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DOLFIN4500 | 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
Un organisme de placement collectif de droit luxembourgeois constitué sous la forme d'une société d'investissement à capital variable (SICAV). Le Compartiment est enregistré conformément à la Partie I de la Loi du 17 décembre 2010.
Durée
Le Compartiment est constitué pour une durée illimitée et n'a donc pas de date d'échéance. L'Initiateur ne peut pas résilier le Fonds de manière unilatérale ; toutefois, les administrateurs et/ou les investisseurs du Compartiment peuvent, dans certaines circonstances énoncées dans le Prospectus et le document constitutif du Compartiment, résilier le Fonds de manière unilatérale. Des cas de résiliation automatique peuvent être prévus par la loi et les réglementations applicables au Compartiment.
Objectifs
Objectif d'investissement
Le Compartiment vise à accroître la valeur de votre investissement sur le long terme.
Le Compartiment investit principalement dans des actions d'entreprises de toutes tailles situées, immatriculées ou exerçant une part importante de leurs activités au Japon. Le Compartiment peut également investir dans des obligations et des devises.
Classification SFDR : Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Politique d'investissement
Lorsqu'il sélectionne les investissements, le gestionnaire recherche des actions sous-évaluées dont le cours semble pouvoir s'apprécier sur le long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace de portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Japan (l'« Indice de référence »). Le Compartiment est géré de façon active.
Devise USD
Politique de la Classe d'actions Les actions mentionnées sont des actions de distribution (elles distribuent des dividendes).
Vos actions seront « couvertes » afin d'être protégées contre les fluctuations des taux de change entre la devise dans laquelle elles sont libellées (la « Devise de référence de la Classe d'actions ») et la devise de référence du Fonds. La couverture a également pour effet de limiter le potentiel des gains de change.
Traitement des ordres de souscription et de rachat
Vous pouvez passer des ordres d'achat ou de vente d'actions à tout moment. Les ordres passés avant 14h00 (heure du Luxembourg) les jours qui sont des jours ouvrables au Luxembourg et dans le ou les pays où la majorité des actifs du Compartiment sont investis sont généralement traités le jour même.
Investisseur de détail visé
Les Actions du Compartiment s'adressent aux investisseurs (i) pour lesquels un investissement dans le Compartiment ne constitue pas un programme d'investissement complet ; (ii) qui comprennent pleinement et entendent assumer les risques impliqués par le programme d'investissement du Compartiment ; (iii) qui sont conscients de la possibilité de ne pas récupérer les montants investis ; et (iv) qui cherchent un investissement à moyen terme.
Dépositaire
The Bank of New York SA/NV, Luxembourg branch Informations complémentaires
Veuillez consulter la section « Autres informations pertinentes » ci- dessous. | # ¿Qué es este producto?
Tipo
Un organismo de inversión colectiva constituido conforme a las leyes del Gran Ducado de Luxemburgo, con forma de sociedad de inversión de capital variable (SICAV). El Subfondo está registrado de conformidad con la Parte I de la Ley de 17 de diciembre de 2010.
Plazo
El Subfondo tiene una duración ilimitada, por lo que no existe una fecha de vencimiento. El productor no puede cancelar unilateralmente el Fondo, si bien, cuando concurran determinadas circunstancias recogidas en el Folleto y en el documento constitutivo del Subfondo, los administradores del Subfondo y/o los inversores del Subfondo podrán cancelar unilateralmente el Fondo. Las leyes y reglamentos aplicables al Subfondo pueden prever casos de cancelación automática.
Objetivos
Objetivo de inversión
El Subfondo tiene como objetivo incrementar el valor de su inversión a lo largo del tiempo.
El Subfondo invierte principalmente en acciones de empresas de diverso tamaño que estén ubicadas, registradas o que desempeñen una parte significativa de su actividad comercial en Japón. El Subfondo también podrá invertir en bonos y divisas.
Clasificación SFDR: El Subfondo cumple los requisitos para ser considerado un fondo del artículo 8.
Política de inversión
En el proceso de selección de inversiones, el gestor de inversiones busca acciones infravaloradas y con potencial para incrementar su precio a largo plazo.
El Subfondo podrá emplear derivados con el fin de lograr una gestión eficaz de la cartera o para gestionar riesgos.
Índice de referencia Este Subfondo tiene como objetivo superar la rentabilidad del índice MSCI Japan (el «Índice de referencia»). El Subfondo se gestiona de forma activa.
Moneda USD
Política sobre clases de acciones Las acciones que se mencionan son acciones de reparto (que distribuyen dividendos).
Sus acciones estarán «cubiertas» con el objetivo de protegerlas de las fluctuaciones en el tipo de cambio entre la moneda en la que estén denominadas (la «Moneda de referencia de la clase de acciones») y la moneda base del Fondo. La cobertura también tiene el efecto de limitar las posibles ganancias por diferencias de cambio que se obtengan.
Procesamiento de las órdenes de suscripción y reembolso
Usted puede efectuar órdenes de compra o venta de acciones en cualquier momento. Las órdenes que se realicen antes de las 14:00 horas (hora de Luxemburgo) de cualquier día hábil a efectos bancarios en Luxemburgo y en el país o los países donde estén invertidos la mayoría de los activos del Subfundo se tramitarán por regla general el mismo día.
Inversor minorista al que va dirigido
Las acciones del Subfondo resultan apropiadas para todo inversor (i) para el que una inversión en el Subfondo no represente un programa de inversión completo; (ii) que entienda plenamente y esté dispuesto a asumir los riesgos que comporta el programa de inversión en el Subfondo; (iii) que entienda que podría no recuperar el importe invertido; y (iv) que busque una inversión a medio plazo.
Depositario
The Bank of New York SA/NV Luxembourg branch Más información
Consulte el apartado sobre «Otra información relevante» más abajo. | # En quoi consiste ce produit?
Type
Un organisme de placement collectif de droit luxembourgeois constitué sous la forme d'une société d'investissement à capital variable (SICAV). Le Compartiment est enregistré conformément à la Partie I de la Loi du 17 décembre 2010.
Durée
Le Compartiment est constitué pour une durée illimitée et n'a donc pas de date d'échéance. L'Initiateur ne peut pas résilier le Fonds de manière unilatérale ; toutefois, les administrateurs et/ou les investisseurs du Compartiment peuvent, dans certaines circonstances énoncées dans le Prospectus et le document constitutif du Compartiment, résilier le Fonds de manière unilatérale. Des cas de résiliation automatique peuvent être prévus par la loi et les réglementations applicables au Compartiment.
Objectifs
Objectif d'investissement
Le Compartiment vise à accroître la valeur de votre investissement sur le long terme.
Le Compartiment investit principalement dans des actions d'entreprises de toutes tailles situées, immatriculées ou exerçant une part importante de leurs activités au Japon. Le Compartiment peut également investir dans des obligations et des devises.
Classification SFDR : Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Politique d'investissement
Lorsqu'il sélectionne les investissements, le gestionnaire recherche des actions sous-évaluées dont le cours semble pouvoir s'apprécier sur le long terme.
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace de portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice MSCI Japan (l'« Indice de référence »). Le Compartiment est géré de façon active.
Devise USD
Politique de la Classe d'actions Les actions mentionnées sont des actions de distribution (elles distribuent des dividendes).
Vos actions seront « couvertes » afin d'être protégées contre les fluctuations des taux de change entre la devise dans laquelle elles sont libellées (la « Devise de référence de la Classe d'actions ») et la devise de référence du Fonds. La couverture a également pour effet de limiter le potentiel des gains de change.
Traitement des ordres de souscription et de rachat
Vous pouvez passer des ordres d'achat ou de vente d'actions à tout moment. Les ordres passés avant 14h00 (heure du Luxembourg) les jours qui sont des jours ouvrables au Luxembourg et dans le ou les pays où la majorité des actifs du Compartiment sont investis sont généralement traités le jour même.
Investisseur de détail visé
Les Actions du Compartiment s'adressent aux investisseurs (i) pour lesquels un investissement dans le Compartiment ne constitue pas un programme d'investissement complet ; (ii) qui comprennent pleinement et entendent assumer les risques impliqués par le programme d'investissement du Compartiment ; (iii) qui sont conscients de la possibilité de ne pas récupérer les montants investis ; et (iv) qui cherchent un investissement à moyen terme.
Dépositaire
The Bank of New York SA/NV, Luxembourg branch Informations complémentaires
Veuillez consulter la section « Autres informations pertinentes » ci- dessous. | fr | es |
DOLFIN4501 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Neuberger Berman High Yield Bond Fund (continued)
Safekeeping of Collateral Granted:
There was no collateral held in segregated, pooled or other accounts as at 30 June 2021. | #### Neuberger Berman High Yield Bond Fund (continua)
Custodia delle garanzie rilasciate:
Non vi erano garanzie detenute in conti separati, raggruppati o di altro tipo al 30 giugno 2021. | ##### Neuberger Berman High Yield Bond Fund (continued)
Safekeeping of Collateral Granted:
There was no collateral held in segregated, pooled or other accounts as at 30 June 2021. | en | it |
DOLFIN4502 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# SPECIFIC RISKS
- Counterparty risk, credit risk, ESG and Sustainability risk, liquidity risk
- Further information on the fund's potential risks can be found in the prospectus or in the Key InvestorInformation Documents or Key Information Documents available on www.ubp.com. Any capital invested may be at risk and investors may not get back some or all of their original capital | # RISCHI SPECIFICI
- Rischio di controparte, rischio di credito, rischio ESG e di sostenibilità, rischio di liquidità
- Maggiori informazioni sui potenziali rischi del fondo sono ottenibili consultando il prospetto o le informazionichiave per gli investitori (KIID/KID) sul sito www.ubp.com. Qualunque capitale investito può essere a rischio e gli investitori potrebbero non recuperare, in parte o interamente, il capitale iniziale | # SPECIFIC RISKS
- Counterparty risk, credit risk, ESG and Sustainability risk, liquidity risk
- Further information on the fund's potential risks can be found in the prospectus or in the Key InvestorInformation Documents or Key Information Documents available on www.ubp.com. Any capital invested may be at risk and investors may not get back some or all of their original capital | en | it |
DOLFIN4503 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Portfolio breakdown by country (Source: Amundi) Portfolio breakdown - Sector
Italy
Communication Services
United Kingdom
Germany
Others
Ireland
0 % 0.01 % 0.02 % 0.03 % 0.04 % 0.05 % 0.06 % 0.07 % | ## Ripartizione per Paese (Fonte : Amundi) Ripartizione per Settore
Italia
Telecomunicazioni
Regno Unito
Germania
Altro
Irlanda
0 % 0,01 % 0,02 % 0,03 % 0,04 % 0,05 % 0,06 % 0,07 % | ## Portfolio breakdown by country (Source: Amundi) Portfolio breakdown - Sector
Italy
Communication Services
United Kingdom
Germany
Others
Ireland
0 % 0.01 % 0.02 % 0.03 % 0.04 % 0.05 % 0.06 % 0.07 % | en | it |
DOLFIN4504 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Country allocation
| United States | | 33.9% |
| --- | --- | --- |
| |
| France | 13.1% |
| United Kingdom | 12.7% |
| Germany | 7.9% |
| Italy | 6.2% |
| Spain | 5.4% |
| Sweden | 5.2% |
| Luxembourg | 3.7% |
| Switzerland | 3.2% |
| Netherlands | 3.1% |
| Denmark | 1.1% |
| Other | 4.5% |
For its credit exposures, the fund only invests in US and European CDS indices (CDX High Yield and iTraxx Crossover). The country allocation of the fund is therefore identical to those of the CDS indices. The country exposure to developed markets is 100%. The region allocation determines the relative weights to the CDX High Yield and iTraxx Crossover indices. The fund is currently overweight iTraxx Crossover and underweight CDX High Yield.
Duration allocation
| U.S. Dollar | 3.2 |
| --- | --- |
| Euro | 0.7 |
| Pound Sterling | 0.1 |
Rating allocation
| BAA | 6.8% |
| --- | --- |
| BA | 53.1% |
| B | | 28.1% |
| |
| CAA | 12.2% |
| CA | 0.5% |
| C | |
| NR | -0.7% |
Country allocation | # Allocation géographique
| Amerique | | 33,9% |
| --- | --- | --- |
| |
| France | 13,1% |
| Royaume-Uni | 12,7% |
| Allemagne | 7,9% |
| Italie | 6,2% |
| Espagne | 5,4% |
| Suède | 5,2% |
| Luxembourg | 3,7% |
| Suisse | 3,2% |
| Pays-Bas | 3,1% |
| Danemark | 1,1% |
| Autres | 4,5% |
En termes d'expositions au crédit, le fonds investit uniquement dans des indices de CDS américains et européens (CDX High Yield et iTraxx Crossover). L'allocation sectorielle du fonds est de ce fait identique à celle des indices de CDS. L'exposition géographique aux marchés développés est de 100 %. L'allocation régionale détermine les pondérations relatives des indices CDX High Yield et iTraxx Crossover. À l'heure actuelle, le fonds est surpondéré sur l'iTraxx Crossover et sous-pondéré sur le CDX High Yield.
Allocation par duration
| Dollar Américain | 3,2 |
| --- | --- |
| Euro | 0,7 |
| Livre Sterling | 0,1 |
Allocation par notation
| BAA | 6,8% |
| --- | --- |
| BA | 53,1% |
| B | | 28,1% |
| |
| CAA | 12,2% |
| CA | 0,5% |
| C | |
| NR | -0,7% |
Allocation géographique | # Country allocation
| United States | | 33.9% |
| --- | --- | --- |
| |
| France | 13.1% |
| United Kingdom | 12.7% |
| Germany | 7.9% |
| Italy | 6.2% |
| Spain | 5.4% |
| Sweden | 5.2% |
| Luxembourg | 3.7% |
| Switzerland | 3.2% |
| Netherlands | 3.1% |
| Denmark | 1.1% |
| Other | 4.5% |
For its credit exposures, the fund only invests in US and European CDS indices (CDX High Yield and iTraxx Crossover). The country allocation of the fund is therefore identical to those of the CDS indices. The country exposure to developed markets is 100%. The region allocation determines the relative weights to the CDX High Yield and iTraxx Crossover indices. The fund is currently overweight iTraxx Crossover and underweight CDX High Yield.
Duration allocation
| U.S. Dollar | 3.2 |
| --- | --- |
| Euro | 0.7 |
| Pound Sterling | 0.1 |
Rating allocation
| BAA | 6.8% |
| --- | --- |
| BA | 53.1% |
| B | | 28.1% |
| |
| CAA | 12.2% |
| CA | 0.5% |
| C | |
| NR | -0.7% |
Country allocation | en | fr |
DOLFIN4505 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*Comparative index: BofA Merrill Lynch 1-3 Year Euro Broad Market.
**Please refer to performance notes on page 9. A full list of footnotes is given on page 9.
***The Launch Date above refers to the launch of the new Fidelity Funds sub-fund, however the Total Return Share Class and Index Performance figures include the performance prior to the merger of the Fidelity Funds II Euro Short Term Bond Fund into the new Fidelity Funds sub-fund. | * Índice de referencia: BofA Merrill Lynch 1-3 Year Euro Broad Market.
** Consulte las notas sobre los resultados en la página 10. La lista de notas completa figura en la página 10.
*** La Fecha de lanzamiento anterior se refiere al lanzamiento del nuevo subfondo de Fidelity Funds; no obstante, las cifras de Rentabilidad Total de las Clases de Acciones y Rentabilidad del Índice incluyen la rentabilidad anterior a la fusión del fondo Fidelity Funds II Euro Short Term Bond con el nuevo subfondo de Fidelity Funds. | *Comparative index: BofA Merrill Lynch 1-3 Year Euro Broad Market.
**Please refer to performance notes on page 9. A full list of footnotes is given on page 9.
***The Launch Date above refers to the launch of the new Fidelity Funds sub-fund, however the Total Return Share Class and Index Performance figures include the performance prior to the merger of the Fidelity Funds II Euro Short Term Bond Fund into the new Fidelity Funds sub-fund. | en | es |
DOLFIN4506 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# CHANGES CONCERNING THE COMPANY
All changes described in this Part A) affect all shareholders of the Company, will be reflected in the Prospectus dated 18 October 2021, will enter into force on that date and will have no impact on your investment.
- Changes to the Company's Board of DirectorsThe Board of Directors decided to reflect the appointment of Mrs Sophie Mosnier as independent director on the Board, elected in order to increase the objectivity of the decisions taken by the Board and to take advantage of the experience and expertise of Mrs Sophie Mosnier.
In view of the fact that the registered office of the Management Company (CPR Asset Management) will change as of 31 December 2021, the Board of Directors has also decided to change the address (for both the management company function and the global distributor function) given in the “Directory” and “Principal Features” sections of the Prospectus.
- Changes to Section 1 (Principal Features)The Board of Directors has decided to update the glossary in Section 1 (Principal Features) in particular in order to reflect the United Kingdom’s departure from the European Union and to describe more precisely the rules applicable to UCITS, which are mentioned in particular in Section 10.6 “Depositary” of the Prospectus.
- Changes to Sub-section 11.4 (Annual charges)The Board of Directors considers that (i) the standard brokerage fees and bank charges arising from the Company’s commercial transactions, and (ii) the fees related to the Company’s transfer agent and registrar should be treated as administration fees.
As a result, the Board of Directors has decided to update Section 11.4 (Annual charges) of the Prospectus to reflect this as closely as possible, without however, having any impact on the maximum authorised annual administration fees.
Following the publication of ESMA Guidelines on outperformance fees in UCITS and certain types of AIFs (the "ESMA Guidelines"), any new sub-fund of an UCITS incorporating a performance fee must be compliant with these ESMA Guidelines. In view of the launch of a new sub-fund within the Company, Section 11.4 (Annual charges) has been updated for this purpose. However, the mechanisms for calculating the outperformance fees of the Company’s existing sub-funds will not be brought into line with the ESMA Guidelines until a later date.
Therefore, Section 11.4 has been divided into two types of mechanism; the new mechanism complying with the ESMA Guidelines (and which will only be applied by the new sub-fund) and the pre-existing mechanism reflecting the mechanism as it exists within the Company for its other sub-funds.
- Use of financial indices as performance indicatorsThe Board of Directors has decided to make some minor clarifications to the investment policy of all sub-funds in order to clarify the use of the financial indices that are referenced for performance indicator purposes only. | # CAMBIOS RELATIVOS A LA SOCIEDAD
Todos los cambios descritos en esta parte A) que afectan a todos los accionistas de la Sociedad, se reflejarán en el Folleto con fecha 18 de octubre de 2021, y entrarán en vigor en esa fecha y no tendrán un impacto en su inversión.
- Modificaciones en el Consejo de la SociedadEl Consejo de Administración ha decidido nombrar a la Sra. Sophie Mosnier como consejera independiente en el Consejo, elegida con el fin de incrementar la objetividad de las decisionesadoptadas por el Consejo y beneficiarse de la experiencia y los conocimientos de la Sra. Sophie Mosnier.
En vista de que el domicilio social de la Sociedad gestora (CPR Asset Management) cambiará a partir del 31 de diciembre de 2021, el Consejo de Administración también ha decidido cambiar la dirección (tanto para la función de sociedad gestora como para la de distribuidor global) indicada en las secciones "Índice" y "Características principales" del Folleto.
- Modificaciones en la sección 1 (Características principales)El Consejo de Administración ha decidido actualizar el glosario de la sección 1(Características principales), sobre todo para reflejar la salida del Reino Unido de la Unión Europea y describir con mayor precisión las normas aplicables a los OICVM a las que se hace referencia, en particular, en la sección 10.6 « Depositario » del Folleto.
- Modificaciones de la subsección 11.4 (Gastos anuales)El Consejo de Administración considera que (i) los gastos estándar de corretaje y los gastos bancarios derivados de las transacciones comerciales de la Sociedad y (ii) los gastos relacionados con el agente de transferencia y el registrador de la Sociedad deben considerarse gastos administrativos.
Por ello, el Consejo de Administración ha decidido actualizar el apartado 11.4 (Gastos anuales) del Folleto para reflejar mejor esta realidad, sin que este cambio sin embargo tenga ningún impacto sobre el tope máximo de gastos administrativos anuales permitido.
Tras la publicación de las Directrices de la ESMA sobre las comisiones por resultados en los organismos de inversión colectiva en valores mobiliarios y determinados tipos de fondos de inversión alternativos (las «Directrices de la ESMA»), es necesario que cualquier nuevo subfondo de un OICVM que incorpore una comisión por resultados cumpla las presentes Directrices de la ESMA. Con vistas al lanzamiento de un nuevo subfondo dentro de la Sociedad, la sección 11.4 (Gastos anuales) se ha actualizado a este efecto. Por otro lado, los mecanismos para calcular las comisiones por resultados de los subfondos existentes de la Sociedad se alinearán con las Directrices de la ESMA en una fecha posterior.
Así pues, la sección 11.4 se ha dividido en dos tipos de mecanismos, el nuevo que cumple con las Directrices de la ESMA (y que será aplicado únicamente por el nuevo subfondo) y el existente que refleja el mecanismo tal y como existe dentro de la Sociedad para los otros subfondos.
- Utilización de índices financieros para determinar los indicadores de resultadosEl Consejo de Administración ha decidido hacer algunas aclaraciones menores correspondientes a la política de inversión del conjunto de subfondos para aclarar el uso de los índices financieros a los que se hace referencia para fijar los niveles de rendimiento. | # CHANGES CONCERNING THE COMPANY
All changes described in this Part A) affect all shareholders of the Company, will be reflected in the Prospectus dated 18 October 2021, will enter into force on that date and will have no impact on your investment.
- Changes to the Company's Board of DirectorsThe Board of Directors decided to reflect the appointment of Mrs Sophie Mosnier as independent director on the Board, elected in order to increase the objectivity of the decisions taken by the Board and to take advantage of the experience and expertise of Mrs Sophie Mosnier.
In view of the fact that the registered office of the Management Company (CPR Asset Management) will change as of 31 December 2021, the Board of Directors has also decided to change the address (for both the management company function and the global distributor function) given in the “Directory” and “Principal Features” sections of the Prospectus.
- Changes to Section 1 (Principal Features)The Board of Directors has decided to update the glossary in Section 1 (Principal Features) in particular in order to reflect the United Kingdom’s departure from the European Union and to describe more precisely the rules applicable to UCITS, which are mentioned in particular in Section 10.6 “Depositary” of the Prospectus.
- Changes to Sub-section 11.4 (Annual charges)The Board of Directors considers that (i) the standard brokerage fees and bank charges arising from the Company’s commercial transactions, and (ii) the fees related to the Company’s transfer agent and registrar should be treated as administration fees.
As a result, the Board of Directors has decided to update Section 11.4 (Annual charges) of the Prospectus to reflect this as closely as possible, without however, having any impact on the maximum authorised annual administration fees.
Following the publication of ESMA Guidelines on outperformance fees in UCITS and certain types of AIFs (the "ESMA Guidelines"), any new sub-fund of an UCITS incorporating a performance fee must be compliant with these ESMA Guidelines. In view of the launch of a new sub-fund within the Company, Section 11.4 (Annual charges) has been updated for this purpose. However, the mechanisms for calculating the outperformance fees of the Company’s existing sub-funds will not be brought into line with the ESMA Guidelines until a later date.
Therefore, Section 11.4 has been divided into two types of mechanism; the new mechanism complying with the ESMA Guidelines (and which will only be applied by the new sub-fund) and the pre-existing mechanism reflecting the mechanism as it exists within the Company for its other sub-funds.
- Use of financial indices as performance indicatorsThe Board of Directors has decided to make some minor clarifications to the investment policy of all sub-funds in order to clarify the use of the financial indices that are referenced for performance indicator purposes only. | en | es |
DOLFIN4507 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The NAV of a Share, irrespective of the Sub-Fund and Share Class in which it is issued, shall be determined in the currency of that Share Class.
In the event of significant subscriptions, redemptions and/or conversions to and/or from a Sub-Fund on the same full banking business day in Luxembourg, and to take account of the dilution effect and protect Shareholders' interests, the Management Company reserves the right to apply the swing pricingmechanism as part of its daily valuation policy, provided that this possibility is provided for in the relevant Sub-Fund fact sheet. This means that if, during a full banking business day in Luxembourg, the total figure for transactions on the Shares of a Sub-Fund exceeds the threshold set by the Management Company, the NAV of the relevant Sub- Fund may be adjusted to an amount not exceeding 2% of the relevant NAV, to reflect both the estimated tax charges and trading costs that may be incurred by the relevant Sub-Fund, as well as the estimated difference in trading of the assets in which the relevant Sub-Fund invests or sells.
In this case, the official (i.e. published) NAV per Share corresponds to the NAV for which the swing pricing mechanism has been applied. If a dilution adjustment is performed, it usually increases the NAV per Share in the event of significant net capital inflows in the relevant Sub-Fund and reduces the NAV per Share in the event of significant net capital outflows. | #### La VNI d'une Action, quel que soit le Compartiment et la Classe au titre desquels elle est émise, sera déterminée dans la devise respective de la Classe.
En cas de souscriptions, de rachats et/ou de conversions significatifs vers et/ou à partir d’un Compartiment lors d’un même jour ouvrable bancaire complet à Luxembourg, et afin de tenir compte de l’effet de dilution et de protéger les intérêts des Actionnaires, la Société de Gestion se réserve le droit d’appliquer le mécanisme du swing pricing (tarification fluctuante) dans le cadre de sa politique de valorisation quotidienne et ce, pour autant que cette possibilité soit prévue dans la fiche signalétique du Compartiment concerné. Ceci signifie que, si, lors d’un jour ouvrable bancaire complet à Luxembourg, le total des opérations effectuées sur les Actions d’un Compartiment dépasse le seuil défini par la Société de Gestion, la VNI du Compartiment concerné peut être ajustée à hauteur d’un montant qui n’excède pas 2% de la VNI concernée, afin de refléter à la fois les charges fiscales et les frais de négociation estimés susceptibles d’être encourus par le Compartiment concerné, ainsi que l’écart de négociation estimé des actifs dans lesquels le Compartiment concerné investit ou qu’il vend.
Dans ce cas, la VNI par Action officielle (c’est-à-dire publiée) correspond à la VNI pour laquelle le mécanisme de swing pricing a été appliqué. Si un ajustement de dilution est effectué, il fait habituellement augmenter la VNI par Action en cas d’entrées de capitaux nettes significatives au sein du Compartiment concerné et fait diminuer la VNI par Action en cas de sorties de capitaux nettes significatives. | #### The NAV of a Share, irrespective of the Sub-Fund and Share Class in which it is issued, shall be determined in the currency of that Share Class.
In the event of significant subscriptions, redemptions and/or conversions to and/or from a Sub-Fund on the same full banking business day in Luxembourg, and to take account of the dilution effect and protect Shareholders' interests, the Management Company reserves the right to apply the swing pricingmechanism as part of its daily valuation policy, provided that this possibility is provided for in the relevant Sub-Fund fact sheet. This means that if, during a full banking business day in Luxembourg, the total figure for transactions on the Shares of a Sub-Fund exceeds the threshold set by the Management Company, the NAV of the relevant Sub- Fund may be adjusted to an amount not exceeding 2% of the relevant NAV, to reflect both the estimated tax charges and trading costs that may be incurred by the relevant Sub-Fund, as well as the estimated difference in trading of the assets in which the relevant Sub-Fund invests or sells.
