, net des commissions de courtage, ou le montant total de la prime si l’option expire sans valeur, est comptabilisé comme gain ou perte et présenté dans le compte de résultat au poste « Gain/(perte) de juste valeur net(te) sur les actifs et passifs financiers à leur juste valeur par le compte de résultat ».
- Fonds de placementLes fonds de placement sont présentés à leur juste valeur, qui est représentée par la VIN non auditée de l’investissement sous-jacent, telle qu’indiquée par le gérant de ces fonds de placement. La Société estime que cette méthode d’évaluation représente de la façon la plus équitable possible la somme qui aurait été réalisée si l’investissement avait été vendu à la date des présents états financiers. | The daily changes in contract value are recorded as unrealised gains or losses, and the Funds recognise a realised gain or loss when the contract is closed. Unrealised gains and losses on futures contracts are recognised in the profit and loss account.
- OptionsWhen a Fund purchases an option, an amount equal to fair value which is based on the premium paid is recorded as an asset. When the Fund writes an option, an amount equal to fair value which is based on the premium received by the Fund is recorded as a liability. When options are closed, the difference between the premium and the amount paid or received, net of brokerage commissions, or the full amount of the premium if the option expires worthless, is recognised as a gain or loss and is presented in the profit and loss account within the net fair value gain/(loss) on financial assets and financial liabilities at fair value through profit or loss account.
- Investment FundsInvestment funds are stated at fair value, which is represented by the unaudited NAV of the underlying investment as reported by the management of these investment funds. The Company estimates that this valuation method most fairly represents the amount that would have been realised had the investment been sold as at the date of these financial statements. | en | fr |
DOLFIN4143 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Fees indirectly charged through fees accrued in the Master Fund (OR-D Class) amount to EUR 170,980.02 or 0.15% of the average NAV of the Master Fund (OR-D Class).
Amundi Funds Multi Asset Conservative also indirectly pays for fees of underlying funds held in the Master Fund.
The annual and semi-annual reports of the Master Fund are available upon request at the Registered Office of the Fund.
3
The sub-fund Amundi Funds Multi Asset Global has been renamed into Amundi Funds Multi Asset Conservative as at 28 April 2017. As at 27 April 2017, the sub-fund held 25% of the Master Fund.
Amundi Funds Global Perspectives | Les frais imputés indirectement par l’intermédiaire des frais cumulés dans le Fonds maître (classe OR-D) s’élèvent à EUR 170,980.02 soit 0.15% de la VNI moyenne du Fonds maître (classe OR-D).
Par ailleurs, Amundi Funds Multi Asset Conservative supporte indirectement les frais des fonds sous-jacents détenus dans le Fonds maître. Le rapport annuel et le rapport semestriel du Fonds maître sont disponibles sur demande auprès du siège social du Fonds.
3
Le compartiment Amundi Funds Multi Asset Global a été renommé Amundi Funds Multi Asset Conservative le 28 avril 2017. Au 27 avril 2017, le compartiment détenait 25% du Fonds maître.
Amundi Funds Global Perspectives | Fees indirectly charged through fees accrued in the Master Fund (OR-D Class) amount to EUR 170,980.02 or 0.15% of the average NAV of the Master Fund (OR-D Class).
Amundi Funds Multi Asset Conservative also indirectly pays for fees of underlying funds held in the Master Fund.
The annual and semi-annual reports of the Master Fund are available upon request at the Registered Office of the Fund.
3
The sub-fund Amundi Funds Multi Asset Global has been renamed into Amundi Funds Multi Asset Conservative as at 28 April 2017. As at 27 April 2017, the sub-fund held 25% of the Master Fund.
Amundi Funds Global Perspectives | en | fr |
DOLFIN4144 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment of €10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 388 € | 1 403 € |
| Annual reduction in yield (RIY) | 3.96% | 2.39% | | | Investimento 10.000 € | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 388 € | 1 403 € |
| Diminuzione annuale del rendimento (Reduction in Yield - RIY) | 3.96% | 2.39% | | | Investment of €10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 388 € | 1 403 € |
| Annual reduction in yield (RIY) | 3.96% | 2.39% | | en | it |
DOLFIN4145 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Compulsory Repurchase or Transfer of Shares
- Compulsory repurchase or transfer of shares
- The Directors shall have power in their absolute discretion (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no shares of any class are acquired or held directly or beneficially by a person who is in the opinion of the Directors any of the following:
- any person who appears to be in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such shares; or
- any United States Person (unless pursuant to an exemption under U.S. Securities laws); or
- any person who does not clear such money laundering checks as the Directors may determine; or
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) in the opinion of the Directors might result in the Company or the relevant Fund incurring any liability to taxation or suffering other pecuniary legal or material administrative disadvantages or being in breach of any law or regulation which the Company or the relevant Fund might not otherwise have incurred, suffered or breached; or
- any individual under the age of 18 (or such other age as the Directors may think fit) or of unsound mind; or
- any person unless the transferee of such shares would, following such transfer, be the holder of shares equal to or greater than the Minimum Initial Investment Amount (where relevant); or
- any person in circumstances where as a result of such transfer the transferor or transferee would hold less than the Minimum Shareholding; or
- any person where in respect of such transfer any payment of taxation remains outstanding; or
- such other category of investor as may be disclosed in the Prospectus or relevant Supplement from time to time. | # Zwangsweise Rücknahme oder Übertragung von Anteilen
- Zwangsweise Rücknahme oder Übertragung von Anteilen
- Die Verwaltungsratsmitglieder sind bevollmächtigt (jedoch keinesfalls verpflichtet), nach ihrem freien Ermessen solche Beschränkungen aufzuerlegen, die sie für erforderlich halten, um sicherzustellen, dass keine Anteile einer beliebigen Klasse unmittelbar oder wirtschaftlich von einer Person erworben oder gehalten werden, die nach Ansicht der Verwaltungsratsmitglieder zum folgenden Personenkreis gehört:
- jede Person, die dem Anschein nach ein Gesetz oder eine Anforderung eines Landes oder einer Regierungsbehörde verletzt oder der es aufgrund eines solchen Gesetzes oder einer solchen Anforderung nicht erlaubt ist, solche Anteile zu halten, oder
- eine US-Person (sofern dies nicht gemäß einer Ausnahmeregelung nach den US-Wertpapiergesetzen geschieht), oder
- eine Person, die nicht die von den Verwaltungsratsmitgliedern jeweils festgelegten Geldwäscheprüfungen besteht, oder
- eine Person oder ein Personenkreis unter Umständen (die diese Person oder diesen Personenkreis direkt oder indirekt betreffen, und einzeln oder zusammen mit anderen Personen – unabhängig davon, ob diese verbunden sind oder nicht – oder unter anderen Umständen, die den Verwaltungsratsmitgliedern relevant erscheinen), die nach Ansicht der Verwaltungsratsmitglieder dazu führen könnten, dass der Gesellschaft eine Steuerverbindlichkeit oder ein anderer finanzieller, rechtlicher oder wesentlicher administrativer Nachteil entsteht, die bzw. der ihr anderenfalls nicht entstehen würde oder die bzw. den sie ansonsten nicht hinnehmen müsste, oder dass sie gegen ein Gesetz oder eine Verordnung verstößt, gegen die sie ansonsten nicht verstoßen würde, oder
- eine Person, die das 18. Lebensjahr noch nicht vollendet hat (wobei die Verwaltungsratsmitglieder diese Altersgrenze nach ihrem Ermessen anpassen können) oder die nicht im Vollbesitz ihrer geistigen Kräfte ist, oder
- eine Person, die als Erwerber nach einer solchen Übertragung solcher Anteile nicht mindestens den Mindestbetrag für Erstzeichnungen hält (sofern zutreffend), oder
- eine Person unter Umständen, die dazu führen, dass infolge einer solchen Übertragung der Anteilsbesitz des Übertragenden bzw. des Erwerbers unter den Mindestanteilbestand fällt, oder
- eine Person, bei der in Bezug auf eine solche Übertragung eine Zahlung von Steuern noch aussteht, oder
- eine Person, die einer solchen anderen Anleger-Kategorie angehört, die jeweils im Prospekt oder im maßgeblichen Supplement aufgeführt ist. | # Compulsory Repurchase or Transfer of Shares
- Compulsory repurchase or transfer of shares
- The Directors shall have power in their absolute discretion (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no shares of any class are acquired or held directly or beneficially by a person who is in the opinion of the Directors any of the following:
- any person who appears to be in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such shares; or
- any United States Person (unless pursuant to an exemption under U.S. Securities laws); or
- any person who does not clear such money laundering checks as the Directors may determine; or
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) in the opinion of the Directors might result in the Company or the relevant Fund incurring any liability to taxation or suffering other pecuniary legal or material administrative disadvantages or being in breach of any law or regulation which the Company or the relevant Fund might not otherwise have incurred, suffered or breached; or
- any individual under the age of 18 (or such other age as the Directors may think fit) or of unsound mind; or
- any person unless the transferee of such shares would, following such transfer, be the holder of shares equal to or greater than the Minimum Initial Investment Amount (where relevant); or
- any person in circumstances where as a result of such transfer the transferor or transferee would hold less than the Minimum Shareholding; or
- any person where in respect of such transfer any payment of taxation remains outstanding; or
- such other category of investor as may be disclosed in the Prospectus or relevant Supplement from time to time. | en | de |
DOLFIN4146 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
11.1%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
Performance is not constant over time and is no guarantee of future performance.
8.2%
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 07 February 2012 and its R class was created on 20 November 2017.
The reference currency is the euro (EUR).
-7.3%
6.8%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | # La comisión de rentabilidad superior se percibe incluso si la rentabilidad de la participación es negativa durante el periodo de observación, siempre que sea superior a la rentabilidad del activo de referencia.
Rentabilidad histórica
11,1%
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión" del folleto de este OICVM, disponible previa solicitud del interesado en la sociedad gestora.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por el Fondo.
8,2%
El fondo se creó el 07 de febrero de 2012 y su clase R el 20 de noviembre de 2017.
La divisa de referencia es el euro (EUR).
-7,3%
6,8%
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank. | # The performance fee is payable even if the unit’s performance over the observation period is negative, provided that the unit outperforms the Reference Assets.
Past performance
11.1%
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
12 % .
10
8
6
4
2
0
-2
-4
-6
-8
Performance is not constant over time and is no guarantee of future performance.
8.2%
The year-on-year performances presented in this chart are calculated after deduction of all fees charged by the Fund. The Fund was launched on 07 February 2012 and its R class was created on 20 November 2017.
The reference currency is the euro (EUR).
-7.3%
6.8%
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | en | es |
DOLFIN4147 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Clearing House Protections
On many exchanges, the performance of a transaction by a broker (or a third party with whom it is dealing on the Company’s behalf) is “guaranteed” by the exchange, clearing house or central counterparty clearing house (“CCP”). However, this guarantee is unlikely in most circumstances to cover the Company and may not protect the Company if a broker or another party defaults on its obligations to the Company. In particular, there is a risk that a clearing member or other person through whom trades are cleared may default or become insolvent. There is also a risk that the clearing house or CCP itself may default or become insolvent.
While on a clearing member default, positions and the associated collateral value may be capable of being transferred to, or replaced by new trades with, a substitute clearing member, there can be no guarantee that this will occur. The associated collateral value transferred to a substitute clearing member may not be of the same type as the Company has transferred in respect of a particular Fund’s positions and may not reflect the full amount of the relevant Fund’s exposure to the clearing member.
However, a substitute clearing member may not accept the positions and, in such event, the positions may be closed out and the resulting collateral balance paid to the relevant Fund. The collateral returned may not be of the same type as the collateral originally transferred to the clearing member. The collateral balance ultimately received may not reflect the full amount of the relevant Fund’s exposure to the clearing member. The closing out of positions may also cause a breach of the relevant Fund’s Investment Objective, Investment Policy and/or investment restrictions and may result in a reduction in the ability to hedge the currency exposure of the relevant Fund.
Where a clearing house or CCP itself defaults or becomes insolvent, the consequences are hard to predict and will depend in part on the jurisdiction and rules of the relevant clearing house or CCP. However, the consequences can be expected to be significant. Loss of positions and associated collateral is likely and there may be significant delays in any assets being returned. | ##### Schutz durch Clearingstellen
An vielen Börsen ist die Durchführung einer Transaktion durch einen Makler (oder eine Drittpartei, mit der dieser im Namen der Gesellschaft Handelsgeschäfte tätigt) seitens der Börse, der Clearingstelle oder der zentralen Gegenpartei – das sogenannte Central Counterparty Clearing House („CCP“) – „garantiert“. Diese Garantie bietet der Gesellschaft jedoch in den meisten Fällen keinen ausreichenden oder gar keinen Schutz, wenn ein Broker seinen oder eine andere Partei ihren Pflichten gegenüber der Gesellschaft nicht nachkommt. Es besteht insbesondere das Risiko, dass ein Mitglied einer Clearingstelle oder eine andere Person, über die Geschäfte abgerechnet werden, ausfällt oder zahlungsunfähig wird. Ein weiteres Risiko besteht darin, dass die Clearingstelle oder das CCP selbst ausfallen oder zahlungsunfähig werden könnte.
Während bei Ausfall eines Mitglieds einer Clearingstelle Positionen und der mit ihnen verbunden Sicherheitenwert auf ein Ersatzmitglied einer Clearingstelle übertragen oder durch neue Geschäfte mit einem solchen Ersatzmitglied einer Clearingstelle ersetzt werden können, kann dies nicht garantiert werden. Der an ein Ersatzmitglied einer Clearingstelle übertragene verbundene Sicherheitenwert kann nicht von derselben Art sein wie der Wert der Sicherheiten, die von der Gesellschaft in Bezug auf die Positionen eines bestimmten Fonds übertragen wurden, und spiegelt eventuell nicht die volle Risikonahme des betreffenden Fonds gegenüber dem Clearing-Mitglied wider.
Ein Ersatzmitglied einer Clearingstelle akzeptiert die Positionen jedoch möglicherweise nicht, und in diesem Fall werden die Positionen geschlossen, und der resultierende Betrag der Sicherheit wird an den relevanten Fonds bezahlt. Die zurückgezahlte Sicherheit muss nicht vom selben Typ sein wie die ursprünglich an das Mitglied der Clearingstelle übertragene Sicherheit. Der letztendlich erhaltene Betrag der Sicherheit bildet möglicherweise nicht das volle Engagement des betreffenden Fonds gegenüber dem Clearing-Mitglied ab. Das Schließen von Positionen kann auch zur Nichterreichung des Anlageziels des relevanten Fonds bzw. zur Nichteinhaltung der Anlagepolitik und/oder der Anlagebeschränkungen und damit zu einer verringerten Fähigkeit zur Absicherung des Währungsrisikos des betreffenden Fonds führen.
Fällt eine Clearingstelle oder ein CCP selbst aus oder wird insolvent, sind die Folgen schwer abzuschätzen und hängen teilweise von dem Land und den Bestimmungen der betreffenden Clearingstelle oder des CCP ab. Es ist jedoch davon auszugehen, dass die Folgen schwerwiegend sind. Verluste von Positionen und zugehörigen Sicherheiten sind wahrscheinlich, und die Rückgabe von Vermögenswerten kann sich signifikant verzögern. | #### Clearing House Protections
On many exchanges, the performance of a transaction by a broker (or a third party with whom it is dealing on the Company’s behalf) is “guaranteed” by the exchange, clearing house or central counterparty clearing house (“CCP”). However, this guarantee is unlikely in most circumstances to cover the Company and may not protect the Company if a broker or another party defaults on its obligations to the Company. In particular, there is a risk that a clearing member or other person through whom trades are cleared may default or become insolvent. There is also a risk that the clearing house or CCP itself may default or become insolvent.
While on a clearing member default, positions and the associated collateral value may be capable of being transferred to, or replaced by new trades with, a substitute clearing member, there can be no guarantee that this will occur. The associated collateral value transferred to a substitute clearing member may not be of the same type as the Company has transferred in respect of a particular Fund’s positions and may not reflect the full amount of the relevant Fund’s exposure to the clearing member.
However, a substitute clearing member may not accept the positions and, in such event, the positions may be closed out and the resulting collateral balance paid to the relevant Fund. The collateral returned may not be of the same type as the collateral originally transferred to the clearing member. The collateral balance ultimately received may not reflect the full amount of the relevant Fund’s exposure to the clearing member. The closing out of positions may also cause a breach of the relevant Fund’s Investment Objective, Investment Policy and/or investment restrictions and may result in a reduction in the ability to hedge the currency exposure of the relevant Fund.
Where a clearing house or CCP itself defaults or becomes insolvent, the consequences are hard to predict and will depend in part on the jurisdiction and rules of the relevant clearing house or CCP. However, the consequences can be expected to be significant. Loss of positions and associated collateral is likely and there may be significant delays in any assets being returned. | en | de |
DOLFIN4148 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Typical Investor Profile
- The Fund is intended for investors seeking total return with an emphasis on high current income while also considering capital appreciation through investment primarily in below investment grade debt instruments of issuers located in developed and emerging market countries.
- The Fund is intended as a long term investment. Investors’ risk tolerance levels and investment time horizons may differ based on the individual circumstances of each investor. You should consult your Financial Intermediary for advice regarding your own risk tolerance and investment horizons before investing in the Fund. | Profil des typischen Anlegers
- Der Fonds ist für Anleger gedacht, die eine Gesamtrendite anstreben, wobei ein besonderes Augenmerk auf hohe laufende Erträge gelegt wird, ohne dabei die Kapitalwertsteigerung außer Acht zu lassen, indem in erster Linie in Schuldtitel ohne Anlagequalität von Emittenten aus Industrie- und Schwellenländern angelegt wird.
- Der Fonds ist als langfristige Anlage konzipiert. Die Risikotoleranz und die Anlagehorizonte der Anleger können je nach den individuellen Umständen der einzelnen Anleger variieren. Sie sollten Ihren Finanzvermittler hinsichtlich Ihrer eigenen Risikotoleranz und Ihres Anlagehorizonts zu Rate ziehen, bevor Sie in den Fonds investieren. | Typical Investor Profile
- The Fund is intended for investors seeking total return with an emphasis on high current income while also considering capital appreciation through investment primarily in below investment grade debt instruments of issuers located in developed and emerging market countries.
- The Fund is intended as a long term investment. Investors’ risk tolerance levels and investment time horizons may differ based on the individual circumstances of each investor. You should consult your Financial Intermediary for advice regarding your own risk tolerance and investment horizons before investing in the Fund. | en | de |
DOLFIN4149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Credit Risk with respect to Cash
The Fund will be exposed to the credit risk of the Depositary or any sub-custodian used by the Depositary where cash is held by the Depositary or sub-custodians. Credit risk is the risk that an entity will fail to discharge an obligation or commitment that it has entered into with the Fund. Cash held by the Depositary and sub-custodians will not be segregated in practice but will be a debt owing from the Depositary or other sub-custodians to the Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the Depositary and/or sub-custodians. In the event of the insolvency of the Depositary or sub-custodians, the Fund will be treated as a general unsecured creditor of the Depositary or sub-custodians in relation to cash holdings of the Fund. The Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the relevant fund(s) will lose some or all of their cash. The Fund may enter into additional arrangements (for example, placing cash in money market collective investment schemes) in order to mitigate credit exposure for its cash holdings but may be exposed to other risks as a result. To mitigate the Fund’s exposure to the Depositary, the Management Company employs specific procedures to ensure that the Depositary is a reputable institution and that the credit risk is acceptable to the Fund. If there is a change in Depositary then the new custodian will be a regulated entity subject to prudential supervision with high credit ratings assigned by international credit rating agencies.
Central Securities Depositary
Where securities are held by a central securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Fund may have to share that shortfall on a pro-rata basis. Securities may be deposited with central securities depositary which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability.
- Cross Share Class LiabilitiesAlthough assets and liabilities are clearly attributable to each class of Shares, there is no legal segregation between classes of Shares within a fund. This means that if the liabilities of a class of Shares exceed its assets, creditors of such class may have recourse without restriction to assets which are attributable to the other classes of Shares within the same fund. Although the Management Company implements appropriate procedures to mitigate this risk of contagion, Shareholders should note that specific transactions (e.g. currency hedging) may be entered into for the benefit of a particular class of Shares but result in liabilities for the other classes of Shares within the same fund.
- Hedged Share ClassesInvestors should be aware that, whilst the Investment Manager seeks to hedge undesired foreign exchange risk into the Principal Dealing Currency through the use of forward foreign exchange contracts (as further detailed in Part II section 2.1 in the Prospectus), the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will entirely eliminate the risk from undesired currency exposures. Investors in the hedged Share classes may have exposure to currencies other than their Principal Dealing Currency and may also be exposed to the risks associated with the instruments used in the hedging process.
- Dealing ArrangementsIn certain circumstances, the investor’s right to redeem Shares may be suspended or redemption requests may be deferred.
- Cyber EventsCyber-attacks, disruptions, or failures (collectively: cyber events) that affect the Fund’s service providers or counterparties, issuers of securities held by the Fund or other market participants may adversely impact the Fund and its Shareholders, including by causing financial losses or impairing operations. While the Management Company has established systems and processes seeking to address cyber events there are inherent limitations as the Fund cannot control the cyber security plans of its counterparties.
- Distribution of Dividends and Expenses out of/effectively out of Capital (CDIST/MCDIST/MINCOME/QINCOME Share classes only)For distributing classes of Shares, dividends may be paid out of capital where the investment income/capital gain generated by the relevant fund is insufficient to pay a distribution as declared. Certain distributing classes of Shares may also pay dividends out of gross investment income whilst all or part of their fees and expenses are paid out of capital, thereby resulting in an increase in distributable income for the payment of dividends to such classes of Shares. It is important to note that distributing classes of Shares may distribute not only investment income, but also realised and unrealised capital gains or capital. Investors should also note that the payment of dividends and/or fees and expenses (collectively, “distributions”) out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the fund and in the capital that the fund has available for investment in the future. Capital growth may be reduced so that a high distribution yield does not imply a positive or high return on investors’ total investments. | Riesgo crediticio con respecto al efectivo
El Fondo estará expuesto al riesgo crediticio del Depositario o de cualquier subcustodio al que recurra el Depositario cuando haya efectivo en poder del Depositario o de los subcustodios. El riesgo crediticio es el riesgo de que una entidad no cumpla con una obligación o compromiso que haya contraído con el Fondo. El efectivo en poder del Depositario y los subcustodios no se segregará en la práctica, sino que será una deuda del Depositario u otros subcustodios con el Fondo como depositante. Dicho efectivo se mezclará con efectivo perteneciente a otros clientes del Depositario o los subcustodios. En caso de insolvencia del Depositario o los subcustodios, se tratará al Fondo como un acreedor general no garantizado del Depositario o los subcustodios en relación con sus posiciones en efectivo. El Fondo puede afrontar dificultades o sufrir retrasos a la hora de recobrar esa deuda, o puede que no sea capaz de recuperarla en su totalidad o en absoluto, en cuyo caso, los Subfondos afectados perderán la totalidad o parte de su efectivo. El Fondo puede formalizar acuerdos adicionales (como, por ejemplo, colocar efectivo en organismos de inversión colectiva del mercado monetario) con el fin de reducir la exposición a crédito para sus posiciones en efectivo, aunque podrá estar expuesto a otros riesgos como resultado. Para mitigar la exposición del Fondo al Depositario, la Sociedad Gestora recurre a procedimientos específicos para garantizar que el Depositario sea una institución de buena reputación y que el riesgo crediticio resulte aceptable para el Fondo. Si se produce un cambio de Depositario, el nuevo custodio será una entidad regulada sujeta a supervisión con calificaciones crediticias elevadas por parte de las agencias de calificación internacionales.
Depositario central de valores
Cuando los valores están en poder de un depositario central de valores o un sistema de compensación, dichos valores pueden estar en poder de estas entidades en cuentas ómnibus de clientes, y, en caso de impago por parte de alguna de estas entidades, cuando se produzca un déficit irreconciliable de dichos valores, es posible que el Fondo tenga que asumir dicho déficit de forma prorrateada. Los valores podrán depositarse en un depositario central de valores, que el Depositario no tendrá obligación de designar como su subcustodio y ante cuyos actos o incumplimientos no asumirá responsabilidad alguna.
- Cruce de pasivos entre Clases de AccionesSi bien los activos y pasivos son claramente atribuibles a cada Clase de Acciones, no existe segregación legal entre las Clases de Acciones de un mismo Subfondo. Esto significa que, si el pasivo de una Clase de Acciones es superior a su activo, los acreedores de dicha Clase pueden recurrir sin límite al activo atribuible a las demás Clases de Acciones dentro de ese Subfondo. Aunque la Sociedad Gestora aplica los procedimientos adecuados para mitigar este riesgo de contagio, los accionistas deben tener en cuenta que es posible que se formalicen algunas operaciones concretas (ej. cobertura de divisas) a beneficio de una clase de Acciones concreta pero que den como resultado la creación de un pasivo para otras clases de Acciones de un mismo Subfondo.
- Clases de acciones hedgedLos inversores deben saber que, aunque el Gestor de Inversiones intenta cubrir el riesgo cambiario no deseado procedente de la conversión a la Divisa de Negociación Principal mediante el uso de contratos de divisas a plazo (tal y como se detalla en el apartado 2.1 de la Parte II del Folleto informativo), es posible que el proceso de cobertura cambiaria no ofrezca una cobertura precisa. Asimismo, no hay garantía de que la cobertura elimine completamente los riesgos que plantea la exposición no deseada a divisas. Los inversores de las clases de Acciones hedged pueden estar expuestos a divisas distintas de su Divisa de Negociación Principal y a los riesgos asociados a los instrumentos que se utilicen en el proceso de cobertura.
- Acuerdos de negociaciónEn algunos casos, el derecho de los inversores a reembolsar las Acciones puede quedar en suspenso o es posible que se pospongan las solicitudes de reembolso.
