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DOLFIN4400 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Other and Emerging Sustainability Risks
In addition to the above risks, from the perspective of products and consumer, consumer safety and product quality are monitored alongside product affordability in relevant sectors. In certain sectors and sovereigns, contribution or inaction regarding social health and nutrition can also trigger regulatory considerations. Operational and reputational risks for industries with high water consumptions, especially when operating in water scarce regions are also monitored. Similarly, the direct and indirect impact of manufactured products, including pollutants and toxic waste, on local communities, ecosystems and biodiversity can lead to reputational and regulation risks for any misconduct. As such ESG considerations continue to be integrated in financial services, companies with heightened Sustainability Risk may face financing challenges.
We also recognise that additional Sustainability Risks exist at a sovereign level given physical risks such as water shortages, exposure to extreme weather events, the quality of agriculture and biodiversity, and the quality of infrastructure.
As well as the Sustainability Risks that we identify in our bottom up framework, the Investment Advisers use a range of 3rd party data sources to systematically screen portfolios for Sustainability Risks and identify emerging risks.
The Investment Advisers engage with companies to ensure that Sustainability Risks are being appropriately addressed. | ### Autres risques et risques émergents en matière de durabilité
Outre les risques mentionnés ci-dessus, du point de vue des produits et des consommateurs, la sécurité des consommateurs et la qualité des produits sont surveillées en plus de l'abordabilité des produits dans les secteurs concernés. Dans certains secteurs et à certains niveaux souverains, la contribution ou l'inaction en matière de santé sociale et de nutrition peut également déclencher des considérations réglementaires. Les risques opérationnels et de réputation pour les industries à forte consommation d'eau, en particulier lorsqu'elles opèrent dans des régions où l'eau est rare, sont également contrôlés. De même, l'incidence directe et indirecte des produits manufacturés, y compris les polluants et les déchets toxiques, sur les communautés locales, les écosystèmes et la biodiversité peut entraîner des risques de réputation et de réglementation en cas de comportement répréhensible. À ce titre, les considérations ESG continuent d'être intégrées dans les services financiers et les entreprises présentant un Risque de durabilité accru peuvent être confrontées à des défis en matière de financement.
Nous reconnaissons également qu'il existe des Risques de durabilité supplémentaires au niveau souverain compte tenu de risques physiques tels que les pénuries d'eau, l'exposition à des conditions météorologiques extrêmes, la qualité de l'agriculture et de la biodiversité et la qualité de l'infrastructure.
Outre les Risques de durabilité que nous identifions dans notre approche ascendante, les Conseillers en investissement utilisent une série de sources de données tierces pour examiner systématiquement les portefeuilles afin de déceler les Risques de durabilité et d'identifier les risques émergents.
Les Conseillers en investissement se concertent avec les sociétés pour s'assurer que les Risques de durabilité sont traités de manière appropriée. | ### Other and Emerging Sustainability Risks
In addition to the above risks, from the perspective of products and consumer, consumer safety and product quality are monitored alongside product affordability in relevant sectors. In certain sectors and sovereigns, contribution or inaction regarding social health and nutrition can also trigger regulatory considerations. Operational and reputational risks for industries with high water consumptions, especially when operating in water scarce regions are also monitored. Similarly, the direct and indirect impact of manufactured products, including pollutants and toxic waste, on local communities, ecosystems and biodiversity can lead to reputational and regulation risks for any misconduct. As such ESG considerations continue to be integrated in financial services, companies with heightened Sustainability Risk may face financing challenges.
We also recognise that additional Sustainability Risks exist at a sovereign level given physical risks such as water shortages, exposure to extreme weather events, the quality of agriculture and biodiversity, and the quality of infrastructure.
As well as the Sustainability Risks that we identify in our bottom up framework, the Investment Advisers use a range of 3rd party data sources to systematically screen portfolios for Sustainability Risks and identify emerging risks.
The Investment Advisers engage with companies to ensure that Sustainability Risks are being appropriately addressed. | en | fr |
DOLFIN4401 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Reminder of the UCITS master fund management objective and investment strategy:
The Sub-fund aims to generate a return of 4% per year over the recommended investment period by investing in European equity securities and fixed-income securities providing attractive returns and sustainable dividends issued by companies that meet environmental, social and governance (ESG) criteria. The Sub-fund is actively managed and is not managed in reference to an index. The Sub-fund’s objective is to select companies focused on sound management of ESG risks and opportunities. To this end, the Sub-fund’s investment process involves an exclusive responsible investment approach that favours companies with good ESG ratings—regardlessof their capitalisation, sector or credit ratings—andrelies on either proprietary ESG ratings or on ratings provided by an external non-financial rating agency. At least 90% of portfolio companies receive an ESG rating. The selection process includes positive screening through a “best-in-universe” approach and negative screening, whereby the Investment Manager has implemented a formal exclusion policy that excludes controversial companies linked to weapons, coal and tobacco. As a result, the eligible investment universe is reduced by 20% and defined according to ESG criteria. For more information on the responsible investment approach used for the Sub-fund, visit the Investment Manager’s website, where you can read the Sub-fund’s transparency code: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-fund is classified as Article 8(1) under SFDR as it promotes a set of ESG characteristics, although no benchmark index has been designated to achieve these environmental or social characteristics.
Taking its ESG strategy into account, the Sub-fund favours environmental characteristics, but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the criteria of the European Union with regard to sustainable economic activities in terms of environmental impact under the European Taxonomy Regulation and, as a result, the “do no significant harm” principle does not apply to the investments underlying this Sub-fund. | ## Recordatorio del objetivo de gestión y de la estrategia de inversión del OICVM principal:
El objetivo del Subfondo es generar una remuneración del 4% anual en el horizonte de inversión recomendado invirtiendo en títulos europeos de renta variable y renta fija que ofrezcan rendimientos atractivos y dividendos sostenibles, emitidos por empresas que sigan criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés). El Subfondo se gestiona de forma activa y no emplea ningún índice como referencia. El Subfondo pretende seleccionar empresas que se centren en realizar una gestión adecuada de los riesgos y oportunidades medioambientales, sociales y de gobierno corporativo (ESG). A tal efecto, el proceso de inversión del Subfondo contempla un enfoque de inversión responsable exclusivo que otorga preferencia a las empresas que gocen de una buena calificación ESG, independientemente de su capitalización, su sector y su calificación financiera; las cuales se basen, bien en una calificación ESG propia, bien en una calificación otorgada por una agencia de calificación extrafinanciera externa. Al menos un 90% de las empresas de la cartera reciben una calificación ESG. El proceso de selección incluye un filtrado positivo mediante un enfoque “best in universe” (mejor de su universo), además de un filtrado negativo, en base al cual el Gestor de inversiones ha establecido una política de exclusión formal de las empresas controvertidas vinculadas a las armas, el carbón y el tabaco. Por ello, el universo de inversión aplicable se reduce un 20% y se define según los criterios ESG. Para obtener más información acerca del enfoque de inversión responsable del Subfondo, consulte el sitio web del Gestor de inversiones, en particular en lo que respecta al código de transparencia del Subfondo: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
El Subfondo se clasifica como un subfondo del “artículo 8(1) del Reglamento SFDR”, ya que promueve un conjunto de características ESG, si bien no se ha designado ningún índice de referencia a fin de alcanzar estas características ambientales o sociales.
Debido a su estrategia ESG, el Subfondo favorece las características ambientales, pero no invierte en actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles en el marco del Reglamento europeo sobre la taxonomía y, por lo tanto, el principio de “no causar un perjuicio significativo” no resulta aplicable a las inversiones subyacentes a este Subfondo. | ## Reminder of the UCITS master fund management objective and investment strategy:
The Sub-fund aims to generate a return of 4% per year over the recommended investment period by investing in European equity securities and fixed-income securities providing attractive returns and sustainable dividends issued by companies that meet environmental, social and governance (ESG) criteria. The Sub-fund is actively managed and is not managed in reference to an index. The Sub-fund’s objective is to select companies focused on sound management of ESG risks and opportunities. To this end, the Sub-fund’s investment process involves an exclusive responsible investment approach that favours companies with good ESG ratings—regardlessof their capitalisation, sector or credit ratings—andrelies on either proprietary ESG ratings or on ratings provided by an external non-financial rating agency. At least 90% of portfolio companies receive an ESG rating. The selection process includes positive screening through a “best-in-universe” approach and negative screening, whereby the Investment Manager has implemented a formal exclusion policy that excludes controversial companies linked to weapons, coal and tobacco. As a result, the eligible investment universe is reduced by 20% and defined according to ESG criteria. For more information on the responsible investment approach used for the Sub-fund, visit the Investment Manager’s website, where you can read the Sub-fund’s transparency code: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx.
The Sub-fund is classified as Article 8(1) under SFDR as it promotes a set of ESG characteristics, although no benchmark index has been designated to achieve these environmental or social characteristics.
Taking its ESG strategy into account, the Sub-fund favours environmental characteristics, but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the criteria of the European Union with regard to sustainable economic activities in terms of environmental impact under the European Taxonomy Regulation and, as a result, the “do no significant harm” principle does not apply to the investments underlying this Sub-fund. | en | es |
DOLFIN4402 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Triodos Microfinance Fund is a semi open-ended sub-fund of a Luxembourg SICAV.
Term: The fund has no maturity date. Triodos Investment Management is not entitled to terminate the fund unilaterally.
Objectives: The fund has sustainable investment as its objective as set out in article 9 of the SFDR. The fund aims to contribute to an accessible, well-functioning and inclusive financial sector across the globe and offers investors a financially and socially sound investment in financial inclusion, as a means to address social inclusion. The fund invests primarily in the form of equity participations and loans to financial institutions, intermediary companies and institutions that demonstrate a sustainable approach toward providing financial services. Loans are denominated in euros, US dollars and local currencies. Equity participations or similar investments are primarily denominated in local currencies and US dollar. The return of the fund is determined on the one hand by interest income on the loans and dividend income from participations minus the costs of managing
the fund, and on the other hand by the value changes of the investments, including currency effects. The return of the fund depends to a large extent on currency developments, loan provisions and the valuation of equity participations. The fund is actively managed, but not in reference to any benchmark.
Intended retail investor: The fund is suitable for the retail and institutional investors who can afford to set aside capital for a long- term period. The investor is aware that they could lose some or all of their investment. Investing in the fund is suitable for the basic investor with a basic knowledge of the relevant financial markets and products as well as for the informed investor. The basic investor is able to make an informed investment decision based on the regulated and authorised offering documentation, or with the help of basic information provided by point of sale.
Orders to buy and sell shares are ordinarily processed monthly. Capitalisation share classes reinvest the fund’s net realised income, while distribution share classes may distribute it. | # En quoi consiste ce produit?
Type: Triodos Microfinance Fund est un compartiment de type semi-ouvert d'une SICAV luxembourgeoise.
Durée: Le fonds ne possède aucune date d’échéance. Triodos Investment Management n’a pas le droit de mettre fin au fonds unilatéralement.
Objectifs: Le fonds a pour objectif l’investissement durable tel que défini dans l’article 9 du règlement SFDR. Le fonds vise à contribuer à un secteur financier accessible, performant et inclusif à travers le monde et offre aux investisseurs un investissement financièrement et socialement solide dans l’inclusion financière, comme moyen d’aborder la problématique de l’inclusion sociale. Le fonds investit principalement sous la forme de participations au capital et de prêts à des institutions financières, des sociétés intermédiaires et des institutions qui démontrent une approche durable de la fourniture de services financiers. Les prêts sont libellés en euros, en dollars américains et en monnaies locales. Les participations au capital ou autres investissements similaires sont principalement libellés en monnaie locale et en dollars américains. Le rendement du fonds est déterminé d’une part par les intérêts des prêts et les dividendes des participations, moins les frais de gestion du fonds,
et de l’autre par les changements de valeur des investissements, y compris les effets de change. Le rendement du fonds dépend fortement de l’évolution de la monnaie, des provisions pour prêts et de l’évaluation des participations au capital. Le fonds est géré activement, mais pas en référence à une quelconque référence.
Investisseurs de détail visés: Le fonds convient à les investisseurs particuliers et institutionnels qui investissent à long terme. L’investisseur est conscient du risque de perdre une partie ou la totalité de son investissement. Investir dans ce fonds convient non seulement à l’investisseur de base qui possède des connaissances élémentaires sur les marchés et les produits financiers pertinents, mais également à l’investisseur avisé. L’investisseur de base est capable de prendre une décision éclairée en matière d’investissement en se basant sur la notice d’offre réglementée et autorisée, ou au moyen des informations de base fournies par le point de vente.
Les ordres de souscription et de rachat de parts sont généralement traités mensuellement. Les classes d'actions de capitalisation réinvestissent les revenus nets réalisés du fonds, tandis que les classes d'actions de distribution peuvent les distribuer. | # What is this product?
Type: Triodos Microfinance Fund is a semi open-ended sub-fund of a Luxembourg SICAV.
Term: The fund has no maturity date. Triodos Investment Management is not entitled to terminate the fund unilaterally.
Objectives: The fund has sustainable investment as its objective as set out in article 9 of the SFDR. The fund aims to contribute to an accessible, well-functioning and inclusive financial sector across the globe and offers investors a financially and socially sound investment in financial inclusion, as a means to address social inclusion. The fund invests primarily in the form of equity participations and loans to financial institutions, intermediary companies and institutions that demonstrate a sustainable approach toward providing financial services. Loans are denominated in euros, US dollars and local currencies. Equity participations or similar investments are primarily denominated in local currencies and US dollar. The return of the fund is determined on the one hand by interest income on the loans and dividend income from participations minus the costs of managing
the fund, and on the other hand by the value changes of the investments, including currency effects. The return of the fund depends to a large extent on currency developments, loan provisions and the valuation of equity participations. The fund is actively managed, but not in reference to any benchmark.
Intended retail investor: The fund is suitable for the retail and institutional investors who can afford to set aside capital for a long- term period. The investor is aware that they could lose some or all of their investment. Investing in the fund is suitable for the basic investor with a basic knowledge of the relevant financial markets and products as well as for the informed investor. The basic investor is able to make an informed investment decision based on the regulated and authorised offering documentation, or with the help of basic information provided by point of sale.
Orders to buy and sell shares are ordinarily processed monthly. Capitalisation share classes reinvest the fund’s net realised income, while distribution share classes may distribute it. | en | fr |
DOLFIN4403 | 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 person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. For instance, if you invest in this product via a life insurer or capitalisation contract, this document does not take into account the fees of this contract.
Cost over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- • In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- • EUR 10,000 is invested.
| Recommended Holding Period: 3 Years Investment of EUR 10,000 | If you exit after 1 year | If you exit after 3 years 800 EUR |
| --- | --- | --- |
| Total Costs | 460 EUR |
| Annual cost impact % * | 4.6% | 2.6% each year |
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.93% before costs and 0.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
These figures include the maximum distribution fee that the person selling you the product may charge up to 3.10%. This person will inform you of the actual distribution fee.
Composition of costs
Entry costs Up to 3.10% of the amount you pay in when entering this investment. In some cases you may pay less. You can obtain the actual charges from your financial adviser.
Up to 310 EUR
Exit costs We do not charge an exit fee for this product, but the person selling you the product may do so. 0 EUR
Ongoing costs taken each year
Management fees and other administrative or operating costs
1.42% of the value of your investment per year. This figure is based on the last year’s expenses for the year ending 31 March 2022.
142 EUR
Transaction costs 0.08% 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.
8 EUR
Incidental costs taken under specific conditions
Performance Fees There is no performance fee for this product. 0 EUR
A conversion charge of up to 1.00% of the Net Asset Value of the Shares which are being converted may be payable to the relevant distributor. | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión. Por ejemplo, si invierte en este producto a través de una empresa de seguros de vida o de un contrato de capitalización, este documento no tendrá en cuenta las comisiones de ese contrato.
Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- • El primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- • Se invierten 10.000 EUR.
| Período de mantenimiento recomendado: 3 años Inversión de 10.000 EUR | En caso de salida de- spués de 1 año | En caso de salida después de 3 años 800 EUR |
| --- | --- | --- |
| Costes totales | 460 EUR |
| % de incidencia anual de los costes * | 4,6 % | 2,6 % cada año |
* Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,93% antes de deducir los costes y del 0,35% después de deducir los costes.
Es posible que compartamos parte de los costes con la persona que le vende el producto para cubrir los servicios que le presta. El importe le será comunicado.
Estas cifras incluyen la comisión de distribución máxima que puede cobrar la persona que le vende el producto, de hasta el 3,10 %. Esta persona le informará de la comisión de distribución real.
Composición de los costes
Costes de entrada Hasta el 3,10 % del importe que pagará usted al realizar esta inversión. En algunos casos puede que pague menos. Consulte con su asesor financiero los gastos que realmente pagará.
Costes de salida No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga.
Hast 310 EUR
0 EUR
Costes corrientes detraídos cada año
Comisiones de gestión y otros costes administrativos o de funcionamiento
1,42 % del valor de su inversión al año. La cifra que se muestra se basa en los gastos del año anterior para el ejercicio cerrado a 31 marzo 2022.
142 EUR
Costes de operación 0,08 % 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.
8 EUR
Costes accesorios detraídos en condiciones específicas
Comisiones de rendimiento No se aplica ninguna comisión de rendimiento a este producto. 0 EUR
Se pueden pagar gastos por conversión de hasta un 1,00 % del Valor Liquidativo de las participaciones que se convierten al distribuidor correspondiente. | # What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. For instance, if you invest in this product via a life insurer or capitalisation contract, this document does not take into account the fees of this contract.
Cost over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed:
- • In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- • EUR 10,000 is invested.
| Recommended Holding Period: 3 Years Investment of EUR 10,000 | If you exit after 1 year | If you exit after 3 years 800 EUR |
| --- | --- | --- |
| Total Costs | 460 EUR |
| Annual cost impact % * | 4.6% | 2.6% each year |
* This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 2.93% before costs and 0.35% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount.
These figures include the maximum distribution fee that the person selling you the product may charge up to 3.10%. This person will inform you of the actual distribution fee.
Composition of costs
Entry costs Up to 3.10% of the amount you pay in when entering this investment. In some cases you may pay less. You can obtain the actual charges from your financial adviser.
Up to 310 EUR
Exit costs We do not charge an exit fee for this product, but the person selling you the product may do so. 0 EUR
Ongoing costs taken each year
Management fees and other administrative or operating costs
1.42% of the value of your investment per year. This figure is based on the last year’s expenses for the year ending 31 March 2022.
142 EUR
Transaction costs 0.08% 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.
8 EUR
Incidental costs taken under specific conditions
Performance Fees There is no performance fee for this product. 0 EUR
A conversion charge of up to 1.00% of the Net Asset Value of the Shares which are being converted may be payable to the relevant distributor. | en | es |
DOLFIN4404 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Fund classified as Article 9 product in accordance with Regulation (EU) 2019/2088 as product targeting sustainable investments.
A balanced fund that seeks to capture equity market opportunities whilst benefiting from exposure to bond markets. The fund is recommended for those seeking medium- to long-term capital growth with medium- to high-risk level, whilst complying with environmental, social and governance (ESG) criteria.
Class I is reserved for Professional Investors.
Diversification:
the fund invests in equity markets globally, looking for the best opportunities at thematic, geographic and sector level and in bonds of predominantly euro-area regulated markets.
ESG analysis:
as a result of our proprietary methodology of ESG analysis, ESG EticApproach
®
(registered trademark of Etica Sgr S.p.A.), the fund is characterised by a rigorous selection of countries and companies that are focused on environmental protection, respect for human rights and good corporate governance.
Control of financial and non-financial risks:
through the proprietary risk metric, the ESG Risk, Etica Sgr supplements the calculation of financial risk with the measurement of risk from environmental, social and governance (ESG) factors that can have an impact on performance.
Return opportunities:
the fund aims to create return opportunities for the medium- to long-term perspective, by targeting the real economy and rewarding companies and countries that demonstrate sustainability from a financial and ESG perspective.
Simplicity:
the fund has no entry, exit, switch and performance fees
1
and uses derivatives only to hedge portfolio risks. | Fondo classificato ex art.9 ai sensi del Regolamento UE 2019/2088 in quanto ha come obiettivo investimenti sostenibili.
Fondo bilanciato che mira a cogliere le opportunità dei mercati azionari traendo, al contempo, vantaggio dall’esposizione ai mercati obbligazionari. Il fondo è consigliato a chi desidera realizzare una crescita del capitale investito nel medio-lungo periodo, con un livello di rischio medio-alto, nel rispetto dei criteri ambientali, sociali e di governance (ESG).
La Classe I è riservata ad Investitori Professionali.
Diversificazione:
il fondo investe sui mercati azionari di tutto il mondo, ricercando le migliori opportunità a livello tematico, geografico e settoriale e sulle obbligazioni dei mercati regolamentati prevalentemente dell’area euro.
Analisi ESG:
grazie alla nostra metodologia proprietaria, ESG EticApproach
®
(marchio registrato di Etica Sgr S.p.A.), il fondo si caratterizza per una rigorosa selezione di Stati e imprese particolarmente attenti alla tutela ambientale, al rispetto dei diritti umani e alla buona governance aziendale.
Controllo dei rischi finanziari e non finanziari:
attraverso la metrica di rischio proprietaria, il Rischio ESG, Etica Sgr integra il calcolo del rischio finanziario con la misurazione del rischio derivante da fattori ambientali, sociali e di governance (ESG) che possono avere impatto sulle performance.
Opportunità di rendimento:
il fondo mira a creare opportunità di rendimento in un’ottica di medio-lungo periodo, puntando all’economia reale
e premiando imprese e Stati che dimostrano di essere sostenibili da un punto di vista finanziario e ESG.
Semplicità:
il fondo non prevede commissioni di ingresso, uscita, switch e di performance
1
e utilizza strumenti derivati solo per la copertura dei rischi di portafoglio. | Fund classified as Article 9 product in accordance with Regulation (EU) 2019/2088 as product targeting sustainable investments.
A balanced fund that seeks to capture equity market opportunities whilst benefiting from exposure to bond markets. The fund is recommended for those seeking medium- to long-term capital growth with medium- to high-risk level, whilst complying with environmental, social and governance (ESG) criteria.
Class I is reserved for Professional Investors.
Diversification:
the fund invests in equity markets globally, looking for the best opportunities at thematic, geographic and sector level and in bonds of predominantly euro-area regulated markets.
ESG analysis:
as a result of our proprietary methodology of ESG analysis, ESG EticApproach
®
(registered trademark of Etica Sgr S.p.A.), the fund is characterised by a rigorous selection of countries and companies that are focused on environmental protection, respect for human rights and good corporate governance.
Control of financial and non-financial risks:
through the proprietary risk metric, the ESG Risk, Etica Sgr supplements the calculation of financial risk with the measurement of risk from environmental, social and governance (ESG) factors that can have an impact on performance.
Return opportunities:
the fund aims to create return opportunities for the medium- to long-term perspective, by targeting the real economy and rewarding companies and countries that demonstrate sustainability from a financial and ESG perspective.
Simplicity:
the fund has no entry, exit, switch and performance fees
1
and uses derivatives only to hedge portfolio risks. | en | it |
DOLFIN4405 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- or for investor clients of Degroof Petercam Group from the same family as defined below and who hold more than EUR 5 million in the SICAV as a whole, which is deposited in one or more open and active accounts with an entity of Degroof Petercam Group.
- capitalisation shares reserved exclusively for insurance companies (1) which act for clients of a brokerage entity of Degroof Petercam Group or which, in the absence of brokerage from a brokerage entity of the Group, propose a solution developed in partnership with Degroof Petercam Group and for which it has been previously agreed with the insurer to give access to the D2 shares (2) which are deposited in one or more open and active accounts with an entity of Degroof Petercam Group and (3) which provide proof of these two eligibility conditions to Degroof Petercam Group which will communicate it to the SICAV.
| | - soit à des investisseurs clients du groupe Degroof Petercam qui appartiennent à une même communauté d’intérêt familial telle que définie ci-dessous et qui détiennent plus de EUR 5 millions sur l’ensemble de la SICAV et qui sont déposés sur un ou plusieurs comptes ouverts et actifs auprès d’une entité du groupe Degroof Petercam.
- actions de capitalisation réservées exclusivement à des compagnies d’assurances qui (1) agissent pour des clients courtés par une entité de courtage du groupe Degroof Petercam ou qui, en l’absence de courtage de la part d’une entité de courtage du groupe, proposent une solution développée en partenariat avec le groupe Degroof Petercam et pour laquelle il aura préalablement été convenu avec l’assureur de donner accès aux parts C2 (2) qui sont déposés sur un ou plusieurs comptes ouverts et actifs auprès d’une entité du groupe Degroof Petercam et (3) qui apportent la preuve de ces deux conditions d’éligibilité au groupe Degroof Petercam qui la communiquera à la SICAV.
| | - or for investor clients of Degroof Petercam Group from the same family as defined below and who hold more than EUR 5 million in the SICAV as a whole, which is deposited in one or more open and active accounts with an entity of Degroof Petercam Group.
- capitalisation shares reserved exclusively for insurance companies (1) which act for clients of a brokerage entity of Degroof Petercam Group or which, in the absence of brokerage from a brokerage entity of the Group, propose a solution developed in partnership with Degroof Petercam Group and for which it has been previously agreed with the insurer to give access to the D2 shares (2) which are deposited in one or more open and active accounts with an entity of Degroof Petercam Group and (3) which provide proof of these two eligibility conditions to Degroof Petercam Group which will communicate it to the SICAV.
| | en | fr |
DOLFIN4406 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The extra-financial objective is to minimise risks and capitalise on opportunities by investing in mature companies in terms of sustainable development that are putting into place policies compatible with climate control and environmental issues. This extra-financial objective complies with the provisions of Article 9 of the SFDR.
The extra-financial objective will also be to help companies move forward on ESG, climate, and biodiversity issues, in particular by engaging in dialogue with them on a regular basis and by sharing with them specific areas for improvement monitored over time.
In addition, investors are reminded that their investment in the subfund does not have any direct impact on the environment and the company, but that the subfund seeks to select and invest in companies that meet specific criteria defined in the management strategy.
- BenchmarkIn view of the subfund’s investment objective, no relevant benchmark exists. The index stated below is therefore not representative of the subfund’s risk profile but has been selected as an ex-post performance indicator. | L'objectif extra-financier est de minimiser les risques et de chercher à capter des opportunités en investissant dans des sociétés matures en matière de développement durable et soucieuses de mettre en place des politiques compatibles avec les enjeux de régulation climatique et environnementale. Cet objectif extra financier est conforme aux dispositions de l’article 9 du Règlement SFDR.
L'objectif extra-financier visera également à faire progresser les entreprises sur les enjeux ESG, climatiques et de biodiversité plus particulièrement en engageant avec elles un dialogue régulier et en partageant avec elles des axes d'amélioration précis et suivis dans le temps.
Aussi, l’attention de l’investisseur est attirée sur le fait que son investissement dans le compartiment ne génère pas d’impact direct sur l’environnement et la société mais que le compartiment cherche à sélectionner et à investir dans les entreprises qui répondent aux critères précis définis dans la stratégie de gestion.
- Indicateur de référenceCompte tenu de son objectif de gestion, il n’existe pas d’indicateur de référence pertinent pour le compartiment. L’indicateur sélectionné ci-dessous n’est donc pas représentatif du profil de risque supporté par le compartiment mais est un indicateur de comparaison a posteriori. | The extra-financial objective is to minimise risks and capitalise on opportunities by investing in mature companies in terms of sustainable development that are putting into place policies compatible with climate control and environmental issues. This extra-financial objective complies with the provisions of Article 9 of the SFDR.
The extra-financial objective will also be to help companies move forward on ESG, climate, and biodiversity issues, in particular by engaging in dialogue with them on a regular basis and by sharing with them specific areas for improvement monitored over time.
In addition, investors are reminded that their investment in the subfund does not have any direct impact on the environment and the company, but that the subfund seeks to select and invest in companies that meet specific criteria defined in the management strategy.
- BenchmarkIn view of the subfund’s investment objective, no relevant benchmark exists. The index stated below is therefore not representative of the subfund’s risk profile but has been selected as an ex-post performance indicator. | en | fr |
DOLFIN4407 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Fees payable by the investor deducted when subscriptions or redemptions are made | Basis | Interest rates |
| --- | --- | --- |
| Subscription fee not retained by the Fund | NAV X number of units | 2.95% on each subscription request |
| Subscription fee retained by the Fund | NAV X number of units | Maximum 0.05% |
| Redemption fee not retained by the Fund | NAV X number of units | 2.95% on each redemption request |
| Redemption fee retained by the Fund | NAV X number of units | Maximum 0.05% | | | Spese a carico dell'investitore prelevate al momento della sottoscrizione e del rimborso | Base di calcolo | Tasso |
| --- | --- | --- |
| Commissione di sottoscrizione non corrisposta al Fondo | Valore patrimoniale netto X Numero di quote | Il 2,95% per domanda di sottoscrizione |
| Commissione di sottoscrizione corrisposta al Fondo | Valore patrimoniale netto X Numero di quote | 0,05% massimo |
| Commissione di rimborso non corrisposta al Fondo | Valore patrimoniale netto X Numero di quote | Il 2,95% per domanda di rimborso |
| Commissione di rimborso acquisita dal Fondo | Valore patrimoniale netto X Numero di quote | 0,05% massimo | | | Fees payable by the investor deducted when subscriptions or redemptions are made | Basis | Interest rates |
| --- | --- | --- |
| Subscription fee not retained by the Fund | NAV X number of units | 2.95% on each subscription request |
| Subscription fee retained by the Fund | NAV X number of units | Maximum 0.05% |
| Redemption fee not retained by the Fund | NAV X number of units | 2.95% on each redemption request |
| Redemption fee retained by the Fund | NAV X number of units | Maximum 0.05% | | en | it |
DOLFIN4408 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
## Depositary - J.P. Morgan SE, Luxembourg Branch.
Other information on Aviva Investors, copies of its Prospectus and of its latest annual and semi-annual reports, may be obtained free of charge, in English, from Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxembourg, L- 1249, or from the Transfer Agent, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxembourg, L-4360, or from the website www.avivainvestors.com where the latest available price of shares in the Fund and information on how to buy/sell shares can also be accessed.
## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 09 February 2022. | # INFORMACIÓN PRÁCTICA
## Depositario - J.P. Morgan SE, Luxembourg Branch.
Más información sobre Aviva Investors, copias de sus Folletos y de los informes anuales y semestrales más recientes, pueden obtenerse de forma gratuita, en inglés, a través de Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxemburgo, L- 1249, o a través del Agente de Transferencias, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxemburgo, L-4360, o en la página web www.avivainvestors.com, donde también encontrará información sobre los últimos precios disponibles de las acciones del Fondo y sobre cómo comprar/vender acciones.
## Puede cambiar de fondo o compartir clases en Aviva Investors con arreglo a las disposiciones de la Sección "Invertir en los Subfondos" del Folleto.
Aviva Investors está sujeta a las regulaciones y leyes fiscales de Luxemburgo. Esto podría tener un impacto en su situación fiscal personal, lo cual tendrá que comprobar con un asesor fiscal en su país de residencia.
Aviva Investors es una sociedad de inversión de tipo abierto constituida como Société d'Investissement à Capital Variable (SICAV) con varios subfondos. Este documento de datos fundamentales para el inversor describe un subfondo de la SICAV. Los pasivos de cada fondo están segregados y los activos de este Fondo no se utilizarán para pagar ninguna deuda de otros fondos.
Aviva Investors Luxembourg S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto del Fondo.
Los detalles de la política de retribuciones actualizada de la Sociedad gestora, incluyendo la composición de su comité de retribuciones, una descripción de los principales elementos retributivos y una visión general de cómo se determinan las retribuciones, se encuentran disponibles en la página web www.avivainvestors.com. En el domicilio social de la Sociedad gestora, con previa solicitud y sin coste alguno, se podrán obtener copias en papel de dicha política de retribuciones.
El subfondo lanzado el 02 julio de 1990 está autorizado en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier. La Sociedad de Gestión está autorizada en Luxemburgo y está supervisado por la Commission de Surveillance du Secteur Financier.
Página 2 de 2.
Los presentes datos fundamentales para el inversor son exactos a 09 febrero de 2022. | # PRACTICAL INFORMATION
## Depositary - J.P. Morgan SE, Luxembourg Branch.
Other information on Aviva Investors, copies of its Prospectus and of its latest annual and semi-annual reports, may be obtained free of charge, in English, from Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, Luxembourg, L- 1249, or from the Transfer Agent, RBC Investor Services Bank S.A., 14, Porte de France, Esch-sur-Alzette, Luxembourg, L-4360, or from the website www.avivainvestors.com where the latest available price of shares in the Fund and information on how to buy/sell shares can also be accessed.
## You may switch between other funds or share classes in Aviva Investors subject to provisions of the Section "Investing in the Sub-Funds" of the Prospectus.
Aviva Investors is subject to the tax laws and regulations of Luxembourg. This might have an impact on your personal tax position that you should verify with a tax advisor in your country of residence.
Aviva Investors is an open ended investment company organised as a Société d'Investissement à Capital Variable (SICAV) with several sub-funds. This key investor information document describes one sub-fund of the SICAV. The liabilities of each fund are segregated and the assets of this Fund will not be used to pay debts of other funds.
Aviva Investors Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus of the Fund.
The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The Sub-Fund launched on 02 July 1990, is authorised in Luxembourg and supervised by Commission de Surveillance du Secteur Financier. The Management Company is authorised in Luxembourg and supervised by the Commission de Surveillance du Secteur Financier.
Page 2 of 2.
This key investor information is accurate as at 09 February 2022. | en | es |
DOLFIN4409 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing in shares of a limited number of companies of all sizes in Asian countries excluding Japan.
The fund shall invest in equity and equity related securities of companies in the index and up to 30% in non-index companies that have business activities in countries covered by the index. Due to the general nature of Asian markets, and the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (MSCI All Countries Asia Ex Japan Index) by virtue of the fact that it uses the index for performance comparison purposes. The fund will not replicate the index and may, by the nature of the bottom-up stock picking investment approach adopted by the investment manager, take positions in securities which differ significantly from the weight of such securities in the index. | ## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à obtenir une croissance du capital en investissant dans les actions d'un nombre limité de sociétés de toutes tailles dans les pays asiatiques hormis le Japon.
Le fonds investira dans des titres de capital et des titres liés à des titres de capital de sociétés de l'indice et jusqu'à 30 % dans des sociétés ne faisant pas partie de l'indice qui ont des activités commerciales dans des pays couverts par l'indice. Compte tenu de la nature générale des marchés asiatiques, et de la nature hautement concentrée du portefeuille, le fonds pourrait afficher une volatilité annualisée plus élevée qu'un portefeuille plus diversifié.
Le fonds est considéré comme étant géré de manière active en référence à l'indice (MSCI All Countries Asia Ex Japan Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Le fonds ne répliquera pas l'Indice et peut, en raison de la nature de l'approche « bottom-up » de sélection des titres d'investissement adoptée par le gestionnaire d'investissement, prendre des positions dans des titres qui diffèrent considérablement du poids de ces titres dans l'indice. | ## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing in shares of a limited number of companies of all sizes in Asian countries excluding Japan.
The fund shall invest in equity and equity related securities of companies in the index and up to 30% in non-index companies that have business activities in countries covered by the index. Due to the general nature of Asian markets, and the highly concentrated nature of the portfolio, the fund is likely to have a higher annualised volatility than a more diversified portfolio.
The fund is considered to be actively managed in reference to the index (MSCI All Countries Asia Ex Japan Index) by virtue of the fact that it uses the index for performance comparison purposes. The fund will not replicate the index and may, by the nature of the bottom-up stock picking investment approach adopted by the investment manager, take positions in securities which differ significantly from the weight of such securities in the index. | en | fr |
DOLFIN4410 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Other relevant information
Information on past performance from the last 2 years as well as a calculation of past performance scenarios which is updated monthly are available on our homepage at www.bantleon.com/private-anleger/downloads. The sub-fund is subject to the laws and regulations of the Grand Duchy of Luxembourg. This may influence the manner in which you are taxed in respect to your income from the sub-fund. MSCI® is a registered trade mark of MSCI Limited. | # Sonstige zweckdienliche Angaben
Informationen über die frühere Wertentwicklung aus den vergangenen 2 Jahren sowie eine monatlich aktualisierte Berechnung früherer Performance- Szenarien finden Sie auf unserer Homepage unter www.bantleon.com/private-anleger/downloads. Der Teilfonds unterliegt den Gesetzen und steuerlichen Regelungen des Großherzogtums Luxemburg. Dies kann Auswirkungen darauf haben, wie Sie bezüglich Ihrer Einkünfte aus dem Teilfonds besteuert werden. MSCI® ist eine eingetragene Marke der MSCI Limited. | # Other relevant information
Information on past performance from the last 2 years as well as a calculation of past performance scenarios which is updated monthly are available on our homepage at www.bantleon.com/private-anleger/downloads. The sub-fund is subject to the laws and regulations of the Grand Duchy of Luxembourg. This may influence the manner in which you are taxed in respect to your income from the sub-fund. MSCI® is a registered trade mark of MSCI Limited. | en | de |
DOLFIN4411 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Investment 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 3 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 7 630 EUR | 8 470 EUR |
| | Average return each year | - 23.71% | - 5.38% |
| Unfavourable scenario | What you might get back after costs | 9 240 EUR | 9 480 EUR |
| | Average return each year | - 7.56% | - 1.77% |
| Moderate scenario | What you might get back after costs | 10 220 EUR | 10 490 EUR |
| | Average return each year | 2.17% | 1.60% |
| Favourable scenario | What you might get back after costs | 10 840 EUR | 11 490 EUR |
| | Average return each year | 8.40% | 4.75% | | | Anlage 10 000 EUR |
| --- |
| Szenarien Minimum: Es gibt keine garantierte Mindestrendite. Sie können das angelegte Kapital ganz oder teilweise verlieren. | 1 Jahr | 3 Jahre (empfohlene Haltedauer) |
| Stressszenarien | Was Sie nach Abzug der Kosten erhalten könnten | 7 630 EUR | 8 470 EUR |
| | Durchschnittliche jährliche Rendite | - 23,71% | - 5,38% |
| Pessimistisches Szenario | Was Sie nach Abzug der Kosten erhalten könnten | 9 240 EUR | 9 480 EUR |
| | Durchschnittliche jährliche Rendite | - 7,56% | - 1,77% |
| Mittleres Szenario | Was Sie nach Abzug der Kosten erhalten könnten | 10 220 EUR | 10 490 EUR |
| | Durchschnittliche jährliche Rendite | 2,17% | 1,60% |
| Optimistisches Szenario | Was Sie nach Abzug der Kosten erhalten könnten | 10 840 EUR | 11 490 EUR |
| | Durchschnittliche jährliche Rendite | 8,40% | 4,75% | | | Investment 10 000 EUR |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 3 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 7 630 EUR | 8 470 EUR |
| | Average return each year | - 23.71% | - 5.38% |
| Unfavourable scenario | What you might get back after costs | 9 240 EUR | 9 480 EUR |
| | Average return each year | - 7.56% | - 1.77% |
| Moderate scenario | What you might get back after costs | 10 220 EUR | 10 490 EUR |
| | Average return each year | 2.17% | 1.60% |
| Favourable scenario | What you might get back after costs | 10 840 EUR | 11 490 EUR |
| | Average return each year | 8.40% | 4.75% | | en | de |
DOLFIN4412 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: Markit iBoxx Euro Corporates Index
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 200% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus. | #### Exposición global y apalancamiento
Metodología para el cálculo de la exposición global: VaR Relativo
Límite de VaR Relativo: la cartera del Subfondo no superará en dos veces el VaR en una cartera con un índice de referencia representativo (con un periodo de tenencia de 5 Días hábiles)
Índice de referencia de VaR Relativo: Markit iBoxx Euro Corporates Index
Se espera que el apalancamiento bruto varíe entre: el 0% y el 500% del Valor de inventario neto. En ocasiones, el apalancamiento bruto podrá superar este objetivo.
Para obtener más información sobre el enfoque de VaR Relativo y sobre el Apalancamiento Bruto, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto.
El Reglamento OICVM del Banco Central dispone que cuando el VaR se utiliza como enfoque de gestión del riesgo, puede también complementarse con un cálculo del apalancamiento utilizando el enfoque de compromiso.
Apalancamiento máximo: 200% del Valor de inventario neto (mediante el uso del enfoque de compromiso)
Para obtener más información sobre el enfoque de compromiso, consulte el apartado «La Sociedad – Exposición global y apalancamiento» del Folleto. | #### Global Exposure and Leverage
Global Exposure Calculation Methodology: Relative VaR
Relative VaR Limit: Sub-Fund’s portfolio will not exceed twice the VaR on a representative benchmark portfolio (using a 5 Business Day holding period)
Relative VaR Benchmark: Markit iBoxx Euro Corporates Index
Gross leverage is expected to vary between: 0 – 500% of the Net Asset Value. The gross leverage may exceed this target level at times.
For more information on the Relative VaR approach and Gross Leverage, please see “The Company – Global Exposure and Leverage” section in the Prospectus.
The Central Bank UCITS Regulations provide that where VaR is used as a risk management approach it can also be supplemented with a leverage calculation using the commitment approach.
Maximum leverage: 200% of the Net Asset Value (Using the commitment approach)
For more information on the commitment approach, please see “The Company – Global Exposure and Leverage” section in the Prospectus. | en | es |
DOLFIN4413 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### General Investment Powers and Restrictions
Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for money market funds and for risk monitoring and management. In case of any discrepancy, law itself, in the original French, would prevail over either the management regulations or the prospectus (with the management regulations taking precedence over the prospectus).
If any violation of the 2010 law or the money market fund regulation by a fund is detected, the Investment Manager must make compliance with the relevant policies a priority in its securities trades and investment management decisions, while also taking due account of the interests of shareholders. Any violation that arises incidentally must be resolved as soon as possible, consistent with the normal course of fund operations.
Except where otherwise noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of its assets (including cash). | ### Facultades y límites de inversión generales
Cada uno de los fondos y la propia SICAV, deben cumplir la legislación y normativa aplicable en Luxemburgo y en la UE, así como determinadas circulares, directrices y otros requisitos. Este apartado presenta, en forma de tabla, los requisitos de gestión de los fondos en virtud de la Ley de 2010 (la principal legislación que rige el funcionamiento de un OICVM), así como los requisitos que establece la Autoridad Europea de Valores y Mercados (AEVM) para los fondos del mercado monetario y para la supervisión y gestión del riesgo. En caso de existir discrepancias, la propia legislación, en su redacción original en lengua francesa, prevalecerá sobre el resto de normas de gestión o el folleto informativo (teniendo las normas de gestión preferencia sobre el folleto informativo).
Si se detecta cualquier incumplimiento de la Ley de 2010 o la normativa sobre fondos del mercado monetario, el Gestor de Inversiones debe hacer del cumplimiento de las políticas relevantes una prioridad en sus operaciones con valores y en la toma de decisiones de gestión de las inversiones, teniendo además en cuenta los intereses de los accionistas como es debido. El incumplimiento que surja de forma accidental debe resolverse a la mayor brevedad posible, de forma acorde al transcurso normal de las operaciones.
Salvo cuando se indique lo contrario, todos los porcentajes y restricciones se aplican individualmente a cada fondo, y todos los porcentajes de activos se miden como porcentaje de sus activos (incluido el efectivo). | ### General Investment Powers and Restrictions
Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for money market funds and for risk monitoring and management. In case of any discrepancy, law itself, in the original French, would prevail over either the management regulations or the prospectus (with the management regulations taking precedence over the prospectus).
If any violation of the 2010 law or the money market fund regulation by a fund is detected, the Investment Manager must make compliance with the relevant policies a priority in its securities trades and investment management decisions, while also taking due account of the interests of shareholders. Any violation that arises incidentally must be resolved as soon as possible, consistent with the normal course of fund operations.