In this case, the official (i.e. published) NAV per Share corresponds to the NAV for which the swing pricing mechanism has been applied. If a dilution adjustment is performed, it usually increases the NAV per Share in the event of significant net capital inflows in the relevant Sub-Fund and reduces the NAV per Share in the event of significant net capital outflows. | en | fr |
DOLFIN4508 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# « [...] les titres en cause qui ne répondent plus aux conditions d’éligibilité au PEA sont :
- soit cédés dans le cadre du PEA, dans un délai maximum de deux mois à compter de la date de l’événement. Le compte espèces du PEA est alors crédité d’un montant égal à la valeur des titres appréciée à la date de l’événement entraînant la perte de leur éligibilité au plan. Ce montant n’est pas pris en compte pour l’appréciation du plafond de versements autorisés sur le plan ;
- soit retirés du plan et le détenteur du PEA effectue sur son plan, dans un délai maximum de deux mois à compter de la date de l’événement, un versement compensatoire en numéraire d’un montant égal à la valeur des titres appréciée à cette même date ». | # «[...] los valores en cuestión que ya no cumplen las condiciones necesarias para optar al PEA:
- se vendan en el marco del PEA, en un plazo máximo de dos meses a partir de la fecha del evento. A continuación, se abonará en la cuenta de efectivo del PEA el importe equivalente al valor de los títulos evaluados en la fecha del evento, lo que conllevará la pérdida de su idoneidad para el plan. Dicha cantidad no se tendrá en cuenta en el cálculo del límite máximo de pagos autorizados en virtud del plan;
- o se retiren del plan y el titular del PEA realice un pago compensatorio en efectivo sobre el plan, en un plazo máximo de dos meses a partir de la fecha del evento, de un importe igual al valor de las acciones según su valoración en la misma fecha». | # « [...] les titres en cause qui ne répondent plus aux conditions d’éligibilité au PEA sont :
- soit cédés dans le cadre du PEA, dans un délai maximum de deux mois à compter de la date de l’événement. Le compte espèces du PEA est alors crédité d’un montant égal à la valeur des titres appréciée à la date de l’événement entraînant la perte de leur éligibilité au plan. Ce montant n’est pas pris en compte pour l’appréciation du plafond de versements autorisés sur le plan ;
- soit retirés du plan et le détenteur du PEA effectue sur son plan, dans un délai maximum de deux mois à compter de la date de l’événement, un versement compensatoire en numéraire d’un montant égal à la valeur des titres appréciée à cette même date ». | fr | es |
DOLFIN4509 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
This Fund belongs to risk category 3 due to its high exposure to debt securities issued by private or public entities located mainly in Asia, with no restrictions in terms of rating, including high-yield speculative- grade securities.
Historical data, such as those used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk category of this Fund is not guaranteed and may change over time.
The lowest category does not mean “risk-free”.
Investors receive no guarantee that they will get back the capital they initially invest.
Key risks not taken into account in this indicator:
Credit risk: the risk of a sudden deterioration in the issuer’s credit quality or its default. WARNING: THIS FUND CAN INVEST 50% OF ITS ASSETS IN BONDS WITH LOW CREDIT QUALITY, IT THEREFORE CARRIES VERY HIGH CREDIT RISK.
Liquidity risk: this refers to the difficulty or impossibility of selling certain debt securities held in the portfolio in a timely fashion and at the portfolio valuation price, because of the reduced size of the market or the lack of volumes on the market on which these securities are usually traded.
Counterparty risk: the risk of a deterioration in the issuer’s credit quality or default of a market counterparty or a borrower, leading to a payment default. Payment default by a counterparty may result in a decline in the net asset value of the Fund.
For a description of all risks, please refer to the Fund’s prospectus. The materialisation of one of these risks could lead to a drop in the Fund’s net asset value.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | # Perfil de riesgo y remuneración
Esta clase de participaciones del Fondo pertenece a la categoría de riesgo 3 debido a su elevada exposición a instrumentos de deuda de emisores, privados o públicos, ubicados principalmente en Europa, sin limitaciones de calificación, incluidos los títulos especulativos de alto rendimiento, también los CoCos.
Los datos históricos, como los utilizados en el cálculo del indicador sintético, podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo.
La categoría de riesgo atribuida a este Fondo no está garantizada y podrá variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
Riesgos importantes no recogidos en el indicador:
Riesgo de crédito: es el riesgo de un deterioro repentino de la solvencia de un emisor o de que incurra en impago. ADVERTENCIA: ESTE SUBFONDO PUEDE INVERTIR UN PORCENTAJE DEL 50% EN EMISIONES DE RENTA FIJA DE BAJA CALIDAD CREDITICIA, POR LO QUE TIENE UN RIESGO DE CRÉDITO MUY ELEVADO.
Riesgo de liquidez: dificultad o imposibilidad de realizar la cesión de determinados títulos de deuda mantenidos en la cartera en el momento oportuno y al precio de la valoración de la cartera, debido concretamente al tamaño reducido del mercado o la ausencia de volumen en el mercado en el que se negocian habitualmente estos títulos.
Riesgo de contraparte: es aquel que consiste en el deterioro de la calidad crediticia o el incumplimiento de una contraparte de mercado o de un deudor que desemboca en un impago. El impago de una contraparte puede acarrear una disminución del valor liquidativo de las acciones del Fondo.
Consulte el folleto del Fondo para obtener la descripción de todos los riesgos. La existencia de alguno de estos riesgos podría conllevar una disminución del valor liquidativo del Fondo.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | # Risk and reward profile
This Fund belongs to risk category 3 due to its high exposure to debt securities issued by private or public entities located mainly in Asia, with no restrictions in terms of rating, including high-yield speculative- grade securities.
Historical data, such as those used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk category of this Fund is not guaranteed and may change over time.
The lowest category does not mean “risk-free”.
Investors receive no guarantee that they will get back the capital they initially invest.
Key risks not taken into account in this indicator:
Credit risk: the risk of a sudden deterioration in the issuer’s credit quality or its default. WARNING: THIS FUND CAN INVEST 50% OF ITS ASSETS IN BONDS WITH LOW CREDIT QUALITY, IT THEREFORE CARRIES VERY HIGH CREDIT RISK.
Liquidity risk: this refers to the difficulty or impossibility of selling certain debt securities held in the portfolio in a timely fashion and at the portfolio valuation price, because of the reduced size of the market or the lack of volumes on the market on which these securities are usually traded.
Counterparty risk: the risk of a deterioration in the issuer’s credit quality or default of a market counterparty or a borrower, leading to a payment default. Payment default by a counterparty may result in a decline in the net asset value of the Fund.
For a description of all risks, please refer to the Fund’s prospectus. The materialisation of one of these risks could lead to a drop in the Fund’s net asset value.
Tikehau Investment Management - Tikehau 2025 - 26/10/2022 | en | es |
DOLFIN4510 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Credit risk: A significant level of investment in debt securities or risky securities implies that the risk of, or actual, default may have a material impact on performance. The likelihood of this depends on the credit-worthiness of the issuers.
Liquidity risk: Where a significant level of investment is made in financial instruments that may under certain circumstances have a relatively low level of liquidity, there is a material risk that the fund will not be able to transact at advantageous times or prices. This could reduce the fund's returns.
Model Risk: Models may be misspecified, badly implemented or may become inoperative when significant changes take place in the financial markets or in the organization. Such a model could unduly influence portfolio management and expose to losses.
Before taking any investment decision, please read the latest version of the prospectus, the articles of incorporation, the Key Information Documents (KIDs) and the latest annual report and semi-annual report. Please pay attention to the Appendix B "Risk Factors Annex" of the prospectus.
Incorporation of extra-financial risks into the investment decision process may result in underweighting of profitable investments from the sub-fund’s investment universe and may also lead the management of the sub-fund to underweight investments that will continue to perform. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity.
The Fund has been classified as a financial product subject to Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The Fund promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices. | Die nachfolgend aufgeführten Risiken können wesentliche Auswirkungen haben, sind aber nicht immer angemessen im synthetischen Risikoindikator abgebildet und können deshalb zusätzliche Verluste verursachen:
Kreditrisiko: Wenn ein erheblicher Anteil des Vermögens in Schuldpapiere oder riskante Wertpapiere angelegt wird, kann das Ausfallrisiko oder ein tatsächlich eingetretener Ausfall grosse Auswirkungen auf die Wertentwicklung haben. Die Wahrscheinlichkeit, dass dies eintritt, hängt von der Kreditwürdigkeit der Emittenten ab.
Liquiditätsrisiko: Wenn ein erheblicher Vermögensanteil in Finanzinstrumente angelegt wird, deren Handelbarkeit unter bestimmten Umständen relativ gering ist, besteht ein materielles Risiko, dass der Fonds nicht zu günstigen Zeiten oder Preisen handeln kann. Das kann die Renditen des Fonds schmälern.
Modellrisiko: Modelle können falsch spezifiziert sein, schlecht umgesetzt werden oder funktionieren nicht mehr, wenn bedeutende Veränderungen an den Finanzmärkten oder in der Organisation eintreten. Ein solches Modell kann das Portfoliomanagement übermässig beeinflussen und das Portfolio einem Verlustrisiko aussetzen.
Bevor Sie eine Anlageentscheidung treffen, lesen Sie bitte die aktuelle Version des Fondsprospekts, die Satzung, die Wesentlichen Informationen für die Anlegerinnen und Anleger (Key Information Documents – KID) sowie den letzten Jahres- und Halbjahresbericht. Bitte beachten Sie den Anhang B „Risikofaktoren“ des Fondsprospekts.
Die Berücksichtigung nichtfinanzieller Daten in Anlageentscheidungen kann zur Untergewichtung rentabler Investitionen aus dem Anlageuniversum des Teilfonds führen oder die Leitung des Teilfonds veranlassen, Investments, deren Wert weiterhin steigt, unterzugewichten. Nachhaltigkeitsrisiken können zu einer deutlichen Verschlechterung des Finanzprofils, der Rentabilität oder der Reputation einer zugrunde liegenden Anlage führen und können sich daher merklich auf den Marktpreis oder die Liquidität auswirken.
Der Fonds wurde als Finanzprodukt nach Artikel 8 der Verordnung (EU) 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor (die „SFDR“) eingestuft. Der Fonds bewirbt unter anderem ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale, vorausgesetzt, dass die Unternehmen, in die investiert wird, Verfahrensweisen einer guten Unternehmensführung anwenden. | The following risks may be materially relevant but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Credit risk: A significant level of investment in debt securities or risky securities implies that the risk of, or actual, default may have a material impact on performance. The likelihood of this depends on the credit-worthiness of the issuers.
Liquidity risk: Where a significant level of investment is made in financial instruments that may under certain circumstances have a relatively low level of liquidity, there is a material risk that the fund will not be able to transact at advantageous times or prices. This could reduce the fund's returns.
Model Risk: Models may be misspecified, badly implemented or may become inoperative when significant changes take place in the financial markets or in the organization. Such a model could unduly influence portfolio management and expose to losses.
Before taking any investment decision, please read the latest version of the prospectus, the articles of incorporation, the Key Information Documents (KIDs) and the latest annual report and semi-annual report. Please pay attention to the Appendix B "Risk Factors Annex" of the prospectus.
Incorporation of extra-financial risks into the investment decision process may result in underweighting of profitable investments from the sub-fund’s investment universe and may also lead the management of the sub-fund to underweight investments that will continue to perform. Sustainability risks may lead to a significant deterioration in the financial profile, profitability or reputation of an underlying investment and may therefore have a significant impact on its market price or liquidity.
The Fund has been classified as a financial product subject to Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector (the “SFDR”). The Fund promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices. | en | de |
DOLFIN4511 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021: | # NOTIFICACIÓN IMPORTANTE A LOS ACCIONISTAS DE:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(individualmente, un “Subfondo” y conjuntamente los “Subfondos”)
Luxemburgo, 25 de octubre de 2021
Estimado/a Accionista:
El Consejo de Administración de la Sociedad (el “Consejo de Administración”) informa mediante la presente notificación a los accionistas de los Subfondos sobre ciertos cambios de los mismos, tal y como se describe a continuación.
Los términos en mayúsculas no definidos en el presente documento tendrán el significado asignado en la versión más reciente del folleto de la Sociedad (el “Folleto”), a menos que el contexto indique lo contrario.
El European Money Markets Institute, entidad administradora del Euro Over Night Index Average (“EONIA”), ha anunciado que dejará de publicarlo el 3 de enero de 2022. El grupo de trabajo del Banco Central Europeo sobre tipos libres de riesgo del euro ha recomendado que el tipo a corto plazo del euro (“€STR”) sustituya al EONIA como tipo libre de riesgo del euro.
Actualmente, el nivel de cada Índice de Referencia está vinculado al rendimiento diario de un índice subyacente (tal como se establece en la siguiente tabla), más o menos un tipo de interés (dependiendo del Índice de Referencia) que se basa en el EONIA como tipo de referencia.
Como resultado del mencionado cese del EONIA, el Administrador del Índice del Índice de Referencia de cada Subfondo (tal y como se indica en la siguiente tabla) sustituirá el EONIA por el €STR fijo (es decir, sin diferencial adicional) en la metodología del Índice de Referencia de cada Subfondo a partir del 8 de noviembre de 2021: | # IMPORTANT NOTICE TO THE SHAREHOLDERS OF:
Xtrackers Euro Stoxx 50 Short Daily Swap UCITS ETF (ISIN: LU0292106753) Xtrackers LevDAX Daily Swap UCITS ETF (ISIN: LU0411075376) Xtrackers ShortDAX Daily Swap UCITS ETF (ISIN: LU0292106241)
Xtrackers ShortDAX x2 Daily Swap UCITS ETF (ISIN: LU0411075020)
(each a “Sub-Fund” and together the "Sub-Funds")
Luxembourg, 25 October 2021
Dear Shareholder,
The board of directors of the Company (the “Board of Directors”) hereby informs the shareholders of the Sub-Funds about certain changes to the Sub-Funds as outlined below.
Capitalised terms not defined herein shall have the meaning given to them in the most recent version of the prospectus of the Company (the “Prospectus”), unless the context otherwise requires.
The Euro Over Night Index Average (“EONIA”) administrator, European Money Markets Institute, announced that it will stop publishing the EONIA on 3 January 2022. The European Central Bank’s working group on euro risk-free rates recommended that the Euro short term rate (“€STR”) replaces the EONIA as the Euro risk-free rate.
Currently the level of each Reference Index is linked to the daily performance of an underlying index (as set out in the table below) plus or less a rate of interest (dependent on the Reference Index) which is based on the EONIA as a reference rate.
As a result of the abovementioned decomissioning of EONIA, the Index Administrator of the Reference Index of each Sub-Fund (as set out in the table below) will replace EONIA with €STR flat (i.e. no additional spread) in the methodology of the Reference Index of each Sub-Fund effective as of 8 November 2021: | en | es |
DOLFIN4512 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
### Les performances passées ne sont pas un indicateur fiable des performances futures.
### Les informations relatives aux performances passées sont disponibles sur le lien suivant : www.lfde.com / Rubrique "Fonds" jusqu'à 10 ans en fonction de la date de création de l'action.
### Les informations relatives à la finance durable sont disponibles sur le lien suivant : ww.lfde.com / Rubrique "Investissement Responsable" | # Otra información pertinente
### La rentabilidad histórica no es un indicador fiable de los resultados futuros.
### La información relativa a la rentabilidad histórica está disponible en el siguiente enlace: www.lfde.com / Apartado «Fondo», hasta 10 años en función de la fecha de creación de la acción.
### La información relativa a las finanzas sostenibles está disponible en el siguiente enlace: www.lfde.com / Apartado "Inversión Responsable" | # Autres informations pertinentes
### Les performances passées ne sont pas un indicateur fiable des performances futures.
### Les informations relatives aux performances passées sont disponibles sur le lien suivant : www.lfde.com / Rubrique "Fonds" jusqu'à 10 ans en fonction de la date de création de l'action.
### Les informations relatives à la finance durable sont disponibles sur le lien suivant : ww.lfde.com / Rubrique "Investissement Responsable" | fr | es |
DOLFIN4513 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
On 24 February 2022, the Russian Federation began a full scale invasion of Ukraine. In response, a number of countries have imposed sanctions on Russia.
With the exception of the Global Credit Opportunities Fund, none of the Sub Funds have direct exposure to either Russia or Ukraine. The Global Credit Opportunities Fund held a net short exposure to Russia as at 24th February and a small net long exposure to Ukraine. The invasion and subsequent sanctions have resulted in reduced market liquidity and volatility in the price of these positions. The Company continues to determine net asset values with the frequency as set out in the offering documents, consistently applying valuation policies reflective of prevailing market conditions.
The wider impact of these events on the financial markets will affect all Sub Funds. The situation is continuously evolving and as the market conditions remain volatile, the Manager does not consider it meaningful to quantify the impact on the Company. | Il 24 febbraio 2022 la Federazione Russa ha iniziato un'invasione su larga scala dell'Ucraina. Diversi paesi hanno risposto con l’imposizione di sanzioni nei confronti della Russia.
Ad eccezione di Global Credit Opportunities Fund, nessuno dei Comparti ha un'esposizione diretta nei confronti della Russia o dell'Ucraina. Al 24 febbraio Global Credit Opportunities Fund aveva un'esposizione corta netta nei confronti della Russia e una piccola esposizione lunga netta verso l'Ucraina. L'invasione e le successive sanzioni si sono tradotte in una riduzione della liquidità del mercato e nella volatilità del prezzo di dette posizioni. La Società continua a calcolare i valori patrimoniali netti con la frequenza indicata nei documenti d'offerta, applicando coerentemente le politiche di valutazione e secondo le condizioni di mercato prevalenti.
L'impatto più ampio dei suddetti eventi sui mercati finanziari interesserà tutti i Comparti. Poiché la situazione è in continua evoluzione e le condizioni di mercato si confermano volatili, il Gestore non ritiene significativo quantificare l'impatto sulla Società. | On 24 February 2022, the Russian Federation began a full scale invasion of Ukraine. In response, a number of countries have imposed sanctions on Russia.
With the exception of the Global Credit Opportunities Fund, none of the Sub Funds have direct exposure to either Russia or Ukraine. The Global Credit Opportunities Fund held a net short exposure to Russia as at 24th February and a small net long exposure to Ukraine. The invasion and subsequent sanctions have resulted in reduced market liquidity and volatility in the price of these positions. The Company continues to determine net asset values with the frequency as set out in the offering documents, consistently applying valuation policies reflective of prevailing market conditions.
The wider impact of these events on the financial markets will affect all Sub Funds. The situation is continuously evolving and as the market conditions remain volatile, the Manager does not consider it meaningful to quantify the impact on the Company. | en | it |
DOLFIN4514 | 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 10,328
3.3%
CHF 11,701
3.2% | # 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
10 328 CHF
3,3%
11 701 CHF
3,2% | # 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 10,328
3.3%
CHF 11,701
3.2% | en | es |
DOLFIN4515 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les contreparties de ces Credit Default Swaps sont BNP PARIBAS LONDRES et MERRILL LYNCH INTERNATIONAL.
-
#### Amundi Funds Bond Global Aggregate | Las contrapartes de estos Swaps de riesgo de impago son BNP PARIBAS LONDRES y MERRILL LYNCH INTERNATIONAL.
-
##### Amundi Funds Bond Global Aggregate | Les contreparties de ces Credit Default Swaps sont BNP PARIBAS LONDRES et MERRILL LYNCH INTERNATIONAL.
-
#### Amundi Funds Bond Global Aggregate | fr | es |
DOLFIN4516 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Conseil d’administration a défini la politique et l’objectif d’investissement de chaque Compartiment conformément aux caractéristiques de celui-ci et tel qu'exposé à la section correspondante de l’Annexe III « Description des Compartiments » du présent Prospectus. Rien ne dit que l'objectif d'un Compartiment sera atteint. La politique et l'objectif d'investissement de chaque Compartiment respecteront les limites et restrictions exposées à la section « Restrictions et pouvoirs d'investissement » ci-dessous.
Les devises auxquelles il est fait référence dans le nom des Compartiments désignent leur Devise de référence.
-
### Autres règles d'investissement applicables à l'ensemble des Compartiments | El Consejo de administración ha establecido la política y el objetivo de inversión de cada uno de los Subfondos de acuerdo con sus características, que se describen en sus respectivos apartados del Anexo III «Características de los Subfondos» del presente Folleto. No existe garantía alguna de que el objetivo de cualquier Subfondo vaya a cumplirse. La aplicación del objetivo y la política de inversión de cualquier Subfondo debe realizarse cumpliendo los límites y las restricciones que se establecen en el presente documento en «Restricciones y facultades de inversión».
Las divisas indicadas en las denominaciones de los Subfondos se refieren a las Divisas de referencia de dichos Subfondos.
-
### Políticas de inversión adicionales para todos los Subfondos | Le Conseil d’administration a défini la politique et l’objectif d’investissement de chaque Compartiment conformément aux caractéristiques de celui-ci et tel qu'exposé à la section correspondante de l’Annexe III « Description des Compartiments » du présent Prospectus. Rien ne dit que l'objectif d'un Compartiment sera atteint. La politique et l'objectif d'investissement de chaque Compartiment respecteront les limites et restrictions exposées à la section « Restrictions et pouvoirs d'investissement » ci-dessous.
Les devises auxquelles il est fait référence dans le nom des Compartiments désignent leur Devise de référence.
-
### Autres règles d'investissement applicables à l'ensemble des Compartiments | fr | es |
DOLFIN4517 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 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
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 251 | CHF 1,319 |
| Annual cost impact (*) | 2.5% | 2.5% |
(*) 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 5.5% before costs and 3.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | CHF 111 |
| Transaction costs | 0.8% 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. | CHF 83 |
Performance fees 0.6% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 57 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 CHF está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 251 CHF | 1 319 CHF |
| Incidencia anual de los costes (*) | 2,5% | 2,5% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 5,5% antes de deducir los costes y 3,0% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 CHF |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,1% del valor de su inversión por año. | 111 CHF |
| Costes de operación | 0,8% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 83 CHF |
Comisiones de rendimiento 0,6% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
57 CHF | # 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
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 251 | CHF 1,319 |
| Annual cost impact (*) | 2.5% | 2.5% |
(*) 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 5.5% before costs and 3.0% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.1% of the value of your investment per year. | CHF 111 |
| Transaction costs | 0.8% 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. | CHF 83 |
Performance fees 0.6% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 57 | en | es |
DOLFIN4518 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments. | #1 Ausgerichtet auf ökologische oder soziale Merkmale umfasst Investitionen des Finanzprodukts, die zur Erreichung der beworbenen ökologischen oder sozialen Merkmale getätigt wurden.
#2 Andere Investitionen umfasst die übrigen Investitionen des Finanzprodukts, die weder auf ökologische oder soziale Merkmale ausgerichtet sind noch als nachhaltige Investitionen eingestuft werden.
Die Kategorie #1 Ausgerichtet auf ökologische oder soziale Merkmale umfasst folgende Unterkategorien:
nachhaltige Investitionen.
Die Kategorie #1 Ausgerichtet auf ökologische oder soziale Merkmale umfasst folgende Unterkategorien:
- Die Unterkategorie #1A Nachhaltige Investitionen umfasst nachhaltige Investitionen mit ökologischen oder sozialen Zielen.
- Die Unterkategorie #1B Andere ökologische oder soziale Merkmale umfasst Investitionen, die auf ökologische oder soziale Merkmale ausgerichtet sind, aber nicht als nachhaltige Investitionen eingestuft werden. | #1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments.
The category #1 Aligned with E/S characteristics covers:
sustainable investments.
The category #1 Aligned with E/S characteristics covers:
- The sub-category #1A Sustainable covers sustainable investments with environmental or social objectives
- The sub-category #1B Other E/S characteristics covers investments aligned with the environmental or social characteristics that do not qualify as sustainable investments. | en | de |
DOLFIN4519 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais d'entrée et de sortie présentés sont des montants maximums. Il est possible que vous payiez moins : votre conseiller financier vous le précisera.
Le montant des frais courants indiqué ici est une estimation des frais et peut varier d’une année sur l'autre.
Le Fonds encourt des frais de transaction de portefeuille qui sont payés avec les actifs du Fonds.
Pour plus d'informations sur les frais, veuillez vous référer aux sections pertinentes du Prospectus.
PERFORMANCES PASSÉES
20.0
18.0
16.0
14.0
12.0
10.0 | Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar estas cuestiones a su asesor financiero.
La cifra de los gastos corrientes constituye una estimación de los gastos y puede variar de un año a otro.
El Fondo incurrirá en costes de transacción de cartera que se pagan con los activos del Fondo.
Para más información sobre los gastos, consulte las secciones correspondientes del Folleto.
RENTABILIDAD HISTÓRICA
20.0
18.0
16.0
14.0
12.0
10.0 | Les frais d'entrée et de sortie présentés sont des montants maximums. Il est possible que vous payiez moins : votre conseiller financier vous le précisera.
Le montant des frais courants indiqué ici est une estimation des frais et peut varier d’une année sur l'autre.
Le Fonds encourt des frais de transaction de portefeuille qui sont payés avec les actifs du Fonds.
Pour plus d'informations sur les frais, veuillez vous référer aux sections pertinentes du Prospectus.
PERFORMANCES PASSÉES
20.0
18.0
16.0
14.0
12.0
10.0 | fr | es |
DOLFIN4520 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Combined limits
- Notwithstanding the individual limits laid down in items (a), (h) and (i) above, a Sub-Fund may not combine, where this would lead to investing more than 20% of its assets in a single body, any of the following:
- investments in Transferable Securities or Money Market Instruments issued by such body;
- deposits made with such body; and/or
- exposures arising from OTC derivative transactions undertaken with such body. | Limites combinées
- Nonobstant les limites individuelles fixées aux points (a), (h) et (i) plus haut, un Compartiment ne peut pas combiner, si une telle combinaison l’amènerait à investir plus de 20 % de ses actifs dans un seul organisme, plusieurs des investissements suivants :
- des investissements en Valeurs mobilières ou Instruments du marché monétaire émis par cet organisme ;
- des dépôts effectués auprès de cet organisme ; et/ou
- des expositions résultant de transactions sur produits dérivés de gré à gré effectuées avec cet organisme. | Combined limits
- Notwithstanding the individual limits laid down in items (a), (h) and (i) above, a Sub-Fund may not combine, where this would lead to investing more than 20% of its assets in a single body, any of the following:
- investments in Transferable Securities or Money Market Instruments issued by such body;
- deposits made with such body; and/or
- exposures arising from OTC derivative transactions undertaken with such body. | en | fr |
DOLFIN4521 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Overall, inflation remained high in December although it did fall in Europe and the United States (from an October peak in the latter case). Figures for the month show a degree of resilience for developed economies, with the labour market still tight in the United States and manufacturing activity declining less quickly in Europe. Central banks slowed their rate increases as expected, but also reaffirmed their intention to uphold a restrictive policy for some time, dashing any hope of interest rates falling in the next few months. The Bank of Japan surprised the markets by authorising a rate hike, heralding a potential shift in monetary policy. China started to reopen its economy due to the weight of zero-Covid lockdown measures, but this led to an increase in cases. This global trend brought about a sharp drop in bond indices (German 2-year yields up 30 bps in one day) and share indices (NASDAQ index of US technology stocks down 9% over the month). The Chinese market was an exception, benefiting from a sense of optimism and relatively low valuations.
## PERFORMANCE COMMENTARY
Despite a significant correction in the markets, our performance was only slightly negative, and well above that of our reference indicator. We benefited from hedging strategies aimed at reducing equity exposure, which included short positions on US indices. The construction of our portfolio, which is more diversified across sectors and regions, added to the Fund’s resilience. There was also a positive contribution from our interest rate derivatives after US rates eased a little at the very beginning of the month. Our focus on the euro boosted performance too, as the single currency appreciated against the dollar.