- CiberamenazasLos ciberataques, disrupciones o fallos (conjuntamente, las «ciberamenazas») que afecten a los proveedores de servicios o contrapartes del Fondo o a los emisores de valores mantenidos por el Fondo pueden afectar negativamente al Fondo y a sus Accionistas, provocando, por ejemplo, pérdidas económicas o deteriorando su operativa. Aunque la Sociedad Gestora haya puesto en marcha sistemas y procesos con el objetivo de hacer frente a las ciberamenazas, estos tienen limitaciones inherentes, ya que el Fondo no puede controlar la política de ciberseguridad de sus contrapartes.
- Pago de dividendos y gastos con el Capital (solo para las clases de Acciones CDIST/MCDIST/MINCOME/QINCOME)En el caso de las Clases de Acciones de distribución, los dividendos pueden pagarse con el capital cuando los ingresos o la plusvalía de la inversión que haya generado el Subfondo correspondiente sean insuficientes para pagar una distribución declarada. Algunas Clases de Acciones de distribución pueden pagar dividendos con el rendimiento bruto de la inversión, mientras que la totalidad o parte de sus gastos y comisiones se pagan con el capital, lo que resulta en un aumento de los ingresos distribuibles para el pago de los dividendos correspondiente a dichas Clases de Acciones. Cabe destacar que las Clases de Acciones de distribución pueden repartir no solo ingresos de la inversión, sino también plusvalías (tanto materializadas como latentes) o capital. Los inversores también deberían tener en cuenta que el pago de dividendos o comisiones y gastos (conjuntamente, las «distribuciones») con el capital representa una devolución o retirada de parte del importe inicialmente invertido o de plusvalías atribuibles a la inversión original. Dichas distribuciones pueden resultar en un descenso inmediato en el Valor liquidativo por Acción del Subfondo y en el capital del que dispone el Subfondo para invertir en un futuro. El crecimiento del capital puede verse reducido de modo que un elevado rendimiento de distribución no genere unos beneficios altos o positivos para las inversiones totales que haya efectuado el inversor. | Credit Risk with respect to Cash
The Fund will be exposed to the credit risk of the Depositary or any sub-custodian used by the Depositary where cash is held by the Depositary or sub-custodians. Credit risk is the risk that an entity will fail to discharge an obligation or commitment that it has entered into with the Fund. Cash held by the Depositary and sub-custodians will not be segregated in practice but will be a debt owing from the Depositary or other sub-custodians to the Fund as a depositor. Such cash will be co-mingled with cash belonging to other clients of the Depositary and/or sub-custodians. In the event of the insolvency of the Depositary or sub-custodians, the Fund will be treated as a general unsecured creditor of the Depositary or sub-custodians in relation to cash holdings of the Fund. The Fund may face difficulties and/or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the relevant fund(s) will lose some or all of their cash. The Fund may enter into additional arrangements (for example, placing cash in money market collective investment schemes) in order to mitigate credit exposure for its cash holdings but may be exposed to other risks as a result. To mitigate the Fund’s exposure to the Depositary, the Management Company employs specific procedures to ensure that the Depositary is a reputable institution and that the credit risk is acceptable to the Fund. If there is a change in Depositary then the new custodian will be a regulated entity subject to prudential supervision with high credit ratings assigned by international credit rating agencies.
Central Securities Depositary
Where securities are held by a central securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Fund may have to share that shortfall on a pro-rata basis. Securities may be deposited with central securities depositary which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability.
- Cross Share Class LiabilitiesAlthough assets and liabilities are clearly attributable to each class of Shares, there is no legal segregation between classes of Shares within a fund. This means that if the liabilities of a class of Shares exceed its assets, creditors of such class may have recourse without restriction to assets which are attributable to the other classes of Shares within the same fund. Although the Management Company implements appropriate procedures to mitigate this risk of contagion, Shareholders should note that specific transactions (e.g. currency hedging) may be entered into for the benefit of a particular class of Shares but result in liabilities for the other classes of Shares within the same fund.
- Hedged Share ClassesInvestors should be aware that, whilst the Investment Manager seeks to hedge undesired foreign exchange risk into the Principal Dealing Currency through the use of forward foreign exchange contracts (as further detailed in Part II section 2.1 in the Prospectus), the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will entirely eliminate the risk from undesired currency exposures. Investors in the hedged Share classes may have exposure to currencies other than their Principal Dealing Currency and may also be exposed to the risks associated with the instruments used in the hedging process.
- Dealing ArrangementsIn certain circumstances, the investor’s right to redeem Shares may be suspended or redemption requests may be deferred.
- Cyber EventsCyber-attacks, disruptions, or failures (collectively: cyber events) that affect the Fund’s service providers or counterparties, issuers of securities held by the Fund or other market participants may adversely impact the Fund and its Shareholders, including by causing financial losses or impairing operations. While the Management Company has established systems and processes seeking to address cyber events there are inherent limitations as the Fund cannot control the cyber security plans of its counterparties.
- Distribution of Dividends and Expenses out of/effectively out of Capital (CDIST/MCDIST/MINCOME/QINCOME Share classes only)For distributing classes of Shares, dividends may be paid out of capital where the investment income/capital gain generated by the relevant fund is insufficient to pay a distribution as declared. Certain distributing classes of Shares may also pay dividends out of gross investment income whilst all or part of their fees and expenses are paid out of capital, thereby resulting in an increase in distributable income for the payment of dividends to such classes of Shares. It is important to note that distributing classes of Shares may distribute not only investment income, but also realised and unrealised capital gains or capital. Investors should also note that the payment of dividends and/or fees and expenses (collectively, “distributions”) out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the Net Asset Value per Share of the fund and in the capital that the fund has available for investment in the future. Capital growth may be reduced so that a high distribution yield does not imply a positive or high return on investors’ total investments. | en | es |
DOLFIN4150 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investment objective and policy
The Sub-Fund invests predominantly in a diversified portfolio comprised of equities and/or other Transferable Securities (warrants on Transferable Securities – up to a maximum of 10% of the Sub-Fund’s net assets – and convertible bonds) issued by companies established, listed or traded in any European country. The Sub-Fund uses both fundamental and quantitative research inputs to select stocks that offer an attractive return profile. The Sub-Fund uses active management to target companies that offer an attractive return profile based on fundamental analysis and the input of a factor model, with deviation limits maintained relative to the Index. Its investments will therefore materially deviate from the Index. Measured over a period of several years this Sub- Fund aims to beat the performance of the Index as listed in the Appendix II of the Company’s Prospectus. The Index is a broad representation of our investment universe. The Sub-Fund may also include investments into securities that are not part of the Index universe. This Sub-Fund also integrates ESG factors in its fundamental analysis.
The Sub-Fund may invest a maximum of 25% of its net assets in equities and other participation rights traded on the Russian market – the “Moscow Interbank Currency Exchange – Russian Trade System” (MICEX-RTS). | ## Anlageziel und -politik
Der Teilfonds investiert überwiegend in ein diversifiziertes Portfolio aus Aktien bzw. sonstigen Wertpapieren (Optionsscheine auf Wertpapiere – in Höhe von maximal 10 % des Nettovermögens des Teilfonds – und Wandelanleihen), die von in beliebigen europäischen Ländern niedergelassenen, notierten oder gehandelten Unternehmen ausgegeben werden.
Der Teilfonds verwendet sowohl Grundsatzdaten als auch Daten aus quantitativen Studien, um Aktien auszuwählen und somit ein attraktives Renditeprofil zu bieten. Der Teilfonds setzt eine aktive Verwaltung ein, um Unternehmen anzustreben, die ein attraktives Ertragsprofil basierend auf einer Grundsatzanalyse und der Eingabe eines Faktormodells bieten, wobei Abweichungsbeschränkungen gegenüber dem Index eingehalten werden. Seine Anlagen werden daher erheblich vom Index abweichen. Dieser Teilfonds ist bestrebt, über einen Zeitraum von mehreren Jahren die Wertentwicklung des im Anhang II des Prospekts der Gesellschaft aufgeführten Index zu übertreffen. Der Index ist eine breite Darstellung unseres Anlageuniversums. Der Teilfonds kann auch Anlagen in Wertpapiere beinhalten, die nicht Teil des Indexuniversums sind. Dieser Teilfonds integriert auch ESG- Faktoren in seine Grundsatzanalyse.
Der Teilfonds kann höchstens 25 % seines Nettovermögens in Aktien und andere Beteiligungsrechte investieren, die auf dem russischen Markt, dem „Moscow Interbank Currency Exchange – Russian Trade System“ (MICEX-RTS), gehandelt werden. | ## Investment objective and policy
The Sub-Fund invests predominantly in a diversified portfolio comprised of equities and/or other Transferable Securities (warrants on Transferable Securities – up to a maximum of 10% of the Sub-Fund’s net assets – and convertible bonds) issued by companies established, listed or traded in any European country. The Sub-Fund uses both fundamental and quantitative research inputs to select stocks that offer an attractive return profile. The Sub-Fund uses active management to target companies that offer an attractive return profile based on fundamental analysis and the input of a factor model, with deviation limits maintained relative to the Index. Its investments will therefore materially deviate from the Index. Measured over a period of several years this Sub- Fund aims to beat the performance of the Index as listed in the Appendix II of the Company’s Prospectus. The Index is a broad representation of our investment universe. The Sub-Fund may also include investments into securities that are not part of the Index universe. This Sub-Fund also integrates ESG factors in its fundamental analysis.
The Sub-Fund may invest a maximum of 25% of its net assets in equities and other participation rights traded on the Russian market – the “Moscow Interbank Currency Exchange – Russian Trade System” (MICEX-RTS). | en | de |
DOLFIN4151 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Exercising membership and creditors’ rights
The fund management company exercises the membership and creditors’ rights associated with the investments of the managed funds independently and exclusively in the interests of investors. Upon request, the fund management company shall provide investors with details concerning the exercise of membership and creditors’ rights.
Regarding existing routine business, it is up to the fund management company whether to exercise the membership and creditors’ rights itself or whether to delegate them to the custodian bank or a third party, as well as choosing not to exercise the membership and creditors’ rights.
For all other matters that could affect the long-term interests of investors, for example when exercising membership and creditors’ rights accruing to the fund management company as shareholder or creditor, the custodian bank or any other related legal entity, the fund man- agement company shall exercise the voting right itself or give clear instructions. It may use information received from the custodian bank, the asset manager, the company, voting rights advisors or other third parties, or information that has appeared in the press.
- | # Ausübung von Mitgliedschafts- und Gläubigerrechten
Die Fondsleitung übt die mit den Anlagen der verwalteten Fonds verbundenen Mitgliedschafts- und Gläubigerrechte unabhängig und aus- schliesslich im Interesse der Anleger aus. Die Anleger erhalten auf Wunsch bei der Fondsleitung Auskunft über die Ausübung der Mitglied- schafts- und Gläubigerrechte.
Bei anstehenden Routinegeschäften ist es der Fondsleitung freigestellt, die Mitgliedschafts- und Gläubigerrechte selber auszuüben oder die Ausübung an die Depotbank oder Dritte zu übertragen, sowie auf die Ausübung der Mitgliedschafts- und Gläubigerrechte zu verzichten. Bei allen sonstigen Traktanden, welche die Interessen der Anleger nachhaltig tangieren könnten, wie namentlich bei der Ausübung von Mitgliedschafts- und Gläubigerrechten, welche der Fondsleitung als Aktionärin oder Gläubigerin der Depotbank oder sonstiger ihr nahe stehender juristischer Personen zustehen, übt die Fondsleitung das Stimmrecht selber aus oder erteilt ausdrückliche Weisungen. Sie darf sich dabei auf Informationen abstützen, die sie von der Depotbank, dem Vermögensverwalter, der Gesellschaft oder von Stimmrechtsberatern und weiteren Dritten erhält oder aus der Presse erfährt.
- | # Exercising membership and creditors’ rights
The fund management company exercises the membership and creditors’ rights associated with the investments of the managed funds independently and exclusively in the interests of investors. Upon request, the fund management company shall provide investors with details concerning the exercise of membership and creditors’ rights.
Regarding existing routine business, it is up to the fund management company whether to exercise the membership and creditors’ rights itself or whether to delegate them to the custodian bank or a third party, as well as choosing not to exercise the membership and creditors’ rights.
For all other matters that could affect the long-term interests of investors, for example when exercising membership and creditors’ rights accruing to the fund management company as shareholder or creditor, the custodian bank or any other related legal entity, the fund man- agement company shall exercise the voting right itself or give clear instructions. It may use information received from the custodian bank, the asset manager, the company, voting rights advisors or other third parties, or information that has appeared in the press.
- | en | de |
DOLFIN4152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 15/07/2021.
This past performance is calculated from the past performance of Class I USD converted at the applicable spot exchange rate. On 04/ 05/2018, all of the assets and liabilities of AB FCP I – American Growth Portfolio were transferred to the newly created AB SICAV I – American Growth Portfolio. As a result, the share class past performance prior to this date relates to the past performance of the relevant share class of AB FCP I – American Growth Portfolio.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Los gastos de entrada/salida se han excluido del cálculo.
El Fondo se constituyó el 31/03/2017.
La clase de acciones del Fondo se constituyó el 15/07/2021.
Esta rentabilidad histórica se calcula a partir de la rentabilidad histórica de la clase I USD convertida al tipo de cambio al contado aplicable. El 04/05/ 2018, todos los activos y pasivos de AB FCP I – American Growth Portfolio se transmitieron a AB SICAV I – American Growth Portfolio, de nueva creación. En consecuencia, la rentabilidad histórica de la clase de acciones antes de esa fecha hace referencia a la rentabilidad histórica de la clase de acciones correspondiente de AB FCP I – American Growth Portfolio.
Solo se indica la rentabilidad cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad. | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 15/07/2021.
This past performance is calculated from the past performance of Class I USD converted at the applicable spot exchange rate. On 04/ 05/2018, all of the assets and liabilities of AB FCP I – American Growth Portfolio were transferred to the newly created AB SICAV I – American Growth Portfolio. As a result, the share class past performance prior to this date relates to the past performance of the relevant share class of AB FCP I – American Growth Portfolio.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | es |
DOLFIN4153 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# R I S K I N D I C A T O R
## The risk indicator assumes you keep the product for 1.5 years (depending on the recommended holding period).
The summary risk indicator (“SRI”) is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 2 out of 7, which is a low risk class due to its overall exposure to the fixed-income markets though securities of the “Investment Grade” category, and on a secondary basis, of the “High Yield” category, including CoCos, which represents a greater return in exchange for a higher risk of default.
- The SRI is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you;
- The initially invested capital is not covered by a guarantee, so you could lose some or all of your investment.
## Relevant risks not taken into account in this indicator:
Key risks of the Sub-Fund are risk of loss of capital, counterparty risk, liquidity risk, sustainability risk and credit risk. For a description of all risks, please refer to the Sub-Fund's prospectus. The occurrence of any of the risks may result in a decrease in the net asset value of the Sub-Fund.
## DISCLAIMER : THIS SUB-FUND MAY INVEST UP TO 35% OF ITS ASSETS IN BONDS OF LOW CREDIT QUALITY, AND THEREFORE PRESENTS A VERY HIGH CREDIT RISK. | # I N D I C A T O R E D I R I S C H I O
## L'indicatore di rischio presuppone che il prodotto venga detenuto per 1,5 anni (a seconda del periodo di detenzione raccomandato).
L'indicatore sintetico di rischio ("ISR") è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Abbiamo classificato questo prodotto al livello 2 su 7, che corrisponde alla classe di rischio bassa in ragione della sua esposizione globale ai mercati del reddito fisso attraverso titoli classificati come "investment grade" e, in via secondaria, come "ad alto rendimento", inclusi CoCo bond, che presentano un rendimento superiore a fronte di un rischio di insolvenza più importante.
- L'ISR è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
- Il capitale inizialmente investito non è coperto da garanzia, pertanto potreste perdere il vostro intero investimento o parte di esso.
## Rischi significativi non adeguatamente rilevati dall'indicatore:
I principali rischi del Comparto sono il rischio di perdita di capitale, il rischio di controparte, il rischio di liquidità, il rischio di sostenibilità e il rischio di credito. Per una descrizione completa dei rischi, si rimanda al prospetto del Comparto. Il verificarsi di uno dei rischi può comportare una diminuzione del valore patrimoniale netto del Comparto.
## DISCLAIMER: QUESTO COMPARTO PUÒ INVESTIRE FINO AL 35% DEL SUO PATRIMONIO IN OBBLIGAZIONI DI BASSO MERITO DI CREDITO, PERTANTO PRESENTA UN RISCHIO DI CREDITO MOLTO ALTO. | # R I S K I N D I C A T O R
## The risk indicator assumes you keep the product for 1.5 years (depending on the recommended holding period).
The summary risk indicator (“SRI”) is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 2 out of 7, which is a low risk class due to its overall exposure to the fixed-income markets though securities of the “Investment Grade” category, and on a secondary basis, of the “High Yield” category, including CoCos, which represents a greater return in exchange for a higher risk of default.
- The SRI is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you;
- The initially invested capital is not covered by a guarantee, so you could lose some or all of your investment.
## Relevant risks not taken into account in this indicator:
Key risks of the Sub-Fund are risk of loss of capital, counterparty risk, liquidity risk, sustainability risk and credit risk. For a description of all risks, please refer to the Sub-Fund's prospectus. The occurrence of any of the risks may result in a decrease in the net asset value of the Sub-Fund.
## DISCLAIMER : THIS SUB-FUND MAY INVEST UP TO 35% OF ITS ASSETS IN BONDS OF LOW CREDIT QUALITY, AND THEREFORE PRESENTS A VERY HIGH CREDIT RISK. | en | it |
DOLFIN4154 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If the Fund becomes liable to account for tax if a chargeable event occurs, the Fund shall be entitled to deduct from the payment arising on a chargeable event an amount equal to the appropriate tax and/or where applicable, to appropriate or cancel such number of Units held by the Unitholder or the beneficial owner of the Units as are required to meet the amount of tax. The relevant Unitholder shall indemnify and keep the Fund indemnified against loss arising to the Fund by reason of the Fund becoming liable to account for tax on the happening of a chargeable event if no such deduction, appropriation or cancellation has been made.
Dividends received by the Fund from investment in Irish equities may be subject to Irish dividend withholding tax at the standard rate of income tax (currently 20%). However, the Fund can make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends, which will entitle the Fund to receive such dividends without deduction of Irish dividend withholding tax.
No stamp duty is payable in Ireland on the issue, transfer, repurchase or redemption of Units in the Fund. Where any subscription for or redemption of Units is satisfied by the in specie transfer of securities, property or other types of assets, Irish stamp duty may arise on the transfer of such assets. | Si le Fonds devient responsable de la comptabilisation de la taxe si un événement imposable se produit, le Fonds sera en droit de déduire du paiement découlant d'un événement imposable un montant égal à l'impôt requis et / ou le cas échéant, de s’approprier ou d'annuler le nombre nécessaire de Parts détenues par le Détenteur de Parts ou le propriétaire effectif des Parts en vue de s’acquitter du montant de l’impôt. Le Détenteur de Parts concerné devra indemniser et assurer une indemnisation au Fonds contre toute perte supportée par le Fonds découlant du fait que le Fonds devient redevable de la comptabilisation de la taxe en raison de la survenance d'un événement imposable, si cette déduction, appropriation ou annulation n'a pas été effectuée.
Les dividendes encaissés par le Fonds résultant d’investissements dans des actions irlandaises peuvent être assujettis à la retenue à la source sur les dividendes irlandais au taux normal de l'impôt sur le revenu (actuellement 20 %). Toutefois, le Fonds peut présenter une déclaration au payeur attestant qu'il est un organisme de placement collectif bénéficiaire effectif des dividendes, ce qui habilitera le Fonds à percevoir ces dividendes sans déduction de la retenue à la source irlandaise sur les dividendes.
Aucun droit de timbre n'est dû en Irlande lors de l'émission, du transfert, du rachat ou du remboursement de Parts du Fonds. Lorsqu'une souscription ou un rachat de Parts est réalisé par transfert en nature de valeurs mobilières, de biens ou d'autres d’actifs, un droit de timbre peut prendre naissance à l'occasion du transfert de ces actifs. | If the Fund becomes liable to account for tax if a chargeable event occurs, the Fund shall be entitled to deduct from the payment arising on a chargeable event an amount equal to the appropriate tax and/or where applicable, to appropriate or cancel such number of Units held by the Unitholder or the beneficial owner of the Units as are required to meet the amount of tax. The relevant Unitholder shall indemnify and keep the Fund indemnified against loss arising to the Fund by reason of the Fund becoming liable to account for tax on the happening of a chargeable event if no such deduction, appropriation or cancellation has been made.
Dividends received by the Fund from investment in Irish equities may be subject to Irish dividend withholding tax at the standard rate of income tax (currently 20%). However, the Fund can make a declaration to the payer that it is a collective investment undertaking beneficially entitled to the dividends, which will entitle the Fund to receive such dividends without deduction of Irish dividend withholding tax.
No stamp duty is payable in Ireland on the issue, transfer, repurchase or redemption of Units in the Fund. Where any subscription for or redemption of Units is satisfied by the in specie transfer of securities, property or other types of assets, Irish stamp duty may arise on the transfer of such assets. | en | fr |
DOLFIN4155 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The SICAV is not subject to corporation tax. However, distributions and capital gains are taxable when remitted to shareholders.
SICAVs are said to be transparent.
As such, any gains or losses realised when the SICAV’s shares are redeemed (or upon dissolution of a sub-fund) represent capital gains or losses and are subject to the taxation regime for capital gains or losses on transferable securities that applies to each shareholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, etc.). Such gains may be subject to withholding tax if the shareholder is not resident in France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation.
Shareholders who are unsure of their tax situation are advised to contact a tax advisor for further information about the specific tax treatment that will be applicable to them before subscribing to SICAV’s shares.
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##### Specific provisions | La SICAV non è soggetta all’imposta sulle società. Tuttavia, le distribuzioni e le plusvalenze sono imponibili in capo agli azionisti.
Le SICAV vengono dette trasparenti.
Di conseguenza, gli utili o le perdite realizzati al momento del rimborso delle azioni della SICAV (o al momento dello scioglimento di un comparto) rappresentano delle plusvalenze o delle minusvalenze soggette al regime delle plusvalenze o minusvalenze su valori mobiliari applicabili a ciascun azionista in relazione alla sua situazione personale (paese di residenza, persona fisica o giuridica, luogo di sottoscrizione, ecc.). Queste plusvalenze possono essere oggetto di ritenuta alla fonte se l'azionista non ha residenza fiscale in Francia. Inoltre, le plusvalenze latenti possono, in alcuni casi, essere soggette a imposizione fiscale.
In caso di dubbi sulla propria situazione fiscale si invita l’azionista a rivolgersi a un consulente per conoscere il trattamento fiscale specifico che gli sarà applicato, prima della sottoscrizione di qualsiasi azione della SICAV.
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##### Disposizioni particolari | The SICAV is not subject to corporation tax. However, distributions and capital gains are taxable when remitted to shareholders.
SICAVs are said to be transparent.
As such, any gains or losses realised when the SICAV’s shares are redeemed (or upon dissolution of a sub-fund) represent capital gains or losses and are subject to the taxation regime for capital gains or losses on transferable securities that applies to each shareholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, etc.). Such gains may be subject to withholding tax if the shareholder is not resident in France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation.
Shareholders who are unsure of their tax situation are advised to contact a tax advisor for further information about the specific tax treatment that will be applicable to them before subscribing to SICAV’s shares.
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##### Specific provisions | en | it |
DOLFIN4156 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The Fund has met its sustainable objective through the implementation of the processes set out above. Taxonomy Regulation
In line with its ESG methodology and sustainable investment objective, the Fund intends to invest in one or more investments that contribute to climate change mitigation and climate change adaptation. As described in the Fund’s investment policy, the Fund’s equity securities are assessed and measured regarding their ability to contribute to climate change solutions. This assessment is conducted at the Investment Manager’s level using corporate disclosures to assess each company for potentially eligible activities, quantifying the revenues from these activities, and applying the technical assessment steps of “substantial contribution”, do no significant harm”, and “minimum social safeguards”. To address gaps in disclosure, the Investment Manager supplements this assessment with the following:
Evaluate “do no significant harm” criteria using available data from selected ESG data providers.
Leverage research available from selected ESG data providers to help assess UN Global Compact Compliance and compliance with human and labor rights covered in the minimum social safeguards.
Where there is no available data from ESG data vendors, in line with Investment Manager’s commitment to carry out best efforts,
it will seek to engage with companies to address lack of required disclosures required to assess alignment.
As of the date of this Prospectus, it is however not yet possible to commit to the Fund’s minimum alignment with the Taxonomy Regulation, as the Investment Manager is not in a position to specify the exact proportion of the Fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities, including enabling or transitional activities, within the meaning of the Taxonomy Regulation. It is however expected that at least a low proportion of the investments will be in taxonomy- aligned environmentally sustainable activities (including investments in enabling and transitional activities).
The Investment Manager is keeping this situation under active review and where adequate, sufficient reliable, timely and verifiable data on Fund’s investments and relevant technical criteria become available, a re-assessment will be made and this Prospectus will be updated accordingly to accurately disclose to what extent the Fund’s investments are in taxonomy-aligned environmentally sustainable activities, including the proportions of investments in enabling and transitional activities selected for the Fund.
Also in line with its ESG methodology, the Fund may hold sustainable investments that are expected to contribute to other environmental objectives such as sustainable use and protection of water and marine resources and transition to a circular economy. In the future, technical screening criteria are expected to be set out under the Taxonomy Regulation to determine the conditions under which an economic activity qualifies as contributing substantially to these objectives. No such criteria are available at present, therefore, whilst these investments qualify as “sustainable investments” under the SFDR, they cannot currently qualify as environmentally sustainable investments as defined under the current terms of the Taxonomy Regulation.