Except where otherwise noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of its assets (including cash). | en | es |
DOLFIN4414 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4415 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Japanese Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à maximiser les rendements totaux, principalement grâce à la croissance du capital sur le long terme. Le Fonds a la possibilité d'investir dans n'importe quel secteur économique au Japon, directement ou indirectement. L'investissement sera effectué principalement dans des actions de sociétés. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un certain niveau en matière de tabac, d'armement, d'exploration de l'Arctique, de production de goudron et de sables bitumineux ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice TOPIX. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Cette classe d'actions couverte vise à éliminer le risque de change entre la devise de la classe d'actions et celle de la majorité des actifs sous-jacents du Fonds. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme procédant à des investissements dans des entreprises axées sur la création de valeurs associées au développement durable. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | # ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Japanese Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo aspira a aumentar al máximo la rentabilidad total, principalmente mediante el crecimiento del capital a largo plazo. El Fondo puede invertir en cualquier sector económico de Japón, ya sea directa o indirectamente. La inversión se hará principalmente en acciones de empresas. Se seleccionarán las inversiones aplicando exclusiones por actividades comerciales y una evaluación basada en las normas. No se permite invertir en empresas que obtengan unos ingresos anuales por encima de un nivel establecido del tabaco, las armas, la exploración del Ártico, la producción de alquitrán o arenas bituminosas o la extracción y producción de carbón térmico. El Fondo cumplirá con la política del Gestor de inversiones a la hora de evaluar los incumplimientos del Pacto Mundial de las Naciones Unidas por los negocios. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras la deducción de costes) se mide en relación con el TOPIX Index. El Fondo tratará de obtener resultados significativamente mejores a los del índice. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos se reinvertirán. No se comprarán acciones adicionales pero la reinversión se verá reflejada en el precio de sus acciones de capitalización existentes. Esta clase de acciones con cobertura pretende eliminar la exposición a divisas entre la moneda de la clase de acciones y la de la mayoría de los activos subyacentes del Fondo. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo sea lograr un crecimiento del capital en un horizonte de inversión a largo plazo invirtiendo en empresas centradas en la creación de valor sostenible. El Fondo tiene en cuenta las preferencias en materia de sostenibilidad mediante la consideración cualitativa de las principales incidencias adversas utilizando un enfoque de exclusiones. El inversor debe estar preparado para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital. | # En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Japanese Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à maximiser les rendements totaux, principalement grâce à la croissance du capital sur le long terme. Le Fonds a la possibilité d'investir dans n'importe quel secteur économique au Japon, directement ou indirectement. L'investissement sera effectué principalement dans des actions de sociétés. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un certain niveau en matière de tabac, d'armement, d'exploration de l'Arctique, de production de goudron et de sables bitumineux ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice TOPIX. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Cette classe d'actions couverte vise à éliminer le risque de change entre la devise de la classe d'actions et celle de la majorité des actifs sous-jacents du Fonds. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme procédant à des investissements dans des entreprises axées sur la création de valeurs associées au développement durable. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | fr | es |
DOLFIN4416 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
### Période de détention recommandée : 1 an
### Le Fonds n'a pas de période de détention minimale requise, mais est conçu pour un investissement à long terme ; vous devez avoir un horizon d'investissement d'au moins 1 ans.
### Veuillez vous reporter à la section du Prospectus intitulée « Rachat d'Actions » pour connaître certains frais à payer concernant les rachats. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Período de mantenimiento recomendado: 1 año
### El Fondo no tiene un período de mantenimiento mínimo exigido, pero está diseñado para inversiones a largo plazo; usted debe tener un horizonte de inversión de, al menos 1 años.
### Consulte la sección «Reembolso de acciones» del Folleto para obtener información sobre determinadas comisiones pagaderas con respecto a los reembolsos. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
### Période de détention recommandée : 1 an
### Le Fonds n'a pas de période de détention minimale requise, mais est conçu pour un investissement à long terme ; vous devez avoir un horizon d'investissement d'au moins 1 ans.
### Veuillez vous reporter à la section du Prospectus intitulée « Rachat d'Actions » pour connaître certains frais à payer concernant les rachats. | fr | es |
DOLFIN4417 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,919
3.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 07/2016-07/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 407 CHF
4,1%
11 919 CHF
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 07/2016-07/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,919
3.6% | en | es |
DOLFIN4418 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. The entry charge shown is a maximum figure. In some cases you might pay less – you can find this out from your financial advisor. | 500 USD |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.06% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 106 USD |
| Transaction costs | 0.15% 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. | 15 USD |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | | Costi una tantum di ingresso o di uscita | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 5,00% dell'importo versato al momento dell'inserimento di questo investimento. La quota di sottoscrizione indicata è una cifra massima. In alcuni casi potresti pagare di meno: puoi scoprirlo dal tuo consulente finanziario. | 500 USD |
| Costi di uscita | 0,00%, non addebitiamo una commissione di uscita per questo prodotto, ma la persona che vende il prodotto può farlo. | 0 USD |
| Costi correnti registrati ogni anno | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,06% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 106 USD |
| Costi di transazione | 0,15% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 15 USD |
| Oneri accessori sostenuti in determinate condizioni | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione | Per questo prodotto non si applicano le commissioni di performance. | 0 USD | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. The entry charge shown is a maximum figure. In some cases you might pay less – you can find this out from your financial advisor. | 500 USD |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.06% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 106 USD |
| Transaction costs | 0.15% 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. | 15 USD |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | en | it |
DOLFIN4419 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Période de détention recommandée: 7 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: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 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/microsites/multiconcept/en.html.
Autres informations pertinentes
Ce document d’informations clés ne contient pas toutes les informations relatives à ce Produit. Plus d’informations sur Credit Suisse Wealth Funds 1, 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 MultiConcept Fund Management S.A., des distributeurs agréés ou par Internet sur www.credit-suisse.com/microsites/multiconcept/en.html. Vous y trouverez également des informations sur les performances des 2 dernières années. | # Periodo de mantenimiento recomendado: 7 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: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 Luxemburgo. Los inversores también pueden enviar una reclamación por correo electrónico a [email protected] o visitar el sitio web: www.credit-suisse.com/microsites/multiconcept/en.html.
Otros datos de interés
Este documento de datos fundamentales no contiene toda la información relativa a este producto. Puede obtener más información sobre Credit Suisse Wealth Funds 1, su folleto y su último informe anual y semestral, y los precios actuales del producto pueden obtenerse gratuitamente en inglés de MultiConcept Fund Management S.A. los distribuidores designados o en línea en www.credit-suisse.com/microsites/multiconcept/en.html. Allí también puede encontrar información sobre el rendimiento pasado del último/de los últimos 2 años. | # Période de détention recommandée: 7 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: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 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/microsites/multiconcept/en.html.
Autres informations pertinentes
Ce document d’informations clés ne contient pas toutes les informations relatives à ce Produit. Plus d’informations sur Credit Suisse Wealth Funds 1, 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 MultiConcept Fund Management S.A., des distributeurs agréés ou par Internet sur www.credit-suisse.com/microsites/multiconcept/en.html. Vous y trouverez également des informations sur les performances des 2 dernières années. | fr | es |
DOLFIN4420 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Past performance You can download the past performance over the last 1 years from our website at https://funds.waystone.com/public.
Additional information LYRICAL VALUE FUNDS (LUX) is an umbrella fund with more than one sub-fund. The assets and liabilities of each sub-fund are segregated by law. This key investor information document describes one share class of one sub-fund of LYRICAL VALUE FUNDS (LUX).
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of the persons responsible for awarding the remuneration and benefits, including the composition of the remuneration committee, are available on https://www.waystone.com/luxembourg-remuneration-policy , a paper copy will be made available free of charge upon request. | ### Performance passate È possibile scaricare le performance degli ultimi 1 anni dal nostro sito web all'indirizzo https://funds.waystone.com/public.
Informazioni aggiuntive LYRICAL VALUE FUNDS (LUX) è un fondo multicomparto, costituito da più comparti. Le attività e le passività di ciascun comparto sono separate per legge. Il presente documento contenente le informazioni chiave per gli investitori descrive una classe di azioni di un comparto di LYRICAL VALUE FUNDS (LUX).
Informazioni dettagliate relative alla politica di remunerazione aggiornata della Società di gestione, comprese, a titolo non esaustivo, una descrizione delle modalità di calcolo della remunerazione e dei benefici, l'identità dei soggetti responsabili dell'assegnazione della remunerazione e dei benefici e la composizione del comitato di remunerazione sono disponibili sul sito https://www.waystone.com/luxembourg-remuneration-policy; è inoltre disponibile gratuitamente e su richiesta una copia cartacea di tale politica. | ### Past performance You can download the past performance over the last 1 years from our website at https://funds.waystone.com/public.
Additional information LYRICAL VALUE FUNDS (LUX) is an umbrella fund with more than one sub-fund. The assets and liabilities of each sub-fund are segregated by law. This key investor information document describes one share class of one sub-fund of LYRICAL VALUE FUNDS (LUX).
The details of the up-to-date remuneration policy of the Management Company, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of the persons responsible for awarding the remuneration and benefits, including the composition of the remuneration committee, are available on https://www.waystone.com/luxembourg-remuneration-policy , a paper copy will be made available free of charge upon request. | en | it |
DOLFIN4421 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# AUDIT
- The Company shall at each annual general meeting appoint an Auditor or Auditors to hold office until the conclusion of the next annual general meeting.
- If an appointment of Auditors is not made at an annual general meeting, the Director of Corporate Enforcement for the time being may, on notification by the Company, appoint an Auditor of the Company for the current year and fix the remuneration to be paid to him by the Company for his service.
- The appointment and removal of Auditors and the determination of eligibility for appointment as Auditors to the Company shall be governed by the provisions of the Act.
- A person, other than a retiring Auditor, shall not be capable of being appointed Auditor at an annual general meeting unless notice of an intention to nominate that person to the office of Auditor has been given by a Members to the Company not less than twenty eight days before the annual general meeting and the Directors shall send a copy of any such notice to the retiring Auditor and shall give notice thereof to the Members in accordance with Section 396 of the Act.
- The first Auditors shall be appointed by the Directors before the first general meeting, and they shall hold office until the conclusion of the first annual general meeting unless previously removed by a resolution of the Company in general meeting, in which case the Shareholders at such meeting may appoint Auditors.
- The Directors may fill any casual vacancy in the office of Auditor, but while any such vacancy continues the surviving or continuing Auditor or Auditors (if any) may act.
- Subject to Section 381 of the Act, the remuneration of the Auditors shall be approved by the Company in general meeting or determined in such manner as the Company in general meeting may resolve.
- The Auditors shall examine such books, accounts and vouchers as may be necessary for the performance of their duties.
- The report of the Auditors to the Shareholders on the audited accounts of the Company shall include such information and opinions as required pursuant to Section 336 of the Act.
- The Auditors shall be furnished with a list of all books kept by the Company and shall at all reasonable times have the right of access to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanations as may be necessary for the performance of their duties.
- The Auditors shall be entitled to attend any general meeting of the Company and to receive all notices of, and other communications relating to, any general meeting which any Member of the Company is entitled to receive and to be heard at any general meeting at which any business of the meeting concerns them as auditors.
- The Auditors shall, on quitting office, be eligible for re-election.
- | # AUDIT
- La Société devra, à chaque assemblée générale annuelle, nommer un ou plusieurs Réviseurs d'entreprises agréés dont le mandat prendra effet jusqu’à la fin de l’assemblée générale annuelle suivante.
- Si les Réviseurs d'entreprises agréés ne sont pas nommés lors d’une assemblée générale annuelle, le Director of Corporate Enforcement (directeur de l'application du droit des sociétés) alors en poste peut, après avoir été avisé par la Société, nommer un Réviseur d'entreprises agréé de la Société pour l'exercice considéré et fixer la rémunération que la Société lui versera au titre de ses services.
- La nomination et la révocation des Réviseurs d'entreprises agréés, ainsi que la détermination de leur éligibilité à être nommés en tant que Réviseurs d'entreprises agréés de la Société seront régies par les dispositions de la Loi.
- Une personne, autre qu’un Réviseur d'entreprises agréé sortant, ne pourra pas être nommée Réviseur d'entreprises agréé lors d’une assemblée générale annuelle à moins qu’un avis d’intention de nommer cette personne en tant que Réviseur d'entreprises agréé n’ait été donné par un Membre à la Société au moins vingt-huit jours avant la tenue de l’assemblée générale annuelle et que les Administrateurs aient envoyé une copie de cet avis au Réviseur d'entreprises agréé sortant et qu’ils en aient avisé les Membres conformément à la Section 396 de la Loi.
- Les premiers Réviseurs d'entreprises agréés seront nommés par les Administrateurs avant la première assemblée générale et ils resteront en fonction jusqu’à la fin de la première assemblée générale annuelle, à moins d’avoir été préalablement démis de leurs fonctions sur résolution la Société adoptée en assemblée générale, auquel cas les Membres de cette assemblée pourront nommer des Réviseurs d'entreprises agréés.
- Les Administrateurs peuvent pourvoir tout poste vacant de Réviseur d'entreprises agréé, mais aussi longtemps que ce poste restera vacant, le ou les Réviseur(s) d'entreprises agréé(s) restant(s) ou reconduit(s) dans leurs fonctions (le cas échéant) pourront agir.
- Sous réserve de la Section 381 de la Loi, la rémunération des Réviseurs d'entreprises agréés sera approuvée par la Société en assemblée générale ou déterminée de la manière décidée par la Société en assemblée générale.
- Les Réviseurs d'entreprises agréés examineront les livres, comptes et pièces justificatives qui s'avèrent nécessaires à la bonne exécution de leurs fonctions.
- Le rapport des Réviseurs d'entreprises agréés remis aux Actionnaires sur les comptes audités de la Société inclura les informations et opinions requises en vertu de la Section 336 de la Loi.
- La Société devra fournir aux Réviseurs d'entreprises agréés une liste de tous les registres comptables qu'elle tient et les Auditeurs devront, à tout moment jugé raisonnable, pouvoir accéder aux registres, comptes et reçus de la Société et seront en droit de demander des informations et explications aux Administrateurs et fondés de pouvoir de la Société si ces informations et explications sont nécessaires à l’exécution de leurs fonctions.
- Les Réviseurs d'entreprises agréés seront habilités à prendre part à toute assemblée générale de la Société et à recevoir, au même titre que tout Membre de la Société, toutes convocations et autres communications se rapportant à toute assemblée générale, et à s'exprimer lors de toute assemblée générale dont l'ordre du jour les concerne en tant que réviseurs d'entreprises agréés.
- Les Réviseurs d'entreprises agréés, une fois leur mission terminée, seront éligibles pour une réélection.
- | # AUDIT
- The Company shall at each annual general meeting appoint an Auditor or Auditors to hold office until the conclusion of the next annual general meeting.
- If an appointment of Auditors is not made at an annual general meeting, the Director of Corporate Enforcement for the time being may, on notification by the Company, appoint an Auditor of the Company for the current year and fix the remuneration to be paid to him by the Company for his service.
- The appointment and removal of Auditors and the determination of eligibility for appointment as Auditors to the Company shall be governed by the provisions of the Act.
- A person, other than a retiring Auditor, shall not be capable of being appointed Auditor at an annual general meeting unless notice of an intention to nominate that person to the office of Auditor has been given by a Members to the Company not less than twenty eight days before the annual general meeting and the Directors shall send a copy of any such notice to the retiring Auditor and shall give notice thereof to the Members in accordance with Section 396 of the Act.
- The first Auditors shall be appointed by the Directors before the first general meeting, and they shall hold office until the conclusion of the first annual general meeting unless previously removed by a resolution of the Company in general meeting, in which case the Shareholders at such meeting may appoint Auditors.
- The Directors may fill any casual vacancy in the office of Auditor, but while any such vacancy continues the surviving or continuing Auditor or Auditors (if any) may act.
- Subject to Section 381 of the Act, the remuneration of the Auditors shall be approved by the Company in general meeting or determined in such manner as the Company in general meeting may resolve.
- The Auditors shall examine such books, accounts and vouchers as may be necessary for the performance of their duties.
- The report of the Auditors to the Shareholders on the audited accounts of the Company shall include such information and opinions as required pursuant to Section 336 of the Act.
- The Auditors shall be furnished with a list of all books kept by the Company and shall at all reasonable times have the right of access to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanations as may be necessary for the performance of their duties.
- The Auditors shall be entitled to attend any general meeting of the Company and to receive all notices of, and other communications relating to, any general meeting which any Member of the Company is entitled to receive and to be heard at any general meeting at which any business of the meeting concerns them as auditors.
- The Auditors shall, on quitting office, be eligible for re-election.
- | en | fr |
DOLFIN4422 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The chairperson appoints the secretary and the tellers. The secretary and the chairperson sign the minutes of the meeting.
If a director or authorised agent has a personal interest in a matter relating to the Investment Company, he or she must declare said personal interest to the Board of Directors and recuses himself or herself from any and all discussion of and/or votes on the matter in question. Such matter and the personal interest must be reported to the shareholders at the next general meeting. If such person nevertheless votes, his or her vote is invalid. The term “personal interest” does not apply to any relationship or interest that arises only due to the fact that the legal transaction was concluded between the Investment Company on the one hand and the Management Company, Custodian or any other entity designated by the Investment Company on the other.
- Appointment of an operational manager (Management Company)PGR-280-1-16The Board of Directors is authorised, on its own re- sponsibility and by means of a separate appointment and delegation agreement, to delegate the operational management of the Investment Company to a Man- agement Company duly authorised under the UCITSA. The same applies to Management Companies author- ised in other EEA member states that have a branch office in Liechtenstein or that are permitted to carry out such activities as part of their provision of cross- border services. The duties, rights, obligations, areas of authority and responsibilities of the Management Company are set out in the appointment and delega- tion agreement. By virtue of that agreement, the Man- agement Company provides the Investment Company with fund management services in accordance with the Articles of Association. | #### Le président désigne le secrétaire et les scrutateurs. Le secrétaire et le président signent les procès-ver- baux.
Si un membre du conseil d’administration ou un man- dataire a un intérêt personnel dans une affaire concer- nant la société d’investissement, il doit en informer le conseil d’administration et ne participera ni aux délibé- rations ni au scrutin relatif à cette affaire. Il convient de rendre compte de cette affaire et de l’intérêt personnel lors de l’assemblée générale suivante. Si cette per- sonne participe également au scrutin, le vote est nul et non avenu. Le terme «intérêt personnel» ne s’ap- plique pas à une relation ou à un intérêt résultant uni- quement du fait que l’acte juridique est conclu entre la société d’investissement, d’une part, et la société de gestion, le dépositaire ou toute autre société désignée par celle-ci, d’autre part.
- Désignation d’une direction (société de gestion)PGR-280-1-16Le conseil d’administration est autorisé, sous sa propre responsabilité, à confier, par contrat de dési- gnation et de délégation, la direction d’une société de gestion approuvée en vertu de l’UCITSG. Il en va de même pour les sociétés de gestion autorisées dans un autre Etat membre de l’EEE qui sont autorisées à exercer des activités correspondantes par l’intermé- diaire d’une succursale nationale ou dans le cadre de la fourniture de services transfrontaliers. Les tâches, droits, devoirs, compétences et la responsabilité de la société de gestion sont régis par le contrat de dési- gnation et de délégation. Aux termes du ce contrat, la société de gestion fournit des services de gestion à la société d’investissement conformément aux statuts. | #### The chairperson appoints the secretary and the tellers. The secretary and the chairperson sign the minutes of the meeting.
If a director or authorised agent has a personal interest in a matter relating to the Investment Company, he or she must declare said personal interest to the Board of Directors and recuses himself or herself from any and all discussion of and/or votes on the matter in question. Such matter and the personal interest must be reported to the shareholders at the next general meeting. If such person nevertheless votes, his or her vote is invalid. The term “personal interest” does not apply to any relationship or interest that arises only due to the fact that the legal transaction was concluded between the Investment Company on the one hand and the Management Company, Custodian or any other entity designated by the Investment Company on the other.
- Appointment of an operational manager (Management Company)PGR-280-1-16The Board of Directors is authorised, on its own re- sponsibility and by means of a separate appointment and delegation agreement, to delegate the operational management of the Investment Company to a Man- agement Company duly authorised under the UCITSA. The same applies to Management Companies author- ised in other EEA member states that have a branch office in Liechtenstein or that are permitted to carry out such activities as part of their provision of cross- border services. The duties, rights, obligations, areas of authority and responsibilities of the Management Company are set out in the appointment and delega- tion agreement. By virtue of that agreement, the Man- agement Company provides the Investment Company with fund management services in accordance with the Articles of Association. | en | fr |
DOLFIN4423 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### High Yield Securities and Securities of Distressed Companies
Securities rated lower than Baa by Moody’s or lower than BBB by S&P or equivalently rated by Fitch are sometimes referred to as “high yield” or “junk” bonds. Investing in high yield securities and securities of distressed companies (including both debt and equity securities) involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities and securities of distressed companies typically entail greater potential price volatility and may be less liquid than higher-rated securities. High yield securities and debt securities of distressed companies may be regarded as predominately speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt securities.
High yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn for example, could cause a decline in prices of high yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities, and a high yield security may lose significant market value before a default occurs. If an issuer of securities defaults, in addition to risking payment of all or a portion of interest and principal, the Funds by investing in such securities, may incur additional expenses to seek recovery of their respective investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The Investment Advisor seeks to reduce these risks through diversification, credit analysis and attention to current developments and trends in both the economy and financial markets.
High yield and distressed company securities may not be listed on any exchange and a secondary market for such securities may be comparatively illiquid relative to markets for other more liquid fixed income securities. Consequently,
transactions in high yield and distressed company securities may involve greater costs than transactions in more actively traded securities, which could adversely affect the price at which the Funds could sell a high yield or distressed company security, and could adversely affect the daily net asset value of the shares. A lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make high yield debt more difficult to sell at an advantageous time or price than other types of securities or instruments. These factors may result in a Fund being unable to realize full value for these securities and/or may result in a Fund not receiving the proceeds from a sale of a high yield or distressed company security for an extended period after such sale, each of which could result in losses to the Fund. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield and distressed company securities, especially in a thinly-traded market. When secondary markets for high yield and distressed company securities are less liquid than the market for other types of securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Investment Advisor seeks to minimize the risks of investing in all securities through diversification, in-depth analysis and attention to current market developments.
The use of credit ratings as the sole method of evaluating high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit ratings when selecting debt securities for the Funds, and develops its own independent analysis of issuer credit quality. If a credit rating agency changes the rating of a debt security held by a Fund, the Fund may retain the security if PIMCO deems it in the best interest of shareholders. | #### Titoli ad alto rendimento e titoli di società in difficoltà
I titoli aventi un rating inferiore a Baa secondo Moody’s ovvero a BBB secondo S&P o rating equivalente attribuito da Fitch sono talvolta definiti “ad alto rendimento” o “junk bond” (“obbligazioni spazzatura”). L’investimento in titoli ad alto rendimento e in titoli di società in difficoltà (titoli azionari e di debito inclusi) comporta rischi particolari che vanno ad aggiungersi a quelli associati agli investimenti in Titoli a reddito fisso aventi un rating superiore. Pur offrendo una maggiore opportunità potenziale di apprezzamento del capitale e rendimenti superiori, i titoli ad alto rendimento e i titoli di società in difficoltà implicano solitamente una potenziale volatilità di prezzo più elevata e possono essere meno liquidi rispetto a quelli di rating superiore. I titoli ad alto rendimento e i titoli di debito di società in difficoltà sono considerati prevalentemente speculativi per quanto attiene alla perdurante capacità dell’emittente di onorare i pagamenti di capitale e interesse. Gli emittenti di titoli ad alto rendimento e di società in difficoltà possono essere coinvolti in ristrutturazioni o procedimenti concorsuali che potrebbero non avere successo. L’analisi dell’affidabilità creditizia degli emittenti di strumenti di debito che sono titoli ad alto rendimento o strumenti di debito di società in difficoltà può essere più complessa di quella degli emittenti di strumenti di debito di qualità superiore.
I titoli ad alto rendimento e i titoli di debito di società in difficoltà possono essere più sensibili a condizioni industriali competitive ed economiche avverse (reali o percepite) rispetto ai titoli investment grade. È stato dimostrato che i prezzi di tali titoli sono meno sensibili alle variazioni dei tassi d’interesse rispetto agli investimenti di rating superiore, ma più sensibili a congiunture economiche sfavorevoli o singoli sviluppi societari. La previsione di una fase economica discendente potrebbe per esempio provocare un calo dei prezzi dei titoli ad alto rendimento e dei titoli di debito di società in difficoltà perché l’avvento di una recessione può diminuire la capacità di una società altamente indebitata di effettuare i pagamenti di interessi e capitale sui propri titoli di debito e il valore di un titolo ad alto rendimento può subire una riduzione significativa prima che si verifichi un’insolvenza. In caso d’insolvenza di un emittente di titoli, oltre al rischio per i pagamenti della totalità o di parte degli interessi e del capitale, i Comparti che hanno investito in tali titoli potrebbero
subire ulteriori spese nel tentativo di recuperare i rispettivi investimenti. Nel caso di titoli strutturati come titoli a cedola zero o con pagamento in natura, i relativi prezzi di mercato risentono in misura maggiora delle variazioni dei tassi d’interesse e tendono pertanto a essere più volatili delle emissioni che pagano interessi periodicamente e in contanti. Il Consulente per gli investimenti mira a ridurre questo rischio mediante diversificazione, analisi del credito e attenzione agli sviluppi correnti e alle tendenze prevalenti nell’economia e sui mercati finanziari.
I titoli ad alto rendimento e di società in difficoltà potrebbero non essere quotati su una borsa valori e un mercato secondario per tali titoli potrebbe essere relativamente illiquido rispetto ai mercati per altri titoli a reddito fisso più liquidi. Di conseguenza, le operazioni in titoli ad alto rendimento e di società in difficoltà possono comportare costi più elevati rispetto alle operazioni in titoli oggetto di una negoziazione più attiva; ciò può incidere negativamente sul prezzo al quale i Comparti possono vendere un titolo ad alto rendimento o di società in difficoltà, nonché sul valore patrimoniale netto delle azioni. In alcune circostanze, la mancanza di informazioni pubblicamente disponibili, l’irregolarità dell’attività di negoziazione e gli ampi spread denaro/lettera, tra gli altri fattori, possono far sì che il debito ad alto rendimento sia più difficile da vendere in un momento, o a un prezzo, vantaggioso rispetto ad altri tipi di titoli o strumenti. A causa di questi fattori, un Comparto potrebbe non riuscire a realizzare l’intero valore di questi titoli e/o non ricevere i proventi della vendita di un titolo ad alto rendimento o di società in difficoltà per un lungo periodo dopo la vendita stessa, e in ogni caso subire così perdite. Inoltre, forme negative di pubblicità e percezioni degli investitori, anche non basate su un’analisi fondamentale, possono diminuire i valori e la liquidità dei titoli ad alto rendimento e di società in difficoltà, soprattutto in un mercato in cui si negoziano titoli sottili. Laddove i mercati secondari per i titoli ad alto rendimento e di società in difficoltà siano meno liquidi dei mercati per altri tipi di titoli, può essere più difficile valutare i titoli perché tale valutazione può richiedere maggiori ricerche e gli elementi di giudizio possono svolgere un ruolo più ampio nella valutazione dal momento che sono disponibili dati meno affidabili e oggettivi. Il Consulente per gli investimenti mira a minimizzare i rischi dell’investimento in tutti i titoli mediante diversificazione, analisi approfondita e attenzione agli sviluppi di mercato correnti.
L’utilizzo dei rating di credito come unico metodo di valutazione dei titoli ad alto rendimento può comportare alcuni rischi. Per esempio, i rating di credito valutano la sicurezza dei pagamenti del capitale e degli interessi di un titolo di debito, non il rischio del valore di mercato di un titolo. Inoltre, le agenzie di rating potrebbero non modificare i rating di credito in modo abbastanza tempestivo da tenere conto degli eventi verificatisi dopo che il titolo è stato valutato per l’ultima volta. In sede di selezione dei titoli di debito per i Comparti, PIMCO non si basa unicamente sui rating di credito e conduce analisi indipendenti della qualità creditizia degli emittenti. Se un’agenzia di valutazione del credito modifica il rating di un titolo di debito detenuto da un Comparto, il Comparto può conservare il titolo in questione se PIMCO lo ritiene nel migliore interesse degli azionisti. | #### High Yield Securities and Securities of Distressed Companies
Securities rated lower than Baa by Moody’s or lower than BBB by S&P or equivalently rated by Fitch are sometimes referred to as “high yield” or “junk” bonds. Investing in high yield securities and securities of distressed companies (including both debt and equity securities) involves special risks in addition to the risks associated with investments in higher-rated fixed income securities. While offering a greater potential opportunity for capital appreciation and higher yields, high yield securities and securities of distressed companies typically entail greater potential price volatility and may be less liquid than higher-rated securities. High yield securities and debt securities of distressed companies may be regarded as predominately speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high yield or debt securities of distressed companies may be more complex than for issuers of higher quality debt securities.
High yield securities and debt securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be less sensitive to interest-rate changes than higher-rated investments, but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn for example, could cause a decline in prices of high yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities, and a high yield security may lose significant market value before a default occurs. If an issuer of securities defaults, in addition to risking payment of all or a portion of interest and principal, the Funds by investing in such securities, may incur additional expenses to seek recovery of their respective investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. The Investment Advisor seeks to reduce these risks through diversification, credit analysis and attention to current developments and trends in both the economy and financial markets.
High yield and distressed company securities may not be listed on any exchange and a secondary market for such securities may be comparatively illiquid relative to markets for other more liquid fixed income securities. Consequently,
transactions in high yield and distressed company securities may involve greater costs than transactions in more actively traded securities, which could adversely affect the price at which the Funds could sell a high yield or distressed company security, and could adversely affect the daily net asset value of the shares. A lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make high yield debt more difficult to sell at an advantageous time or price than other types of securities or instruments. These factors may result in a Fund being unable to realize full value for these securities and/or may result in a Fund not receiving the proceeds from a sale of a high yield or distressed company security for an extended period after such sale, each of which could result in losses to the Fund. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield and distressed company securities, especially in a thinly-traded market. When secondary markets for high yield and distressed company securities are less liquid than the market for other types of securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Investment Advisor seeks to minimize the risks of investing in all securities through diversification, in-depth analysis and attention to current market developments.
The use of credit ratings as the sole method of evaluating high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit ratings when selecting debt securities for the Funds, and develops its own independent analysis of issuer credit quality. If a credit rating agency changes the rating of a debt security held by a Fund, the Fund may retain the security if PIMCO deems it in the best interest of shareholders. | en | it |
DOLFIN4424 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of investment-grade corporate bonds from issuers around the world, including emerging markets.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities that are rated BBB- or higher by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality) and are issued by companies. In accordance with its own internal rating system, the investment manager will ensure that the unrated corporate debt securities in which the fund invests are of the same quality as the rated securities of the same type. Portfolio debt securities can include fixed and floating rate bonds, warrants and other transferable debt securities of any type, including high-yield securities. The fund may also invest in preferred shares, hybrids, as well as government securities. The fund may also invest up to 25% in convertible bonds (including up to 10% in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. The fund may invest in asset-backed securities (ABS) and mortgage-backed securities (MBS), on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | ##### TITOLI IN PORTAFOGLIO
Il comparto è a gestione attiva e investe principalmente in un portafoglio diversificato di obbligazioni societarie investment grade di emittenti di tutto il mondo, inclusi i mercati emergenti.
Sebbene il comparto non abbia come obiettivo l'investimento sostenibile, la promozione delle caratteristiche ambientali e sociali viene conseguita attraverso l'esclusione da parte del gestore degli investimenti di settori o aziende le cui attività possono essere considerate dannose per l'ambiente e/o la società applicando il suo filtro proprietario di responsabilità sociale (lista di esclusioni). Di conseguenza, sono escluse specifiche aziende le cui attività commerciali riguardano armi controverse (munizioni a grappolo, mine antiuomo, armi incendiarie, chimiche, biologiche e nucleari), produzione di tabacco, produzione di carbone, armi d'assalto per uso civile, intrattenimento per adulti, attività dirette di gioco d'azzardo e altre imprese sulla base di criteri relativi alla condotta.
Per ulteriori dettagli si veda la sezione Lista di esclusioni basata sulla responsabilità di T. Rowe Price a pagina 119.
Il comparto investe principalmente in titoli di debito con rating pari o superiore a BBB- attribuito da Standard & Poor's o equivalente (oppure di qualità equivalente se sprovvisti di rating) ed emessi da società. In conformità con il proprio sistema di valutazione interno, il gestore degli investimenti assicura che i titoli di debito societari sprovvisti di rating nei quali il comparto investe siano della medesima qualità dei titoli con rating dello stesso tipo. I titoli di debito in portafoglio possono includere obbligazioni a tasso fisso e variabile, warrant e altri titoli di debito trasferibili di qualsiasi tipo, compresi i titoli ad alto rendimento. Il comparto può investire anche in azioni privilegiate e titoli ibridi, nonché in titoli di Stato. Il comparto può anche investire fino al 25% in obbligazioni convertibili (inclusi contingent convertible bond fino a un massimo del 10%).
Per realizzare il proprio obiettivo d'investimento, il comparto può anche investire, in via accessoria, in altri titoli idonei descritti nella sezione "Politiche e restrizioni agli investimenti generali" a partire da pagina 115. Il comparto può investire in via accessoria e in misura più che limitata in asset-backed securities (ABS) e mortgage-backed securities (MBS).
Gli investimenti sottostanti questo fondo non tengono conto dei criteri UE per le attività economiche ecosostenibili ai sensi del Regolamento sulla Tassonomia. Pertanto, anche il principio del "non arrecare un danno significativo" non è attualmente applicabile. | ###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of investment-grade corporate bonds from issuers around the world, including emerging markets.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities that are rated BBB- or higher by Standard & Poor’s or have an equivalent rating (or, if unrated, are of equivalent quality) and are issued by companies. In accordance with its own internal rating system, the investment manager will ensure that the unrated corporate debt securities in which the fund invests are of the same quality as the rated securities of the same type. Portfolio debt securities can include fixed and floating rate bonds, warrants and other transferable debt securities of any type, including high-yield securities. The fund may also invest in preferred shares, hybrids, as well as government securities. The fund may also invest up to 25% in convertible bonds (including up to 10% in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. The fund may invest in asset-backed securities (ABS) and mortgage-backed securities (MBS), on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | en | it |
DOLFIN4425 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Conflicts of interest
Actual or potential conflicts of interest may also arise between the SICAV, the Shareholders or the Management Company on the one hand and the Depositary on the other hand.
For example, such actual or potential conflict may arise because the Depositary is part of a legal entity or is related to a legal entity which provides other products or services to the SICAV or the Management Company. In particular, depositary and administration services are provided by the same legal entity, Citibank Europe plc, Luxembourg Branch. In practice, however, the depositary and administration lines of business are functionally and hierarchically separated and operate on an arm’s length basis. In addition, the Depositary may have a financial or business interest in the provision of such products or services, or receives remuneration for related products or services provided to the SICAV, or may have other clients whose interests may conflict with those of the SICAV, the Shareholders or the Management Company.
The Depositary and any of its affiliates may effect, and make a profit from, transactions in which the Depositary (or its affiliates, or another client of the Depositary or its affiliates) has (directly or indirectly) a material interest or a relationship of any description and which involves or may involve a potential conflict with the Depositary’s duty to the SICAV. This includes circumstances in which the Depositary or any of its affiliates or connected persons: acts as market maker in the investments of the SICAV; provides broking services to the SICAV and/or to other funds or companies; acts as financial adviser, banker, derivatives counterparty or otherwise provides services to the issuer of the investments of the SICAV; acts in the same transaction as agent for more than one client; has a material interest in the issue of the investments of the SICAV; or earns profits from or has a financial or business interest in any of these activities.
The group-wide conflict of interest policy provides that Citi manages conflicts through various policies, procedures and/or processes, which may, depending upon the conflict, include prevention or avoidance of conflicts, or appropriate disclosures, establishing information barriers, restructuring transactions, products or processes, and/or changing compensation incentives. The Depositary has a conflict of interest policy in place to identify, manage and monitor on an on-going basis any actual or potential conflict of interest. The Depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks. The system of internal controls, the different reporting lines, the allocation of tasks and the management reporting allow potential conflicts of interest and the Depositary issues to be properly identified, managed and monitored.
In accordance with Luxembourg law, Shareholders may request an up to date statement regarding any of the information set out above from the Depositary. | ###### Interessenkonflikte
Tatsächliche oder potenzielle Interessenkonflikte können auch zwischen der SICAV, den Anteilinhabern oder der Verwaltungsgesellschaft einerseits und der Depotbank andererseits entstehen.
Solche tatsächlichen oder potenziellen Interessenkonflikte können beispielsweise entstehen, weil die Depotbank Teil eines Rechtsträgers oder mit einem Rechtsträger verbunden ist, der andere Produkte oder Dienstleistungen für die SICAV oder die Verwaltungsgesellschaft erbringt. Insbesondere werden Verwahrungs- und Verwaltungsdienstleistungen von demselben Rechtsträger, Citibank Europe plc, Niederlassung Luxemburg, erbracht. In der Praxis sind jedoch die Geschäftseinheiten für Verwahrungs- und Verwaltungsdienstleistungen funktional und hierarchisch voneinander getrennt und operieren wie unabhängige Parteien. Außerdem hat die Depotbank möglicherweise ein finanzielles oder geschäftliches Interesse an der Bereitstellung dieser Produkte oder Dienstleistungen oder erhält eine Vergütung für ähnliche Produkte oder Dienstleistungen, die sie für die SICAV erbringt, oder sie hat möglicherweise andere Kunden, deren Interessen mit denen der SICAV, der Anteilinhaber oder der Verwaltungsgesellschaft in Konflikt geraten können.
Die Depotbank und ihre verbundenen Personen dürfen Transaktionen, an denen die Depotbank (oder ihre verbundenen Unternehmen oder ein anderer Kunde der Depotbank oder seine verbundenen Unternehmen) ein (direktes oder indirektes) wesentliches Interesse oder eine wie auch immer geartete Beziehung hat und die zu einem tatsächlichen oder potenziellen Konflikt mit den Pflichten der Depotbank gegenüber der SICAV führen können, durchführen und damit Gewinne machen. Dies gilt auch in Fällen, in denen die Depotbank oder eines ihrer verbundenen Unternehmen bzw. eine mit ihr verbundene Person: im Hinblick auf die Anlagen der SICAV als Market Maker agiert; Maklerdienste für die SICAV und/oder andere Fonds oder Gesellschaften erbringt; als Finanzberater, Bankier oder Gegenpartei bei Derivatgeschäften agiert oder anderweitig Dienstleistungen für die Emittenten der Anlagen der SICAV erbringt; im Rahmen derselben Transaktion als Agent für mehr als einen Kunden agiert; ein wesentliches Interesse an der Ausgabe der Anlagen der SICAV hat; oder durch eine dieser Aktivitäten Gewinne erzielt bzw. ein finanzielles oder geschäftliches Interesse daran hat.
Durch die konzernweite Interessenkonfliktrichtlinie ist sichergestellt, dass Citi Konflikte mithilfe verschiedener Richtlinien, Verfahren und/oder Prozesse behandelt. Dazu gehören, je nach Art des Konflikts, die Verhinderung oder Vermeidung von Konflikten oder angemessene Offenlegungen, die Einführung von Informationsbarrieren, Umstrukturierung von Transaktionen, Produkten oder Prozessen und/oder die Änderung von Vergütungsanreizen. Die Depotbank verfügt über eine Interessenkonfliktrichtlinie, mit deren Hilfe tatsächliche oder potenzielle Interessenkonflikte festgestellt, bewältigt und fortlaufend überwacht werden. Die Depotbank hat die Erfüllung ihrer Verwahrungsaufgaben funktional und hierarchisch von ihren anderen, möglicherweise kollidierenden Aufgaben getrennt. Das System interner Kontrollen, die unterschiedlichen Berichtslinien, die Zuteilung von Aufgaben und die Managementberichterstattung ermöglichen, dass potenzielle Interessenkonflikte und Depotbankprobleme ordnungsgemäß identifiziert, bewältigt und überwacht werden können.
Gemäß dem Luxemburger Gesetz können Anteilinhaber eine aktuelle Erklärung in Bezug auf alle oben dargelegten Informationen bei der Depotbank anfordern. | ###### Conflicts of interest
Actual or potential conflicts of interest may also arise between the SICAV, the Shareholders or the Management Company on the one hand and the Depositary on the other hand.
For example, such actual or potential conflict may arise because the Depositary is part of a legal entity or is related to a legal entity which provides other products or services to the SICAV or the Management Company. In particular, depositary and administration services are provided by the same legal entity, Citibank Europe plc, Luxembourg Branch. In practice, however, the depositary and administration lines of business are functionally and hierarchically separated and operate on an arm’s length basis. In addition, the Depositary may have a financial or business interest in the provision of such products or services, or receives remuneration for related products or services provided to the SICAV, or may have other clients whose interests may conflict with those of the SICAV, the Shareholders or the Management Company.
The Depositary and any of its affiliates may effect, and make a profit from, transactions in which the Depositary (or its affiliates, or another client of the Depositary or its affiliates) has (directly or indirectly) a material interest or a relationship of any description and which involves or may involve a potential conflict with the Depositary’s duty to the SICAV. This includes circumstances in which the Depositary or any of its affiliates or connected persons: acts as market maker in the investments of the SICAV; provides broking services to the SICAV and/or to other funds or companies; acts as financial adviser, banker, derivatives counterparty or otherwise provides services to the issuer of the investments of the SICAV; acts in the same transaction as agent for more than one client; has a material interest in the issue of the investments of the SICAV; or earns profits from or has a financial or business interest in any of these activities.
The group-wide conflict of interest policy provides that Citi manages conflicts through various policies, procedures and/or processes, which may, depending upon the conflict, include prevention or avoidance of conflicts, or appropriate disclosures, establishing information barriers, restructuring transactions, products or processes, and/or changing compensation incentives. The Depositary has a conflict of interest policy in place to identify, manage and monitor on an on-going basis any actual or potential conflict of interest. The Depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks. The system of internal controls, the different reporting lines, the allocation of tasks and the management reporting allow potential conflicts of interest and the Depositary issues to be properly identified, managed and monitored.
In accordance with Luxembourg law, Shareholders may request an up to date statement regarding any of the information set out above from the Depositary. | en | de |
DOLFIN4426 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Redemption requests from and payments to Shareholders in the Federal Republic ofGermany
Shareholders in Germany may submit their applications to redeem and exchange Fund’s Shares to the relevant custodian office in Germany, which forwards the applications for processing to the Management Company or requests redemption on behalf of the investor under their own name.
Company payments, payments for redemption transactions and other payments to Shareholders in Germany are also made via the custodian office in Germany, and the latter credits payments to the account of the Shareholder.
Publications
Issue and redemption prices are published in the Stock Exchange newspaper. Information sheets for investors as well as all documents or information for which there is a publication obligation in Luxembourg are published at http://www.bundesanzeiger.de/Bundesanzeiger.
In addition to publication in the Federal Gazette, the Shareholders will be informed of the following by means of a permanent data carrier within the meaning of § 167 KAGB:
- the suspension of the redemption of Fund’s Shares;
- the termination of administration or dissolution of the Company or Fund;
- changes to the memorandum and/or articles of association of the Fund which are inconsistent with the existing investment regulations or relate to the fundamental rights of the Shareholders or the fees and reimbursement of costs which may be deducted from the fund assets;
- the merger of the Fund (the merger information must be prepared in the form required by Article 43 of Directive 2009/65/EC; and where applicable); and
- the conversion of the Fund into a feeder fund and the change of a master fund (the Information must be prepared in the form required by Article 64 of Directive 2009/65/EC is required). | Rücknahmeanträge von und Zahlungen an Anteilsinhaber in der BundesrepublikDeutschland
Anteilsinhaber in Deutschland können ihre Anträge auf Rücknahme und Umtausch der Fondsanteile bei der zuständigen Verwahrstelle in Deutschland einreichen, die die Anträge zur Bearbeitung an die Verwaltungsgesellschaft weiterleitet oder im Auftrag des Anlegers die Rücknahme in ihrem eigenen Namen beantragt.
Gesellschaftszahlungen, Zahlungen für Rücknahmegeschäfte und sonstige Zahlungen an Anteilsinhaber in Deutschland erfolgen ebenfalls über die Verwahrstelle in Deutschland und diese schreibt Zahlungen dem Konto des Anteilsinhabers gut.
Veröffentlichungen
Ausgabe- und Rücknahmepreise werden in der Börsenzeitung veröffentlicht. Informationsblätter für Anleger sowie alle Dokumente oder Informationen, für die eine Publikationspflicht in Luxemburg besteht, sind unter http://www.bundesanzeiger.de/Bundesanzeiger veröffentlicht.
Neben der Veröffentlichung im Bundesanzeiger werden die Anteilsinhaber auf einem dauerhaften Datenträger im Sinne des § 167 KAGB über Folgendes informiert:
- die Aussetzung der Rücknahme von Fondsanteilen;
- die Beendigung der Verwaltung oder die Auflösung der Gesellschaft oder des Fonds;
- Änderungen an der Gründungsurkunde und/oder Satzung des Fonds, die mit den bestehenden Anlagevorschriften unvereinbar sind oder die Grundrechte der Anteilsinhaber oder die Gebühren und Kostenerstattungen betreffen, die vom Fondsvermögen abgezogen werden können;
- die Verschmelzung des Fonds (die Verschmelzungsinformationen müssen ggf. in der Form erstellt werden, die gemäß Artikel 43 der Richtlinie 2009/65/EG erforderlich ist); und
- die Umwandlung des Fonds in einen Feeder-Fonds und die Änderung eines Master-Fonds (die Informationen müssen in der Form erstellt werden, die gemäß Artikel 64 der Richtlinie 2009/65/EG erforderlich ist). | Redemption requests from and payments to Shareholders in the Federal Republic ofGermany
Shareholders in Germany may submit their applications to redeem and exchange Fund’s Shares to the relevant custodian office in Germany, which forwards the applications for processing to the Management Company or requests redemption on behalf of the investor under their own name.