## OUTLOOK AND INVESTMENT STRATEGY
As the first quarter begins, we think that equity markets, especially in the United States, do not fully reflect the risk of negative earnings growth. We are therefore keeping equity exposure at a moderate level and concentrating on sectors like healthcare, consumer staples and gold, which are likely to perform well if the economy slows. We also prefer Europe and China to the United States, and have added exposure to Japanese banks, which should benefit from a steeper yield curve. In the energy sector, we remain positive given the current structural imbalance between supply and demand. We are also selectively adding exposure to innovative industrial companies that investors have neglected. We are keeping a significant allocation to credit as concerns about growth are already priced in. In fixed income markets, we think it is too early to be predicting a pivot by the Federal Reserve in the next few years, so we are cautious about short maturities.
However, we think that longer maturities offer a good buffer against slower growth. The yield on our bond portfolio is currently around 5.4%. In terms of currency exposure, we prefer the euro to the dollar as European inflation has yet to peak and will probably lead the European Central Bank to tighten its policy more than the Fed, keeping European interest rates higher. | # ANÁLISIS DE LOS GESTORES DE FONDOS
## ENTORNO DE MERCADO
Diciembre se caracterizó por una inflación aún elevada a escala mundial, pero a la baja en Europa y Estados Unidos (este último alcanzó su máximo en octubre). Las cifras publicadas este mes indican una cierta resistencia en las economías desarrolladas, con un mercado laboral estadounidense aún tensionado y una desaceleración de la contracción del sector manufacturero en Europa. Los bancos centrales ralentizaron sus subidas de tipos, según lo previsto, pero también reiteraron su intención de mantener una política persistentemente restrictiva, descartando así cualquier esperanza de recorte de tipos en los próximos meses. El Banco de Japón sorprendió a los mercados al permitir una subida de tipos, lo que marca un posible cambio de rumbo en su política monetaria. China empezó a reabrir su economía, ya que las medidas de confinamiento relativas a la política de COVID cero son un lastre excesivo para su crecimiento, lo que provocó un aumento de las tasas de contagio. Esta dinámica mundial provocó una marcada caída de los índices de renta fija (¡los tipos alemanes a 2 años subieron 30 puntos básicos en una jornada!) y de renta variable (el índice NASDAQ de valores tecnológicos estadounidenses se dejó un 9 % durante el mes). El mercado chino fue la excepción, ya que se benefició de una ola de optimismo y de unas valoraciones relativamente bajas.
## COMENTARIO DE RENDIMIENTO
A pesar de una importante corrección de los mercados durante el periodo, registramos una rentabilidad ligeramente negativa, aunque muy por encima del índice. De hecho, nos beneficiamos de nuestras estrategias de cobertura para reducir la exposición a la renta variable durante el periodo, como en el caso de las posiciones cortas en índices estadounidenses. También sacamos partido de una estructuración de la cartera más diversificada en términos sectoriales y geográficos, y por tanto, más resistente. Destacamos la contribución positiva de nuestros derivados de renta fija, que se beneficiaron de la ligera relajación de los tipos estadounidenses a principios de mes. Por último, nuestra exposición privilegiada al euro nos favoreció, en un contexto de apreciación de la moneda única frente al billete verde.
## PERSPECTIVAS Y ESTRATEGIA DE INVERSIÓN
En este comienzo del primer trimestre, creemos que los mercados bursátiles, sobre todo en EE. UU., no reflejan plenamente el riesgo de una recesión de los beneficios. Por tanto, mantenemos un nivel moderado de exposición a la renta variable y nos centramos en sectores como la sanidad, los bienes de consumo básico y el oro, que probablemente se comportarán bien en una ralentización económica. También priorizamos a Europa y China frente a EE. UU., e incorporamos una exposición a los bancos japoneses, que creemos que se beneficiarán de la inclinación de la curva de rendimientos. En el sector energético, mantenemos una visión positiva ante el actual desequilibrio estructural entre la oferta y la demanda. Además, incorporamos selectivamente exposición a empresas industriales innovadoras que los inversores han pasado por alto.
Conservamos una amplia asignación al crédito, puesto que las preocupaciones por el crecimiento ya se reflejan en los precios. En los mercados de renta fija, pensamos que es demasiado pronto para predecir un cambio de rumbo de la Reserva Federal en los próximos años, por lo que somos prudentes en los vencimientos a corto plazo. Sin embargo, consideramos que los vencimientos más largos ofrecen un buen amortiguador frente a la ralentización del crecimiento. El rendimiento de nuestra cartera de renta fija se sitúa actualmente en torno al 5,4 %. En cuanto a la exposición a divisas, priorizamos el euro frente al dólar, ya que la inflación europea aún no ha tocado techo y es probable que lleve al Banco Central Europeo a ajustar su política más que la Fed, lo que mantendría los tipos relativamente más altos. | # FUND MANAGEMENT ANALYSIS
## MARKET ENVIRONMENT
Overall, inflation remained high in December although it did fall in Europe and the United States (from an October peak in the latter case). Figures for the month show a degree of resilience for developed economies, with the labour market still tight in the United States and manufacturing activity declining less quickly in Europe. Central banks slowed their rate increases as expected, but also reaffirmed their intention to uphold a restrictive policy for some time, dashing any hope of interest rates falling in the next few months. The Bank of Japan surprised the markets by authorising a rate hike, heralding a potential shift in monetary policy. China started to reopen its economy due to the weight of zero-Covid lockdown measures, but this led to an increase in cases. This global trend brought about a sharp drop in bond indices (German 2-year yields up 30 bps in one day) and share indices (NASDAQ index of US technology stocks down 9% over the month). The Chinese market was an exception, benefiting from a sense of optimism and relatively low valuations.
## PERFORMANCE COMMENTARY
Despite a significant correction in the markets, our performance was only slightly negative, and well above that of our reference indicator. We benefited from hedging strategies aimed at reducing equity exposure, which included short positions on US indices. The construction of our portfolio, which is more diversified across sectors and regions, added to the Fund’s resilience. There was also a positive contribution from our interest rate derivatives after US rates eased a little at the very beginning of the month. Our focus on the euro boosted performance too, as the single currency appreciated against the dollar.
## OUTLOOK AND INVESTMENT STRATEGY
As the first quarter begins, we think that equity markets, especially in the United States, do not fully reflect the risk of negative earnings growth. We are therefore keeping equity exposure at a moderate level and concentrating on sectors like healthcare, consumer staples and gold, which are likely to perform well if the economy slows. We also prefer Europe and China to the United States, and have added exposure to Japanese banks, which should benefit from a steeper yield curve. In the energy sector, we remain positive given the current structural imbalance between supply and demand. We are also selectively adding exposure to innovative industrial companies that investors have neglected. We are keeping a significant allocation to credit as concerns about growth are already priced in. In fixed income markets, we think it is too early to be predicting a pivot by the Federal Reserve in the next few years, so we are cautious about short maturities.
However, we think that longer maturities offer a good buffer against slower growth. The yield on our bond portfolio is currently around 5.4%. In terms of currency exposure, we prefer the euro to the dollar as European inflation has yet to peak and will probably lead the European Central Bank to tighten its policy more than the Fed, keeping European interest rates higher. | en | es |
DOLFIN4522 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In fulfilling its responsibilities under the 2010 Law and the management company services agreement, the management company is authorised to delegate all or a part of its functions and duties to third parties, provided that it retains responsibility and oversight over such delegates. The appointment of third parties is subject to the approval of the SICAV and the regulatory authority. The management company’s liability is not affected by the fact that it has delegated its functions and duties to third parties.
The management company has delegated the following functions to third parties: investment management, registrar and transfer agency, domiciliation, administration, distribution and marketing. See “Other Service Providers” below.
The management company will at all times act in the best interests of the SICAV and its shareholders and according to the provisions set forth by the 2010 Law, the prospectus and the articles. | Bei der Erfüllung der ihr nach dem Gesetz von 2010 und dem Verwaltungsgesellschaftsdienstleistungsvertrag obliegenden Pflichten darf sie sämtliche oder einen Teil ihrer Aufgaben und Pflichten an Dritte delegieren, mit der Maßgabe, dass ihr die Verantwortung und Beaufsichtigung dieser Dritten obliegt. Die Bestellung von Dritten bedarf der Genehmigung durch die SICAV und die Aufsichtsbehörde. Die Haftung der Verwaltungsgesellschaft wird nicht durch die Tatsache berührt, dass sie ihre Aufgaben und Pflichten an Dritte delegiert hat.
Die Verwaltungsgesellschaft hat die folgenden Aufgaben an Dritte delegiert: Vermögensverwaltung, Register- und Transferstelle, Domizilierung, Verwaltung, Vertrieb und Marketing. Siehe nachfolgenden Abschnitt „Dienstleister“.
Die Verwaltungsgesellschaft handelt jederzeit im Interesse der SICAV und ihrer Anteilinhaber und gemäß den durch das Gesetz von 2010, den Verkaufsprospekt und die Satzung festgelegten Vorschriften. | In fulfilling its responsibilities under the 2010 Law and the management company services agreement, the management company is authorised to delegate all or a part of its functions and duties to third parties, provided that it retains responsibility and oversight over such delegates. The appointment of third parties is subject to the approval of the SICAV and the regulatory authority. The management company’s liability is not affected by the fact that it has delegated its functions and duties to third parties.
The management company has delegated the following functions to third parties: investment management, registrar and transfer agency, domiciliation, administration, distribution and marketing. See “Other Service Providers” below.
The management company will at all times act in the best interests of the SICAV and its shareholders and according to the provisions set forth by the 2010 Law, the prospectus and the articles. | en | de |
DOLFIN4523 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Notes to the Financial Statements as at June 30, 2022 (continued)
Note 1 - General Information (continued)
- An “R” class reserved for some financial intermediaries or institutions that offer investment services exclusively remunerated by their clients and that either have separate advisory commissions with their clients or offer independent advisory or discretionary portfolio management services. This class is also available to other investors or intermediaries at the discretion of the Board, the Management Company or their delegates - including BIL. No minimum initial subscription is required for this class. The class can offer accumulating shares (R-Acc) and distributing shares (R-Dis), depending on what provision is made in the technical data sheets of the prospectus. | ## Notes aux États financiers au 30 juin 2022 (suite)
Note 1 - Généralités (suite)
- Une classe «R» réservéeà certains intermédiaires financiers ou institutions qui offrent des services de placement exclusivement rémunérés par leurs clients et qui ont des commissions consultatives séparées avec leurs clients ou qui offrent des services de gestion de portefeuille autonomes consultatifs ou discrétionnaires. Cette classe est également disponible pour d’autres investisseurs ou intermédiaires à la discrétion du Conseil d’administration, de la Société de gestion ou de leurs délégués, y compris BIL. Aucune souscription initiale minimum n’est requise pour cette classe. La catégorie peut comprendre des actions de capitalisation (R-Acc) et des actions de distribution (R-Dis), selon la clause figurant dans les fiches techniques du prospectus. | ## Notes to the Financial Statements as at June 30, 2022 (continued)
Note 1 - General Information (continued)
- An “R” class reserved for some financial intermediaries or institutions that offer investment services exclusively remunerated by their clients and that either have separate advisory commissions with their clients or offer independent advisory or discretionary portfolio management services. This class is also available to other investors or intermediaries at the discretion of the Board, the Management Company or their delegates - including BIL. No minimum initial subscription is required for this class. The class can offer accumulating shares (R-Acc) and distributing shares (R-Dis), depending on what provision is made in the technical data sheets of the prospectus. | en | fr |
DOLFIN4524 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce compartiment en actions à gestion active avec référence au Stoxx Europe·50 Net Return Index en EUR vise à obtenir le meilleur rendement possible avec un nombre limité de positions en tenant compte de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs. L’indice de référence sert exclusivement à titre de comparaison d’indicateurs de performance et d’indicateurs de risque internes. L’indice de référence ne rentre pas en ligne de compte pour la sélection d’actions individuelles et ne reflète pas nécessairement les positions en portefeuille du compartiment. Il n’y a aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du compartiment peuvent s’écarter de ceux de l’indice de référence. Cet écart peut être substantiel. Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Le compartiment investira au moins deux tiers de ses actifs dans des actions cotées et des titres assimilés à des actions, domiciliés ou opérant en Europe, y compris sur les marchés en développement d’Europe de l’est. Cette classe d'actions effectue des distributions régulières. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo de renta variable se gestiona activamente con referencia al índice de referencia Stoxx Europe 50 Net Return Index en EUR con el objetivo de lograr el mayor rendimiento posible con un número limitado de posiciones y teniendo en cuenta la diversificación del riesgo, la seguridad del capital invertido y la liquidez de los activos. El índice de referencia se utiliza exclusivamente para la comparación de indicadores de rendimiento e indicadores de riesgo internos. El índice de referencia no se utiliza para la selección de títulos concretos y no refleja necesariamente las participaciones de la cartera del subfondo. No hay restricciones en cuanto a la desviación que pueden tener la cartera y la rentabilidad del subfondo con respecto al índice de referencia. Esta desviación puede ser considerable. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del subfondo sobre ESG publicados en el sitio web. El subfondo invertirá al menos dos tercios de sus activos en acciones cotizadas y valores similares de emisores domiciliados o que operen en Europa, incluidos los mercados en desarrollo de Europa del Este. Esta clase de acciones realiza distribuciones regulares. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Ce compartiment en actions à gestion active avec référence au Stoxx Europe·50 Net Return Index en EUR vise à obtenir le meilleur rendement possible avec un nombre limité de positions en tenant compte de la répartition des risques, de la sécurité du capital engagé et de la liquidité des actifs. L’indice de référence sert exclusivement à titre de comparaison d’indicateurs de performance et d’indicateurs de risque internes. L’indice de référence ne rentre pas en ligne de compte pour la sélection d’actions individuelles et ne reflète pas nécessairement les positions en portefeuille du compartiment. Il n’y a aucune restriction quant à la mesure dans laquelle le portefeuille et la performance du compartiment peuvent s’écarter de ceux de l’indice de référence. Cet écart peut être substantiel. Le compartiment promeut les caractéristiques environnementales, sociales et de gouvernance (ESG) (au sens de l’article 8 du Règlement [UE] 2019/2088) grâce à une combinaison de différentes techniques de gestion de portefeuille. Des détails sont disponibles dans le prospectus et sur le site de publication des informations ESG du compartiment. Le compartiment investira au moins deux tiers de ses actifs dans des actions cotées et des titres assimilés à des actions, domiciliés ou opérant en Europe, y compris sur les marchés en développement d’Europe de l’est. Cette classe d'actions effectue des distributions régulières. Le Fonds supporte les frais usuels de courtage et de banque encourus au titre des transactions portant sur les titres du portefeuille.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs de détail disposant d’une connaissance et d’une expérience suffisantes dans les placements collectifs de capitaux et les produits similaires, capables de supporter une perte d’avoirs modérée et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN4525 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The funds below have no comparative's as they launched after 30 November 2021.
Launch Date
Invesco S&P China A 300 Swap UCITS ETF 5 May 2022
Invesco S&P China A MidCap 500 Swap UCITS ETF 5 May 2022
-
## Significant events during the financial period | Les fonds ci-dessous n’ont pas de données comparatives, car ils ont été lancés après le 30 novembre 2021.
Date de lancement
Invesco S&P China A 300 Swap UCITS ETF 5 mai 2022
Invesco S&P China A MidCap 500 Swap UCITS ETF 5 mai 2022
-
## Événements importants survenus en cours de la période financière | The funds below have no comparative's as they launched after 30 November 2021.
Launch Date
Invesco S&P China A 300 Swap UCITS ETF 5 May 2022
Invesco S&P China A MidCap 500 Swap UCITS ETF 5 May 2022
-
## Significant events during the financial period | en | fr |
DOLFIN4526 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 22. - General meetings
The duly constituted general meeting represents all the Company’s shareholders. The decisions passed by it in accordance with the law and the Articles of Association are binding on all shareholders, even those who are absent or dissenting. General meetings are held at the headquarters or at the venue stated in the notices of meeting. Convening notices to all general meetings state the agenda and are sent as prescribed by law.
Unless otherwise stipulated by law, in order to be admitted to the general meeting, at least three (3) business days before the date set for the meeting at the registered office of the Company or at the establishments specified in the convening notices, owners of registered shares must inform the board of directors in writing of their intention to attend the Meeting and state the number of shares for which they intend to participate in voting. Owners of dematerialised shares must, by the same deadline, file at the registered office or the establishments specified in the convening notice, a certificate prepared by the accredited account holder or liquidation body certifying the unavailability of such shares, by the date of the Meeting.
The ordinary general meeting is held each year at the registered office of the Company on the third Thursday of March at 11.00. If this is a statutory public holiday or is not a banking day, the meeting is held on the first banking day thereafter at the same time of day.
The general meeting will acknowledge the reports of the directors and the auditors and will approve, for each sub-fund, the accounts of the past financial year closed on the last day of the calendar year, discharge the directors and auditors of their duties and re-elect or replace the outgoing directors and auditors. Approval of the accounts of a sub-fund is restricted to the shareholders of this sub-fund and the distribution of its income is restricted to the holders of its distribution shares.
An extraordinary general meeting must be convened whenever the interests of the Company or the sub-fund so require and in particular when such a meeting is requested by the auditor or shareholders together holding shares representing one-tenth of the Company’s capital or when an amendment to the Articles of Association is put on the agenda. An extraordinary general meeting of the shareholders of a single sub-fund may also be convened, and must be convened at the request of shareholders jointly holding one-tenth of the capital of that sub-fund, as well as to take any decision changing the rights of its shareholders. Such decisions may only be taken in accordance with the conditions prescribed by law concerning an amendment to the Articles of Association. | # Article 20. - Assemblées générales
L’assemblée générale régulièrement constituée représente tous les actionnaires de la Société. Les décisions qu'elle prend conformément à la loi et aux statuts sont obligatoires pour tous les actionnaires, même absents ou dissidents. Les assemblées générales se réunissent au siège ou à l'endroit indiqué dans les convocations. Les convocations à toutes les assemblées générales en indiquent l'ordre du jour et sont adressées conformément à la loi.
Sauf dispositions contraires de la loi, pour être admis à l'assemblée générale, les propriétaires d'actions nominatives doivent, trois (3) jours ouvrables, au plus tard avant la date fixée pour l'assemblée au siège de la Société ou auprès des établissements désignés dans les avis de convocation informer par écrit le conseil d'administration, de leur intention d'assister à l'assemblée et indiquer le nombre de titres pour lesquels ils entendent prendre part au vote. Les propriétaires d’actions dématérialisées doivent, dans le même délai, déposer au siège de la Société ou aux établissements désignés dans les avis de convocation une attestation établie par le teneur de comptes agréé ou par l’organisme de liquidation constatant l’indisponibilité des dites actions jusqu’à la date de l’assemblée.
L'assemblée générale ordinaire se réunit chaque année, au siège de la Société ou à tout autre endroit précisé dans l’avis de convocation, le troisième jeudi du mois de mars à onze heures. Si ce jour est un jour férié légal ou n’est pas un jour bancaire ouvrable, l'assemblée se réunit le premier jour bancaire ouvrable suivant à la même heure.
L'assemblée générale ordinaire prend connaissance des rapports des administrateurs et commissaires, et, pour chacun des compartiments, approuve les comptes de l'exercice clôturé au dernier jour de l'année civile écoulée, donne décharge de l'exercice de leur mandat aux administrateurs et commissaires et procède à la réélection ou au remplacement des administrateurs et commissaires sortants. L'approbation des comptes d'un compartiment est réservée aux seuls actionnaires dudit compartiment et la distribution de ses résultats aux seuls titulaires de ses actions de distribution.
L'assemblée générale extraordinaire doit être convoquée chaque fois que l'intérêt de la Société ou de ce compartiment l'exige et notamment lorsque sa convocation est demandée par le commissaire ou des actionnaires détenant ensemble des actions représentant un dixièmedu capital de la Société ou qu’une modification statutaire est portée à l’ordre du jour. Une assemblée générale extraordinaire des actionnaires d'un seul compartiment peut aussi être convoquée, et doit l'être à la demande d'actionnaires détenant conjointement un dixième du capital de ce compartiment, ainsi que pour prendre toute décision modifiant les droits de ses actionnaires. Ces décisions ne peuvent être prises que dans les conditions requises par la loi pour une modification des statuts. | # Article 22. - General meetings
The duly constituted general meeting represents all the Company’s shareholders. The decisions passed by it in accordance with the law and the Articles of Association are binding on all shareholders, even those who are absent or dissenting. General meetings are held at the headquarters or at the venue stated in the notices of meeting. Convening notices to all general meetings state the agenda and are sent as prescribed by law.
Unless otherwise stipulated by law, in order to be admitted to the general meeting, at least three (3) business days before the date set for the meeting at the registered office of the Company or at the establishments specified in the convening notices, owners of registered shares must inform the board of directors in writing of their intention to attend the Meeting and state the number of shares for which they intend to participate in voting. Owners of dematerialised shares must, by the same deadline, file at the registered office or the establishments specified in the convening notice, a certificate prepared by the accredited account holder or liquidation body certifying the unavailability of such shares, by the date of the Meeting.
The ordinary general meeting is held each year at the registered office of the Company on the third Thursday of March at 11.00. If this is a statutory public holiday or is not a banking day, the meeting is held on the first banking day thereafter at the same time of day.
The general meeting will acknowledge the reports of the directors and the auditors and will approve, for each sub-fund, the accounts of the past financial year closed on the last day of the calendar year, discharge the directors and auditors of their duties and re-elect or replace the outgoing directors and auditors. Approval of the accounts of a sub-fund is restricted to the shareholders of this sub-fund and the distribution of its income is restricted to the holders of its distribution shares.
An extraordinary general meeting must be convened whenever the interests of the Company or the sub-fund so require and in particular when such a meeting is requested by the auditor or shareholders together holding shares representing one-tenth of the Company’s capital or when an amendment to the Articles of Association is put on the agenda. An extraordinary general meeting of the shareholders of a single sub-fund may also be convened, and must be convened at the request of shareholders jointly holding one-tenth of the capital of that sub-fund, as well as to take any decision changing the rights of its shareholders. Such decisions may only be taken in accordance with the conditions prescribed by law concerning an amendment to the Articles of Association. | en | fr |
DOLFIN4527 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the SLI Swiss Leader Index® (index) which is designed to reflect the performance of shares of the 30 largest and most traded companies listed on the SIX Swiss Exchange (other than investment companies). The companies are selected on the basis that they have the largest combined value of readily available shares as compared to other companies on the stock exchange. A company’s weighting in the index depends on its relative size based on the combined value of a company’s readily available shares as compared to other companies. However, the weighting of (i) each of the largest four companies cannot exceed more than 9% of the index and (ii) all other companies cannot exceed 4.5% of the index. Companies are also selected based on the volume and regularity of trading in their shares. The composition of the index is reviewed once a year. The index is a | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del SLI Swiss Leader index® (el “índice”), que está diseñado para reflejar el rendimiento de las acciones de 30 de las empresas más grandes y de mayor negociación que cotizan en el SIX Swiss Exchange (que no sean sociedades de inversión). Las empresas se seleccionan en función de que presenten el valor combinado más alto de acciones de mayor disponibilidad en comparación con otras empresas en bolsa. La ponderación de una empresa en el índice depende de su tamaño relativo basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. Sin embargo, la ponderación de (i) cada una de las cuatro empresas más grandes no puede superar el 9% del índice y
(ii) el resto de las empresas no puede superar el 4,5% del índice. Las empresas también se seleccionan en función del volumen y la regularidad de la negociación de sus acciones. La composición del índice se revisa una vez por año. El índice es un índice de | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the SLI Swiss Leader Index® (index) which is designed to reflect the performance of shares of the 30 largest and most traded companies listed on the SIX Swiss Exchange (other than investment companies). The companies are selected on the basis that they have the largest combined value of readily available shares as compared to other companies on the stock exchange. A company’s weighting in the index depends on its relative size based on the combined value of a company’s readily available shares as compared to other companies. However, the weighting of (i) each of the largest four companies cannot exceed more than 9% of the index and (ii) all other companies cannot exceed 4.5% of the index. Companies are also selected based on the volume and regularity of trading in their shares. The composition of the index is reviewed once a year. The index is a | en | es |
DOLFIN4528 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
Le Fonds vise à dégager une performance supérieure d’au moins 3,0 % par an à celle de l’indice London Interbank Offered Rate (« LIBOR ») à un mois (exprimée dans la devise de la Catégorie de parts applicable), mesurée sur des périodes renouvelables de trois ans. Le Fonds offre une gestion active en référence au LIBOR.
Le Fonds peut investir en toute flexibilité sur les marchés mondiaux du revenu fixe (titres de créance), dont notamment des titres de créance d’État et d’organismes supranationaux, des obligations d’entreprises et titrisées, des CMO (collateralised mortgage obligations), des titres adossés à des actifs ou à des créances hypothécaires, des intérêts sur prêts titrisés et autres instruments similaires. Le Fonds peut aussi détenir des liquidités ou d’autres instruments à court terme. Le Fonds peut investir dans des titres de créances dotés de notations plus élevées ou plus basses.
Le Fonds peut utiliser des instruments dérivés, en ce compris des contrats à terme standardisés (futures), des contrats à terme de gré à gré (forwards), des options, des contrats d’échange (swaps), et des instruments dérivés liés à des prêts immobiliers, à des fins d’investissement ou de couverture des risques. Le Fonds peut également utiliser des contrats de change à terme ou d’autres instruments dérivés de change afin de gérer et de couvrir la position du Fonds contre les
fluctuations des taux de change.
Le Fonds table actuellement sur une volatilité de 2,0 à 3,0 % par an sur le long terme.
Le Fonds peut souscrire des contrats de mise ou de prise en pension (consistant à échanger un titre pour le racheter (mise en pension) ou le revendre (prise en pension) à une date et un prix futurs déterminés) afin de générer des revenus additionnels pour le Fonds ou à d’autres fins d’investissement.
Le Fonds n’a pas actuellement l’intention de verser de dividendes, à l’exception des Parts de catégorie E. Pour les Parts de catégorie E, les distributions, le cas échéant, seront prélevées annuellement sur les revenus nets du Fonds et seront réinvesties dans des parts supplémentaires du Fonds.
Les Parts peuvent être achetées ou vendues chaque jour ouvré en Irlande et aux États-Unis.
Recommandation : Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leurs fonds avant 3 ans. | # Objetivos y política de inversión
El objetivo del Fondo es obtener una rentabilidad anual como mínimo un 3% superior al tipo de interés interbancario de oferta de Londres (LIBOR) a un mes (comunicado en la moneda correspondiente de la Clase de Participaciones, según proceda), medida en períodos móviles de tres años. El Fondo se gestiona de forma activa tomando como referencia el LIBOR.
El Fondo puede invertir de manera flexible en mercados internacionales de renta fija (deuda), incluidos títulos de deuda pública y supranacionales, bonos corporativos y titulizados, obligaciones hipotecarias garantizadas, valores respaldados por activos e hipotecas, intereses de préstamos titulizados y otros instrumentos similares. El Fondo podrá mantener igualmente efectivo u otros instrumentos a corto plazo. El Fondo podrá invertir en títulos de deuda con calificaciones crediticias tanto altas como bajas.
El Fondo podrá utilizar derivados, incluidos futuros, contratos a plazo, opciones, swaps y derivados relacionados con hipotecas, tanto con fines de inversión como para obtener cobertura frente a riesgos. Asimismo, el Fondo podrá emplear contratos de divisas a plazo y otros derivados sobre divisas para gestionar y cubrir su exposición a las fluctuaciones de los tipos de cambio.