Other sub-funds of the Company:
The investments underlying the remaining sub-funds of the Company do not take into account the EU criteria for environmentally sustainable economic activities, including enabling or transitional activities, within the meaning of the Taxonomy Regulation.
Remuneration
Franklin Templeton International Services S.à r.l. (“FTIS”), as UCITS licensed management company (the “Management Company”) has a remuneration policy (the “Policy”) in place which applies to all UCITS funds (each a “UCITS” and together the “UCITS”) under its management. The Policy has been designed to discourage excessive risk taking, integrating in its performance management systems risk criteria specific to the business units it covers. The policy has a governance structure aimed at preventing internal conflicts of interest.
There are defined procedures in place for the creation, update, review and approval of the Policy as well as for communication and implementation of the Policy. Senior Management, Human Resources, Compliance and other functions are all involved in this process and the Policy is approved by Senior Management and the Board of Directors of the Management Company.
Fixed remuneration is defined as base salary plus other benefits which may include pension contributions, life assurance premiums or private medical insurance premiums. Levels of fixed remuneration are set with reference to job complexity, level of responsibility, performance and market benchmarking data. These levels are reviewed on a regular basis.
Variable remuneration is defined as annual bonuses, long term awards in the form of performance share grants or sales bonus payments. Levels of variable remuneration are set with reference to overall corporate and business unit performance as well as individual performance.
The full Policy is available at the registered office of the Management Company. Quantitative information relevant to the Franklin
Templeton Investment Funds is outlined below. | ###### Le compartiment a réalisé ses objectifs de durabilité à travers la mise en œuvre des processus décrits ci-dessus.
Règlement Taxonomie
Conformément à sa méthodologie d’investissement ESG et à son objectif d’investissement durable, le compartiment prévoit de réaliser un ou plusieurs investissements contribuant à l’atténuation du changement climatique et à l’adaptation à celui-ci. Conformément à ce qui est décrit dans la politique d’investissement du compartiment, les titres de capital du compartiment sont évalués et mesurés au regard de leur capacité à contribuer aux solutions en matière de changement climatique. Cette évaluation est menée au niveau du gestionnaire de portefeuille, les informations publiées des entreprises étant utilisées pour évaluer les activités potentiellement admissibles de chaque société, quantifier les revenus de ces activités et appliquer les critères d’examen technique de la « contribution substantielle », du principe consistant à « ne pas causer de préjudice important » et des « garan- ties minimales en matière sociale ». Pour remédier à tout défaut de publication de données, le gestionnaire de portefeuille complète cette évaluation comme suit :
Il évalue les critères « ne pas causer de préjudice important » à l’aide de données disponibles auprès de fournisseurs de don- nées ESG sélectionnés.
Il met à profit les études de fournisseurs de données ESG sélectionnés dans le cadre de l’évaluation de la conformité au Pacte mondial des Nations unies ainsi que du respect des droits humains et du travail énoncés dans les garanties minimales en matière sociale.
En l’absence d’informations de fournisseurs de données ESG et conformément à son engagement à faire tout ce qui est en son pouvoir, il cherche à nouer un dialogue avec les entreprises afin de remédier au manque d’informations publiques nécessaires à l’évaluation de leur conformité.
À la date du présent prospectus, il n’est toutefois pas encore possible de garantir une observation stricte des critères minimaux du compartiment au regard du règlement Taxonomie, car le gestionnaire de portefeuille n’est pas en mesure de définir la part exacte des investissements sous-jacents du compartiment qui répondent aux critères de l’UE pour l’identification des activités économiques durables sur le plan environnemental, y compris les activités habilitantes et transitoires au sens du règlement Taxonomie. Il est toutefois prévu qu’au moins une petite partie des investissements concerne des activités durables sur le plan environnemental conformes à la taxonomie verte de l’UE (y compris des investissements dans des activités habilitantes et transitoires).
Le gestionnaire de portefeuille gardera un œil constant sur la situation et la réévaluera dès que de nouvelles informations perti- nentes, y compris en ce qui concerne le moment de leur disponibilité, suffisamment fiables et vérifiables seront disponibles sur les investissements du compartiment et les critères d’examen technique correspondants. Le prospectus sera alors mis à jour pour indiquer précisément dans quelle mesure les investissements du compartiment se font dans des activités durables sur le plan environnemental conformes à la taxonomie verte de l’UE, y compris la part des investissements dans des activités habili- tantes et transitoires sélectionnées pour le compartiment.
Toujours conformément à sa méthodologie ESG, le compartiment peut détenir des investissements durables dont il est attendu qu’ils contribueront à d’autres objectifs environnementaux, tels que l’utilisation durable et la protection des ressources aqua- tiques et marines, et la transition vers une économie circulaire. Dans l’avenir, il est prévu de définir des critères d’examen technique conformes au règlement Taxonomie afin de déterminer les conditions dans lesquelles une activité économique peut être considérée comme contribuant substantiellement à ces objectifs. Ces critères n’existent pas actuellement si bien que, si ces investissements répondent aux conditions pour être considérés comme des « investissements durables » conformément au SFDR, ils ne répondent pas aux conditions des investissements durables sur le plan environnemental selon les termes du texte actuel du règlement Taxonomie.
Autres compartiments de la SICAV:
Les investissements sous-jacents des autres compartiments de la SICAV ne tiennent pas compte des critères de durabilité envi- ronnementale des activités économiques de l’UE, y compris les activités habilitantes et transitoires, selon la définition qui en est donnée dans le règlement Taxonomie.
Rémunération
Franklin Templeton International Services S.à r.l. (« FTIS »), en tant que société de gestion d’OPCVM agréée (la « société de gestion »), a mis en place une politique de rémunération (la « politique ») qui s’applique à tous les fonds OPCVM (individuelle- ment un « OPCVM » et ensemble les« OPCVM ») qu’elle gère. La politique a été conçue pour décourager une prise de risque excessive, en intégrant dans ses systèmes de gestion des performances des critères de risque spécifiques aux divisions concer- nées. La politique prévoit une structure de gouvernance qui vise à prévenir les conflits d’intérêts internes.
Des procédures précises ont été mises en place pour la création, la mise à jour, l’examen et l’approbation de la politique ainsi que pour sa communication et sa mise en œuvre. La direction, les ressources humaines, la conformité et d’autres fonctions sont impliquées dans ce processus et la politique est approuvée par la direction et le conseil d’administration de la société de gestion.
La rémunération fixe est définie comme étant le salaire de base plus les autres avantages comme les cotisations de retraite, les primes d’assurance-vie ou d’assurance médicale privée. Les niveaux des rémunérations fixes sont fixés par référence à la complexité du poste, au niveau de responsabilité, à la performance et aux données comparatives du marché. Ces niveaux sont révisés sur une base régulière.
La rémunération variable est définie comme étant les primes annuelles, les récompenses à long terme sous la forme d’attribu- tions d’actions en fonctions des performances ou de paiements de primes de vente. Les niveaux des rémunérations variables sont fixés par référence à la performance de l’ensemble de l’entreprise et à celle des divisions, ainsi qu’à la performance de la personne.
La Politique complète est disponible au siège social de la société de gestion. Des informations quantitatives concernant Franklin Templeton Investment Funds sont présentées ci-dessous. | ###### The Fund has met its sustainable objective through the implementation of the processes set out above. Taxonomy Regulation
In line with its ESG methodology and sustainable investment objective, the Fund intends to invest in one or more investments that contribute to climate change mitigation and climate change adaptation. As described in the Fund’s investment policy, the Fund’s equity securities are assessed and measured regarding their ability to contribute to climate change solutions. This assessment is conducted at the Investment Manager’s level using corporate disclosures to assess each company for potentially eligible activities, quantifying the revenues from these activities, and applying the technical assessment steps of “substantial contribution”, do no significant harm”, and “minimum social safeguards”. To address gaps in disclosure, the Investment Manager supplements this assessment with the following:
Evaluate “do no significant harm” criteria using available data from selected ESG data providers.
Leverage research available from selected ESG data providers to help assess UN Global Compact Compliance and compliance with human and labor rights covered in the minimum social safeguards.
Where there is no available data from ESG data vendors, in line with Investment Manager’s commitment to carry out best efforts,
it will seek to engage with companies to address lack of required disclosures required to assess alignment.
As of the date of this Prospectus, it is however not yet possible to commit to the Fund’s minimum alignment with the Taxonomy Regulation, as the Investment Manager is not in a position to specify the exact proportion of the Fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities, including enabling or transitional activities, within the meaning of the Taxonomy Regulation. It is however expected that at least a low proportion of the investments will be in taxonomy- aligned environmentally sustainable activities (including investments in enabling and transitional activities).
The Investment Manager is keeping this situation under active review and where adequate, sufficient reliable, timely and verifiable data on Fund’s investments and relevant technical criteria become available, a re-assessment will be made and this Prospectus will be updated accordingly to accurately disclose to what extent the Fund’s investments are in taxonomy-aligned environmentally sustainable activities, including the proportions of investments in enabling and transitional activities selected for the Fund.
Also in line with its ESG methodology, the Fund may hold sustainable investments that are expected to contribute to other environmental objectives such as sustainable use and protection of water and marine resources and transition to a circular economy. In the future, technical screening criteria are expected to be set out under the Taxonomy Regulation to determine the conditions under which an economic activity qualifies as contributing substantially to these objectives. No such criteria are available at present, therefore, whilst these investments qualify as “sustainable investments” under the SFDR, they cannot currently qualify as environmentally sustainable investments as defined under the current terms of the Taxonomy Regulation.
Other sub-funds of the Company:
The investments underlying the remaining sub-funds of the Company do not take into account the EU criteria for environmentally sustainable economic activities, including enabling or transitional activities, within the meaning of the Taxonomy Regulation.
Remuneration
Franklin Templeton International Services S.à r.l. (“FTIS”), as UCITS licensed management company (the “Management Company”) has a remuneration policy (the “Policy”) in place which applies to all UCITS funds (each a “UCITS” and together the “UCITS”) under its management. The Policy has been designed to discourage excessive risk taking, integrating in its performance management systems risk criteria specific to the business units it covers. The policy has a governance structure aimed at preventing internal conflicts of interest.
There are defined procedures in place for the creation, update, review and approval of the Policy as well as for communication and implementation of the Policy. Senior Management, Human Resources, Compliance and other functions are all involved in this process and the Policy is approved by Senior Management and the Board of Directors of the Management Company.
Fixed remuneration is defined as base salary plus other benefits which may include pension contributions, life assurance premiums or private medical insurance premiums. Levels of fixed remuneration are set with reference to job complexity, level of responsibility, performance and market benchmarking data. These levels are reviewed on a regular basis.
Variable remuneration is defined as annual bonuses, long term awards in the form of performance share grants or sales bonus payments. Levels of variable remuneration are set with reference to overall corporate and business unit performance as well as individual performance.
The full Policy is available at the registered office of the Management Company. Quantitative information relevant to the Franklin
Templeton Investment Funds is outlined below. | en | fr |
DOLFIN4157 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Material risks to the Sub-fund that are not taken into account in the indicator:
Credit risk:the risk of a sudden downgrading of an issuer’s credit rating or the risk of an issuer’s insolvency. Liquidity risk: the Sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Impact of financial techniques:taking into account the use of derivatives in particular, maximum exposure to individual asset classes may exceed the net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Counterparty risk: risk of a counterparty’s default, causing it to default on payment. The Sub-fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Sub-fund’s net asset value may fall. | ## Riesgos importantes para el Subfondo que no engloba el indicador:
Riesgo de crédito:riesgo de una repentina rebaja de la calificación crediticia de un emisor o de su impago. Riesgo de liquidez: el Subfondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones. Impacto de las técnicas financieras:en relación con la utilización de productos derivados en particular, la exposición máxima a las diferentes clases de activos podrá ser superior al patrimonio neto. Si las estrategias aplicadas registraran un comportamiento desfavorable, el valor liquidativo podría descender de forma más acusada que los mercados a los que está expuesto el Subfondo. Riesgo de contraparte: representa el riesgo de impago de una contraparte que le impida satisfacer sus obligaciones de pago. El Subfondo podrá estar expuesto a este riesgo cuando la entidad de crédito con la que ha celebrado contratos extrabursátiles u OTC de instrumentos financieros a plazo o de adquisición y cesión temporal de valores no pueda cumplir sus compromisos.
Cualquiera de estos riesgos podría conllevar una disminución del valor liquidativo del Subfondo. | ## Material risks to the Sub-fund that are not taken into account in the indicator:
Credit risk:the risk of a sudden downgrading of an issuer’s credit rating or the risk of an issuer’s insolvency. Liquidity risk: the Sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Impact of financial techniques:taking into account the use of derivatives in particular, maximum exposure to individual asset classes may exceed the net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Counterparty risk: risk of a counterparty’s default, causing it to default on payment. The Sub-fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
If one of these risks were to materialise, the Sub-fund’s net asset value may fall. | en | es |
DOLFIN4158 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The sub-fund will achieve exposure to corporate bonds all over the world by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in debt securities issued by issuers included in the index. The remainder of the assets may be invested in debt securities other than those referred to in the core policy, Money Market Instruments or cash. More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | ### Le compartiment obtiendra une exposition aux obligations de sociétés du monde entier en investissant dans un échantillon représentatif de l’indice sous-jacent (le portefeuille modèle).
Le compartiment investira au moins 90 % de ses actifs dans des titres de créance d’émetteurs inclus dans l’indice. La part restante des actifs pourra être investie en titres de créance autres que ceux prévus dans la politique principale, en instruments du marché monétaire ou en liquidités. Plus spécifiquement, un maximum de 10 % des actifs du compartiment pourra être investi en instruments dérivés (y compris des contrats à terme standardisés (futures)) émis par une banque d’investissement et cotés sur un marché réglementé, à des fins de couverture de change ou d’exposition à l’indice répliqué.
La réplication optimisée sera favorisée par rapport à la réplication totale lorsque le nombre de composantes sera trop élevé par rapport aux actifs sous gestion ou que la liquidité ne sera pas homogène entre les constituants de l’indice.
Si l’optimisation peut s’avérer une approche plus efficace en termes de coûts que la réplication totale, elle peut également entraîner une augmentation de l’Écart de suivi puisque le compartiment ne détient pas tous les constituants de l’indice. Un portefeuille modèle sera ainsi construit, dont l’étroite relation à l’indice (Écart de suivi de 1 % max.) sera constamment sous surveillance et dont les corrélations entre composantes (matrices de corrélation, tests quant) seront étroitement contrôlées. | ### The sub-fund will achieve exposure to corporate bonds all over the world by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in debt securities issued by issuers included in the index. The remainder of the assets may be invested in debt securities other than those referred to in the core policy, Money Market Instruments or cash. More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | en | fr |
DOLFIN4159 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €155 | €463 |
| Annual cost impact (*) | 1.6% | 1.5% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | €155 | €463 |
| Incidenza annuale dei costi (*) | 1.6% | 1.5% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €155 | €463 |
| Annual cost impact (*) | 1.6% | 1.5% each year | | en | it |
DOLFIN4160 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Trimestre sous revue
La hausse de l’inflation, le resserrement de la politique monétaire, les craintes d’une récession et la poursuite du conflit en Ukraine ont eu le plus gros impact sur la confiance des investisseurs. Les actions du Royaume-Uni avaient progressé pendant la majeure partie de la première moitié de la période avant de chuter au cours de la seconde moitié du mois d’août, puis à nouveau, de manière plus spectaculaire, au cours des dernières semaines de septembre. La détérioration de la confiance au cours du trimestre a reflété la perspective croissante d’une politique monétaire beaucoup plus stricte que prévu, tant sur le territoire national qu’à l’étranger, l’inflation restant élevée et se généralisant. Les turbulences soutenues sur les marchés des obligations et des actions au cours de la dernière semaine de la période, qui ont notamment été marqués par de fortes variations des rendements des obligations, ont été en partie provoquées par l’annonce du mini-budget du gouvernement du Royaume-Uni le 23 septembre.
La détérioration de la confiance des investisseurs s’est traduite par de fortes réactions des cours des actions, en particulier parmi les sociétés et les secteurs les plus exposés à la hausse des taux d’intérêt, à l’augmentation de l’inflation et au ralentissement économique.
La sélection des titres, notamment dans le secteur industriel, a pesé sur la performance relative. Les participations plus cycliques du fonds ont joué un rôle majeur dans la sous-performance (Melrose Industries, Intermediate Capital et Synthomer). Parmi les bonnes nouvelles, le fonds a bénéficié de la bonne performance relative de Haleon et de NCC Group et de l’absence de position sur HSBC.
Nous avons continué à réduire l’exposition à certaines de nos positions plus cycliques, notamment Kier Group et Grafton Group, afin de trouver un équilibre entre le risque et la taille des positions du portefeuille.
Compte tenu de la vulnérabilité des consommateurs dans l’environnement inflationniste actuel, nous avons également réduit notre exposition à Bellway et DFS Furniture, ce qui a contribué à limiter une partie de la baisse. | # Trimestre analizado
El aumento de la inflación, el tensionamiento de las políticas monetarias, el temor a una recesión y la prolongación de la guerra de Ucrania minaron la confianza de los mercados. La renta variable británica, que había avanzado durante gran parte de la primera mitad del periodo, retrocedió en la segunda quincena de agosto y volvió a hacerlo, esta vez de manera más dramática, en las últimas semanas de septiembre. El deterioro de la confianza durante el trimestre reflejó la creciente perspectiva de más tensionamiento monetario tanto en el Reino Unido como en el extranjero derivada de unos niveles de inflación persistentemente altos y generalizados. Las permanentes turbulencias en los mercados de renta fija y renta variable en la última semana del periodo, que provocaron entre otras cosas fuertes oscilaciones en los rendimientos de los bonos, se debieron en parte al anuncio del minipresupuesto del gobierno británico el 23 de septiembre.
El desplome en la confianza de los mercados se tradujo en una serie de reacciones severas en las valoraciones, en especial en las compañías y sectores más negativamente expuestos a las subidas de tipos, el aumento de la inflación y la ralentización económica.
Dentro del fondo, la rentabilidad relativa se vio obstaculizada por la selección de títulos, en particular en el sector industrial. Las participaciones más cíclicas de la cartera –en concreto Melrose Industries, Intermediate Capital y Synthomer– fueron la principal fuente de rendimiento negativo. En el plano positivo, el fondo se benefició del sólido comportamiento relativo de Haleon y NCC Group y de la no tenencia de HSBC.
En este contexto, seguimos recortando exposición a algunas de nuestras participaciones más cíclicas, entre ellas Kier Group y Grafton Group, con el fin de equilibrar el riesgo y redimensionar posiciones en la cartera.
Dada la vulnerabilidad de los consumidores en el actual entorno inflacionario, decidimos también reducir nuestra exposición a Bellway y DFS Furniture, decisión que contribuyó a limitar parte de las pérdidas. | # Trimestre sous revue
La hausse de l’inflation, le resserrement de la politique monétaire, les craintes d’une récession et la poursuite du conflit en Ukraine ont eu le plus gros impact sur la confiance des investisseurs. Les actions du Royaume-Uni avaient progressé pendant la majeure partie de la première moitié de la période avant de chuter au cours de la seconde moitié du mois d’août, puis à nouveau, de manière plus spectaculaire, au cours des dernières semaines de septembre. La détérioration de la confiance au cours du trimestre a reflété la perspective croissante d’une politique monétaire beaucoup plus stricte que prévu, tant sur le territoire national qu’à l’étranger, l’inflation restant élevée et se généralisant. Les turbulences soutenues sur les marchés des obligations et des actions au cours de la dernière semaine de la période, qui ont notamment été marqués par de fortes variations des rendements des obligations, ont été en partie provoquées par l’annonce du mini-budget du gouvernement du Royaume-Uni le 23 septembre.
La détérioration de la confiance des investisseurs s’est traduite par de fortes réactions des cours des actions, en particulier parmi les sociétés et les secteurs les plus exposés à la hausse des taux d’intérêt, à l’augmentation de l’inflation et au ralentissement économique.
La sélection des titres, notamment dans le secteur industriel, a pesé sur la performance relative. Les participations plus cycliques du fonds ont joué un rôle majeur dans la sous-performance (Melrose Industries, Intermediate Capital et Synthomer). Parmi les bonnes nouvelles, le fonds a bénéficié de la bonne performance relative de Haleon et de NCC Group et de l’absence de position sur HSBC.
Nous avons continué à réduire l’exposition à certaines de nos positions plus cycliques, notamment Kier Group et Grafton Group, afin de trouver un équilibre entre le risque et la taille des positions du portefeuille.
Compte tenu de la vulnérabilité des consommateurs dans l’environnement inflationniste actuel, nous avons également réduit notre exposition à Bellway et DFS Furniture, ce qui a contribué à limiter une partie de la baisse. | fr | es |
DOLFIN4161 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
The Fund will provide exposure to several investment styles including, (i) Value: focuses on investments that appear relatively cheap with the aim of outperformance relative to expensive assets; (ii) Momentum: focuses on investments with relatively strong medium term performance with the aim of benefitting from an asset’s recent relative performance continuing in the short term; (iii) Carry: focuses on higher-yielding investments with the aim of benefitting from the higher returns of these assets relative to lower-yielding assets; and (iv) Defensive: focuses on investments with low-risk characteristics with the aim of benefitting from the tendency for lower risk, higher quality assets to generate higher risk-adjusted returns than higher risk, lower quality assets.
The Fund will invest on a global basis in any or all of the following asset classes: equity securities (e.g. shares), other equity-related securities, fixed income securities (e.g. bonds), other fixed-income related securities, permitted money market instruments (e.g. debt instruments with short-term maturities), mortgage backed securities (MBS) (i.e. financial securities backed by cash flows from debt), permitted deposits, cash and other funds.
The Fund may invest in financial derivative instruments (FDIs). FDIs are investments the prices of which are based on one or more underlying assets. The IA intends to generate market leverage via FDIs (i.e. where the Fund gains market exposure in excess of the value of its assets).A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity and FI securities.
The fixed income securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). The Fund will invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection.The Fund intends to pursue a broadly market-neutral strategy (i.e. the intention is not to take a view as to the direction the market will move when selecting assets). At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Secured Overnight Financing Rate (SOFR) compounded in arrears plus 26.1 basis point spread should be used by shareholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo trata de obtener una rentabilidad absoluta positiva a través de una combinación de crecimiento del capital y rendimientos de sus inversiones al margen de las condiciones del mercado.
El Fondo ofrecerá exposición a varios estilos de inversión, incluyendo, (i) Valor: centrado en instrumentos aparentemente baratos, a fin de obtener una rentabilidad superior a la de los activos caros; (ii) Momentum: centrado en inversiones con una rentabilidad a medio plazo relativamente fuerte, a fin de beneficiarse de la reciente rentabilidad relativa de un activo que continúa a corto plazo; (iii) Carry: centrado en inversiones de alto rendimiento, a fin de beneficiarse de las rentabilidades de estos activos superiores a las de los activos de menor rendimiento; y (iv) Defensivo: centrado en inversiones con características de bajo riesgo, a fin de beneficiarse de la tendencia de los activos de bajo riesgo y alta calidad para generar rentabilidades ajustadas al riesgo superiores a las de los activos de mayor riesgo y baja calidad.
El Fondo invertirá en todo el mundo en cualquiera o la totalidad de las siguientes clases de activos: valores de renta variable (p. ej., acciones), otros valores relacionados con renta variable, valores de renta fija (p. ej., bonos), otros valores relacionados con renta fija, instrumentos del mercado monetario autorizados (p. ej., instrumentos de deuda con vencimientos a corto plazo), valores respaldados por hipotecas (MBS) (es decir, valores financieros respaldados por flujos de efectivo derivados de deuda), depósitos autorizados, tesorería y otros fondos.
El Fondo podrá invertir en instrumentos financieros derivados (IFD). Los IFD son inversiones cuyos precios se basan en uno o más activos subyacentes. El AI pretende generar apalancamiento de mercado a través de los IFD (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). Una parte sustancial de los activos del Fondo podrá invertirse en swaps de rentabilidad total y contratos por diferencia, que tratan de conseguir una rentabilidad específica determinada por activos subyacentes, como valores de renta variable y valores de RF.
Los valores de renta fija e instrumentos del mercado monetario podrán estar emitidos por gobiernos, agencias gubernamentales, empresas e instituciones supranacionales (como el Banco Internacional de Reconstrucción y Fomento). El Fondo podrá invertir en una gama completa de valores de renta fija, que podrían incluir inversiones con una calificación de solvencia relativamente baja o que carecen de calificación.
El Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. El Fondo pretende aplicar una estrategia generalmente neutral respecto del mercado (es decir, al seleccionar activos no pretende orientarse por el sentido de la evolución prevista del mercado). Una parte importante o incluso la totalidad de los activos del Fondo pondrán mantenerse en posiciones de tesorería en un momento determinado.
El Fondo se gestiona de forma activa, lo que significa que el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Secured Overnight Financing Rate (SOFR) compuesto a plazo vencido, más un diferencial de 26,1 puntos básicos, para comparar la rentabilidad del Fondo. La composición a plazo vencido es una metodología que acumula los valores diarios de los tipos a un día a lo largo del período de tiempo pertinente (es decir, 3 meses).
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 100 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment regardless of market conditions.
The Fund will provide exposure to several investment styles including, (i) Value: focuses on investments that appear relatively cheap with the aim of outperformance relative to expensive assets; (ii) Momentum: focuses on investments with relatively strong medium term performance with the aim of benefitting from an asset’s recent relative performance continuing in the short term; (iii) Carry: focuses on higher-yielding investments with the aim of benefitting from the higher returns of these assets relative to lower-yielding assets; and (iv) Defensive: focuses on investments with low-risk characteristics with the aim of benefitting from the tendency for lower risk, higher quality assets to generate higher risk-adjusted returns than higher risk, lower quality assets.
The Fund will invest on a global basis in any or all of the following asset classes: equity securities (e.g. shares), other equity-related securities, fixed income securities (e.g. bonds), other fixed-income related securities, permitted money market instruments (e.g. debt instruments with short-term maturities), mortgage backed securities (MBS) (i.e. financial securities backed by cash flows from debt), permitted deposits, cash and other funds.