Company payments, payments for redemption transactions and other payments to Shareholders in Germany are also made via the custodian office in Germany, and the latter credits payments to the account of the Shareholder.
Publications
Issue and redemption prices are published in the Stock Exchange newspaper. Information sheets for investors as well as all documents or information for which there is a publication obligation in Luxembourg are published at http://www.bundesanzeiger.de/Bundesanzeiger.
In addition to publication in the Federal Gazette, the Shareholders will be informed of the following by means of a permanent data carrier within the meaning of § 167 KAGB:
- the suspension of the redemption of Fund’s Shares;
- the termination of administration or dissolution of the Company or Fund;
- changes to the memorandum and/or articles of association of the Fund which are inconsistent with the existing investment regulations or relate to the fundamental rights of the Shareholders or the fees and reimbursement of costs which may be deducted from the fund assets;
- the merger of the Fund (the merger information must be prepared in the form required by Article 43 of Directive 2009/65/EC; and where applicable); and
- the conversion of the Fund into a feeder fund and the change of a master fund (the Information must be prepared in the form required by Article 64 of Directive 2009/65/EC is required). | en | de |
DOLFIN4427 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 26 Duration of the Subfunds and Dissolution
- The individual subfunds have been established for an indefinite period.
- The fund management company or the Custodian Bank may dissolve some or all of the subfunds by terminating the fund contract without notice.
- The subfund may be dissolved by order of the supervisory authority, in particular if at the latest one year after the expiry of the subscription period (launch) or a longer extended period approved by the supervisory authority at the request of the Custodian Bank and the fund management company it doesnot have net assets of at least CHF 5 million (or the equivalent).
- The fund management company shall inform the supervisory authority of the dissolution immediately and shall publish notification in the medium of publication.
- Once the fund contract has been terminated, the fund management company may liquidate the subfund forthwith. If the supervisory authority has ordered the dissolution of the subfund, it must be liquidated forthwith. The Custodian Bank is responsible for the payment of liquidation proceeds to the investors. If the liquidation proceedings are protracted, payment may be made in installments. Prior to the final payment, the fund management company must obtain authorization from the supervisory authority.
- The provisions in § 18 regarding transfers of assets in kind shall also apply, mutatis mutandis, in the event of liquidation. Investors in the corresponding unit classes who wish to have their liquidation proceeds transferred to them in the form of gold must submit a corresponding request to the Custodian Bank. This request must be received by the Custodian Bank not later than 15 bank working days in Zurich after the date on which the liquidation of the relevant subfund is published. In the event of the subfunds or umbrella fund being liquidated, the investor’s entitlement to a transfer of the assets in kind shall be limited to the corresponding gold holdings of the subfunds or umbrella fund respectively. If all investors who are entitled to the transfer of assets in kind request such a transfer in the event of liquidation to an extent that exceeds the corresponding gold holdings, the transfer shall be reduced pro rata, with part of the payment being made in cash.
- | # § 26 Laufzeit der Teilvermögen und Auflösung
- Die einzelnen Teilvermögen bestehen auf unbestimmte Zeit.
- Die Fondsleitung oder die Depotbank können die Auflösung einzelner oder sämtlicher Teilvermögen durch fristlose Kündigung des Fondsvertrags herbeiführen.
- Das Teilvermögen kann durch Verfügung der Aufsichtsbehörde aufgelöst werden, insbesondere wenn es spätestens ein Jahr nach Ablauf der Zeichnungsfrist (Lancierung) oder einer längeren, durch die Aufsichtsbehördeauf Antrag der Depotbank und der Fondsleitung erstreckten Frist nicht über ein Nettovermögen von mindestens 5 Millionen Schweizerfranken (oder Gegenwert) verfügt.
- Die Fondsleitung gibt der Aufsichtsbehörde die Auflösung unverzüglich bekannt und veröffentlicht sie im Publikationsorgan.
- Nach erfolgter Kündigung des Fondsvertrags darf die Fondsleitung das Teilvermögen unverzüglich liquidieren. Hat die Aufsichtsbehörde die Auflösung des Teilvermögens verfügt, so muss dieses unverzüglich liquidiert werden. Die Auszahlung des Liquidationserlöses an die Anleger ist der Depotbank übertragen. Sollte die Liquidation längere Zeit beanspruchen, kann der Erlös in Teilbeträgen ausbezahlt werden. Vor der Schlusszahlung muss die Fondsleitung die Bewilligung der Aufsichtsbehörde einholen.
- Die Bestimmungen von § 18 über die Sachauslage finden sinngemäss auch im Liquidationsfall Anwendung. Anleger der entsprechenden Anteilklassen, welche die Sachauslage ihres Liquidationsbetreffnisses in Gold wünschen, müssen einen entsprechenden Antrag an die Depotbank stellen. Dieser Antrag muss innert 15 Bankwerktagen in Zürich nach dem Tag der Publikation der Auflösung des betreffenden Teilvermögens bei der Depotbank eingehen. Im Falle der Liquidation der Teilvermögen bzw. des Umbrella-Fonds ist das Recht des Anlegers auf Sachauslage auf die von den Teilvermögen bzw. Umbrella-Fonds gehaltenen entsprechenden Goldbestände der Teilvermögen beschränkt. Sofern die Gesamtheit der zur Sachauslage berechtigten Anleger der Teilvermögen im Liquidationsfall die Sachauslage in einem Umfang verlangen, der die entsprechenden Goldbestände übersteigt, erfolgt eine anteilsmässige Kürzung der Sachauslage und eine teilweise Barauszahlung.
- | # § 26 Duration of the Subfunds and Dissolution
- The individual subfunds have been established for an indefinite period.
- The fund management company or the Custodian Bank may dissolve some or all of the subfunds by terminating the fund contract without notice.
- The subfund may be dissolved by order of the supervisory authority, in particular if at the latest one year after the expiry of the subscription period (launch) or a longer extended period approved by the supervisory authority at the request of the Custodian Bank and the fund management company it doesnot have net assets of at least CHF 5 million (or the equivalent).
- The fund management company shall inform the supervisory authority of the dissolution immediately and shall publish notification in the medium of publication.
- Once the fund contract has been terminated, the fund management company may liquidate the subfund forthwith. If the supervisory authority has ordered the dissolution of the subfund, it must be liquidated forthwith. The Custodian Bank is responsible for the payment of liquidation proceeds to the investors. If the liquidation proceedings are protracted, payment may be made in installments. Prior to the final payment, the fund management company must obtain authorization from the supervisory authority.
- The provisions in § 18 regarding transfers of assets in kind shall also apply, mutatis mutandis, in the event of liquidation. Investors in the corresponding unit classes who wish to have their liquidation proceeds transferred to them in the form of gold must submit a corresponding request to the Custodian Bank. This request must be received by the Custodian Bank not later than 15 bank working days in Zurich after the date on which the liquidation of the relevant subfund is published. In the event of the subfunds or umbrella fund being liquidated, the investor’s entitlement to a transfer of the assets in kind shall be limited to the corresponding gold holdings of the subfunds or umbrella fund respectively. If all investors who are entitled to the transfer of assets in kind request such a transfer in the event of liquidation to an extent that exceeds the corresponding gold holdings, the transfer shall be reduced pro rata, with part of the payment being made in cash.
- | en | de |
DOLFIN4428 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If third parties provide collateral for the investment fund, this will be subject to the typical investment risks associated with such collateral, including the risk that a position cannot be liquidated in good time for an appropriate price (liquidity risk) and the risk that is associated with custody of the collateral (custody risk) and the operating risk associated with management of collateral, e.g. in case of an error in calculating the collateral required.
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#### Commodity risk | Werden dem Investmentfonds durch Dritte Sicherheiten gestellt, unterliegen diese den typischerweise mit ihnen verbundenen Anlagerisiken inklusive dem Risiko, dass eine Position nicht rechtzeitig zu einem angemessenen Preis liquidiert werden kann (Liquiditätsrisiko) sowie dem Risiko, das mit der Verwahrung der Sicherheiten verbunden ist (Verwahrrisiko) und dem mit dem Sicherheitenmanagement verbundenen operativen Risiko wie etwa im Falle eines
Fehlers bei der Berechnung der benötigten Sicherheiten.
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#### Commodity-Risiko (Rohstoffrisiko) | If third parties provide collateral for the investment fund, this will be subject to the typical investment risks associated with such collateral, including the risk that a position cannot be liquidated in good time for an appropriate price (liquidity risk) and the risk that is associated with custody of the collateral (custody risk) and the operating risk associated with management of collateral, e.g. in case of an error in calculating the collateral required.
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#### Commodity risk | en | de |
DOLFIN4429 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event (e.g. announced mergers and acquisitions).
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will 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 objective and the Fund may, via FDIs, generate 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. The ICE BofAML 3-MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Strategic Funds. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the BlackRock website at: www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
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.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. Intended retail investor: This Fund is intended for retail investors (i) with knowledge and/or experience of these types of products, (ii) that have obtained appropriate investment advice and (iii) that have the ability to bear losses up to the amount they have invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | ## Objetivos
El Fondo tiene por objetivo obtener una rentabilidad absoluta positiva a través de una combinación de revalorización del capital y rendimientos de su inversión.
En condiciones normales del mercado, el Fondo tratará de mantener al menos el 70 % de su exposición a inversiones en valores de renta variable (como acciones) de todo el mundo y en valores asimilados a la renta variable. El Fondo también podrá invertir en valores de renta fija (RF) (como bonos), instrumentos relacionados con renta fija, instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo.
El Fondo utilizará un proceso de inversión basado en fundamentales y centrado en la identificación de inversiones sometidas a un evento catalizador suficientemente definido (por ejemplo, anuncios de fusiones y adquisiciones).
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento). Estos pueden incluir valores con una calificación de solvencia relativamente baja o que carezcan de calificación.
El asesor de inversiones (AI) utilizará instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para ayudar a alcanzar el objetivo de inversión del Fondo y el Fondo, mediante el uso de IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurra 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. Los accionistas deberán utilizar el ICE BofAML 3-MO US Treasury Bill para comparar la rentabilidad del Fondo.
El precio de los valores fluctúa diariamente y puede verse influido por factores que afecten a la rentabilidad de cada una de las empresas que emiten los valores, así como por los movimientos diarios del mercado bursátil y por la situación económica y política general, que también puede afectar al valor de su inversión.
El precio de un derivado cambia diariamente en función del valor de los activos de referencia subyacentes, lo que a su vez puede afectar al valor de su inversión. Un cambio en el valor de los activos de referencia subyacentes puede tener un mayor impacto en el valor de los derivados que si los activos se mantuvieran directamente, ya que los derivados pueden ser más sensibles a los cambios en el valor de los activos de referencia subyacentes.
La rentabilidad de su inversión en el Fondo estará directamente relacionada con el valor de los activos subyacentes del Fondo, menos los costes (véase el apartado «¿Cuáles son los costes?»).
La relación entre la rentabilidad de la inversión, cómo se ve afectada y el periodo durante el cual usted deberá mantener la inversión son aspectos que se consideran más abajo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
El depositario del Fondo es State Street Bank International GmbH, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Strategic Funds. Estos documentos están disponibles de forma gratuita en inglés y en otros idiomas. Podrán obtenerse, junto con otra información (práctica), incluidos los precios de las participaciones, en el sitio web de BlackRock: www.blackrock.com, o llamando al equipo de Servicios para Inversores Internacionales al +44 (0) 20 7743 3300.
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.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda.
Inversor minorista al que va dirigido: Este Fondo está destinado a inversores minoristas (i) con conocimientos y/o experiencia en estos tipos de productos, (ii) que hayan recibido un asesoramiento adecuado sobre inversiones y (iii) que puedan soportar unas pérdidas máximas iguales al importe que hayan invertido en el Fondo (véase el apartado «¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?»).
Prestaciones de seguros: El Fondo no ofrece ninguna prestación de seguros. | ## Objectives
The Fund aims to achieve a positive absolute return through a combination of capital growth and income on your investment.
Under normal market conditions, the Fund will seek to gain at least 70% of its investment exposure through global equity securities (e.g. shares) and equity related securities. The Fund may also invest in fixed income (FI) securities (such as bonds), FI related securities, funds, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The Fund will employ a fundamentals-based investment process focussed on identifying investments that are undergoing a sufficiently defined catalyst event (e.g. announced mergers and acquisitions).
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development). These may include securities which have a relatively low credit rating or which are unrated.
The investment adviser (IA) will 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 objective and the Fund may, via FDIs, generate 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. The ICE BofAML 3-MO US Treasury Bill should be used by shareholders to compare the performance of the Fund.
The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment.
The price of a derivative changes on a daily basis depending on the value of the underlying reference asset(s) which in turn may affect the value of your investment. A change in the value of underlying reference assets can have a greater impact on the value of derivatives than if the assets were held directly since derivatives can be more sensitive to changes in the value of underlying reference assets.
The return on your investment in the Fund is directly related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below).
The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).
The depositary of the Fund is State Street Bank International GmbH, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Strategic Funds. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the BlackRock website at: www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
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.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. Intended retail investor: This Fund is intended for retail investors (i) with knowledge and/or experience of these types of products, (ii) that have obtained appropriate investment advice and (iii) that have the ability to bear losses up to the amount they have invested in the Fund (see “How long should I hold it and can I take my money out early?”).
Insurance benefits: The Fund does not offer any insurance benefits. | en | es |
DOLFIN4430 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
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 lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
For non-distributing share classes, income earned by the Fund is fully reinvested. Distributing share classes may pay income earned to investors through dividends.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is a business day in both Dublin and Luxembourg. You can place an order to buy or sell shares on any business day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is EUR.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price. The Fund’s investments include shares in small-cap companies.Small-cap companies tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest directly or indirectly (through participatory notes or low exercise price/call warrants) in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Risiko- und Ertragsprofil
Niedrige Risiken Hohe Risiken
Üblicherweise niedrigere Erträge Üblicherweise höhere Erträge
Der Risiko- und Ertragsindikator wird auf Grundlage der Volatilität der Anteilsklasse (Auf- und Abwärtsbewegungen ihres Wertes) innerhalb eines Zeitraums von fünf Jahren berechnet.
Der Risiko- und Ertragsindikator:
basiert auf historischen Daten und kann nicht als verlässlicher Hinweis auf das künftige Risikoprofil herangezogen werden;
unterliegt keiner Garantie und kann sich im Laufe der Zeit verändern.
Die Einstufung der Anteilsklasse in die niedrigste Kategorie ist nicht mit einer risikofreien Anlage gleichzusetzen.
Ihr eingesetztes Kapital unterliegt keiner Garantie.
Bei der Einstufung der Anteilsklasse wurden die folgenden Faktoren berücksichtigt:
Die Anlage in Aktien kann zu einer erhöhten Volatilität führen, da ihr Wert unter Umständen stärker schwankt als der Wert anderer Finanzinstrumente, wie beispielsweise Anleihen.
Der Fonds kann in Aktien anlegen, die auf von der Währung der Anteilsklasse abweichende Währungen lauten. Das kann dazu führen, dass der Wert der Anteilsklasse aufgrund von Wechselkursbewegungen steigt oder fällt.
Der Fonds wird aktiv verwaltet. Das bedeutet, dass der Fondsverwalter anhand einer gründlichen Fundamentalanalyse eine diskretionäre Unternehmensauswahl trifft. Der Fonds wird ohne Bezug auf einen Referenzwert verwaltet.
Für thesaurierende Anteilsklassen werden die durch den Fonds erzielten Erträge in voller Höhe neu angelegt. Für ausschüttende Anteilsklassen können die erzielten Erträge in Form von Dividenden an die Anleger ausgeschüttet werden.
Aufgrund des langfristigen Anlageziels ist der Fonds unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von weniger als fünf Jahren aus dem Fonds wieder zurückziehen wollen.
Anteile des Fonds werden an jedem Tag gehandelt, der sowohl in Dublin als auch in Luxemburg ein Geschäftstag ist. Aufträge für den Kauf oder Verkauf von Anteilen können an jedem Geschäftstag erteilt werden.
Der Fonds darf Devisentermingeschäfte verwenden, um die Auswirkungen von Wechselkursschwankungen auf den Wert des Fonds einzuschränken. Devisenswapgeschäfte werden zum Rollieren von fällig werdenden Devisentermingeschäften eingesetzt.
Die Basiswährung des Fonds ist der EUR.
Zu den Risiken, die nicht im Indikator erfasst werden, gehören die Folgenden:
Liquiditätsrisiko: Das Risiko, dass einige durch den Fonds gehaltene Wertpapiere zu einem gewünschten Zeitpunkt und Preis nur eingeschränkt oder gar nicht zu verkaufen sind. Die Anlagen des Fonds enthalten Aktien von Unternehmen mit geringer Marktkapitalisierung. Die Aktien von Unternehmen mit geringer Marktkapitalisierung werden üblicherweise weniger häufig und in geringeren Mengen gehandelt als die Aktien größerer Unternehmen, wodurch sie eine geringere Liquidität und eine erhöhte Volatilität aufweisen.
Kontrahentenrisiko: Der Fonds kann Verluste erleiden, wenn eine Gegenpartei zahlungsunfähig wird und ihre vertraglichen Verpflichtungen gegenüber dem Fonds nicht erfüllen kann.
Schwellenlandrisiko: Mit der Anlage in Unternehmen aus Schwellenländern sind höhere Risiken verbunden als mit Anlagen in etablierten Wirtschaftssystemen oder Wertpapiermärkten. Das Rechts- und politische System eines Schwellenlandes ist unter Umständen weniger stabil, was sich auf die sichere Verwahrung oder den Wert von Vermögenswerten auswirken kann. Anlagen in einen auf Schwellenländer konzentrierten Fonds sollten keinen substanziellen Bestandteil des Anlageportfolios bilden.
China-Risiko: Der Fonds darf direkt oder indirekt (über Beteiligungspapiere oder Optionsscheine mit niedrigem Ausübungspreis/Call-Optionen) in chinesische A-Aktien investieren, was zusätzliche Risiken in sich birgt, die im Prospekt des Fonds unter „Risiken bei Anlagen in China“ aufgeführt sind.
Eine ausführliche Beschreibung der Risiken findet sich im Abschnitt "Risikofaktoren" im Prospekt des Fonds. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
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 lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
For non-distributing share classes, income earned by the Fund is fully reinvested. Distributing share classes may pay income earned to investors through dividends.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is a business day in both Dublin and Luxembourg. You can place an order to buy or sell shares on any business day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is EUR.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price. The Fund’s investments include shares in small-cap companies.Small-cap companies tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest directly or indirectly (through participatory notes or low exercise price/call warrants) in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | de |
DOLFIN4431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| DOCUMENT D’INFORMATIONS CLES 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. |
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| PRODUIT | | | | |
| Produit : | The Cheyne Fund (UCITS) - A3 GBP | ISIN | IE000OSAY2L3 |
| Initiateur : | Cheyne Capital SMC Limited | | | |
| Site internet : | www.cheynecapital.com | Contact : | +44 (0)20 7968 7450 | |
| Autorité compétente : | Cheyne Capital SMC Limited est agréée en Irlande et réglementée par la Banque centrale d’Irlande. |
| Domicile : | Irlande | | | |
| Le présent document est exact au : 01 janvier 2023. |
| Vous êtes sur le point d'acheter un produit qui n'est pas simple et qui peut être difficile à comprendre. |
| EN QUOI CONSISTE CE PRODUIT ? |
| Type : | | | | |
| Le Fonds est un compartiment de Cheyne Select UCITS Fund plc (la « Société »), une société d’investissement à capital variable appliquant le principe de ségrégation des passifs entre les compartiments. Cela signifie que les actifs du Fonds, y compris votre investissement, ne peuvent pas être utilisés pour honorer les passifs d’autres compartiments de la Société. |
| Durée : Ce produit ne présente pas d'échéance fixe. |
| Objectifs : | | | | |
| L’objectif d’investissement du Fonds vise à obtenir des taux de rendement totaux ajustés au risque positifs, quelles que soient les conditions générales du marché, avec une volatilité modérée et en faisant attention à limiter les pertes. Il ne saurait être assuré que le Fonds satisfera à son objectif d’investissement. Le Fonds cherche à atteindre son objectif d’investissement principalement par le biais d’investissements longs et courts synthétiques dans des titres de crédit, des actions et des titres assimilés à des actions d’entreprises, comme indiqué plus en détail ci-dessous. Les positions courtes ne peuvent être prises que par le biais d’IFD. Les positions longues peuvent être détenues par le biais d’une combinaison d’achat direct de titres et/ou d’IFD. L’effet de levier brut du Fonds, calculé sur la base des valeurs notionnelles des instruments dérivés, ne dépassera généralement pas 1000 % de la Valeur nette d’inventaire du Fonds. Dans des conditions de marché normales, l’effet de levier devrait se situer entre 300 % et 800 % de la Valeur nette d’inventaire du Fonds. Le Fonds peut utiliser des contrats à terme standardisés, des contrats à terme de gré à gré, des swaps d’actions, des swaps d’obligations convertibles, des options et des swaps de défaut de crédit, y compris des IFD négociés en bourse et de gré à gré, pour atteindre son objectif d’investissement et couvrir les risques du Fonds. Le Fonds cherchera également à maintenir une exposition diversifiée à diverses sous-stratégies d’investissement, à savoir l’investissement en actions long/short, l’investissement en crédit long/short, l’investissement dans des titres convertibles, l’investissement arbitrage Event Driven. L’allocation d’actifs à ces sous-stratégies est déterminée par le Gestionnaire d’investissement de façon continue. Les revenus obtenus par le Fonds (après déduction des frais) ne seront pas distribués aux investisseurs mais ils seront accumulés dans la VNI du Fonds. Les investisseurs peuvent acheter des actions ou demander leur rachat chaque jour durant lequel les banques sont ouvertes à Dublin et à Londres (« Jours ouvrables »), avec un délai de préavis d’un Jour ouvrable pour l’achat et de quatre Jours ouvrables pour les rachats. Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez vous reporter au supplément du Fonds. |
| Investisseurs de détail visés : |
| Le Fonds s'adresse aux investisseurs de détail ayant des connaissances moyennes des instruments financiers sous-jacents ainsi qu'une certaine expérience du secteur financier. Le Fonds convient aux investisseurs à même de supporter des pertes en capital et qui n'ont pas besoin d'une garantie de capital. Le Fonds convient aux clients qui entendent conserver leur investissement pendant au moins deux (2) ans. | | | DOCUMENTO DE DATOS FUNDAMENTALES Finalidad Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. |
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| PRODUCTO | | | | |
| Producto: | The Cheyne Fund (UCITS) - A3 GBP | ISIN | IE000OSAY2L3 |
| Productor: | Cheyne Capital SMC Limited | | | |
| Sitio web: | www.cheynecapital.com | Contacto: | +44 (0)20 7968 7450 | |
| Autoridad competente: | Cheyne Capital SMC Limited está autorizada en Irlanda y regulada por el Banco Central de Irlanda. |
| Domicilio: | Irlanda | | | |
| Este documento es exacto a 01 enero 2023. |
| Está a punto de adquirir un producto que no es sencillo y que puede ser difícil de comprender. |
| ¿QUÉ ES ESTE PRODUCTO? |
| Tipo: | | | | |
| El Fondo es un subfondo de Cheyne Select UCITS Fund plc (la «Sociedad»), una sociedad de inversión de tipo abierto con responsabilidad segregada entre los subfondos. Esto significa que los activos del Fondo, incluida su inversión, no podrán utilizarse para atender los pasivos de otros subfondos de la Sociedad. |
| Plazo: Este producto no está sujeto a un plazo fijo. |
| Objetivos: | | | | |
| · El objetivo de inversión del Fondo es tratar de generar tipos de rentabilidad totales ajustados al riesgo positivos, independientemente de las condiciones generales del mercado, con una volatilidad moderada y un enfoque en la preservación de los riesgos. No se puede garantizar que el Fondo alcance su objetivo de inversión. El Fondo trata de alcanzar su objetivo de inversión principalmente mediante inversiones largas y cortas sintéticas en valores de crédito y renta variable y valores relacionados con la renta variable de empresas, como se describe a continuación. Las posiciones cortas solo pueden obtenerse a través de IED. Las posiciones largas pueden mantenerse mediante una combinación de compra directa de valores o IED. El apalancamiento bruto del Fondo, calculado sobre la base de los valores nocionales de los derivados, por lo general no superará el 1000 % del valor liquidativo del Fondo. En condiciones normales de mercado, se espera que el apalancamiento oscile entre el 300 % y el 800 % del valor liquidativo del Fondo. El Fondo podrá utilizar futuros, contratos a plazo, swaps de renta variable, swaps de bonos convertibles, opciones y permutas de incumplimiento crediticio, incluidas las IED negociadas en bolsa y extrabursátiles, para lograr el objetivo de inversión del Fondo y cubrir sus riesgos. El Fondo también tratará de mantener una exposición diversificada a varias subestrategias de inversión, es decir, inversión en renta variable a largo/corto plazo, inversión en crédito a largo/corto plazo, inversión en valores convertibles o inversión de arbitraje impulsada por eventos. La asignación de activos a dichas subestrategias la determina el Gestor de inversiones de forma continua. No se distribuirán los ingresos obtenidos por el Fondo (menos los gastos) a los inversores, sino que se acumularán en el VL del Fondo. Los inversores pueden comprar o reembolsar acciones cada día en el que los bancos estén abiertos al público en Londres y Dublín («Días hábiles»), con aviso previo de compra de un Día hábil y aviso previo de cuatro Días hábiles para reembolsos. Para obtener información detallada del objetivo y la política de inversión, así como de las políticas de suscripción y reembolso, consulte el suplemento del Fondo. |
| Inversor minorista al que va dirigido: |
| El Fondo resulta adecuado para inversores minoristas con conocimientos medios sobre los instrumentos financieros subyacentes y una cierta experiencia en el sector financiero. El Fondo es compatible con inversores que puedan soportar pérdidas de capital y que no necesiten ninguna garantía de capital. El Fondo es compatible con clientes que deseen mantener su inversión durante un período mínimo de dos (2) años. | | | DOCUMENT D’INFORMATIONS CLES 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. |
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| PRODUIT | | | | |
| Produit : | The Cheyne Fund (UCITS) - A3 GBP | ISIN | IE000OSAY2L3 |
| Initiateur : | Cheyne Capital SMC Limited | | | |
| Site internet : | www.cheynecapital.com | Contact : | +44 (0)20 7968 7450 | |
| Autorité compétente : | Cheyne Capital SMC Limited est agréée en Irlande et réglementée par la Banque centrale d’Irlande. |
| Domicile : | Irlande | | | |
| Le présent document est exact au : 01 janvier 2023. |
| Vous êtes sur le point d'acheter un produit qui n'est pas simple et qui peut être difficile à comprendre. |
| EN QUOI CONSISTE CE PRODUIT ? |
| Type : | | | | |
| Le Fonds est un compartiment de Cheyne Select UCITS Fund plc (la « Société »), une société d’investissement à capital variable appliquant le principe de ségrégation des passifs entre les compartiments. Cela signifie que les actifs du Fonds, y compris votre investissement, ne peuvent pas être utilisés pour honorer les passifs d’autres compartiments de la Société. |
| Durée : Ce produit ne présente pas d'échéance fixe. |
| Objectifs : | | | | |
| L’objectif d’investissement du Fonds vise à obtenir des taux de rendement totaux ajustés au risque positifs, quelles que soient les conditions générales du marché, avec une volatilité modérée et en faisant attention à limiter les pertes. Il ne saurait être assuré que le Fonds satisfera à son objectif d’investissement. Le Fonds cherche à atteindre son objectif d’investissement principalement par le biais d’investissements longs et courts synthétiques dans des titres de crédit, des actions et des titres assimilés à des actions d’entreprises, comme indiqué plus en détail ci-dessous. Les positions courtes ne peuvent être prises que par le biais d’IFD. Les positions longues peuvent être détenues par le biais d’une combinaison d’achat direct de titres et/ou d’IFD. L’effet de levier brut du Fonds, calculé sur la base des valeurs notionnelles des instruments dérivés, ne dépassera généralement pas 1000 % de la Valeur nette d’inventaire du Fonds. Dans des conditions de marché normales, l’effet de levier devrait se situer entre 300 % et 800 % de la Valeur nette d’inventaire du Fonds. Le Fonds peut utiliser des contrats à terme standardisés, des contrats à terme de gré à gré, des swaps d’actions, des swaps d’obligations convertibles, des options et des swaps de défaut de crédit, y compris des IFD négociés en bourse et de gré à gré, pour atteindre son objectif d’investissement et couvrir les risques du Fonds. Le Fonds cherchera également à maintenir une exposition diversifiée à diverses sous-stratégies d’investissement, à savoir l’investissement en actions long/short, l’investissement en crédit long/short, l’investissement dans des titres convertibles, l’investissement arbitrage Event Driven. L’allocation d’actifs à ces sous-stratégies est déterminée par le Gestionnaire d’investissement de façon continue. Les revenus obtenus par le Fonds (après déduction des frais) ne seront pas distribués aux investisseurs mais ils seront accumulés dans la VNI du Fonds. Les investisseurs peuvent acheter des actions ou demander leur rachat chaque jour durant lequel les banques sont ouvertes à Dublin et à Londres (« Jours ouvrables »), avec un délai de préavis d’un Jour ouvrable pour l’achat et de quatre Jours ouvrables pour les rachats. Pour obtenir des informations complètes sur les objectifs et la politique d’investissement, ainsi que sur les politiques de souscription et de rachat, veuillez vous reporter au supplément du Fonds. |
| Investisseurs de détail visés : |
| Le Fonds s'adresse aux investisseurs de détail ayant des connaissances moyennes des instruments financiers sous-jacents ainsi qu'une certaine expérience du secteur financier. Le Fonds convient aux investisseurs à même de supporter des pertes en capital et qui n'ont pas besoin d'une garantie de capital. Le Fonds convient aux clients qui entendent conserver leur investissement pendant au moins deux (2) ans. | | fr | es |
DOLFIN4432 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The methodology used for ESG selectivity is the following: the weighted average ESG score of the Eleva Leaders Small & Mid-Cap Europe Fund has to be significantly higher (i.e. better) than the average ESG score of its initial investment universe. This implies that the weighted average ESG score of the Sub-Fund may in no case be lower than the average ESG score of the initial investment universe after elimination of the 20% worst companies.
The Sub-Fund must show a better performance than its initial investment universe on the following two ESG key performance indicators: carbon footprint (in tons of CO2 equivalent/million euros invested) and weighted average of employees growth rates. In the event of non-compliance with this commitment, the Management Company has two Business Days to comply. The data coverage percentage has to reach at least 90% for the former and 70% for the latter.
In the event that a company sees its internal ESG score drop below the minimum required by the Management Company for Eleva Leaders Small & Mid-Cap Europe Fund (i.e. 40/100 rating), the position on the company will be sold no later than 3 months after the score has been downgraded in the best interest of the Shareholders.
The Eleva Leaders Small & Mid-Cap Europe Fund implements several sustainable approaches under steps 2 and 3, as defined by the Global Sustainable Investment Alliance: exclusionary screening, norm- based screening, positive ESG screening (i.e. “best in universe” or “best efforts).
Regarding financial criteria, fundamental analysis includes:
- the analysis of the business model of the company,
- its strategy,
- its financial outlook,
- its valuation. | Die für die ESG-Selektion verwendete Methode ist wie folgt: Der gewichtete durchschnittliche ESG- Score des Teilfonds Eleva Leaders Small & Mid-Cap Europe Fund muss höher (d. h. besser) als der durchschnittliche ESG-Score seines anfänglichen Anlageuniversums sein. Dies besagt, dass der gewichtete durchschnittliche ESG-Score des Teilfonds in keinem Fall niedriger als der durchschnittliche ESG-Score des anfänglichen Anlageuniversums nach Streichung von 20 % der schwächsten Unternehmen sein darf.
Der Teilfonds muss eine bessere Performance als sein anfängliches Anlageuniversum in Bezug auf die folgenden zwei wichtigen ESG-Performance-Indikatoren aufweisen: CO2-Fußabdruck (in Tonnen des CO2-Äquivalents/Mio. Euros investiert) und gewichteter Durchschnitt der Mitarbeiterwachstumsraten. Im Fall der Nichterfüllung dieser Verpflichtung hat die Verwaltungsgesellschaft zwei Geschäftstage, um ihr zu entsprechen. Der Prozentsatz der Datenabdeckung muss mindestens 90 % für das erste Kriterium und 70 % für Letzteres erreichen.
Für den Fall, dass der interne ESG-Score eines Unternehmens unter den von der Verwaltungsgesellschaft des Eleva Leaders Small & Mid-Cap Europe Fund (d. h. 40/100 Bewertung) geforderten Mindestwert fällt, wird die Position des Unternehmens spätestens 3 Monate nach der Herabstufung der Punktzahl im besten Interesse der Anteilsinhaber verkauft.
Der Eleva Leaders Small & Mid-Cap Europe Fund setzt mehrere nachhaltige Ansätze in den Schritten 2 und 3 um, wie sie von der Global Sustainable Investment Alliance definiert wurden: Ausschluss- Screening, normbasiertes Screening, positives ESG-Screening (d. h. „bestes Ergebnis im Universum“ oder „größte Bemühungen“).
Bezüglich finanzieller Kriterien umfasst eine Fundamentalanalyse:
- die Analyse des Geschäftsmodells des Unternehmens,
- seine Strategie,
- seine finanziellen Aussichten,
- seine Bewertung. | The methodology used for ESG selectivity is the following: the weighted average ESG score of the Eleva Leaders Small & Mid-Cap Europe Fund has to be significantly higher (i.e. better) than the average ESG score of its initial investment universe. This implies that the weighted average ESG score of the Sub-Fund may in no case be lower than the average ESG score of the initial investment universe after elimination of the 20% worst companies.
The Sub-Fund must show a better performance than its initial investment universe on the following two ESG key performance indicators: carbon footprint (in tons of CO2 equivalent/million euros invested) and weighted average of employees growth rates. In the event of non-compliance with this commitment, the Management Company has two Business Days to comply. The data coverage percentage has to reach at least 90% for the former and 70% for the latter.
In the event that a company sees its internal ESG score drop below the minimum required by the Management Company for Eleva Leaders Small & Mid-Cap Europe Fund (i.e. 40/100 rating), the position on the company will be sold no later than 3 months after the score has been downgraded in the best interest of the Shareholders.
The Eleva Leaders Small & Mid-Cap Europe Fund implements several sustainable approaches under steps 2 and 3, as defined by the Global Sustainable Investment Alliance: exclusionary screening, norm- based screening, positive ESG screening (i.e. “best in universe” or “best efforts).
Regarding financial criteria, fundamental analysis includes:
- the analysis of the business model of the company,
- its strategy,
- its financial outlook,
- its valuation. | en | de |
DOLFIN4433 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Return on your investment may be adversely affected by variations in exchange rates.
- The Share Class is in risk category 6 due to the rises and falls of its price or simulated data in the past.
- As the Share Class' risk category has been calculated using historical data, it may not be a reliable indication of the Share Class' future risk profile.
- The risk category may change in the future and is not guaranteed.
- The lowest category does not mean a risk free investment.
- It may be difficult for the Fund to buy or sell certain instruments in stressed market conditions. Consequently the price obtained when selling such instruments may be lower than under normal market conditions.
- The Fund may use Stock Connect to access China A Shares traded in Mainland China. This may result in additional liquidity risk and operational risks including settlement and default risks, regulatory risk and system failure risk.
- The Fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its investments or reduce the costs of investing, although this may not be achieved. The use of derivatives transactions may expose the Fund to counterparty risks that may result in losses to the Fund associated with the bankruptcy or insolvency of a counterparty.
- As a large portion of the Fund is invested in less developed countries, you should be prepared to accept significantly large fluctuations in the value of the Fund.
- A more detailed description of risk factors that apply to this Fund is set out in Section 8 of the Prospectus. | - Die Rendite Ihrer Anlage kann durch Wechselkursschwankungen beeinträchtigt werden.
- Die Anteilklasse ist der Risikokategorie 6 zuzuordnen, da ihr Preis bzw. die Simulationsdaten in der Vergangenheit Anstiege und Rückgänge verzeichnet haben.
- Da die Risikokategorie der Anteilklasse anhand von historischen Daten berechnet wurde, lässt sie möglicherweise keine zuverlässigen Rückschlüsse auf das zukünftige Risikoprofil der Anteilklasse zu.
- Die Risikokategorie kann sich in der Zukunft ändern und wird nicht garantiert.
- Die niedrigste Kategorie stellt keine risikolose Anlage dar.
- Unter angespannten Marktbedingungen kann es für den Fonds schwierig sein, bestimmte Instrumente zu kaufen oder zu verkaufen. Daher kann der beim Verkauf solcher Instrumente erzielte Preis niedriger sein als unter normalen Marktbedingungen.
- Der Fonds kann Stock Connect verwenden, um auf China A-Aktien zuzugreifen, die auf dem chinesischen Festland gehandelt werden. Dies kann zusätzliche Liquiditäts- und Betriebsrisiken zur Folge haben, einschließlich von Abwicklungs- und Ausfallrisiken, aufsichtsrechtlichen Risiken und dem Risiko eines Systemausfalls.
- Der Fonds kann Derivate (komplexe Instrumente) einsetzen, um zu versuchen, das Gesamtrisiko seiner Anlagen zu reduzieren oder die Anlagekosten zu senken. Es besteht jedoch die Möglichkeit, dass dies nicht erreicht wird. Die Nutzung von Derivattransaktionen kann den Fonds Kontrahentenrisiken aussetzen, die dem Fonds Verluste einbringen können, die mit dem Konkurs oder der Insolvenz eines Kontrahenten verbunden sind.
- Da ein großer Anteil des Fonds in weniger entwickelten Ländern investiert ist, sollten Sie darauf vorbereitet sein, erhebliche Schwankungen des Fondswerts hinzunehmen.
- Eine detaillierte Beschreibung der für den Fonds geltenden Risikofaktoren ist in Abschnitt 8 des Verkaufsprospekts aufgeführt. | - Return on your investment may be adversely affected by variations in exchange rates.
- The Share Class is in risk category 6 due to the rises and falls of its price or simulated data in the past.
- As the Share Class' risk category has been calculated using historical data, it may not be a reliable indication of the Share Class' future risk profile.
- The risk category may change in the future and is not guaranteed.
- The lowest category does not mean a risk free investment.
- It may be difficult for the Fund to buy or sell certain instruments in stressed market conditions. Consequently the price obtained when selling such instruments may be lower than under normal market conditions.
- The Fund may use Stock Connect to access China A Shares traded in Mainland China. This may result in additional liquidity risk and operational risks including settlement and default risks, regulatory risk and system failure risk.
- The Fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its investments or reduce the costs of investing, although this may not be achieved. The use of derivatives transactions may expose the Fund to counterparty risks that may result in losses to the Fund associated with the bankruptcy or insolvency of a counterparty.
- As a large portion of the Fund is invested in less developed countries, you should be prepared to accept significantly large fluctuations in the value of the Fund.
- A more detailed description of risk factors that apply to this Fund is set out in Section 8 of the Prospectus. | en | de |
DOLFIN4434 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con- ducted in accordance with Liechtenstein law and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the ag- gregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Liechtenstein law and ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Alternative Investment Fund Manager’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti- mates and related disclosures made.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Alternative Investment Fund’s or one of its sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Alternative Investment Fund or one of its sub-funds to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures, and whether the financial statements represent the underlying transactions and events in a man- ner that achieves fair presentation. | #### Verantwortlichkeiten des Wirtschaftsprüfers für die Prüfung des Jahresberichts
Unsere Ziele sind, hinreichende Sicherheit darüber zu erlangen, ob der Jahresbericht als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist, und einen Bericht abzugeben, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Mass an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit dem liechtensteinischen Gesetz und den ISA durchgeführte Prüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Fal- sche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich gewürdigt, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresberichts getroffenen wirtschaftlichen Entscheidungen von Nutzern beein- flussen.
Als Teil einer Prüfung in Übereinstimmung mit dem liechtensteinischen Gesetz und den ISA üben wir wäh- rend der gesamten Prüfung pflichtgemässes Ermessen aus und bewahren eine kritische Grundhaltung. Dar- über hinaus:
- Identifizieren und beurteilen wir die Risiken wesentlicher falscher Darstellungen im Jahresbericht auf- grund von dolosen Handlungen oder Irrtümern, planen und führen Prüfungshandlungen als Reaktion auf diese Risiken durch sowie erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultieren- des, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkei- ten, irreführende Darstellungen oder das Ausserkraftsetzen interner Kontrollen beinhalten können.
- Gewinnen wir ein Verständnis von dem für die Prüfung relevanten internen Kontrollsystem, um Prü- fungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems des Verwalters alternativer Investmentfonds abzugeben.
- Beurteilen wir die Angemessenheit der angewandten Rechnungslegungsmethoden sowie die Vertret- barkeit der dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängenden Angaben.
- Ziehen wir Schlussfolgerungen über die Angemessenheit des vom Verwaltungsrat angewandten Rech- nungslegungsgrundsatzes der Fortführung der Geschäftstätigkeit sowie auf der Grundlage der erlang- ten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Ge- gebenheiten besteht, die erhebliche Zweifel an der Fähigkeit des alternativen Investmentfonds oder zur Fortführung der Geschäftstätigkeit aufwerfen können. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem Bericht auf die dazugehörigen Anga- ben im Jahresbericht aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Berichts erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten kön- nen jedoch die Abkehr des alternativen Investmentfonds von der Fortführung der Geschäftstätigkeit zur Folge haben.
- Beurteilen wir die Darstellung, den Aufbau und den Inhalt des Jahresberichtes einschliesslich der An- gaben in den ergänzenden Angaben sowie, ob die dem Jahresbericht die zugrunde liegenden Ge- schäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass eine sachgerechte Darstellung erreicht wird. | #### Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con- ducted in accordance with Liechtenstein law and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the ag- gregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Liechtenstein law and ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Alternative Investment Fund Manager’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esti- mates and related disclosures made.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Alternative Investment Fund’s or one of its sub-funds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Alternative Investment Fund or one of its sub-funds to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclo- sures, and whether the financial statements represent the underlying transactions and events in a man- ner that achieves fair presentation. | en | de |
DOLFIN4435 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
rebalanced on an “as needed” basis. This means that the index is rebalanced at the end of any day on which the 35% and 20% limits (without the buffer) are breached. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
ajustarse en función de la necesidad. Esto significa que el índice se reajustará al finalizar cualquier día en el que se superen los límites del 35% y el 20% (sin el margen). El índice se calcula diariamente en dólares estadounidenses. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
rebalanced on an “as needed” basis. This means that the index is rebalanced at the end of any day on which the 35% and 20% limits (without the buffer) are breached. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4436 | 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 a pour principal objectif de construire un portefeuille d’achat et de maintien pendant une période prenant fin dans le courant de 2023.
Le Compartiment investit au moins 50% de ses actifs en obligations, d’autres titres de créance à taux fixe ou flottant émis par des entreprises ou des gouvernements libellés dans des monnaies de l’OCDE dont la note est inférieure à investment grade (haut rendement).
Le Gérant visera une note moyenne de BB au niveau du portefeuille. Il pourra choisir à son gré les instruments, les émetteurs, les échéances et les monnaies.
Les dérivés sont utilisés à des fins de couverture et de gestion efficace du portefeuille et dans le cadre de la stratégie de placement. | ### Objetivos y política de inversión
El subfondo se gestiona de forma activa. El subfondo no se gestiona con referencia a un índice.
El objetivo primordial del subfondo es construir una cartera de compra y mantenimiento de inversiones creada para un periodo que finalizará en el transcurso de 2023.
El subfondo invierte al menos el 50% de su activos en bonos y en otros títulos de deuda con tipo de interés fijo o variable emitidos por emisores públicos o corporativos denominados en divisas de países de la OCDE y con calificaciones inferiores al grado de inversión (alta rentabilidad).
El gestor de inversiones tendrá como objetivo invertir en títulos que den una calificación media de BB al conjunto de la cartera. Empleará su propio criterio en lo relativo a la selección de instrumentos, emisores,
vencimientos y divisas.
Los derivados se utilizan con fines de cobertura y de una gestión eficaz de la cartera y como parte de la estrategia de inversión. | ### Objectifs et politique d'investissement
Le Compartiment est géré activement. Le Compartiment n’est pas géré en référence à un indice.