El Fondo tiene previsto tratar de mantener la volatilidad entre el 2% y el 3% anual en el largo plazo.
El Fondo podrá utilizar acuerdos de recompra o acuerdos de recompra inversa (el intercambio de un valor por un acuerdo de recompra (o reventa, si es inversa) del valor en una fecha futura y a un precio previamente establecidos) para generar ingresos adicionales para el Fondo o para otros fines de inversión.
El Fondo no pretende distribuir dividendos en estos momentos, excepto para las Participaciones de Clase E. En el caso de las Participaciones de Clase E, los dividendos, si los hubiera, se distribuirán anualmente a partir de los ingresos netos del Fondo y se reinvertirán en participaciones adicionales del Fondo.
Las participaciones pueden comprarse o venderse cualquier día que sea un día hábil en Irlanda y en Estados Unidos.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de tres años. | # Objectifs et politique d’investissement
Le Fonds vise à dégager une performance supérieure d’au moins 3,0 % par an à celle de l’indice London Interbank Offered Rate (« LIBOR ») à un mois (exprimée dans la devise de la Catégorie de parts applicable), mesurée sur des périodes renouvelables de trois ans. Le Fonds offre une gestion active en référence au LIBOR.
Le Fonds peut investir en toute flexibilité sur les marchés mondiaux du revenu fixe (titres de créance), dont notamment des titres de créance d’État et d’organismes supranationaux, des obligations d’entreprises et titrisées, des CMO (collateralised mortgage obligations), des titres adossés à des actifs ou à des créances hypothécaires, des intérêts sur prêts titrisés et autres instruments similaires. Le Fonds peut aussi détenir des liquidités ou d’autres instruments à court terme. Le Fonds peut investir dans des titres de créances dotés de notations plus élevées ou plus basses.
Le Fonds peut utiliser des instruments dérivés, en ce compris des contrats à terme standardisés (futures), des contrats à terme de gré à gré (forwards), des options, des contrats d’échange (swaps), et des instruments dérivés liés à des prêts immobiliers, à des fins d’investissement ou de couverture des risques. Le Fonds peut également utiliser des contrats de change à terme ou d’autres instruments dérivés de change afin de gérer et de couvrir la position du Fonds contre les
fluctuations des taux de change.
Le Fonds table actuellement sur une volatilité de 2,0 à 3,0 % par an sur le long terme.
Le Fonds peut souscrire des contrats de mise ou de prise en pension (consistant à échanger un titre pour le racheter (mise en pension) ou le revendre (prise en pension) à une date et un prix futurs déterminés) afin de générer des revenus additionnels pour le Fonds ou à d’autres fins d’investissement.
Le Fonds n’a pas actuellement l’intention de verser de dividendes, à l’exception des Parts de catégorie E. Pour les Parts de catégorie E, les distributions, le cas échéant, seront prélevées annuellement sur les revenus nets du Fonds et seront réinvesties dans des parts supplémentaires du Fonds.
Les Parts peuvent être achetées ou vendues chaque jour ouvré en Irlande et aux États-Unis.
Recommandation : Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leurs fonds avant 3 ans. | fr | es |
DOLFIN4529 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Information importante pour les investisseurs à Singapour
Le fonds est non autorisé en vertu de l'article 286 du Securities and Futures Act (Cap. 289) («SFA») ou reconnu en vertu de l'article 287 du SFA, et le Fonds n'est pas autorisé à être proposé au public. Ce matériel et tout autre document émis dans le cadre de l'offre ou de la vente de Parts ne sont pas un prospectus tel que défini dans le SFA et ne seront pas déposés ou enregistrés en tant que prospectus auprès de l'Autorité Monétaire de Singapour. La responsabilité légale en vertu du SFA en ce qui concerne le contenu des prospectus ne s'applique pas. Aucune offre ou invitation de souscription ou d'achat des parts, ne peut être faite, ni aucun document ou autre matériel (y compris, mais sans s'y limiter, ce matériel) relatif au Fonds ne peut être diffusé ou distribué, directement ou indirectement, à toute personne à Singapour autre qu'un investisseur institutionnel (tel que défini à l'article 4A du SFA) conformément à l'article 304 du SFA. Lorsqu'une offre est faite à des investisseurs institutionnels conformément à l'article 304 du SFA, certaines restrictions peuvent s'appliquer aux actions acquises dans le cadre d'une telle offre. | # Información importante para inversores en Singapur
El fondo no está autorizado en virtud del artículo 286 de la Securities and Futures Act (Cap. 289) («SFA») ni reconocido en virtud del artículo 287 de la SFA, y no puede ofrecerse al público. Este material y cualquier otro documento emitido en relación con la oferta o venta de Participaciones no constituye un folleto según se define en la SFA y no se archivará ni registrará como folleto ante la Autoridad Monetaria de Singapur. No se aplica la responsabilidad legal en virtud de la SFA en lo que respecta al contenido de los folletos. No se puede realizar ninguna oferta o invitación para suscribir o comprar participaciones, ni ningún documento u otro material (incluido, entre otros, este material) relacionado con el Fondo puede ser difundido o distribuido, directa o indirectamente, a ninguna persona en Singapur que no sea un inversor institucional (como se define en el artículo 4A de la SFA) de acuerdo con el artículo 304 de la SFA. Cuando se hace una oferta a inversores institucionales de conformidad con el artículo 304 de la SFA, pueden aplicarse ciertas restricciones a las acciones adquiridas en el marco de dicha oferta. | # Information importante pour les investisseurs à Singapour
Le fonds est non autorisé en vertu de l'article 286 du Securities and Futures Act (Cap. 289) («SFA») ou reconnu en vertu de l'article 287 du SFA, et le Fonds n'est pas autorisé à être proposé au public. Ce matériel et tout autre document émis dans le cadre de l'offre ou de la vente de Parts ne sont pas un prospectus tel que défini dans le SFA et ne seront pas déposés ou enregistrés en tant que prospectus auprès de l'Autorité Monétaire de Singapour. La responsabilité légale en vertu du SFA en ce qui concerne le contenu des prospectus ne s'applique pas. Aucune offre ou invitation de souscription ou d'achat des parts, ne peut être faite, ni aucun document ou autre matériel (y compris, mais sans s'y limiter, ce matériel) relatif au Fonds ne peut être diffusé ou distribué, directement ou indirectement, à toute personne à Singapour autre qu'un investisseur institutionnel (tel que défini à l'article 4A du SFA) conformément à l'article 304 du SFA. Lorsqu'une offre est faite à des investisseurs institutionnels conformément à l'article 304 du SFA, certaines restrictions peuvent s'appliquer aux actions acquises dans le cadre d'une telle offre. | fr | es |
DOLFIN4530 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# un compartiment de MontLake UCITS Platform ICAV GBP Institutional Class Pooled Shares (IE00BD08G846)
### AlphaQuest UCITS Fund est autorisé(e) en/à/aux Irlande et réglementé(e) par Central Bank of Ireland.
Ce produit est géré par Quest Partners LLC, qui est agréée en/à/au(x) les Etats-Unis d'Amérique et réglementée par Securities and Exchange Commission. Pour de plus amples informations sur ce produit, veuillez vous reporter https://www.questpartnersllc.com ou appeler +1 (212) 838-7222
### Waystone Management Company (IE) Limited est autorisé(e) en/à/aux Irlande et réglementé(e) par Central Bank of Ireland.
Exactes et à jour au: 1
er
janvier 2023 | # GBP Institutional Class Pooled Shares (IE00BD08G846)
### AlphaQuest UCITS Fund está autorizado en Irlanda y regulado por la Central Bank of Ireland.
Este producto está gestionado por Quest Partners LLC, que está autorizado en los Estados Unidos de América y supervisado por la Securities and Exchange Commission. Para obtener más información sobre este producto, consulte con https://www.questpartnersllc.com o llame a +1 (212) 838-7222
### Waystone Management Company (IE) Limited está autorizado en Irlanda y regulado por la Central Bank of Ireland.
Datos exactos a: 1 de enero de 2023 | # un compartiment de MontLake UCITS Platform ICAV GBP Institutional Class Pooled Shares (IE00BD08G846)
### AlphaQuest UCITS Fund est autorisé(e) en/à/aux Irlande et réglementé(e) par Central Bank of Ireland.
Ce produit est géré par Quest Partners LLC, qui est agréée en/à/au(x) les Etats-Unis d'Amérique et réglementée par Securities and Exchange Commission. Pour de plus amples informations sur ce produit, veuillez vous reporter https://www.questpartnersllc.com ou appeler +1 (212) 838-7222
### Waystone Management Company (IE) Limited est autorisé(e) en/à/aux Irlande et réglementé(e) par Central Bank of Ireland.
Exactes et à jour au: 1
er
janvier 2023 | fr | es |
DOLFIN4531 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Important Information
Shares of the Fund are subscribed on the basis of the information and representations contained in this Sales Prospectus, the Fund's Articles of Association and the latest annual report, or semi-annual report if this is more recent.
As pre-contractual information, key investor information (KIIDs, as defined under 5 "Definitions") shall also be made available to investors. Any other information or representation relating thereto is unauthorized. If you are in any doubt about the contents of this Sales Prospectus please consult your stockbroker, bank, legal or tax advisor or other experts. | #### Wichtige Informationen
Die Anteile des Fonds werden auf Grund der Angaben und Erklärungen in diesem Verkaufsprospekt, in der Satzung des Fonds sowie im letzten Jahres- bzw. Halbjahresbericht, falls dieser aktueller ist, gezeichnet.
Als vorvertragliche Information werden den Anlegern ausserdem wesentliche Anlegerinformationen (sog. KIIDs, wie unter Ziffer 5 «Definitionen» definiert) zur Verfügung gestellt. Alle sonstigen diesbezüglichen Angaben oder Erklärungen sind unberechtigt. Sollten Sie irgendwelche Fragen zum Inhalt dieses Verkaufsprospektes haben, wenden Sie sich bitte an Ihren Börsenhändler, Ihre Bank, Ihren Rechts- oder Steuerberater oder an einen anderen Sachverständigen. | #### Important Information
Shares of the Fund are subscribed on the basis of the information and representations contained in this Sales Prospectus, the Fund's Articles of Association and the latest annual report, or semi-annual report if this is more recent.
As pre-contractual information, key investor information (KIIDs, as defined under 5 "Definitions") shall also be made available to investors. Any other information or representation relating thereto is unauthorized. If you are in any doubt about the contents of this Sales Prospectus please consult your stockbroker, bank, legal or tax advisor or other experts. | en | de |
DOLFIN4532 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Conseil d’Administration pourra dans les circonstances indiquées à l’article 23.1 ci-dessus, décider de la fusion d’un ou plusieurs compartiments de la SICAV entre eux ou avec un autre OPCVM relevant de la Directive 2009/65/CE dans les conditions prévues par la Loi.
Toutefois, pour toute fusion entraînant la disparition de la SICAV, la prise d’effet d’une telle fusion serait décidée par l’Assemblée Générale des actionnaires, délibérant suivant les modalités et exigences de quorum et de majorité prévues par les Statuts.
La SICAV transmettra aux actionnaires les informations utiles et précises quant à la fusion proposée afin de leur permettre de juger en plein connaissance de cause de l’incidence de cette fusion sur leur investissement. Ces informations seront transmises dans les conditions fixées dans la Loi. A compter de la date de communication de ces informations, les actionnaires disposeront d’un délai de 30 jours durant lequel ils auront le droit d’exiger, sans frais autres que ceux retenus par la SICAV pour couvrir les coûts de désinvestissement, le rachat ou le remboursement de leurs actions - ou le cas échéant, selon décision du Conseil d’Administration, la conversion de leurs actions en actions d’un autre compartiment ou un autre OPCVM poursuivant une politique de placement similaire et géré par la Société de Gestion ou par toute autre société avec laquelle la Société de Gestion est liée dans le cadre d’une communauté de gestion ou de contrôle ou par une important participation directe ou indirecte. | El Consejo de Administración podrá, en las circunstancias indicadas en el artículo 23.1 anterior, aprobar la fusión de uno o varios subfondos de la SICAV entre sí o con otro OICVM regido por la Directiva 2009/65/CE en las condiciones previstas por la Ley.
Sin embargo, de cara a las fusiones que conlleven la desaparición de la SICAV, la aplicación de dicha fusión será decidida por la Junta General de accionistas, que deliberará según las modalidades y exigencias de cuórum y de mayoría previstas en los Estatutos.
La SICAV transmitirá a los accionistas la información de utilidad y precisa relativa a la fusión propuesta, para que puedan deliberar con pleno conocimiento de causa acerca de la incidencia de dicha fusión en su inversión.
Esta información será comunicada en las condiciones fijadas en la Ley. A partir de la fecha en la que se comunique dicha información, los accionistas contarán con un plazo de 30 días durante el cual, tendrán derecho a exigir, sin otros gastos distintos a los adoptados por la SICAV para cubrir los costes de desinversión, el rescate o el reembolso de sus acciones o en su caso, según decida el Consejo de Administración, la conversión de sus acciones por acciones de otro subfondo o de otro OICVM que persiga una política de inversión similar y que esté gestionado por la Sociedad Gestora o por cualquier otra sociedad con la que esté vinculada la Sociedad Gestora en el marco de una comunidad de gestión o de control o mediante una participación importante en la misma de forma directa o indirecta. | Le Conseil d’Administration pourra dans les circonstances indiquées à l’article 23.1 ci-dessus, décider de la fusion d’un ou plusieurs compartiments de la SICAV entre eux ou avec un autre OPCVM relevant de la Directive 2009/65/CE dans les conditions prévues par la Loi.
Toutefois, pour toute fusion entraînant la disparition de la SICAV, la prise d’effet d’une telle fusion serait décidée par l’Assemblée Générale des actionnaires, délibérant suivant les modalités et exigences de quorum et de majorité prévues par les Statuts.
La SICAV transmettra aux actionnaires les informations utiles et précises quant à la fusion proposée afin de leur permettre de juger en plein connaissance de cause de l’incidence de cette fusion sur leur investissement. Ces informations seront transmises dans les conditions fixées dans la Loi. A compter de la date de communication de ces informations, les actionnaires disposeront d’un délai de 30 jours durant lequel ils auront le droit d’exiger, sans frais autres que ceux retenus par la SICAV pour couvrir les coûts de désinvestissement, le rachat ou le remboursement de leurs actions - ou le cas échéant, selon décision du Conseil d’Administration, la conversion de leurs actions en actions d’un autre compartiment ou un autre OPCVM poursuivant une politique de placement similaire et géré par la Société de Gestion ou par toute autre société avec laquelle la Société de Gestion est liée dans le cadre d’une communauté de gestion ou de contrôle ou par une important participation directe ou indirecte. | fr | es |
DOLFIN4533 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### se trouver dans l’incapacité de procéder aux paiements relatifs à leurs obligations.
- Risque de liquidité : tout titre peut devenir difficile à évaluer ou à vendre à un moment et à un prix précis. Le risque de liquidité pourrait affecter la valeur du fonds et pourrait amener le fonds à suspendre les transactions sur ses parts.
- Risque opérationnel : les opérations du fonds peuvent subir des erreurs humaines, des erreurs liées à de mauvais processus ou à une mauvaise gouvernance ainsi que des erreurs liées à des dysfonctionnements technologiques, y compris l’incapacité de prévenir ou de détecter les cyberattaques, le vol de données, le piratage ou d’autres incidents informatiques.
- Risque lié aux pratiques standards : les pratiques de gestion des investissements qui ont précédemment fait leurs preuves ou qui constituent des moyens reconnus permettant de faire face à certaines situations peuvent s’avérer être inefficaces. | ### podrían resultar incapaces de efectuar pagos por sus bonos.
- Riesgo de liquidez Cualquier título podría ser difícil de valorar o vender en el momento y al precio deseados. El riesgo de liquidez podría afectar al valor del fondo y llevarle a suspender las operaciones con sus participaciones.
- Riesgo operativo Las operaciones del fondo podrían estar sujetas a errores humanos, procesos o gobernanza defectuosos y fallos tecnológicos, incluido el hecho de no prevenir o detectar ciberataques, robos de datos, sabotajes u otros incidentes electrónicos.
- Riesgo de prácticas estándar Las prácticas de gestión de inversiones que han funcionado bien en el pasado, o que son formas aceptadas de abordar ciertas condiciones, podrían resultar ineficaces. | ### se trouver dans l’incapacité de procéder aux paiements relatifs à leurs obligations.
- Risque de liquidité : tout titre peut devenir difficile à évaluer ou à vendre à un moment et à un prix précis. Le risque de liquidité pourrait affecter la valeur du fonds et pourrait amener le fonds à suspendre les transactions sur ses parts.
- Risque opérationnel : les opérations du fonds peuvent subir des erreurs humaines, des erreurs liées à de mauvais processus ou à une mauvaise gouvernance ainsi que des erreurs liées à des dysfonctionnements technologiques, y compris l’incapacité de prévenir ou de détecter les cyberattaques, le vol de données, le piratage ou d’autres incidents informatiques.
- Risque lié aux pratiques standards : les pratiques de gestion des investissements qui ont précédemment fait leurs preuves ou qui constituent des moyens reconnus permettant de faire face à certaines situations peuvent s’avérer être inefficaces. | fr | es |
DOLFIN4534 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Cash of €1,843 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as at 31 March 2021.
Cash of €560 has been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as at 31 March 2021.
Fair Value Measurements
(1)
The following is a summary of the fair valuations according to the inputs used as at 31 March 2021 in valuing the Fund’s assets and liabilities: | Des disponibilités de 1 843 € ont été gagées en tant que garantie pour des instruments financiers dérivés compensés et négociés en bourse au 31 mars 2021.
Des disponibilités de 560 € ont été gagées en tant que garantie pour des instruments financiers dérivés tels que gouvernés par les accords-cadres de l’International Swaps and Derivatives Association, Inc. au 31 mars 2021.
Mesures de la juste valeur(1)
Vous trouverez ci-dessous une synthèse des justes valorisations en fonction des données au 31 mars 2021 destinées à évaluer les actifs et passifs du Fonds : | Cash of €1,843 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as at 31 March 2021.
Cash of €560 has been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as at 31 March 2021.
Fair Value Measurements
(1)
The following is a summary of the fair valuations according to the inputs used as at 31 March 2021 in valuing the Fund’s assets and liabilities: | en | fr |
DOLFIN4535 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Information on sustainability risk integration in accordance with Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (the "Regulation"):
Sustainability risk is defined as the probability of occurrence of an environmental, social or governance event that could lead to an actual or potential material loss in value of the SICAV as a result of that event.
Sustainability risks include two main risk factors: physical risk (related to climate change and environmental degradation) and transition risk (related to the process of adapting to a more sustainable economy in environmental, social or governance terms). These risks affect the resilience of institutions in the medium to long term, especially in sectors and markets vulnerable to climate and environmental risks.
Physical and transition risks can also lead to reputational risk as investors associate the company with negative environmental impacts.
The way in which sustainability risks are integrated by the Management Company in the investment decisions is described in the responsible and sustainable investment policy, which is available at www.dpamfunds.com(Sustainable & Responsible Investment policy).
The results of the Management Company's assessment of the likely impact of sustainability risks on the performance of the SICAV's sub-funds are detailed in the sub-fund information (sub-fund risk profile) in the prospectus. | #### Informations sur l’intégration des risques en matière de durabilité conformément au Règlement (UE) 2019/2088 du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (le « Règlement ») :
Le risque en matière de durabilité est défini comme étant la probabilité d’occurrence d'un événement environnemental, social ou de gouvernance qui pourrait amener à une perte matérielle réalisée ou potentielle sur la valeur de la sicav suite à cet événement.
Les risques en matière de durabilité comprennent deux principaux facteurs de risque : le risque physique (lié au changement climatique et à la dégradation de l’environnement) et le risque de transition (lié au processus d’adaptation à une économie plus soutenable d’un point de vue environnemental, social ou de gouvernance). Ces risques pèsent sur la capacité de résistance des établissements à moyen ou long terme, et ce d'autant plus au sein des secteurs et des marchés vulnérables aux risques climatiques et environnementaux.
Les risques physiques et de transition peuvent également provoquer un risque réputationnel résultant du fait que les investisseurs associent l'entreprise à des effets négatifs sur l’environnement.
La manière dont les risques en matière de durabilité sont intégrés par la société de gestion dans les décisions d’investissement est décrite dans la Politique d’investissements responsables et durables accessible via le site www.dpamfunds.com(Sustainable & ResponsibleInvestment policy).
Les résultats de l’évaluation, des incidences probables des risques en matière de durabilité sur le rendement des compartiments de la sicav effectuée par la société de
gestion sont détaillés dans les informations concernant les compartiments (Profil de risque du compartiment) dans le prospectus. | #### Information on sustainability risk integration in accordance with Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (the "Regulation"):
Sustainability risk is defined as the probability of occurrence of an environmental, social or governance event that could lead to an actual or potential material loss in value of the SICAV as a result of that event.
Sustainability risks include two main risk factors: physical risk (related to climate change and environmental degradation) and transition risk (related to the process of adapting to a more sustainable economy in environmental, social or governance terms). These risks affect the resilience of institutions in the medium to long term, especially in sectors and markets vulnerable to climate and environmental risks.
Physical and transition risks can also lead to reputational risk as investors associate the company with negative environmental impacts.
The way in which sustainability risks are integrated by the Management Company in the investment decisions is described in the responsible and sustainable investment policy, which is available at www.dpamfunds.com(Sustainable & Responsible Investment policy).
The results of the Management Company's assessment of the likely impact of sustainability risks on the performance of the SICAV's sub-funds are detailed in the sub-fund information (sub-fund risk profile) in the prospectus. | en | fr |
DOLFIN4536 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Note 3: Exchange Rates
Purchases and sales of investment securities and income and expense items occurring during the period are translated using the exchange rates prevailing on the transaction date. Cash balances and other assets or liabilities of the Fund expressed in currencies other than USD have been valued after taking into account the market rates of exchange in force at the time for determination of the Net Asset Value per share. Any assets or liabilities expressed in terms of currencies other than USD were translated from 1 January 2022 to 30 June 2022 into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
The exchange rates at 30 June 2022 are the following: | Note 3 : Taux de change
La valeur des achats et des ventes des titres de placement et des revenus et charges intervenus au cours de la période est convertie en utilisant les taux de change en vigueur à la date la transaction. Les soldes de trésorerie et autres éléments de l’actif ou du passif du Fonds exprimés dans des devises autres que l’USD, ont été calculés sur la base des taux de change en vigueur sur le marché au moment du calcul de la Valeur de l’actif net par action. Les actifs ou passifs exprimés dans des devises autres que l’USD ont été convertis du 1er janvier 2022 au 30 juin 2022 dans la devise concernée après prise en considération du taux du marché ou des taux de change en vigueur au jour et à l’heure du calcul de la Valeur de l’actif net.
Les taux de change au 30 juin 2022 sont les suivants : | Note 3: Exchange Rates
Purchases and sales of investment securities and income and expense items occurring during the period are translated using the exchange rates prevailing on the transaction date. Cash balances and other assets or liabilities of the Fund expressed in currencies other than USD have been valued after taking into account the market rates of exchange in force at the time for determination of the Net Asset Value per share. Any assets or liabilities expressed in terms of currencies other than USD were translated from 1 January 2022 to 30 June 2022 into the relevant currency after taking into consideration the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value.
The exchange rates at 30 June 2022 are the following: | en | fr |
DOLFIN4537 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
While each Fund will have separate investment objectives and policies, the investment policies of Funds of the Company may result in each Fund having a substantial holding in cash assets where a Fund has not entered into repurchase or reverse repurchase arrangements. To maximise the value of cash holdings, the Investment Manager may, in its discretion, pool all or a specified portion of the assets of a Fund with assets of other Funds of the Company. The Manager may therefore, in its discretion, establish Common Investment Pools. A Common Investment Pool is not a separate legal entity from the Company or any of the Funds. Rather it is a virtual pool designed to facilitate in an efficient manner the achievement of certain specified investment policies common to two or more Funds. The purpose of a Common Investment Pool is to achieve economies of scale in the management and administration of the assets being pooled. The use of Common Investment Pools enables the Investment Manager to aggregate assets, increase scalability and reduce tracking error. The Investment Manager will manage the assets of the Common Investment Pools in accordance with a set of cash management guidelines. These guidelines contain a number of objectives, including that the Common Investment Pools shall invest in short maturity securities from high quality issuers and that investments shall be made in accordance with conservative portfolio management practices and shall conform with all UCITS restrictions and requirements.
A Common Investment Pool will hold Investments in accordance with the investment policies relating to the Funds participating in it and may invest in a wide range of transferable securities and money market instruments including certificates of deposit, floating rate notes and commercial paper, with a diversified spread
of high quality financial institutions, sovereign issuers and corporate issuers, asset and mortgage-backed securities, repurchase and/or reverse repurchase agreements, asset and fixed term deposits, loan participations and collective investment schemes.
A Common Investment Pool will initially consist of cash from each Fund participating in the Common Investment Pool. Thereafter, further transfers of cash may be made to a Common Investment Pool. The share of a Fund in a Common Investment Pool shall be measured by reference to notional units of equal value in the Common Investment Pool. On formation of a Common Investment Pool, the Directors shall, in their discretion, determine the initial value of notional units (which shall be expressed in such currency as the Directors consider appropriate) and shall allocate to each Fund units having an aggregate value equal to the amount of cash contributed. Thereafter, the value of the notional unit shall be determined by dividing the net asset value of the Common Investment Pool by the number of notional units subsisting.
When additional cash is contributed to or withdrawn from a Common Investment Pool, the allocation of units of the Fund concerned will be increased or reduced, as the case may be, by a number of units determined by dividing the amount of cash or the value of assets in the Common Investment Pool by the current number of units. The net asset value of the Common Investment Pool will be calculated in accordance with the valuation provisions of the relevant Fund.
Dividends, interest and other distributions of an income nature received in respect of the assets in an asset pool will be credited to the Common Investment Pool. Upon the dissolution of a Fund, the assets in a Common Investment Pool will be allocated to such Fund in proportion to its participation in a Common Investment Pool.
The Administrator is responsible for administering the participation of a Fund in a Common Investment Pool in such a way so as to ensure that the relevant portion of the Common Investment Pool remains segregated and allocated to such Fund. Each Fund (on a separate and divided basis) will be entitled to the underlying assets and liabilities, which may be allocated to it arising out of Investments made through the conduit of a Common Investment Pool. The Depositary shall at all times ensure it is in a position to identify the assets of a Fund participating in a Common Investment Pool.