The Fund may invest in financial derivative instruments (FDIs). FDIs are investments the prices of which are based on one or more underlying assets. The IA intends to generate market leverage via FDIs (i.e. where the Fund gains market exposure in excess of the value of its assets).A significant portion of the Fund’s assets may be invested in total return swaps and contracts for difference that aim to achieve a specified return based on underlying assets such as equity and FI securities.
The fixed income securities and money market instruments may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). The Fund will invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection.The Fund intends to pursue a broadly market-neutral strategy (i.e. the intention is not to take a view as to the direction the market will move when selecting assets). At any one time, a substantial amount, or even all of the Fund’s assets may be held as cash.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Secured Overnight Financing Rate (SOFR) compounded in arrears plus 26.1 basis point spread should be used by shareholders to compare the performance of the Fund. Compounding in arrears is a methodology that compounds daily values of the overnight rate throughout the relevant term period (i.e.3 Months).
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$100,000 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 |
DOLFIN4162 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Document d’informations clés
Objectif
Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit
Nuveen Global Clean Infrastructure Impact Fund
un compartiment de Nuveen Global Investors Fund plc (la « Société »)
Catégorie I de capitalisation en EUR (IE00B5QH3Y48)
Initiateur : Nuveen Fund Advisors, LLC
Nuveen Fund Advisors, LLC est une société de conseil en investissement enregistrée auprès de la Securities and Exchange Commission aux États-Unis. La Société est agréée en Irlande et réglementée par la Banque centrale d’Irlande, y compris au regard de Document d’informations clés.
La Société est gérée par Carne Global Fund Managers (Ireland) Limited, laquelle est agréée en Irlande et réglementée par la Banque centrale d’Irlande. Pour de plus amples informations sur ce produit, veuillez consulter le site web www.nuveen.com/ucits ou appeler le +44 20 3727 8000.
Ce document a été établi le 1 janvier 2023. | # Documento de datos fundamentales
Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
Nuveen Global Clean Infrastructure Impact Fund
un subfondo de Nuveen Global Investors Fund plc (la «Sociedad»)
Clase I de acumulación EUR (IE00B5QH3Y48)
Productor: Nuveen Fund Advisors, LLC
Nuveen Fund Advisors, LLC es una sociedad de asesoramiento de inversiones registrada ante la Comisión de Valores y Bolsa de Estados Unidos.
La Sociedad está autorizada en Irlanda y regulada por el Banco Central de Irlanda, incluso en relación con el presente Documento de datos fundamentales. Su gestión corre a cargo de Carne Global Fund Managers (Ireland) Limited, una entidad autorizada en Irlanda y regulada por el Banco Central de Irlanda. Para más información acerca de este producto, consulte www.nuveen.com/ucits o llame al +44 20 3727 8000.
Este documento se elaboró el 1 de enero de 2023. | # Document d’informations clés
Objectif
Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit
Nuveen Global Clean Infrastructure Impact Fund
un compartiment de Nuveen Global Investors Fund plc (la « Société »)
Catégorie I de capitalisation en EUR (IE00B5QH3Y48)
Initiateur : Nuveen Fund Advisors, LLC
Nuveen Fund Advisors, LLC est une société de conseil en investissement enregistrée auprès de la Securities and Exchange Commission aux États-Unis. La Société est agréée en Irlande et réglementée par la Banque centrale d’Irlande, y compris au regard de Document d’informations clés.
La Société est gérée par Carne Global Fund Managers (Ireland) Limited, laquelle est agréée en Irlande et réglementée par la Banque centrale d’Irlande. Pour de plus amples informations sur ce produit, veuillez consulter le site web www.nuveen.com/ucits ou appeler le +44 20 3727 8000.
Ce document a été établi le 1 janvier 2023. | fr | es |
DOLFIN4163 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 148 EUR | 1.348 EUR |
| Incidence des coûts annuels (*) | 1,5 % | 1,6 % | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 148 EUR | 1.348 EUR |
| Incidencia anual de los costes (*) | 1,5% | 1,6% | | | Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 148 EUR | 1.348 EUR |
| Incidence des coûts annuels (*) | 1,5 % | 1,6 % | | fr | es |
DOLFIN4164 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Country and regional risk
If the sub-fund focuses its investments on specific countries or regions, this reduces the risk diversification. Accordingly, the sub-fund shall be particularly dependent on the development of individual or mutually interdependent countries and regions, and/or on companies which are located and/or active in these countries or regions. | # Rischio paese/geografico
Anche concentrando i propri investimenti su determinati paesi o aree geografiche, il Comparto riduce l'efficacia della diversificazione del rischio. Di conseguenza, il Comparto dipende in certa misura dall'andamento di singoli paesi o aree geografiche o di paesi e aree geografiche interdipendenti, ovvero delle società residenti od operative in quei luoghi. | # Country and regional risk
If the sub-fund focuses its investments on specific countries or regions, this reduces the risk diversification. Accordingly, the sub-fund shall be particularly dependent on the development of individual or mutually interdependent countries and regions, and/or on companies which are located and/or active in these countries or regions. | en | it |
DOLFIN4165 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
## Objectif d’investissement
Le Fonds vise à accroître la valeur de votre investissement au fil du temps en associant un revenu élevé et une appréciation du capital par des investissements durables.
## Politique d’investissement
Dans des conditions de marché normales, le Fonds investit généralement au moins 80 % de son actif dans des titres de créance d’émetteurs qui, de l'avis du Gestionnaire d’investissement, correspondent aux thèmes de l’investissement durable liés au changement climatique et au moins à 70 % de son actif dans des titres de créance d'une qualité inférieure à la qualité investment grade. Ces titres peuvent provenir d’émetteurs domiciliés partout dans le monde, y compris dans les pays émergents.
Ces thèmes durables sont soit dérivés des objectifs de développement durable des Nations Unies (UNSDG), soit alignés sur les objectifs de réchauffement climatique à long terme de l'Accord de Paris, qui se concentrent sur la lutte contre les causes et les effets du changement climatique : Transition, résilience et innovation.
Le Fonds peut investir dans, ou être exposé à hauteur de (i) 20 % dans des produits structurés tels que des titres adossés à des actifs et des titres adossés à des créances hypothécaires, et (ii) à hauteur de 15 % dans des obligations convertibles conditionnelles (CoCos).
Le Gestionnaire d'investissement met l'accent sur des critères de sélection positifs dans l'évaluation de l'exposition d'un émetteur aux facteurs environnementaux, sociaux et de gouvernance (ESG) liés au changement climatique. Le Gestionnaire d'investissement utilise des normes ESG minimales pour identifier les émetteurs qui ne correspondent pas aux objectifs ESG.
L’exposition du Fonds aux structures obligataires de l'ESG est d'au moins 15 %.
L’exposition du Fonds à l'USD est d'au moins 95 %.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et d’autres fins d’investissement.
## Investissement responsable
Le Fonds est classé dans l'article 9 du SFDR. Pour plus d'informations, veuillez vous reporter aux informations relatives au développement durable dans le prospectus.
## Indice de référence
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est USD.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est USD.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées les jours où la Bourse de New York et les banques luxembourgeoises sont ouvertes.
## Glossaire
Titres adossés à des actifs : titres de créance représentant une participation dans un pool de crédits à la consommation tels que des dettes de cartes de crédit ou des prêts automobiles.
Titres inférieurs à la qualité « investment grade » : Titres de créance d’une qualité inférieure à « investment grade » qui peuvent être des titres de créance à rendement plus élevé mais plus risqués.
Obligations convertibles contingentes (« CoCos ») : les CoCos sont un type de titres contingents émis par des établissements financiers mondiaux. Elles sont généralement subordonnées et se convertissent en actions de l’émetteur et/ou font l’objet d’une dépréciation suite à la survenance d’un événement prédéterminé.
Titres de créance : titres représentatifs de l’obligation de rembourser une dette, avec intérêts.
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Structures obligataires ESG : Dette émise par des émetteurs privés et souverains conçue pour encourager la durabilité.
Pays émergents : états dont les économies et marchés de titres sont moins bien établis.
Catégorie investissement : titres de créance notés au moins BBB-/Baa3. Titres liés aux crédits hypothécaires : titres de créance qui représentent une participation dans un pool d’hypothèques.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, pour obtenir une exposition et/ou gérer la duration.
Accord de Paris : Un traité international, adopté dans le cadre de la Convention-cadre des Nations Unies sur les changements climatiques, qui vise à renforcer la réponse au changement climatique.
SFDR : Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur les informations à fournir en matière de développement durable dans le secteur des services financiers.
Objectifs de développement durable des Nations unies (« ODD ») : un ensemble de 17 objectifs qui représentent les ambitions des Nations unies pour parvenir à un monde meilleur à l’horizon 2030. Ces 17 objectifs visent à répondre aux défis liés à la prospérité économique, à l’environnement, au développement durable et à l'intégration sociale.
Volatilité : indicateur de l'évolution des prix des titres ou d'autres instruments financiers dans le temps. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión con el tiempo mediante una combinación de altos ingresos y crecimiento del capital a través de inversiones sostenibles.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta fija de emisores que el gestor de inversiones considere que están alineados de forma positiva con temas de inversión sostenible relacionados con el cambio climático y, como mínimo, un 70% de sus activos en títulos con una calificación inferior al grado de inversión. Los emisores de estos valores pueden ser de cualquier lugar del mundo, incluidos países de mercados emergentes.
Estos temas sostenibles se derivan de los Objetivos de Desarrollo Sostenible de la ONU (ODS) o están alineados con los objetivos a largo plazo en materia de calentamiento global del Acuerdo de París, que se centran en abordar las causas y efectos del cambio climático: transición, resiliencia e innovación.
El Fondo puede invertir o tener una exposición de hasta el (i) 20% en productos estructurados como bonos de titulización de deuda y bonos de titulización hipotecaria y el (ii) 15% en bonos convertibles contingentes (llamados CoCo).
El gestor de inversiones hace hincapié en criterios de selección positiva analizando la exposición de un emisor a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) relacionados con el cambio climático. El gestor de inversiones aplica unos estándares mínimos en materia ESG para identificar a los emisores que no se ajusten a los objetivos ESG.
La exposición del Fondo a estructuras de bonos ESG es de, al menos, el 15%.
La exposición del Fondo al USD es de, al menos, el 95%.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Valores respaldados por activos: Valores de deuda que representan un una participación en una cartera de deuda de consumo, como saldos de tarjetas de crédito o préstamos de automóviles.
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Bonos convertibles contingentes (CoCo): Los CoCo son un tipo de título contingente emitido por instituciones financieras internacionales. Suelen ser subordinados y se convierten en acciones del emisor o sufren una quita si se produce un evento prefijado.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Estructuras de bonos ESG: Títulos de renta fija de emisores corporativos o soberanos diseñados para fomentar la sostenibilidad.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Valores relacionados con hipotecas: Valores de deuda representativos de una participación en una cartera de hipotecas.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Acuerdo de París: Tratado internacional adoptado en virtud de la Convención Marco de las Naciones Unidas sobre el Cambio Climático que busca reforzar la respuesta ante el cambio climático.
Reglamento SFDR: 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.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social.
Volatilidad: medida del oscilamiento de los precios de los valores u otros instrumentos financieros a lo largo del tiempo. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
## Objectif d’investissement
Le Fonds vise à accroître la valeur de votre investissement au fil du temps en associant un revenu élevé et une appréciation du capital par des investissements durables.
## Politique d’investissement
Dans des conditions de marché normales, le Fonds investit généralement au moins 80 % de son actif dans des titres de créance d’émetteurs qui, de l'avis du Gestionnaire d’investissement, correspondent aux thèmes de l’investissement durable liés au changement climatique et au moins à 70 % de son actif dans des titres de créance d'une qualité inférieure à la qualité investment grade. Ces titres peuvent provenir d’émetteurs domiciliés partout dans le monde, y compris dans les pays émergents.
Ces thèmes durables sont soit dérivés des objectifs de développement durable des Nations Unies (UNSDG), soit alignés sur les objectifs de réchauffement climatique à long terme de l'Accord de Paris, qui se concentrent sur la lutte contre les causes et les effets du changement climatique : Transition, résilience et innovation.
Le Fonds peut investir dans, ou être exposé à hauteur de (i) 20 % dans des produits structurés tels que des titres adossés à des actifs et des titres adossés à des créances hypothécaires, et (ii) à hauteur de 15 % dans des obligations convertibles conditionnelles (CoCos).
Le Gestionnaire d'investissement met l'accent sur des critères de sélection positifs dans l'évaluation de l'exposition d'un émetteur aux facteurs environnementaux, sociaux et de gouvernance (ESG) liés au changement climatique. Le Gestionnaire d'investissement utilise des normes ESG minimales pour identifier les émetteurs qui ne correspondent pas aux objectifs ESG.
L’exposition du Fonds aux structures obligataires de l'ESG est d'au moins 15 %.
L’exposition du Fonds à l'USD est d'au moins 95 %.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et d’autres fins d’investissement.
## Investissement responsable
Le Fonds est classé dans l'article 9 du SFDR. Pour plus d'informations, veuillez vous reporter aux informations relatives au développement durable dans le prospectus.
## Indice de référence
Bloomberg Barclays Global High Yield Corporate (USD Hedged) Index utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est USD.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est USD.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées les jours où la Bourse de New York et les banques luxembourgeoises sont ouvertes.
## Glossaire
Titres adossés à des actifs : titres de créance représentant une participation dans un pool de crédits à la consommation tels que des dettes de cartes de crédit ou des prêts automobiles.
Titres inférieurs à la qualité « investment grade » : Titres de créance d’une qualité inférieure à « investment grade » qui peuvent être des titres de créance à rendement plus élevé mais plus risqués.
Obligations convertibles contingentes (« CoCos ») : les CoCos sont un type de titres contingents émis par des établissements financiers mondiaux. Elles sont généralement subordonnées et se convertissent en actions de l’émetteur et/ou font l’objet d’une dépréciation suite à la survenance d’un événement prédéterminé.
Titres de créance : titres représentatifs de l’obligation de rembourser une dette, avec intérêts.
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Structures obligataires ESG : Dette émise par des émetteurs privés et souverains conçue pour encourager la durabilité.
Pays émergents : états dont les économies et marchés de titres sont moins bien établis.
Catégorie investissement : titres de créance notés au moins BBB-/Baa3. Titres liés aux crédits hypothécaires : titres de créance qui représentent une participation dans un pool d’hypothèques.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, pour obtenir une exposition et/ou gérer la duration.
Accord de Paris : Un traité international, adopté dans le cadre de la Convention-cadre des Nations Unies sur les changements climatiques, qui vise à renforcer la réponse au changement climatique.
SFDR : Règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur les informations à fournir en matière de développement durable dans le secteur des services financiers.
Objectifs de développement durable des Nations unies (« ODD ») : un ensemble de 17 objectifs qui représentent les ambitions des Nations unies pour parvenir à un monde meilleur à l’horizon 2030. Ces 17 objectifs visent à répondre aux défis liés à la prospérité économique, à l’environnement, au développement durable et à l'intégration sociale.
Volatilité : indicateur de l'évolution des prix des titres ou d'autres instruments financiers dans le temps. | fr | es |
DOLFIN4166 | 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 ACWI Emerging Market Consumer Growth Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of consumer orientated large and mid-market capitalisation companies in both developed and emerging markets (EMs), which derive high or growing revenues from emerging markets.
Companies included in the Index are selected from the Global Industry Classification Standard (GICS) consumer discretionary, consumer staples, information technology, telecommunications, industrial and healthcare sectors. To be eligible for inclusion, securities from any of these sectors must either derive at least 50% of their revenues from EMs, or derive at least 25% of their revenues from EMs and such EM revenue has a compound annual growth rate (i.e. year-over-year growth rate of an investment over a specified period) of at least 10% over the previous 3 years. In addition, securities from information technology, telecommunications, industrial and healthcare sectors must also derive at least 60% of their revenues from consumer oriented products and services.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX contracts) 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 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).
Your shares will be denominated in US Dollar, 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 ACWI Emerging Market Consumer Growth Index, el índice de referencia del Fondo (Índice).
La Clase de acciones, a través del Fondo, se gestiona de forma pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que componen el Índice.
El Índice mide la rentabilidad de empresas de capitalización bursátil elevada y mediana orientadas al consumidor de mercados desarrollados y emergentes, cuyos ingresos elevados o crecientes se obtienen en los mercados emergentes.
Las empresas del Índice se seleccionan de los sectores de consumo discrecional, consumo básico, tecnología de la información, telecomunicaciones, industria y atención sanitaria, incluidos en la Norma de clasificación sectorial global (GICS). Para cumplir los requisitos de inclusión, los valores de estos sectores deben obtener al menos el 50 % de sus ingresos en los mercados emergentes, o al menos el 25 % en los mercados emergentes y tener dichos mercados una tasa de crecimiento anual total (la tasa de crecimiento interanual de una inversión en un periodo específico) de al menos el 10 % en los tres años anteriores. Además, los valores de la tecnología de la información, telecomunicaciones, industria y atención sanitaria deben obtener también al menos el 60 % de sus ingresos de productos y servicios orientados al consumidor.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Se pueden utilizar IFD (incluidos contratos de divisas) con fines de inversión directa. Para esta clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros aptos, 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).
Sus acciones estarán denominadas en dólares estadounidenses, 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 ACWI Emerging Market Consumer Growth Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index.
The Index measures the performance of consumer orientated large and mid-market capitalisation companies in both developed and emerging markets (EMs), which derive high or growing revenues from emerging markets.
Companies included in the Index are selected from the Global Industry Classification Standard (GICS) consumer discretionary, consumer staples, information technology, telecommunications, industrial and healthcare sectors. To be eligible for inclusion, securities from any of these sectors must either derive at least 50% of their revenues from EMs, or derive at least 25% of their revenues from EMs and such EM revenue has a compound annual growth rate (i.e. year-over-year growth rate of an investment over a specified period) of at least 10% over the previous 3 years. In addition, securities from information technology, telecommunications, industrial and healthcare sectors must also derive at least 60% of their revenues from consumer oriented products and services.
The Fund intends to replicate the Index by holding the equity securities which make up the Index, in similar proportions to it.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs (including FX contracts) 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 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).
Your shares will be denominated in US Dollar, 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 |
DOLFIN4167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (e.g. shares) of companies the main business of which is real estate.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE EPRA/Nareit Developed Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 70% de su activo total en valores de renta variable (como acciones) de empresas que desarrollen una parte predominante de su actividad económica en bienes inmobiliarios.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al FTSE EPRA/Nareit Developed Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos en materia de sectores del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in the equity securities (e.g. shares) of companies the main business of which is real estate.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the FTSE EPRA/Nareit Developed Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities.
However, the sector requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
Your shares will be denominated in US Dollar, the Fund's base currency.
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 |
DOLFIN4168 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Contents Page
Offering Document
June 2021
This offering document (the “Offering Document”) is submitted to a limited number of prospective investors on a confidential basis. Each prospective investor undertakes that neither it nor any of its employees or advisers will use the information contained herein and in any other documents referred to herein for any purpose other than for evaluating its interest in INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF (the “Fund”) or divulge such information to any other party. This Offering Document will not be photocopied, reproduced or distributed to others without the prior written consent of CA INDOSUEZ WEALTH (ASSET MANAGEMENT), acting as external alternative investment fund manager (the “AIFM”) of INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF.
This Offering Document does not represent an offer or solicitation of an offer to purchase shares or any other securities to any person in any jurisdiction in which an offer or solicitation is not authorised. This is a confidential document that is not to be made available to third parties and in particular must not be made available to the public nor be made available in jurisdictions where this would be contrary to local laws and regulations.
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# Introduction | ### Sommaire Page
Prospectus
Juin 2021
Le présent prospectus (le « Prospectus ») est remis en toute confidentialité à un nombre limité d’investisseurs potentiels. Chaque investisseur potentiel s’engage à ce que ni lui ni aucun de ses employés ou conseillers n’utilise les informations contenues dans le présent document et dans tout autre document auquel il y est fait référence dans un but autre que celui d’évaluer sa participation dans INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF (le « Fonds ») ni ne divulgue ces informations à toute autre partie. Le présent Prospectus ne sera ni photocopié, ni reproduit ni distribué à des tiers sans l’accord écrit préalable de CA INDOSUEZ WEALTH (ASSET MANAGEMENT), agissant en qualité de gestionnaire externe de fonds d’investissement alternatif (le « GFIA ») d’INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF.
Le présent Prospectus ne constitue pas une offre ou une sollicitation d’une offre d’achat d’actions ou de tout autre titre à quiconque dans quelque juridiction dans laquelle une offre ou une sollicitation n’est pas autorisée. Il s’agit d’un document confidentiel qui ne doit pas être mis à la disposition de tiers et, en particulier, ne doit pas être mis à la disposition du public ni être mis à disposition dans des juridictions dans lesquelles cela serait contraire aux lois et règlements locaux.
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# Introduction | ### Contents Page
Offering Document
June 2021
This offering document (the “Offering Document”) is submitted to a limited number of prospective investors on a confidential basis. Each prospective investor undertakes that neither it nor any of its employees or advisers will use the information contained herein and in any other documents referred to herein for any purpose other than for evaluating its interest in INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF (the “Fund”) or divulge such information to any other party. This Offering Document will not be photocopied, reproduced or distributed to others without the prior written consent of CA INDOSUEZ WEALTH (ASSET MANAGEMENT), acting as external alternative investment fund manager (the “AIFM”) of INDOSUEZ ALTERNATIVES INVESTMENTS S.A., SICAV-RAIF.
This Offering Document does not represent an offer or solicitation of an offer to purchase shares or any other securities to any person in any jurisdiction in which an offer or solicitation is not authorised. This is a confidential document that is not to be made available to third parties and in particular must not be made available to the public nor be made available in jurisdictions where this would be contrary to local laws and regulations.
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# Introduction | en | fr |
DOLFIN4169 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
## Dépositaire : State Street Bank International GmbH Luxembourg Branch
Informations complémentaires : Le Prospectus, les rapports annuel et semestriel et les derniers cours des actions sont disponibles sans frais au siège social du Fonds, auprès du Gestionnaire, du gestionnaire administratif ou des distributeurs du Portefeuille. Le Prospectus est disponible en anglais, en français, en allemand, en italien et en espagnol.
## Le présent document porte sur un seul Portefeuille du Fonds et le Prospectus et les rapports annuel et semestriel sont établis pour l'ensemble du Fonds.
Le Fonds est une société d'investissement à capital variable de droit luxembourgeois avec responsabilité séparée entre les portefeuilles. Les actifs du Portefeuille dans lequel vous avez investi ne doivent donc pas être utilisés pour acquitter les dettes d'autres portefeuilles. Ceci n'a cependant pas été validée dans d'autres juridictions.
Échanges entre Portefeuilles : Les actions sont disponibles dans d'autres catégories d'actions et dans d'autres devises, comme cela peut être spécifié dans le Prospectus. Les Actionnaires peuvent demander que leurs actions de toute catégorie d'actions de tout portefeuille soient converties en actions de toute catégorie d'actions d'un autre portefeuille, sous réserve des conditions prévues dans le Prospectus (des frais peuvent s'appliquer).
Déclaration concernant la responsabilité : Le Fonds peut être tenu responsable uniquement sur la base de toute déclaration contenue dans le présent document qui serait trompeuse, inexacte ou en contradiction avec les parties pertinentes du Prospectus du Fonds.
Législation fiscale : Les investissements du Portefeuille peuvent être soumis à l'impôt dans les pays dans lesquels il investit. De plus, ce Portefeuille est soumis au droit et à la réglementation fiscaux du Luxembourg, qui peuvent avoir une incidence sur votre situation fiscale personnelle et sur votre placement. Pour plus d'informations, veuillez consulter vos conseillers professionnels.
Politique de rémunération : de plus amples informations relatives à la politique de rémunération mise à jour de la Société de Gestion, en ce compris une description de la manière dont la rémunération et les avantages sont fixés et régis par la Société de Gestion, sont disponibles sur https://www.gsam.com/sm/remunerationpolicy, et un exemplaire papier peut être obtenu sans frais et sur demande.
Le présent Fonds est agréé au Luxembourg et supervisé par la Commission de Surveillance du Secteur Financier (Grand-Duché de Luxembourg). La Société de Gestion est agréée en Irlande et régulée par la Banque centrale d'Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 09/02/2022. | # Información práctica
## Depositario: State Street Bank International GmbH Luxembourg Branch
Información adicional: el Folleto, los informes anual y semestral y los últimos precios de las acciones pueden obtenerse, de forma gratuita, en el domicilio social del Fondo, o bien solicitarse al Gestor, al administrador o a los distribuidores de la Cartera. El Folleto está disponible en inglés, francés, alemán, italiano y español.
## El presente documento se elabora para una única Cartera del Fondo, mientras que el Folleto y los informes anual y semestral se elaboran para el Fondo en su totalidad.
El Fondo es una sociedad de inversión con responsabilidad separada entre sus carteras conforme a la legislación de Luxemburgo. Por lo tanto, los activos de la Cartera en que ha invertido no pueden emplearse para liquidar las deudas de otras carteras. Sin embargo, esto no ha sido verificado en otras jurisdicciones.
Canje entre Carteras: se encuentran disponibles acciones de otras clases así como en otras divisas, como se especifica en el Folleto. Los accionistas podrán solicitar el canje de sus acciones de cualquier clase de una cartera por acciones de cualquier clase de otra cartera, con sujeción a las condiciones estipuladas en el Folleto (puede conllevar gastos).
Declaración de responsabilidad: el Fondo únicamente asume su responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o contradictorias con las correspondientes partes del Folleto del Fondo.