Le Compartiment a pour principal objectif de construire un portefeuille d’achat et de maintien pendant une période prenant fin dans le courant de 2023.
Le Compartiment investit au moins 50% de ses actifs en obligations, d’autres titres de créance à taux fixe ou flottant émis par des entreprises ou des gouvernements libellés dans des monnaies de l’OCDE dont la note est inférieure à investment grade (haut rendement).
Le Gérant visera une note moyenne de BB au niveau du portefeuille. Il pourra choisir à son gré les instruments, les émetteurs, les échéances et les monnaies.
Les dérivés sont utilisés à des fins de couverture et de gestion efficace du portefeuille et dans le cadre de la stratégie de placement. | fr | es |
DOLFIN4437 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
None of the other Directors, the secretary, or their families holds or held any interest in the shares of the Company, other than those listed above. Mr. Daniel Morrissey, Mr. Jan-Peter Dolff, Mr. Philippe Lebeau, and Mr. David Raper (resigned and replaced by Gaurish Pinge as at 4 February 2021) are Directors of Comgest Asset Management International Limited, which is the Company’s Investment Manager. Mr. Daniel Morrissey is also a Partner of William Fry, which is the Company’s legal advisor in respect of Irish Law.
As contemplated by the Corporate Governance Code issued by Irish Funds (see later in this Report), Letters of Appointment have been entered into between the Company and each of the Directors, all terminable on three months’ notice.
Save as disclosed herein, neither the Directors, nor any connected person, the existence of which is known to or could with reasonable diligence be ascertained by that Director, whether or not through another party, have any further interest in the Shares of the Company, nor have they been granted any options in respect of the Shares of the Company. | Aucun autre Administrateur, pas plus que le secrétaire général ou leurs familles respectives, ne détient ni n’a détenu des actions de la Société, en dehors des cas précités. M. Daniel Morrissey, M. Jan-Peter Dolff, M. Philippe Lebeau et M. David Raper (démissionnaire et remplacé par M. Gaurish Pinge à compter du 4 février 2021) sont des Administrateurs de Comgest Asset Management International Limited, qui est la Société de gestion de la Société. M. Daniel Morrissey est également l’un des associés de William Fry, qui est le conseiller juridique de la société en matière de droit irlandais.
Comme envisagé dans le Code de gouvernance d’entreprise émis par Irish Funds (voir plus loin dans ce Rapport), des Lettres de nomination ont été établies par la Société avec chaque Administrateur, toutes résiliables sous réserve du respect d’un préavis de trois mois.
En dehors des cas précités, aucun Administrateur, pas plus qu’une personne qui lui est liée dont l’existence est connue ou pourrait être établie selon une diligence raisonnable par ledit Administrateur, n’a d’autres intérêts, que ce soit par l’intermédiaire d’un tiers ou non, dans les Actions de la Société pas plus qu’il n’a reçu d’options sur les Actions de la Société. | None of the other Directors, the secretary, or their families holds or held any interest in the shares of the Company, other than those listed above. Mr. Daniel Morrissey, Mr. Jan-Peter Dolff, Mr. Philippe Lebeau, and Mr. David Raper (resigned and replaced by Gaurish Pinge as at 4 February 2021) are Directors of Comgest Asset Management International Limited, which is the Company’s Investment Manager. Mr. Daniel Morrissey is also a Partner of William Fry, which is the Company’s legal advisor in respect of Irish Law.
As contemplated by the Corporate Governance Code issued by Irish Funds (see later in this Report), Letters of Appointment have been entered into between the Company and each of the Directors, all terminable on three months’ notice.
Save as disclosed herein, neither the Directors, nor any connected person, the existence of which is known to or could with reasonable diligence be ascertained by that Director, whether or not through another party, have any further interest in the Shares of the Company, nor have they been granted any options in respect of the Shares of the Company. | en | fr |
DOLFIN4438 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Subject to the prior written consent of the Depositary, the Management Company, any Investment Manager, the Directors or any of their connected persons may deal as principal with any Sub-Fund and shall not be liable to account either to each other or to the relevant Sub-Fund or any of its Shareholders for any profits or benefits made or derived from such transactions provided always that such transactions are transacted and executed at arm’s length and in the best interest of the Shareholders. If such transactions are entered into, they shall be disclosed in the annual report of the Company.
Connected brokers may not, in aggregate, account for more than 50% of any Sub-Fund’s transactions in value in any financial year.
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# Risk Factors | Sous réserve du consentement préalable écrit du Dépositaire, la Société de gestion, tout Gérant, les Administrateurs ou l’une de leurs personnes liées peuvent effectuer des transactions en tant que principal avec tout Compartiment et ne sont pas tenus de rendre compte l’un à l’autre, au Compartiment concerné ni à aucun de ses Actionnaires des profits ou bénéfices réalisés ou dérivés de ces transactions, à condition toujours que ces opérations soient conformes aux conditions de pleine concurrence et réalisées dans le meilleur intérêt des Actionnaires. Si de telles transactions sont effectuées, elles sont mentionnées dans le rapport annuel de la Société.
Les courtiers liés ne peuvent, en cumul, réaliser plus de 50 % en valeur des transactions d’un Compartiment au cours d’un exercice annuel comptable donné.
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# Facteurs de risque | Subject to the prior written consent of the Depositary, the Management Company, any Investment Manager, the Directors or any of their connected persons may deal as principal with any Sub-Fund and shall not be liable to account either to each other or to the relevant Sub-Fund or any of its Shareholders for any profits or benefits made or derived from such transactions provided always that such transactions are transacted and executed at arm’s length and in the best interest of the Shareholders. If such transactions are entered into, they shall be disclosed in the annual report of the Company.
Connected brokers may not, in aggregate, account for more than 50% of any Sub-Fund’s transactions in value in any financial year.
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# Risk Factors | en | fr |
DOLFIN4439 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
The Product is a share of the Sub-fund Wellington FinTech Fund (the "Fund") which is part of the Wellington Management Funds (Ireland) plc (the "Umbrella Fund"), an open-ended investment company with variable capital and segregated liability between Funds incorporated with registered number 267944 and is authorised in Ireland as a UCITS pursuant to the Regulations.
Term
The Umbrella Fund and the Fund do not have a fixed term or maturity period, but the Management Company, with the approval of the Depositary, is entitled to give notice of the Umbrella Fund's dissolution at any time. In the event that the Management Company considers that changes in the political, economic, military, regulatory or business environments, or reductions in the scale of a Fund's total net assets compromise the effective management of a Fund, then the Management Company is empowered to liquidate the Fund at any time.
Objectives
The Fund seeks long-term total returns (capital appreciation and income).
The Fund will be actively managed, investing primarily in companies globally that leverage technology to enhance or disrupt traditional financial services such as in payments systems, financials infrastructure, investing and lending. The Fund will invest in financial technology companies and/or companies where the key growth driver is to provide or use technology to deliver the next generation of financial services (FinTech).
The Investment Manager takes an unconstrained approach to investing in FinTech companies across the capitalization spectrum in developed and emerging market countries with sector and country allocations an outcome of the stock selection process.
The Fund will invest in shares and other securities with equity characteristics, comprising preferred stock, convertible securities, and depository receipts. The Fund may invest either directly or via derivatives.
Derivatives may be used to hedge (manage) risk and for investment purposes (such as gaining exposure to a security).
The MSCI All Country World Index (“the Index”) serves as a reference benchmark for performance comparison purposes. Whilst Fund securities may be components of the Index, the Index is not considered during portfolio construction and the Investment Manager will not manage the extent to which Fund securities differ from the Index. The Index is designed to measure equity market performance of developed and emerging markets.
The Fund will support certain social characteristics by investing at least 33% of the Fund in companies that have appointed three or more women to their board.
Income policy
Any income allocated to the Share class from the Fund is reinvested.
Dealing Frequency
Shares can be bought or sold daily in accordance with the Prospectus.
Intended retail Investor
The Fund is intended for basic retail investors with a long-term investment horizon seeking capital appreciation and who are able to bear capital loss. Investors in the Fund should be prepared to accept, in normal market conditions, a high degree of volatility of net asset value from time to time. The Fund is suitable as an investment in a well-diversified portfolio. An investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
Depositary
State Street Custodial Services (Ireland) Limited.
Further Information
Please refer to the 'Other relevant information' section below. | # En quoi consiste ce produit ?
Type
Le Produit est une action du Sous-fonds Wellington FinTech Fund (le « Fonds ») qui fait partie de Wellington Management Funds (Ireland) plc (le « Fonds parapluie»), une société d'investissement ouvert à capital variable et à passif séparé entre les Fonds constituée sous le numéro d'enregistrement 267944 et qui est autorisée en Irlande en tant qu'OPCVM conformément au Règlement.
Durée
Le Fonds parapluie et le Fonds n'ont pas de durée ni de période d'échéance fixes, mais la Société de gestion, avec l'approbation du Dépositaire, a le droit de donner avis de la dissolution du Fonds parapluie multiples à tout moment. Si la Société de gestion considère que des changements dans les environnements politiques, économiques, militaires, réglementaires ou commerciaux, ou des réductions de l'échelle des actifs nets totaux d'un Fonds compromettent la gestion efficace d'un Fonds, la Société de gestion est habilitée à liquider le Fonds à tout moment.
Objectifs
Le Fonds cherche à générer des rendements totaux à long terme (appréciation du capital et revenus).
Le Fonds sera activement géré et investira principalement dans des sociétés du monde entier qui exploitent la technologie pour améliorer ou remettre en question les services financiers traditionnels tels que les systèmes de paiement, l'infrastructure financière, les placements et les prêts. Le Fonds investira dans des sociétés de technologie financière et/ou des sociétés dont le principal moteur de croissance est la fourniture ou l'utilisation de systèmes technologiques devant fonder la prochaine génération de services financiers (FinTech).
Le Gestionnaire d'investissement adopte une approche sans restriction particulière et investit sur l'ensemble du spectre des capitalisations boursières et sur les marchés développés et émergents, les affectations par secteur et pays reposant sur le processus de choix de titres.
Le Fonds investira dans des actions et d'autres titres présentant des caractéristiques similaires, comme des actions privilégiées, des titres convertibles ou des certificats représentatifs d'actions. Le Fonds peut investir soit directement soit par le biais d'instruments dérivés.
Les instruments dérivés peuvent être utilisés pour couvrir (gérer) le risque et à des fins d'investissement (telles que l'exposition à un titre).
L'Indice MSCI All Country World (l'« Indice») tient lieu d'indice de référence à des fins de comparaison des performances. S'il est possible que des titres du Fonds soient également des composantes de l'Indice, il n'est pas tenu compte de ce dernier lors de la constitution du portefeuille, et le Gestionnaire d'investissement ne gérera pas la mesure dans laquelle les titres du Fonds varient par rapport à l'Indice. L'Indice est conçu pour mesurer les performances des marchés des actions dans les pays développés et émergents.
Le Fonds privilégiera certaines caractéristiques sociales en investissant au moins 33 % de son actif dans des sociétés ayant nommé au minimum troisfemmes à leur conseil d'administration.
Politique de revenu
Tout revenu attribué à la catégorie d'Actions par le Fonds est réinvesti.
Fréquence des transactions
Des actions peuvent être achetées ou vendues quotidiennement, conformément au Prospectus.
Investisseurs de détail visés
Le Fonds s'adresse aux principaux investisseurs de détail avec un horizon d'investissement à long terme, qui recherchent l'appréciation du capital et sont en mesure de supporter une perte de capital. L'investisseur doit être disposé à accepter, en conditions normales de marché, un degré de volatilité de la valeur nette des actifs pouvant être occasionnellement élevé. Le Fonds convient en tant que placement dans un portefeuille bien diversifié. Un investissement dans le Fonds ne doit pas constituer une proportion importante d'un portefeuille d'investissement et ne convient pas à tous les investisseurs.
Dépositaire
State Street Custodial Services (Ireland) Limited
Informations complémentaires
Veuillez vous reporter à la section « Autres informations pertinentes» ci-dessous. | # What is this product?
Type
The Product is a share of the Sub-fund Wellington FinTech Fund (the "Fund") which is part of the Wellington Management Funds (Ireland) plc (the "Umbrella Fund"), an open-ended investment company with variable capital and segregated liability between Funds incorporated with registered number 267944 and is authorised in Ireland as a UCITS pursuant to the Regulations.
Term
The Umbrella Fund and the Fund do not have a fixed term or maturity period, but the Management Company, with the approval of the Depositary, is entitled to give notice of the Umbrella Fund's dissolution at any time. In the event that the Management Company considers that changes in the political, economic, military, regulatory or business environments, or reductions in the scale of a Fund's total net assets compromise the effective management of a Fund, then the Management Company is empowered to liquidate the Fund at any time.
Objectives
The Fund seeks long-term total returns (capital appreciation and income).
The Fund will be actively managed, investing primarily in companies globally that leverage technology to enhance or disrupt traditional financial services such as in payments systems, financials infrastructure, investing and lending. The Fund will invest in financial technology companies and/or companies where the key growth driver is to provide or use technology to deliver the next generation of financial services (FinTech).
The Investment Manager takes an unconstrained approach to investing in FinTech companies across the capitalization spectrum in developed and emerging market countries with sector and country allocations an outcome of the stock selection process.
The Fund will invest in shares and other securities with equity characteristics, comprising preferred stock, convertible securities, and depository receipts. The Fund may invest either directly or via derivatives.
Derivatives may be used to hedge (manage) risk and for investment purposes (such as gaining exposure to a security).
The MSCI All Country World Index (“the Index”) serves as a reference benchmark for performance comparison purposes. Whilst Fund securities may be components of the Index, the Index is not considered during portfolio construction and the Investment Manager will not manage the extent to which Fund securities differ from the Index. The Index is designed to measure equity market performance of developed and emerging markets.
The Fund will support certain social characteristics by investing at least 33% of the Fund in companies that have appointed three or more women to their board.
Income policy
Any income allocated to the Share class from the Fund is reinvested.
Dealing Frequency
Shares can be bought or sold daily in accordance with the Prospectus.
Intended retail Investor
The Fund is intended for basic retail investors with a long-term investment horizon seeking capital appreciation and who are able to bear capital loss. Investors in the Fund should be prepared to accept, in normal market conditions, a high degree of volatility of net asset value from time to time. The Fund is suitable as an investment in a well-diversified portfolio. An investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
Depositary
State Street Custodial Services (Ireland) Limited.
Further Information
Please refer to the 'Other relevant information' section below. | en | fr |
DOLFIN4440 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Introduction
Conflicts of interest may arise in connection with an investment in the ICAV. Subject to applicable law, the ICAV may engage in transactions that may trigger or result in a potential conflict of interest.
The ICAV and the Sub-Funds will be dependent on its appointed Service Providers to identify and manage all such conflicts of interest. These Service Providers will use appropriate efforts to manage material issues involving actual or potential significant conflicts of interest, methods of valuation and certain other matters. If conflicts do exist, the Service Providers will ensure that the ICAV and/or relevant Sub-Fund is treated in a just and equitable manner and shall endeavour to ensure that any conflicts of interest are resolved fairly and in the best interests of Shareholders having regard to the Instrument of Incorporation and/or any agreements to which it is party or by which it is bound in relation to the ICAV or any Sub-Fund. This may include disclosure of such potential or actual conflict of interest, unless the Service Providers has been advised by counsel that such disclosure is or may reasonably be prohibited for regulatory or legal reasons (in which case, where the conflict cannot be satisfactorily resolved, the applicable transaction may not be consummated). In particular, please refer to the section “Dealing in the assets of the ICAV by Service Providers” below for details regarding any dealing in assets of the ICAV by the Depositary, Manager or Investment Manager, or by any entities related to such parties.
Subject to any special requirements for dealing with particular conflicts of interest outlined below, any actual or potential conflicts of interest of the Service Providers or their affiliates which relate to the ICAV and/or a Sub-Fund will be discussed and resolved on a case-by-case basis. | ## Introduzione
In relazione a un investimento nell'ICAV possono sorgere conflitti d’interesse. Nel rispetto della legge applicabile, l'ICAV può realizzare operazioni che possono innescare o determinare un potenziale conflitto d’interessi.
L'ICAV e i Comparti dipenderanno dai Fornitori di servizi designati per l’identificazione e la gestione di tutti tali conflitti d’interesse. Tali Fornitori di servizi compieranno adeguati sforzi per gestire le questioni materiali che comportano importanti conflitti d’interesse reali o potenziali, i metodi di valutazione e alcune altre questioni. In caso di conflitto, i Fornitori di servizi si assicureranno che l'ICAV e/o il relativo Comparto siano trattati in modo giusto ed equo e si adopereranno per garantire che eventuali conflitti di interesse siano risolti in modo equo e nel migliore interesse degli Azionisti, tenendo conto dell'Atto costitutivo e/o di eventuali accordi di cui sono parte o da cui sono vincolati in relazione all'ICAV o a qualsiasi Comparto. Questo può includere la divulgazione di tali possibili o effettivi conflitti d’interessi, a meno che i Fornitori di servizi non siano stati avvisati dall’ufficio legale che tale divulgazione è o può essere ragionevolmente vietata per motivi normativi o legali (nel qual caso, se il conflitto non può essere risolto in modo soddisfacente, la relativa operazione applicabile non può essere completata). In particolare, si rimanda alla sezione "Negoziazione delle attività dell'ICAV da parte di Fornitori di servizi" di seguito per i dettagli relativi a qualsiasi negoziazione delle attività dell'ICAV da parte del Depositario, del Gestore o del Gestore degli investimenti, o di qualsiasi entità collegata a tali soggetti.
Fatti salvi eventuali requisiti speciali per il trattamento di particolari conflitti d’interesse delineati di seguito, qualsiasi conflitto d’interesse effettivo o potenziale dei Fornitori di servizi o delle loro affiliate che riguardi l'ICAV e/o un Comparto sarà discusso e risolto caso per caso. | ## Introduction
Conflicts of interest may arise in connection with an investment in the ICAV. Subject to applicable law, the ICAV may engage in transactions that may trigger or result in a potential conflict of interest.
The ICAV and the Sub-Funds will be dependent on its appointed Service Providers to identify and manage all such conflicts of interest. These Service Providers will use appropriate efforts to manage material issues involving actual or potential significant conflicts of interest, methods of valuation and certain other matters. If conflicts do exist, the Service Providers will ensure that the ICAV and/or relevant Sub-Fund is treated in a just and equitable manner and shall endeavour to ensure that any conflicts of interest are resolved fairly and in the best interests of Shareholders having regard to the Instrument of Incorporation and/or any agreements to which it is party or by which it is bound in relation to the ICAV or any Sub-Fund. This may include disclosure of such potential or actual conflict of interest, unless the Service Providers has been advised by counsel that such disclosure is or may reasonably be prohibited for regulatory or legal reasons (in which case, where the conflict cannot be satisfactorily resolved, the applicable transaction may not be consummated). In particular, please refer to the section “Dealing in the assets of the ICAV by Service Providers” below for details regarding any dealing in assets of the ICAV by the Depositary, Manager or Investment Manager, or by any entities related to such parties.
Subject to any special requirements for dealing with particular conflicts of interest outlined below, any actual or potential conflicts of interest of the Service Providers or their affiliates which relate to the ICAV and/or a Sub-Fund will be discussed and resolved on a case-by-case basis. | en | it |
DOLFIN4441 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of U.S. companies of any size, and up to 25% of its total assets in equity securities of non-U.S. issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depository receipts as well as U.S. dollar-denominated equity securities of non-U.S issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund may invest in any sector, and at times it may emphasize one or more particular sectors. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests principally in equity securities that it believes have prospects for robust and sustainable growth of revenues and earnings using a bottom-up research-driven approach to select securities.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 3000® Growth Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | ## Objectifs et politique d’investissement
Le fonds vise une appréciation du capital à long terme en investissant au moins deux tiers du total de ses actifs dans des titres de capital de sociétés américaines de toute taille et jusqu’à 25 % du total de ses actifs en titres de capital d’émetteurs hors Etats-Unis par l’intermédiaire d’ADR, CDR, EDR, GDR, IDR et autres certificats de dépôt du même type ainsi que dans des titres de capital libellés en dollars US d’émetteurs hors Etats-Unis. Les titres de capital américains sont des valeurs émises par des sociétés ayant leur siège social aux Etats-Unis ou exerçant une part prépondérante de leurs activités économiques aux Etats-Unis.
Le fonds peut investir dans tout secteur et peut ponctuellement mettre en avant un ou plusieurs secteurs en particulier. Le fonds peut utiliser des contrats à terme standardisés, contrats à terme de gré à gré, options ou swaps ainsi que d’autres instruments dérivés à des fins de couverture ou de gestion efficace de portefeuille.
Le fonds investit principalement dans des titres de capital dont il estime qu’ils offrent des perspectives de croissance soutenue et durable de leur chiffre d’affaires et de leurs résultats à partir d’une approche bottom-up de la sélection des titres centrée sur la recherche.
Cette catégorie d’actions ne distribue pas de dividendes. Les revenus sont réinvestis dans le fonds.
Les actions peuvent être vendues chaque jour ouvré correspondant à un jour d’ouverture normal des banques au Luxembourg et de la Bourse de New York (NYSE) (un « Jour ouvré »).
Le fonds est géré activement, mais utilise l’indice Russell 3000® Growth Index pour la comparaison des rendements. Les placements du fonds peuvent s’écarter considérablement des composantes de l’indice de référence et de leurs pondérations respectives. | ## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of U.S. companies of any size, and up to 25% of its total assets in equity securities of non-U.S. issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depository receipts as well as U.S. dollar-denominated equity securities of non-U.S issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund may invest in any sector, and at times it may emphasize one or more particular sectors. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests principally in equity securities that it believes have prospects for robust and sustainable growth of revenues and earnings using a bottom-up research-driven approach to select securities.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 3000® Growth Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | en | fr |
DOLFIN4442 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Subject to the requirements of the Competent Authority and the UCITS Requirements, the Depositary may pursuant to the Depositary Agreement, appoint sub-custodians, nominees, agents or other delegates to perform in whole or in part any of its duties or exercise any of its discretions as a custodian. For the avoidance of doubt the Depositary may not delegate the performance of any of its fiduciary duties or discretions and its liability shall not be affected by the fact that it has entrusted to a third party some or all of the Assets in its safe-keeping.
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## Remuneration of Depositary | Sous réserve des exigences de l’Autorité compétente et des exigences OPCVM, le Dépositaire pourra, en accord avec le Contrat de Dépositaire, nommer ses délégués, fondés de pouvoir et autres afin d’exécuter tout ou partie de ses fonctions et exercer l’ensemble de ses pouvoirs en qualité de dépositaire. Afin d’éviter tout doute, le Dépositaire ne saurait déléguer la performance de ses obligations ou pouvoirs fiduciaires et ses obligations ne sauraient être affectées par le fait qu’il ait confié à une tierce partie tout ou partie des Actifs sous sa garde.
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## Rémunération du Dépositaire | Subject to the requirements of the Competent Authority and the UCITS Requirements, the Depositary may pursuant to the Depositary Agreement, appoint sub-custodians, nominees, agents or other delegates to perform in whole or in part any of its duties or exercise any of its discretions as a custodian. For the avoidance of doubt the Depositary may not delegate the performance of any of its fiduciary duties or discretions and its liability shall not be affected by the fact that it has entrusted to a third party some or all of the Assets in its safe-keeping.
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## Remuneration of Depositary | en | fr |
DOLFIN4443 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Investisseurs visés
UBS (Lux) Fund Solutions – MSCI EMU Socially Responsible UCITS ETF (le « Fonds ») fait l'objet d'une gestion passive et prendra une exposition proportionnelle aux composants de MSCI EMU SRI Low Carbon Select 5% Issuer Capped Index (Net Return) soit en investissant directement dans (quasiment) tous les titres qui le composent et/ou en ayant recours à des instruments dérivés en particulier lorsqu'il ne serait peut-être pas possible ou réalisable de répliquer l'indice par le biais d'investissements directs ou afin de générer des efficiences en obtenant une exposition à l'indice. L'Indice est conçu pour mesurer les performances des entreprises qui respectent au mieux les critères ESG (Environmentaux, Sociaux et de Gouvernance) basées dans 10 marchés développés de l'Union économique et monétaire européenne, tout en évitant les entreprises ayant un impact social ou environnemental négatif. Cette approche exclut au moins 20 % des titres les moins bien notés par rapport à l'univers de l'indice standard (pour plus d'informations, veuillez vous reporter à la description de l'indice dans le prospectus qui prévoit actuellement une exclusion de 75 % des titres les moins bien notés). Le Fonds ne porte pas de label ISR français.
Le Fonds investit son actif net principalement en actions, valeurs mobilières, instruments du marché monétaire, parts d'organismes de placement collectif, dépôts auprès d'établissements de crédit, notes structurées cotées ou négociées sur un marché réglementé, et autres actifs éligibles conformément au présent prospectus. Le Fonds ne conclura pas d'opérations de prêt de titres.
Ce compartiment promeut des caractéristiques environnementales et/ou sociales mais n'a pas d'objectif d'investissement durable. Le rendement du fonds dépend essentiellement des performances de l'indice répliqué. | # Objetivos
UBS (Lux) Fund Solutions – MSCI EMU Socially Responsible UCITS ETF (el «Fondo») se gestiona de forma pasiva y adoptara una exposición proporcional a los componentes del MSCI EMU SRI Low Carbon Select 5% Issuer Capped Index (Net Return) ya sea mediante inversiones directas en la totalidad o la práctica totalidad de los valores que lo componen y/o mediante el uso de derivados, en particular cuando no sea posible o factible reproducir el índice mediante inversiones directas o con el fin de generar eficiencias al obtener exposición al índice. El índice está diseñado para medir los resultados de las empresas de 10 mercados desarrollados radicadas en la Unión Económica y Monetaria Europea en materia medioambiental, social y de gobernanza («ASG») best-in-class, a la vez que se evitan empresas con un impacto social o medioambiental negativo. El enfoque best-in-class excluye al menos el 20 % de los valores con menor calificación con respecto al universo del índice estándar (para más información, consúltese la Descripción del índice que figura en el suplemento, que actualmente prevé una exclusión del 75 % de los valores con menor calificación). El Fondo no cuenta con una certificación francesa de ISR.
El Fondo invertirá su patrimonio neto principalmente en acciones, valores mobiliarios, instrumentos del mercado monetario, participaciones de organismos de inversión colectiva, depósitos en entidades de crédito, bonos estructurados cotizados o negociados en un mercado regulado y otros activos admitidos en virtud del folleto. El Fondo no realizará préstamos de valores.
Este subfondo promueve características medioambientales y/o sociales, pero no tiene un objetivo de inversión sostenible. El rendimiento del fondo depende principalmente de la rentabilidad del índice seguido. | # Investisseurs visés
UBS (Lux) Fund Solutions – MSCI EMU Socially Responsible UCITS ETF (le « Fonds ») fait l'objet d'une gestion passive et prendra une exposition proportionnelle aux composants de MSCI EMU SRI Low Carbon Select 5% Issuer Capped Index (Net Return) soit en investissant directement dans (quasiment) tous les titres qui le composent et/ou en ayant recours à des instruments dérivés en particulier lorsqu'il ne serait peut-être pas possible ou réalisable de répliquer l'indice par le biais d'investissements directs ou afin de générer des efficiences en obtenant une exposition à l'indice. L'Indice est conçu pour mesurer les performances des entreprises qui respectent au mieux les critères ESG (Environmentaux, Sociaux et de Gouvernance) basées dans 10 marchés développés de l'Union économique et monétaire européenne, tout en évitant les entreprises ayant un impact social ou environnemental négatif. Cette approche exclut au moins 20 % des titres les moins bien notés par rapport à l'univers de l'indice standard (pour plus d'informations, veuillez vous reporter à la description de l'indice dans le prospectus qui prévoit actuellement une exclusion de 75 % des titres les moins bien notés). Le Fonds ne porte pas de label ISR français.
Le Fonds investit son actif net principalement en actions, valeurs mobilières, instruments du marché monétaire, parts d'organismes de placement collectif, dépôts auprès d'établissements de crédit, notes structurées cotées ou négociées sur un marché réglementé, et autres actifs éligibles conformément au présent prospectus. Le Fonds ne conclura pas d'opérations de prêt de titres.
Ce compartiment promeut des caractéristiques environnementales et/ou sociales mais n'a pas d'objectif d'investissement durable. Le rendement du fonds dépend essentiellement des performances de l'indice répliqué. | fr | es |
DOLFIN4444 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- directional rate exposition;
- a long/short duration strategy to optimize the overall Sub-Fund’s performance based on sovereign and inflation rate anticipation;
- strategies on sovereign rate curve:
- operate on the distortion of the curve with a directional or a neutral bias to the interest rate risk geared to the management team expectations | - une exposition directionnelle aux taux ;
- une stratégie de duration longue/courte visant à optimiser la performance globale du Compartiment sur la base de l’anticipation des taux souverains et d’inflation ;
- des stratégies portant sur la courbe des taux souverains ;
- une action sur la distorsion de la courbe avec un biais directionnel ou neutre vis-à-vis du risque de taux d’intérêt aligné sur les attentes de l’équipe de gestion ; | - directional rate exposition;
- a long/short duration strategy to optimize the overall Sub-Fund’s performance based on sovereign and inflation rate anticipation;
- strategies on sovereign rate curve:
- operate on the distortion of the curve with a directional or a neutral bias to the interest rate risk geared to the management team expectations | en | fr |
DOLFIN4445 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund promote environmental characteristics in accordance with article 8(1) SFDR, the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
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##### Sub-Funds not subject to article 8 or article 9 SFDR | Si un Subfondo promueve características ambientales de conformidad con el artículo 8(1) del SFDR, el principio de «no causar un perjuicio significativo» se aplica solo a las inversiones subyacentes del producto financiero que tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. Las inversiones subyacentes de la parte restante de este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
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##### Subfondos no sujetos al artículo 8 o al artículo 9 del SFDR | Where a Sub-Fund promote environmental characteristics in accordance with article 8(1) SFDR, the “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
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##### Sub-Funds not subject to article 8 or article 9 SFDR | en | es |
DOLFIN4446 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# LIMITATIONS APPLIED TO CONVERSIONS
The Board may at its discretion decide to authorise conversions of Shares between Sub-Funds and/or between Classes and/or between Sub-Classes within a Sub-Fund even if all of the terms and conditions for the Divested Class are not identical to the terms and conditions provided in the Invested Class.
If following a conversion order the cumulative Net Asset Value of the Shares held by any shareholder in a Sub-Class or a Class is lower than any minimum investment that may have been indicated in the Data Sheet of the Sub-Fund concerned, the Board may, on a discretionary basis, after requesting the shareholder to subscribe such sums as may be necessary to reach the minimum investment or to convert their shares into another Class or Sub-Class of the same or another Sub-Fund, decide to proceed to a forced redemption of all of the shares held by the shareholder if the latter has not corrected their situation within a period of one month following the request for correction.
Conversion may not be performed if the calculation of the Net Asset Value of one or more of the Sub-Funds in question has been suspended (please see Chapter 14). Moreover, in the case of large redemption and conversions orders in respect of the same Valuation Day, conversions may also be delayed under the same conditions as those applicable to redemptions (please see Chapter 16).
- | # GELTENDE UMTAUSCHBESCHRÄNKUNGEN
Der Verwaltungsrat der Gesellschaft kann nach eigenem Ermessen den Umtausch von Anteilen zwischen Teilfonds und/oder zwischen Klassen und/oder zwischen Unterklassen innerhalb eines Teilfonds auch dann genehmigen, wenn nicht alle Bedingungen der veräußerten Klasse mit den Bedingungen der investierten Klasse identisch sind.
Wenn der kumulierte Nettoinventarwert der von einem Anteilsinhaber gehaltenen Anteile einer Klasse oder Unterklasse infolge eines Umtauschantrags niedriger als der möglicherweise im Datenblatt des entsprechenden Teilfonds angegebene Mindestanlagebetrag ist, kann der Verwaltungsrat nach eigenem Ermessen und nachdem er vom entsprechenden Anteilsinhaber die Zeichnung eines notwendigen Betrags zur Erlangung des Mindestanlagebetrags oder den Umtausch seiner Anteile in Anteile einer anderen Klasse oder Unterklasse oder eines anderen Teilfonds verlangt hat, eine Zwangsrücknahme aller vom Anteilsinhaber gehaltenen Anteile beschließen, falls dieser innerhalb eines Monats nach der Aufforderung zur Regelung keine Abhilfemaßnahmen ergreift.
Ein Umtausch kann nicht erfolgen, wenn die Berechnung des Nettoinventarwerts eines oder mehrerer betroffener Teilfonds ausgesetzt ist (siehe Kapitel 14). Ferner kann bei umfangreichen Rücknahme- und Umtauschanträgen für einen bestimmten Bewertungstag der Umtausch auch unter denselben Bedingungen aufgeschoben werden, die für Rücknahmen gelten (siehe Kapitel 16).
- | # LIMITATIONS APPLIED TO CONVERSIONS
The Board may at its discretion decide to authorise conversions of Shares between Sub-Funds and/or between Classes and/or between Sub-Classes within a Sub-Fund even if all of the terms and conditions for the Divested Class are not identical to the terms and conditions provided in the Invested Class.
If following a conversion order the cumulative Net Asset Value of the Shares held by any shareholder in a Sub-Class or a Class is lower than any minimum investment that may have been indicated in the Data Sheet of the Sub-Fund concerned, the Board may, on a discretionary basis, after requesting the shareholder to subscribe such sums as may be necessary to reach the minimum investment or to convert their shares into another Class or Sub-Class of the same or another Sub-Fund, decide to proceed to a forced redemption of all of the shares held by the shareholder if the latter has not corrected their situation within a period of one month following the request for correction.
Conversion may not be performed if the calculation of the Net Asset Value of one or more of the Sub-Funds in question has been suspended (please see Chapter 14). Moreover, in the case of large redemption and conversions orders in respect of the same Valuation Day, conversions may also be delayed under the same conditions as those applicable to redemptions (please see Chapter 16).
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DOLFIN4447 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For the purpose of calculating the exchange ratio, the net asset value per share of each class of shares will be valued as of the Final NAV Date in accordance with the provisions of the articles of incorporation and the Prospectus. The valuation of assets and liabilities and the calculation of the exchange ratio will be subject to the auditor reports as further described in section 9 (Additional information) below.
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## Rights of shareholders in relation to the merger | Für die Zwecke der Berechnung des Umtauschverhältnisses wird der Nettoinventarwert je Anteil einer jeden Anteilsklasse zum endgültigen NIW-Datum in Einklang mit den Bestimmungen der Satzung und des Prospekts ermittelt. Die Bewertung der Vermögenswerte und Verbindlichkeiten und die Berechnung des Umtauschverhältnisses unterliegen den Prüfberichten, wie im nachstehenden Abschnitt 9 (Zusätzliche Informationen) eingehender beschrieben.
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## Rechte von Anteilinhabern in Zusammenhang mit der Verschmelzung | For the purpose of calculating the exchange ratio, the net asset value per share of each class of shares will be valued as of the Final NAV Date in accordance with the provisions of the articles of incorporation and the Prospectus. The valuation of assets and liabilities and the calculation of the exchange ratio will be subject to the auditor reports as further described in section 9 (Additional information) below.
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## Rights of shareholders in relation to the merger | en | de |
DOLFIN4448 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Except for Class A and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A Units are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the Manager’s discretion.
The annual management fee chargeable in respect of all Class S Units has been set at a rate intended to attract assets into the relevant Sub-Fund(s). It is therefore intended that the Class S Units will only be available for investment, in accordance with the provisions set out below, for a limited period following publication of this Prospectus.
The Directors may at their discretion close an S Class of Units in any particular Sub-Fund to all further subscriptions, from both Unitholders and new investors, once the Net Asset Value of the relevant S Class has reached the amount specified in the relevant Sub-Fund details in Appendix IV (or such other amount as the Directors may at their discretion determine).
Once the Directors have exercised their discretion to close an S Class of Units to further subscriptions in accordance with the preceding paragraph, a notice to that effect will be published on the website www.axa-
im.com. Notifications will also be posted to the same website in circumstances where any Class S Units that have been closed to subscriptions in the manner outlined above are subsequently re-opened by the Directors to further subscriptions as a result of redemptions or otherwise.
Class S Units can be redeemed at any time in accordance with the normal redemption procedures applicable to the relevant Sub-Fund. | Excepto por lo que se refiere a las Participaciones de las Clases A y M, todas las Clases de Participaciones están disponibles para todos los solicitantes aptos. La inversión en Participaciones de Clase M está restringida a los inversores considerados aptos por la Sociedad Gestora a su entera discreción. Las Participaciones de Clase A solamente están disponibles a través de (i) ciertas entidades comercializadoras que tengan acuerdos de comisiones independientes con sus clientes y (ii) a otros inversores, según el criterio de la Sociedad Gestora.
La comisión de gestión anual imponible con respecto a todas las Participaciones de Clase S se ha fijado a un tipo que pretende atraer activos al Subfondo relevante. Por lo tanto, se pretende que las Participaciones de Clase S solo estén disponibles para inversión, de acuerdo con lo previsto a continuación, durante un tiempo limitado después de la publicación de este Folleto.
Los Consejeros podrán, a su discreción, cerrar las Participaciones de Clase S de un Subfondo concreto
para nuevas suscripciones, tanto por parte de los Partícipes como de nuevos inversores, una vez que el Valor Liquidativo de la Clase S relevante haya alcanzado la cantidad especificada en los Detalles del Subfondo correspondiente en el Apéndice IV (o cualquier otra cantidad que los Consejeros determinen a su discreción).
Una vez que los Consejeros hayan ejercido su facultad de cerrar las Participaciones de Clase S a nuevas suscripciones de acuerdo con lo previsto en el párrafo anterior, se publicará una notificación en este sentido en el sitio web www.axa-im.com. También se publicarán notificaciones en el mismo sitio web cuando las Participaciones de Clase S que se han cerrado a suscripciones de la manera descrita anteriormente vuelvan a ser abiertas a suscripciones posteriormente por los Consejeros como resultado de reembolsos o de otro modo.
Las Participaciones de Clase S se pueden reembolsar en cualquier momento de conformidad con los procedimientos ordinarios de reembolso aplicables al Subfondo correspondiente. | Except for Class A and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A Units are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the Manager’s discretion.
The annual management fee chargeable in respect of all Class S Units has been set at a rate intended to attract assets into the relevant Sub-Fund(s). It is therefore intended that the Class S Units will only be available for investment, in accordance with the provisions set out below, for a limited period following publication of this Prospectus.
The Directors may at their discretion close an S Class of Units in any particular Sub-Fund to all further subscriptions, from both Unitholders and new investors, once the Net Asset Value of the relevant S Class has reached the amount specified in the relevant Sub-Fund details in Appendix IV (or such other amount as the Directors may at their discretion determine).
Once the Directors have exercised their discretion to close an S Class of Units to further subscriptions in accordance with the preceding paragraph, a notice to that effect will be published on the website www.axa-
im.com. Notifications will also be posted to the same website in circumstances where any Class S Units that have been closed to subscriptions in the manner outlined above are subsequently re-opened by the Directors to further subscriptions as a result of redemptions or otherwise.
Class S Units can be redeemed at any time in accordance with the normal redemption procedures applicable to the relevant Sub-Fund. | en | es |
DOLFIN4449 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Important Information & Disclaimer
Heptagon Capital Limited, Heptagon Capital LLP and its Partners disclaim any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, and omissions from, these materials. Certain assumptions have been made, and/or parameters set, in the preparation of these materials which have resulted in the returns detailed herein, and no representation or warranty is made that any returns indicated will be achieved. Changes to assumptions or parameters may have a material impact on the returns detailed. This document should not be copied to any other person without our express consent. This document should not be considered an offer to buy or sell investments.
Heptagon Capital Limited has issued this communication as investment manager for Heptagon Fund PLC, and is licenced to conduct investment services by the Malta Financial Services Authority.
Heptagon Capital LLP, acting as Distributor, is authorised and regulated in the UK by the Financial Conduct Authority.
Representative and Paying Agent in Switzerland is Société Générale, Paris, Zurich branch, Talacker 50, PO Box 1928, 8021 Zurich, Switzerland. The prospectus, the key investor information document, the Articles and the annual and semi-annual reports are available free of charge from the Swiss representative.
The results given in this document are based solely upon historical fund performance as gathered and supplied by BBH and Bloomberg. That past performance has not been independently verified by either Heptagon Capital Limited or Heptagon Capital LLP. It is not intended to predict or depict the future performance of any investment. Past performance is not necessarily indicative of future returns.
The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the funds, including important disclosures and risk factors associated with an investment in the funds. Before making an investment in any fund, prospective investors are advised to thoroughly and carefully review the fund’s private placement memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in these funds is not suitable for all investors. | # Wichtige Informationen und Haftungsausschluss
Heptagon Capital Limited, Heptagon Capital LLP und ihre Partner übernehmen keinerlei Haftung bezüglich dieser Materialien, insbesondere bezüglich ausdrücklicher oder stillschweigender Zusicherungen oder Gewährleistungen für in diesen Materialien enthaltene Aussagen oder Fehler sowie Auslassungen. Bei der Erstellung dieser Materialien wurden bestimmte Annahmen getroffen und/oder Parameter festgelegt, die zu den hierin angegebenen Renditen geführt haben, und es wird keine Zusage oder Garantie dafür gegeben, dass die angegebenen Renditen erzielt werden. Änderungen von Annahmen oder Parametern können deutliche Auswirkungen auf die angegebenen Renditen haben. Dieses Dokument darf ohne unsere ausdrückliche Zustimmung nicht an andere Personen weitergegeben werden. Dieses Dokument darf nicht als Angebot für den Kauf oder Verkauf von Anlagen angesehen werden.
Heptagon Capital Limited hat diese Mitteilung als Anlageverwalter für Heptagon Fund PLC herausgegeben und ist von der Malta Financial Services Authority für die Erbringung von Anlagedienstleistungen lizenziert.
Heptagon Capital LLP, die als Vertriebsgesellschaft agiert, ist im Vereinigten Königreich von der Financial Conduct Authority zugelassen und wird von dieser reguliert.
Als Vertreter und Zahlstelle in der Schweiz agiert Société Générale, Paris, Zweigstelle Zürich, Talacker 50, PO Box 1928, 8021 Zürich, Schweiz. Der Prospekt, das Dokument mit den wesentlichen Informationen für den Anleger, die Satzung und die Jahres- und Halbjahresberichte sind kostenlos beim Schweizer Vertreter erhältlich.
Die in diesem Dokument angegebenen Ergebnisse basieren allein auf der historischen Fondsperformance, die von Euro-VL, BBH und Bloomberg erfasst und bereitgestellt wurde. Die frühere Wertentwicklung wurde weder von Heptagon Capital Limited noch von Heptagon Capital LLP unabhängig überprüft. Es wird nicht beabsichtigt, die zukünftige Wertentwicklung einer Anlage vorauszusagen oder darzustellen. Die frühere Wertentwicklung ist nicht unbedingt ein Anhaltspunkt für künftige Renditen.
Die hierin enthaltenen Informationen werden nur zu Informationszwecken bereitgestellt, sie sind nicht vollständig und in ihnen sind bestimmte wesentliche Informationen über die Fonds nicht enthalten, darunter wichtige Offenlegungen und Risikofaktoren in Verbindung mit einer Anlage in den Fonds. Interessierten Anlegern wird geraten, vor einer Anlage in einen Fonds das Privatplatzierungsmemorandum des Fonds gründlich und sorgfältig mit ihren Finanz-, Rechts- und Steuerberatern zu prüfen, um zu entscheiden, ob eine Anlage für sie geeignet ist. Eine Anlage in diesen Fonds ist nicht für alle Anleger geeignet. | # Important Information & Disclaimer
Heptagon Capital Limited, Heptagon Capital LLP and its Partners disclaim any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, and omissions from, these materials. Certain assumptions have been made, and/or parameters set, in the preparation of these materials which have resulted in the returns detailed herein, and no representation or warranty is made that any returns indicated will be achieved. Changes to assumptions or parameters may have a material impact on the returns detailed. This document should not be copied to any other person without our express consent. This document should not be considered an offer to buy or sell investments.
Heptagon Capital Limited has issued this communication as investment manager for Heptagon Fund PLC, and is licenced to conduct investment services by the Malta Financial Services Authority.
Heptagon Capital LLP, acting as Distributor, is authorised and regulated in the UK by the Financial Conduct Authority.
Representative and Paying Agent in Switzerland is Société Générale, Paris, Zurich branch, Talacker 50, PO Box 1928, 8021 Zurich, Switzerland. The prospectus, the key investor information document, the Articles and the annual and semi-annual reports are available free of charge from the Swiss representative.