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##### Currency Hedging Policy | Während jeder Fonds separate Anlageziele und Anlagestrategien hat, können die Anlagestrategien von Fonds der Gesellschaft dazu führen, dass jeder Fonds hohe Barbestände aufweist, wenn ein Fonds keine Pensions- oder umgekehrte Pensionsgeschäfte getätigt hat. Um den Wert der Barbestände zu maximieren, kann der Anlageverwalter nach eigenem Ermessen alle oder einen bestimmten Teil der Vermögenswerte eines Fonds mit Vermögenswerten anderer Fonds der Gesellschaft zusammenlegen. Die Verwaltungsgesellschaft kann daher nach eigenem Ermessen gemeinsame Anlagepools einrichten. Ein gemeinsamer Anlagepool ist kein von der Gesellschaft oder einem Fonds getrenntes Rechtssubjekt. Es handelt sich vielmehr um einen virtuellen Pool, der dazu dient, auf effiziente Weise bestimmte spezifizierte gemeinsame Anlagestrategien von zwei oder mehr Fonds umzusetzen. Der Zweck eines gemeinsamen Anlagepools besteht darin, beim Management und der Administration der zusammengelegten Vermögenswerte von Skaleneffekten zu profitieren. Der Einsatz von gemeinsamen Anlagepools gibt dem Anlageverwalter die Möglichkeit, Vermögenswerte zu bündeln, die Skalierbarkeit zu erhöhen und den Tracking Error zu reduzieren. Der Anlageverwalter verwaltet die Vermögenswerte des gemeinsamen Anlagepools in Einklang mit einer Reihe von Richtlinien für das Cash Management. Diese Richtlinien enthalten eine Reihe von Zielen, wonach u. a. die gemeinsamen Anlagepools in kurzfristige Wertpapiere von Emittenten mit hoher Bonität investieren müssen und die Anlagen in Einklang mit konservativen Portfoliomanagement-Praktiken und unter Beachtung sämtlicher OGAW-Beschränkungen und -Anforderungen getätigt werden müssen.
Ein gemeinsamer Anlagepool hält Anlagen in Übereinstimmung mit den Anlagerichtlinien der an ihm beteiligten Fonds und kann in eine breite Palette von übertragbaren Wertpapieren und Geldmarktinstrumenten investieren, darunter Einlagenzertifikate, variabel verzinsliche Schuldverschreibungen und Commercial Paper, mit einer diversifizierten Streuung von erstklassigen Finanzinstituten, staatlichen Emittenten und Unternehmensemittenten, forderungs- und hypothekenbesicherte Wertpapiere, Pensionsgeschäfte und/oder
umgekehrte Pensionsgeschäfte, Vermögens- und Festgelder, Darlehensbeteiligungen und kollektive Kapitalanlagen.
Ein gemeinsamer Anlagenpool wird zunächst aus den Barmitteln jedes Fonds bestehen, der am gemeinsamen Anlagepool teilnimmt. Danach werden weitere Bartransfers in den gemeinsamen Anlagepool vorgenommen. Der Anteil eines Fonds an einem gemeinsamen Anlagepool wird anhand fiktiver Anteile gleichen Werts im gemeinsamen Anlagepool errechnet. Bei der Einrichtung eines gemeinsamen Anlagepools kann der Verwaltungsrat nach eigenem Ermessen den anfänglichen Wert der fiktiven Anteile festlegen (lautend auf eine Währung, die der Verwaltungsrat für geeignet erachtet) und teilt jedem Fonds Anteile zu, deren Gesamtwert dem Betrag der geleisteten Einlage entspricht. Danach wird der Wert eines fiktiven Anteils durch Division des Nettoinventarwerts des gemeinsamen Anlagepools durch die Anzahl der verbleibenden fiktiven Anteile ermittelt.
Werden weitere Bareinlagen geleistet oder Einlagen aus dem Anlagepool entnommen, wird die Anzahl der Anteile, die dem betreffenden Fonds zugeteilt sind, um die Anzahl Anteile erhöht bzw. reduziert, die sich durch Division des Barbetrages bzw. des Werts der Vermögenswerte im gemeinsamen Anlagepool durch die aktuelle Anzahl der Anteile ergibt. Der Nettoinventarwert des gemeinsamen Anlagepools wird gemäss den Bewertungsbestimmungen des betreffenden Fonds berechnet.
Dividenden, Zinsen und sonstige Ausschüttungen mit Ertragscharakter, die für die Vermögenswerte in einem Vermögenspool vereinnahmt werden, fliessen in den gemeinsamen Anlagepool. Bei Auflösung eines Fonds werden die Vermögenswerte in einem gemeinsamen Anlagepool diesem Fonds im Verhältnis zu seiner Beteiligung an dem gemeinsamen Anlagepool zugeteilt.
Die Verwaltungsstelle ist verantwortlich für die Administration der Beteiligung eines Fonds an einem gemeinsamen Anlagepool, d. h. er hat sicherzustellen, dass der relevante Anteil des gemeinsamen Anlagepools getrennt und diesem Fonds zugeordnet bleibt. Jeder Fonds hat (einen eigenständigen und anteiligen) Anspruch auf die zugrunde liegenden Vermögenswerte und Verbindlichkeiten, die ihm aufgrund der Anlagen zugeordnet werden können, die im Rahmen des gemeinsamen Anlagepools erfolgt sind. Die Verwahrstelle muss jederzeit sicherstellen, dass sie in der Lage ist, die Vermögenswerte eines Fonds, der an einem gemeinsamen Anlagepool beteiligt ist, zu identifizieren.
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##### Währungsabsicherungspolitik | While each Fund will have separate investment objectives and policies, the investment policies of Funds of the Company may result in each Fund having a substantial holding in cash assets where a Fund has not entered into repurchase or reverse repurchase arrangements. To maximise the value of cash holdings, the Investment Manager may, in its discretion, pool all or a specified portion of the assets of a Fund with assets of other Funds of the Company. The Manager may therefore, in its discretion, establish Common Investment Pools. A Common Investment Pool is not a separate legal entity from the Company or any of the Funds. Rather it is a virtual pool designed to facilitate in an efficient manner the achievement of certain specified investment policies common to two or more Funds. The purpose of a Common Investment Pool is to achieve economies of scale in the management and administration of the assets being pooled. The use of Common Investment Pools enables the Investment Manager to aggregate assets, increase scalability and reduce tracking error. The Investment Manager will manage the assets of the Common Investment Pools in accordance with a set of cash management guidelines. These guidelines contain a number of objectives, including that the Common Investment Pools shall invest in short maturity securities from high quality issuers and that investments shall be made in accordance with conservative portfolio management practices and shall conform with all UCITS restrictions and requirements.
A Common Investment Pool will hold Investments in accordance with the investment policies relating to the Funds participating in it and may invest in a wide range of transferable securities and money market instruments including certificates of deposit, floating rate notes and commercial paper, with a diversified spread
of high quality financial institutions, sovereign issuers and corporate issuers, asset and mortgage-backed securities, repurchase and/or reverse repurchase agreements, asset and fixed term deposits, loan participations and collective investment schemes.
A Common Investment Pool will initially consist of cash from each Fund participating in the Common Investment Pool. Thereafter, further transfers of cash may be made to a Common Investment Pool. The share of a Fund in a Common Investment Pool shall be measured by reference to notional units of equal value in the Common Investment Pool. On formation of a Common Investment Pool, the Directors shall, in their discretion, determine the initial value of notional units (which shall be expressed in such currency as the Directors consider appropriate) and shall allocate to each Fund units having an aggregate value equal to the amount of cash contributed. Thereafter, the value of the notional unit shall be determined by dividing the net asset value of the Common Investment Pool by the number of notional units subsisting.
When additional cash is contributed to or withdrawn from a Common Investment Pool, the allocation of units of the Fund concerned will be increased or reduced, as the case may be, by a number of units determined by dividing the amount of cash or the value of assets in the Common Investment Pool by the current number of units. The net asset value of the Common Investment Pool will be calculated in accordance with the valuation provisions of the relevant Fund.
Dividends, interest and other distributions of an income nature received in respect of the assets in an asset pool will be credited to the Common Investment Pool. Upon the dissolution of a Fund, the assets in a Common Investment Pool will be allocated to such Fund in proportion to its participation in a Common Investment Pool.
The Administrator is responsible for administering the participation of a Fund in a Common Investment Pool in such a way so as to ensure that the relevant portion of the Common Investment Pool remains segregated and allocated to such Fund. Each Fund (on a separate and divided basis) will be entitled to the underlying assets and liabilities, which may be allocated to it arising out of Investments made through the conduit of a Common Investment Pool. The Depositary shall at all times ensure it is in a position to identify the assets of a Fund participating in a Common Investment Pool.
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##### Currency Hedging Policy | en | de |
DOLFIN4538 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The fees and expenses of the Company and where the context so permits or requires any fund, shall be decreed without limitation to include the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
(v)
to the extent permitted by applicable law the remuneration, commissions and expenses incurred or payable in the marketing, promotion and distribution of shares including without limitation commissions payable to any person in consideration of his/her subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares in the Company and the costs and expenses of preparation and distribution of all marketing material and advertisements;
(vii)
all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus, key information document, key investor informationdocument, material contract and all costs incurred in translating any of the foregoing into anylanguages other than English and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
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## Article 3(a) of the Articles of Association shall be amended as follows: | Le commissioni e le spese della Società e, laddove il contesto lo consenta o lo richieda, qualsiasi fondo, saranno deliberate senza limitazioni in modo da includere le seguenti spese, salvo nella misura in cui tali spese possano essere derogate o comunque assolte da altro soggetto e non recuperate dalla Società:
(v)
nella misura consentita dalla legge applicabile, i compensi, le commissioni e le spese sostenute o da sostenere per la commercializzazione, la promozione e la distribuzione delle azioni, incluse, senza limitazioni, le commissioni da corrispondere a qualsiasi persona in considerazione della sua sottoscrizione o del suo impegno a sottoscrivere o della sua attività di procacciamento o dell’impegno a svolgere attività di procacciamento per promuovere la sottoscrizione di azioni della Società e i costi e le spese di predisposizione e distribuzione di tutto il materiale di marketing e pubblicitario;
(vii)
tutte le spese sostenute in relazione alla pubblicazione e alla fornitura di informazioni ai Soci e, in particolare, fatto salvo in generale quanto sopra esposto, i costi di stampa e distribuzione della Relazione annuale, di qualsiasi relazione alla Banca centrale o a qualsiasi altra autorità di regolamentazione, della relazione semestrale o di altre relazioni, di qualsiasi Prospetto informativo, documento contenente informazioni chiave, documento contenente informazioni chiave per gli investitori, contratto rilevante e tutti i costi sostenuti per la traduzione di quanto sopra in qualsiasi lingua diversa dall’inglese e i costi di pubblicazione di quotazioni e avvisi sulla stampa finanziaria e tutti i costi di cancelleria, stampa e affrancatura relativi alla predisposizione e alla trasmissione di assegni, warrant, certificati fiscali e dichiarazioni;
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## Si modifica l’articolo 3(a) dello Statuto come segue: | The fees and expenses of the Company and where the context so permits or requires any fund, shall be decreed without limitation to include the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
(v)
to the extent permitted by applicable law the remuneration, commissions and expenses incurred or payable in the marketing, promotion and distribution of shares including without limitation commissions payable to any person in consideration of his/her subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares in the Company and the costs and expenses of preparation and distribution of all marketing material and advertisements;
(vii)
all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus, key information document, key investor informationdocument, material contract and all costs incurred in translating any of the foregoing into anylanguages other than English and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
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## Article 3(a) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN4539 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: June 13, 2014.
The reference currency of the Sub-Fund is USD.
20%
10%
0%
-10% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 13 de junio de 2014. La moneda de referencia del Subfondo es USD.
20%
10%
0%
-10% | ### Launch Date and Currency
Sub-Fund's launch date: June 13, 2014.
The reference currency of the Sub-Fund is USD.
20%
10%
0%
-10% | en | es |
DOLFIN4540 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Stratégie
## Valoriser le capital sur le long terme en :
- Investissant dans un portefeuille d’actions mondiales recelant un potentiel attractif de performance à long terme, tout en cherchant à limiter la volatilité et à privilégier atténuation du risque baissier
- Employant une approche bottom-up rigoureuse qui combine la recherche fondamentale à des outils quantitatifs exclusifs pour sélectionner des actions attractives en termes de qualité, stabilité et prix
- Privilégiant un rapport risque/rentabilité absolu, et non un indice de référence | # Estrategia
## Este fondo busca el crecimiento del capital a largo plazo de la siguiente manera:
- Invierte en una cartera de acciones globales que ofrecen un contundente potencial de rentabilidad a largo plazo, al tiempo que procura limitar la volatilidad y enfatizar la mitigación de caídas
- Usa un enfoque ascendente (bottom-up) disciplinado que combina la investigación fundamental con herramientas cuantitativas patentadas para seleccionar acciones atractivas por su calidad, estabilidad y precio
- Se centra en el riesgo y la rentabilidad absolutos en lugar de en una referencia | # Stratégie
## Valoriser le capital sur le long terme en :
- Investissant dans un portefeuille d’actions mondiales recelant un potentiel attractif de performance à long terme, tout en cherchant à limiter la volatilité et à privilégier atténuation du risque baissier
- Employant une approche bottom-up rigoureuse qui combine la recherche fondamentale à des outils quantitatifs exclusifs pour sélectionner des actions attractives en termes de qualité, stabilité et prix
- Privilégiant un rapport risque/rentabilité absolu, et non un indice de référence | fr | es |
DOLFIN4541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund's objective is to achieve long term total return. The Fund will invest in the shares of companies on a worldwide basis. The Fund's investments will comprise shares in companies considered to be undervalued and to offer good prospects for long term returns. The Fund will not have a bias towards any economic sector or company size.
## Benchmark Information
## MSCI ACWI
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
Investors are able to buy and sell shares during any business day. If you tell us to buy or sell shares before 1pm (Luxembourg time) on any business day we will make the transaction on the same day. If you tell us to buy or sell shares after 1pm (Luxembourg time) we will make the transaction on the following business day. | # Objetivos y política de inversión
El objetivo del Fondo consiste en lograr una rentabilidad total a largo plazo. El Fondo invertirá en las acciones de empresas de todo el mundo. Las inversiones del Fondo incluirán acciones de empresas que se consideran infravaloradas y que ofrecen unas buenas perspectivas de rentabilidad a largo plazo. El Fondo no presentará ningún sesgo hacia un sector económico o tamaño de empresa concreto.
## Información sobre el índice de referencia
## MSCI ACWI
El Fondo se gestiona de forma activa y utiliza el índice de referencia únicamente con fines de comparación de rentabilidad del índice. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
Todo ingreso derivado de esta clase de acciones se distribuirá con carácter anual. Por defecto, esta distribución se reinvertirá automáticamente en la adquisición de más acciones, salvo que usted nos notifique su deseo de percibir estos ingresos.
Los inversores podrán comprar y vender sus acciones en cualquier día laborable. Si solicita la compra o venta de acciones en un día laborable antes de las 13:00 (hora de Luxemburgo), esta se realizará en el mismo día. Si solicita la compra o venta de acciones en un día laborable después de la 13:00 (hora de Luxemburgo), esta se realizará en el siguiente día hábil. | # Objectives and investment policy
The Fund's objective is to achieve long term total return. The Fund will invest in the shares of companies on a worldwide basis. The Fund's investments will comprise shares in companies considered to be undervalued and to offer good prospects for long term returns. The Fund will not have a bias towards any economic sector or company size.
## Benchmark Information
## MSCI ACWI
The Fund is actively managed and uses the benchmark for index performance comparison purposes only. This means the Investment Manager is taking investment decisions with the intention of achieving the Fund's investment objective without reference to a benchmark. The Investment Manager is not in any way constrained by a benchmark in its portfolio positioning.
Any income arising in relation to this share class is distributed on an annual basis. By default this distribution will be automatically reinvested to purchase more shares, unless you inform us that you wish to receive this income.
Investors are able to buy and sell shares during any business day. If you tell us to buy or sell shares before 1pm (Luxembourg time) on any business day we will make the transaction on the same day. If you tell us to buy or sell shares after 1pm (Luxembourg time) we will make the transaction on the following business day. | en | es |
DOLFIN4542 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information
| Investment Manager: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU2459590100_en_IE-LI-LU.pdf). This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years. |
| Performance scenarios: | The previous performance scenarios for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU2459590100_en_IE-LI-LU.csv). | | # Wie kann ich mich beschweren?
Wenn Sie sich über das Produkt beschweren möchten, befolgen Sie bitte die nachfolgenden Schritte für eine Beschwerde bei www.morganstanley.com/im. Sie können Ihre Beschwerde auch per E-Mail an [email protected] oder Brief an die Verwaltungsgesellschaft des Fonds unter folgender Adresse schicken: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. Wenn Sie sich über die Person beschweren wollen, die Sie über dieses Produkt beraten oder es Ihnen verkauft hat, sagen wir Ihnen, an welche Stelle Sie Ihre Beschwerde richten müssen.
Sonstige zweckdienliche Angaben
| Anlageverwalter: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Frühere Wertentwicklung: | Die Informationen zur früheren Wertentwicklung wurden auf www.morganstanley.com/im veröffentlicht und sind direkt über diesen Link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU2459590100_de_AT-DE-LI.pdf) erhältlich. Dieses Diagramm zeigt die Wertentwicklung des Fonds als prozentualen Verlust oder Gewinn pro Jahr über die letzten 0 Jahre. |
| Performance- Szenarien: | Die früheren Performance-Szenarien wurden auf www.morganstanley.com/im veröffentlicht und sind direkt über diesen Link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU2459590100_de_AT-DE-LI.csv) erhältlich. | | # How can I complain?
If you have any complaint about the product, please find the steps to be followed for lodging any complaint at www.morganstanley.com/im. You can also send your complaint by email to [email protected] or in writing to the Fund's management company at: MSIM Fund Management (Ireland) Limited, European Bank and Business Centre, 6B route de Tréves, L-2633 Senningerberg, Luxembourg. If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain.
Other relevant information
| Investment Manager: | Morgan Stanley Investment Management Limited, 25 Cabot Square, London, E14 4QA, United Kingdom. |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_LU2459590100_en_IE-LI-LU.pdf). This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years. |
| Performance scenarios: | The previous performance scenarios for this product can be found on www.morganstanley.com/im and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_LU2459590100_en_IE-LI-LU.csv). | | en | de |
DOLFIN4543 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Costs 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.
- USD 10 000 is invested.
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 105 USD | 752 USD |
| Annual Cost Impact* | 1 % | 1.1 % |
(*) 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 8.1% before costs and 7.0% after costs. | # 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 | 105 USD | 752 USD |
| Incidence des coûts annuels* | 1 % | 1,1 % |
(*) 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 8,1 % avant déduction des coûts et de 7,0 % après cette déduction. | # Costs 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.
- USD 10 000 is invested.
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 105 USD | 752 USD |
| Annual Cost Impact* | 1 % | 1.1 % |
(*) 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 8.1% before costs and 7.0% after costs. | en | fr |
DOLFIN4544 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Recommended holding period: 3 year(s)
The recommended holding period for this product is 3 year(s). This is our recommended holding period based on the risk and expected return with the product. Please note that the expected return is not guaranteed. The more the actual holding period deviates from the recommended holding period for the product, the more your actual return will also deviate from the product assumptions. Depending on your needs and limitations, a different holding period may be suitable for you. Consequently, we recommend that you discuss this issue with your customer service representative. | # Periodo di detenzione raccomandato: 3 Anno/i
Il periodo di detenzione raccomandato per questo prodotto è di 3 anno/i. Questo è il periodo di detenzione che raccomandiamo sulla base del rischio e del rendimento previsto del prodotto. Si prega di notare che il rendimento previsto non è garantito. Più il periodo di detenzione effettivo differisce dal periodo di detenzione raccomandato per il prodotto, più il rapporto effettivo tra il vostro rischio e il vostro rendimento si discosta dalle ipotesi formulate per il prodotto. Il periodo di detenzione adatto a voi potrebbe risultare diverso in funzione delle vostre esigenze e restrizioni. Vi invitiamo pertanto a discutere di questo aspetto con il vostro consulente alla clientela. | # Recommended holding period: 3 year(s)
The recommended holding period for this product is 3 year(s). This is our recommended holding period based on the risk and expected return with the product. Please note that the expected return is not guaranteed. The more the actual holding period deviates from the recommended holding period for the product, the more your actual return will also deviate from the product assumptions. Depending on your needs and limitations, a different holding period may be suitable for you. Consequently, we recommend that you discuss this issue with your customer service representative. | en | it |
DOLFIN4545 | 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.
Costs 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 period, we have assumed the fund performs as shown in the moderate scenario and the investment is USD 10,000.
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 USD | 1,765 USD |
| Annual cost impact (*) | 2.3% | 2.4% |
(*) 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 13.9% before costs and 11.5% after costs.
Composition of costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | 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 If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 USD |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 USD | | # ¿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.
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 fundo evoluciona tal como muestra el escenario moderado y que se invierten 10.000 USD.
| Inversión: 10.000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 225 USD | 1.765 USD |
| Incidencia anual de los costes (*) | 2,3% | 2,4% |
(*) 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 periodo de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 13,9% antes de deducir los costes y del 11,5% después de deducir los costes.
Composición de los costes
| En caso de salida después de 1 Costes únicos de entrada o salida año |
| --- |
| Costes de entrada | No cobramos comisión de entrada. | 0 USD |
| Costes de salida | No cobramos una comisión de salida por este producto, [pero es posible que la persona que se lo venda sí lo haga]. | 0 USD |
| En caso de salida después de 1 Costes corrientes detraídos cada año año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Las comisiones de gestión y otros costes de funcionamiento ascienden a un total del 1,35% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 135 USD |
| Costes de operación | La incidencia de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. | 90 USD |
| En caso de salida después de 1 Costes accesorios detraídos en condiciones específicas año |
| Comisiones de rendimiento | No se aplica ninguna Comisión de rendimiento a este producto. | 0 USD | | # 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.
Costs 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 period, we have assumed the fund performs as shown in the moderate scenario and the investment is USD 10,000.
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 225 USD | 1,765 USD |
| Annual cost impact (*) | 2.3% | 2.4% |
(*) 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 13.9% before costs and 11.5% after costs.
Composition of costs
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | 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 If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.35% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 135 USD |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 90 USD |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 USD | | en | es |
DOLFIN4546 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SC of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class SC of the Absorbed Sub-fund. | ## Índice de referencia: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculado con los dividendos netos reinvertidos
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase SC del fondo francés Edmond de Rothschild EUROPE CONVERTIBLES (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase SC del Subfondo absorbido. | ## Benchmark: Refinitiv Europe Focus Hedged Convertible Bond Index (EUR), calculated with net dividends reinvested
-10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE CONVERTIBLES N EUR
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class SC of the French Edmond de Rothschild EUROPE CONVERTIBLES (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class SC of the Absorbed Sub-fund. | en | es |
DOLFIN4547 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1520 | €1620 |
| Rendement annuel moyen | -84.80% | -30.51% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €6030 | €6050 |
| Rendement annuel moyen | -39.70% | -9.56% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10610 | €13560 |
| Rendement annuel moyen | 6.10% | 6.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14880 | €18940 |
| Rendement annuel moyen | 48.80% | 13.63% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €1520 | €1620 |
| Rendimiento medio cada año | -84.80% | -30.51% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €6030 | €6050 |
| Rendimiento medio cada año | -39.70% | -9.56% |
| Moderado | Lo que podría recibir tras deducir los costes | €10610 | €13560 |
| Rendimiento medio cada año | 6.10% | 6.28% |
| Favorable | Lo que podría recibir tras deducir los costes | €14880 | €18940 |
| Rendimiento medio cada año | 48.80% | 13.63% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €1520 | €1620 |
| Rendement annuel moyen | -84.80% | -30.51% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €6030 | €6050 |
| Rendement annuel moyen | -39.70% | -9.56% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10610 | €13560 |
| Rendement annuel moyen | 6.10% | 6.28% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €14880 | €18940 |
| Rendement annuel moyen | 48.80% | 13.63% | | fr | es |
DOLFIN4548 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Launch date of Capital International Global Bond Fund, which merged into CIF Global Bond Fund on 6 September 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | - Auflegungsdatum des Capital International Global High Yield Fund, der am 6. September 2002 zum Capital International Global High Income Opportunities zusammengelegt wurde.
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | - Launch date of Capital International Global Bond Fund, which merged into CIF Global Bond Fund on 6 September 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN4549 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Lyxor International Asset Management S.A.S.
ESG & Climate Metrics as of June 2021
Lyxor MSCI EM Climate Change UCITS ETF
All ESG & Climate metrics are calculated on benchmark index | Lyxor International Asset Management S.A.S.
Métriques ESG & Climat - Juin 2021
Lyxor MSCI EM Climate Change UCITS ETF
L’ensemble des métriques ESG & Climat sont calculées sur l’indice benchmark. | Lyxor International Asset Management S.A.S.
ESG & Climate Metrics as of June 2021
Lyxor MSCI EM Climate Change UCITS ETF
All ESG & Climate metrics are calculated on benchmark index | en | fr |
DOLFIN4550 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company is an open-ended investment company and was incorporated in Luxembourg as a SICAV (société d'investissement à capital variable) on 15 June 1990. The Company is a SICAV under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2014/91/EU ("UCITS V Directive").
FIMLUX is the Management Company of the Company, with the day-to-day responsibility for the administration, investment management and marketing/distribution functions of the Company.
As at 30 April 2022, the Company consisted of 136 active sub-funds. The Directors may from time to time close sub-funds as well as launch further sub- funds with different investment objectives, subject to the approval of the CSSF.
The following sub-funds were launched during the year: | La Società è una società di investimento aperta, costituita in Lussemburgo come SICAV (Société d'Investissement à Capital Variable) il 15 giugno 1990. La Società è una SICAV ai sensi della parte I della Legge lussemburghese del 17 dicembre 2010 (e successive integrazioni e modificazioni) relativa agli organismi di investimento collettivo, che ha recepito la Direttiva 2014/91/UE ("Direttiva UCITS V").
FIMLUX è la Società di gestione della Società, ed ha la responsabilità quotidiana delle funzioni di amministrazione, gestione degli investimenti e marketing/distribuzione della Società.
Al 30 aprile 2022, la Società comprendeva 136 comparti attivi. Gli Amministratori possono di tanto in tanto chiudere comparti o lanciarne di nuovi con obiettivi di investimento diversi, salvo approvazione della CSSF.
Nel corso dell’esercizio sono stati lanciati i comparti seguenti: | The Company is an open-ended investment company and was incorporated in Luxembourg as a SICAV (société d'investissement à capital variable) on 15 June 1990. The Company is a SICAV under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2014/91/EU ("UCITS V Directive").
FIMLUX is the Management Company of the Company, with the day-to-day responsibility for the administration, investment management and marketing/distribution functions of the Company.
As at 30 April 2022, the Company consisted of 136 active sub-funds. The Directors may from time to time close sub-funds as well as launch further sub- funds with different investment objectives, subject to the approval of the CSSF.
The following sub-funds were launched during the year: | en | it |
DOLFIN4551 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Inflation and interest rates to normalize within a few quarters
We are approaching the expected inflation peak, which, due to energy prices’ comparative effect and their impact on many other products, will probably occur in 2H2022.
The U.S. inflationary problem is more on the demand side, which will gradually soften after rate hikes and automatic stabilizers (e.g., the dollar and energy). On the European side, the problem is more on the supply side, due to the Russian gas cuts, energy prices in general, and supply chain/logistic bottle- necks.
The market has a very clear view on what is coming: it expects high inflation for longer and an eco- nomic recession, although the two are mutually exclusive. If there is a recession, there cannot be high inflation. We suspect that the current animal spirits are biased toward pessimism.
We believe that inflation will moderate in the next few quarters to normalize by the end of 2023 due to:
- the stabilization of energy prices (at high levels);
- the ongoing improvement of supply chains, which has started by mid-year
- high food prices will encourage more planting and harvesting in 2023 (i.e., a short agricul- tural cycle)
- more stable fertilizer prices (at high levels also)
- Europe not having a labor inflation problem like the US; and
- the impact of interest rates and lower growth on demand. | # Normalisierung von Inflation und Zinssätzen innerhalb weniger Quartale
Wir nähern uns dem erwarteten Inflationshöhepunkt, der aufgrund der komparativen Wirkung der Energiepreise und ihrer Auswirkungen auf viele andere Produkte wahrscheinlich im zweiten Halbjahr 2022 eintreten wird.