Legislación en materia fiscal: las inversiones de esta Cartera pueden estar sujetas a impuestos en los países donde invierte. Asimismo, esta Cartera está sujeta a las leyes y normativas fiscales en Luxemburgo, lo cual puede afectar a su situación fiscal personal, así como a su inversión. Para más detalles, rogamos hable con su asesor.
Política de remuneración: la información relativa a la política de remuneración actualizada del Gestor, que incluye, entre otras cosas, una descripción de cómo el Gestor determina y regula la remuneración y los beneficios sociales, puede obtenerse en https://www.gsam.com/sm/remunerationpolicy. También se facilita una copia impresa de forma gratuita a instancias del interesado.
Este Fondo está autorizado en Luxemburgo y supervisado por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero), Gran Ducado de Luxemburgo. El Gestor está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 09/02/2022. | # Informations pratiques
## Dépositaire : State Street Bank International GmbH Luxembourg Branch
Informations complémentaires : Le Prospectus, les rapports annuel et semestriel et les derniers cours des actions sont disponibles sans frais au siège social du Fonds, auprès du Gestionnaire, du gestionnaire administratif ou des distributeurs du Portefeuille. Le Prospectus est disponible en anglais, en français, en allemand, en italien et en espagnol.
## Le présent document porte sur un seul Portefeuille du Fonds et le Prospectus et les rapports annuel et semestriel sont établis pour l'ensemble du Fonds.
Le Fonds est une société d'investissement à capital variable de droit luxembourgeois avec responsabilité séparée entre les portefeuilles. Les actifs du Portefeuille dans lequel vous avez investi ne doivent donc pas être utilisés pour acquitter les dettes d'autres portefeuilles. Ceci n'a cependant pas été validée dans d'autres juridictions.
Échanges entre Portefeuilles : Les actions sont disponibles dans d'autres catégories d'actions et dans d'autres devises, comme cela peut être spécifié dans le Prospectus. Les Actionnaires peuvent demander que leurs actions de toute catégorie d'actions de tout portefeuille soient converties en actions de toute catégorie d'actions d'un autre portefeuille, sous réserve des conditions prévues dans le Prospectus (des frais peuvent s'appliquer).
Déclaration concernant la responsabilité : Le Fonds peut être tenu responsable uniquement sur la base de toute déclaration contenue dans le présent document qui serait trompeuse, inexacte ou en contradiction avec les parties pertinentes du Prospectus du Fonds.
Législation fiscale : Les investissements du Portefeuille peuvent être soumis à l'impôt dans les pays dans lesquels il investit. De plus, ce Portefeuille est soumis au droit et à la réglementation fiscaux du Luxembourg, qui peuvent avoir une incidence sur votre situation fiscale personnelle et sur votre placement. Pour plus d'informations, veuillez consulter vos conseillers professionnels.
Politique de rémunération : de plus amples informations relatives à la politique de rémunération mise à jour de la Société de Gestion, en ce compris une description de la manière dont la rémunération et les avantages sont fixés et régis par la Société de Gestion, sont disponibles sur https://www.gsam.com/sm/remunerationpolicy, et un exemplaire papier peut être obtenu sans frais et sur demande.
Le présent Fonds est agréé au Luxembourg et supervisé par la Commission de Surveillance du Secteur Financier (Grand-Duché de Luxembourg). La Société de Gestion est agréée en Irlande et régulée par la Banque centrale d'Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 09/02/2022. | fr | es |
DOLFIN4170 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
During the period under review, none of the Class of Shares of Absolute Return Multi Strategy Fund and Absolute Return Asian Equity Fund were subject to performance fees.
Others
Class B Shares and Class C Shares are subject to an annual distribution fee of up to 1.00% of the Net Asset Value of the relevant class. Class D shares are subject to an annual distribution fee of up to 0.50% of the Net Asset Value of the relevant class. Class E shares are subject to an annual distribution fee of up to 0.75% of the Net Asset Value of the relevant class. These fees are accrued daily and payable quarterly to FIL Distributors. The Reserved Funds' classes of shares may only be acquired by investors who are either Undertakings for Collective Investment or investors whose assets are held in accounts managed by FIL or its affiliates. Expenses and charges, excluding investment management fees, administration expenses, government taxes and custodian fees for such classes of shares, will be charged to, and paid directly by, FIL and its affiliates. The investment management fees, administration expenses, government taxes and custodian fees for such classes of shares are charged to the sub-funds but are reimbursed in full by FIL and its affiliates.
FIL and its affiliates may waive any or all of their fees and limit the maximum level of expenses (with certain exceptions) that the sub-funds would be paying. These waivers are voluntary and may be revised at any time. In addition, FFML may from time to time bear certain expenses of the sub- funds, on a discretionary basis. Certain officers and directors of the Company are also directors, officers or employees of FIL or its affiliates. | Während des Berichtszeitraums wurde für keine der Anteilsklassen des Absolute Return Multi Strategy Fund und des Absolute Return Asian Equity Fund eine erfolgsabhängige Gebühr erhoben.
Sonstige
Auf Anteile der Klasse B wird eine jährliche Vertriebsgebühr in Höhe von bis zu 1,00 % des Nettoinventarwerts der betretfenden Klasse erhoben. Auf Klasse-D-Anteile wird eine jährliche Vertriebsgebühr von bis zu 0,50 % des Nettoinventarwerts der betretfenden Klasse erhoben. Auf Klasse-E- Anteile wird eine jährliche Vertriebsgebühr von bis zu 0,75 % des Nettoinventarwerts der betretfenden Klasse erhoben. Diese Gebühren laufen täglich auf und sind vierteljährlich an FIL Distributors zu zahlen. Anteile der Anteilsklassen der speziellen Anlegern vorbehaltenen Fonds dürfen nur von Anlegern erworben werden, bei denen es sich um Organismen für gemeinsame Anlagen oder um Anleger handelt, deren Vermögenswerte in von FIL oder ihren verbundenen Gesellschaften verwalteten Konten gehalten werden. Die Aufwendungen und Gebühren für diese Anteilsklassen, ausgenommen Investmentmanagementgebühren, Verwaltungsaufwendungen, Steuern und Depotbankgebühren, werden FIL und ihren verbundenen Gesellschaften in Rechnung gestellt und von diesen direkt beglichen. Die Investmentmanagementgebühren, Verwaltungsaufwendungen, Steuern und Depotbankgebühren für diese Anteilsklassen werden den Teilfonds in Rechnung gestellt, werden jedoch von FIL und ihren verbundenen Gesellschaften wieder vollständig erstattet.
FIL und ihre verbundenen Gesellschaften können auf Gebühren ganz oder teilweise verzichten und können den Höchstsatz der Aufwendungen, die die Teilfonds zu tragen hätten (mit gewissen Ausnahmen) begrenzen. Diese Verzichtserklärungen sind freiwillig und können jederzeit widerrufen werden. FFML kann zudem im Einzelfall jederzeit bestimmte Aufwendungen der Teilfonds übernehmen. Einige leitende Angestellte und Verwaltungsratsmitglieder der Gesellschaft sind auch Verwaltungsratsmitglieder, leitende Angestellte oder Angestellte von FIL oder ihren verbundenen Gesellschaften. | During the period under review, none of the Class of Shares of Absolute Return Multi Strategy Fund and Absolute Return Asian Equity Fund were subject to performance fees.
Others
Class B Shares and Class C Shares are subject to an annual distribution fee of up to 1.00% of the Net Asset Value of the relevant class. Class D shares are subject to an annual distribution fee of up to 0.50% of the Net Asset Value of the relevant class. Class E shares are subject to an annual distribution fee of up to 0.75% of the Net Asset Value of the relevant class. These fees are accrued daily and payable quarterly to FIL Distributors. The Reserved Funds' classes of shares may only be acquired by investors who are either Undertakings for Collective Investment or investors whose assets are held in accounts managed by FIL or its affiliates. Expenses and charges, excluding investment management fees, administration expenses, government taxes and custodian fees for such classes of shares, will be charged to, and paid directly by, FIL and its affiliates. The investment management fees, administration expenses, government taxes and custodian fees for such classes of shares are charged to the sub-funds but are reimbursed in full by FIL and its affiliates.
FIL and its affiliates may waive any or all of their fees and limit the maximum level of expenses (with certain exceptions) that the sub-funds would be paying. These waivers are voluntary and may be revised at any time. In addition, FFML may from time to time bear certain expenses of the sub- funds, on a discretionary basis. Certain officers and directors of the Company are also directors, officers or employees of FIL or its affiliates. | en | de |
DOLFIN4171 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Specifically, the Fund invests:
- in negotiable debt securities of the Europe zone (European Union + European Free Trade Association). The maximum maturity will be 2 years. The majority of these securities will have an investment grade rating. The Fund may invest up to 20% of its net assets in negotiable debt securities rated as speculative grade or unrated by rating agencies. These securities are issued by issuers belonging to groups monitored by the internal research team at La Financière de l’Echiquier.
- in bonds in the Europe zone (EU+EFTA) with a maximum of 10% outside Europe (OECD countries or emerging countries). In this regard, particular attention will be paid to the credit quality of the companies or governments that issue these securities. The bonds selected will be mainly investment grade, i.e. with a minimum rating of BBB- from Standard & Poor's or equivalent, or considered as such by the management team. The portion of securities that are unrated or non-investment grade (with a rating below BBB-) will not exceed 40% of the net assets. The issuers of such instruments will be subject to monitoring by the in-house research department of La Financière de l’Echiquier. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio. The manager may also invest up to a maximum of 40% of its net assets in subordinated bonds of the banking, insurance and corporate sectors, including a maximum of 10% in contingent convertible bonds (“cocos”). | Plus particulièrement, il investit :
- sur des titres de créances négociables de la zone Europe exclusivement (Union Européenne et Association Européenne de Libre Echange). L’échéance maximum sera de 2 ans. Ces titres bénéficient majoritairement d’une notation Investment Grade. Le gérant pourra investir jusqu’à 20% de l’actif net en TCN émis par des émetteurs réputés spéculatifs selon les agences de notation ou non notés. Ces titres sont émis par des émetteurs appartenant à des groupes suivis par la recherche interne de La Financière de l'Echiquier.
- sur des titres obligataires de la zone Europe (UE+AELE) avec 10% maximum hors Europe (pays de l'OCDE ou pays émergent). Dans ce cadre, une attention particulière sera portée à la qualité de crédit des entreprises ou des États émettant ces titres. Les titres concernés sont majoritairement des titres notés au minimum BBB-(catégorie Investment Grade) par Standard & Poor’s ou équivalent, ou considérés comme tels par l’équipe de gestion. La part des titres ne faisant pas l’objet de notation par une agence ou d’une notation inférieure à BBB- (titres réputés spéculatifs) ne pourra dépasser 40% de l’actif net. Ces émetteurs font l’objet d’un suivi par la recherche interne de La Financière de l'Echiquier. La gestion ne se fixe pas de limite dans la répartition entre émetteurs souverains et privés. Le gérant peut également investir jusqu’à 40% maximum de son actif net en obligations subordonnées du secteur bancaire, assurance et entreprise dont 10% maximum d'obligations convertibles contingents (dites obligations"coco"). | Specifically, the Fund invests:
- in negotiable debt securities of the Europe zone (European Union + European Free Trade Association). The maximum maturity will be 2 years. The majority of these securities will have an investment grade rating. The Fund may invest up to 20% of its net assets in negotiable debt securities rated as speculative grade or unrated by rating agencies. These securities are issued by issuers belonging to groups monitored by the internal research team at La Financière de l’Echiquier.
- in bonds in the Europe zone (EU+EFTA) with a maximum of 10% outside Europe (OECD countries or emerging countries). In this regard, particular attention will be paid to the credit quality of the companies or governments that issue these securities. The bonds selected will be mainly investment grade, i.e. with a minimum rating of BBB- from Standard & Poor's or equivalent, or considered as such by the management team. The portion of securities that are unrated or non-investment grade (with a rating below BBB-) will not exceed 40% of the net assets. The issuers of such instruments will be subject to monitoring by the in-house research department of La Financière de l’Echiquier. No limits have been set for the proportion of bonds of sovereign and private issuers in the portfolio. The manager may also invest up to a maximum of 40% of its net assets in subordinated bonds of the banking, insurance and corporate sectors, including a maximum of 10% in contingent convertible bonds (“cocos”). | en | fr |
DOLFIN4172 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
## Dépositaire
J.P. Morgan SE, Luxembourg Branch
## Informations supplémentaires et disponibilité des prix
Des informations supplémentaires sur la SICAV, une copie de son prospectus, son dernier rapport annuel et semestriel et les derniers prix des actions du compartiment peuvent être obtenus gratuitement auprès du siège de la SICAV ou sur www.unigestion.com .
Le prospectus, le dernier rapport annuel et semestriel de la SICAV sont disponibles en anglais. La SICAV pourra vous renseigner sur d’éventuelles autres langues dans lesquelles ces documents sont disponibles.
## Responsabilité
La responsabilité de Lemanik Asset Management S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, in- exactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
## Fiscalité
La SICAV est soumise à la législation fiscale du Luxembourg. La résidence de l’investisseur pourrait avoir une incidence sur sa situation fiscale personnelle.
## Politique de rémunération
Un exemplaire papier de la politique de rémunération actualisée de la Société de gestion, y compris, notamment, une description de la manière dont les rémunéra- tions et les avantages sont calculés et l’identité des personnes responsables de l’attribution des rémunérations et des avantages, est disponible gratuitement sur de- mande. Une description détaillée de cette politique est également disponible à l’adresse http://lux.lemanikgroup.com/corporate#policies-remuneration.
## Informations spécifiques
Le compartiment UNI-GLOBAL - CROSS ASSET NAVIGATOR peut émettre aussi d’autres classes d’actions.
Des informations sur d’éventuelles autres classes d’actions commercialisées dans votre pays sont disponibles auprès du siège de la SICAV.
Ce document d’informations clés pour l’investisseur décrit un compartiment de UNI- GLOBAL qui peut être composé de plusieurs compartiments. Le prospectus et les rap- ports annuels et semestriels sont établis pour l’ensemble de la SICAV.
Les actifs et les passifs d’un compartiment sont ségrégués en vertu de dispositions lé- gales de sorte que les engagements d’un compartiment n’affectent pas les autres com- partiments.
L’investisseur a le droit d’échanger les actions qu’il détient dans un compartiment con- tre des actions du même compartiment ou d’un autre compartiment. Les informations sur les modalités de souscription, de rachat et de conversion sont renseignées dans le prospectus de la SICAV.
Cette SICAV et Lemanik Asset Management S.A. sont agréés au Luxembourg et réglementés par la Commission de Surveillance du Secteur Financier. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 18 février 2022. | # Información práctica
## Depositario
J.P. Morgan SE, Luxembourg Branch
## Información adicional y disponibilidad de los precios
La información adicional sobre la SICAV, una copia de su folleto, su informe anual y se- mestral más recientes y los precios de las acciones más recientes del compartimento pueden obtenerse de forma gratuita en al sede de la SICAV o en www.unigestion.com .
El folleto, el último informe anual y el último informe semestral de la SICAV están dispo- nibles en inglés. La SICAV podrá informarle sobre otros idiomas en los que están dispo- nibles estos documentos.
## Responsabilidad
Lemanik Asset Management S.A. podrá considerarse responsable únicamente con arre- glo a cualquier declaración incluida en este documento que sea equívoca, inexacta o incoherente con las partes relevantes del folleto para la SICAV.
## Fiscalidad
La SICAV está sujeto a la legislación tributaria luxemburguesa. La residencia fiscal del inversor podrá tener un impacto en su situación tributaria personal.
## Política de remuneración
Una copia en papel de la política de remuneración actualizada de la Sociedad de gestión, que incluye, entre otras cosas, una descripción de cómo se calculan la remuneración y los beneficios, así como las personas responsables de otorgar la remuneración y los be- neficios, se encuentra disponible de forma gratuita mediante solicitud. En el sitio web http://lux.lemanikgroup.com/corporate#policies-remuneration figura también una des- cripción detallada de dicha política.
## Información específica
El compartimento UNI-GLOBAL - CROSS ASSET NAVIGATOR también podrá emitir otras clases de acciones.
La información sobre otras clases de acciones que puedan comercializarse en su país están disponibles en el domicilio social de la SICAV.
Este documento con los datos fundamentales para el inversor proporciona información sobre un compartimento de UNI-GLOBAL que pueda consistir en varios compartimentos. El folleto y los informes anuales y semestrales están preparados para toda la SICAV.
El activo y el pasivo de un compartimento se segregarán con arreglo a la ley de manera que los compromisos y las obligaciones de un compartimento no afecten a otros com- partimentos.
El inversor tendrá derecho a convertir su inversión de acciones de un compartimento en acciones del mismo compartimento o de otro compartimento. El inversor podrá obtener información sobre cómo suscribir, reembolsar y convertir en el folleto de la SICAV.
Esta SICAV y Lemanik Asset Management S.A. están autorizados en Luxemburgo y están regulados por la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales para el inversor son exactos a 18 febrero 2022. | # Informations pratiques
## Dépositaire
J.P. Morgan SE, Luxembourg Branch
## Informations supplémentaires et disponibilité des prix
Des informations supplémentaires sur la SICAV, une copie de son prospectus, son dernier rapport annuel et semestriel et les derniers prix des actions du compartiment peuvent être obtenus gratuitement auprès du siège de la SICAV ou sur www.unigestion.com .
Le prospectus, le dernier rapport annuel et semestriel de la SICAV sont disponibles en anglais. La SICAV pourra vous renseigner sur d’éventuelles autres langues dans lesquelles ces documents sont disponibles.
## Responsabilité
La responsabilité de Lemanik Asset Management S.A. ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, in- exactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
## Fiscalité
La SICAV est soumise à la législation fiscale du Luxembourg. La résidence de l’investisseur pourrait avoir une incidence sur sa situation fiscale personnelle.
## Politique de rémunération
Un exemplaire papier de la politique de rémunération actualisée de la Société de gestion, y compris, notamment, une description de la manière dont les rémunéra- tions et les avantages sont calculés et l’identité des personnes responsables de l’attribution des rémunérations et des avantages, est disponible gratuitement sur de- mande. Une description détaillée de cette politique est également disponible à l’adresse http://lux.lemanikgroup.com/corporate#policies-remuneration.
## Informations spécifiques
Le compartiment UNI-GLOBAL - CROSS ASSET NAVIGATOR peut émettre aussi d’autres classes d’actions.
Des informations sur d’éventuelles autres classes d’actions commercialisées dans votre pays sont disponibles auprès du siège de la SICAV.
Ce document d’informations clés pour l’investisseur décrit un compartiment de UNI- GLOBAL qui peut être composé de plusieurs compartiments. Le prospectus et les rap- ports annuels et semestriels sont établis pour l’ensemble de la SICAV.
Les actifs et les passifs d’un compartiment sont ségrégués en vertu de dispositions lé- gales de sorte que les engagements d’un compartiment n’affectent pas les autres com- partiments.
L’investisseur a le droit d’échanger les actions qu’il détient dans un compartiment con- tre des actions du même compartiment ou d’un autre compartiment. Les informations sur les modalités de souscription, de rachat et de conversion sont renseignées dans le prospectus de la SICAV.
Cette SICAV et Lemanik Asset Management S.A. sont agréés au Luxembourg et réglementés par la Commission de Surveillance du Secteur Financier. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 18 février 2022. | fr | es |
DOLFIN4173 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The risk and reward indicator is calculated on the basis of the share class volatility (the movement in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator:
- is based on historical data and may not be a reliable indication for the future;
- is not guaranteed and may change over time.
The fund is in category 6 primarily for the following reasons:
- Indian equity and equity-related securities by nature are volatile and prone to price fluctuations on a daily basis due to both macro and micro factors.
- In respect of investments in Indian equity and equity-related instruments, there may be risks associated with trading volumes, settlement periods and transfer procedures that may restrict liquidity of investments in equity and equity- related securities.
- Even though the constituent stocks of most indices in Indian capital markets are typically liquid, liquidity differs across stocks. Due to the diversity in liquidity of such securities, trades entered into by the Fund may not get implemented instantly.
- The Fund is not a guaranteed or assured return fund.
The value of your investment in the Fund may go up or down depending on the various factors and forces affecting capital markets and money markets in India.
- Currency Risk: The movements in the rate of exchange between the base currency of the Fund and their home currency will affect the value of their shareholding when measured in their home currency.
- Country Risk: The Country risk arises from the inability of a country, to meet its financial obligations. It is the risk encompassing economic, social and geo-political conditions in a foreign country, which might adversely affect foreign investors’ financial interests.
- Investment in the lowest category risk does not mean ’risk free’.
- For further details on Risk and Reward profile, please refer to the Risk Factors section in the Prospectus and Supplement of the Fund. | # Profil de risque et de rendement
| ) À risque plus faible À risque plus élevé ) ) Rendement potentiellement Rendement potentiellement ) plus faible plus élevé |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L’indicateur de risque et de rendement est calculé sur la base de la volatilité de la classe d’actions (les fluctuations de sa valeur) sur les 5 dernières années.
Cette classe d’actions existant depuis moins de 5 ans, les données de performance utilisées se fondent sur une simulation.
L’indicateur de risque et de rendement :
- se fonde sur des données historiques et peut ne pas constituer une indication fiable des données futures ;
- n’est pas garanti et peut évoluer au fil du temps.
Le Fonds appartient à la catégorie 6, essentiellement pour les raisons suivantes :
- Les actions indiennes et les titres indiens liés à des actions sont par nature volatils et sujets à des fluctuations de prix sur une base quotidienne en raison de facteurs tant macro que micro.
- En ce qui concerne les investissements dans des actions indiennes et des instruments indiens liés à des actions, les volumes de négociation, les périodes de règlement et les procédures de transfert peuvent impliquer des risques susceptibles de limiter la liquidité des investissements enactions et titres liés à des actions.
- Biens que les actions composant la plupart des indices sur les marchés de capitaux indiens soient généralement liquides, cette liquidité varie selon l’action. En raison des différences de liquidité entre ces titres, les opérations conclues par le Fonds peuvent ne pas être effectuées immédiatement.
- Le Fonds n’est pas un fonds à rendement garanti ou assuré.
La valeur de votre investissement dans le Fonds peut évoluer tant à la hausse qu’à la baisse en fonction de différents facteurs et influences sur les marchés de capitaux et monétaires en Inde.
- Risque de change : Les fluctuations des taux de change entre la devise de base du Fonds et leur devise nationale influenceront la valeur de leur participation mesurée dans ladite devise nationale.
- Risque lié au pays : Le Risque lié au pays se matérialise lorsqu’un pays n’est plus en mesure d’honorer des obligations financières. Il s’agit du risque qui englobe les conditions économiques, sociales et géopolitiques dans un pays étranger et pouvant avoir un impact négatif sur les intérêts financiers des investisseurs étrangers.
- Un investissement dans la catégorie de risque le plus faible n’est pas exempt de risque.
- Pour de plus amples informations sur le profil de risque et de rendement, veuillez vous référer à la section « Facteurs de risque » dans le Prospectus et le Supplément du Fonds. | # Risk and Reward Profile
| ) Lower risk Higher risk ) ) Typically lower rewards Typically higher rewards ) |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
The risk and reward indicator is calculated on the basis of the share class volatility (the movement in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator:
- is based on historical data and may not be a reliable indication for the future;
- is not guaranteed and may change over time.
The fund is in category 6 primarily for the following reasons:
- Indian equity and equity-related securities by nature are volatile and prone to price fluctuations on a daily basis due to both macro and micro factors.
- In respect of investments in Indian equity and equity-related instruments, there may be risks associated with trading volumes, settlement periods and transfer procedures that may restrict liquidity of investments in equity and equity- related securities.
- Even though the constituent stocks of most indices in Indian capital markets are typically liquid, liquidity differs across stocks. Due to the diversity in liquidity of such securities, trades entered into by the Fund may not get implemented instantly.
- The Fund is not a guaranteed or assured return fund.
The value of your investment in the Fund may go up or down depending on the various factors and forces affecting capital markets and money markets in India.
- Currency Risk: The movements in the rate of exchange between the base currency of the Fund and their home currency will affect the value of their shareholding when measured in their home currency.
- Country Risk: The Country risk arises from the inability of a country, to meet its financial obligations. It is the risk encompassing economic, social and geo-political conditions in a foreign country, which might adversely affect foreign investors’ financial interests.
- Investment in the lowest category risk does not mean ’risk free’.
- For further details on Risk and Reward profile, please refer to the Risk Factors section in the Prospectus and Supplement of the Fund. | en | fr |
DOLFIN4174 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The fund was approved by the AMF on 21 January 1997. It was launched on 3 February 1997 for a period of 99 years (ninety nine years).
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## Fund overview | # Der Fonds wurde am 21. Januar 1997 von der französischen Finanzmarktaufsicht (AMF) zugelassen. Er wurde am 3. Februar 1997 für eine Dauer von 99 Jahren (neunundneunzig Jahren) gegründet.
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## Angaben zum Fonds | # The fund was approved by the AMF on 21 January 1997. It was launched on 3 February 1997 for a period of 99 years (ninety nine years).
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## Fund overview | en | de |
DOLFIN4175 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
SFDR which is part of a broader legislative package under the European Commission’s Sustainable Action Plan, will come into effect on 10 March 2021. To meet the SFDR disclosure requirements, the Management Company identifies and analyses Sustainability Risks as part of its risk management process. Even when a Sub-Fund does not promote environmental, social or governance characteristics, the security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website. Although the inclusion of a Sustainability Risk analysis could help to develop a risk-adjusted return in the long term, the Investment Manager considers that, at the date of this prospectus, these elements are not essential for generating a return for investors in line with the Sub-funds’ investment objectives.