The results given in this document are based solely upon historical fund performance as gathered and supplied by BBH and Bloomberg. That past performance has not been independently verified by either Heptagon Capital Limited or Heptagon Capital LLP. It is not intended to predict or depict the future performance of any investment. Past performance is not necessarily indicative of future returns.
The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the funds, including important disclosures and risk factors associated with an investment in the funds. Before making an investment in any fund, prospective investors are advised to thoroughly and carefully review the fund’s private placement memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in these funds is not suitable for all investors. | en | de |
DOLFIN4450 | 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
1 Le Fonds vise à générer une croissance du capital à moyen terme en négociant un portefeuille diversifié d'investissements conformément au Programme diversifié AHL (AHL Diversified Programme).
1 Le Fonds cherche à générer une performance indépendante des investissements traditionnels en actions et en obligations, offrant à cet égard les avantages appréciables de la diversification et un profil de risque et de rendement optimisé par rapport à celui d'un portefeuille d'investissement traditionnel.
1 Afin de réaliser ses objectifs d'investissement, le Fonds investit principalement dans des instruments financiers dérivés (c.-à-d. des instruments dont les prix dépendent d'un ou de plusieurs actif(s) sous- jacent(s), « IFD ») conformément au Programme diversifié AHL. Le Fonds peut également investir dans d'autres catégories d'actifs, telles que des liquidités et des fonds du marché monétaire.
1 Le Programme diversifié AHL repose sur des processus informatisés, essentiellement afin d'identifier les tendances et autres opportunités des marchés du monde entier et investit dans un portefeuille diversifié d'instruments pouvant inclure, sans toutefois s'y limiter, des contrats à terme standardisés ou non, des options, des swaps et autres IFD. Il est possible d'accéder à ces marchés de manière directe ou indirecte et ils intègrent, entre autres, des actions, des obligations, des devises, des taux d'intérêt à court terme et des matières premières. | # Objetivos y política de inversión
1 El Fondo trata de proporcionar crecimiento del capital a medio plazo negociando una cartera diversificada de inversiones de conformidad con el Programa Diversificado de AHL.
1 El Fondo tiene como objetivo generar resultados independientemente de las inversiones tradicionales en acciones y bonos, proporcionando así valiosos beneficios de diversificación y mejorando el perfil de riesgo/ remuneración de una cartera de inversión tradicional.
1 Para lograr sus objetivos de inversión, el Fondo invierte mayoritariamente en instrumentos financieros derivados ("IFD", es decir, instrumentos cuyos precios dependan de uno o más activos subyacentes) de conformidad con el Programa Diversificado de AHL. El Fondo también puede invertir en otros activos, como efectivo y fondos del mercado monetario.
1 El Programa Diversificado de AHL utiliza procesos informatizados fundamentalmente para identificar tendencias y otras oportunidades en mercados de todo el mundo e invierte en una cartera diversificada de instrumentos que puede incluir, por ejemplo: futuros, opciones y contratos a plazo, swaps y otros IFD. Estos mercados, a los que se puede acceder de forma directa e indirecta, incluyen, entre otros: acciones, bonos, divisas, tipos de interés a corto plazo y materias primas. | # Objectifs et politique d'investissement
1 Le Fonds vise à générer une croissance du capital à moyen terme en négociant un portefeuille diversifié d'investissements conformément au Programme diversifié AHL (AHL Diversified Programme).
1 Le Fonds cherche à générer une performance indépendante des investissements traditionnels en actions et en obligations, offrant à cet égard les avantages appréciables de la diversification et un profil de risque et de rendement optimisé par rapport à celui d'un portefeuille d'investissement traditionnel.
1 Afin de réaliser ses objectifs d'investissement, le Fonds investit principalement dans des instruments financiers dérivés (c.-à-d. des instruments dont les prix dépendent d'un ou de plusieurs actif(s) sous- jacent(s), « IFD ») conformément au Programme diversifié AHL. Le Fonds peut également investir dans d'autres catégories d'actifs, telles que des liquidités et des fonds du marché monétaire.
1 Le Programme diversifié AHL repose sur des processus informatisés, essentiellement afin d'identifier les tendances et autres opportunités des marchés du monde entier et investit dans un portefeuille diversifié d'instruments pouvant inclure, sans toutefois s'y limiter, des contrats à terme standardisés ou non, des options, des swaps et autres IFD. Il est possible d'accéder à ces marchés de manière directe ou indirecte et ils intègrent, entre autres, des actions, des obligations, des devises, des taux d'intérêt à court terme et des matières premières. | fr | es |
DOLFIN4451 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The following agreements have been concluded by the Management Company and/or the Fund, as the case may be:
- an agreement between the Management Company and Vontobel Asset Management AG under the terms of which the latter was appointed Investment Manager for all the Sub-Funds except the Sub-Funds listed below.
- an agreement between the Fund, the Management Company and RBC Investor Services Bank S.A., under the terms of which the latter was appointed Administrator of the Fund.
- an agreement between Vontobel Asset Management S.A. and Duff & Phelps Investment Management Co, under the terms of which Duff & Phelps Investment Management Co was appointed to manage the Sub-Fund Vontobel Fund II – Duff & Phelps Global Listed Infrastructure;
- an agreement between Vontobel Asset Management S.A. and Kayne Anderson Rudnick Investment Management, LLC, under the terms of which Kayne Anderson Rudnick Investment Management, LLC was appointed to manage the Sub-Fund Vontobel Fund II – KAR US Small-Mid Cap; | - Die folgenden Verträge wurden von der Verwaltungsgesellschaft und/oder gegebenenfalls dem Fonds abgeschlossen:
- eine Vereinbarung zwischen der Verwaltungsgesellschaft und der Vontobel Asset Management AG, gemäss welcher diese zur Anlageverwalterin sämtlicher Teilfonds, mit Ausnahme der nachstehend aufgeführten Teilfonds, bestimmt wurde;
- eine Vereinbarung zwischen dem Fonds, der Verwaltungsgesellschaft und der RBC Investor Services Bank S.A., gemäss welcher Letztgenannte zum Administrator des Fonds bestimmt wurde;
- eine Vereinbarung zwischen Vontobel Asset Management S.A. und Duff & Phelps Investment Management Co, in deren Rahmen Duff & Phelps Investment Management Co mit der Verwaltung des Teilfonds Vontobel Fund II – Duff & Phelps Glo- bal Listed Infrastructure beauftragt wurde;
- eine Vereinbarung zwischen Vontobel Asset Management S.A. und Kayne Anderson Rudnick Investment Management, LLC, in deren Rahmen Kayne Anderson Rudnick Investment Management, LLC mit der Verwaltung des Teilfonds Vontobel Fund II – KAR US Small-Mid Cap beauftragt wurde; | - The following agreements have been concluded by the Management Company and/or the Fund, as the case may be:
- an agreement between the Management Company and Vontobel Asset Management AG under the terms of which the latter was appointed Investment Manager for all the Sub-Funds except the Sub-Funds listed below.
- an agreement between the Fund, the Management Company and RBC Investor Services Bank S.A., under the terms of which the latter was appointed Administrator of the Fund.
- an agreement between Vontobel Asset Management S.A. and Duff & Phelps Investment Management Co, under the terms of which Duff & Phelps Investment Management Co was appointed to manage the Sub-Fund Vontobel Fund II – Duff & Phelps Global Listed Infrastructure;
- an agreement between Vontobel Asset Management S.A. and Kayne Anderson Rudnick Investment Management, LLC, under the terms of which Kayne Anderson Rudnick Investment Management, LLC was appointed to manage the Sub-Fund Vontobel Fund II – KAR US Small-Mid Cap; | en | de |
DOLFIN4452 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The maximum management fee (weighted average) which may be charged to the sub-fund and to the undertaking for collective investment in which it intends to invest amounts to:
- 0.75% for the DPAM HORIZON B Defensive Strategy sub-fund
- 0.90% for the DPAM HORIZON B Balanced Low Strategy sub-fund
- 1.15% for the DPAM HORIZON B Balanced Strategy sub-fund
- 1.20% for the DPAM HORIZON B Active Strategy sub-fund
- 1.20% for the DPAM HORIZON B Global Diversified World sub-fund
- Remuneration for administration, deducted daily
- Financial service remuneration, per transaction
- Custodian’s remuneration, per year, excluding sub-custodian fees. These fees are payable quarterly and are calculated on the basis of the average net assets of the quarter.
- SICAV auditors' remuneration, per sub-fund, per year, net of VAT, miscellaneous expenditure and contribution IRE/ IBR.
- Estimate of other costs, by sub-fund, per year, excluding contributions to the operating costs of the FSMA (and potentially excluding additional costs that may be borne by the hedged classes for hedging the exchange risk). | Le niveau maximal des commissions de gestion (moyenne pondérée) qui peuvent être mises à charge à la fois du compartiment et des organismes de placement collectif dans lesquels il entend investir s’élève à :
- 0,75 % pour le compartiment DPAM HORIZON B Defensive Strategy
- 0,90 % pour le compartiment DPAM HORIZON B Balanced Low Strategy
- 1,15 % pour le compartiment DPAM HORIZON B Balanced Strategy
- 1,20 % pour le compartiment DPAM HORIZON B Active Strategy
- 1,20 % pour le compartiment DPAM HORIZON B Global Diversified World
- Rémunération de l’administration par an, prélevée journellement
- Rémunération du service financier, par opération
- Rémunération du dépositaire, par an, hors les frais des sous-dépositaires. Ces rémunérations sont payables trimestriellement et calculées sur base des actifs nets moyens du trimestre.
- Rémunération du commissaire de la SICAV, par compartiment, par an, hors TVA, débours divers et cotisation IRE.
- Estimation des autres frais, par compartiment, par an, à l’exclusion des contributions aux frais de fonctionnement de la FSMA (et éventuellement à l’exclusion des coûts supplémentaires qui peuvent être supportés par les classes hedgées pour la couverture du risque de change). | The maximum management fee (weighted average) which may be charged to the sub-fund and to the undertaking for collective investment in which it intends to invest amounts to:
- 0.75% for the DPAM HORIZON B Defensive Strategy sub-fund
- 0.90% for the DPAM HORIZON B Balanced Low Strategy sub-fund
- 1.15% for the DPAM HORIZON B Balanced Strategy sub-fund
- 1.20% for the DPAM HORIZON B Active Strategy sub-fund
- 1.20% for the DPAM HORIZON B Global Diversified World sub-fund
- Remuneration for administration, deducted daily
- Financial service remuneration, per transaction
- Custodian’s remuneration, per year, excluding sub-custodian fees. These fees are payable quarterly and are calculated on the basis of the average net assets of the quarter.
- SICAV auditors' remuneration, per sub-fund, per year, net of VAT, miscellaneous expenditure and contribution IRE/ IBR.
- Estimate of other costs, by sub-fund, per year, excluding contributions to the operating costs of the FSMA (and potentially excluding additional costs that may be borne by the hedged classes for hedging the exchange risk). | en | fr |
DOLFIN4453 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The investment strategy is based on the active selection of long or buy-sell positions in the context of arbitrage on mergers and acquisitions and capital restructuring (non-directional "Special Situations") or long or short positions based on company capitalisation in relation to the estimated enterprise value calculated by the Management Company. This strategy may involve a regular rotation of the Sub-Fund's assets, which may result in costs related to the purchase and sale of securities. Any short position will be achieved through the use of financial derivative instruments.
In the case of Special Situations, this mainly involves arbitrage on mergers and acquisitions and on capital restructuring without directional risks. The management team may also be involved in any other type of transaction likely to achieve the investment objective. The assets involved are mainly equities, but also convertible bonds and/or derivatives.
Merger and acquisition arbitrage is a strategy that consists in taking a long or short position on the securities of companies involved in merger and acquisition transactions in order to capture the difference that may exist between the quoted price of the target and the price corresponding to the terms of the offer. Depending on the nature of the bid, the arbitrageur will initiate a long position on the target company only (cash bid), or a long position on the target company and a short position on the buying company (exchange offer). | La stratégie d’investissement repose sur la sélection active de positions acheteuse ou acheteuses-vendeuses dans le cadre d'arbitrages sur fusions-acquisitions et sur restructurations de capital (« Situations Spéciales » non directionnelles) ou de positions acheteuses ou vendeuses en fonction de la capitalisation d'entreprise rapportée à l'estimation de la valeur d'entreprise calculée par la Société de gestion. Cette stratégie peut comporter une rotation régulière de l'actif du Compartiment, ce qui peut entraîner des coûts liés à l'achat et à la vente de titres. Toute position courte sera exécutée en ayant recours à des instruments financiers dérivés.
Dans le cas des Situations Spéciales, il s'agit, à titre principal, d'arbitrages sur fusions- acquisitions et sur restructurations de capital sans risque directionnel. L’équipe de gestion peut également intervenir sur toute autre typologie d'opération susceptible de réaliser l'objectif d’investissement. Les actifs impliqués sont essentiellement des actions, mais également des obligations convertibles et/ou des instruments dérivés.
L’arbitrage sur fusions-acquisitions est une stratégie qui consiste à prendre une position acheteuse ou vendeuse sur les titres de sociétés impliquées dans des opérations de fusion- acquisition, afin de capter la différence pouvant exister entre le prix côté de la cible et celui correspondant aux termes de l’offre. Selon la nature de l’offre, l'arbitragiste va initier une position acheteuse sur la société cible uniquement (offre en numéraire), ou une position acheteuse sur la société cible et vendeuse sur la société acheteuse (offre d’échange). | The investment strategy is based on the active selection of long or buy-sell positions in the context of arbitrage on mergers and acquisitions and capital restructuring (non-directional "Special Situations") or long or short positions based on company capitalisation in relation to the estimated enterprise value calculated by the Management Company. This strategy may involve a regular rotation of the Sub-Fund's assets, which may result in costs related to the purchase and sale of securities. Any short position will be achieved through the use of financial derivative instruments.
In the case of Special Situations, this mainly involves arbitrage on mergers and acquisitions and on capital restructuring without directional risks. The management team may also be involved in any other type of transaction likely to achieve the investment objective. The assets involved are mainly equities, but also convertible bonds and/or derivatives.
Merger and acquisition arbitrage is a strategy that consists in taking a long or short position on the securities of companies involved in merger and acquisition transactions in order to capture the difference that may exist between the quoted price of the target and the price corresponding to the terms of the offer. Depending on the nature of the bid, the arbitrageur will initiate a long position on the target company only (cash bid), or a long position on the target company and a short position on the buying company (exchange offer). | en | fr |
DOLFIN4454 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 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: FLEXIBLE INCOME FAM FUND (the "Sub-Fund"), a sub-fund of FAM Series UCITS ICAV (the "ICAV").
PRIIP Manufacturer: Fineco Asset Management DAC (the "Manager") which is part of FinecoBank Group. ISIN: IE00BJCX2R03 I Acc - EUR Accumulating
Website: www.finecoassetmanagement.com
Telephone Number: Call +353 1 574 7459 or +353 1 574 7455 for more information.
The Central Bank of Ireland is responsible for supervising the Manager in relation to this Key Information Document (KID). This Sub-Fund is authorized in Ireland. The Manager is authorized in Ireland and regulated by the Central Bank of Ireland.
Investment Manager: M&G Investment Management Limited. KID production date: 13/02/2023 | # Scopo
Il presente documento contiene informazioni chiave relative a questo prodotto d'investimento. Non si tratta di un documento promozionale. Le informazioni, prescritte per legge, hanno lo scopo di aiutarvi a capire le caratteristiche, i rischi, i costi, i guadagni e le perdite potenziali di questo prodotto e di aiutarvi a fare un raffronto con altri prodotti d'investimento.
Prodotto: FLEXIBLE INCOME FAM FUND (il "Comparto"), un comparto di FAM Series UCITS ICAV (l'"ICAV").
Ideatore del PRIIP: Fineco Asset Management DAC (il "Gestore") che è parte del gruppo FinecoBank. ISIN: IE00BJCX2R03 I Acc - EUR ad Accumulazione
Sito web: www.finecoassetmanagement.com
Per maggiori informazioni chiamare il numero: +353 1 574 7459 o +353 1 574 7455
La Central Bank of Ireland è responsabile della supervisione del Gestore in relazione al presente Key Information Document (KID). Questo Comparto è autorizzato in Irlanda. Il Gestore è autorizzato in Irlanda ed è disciplinato dalla Central Bank of Ireland.
Gestore degli investimenti: M&G Investment Management Limited. Data di realizzazione del documento: 13/02/2023 | # 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: FLEXIBLE INCOME FAM FUND (the "Sub-Fund"), a sub-fund of FAM Series UCITS ICAV (the "ICAV").
PRIIP Manufacturer: Fineco Asset Management DAC (the "Manager") which is part of FinecoBank Group. ISIN: IE00BJCX2R03 I Acc - EUR Accumulating
Website: www.finecoassetmanagement.com
Telephone Number: Call +353 1 574 7459 or +353 1 574 7455 for more information.
The Central Bank of Ireland is responsible for supervising the Manager in relation to this Key Information Document (KID). This Sub-Fund is authorized in Ireland. The Manager is authorized in Ireland and regulated by the Central Bank of Ireland.
Investment Manager: M&G Investment Management Limited. KID production date: 13/02/2023 | en | it |
DOLFIN4455 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Management Fees for the period are reflected at their effective rate as determined by the following:
- Up to 1.45% up to $15,000,000,000 and up to 1.25% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 1.95% up to $15,000,000,000 and up to 1.75% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 0.95% up to $15,000,000,000 and up to 0.75% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 2.00% up to $15,000,000,000 and up to 1.85% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 1.05% up to $100,000,000, 1.00% on the next $100,000,000 and 0.95% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 1.50% up to $100,000,000, 1.45% on the next $100,000,000 and 1.40% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 0.50% up to $100,000,000, 0.45% on the next $100,000,000 and 0.40% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio. | Verwaltungsgebühren für den Berichtszeitraum werden zu ihrem tatsächlichen Satz ausgewiesen, der durch Folgendes bestimmt wird:
- Maximal 1.45% bis zu $15,000,000,000 und bis zu 1.25% bei über $15,000,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- Maximal 1.95% bis zu $15,000,000,000 und bis zu 1.75% bei über $15,000,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- Maximal 0.95% bis zu $15,000,000,000 und bis zu 0.75% bei über $15,000,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- Maximal 2.00% bis zu $15,000,000,000 und bis zu 1.85% bei über $15,000,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- 1.05% bis zu $100,000,000, 1.00% für die nächsten $100,000,000 und 0.95% bei über $200,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- 1.50% bis zu $100,000,000, 1.45% für die nächsten $100,000,000 und 1.40% bei über $200,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles.
- 0.50% bis zu $100,000,000, 0.45% für die nächsten $100,000,000 und 0.40% bei über $200,000,000. Die aufeinander folgenden Gebührenstufen beziehen sich auf das Nettovermögen des Portefeuilles. | Management Fees for the period are reflected at their effective rate as determined by the following:
- Up to 1.45% up to $15,000,000,000 and up to 1.25% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 1.95% up to $15,000,000,000 and up to 1.75% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 0.95% up to $15,000,000,000 and up to 0.75% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- Up to 2.00% up to $15,000,000,000 and up to 1.85% on the excess of $15,000,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 1.05% up to $100,000,000, 1.00% on the next $100,000,000 and 0.95% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 1.50% up to $100,000,000, 1.45% on the next $100,000,000 and 1.40% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio.
- 0.50% up to $100,000,000, 0.45% on the next $100,000,000 and 0.40% on the excess of $200,000,000. The consecutive fee levels will apply to the net assets of the Portfolio. | en | de |
DOLFIN4456 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# RESTRICTIONS DE DÉPLACEMENT DANS LE CADRE DU COVID-19 ET PROPOSITIONS D’ACTIONS À PRENDRE
Veuillez noter que des restrictions de déplacement importantes sont actuellement mises en place à cause du COVID-19. Selon les restrictions de déplacement (le cas échéant) applicables à la date de l’AGA, la présence en personne à l’AGA pourrait se révéler impossible. Veuillez vous reporter au lien suivant émis par l’Irish Health Service Executive pour consulter ces restrictions de déplacement : https://www2.hse.ie/conditions/coronavirus/coronavirus.html#travel. La Société publiera toutes les mises à jour pertinentes au sujet de l’AGA à l’adresse suivante : www.Xtrackers.com.
Un Actionnaire en droit de participer et de voter peut, au moyen du formulaire indiqué à la Section 184 de la Loi sur les sociétés de 2014, désigner un mandataire chargé d’y assister, de s’exprimer et de voter en son nom. Si vous souhaitez voter à l’AGA, nous vous recommandons fortement de remplir le formulaire de procuration joint au présent Avis pour le renvoyer complété et signé par e-mail à l’adresse suivante : [email protected] avant le début de l’AGA. Veuillez également vous reporter à la section « Remarques » sur le « Formulaire de procuration » à la page 3 du présent Avis. | # RESTRICCIONES DE VIAJES POR LA COVID-19 Y MEDIDAS PROPUESTAS
Tenga en cuenta que actualmente hay importantes restricciones de viaje debido a la COVID-19. Dependiendo de las restricciones de viaje (si las hubiera) que puedan estar en vigor para la fecha de la JGA, la asistencia física a la misma puede no ser posible. Consulte el siguiente enlace publicado por el servicio de salud de Irlanda (Irish Health Service Executive) con respecto a dichas restricciones de viaje: https://www2.hse.ie/conditions/coronavirus/coronavirus.html#travel. La Sociedad publicará cualquier actualización relevante con respecto a la JGA en www.Xtrackers.com.
El Accionista con derecho a asistir y a votar puede nombrar, a través del formulario establecido en el Artículo 184 de la Ley de Sociedades de 2014, a un apoderado para que asista, tome la palabra y vote en su nombre. Si desea votar en la JGA, le recomendamos encarecidamente que cumplimente el formulario de apoderamiento adjunto a la presente Notificación y lo envíe cumplimentado y firmado por correo electrónico a [email protected] antes del comienzo de la JGA. Consulte también las notas sobre el formulario de apoderamiento en la página 3 de esta Notificación. | # RESTRICTIONS DE DÉPLACEMENT DANS LE CADRE DU COVID-19 ET PROPOSITIONS D’ACTIONS À PRENDRE
Veuillez noter que des restrictions de déplacement importantes sont actuellement mises en place à cause du COVID-19. Selon les restrictions de déplacement (le cas échéant) applicables à la date de l’AGA, la présence en personne à l’AGA pourrait se révéler impossible. Veuillez vous reporter au lien suivant émis par l’Irish Health Service Executive pour consulter ces restrictions de déplacement : https://www2.hse.ie/conditions/coronavirus/coronavirus.html#travel. La Société publiera toutes les mises à jour pertinentes au sujet de l’AGA à l’adresse suivante : www.Xtrackers.com.
Un Actionnaire en droit de participer et de voter peut, au moyen du formulaire indiqué à la Section 184 de la Loi sur les sociétés de 2014, désigner un mandataire chargé d’y assister, de s’exprimer et de voter en son nom. Si vous souhaitez voter à l’AGA, nous vous recommandons fortement de remplir le formulaire de procuration joint au présent Avis pour le renvoyer complété et signé par e-mail à l’adresse suivante : [email protected] avant le début de l’AGA. Veuillez également vous reporter à la section « Remarques » sur le « Formulaire de procuration » à la page 3 du présent Avis. | fr | es |
DOLFIN4457 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- on a poll of all the Holders of shares in a Fund, where there is more than one class of shares in existence in that Fund, the voting rights of such Holders may at the discretion of the Directors be adjusted in such manner, determined by the Directors, so as to reflect the most recently calculated price at which the shares of each of the classes in question may be repurchased by the Company;
- a Holder or Holders who hold a fraction of a share may not exercise any voting rights, whether on a show of hands or on a poll, in respect of such fraction of a share.
-
## Written Resolutions | - dans un scrutin de l’ensemble des Détenteurs d’actions d’un Fonds dans lequel il existe plus d’une catégorie d’actions, les droits de vote des Détenteurs pourront être ajustés à la discrétion et de la manière déterminée par les Administrateurs, afin de refléter le cours calculé le plus récent auquel les actions de chacune des catégories en question peuvent être rachetées par la Société.
- le ou les Détenteurs qui détiennent une fraction d’action ne peuvent exercer aucun droit de vote, qu’il s’agisse d’un vote à main levée ou sur scrutin, au regard de ladite fraction d’action.
-
## Résolutions écrites | - on a poll of all the Holders of shares in a Fund, where there is more than one class of shares in existence in that Fund, the voting rights of such Holders may at the discretion of the Directors be adjusted in such manner, determined by the Directors, so as to reflect the most recently calculated price at which the shares of each of the classes in question may be repurchased by the Company;
- a Holder or Holders who hold a fraction of a share may not exercise any voting rights, whether on a show of hands or on a poll, in respect of such fraction of a share.
-
## Written Resolutions | en | fr |
DOLFIN4458 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles :
Nous avons supposé :
- qu’au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- USD10 000 est investi.
| Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 136 USD | 753 USD |
| Incidence des coûts annuels* | 1,36 % | 1,38 % |
(*) Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 2,83 % avant déduction des coûts et de 1,44 % après cette déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles:
Hemos partido de los siguientes supuestos:
- - En el primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). Para los otros periodos de tenencia hemos supuesto que el producto se comporta como se muestra en el escenario moderado.
- USD10 000se invierte.
| Inversión 10 000 USD | En caso de salida después de 1 Año | En caso de salida después de 5 Años |
| --- | --- | --- |
| Costes totales | 136 USD | 753 USD |
| Incidencia anual de los costes* | 1,36 % | 1,38 % |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 2,83 % antes de deducir los costes y del 1,44
% después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles :
Nous avons supposé :
- qu’au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- USD10 000 est investi.
| Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 136 USD | 753 USD |
| Incidence des coûts annuels* | 1,36 % | 1,38 % |
(*) Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 2,83 % avant déduction des coûts et de 1,44 % après cette déduction. | fr | es |
DOLFIN4459 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Positions taken on the futures or options markets and over the counter are valued at their market price or at the value of the equivalent underlying asset.
- Financial instruments and securities not traded on a regulated market All of the UCI's financial instruments are traded on regulated markets.
- Valuation methods for off-balance sheet commitmentsOff-balance sheet transactions are valued at the commitment value. | Las posiciones tomadas en contratos de futuros y opciones y operaciones a plazo negociadas en mercados extrabursátiles se valoran al precio de mercado o al equivalente del activo subyacente.
- Instrumentos financieros y valores no negociados en un mercado regulado Todos los instrumentos financieros de la IIC se negocian en mercados regulados.
- Mitodo de valoración de los compromisos fuera de balanceLas operaciones fuera de balance se valoran conforme al valor de compromiso. | Positions taken on the futures or options markets and over the counter are valued at their market price or at the value of the equivalent underlying asset.
- Financial instruments and securities not traded on a regulated market All of the UCI's financial instruments are traded on regulated markets.
- Valuation methods for off-balance sheet commitmentsOff-balance sheet transactions are valued at the commitment value. | en | es |
DOLFIN4460 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition to the above, although the Sub-Fund does not have a specific sustainable investment objective pursuant to article 9 of the SFDR, it incorporates an extra-financial approach whereby the weighted average carbon intensity of the Sub-Fund (GHG emissions per million euros of turnover) must be at least 20% lower than that of the following composite index: 65% ICE BofAML 1-3 Year Euro Corporate Index (ER01) and 35% Global High Yield Index (HW00).
For that purpose the Sub-Fund will have mainly exposure to investment grade debt instruments (with a rating above or equal to BBB- from Standard and Poor's/Fitch or Baa3 from Moody's), issued by entities in the private and public sectors, mainly in the Eurozone.
Furthermore, the Sub-Fund may invest in other categories of assets, such as cash instruments, derivatives instruments and equity instruments.
The Reference Currency of the Sub-Fund is the Euro (“EUR”).
- Investment policy of the Sub-FundThe investment strategy of the Sub-Fund consists in the active and discretionary management of a diversified portfolio of debt instruments issued by private or public issuers situated mainly in the Eurozone, principally of the investment grade category (i.e. having a rating over or equal to BBB- of Standard & Poor’s/Fitch or Baa3 of Moody’s), whose interest rate risk is minimized through the use of bonds with variable interest rates and revisable without maturity criteria, short maturity bonds, instruments for the hedging of interest rate risk (interest rate swaps or futures contracts) and inflation-linked bonds. The rating applied by the Management Company will be the highest obtained from the agencies Standard and Poor's, Fitch and Moody’s. | En outre, bien qu’il ne poursuive pas d’objectif d’investissement durable au sens de l’article 9 du règlement SFDR, le Compartiment intègre une approche extra- financière selon laquelle son intensité carbone moyenne pondérée (émissions de GES par million d’euros de chiffre d’affaires) doit être inférieure d’au moins 20% à celle de l’indice composite suivant : 65% ICE BofAML 1-3 Year Euro Corporate (ER01) et 35% Global High Yield (HW00).
À ces fins, le Compartiment aura principalement une exposition aux titres de créance Investment Grade (avec une notation supérieure ou égale à BBB- de Standard and Poor’s/Fitch ou Baa3 de Moody’s), émis par des entités des secteurs privés et publics, principalement au sein de la zone euro.
Par ailleurs, le Compartiment peut investir dans d’autres catégories d’actifs, à l’image des instruments du marché monétaire, des instruments dérivés et des instruments en actions.
La Devise de référence du Compartiment est l’euro (« EUR »).
- Politique d’investissement du CompartimentLa stratégie d’investissement du Compartiment consiste à adopter une gestion active et discrétionnaire d’un portefeuille diversifié de titres de créance émis par les émetteurs privés ou publics situés principalement au sein de la zone euro, principalement de la catégorie Investment Grade (à savoir d’une notation d’au moins BBB- de Standard & Poor’s et de Fitch ou Baa3 de Moody’s) dont le risque de taux d’intérêt est minimisé par le biais de l’utilisation d’obligations à taux variable et révisables sans critères d’échéance, les obligations à échéances courtes, des instruments de couverture du risque de taux d’intérêt (swaps de taux d’intérêt ou contrats futures) et des obligations indexées sur l’inflation. La notation appliquée par la Société de gestion sera la plus élevée parmi celles attribuées par les agences Standard and Poor’s, Fitch et Moody’s. | In addition to the above, although the Sub-Fund does not have a specific sustainable investment objective pursuant to article 9 of the SFDR, it incorporates an extra-financial approach whereby the weighted average carbon intensity of the Sub-Fund (GHG emissions per million euros of turnover) must be at least 20% lower than that of the following composite index: 65% ICE BofAML 1-3 Year Euro Corporate Index (ER01) and 35% Global High Yield Index (HW00).
For that purpose the Sub-Fund will have mainly exposure to investment grade debt instruments (with a rating above or equal to BBB- from Standard and Poor's/Fitch or Baa3 from Moody's), issued by entities in the private and public sectors, mainly in the Eurozone.
Furthermore, the Sub-Fund may invest in other categories of assets, such as cash instruments, derivatives instruments and equity instruments.
The Reference Currency of the Sub-Fund is the Euro (“EUR”).
- Investment policy of the Sub-FundThe investment strategy of the Sub-Fund consists in the active and discretionary management of a diversified portfolio of debt instruments issued by private or public issuers situated mainly in the Eurozone, principally of the investment grade category (i.e. having a rating over or equal to BBB- of Standard & Poor’s/Fitch or Baa3 of Moody’s), whose interest rate risk is minimized through the use of bonds with variable interest rates and revisable without maturity criteria, short maturity bonds, instruments for the hedging of interest rate risk (interest rate swaps or futures contracts) and inflation-linked bonds. The rating applied by the Management Company will be the highest obtained from the agencies Standard and Poor's, Fitch and Moody’s. | en | fr |
DOLFIN4461 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
* The SICAV and EdR SICAV-Euro Sustainable Credit were created on 12 February 2019, by merger-absorption of the Edmond de Rothschild Euro Sustainable Credit Fund.
ALLOCATION OF THE INCOME FOR THE 2020 FINANCIAL YEAR
For “B EUR” distribution shares:
The income for the financial year amounted to €69,309.31.
It is broken down as follows:
- the distributable net income was €68,888.77
- the retained earnings were €420.54We offer the following distribution: | * Die SICAV und EdR SICAV – Euro Sustainable Credit wurden am 12. Februar 2019 durch Zusammenlegung durch Aufnahme des FCP Edmond de Rothschild Euro Sustainable Credit aufgelegt.
ERGEBNISVERWENDUNG FÜR DAS GESCHÄFTSJAHR 2020
Für die ausschüttende Aktienklasse „B EUR“:
Das Ergebnis des Geschäftsjahres beläuft sich für die Aktienklasse auf 69.309,31 €.
Es schlüsselt sich wie folgt auf:
- das ausschüttungsfähige Nettoergebnis beläuft sich auf 68.888,77 €
- der Ergebnisvortrag beläuft sich auf 420,54 €Wir schlagen Ihnen folgende Ausschüttung vor: | * The SICAV and EdR SICAV-Euro Sustainable Credit were created on 12 February 2019, by merger-absorption of the Edmond de Rothschild Euro Sustainable Credit Fund.
ALLOCATION OF THE INCOME FOR THE 2020 FINANCIAL YEAR
For “B EUR” distribution shares:
The income for the financial year amounted to €69,309.31.
It is broken down as follows:
- the distributable net income was €68,888.77
- the retained earnings were €420.54We offer the following distribution: | en | de |
DOLFIN4462 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Articles further provide that, on a poll of all of the holders of Shares of more than one Class for the time being, the voting rights of holders shall be adjusted in a manner determined by the Directors so as to reflect the latest calculated redemption price per Share of each of the Classes in question.
- Compulsory redemption. The Directors have power to impose such restrictions as they think necessary for the purpose of ensuring that no Shares are acquired or held directly or beneficially by certain categories of investors as described in the Articles. They may also request the redemption of certain Shares for the reasons described in the Articles.
- Winding up. The Articles contain provisions to the following effect:
- If the Company shall be wound up a liquidator shall, subject to the provisions of the Companies Act 2014, be appointed and shall apply the assets of each Fund in satisfaction of creditors' claims relating to that Fund. | Die Satzung sieht ferner vor, dass bei einer Abstimmung aller Anteilsinhaber von mehr als einer Anteilsklasse die Stimmrechte der Inhaber vorläufig durch die Verwaltungsratsmitglieder angepasst werden, um auf diese Weise den zuletzt berechneten Rücknahmepreis pro Anteil der jeweils betreffenden Anteilsklassen widerzuspiegeln.
- Obligatorische Rücknahme. Der Verwaltungsrat kann Beschränkungen auferlegen, die er für notwendig hält, um zu gewährleisten, dass Anteile nicht von bestimmten Anlegerkategorien gemäß Beschreibung in der Satzung erworben werden oder sich in deren direktem oder wirtschaftlichem Eigentum befinden. Er kann auch die Rücknahme bestimmter Anteile aus in der Satzung beschriebenen Gründen fordern.
- Abwicklung. Die Satzung sieht Bestimmungen folgenden Inhalts vor:
- Wenn eine Gesellschaft abgewickelt werden soll, wird ein Liquidator gemäß den Bestimmungen des Companies Act 2014 ernannt, der die Vermögenswerte jedes Fonds zur Erfüllung der Ansprüche der Gläubiger dieses Fonds verwendet. | The Articles further provide that, on a poll of all of the holders of Shares of more than one Class for the time being, the voting rights of holders shall be adjusted in a manner determined by the Directors so as to reflect the latest calculated redemption price per Share of each of the Classes in question.
- Compulsory redemption. The Directors have power to impose such restrictions as they think necessary for the purpose of ensuring that no Shares are acquired or held directly or beneficially by certain categories of investors as described in the Articles. They may also request the redemption of certain Shares for the reasons described in the Articles.
- Winding up. The Articles contain provisions to the following effect:
- If the Company shall be wound up a liquidator shall, subject to the provisions of the Companies Act 2014, be appointed and shall apply the assets of each Fund in satisfaction of creditors' claims relating to that Fund. | en | de |
DOLFIN4463 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company operates a liquidity risk management policy which identifies, monitors and manages liquidity risks. It takes into account the investment strategy; the liquidity profile; the redemption policy and the dealing frequency to ensure that the liquidity profile of the underlying assets of each Fund will facilitate compliance with such Fund’s obligation to meet redemption requests under normal and exceptional market conditions, and to seek to achieve fair treatment and transparency for all Investors.
In summary, the Company’s liquidity risk management policy includes the following aspects:
- Review of how liquid each Fund’s portfolio is on an ongoing basis and regular assessment of its ongoing liquidity needs including an assessment of whether the subscription and redemption arrangement are appropriate to the relevant Fund’s strategy;
- Regular and ongoing scenario modelling and stress testing to ensure that the Fund’s position can withstand changes in market conditions and inform investment decisions. This includes extreme scenario testing. Normally the stress testing is performed on a quarterly basis but in times of adverse market conditions or during the period where there are large redemption requests, the stress tests will be performed more frequently, if necessary;
- Fund liquidity is systematically modelled making prudent, but realistic, assumptions of how much of each security could be sold in any one time period. For each Fund, regardless of its underlying assets, this information is then aggregated up to give a broad picture of the liquidity path a portfolio would take were it to be sold as fast as possible, but with minimal market impact. This allows the Funds to be broken up by liquidity exposure, and illiquid positions to be highlighted; and
- Liquidity oversight is carried out by the independent risk team, who are functionally independent of the portfolio management function. The team provides liquidity oversight, and escalates to the Liquidity Committee. The Liquidity Committee has representatives from the risk function, from distribution and from the front office. The committee generally meets on a quarterly basis, and is responsible for identifying and either escalating or resolving liquidity concerns with the Funds. | Die Gesellschaft betreibt eine Politik des Liquiditätsrisikomanagements, die Liquiditätsrisiken identifiziert, überwacht und verwaltet. Sie berücksichtigt die Anlagestrategie, das Liquiditätsprofil, die Rücknahmepolitik und die Handelsfrequenz, um sicherzustellen, dass das Liquiditätsprofil der zugrunde liegenden Vermögenswerte jedes Fonds die Einhaltung der Verpflichtung des Fonds zur Erfüllung von Rücknahmeanträgen unter normalen und außergewöhnlichen Marktbedingungen ermöglicht, und um eine faire Behandlung und Transparenz für alle Anleger zu erreichen.
Zusammengefasst beinhaltet die Politik des Liquiditätsrisikomanagements der Gesellschaft die folgenden Aspekte:
- Fortlaufende Überprüfung der Liquidität des Portfolios jedes Fonds und regelmäßige Beurteilung seines laufenden Liquiditätsbedarfs einschließlich einer Beurteilung, ob die Zeichnungs- und Rücknahmevereinbarung für die Strategie des jeweiligen Fonds angemessen ist;
- Regelmäßige und fortlaufende Szenario-Modellierung und Stresstests, um sicherzustellen, dass die Position des Fonds den Veränderungen der Marktbedingungen standhält und fundierte Anlageentscheidungen ermöglicht. Dazu gehören auch Extremszenario-Tests. Normalerweise wird der Stresstest vierteljährlich durchgeführt, in Zeiten widriger Marktbedingungen oder in einer Phase, in der es große Rücknahmeanträge gibt, werden die Stresstests bei Bedarf aber auch häufiger durchgeführt;
- Die Liquidität des Fonds wird systematisch modelliert, wobei vorsichtige, aber realistische Annahmen getroffen werden, wie viel eines jeden Wertpapiers in einem bestimmten Zeitraum verkauft werdenkönnte. Anschließend werden diese Informationen für jeden Fonds, unabhängig von dessen zugrunde liegenden Vermögenswerten, zusammengefasst, um ein umfassendes Bild des Liquiditätspfads eines Portfolios zu erhalten, wenn es so schnell wie möglich, aber mit minimalen Auswirkungen auf den Markt verkauft werden müsste. Dadurch können die Fonds nach Liquiditätsrisiken aufgeschlüsselt und illiquide Positionen hervorgehoben werden; und
- Die Liquiditätsüberwachung wird vom unabhängigen Risikoteam durchgeführt, das funktional unabhängig von der Portfoliomanagementfunktion ist. Das Team überwacht die Liquidität und eskaliert Probleme an den Liquiditätsausschuss. Der Liquiditätsausschuss setzt sich aus Vertretern der Risikofunktion, dem Vertrieb und dem Front-Office zusammen. Der Ausschuss tagt in der Regel vierteljährlich und ist verantwortlich für die Identifizierung und Eskalation oder Lösung von Liquiditätsproblemen mit den Fonds. | The Company operates a liquidity risk management policy which identifies, monitors and manages liquidity risks. It takes into account the investment strategy; the liquidity profile; the redemption policy and the dealing frequency to ensure that the liquidity profile of the underlying assets of each Fund will facilitate compliance with such Fund’s obligation to meet redemption requests under normal and exceptional market conditions, and to seek to achieve fair treatment and transparency for all Investors.
In summary, the Company’s liquidity risk management policy includes the following aspects:
- Review of how liquid each Fund’s portfolio is on an ongoing basis and regular assessment of its ongoing liquidity needs including an assessment of whether the subscription and redemption arrangement are appropriate to the relevant Fund’s strategy;
- Regular and ongoing scenario modelling and stress testing to ensure that the Fund’s position can withstand changes in market conditions and inform investment decisions. This includes extreme scenario testing. Normally the stress testing is performed on a quarterly basis but in times of adverse market conditions or during the period where there are large redemption requests, the stress tests will be performed more frequently, if necessary;
- Fund liquidity is systematically modelled making prudent, but realistic, assumptions of how much of each security could be sold in any one time period. For each Fund, regardless of its underlying assets, this information is then aggregated up to give a broad picture of the liquidity path a portfolio would take were it to be sold as fast as possible, but with minimal market impact. This allows the Funds to be broken up by liquidity exposure, and illiquid positions to be highlighted; and
- Liquidity oversight is carried out by the independent risk team, who are functionally independent of the portfolio management function. The team provides liquidity oversight, and escalates to the Liquidity Committee. The Liquidity Committee has representatives from the risk function, from distribution and from the front office. The committee generally meets on a quarterly basis, and is responsible for identifying and either escalating or resolving liquidity concerns with the Funds. | en | de |
DOLFIN4464 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# TOP3 Detractors:
## FIRST ABU DHABI BK AED1
First Abu Dhabi Bank (FAB) dropped in January after the bank reported weak 4Q22 results. Cost pressure they saw in the quarter should be temporary. First Abu Dhabi Bank (FAB) is the dominant bank in the United Arab Emirates. It is not only the largest bank in the country and one of the largest in the Middle East region, but also one of the safest banks in the world. We believe it has a strong deposit funding franchise and liquid balance sheet. First Abu Dhabi Bank was formed in 2016, when First Gulf Bank (FGB) merged with the National Bank of Abu Dhabi.
## RELIANCE INDS INR10(100%DEMAT)
Reliance Industries didn’t perform well in January due to earnings that showed higher interest expense than the market was expecting. The company is making large investments in Retail and Telco, which should drive higher earnings at a later date. Reliance Industries is an Indian conglomerate that operates in three primary industries: energy, retail and telecommunications. In the energy segment, Reliance has a large oil & gas unit with its two main operations being refining and petrochemicals that are used for consumer products. Reliance is also building a “new energy” unity within the energy business, which will include solar panels, hydrogen electrolyzers and storage batteries for the grid. Reliance's new energy unit is still a nascent business. Reliance Retail is the retail arm of Reliance and this business with over 35 million square feet of retail space that is also com- bined with its online presence across JioMart, AJIO and other apps. Reliance's telecom operations include its large wireless subscription business as well as media and entertainment offerings. The telecom operations also includes fiber to the home and fiber to business and other smaller businesses.
## BANK RAKYAT INDONESIA PERSER
Bank Rakyat pulled back in January after strong performance in 4Q last year. Its fundamentals remain solid. Bank Rakyat is one of the largest banks in Indonesia, with a strong franchise in microfinance. The bank has a solid deposit base and is con- servative in lending. Bank Rakyat's microfinance franchise is deeply entrenched with a network of over 5,000 branches and sub-branches in rural Indonesia. The bank is renewing its microfinance franchise to drive growth, which should be in the low- teens for a long time. | # Die Top-3-Verlierer:
## FIRST ABU DHABI BK AED1
First Abu Dhabi Bank (FAB) ging im Januar zurück, nachdem die Bank schwache Ergebnisse für das vierte Quartal 2022 ber- ichtet hatte. Der Kostendruck in diesem Quartal dürfte nur vorübergehend sein. Die First Abu Dhabi Bank (FAB) ist die führende Bank in den Vereinigten Arabischen Emiraten. Sie ist nicht nur die grösste Bank des Landes und eine der grössten in der Re- gion des Nahen Ostens, sondern auch eine der sichersten Banken der Welt. Wir sind der Meinung, dass die Bank über ein starkes Einlagengeschäft und hohe liquide Mittel in der Bilanz verfügt. Die First Abu Dhabi Bank wurde 2016 gegründet, als die First Gulf Bank (FGB) mit der National Bank of Abu Dhabi fusionierte.