Das Inflationsproblem in den USA liegt eher auf der Nachfrageseite, die sich nach Zinserhöhungen und automatischen Stabilisatoren (z. B. Dollar und Energie) allmählich abschwächen wird. In Europa ist das Problem eher auf der Angebotsseite zu suchen, bedingt durch die russischen Gaskürzungen, die Energiepreise im Allgemeinen und Engpässe in der Lieferkette/Logistik.
Der Markt hat eine sehr klare Vorstellung von dem, was kommen wird: Er rechnet mit einer länger anhaltenden hohen Inflation und einer wirtschaftlichen Rezession, obwohl sich beides gegenseitig ausschliesst. Wenn es eine Rezession gibt, kann es keine hohe Inflation geben. Wir vermuten, dass die derzeitige Stimmung pessimistisch geprägt ist.
Wir glauben, dass sich die Inflation in den nächsten Quartalen abschwächen und bis Ende 2023 normalisieren wird, und zwar aus folgenden Gründen:
- die Stabilisierung der Energiepreise (auf hohem Niveau);
- die kontinuierliche Verbesserung der Lieferketten, die zur Jahresmitte begonnen hat;
- die hohen Lebensmittelpreise werden 2023 zu einer verstärkten Aussaat und Ernte führen (d. h. ein kurzer landwirtschaftlicher Zyklus);
- stabilere Düngemittelpreise (auch auf hohem Niveau);
- and Europa hat kein Problem mit der Inflation der Arbeitskräfte wie die USA; und
- die Auswirkungen der Zinssätze und des geringeren Wachstums auf die Nachfrage. | # Inflation and interest rates to normalize within a few quarters
We are approaching the expected inflation peak, which, due to energy prices’ comparative effect and their impact on many other products, will probably occur in 2H2022.
The U.S. inflationary problem is more on the demand side, which will gradually soften after rate hikes and automatic stabilizers (e.g., the dollar and energy). On the European side, the problem is more on the supply side, due to the Russian gas cuts, energy prices in general, and supply chain/logistic bottle- necks.
The market has a very clear view on what is coming: it expects high inflation for longer and an eco- nomic recession, although the two are mutually exclusive. If there is a recession, there cannot be high inflation. We suspect that the current animal spirits are biased toward pessimism.
We believe that inflation will moderate in the next few quarters to normalize by the end of 2023 due to:
- the stabilization of energy prices (at high levels);
- the ongoing improvement of supply chains, which has started by mid-year
- high food prices will encourage more planting and harvesting in 2023 (i.e., a short agricul- tural cycle)
- more stable fertilizer prices (at high levels also)
- Europe not having a labor inflation problem like the US; and
- the impact of interest rates and lower growth on demand. | en | de |
DOLFIN4552 | 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
Il s’agit de la EUR I Catégorie d’actions European Value du Fonds, qui appartient au Sparinvest SICAVFonds à compartiments multiples, un fonds d’investissement à capital variable.
Il s’agit d’une Catégorie d’actions de capitalisation, ce qui signifie que tout revenu généré par le Fonds est réinvesti.
La devise de référence du Fonds est EUR et la devise de la Catégorie d’actions est EUR.
### Objectif et politique d’investissement
Le Fonds vise à générer un rendement positif sur le long terme en utilisant l’approche de valeur pour la sélection des titres.
Le Fonds investit au moins 2/3 de son actif net total dans des titres de participation et/ou des titres équivalents à des actions (tels que des Certificats américains d’actions étrangères et des Certificats internationaux d’actions étrangères) des marchés développés européens et jusqu’à 1/3 de son actif net total dans des titres convertibles et/ou des warrants sur valeurs mobilières des marchés développés européens.
Le Fonds peut, dans une certaine mesure, investir dans d’autres valeurs mobilières et/ou dans des actifs liquides et/ou dans des instruments du marché monétaire négociés sur des marchés régulés assortis d’une durée résiduelle maximale de 12 mois et/ou dans des valeurs mobilières à revenu fixe.
Le Fonds peut détenir jusqu’à 15 % de liquidités. Il n’y a pas de limite en termes de devise d’investissement.
Les caractéristiques environnementales et sociales ainsi que la bonne gouvernance des sociétés dans lesquelles le Fonds investit sont prises en compte lors des décisions d’investissement.
Le Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas pour objectif l’investissement durable. Par conséquent, le Fonds relève de la catégorie de l’article 8 du SFDR.
Indice de référence : MSCI Europe.
Le Fonds est géré activement et fait référence à un indice de référence à des fins de répartition des actifs, de mesure des risques et de comparaison. Le Gestionnaire d’investissement a un plein pouvoir discrétionnaire sur la composition du portefeuille du Fonds, même si les composants de l’indice de référence sont généralement représentatifs du portefeuille du Fonds. Le Fonds ne suit toutefois pas l’indice de référence et peut investir dans des instruments qui ne font pas partie de l’indice de référence. La mesure dans laquelle la composition du portefeuille du Fonds peut s’écarter de l’indice de référence variera au fil du temps, et la performance du Fonds peut être sensiblement différente de celle de l’indice de référence.
### Investisseurs visés
Cette Catégorie d’actions est disponible pour tous les investisseurs qui répondent aux critères énoncés à l’Annexe II de la Directive MiFID II (2014/65/UE).
Le Fonds peut convenir aux investisseurs qui recherchent une appréciation du capital sur le long terme. Les investisseurs doivent être conscients qu’ils peuvent ne pas récupérer les investissements initiaux. Les investisseurs doivent tenir compte de leurs objectifs d’investissement et de leurs besoins financiers à long terme lorsqu’ils prennent une décision d’investissement.
Le Fonds peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport d’ici 5 ans.
### Durée
Le Fonds n’a pas de date d’échéance.
La Catégorie d’actions peut être liquidée si la valeur nette des actifs est inférieure à 5 millions d’euros, si un changement de situation économique ou politique justifie une telle liquidation ou si cela est jugé nécessaire dans l’intérêt des actionnaires.
Dépositaire : Banque Et Caisse D'epargne De L'etat, Luxembourg | # ¿Qué es este producto?
### Tipo
Se trata de la Clase de Acciones EUR I del Fondo European Value, que pertenece al fondo paraguas Sparinvest SICAV, un fondo de inversión abierto.
La Clase de Acciones es acumulativa, lo que significa que los ingresos generados por el Fondo se reinvierten. La moneda de referencia del Fondo es EUR y la moneda de la Clase de Acciones es EUR.
### Política y objetivo de inversión
El Fondo usa el enfoque de valor para la selección de acciones a fin de proporcionar una rentabilidad positiva a largo plazo.
El Fondo invierte al menos 2/3 de sus activos netos totales en valores de renta variable de mercados europeos desarrollados o valores equivalentes de renta variable (como ADR/GDR) y hasta 1/3 de sus activos netos totales en valores convertibles de mercados europeos desarrollados o warrants sobre valores mobiliarios.
El Fondo podrá, en cierta medida, invertir en otros valores mobiliarios o en activos líquidos o en instrumentos del mercado monetario negociados regularmente con un plazo residual máximo de 12 meses, o en valores mobiliarios de renta fija.
El Fondo puede mantener hasta el 15 % en efectivo. No hay limitación en cuando a la moneda de las inversiones.
A la hora de tomar decisiones de inversión, se tienen en cuenta las características medioambientales y sociales, así como la buena gobernanza de las empresas en las que se invierte.
El Fondo promueve características medioambientales y sociales, pero no tiene como objetivo la inversión sostenible. Por lo tanto, el Fondo entra en la categoría del artículo 8 del SFDR.
Valor de referencia: MSCI Europe.
El Fondo se gestiona activamente y se inspira en un valor de referencia con fines de comparación, asignación de activos y medición del riesgo. El gestor de inversiones tiene plena libertad para decidir la composición de la cartera del Fondo, aunque los componentes del valor de referencia sean generalmente representativos de la cartera del Fondo. Sin embargo, el Fondo no reproduce ningún valor de referencia y puede invertir en instrumentos que no sean componentes del valor de referencia. El grado en que la composición de la cartera del Fondo puede desviarse de la del valor de referencia variará con el tiempo y la rentabilidad del Fondo puede ser significativamente diferente de la del valor de referencia.
### Inversor al que va dirigido
Esta clase de acciones está disponible a todos los inversores que cumplan los criterios dispuestos en el anexo II de la directiva MiFID II (2014/65/UE).
El Fondo puede ser adecuado para inversores que busquen una revalorización del capital a largo plazo. Los inversores deben ser conscientes de que podrían no recuperar las inversiones iniciales. Los inversores deben tener en cuenta sus objetivos de inversión a largo plazo y sus necesidades financieras a la hora de tomar una decisión de inversión.
Puede que el Fondo no sea adecuado para inversores que tengan previsto retirar su dinero en un plazo de 5 años.
### Plazo
El Fondo no tiene fecha de vencimiento.
La Clase de Acciones puede cancelarse si el valor liquidativo es inferior a 5 millones de EUR o si un cambio en la situación económica o política justifica dicha liquidación, si fuera necesario, en interés de los accionistas.
Depositario: Banque Et Caisse D'epargne De L'etat, Luxembourg | # En quoi consiste ce Produit ?
### Type
Il s’agit de la EUR I Catégorie d’actions European Value du Fonds, qui appartient au Sparinvest SICAVFonds à compartiments multiples, un fonds d’investissement à capital variable.
Il s’agit d’une Catégorie d’actions de capitalisation, ce qui signifie que tout revenu généré par le Fonds est réinvesti.
La devise de référence du Fonds est EUR et la devise de la Catégorie d’actions est EUR.
### Objectif et politique d’investissement
Le Fonds vise à générer un rendement positif sur le long terme en utilisant l’approche de valeur pour la sélection des titres.
Le Fonds investit au moins 2/3 de son actif net total dans des titres de participation et/ou des titres équivalents à des actions (tels que des Certificats américains d’actions étrangères et des Certificats internationaux d’actions étrangères) des marchés développés européens et jusqu’à 1/3 de son actif net total dans des titres convertibles et/ou des warrants sur valeurs mobilières des marchés développés européens.
Le Fonds peut, dans une certaine mesure, investir dans d’autres valeurs mobilières et/ou dans des actifs liquides et/ou dans des instruments du marché monétaire négociés sur des marchés régulés assortis d’une durée résiduelle maximale de 12 mois et/ou dans des valeurs mobilières à revenu fixe.
Le Fonds peut détenir jusqu’à 15 % de liquidités. Il n’y a pas de limite en termes de devise d’investissement.
Les caractéristiques environnementales et sociales ainsi que la bonne gouvernance des sociétés dans lesquelles le Fonds investit sont prises en compte lors des décisions d’investissement.
Le Fonds promeut des caractéristiques environnementales et sociales, mais n’a pas pour objectif l’investissement durable. Par conséquent, le Fonds relève de la catégorie de l’article 8 du SFDR.
Indice de référence : MSCI Europe.
Le Fonds est géré activement et fait référence à un indice de référence à des fins de répartition des actifs, de mesure des risques et de comparaison. Le Gestionnaire d’investissement a un plein pouvoir discrétionnaire sur la composition du portefeuille du Fonds, même si les composants de l’indice de référence sont généralement représentatifs du portefeuille du Fonds. Le Fonds ne suit toutefois pas l’indice de référence et peut investir dans des instruments qui ne font pas partie de l’indice de référence. La mesure dans laquelle la composition du portefeuille du Fonds peut s’écarter de l’indice de référence variera au fil du temps, et la performance du Fonds peut être sensiblement différente de celle de l’indice de référence.
### Investisseurs visés
Cette Catégorie d’actions est disponible pour tous les investisseurs qui répondent aux critères énoncés à l’Annexe II de la Directive MiFID II (2014/65/UE).
Le Fonds peut convenir aux investisseurs qui recherchent une appréciation du capital sur le long terme. Les investisseurs doivent être conscients qu’ils peuvent ne pas récupérer les investissements initiaux. Les investisseurs doivent tenir compte de leurs objectifs d’investissement et de leurs besoins financiers à long terme lorsqu’ils prennent une décision d’investissement.
Le Fonds peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport d’ici 5 ans.
### Durée
Le Fonds n’a pas de date d’échéance.
La Catégorie d’actions peut être liquidée si la valeur nette des actifs est inférieure à 5 millions d’euros, si un changement de situation économique ou politique justifie une telle liquidation ou si cela est jugé nécessaire dans l’intérêt des actionnaires.
Dépositaire : Banque Et Caisse D'epargne De L'etat, Luxembourg | fr | es |
DOLFIN4553 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Appendix VIII
#### SUSTAINABLE FINANCE DISCLOSURE REGULATION (UNAUDITED) (Continued)
Due to the delay to the publication of the final RTS supplementing the Taxonomy Regulation and the industry wide absence of sufficient reliable, timely and verifiable data to enable the Manager to assess the Portfolio's investments, the Manager is not currently in a position to ascertain the proportion of the Portfolio's investments that contribute to environmentally sustainable economic activities. Therefore, for the purposes of the Taxonomy Regulation, it should be noted that during the relevant period, the Portfolio may have been invested in investments that do not take into account the EU criteria for environmentally sustainable economic activities.
* Portfolio terminated during 2021.
** Portfolio not yet launched.
*** Portfolio launched in 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC FINANCIAL STATEMENTS
This document is issued by Neuberger Berman Asset Management Ireland Limited (“NBAMIL”) which is authorised and regulated by the Irish Central Bank ("CBI") and is registered in Ireland, at 32 Molesworth Street, Dublin 2. In Switzerland the representative and paying agent is BNP Paribas Securities Services, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Both the place of performance and the place of jurisdiction for Shares in the Company's sub-funds offered or distributed in or from Switzerland shall be the seat of the Swiss representative. The prospectus, key investor information document, the company's articles of association, the latest audited annual accounts and any subsequent half-yearly accounts of the Company may be obtained free of charge from the representative in Switzerland.
Neuberger Berman Investment Funds plc (the “Company”) is authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities under the European Communities (“UCITS”) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.
This document has been provided for information purposes only to and/or directed only at persons who are professional clients or eligible counterparties. All information is subject to change without notice. No part of this document may be reproduced in any manner without the written permission of NBAMIL. Firm data, where relevant, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history/timeline information dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman Group LLC), and highlights key business expansions, including those that resulted from acquisitions of the various affiliated investment advisers that now comprise the firm. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
While Neuberger Berman believe that the information is correct at the date of production, no warranty or representation is given to this effect and no responsibility can be accepted by Neuberger Berman to the recipient of this document or end users for any action taken on the basis of the information contained herein. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. Opinions expressed herein reflect the opinion of Neuberger Berman and are subject to change without notice. The Company may not be eligible for sale in some countries and it may not be suitable for all types of investor for further information see the current prospectus. Please go to www.nb.com/europe/literature.html for more information.
Fixed income securities are subject to the risk of an issuer’s ability to meet principal and interest payments on the obligation (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Fixed income securities are also exposed to the risk that their or their issuers’ credit ratings may be downgraded, which can cause a significant drop in the value of such securities.
Lower rated or unrated (i.e. non-investment grade or high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities generally are not meant for short-term investing. Investors who subscribe in a currency other than the base currency of the Company are exposed to currency risk. Fluctuations in these exchange rates may affect the return on investment.
Past performance is not indicative of future results. For details of the investment risks, which may include but are not limited to liquidity, interest rate, credit and currency risk, see the current prospectus. Please note that any dividends/interest which the Company may receive may be subject to withholding tax. The benchmark does not take into account the effects of tax and the deduction is therefore not reflected in the benchmark return illustrated herein. The investment objective and performance benchmark is a target only and not a guarantee of the Company performance. The index is unmanaged and cannot be invested in directly. Index returns assume reinvestment of dividends and capital gains and unlike fund returns do not reflect fees or expenses. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. The investments of each Portfolio may be fully hedged into the Portfolio's base currency: this may reduce currency risks but may also expose the Portfolio to other risks such as the default of a counterparty. As noted above for further information relating to risks specific to this strategy please see the current prospectus
Neuberger Berman is a registered trademark.
© 2021 Neuberger Berman
Contact details for NB Europe German branch: Tel +4969 50956 5647/5648 E-mail: [email protected]
ANNUAL REPORT 2021 1665 | # Anexo VIII
#### REGLAMENTO SOBRE DIVULGACIÓN DE FINANZAS SOSTENIBLES (SIN AUDITAR) (cont.)
Debido al retraso en la publicación de la versión definitiva de las RTS por las que se desarrolla el Reglamento sobre la taxonomía y a la ausencia en el conjunto de la industria de unos datos suficientes, fiables, puntuales y verificables que permitan a la Gestora valorar las inversiones de la Cartera, esta no se encuentra en en condiciones en estos momentos de determinar la proporción de inversiones de esta que contribuye a actividades económicas medioambientalmente sostenibles. Por consiguiente, a los efectos del Reglamento sobre la taxonomía, cabe señalar que es posible que la Cartera haya mantenido inversiones en el periodo analizado que no tienen en cuenta los criterios de la UE para actividades económicas medioambientalmente sostenibles.
* La Cartera se liquidó en 2021.
** La Cartera todavía no se ha lanzado.
*** La Cartera se lanzó en 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC CUENTAS
El presente documento lo emite Neuberger Berman Asset Management Ireland Limited (“NBAMIL”), entidad autorizada y regulada por el Banco Central de Irlanda ("CBI") y registrada en Irlanda, con domicilio en 32 Molesworth Street, Dublin 2. En Suiza el representante y agente de pagos es BNP Paribas Securities Services, sucursal de Zúrich, Selnaustrasse 16, 8002 Zúrich, Suiza. Tanto el lugar de cumplimiento como el lugar de jurisdicción de las acciones de los subfondos de la Sociedad ofrecidos o distribuidos en o desde Suiza, será la sede del representante en Suiza. Se podrán solicitar del representante en Suiza sin gasto el folleto, los documentos de datos fundamentales para el inversor, los estatutos sociales de la sociedad, las cuentas anuales más recientes, así como cualesquiera cuentas semestrales de la Sociedad que se hayan publicado con posterioridad.
Neuberger Berman Investments Funds plc (la “Sociedad”) está autorizado por el Banco Central de Irlanda (el “Banco Central”) como Organismo de Inversión Colectiva en Valores Mobiliarios de conformidad con los European Communities (“UCITS”) Regulations de 2011 (S.I. 352 de 2011) de Irlanda, en su versión modificada
El presente documento se ofrece exclusivamente con fines informativos solo a personas que sean clientes profesionales o contrapartes elegibles. Toda la información estará sujeta a modificación sin previo aviso. Queda prohibida la reproducción de cualquiera de las partes de este documento sin el permiso por escrito de NBAMIL. Los datos de empresas, si procede, incluido lo relativo a empleados y activos sobre cifras de gestión reflejan datos colectivos de los distintos asesores de inversión afiliados que son filiales del grupo Neuberger Berman Group LLC (la “Empresa”). El historial o la información cronológica de la empresa se retrotrae a la fundación en 1939 de Neuberger & Berman (antecesora de Neuberger Berman Group LLC), y destaca las ampliaciones de negocio clave, incluidas las derivadas de adquisiciones de los distintos asesores de inversión afiliados que ahora integran la empresa. Los profesionales de la inversión referidos incluyen gestores de carteras, analistas y asociados de investigación, corredores, especialistas en productos y equipos dedicados de economistas y estrategas.
A pesar de que Neuberger Berman estima que la información es correcta en la fecha de publicación, no se hacen declaraciones ni se prestan garantías a este respecto, y Neuberger Berman no puede aceptar responsabilidad alguna frente al receptor del presente documento o usuarios finales por cualesquiera acciones adoptadas con base en la información dispuesta en el presente documento. No se deberá emplear como respaldo a ningún efecto la información y opiniones dispuestas en el presente documento, ni su precisión o carácter completo. Las opiniones aquí expresadas reflejan la opinión de Neuberger Berman y podrían variar sin previo aviso. La Sociedad podría no reunir los requisitos necesarios para su comercialización en determinados países y no ser adecuada para todos los tipos de inversores, consulte el Folleto vigente para obtener más información. Visite la página www.nb.com/europe/literature.html para obtener más información.
Los títulos de renta fija están sujetos al riesgo de la capacidad del emisor para cumplir con los pagos de principal e intereses sobre la obligación (riesgo de crédito), y también podrán estar sujetos a la volatilidad de los precios debido a factores como la sensibilidad de los tipos de interés, la percepción del mercado de la solvencia del emisor y la liquidez general del mercado (riesgo de mercado). Los títulos de renta fija también están expuestos al riesgo de rebaja de las calificaciones de crédito de los respectivos emisores, lo que puede ocasionar caídas importantes del valor de dichos títulos.
Es más probable que los títulos de menor calificación o sin calificación (esto es, de categoría inferior a la inversión o de alta rentabilidad) reaccionen ante acontecimientos que afecten al mercado y al riesgo de crédito que los títulos de mayor calificación, que reaccionan principalmente ante los movimientos del nivel general de los tipos de interés. Los inversores deberán evaluar con atención los riesgos inherentes a la inversión en títulos de alta rentabilidad, y comprender que, por lo general, dichos títulos no están concebidos para la inversión a corto plazo. Los inversores que subscriben en una divisa distinta de la divisa de la cuenta de la Sociedad se exponen al riesgo de divisas. Las fluctuaciones de estos tipos de interés podrán afectar a la rentabilidad de la inversión.
Las rentabilidades pasadas no son necesariamente indicativas de los resultados futuros. Para obtener información sobre los riesgos de inversión, que pueden incluir, entre otros, riesgos de liquidez, de tipo de interés, y de crédito y divisas, consulte el folleto vigente. Tenga en cuenta que cualesquiera dividendos/intereses que pueda percibir la Sociedad estarán sujetos a retención de impuestos. El índice de referencia no tiene en cuenta los efectos de los impuestos y, por consiguiente, dicha deducción no se refleja en la rentabilidad del índice de referencia que se muestra en el presente documento. El objetivo de inversión y la rentabilidad de referencia son meramente un objetivo y no una garantía de la rentabilidad de la Sociedad. El índice no está gestionado y no se puede invertir directamente en él. La rentabilidad del índice presupone la reinversión de los dividendos y las plusvalías y, a diferencia de la rentabilidad del Fondo, no refleja comisiones ni gastos. Los movimientos adversos de los tipos de cambio de divisas pueden dar lugar a un descenso de la rentabilidad y a una pérdida del capital. Las inversiones de cada Cartera pueden cubrirse de forma íntegra en su moneda de cuenta. Aunque esto puede contribuir a reducir los riesgos cambiarios, también puede exponer a la Cartera a otros riesgos como, por ejemplo, el impago de una contraparte. Según se indica anteriormente, para obtener información adicional relativa a los riesgos específicos de la presente estrategia, consulte el folleto vigente.
Neuberger Berman es una marca registrada.
© 2021 Neuberger Berman
Datos de contacto de la oficina alemana de NB Europe: Tel +4969 50956 5647/5648 Correo electrónico: [email protected]
INFORME ANUAL 2021 1665 | # Appendix VIII
#### SUSTAINABLE FINANCE DISCLOSURE REGULATION (UNAUDITED) (Continued)
Due to the delay to the publication of the final RTS supplementing the Taxonomy Regulation and the industry wide absence of sufficient reliable, timely and verifiable data to enable the Manager to assess the Portfolio's investments, the Manager is not currently in a position to ascertain the proportion of the Portfolio's investments that contribute to environmentally sustainable economic activities. Therefore, for the purposes of the Taxonomy Regulation, it should be noted that during the relevant period, the Portfolio may have been invested in investments that do not take into account the EU criteria for environmentally sustainable economic activities.
* Portfolio terminated during 2021.
** Portfolio not yet launched.
*** Portfolio launched in 2022.
1664 NEUBERGER BERMAN INVESTMENT FUNDS PLC
NEUBERGER BERMAN INVESTMENT FUNDS PLC FINANCIAL STATEMENTS
This document is issued by Neuberger Berman Asset Management Ireland Limited (“NBAMIL”) which is authorised and regulated by the Irish Central Bank ("CBI") and is registered in Ireland, at 32 Molesworth Street, Dublin 2. In Switzerland the representative and paying agent is BNP Paribas Securities Services, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. Both the place of performance and the place of jurisdiction for Shares in the Company's sub-funds offered or distributed in or from Switzerland shall be the seat of the Swiss representative. The prospectus, key investor information document, the company's articles of association, the latest audited annual accounts and any subsequent half-yearly accounts of the Company may be obtained free of charge from the representative in Switzerland.
Neuberger Berman Investment Funds plc (the “Company”) is authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities under the European Communities (“UCITS”) Regulations 2011 (S.I. 352 of 2011) of Ireland, as amended.
This document has been provided for information purposes only to and/or directed only at persons who are professional clients or eligible counterparties. All information is subject to change without notice. No part of this document may be reproduced in any manner without the written permission of NBAMIL. Firm data, where relevant, including employee and assets under management figures, reflect collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC (the “firm”). Firm history/timeline information dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman Group LLC), and highlights key business expansions, including those that resulted from acquisitions of the various affiliated investment advisers that now comprise the firm. Investment professionals referenced include portfolio managers, research analysts/associates, traders, and product specialists and team dedicated economists/strategists.
While Neuberger Berman believe that the information is correct at the date of production, no warranty or representation is given to this effect and no responsibility can be accepted by Neuberger Berman to the recipient of this document or end users for any action taken on the basis of the information contained herein. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. Opinions expressed herein reflect the opinion of Neuberger Berman and are subject to change without notice. The Company may not be eligible for sale in some countries and it may not be suitable for all types of investor for further information see the current prospectus. Please go to www.nb.com/europe/literature.html for more information.
Fixed income securities are subject to the risk of an issuer’s ability to meet principal and interest payments on the obligation (credit risk) and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Fixed income securities are also exposed to the risk that their or their issuers’ credit ratings may be downgraded, which can cause a significant drop in the value of such securities.
Lower rated or unrated (i.e. non-investment grade or high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities generally are not meant for short-term investing. Investors who subscribe in a currency other than the base currency of the Company are exposed to currency risk. Fluctuations in these exchange rates may affect the return on investment.
Past performance is not indicative of future results. For details of the investment risks, which may include but are not limited to liquidity, interest rate, credit and currency risk, see the current prospectus. Please note that any dividends/interest which the Company may receive may be subject to withholding tax. The benchmark does not take into account the effects of tax and the deduction is therefore not reflected in the benchmark return illustrated herein. The investment objective and performance benchmark is a target only and not a guarantee of the Company performance. The index is unmanaged and cannot be invested in directly. Index returns assume reinvestment of dividends and capital gains and unlike fund returns do not reflect fees or expenses. Adverse movements in currency exchange rates can result in a decrease in return and a loss of capital. The investments of each Portfolio may be fully hedged into the Portfolio's base currency: this may reduce currency risks but may also expose the Portfolio to other risks such as the default of a counterparty. As noted above for further information relating to risks specific to this strategy please see the current prospectus
Neuberger Berman is a registered trademark.