Unless otherwise set out in the relevant Data Sheet, Sustainability Risks may not be considered by the Investment Manager to be relevant because Sustainability Risks are not (a) systematically integrated by the relevant Investment Manager in the investment decisions of the relevant Sub-Fund; and/or (b) a core part of the investment strategy of the Sub-Fund, due to the nature of the investment objectives of the Sub-Fund. However it cannot be excluded that among other counterparties or sectors in which such Sub-fund will invest may have bigger exposure to such Sustainability Risks than others. An ESG event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-fund’s investment. Sustainability Risks can either represent a risk of their own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks. Assessment of Sustainability Risks is complex and may be based on ESG data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed. Consequent impacts to the occurrence of Sustainability Risks can be many and varied according to a specific risk, region or asset class.
Unless otherwise provided for a specific Sub-fund in the relevant Data Sheet, the Sub-funds do not promote any environmental or social characteristics, and do not have as objective sustainable investment (as provided for under Articles 8 or 9 of SFDR.
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# CURRENCY HEDGED SUB-CLASS | Die SFDR, die Teil eines umfassenderen Gesetzespakets im Rahmen des Aktionsplans der Europäischen Kommission in Bezug auf eine nachhaltige Entwicklung ist, tritt am 10. März 2021 in Kraft. Um den Offenlegungspflichten der SFDR Rechnung zu tragen, ermittelt und analysiert die Verwaltungsgesellschaft im Rahmen ihres Risikomanagementverfahrens Nachhaltigkeitsrisiken. Auch wenn ein Teilfonds keine Merkmale in Bezug auf Umwelt, Soziales oder Unternehmensführung bewirbt, umfasst das Titelauswahlverfahren einen Negativfilter, um Unternehmen auszuschließen, die gemäß der Definition in den internationalen Übereinkommen in diesem Bereich an der Produktion von umstrittenen Waffen beteiligt sind, sowie gemäß der Ausschlussrichtlinie der Edmond de Rothschild Group, die auf der Website des Unternehmens verfügbar ist, Unternehmen, die im Bereich Kraftwerkskohle oder Tabak tätig sind. Obwohl die Einbeziehung einer Analyse der Nachhaltigkeitsrisiken dazu beitragen könnte, langfristig eine risikobereinigte Rendite zu erwirtschaften, ist der Anlageverwalter der Ansicht, dass diesen Elementen zum Datum dieses Prospekts keine wesentliche Rolle für die Erwirtschaftung einer Rendite für die Anleger gemäß den Anlagezielen der Teilfonds zukommt.
Sofern im entsprechenden Datenblatt nicht anders angegeben, werden Nachhaltigkeitsrisiken vom Anlageverwalter möglicherweise nicht als relevant angesehen, da Nachhaltigkeitsrisiken aufgrund der Anlageziele des Teilfonds (a) vom entsprechenden Anlageverwalter nicht systematisch in die Anlageentscheidungen des entsprechenden Teilfonds integriert werden, und/oder (b) kein zentraler Bestandteil der Anlagestrategie des Teilfonds sind. Es kann jedoch nicht ausgeschlossen werden, dass andere Kontrahenten oder Sektoren, in die ein solcher Teilfonds investieren wird, solchen Nachhaltigkeitsrisiken stärker ausgesetzt sind als andere. Ein Ereignis oder eine Bedingung in den Bereichen Umwelt, Soziales oder Unternehmensführung, dessen beziehungsweise deren Eintreten tatsächlich oder potenziell wesentliche negative Auswirkungen auf den Wert der Anlage des Teilfonds haben könnte. Nachhaltigkeitsrisiken können entweder selbst ein Risiko darstellen oder andere Risiken nach sich ziehen und Risiken wie Marktrisiken, operationelle Risiken, Liquiditätsrisiken oder Kontrahentenrisiken erheblich erhöhen. Die Bewertung von Nachhaltigkeitsrisiken ist komplex und kann auf ESG-Daten beruhen, die schwer zu beschaffen und unvollständig, Schätzwerte, veraltet oder anderweitig im Wesentlichen ungenau sind. Selbst wenn die Risiken identifiziert werden, kann nicht garantiert werden, dass diese Daten korrekt eingeschätzt werden. Nachhaltigkeitsrisiken können sich auf vielfältige Weise auswirken und je nach Risiko, Region oder Anlageklasse unterschiedlich sein.
Sofern für einen bestimmten Teilfonds im entsprechenden Datenblatt nicht anders angegeben, bewerben die Teilfonds keine ökologischen oder sozialen Merkmale und sie streben keine nachhaltige Investition an (wie in Artikel 8 oder 9 SFDR vorgesehen).
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# WÄHRUNGSABGESICHERTE UNTERKLASSE | SFDR which is part of a broader legislative package under the European Commission’s Sustainable Action Plan, will come into effect on 10 March 2021. To meet the SFDR disclosure requirements, the Management Company identifies and analyses Sustainability Risks as part of its risk management process. Even when a Sub-Fund does not promote environmental, social or governance characteristics, the security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website. Although the inclusion of a Sustainability Risk analysis could help to develop a risk-adjusted return in the long term, the Investment Manager considers that, at the date of this prospectus, these elements are not essential for generating a return for investors in line with the Sub-funds’ investment objectives.
Unless otherwise set out in the relevant Data Sheet, Sustainability Risks may not be considered by the Investment Manager to be relevant because Sustainability Risks are not (a) systematically integrated by the relevant Investment Manager in the investment decisions of the relevant Sub-Fund; and/or (b) a core part of the investment strategy of the Sub-Fund, due to the nature of the investment objectives of the Sub-Fund. However it cannot be excluded that among other counterparties or sectors in which such Sub-fund will invest may have bigger exposure to such Sustainability Risks than others. An ESG event or condition that, if it occurs, could potentially or actually cause a material negative impact on the value of a Sub-fund’s investment. Sustainability Risks can either represent a risk of their own or have an impact on other risks and may contribute significantly to risks, such as market risks, operational risks, liquidity risks or counterparty risks. Assessment of Sustainability Risks is complex and may be based on ESG data which is difficult to obtain and incomplete, estimated, out of date or otherwise materially inaccurate. Even when identified, there can be no guarantee that these data will be correctly assessed. Consequent impacts to the occurrence of Sustainability Risks can be many and varied according to a specific risk, region or asset class.
Unless otherwise provided for a specific Sub-fund in the relevant Data Sheet, the Sub-funds do not promote any environmental or social characteristics, and do not have as objective sustainable investment (as provided for under Articles 8 or 9 of SFDR.
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# CURRENCY HEDGED SUB-CLASS | en | de |
DOLFIN4176 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ARTICLE 11 - WINDING-UP - EXTENSION
If the assets of the Fund remain less than the amount set forth in Article 2 above for 30 days, the management company shall inform the AMF thereof and either merge the Fund with another open-end investment fund (FCP) or dissolve the Fund.
The management company may dissolve the Fund prior to its termination date; in this case, it shall inform unitholders of its decision and from then on subscriptions and redemptions shall no longer be accepted.
The management company shall also dissolve the Fund if it receives redemption applications for all units, if the custodian ceases to discharge its responsibilities and no other custodian is designated or if at the end of the Fund’s duration, its termination date has not been extended.
The management company shall inform the AMF by letter of the chosen date and dissolution procedure. It shall then send the statutory auditors' report to the AMF. A Fund's extension may be decided by the management company with the custodian's agreement. Its decision must be taken at least three months before the Fund's planned duration and communicated to the unitholders and the AMF. | # ARTICLE 11 - DISSOLUTION - PROROGATION
Si les actifs du Fonds demeurent inférieurs, pendant trente jours, au montant fixé à l'article 2 ci-dessus, la société de gestion en informe l’Autorité des Marchés Financiers et procède, sauf opération de fusion avec un autre Fonds Commun de Placement, à la dissolution du Fonds.
La société de gestion peut dissoudre par anticipation le Fonds ; elle informe les porteurs de parts de sa décision et à partir de cette date les demandes de souscription ou de rachat ne sont plus acceptées.
La société de gestion procède également à la dissolution du Fonds en cas de demande de rachat de la totalité des parts, de cessation de fonction du dépositaire, lorsque aucun autre dépositaire n'a été désigné, ou à l'expiration de la durée du Fonds, si celle-ci n'a pas été prorogée.
La société de gestion informe l’Autorité des Marchés Financiers par courrier de la date et de la procédure de dissolution retenue. Ensuite, elle adresse à l’Autorité des Marchés Financiers le rapport du commissaire aux comptes.
La prorogation d'un Fonds peut être décidée par la société de gestion en accord avec le dépositaire. Sa décision doit être prise au moins trois mois avant l'expiration de la durée prévue pour le Fonds et portée à la connaissance des porteurs de parts et de l’Autorité des Marchés Financiers. | # ARTICLE 11 - WINDING-UP - EXTENSION
If the assets of the Fund remain less than the amount set forth in Article 2 above for 30 days, the management company shall inform the AMF thereof and either merge the Fund with another open-end investment fund (FCP) or dissolve the Fund.
The management company may dissolve the Fund prior to its termination date; in this case, it shall inform unitholders of its decision and from then on subscriptions and redemptions shall no longer be accepted.
The management company shall also dissolve the Fund if it receives redemption applications for all units, if the custodian ceases to discharge its responsibilities and no other custodian is designated or if at the end of the Fund’s duration, its termination date has not been extended.
The management company shall inform the AMF by letter of the chosen date and dissolution procedure. It shall then send the statutory auditors' report to the AMF. A Fund's extension may be decided by the management company with the custodian's agreement. Its decision must be taken at least three months before the Fund's planned duration and communicated to the unitholders and the AMF. | en | fr |
DOLFIN4177 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Efficient Portfolio Management and Financial Derivative Instruments
The Fund may employ techniques and instruments relating to transferable securities from time to time under the conditions and within the limits laid down by the Central Bank and the conditions set out in the Prospectus for efficient portfolio management purposes. The Fund may enter into securities lending transactions for efficient portfolio management purposes only in accordance with the conditions and limits set down by the Central Bank from time to time.
The Fund may also invest in financial derivative instruments (“FDIs”) subject to the conditions and limits laid down by the Central Bank for efficient portfolio management purposes and as described in the Prospectus.
The Company employs a risk management process which enables it to accurately measure, monitor and manage at any time the risks attached to the Fund’s FDI positions and their contribution to the overall risk profile of the portfolio of assets of a Fund. The Company will, on request, provide supplementary information to Shareholders relating to the risk management methods employed, including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments in respect of the relevant Fund. | # Effizientes Portfoliomanagement und derivative Finanzinstrumente
Für die Zwecke eines effizienten Portfoliomanagements kann der Fonds vorbehaltlich der von der Central Bank jeweils festgelegten Bedingungen und Beschränkungen sowie vorbehaltlich der Bedingungen des Prospekts auf übertragbare Wertpapiere bezogene Techniken und Instrumente einsetzen. Der Fonds darf Wertpapierleihgeschäfte für ein effizientes Portfoliomanagement nur unter den Bedingungen und unter Einhaltung der Grenzen tätigen, die die Central Bank jeweils festlegt.
Der Fonds darf vorbehaltlich der von der Central Bank festgelegten Bedingungen und Beschränkungen für die Zwecke eines effizienten Portfoliomanagements und wie im Prospekt beschrieben auch in derivative Finanzinstrumente (Financial Derivative Instruments, FDI) anlegen.
Die Gesellschaft verwendet ein Risikomanagementverfahren, das die dauernde exakte Messung, Überwachung und Verwaltung der mit den FDI-Positionen des Fonds verbundenen Risiken sowie ihres Einflusses auf das gesamte Risikoprofil des Portfolios aus Vermögenswerten eines Fonds ermöglicht. Auf Verlangen wird die Gesellschaft den Anteilsinhabern ergänzende Informationen über die angewandten Risikomanagementmethoden einschließlich der angewandten quantitativen Begrenzungen und der jüngsten Entwicklungen bei den Risiko- und Renditemerkmalen der wichtigsten Anlagekategorien in Bezug auf den jeweiligen Fonds zukommen lassen. | # Efficient Portfolio Management and Financial Derivative Instruments
The Fund may employ techniques and instruments relating to transferable securities from time to time under the conditions and within the limits laid down by the Central Bank and the conditions set out in the Prospectus for efficient portfolio management purposes. The Fund may enter into securities lending transactions for efficient portfolio management purposes only in accordance with the conditions and limits set down by the Central Bank from time to time.
The Fund may also invest in financial derivative instruments (“FDIs”) subject to the conditions and limits laid down by the Central Bank for efficient portfolio management purposes and as described in the Prospectus.
The Company employs a risk management process which enables it to accurately measure, monitor and manage at any time the risks attached to the Fund’s FDI positions and their contribution to the overall risk profile of the portfolio of assets of a Fund. The Company will, on request, provide supplementary information to Shareholders relating to the risk management methods employed, including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments in respect of the relevant Fund. | en | de |
DOLFIN4178 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any questions or complaints, please contact your investment advisor first. Complaints can also be submitted in writing to Universal Investment Ireland,Kilmore House,Spencer Dock,NorthWallQuay,Dublin1,D01YE64,Irelandor via e-mail to: [email protected]. Further details on the complaint process are available at the following website: https://www.universal-investment.com/en/Corporate/Compliance/ Ireland/. | # Wie kann ich mich beschweren?
Bei Fragen und Beschwerden kontaktieren Sie bitte zunächst Ihren Anlageberater. Alternativ können Beschwerden von Anlegern schriftlich bei UniversalInvestmentIreland,KilmoreHouse,SpencerDock,NorthWallQuay,Dublin1,D01YE64,Irelandeingereicht werden oder via E-Mail an: [email protected]. Die weiteren Einzelheiten zum Beschwerdeprozess sind auf der folgenden Webseite verfügbar:https:// www.universal-investment.com/en/Corporate/Compliance/Ireland/. | # How can I complain?
If you have any questions or complaints, please contact your investment advisor first. Complaints can also be submitted in writing to Universal Investment Ireland,Kilmore House,Spencer Dock,NorthWallQuay,Dublin1,D01YE64,Irelandor via e-mail to: [email protected]. Further details on the complaint process are available at the following website: https://www.universal-investment.com/en/Corporate/Compliance/ Ireland/. | en | de |
DOLFIN4179 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Background and rationale for the merger
The DIS Board and the Management Company have decided to merge the Merging Funds into the Receiving Funds in order to align and rationalise the fund offering of Danske Invest SICAV and optimise the Luxembourg product range of Danske Group.
The DIS Board and the Management Company consider that the Merging Funds have not suffi- cient investor demand and size to continue to operate in an economically efficient manner and that the merger of the Merging Funds into the Receiving Funds will increase efficient fund man- agement.
- | # Begründung und Hintergrund der Zusammenlegung
Der Verwaltungsrat von DIS und die Verwaltungsgesellschaft haben beschlossen, die einge- brachten Fonds mit den aufnehmenden Fonds zusammenzulegen, um das Fondsangebot der Danske Invest SICAV anzupassen und zu rationalisieren und die Luxemburger Produktpalette der Danske Group zu optimieren.
Der Verwaltungsrat von DIS und die Verwaltungsgesellschaft sind der Ansicht, dass die Anle- gernachfrage und die Größe der eingebrachten Fonds nicht ausreichen, um sie weiterhin auf wirt- schaftlich effiziente Weise zu betreiben, und dass die Zusammenlegung der eingebrachten Fonds mit den aufnehmenden Fonds die Effizienz der Fondsverwaltung erhöhen wird.
- | # Background and rationale for the merger
The DIS Board and the Management Company have decided to merge the Merging Funds into the Receiving Funds in order to align and rationalise the fund offering of Danske Invest SICAV and optimise the Luxembourg product range of Danske Group.
The DIS Board and the Management Company consider that the Merging Funds have not suffi- cient investor demand and size to continue to operate in an economically efficient manner and that the merger of the Merging Funds into the Receiving Funds will increase efficient fund man- agement.
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DOLFIN4180 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Fund invests at least 2/3 of its assets in the shares of companies in the gold sector. This sector includes companies that focus their operations on the exploration, production, processing and trading mainly of gold but also, to a lesser degree, of other precious metals.
The Fund is actively managed. In order to calculate the performance- related fee the Fund follows the benchmark FTSE Gold Mines Series (All Mines). The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | ## Politica d'investimento
Il Fondo investe almeno 2/3 del patrimonio in azioni di società dal settore aurifero. Questo settore comprende società la cui attività è incentrata sull'esplorazione, la produzione, la lavorazione e il commercio principalmente dell'oro, ma anche di altri metalli preziosi.
Il Fondo è a gestione attiva. Ai fini del calcolo della commissione di performance, il Fondo si orienta all'indice di riferimento FTSE Gold Mines Series (All Mines). Il Fondo non è soggetto ad alcuna limitazione nella selezione degli investimenti e della loro ponderazione. Può investire in strumenti compresi nell'indice di riferimento, ma è indipendente da quest'ultimo. | ## Investment Policy
The Fund invests at least 2/3 of its assets in the shares of companies in the gold sector. This sector includes companies that focus their operations on the exploration, production, processing and trading mainly of gold but also, to a lesser degree, of other precious metals.
The Fund is actively managed. In order to calculate the performance- related fee the Fund follows the benchmark FTSE Gold Mines Series (All Mines). The Fund has freedom of choice concerning investments and their weighting. It is able to invest in stocks included in the benchmark index, although is independent of the benchmark index. | en | it |
DOLFIN4181 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Other Efficient Portfolio Management Techniques
The Fund may also use the following techniques for efficient portfolio management purposes such as hedging and performance enhancement (i.e. reduction of cost, generation of additional capital or income, etc.) in accordance with the terms and conditions set out by the Central Bank from time to time in relation to any such techniques:
Sub | ###### A
UTRES TECHNIQUES DE GESTION EFFICACE DU PORTEFEUILLE
Le Fonds peut également avoir recours aux techniques suivantes à des fins d’investissement et/ou de gestion efficace du portefeuille telles que la couverture et l’amélioration de la performance (réduction des coûts, génération de capitaux propres ou de revenus supplémentaires, etc.) conformément aux modalités prescrites à tout moment par la Banque centrale relativement à ces techniques : | ###### Other Efficient Portfolio Management Techniques
The Fund may also use the following techniques for efficient portfolio management purposes such as hedging and performance enhancement (i.e. reduction of cost, generation of additional capital or income, etc.) in accordance with the terms and conditions set out by the Central Bank from time to time in relation to any such techniques:
Sub | en | fr |
DOLFIN4182 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# QUELS SONT LES RISQUES ET QU’EST-CE QUE CELA POURRAIT ME RAPPORTER ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Indicateur de risque
Risque plus faible
Risque plus élevé
L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans. Ce produit n’a pas de date d’échéance.
Ce Fonds n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou une partie de votre investissement.
La catégorie de risque indiquée n’est pas garantie et peut évoluer dans le temps. La catégorie la plus basse ne signifie pas qu’elle est sans risque.
Nous avons classé ce Fonds dans la classe 5 sur 7, qui est une classe de risque moyen-élevé. Cette classe évalue les pertes potentielles liées aux performances futures à un niveau moyen- élevé level, et les mauvaises conditions de marché sont très susceptibles d’avoir un impact sur notre capacité à vous payer. Soyez conscient du risque de change. Vous recevrez des paiements dans une devise différente. Le rendement final obtenu dépendra donc du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur de risque fourni.
Les autres risques sont décrits en détail dans le prospectus. Cette liste ne se veut pas exhaustive et des risques de nature exceptionnelle peuvent survenir occasionnellement. | # ¿QUÉ RIESGOS CORRO Y QUÉ PODRÍA OBTENER A CAMBIO?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Indicador de riesgo
Menor riesgo
Mayor riesgo
El indicador de riesgo parte de la suposición de que conserva el producto durante 5 años. Este producto no tiene fecha de vencimiento.
Este Fondo no incluye ninguna protección frente a la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión.
La categoría de riesgo que se muestra no está garantizada y puede cambiar con el tiempo. La asignación a la categoría más baja no significa que no haya ningún riesgo.
Hemos clasificado este Fondo en la clase de riesgo 5 en una escala de 7, por lo que presenta un nivel un riesgo medio alto. Evalúa las pérdidas potenciales de la futura rentabilidad en un nivel un riesgo medio alto, y es muy probable que las malas condiciones del mercado afecten a nuestra capacidad de pago. Tenga en cuenta el riesgo de tipo de cambio. Recibirá los pagos en una moneda diferente, por lo que el rendimiento final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador de riesgo que se muestra.
Los riesgos adicionales se indican en el Folleto. Esta lista no es exhaustiva y es posible que surjan ocasionalmente riesgos de naturaleza excepcional. | # QUELS SONT LES RISQUES ET QU’EST-CE QUE CELA POURRAIT ME RAPPORTER ?
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Indicateur de risque
Risque plus faible
Risque plus élevé
L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans. Ce produit n’a pas de date d’échéance.
Ce Fonds n’inclut aucune protection contre les performances futures du marché, vous pourriez donc perdre tout ou une partie de votre investissement.
La catégorie de risque indiquée n’est pas garantie et peut évoluer dans le temps. La catégorie la plus basse ne signifie pas qu’elle est sans risque.
Nous avons classé ce Fonds dans la classe 5 sur 7, qui est une classe de risque moyen-élevé. Cette classe évalue les pertes potentielles liées aux performances futures à un niveau moyen- élevé level, et les mauvaises conditions de marché sont très susceptibles d’avoir un impact sur notre capacité à vous payer. Soyez conscient du risque de change. Vous recevrez des paiements dans une devise différente. Le rendement final obtenu dépendra donc du taux de change entre les deux devises. Ce risque n’est pas pris en compte dans l’indicateur de risque fourni.
Les autres risques sont décrits en détail dans le prospectus. Cette liste ne se veut pas exhaustive et des risques de nature exceptionnelle peuvent survenir occasionnellement. | fr | es |
DOLFIN4183 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
- Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: negative for DR EUR units and EUR 0.42 for DN EUR units with respect to income
- Amount of income eligible for the 40% allowance: EUR 0.42 | Per ulteriori informazioni si prega di consultare il KIID di questo OICR e in particolare la sezione "Profilo di rischio e rendimento" o il suo prospetto informativo completo, disponibili su richiesta presso la società di gestione o sul sito internet www.am.oddo-bhf.com.
- Parte dei proventi idonea alla detrazione del 40% prevista dall'articolo 158 del Code Général des Impôts:
- Importo unitario della cedola per quota: classe DR EUR negativo e classe DN EUR 0,42 € a titolo dell'utile
- Importo dei proventi idoneo alla detrazione del 40%: 0,42 € | For further information, please consult the KIID of this UCI, and particularly the “Risk and reward profile” section, or its full prospectus, which are available on request from the management company or on the website www.am.oddo-bhf.com.
- Portion of income eligible for the 40% allowance under Article 158 of the French general tax code (Code Général des Impôts):
- Coupon amount per unit: negative for DR EUR units and EUR 0.42 for DN EUR units with respect to income
- Amount of income eligible for the 40% allowance: EUR 0.42 | en | it |
DOLFIN4184 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
In October, we kept equity and fixed income allocations broadly unchanged as the macro picture remains mixed. While the overall equity outlook remains challenging, valuation and earnings dispersion at the sector level is creating opportunities. As rates continue to rise, we have been adding some duration back to the portfolio on the margin. The effective equity exposure at the end of the month was 19.7%. | # ATTIVITÀ DEL PORTAFOGLIO
A ottobre abbiamo mantenuto sostanzialmente invariate le allocazioni azionarie e obbligazionarie poiché il quadro macro rimane contrastante. Sebbene le prospettive generali per l’azionario risultino ancora problematiche, la dispersione delle valutazioni e degli utili a livello settoriale sta creando opportunità. Poiché i tassi continuano a salire, abbiamo ripristinato marginalmente parte della duration in portafoglio. A fine mese l’esposizione azionaria effettiva si attestava al 19,7%. | # Portfolio Activity
In October, we kept equity and fixed income allocations broadly unchanged as the macro picture remains mixed. While the overall equity outlook remains challenging, valuation and earnings dispersion at the sector level is creating opportunities. As rates continue to rise, we have been adding some duration back to the portfolio on the margin. The effective equity exposure at the end of the month was 19.7%. | en | it |
DOLFIN4185 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.24% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Up to 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index. In the event of the outperformance of the unit of the Sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. |
Past performance
A
8
6
4
2
0
-2
-4
-6
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
The ongoing charges figure is based on the charges for the year ending in September 2021. This figure may vary from year to year.
It excludes intermediary fees with the exception of the entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
The performance fee, excluding ongoing charges, was paid during the last financial year ended September 2021 and represents 0.27% of average net assets.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in EUR, with net dividends reinvested. EdR SICAV – Euro Sustainable Credit was launched on 12.02.2019
Unit launch date: 09.2016
Benchmark index: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, net dividends reinvested
2017 2018 2019 2020 2021
EdR SICAV – Euro Sustainable Credit R EUR Benchmark index
A: The E unit of the Euro Sustainable Credit Fund was absorbed on 12.02.2019 by the R EUR share of the EdR SICAV – Euro Sustainable Credit Sub-fund. The absorbing Sub-fund is subject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until 12.02.2019 (date of the merger/absorption), past performance corresponded to that of the E unit of the Absorbed Fund. | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00% |
| Gastos de salida | No procede |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión/antes de que se le distribuyan los ingresos de su inversión. |
| Gastos detraídos del OICVM a lo largo de un año |
| Gastos corrientes | 1,24% |
| Gastos detraídos del OICVM en determinadas condiciones específicas |
| Comisión de rentabilidad Máximo del 15% anual de la rentabilidad superior al índice de referencia Bloomberg Barclays Capital Euro Aggregate Corporate Total Return. Si la rentabilidad de la acción del Subfondo es superior a la del índice de referencia (incluso si se trata de un valor negativo), es posible que se aplique una comisión sobre rentabilidad en el periodo de referencia. |
Rentabilidad histórica
A
8
6
4
2
0
-2
-4
-6
Los gastos y las comisiones se utilizan para cubrir los costes operativos del subfondo, incluidas la comercialización y la distribución de acciones. Estos gastos reducen el potencial de crecimiento de su inversión.