## RELIANCE INDS INR10(100%DEMAT)
Reliance Industries schnitt im Januar nicht gut ab, da die Gewinnberichte einen höheren Zinsaufwand als vom Markt erwartet aufwiesen. Das Unternehmen tätigt umfangreiche Investitionen in den Bereichen Einzelhandel und Telekommunikation, die zu einem späteren Zeitpunkt zu höheren Erträgen führen dürften. Reliance Industries ist ein indisches Konglomerat, das in drei Hauptbereichen tätig ist: Energie, Einzelhandel und Telekommunikation. In seinem Energiebereich verfügt Reliance über eine grosse Öl- und Gaseinheit, deren zwei Hauptgeschäftsbereiche Raffinerie und Petrochemie sind, die Einsatz bei Konsumgütern findet. Reliance baut ebenfalls innerhalb des Energiegeschäfts eine Einheit für «neue Energien» auf, die Solarpaneele, Wasser- stoff-Elektrolyseure und Speicherbatterien für das Stromnetz umfassen wird. Die Neue-Energie-Einheit von Reliance ist noch im Entstehen begriffen. Reliance Retail ist der Einzelhandelsbereich von Reliance, und dieses Geschäft umfasst über 35 Millionen Quadratmeter Einzelhandelsfläche, die zudem mit seiner Online-Präsenz über JioMart, AJIO und andere Apps kombiniert wird. Zu den Telekommunikationsaktivitäten von Reliance gehören das umfangreiche Mobilfunkgeschäft sowie Medien- und Un- terhaltungsangebote. Das Telekommunikationsgeschäft umfasst zudem Glasfaserkabel für Privathaushalte und Glasfaserkabel für Unternehmen und andere kleinere Gewerbetreibende.
## BANK RAKYAT INDONESIA PERSER
Die Bank Rakyat ging im Januar zurück, nachdem sie im vierten Quartal des vergangenen Jahres ein gutes Ergebnis erzielt hatte. Ihre Fundamentaldaten sind weiterhin solide. Bank Rakyat ist eine der grössten Banken in Indonesien mit einem starken Microfinance-Geschäft. Die Bank hat eine solide Einlagenbasis und ist bei der Kreditvergabe konservativ. Das Microfinance- Geschäft der Bank Rakyat ist mit einem Netzwerk von über 5.000 Filialen und Aussenstellen tief im ländlichen Indonesien ver- wurzelt. Die Bank erneuert zur Wachstumssteigerung ihr Microfinance-Geschäft, sodass das Wachstum für lange Zeit im niedri- gen zweistelligen Bereich liegen dürfte. | # TOP3 Detractors:
## FIRST ABU DHABI BK AED1
First Abu Dhabi Bank (FAB) dropped in January after the bank reported weak 4Q22 results. Cost pressure they saw in the quarter should be temporary. First Abu Dhabi Bank (FAB) is the dominant bank in the United Arab Emirates. It is not only the largest bank in the country and one of the largest in the Middle East region, but also one of the safest banks in the world. We believe it has a strong deposit funding franchise and liquid balance sheet. First Abu Dhabi Bank was formed in 2016, when First Gulf Bank (FGB) merged with the National Bank of Abu Dhabi.
## RELIANCE INDS INR10(100%DEMAT)
Reliance Industries didn’t perform well in January due to earnings that showed higher interest expense than the market was expecting. The company is making large investments in Retail and Telco, which should drive higher earnings at a later date. Reliance Industries is an Indian conglomerate that operates in three primary industries: energy, retail and telecommunications. In the energy segment, Reliance has a large oil & gas unit with its two main operations being refining and petrochemicals that are used for consumer products. Reliance is also building a “new energy” unity within the energy business, which will include solar panels, hydrogen electrolyzers and storage batteries for the grid. Reliance's new energy unit is still a nascent business. Reliance Retail is the retail arm of Reliance and this business with over 35 million square feet of retail space that is also com- bined with its online presence across JioMart, AJIO and other apps. Reliance's telecom operations include its large wireless subscription business as well as media and entertainment offerings. The telecom operations also includes fiber to the home and fiber to business and other smaller businesses.
## BANK RAKYAT INDONESIA PERSER
Bank Rakyat pulled back in January after strong performance in 4Q last year. Its fundamentals remain solid. Bank Rakyat is one of the largest banks in Indonesia, with a strong franchise in microfinance. The bank has a solid deposit base and is con- servative in lending. Bank Rakyat's microfinance franchise is deeply entrenched with a network of over 5,000 branches and sub-branches in rural Indonesia. The bank is renewing its microfinance franchise to drive growth, which should be in the low- teens for a long time. | en | de |
DOLFIN4465 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The CoCo investor can only resell the CoCo bond in the secondary market, which in turn is associ- ated with corresponding market and liquidity risks.
- Equity risk and subordination risk(“risk of a reversal of the capital structure”)In the case of conversion to shares, CoCo inves- tors become shareholders when the trigger occurs. In the event of insolvency, claims of shareholders may have subordinate priority and their settlement is dependent on the remaining funds available. The conversion of CoCos can therefore lead to a total loss of capital.
- Risk of concentration on a sectorDue to the special structure of CoCos, the risk of concentration on one sector may arise due to the uneven distribution of risks with regard to financial securities. By law, CoCos are part of the capital structure of financial institutions.
- Liquidity riskCoCos entail a liquidity risk in a tense market situation. This is due to the special investor base and the lower total market volume compared with that of normal bonds.
- Income valuation riskDue to the fact that CoCos can be called on a flexible basis, it is not clear which date should be used for calculating the income. There is a risk on each call date that the maturity of the bond will be postponed and the income calculation must then be adjusted to the new date, which can lead to a different yield.
- Unknown riskDue to the innovative nature of CoCos and the highly changeable regulatory environment for financial institutions, risks may arise that cannot be foreseen at the present time. | Der CoCo-Anleger kann die CoCo-Anleihe nur auf dem Sekundärmarkt weiterverkaufen, was wiederum mit entsprechenden Markt- und Liquiditätsrisiken verbunden ist.
- Eigenkapital- und Nachrangigkeitsrisiko („Risiko einer Umkehrung der Kapitalstruktur“)Bei einer Umwandlung in Aktien werden CoCo- Anleger bei Eintritt des Triggers zu Aktionären. Im Insolvenzfall sind die Forderungen der Aktionäre möglicherweise nachrangig und ist ihre Beglei- chung von den verbleibenden verfügbaren Mit- teln abhängig. Die Umwandlung von CoCos kann daher zu einem Totalverlust des Kapitals führen.
- Risiko einer BranchenkonzentrationAufgrund der speziellen Struktur von CoCos kann durch die ungleichmäßige Verteilung der Risiken im Hinblick auf Finanzwerte das Risiko einer Branchenkonzentration entstehen. CoCos sind aufgrund von gesetzlichen Vorschriften Teil der Kapitalstruktur von Finanzinstituten.
- LiquiditätsrisikoCoCos bringen in einer angespannten Marktsitu- ation ein Liquiditätsrisiko mit sich. Die Ursache hierfür sind der spezielle Anlegerkreis und das im Vergleich zu gewöhnlichen Anleihen geringere Gesamtvolumen am Markt.
- ErtragsbewertungsrisikoAufgrund der flexiblen Kündbarkeit von CoCos ist nicht klar, welches Datum für die Berechnungdes Ertrags herangezogen werden soll. An jedem Kündigungsdatum besteht das Risiko, dass die Fälligkeit der Anleihe verschoben wird und die Ertragsberechnung an das neue Datum ange- passt werden muss, was zu einer veränderten Rendite führen kann.
- Unbekanntes RisikoAufgrund des innovativen Charakters der CoCos und des stark veränderlichen Regelungsumfelds für Finanzinstitute können Risiken entstehen, die sich zum gegenwärtigen Zeitpunkt nicht vorher- sehen lassen. | The CoCo investor can only resell the CoCo bond in the secondary market, which in turn is associ- ated with corresponding market and liquidity risks.
- Equity risk and subordination risk(“risk of a reversal of the capital structure”)In the case of conversion to shares, CoCo inves- tors become shareholders when the trigger occurs. In the event of insolvency, claims of shareholders may have subordinate priority and their settlement is dependent on the remaining funds available. The conversion of CoCos can therefore lead to a total loss of capital.
- Risk of concentration on a sectorDue to the special structure of CoCos, the risk of concentration on one sector may arise due to the uneven distribution of risks with regard to financial securities. By law, CoCos are part of the capital structure of financial institutions.
- Liquidity riskCoCos entail a liquidity risk in a tense market situation. This is due to the special investor base and the lower total market volume compared with that of normal bonds.
- Income valuation riskDue to the fact that CoCos can be called on a flexible basis, it is not clear which date should be used for calculating the income. There is a risk on each call date that the maturity of the bond will be postponed and the income calculation must then be adjusted to the new date, which can lead to a different yield.
- Unknown riskDue to the innovative nature of CoCos and the highly changeable regulatory environment for financial institutions, risks may arise that cannot be foreseen at the present time. | en | de |
DOLFIN4466 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
* Indice de comparaison : FTSE All Share Total Return Index.
** Veuillez vous référer aux notes relatives aux performances, page 8. La page 8 comporte l’ensemble des notes de bas de page.
Fidelity Funds | * Índice de referencia: FTSE All Share Total Return Index.
** Consulte las notas sobre los resultados en la página 10. La lista de notas completa figura en la página 10.
Fidelity Funds | * Indice de comparaison : FTSE All Share Total Return Index.
** Veuillez vous référer aux notes relatives aux performances, page 8. La page 8 comporte l’ensemble des notes de bas de page.
Fidelity Funds | fr | es |
DOLFIN4467 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Exercise of voting rights:
Allianz Global Investors GmbH (on behalf of the Fund or the investment company) exercises voting rights attached to the securities of the main European companies held by the Fund in the exclusive interest of unitholders, in accordance with article L 533-22 of the French Monetary and Financial Code.
To that end, it can get assistance from Allianz Global Investors GmbH, which uses the services of the specialised consultant ISS for the analysis and exercise of voting rights at the shareholders’ meetings of companies. Allianz Global Investors’ voting policy is formulated each year by the Corporate Governance Committee at Allianz Global Investors and its team of ESG analysts. It enables ISS to examine resolution texts and to determine the position of the management company. These voting recommendations are then reviewed by the ESG teams of Allianz Global Investors GmbH before votes are actually cast.
The document entitled Principle on Voting Rights, as well as the Report on the Exercise of Voting Rights, which reports on the conditions under which it exercises the voting rights attached to the securities held by the UCITS that it manages, and the information about voting on each resolution can, in accordance with the General Regulations of the AMF, be consulted either at https://fr.allianzgi.com or at its head office located at 3 boulevard des Italiens, in the 2nd arrondis- sement of Paris. | ### Exercice des droits de vote :
Allianz Global Investors GmbH (pour le compte du fonds ou de la SICAV) exerce les droits de vote afférents aux titres des principales sociétés européennes détenus par l’OPC dans l’intérêt exclusif des porteurs de parts, conformément à l’article L 533-22 du Code monétaire et financier.
Il peut recevoir à cet effet l’assistance d’Allianz Global Investors GmbH qui utilise le consultant spécialisé ISS pour l’analyse et l’exercice des votes aux assemblées générales des sociétés. La politique de vote dédiée d’Allianz Global Investors est formulée chaque année par le Comité de gouvernement d’entreprise d’Allianz Global Investors et son équipe d’analystes ESG. Elle permet à ISS d’examiner les textes des résolutions et de déterminer la position de la société de gestion. Ces recommandations de vote sont ensuite revues par les équipes ESG d’Allianz Global Investors GmbH avant que le vote ne soit effectivement exécuté.
Le document Principe de droits de vote ainsi que le Rapport d’exercice des droits de vote, rendant compte des conditions dans lesquelles elle a exercé les droits de vote attachés aux titres détenus par les OPCVM qu'elle gère et l'information relative au vote sur chaque résolution peuvent, conformément aux dispositions du Règlement Général de l’AMF, être consultés soit sur le site internet https://fr.allianzgi.com soit à son siège social, au 3 boulevard des Italiens, dans le 2e arrondissement de Paris. | ### Exercise of voting rights:
Allianz Global Investors GmbH (on behalf of the Fund or the investment company) exercises voting rights attached to the securities of the main European companies held by the Fund in the exclusive interest of unitholders, in accordance with article L 533-22 of the French Monetary and Financial Code.
To that end, it can get assistance from Allianz Global Investors GmbH, which uses the services of the specialised consultant ISS for the analysis and exercise of voting rights at the shareholders’ meetings of companies. Allianz Global Investors’ voting policy is formulated each year by the Corporate Governance Committee at Allianz Global Investors and its team of ESG analysts. It enables ISS to examine resolution texts and to determine the position of the management company. These voting recommendations are then reviewed by the ESG teams of Allianz Global Investors GmbH before votes are actually cast.
The document entitled Principle on Voting Rights, as well as the Report on the Exercise of Voting Rights, which reports on the conditions under which it exercises the voting rights attached to the securities held by the UCITS that it manages, and the information about voting on each resolution can, in accordance with the General Regulations of the AMF, be consulted either at https://fr.allianzgi.com or at its head office located at 3 boulevard des Italiens, in the 2nd arrondis- sement of Paris. | en | fr |
DOLFIN4468 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
(*) Les chiffres de performances et le graphique VNI reflètent le rendement global d’un compartiment, composé des dividendes, des coupons et des éventuelles plus-values ou moins- values. Les chiffres tiennent compte des frais de gestion et autres frais récurrents, mais non des frais d’entrée et de sortie ou autres frais prévus à la souscription ou au remboursement de classes d’actions d’un compartiment. Les chiffres sont calculés avant impôts. Les performances sont calculées selon la méthode cumulative pour les périodes inférieures à un an et selon la méthode actuarielle pour les périodes supérieures à un an. Pour les actions de distribution, il est tenu compte du réinvestissement des dividendes bruts versés par le compartiment. Sauf indication contraire, les performances sont calculées dans la même devise que la VNI du compartiment. Pour les compartiments ou les classes d’actions dont la valeur nette d’inventaire est exprimée dans une autre devise que l’euro, il faut tenir compte du fait que le rendement en euro peut se voir réduit ou augmenté en fonction des fluctuations des taux de change. Il s’agit toujours de chiffres historiques basés sur les résultats du passé. Ils ne constituent en aucun cas une garantie pour les rendements à venir. Tout placement dans un fonds d’investissement comporte un risque de perte de tout ou partie du capital. Le capital et/ou le rendement ne bénéficient d’aucune garantie ou protection Source : DPAM
RISQUES
Les risques suivants pourraient avoir une incidence importante, mais ne sont pas adéquatement reflétés dans le profil de risque et de rendement affiché :
- Risque de liquidité: risque qu'une position ne puisse être liquidée en temps opportun à un prix raisonnable.
- Risque de concentration : le portefeuille est largement composé de titres représentatifs du secteur immobilier européen, ce qui peut rendre le portefeuille particulièrement sensible à l'évolution économique de ce secteur et de cette région.
- Risque de change : les fluctuations des taux de change peuvent augmenter ou réduire la valeur des actifs en portefeuille. Vous trouverez plus d’informations ainsi qu’un aperçu complet des risques dans le KIID et le prospectus. | (*) Las cifras de rentabilidad y el gráfico del VL corresponden a la rentabilidad total del subfondo, incluyendo dividendos, cupones y revalorizaciones o disminuciones del precio. Las cifras de rentabilidad tienen en cuenta las comisiones de gestión y otros costes recurrentes, pero no las comisiones y demás costes pagaderos con ocasión de la suscripción o el reembolso de participaciones. La rentabilidad se ha calculado antes de impuestos. La rentabilidad se ha calculado en términos acumulados para los periodos inferiores a un año y con criterios actuariales para los periodos superiores a un año. En el caso de las acciones de distribución, se ha tenido en cuenta la reinversión de los dividendos brutos del fondo. Salvo que se indique otra cosa, la rentabilidad se ha calculado en la misma divisa que el valor liquidativo del subfondo. En el caso de subfondos o clases de acciones cuyo valor liquidativo se exprese en cualquier otra divisa distinta del euro, se debe tener en cuenta que la rentabilidad en euros podría ser mayor o menor dependiendo de las fluctuaciones del tipo de cambio. Las rentabilidades se basan en los resultados obtenidos en el pasado y no constituyen una garantía de las rentabilidades futuras. Cualquier inversión en un fondo de inversión conlleva el riesgo de perder el capital. El capital y/o los rendimientos no están garantizados ni protegidos. Fuente: DPAM
RIESGOS
Otros riesgos que no están adecuadamente reflejados en el perfil de riesgo y remuneración mencionado en el presente son:
- Riesgo de liquidez: riesgo de que una posición no pueda liquidarse a su debido tiempo a un precio razonable.
- Riesgo de concentración: la cartera está ampliamente constituida por títulos representativos del sector inmobiliario europeo, lo cual puede hacer que la cartera sea concretamente sensible a la evolución económica de dicho sector y de dicha región.
- Riesgo cambiario: las fluctuaciones de los tipos de cambio pueden incrementar o reducir el valor de los activos de la cartera. Para una explicación más detallada y una visión completa de los riegos, consulte el folleto y el KIID. | (*) Les chiffres de performances et le graphique VNI reflètent le rendement global d’un compartiment, composé des dividendes, des coupons et des éventuelles plus-values ou moins- values. Les chiffres tiennent compte des frais de gestion et autres frais récurrents, mais non des frais d’entrée et de sortie ou autres frais prévus à la souscription ou au remboursement de classes d’actions d’un compartiment. Les chiffres sont calculés avant impôts. Les performances sont calculées selon la méthode cumulative pour les périodes inférieures à un an et selon la méthode actuarielle pour les périodes supérieures à un an. Pour les actions de distribution, il est tenu compte du réinvestissement des dividendes bruts versés par le compartiment. Sauf indication contraire, les performances sont calculées dans la même devise que la VNI du compartiment. Pour les compartiments ou les classes d’actions dont la valeur nette d’inventaire est exprimée dans une autre devise que l’euro, il faut tenir compte du fait que le rendement en euro peut se voir réduit ou augmenté en fonction des fluctuations des taux de change. Il s’agit toujours de chiffres historiques basés sur les résultats du passé. Ils ne constituent en aucun cas une garantie pour les rendements à venir. Tout placement dans un fonds d’investissement comporte un risque de perte de tout ou partie du capital. Le capital et/ou le rendement ne bénéficient d’aucune garantie ou protection Source : DPAM
RISQUES
Les risques suivants pourraient avoir une incidence importante, mais ne sont pas adéquatement reflétés dans le profil de risque et de rendement affiché :
- Risque de liquidité: risque qu'une position ne puisse être liquidée en temps opportun à un prix raisonnable.
- Risque de concentration : le portefeuille est largement composé de titres représentatifs du secteur immobilier européen, ce qui peut rendre le portefeuille particulièrement sensible à l'évolution économique de ce secteur et de cette région.
- Risque de change : les fluctuations des taux de change peuvent augmenter ou réduire la valeur des actifs en portefeuille. Vous trouverez plus d’informations ainsi qu’un aperçu complet des risques dans le KIID et le prospectus. | fr | es |
DOLFIN4469 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.50%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 1,50%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 1.50%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN4470 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Annex 1: General Investment Guidelines and Restrictions
Subject to the Company’s Articles of Incorporation, to this Prospectus and to the relevant Fund Information Sheet in Annex 2, the following provisions will apply:
-
## Eligible Assets
- The Portfolio of each Fund will exclusively be invested in:
- transferable securities and money market instruments that are issued by issuers domiciled and/or having their principal place of business, and/or whose securities are dealt in, in an Eligible Investment Country and that
- are admitted to an Official Listing,
- are dealt in on another Regulated Market, or
- having been issued recently, include in their terms of issue the undertaking that they will meet either of the above requirements within a year of the issue; | # Annexe 1: Directives et restrictions générales en matière d’investissements
Sous réserve des statuts de la Société ainsi que de ce qui est prévu dans le présent Prospectus et dans la Fiche d’Information pertinente dans l’Annexe 2, les dispositions suivantes trouveront application :
-
## Actifs Admissibles
- Le portefeuille de chaque Fonds ne pourra être investi que dans :
- des valeurs mobilières et instruments du marché monétaire émis par des émetteurs ayant leur siège social ou exerçant une partie prépondérante de leur activité économique et/ou dont les titres sont négociés dans un Pays d’Investissement Admissible et qui :
- sont admis à une Cotation Officielle,
- sont négociés sur un autre Marché Réglementé ; ou
- ayant été émis récemment, incluent dans leurs conditions d’émission l’engagement de remplir l’une des deux conditions ci-dessus dans l’année suivant l’émission. | # Annex 1: General Investment Guidelines and Restrictions
Subject to the Company’s Articles of Incorporation, to this Prospectus and to the relevant Fund Information Sheet in Annex 2, the following provisions will apply:
-
## Eligible Assets
- The Portfolio of each Fund will exclusively be invested in:
- transferable securities and money market instruments that are issued by issuers domiciled and/or having their principal place of business, and/or whose securities are dealt in, in an Eligible Investment Country and that
- are admitted to an Official Listing,
- are dealt in on another Regulated Market, or
- having been issued recently, include in their terms of issue the undertaking that they will meet either of the above requirements within a year of the issue; | en | fr |
DOLFIN4471 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Objective and Policies
The investment objective of the Emerging Markets Short-Term Local Currency Fund is to seek maximum total return consistent with the preservation of capital and prudent investment management.
The Fund seeks to achieve its investment objective by investing at least 80% of its assets in currencies of, or in Fixed Income Instruments denominated in the currencies of, emerging markets. The Fund may invest without limit in securities of issuers that are economically tied to countries with developing, or emerging market economies.
The Fund is considered to be actively managed in reference to J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the Fund using the relative VaR methodology and for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Index. However, the Index is not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Index.
The Fund may invest directly in Fixed Income Securities denominated in the local currencies of emerging markets. In situations where this is impractical, the Fund will seek to replicate the investment returns of a bond denominated in the local currency of a emerging market by using derivative instruments, including, but not limited to, currency forwards (both deliverable and non-deliverable), interest rate swaps, cross currency swaps, Total Return Swaps, options and credit-linked notes.
The Investment Advisor has broad discretion to identify countries that it considers to qualify as emerging markets. The Investment Advisor will select the Fund’s country and currency composition based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, and other specific factors the Investment Advisor believes to be relevant. The Fund is likely to concentrate its investments in Asia, Africa, the Middle East, Latin America and the emerging countries of Europe. The Fund may invest in instruments whose return is based on the return of an emerging market security such as a derivative instrument, rather than investing directly in emerging market securities.
The average portfolio duration of this Fund varies based on the Investment Advisor’s forecast for interest rates and, under normal market conditions, is not expected to exceed two years. The Fund may invest all of its assets in high yield securities, subject to a maximum of 15% of its assets in securities rated lower than B by Moody’s or S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality).
No more than 25% of the Fund’s assets may be invested in securities that are convertible into equity securities. No more than 10% of the Fund’s total assets may be invested in equity securities. The Fund is subject to an aggregate limit of one-third of its total assets on combined investments in (i) securities that are convertible into equity securities, (ii) equity securities (including warrants), (iii) certificates of deposit, and (iv) bankers’ acceptances. The Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may also invest up to 10% of its net assets in illiquid securities and in loan participations and loan assignments which constitute money market instruments.
Currency hedging activities and currency positions may be implemented using spot and forward foreign exchange contracts and currency futures, options and swaps. The various techniques (including without limitation when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase) are subject to the limits set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options and swap agreements (which may be listed or over-the-counter) and may also enter into currency forward contracts. Only derivative instruments listed in the Company’s risk management process, which has been cleared by the Central Bank, may be utilised by the Fund. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or (iii) efficient portfolio management. For example, the Fund may use derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) (i) to hedge a currency exposure, (ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure).
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives), when combined with positions resulting from direct investments, will not exceed the investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage may increase to higher levels, for example, at times when PIMCO deems it most appropriate to use derivative instruments to alter the Fund’s equity, interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result
may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, investors could suffer significant losses in abnormal market conditions.
The Fund intends to use the Relative VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed twice the VaR on a comparable benchmark portfolio or reference portfolio (i.e. a similar portfolio with no derivatives) which will reflect the Fund’s intended investment style. The benchmark portfolio will be the Index. The Index tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. Further details on the Index are publicly available or from the Investment Advisor upon request. The holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limits are the current VaR limits required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis. | ### Obiettivo e politiche di investimento
L’obiettivo di investimento del Comparto Emerging Markets Short-Term Local Currency è la massimizzazione del rendimento totale compatibilmente con la tutela del capitale e una gestione prudente degli investimenti.
Il Comparto persegue il proprio obiettivo investendo almeno l’80% del patrimonio in valute dei mercati emergenti ovvero in Strumenti a reddito fisso denominati in valute dei mercati emergenti. Il Comparto può investire senza alcun limite in titoli di emittenti economicamente legati a paesi con economie in via di sviluppo o mercati emergenti.
Il Comparto viene considerato a gestione attiva con riferimento al J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (l’”Indice”), poiché questo viene utilizzato per il calcolo dell'esposizione globale del Comparto utilizzando la metodologia del VaR relativo e a fini di confronto delle performance. Alcuni titoli del Comparto possono essere componenti dell'Indice e avere ponderazioni simili allo stesso. L'Indice, tuttavia, non viene utilizzato per stabilire la composizione del portafoglio del Comparto o l'obiettivo di performance e il Comparto potrà investire l’intero patrimonio in titoli non appartenenti all'Indice.
Il Comparto può investire direttamente in Titoli a reddito fisso denominati nelle valute locali dei mercati emergenti. Ove ciò risultasse inattuabile, il Comparto cercherà di replicare i rendimenti dell’investimento di un’obbligazione denominata nella valuta locale di un mercato emergente usando strumenti derivati quali, a titolo non limitativo, contratti di cambio a termine (consegnabili e non consegnabili), swap su tassi d’interesse, swap a valute incrociate, Total return swap, opzioni e titoli legati al credito.
Il Consulente per gli investimenti ha ampia discrezionalità in materia di identificazione dei paesi a suo giudizio considerabili mercati emergenti. Il Consulente per gli investimenti seleziona la composizione del Comparto in termini di paesi e valute in base alla sua valutazione di relativi tassi d’interesse, di inflazione e di cambio, politiche monetarie e fiscali, bilance commerciali e delle partite correnti nonché altri fattori specifici a suo giudizio pertinenti. Gli investimenti del Comparto saranno verosimilmente concentrati in Asia, Africa, Medio Oriente, America Latina e paesi emergenti europei. Il Comparto potrà investire in strumenti il cui rendimento si basa sul rendimento di un titolo di mercati emergenti, come per esempio uno strumento derivato, anziché investire direttamente in titoli dei mercati emergenti.
La duration media del portafoglio di questo Comparto varierà in funzione delle stime per i tassi d’interesse elaborate dal Consulente per gli investimenti e, in normali condizioni di mercato, è destinata a non superare due anni. Il Comparto potrà investire tutto il proprio patrimonio in titoli ad alto rendimento subordinatamente a un limite di investimento pari al 15% del patrimonio per i titoli con rating inferiore a B (Moody’s o S&P) o rating equivalente attribuito da Fitch (oppure, se privi di rating, considerati di qualità analoga dal Consulente per gli investimenti).
Il Comparto non può investire oltre il 25% del proprio patrimonio in valori mobiliari convertibili in titoli azionari. Il Comparto non può investire oltre il 10% del proprio patrimonio totale in titoli azionari. Il Comparto è soggetto a un limite complessivo, pari a un terzo del suo patrimonio totale, agli investimenti combinati in
(i) valori mobiliari convertibili in titoli azionari, (ii) titoli azionari (inclusi warrant), (iii) certificati di deposito e
(iv) accettazioni bancarie. Il Comparto può investire sino al 10% del proprio patrimonio netto in quote o azioni di altri organismi di investimento collettivo. Il Comparto può inoltre investire sino al 10% del proprio patrimonio netto in titoli illiquidi nonché prestiti partecipativi e cessioni di crediti che costituiscano strumenti del mercato monetario.
Le attività di copertura valutaria e le posizioni valutarie potranno essere implementate utilizzando contratti di cambio a termine e a pronti, nonché futures su valute, opzioni e swap. Le varie tecniche di gestione (quali, a titolo esemplificativo e non esaustivo, when-issued, consegna differita, impegno a termine, transazioni valutarie, operazioni di vendita a pronti con patto di riacquisto a termine e di acquisto a pronti con patto di rivendita a termine) sono soggette alle limitazioni stabilite di volta in volta dalla Banca centrale e descritte più dettagliatamente nella sezione intitolata “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli”. Non è possibile garantire che il Consulente per gli investimenti utilizzi con successo tali tecniche.
Subordinatamente ai Regolamenti riportati nell’Appendice 4 e come illustrato in modo più dettagliato nelle sezioni “Gestione efficiente del portafoglio e Operazioni di finanziamento tramite titoli” e “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”, il Comparto può fare ricorso a strumenti derivati come futures, opzioni e contratti swap (quotati in borsa o negoziati fuori borsa) e stipulare anche contratti di cambio a termine. Il Comparto può utilizzare esclusivamente gli strumenti derivati elencati nel processo di gestione del rischio della Società e approvati dalla Banca centrale. Tali strumenti derivati possono essere utilizzati (i) a fini di copertura e/o (ii) a scopo di investimento e/o (iii) per una gestione efficiente del portafoglio. Per esempio, il Comparto può utilizzare strumenti derivati (che si basino solo su attività o settori sottostanti consentiti nell’ambito della propria politica di investimento) (i) per coprire un’esposizione valutaria, (ii) in sostituzione di una posizione nell’attività sottostante nel caso in cui il Consulente per gli investimenti ritenga che un’esposizione in derivati verso l’attività sottostante rappresenti un vantaggio rispetto all’esposizione diretta, (iii) per adattare l’esposizione del Comparto in termini di tassi d’interesse alle prospettive del Consulente per gli investimenti circa l’andamento dei tassi d’interesse, e/o
(iv) per acquisire un’esposizione alla composizione e performance di un particolare indice (a condizione che il Comparto non possa avere un’esposizione indiretta tramite un indice verso uno strumento, un emittente o una valuta nei cui confronti non può avere un’esposizione diretta).
L’utilizzo di strumenti derivati può esporre il Comparto ai rischi illustrati nella voce “Fattori generali di rischio” e descritti dettagliatamente nella sezione “Titoli, strumenti derivati, altri investimenti e tecniche di investimento: caratteristiche e rischi”. L’esposizione di una posizione verso le attività sottostanti di strumenti derivati (all’infuori di derivati basati su indici), allorché combinata con posizioni derivanti da investimenti diretti, non può superare i limiti di investimento definiti nell’Appendice 4. L’utilizzo di strumenti derivati genererà una maggiore esposizione in termini di leva finanziaria. Il livello di leva finanziaria atteso per il Comparto sarà compreso tra lo 0% e il 600% del Valore patrimoniale netto. La leva finanziaria del Comparto potrà salire a livelli maggiori, per esempio nei momenti in cui PIMCO ritenga più appropriato utilizzare strumenti derivati per modificare l’esposizione del Comparto in termini di capitale, tassi d’interesse, valute o credito. Il dato relativo alla leva finanziaria è calcolato usando la somma dei nozionali dei derivati impiegati con le modalità richieste dalla Banca centrale e pertanto non tiene conto di meccanismi di compensazione e copertura attuati dal Comparto in un determinato momento.
Laddove il Consulente per gli investimenti lo ritenga appropriato a seguito di una dettagliata analisi dell’investimento, il Comparto può utilizzare derivati per creare posizioni short sintetiche. Le posizioni short sintetiche sono posizioni che, in termini economici, equivalgono a posizioni allo scoperto e vengono attuate tramite il ricorso a strumenti finanziari derivati in conformità ai requisiti della Banca centrale. Il Comparto assumerà posizioni long e short sintetiche per vari periodi di tempo in conformità ai requisiti della Banca centrale. Di seguito sono fornite maggiori informazioni sul ricorso del Comparto a strumenti derivati. La percentuale di esposizione long e short nel Comparto dipenderà dalle condizioni del mercato in qualsiasi momento. Il Comparto potrà avere solo un'esposizione long, o al contrario solo un'esposizione short in qualsiasi momento. In normali condizioni di mercato, si prevede comunque che il Comparto non detenga una posizione direzionalmente short, su base netta. Tali posizioni potranno essere assunte nell'ambito di diverse classi di asset contemplate nella politica di investimento del Comparto descritta in questo documento. Quando il calcolo si effettua utilizzando il valore nozionale lordo di tutti gli eventuali strumenti derivati presenti
nel Comparto e il valore di mercato di tutti gli eventuali investimenti diretti, la combinazione del totale delle posizioni long lorde e del totale delle posizioni short lorde prevedibilmente non sarà superiore all'800% del Valore patrimoniale netto del Comparto. Per ulteriori informazioni si rimanda al paragrafo di questa sezione del Supplemento dove è delineato il livello di leva finanziaria previsto per il Comparto che è calcolato utilizzando la somma dei valori nozionali degli strumenti derivati utilizzati.
Il rischio di mercato associato all’uso di derivati sarà soggetto a copertura e gestito utilizzando la metodologia Value at Risk (“VaR”) in conformità ai requisiti prescritti dalla Banca centrale. Il VaR è un metodo statistico che, con l’ausilio di dati storici, prevede la perdita giornaliera massima probabile cui è esposto il Comparto, calcolata con un livello di confidenza a una coda del 99%. Esiste tuttavia una probabilità statistica dell’1% che il valore VaR giornaliero possa essere superato. L’approccio VaR utilizza un periodo di osservazione dei dati storici e il risultato VaR può pertanto essere alterato se non sono prevalenti condizioni di mercato anomale oppure se tali condizioni sono omesse dal suddetto periodo. In condizioni di mercato anomale gli investitori potrebbero pertanto subire perdite significative.
Il Comparto intende utilizzare il modello VaR relativo. Di conseguenza, il VaR del portafoglio del Comparto non eccederà il doppio del VaR di un portafoglio di riferimento o portafoglio benchmark analogo (cioè un portafoglio simile privo di strumenti derivati) e sarà in linea con lo stile di investimento che il Comparto intende perseguire. Il portafoglio benchmark sarà l’Indice. L’Indice replica i rendimenti totali di strumenti del mercato monetario denominati nella valuta locale di 22 mercati emergenti con un commercio estero di almeno 10 miliardi di dollari statunitensi. Maggiori dettagli sull'Indice sono disponibili al pubblico oppure possono essere richiesti al Consulente per gli investimenti. Il periodo di detenzione sarà di 20 giorni. Il periodo di osservazione dei dati storici non sarà inferiore a un anno. È opportuno rilevare che i limiti suddetti sono i limiti VaR correnti richiesti dalla Banca centrale. Qualora il modello VaR del Comparto o i limiti della Banca centrale dovessero cambiare, il Comparto potrà comunque avvalersi di tali nuovi limiti o modello, aggiornando di conseguenza il presente Supplemento e il Processo di gestione del rischio. La misurazione e il monitoraggio di tutte le esposizioni associate all’uso di strumenti derivati saranno eseguiti a cadenza almeno giornaliera. | ### Investment Objective and Policies
The investment objective of the Emerging Markets Short-Term Local Currency Fund is to seek maximum total return consistent with the preservation of capital and prudent investment management.
The Fund seeks to achieve its investment objective by investing at least 80% of its assets in currencies of, or in Fixed Income Instruments denominated in the currencies of, emerging markets. The Fund may invest without limit in securities of issuers that are economically tied to countries with developing, or emerging market economies.
The Fund is considered to be actively managed in reference to J.P. Morgan Emerging Local Markets Index Plus (ELMI+) (the "Index") by virtue of the fact that the Index is used for calculating the global exposure of the Fund using the relative VaR methodology and for performance comparison purposes. Certain of the Fund’s securities may be components of and may have similar weightings to the Index. However, the Index is not used to define the portfolio composition of the Fund or as a performance target and the Fund may be wholly invested in securities which are not constituents of the Index.
The Fund may invest directly in Fixed Income Securities denominated in the local currencies of emerging markets. In situations where this is impractical, the Fund will seek to replicate the investment returns of a bond denominated in the local currency of a emerging market by using derivative instruments, including, but not limited to, currency forwards (both deliverable and non-deliverable), interest rate swaps, cross currency swaps, Total Return Swaps, options and credit-linked notes.
The Investment Advisor has broad discretion to identify countries that it considers to qualify as emerging markets. The Investment Advisor will select the Fund’s country and currency composition based on its evaluation of relative interest rates, inflation rates, exchange rates, monetary and fiscal policies, trade and current account balances, and other specific factors the Investment Advisor believes to be relevant. The Fund is likely to concentrate its investments in Asia, Africa, the Middle East, Latin America and the emerging countries of Europe. The Fund may invest in instruments whose return is based on the return of an emerging market security such as a derivative instrument, rather than investing directly in emerging market securities.
The average portfolio duration of this Fund varies based on the Investment Advisor’s forecast for interest rates and, under normal market conditions, is not expected to exceed two years. The Fund may invest all of its assets in high yield securities, subject to a maximum of 15% of its assets in securities rated lower than B by Moody’s or S&P or equivalently rated by Fitch (or, if unrated, determined by the Investment Advisor to be of comparable quality).
No more than 25% of the Fund’s assets may be invested in securities that are convertible into equity securities. No more than 10% of the Fund’s total assets may be invested in equity securities. The Fund is subject to an aggregate limit of one-third of its total assets on combined investments in (i) securities that are convertible into equity securities, (ii) equity securities (including warrants), (iii) certificates of deposit, and (iv) bankers’ acceptances. The Fund may invest up to 10% of its net assets in units or shares of other collective investment schemes. The Fund may also invest up to 10% of its net assets in illiquid securities and in loan participations and loan assignments which constitute money market instruments.
Currency hedging activities and currency positions may be implemented using spot and forward foreign exchange contracts and currency futures, options and swaps. The various techniques (including without limitation when issued, delayed delivery, forward commitment, currency transactions, repurchase and reverse repurchase) are subject to the limits set down by the Central Bank from time to time and are more fully described under the heading “Efficient Portfolio Management and Securities Financing Transactions”. There can be no assurance that the Investment Advisor will be successful in employing these techniques.
Subject to the Regulations as set forth in Appendix 4 and as more fully described under the headings “Efficient Portfolio Management and Securities Financing Transactions” and “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”, the Fund may use derivative instruments such as futures, options and swap agreements (which may be listed or over-the-counter) and may also enter into currency forward contracts. Only derivative instruments listed in the Company’s risk management process, which has been cleared by the Central Bank, may be utilised by the Fund. Such derivative instruments may be used (i) for hedging purposes and/or (ii) for investment purposes and/or (iii) efficient portfolio management. For example, the Fund may use derivatives (which will be based only on underlying assets or sectors which are permitted under the investment policy of the Fund) (i) to hedge a currency exposure, (ii) as a substitute for taking a position in the underlying asset where the Investment Advisor feels that a derivative exposure to the underlying asset represents better value than a direct exposure, (iii) to tailor the Fund’s interest rate exposure to the Investment Advisor’s outlook for interest rates, and/or (iv) to gain an exposure to the composition and performance of a particular index (provided always that the Fund may not have an indirect exposure through an index to an instrument, issuer or currency to which it cannot have a direct exposure).
The use of derivative instruments may expose the Fund to the risks disclosed under the headings “General Risk Factors” and detailed under “Characteristics and Risks of Securities, Derivatives, Other Investments and Investment Techniques”. Position exposure to underlying assets of derivative instruments (other than index based derivatives), when combined with positions resulting from direct investments, will not exceed the investment limits set out in Appendix 4. The use of derivatives will give rise to an additional leveraged exposure. The level of leverage for the Fund is expected to range from 0% to 600% of Net Asset Value. The Fund’s leverage may increase to higher levels, for example, at times when PIMCO deems it most appropriate to use derivative instruments to alter the Fund’s equity, interest rate, currency or credit exposure. The leverage figure is calculated using the sum of the notionals of the derivatives used as is required by the Central Bank and as such does not take into account any netting and hedging arrangements that the Fund has in place at any time.
Where the Investment Advisor believes it appropriate to do so as a result of detailed investment analysis, the Fund may use derivatives to create synthetic short positions. Synthetic short positions are positions which are in economic terms equivalent to short positions and will be implemented through the use of financial derivative instruments in accordance with the Central Bank’s requirements. The Fund will take long and synthetic short positions over a variety of time periods in accordance with the requirements of the Central Bank. Further information on the Fund’s use of derivatives is set out below. The proportion of long to short exposure in the Fund will depend on the market conditions at any given time. It is possible that the Fund may have long only exposure, or conversely short only exposure at any point in time. Although under normal market conditions it is not anticipated that the Fund would be directionally short, on a net basis. Such positions may be taken across various asset classes contemplated under the investment policy of the Fund as set out herein. When calculated using the gross notional value of any derivatives in the Fund and the market value of any direct investments, the combination of total gross long positions and total gross short positions are not expected to exceed 800% of the Net Asset Value of the Fund. For further information, please refer to the paragraph in this section of the Supplement outlining the level of leverage expected for the Fund which is calculated using the sum of the notionals of the derivatives used.
The market risk associated with the use of derivatives will be covered and will be risk managed using the Value at Risk (“VaR”) methodology in accordance with the Central Bank’s requirements. VaR is a statistical methodology that predicts, using historical data, the likely maximum daily loss that the fund could lose calculated to a one-tailed 99% confidence level. However there is a 1% statistical chance that the daily VaR number may be exceeded. The VaR approach uses a historical observation period and thus the VaR result
may be biased if abnormal market conditions are not prevalent or are omitted from the historical observation period. Accordingly, investors could suffer significant losses in abnormal market conditions.
The Fund intends to use the Relative VaR model. Accordingly, the VaR of the Fund’s portfolio will not exceed twice the VaR on a comparable benchmark portfolio or reference portfolio (i.e. a similar portfolio with no derivatives) which will reflect the Fund’s intended investment style. The benchmark portfolio will be the Index. The Index tracks total returns for local-currency-denominated money market instruments in 22 emerging markets countries with at least US$10 billion of external trade. Further details on the Index are publicly available or from the Investment Advisor upon request. The holding period shall be 20 days. The historical observation period shall not be less than one year. It should be noted that the above limits are the current VaR limits required by the Central Bank. However, should the VaR model for the Fund or the Central Bank limits change, the Fund will have the ability to avail of such new model or limits by updating this Supplement and the Risk Management Process of the Company accordingly. The measurement and monitoring of all exposures relating to the use of derivative instruments will be performed on at least a daily basis. | en | it |
DOLFIN4472 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. The entry charge shown is a maximum figure. In some cases you might pay less – you can find this out from your financial advisor. | 500 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.90% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 90 EUR |
| Transaction costs | 0.17% 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. | 17 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR | | | Costi una tantum di ingresso o di uscita | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 5,00% dell'importo versato al momento dell'inserimento di questo investimento. La quota di sottoscrizione indicata è una cifra massima. In alcuni casi potresti pagare di meno: puoi scoprirlo dal tuo consulente finanziario. | 500 EUR |
| Costi di uscita | 0,00%, non addebitiamo una commissione di uscita per questo prodotto, ma la persona che vende il prodotto può farlo. | 0 EUR |
| Costi correnti registrati ogni anno | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,90% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 90 EUR |
| Costi di transazione | 0,17% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 17 EUR |
| Oneri accessori sostenuti in determinate condizioni | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| Commissioni di gestione | 0,00% L'importo effettivo varierà a seconda dell'andamento dell'investimento. La stima dei costi aggregati di cui sopra comprende la media degli ultimi 5 anni. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. The entry charge shown is a maximum figure. In some cases you might pay less – you can find this out from your financial advisor. | 500 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 0.90% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 90 EUR |
| Transaction costs | 0.17% 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. | 17 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 EUR | | en | it |
DOLFIN4473 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Part VIII - General Meetings
- Annual general meetingsThe Company shall hold in each year a general meeting as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notice calling it. Not more than fifteen months shall elapse between the date of one annual general meeting and that of the next Provided That so long as the Company holds its first annual general meeting within eighteen months of its incorporation it need not hold it in the year of itsincorporation or in the following year. Subsequent annual general meetings shall be held once in each year.
- | # Teil VIII – Hauptversammlungen
- JahreshauptversammlungenDie Gesellschaft hat jedes Jahr zusätzlich zu allen anderen Versammlungen im betreffenden Jahr eine Hauptversammlung als ihre Jahreshauptversammlung abzuhalten und diese Versammlung solchermaßen in der Einladung zu bezeichnen. Zwischen den einzelnen Jahreshauptversammlungen dürfen nicht mehr als 15 Monate verstreichen, mit der Maßgabe, dass, soweit die Gesellschaft ihre erste Jahreshauptversammlung innerhalb von18 Monaten nach ihrer Gründung abhält, sie diese Versammlung weder in ihrem Gründungsjahr noch im folgenden Jahr abhalten muss. Alle folgenden Jahreshauptversammlungen müssen einmal pro Jahr stattfinden.