© 2021 Neuberger Berman
Contact details for NB Europe German branch: Tel +4969 50956 5647/5648 E-mail: [email protected]
ANNUAL REPORT 2021 1665 | en | es |
DOLFIN4554 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net Emerging Markets Index (index) which is designed to reflect the performance of the shares of certain companies in global emerging market countries as determined by MSCI. The companies comprising the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index aims to represent 85% of the readily available shares in each industry sector in the global emerging markets. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de gastos y comisiones, del MSCI Total Return Net Emerging Markets index (el “índice”), que está diseñado para reflejar el rendimiento de las acciones de una serie de empresas de distintos países de mercados emergentes determinados por MSCI. Las empresas que integran el índice son grandes y medianas empresas cuyo tamaño está basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo. El índice pretende representar el 85% de las acciones de mayor disponibilidad en cada sector industrial los mercados emergentes mundiales. Los componentes subyacentes del índice están admitidos a cotización en múltiples divisas. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance, before fees and expenses, of the MSCI Total Return Net Emerging Markets Index (index) which is designed to reflect the performance of the shares of certain companies in global emerging market countries as determined by MSCI. The companies comprising the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. The index aims to represent 85% of the readily available shares in each industry sector in the global emerging markets. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after | en | es |
DOLFIN4555 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Proposal 4: Proposal to approve the share exchange ratio which is fixed at one for one and which will be calculated on the basis of the net asset value of each sub-fund to be absorbed dated:
- 18 March 2022 (calculated on 21 March 2022 and 22 March 2022, respectively, for the sub-funds to be absorbed D+1 and D+2 as listed in the table below).
- 14 March 2022 for DPAM HORIZON B Balanced Growth (calculated on 15 March 2022)The shareholders of the sub-fund to be absorbed will receive one share of the absorbing sub-fund for each class of subscribed shares which they hold at the time of the merger.
If, following the exchange, the shareholder is allocated a fraction of shares in exchange for a full share, he/she may either be reimbursed by the corresponding absorbing sub-fund for this fraction of a share in cash and free of charge, except for any taxes that may be levied, or complete his/her fraction of a share in return for a cash payment in order to obtain a whole number of shares. | # Proposta 4: Proposta di approvazione del rapporto di concambio azionario stabilito in uno a uno, che sarà calcolato sulla base del valore patrimoniale netto di ogni comparto da incorporare in data:
- 18 marzo 2022 (calcolato il 21 marzo 2022 e il 22 marzo 2022 rispettivamente per i comparti da incorporare G+1 e G+2 come indicato nella tabella seguente)
- 14 marzo 2022 per DPAM HORIZON B Balanced Growth (calcolato il 15 marzo 2022)Gli azionisti del comparto da incorporare riceveranno, per ogni classe di azioni sottoscritta da essi detenuta al momento della fusione, una corrispondente azione del comparto incorporante.
Se riceverà una frazione di azioni in cambio di un’azione intera, per effetto del concambio, l’azionista potrà farsi rimborsare tale frazione di azioni dal corrispondente comparto incorporante in contanti e senza commissione, salvo eventuali imposte, o integrare la sua frazione di azione a mezzo pagamento in contanti per ottenere un numero intero di azioni. | # Proposal 4: Proposal to approve the share exchange ratio which is fixed at one for one and which will be calculated on the basis of the net asset value of each sub-fund to be absorbed dated:
- 18 March 2022 (calculated on 21 March 2022 and 22 March 2022, respectively, for the sub-funds to be absorbed D+1 and D+2 as listed in the table below).
- 14 March 2022 for DPAM HORIZON B Balanced Growth (calculated on 15 March 2022)The shareholders of the sub-fund to be absorbed will receive one share of the absorbing sub-fund for each class of subscribed shares which they hold at the time of the merger.
If, following the exchange, the shareholder is allocated a fraction of shares in exchange for a full share, he/she may either be reimbursed by the corresponding absorbing sub-fund for this fraction of a share in cash and free of charge, except for any taxes that may be levied, or complete his/her fraction of a share in return for a cash payment in order to obtain a whole number of shares. | en | it |
DOLFIN4556 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# COMPOSITION OF COSTS
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 161.94 EUR |
| Transaction costs | 0.00% 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. | 0.00 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | # ZUSAMMENSETZUNG DER KOSTEN
| Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach aussteigen Jahr |
| --- | --- |
| Einstiegskosten | Wir berechnen keine Einstiegsgebühr für dieses Produkt. | 0 EUR |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. | 0 EUR |
| Jährlich erhobene laufende Kosten | |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 1,59% des Werts Ihrer Anlage pro Jahr. Dies ist eine Schätzung anhand der tatsächlichen Kosten im vergangenen Jahr. | 161,94 EUR |
| Transaktionskosten | 0,00% des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 0,00 EUR |
| Zusätzliche Kosten unter bestimmten Bedingungen | |
| Erfolgsgebühren | Für dieses Produkt wird keine Erfolgsgebühr berechnet. | 0 EUR | | # COMPOSITION OF COSTS
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product. | 0 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 161.94 EUR |
| Transaction costs | 0.00% 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. | 0.00 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | de |
DOLFIN4557 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DIRECTORS
- Unless otherwise determined by the Company by Ordinary Resolution, the number of the Directors shall not be less than two nor more than twelve. The first Directors shall be appointed by the subscribers herein.
- A Director need not be a Member.
- The Directors shall have power at any time and from time to time to appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Any Director so appointed shall hold office only untilthe next following annual general meeting and shall then be eligible for re- election.
- The Directors shall be entitled to such remuneration in relation to the performance of their duties as the Directors may from time to time determine. The Directors and any alternate Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or general meetings or any meetings in connection with the business of the Company.
- The Directors may in addition to such remuneration as is referred to in Article 20(d) hereof grant special remuneration to any Director who, being called upon, shall perform any special or extra services to or at the request of the Company.
- A Director is expressly permitted (for the purposes of Section 228(1)(d) of the Act) to use the Company’s property subject to such conditions as may be approved by the Board or such conditions as may have been approved pursuant to such authority as may be delegated by the Board in accordance with these Articles.
- The Company at any general meeting at which a Director retires or is removed shall fill the vacated office by electing a Director unless the Company shall determine to reduce the number of Directors.
- The office of a Director shall be vacated by a Director in any of the following events, namely:-
- if he resigns his office by notice in writing (whether in electronic form or otherwise) signed by him and left at the registered office of the Company;
- if he becomes bankrupt or makes any arrangement or composition with his creditors generally;
- if he becomes of unsound mind;
- if he ceases to be a Director by virtue of, or becomes prohibited from being a Director by reason of an order made under the provisions of any law or enactment;
- if he is requested by a majority of the other Directors (not being less than two in number) to vacate office;
- if he is removed from office by an Ordinary Resolution; and
- if he is absent from four successive meetings without leave expressed by a resolution of the Directors.
- At least ten days’ previous notice in writing shall be given to the Company of the intention of any Member or Members to propose any person other than a retiring Director for election to the office of Director and such notice shall beaccompanied by notice in writing (whether in electronic form or otherwise) signed by the person to be proposed confirming his willingness to be appointed PROVIDED ALWAYS that if the Members present at a general meeting unanimously consent, the chairman of such meeting may waive the said notices and submit to the meeting the name of any person so nominated, provided such person confirms in writing his willingness to be appointed and PROVIDED FURTHER that the nomination of any person other than a retiring Director for election as Director may be made only by a Director or by such Member or Members holding in the aggregate shares representing not less than 2.5 per cent of the Net Asset Value of the Company on the Dealing Day preceding the date of nomination.
- At a general meeting a motion for the appointment of two or more persons as Directors by a single resolution shall not be made unless a resolution that it shall be so made has been first agreed to by the meeting without any vote being given against it.
- Any Director may appoint at any time in writing (whether in electronic form or otherwise) and such appointment being received at the registered office, or delivered at a meeting of the Directors, any Director or other person to be his alternate Director and may in like manner at any time terminate such appointment.
- The appointment of an alternate Director shall determine if his appointor ceases to be a Director or on the happening of any such event which if he were a Director would cause him to vacate such office.
- An alternate Director shall be entitled to receive notices of meetings of the Directors and shall be entitled to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to perform all functions of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions hereof shall apply as if he (instead of his appointor) were a Director. If he himself shall be a Director, or shall attend any such meeting as an alternate for more than one Director, his voting rights shall be cumulative, provided, however, that he shall count as one for the purposes of determining a quorum. If his appointor is for the time being temporarily unable to act, his signature (whether by manual signature, facsimile signature, electronic signature, advanced electronic signature or otherwise as approved by the Directors) to any resolution in writing of the Directors and for the purposes of affixing the Company seal shall be as effective as the signature of his appointor. To such extent as the Directors may from time to time determine in relation to any committee of the Directors, the foregoing provisions of this paragraph shall also apply mutatis mutandis to any meeting of any such committee of which his appointor is a member. An alternate Director shall not (save as aforesaid or as otherwise herein provided) have power to act as a Director nor shall he be deemed to be a Director.
- An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified to the same extent mutatis mutandis as if hewere a Director but he shall not be entitled to receive from the Company in respect of his appointment as alternate Director any remuneration except only such part (if any) of the remuneration otherwise payable to his appointor as such appointor may by notice in writing to the Company from time to time direct.
- | # ADMINISTRATEURS
- Sauf décision contraire de la Société par voie de Résolution Ordinaire, le nombre des Administrateurs ne sera pas inférieur à deux ni supérieur à douze. Les premiers Administrateurs seront nommés par les souscripteurs des présentes.
- Un Administrateur ne doit pas nécessairement être Membre.
- Les Administrateurs auront le pouvoir, à tout moment et en tant que de besoin, de nommer toute personne pour être Administrateur, soit pour pallier une vacance ponctuelle, soit en plus des Administrateurs existants. Tout Administrateur ainsi nommé sera en fonction jusqu'à la prochaine assemblée générale annuelle, qui pourra le réélire.
- Au titre de l’exercice de leurs fonctions, les Administrateurs seront habilités à percevoir la rémunération qu’ils peuvent librement déterminer. Les Administrateurs et les éventuels Administrateurs suppléants peuvent également se faire rembourser l’ensemble des frais de déplacement, d’hébergement et autres dûment engagés par eux pour leurs allers-retours aux réunions du Conseil d'Administration ou de tout comité du Conseil d'Administration ou aux assemblées générales ou autres assemblées en lien avec l'activité de la Société.
- Outre la rémunération telle que mentionnée à l’Article 20(d) des présentes, les Administrateurs peuvent octroyer une rémunération spéciale à tout Administrateur qui est appelé à fournir des services spéciaux ou supplémentaires en faveur ou à la demande de la Société.
- Un Administrateur est expressément autorisé (aux fins de la Section 228(1)(d) de la Loi) à utiliser les biens de la Société sous réserve des conditions telles que pouvant être approuvées par le Conseil ou des conditions telles qu’ayant pu être approuvées en vertu de l’autorisation telle que pouvant être déléguée par le Conseil conformément aux présents Statuts.
- Lors de toute assemblée générale lors de laquelle un Administrateur quitte ses fonctions ou en est démis, la Société pourvoira le poste vacant en élisant un Administrateur, à moins qu’elle ne décide de diminuer le nombre d’Administrateurs.
- (g) Le mandat d’Administrateur sera laissé vacant par un Administrateur dans l’une quelconque des situations suivantes :
- s’il démissionne de son mandat moyennant une notification écrite (sous forme électronique ou autre) signée par lui-même et déposée au siège social de la Société ;
- s’il fait faillite ou conclut de manière générale tout accord ou arrangement avec ses créanciers ;
- s’il perd ses facultés mentales ;
- s’il cesse d’être Administrateur en vertu, ou se voit interdire d’exercer la fonction d’Administrateur en raison, d’une décision prise en vertu des dispositions de toute loi ou tout texte législatif ;
- s’il lui est demandé par une majorité des autres Administrateurs (dont le nombre ne peut être inférieur à deux) de quitter ses fonctions ;
- s’il est démis de ses fonctions par une Résolution Ordinaire ; et
- s’il est absent à quatre réunions successives sans autorisation formulée au moyen d’une résolution prise par les Administrateurs.
- Un préavis écrit d'au moins dix jours sera remis à la Société concernant l’intention de tout Membre ou tous Membres de proposer toute personne autre qu’un Administrateur sortant dans le cadre de l’élection à la fonction d’Administrateur et ledit préavis sera accompagné d’un avis écrit (sous forme électronique ou autre) signé par la personne proposée confirmant sa volonté d’être nommée, ÉTANT TOUJOURS ENTENDU que, si les Membres présents à l'assemblée générale y consentent unanimement, le président de l’assemblée concernée peut renoncer auxdits avis et soumettre à l'assemblée le nom de toute personne ainsi nommée, sous réserve que cette personne confirme par écrit sa volonté d’être nommée, et ÉTANT ENTENDU PAR AILLEURS que la nomination de toute personne autre qu’un Administrateur sortant pour être élue Administrateur peut uniquement être effectuée par un Administrateur, un Membre ou des Membres détenant au total des actions représentant au moins 2,5 pour cent de la Valeur Liquidative de la Société le Jour de Négociation précédant la date de nomination.
- Lors d'une assemblée générale, une motion relative à la nomination de deux ou plusieurs personnes en tant qu’Administrateurs au moyen d’une seule résolution ne sera présentée que si une résolution à cet effet a été préalablement adoptée par l’assemblée à l’unanimité.
- Tout Administrateur peut nommer à tout moment par écrit (sous forme électronique ou autre), cette nomination étant reçue au siège social ou remise lors d'une réunion du Conseil d'Administration, tout Administrateur ou toute autre personne comme étant son suppléant et peut de la même manière révoquer cette nomination à tout moment.
- La nomination d’un Administrateur suppléant prendra fin si l’auteur de sa nomination cesse d’être Administrateur ou lors de la survenance d'unévénement qui, s'il était Administrateur, aurait pour effet qu'il quitte ses fonctions.
- Un Administrateur suppléant sera habilité à recevoir des avis de convocation aux réunions du Conseil d’Administration et sera en droit d'assister et de voter en qualité d’Administrateur à toute réunion à laquelle l’Administrateur l'ayant nommé n’est pas personnellement présent et, de manière générale lors d’une telle réunion, d'accomplir toutes les fonctions de l’auteur de sa nomination en tant qu’Administrateur ; aux fins des délibérations lors d’une telle réunion, les dispositions des présentes s'appliqueront comme s'il était Administrateur en lieu et place de l’auteur de sa nomination. S’il est lui-même Administrateur, ou s’il assiste à une telle réunion en tant que suppléant pour plusieurs Administrateurs, ses droits de vote se cumuleront, étant entendu toutefois qu'il comptera pour un aux fins du calcul d’un quorum. Si l’auteur de sa nomination n’est temporairement pas en mesure d'agir, sa signature (qu’il s'agisse d'une signature manuelle, d’un fac-similé, d’une signature électronique, d’une signature électronique avancée ou d’une autre signature approuvée par les Administrateurs) pour toute résolution écrite des Administrateurs et aux fins d’apposer le sceau de la Société aura le même effet que celle de l'auteur de sa nomination. Dans la mesure où les Administrateurs le décident au titre de tout comité du Conseil d’Administration, les dispositions qui précèdent du présent paragraphe s'appliqueront également mutatis mutandis à toute réunion d’un tel comité dont l’auteur de sa nomination est membre. Un Administrateur suppléant n’aura pas (à l’exception de ce qui précède ou sauf disposition contraire aux présentes) le pouvoir d'agir en tant qu’Administrateur ni ne sera réputé être un Administrateur.
- Un Administrateur suppléant sera en droit de conclure des contrats, d'avoir des intérêts dans et de bénéficier de contrats, arrangements ou transactions et de se faire rembourser des frais et indemniser dans la même mesure mutatis mutandis que s’il était Administrateur, mais il ne sera pas habilité à recevoir de la Société, au titre de sa nomination en tant qu’Administrateur suppléant, une quelconque rémunération, à l’unique exception de toute partie (le cas échéant) de la rémunération par ailleurs due à l'auteur de sa nomination dont ledit auteur peut faire mention par avis écrit à la Société.
- | # DIRECTORS
- Unless otherwise determined by the Company by Ordinary Resolution, the number of the Directors shall not be less than two nor more than twelve. The first Directors shall be appointed by the subscribers herein.
- A Director need not be a Member.
- The Directors shall have power at any time and from time to time to appoint any person to be a Director, either to fill a casual vacancy or as an addition to the existing Directors. Any Director so appointed shall hold office only untilthe next following annual general meeting and shall then be eligible for re- election.
- The Directors shall be entitled to such remuneration in relation to the performance of their duties as the Directors may from time to time determine. The Directors and any alternate Directors may also be paid all travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the Directors or any committee of the Directors or general meetings or any meetings in connection with the business of the Company.
- The Directors may in addition to such remuneration as is referred to in Article 20(d) hereof grant special remuneration to any Director who, being called upon, shall perform any special or extra services to or at the request of the Company.
- A Director is expressly permitted (for the purposes of Section 228(1)(d) of the Act) to use the Company’s property subject to such conditions as may be approved by the Board or such conditions as may have been approved pursuant to such authority as may be delegated by the Board in accordance with these Articles.
- The Company at any general meeting at which a Director retires or is removed shall fill the vacated office by electing a Director unless the Company shall determine to reduce the number of Directors.
- The office of a Director shall be vacated by a Director in any of the following events, namely:-
- if he resigns his office by notice in writing (whether in electronic form or otherwise) signed by him and left at the registered office of the Company;
- if he becomes bankrupt or makes any arrangement or composition with his creditors generally;
- if he becomes of unsound mind;
- if he ceases to be a Director by virtue of, or becomes prohibited from being a Director by reason of an order made under the provisions of any law or enactment;
- if he is requested by a majority of the other Directors (not being less than two in number) to vacate office;
- if he is removed from office by an Ordinary Resolution; and
- if he is absent from four successive meetings without leave expressed by a resolution of the Directors.
- At least ten days’ previous notice in writing shall be given to the Company of the intention of any Member or Members to propose any person other than a retiring Director for election to the office of Director and such notice shall beaccompanied by notice in writing (whether in electronic form or otherwise) signed by the person to be proposed confirming his willingness to be appointed PROVIDED ALWAYS that if the Members present at a general meeting unanimously consent, the chairman of such meeting may waive the said notices and submit to the meeting the name of any person so nominated, provided such person confirms in writing his willingness to be appointed and PROVIDED FURTHER that the nomination of any person other than a retiring Director for election as Director may be made only by a Director or by such Member or Members holding in the aggregate shares representing not less than 2.5 per cent of the Net Asset Value of the Company on the Dealing Day preceding the date of nomination.
- At a general meeting a motion for the appointment of two or more persons as Directors by a single resolution shall not be made unless a resolution that it shall be so made has been first agreed to by the meeting without any vote being given against it.
- Any Director may appoint at any time in writing (whether in electronic form or otherwise) and such appointment being received at the registered office, or delivered at a meeting of the Directors, any Director or other person to be his alternate Director and may in like manner at any time terminate such appointment.
- The appointment of an alternate Director shall determine if his appointor ceases to be a Director or on the happening of any such event which if he were a Director would cause him to vacate such office.
- An alternate Director shall be entitled to receive notices of meetings of the Directors and shall be entitled to attend and vote as a Director at any such meeting at which the Director appointing him is not personally present and generally at such meeting to perform all functions of his appointor as a Director and for the purposes of the proceedings at such meeting the provisions hereof shall apply as if he (instead of his appointor) were a Director. If he himself shall be a Director, or shall attend any such meeting as an alternate for more than one Director, his voting rights shall be cumulative, provided, however, that he shall count as one for the purposes of determining a quorum. If his appointor is for the time being temporarily unable to act, his signature (whether by manual signature, facsimile signature, electronic signature, advanced electronic signature or otherwise as approved by the Directors) to any resolution in writing of the Directors and for the purposes of affixing the Company seal shall be as effective as the signature of his appointor. To such extent as the Directors may from time to time determine in relation to any committee of the Directors, the foregoing provisions of this paragraph shall also apply mutatis mutandis to any meeting of any such committee of which his appointor is a member. An alternate Director shall not (save as aforesaid or as otherwise herein provided) have power to act as a Director nor shall he be deemed to be a Director.
- An alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified to the same extent mutatis mutandis as if hewere a Director but he shall not be entitled to receive from the Company in respect of his appointment as alternate Director any remuneration except only such part (if any) of the remuneration otherwise payable to his appointor as such appointor may by notice in writing to the Company from time to time direct.
- | en | fr |
DOLFIN4558 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Environnement du marché
Au cours de l’exercice annuel, les marchés des actions internationaux, tels que mesurés par l’indice MSCI All Country World Index (Net), ont généré un rendement en dollars US de -20,7 %. Au cours de la première moitié de l’exercice, la solidité des bénéfices des sociétés et l’augmentation des taux de vaccination sur les marchés développés ont soutenu les actions. Toutefois, les marchés ont subi quelques pressions en début d’année en raison de l’apparition d’un variant plus contagieux de la COVID-19. Les risques géopolitiques découlant de l’attaque de l’Ukraine par la Russie ont encore affaibli la confiance des investisseurs. Parallèlement, les grandes banques centrales, menées par la Réserve fédérale (la Fed) des États-Unis, ont adopté une attitude de plus en plus belliciste au fur et à mesure de la montée des pressions inflationnistes. Alors que l’espoir de nouvelles baisses des taux d’intérêt a quelque peu soutenu les actifs risqués vers la fin de l’exercice, les actions mondiales ont glissé après que la Fed américaine a confirmé sa politique monétaire agressive pour maîtriser l’inflation. Dans un tel climat, les actions européennes (hors R.-U.) et japonaises ont été les titres les plus affectés des marchés développés. Les actions des marchés émergents ont également reculé, restant en deçà des marchés développés, entraînées par une faiblesse de la Chine dans le cadre des nouveaux confinements liés à la COVID-19. Au niveau sectoriel, les technologies de l’information (TI), les services de communication et la consommation non essentielle ont enregistré les plus mauvais résultats. Les compagnies d’énergie ont progressé alors que les prix du pétrole brut grimpaient en flèche face aux risques d’approvisionnement énergétique mondial suscités par le conflit entre la Russie et l’Ukraine. Dans l’ensemble, les rendements en dollars US ont été entravés par une appréciation de cette devise face à la livre sterling, à l’euro et au yen. | # Entorno del mercado
La renta variable mundial, medida por el MSCI All Country World Index (Net), ha caído un 20,7% en dólares estadounidenses a lo largo del periodo de doce meses. Los elevados beneficios de las empresas y el aumento de las tasas de vacunación en los mercados desarrollados respaldaron la renta variable en la primera mitad del periodo. Sin embargo, los mercados se vieron presionados a principios del año nuevo, debido a la aparición de una variante del COVID-19 más infecciosa. El riesgo geopolítico derivado de la agresión rusa a Ucrania lastró aún más la confianza de los inversores. Entretanto, los principales bancos centrales, con la Reserva Federal estadounidense (Fed) a la cabeza, se volvieron cada vez más agresivos a medida que aumentaba la presión inflacionista. Si bien las expectativas de rebajas en los tipos de interés fueron de cierta ayuda para los activos de riesgo a finales del periodo, la renta variable mundial cayó después de que la Fed reiterara su postura favorable a una política monetaria agresiva para reducir la inflación. Así las cosas, la renta variable de Europa sin Reino Unido y Japón sufrió las mayores caídas de los mercados desarrollados. La renta variable de los mercados emergentes también cayó y quedó por detrás de los mercados desarrollados, sobre todo por la debilidad de una China inmersa en nuevos confinamientos a causa de la COVID-19. Por sectores, tecnologías de la información, servicios de comunicación y bienes de consumo discrecional lideraron las pérdidas. Las empresas energéticas subieron a medida que los precios del petróleo crudo escalaban debido al riesgo para el suministro mundial de energía debido al conflicto entre Rusia y Ucrania. En general, la rentabilidad en dólares estadounidenses se vio lastrada por la apreciación de esta divisa frente a la libra esterlina, el euro y el yen. | # Environnement du marché
Au cours de l’exercice annuel, les marchés des actions internationaux, tels que mesurés par l’indice MSCI All Country World Index (Net), ont généré un rendement en dollars US de -20,7 %. Au cours de la première moitié de l’exercice, la solidité des bénéfices des sociétés et l’augmentation des taux de vaccination sur les marchés développés ont soutenu les actions. Toutefois, les marchés ont subi quelques pressions en début d’année en raison de l’apparition d’un variant plus contagieux de la COVID-19. Les risques géopolitiques découlant de l’attaque de l’Ukraine par la Russie ont encore affaibli la confiance des investisseurs. Parallèlement, les grandes banques centrales, menées par la Réserve fédérale (la Fed) des États-Unis, ont adopté une attitude de plus en plus belliciste au fur et à mesure de la montée des pressions inflationnistes. Alors que l’espoir de nouvelles baisses des taux d’intérêt a quelque peu soutenu les actifs risqués vers la fin de l’exercice, les actions mondiales ont glissé après que la Fed américaine a confirmé sa politique monétaire agressive pour maîtriser l’inflation. Dans un tel climat, les actions européennes (hors R.-U.) et japonaises ont été les titres les plus affectés des marchés développés. Les actions des marchés émergents ont également reculé, restant en deçà des marchés développés, entraînées par une faiblesse de la Chine dans le cadre des nouveaux confinements liés à la COVID-19. Au niveau sectoriel, les technologies de l’information (TI), les services de communication et la consommation non essentielle ont enregistré les plus mauvais résultats. Les compagnies d’énergie ont progressé alors que les prix du pétrole brut grimpaient en flèche face aux risques d’approvisionnement énergétique mondial suscités par le conflit entre la Russie et l’Ukraine. Dans l’ensemble, les rendements en dollars US ont été entravés par une appréciation de cette devise face à la livre sterling, à l’euro et au yen. | fr | es |
DOLFIN4559 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Monthly attribution by strategy (bps)
- Le rendement courant correspond aux intérêts annuels obtenus sur lesobligations sous-jacentes divisés par la valeur de marché du portefeuille sous-jacent d’obligations. Le chiffre ne correspond pas au rendement du dividende perçu par les investisseurs et peut être modifié en fonction du portefeuille sous-jacent d’obligations.
- Le ratio yield to worst est le rendement potentiel le plus bas pouvant être perçu pour une obligation sans que l’émetteur ne se retrouve en défaut. Le ratio yield to worst est calculé en faisant les pires hypothèses concernant l’émission.
- Le rendement à l’échéance est un concept utilisé pour calculer le taux de rendement qu’un investisseur recevra s’il conserve un placement de long terme productif d’intérêts, tel qu’une obligation, jusqu’à sa date d’échéance. Veuillez noter qu’il ne s’agit pas du rendement ou du dividende perçu par les investisseurs détenant des parts du fonds. | # Monthly attribution by strategy (bps)
- La rentabilidad actual es el interés anual devengado sobre los bonos subyacentes dividido por el precio de mercado de la cartera subyacente de los bonos. La cifra no es la rentabilidad por dividendo recibida por los inversores y está sujeta a cambios en función de la cartera subyacente de los bonos.
- Yield to Worst es el rendimiento potencial más bajo que se puede recibir en un bono sin que el emisor esté realmente en mora. El rendimiento potencial más bajo se calcula asumiendo el peor escenario posible al respecto.
- Yield to Maturity, o rentabilidad hasta el vencimiento, es un concepto que se utiliza para determinar la tasa de rentabilidad que un inversor recibirá si una inversión a largo plazo con intereses, como un bono, se mantiene hasta la fecha de vencimiento. Hay que tener en cuenta que no se trata de la rentabilidad o dividendo a percibir por los inversores del fondo. | # Monthly attribution by strategy (bps)
- Le rendement courant correspond aux intérêts annuels obtenus sur lesobligations sous-jacentes divisés par la valeur de marché du portefeuille sous-jacent d’obligations. Le chiffre ne correspond pas au rendement du dividende perçu par les investisseurs et peut être modifié en fonction du portefeuille sous-jacent d’obligations.