Los gastos de entrada y de salida que se indican en este documento constituyen un límite máximo, es decir, el inversor podrá pagar una cantidad inferior en determinados casos.
El inversor podrá obtener de su asesor o de su distribuidor financiero la información relativa al importe efectivo de los gastos de entrada y de salida.
El importe de los gastos corrientes se calcula en función de los gastos del ejercicio finalizado en septiembre de 2021. Esta cifra puede variar de un ejercicio a otro.
No se incluyen los gastos de intermediación, salvo los gastos de entrada y de salida pagados por el subfondo cuando compra o vende participaciones y/o acciones de otro OIC y fondos de inversión.
La comisión de rentabilidad no incluye los gastos corrientes, se paga a lo largo del último ejercicio, cerrado en septiembre de 2021, y representa el 0,27% del patrimonio neto medio.
Puede encontrar información más detallada acerca de los gastos y las comisiones en el folleto del subfondo y en el sitio web www.edram.fr.
La rentabilidad histórica no es indicativa de rendimientos futuros. No son constantes en el tiempo.
Los gastos corrientes, los gastos de intermediación y las comisiones de rentabilidad que se puedan detraer se incluyen en el cálculo de la rentabilidad. Se excluyen las comisiones de entrada y de salida.
La rentabilidad histórica se ha calculado en EUR, dividendos netos reinvertidos. EdR SICAV - Euro Sustainable Credit se lanzó el 12.02.2019
Fecha de lanzamiento de la participación: 09.2016
Índice de referencia: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, dividendos netos reinvertidos
2017 2018 2019 2020 2021
EdR SICAV - Euro Sustainable Credit R EUR Índice de referencia
A: La participación “E” del FI Euro Sustainable Credit fue absorbida el 12.02.2019 por la acción “R EUR” del subfondo EdR SICAV - Euro Sustainable Credit. El subfondo absorbente ha asumido las restricciones y límites de inversión, así como el perfil de riesgo del FI absorbido. Hasta el 12.02.2019 (fecha de la fusión-absorción), la rentabilidad histórica corresponde a la de la participación E del FI absorbido. | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00% |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the UCITS over a year |
| Ongoing charges | 1.24% |
| Charges taken from the UCITS under certain specific conditions |
| Performance fee Up to 15% per year of the outperformance compared to the benchmark: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return index. In the event of the outperformance of the unit of the Sub-fund compared to its benchmark index, and even if its performance is negative, an outperformance fee may be charged for the reference period. |
Past performance
A
8
6
4
2
0
-2
-4
-6
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
The ongoing charges figure is based on the charges for the year ending in September 2021. This figure may vary from year to year.
It excludes intermediary fees with the exception of the entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
The performance fee, excluding ongoing charges, was paid during the last financial year ended September 2021 and represents 0.27% of average net assets.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in EUR, with net dividends reinvested. EdR SICAV – Euro Sustainable Credit was launched on 12.02.2019
Unit launch date: 09.2016
Benchmark index: Bloomberg Barclays Capital Euro Aggregate Corporate Total Return, net dividends reinvested
2017 2018 2019 2020 2021
EdR SICAV – Euro Sustainable Credit R EUR Benchmark index
A: The E unit of the Euro Sustainable Credit Fund was absorbed on 12.02.2019 by the R EUR share of the EdR SICAV – Euro Sustainable Credit Sub-fund. The absorbing Sub-fund is subject to the same investment restrictions and limitations and risk profile of the absorbed Fund. Until 12.02.2019 (date of the merger/absorption), past performance corresponded to that of the E unit of the Absorbed Fund. | en | es |
DOLFIN4186 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Section annexe des Compartiments | Communications insérées | Communications supprimées |
| --- | --- | --- |
| Profil de l’investis- seur type | Qui cherchent à promouvoir des caractéristiques environnementales et/ou sociales dans le respect de pratiques de bonne gouvernance : Article 8 | Sans objet |
| Objectifs et poli- tique d’investisse- ment | Le processus d’investissement intègre des fac- teurs ESG sur la base de recherches propriétaires et de recherches de tiers afin d’évaluer les risques et opportunités d’investissement. La proportion du portefeuille du Compartiment soumise à une analyse ESG est d’au moins 90 % de l’actif net ou du nombre d’émetteurs. Lors de la sélection des investissements, le Compartiment adopte une ap- proche asymétrique qui vise à augmenter la pon- dération des titres à faible risque en matière de durabilité et/ou à réduire la pondération des titres à risque en matière de durabilité élevé. En consé- quence, le Compartiment vise à posséder un profil ESG supérieur à celui de l’indice de référence. Cette stratégie applique une politique d’exclusion interne liée aux investissements directs dans les entreprises et les pays jugés incompatibles avec l’approche de l’investissement responsable de Pic- tet Asset Management. Veuillez vous référer à notre politique d’investissement responsable sur le site https://www.am.pictet/-/me-dia/pam/pam-common-gallery/article-con-tent/2021/pictet-asset-management/respon-sible-investment-policy.pdf pour plus d’informa- tions. | Le processus d’investissement in- tègre des facteurs ESG sur la base de recherches propriétaires et de re- cherches de tiers afin d’évaluer les risques et opportunités d’investisse- ment. Lors de la sélection des inves- tissements du Compartiment, il est possible que les titres d’émetteurs présentant des risques de durabilité élevés soient achetés et conservés dans le portefeuille du Comparti- ment. |
| Indice de référence | La construction de l’indice de référence ne tient pas compte des facteurs ESG. | Sans objet | | | Apartado del Anexo del Compartimento | Información insertada | Información eliminada |
| --- | --- | --- |
| Perfil del inversor típico | Que busquen promover características medioambientales y/o sociales sujetas a buenas prácticas de gobierno corporativo: Artículo 8 | No aplicable |
| Objetivos y política de inversión | El proceso de inversión integra factores ESG, basándose en análisis propio y de terceros, para evaluar los riesgos y oportunidades de inversión. La proporción de la cartera del Compartimento sujeta a análisis ESG es de al menos el 90% del patrimonio neto o el número de acciones. Al seleccionar las inversiones, el Compartimento adopta un enfoque sesgado que trata de incrementar el peso de los valores con bajos riesgos de sostenibilidad y/o disminuir el peso de los valores con altos riesgos de sostenibilidad. Como resultado, el Compartimento trata de conseguir un perfil ESG mejor que el del índice de referencia. Esta estrategia se aplica con una política de exclusión adicional relacionada con la inversión directa en empresas y países y que se consideran incompatibles con el enfoque de inversión responsable de Pictet Asset Management. Para más información, consulte nuestra política de inversión responsable en https://www.am.pictet/-/media/pam/pam-common-gallery/article-content/2021/pictet-asset-management/responsible-investment-policy.pdf. | El proceso de inversión integra factores ESG, basándose en análisis propio y de terceros, para evaluar los riesgos y oportunidades de inversión. Al seleccionar sus inversiones, la cartera del Compartimento podrá comprar y mantener valores de emisores con altos riesgos de sostenibilidad. |
| Índice de referencia | La construcción del índice de referencia tiene en cuenta los factores ESG. | No aplicable | | | Section annexe des Compartiments | Communications insérées | Communications supprimées |
| --- | --- | --- |
| Profil de l’investis- seur type | Qui cherchent à promouvoir des caractéristiques environnementales et/ou sociales dans le respect de pratiques de bonne gouvernance : Article 8 | Sans objet |
| Objectifs et poli- tique d’investisse- ment | Le processus d’investissement intègre des fac- teurs ESG sur la base de recherches propriétaires et de recherches de tiers afin d’évaluer les risques et opportunités d’investissement. La proportion du portefeuille du Compartiment soumise à une analyse ESG est d’au moins 90 % de l’actif net ou du nombre d’émetteurs. Lors de la sélection des investissements, le Compartiment adopte une ap- proche asymétrique qui vise à augmenter la pon- dération des titres à faible risque en matière de durabilité et/ou à réduire la pondération des titres à risque en matière de durabilité élevé. En consé- quence, le Compartiment vise à posséder un profil ESG supérieur à celui de l’indice de référence. Cette stratégie applique une politique d’exclusion interne liée aux investissements directs dans les entreprises et les pays jugés incompatibles avec l’approche de l’investissement responsable de Pic- tet Asset Management. Veuillez vous référer à notre politique d’investissement responsable sur le site https://www.am.pictet/-/me-dia/pam/pam-common-gallery/article-con-tent/2021/pictet-asset-management/respon-sible-investment-policy.pdf pour plus d’informa- tions. | Le processus d’investissement in- tègre des facteurs ESG sur la base de recherches propriétaires et de re- cherches de tiers afin d’évaluer les risques et opportunités d’investisse- ment. Lors de la sélection des inves- tissements du Compartiment, il est possible que les titres d’émetteurs présentant des risques de durabilité élevés soient achetés et conservés dans le portefeuille du Comparti- ment. |
| Indice de référence | La construction de l’indice de référence ne tient pas compte des facteurs ESG. | Sans objet | | fr | es |
DOLFIN4187 | 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
Ce Compartiment vise à obtenir des plus-values à long terme en investissant dans de petites et moyennes entreprises japonaises et, dans une moindre mesure, dans de grandes entreprises japonaises.
Le Compartiment investira principalement dans des actions et titres de fonds propres de sociétés japonaises à petite ou moyenne capitalisation. Pour ce Compartiment, sont définies comme des sociétés japonaises (i) les sociétés dont le siège se trouve au Japon, (ii) les sociétés dont le siège est situé en dehors du Japon mais qui exercent leurs activités de façon prédominante dans ce pays ou (iii) les holdings dont les participations sont investies de façon prédominante dans des sociétés ayant leur siège au Japon. Aux fins des présentes, les
sociétés à petite et moyenne capitalisations signifient les sociétés dont la capitalisation boursière ne dépasse pas la capitalisation des 50 % de sociétés cotées au Japon dont la capitalisation boursière est la plus faible.
Ce Compartiment peut investir jusqu’à 30 % de sa VL dans des Instruments du marché monétaire, dans des actions et titres de fonds propres émis par des sociétés ou autres entités ne remplissant pas les critères ci-dessus ou dans des titres de créance (y compris les titres de créance convertibles) émanant de sociétés japonaises de toute taille. | #### Objetivo y política de inversión
El objetivo del Fondo es conseguir un crecimiento del capital a largo plazo mediante la inversión en pequeñas y medianas empresas japonesas y, en menor medida, en empresas japonesas de gran tamaño.
El Fondo invierte principalmente en renta variable o valores vinculados a empresas japonesas de pequeña o mediana capitalización. Para los fines del Fondo, por empresas japonesas se entenderá (i) empresas que tengan su domicilio social en Japón,
(ii) empresas que tengan su domicilio social fuera de Japón pero que desarrollen una parte predominante de su actividad empresarial en este país, o (iii) sociedades de cartera cuyas participaciones se mantengan predominantemente invertidas en empresas que tengan su domicilio social en Japón. Para los fines del Fondo, por empresas de pequeña y mediana capitalización se entenderá empresas cuya capitalización bursátil no supere la mitad inferior de la capitalización bursátil total en Japón.
Hasta un 30% del valor liquidativo del Fondo podrá estar invertido en Instrumentos del Mercado Monetario, acciones y valores vinculados a renta variable emitidos por sociedades u otras entidades que no cumplan los requisitos anteriormente expuestos o en instrumentos de deuda (incluidos bonos convertibles) de empresas japonesas de cualquier dimensión. | ###### Objectifs et politique d’investissement
Ce Compartiment vise à obtenir des plus-values à long terme en investissant dans de petites et moyennes entreprises japonaises et, dans une moindre mesure, dans de grandes entreprises japonaises.
Le Compartiment investira principalement dans des actions et titres de fonds propres de sociétés japonaises à petite ou moyenne capitalisation. Pour ce Compartiment, sont définies comme des sociétés japonaises (i) les sociétés dont le siège se trouve au Japon, (ii) les sociétés dont le siège est situé en dehors du Japon mais qui exercent leurs activités de façon prédominante dans ce pays ou (iii) les holdings dont les participations sont investies de façon prédominante dans des sociétés ayant leur siège au Japon. Aux fins des présentes, les
sociétés à petite et moyenne capitalisations signifient les sociétés dont la capitalisation boursière ne dépasse pas la capitalisation des 50 % de sociétés cotées au Japon dont la capitalisation boursière est la plus faible.
Ce Compartiment peut investir jusqu’à 30 % de sa VL dans des Instruments du marché monétaire, dans des actions et titres de fonds propres émis par des sociétés ou autres entités ne remplissant pas les critères ci-dessus ou dans des titres de créance (y compris les titres de créance convertibles) émanant de sociétés japonaises de toute taille. | fr | es |
DOLFIN4188 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Capitalized terms used in this section should have the meaning as set forth in the Luxembourg law dated 18 December 2015 (the “CRS Law”), unless provided otherwise herein.
On 9 December 2014, the Council of the European Union adopted the Directive 2014/107/EU amending the Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation which now provides for an automatic exchange of financial account information between EU Member States (“DAC Directive”). The adoption of the aforementioned directive implements the OECD’s CRS and generalizes the automatic exchange of information within the European Union as of 1 January 2016.
In addition, Luxembourg signed the OECD’s multilateral competent authority agreement (“Multilateral Agreement”) to automatically exchange information under the CRS. Under this Multilateral Agreement, Luxembourg will automatically exchange financial account information with other participating jurisdictions as of 1 January 2016. The CRS Law implements the DAC Directive introducing the CRS in Luxembourg law.
Under the terms of the CRS Law, the Company may be required to annually report to the Luxembourg tax authorities the name, address, Member State(s) of residence, TIN(s), as well as the date and place of birth of i) each Reportable Person that is an Account Holder within the meaning of CRS Law, ii) and, in the case of a Passive NFE within the meaning of the CRS Law, of each Controlling Person(s) that is a Reportable Person. Such information may be disclosed by the Luxembourg tax authorities to foreign tax authorities.
The Company’s ability to satisfy its reporting obligations under the CRS Law will depend on each shareholder providing the Company with the information, including information regarding direct or indirect owners of each shareholder, along with the required supporting documentary evidence. Upon request of the Company, each shareholder shall agree to provide the Company such information.
Although the Company will attempt to satisfy any obligation imposed on it to avoid any fines or penalties imposed by the CRS Law, no assurance can be given that the Company will be able to satisfy these obligations. If the Company becomes subject to a fine or penalty as result of the CRS Law, the value of the Shares held by the shareholders may suffer material losses.
Any shareholder that fails to comply with the Company’s documentation requests may be charged with any fines and penalties imposed on the Company attributable to such shareholder’s failure to provide the information and the Company may, in its sole discretion, redeem the Shares of such shareholder. | # Les termes en majuscules utilisés dans cette partie auront la signification définie par la Loi du Luxembourg datée du 18 décembre 2015 (la « LoiCRS »), sauf mention contraire.
Le 9 décembre 2014, le Conseil de l’Union européenne a adopté la Directive 2014/107/UE modifiant la Directive 2011/16/UE du 15 février 2011 relative à la coopération administrative dans le domaine fiscal, qui prévoit un échange automatique des informations concernant les comptes financiers entre pays membres de l’Union européenne (« DirectiveDAC »). L’adoption de la directive susmentionnée porte application de la CRS de l’OCDE et généralise l’échange automatique d’informations au sein de l’Union européenne à partir du 1er janvier 2016.
En outre, le Luxembourg a signé l’Accord multilatéral entre autorités compétentes de l’OCDE (« Accordmultilatéral ») afin de permettre l’échange automatique d’informations dans le cadre de la CRS. Selon cet Accord multilatéral, le Luxembourg échangera automatiquement les informations concernant les comptes financiers avec les autres pays membres à partir du 1er janvier 2016. La Loi CRS met en œuvre la Directive DAC introduisant la CRS dans la loi du Luxembourg.
Selon les termes de la Loi CRS, la Société peut être tenue de fournir aux autorités fiscales du Luxembourg un rapport annuel précisant les nom, adresse, pays membre(s) de résidence, numéro(s) d’identification fiscale (« TIN »), ainsi que la date et le lieu de naissance de i) tout Déclarant qui est Détenteur de compte au sens de la Loi CRS, ii) et, dans le cas d’une Entité non financière (ENF) passive au sens de la Loi CRS, de tout Bénéficiaire effectif qui est un Déclarant. Ces informations sont susceptibles d’être transmises par les autorités fiscales du Luxembourg à des autorités fiscales étrangères.
La capacité de la Société à remplir ses obligations en matière de reporting dans le cadre de la Loi CRS dépendra de la fourniture, par chaque actionnaire, des informations nécessaires à la Société, y compris les informations concernant les propriétaires directs ou indirects de chaque actionnaire, ainsi que les justificatifs requis. Sur demande de la Société, chaque actionnaire est tenu de fournir ces informations.
La Société s’efforcera de satisfaire à toutes les obligations lui incombant afin d’éviter toute amende ou pénalité imposée par la Loi CRS. Toutefois, aucune garantie ne peut être donnée quant à la capacité de la Société à satisfaire ces obligations. Si la Société est soumise à une amende ou pénalité dans le cadre de la Loi CRS, la valeur des Actions détenues par les actionnaires peut subir des pertes substantielles.
Tout actionnaire qui ne se conforme pas aux demandes d’informations de la Société peut se voir facturer toute amende ou pénalité imposée à la Société à cause du défaut de fourniture d’information par cet actionnaire, et la Société peut, à sa seule discrétion, racheter les Actions de cet actionnaire. | # Capitalized terms used in this section should have the meaning as set forth in the Luxembourg law dated 18 December 2015 (the “CRS Law”), unless provided otherwise herein.
On 9 December 2014, the Council of the European Union adopted the Directive 2014/107/EU amending the Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation which now provides for an automatic exchange of financial account information between EU Member States (“DAC Directive”). The adoption of the aforementioned directive implements the OECD’s CRS and generalizes the automatic exchange of information within the European Union as of 1 January 2016.
In addition, Luxembourg signed the OECD’s multilateral competent authority agreement (“Multilateral Agreement”) to automatically exchange information under the CRS. Under this Multilateral Agreement, Luxembourg will automatically exchange financial account information with other participating jurisdictions as of 1 January 2016. The CRS Law implements the DAC Directive introducing the CRS in Luxembourg law.
Under the terms of the CRS Law, the Company may be required to annually report to the Luxembourg tax authorities the name, address, Member State(s) of residence, TIN(s), as well as the date and place of birth of i) each Reportable Person that is an Account Holder within the meaning of CRS Law, ii) and, in the case of a Passive NFE within the meaning of the CRS Law, of each Controlling Person(s) that is a Reportable Person. Such information may be disclosed by the Luxembourg tax authorities to foreign tax authorities.
The Company’s ability to satisfy its reporting obligations under the CRS Law will depend on each shareholder providing the Company with the information, including information regarding direct or indirect owners of each shareholder, along with the required supporting documentary evidence. Upon request of the Company, each shareholder shall agree to provide the Company such information.
Although the Company will attempt to satisfy any obligation imposed on it to avoid any fines or penalties imposed by the CRS Law, no assurance can be given that the Company will be able to satisfy these obligations. If the Company becomes subject to a fine or penalty as result of the CRS Law, the value of the Shares held by the shareholders may suffer material losses.
Any shareholder that fails to comply with the Company’s documentation requests may be charged with any fines and penalties imposed on the Company attributable to such shareholder’s failure to provide the information and the Company may, in its sole discretion, redeem the Shares of such shareholder. | en | fr |
DOLFIN4189 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Economic review
2021 started on a positive note, characterised by optimism around a global economic recovery. With an unprecedented level of monetary and fiscal support, successful vaccine roll-outs and a significant level of pent-up consumer demand, the outlook had undoubtedly brightened.
Progress on the roll-out of Covid-19 vaccines dominated newsflow in the first six month of 2021 and reinforced expectations of a swift rebound in the global economy. In addition, January brought news that the November 2020 US presidential election had turned into a Democrat “blue sweep”. Run-off elections in Georgia confirmed that the Democrats had taken the Presidency, House and Senate. This paved the way for further stimulus to help the economy recover from the pandemic, as well as raising the prospect that President Joe Biden would be able to pass key parts of his platform, including measures to combat climate change.
The increased optimism was closely correlated with rising global bond yields. Both realised inflation and market-based inflation expectations rose to high levels in response to economies re-opening and the unleashing of pent-up demand. Meanwhile, Covid disruption caused bottlenecks along global supply chains, which pushed up prices for manufactured goods.
Nevertheless, central banks initially looked through above-target levels of inflation, viewing it as being caused by temporary factors, and the transitory nature of inflation was a constant topic of focus for market observers throughout the year. The US Federal Reserve (Fed) maintained its policy of average inflation targeting (AIT), dismissing the steep rise in inflation as being caused by temporary demand and supply side distortions. It was this commitment by major central banks to maintain accommodative monetary policy to aid the economic recovery which offered support to the global markets during the second quarter.
However, fears grew that the pace of the recovery and consequent supply bottlenecks could bring about a persistent rise in inflation. The supply bottlenecks contributing to rising inflation included some labour shortages in certain sectors. A key theme of the period was shortages of semiconductors affecting the production of all kinds of goods, notably electric cars. Global trade was also disrupted by rising shipping costs as well as delays after a container ship blocked the Suez canal.
By the middle of the year, the extent of central banks’ continued support was unclear. With activity data showing resilience as emergency labour market provisions were withdrawn and recorded inflation hit record highs, the communication by some central banks was turning increasingly hawkish. June’s Federal Open Market’s Committee (FOMC) meeting provided insight into the Fed’s tolerance of an inflation overshoot, removing the market’s assurance of infinite policy support.
Despite periods of uncertainty caused by new variants of Covid once again impacting mobility and economic activity, the remainder of 2021 was characterised by ongoing economic resilience and prolonged inflationary pressures. This led to the resumption of a move higher in government bond yields. Central banks globally responded to high inflation by either raising interest rates or reflecting their hawkish views through forward guidance. Emerging market central banks in particular reversed much of the easier monetary policy conditions put in place during the depths of the crisis. | #### Análisis económico
2021 empezó con buen pie, caracterizado por el optimismo en torno a una recuperación económica global. Con un nivel sin precedentes de apoyo monetario y fiscal, un despliegue exitoso de las vacunas y un nivel significativo de demanda reprimida de los consumidores, sin duda, las perspectivas habían mejorado.
Los avances en la administración de las vacunas contra la COVID-19 protagonizaron las noticias durante el primer semestre de 2021 y reforzaron las expectativas de un rápido repunte de la economía mundial. Además, en enero, supimos de la victoria de los demócratas en las elecciones presidenciales de noviembre de 2020 de EE. UU. Las elecciones en Georgia confirmaron que los demócratas habían logrado ocupar la Presidencia, así como una máxima representación en la Cámara de Representantes y el Senado. Esto allanó el camino a más estímulos para contribuir a la recuperación de la economía de la pandemia, así como a mayores posibilidades de que el presidente Joe Biden pudiera lograr la aprobación de elementos esenciales de su programa, incluidas medidas para combatir el cambio climático.
El mayor optimismo se correlacionó estrechamente con el aumento de los rendimientos de los bonos mundiales. Tanto la inflación realizada como las expectativas de inflación basadas en el mercado aumentaron a cotas elevadas en respuesta a la reapertura de las economías y al alivio de la demanda reprimida. Mientras tanto, la perturbación derivada de la COVID causó cuellos de botella en las cadenas de suministro globales, lo que provocó una subida de los precios de las mercancías.
En un principio, los bancos centrales no le dieron importancia a que la inflación superara los niveles objetivo, pues consideraban que se debía a factores temporales; de hecho, los analistas del mercado estuvieron pendientes de la naturaleza transitoria de la inflación durante todo el año. La Reserva Federal de Estados Unidos (Fed) mantuvo su política de objetivo de inflación media (AIT) y desestimó que el pronunciado aumento de la inflación se debiera a distorsiones temporales en la oferta y la demanda. Fue precisamente este compromiso de los principales bancos centrales de mantener una política monetaria acomodaticia para ayudar a la recuperación económica lo que brindó apoyo a los mercados mundiales durante el segundo trimestre.
Sin embargo, aumentaron los temores con respecto a que el ritmo de la recuperación y los consiguientes cuellos de botella en la oferta pudieran provocar un aumento persistente de la inflación. Los cuellos de botella en la oferta que contribuyeron al aumento de la inflación incluyeron cierta falta de mano de obra en determinados sectores. Un asunto clave del periodo fue la escasez de semiconductores que afectaba a la producción de todo tipo de bienes, en concreto, de coches eléctricos. Asimismo, el comercio mundial se vio afectado por el aumento de los costes de transporte de mercancías, así como por los retrasos sufridos después de que un buque portacontenedores bloqueara el canal de Suez.
A mediados de año, había dudas con respecto al grado de apoyo continuado de los bancos centrales. Dado que, conforme se levantaban las medidas de emergencia en el mercado laboral y la inflación alcanzaba máximos históricos, los datos de actividad reflejaban resistencia, las declaraciones de algunos bancos centrales adquirían un tono cada vez más conservador. La reunión del Comité Federal de Mercado Abierto (FOMC) de junio dio una idea sobre la tolerancia de la Fed frente a un exceso de inflación, mostrando al mercado que no se garantizaba un apoyo político infinito.
A pesar de los periodos de incertidumbre causados por las nuevas variantes de COVID —que de nuevo repercutieron en los desplazamientos y la actividad económica—, el resto de 2021 se caracterizó por la continua resistencia económica y las prolongadas presiones inflacionarias. Esto llevó a que nuevamente se registraran mayores oscilaciones en los rendimientos de la deuda pública. Los bancos centrales de todo el mundo respondieron a la alta inflación, bien subiendo los tipos de interés o bien materializando sus opiniones conservadoras en su estrategia de orientación prospectiva. En particular, los bancos centrales de los mercados emergentes revirtieron gran parte de las disposiciones de política monetaria más acomodaticias promulgadas durante lo peor de la crisis. | #### Economic review
2021 started on a positive note, characterised by optimism around a global economic recovery. With an unprecedented level of monetary and fiscal support, successful vaccine roll-outs and a significant level of pent-up consumer demand, the outlook had undoubtedly brightened.