- | # Part VIII - General Meetings
- Annual general meetingsThe Company shall hold in each year a general meeting as its annual general meeting in addition to any other meeting in that year and shall specify the meeting as such in the notice calling it. Not more than fifteen months shall elapse between the date of one annual general meeting and that of the next Provided That so long as the Company holds its first annual general meeting within eighteen months of its incorporation it need not hold it in the year of itsincorporation or in the following year. Subsequent annual general meetings shall be held once in each year.
- | en | de |
DOLFIN4474 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk-management procedures
The Management Company employs a risk-management procedure enabling it to monitor and assess the risk connected with investment holdings as well as their share in the total risk profile of the investment portfolio of the funds it manages at any time. In accordance with the Law of 17 December 2010 and the applicable supervisory requirements of the Commission de Surveillance du Secteur Financier ("CSSF"), the Management Company reports regularly to the CSSF about the risk-management procedures used. Within the framework of the risk- management procedure and using the necessary and appropriate methods, the Management Company ensures that the overall risk of the funds managed bound up with derivatives does not go beyond the total net value of their portfolios. To this end, the Management Company makes use of the following methods:
- Commitment approach:With the "commitment approach", the positions from derivative financial instruments are converted into their corresponding underlying equivalents using the delta approach. In doing so, the netting and hedging effects between derivative financial instruments and their underlyings are taken into account. The total of these underlying equivalents may not exceed the total net value of the relevant sub-fund's portfolio.
- VaR approach:The value-at-risk (VaR) figure is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level).
- Relative VaR approach:With the relative VaR approach, the VaR of the sub-fund may not exceed a maximum of twice the VaR of a reference portfolio. The reference portfolio is essentially an accurate reflection of the sub-fund's investment policy.
- Absolute VaR approach:With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the sub-fund may not exceed of 20% of the sub-fund's assets.
For sub-funds whose total risk associated with derivatives is determined using the VaR approach, the Management Company estimates the anticipated leverage effect. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors are notified that no conclusions about the risk content of the sub-fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit. The method used to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and of the anticipated leverage effect, as well as its method of calculation, will be indicated in the specific Annex for the respective sub-fund. | # Risikomanagement-Verfahren
Die Verwaltungsgesellschaft verwendet ein Risikomanagement-Verfahren, das es ihr erlaubt, das mit den Anlagepositionen verbundene Risiko sowie ihren Anteil am Gesamtrisikoprofil des Anlageportfolios ihrer verwalteten Fonds jederzeit zu überwachen und zu messen. Im Einklang mit dem Gesetz vom 17. Dezember 2010 und den anwendbaren aufsichtsbehördlichen Anforderungen der Commission de Surveillance du Secteur Financier («CSSF») berichtet die Verwaltungsgesellschaft regelmässig der CSSF über das eingesetzte Risikomanagement-Verfahren. Die Verwaltungsgesellschaft stellt im Rahmen des Risikomanagement-Verfahrens anhand zweckdienlicher und angemessener Methoden sicher, dass das mit Derivaten verbundene Gesamtrisiko der verwalteten Fonds den Gesamtnettowert deren Portfolios nicht überschreitet. Dazu bedient sich die Verwaltungsgesellschaft folgender Methoden:
- Commitment Approach:Bei der Methode «Commitment Approach» werden die Positionen aus derivativen Finanzinstrumenten in ihre entsprechenden Basiswertäquivalente mittels des Delta-Ansatzes umgerechnet. Dabei werden Netting- und Hedgingeffekte zwischen derivativen Finanzinstrumenten und ihren Basiswerten berücksichtigt. Die Summe dieser Basiswertäquivalente darf den Gesamtnettowert des Fondsportfolios nicht überschreiten.
- VaR-Ansatz:Die Kennzahl Value-at-Risk (VaR) ist ein mathematisch-statistisches Konzept und wird als ein Standard-Risikomass im Finanzsektor verwendet. Der VaR gibt den möglichen Verlust eines Portfolios während eines bestimmten Zeitraums (sogenannte Halteperiode) an, der mit einer bestimmten Wahrscheinlichkeit (sogenanntes Konfidenzniveau) nicht überschritten wird.
- Relativer VaR-Ansatz:Bei dem relativen VaR-Ansatz darf der VaR des Teilfonds den VaR eines Referenzportfolios nicht um mehr als maximal das Doppelte übersteigen. Dabei ist das Referenzportfolio grundsätzlich ein korrektes Abbild der Anlagepolitik des Teilfonds.
- Absoluter VaR-Ansatz:Bei dem absoluten VaR-Ansatz darf der VaR (99% Konfidenzniveau, 20 Tage Haltedauer) des Teilfonds maximal 20% des Teilfondsvermögens nicht überschreiten.
Für Teilfonds, deren Ermittlung des mit Derivaten verbundenen Gesamtrisikos durch die VaR-Ansätze erfolgt, schätzt die Verwaltungsgesellschaft den erwarteten Grad der Hebelwirkung. Dieser Grad der Hebelwirkung kann in Abhängigkeit der jeweiligen Marktlagen vom tatsächlichen Wert abweichen und über- als auch unterschritten werden. Der Anleger wird darauf hingewiesen, dass sich aus dieser Angabe keine Rückschlüsse auf den Risikogehalt des Teilfonds ergeben. Darüber hinaus ist der veröffentlichte erwartete Grad der Hebelwirkung explizit nicht als Anlagegrenze zu verstehen. Die verwendete Methode zur Bestimmung des mit Derivaten verbundenen Gesamtrisikos und, soweit anwendbar, die Offenlegung des Referenzportfolios und des erwarteten Grades der Hebelwirkung sowie dessen Berechnungsmethode werden im teilfondsspezifischen Anhang angegeben. | # Risk-management procedures
The Management Company employs a risk-management procedure enabling it to monitor and assess the risk connected with investment holdings as well as their share in the total risk profile of the investment portfolio of the funds it manages at any time. In accordance with the Law of 17 December 2010 and the applicable supervisory requirements of the Commission de Surveillance du Secteur Financier ("CSSF"), the Management Company reports regularly to the CSSF about the risk-management procedures used. Within the framework of the risk- management procedure and using the necessary and appropriate methods, the Management Company ensures that the overall risk of the funds managed bound up with derivatives does not go beyond the total net value of their portfolios. To this end, the Management Company makes use of the following methods:
- Commitment approach:With the "commitment approach", the positions from derivative financial instruments are converted into their corresponding underlying equivalents using the delta approach. In doing so, the netting and hedging effects between derivative financial instruments and their underlyings are taken into account. The total of these underlying equivalents may not exceed the total net value of the relevant sub-fund's portfolio.
- VaR approach:The value-at-risk (VaR) figure is a mathematical-statistical concept and is used as a standard risk measure in the financial sector. VaR indicates the possible loss of a portfolio that will not be exceeded during a certain period (the holding period) with a certain probability (the confidence level).
- Relative VaR approach:With the relative VaR approach, the VaR of the sub-fund may not exceed a maximum of twice the VaR of a reference portfolio. The reference portfolio is essentially an accurate reflection of the sub-fund's investment policy.
- Absolute VaR approach:With the absolute VaR approach, the VaR (99% confidence level, 20-day holding period) of the sub-fund may not exceed of 20% of the sub-fund's assets.
For sub-funds whose total risk associated with derivatives is determined using the VaR approach, the Management Company estimates the anticipated leverage effect. Depending on the respective market situation, this degree of leverage may deviate from the actual value and may either exceed or be less than that value. Investors are notified that no conclusions about the risk content of the sub-fund may be drawn from this data. In addition, the published expected degree of leverage is explicitly not to be considered an investment limit. The method used to determine the total risk associated with derivatives and, if applicable, the disclosure of the benchmark portfolio and of the anticipated leverage effect, as well as its method of calculation, will be indicated in the specific Annex for the respective sub-fund. | en | de |
DOLFIN4475 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures respon- sive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Direc- tors of the Fund’s management company.
- Conclude on the appropriateness of the Board of Directors of the Fund’s management company’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its subfunds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclo- sures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up tothe date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Fund or any of its subfunds (except for the subfund where a decision or an intention to close exists) to cease to continue as a going concern.
- In respect of the subfund where a decision or an intention to close exists, we conclude on the appro- priateness of the Board of Directors of the Fund’s management company’s use of the non-going con- cern basis of accounting. We also evaluate the ade- quacy of the disclosures describing the non-going basis of accounting and reasons for its use. Our con- clusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”.
- Evaluate the overall presentation, structure and con- tent of the financial statements, including the disclo- sures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | ## Responsabilité du Réviseur d’entreprises agréé à l’égard de l’audit des comptes annuels
L’objectif de notre audit consiste à obtenir l’assurance raisonnable que les comptes annuels dans leur ensemble ne contiennent pas d’anomalies significatives, intention- nelles ou non, et à établir à ce sujet un rapport du Révi- seur d’entreprises agréé qui contient notre opinion. Une assurance raisonnable est un niveau d’assurance élevé, mais non une garantie, que l’audit effectué conformé- ment à la Loi du 23 juillet 2016 et selon les normes ISA adoptées par la CSSF pour le Luxembourg pourra tou- jours déceler une anomalie significative, le cas échéant. Les anomalies peuvent résulter de fraudes ou d’erreurs et sont considérées comme étant significatives si, prises individuellement ou collectivement, l’on pourrait raison- nablement s’attendre à ce qu’elles influent sur les décis- ions économiques des destinataires prises sur la base de ces comptes annuels.
Dans le cadre d’un audit effectué conformément à la Loi du 23 juillet 2016 et aux normes ISA adoptées par la CSSF pour le Luxembourg, nous exerçons notre appré- ciation professionnelle et maintenons une attitude cri- tique. En outre:
- nous identifions et évaluons le risque d’anomalies sig- nificatives dans les comptes annuels, qu’elles résul- tent de fraudes ou d’erreurs, et nous définissons et réalisons des procédures d’audit en réponse à ces risques et recueillons des éléments probants durant notre audit qui sont suffisants et pertinents pour étayer l’opinion. Le risque de ne pas détecter une anomalie significative résultant d’une fraude est plus élevé que pour une anomalie résultant d’une erreur, car la fraude peut impliquer la collusion, des faux, des omissions intentionnelles, de fausses déclarations ou le contournement des contrôles internes.
- nous effectuons des analyses afin de comprendre les procédures de contrôle internes pertinentes pour notre audit dans le but de concevoir des procédures d’audit appropriées dans les circonstances données, mais non pour exprimer une opinion sur l’efficacité du contrôle interne du Fonds.
- nous apprécions la pertinence des méthodes comp- tables utilisées par le Conseil d’administration de la Société de gestion du Fonds ainsi que des estimations comptables et des notes en annexe y relatives.
- Nous tirons une conclusion quant au caractère appro- prié de l’utilisation par le Conseil d’Administration de la Société de gestion du fonds du principe comp- table de continuité d’exploitation et, selon les élé- ments probants obtenus, quant à l’existence ou non d’une incertitude significative liée à des événements ou situations susceptibles de jeter un doute impor- tant sur la capacité de la Société ou de l’un de ses compartiments à poursuivre son exploitation. Si nousconcluons à l’existence d’une incertitude significative, nous sommes tenus d’attirer l’attention des lecteurs de notre rapport sur les informations fournies dans les états financiers au sujet de cette incertitude ou, si ces informations ne sont pas adéquates, d’exprimer une opinion modifiée. Nos conclusions s’appuient sur les éléments probants obtenus jusqu’à la date de notre rapport. Cependant, des événements ou situa- tions futurs pourraient amener la Société ou l’un de ses compartiments (à l’exception des compartiments pour lesquels il existe une intention ou décision de fermer) à cesser son exploitation;
- Nous tirons une conclusion quant au caractère appro- prié de l’abandon par le Conseil d’Administration de la Société de gestion du principe comptable de conti- nuité d’exploitation pour les compartiments lorsqu’il existe une décision ou une intention de fermer. Nous évaluons également la pertinence des informations décrivant l’abandon du principe comptable de conti- nuité d’exploitation et les raisons de son utilisation. Nos conclusions sont fondées sur les éléments pro- bants obtenus jusqu’à la date de notre rapport;
- nous évaluons la présentation, la structure et le con- tenu des comptes annuels dans leur ensemble, y compris les notes en annexe, et décidons si ces comp- tes annuels reflètent fidèlement les transactions et les événements sous-jacents. | ## Responsibilities of the “réviseur d’entreprises agréé” for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the “réviseur d’entreprises agréé” that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures respon- sive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mis- statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective- ness of the Fund’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Direc- tors of the Fund’s management company.
- Conclude on the appropriateness of the Board of Directors of the Fund’s management company’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its subfunds’ ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the “réviseur d’entreprises agréé” to the related disclo- sures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up tothe date of our report of the “réviseur d’entreprises agréé”. However, future events or conditions may cause the Fund or any of its subfunds (except for the subfund where a decision or an intention to close exists) to cease to continue as a going concern.
- In respect of the subfund where a decision or an intention to close exists, we conclude on the appro- priateness of the Board of Directors of the Fund’s management company’s use of the non-going con- cern basis of accounting. We also evaluate the ade- quacy of the disclosures describing the non-going basis of accounting and reasons for its use. Our con- clusions are based on the audit evidence obtained up to the date of our report of the “réviseur d’entreprises agréé”.
- Evaluate the overall presentation, structure and con- tent of the financial statements, including the disclo- sures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | en | fr |
DOLFIN4476 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
To implement these SRI strategies, we rely on external data providers selected for the quality of their approach and their wide coverage.
For sovereign issuers, the SDG Index published by SDSN (Sustainable Development Solutions Network) and Bertelsmann Stiftung is a United Nations initiative linked to the Sustainable Development Goals.
The Sustainable Development Goals (SDG) are 17 goals adopted by all UN member states to guide international collaboration towards sustainable development. The SDG Index aggregates available data for all these 17 SDGs and provides an assessment of how countries are performing compared to their peers. We use these ratings for sovereign issuers, local authorities, agencies guaranteed by these same countries and supranational entities.
As for companies, since the merger with some of La Banque Postale Asset Management’s activities, we have benefited from the GREaT methodology, the Banque Postale Asset Management’s proprietary model that analyses companies regarding sustainable development issues.
Beyond taking into account environmental, social and governance (ESG) criteria, the GREaT method measures engagement, responsibility, opportunities and risks for companies.
This non-financial rating of private issuers is based on several pillars:
- Responsible governance: this pillar aims to assess the organisation and effectiveness of powers within each issuer (for example, for companies: to evaluate the balance of powers, executive remuneration, business ethics or tax practices).
- Sustainable management of resources: this pillar makes it possible to examine the environmental impacts and human capital (e.g. quality of working conditions and management of relations with suppliers) of each issuer.
- Economic and energy transition: this pillar makes it possible to evaluate each issuer’s strategy in favour of the energy transition (e.g. greenhouse gas reduction approach and response to long-term challenges).
- Territorial development: this pillar makes it possible, for example, to analyse each issuer’s strategy in terms of access to basic services. Investments are therefore evaluated on non-financial criteria using a score ranging from 1 (high non-financial quality) to 10 (low non-financial quality). | Con respecto a la aplicación de estas estrategias de ISR, confiamos en proveedores de datos externos seleccionados por la calidad de su enfoque y su amplio alcance de cobertura.
Para los emisores soberanos, el índice SDG, publicado por SDSN (Sustainable Development Solutions Network) y Bertelsmannstiftung, es una iniciativa de las Naciones Unidas relacionada con los Objetivos de Desarrollo Sostenible (ODS).
Los Objetivos de Desarrollo Sostenible (ODS) son 17 objetivos adoptados por todos los Estados miembros de las Naciones Unidas que sirven de guía para la colaboración internacional hacia el desarrollo sostenible. El índice SDG engloba datos disponibles para todos estos 17 ODS y proporciona una evaluación del rendimiento de los países con respecto a sus homólogos. Utilizamos estas calificaciones para emisiones soberanas, autoridades locales, agencias garantizadas por estos mismos estados, y entidades supranacionales.
En cuanto a las empresas, desde que fusionamos nuestra actividad con parte de las actividades de La Banque Postale Asset Management, empleamos la metodología GREaT, un modelo de La Banque Postale Asset Management que analiza las empresas con respecto a los retos del desarrollo sostenible.
Además de tener en cuenta los criterios medioambientales, sociales y de gobernanza (ESG), el método GREaT mide el compromiso, la responsabilidad, las oportunidades y los riesgos para las empresas.
Esta calificación extrafinanciera de emisores privados se basa en varios pilares:
- Gobernanza responsable: El objetivo principal de este pilar es evaluar la organización y la eficacia de la dirección de cada emisor (por ejemplo, en el caso de las empresas: evaluar el equilibrio de poderes, la remuneración de los directivos, la ética empresarial o las prácticas fiscales).
- Gestión sostenible de los recursos: Este pilar permite estudiar los impactos medioambientales y el capital humano de cada emisor (por ejemplo, la calidad de las condiciones de trabajo y la gestión de las relaciones con los proveedores).
- Transición energética: Este pilar permite evaluar la estrategia de cada emisor en favor de la transición energética (por ejemplo, el enfoque sobre la reducción de los gases de efecto invernadero o la respuesta a los desafíos a largo plazo).
- El desarrollo territorial: Este pilar permite, entre otros aspectos, analizar la estrategia de cada emisor en términos de acceso a los servicios básicos. Por lo tanto, las inversiones se evalúan según criterios extrafinancieros de acuerdo con una calificación que oscila entre 1 (alta calidad extrafinanciera) y 10 (baja calidad extrafinanciera). | To implement these SRI strategies, we rely on external data providers selected for the quality of their approach and their wide coverage.
For sovereign issuers, the SDG Index published by SDSN (Sustainable Development Solutions Network) and Bertelsmann Stiftung is a United Nations initiative linked to the Sustainable Development Goals.
The Sustainable Development Goals (SDG) are 17 goals adopted by all UN member states to guide international collaboration towards sustainable development. The SDG Index aggregates available data for all these 17 SDGs and provides an assessment of how countries are performing compared to their peers. We use these ratings for sovereign issuers, local authorities, agencies guaranteed by these same countries and supranational entities.
As for companies, since the merger with some of La Banque Postale Asset Management’s activities, we have benefited from the GREaT methodology, the Banque Postale Asset Management’s proprietary model that analyses companies regarding sustainable development issues.
Beyond taking into account environmental, social and governance (ESG) criteria, the GREaT method measures engagement, responsibility, opportunities and risks for companies.
This non-financial rating of private issuers is based on several pillars:
- Responsible governance: this pillar aims to assess the organisation and effectiveness of powers within each issuer (for example, for companies: to evaluate the balance of powers, executive remuneration, business ethics or tax practices).
- Sustainable management of resources: this pillar makes it possible to examine the environmental impacts and human capital (e.g. quality of working conditions and management of relations with suppliers) of each issuer.
- Economic and energy transition: this pillar makes it possible to evaluate each issuer’s strategy in favour of the energy transition (e.g. greenhouse gas reduction approach and response to long-term challenges).
- Territorial development: this pillar makes it possible, for example, to analyse each issuer’s strategy in terms of access to basic services. Investments are therefore evaluated on non-financial criteria using a score ranging from 1 (high non-financial quality) to 10 (low non-financial quality). | en | es |
DOLFIN4477 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Economical Classification of Schedule of Investments
Industry 53.59
Financial Services 22.29
Communications 7.26
Energy and Water Supply 3.18
Real Estate 1.52
Consumer, Non-cyclical 1.37
Food and Beverages 1.28
Healthcare 1.19
Consumer, Cyclical 1.14
Engineering and Construction 0.57
Textiles, Garments and Leather Goods 0.54
Hotels, Restaurants and Leisure 0.46
Aerospace and Defence 0.42
Internet, Software and IT Services 0.41
Environmental Control 0.33
Mechanical Engineering and Industrial Equipments 0.28
Chemicals 0.25
Traffic and Transportation 0.10 | ## Wirtschaftliche Aufteilung des Wertpapierbestands
Industrie 53.59
Finanzdienstleistungen 22.29
Kommunikation 7.26
Energie- und Wasserversorgung 3.18
Immobilien 1.52
Nichtzyklische Konsumgüter 1.37
Nahrungsmittel und Getränke 1.28
Gesundheitswesen 1.19
Zyklische Konsumgüter 1.14
Bau- und Ingenieurswesen 0.57
Textilien, Kleidung und Lederprodukte 0.54
Hotels, Restaurants und Freizeit 0.46
Luftfahrt und Verteidigung 0.42
Internet, Software und IT-Dienste 0.41
Umweltkontrolle 0.33
Maschinenbau und Industrieausrüstung 0.28
Chemikalien 0.25
Verkehr und Transport 0.10 | ## Economical Classification of Schedule of Investments
Industry 53.59
Financial Services 22.29
Communications 7.26
Energy and Water Supply 3.18
Real Estate 1.52
Consumer, Non-cyclical 1.37
Food and Beverages 1.28
Healthcare 1.19
Consumer, Cyclical 1.14
Engineering and Construction 0.57
Textiles, Garments and Leather Goods 0.54
Hotels, Restaurants and Leisure 0.46
Aerospace and Defence 0.42
Internet, Software and IT Services 0.41
Environmental Control 0.33
Mechanical Engineering and Industrial Equipments 0.28
Chemicals 0.25
Traffic and Transportation 0.10 | en | de |
DOLFIN4478 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.24% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 224 USD |
| Transaction costs | 0.08% 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. | 8 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | 10.00% of any Share Class Return, subject to a High Water Mark or outperformance of the prorated Secured Overnight Financing Rate (SOFR) rate of return, whichever is lower. | 7 USD | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 5.00% dell'importo pagato al momento della sottoscrizione. | Fino a 500 USD |
| Costi di uscita | 3.00% dell'investimento prima che venga rimborsato. | 309 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 2.24% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 224 USD |
| Costi di transazione | 0.08% del valore dell'investimento annuo. Si tratta di una stima dei costi sostenuti al momento dell'acquisto e della vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varia a seconda dei volumi acquistati e venduti. | 8 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | 10.00% del rendimento della Classe di azioni con High watermark oppure sovraperformance del tasso di rendimento del Secured Overnight Financing Rate (SOFR) calcolato proporzionalmente (il valore più basso). | 7 USD | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.00% of the amount you pay in when entering this investment. | Up to 500 USD |
| Exit costs | 3.00% of your investment before it is paid out to you. | 309 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.24% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 224 USD |
| Transaction costs | 0.08% 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. | 8 USD |
| Incidental costs taken under specific conditions |
| Performance fees (*) | 10.00% of any Share Class Return, subject to a High Water Mark or outperformance of the prorated Secured Overnight Financing Rate (SOFR) rate of return, whichever is lower. | 7 USD | | en | it |
DOLFIN4479 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Weakness in industrial orders in the US and Europe. Asia better
Inflation also slowing and rates close to the peak
As we anticipated a few quarters ago, inflation continues its course of normalization that began at the end of 2022. The energy part has already completely normalized, while the food part has started to soften. However, we think that employment, services, and housing are the core inflation components that are going to take a little longer to adjust.
Our baseline scenario sees inflation in the order of 3,5% by the end of 2023, and lower in 2024.
Inflation at the global level continues to normalize, as we anticipated
U.S. job creation and inflation expectations
China started a recovery phase, which is being slower than expected
After COVID closed the economy in 2022, and the opening that occurred in the December of that year, the recovery of the Chinese economy has been somewhat slower than expected due to the property sector’s and exports’ weakness. Even so, China's GDP grew by 6% in Q2 and is expected to grow by 4- 5% in 2023. Contrary to many doomsayers, we continue to believe that China will strengthen its economy, as it still has many levers that can be pulled. We expect greater public investment in infrastructure, this time directed at energy transition, support for the property sector, and a renewed capacity to compete abroad, all of which the weaker currency should support. | ## Schwache Auftragslage in der Industrie in den USA und Europa. Asien besser
Auch die Inflation verlangsamt sich und die Zinssätze nähern sich ihrem Höchststand
Wie wir bereits vor einigen Quartalen erwartet haben, setzt die Inflation ihren Ende 2022 begonnenen Normalisierungskurs fort. Der Energieanteil hat sich bereits vollständig normalisiert, während der Lebensmittelanteil begonnen hat, sich abzuschwächen. Wir sind jedoch der Meinung, dass Beschäftigung, Dienstleistungen und Wohnen die Kerninflationskomponenten sind, die etwas länger brauchen werden, um sich anzupassen.
Unser Basisszenario geht von einer Inflation in der Grössenordnung von 3,5 % bis Ende 2023 und einem niedrigeren Wert im Jahr 2024 aus.
Die Inflation auf globaler Ebene normalisiert sich weiter, wie wir erwartet haben
Schaffung von Arbeitsplätzen in den USA und Inflationserwartungen
China hat eine Erholungsphase eingeleitet, die jedoch langsamer verläuft als erwartet
Nach der Schliessung der Wirtschaft durch COVID im Jahr 2022 und der Öffnung im Dezember desselben Jahres hat sich die chinesische Wirtschaft aufgrund der Schwäche des Immobiliensektors und der Exporte etwas langsamer erholt als erwartet. Dennoch wuchs das chinesische BIP im zweiten Quartal um 6 %, und für 2023 wird mit einem Wachstum von 4-5 % gerechnet. Im Gegensatz zu vielen Schwarzmalern glauben wir weiterhin, dass China seine Wirtschaft stärken wird, da es immer noch viele Hebel hat, an denen es drehen kann. Wir erwarten mehr öffentliche Investitionen in die Infrastruktur,
diesmal in die Energiewende, Unterstützung für den Immobiliensektor und eine erneuerte Fähigkeit, im Ausland zu konkurrieren, was alles durch die schwächere Währung unterstützt werden dürfte. | ## Weakness in industrial orders in the US and Europe. Asia better
Inflation also slowing and rates close to the peak
As we anticipated a few quarters ago, inflation continues its course of normalization that began at the end of 2022. The energy part has already completely normalized, while the food part has started to soften. However, we think that employment, services, and housing are the core inflation components that are going to take a little longer to adjust.
Our baseline scenario sees inflation in the order of 3,5% by the end of 2023, and lower in 2024.
Inflation at the global level continues to normalize, as we anticipated
U.S. job creation and inflation expectations
China started a recovery phase, which is being slower than expected
After COVID closed the economy in 2022, and the opening that occurred in the December of that year, the recovery of the Chinese economy has been somewhat slower than expected due to the property sector’s and exports’ weakness. Even so, China's GDP grew by 6% in Q2 and is expected to grow by 4- 5% in 2023. Contrary to many doomsayers, we continue to believe that China will strengthen its economy, as it still has many levers that can be pulled. We expect greater public investment in infrastructure, this time directed at energy transition, support for the property sector, and a renewed capacity to compete abroad, all of which the weaker currency should support. | en | de |
DOLFIN4480 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Credit Ratings and Unrated Securities
Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Appendix 4 to this Prospectus describes the various ratings assigned to fixed income securities by Moody’s, S&P and Fitch. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. A Fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase and the Fund may retain such securities if the Investment Advisor deems it in the best interests of Shareholders. The Investment Advisors do not rely solely on credit ratings, and
develop their own analysis of issuer credit quality. In the event that the rating services assign different ratings to the same security, the Investment Advisor will determine which rating it believes best reflects the security’s quality and risk at that time, which may be the higher of the several assigned ratings.
A Fund may purchase unrated securities (which are not rated by a rating agency) if its Investment Advisor determines that the security is of comparable quality to a rated security that the Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the Investment Advisor may not accurately evaluate the security’s comparative credit rating. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality fixed income securities. To the extent that a Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the Investment Advisor’s creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. | ### Bonitätsratings und unbewertete Wertpapiere
Rating-Agenturen sind privatrechtliche Dienstleister, die Bewertungen der Qualität festverzinslicher Wertpapiere, einschließlich wandelbarer Wertpapiere, liefern. Anhang 4 dieses Prospekts beschreibt die unterschiedlichen Bewertungen von Moody’s, S&P und Fitch, die Rentenwerten zugewiesen werden. Von Rating-Agenturen zugewiesene Bewertungen stellen keine absoluten Standards für die Kreditqualität dar und bewerten auch keine Marktrisiken. Rating-Agenturen können unter Umständen versäumen, rechtzeitige Veränderungen an den Bonitätsbewertungen vorzunehmen, und die aktuelle finanzielle Lage eines Emittenten kann besser oder schlechter sein, als eine Bewertung vermuten lässt. Ein Fonds verkauft ein Wertpapier nicht zwingend immer dann, wenn die Bewertung unter das Rating des Wertpapiers zum Kaufzeitpunkt fällt, und der Fonds kann diese Wertpapiere zurückbehalten, wenn dies nach Meinung des Anlageberaters im besten Interesse der Anteilinhaber ist. Die Anlageberater vertrauen nicht ausschließlich auf Bonitätsratings und entwickeln eigene Analysen der Kreditqualität von Emittenten. Für den Fall, dass Rating-Agenturen unterschiedliche Bewertungen für dasselbe Wertpapier abgeben, bestimmt der Anlageberater, welche Bewertung seiner Ansicht nach am ehesten die Qualität und das Risiko zum jeweiligen Zeitpunkt wiedergibt. Hierbei kann es sich auch um die höhere der abweichenden Bewertungen handeln.
Ein Fonds darf nicht bewertete Wertpapiere (die nicht von einer Rating-Agentur bewertet wurden) erwerben, wenn der Anlageberater feststellt, dass das Wertpapier von vergleichbarer Güte mit einem bewerteten Wertpapier ist, das der Fonds erwerben darf. Nicht bewertete Wertpapiere können weniger liquide als vergleichbare bewertete Wertpapiere sein und bergen das Risiko, dass der Anlageberater die vergleichbare Bonitätsbewertung eines Wertpapiers nicht korrekt einschätzt. Die Analyse der Bonität eines Emittenten hochrentierlicher Wertpapiere kann komplexer ausfallen als bei Emittenten qualitativ hochwertigerer Rentenwerte. In dem Maße, in dem ein Fonds in hochrentierliche und/oder nicht bewertete Wertpapiere anlegt, kann der Erfolg des Fonds beim Erreichen seines Anlageziels stärker von der Bonitätsanalyse des Anlageberaters abhängen, als wenn der Fonds ausschließlich in qualitativ hochwertigere und bewertete Wertpapiere investiert. | ### Credit Ratings and Unrated Securities
Rating agencies are private services that provide ratings of the credit quality of fixed income securities, including convertible securities. Appendix 4 to this Prospectus describes the various ratings assigned to fixed income securities by Moody’s, S&P and Fitch. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks. Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. A Fund will not necessarily sell a security when its rating is reduced below its rating at the time of purchase and the Fund may retain such securities if the Investment Advisor deems it in the best interests of Shareholders. The Investment Advisors do not rely solely on credit ratings, and
develop their own analysis of issuer credit quality. In the event that the rating services assign different ratings to the same security, the Investment Advisor will determine which rating it believes best reflects the security’s quality and risk at that time, which may be the higher of the several assigned ratings.
A Fund may purchase unrated securities (which are not rated by a rating agency) if its Investment Advisor determines that the security is of comparable quality to a rated security that the Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the Investment Advisor may not accurately evaluate the security’s comparative credit rating. Analysis of the creditworthiness of issuers of high yield securities may be more complex than for issuers of higher-quality fixed income securities. To the extent that a Fund invests in high yield and/or unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on the Investment Advisor’s creditworthiness analysis than if the Fund invested exclusively in higher-quality and rated securities. | en | de |
DOLFIN4481 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### RISQUE DE CRÉDIT
Le risque de crédit est le risque qu’une partie impliquée dans la transaction d’un instrument financier occasionne un préjudice financier à l’autre partie en ne s’acquittant pas d’une obligation. Il comprend le risque de contrepartie et le risque lié à l’émetteur. Les actifs financiers susceptibles d’exposer la Société au risque de crédit se composent principalement des titres porteurs d’intérêts tels que les obligations, les instruments financiers dérivés et les investissements des soldes en numéraire ainsi que des dépôts auprès de courtiers ou à recevoir de ces derniers.
L’étendue de l’exposition de la Société au risque de crédit eu égard à ces actifs financiers est approximativement égale à leurs valeurs comptables telles que constatées dans l’État de la situation financière.
Les Gestionnaires de portefeuille gèrent le risque lié à l’émetteur en construisant des portefeuilles diversifiés dont l’exposition à chaque émetteur est limitée (10 %) conformément à la Réglementation OPCVM de la Banque centrale et aux objectifs d’investissement des Compartiments. En outre, si cela est nécessaire, les Gestionnaires de portefeuille limiteront la détention de titres de créance à ceux dont la note est supérieure ou égale à celle qui est stipulée par les objectifs d’investissement respectifs des Compartiments.
La quasi-totalité des actifs de la Société sont détenus auprès du Dépositaire. La faillite ou l’insolvabilité du Dépositaire pourrait entraîner des retards ou la limitation des droits de la Société sur ses titres et autres positions détenus auprès du Dépositaire.
La Société traite uniquement avec des dépositaires qui sont des entités réglementées faisant l’objet d’un contrôle prudentiel ou assorties d’une notation de crédit élevée attribuée par des agences de notation internationales. Les Administrateurs contrôlent trimestriellement la qualité du crédit du Dépositaire, The Bank of New York Mellon SA/NV, Succursale de Dublin, afin de limiter ce risque. La notation attribuée à sa dette de premier rang à long terme et de dépôt à long terme par Standard & Poor’s est AA- (31 décembre 2020 : AA) à la clôture de l’exercice.
Les titres et autres positions de la Société sont ségrégués des actifs appartenant au Dépositaire ou aux mandataires de ce dernier. Par conséquent, en cas d’insolvabilité ou de faillite du Dépositaire, les titres et autres positions de la Société sont ségrégués de ceux du Dépositaire ou des mandataires de ce dernier. La Société sera néanmoins exposée au risque de crédit du Dépositaire, ou de tout agent dépositaire désigné par le Dépositaire, en ce qui concerne le numéraire de la Société détenu auprès du Dépositaire et les comptes réservés aux fonds de souscriptions et de rachats détenus auprès du Dépositaire délégué mondial. En cas d’insolvabilité ou de faillite du Dépositaire, la Société sera considérée comme un créancier ordinaire du Dépositaire en ce qui concerne les liquidités de la Société.
Le risque de contrepartie/d’émetteur est contrôlé de la manière suivante :
- Chaque Gestionnaire de portefeuille conserve une liste de courtiers agréés qui font l’objet d’un suivi permanent. Le système de transactions n’autorise que des transactions avec les courtiers agréés. De nouveaux courtiers sont ajoutés à la liste après un processus d’évaluation formel qui inclut l’évaluation de leur solvabilité et de leur solidité financière.
- La mesure et le contrôle de l’exposition à la contrepartie ou à l’émetteur sont effectués quotidiennement et consistent à réviser toutes les positions ouvertes détenues en portefeuille. | ##### RIESGO DE CRÉDITO
El riesgo de crédito es el riesgo de que una de las partes contratantes de un instrumento financiero, al incumplir una obligación, cause una pérdida financiera a la otra parte. Incluye el riesgo de contraparte y el riesgo de emisor. Los activos financieros que pueden exponer a la Sociedad al riesgo de crédito consisten principalmente en valores que devengan intereses, como bonos, instrumentos financieros derivados e inversiones en los saldos y depósitos en efectivo de corredores o por cobrar de estos.
El alcance de la exposición de la Sociedad al riesgo de cambio con respecto a estos activos financieros se aproxima a sus valores en libros que figura en el Estado de situación financiera.
Las Gestoras de inversiones gestionan el riesgo de emisor mediante la construcción de carteras de inversión diversificadas, con una concentración limitada de la exposición (10%) a un mismo emisor, de conformidad con el Reglamento OICVM del Banco Central y los objetivos de inversión de los Fondos. Además, en caso necesario, las Gestoras de inversiones limitarán la propiedad de los instrumentos de deuda a aquellos instrumentos que tengan una calificación crediticia igual o superior a la prevista en los objetivos de inversión particulares de los Fondos.
La práctica totalidad de los activos de la Sociedad están en manos del Depositario. La quiebra o insolvencia del Depositario pueden provocar retrasos o limitaciones en los derechos de la Sociedad con respecto a los valores y otras posiciones mantenidas por el Depositario.
La Sociedad únicamente opera con depositarios que son entidades reguladas sujetas a supervisión cautelar o que tienen altas calificaciones crediticias asignadas por las agencias internacionales de calificación crediticia. Con carácter trimestral, los Consejeros hacen un seguimiento de la calidad crediticia del Depositario, The Bank of New York Mellon SA/NV, Dublin Branch, a fin de mitigar el riesgo. La deuda prioritaria a largo plazo y calificación de depósitos a largo plazo por parte de Standard & Poor’s es de AA- (31 de diciembre de 2020:: AA) al cierre del ejercicio financiero.
Los valores y otras posiciones de la Sociedad están separados de los activos del Depositario o de sus agentes. Así, en caso de insolvencia o quiebra del Depositario, los valores y otras posiciones de la Sociedad están separados de los del Depositario o sus agentes. No obstante, la Sociedad estará expuesta al riesgo de crédito del Depositario o cualquier depositario utilizado por el Depositario, en relación con el efectivo de la Sociedad mantenido por el Depositario y las cuentas de cobro de efectivo de suscripciones y reembolso mantenidas por el Subdepositario global. En caso de insolvencia o quiebra del Depositario, la Sociedad se considerará acreedor general del Depositario con respecto a las posiciones de efectivo de la Sociedad.
El riesgo de contraparte/emisor se controla de la siguiente manera:
- cada Gestora de inversiones mantiene una lista de Intermediarios autorizados sujeta a su continua supervisión. El sistema de negociación solo permite la negociación con intermediarios autorizados. Los nuevos intermediarios se añaden con arreglo a un proceso de revisión formal que incluye un examen de la solvencia crediticia y solidez financiera del intermediario.
- El cálculo y la supervisión de la exposición de la negociación a la contraparte o el emisor se realiza diariamente, y consisten en la revisión de todas las posiciones mantenidas. | ###### RISQUE DE CRÉDIT
Le risque de crédit est le risque qu’une partie impliquée dans la transaction d’un instrument financier occasionne un préjudice financier à l’autre partie en ne s’acquittant pas d’une obligation. Il comprend le risque de contrepartie et le risque lié à l’émetteur. Les actifs financiers susceptibles d’exposer la Société au risque de crédit se composent principalement des titres porteurs d’intérêts tels que les obligations, les instruments financiers dérivés et les investissements des soldes en numéraire ainsi que des dépôts auprès de courtiers ou à recevoir de ces derniers.
L’étendue de l’exposition de la Société au risque de crédit eu égard à ces actifs financiers est approximativement égale à leurs valeurs comptables telles que constatées dans l’État de la situation financière.
Les Gestionnaires de portefeuille gèrent le risque lié à l’émetteur en construisant des portefeuilles diversifiés dont l’exposition à chaque émetteur est limitée (10 %) conformément à la Réglementation OPCVM de la Banque centrale et aux objectifs d’investissement des Compartiments. En outre, si cela est nécessaire, les Gestionnaires de portefeuille limiteront la détention de titres de créance à ceux dont la note est supérieure ou égale à celle qui est stipulée par les objectifs d’investissement respectifs des Compartiments.
La quasi-totalité des actifs de la Société sont détenus auprès du Dépositaire. La faillite ou l’insolvabilité du Dépositaire pourrait entraîner des retards ou la limitation des droits de la Société sur ses titres et autres positions détenus auprès du Dépositaire.
La Société traite uniquement avec des dépositaires qui sont des entités réglementées faisant l’objet d’un contrôle prudentiel ou assorties d’une notation de crédit élevée attribuée par des agences de notation internationales. Les Administrateurs contrôlent trimestriellement la qualité du crédit du Dépositaire, The Bank of New York Mellon SA/NV, Succursale de Dublin, afin de limiter ce risque. La notation attribuée à sa dette de premier rang à long terme et de dépôt à long terme par Standard & Poor’s est AA- (31 décembre 2020 : AA) à la clôture de l’exercice.
Les titres et autres positions de la Société sont ségrégués des actifs appartenant au Dépositaire ou aux mandataires de ce dernier. Par conséquent, en cas d’insolvabilité ou de faillite du Dépositaire, les titres et autres positions de la Société sont ségrégués de ceux du Dépositaire ou des mandataires de ce dernier. La Société sera néanmoins exposée au risque de crédit du Dépositaire, ou de tout agent dépositaire désigné par le Dépositaire, en ce qui concerne le numéraire de la Société détenu auprès du Dépositaire et les comptes réservés aux fonds de souscriptions et de rachats détenus auprès du Dépositaire délégué mondial. En cas d’insolvabilité ou de faillite du Dépositaire, la Société sera considérée comme un créancier ordinaire du Dépositaire en ce qui concerne les liquidités de la Société.
Le risque de contrepartie/d’émetteur est contrôlé de la manière suivante :
- Chaque Gestionnaire de portefeuille conserve une liste de courtiers agréés qui font l’objet d’un suivi permanent. Le système de transactions n’autorise que des transactions avec les courtiers agréés. De nouveaux courtiers sont ajoutés à la liste après un processus d’évaluation formel qui inclut l’évaluation de leur solvabilité et de leur solidité financière.
- La mesure et le contrôle de l’exposition à la contrepartie ou à l’émetteur sont effectués quotidiennement et consistent à réviser toutes les positions ouvertes détenues en portefeuille. | fr | es |
DOLFIN4482 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Subordinated debt and contingent convertible bonds are subject to specific risks of non-payment of coupons and capital loss in certain circumstances. At a certain solvency threshold, referred to as the "trigger” threshold, the issuer may or must suspend the payment of coupons and/or reduce the nominal value of the security or convert such bonds into shares. Notwithstanding the thresholds defined in the issue prospectus, the supervisory authorities have the possibility of applying in a preventive manner these rules if the circumstances require based on an objective threshold, the point of non-viability. These securities expose holders to either a total or partial loss of their investment following their conversion into shares at a predetermined price or because of the application of a discount provided for contractually in the issuing prospectus or applied arbitrarily by a supervisory authority. Holders of these securities are also exposed to potentially large price fluctuations in the event that the issuer has insufficient equity or experiences difficulties.
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#### Sustainability risk | Las deudas subordinadas y las obligaciones convertibles contingentes están sujetas a riesgos específicos de impago de cupones y de pérdida de capital en determinadas circunstancias. A partir de un determinado umbral de solvencia, denominado «trigger», el emisor puede o debe suspender el pago de sus cupones y/o reducir el nominal del título o convertir esas obligaciones en acciones. Sin perjuicio de los umbrales definidos en los folletos informativos de las emisiones, las autoridades financieras tienen la posibilidad de aplicar de modo preventivo dichas normas cuando las circunstancias lo exijan en función de un umbral objetivo denominado «punto de inviabilidad». Estos valores exponen a los titulares a una pérdida total o parcial de sus inversiones como consecuencia de su conversión en acciones a un precio predeterminado o a la aplicación de un descuento previsto contractualmente en los términos del folleto de emisión, o aplicado de forma arbitraria por una autoridad de tutela. Estos valores exponen también a sus titulares a fluctuaciones potencialmente importantes de precios en caso de situación de insuficiencia de fondos propios o de dificultades del emisor.
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#### Riesgo de sostenibilidad | Subordinated debt and contingent convertible bonds are subject to specific risks of non-payment of coupons and capital loss in certain circumstances. At a certain solvency threshold, referred to as the "trigger” threshold, the issuer may or must suspend the payment of coupons and/or reduce the nominal value of the security or convert such bonds into shares. Notwithstanding the thresholds defined in the issue prospectus, the supervisory authorities have the possibility of applying in a preventive manner these rules if the circumstances require based on an objective threshold, the point of non-viability. These securities expose holders to either a total or partial loss of their investment following their conversion into shares at a predetermined price or because of the application of a discount provided for contractually in the issuing prospectus or applied arbitrarily by a supervisory authority. Holders of these securities are also exposed to potentially large price fluctuations in the event that the issuer has insufficient equity or experiences difficulties.
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#### Sustainability risk | en | es |
DOLFIN4483 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between September 2021 and June 2023. The moderate scenario is the result of an investment between July 2014 and July 2019. The favourable scenario is the result of an investment between February 2016 and February 2021. | Questa tabella mostra quanto potreste ottenere nei prossimi 5 anni in diversi scenari se investite 10.000,00 EUR. Le cifre indicate comprendono tutti i costi del prodotto stesso, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch´essa sull´importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
Lo scenario sfavorevole è il risultato di un investimento tra settembre 2021 e giugno 2023. Lo scenario moderato è il risultato di un investimento tra luglio 2014 e luglio 2019. Lo scenario favorevole è il risultato di un investimento tra febbraio 2016 e febbraio 2021. | This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between September 2021 and June 2023. The moderate scenario is the result of an investment between July 2014 and July 2019. The favourable scenario is the result of an investment between February 2016 and February 2021. | en | it |
DOLFIN4484 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
Enabling activities directly enable other activities to make a substantial contribution to an environmental objective.
Transitional activities are activities for which low‐carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.
Not applicable
-
#### What is the minimum share of investments in transitional and enabling activities? | #### In welchem Mindestmaß sind nachhaltige Investitionen mit einem Umweltziel mit der EU- Taxonomie konform?
Ermöglichende Tätigkeiten wirken unmittelbar ermöglichend daraufhin, dass andere Tätigkeiten einen wesentlichen Beitrag zu den Umweltzielen leisten.
Übergangstätigkeite n sind Tätigkeiten, für die es noch keine CO2-‐armen Alternativen gibt und die unter anderem Treibhausgasemissio nswerte aufweisen, die den besten Leistungen entsprechen.
Entfällt
-
#### Wie hoch ist der Mindestanteil der Investitionen in Übergangstätigkeiten und ermöglichende Tätigkeiten? | #### To what minimum extent are sustainable investments with an environmental objective aligned with the EU Taxonomy?
Enabling activities directly enable other activities to make a substantial contribution to an environmental objective.
Transitional activities are activities for which low‐carbon alternatives are not yet available and among others have greenhouse gas emission levels corresponding to the best performance.
Not applicable
-
#### What is the minimum share of investments in transitional and enabling activities? | en | de |
DOLFIN4485 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Market comments
Asian equity markets rebounded strongly in November led by China-, Hong Kong-, and Taiwan-listed equities. Chinese equities reacted positively after government officials starting to loosen strict COVID-19 measures and started to downplay the severity of virus infections. A series of supportive measures were introduced to the real estate sector in order to provide liquidity and ensure project completion. Lower-than-expected US October inflation figures and the Fed’s comment on slower rate hikes also triggered positive sentiment in the Asian equity markets. Indonesia, India, Malaysia, and Thailand underperformed relatively. Communication services was the best-performing sector, followed by consumer discretionary and real estate, while energy, utilities, and health care were the worst-performing sectors. | # Commento sui mercati
I mercati azionari asiatici sono rimbalzati con forza a novembre, trainati dalle azioni quotate di Cina, Hong Kong e Taiwan. Le azioni cinesi hanno reagito positivamente quando i funzionari del governo hanno iniziato ad allentare le rigide misure di contrasto al COVID-19 e a minimizzare la gravità delle infezioni dal virus. Nel settore immobiliare è stata introdotta una serie di misure di sostegno in modo da immettere liquidità e garantire il completamento dei progetti. Cifre inflazionistiche per gli Stati Uniti inferiori al previsto in ottobre e i commenti della Fed su un rallentamento dei rialzi dei tassi hanno a loro volta diffuso un sentiment positivo nei mercati azionari asiatici. Indonesia, India, Malesia e Thailandia hanno relativamente sottoperformato. Quello dei servizi di comunicazione è stato il settore migliore in termini di performance, seguito da beni di consumo discrezionali e immobiliare, mentre energia, servizi di pubblica utilità e sanità sono stati i peggiori. | # Market comments
Asian equity markets rebounded strongly in November led by China-, Hong Kong-, and Taiwan-listed equities. Chinese equities reacted positively after government officials starting to loosen strict COVID-19 measures and started to downplay the severity of virus infections. A series of supportive measures were introduced to the real estate sector in order to provide liquidity and ensure project completion. Lower-than-expected US October inflation figures and the Fed’s comment on slower rate hikes also triggered positive sentiment in the Asian equity markets. Indonesia, India, Malaysia, and Thailand underperformed relatively. Communication services was the best-performing sector, followed by consumer discretionary and real estate, while energy, utilities, and health care were the worst-performing sectors. | en | it |
DOLFIN4486 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Subscription and redemption on the primary market:
In the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contributions/withdrawals to/from a portfolio of bonds representative of the composition of the Markit iBoxx Euro Inflation-Linked Index plus a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 5000 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 15:30 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 15:30 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 15:30 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s net asset value on a given Trading Day is calculated using the 17:15 (Paris time) fixing of the Markit iBoxx Euro Inflation-Linked Index on that day.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 15:30 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of that same Trading Day.
Subscriptions/redemptions by means of contributions/withdrawals to/from a portfolio of bonds representative ofthe Markit iBoxx Euro Inflation-Linked Index
Orders centralised by the Depositary between 09:00 and 15:30 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 15:30 (Paris time) on the same Trading Day, as follows:
- contribution of a portfolio of equities reflecting the Markit iBoxx Euro Inflation-Linked Index as determined by the Management Company, which the subscriber must deliver and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of 5,000 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that day and the value in euros of the bonds to be delivered on that day. | ## Condizioni di sottoscrizione e di rimborso delle quote del Fondo sul mercato primario::
Il mercato primario è il mercato attraverso il quale le quote nuove del Fondo sono sottoscritte e/o rimborsate mediante (i) contanti o (ii) conferimenti/prelievi verso/da un paniere di obbligazioni rappresentativo della composizione dell’Indice Markit iBoxx Euro Inflation Linked accompagnato da un "conguaglio".
Su questo mercato, le sottoscrizioni dovranno essere esclusivamente effettuate per un minimo di 5000 quote per la sottoscrizione iniziale e per un minimo di una quota per le sottoscrizioni successive. I rimborsi si effettuano in numero intero di quote, con un minimo di 500.000 euro o equivalente nella valuta della quota per domanda di rimborso.
Le domande di sottoscrizione e di rimborso delle quote del Fondo sono centralizzate dalla banca depositaria, tra le 9.00 e le 15.30 (ora di Parigi), ogni giorno di apertura della borsa di Parigi (il "Giorno di Borsa"). Le domande di sottoscrizione e di rimborso trasmesse dopo le ore 15.30 (ora di Parigi) di un Giorno di Borsa saranno trattate come delle domande ricevute tra le 9.00 e le 15.30 (ora di Parigi) il Giorno di Borsa successivo.
Un Giorno di Borsa è un giorno lavorativo appartenente al calendario di calcolo e di pubblicazione del valore patrimoniale netto del Fondo.
Il valore patrimoniale netto del Fondo di un Giorno di Borsa è calcolato utilizzando il fixing delle 17.15 (ora di Parigi) dell’Indice Markit iBoxx Euro Inflation Linked dello stesso giorno.
Sottoscrizioni/rimborsi effettuati esclusivamente in contanti.
Le domande centralizzate dal Depositario tra le ore 9.00 e le 15.30 (ora di Parigi) di un Giorno di Borsa ed effettuate esclusivamente in contanti, saranno eseguite sulla base del valore patrimoniale netto dello stesso giorno di Borsa.
Sottoscrizioni/rimborsi effettuati mediante conferimenti/prelievi verso/da un paniere di obbligazioni rappresentativo della composizione dell’Indice Markit iBoxx Euro Inflation Linked
Le domande, centralizzate dal Depositario tra le ore 9.00 e le 15.30 (ora di Parigi) di un Giorno di Borsa saranno eseguite sulla base delle condizioni determinate dalla Società di Gestione alle 15.30 (ora di Parigi) dello stesso giorno di Borsa, nel modo seguente:
- mediante conferimento di un paniere di obbligazioni che rifletta l’Indice Markit iBoxx Euro Inflation Linked secondo quanto determinato dalla Società di Gestione, che il sottoscrittore dovrà consegnare e, all’occorrenza,
- mediante il conferimento di un importo in contanti in euro pagato o ricevuto dal Fondo (il “conguaglio”) per un ordine di sottoscrizione/rimborso pari a un minimo di 5000 quote per la sottoscrizione iniziale e a un minimo di una quota per le sottoscrizioni successive. I rimborsi si effettuano in numero intero di quote, con un minimo di500.000 euro o equivalente nella valuta della quota per domanda di rimborso. Il conguaglio sarà pari allo scarto in euro tra il valore patrimoniale netto delle quote del Fondo questo giorno e il valore in euro delle obbligazioni da consegnare il medesimo giorno. | ## Subscription and redemption on the primary market:
In the primary market, new Fund units are subscribed and/or redeemed in return for (i) cash or (ii) in-kind contributions/withdrawals to/from a portfolio of bonds representative of the composition of the Markit iBoxx Euro Inflation-Linked Index plus a “cash adjustment”.
In this market, initial subscriptions are only allowed in minimum quantities of 5000 units and subsequent subscriptions are only allowed in minimum quantities of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request.
Orders for the subscription and redemption of Fund units are centralised on a daily basis by the Depositary, between 09:00 and 15:30 (Paris time), on days when the Paris Stock Exchange is open (the “Trading Day”). Subscription and redemption requests sent after 15:30 (Paris time) on a Trading Day will be processed as orders received between 09:00 and 15:30 (Paris time) on the next Trading Day.
A Trading Day is a working day on which the Fund’s NAV can be calculated and published.
The Fund’s net asset value on a given Trading Day is calculated using the 17:15 (Paris time) fixing of the Markit iBoxx Euro Inflation-Linked Index on that day.
Subscriptions/redemptions in cash only
Cash-only orders centralised by the Depositary between 09:00 and 15:30 (Paris time) on a given Trading Day will be executed on the basis of the net asset value of that same Trading Day.
Subscriptions/redemptions by means of contributions/withdrawals to/from a portfolio of bonds representative ofthe Markit iBoxx Euro Inflation-Linked Index
Orders centralised by the Depositary between 09:00 and 15:30 (Paris time) on a given Trading Day will be executed on the basis of the terms set by the Management Company at 15:30 (Paris time) on the same Trading Day, as follows:
- contribution of a portfolio of equities reflecting the Markit iBoxx Euro Inflation-Linked Index as determined by the Management Company, which the subscriber must deliver and, where applicable,
- payment of a cash amount in euros to or from the Fund (“cash adjustment”) where a subscription/redemption order is for a minimum initial subscription of 5,000 units and a minimum subsequent subscription of one unit. Redemptions are made in whole units, with a minimum value of EUR 500,000 or equivalent in the currency of the unit per redemption request. The cash adjustment will be equal to the difference in euros between the net asset value of the Fund units on that day and the value in euros of the bonds to be delivered on that day. | en | it |
DOLFIN4487 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
The depositary bank of the Fund is RBC Investor Services Bank S.A. Copies of the prospectus, the latest annual reports and subsequent half- yearly reports (all in English) as well as other information (including the latest share prices) are available free of charge from Alma Capital Investment Management or at www.fundsquare.net.
Details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, are available at the registered office of the management company, upon request of an investor. More share classes may be available for this Fund - please refer to the prospectus for further details. Please note that not all share classes may be registered for distribution in your jurisdiction.
The taxation regime applicable to the Fund in Luxembourg may affect your personal tax position.
Quantica UCITS Funds SICAV may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Quantica UCITS Funds SICAV has a number of different funds. The assets and liabilities of each fund are segregated by law. The prospectus and the periodic reports are prepared for Quantica UCITS Funds SICAV as a whole. You may apply for shares in this Fund to be converted into shares of other funds of Quantica UCITS Funds SICAV. The switch charge (if any) may be charged on such a conversion. For more information on how to convert your shares to shares of other funds, please refer to the “Conversion of Shares” section in the prospectus.
The Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Alma Capital Investment Management is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 21-03-2022. | # INFORMACIÓN PRÁCTICA
El banco depositario del Fondo es RBC Investor Services Bank S.A. Copias del folleto, los últimos informes anuales y posteriores informes semestrales (todos en inglés), así como otra información (incluidos los últimos precios por acción) están disponibles de forma gratuita a través de Alma Capital Investment Management o en la página web www.fundsquare.net.
Los datos actualizados de la política de remuneración, que incluye, entre otra información, una descripción del método utilizado para calcular las remuneraciones y los beneficios, así como los datos de las personas responsables de su concesión, están disponibles en el domicilio social de la sociedad gestora, a petición de los inversores. Podrían encontrarse disponibles más clases de acciones de este Fondo; consulte el folleto informativo si desea obtener más datos. Tenga en cuenta que puede que no todas las clases de acciones estén registradas para ser comercializadas en su jurisdicción.
El régimen fiscal aplicable al Fondo en Luxemburgo podría afectar a su situación fiscal personal.
Quantica UCITS Funds SICAV únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Quantica UCITS Funds SICAV cuenta con diversos fondos. Los activos y pasivos de cada fondo están segregados de acuerdo con la ley. El folleto informativo y los informes periódicos se elaboran para Quantica UCITS Funds SICAV en su conjunto. Puede solicitar la conversión de acciones de este Fondo por acciones de otros fondos de Quantica UCITS Funds SICAV. El gasto de canje (de haberlo) podría aplicarse por dicha conversión. Para más información sobre cómo convertir sus acciones por acciones de otros fondos, consulte el apartado «Conversión de Acciones» del Folleto informativo.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero).
Alma Capital Investment Management está autorizada en Luxemburgo y está regulada por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero).
Los presentes datos fundamentales para el inversor son exactos a 21-03-2022. | # PRACTICAL INFORMATION
The depositary bank of the Fund is RBC Investor Services Bank S.A. Copies of the prospectus, the latest annual reports and subsequent half- yearly reports (all in English) as well as other information (including the latest share prices) are available free of charge from Alma Capital Investment Management or at www.fundsquare.net.
Details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, are available at the registered office of the management company, upon request of an investor. More share classes may be available for this Fund - please refer to the prospectus for further details. Please note that not all share classes may be registered for distribution in your jurisdiction.
The taxation regime applicable to the Fund in Luxembourg may affect your personal tax position.
Quantica UCITS Funds SICAV may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
Quantica UCITS Funds SICAV has a number of different funds. The assets and liabilities of each fund are segregated by law. The prospectus and the periodic reports are prepared for Quantica UCITS Funds SICAV as a whole. You may apply for shares in this Fund to be converted into shares of other funds of Quantica UCITS Funds SICAV. The switch charge (if any) may be charged on such a conversion. For more information on how to convert your shares to shares of other funds, please refer to the “Conversion of Shares” section in the prospectus.
The Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier.
Alma Capital Investment Management is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 21-03-2022. | en | es |
DOLFIN4488 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
### Type
Janus Henderson Horizon Sustainable Future Technologies Fund est un compartiment de Janus Henderson Fund, une société d'investissement à capital variable constituée en vertu des lois du Grand-Duché de Luxembourg. Janus Henderson Horizon Fund est un organisme de placement collectif en valeurs
mobilières (OPCVM).
### Durée
Cet investissement n'a pas de date d'échéance fixe. Le fabricant a le droit de mettre fin au produit dans un nombre limité de circonstances, comme indiqué dans le prospectus.
### Objectifs
Le Fonds vise à fournir une croissance du capital à long terme (cinq ans ou plus) en investissant dans des sociétés liées à la technologie qui contribuent au développement d'une économie mondiale durable. Le Fonds investit au moins 90% de ses actifs (titres de participation) ou titres assimilés de sociétés technologiques dont les produits et services sont considérés par le Gestionnaire d'investissement comme contribuant à un changement environnemental ou social positif, ayant donc une incidence sur le développement d'une économie mondiale durable. L'univers d'investissement du Fonds est défini par les sociétés technologiques dont au moins 50% de leurs revenus actuels ou futurs proviennent des thèmes de technologie durable identifiés par le Gestionnaire d'investissement. Le Fonds évitera d'investir dans des sociétés qui, de l'avis du Gestionnaire d'investissement, peuvent largement porter atteinte à l'environnement ou à la société. Le Fonds peut investir dans des sociétés de toute taille, y compris des sociétés à plus petite capitalisation, dans n'importe quel pays.
Le Fonds peut également investir dans d'autres actifs, y compris dans des obligations d'État de qualité «investment grade», des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des instruments dérivés pour réduire les risques ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l'indice MSCI ACWI Information Technology Index, qui est largement représentatif des sociétés dans lesquelles le Fonds est susceptible d'investir, dans la mesure où ledit indice peut fournir un élément de comparaison utile pour l'évaluation de la performance du Fonds.
Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg.
### Investisseurs de détail visés
Les investisseurs qui comprennent les risques inhérents au Fonds, qui cherchent à générer de la croissance via un investissement socialement et écologiquement responsable, et qui ont l’intention d’investir pendant au moins 5 ans. Le présent Fonds est conçu pour être utilisé uniquement comme composante d'un portefeuille d'investissement diversifié et n'est pas conçu pour les investisseurs qui ne sont prêts à accepter qu'une perte minimale de leur investissement. | # ¿Qué es este producto?
### Tipo
Janus Henderson Horizon Sustainable Future Technologies Fund es un subfondo de Janus Henderson Horizon Fund, una sociedad de inversión de capital variable constituida con arreglo a la legislación del Gran Ducado de Luxemburgo. Janus Henderson Horizon Fund tiene la consideración de organismo de inversión colectiva en valores mobiliarios (OICVM).
### Plazo
Esta inversión no tiene fecha de vencimiento. El productor tiene derecho a rescindir el producto en un número limitado de circunstancias, según se estipula en el Folleto.
### Objetivos
El Fondo busca obtener un crecimiento de capital a largo plazo (cinco años o más) invirtiendo en sociedades relacionadas con la tecnología que contribuyan al desarrollo de una economía mundial sostenible. El Fondo invierte al menos el 90% de sus activos en acciones (valores de renta variable) o valores vinculados a la renta variable de sociedades relacionadas con la tecnología cuyos productos y servicios son considerados por el Gestor de inversiones como una contribución a un cambio ambiental o social positivo y, por lo tanto, tienen un impacto en el desarrollo de una economía mundial sostenible. El universo de inversión del Fondo está definido por las sociedades relacionadas con la tecnología que obtienen al menos el 50% de sus ingresos actuales o futuros previstos de las temáticas de tecnología sostenible identificadas por el Gestor de inversiones. El Fondo evitará invertir en sociedades que el Gestor de inversiones considere que pueden
provocar daños ambientales o sociales significativos. El Fondo podrá invertir en empresas de cualquier tamaño, incluidas empresas de menor capitalización, de cualquier país. El Fondo también podrá invertir en otros activos, incluso en bonos del Estado con grado de inversión, efectivo e instrumentos del mercado monetario. El Gestor de inversiones puede utilizar derivados para reducir el riesgo o para gestionar el Fondo de manera más eficiente. El Fondo se gestiona de manera activa con referencia al índice MSCI ACWI Information Technology Index, que es ampliamente representativo de las sociedades en las que puede invertir, ya que puede ser un comparador útil para evaluar el rendimiento del Fondo. El Gestor de inversiones tiene la discreción de elegir inversiones para el Fondo con ponderaciones diferentes al índice o que no estén en el índice, pero en ocasiones el Fondo puede tener inversiones similares al índice. Esta clase de acciones acumula ingresos que son retenidos en el precio de la clase de acciones. Puede comprar, vender o canjear acciones del Fondo en cualquier día de negociación, tal y como se expone en el folleto de la Sociedad. El Depositario del Fondo es BNP Paribas Securities Services, sucursal de Luxemburgo.
### Inversor minorista al que va dirigido
Inversores que entienden los riesgos del Fondo, desean crecimiento a partir de una inversión con conciencia social y medioambiental, y tienen la intención de invertir su dinero durante al menos cinco años. Este Fondo está diseñado para utilizarse solo como un componente de una cartera de inversión diversificada y no está diseñado para inversores que no pueden aceptar más que una pérdida mínima de su inversión. | # En quoi consiste ce produit?
### Type
Janus Henderson Horizon Sustainable Future Technologies Fund est un compartiment de Janus Henderson Fund, une société d'investissement à capital variable constituée en vertu des lois du Grand-Duché de Luxembourg. Janus Henderson Horizon Fund est un organisme de placement collectif en valeurs
mobilières (OPCVM).
### Durée
Cet investissement n'a pas de date d'échéance fixe. Le fabricant a le droit de mettre fin au produit dans un nombre limité de circonstances, comme indiqué dans le prospectus.
### Objectifs
Le Fonds vise à fournir une croissance du capital à long terme (cinq ans ou plus) en investissant dans des sociétés liées à la technologie qui contribuent au développement d'une économie mondiale durable. Le Fonds investit au moins 90% de ses actifs (titres de participation) ou titres assimilés de sociétés technologiques dont les produits et services sont considérés par le Gestionnaire d'investissement comme contribuant à un changement environnemental ou social positif, ayant donc une incidence sur le développement d'une économie mondiale durable. L'univers d'investissement du Fonds est défini par les sociétés technologiques dont au moins 50% de leurs revenus actuels ou futurs proviennent des thèmes de technologie durable identifiés par le Gestionnaire d'investissement. Le Fonds évitera d'investir dans des sociétés qui, de l'avis du Gestionnaire d'investissement, peuvent largement porter atteinte à l'environnement ou à la société. Le Fonds peut investir dans des sociétés de toute taille, y compris des sociétés à plus petite capitalisation, dans n'importe quel pays.
Le Fonds peut également investir dans d'autres actifs, y compris dans des obligations d'État de qualité «investment grade», des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des instruments dérivés pour réduire les risques ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon active en se référant à l'indice MSCI ACWI Information Technology Index, qui est largement représentatif des sociétés dans lesquelles le Fonds est susceptible d'investir, dans la mesure où ledit indice peut fournir un élément de comparaison utile pour l'évaluation de la performance du Fonds.
Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg.
### Investisseurs de détail visés
Les investisseurs qui comprennent les risques inhérents au Fonds, qui cherchent à générer de la croissance via un investissement socialement et écologiquement responsable, et qui ont l’intention d’investir pendant au moins 5 ans. Le présent Fonds est conçu pour être utilisé uniquement comme composante d'un portefeuille d'investissement diversifié et n'est pas conçu pour les investisseurs qui ne sont prêts à accepter qu'une perte minimale de leur investissement. | fr | es |
DOLFIN4489 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All of the sub-fund’s current accounts (including those in different currencies) that legally and effectively form only part of a single current account are designated as a single current account in the net assets of the fund. Current accounts in foreign currencies, if applicable, are converted into the net fund currency. The conditions of the relevant individual accounts are used as the basis for the interest calculation.
-
### EVENTS DURING THE REPORTING PERIOD | Sämtliche Kontokorrentkonten der Teilfonds (auch solche in unterschiedlichen Währungen), die tatsächlich und rechtlich nur Teile eines einheitlichen Kontokorrentkontos bilden, wer- den in der Zusammensetzung des Netto-Fondsvermögen als einheitliches Kontokorrent ausgewiesen. Kontokorrentkonten in Fremdwährung, sofern vorhanden, werden in die Netto- Fondswährung umgerechnet. Als Basis für die Zinsberechnung gelten die Bedingungen des jeweiligen Einzelkontos.
-
### EREIGNISSE IM BERICHTSZEITRAUM | All of the sub-fund’s current accounts (including those in different currencies) that legally and effectively form only part of a single current account are designated as a single current account in the net assets of the fund. Current accounts in foreign currencies, if applicable, are converted into the net fund currency. The conditions of the relevant individual accounts are used as the basis for the interest calculation.
-
### EVENTS DURING THE REPORTING PERIOD | en | de |
DOLFIN4490 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Fiscalité du Fonds
La Société de gestion entend conduire les activités du Fonds de façon à ce qu'il soit considéré sur le plan fiscal comme Résident Irlandais. En partant du principe que cela est le cas, le Fonds peut prendre le statut de « société d'investissement » pour satisfaire aux exigences fiscales irlandaises et, par conséquent, est exonéré de l'impôt irlandais sur le revenu et sur les plus-values.
Le Fonds sera redevable de l'impôt sur le revenu irlandais vis-à-vis des autorités fiscales irlandaises si les Parts sont détenues par des Détenteurs de Parts résidents en Irlande non exonérés (et dans certaines autres circonstances), comme décrit ci-dessous. Les termes de « résident » et de « personne résidant habituellement en Irlande » sont définis à la fin de ce résumé. | ## Tributación del Fideicomiso de inversiones
La Entidad gestora pretende llevar a cabo sus actividades de modo que el Fideicomiso de inversiones sea residente en Irlanda a efectos fiscales. Suponiendo que el Fideicomiso de inversiones sea residente en Irlanda efectos fiscales, se considerará una “institución inversora” a efectos fiscales en Irlanda y, por consiguiente, estará exento de los impuestos irlandeses sobre la renta y las plusvalías.
El Fideicomiso de inversiones estará obligado a declarar impuestos de la renta en Irlanda a las Autoridades fiscales irlandesas si las Participaciones pertenecen a Titulares de participaciones que son residentes en Irlanda no exentos (y en determinadas otras circunstancias), como se describe más adelante. La explicación de los términos “residente” y “residente ordinario” se establecen al final del presente resumen. | ## Fiscalité du Fonds
La Société de gestion entend conduire les activités du Fonds de façon à ce qu'il soit considéré sur le plan fiscal comme Résident Irlandais. En partant du principe que cela est le cas, le Fonds peut prendre le statut de « société d'investissement » pour satisfaire aux exigences fiscales irlandaises et, par conséquent, est exonéré de l'impôt irlandais sur le revenu et sur les plus-values.
Le Fonds sera redevable de l'impôt sur le revenu irlandais vis-à-vis des autorités fiscales irlandaises si les Parts sont détenues par des Détenteurs de Parts résidents en Irlande non exonérés (et dans certaines autres circonstances), comme décrit ci-dessous. Les termes de « résident » et de « personne résidant habituellement en Irlande » sont définis à la fin de ce résumé. | fr | es |
DOLFIN4491 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.50% (“Subscription Charge”) on net subscriptions to the Fund. | $0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.50% (“Redemption Charge”) on net redemptions to the Fund. | $0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.65% of the value of the investment per year. This is an estimate based on actual costs over the last year. | $165 |
| Transaction costs | -0.22% 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 Fund. The actual amount will vary depending on how much we buy and sell. | $-22 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | $0 | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,50% ("Commissione di sottoscrizione") sulle sottoscrizioni nette del Fondo. | $0 |
| Costi di uscita | Gli Amministratori possono, a loro esclusiva discrezione, addebitare fino allo 0,50% ("Commissione di rimborso") sui rimborsi netti del Fondo. | $0 |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,65% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | $165 |
| Costi di transazione | -0,22% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il Fondo. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | $-22 |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | $0 | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The Directors may, in their sole discretion, charge up to 0.50% (“Subscription Charge”) on net subscriptions to the Fund. | $0 |
| Exit costs | The Directors may, in their sole discretion, charge up to 0.50% (“Redemption Charge”) on net redemptions to the Fund. | $0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.65% of the value of the investment per year. This is an estimate based on actual costs over the last year. | $165 |
| Transaction costs | -0.22% 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 Fund. The actual amount will vary depending on how much we buy and sell. | $-22 |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | $0 | | en | it |
DOLFIN4492 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For the share classes with a different currency to the currency of the Sub-fund, no currency hedging will be pursued in future for the Global Equities Fund, Global Equities Unconstrained Fund and Absolute Return Multi Asset sub-funds. In this context, the currency-hedged benchmarks for the foreign share classes of the Global Equities Fund and Global Equities Unconstrained Fund sub-funds will also be discontinued.
-
# Option of acquiring shares through the Shanghai and Shenzhen Hong Kong Stock Connect (“SHSC”) programme, eligible Chinese A-Shares | En el caso de las clases de acciones con una divisa diferente a la del subfondo, en el futuro ya no se instrumentarse la cobertura de divisas para los subfondos Global Equities Fund, Global Equities Unconstrained Fund y Absolute Return Multi Asset. En este contexto, también dejan de aplicarse los índices de referencia con cobertura de divisas para las clases de acciones extranjeras de los subfondos Global Equities Fund y Global Equities Unconstrained Fund.
-
# Posibilidad de comprar acciones A de China admisibles a través del programa Shanghai/Shenzhen Hong Kong Stock Connect («SHSC») | For the share classes with a different currency to the currency of the Sub-fund, no currency hedging will be pursued in future for the Global Equities Fund, Global Equities Unconstrained Fund and Absolute Return Multi Asset sub-funds. In this context, the currency-hedged benchmarks for the foreign share classes of the Global Equities Fund and Global Equities Unconstrained Fund sub-funds will also be discontinued.
-
# Option of acquiring shares through the Shanghai and Shenzhen Hong Kong Stock Connect (“SHSC”) programme, eligible Chinese A-Shares | en | es |
DOLFIN4493 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past Performance
9.28%
14.05%
18.77%
21.20%
18.20%
19.50%
17.68%
10.42%
20.00%
10.73%
35% Past performance is no guarantee of any particular performance,
30%
4.98%
7.51%
5.04%
6.33%
25%
20%
15%
10%
5%
0%
-7.92%
-2.38%
-3.67%
-4.11%
-5%
-10%
-15%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Equity Fund Global (EUR) B launch date: 31/12/2009
Performance is calculated in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Equity Fund Global (EUR) B MSCI World (EUR) (NR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Risultati ottenuti nel passato
9.28%
14.05%
18.77%
21.20%
18.20%
19.50%
17.68%
10.42%
20.00%
10.73%
35% La performance passata non costituisce alcuna garanzia in relazio-
30%
4.98%
7.51%
5.04%
6.33%
25%
20%
15%
10%
5%
0%
-7.92%
-2.38%
-3.67%
-4.11%
-5%
-10%
-15%
ne al rendimento presente e futuro dell’investimento.
Il calcolo tiene in considerazione i tutti i costi, le spese e le commis- sioni ad eccezione delle commissioni di sottoscrizione e rimborso.
LGT Sustainable Equity Fund Global (EUR) B è stato avviato in data 31/12/2009.
In rendimenti storici sono calcolati in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Equity Fund Global (EUR) B MSCI World (EUR) (NR)
Per ulteriori informazioni sui risultati ottenuti in passato, vi preghiamo di consultare i rapporti mensili (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
9.28%
14.05%
18.77%
21.20%
18.20%
19.50%
17.68%
10.42%
20.00%
10.73%
35% Past performance is no guarantee of any particular performance,
30%
4.98%
7.51%
5.04%
6.33%
25%
20%
15%
10%
5%
0%
-7.92%
-2.38%
-3.67%
-4.11%
-5%
-10%
-15%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Equity Fund Global (EUR) B launch date: 31/12/2009
Performance is calculated in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Equity Fund Global (EUR) B MSCI World (EUR) (NR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | it |
DOLFIN4494 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Management Fees:
The Manager will be entitled to receive a Management Fee as outlined in the section of the prospectus entitled “Fees and Expenses” of up to 2.5% per annum of the Net Asset Value of each Class of the Fund out of which the Manager shall discharge the fees and expenses of the Investment Advisor, the Administrator, the Depositary and such other fees and expenses as described in detail in the Prospectus which are incurred in relation to the Fund. The Management Fee will be accrued on each Dealing Day and will be paid monthly in arrears.
Notwithstanding that the Manager is entitled to receive a Management Fee of up to 2.5% per annum of the Net Asset Value of each Class of the Fund, the Management Fee for each Class is as follows: | Managementgebühren
Der Manager hat gemäß den Angaben im Abschnitt „Gebühren und Aufwendungen“ des Prospekts ein Anrecht auf den Erhalt einer Managementgebühr in Höhe von bis zu 2,5 % des Nettoinventarwerts einer jeden Anteilsklasse des Teilfonds pro Jahr, woraus der Manager die Gebühren und Aufwendungen des Anlageberaters, des Administrators, der Verwahrstelle sowie die weiteren, detailliert im Prospekt beschriebenen und in Zusammenhang mit dem Teilfonds anfallenden Gebühren und Aufwendungen begleicht. Die Managementgebühr läuft an jedem Handelstag auf und wird monatlich nachträglich gezahlt.
Ungeachtet der Tatsache, dass der Manager ein Anrecht auf den Erhalt einer Managementgebühr in Höhe von jährlich bis zu 2,5 % des Nettoinventarwerts einer jeden Anteilsklasse des Teilfonds hat, ist die Managementgebühr einer jeden Klasse wie folgt: | Management Fees:
The Manager will be entitled to receive a Management Fee as outlined in the section of the prospectus entitled “Fees and Expenses” of up to 2.5% per annum of the Net Asset Value of each Class of the Fund out of which the Manager shall discharge the fees and expenses of the Investment Advisor, the Administrator, the Depositary and such other fees and expenses as described in detail in the Prospectus which are incurred in relation to the Fund. The Management Fee will be accrued on each Dealing Day and will be paid monthly in arrears.
Notwithstanding that the Manager is entitled to receive a Management Fee of up to 2.5% per annum of the Net Asset Value of each Class of the Fund, the Management Fee for each Class is as follows: | en | de |
DOLFIN4495 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Subject to the abovementioned conditions, collateral received by the Investment Company may consist of:
- Cash (only in relation to OTC financial derivative transactions);
- Bonds issued or guaranteed by a member state of the OECD or by their local public authorities or by supranational institutions and undertakings with EU, regional or worldwide scope with a minimum rating of AA (S&P);
- Bonds with a minimum rating of AA- (S&P) or Aa3 (Moody’s) issued or guaranteed by first class issuers offering adequate liquidity;
- Shares admitted to or dealt in on a regulated market of a Member State of the EU or on a stock exchange of a member state of the OECD, on the condition that these shares are included in a main index. | # In Übereinstimmung mit den genannten Bedingungen kann die Investmentgesellschaft folgende Instrumente als Sicherheit verwenden:
- Barmittel (ausschliesslich in Bezug auf OTC-Finanzderivatgeschäfte);
- Anleihen, die durch einen Mitgliedsstaat der OECD oder seine Kommunalbehörden oder durch supranationale Institutionen und Einrichtungen mit EU-weiter, regionaler und globaler Reichweite emittiert oder garantiert wurden, mit einem Rating von mindestens AA (S&P);
- Anleihen mit einem Rating von mindestens AA- (S&P) oder Aa3 (Moody’s), die durch erstklassige Emittenten ausgegeben oder garantiert wurden und angemessene Liquidität aufweisen;
- Aktien, die an einem regulierten Markt eines EU-Mitgliedstaats oder einer Börse eines OECD-Mitgliedstaats zugelassen wurden oder gehandelt werden, unter der Voraussetzung, dass diese Aktien in einem Leitindex vertreten sind. | # Subject to the abovementioned conditions, collateral received by the Investment Company may consist of:
- Cash (only in relation to OTC financial derivative transactions);
- Bonds issued or guaranteed by a member state of the OECD or by their local public authorities or by supranational institutions and undertakings with EU, regional or worldwide scope with a minimum rating of AA (S&P);
- Bonds with a minimum rating of AA- (S&P) or Aa3 (Moody’s) issued or guaranteed by first class issuers offering adequate liquidity;
- Shares admitted to or dealt in on a regulated market of a Member State of the EU or on a stock exchange of a member state of the OECD, on the condition that these shares are included in a main index. | en | de |
DOLFIN4496 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Except for the Sub-Funds mentioned above, the other Sub-Funds referred to in this report are not authorised in Hong Kong and are not available to the public in Hong Kong.
- Directors’ FeesThe only remuneration paid to Directors is an annual fee including AML Committee Fee. This is waived by Mr Daniel J. Watkins, Mr Massimo Greco and Ms Marion Mulvey. The Directors’ fees for the year amounted to USD 325,567 of which USD 64,660 was due to the Chairman. The AML Committee Directors’ fees for the year amounted to USD 18,264 of which USD 7,827 was due to the AML Committee Chairman.
- Transaction CostsFor the year ended 31 December 2021 the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of transferable securities, derivatives (except OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodian agent and relating to purchase and sale of transferable securities as follows: | A eccezione dei Comparti suddetti, gli altri Comparti menzionati nella presente relazione non sono autorizzati a Hong Kong e non sono disponibili al pubblico di Hong Kong.
- Onorari degli AmministratoriL’unica remunerazione pagata agli Amministratori è un compenso annuale che include la commissione spettante al Comitato Antiriciclaggio. Vi rinunciano il signor Daniel J. Watkins, il signor Massimo Greco e la signora Marion Mulvey. I compensi degli Amministratori per l’esercizio sono ammontati a USD 325.567, di cui USD 64.660 spettanti al Presidente. Gli onorari degli Amministratori del Comitato Antiriciclaggio per il periodo sono stati pari a USD 18.264, di cui USD 7.827 spettanti al Presidente del Comitato Antiriciclaggio.
- Costi di transazionePer l’esercizio concluso il 31 dicembre 2021, la SICAV è incorsa in costi di transazioni che sono stati definiti come commissioni di intermediazione relative all’acquisto o cessione di valori mobiliari, derivati (eccetto derivati fuori borsa) o altri asset idonei. La SICAV è incorsa anche in costi di transazione addebitati dall’agente depositario in relazione all’acquisto e cessione di valori mobiliari, come segue: | Except for the Sub-Funds mentioned above, the other Sub-Funds referred to in this report are not authorised in Hong Kong and are not available to the public in Hong Kong.
- Directors’ FeesThe only remuneration paid to Directors is an annual fee including AML Committee Fee. This is waived by Mr Daniel J. Watkins, Mr Massimo Greco and Ms Marion Mulvey. The Directors’ fees for the year amounted to USD 325,567 of which USD 64,660 was due to the Chairman. The AML Committee Directors’ fees for the year amounted to USD 18,264 of which USD 7,827 was due to the AML Committee Chairman.
- Transaction CostsFor the year ended 31 December 2021 the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of transferable securities, derivatives (except OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodian agent and relating to purchase and sale of transferable securities as follows: | en | it |
DOLFIN4497 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Market Review
The MSCI India Index (up 2.6%) outperformed the MSCI Emerging Markets Index (down 3.1%) in October in U.S. dollar terms, finishing 16th among 25 emerging market countries, down from ninth last month. The S&P BSE Sensex (up 5.8%) outperformed the S&P BSE Midcap Index (up 2%) and S&P BSE Smallcap Index (up 1.3%) in October, while the MSCI India Growth Index underperformed the MSCI India Value Index.
Flows from foreign portfolio investors (FPI) turned positive, with inflows of $186 million. Domestic institutions (mutual funds and insurance) remained buyers, with inflows worth $1.2 billion. FPI remained turned sellers in debt markets, with outflows of $Ł32 million. On the domestic front, domestic mutual funds bought stocks worth $9Ł5 million, while domestic insurance companies bought stocks worth $225 million. Subsequently, total institutional flows remained positive in October for four months, with inflows of $1.Ł billion.
The rupee depreciated by 1.7% month-on-month versus the U.S. dollar and 3.2% versus the euro during the month. In October, oil prices rose by 8.3% month-on-month in U.S. dollar terms and 10.2% in rupee terms. | # RASSEGNA DEL MERCATO
In ottobre l’indice MSCI India (2,6%) ha sovraperformato l’MSCI Emerging Markets (-3,1%) in dollari USA, terminando il mese al 16° posto nella classifica dei 25 mercati emergenti, in discesa dalla nona posizione del mese precedente. Nel mese, l’indice S&P BSE Sensex (+5,8%) ha sottoperformato l’S&P BSE Midcap (+2%) e l’S&P BSE Smallcap (+1,3%), mentre l’indice MSCI India Growth ha sottoperformato l’indice MSCI India Value.
I flussi dagli investitori di portafoglio esteri (FPI) sono passati in territorio positivo, con afflussi per USD 186 milioni. Gli istituti nazionali (fondi comuni e compagnie assicurative) sono rimasti acquirenti netti con afflussi pari a USD 1,3 miliardi. Gli investitori esteri sono diventati venditori netti nei mercati del debito, generando deflussi per Ł32 milioni di dollari. Sul fronte interno, i fondi comuni domestici hanno acquistato titoli per USD 9Ł5 milioni, mentre le compagnie assicurative nazionali hanno acquistato titoli per USD 225 milioni. Di conseguenza, in ottobre i flussi istituzionali complessivi sono rimasti positivi per il quarto mese consecutivo, con afflussi per USD 1,Ł miliardi.
La rupia si è deprezzata dell’1,7% e del 3,2% rispettivamente nei confronti del dollaro e dell’euro nel corso del mese. I prezzi del petrolio sono saliti dell’8,3% in dollari e del 10,2% in rupie su base mensile. | # Market Review
The MSCI India Index (up 2.6%) outperformed the MSCI Emerging Markets Index (down 3.1%) in October in U.S. dollar terms, finishing 16th among 25 emerging market countries, down from ninth last month. The S&P BSE Sensex (up 5.8%) outperformed the S&P BSE Midcap Index (up 2%) and S&P BSE Smallcap Index (up 1.3%) in October, while the MSCI India Growth Index underperformed the MSCI India Value Index.
Flows from foreign portfolio investors (FPI) turned positive, with inflows of $186 million. Domestic institutions (mutual funds and insurance) remained buyers, with inflows worth $1.2 billion. FPI remained turned sellers in debt markets, with outflows of $Ł32 million. On the domestic front, domestic mutual funds bought stocks worth $9Ł5 million, while domestic insurance companies bought stocks worth $225 million. Subsequently, total institutional flows remained positive in October for four months, with inflows of $1.Ł billion.
The rupee depreciated by 1.7% month-on-month versus the U.S. dollar and 3.2% versus the euro during the month. In October, oil prices rose by 8.3% month-on-month in U.S. dollar terms and 10.2% in rupee terms. | en | it |
DOLFIN4498 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IMPACT DO THESE CHANGES HAVE ON YOUR INVESTMENT’S RISK/RETURN PROFILE?
- Change to risk/return profile: NO
- Risk/return profile increase: NO
- Potential fee increase: YESThe change in the method for calculating performance fees, as explained in section 5 of this letter, could lead to an increase in these performance fees.
- | # WIE WIRKEN SICH DIE ÄNDERUNGEN AUF DAS RISIKO-RENDITE-PROFIL IHRER ANLAGE AUS?
- Änderung des Risiko-Rendite-Profils: NEIN
- Erhöhung des Risiko-Rendite-Profils: NEIN
- Mögliche Gebührenerhöhung: JADie in Abschnitt 5 dieses Schreibens beschriebene Änderung der Methode zur Berechnung der erfolgsabhängigen Gebühr kann eine Erhöhung der erfolgsabhängigen Gebühr nach sich ziehen.
- | # WHAT IMPACT DO THESE CHANGES HAVE ON YOUR INVESTMENT’S RISK/RETURN PROFILE?
- Change to risk/return profile: NO
- Risk/return profile increase: NO
- Potential fee increase: YESThe change in the method for calculating performance fees, as explained in section 5 of this letter, could lead to an increase in these performance fees.
- | en | de |
DOLFIN4499 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Description du fonds
L’objectif du fonds est de générer un revenu tout en assurant une appréciation du capital supérieure à celle des obligations d’entreprises européennes Investment Grade (telles que mesurées par l’indice BofA Merrill Lynch Euro Corporate) sur toute période de cinq ans. Le Fonds est composé au moins à 70 % d’obligations d’entreprises libellées dans n’importe quelle devise européenne. Le gérant peut également investir dans des emprunts d’État et des obligations à haut rendement. L’évaluation qui permet au gérant du fonds de sélectionner les titres en portefeuille repose sur une combinaison de facteurs macroéconomiques ou spécifiques à un actif, à un secteur ou à un titre. La répartition des investissements entre les émetteurs, les secteurs et les pays est une composante essentielle de la stratégie du fonds. | # Descripción del fondo
El fondo trata de proporcionar una rentabilidad total (la combinación de renta y crecimiento del capital) superior a la del mercado europeo de deuda corporativa con grado de inversión (medida por el índice BofA Merrill
Lynch Euro Corporate) en cualquier periodo de cinco años. Como mínimo un 70% del fondo está invertido en bonos emitidos por compañías en cualquier divisa europea, y también puede invertir en deuda soberana y en crédito high yield. Su selección de valores se basa en una evaluación de factores macroeconómicos, de clase de activos, sectoriales y de valores individuales. La diversificación de las inversiones por emisores, sectores y países es un elemento esencial de la estrategia del fondo. | # Description du fonds
L’objectif du fonds est de générer un revenu tout en assurant une appréciation du capital supérieure à celle des obligations d’entreprises européennes Investment Grade (telles que mesurées par l’indice BofA Merrill Lynch Euro Corporate) sur toute période de cinq ans. Le Fonds est composé au moins à 70 % d’obligations d’entreprises libellées dans n’importe quelle devise européenne. Le gérant peut également investir dans des emprunts d’État et des obligations à haut rendement. L’évaluation qui permet au gérant du fonds de sélectionner les titres en portefeuille repose sur une combinaison de facteurs macroéconomiques ou spécifiques à un actif, à un secteur ou à un titre. La répartition des investissements entre les émetteurs, les secteurs et les pays est une composante essentielle de la stratégie du fonds. | fr | es |
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