Progress on the roll-out of Covid-19 vaccines dominated newsflow in the first six month of 2021 and reinforced expectations of a swift rebound in the global economy. In addition, January brought news that the November 2020 US presidential election had turned into a Democrat “blue sweep”. Run-off elections in Georgia confirmed that the Democrats had taken the Presidency, House and Senate. This paved the way for further stimulus to help the economy recover from the pandemic, as well as raising the prospect that President Joe Biden would be able to pass key parts of his platform, including measures to combat climate change.
The increased optimism was closely correlated with rising global bond yields. Both realised inflation and market-based inflation expectations rose to high levels in response to economies re-opening and the unleashing of pent-up demand. Meanwhile, Covid disruption caused bottlenecks along global supply chains, which pushed up prices for manufactured goods.
Nevertheless, central banks initially looked through above-target levels of inflation, viewing it as being caused by temporary factors, and the transitory nature of inflation was a constant topic of focus for market observers throughout the year. The US Federal Reserve (Fed) maintained its policy of average inflation targeting (AIT), dismissing the steep rise in inflation as being caused by temporary demand and supply side distortions. It was this commitment by major central banks to maintain accommodative monetary policy to aid the economic recovery which offered support to the global markets during the second quarter.
However, fears grew that the pace of the recovery and consequent supply bottlenecks could bring about a persistent rise in inflation. The supply bottlenecks contributing to rising inflation included some labour shortages in certain sectors. A key theme of the period was shortages of semiconductors affecting the production of all kinds of goods, notably electric cars. Global trade was also disrupted by rising shipping costs as well as delays after a container ship blocked the Suez canal.
By the middle of the year, the extent of central banks’ continued support was unclear. With activity data showing resilience as emergency labour market provisions were withdrawn and recorded inflation hit record highs, the communication by some central banks was turning increasingly hawkish. June’s Federal Open Market’s Committee (FOMC) meeting provided insight into the Fed’s tolerance of an inflation overshoot, removing the market’s assurance of infinite policy support.
Despite periods of uncertainty caused by new variants of Covid once again impacting mobility and economic activity, the remainder of 2021 was characterised by ongoing economic resilience and prolonged inflationary pressures. This led to the resumption of a move higher in government bond yields. Central banks globally responded to high inflation by either raising interest rates or reflecting their hawkish views through forward guidance. Emerging market central banks in particular reversed much of the easier monetary policy conditions put in place during the depths of the crisis. | en | es |
DOLFIN4190 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In the event of a loss of a financial instrument held in custody, determined in accordance with the UCITS Directive, and in particular Article 18 of the UCITS Regulation, the Depositary shall return financial instruments of identical type or the corresponding amount to the Fund without undue delay.
The Depositary shall not be liable if it can prove that the loss of a financial instrument held in custody has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary pursuant to the UCITS Directive.
In case of a loss of financial instruments held in custody, the shareholders may invoke the liability of the Depositary directly or indirectly through the Fund provided that this does not lead to a duplication of redress or to unequal treatment of the shareholders.
The Depositary will be liable to the Fund for all other losses suffered by the Fund as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS Directive.
The Depositary shall not be liable for consequential or indirect or special damages or losses, arising out of or in connection with the performance or non-performance by the Depositary of its duties and obligations.
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary’s liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available at the registered office of the Fund or at the following internet site: | En cas de perte de tout instrument financier détenu en garde, déterminée conformément à la Directive OPCVM, et en particulier à l’Article 8 de la Réglementation OPCVM, le Dépositaire sera tenu de restituer au Fonds, sa ns retard indu, un instrument financier de type identique ou le montant correspondant.
La responsabilité du Dépositaire ne saurait être engagée s’il peut prouver que la perte de l’instrument f inancier détenu en garde est la conséquence d’un événement externe indépendant de sa volonté, et dont les conséquences auraient été inévitables en dépit de tous efforts conjugués, conformément à la Directive OPCVM.
En cas de perte des instruments financiers détenus en garde, les Actionnaires peuvent invoquer la responsabilité du Dépositaire directement ou indirectement par l’intermédiaire du Fonds, sous réserve que cela ne puisse induire des mesures de redressement répétées ou un traitement inéquitable des Actionnaires.
Le Dépositaire sera tenu responsable envers le Fonds et les Actionnaires de toute perte subie par le Fonds en conséquence d’une négligence ou d’un manquement délibéré du Dépositaire à dûment s’acquitter de ses obligations sous le régime de la Directive OPCVM.
Le Dépositaire ne saurait être tenu responsable de pertes ou dommages consécutifs ou indirects ou spéciaux, consécutifs ou liés à l’exécution ou non-exécution par le Dépositaire de ses fonctions et obligations.
Le Dépositaire a le plein pouvoir de déléguer tout ou partie de ses fonctions de conservation, mais sa responsabilité ne saurait être engagée pour avoir confié à une tierce partie tout ou partie des actifs sous sa garde. La responsabilité du Dépositaire ne saurait être affectée par quelque délégation que ce soit des f onctions de conservation au titre du Contrat de Dépositaire.
Le Dépositaire a délégué les fonctions de conservation d’actifs stipulées en vertu de l’a rt icle 22 (5)(a) de la Directive OPCVM à State Street Bank and Trust Com pany dont le siège social est sis Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, États-Unis, désignée en qualité de dépositaire par délégation mondial. En sa qualité de sous-dépositaire mondial, State Street Bank and Trust Company a désigné des sous- dépositaires locaux au sein du réseau State Street Global Custody Network.
Les informations relatives aux fonctions de garde qui ont été déléguées et l’identification des délégués et sous - délégués concernés sont disponibles au siège social du Fonds ou sur le site Internet suivant : | In the event of a loss of a financial instrument held in custody, determined in accordance with the UCITS Directive, and in particular Article 18 of the UCITS Regulation, the Depositary shall return financial instruments of identical type or the corresponding amount to the Fund without undue delay.
The Depositary shall not be liable if it can prove that the loss of a financial instrument held in custody has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary pursuant to the UCITS Directive.
In case of a loss of financial instruments held in custody, the shareholders may invoke the liability of the Depositary directly or indirectly through the Fund provided that this does not lead to a duplication of redress or to unequal treatment of the shareholders.
The Depositary will be liable to the Fund for all other losses suffered by the Fund as a result of the Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS Directive.
The Depositary shall not be liable for consequential or indirect or special damages or losses, arising out of or in connection with the performance or non-performance by the Depositary of its duties and obligations.
The Depositary has full power to delegate the whole or any part of its safe-keeping functions but its liability will not be affected by the fact that it has entrusted to a third party some or all of the assets in its safekeeping. The Depositary’s liability shall not be affected by any delegation of its safe-keeping functions under the Depositary Agreement.
The Depositary has delegated those safekeeping duties set out in Article 22(5)(a) of the UCITS Directive to State Street Bank and Trust Company with registered office at Copley Place 100, Huntington Avenue, Boston, Massachusetts 02116, USA, whom it has appointed as its global sub-custodian. State Street Bank and Trust Company as global sub-custodian has appointed local sub-custodians within the State Street Global Custody Network.
Information about the safe-keeping functions which have been delegated and the identification of the relevant delegates and sub-delegates are available at the registered office of the Fund or at the following internet site: | en | fr |
DOLFIN4191 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### EDMOND DE ROTHSCHILD FUND - INCOME EUROPE
Over the period from 01/04/2021 to 31/03/2022 the Edmond de Rothschild Fund - Income Europe sub-fund achieved a performance of +1.08% (share class Ia EUR)
The main contributor to the fund's performance during the period was the equity component of the fund, which benefited greatly from the style rotation over the entire 2021 financial year, with a return to dividend stocks and the catching up of companies belonging to the sectors that lagged the most in the wake of the Covid crisis19.
In order to accompany this dynamic growth in the equity markets, we have gradually increased the gross exposure of the fund's equity portfolio to 31% of the equity markets. We remained relatively active in managing our net exposure in order to protect ourselves from market events (delta variant, Sino-American tensions, etc.). We also made some arbitrages within the portfolio in order to benefit more from the cyclical rotation by reducing our exposure to players with long duration profiles such as Deutsche Telekom and by redeploying them to the Austrian energy group OMV or the Norwegian company Equinor in order to accompany the upward momentum of hydrocarbon prices and the inflationary environment. At the end of the period, we increased our protection on the equity portfolio in order to protect ourselves from the acceleration of key interest rates and market fears concerning the Chinese economy.
The performance of our credit portfolio was also resilient over the period, thanks in particular to the contribution of the riskiest segments of the spectrum (financial subordinates and high yield credit). On the one hand, the cyclical rebound and the improvement in economic indicators enabled high yield issuers to significantly outperform investment grade issuers over the period, while on the other hand, the publications of banking institutions and the unconditional support of central bankers enabled a very significant catch-up in the subordinated financial debt segment. The economic recovery and the rise in interest rates in the United States also favored the performance of risky assets at the expense of long maturities, particularly investment grade credit. We have therefore trimmed our exposure to IG-quality signatures, which had allowed the fund to display greater resilience at the height of the crisis, in order to actively participate in the dynamics of the high-yield primary market and subordinated financial debt, which can limit the negative contribution in this rising rate configuration.
Over the period, we gradually lowered the portfolio's risk level in view of the inflationary context and geopolitical tensions. Thus, we lowered the equity risk base by reducing our gross exposure to European equities and maintaining a net exposure in the range of 20% to 24%. On credit, we reduced our exposure to high-beta segments in favor of investment grade credit. We also hedged part of our duration through futures on Euro Bobl in order to protect ourselves from accelerating interest rates.
Our positioning on equities was also favorable for the relative performance of the fund since our positions on companies in the energy and defense sectors enabled us to hedge the portfolio in this economic environment.
At end of the period, the portfolio was invested at 29.05% in equity with a net exposure to European equities (after hedging) equals to 23.25%. The average dividend yield at end of the period of the equity bucket is equal to 4.03%. The corporate debt bucket is equal to 62.72% with a Yield to Worst of 3.67%, a duration of 3.2 years and an average rating of BB+. | ###### EDMOND DE ROTHSCHILD FUND – INCOME EUROPE
Sur la période du 01/04/2021 au 31/03/2022, le compartiment Edmond de Rothschild Fund – Income Europe a enregistré une performance de +1,08 % (catégorie d’actions Ia EUR)
Le principal contributeur à la performance du compartiment au cours de la période a été la composante actions du compartiment, qui a grandement bénéficié de la rotation de style sur l’ensemble de l’exercice 2021, avec un retour aux titres à dividendes et la reprise des sociétés appartenant aux secteurs qui ont le plus été à la traîne à la suite de la crise de Covid 19.
Afin d’accompagner cette croissance dynamique sur les marchés d’actions, nous avons progressivement augmenté l’exposition brute du portefeuille d’actions du compartiment à 31 % de marchés d’actions. Nous sommes restés relativement actifs dans la gestion de notre exposition nette afin de nous protéger contre les événements de marché (variant Delta, tensions sino- américaines, etc.). Nous avons également procédé à des arbitrages au sein du portefeuille afin de profiter davantage de la rotation cyclique en réduisant nos expositions aux acteurs à duration longue comme Deutsche Telekom et en redéployant auprès du groupe énergétique autrichien OMV ou de la société norvégienne Equinor afin d’accompagner la dynamique haussière des prix des hydrocarbures et l’environnement inflationniste. En fin de période, nous avons renforcé notre protection du portefeuille d’actions afin de nous protéger de l’accélération des principaux taux d’intérêt et des craintes du marché concernant l’économie chinoise.
La performance de notre portefeuille de crédit a également été résistante au cours de la période, en particulier grâce à la contribution des segments les plus risqués du spectre (dettes financières subordonnées et crédit à haut rendement). D’une part, le rebond cyclique et l’amélioration des indicateurs économiques ont permis aux émetteurs à haut rendement de surperformer de manière significative les émetteurs de qualité investment grade au cours de la période, tandis que, d’autre part, les publications des institutions bancaires et le soutien inconditionnel des banques centrales ont permis un rattrapage très important dans le segment de la dette financière subordonnée. La reprise économique et la hausse des taux d’intérêt aux États- Unis ont également favorisé la performance des actifs à risque au détriment des échéances longues, en particulier le crédit de qualité investment grade. Nous avons donc réduit notre exposition aux signatures de qualité IG, ce qui a permis au compartiment de faire preuve d’une plus grande résilience au plus fort de la crise, afin de participer activement à la dynamique du marché primaire à haut rendement et de la dette financière subordonnée, ce qui peut limiter la contribution négative dans cette configuration de hausse des taux.
Au cours de la période, nous avons progressivement abaissé le niveau de risque du portefeuille en raison du contexte inflationniste et des tensions géopolitiques. En conséquence, nous avons abaissé la base de risque des actions en réduisant notre exposition brute aux actions européennes et en maintenant une exposition nette comprise entre 20 % et 24 %. En ce qui concerne le crédit, nous avons réduit notre exposition aux segments à bêta élevé en faveur du crédit de qualité investment grade. Nous avons également couvert une partie de notre duration par le biais de contrats à terme sur Euro Bobl afin de nous protéger contre l’accélération des taux d’intérêt.
Notre positionnement sur les actions a également été favorable à la performance relative du compartiment, car nos positions sur les sociétés des secteurs de l’énergie et de la défense nous ont permis de couvrir le portefeuille dans cet environnement économique.
À la fin de la période, le portefeuille était investi à 29,05 % en actions, avec une exposition nette aux actions européennes (après couverture) égale à 23,25 %. Le rendement moyen des dividendes à la fin de la période du panier d’actions est égal à 4,03 %. Le panier de la dette d’entreprises est égal à 62,72 % avec un « Yield to Worst » de 3,67 %, une duration de 3,2 ans et une notation moyenne de BB+. | ##### EDMOND DE ROTHSCHILD FUND - INCOME EUROPE
Over the period from 01/04/2021 to 31/03/2022 the Edmond de Rothschild Fund - Income Europe sub-fund achieved a performance of +1.08% (share class Ia EUR)
The main contributor to the fund's performance during the period was the equity component of the fund, which benefited greatly from the style rotation over the entire 2021 financial year, with a return to dividend stocks and the catching up of companies belonging to the sectors that lagged the most in the wake of the Covid crisis19.
In order to accompany this dynamic growth in the equity markets, we have gradually increased the gross exposure of the fund's equity portfolio to 31% of the equity markets. We remained relatively active in managing our net exposure in order to protect ourselves from market events (delta variant, Sino-American tensions, etc.). We also made some arbitrages within the portfolio in order to benefit more from the cyclical rotation by reducing our exposure to players with long duration profiles such as Deutsche Telekom and by redeploying them to the Austrian energy group OMV or the Norwegian company Equinor in order to accompany the upward momentum of hydrocarbon prices and the inflationary environment. At the end of the period, we increased our protection on the equity portfolio in order to protect ourselves from the acceleration of key interest rates and market fears concerning the Chinese economy.
The performance of our credit portfolio was also resilient over the period, thanks in particular to the contribution of the riskiest segments of the spectrum (financial subordinates and high yield credit). On the one hand, the cyclical rebound and the improvement in economic indicators enabled high yield issuers to significantly outperform investment grade issuers over the period, while on the other hand, the publications of banking institutions and the unconditional support of central bankers enabled a very significant catch-up in the subordinated financial debt segment. The economic recovery and the rise in interest rates in the United States also favored the performance of risky assets at the expense of long maturities, particularly investment grade credit. We have therefore trimmed our exposure to IG-quality signatures, which had allowed the fund to display greater resilience at the height of the crisis, in order to actively participate in the dynamics of the high-yield primary market and subordinated financial debt, which can limit the negative contribution in this rising rate configuration.
Over the period, we gradually lowered the portfolio's risk level in view of the inflationary context and geopolitical tensions. Thus, we lowered the equity risk base by reducing our gross exposure to European equities and maintaining a net exposure in the range of 20% to 24%. On credit, we reduced our exposure to high-beta segments in favor of investment grade credit. We also hedged part of our duration through futures on Euro Bobl in order to protect ourselves from accelerating interest rates.
Our positioning on equities was also favorable for the relative performance of the fund since our positions on companies in the energy and defense sectors enabled us to hedge the portfolio in this economic environment.
At end of the period, the portfolio was invested at 29.05% in equity with a net exposure to European equities (after hedging) equals to 23.25%. The average dividend yield at end of the period of the equity bucket is equal to 4.03%. The corporate debt bucket is equal to 62.72% with a Yield to Worst of 3.67%, a duration of 3.2 years and an average rating of BB+. | en | fr |
DOLFIN4192 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.19% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.6 CHF |
| Transaction costs | 1.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 118.2 CHF |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.56%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 55.8 CHF | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 CHF |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 2.19% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 218.6 CHF |
| Costes de operación | 1.18% 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. | 118.2 CHF |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.56%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 55.8 CHF | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Exit costs | 0.00%, We do not charge an exit fee for this product, but the person selling you the product may do so. | Up to 0 CHF |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 2.19% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 218.6 CHF |
| Transaction costs | 1.18% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 118.2 CHF |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.56%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 55.8 CHF | | en | es |
DOLFIN4193 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# These transactions will be carried out in strict compliance with the applicable regulations and the Management Regulations.
The choice between the various types of instruments will be carried out by considering factors that include but are not limited to liquidity, cost, efficiency, capacity to trade quickly, size, maturity of the investment, etc…
## The Fund will not trade any physical commodities or derivatives based directly on physical commodities and will not take physical delivery of any commodities.
There is no guarantee that the Fund's management objective will be achieved. The Fund is intended for investors who are looking for exposure to an index of financial derivative instruments the underlying assets of which are commodities with a view to obtaining a long term return on the capital invested, while accepting the risks inherent in the volatility of the price of the commodities that make up the Benchmark Index, including the risk of losing the capital invested. | # Ces transactions seront effectuées dans le respect strict de la réglementation applicable et du Règlement de gestion du Fonds.
Le choix des instruments s’opérera en fonction de divers facteurs, tels que, entre autres, la liquidité, le coût, le rendement, la facilité de négociation, le volume et l’échéance de l’investissement, etc.
## Le Fonds ne négociera aucune matière première physique, ni aucun dérivé directement basé sur des matières premières physiques et ne prendra pas livraison de ces dernières.
Rien ne garantit que le Fonds atteindra son objectif de gestion. Il s’adresse aux investisseurs en quête d’une exposition à un indice d’instruments financiers dérivés dont les actifs sous-jacents sont des matières premières, en vue d’obtenir un rendement à long terme sur le capital investi, tout en acceptant les risques inhérents à la volatilité du prix des matières premières constituant l’Indice de référence, y compris le risque de perte du capital investi. | # These transactions will be carried out in strict compliance with the applicable regulations and the Management Regulations.
The choice between the various types of instruments will be carried out by considering factors that include but are not limited to liquidity, cost, efficiency, capacity to trade quickly, size, maturity of the investment, etc…
## The Fund will not trade any physical commodities or derivatives based directly on physical commodities and will not take physical delivery of any commodities.
There is no guarantee that the Fund's management objective will be achieved. The Fund is intended for investors who are looking for exposure to an index of financial derivative instruments the underlying assets of which are commodities with a view to obtaining a long term return on the capital invested, while accepting the risks inherent in the volatility of the price of the commodities that make up the Benchmark Index, including the risk of losing the capital invested. | en | fr |
DOLFIN4194 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement € 10.000 | si vous sortez après 1 année | si vous sortez après 5 années (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | € 53 | € 456 |
| Incidence des coûts annuels* | 0,5 % | 0,5 % | | | Ejemplo de inversión € 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | € 53 | € 456 |
| Incidencia anual de los costes* | 0,5% | 0,5% | | | Exemple d’investissement € 10.000 | si vous sortez après 1 année | si vous sortez après 5 années (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | € 53 | € 456 |
| Incidence des coûts annuels* | 0,5 % | 0,5 % | | fr | es |
DOLFIN4195 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Product is actively managed. The benchmark MSCI AC World (EUR) NR ,is used for performance comparison only. The Product is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Product seeks to increase the value of its assets over the medium term by investing in shares issued by worldwide companies that engage in energy transition. Energy transition themes include, but are not limited to, renewable &, transitional energy, energy efficiency, sustainable transport, green building and infrastructure.
It may be invested in P-Notes.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license granted by the Chinese authorities.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s Responsible Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Product.
An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 6 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Das Produkt wird aktiv verwaltet. Der Referenzindex MSCI AC World (EUR) NR wird nur für den Vergleich der Wertentwicklung verwendet. Das Produkt ist benchmarkunabhängig und seine Wertentwicklung kann erheblich von der des Referenzindex abweichen.
Ziel des Produkts ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Aktien von Unternehmen weltweit, die im Bereich Energy Transition tätig sind. Themen von Energy Transition sind unter anderem erneuerbare und Übergangsenergie, Energieeffizienz, nachhaltiger Verkehr, ökologisches Bauen und ökologische Infrastruktur.
Er kann in P-Notes (Participatory Notes) investieren.
Es kann in Aktien aus Festlandchina investieren, auf die ausländische Anleger begrenzten Zugriff haben, wie beispielsweise China A-Shares, die über Stock Connect notiert sein können oder durch die Nutzung einer speziellen, von den chinesischen Behörden gewährten Lizenz zugänglich sind.
Das Anlageteam wendet zudem die verantwortungsvolle Anlagepolitik von BNP PARIBAS ASSET MANAGEMENT an, die ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) - unter anderem Reduzierung der Treibhausgasemissionen, Achtung der Menschenrechte, Achtung der Rechte der Minderheitsaktionäre - bei jedem Schritt des Anlageprozesses des Produkts berücksichtigt.
Eine nicht finanzbezogene Strategie kann methodische Einschränkungen beinhalten, wie das vom Anlageverwalter definierte ESG-Anlagerisiko. Möglicherweise wird eine Dividende ausgeschüttet.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum und/oder Kapitalerträge anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 6 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
This Product is actively managed. The benchmark MSCI AC World (EUR) NR ,is used for performance comparison only. The Product is not benchmark constrained and its performance may deviate significantly from that of the benchmark.
The Product seeks to increase the value of its assets over the medium term by investing in shares issued by worldwide companies that engage in energy transition. Energy transition themes include, but are not limited to, renewable &, transitional energy, energy efficiency, sustainable transport, green building and infrastructure.
It may be invested in P-Notes.
It may be invested in Mainland China shares restricted to foreign investors such as China A shares which can be listed on a Stock Connect or through a use of a specific license granted by the Chinese authorities.
The investment team applies also BNP PARIBAS ASSET MANAGEMENT’s Responsible Investment Policy, which takes into account Environmental, Social and Governance (ESG) criteria such as but not limited to reduction of emissions of greenhouse gas, respect of human rights, respect of minority shareholders rights at each step of the investment process of the Product.
An extra-financial strategy may comprise methodological limitations such as the ESG Investment Risk as defined by the asset manager. A dividend may be distributed.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of and/or income from capital. Potential investors should have an investment horizon of at least 6 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN4196 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Credit quality (%)
Liquid Assets Financial Institutions Industrial
ABS
CMO
Derivatives CMBS
Agency Utility Covered Treasuries
51,6
20,2
11,6
4,3
3,4
2,5
1,6
1,5
1,3
1,1
0,8
AAA AA A BBB BB B CCC C
Other
9,7
48,5
15,6
15,9
4,1
1,7
0,1
0,2
4,2
Fund
0% 10% 20% 30% 40% 50%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Fund | # Settore (%) Qualità creditizia (%)
Disponibilità liquide Istituti finanziari Industria
ABS
CMO
Strumenti derivati CMBS
Agenzia Utility Coperto Treasury
51,6
20,2
11,6
4,3
3,4
2,5
1,6
1,5
1,3
1,1
0,8
AAA AA A BBB BB B CCC C
Altro
9,7
48,5
15,6
15,9
4,1
1,7
0,1
0,2
4,2
Fondo
0% 10% 20% 30% 40% 50%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Fondo | # Credit quality (%)
Liquid Assets Financial Institutions Industrial
ABS
CMO
Derivatives CMBS
Agency Utility Covered Treasuries
51,6
20,2
11,6
4,3
3,4
2,5
1,6
1,5
1,3
1,1
0,8
AAA AA A BBB BB B CCC C
Other
9,7
48,5
15,6
15,9
4,1
1,7
0,1
0,2
4,2
Fund
0% 10% 20% 30% 40% 50%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Fund | en | it |
DOLFIN4197 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 105 USD | 752 USD |
| Annual Cost Impact* | 1 % | 1.1 % | | | Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 105 USD | 752 USD |
| Incidence des coûts annuels* | 1 % | 1,1 % | | | Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 105 USD | 752 USD |
| Annual Cost Impact* | 1 % | 1.1 % | | en | fr |
DOLFIN4198 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for the holding period(s). They include potential early exit penalties. The figures assume you invest 10,000.00 USD. The figures are estimates and may change in the future. | # ¿Cuáles son los costes?
La reducción del rendimiento muestra el impacto que tendrán los costes totales que paga en el rendimiento de la inversión que podrá obtener. Los costes totales tienen en cuenta los costes únicos, corrientes y accesorios.
Los importes presentados son los costes acumulados del producto propiamente dicho, para el período de mantenimiento. Incluyen posibles penalizaciones por salida anticipada. Las cifras suponen una inversión de 10.000,00 USD. Las cifras son estimaciones y pueden cambiar en el futuro. | # What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for the holding period(s). They include potential early exit penalties. The figures assume you invest 10,000.00 USD. The figures are estimates and may change in the future. | en | es |
DOLFIN4199 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,657
-3.4%
USD 9,922
-0.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD entre 28/02/2022-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 657 USD
-3,4%
9 922 USD
-0,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P Acc USD between 28/02/2022-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,657
-3.4%
USD 9,922
-0.2% | en | es |
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