- Le ratio yield to worst est le rendement potentiel le plus bas pouvant être perçu pour une obligation sans que l’émetteur ne se retrouve en défaut. Le ratio yield to worst est calculé en faisant les pires hypothèses concernant l’émission.
- Le rendement à l’échéance est un concept utilisé pour calculer le taux de rendement qu’un investisseur recevra s’il conserve un placement de long terme productif d’intérêts, tel qu’une obligation, jusqu’à sa date d’échéance. Veuillez noter qu’il ne s’agit pas du rendement ou du dividende perçu par les investisseurs détenant des parts du fonds. | fr | es |
DOLFIN4560 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 17. Conflicts of Interest
No contract or other transaction between the Corporation and any other corporation or firm shall be affected or invalidated by the fact that any one or more of the Directors or officers of the Corporation has a personal interest in, or is a director, associate, officer or employee of, such other corporation or firm. Any Director or officer of the Corporation who serves as a director, associate, officer or employee of any corporation or firm with which the Corporation shall contract or otherwise engage in business shall not, by reason of such affiliation with such other corporation or firm, be prevented from considering and voting or acting upon any matters with respect to such contract or other business.
In the event that any Director or officer of the Corporation has or may have any direct or indirect financial interest in any transaction of the Corporation, he/she shall make known to the Board such personal interest and shall not consider or vote on any such transaction, and such transaction and such Director’s or officer’s interest therein shall be reported to the next general meeting of shareholders. | # Article 17. Conflit d’intérêts
Aucun contrat et aucune transaction que la Société pourra conclure avec d’autres sociétés ou firmes ne pourront être affectés ou viciés par le fait qu’un ou plusieurs Administrateurs, directeurs ou fondés de pouvoir de la Société auraient un intérêt quelconque dans telle autre société ou firme, ou par le fait qu’ils en seraient administrateurs, associés, directeurs, fondés de pouvoir ou employés. L’Administrateur, directeur ou fondé de pouvoir de la Société, qui est administrateur, directeur, fondé de pouvoir ou employé d’une société ou firme avec laquelle la Société passe des contrats, ou avec laquelle elle est autrement en relations d’affaires, ne sera pas par là même privé du droit de délibérer, de voter et d’agir en ce qui concerne des matières en relation avec pareil contrat ou pareilles affaires.
Au cas où un Administrateur, directeur ou fondé de pouvoir a ou aurait un intérêt financier direct ou indirect dans quelque affaire de la Société, cet Administrateur, directeur ou fondé de pouvoir devra informer le Conseil de son intérêt personnel et il ne délibérera et ne prendra pas part au vote | # Article 17. Conflicts of Interest
No contract or other transaction between the Corporation and any other corporation or firm shall be affected or invalidated by the fact that any one or more of the Directors or officers of the Corporation has a personal interest in, or is a director, associate, officer or employee of, such other corporation or firm. Any Director or officer of the Corporation who serves as a director, associate, officer or employee of any corporation or firm with which the Corporation shall contract or otherwise engage in business shall not, by reason of such affiliation with such other corporation or firm, be prevented from considering and voting or acting upon any matters with respect to such contract or other business.
In the event that any Director or officer of the Corporation has or may have any direct or indirect financial interest in any transaction of the Corporation, he/she shall make known to the Board such personal interest and shall not consider or vote on any such transaction, and such transaction and such Director’s or officer’s interest therein shall be reported to the next general meeting of shareholders. | en | fr |
DOLFIN4561 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 1% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective while maintaining a level of risk that is similar to that of the index. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund’s portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund’s divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund’s portfolio in order to maintain the
desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure developed market equity performance in Europe.
The Sub-Fund always aims to outperform the ESG rating of the Index, both ESG scores of the Sub-Fund and the Index being calculated on a weighted average basis. The ESG rating method is described in the following link: https://www.axa-im.com/responsible-investing/framework-and-scoring- methodology.
The ESG analysis coverage rate within the portfolio is at least 90% of the net assets of the Sub-Fund.
Further, in selecting investments, the Manager bindingly applies at all times AXA IM’s Sectorial Exclusion and ESG Standards Policies with the exception of derivatives and underlying eligible UCIs, as described in the documents available on the website: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. In this way, the environmental and social characteristics which the Sub-Fund seeks to promote are met. The Manager will additionally take account of the issuer’s ESG score – although the ESG score contributes to, but is not a determining factor in, the Manager's decision making.
Given the investment strategy of the Sub-Fund and its risk profile, the likely impact of Sustainability Risk on the Sub-Fund’s returns is expected to be low. However, please note that the assessment of the impact of Sustainability Risk on the performance of the Sub-Fund is difficult to predict and is subject to inherent limitations such as the availability and quality of the data. Further, Sustainability Risk is an evolving, multi-faceted and multi-point-impact risk category and the likely impact of Sustainability Risk on the Sub-Fund’s performance may vary during the lifetime of the Sub-Fund.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, London, Paris and Frankfurt provided always that the stock exchanges in London, Paris and Frankfurt are open for business on such day. | El Subfondo pretende proporcionar un rendimiento anual de la inversión (generado por el aumento del valor de los títulos incluidos en la cartera del Subfondo o de los ingresos recibidos de dichos valores) de aproximadamente el 1% bruto sin descontar todas las comisiones o gastos que supere la rentabilidad anual del Índice durante tres años consecutivos.
El Subfondo se gestiona de forma activa. La Sociedad Gestora emplea modelos cuantitativos propios para identificar valores de renta variable de empresas que considera inversiones atractivas en comparación con otras empresas similares de sus sectores, basándose en el análisis de su valoración y perspectivas de beneficios. A partir de este grupo de valores, la Sociedad Gestora intenta crear una cartera bien diversificada con la mejor relación riesgo- rentabilidad esperada para alcanzar el objetivo de inversión del Subfondo, al mismo tiempo que se intenta mantener un nivel de riesgo similar al del índice. A la hora de determinar la mejor relación riesgo-beneficio esperada, la Sociedad Gestora tendrá en cuenta la información ASG (ambiental, social y de gobierno) —como datos sobre emisiones, comportamiento corporativo y diversidad— junto a la financiera. Para construir la cartera del Subfondo, la Sociedad gestora tomará como referencia el índice, lo que significa que, pese a que esta tiene potestad para seleccionar las inversiones del Subfondo, la divergencia de este con respecto al índice está controlada. Se prevé que la cartera de valores resultante muestre unos niveles de riesgo similares a los del Índice, así como un perfil ASG mejor que el de este.
El proceso de inversión cuantitativa de la Sociedad gestora analiza y evalúa constantemente los valores incluidos en la cartera del Subfondo con el propósito de mantener la relación riesgo-beneficio deseada para cumplir el objetivo de inversión del Subfondo.
El Índice es un índice de capitalización bursátil ajustado a flotación libre y diseñado para medir la rentabilidad de la renta variable de los mercados desarrollados en Europa.
El Subfondo pretende superar en todo momento la calificación ASG del Índice. Tanto las puntuaciones ASG del Subfondo como del Índice se calculan con arreglo a una base media ponderada. El método de calificación ASG se describe en el enlace siguiente: https://www.axa-im.com/responsible- investing/framework-and-scoring- methodology.
La tasa de cobertura del análisis ASG dentro de la cartera es como mínimo el 90% del patrimonio neto del Subfondo.
Además, a la hora de seleccionar inversiones, la Sociedad Gestora aplica en todo momento de forma vinculante las Sectorial Exclusion and ESG Standards Policies (Políticas sobre criterios de exclusión de sectores y ASG) de AXA IM a excepción de los derivados y los OIC admisibles subyacentes, con arreglo a lo descrito en los documentos disponibles en el sitio web: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. De este modo se cumplen las características ambientales y sociales que pretende promover el Subfondo. Además, la Sociedad Gestora tendrá en cuenta la puntuación ASG del emisor; no obstante, aunque esta puntuación contribuye a la toma de decisiones de la Sociedad Gestora, no es un factor determinante.
Dada la estrategia de inversión del Subfondo y su perfil de riesgo, se prevé que el impacto probable del Riesgo de Sostenibilidad en la rentabilidad del Subfondo sea baja. No obstante, tenga presente que la evaluación del impacto del Riesgo de Sostenibilidad en la rentabilidad del Subfondo es difícil de predecir y está sujeta a limitaciones inherentes, como la disponibilidad y la calidad de los datos. Por otra parte, el Riesgo de Sostenibilidad es una categoría riesgo en constante evolución, con múltiples facetas y numerosos puntos de impacto, y la incidencia posible del Riesgo de Sostenibilidad en la rentabilidad del Subfondo puede variar durante la vida de este.
- Definición de Día Hábil/Día de NegociaciónDía Hábil: un día normalmente considerado hábil en Dublín, Londres, París y Fráncfort, siempre y cuando las Bolsas de Londres, París y Fráncfort estén abiertas a la negociación. | The Sub-Fund aims to provide an annual return on investment (generated through an increase in the value of the securities held by the Sub-Fund and/or income received from those securities) of approximately 1% gross of all fees/expenses above the annual return of the Index over a rolling three-year basis.
The Sub-Fund is actively managed. The Manager uses proprietary quantitative models to identify equity securities of companies that it believes to be attractive investment opportunities, relative to their industry peers, based on analysis of their valuation and earnings prospects. From this pool of securities, the Manager seeks to construct a well-diversified portfolio that has the best expected return-to-risk trade off to meet the Sub-Fund’s investment objective while maintaining a level of risk that is similar to that of the index. When determining the best expected return-to-risk trade off, the Manager will consider available ESG (environmental, social and governance) information – such as data on emissions, corporate behaviour and diversity - alongside financial information. In constructing the Sub-Fund’s portfolio, the Manager will reference the Index which means that, while the Manager has discretion to select the investments for the Sub-Fund, the Sub-Fund’s divergence from the Index is controlled. The resulting portfolio of securities is expected to demonstrate similar levels of risk to that of the Index, together with an improved ESG profile compared to the Index.
The Manager’s quantitative investment process continuously assesses and evaluates the securities in the Sub-Fund’s portfolio in order to maintain the
desired return-to-risk trade off to meet the Sub-Fund’s investment objective.
The Index is a free float-adjusted market capitalisation index that is designed to measure developed market equity performance in Europe.
The Sub-Fund always aims to outperform the ESG rating of the Index, both ESG scores of the Sub-Fund and the Index being calculated on a weighted average basis. The ESG rating method is described in the following link: https://www.axa-im.com/responsible-investing/framework-and-scoring- methodology.
The ESG analysis coverage rate within the portfolio is at least 90% of the net assets of the Sub-Fund.
Further, in selecting investments, the Manager bindingly applies at all times AXA IM’s Sectorial Exclusion and ESG Standards Policies with the exception of derivatives and underlying eligible UCIs, as described in the documents available on the website: https://www.axa-im.com/responsible-investing/sector- investment-guidelines. In this way, the environmental and social characteristics which the Sub-Fund seeks to promote are met. The Manager will additionally take account of the issuer’s ESG score – although the ESG score contributes to, but is not a determining factor in, the Manager's decision making.
Given the investment strategy of the Sub-Fund and its risk profile, the likely impact of Sustainability Risk on the Sub-Fund’s returns is expected to be low. However, please note that the assessment of the impact of Sustainability Risk on the performance of the Sub-Fund is difficult to predict and is subject to inherent limitations such as the availability and quality of the data. Further, Sustainability Risk is an evolving, multi-faceted and multi-point-impact risk category and the likely impact of Sustainability Risk on the Sub-Fund’s performance may vary during the lifetime of the Sub-Fund.
- Business Day/Dealing Day DefinitionBusiness Day: a day normally treated as a business day in Dublin, London, Paris and Frankfurt provided always that the stock exchanges in London, Paris and Frankfurt are open for business on such day. | en | es |
DOLFIN4562 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For each Calculation Period and for the purpose of calculating the Performance Fee, each year shall commence on the last Business Day of each Fund's financial year and end on the last Business Day of the following Fund's financial year. For any Share Class launched during a Calculation Period, the first Calculation Period will last at least 12 months and will end on the last Business Day of the following financial year of the Fund.
In case of underperformance, the Calculation Period lasts for a maximum of 5 financial years applied on a rolling basis.
Only at the end of a five-year overall underperforming PRP can losses be partially compensated, on a rolling annual basis, by cancelling the first year of performance of the current PRP for the Class. Within the PRP in question, losses in the first year can be offset by gains in subsequent years in that PRP.
For example, if the last crystallisation of performance fees took place on 31/12/2021, the PRP starts on 31/12/2021 and will end on 31/12/2026. On 01/01/2027, losses not compensated during the first year of the previous PRP (i.e. between 31/12/2021 and 31/12/2022) will no longer be taken into account, and a new PRP will start on 31/12/2022 and end on 31/12/2027.
When a Performance Fee is crystallised at the end of a Calculation Period, a new PRP starts. If a Performance Fee is crystallised on 31/12/2026, a new PRP will start on 31/12/2026 and end on 31/12/2031.
Each time a Calculation Period begins, the NAV and Benchmark to be taken into account for the calculation of the Performance in respect of that Calculation Period shall be based on the NAV and Benchmark of the last Business Day of the Fund's previous financial year.
The first year of the Calculation Period will begin (i):
- the last Business Day of the Fund's financial year, or
- on the launch date of each Share Class launched after the last Business Day of the Fund's financial year. | Pour chaque Période de calcul et aux fins de calcul de la Commission de performance, chaque année commence le dernier Jour ouvrable de chaque exercice du Fonds et se termine le dernier Jour ouvrable de l'exercice du Fonds suivant. Pour toute Classe d'Action lancée au cours d'une Période de calcul, la première Période de calcul durera au moins 12 mois et se terminera le dernier Jour Ouvrable de l'exercice du Fonds suivant.
En cas de sous-performance, la Période de calcul dure au maximum 5 exercices appliqués de manière glissante.
Ce n'est qu'à l'issue d’une PRP de cinq années globalement en sous-performance que les pertes peuvent être partiellement compensées, sur une base annuelle glissante, par l'annulation de la première année de performance de la PRP en cours pour la Classe. Au sein de la PRP en question, les pertes de la première année peuvent être compensées par les gains réalisés au cours des années suivantes dans cette PRP.
Par exemple, si la dernière cristallisation des commissions de performance a eu lieu le 31/12/2021, la PRP commence le 31/12/2021 et se terminera le 31/12/2026. Le 01/01/2027, les pertes non compensées pendant la première année de la PRP précédente (c'est-à-dire entre le 31/12/2021 et le 31/12/2022) ne seront plus prises en compte, et une nouvelle PRP commencera le 31/12/2022 et se terminera le 31/12/2027.
Lorsqu'une Commission de performance est cristallisée à la fin d'une Période de calcul, une nouvelle PRP commence. Si une Commission de performance est cristallisée le 31/12/2026, une nouvelle PRP commencera le 31/12/2026 et se terminera le 31/12/2031.
Chaque fois qu'une Période de calcul commence, la VNI et l'Indice de référence à prendre en compte pour le calcul de la Performance relative à cette Période de calcul sont basés sur la VNI et l'Indice de référence du dernier Jour ouvrable de l'exercice du Fonds précédent.
La première année de la Période de calcul commencera (i) :
- le dernier Jour ouvrable de l'exercice du Fonds, ou
- à la date de lancement de chaque Classe d'actions lancée après le dernier Jour ouvrable de l'exercice du Fonds. | For each Calculation Period and for the purpose of calculating the Performance Fee, each year shall commence on the last Business Day of each Fund's financial year and end on the last Business Day of the following Fund's financial year. For any Share Class launched during a Calculation Period, the first Calculation Period will last at least 12 months and will end on the last Business Day of the following financial year of the Fund.
In case of underperformance, the Calculation Period lasts for a maximum of 5 financial years applied on a rolling basis.
Only at the end of a five-year overall underperforming PRP can losses be partially compensated, on a rolling annual basis, by cancelling the first year of performance of the current PRP for the Class. Within the PRP in question, losses in the first year can be offset by gains in subsequent years in that PRP.
For example, if the last crystallisation of performance fees took place on 31/12/2021, the PRP starts on 31/12/2021 and will end on 31/12/2026. On 01/01/2027, losses not compensated during the first year of the previous PRP (i.e. between 31/12/2021 and 31/12/2022) will no longer be taken into account, and a new PRP will start on 31/12/2022 and end on 31/12/2027.
When a Performance Fee is crystallised at the end of a Calculation Period, a new PRP starts. If a Performance Fee is crystallised on 31/12/2026, a new PRP will start on 31/12/2026 and end on 31/12/2031.
Each time a Calculation Period begins, the NAV and Benchmark to be taken into account for the calculation of the Performance in respect of that Calculation Period shall be based on the NAV and Benchmark of the last Business Day of the Fund's previous financial year.
The first year of the Calculation Period will begin (i):
- the last Business Day of the Fund's financial year, or
- on the launch date of each Share Class launched after the last Business Day of the Fund's financial year. | en | fr |
DOLFIN4563 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €4570 | €4430 |
| Rendement annuel moyen | -54.30% | -15.03% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8520 | €9290 |
| Rendement annuel moyen | -14.80% | -1.46% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10130 | €11930 |
| Rendement annuel moyen | 1.30% | 3.59% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12180 | €13510 |
| Rendement annuel moyen | 21.80% | 6.20% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | €10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €4570 | €4430 |
| Rendimiento medio cada año | -54.30% | -15.03% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8520 | €9290 |
| Rendimiento medio cada año | -14.80% | -1.46% |
| Moderado | Lo que podría recibir tras deducir los costes | €10130 | €11930 |
| Rendimiento medio cada año | 1.30% | 3.59% |
| Favorable | Lo que podría recibir tras deducir los costes | €12180 | €13510 |
| Rendimiento medio cada año | 21.80% | 6.20% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | €10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n’existe aucun rendement minimal garanti si vous sortez avant 5 années . Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €4570 | €4430 |
| Rendement annuel moyen | -54.30% | -15.03% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8520 | €9290 |
| Rendement annuel moyen | -14.80% | -1.46% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10130 | €11930 |
| Rendement annuel moyen | 1.30% | 3.59% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12180 | €13510 |
| Rendement annuel moyen | 21.80% | 6.20% | | fr | es |
DOLFIN4564 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
From an operational standpoint, the UNGC screening restricts investment in companies that are identified to be involved in very serious violations of any of the UNGC principles (human rights, labour rights, nondiscrimination, environment, corruption). The Manager defines a very serious violation as the case of a company being involved in persistent UNGC-related controversies, where the controversy is of critical severity and the company is non-reactive.
Positive Screening
- Social ImpactThe Manager will measure the extent to which the activities of the investee companies of the Fund align and contribute to one or more of the UN Sustainable Development Goals (“SDG”). The SDG are the following set of recognized goals for sustainable development:
- Ending poverty in all its forms everywhere (“SDG 1”);
- Ending hunger, achieving food security and improving nutrition and the promotion of sustainable agriculture (“SDG 2”);
- Ensuing healthy lives and the promotion of well-being for all at all ages (“SDG 3”);
- Ensuring inclusive and equitable quality education and the promotion of lifelong learning opportunities for all (“SDG 4”);
- Achievement of gender equality and empowerment for all women and girls (“SDG 5”);
- Ensuring the availability and sustainable management of water and sanitation for all (“SDG 6”);
- Ensuring access to affordable, reliable, sustainable and modern energy for all (“SDG 7”);
- Sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all (“SDG 8”);
- Building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation (“SDG 9”);
- Reducing inequality within and among countries (“SDG 10”);
- Making cities and human settlements inclusive, safe, resilient and sustainable (“SDG 11”);
- Ensuring sustainable consumption and production patterns (“SDG 12”);
- Taking urgent action to combat climate change and its impacts (“SDG 13”);
- Conserving and sustainably using the oceans, seas and marine resources for sustainable development (“SDG 14”);
- Protecting, restoring and promoting sustainable use of terrestrial ecosystems, sustainably managed forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss (“SDG 15”);
- Promotion of peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective accountable and inclusive institutions at all levels (“SDG 16”); and
- Strengthen the means of implementation and revitalize the global partnership for sustainable development (“SDG 17”). | Dal punto di vista operativo, lo screening UNGC limita l’investimento nelle società coinvolte in gravissime violazioni di un qualsiasi principio dell’UNGC (diritti umani, diritti dei lavoratori, non discriminazione, ambiente, corruzione). Per gravissima violazione, il Gestore intende il caso di una società coinvolta in maniera continuativa in controversie legate all’UNGC, laddove la controversia è estremamente grave e la società non compie progressi al riguardo.
Screening positivo
- Impatto socialeIl Gestore valuterà l’allineamento e il contributo delle attività delle società partecipate del Fondo a uno o più Obiettivi di sviluppo sostenibile delle Nazioni Unite (“SDG”). Gli SDG sono costituiti dai seguenti obiettivi di sviluppo sostenibile riconosciuti:
- Porre fine a ogni forma di povertà nel mondo (“SDG 1”);
- Porre fine alla fame, raggiungere la sicurezza alimentare, migliorare la nutrizione e promuovere un’agricoltura sostenibile (“SDG 2”);
- Assicurare la salute e il benessere per tutti e per tutte le età (“SDG 3”);
- Fornire un’educazione di qualità, equa ed inclusiva, e opportunità di apprendimento per tutti (“SDG 4”);
- Raggiungere l’uguaglianza di genere ed emancipare tutte le donne e le ragazze (“SDG 5”);
- Garantire a tutti la disponibilità e la gestione sostenibile dell’acqua e delle strutture igienico-sanitarie (“SDG 6”);
- Assicurare a tutti l’accesso a sistemi di energia economici, affidabili, sostenibili e moderni (“SDG 7”);
- Promuovere una crescita economica duratura, inclusiva e sostenibile, la piena e produttiva occupazione e un lavoro dignitoso per tutti (“SDG 8”);
- Costruire un’infrastruttura resiliente e promuovere l’innovazione ed una industrializzazione equa, responsabile e sostenibile (“SDG 9”);
- Ridurre l’ineguaglianza all’interno di e fra le Nazioni (“SDG 10”);
- Rendere le città e gli insediamenti umani inclusivi, sicuri, duraturi e sostenibili (“SDG 11”);
- Garantire modelli sostenibili di produzione e di consumo (“SDG 12”);
- Promuovere azioni, a tutti i livelli, per combattere il cambiamento climatico (“SDG 13”);
- Conservare e utilizzare in modo durevole gli oceani, i mari e le risorse marine per uno sviluppo sostenibile (“SDG 14”);
- Proteggere, ripristinare e favorire un uso sostenibile dell’ecosistema terrestre, gestire le foreste in modo sostenibile, combattere la desertificazione e fermare il degrado del suolo e ripristinare il suolo degradato e bloccare il declino della biodiversità (“SDG 15”);
- Promuovere società pacifiche e inclusive per lo sviluppo sostenibile, fornire accesso alla giustizia a tutti e costruire istituzioni efficienti, responsabili e inclusive a tutti i livelli (“SDG 16”); e
- Rafforzare i mezzi di attuazione degli obiettivi e rinnovare il partenariato mondiale per lo sviluppo sostenibile (“SDG 17”). | From an operational standpoint, the UNGC screening restricts investment in companies that are identified to be involved in very serious violations of any of the UNGC principles (human rights, labour rights, nondiscrimination, environment, corruption). The Manager defines a very serious violation as the case of a company being involved in persistent UNGC-related controversies, where the controversy is of critical severity and the company is non-reactive.
Positive Screening
- Social ImpactThe Manager will measure the extent to which the activities of the investee companies of the Fund align and contribute to one or more of the UN Sustainable Development Goals (“SDG”). The SDG are the following set of recognized goals for sustainable development:
- Ending poverty in all its forms everywhere (“SDG 1”);
- Ending hunger, achieving food security and improving nutrition and the promotion of sustainable agriculture (“SDG 2”);
- Ensuing healthy lives and the promotion of well-being for all at all ages (“SDG 3”);
- Ensuring inclusive and equitable quality education and the promotion of lifelong learning opportunities for all (“SDG 4”);
- Achievement of gender equality and empowerment for all women and girls (“SDG 5”);
- Ensuring the availability and sustainable management of water and sanitation for all (“SDG 6”);
- Ensuring access to affordable, reliable, sustainable and modern energy for all (“SDG 7”);
- Sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all (“SDG 8”);
- Building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation (“SDG 9”);
- Reducing inequality within and among countries (“SDG 10”);
- Making cities and human settlements inclusive, safe, resilient and sustainable (“SDG 11”);
- Ensuring sustainable consumption and production patterns (“SDG 12”);
- Taking urgent action to combat climate change and its impacts (“SDG 13”);
- Conserving and sustainably using the oceans, seas and marine resources for sustainable development (“SDG 14”);
- Protecting, restoring and promoting sustainable use of terrestrial ecosystems, sustainably managed forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss (“SDG 15”);
- Promotion of peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective accountable and inclusive institutions at all levels (“SDG 16”); and
- Strengthen the means of implementation and revitalize the global partnership for sustainable development (“SDG 17”). | en | it |
DOLFIN4565 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Low Carbon 300 World PAB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2194449075 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Euronext Low Carbon 300 World PAB (NTR) index (the Index ) by investing in the shares issued by companies included in the Benchmark Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication). When investing in a sample of shares the sub-fund’s tracking error may be higher. The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index. The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.euronext.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | | Low Carbon 300 World PAB, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2194449075 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) la rentabilidad del índice Euronext Low Carbon 300 World PAB (NTR) (el «Índice») mediante la inversión en acciones emitidas por sociedades incluidas en el Índice de referencia, respetando las ponderaciones del mismo (reproducción total), o en una muestra de acciones emitidas por sociedades incluidas en el índice (reproducción optimizada). Cuando se invierte en una muestra de acciones, el error de seguimiento del subfondo puede ser mayor. El Índice se compone de empresas europeas seleccionadas en función de las oportunidades y los riesgos asociados a la transición climática con el fin de cumplir con los objetivos del índice de referencia armonizado con el Acuerdo de París (PAB, por sus siglas en inglés) de reducir las emisiones de carbono en al menos un 50 % con respecto al universo de inversión inicial y lograr un objetivo adicional de descarbonización del 7 % anual. En consecuencia, las actividades relacionadas con los combustibles fósiles quedan excluidas del Índice. Se aplica el tipo de enfoque denominado «Mejor de su clase»; este enfoque identifica a los líderes de cada sector en función de las mejores prácticas ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés), al tiempo que evita aquellos que presentan altos niveles de riesgo y no cumplen con los estándares mínimos de ESG, según el criterio del administrador del índice y sus socios especializados. La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Encontrará más información acerca del Índice, su composición, cálculo, metodología y las normas para la supervisión y el reequilibrio periódicos en www.euronext.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Algunos mercados están menos regulados que la mayoría de los mercados internacionales; por lo tanto, los servicios relacionados con la custodia y la liquidación del subfondo en dichos mercados podrían entrañar un mayor riesgo. | | Low Carbon 300 World PAB, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2194449075 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Euronext Low Carbon 300 World PAB (NTR) index (the Index ) by investing in the shares issued by companies included in the Benchmark Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication). When investing in a sample of shares the sub-fund’s tracking error may be higher. The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index. The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.euronext.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the subfund on such markets could be more risky. | en | es |
DOLFIN4566 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Irish Gift & Inheritance Tax
Irish capital acquisitions tax (at a rate of 33%) could ap ply to gifts or inheritances of the Shares (irrespective of the residence or domicile of the donor or donee) because the Shares could be treated as Irish situate assets. However, any gift or inheritance of Shares will be exempt from Irish capital acquisitions tax once:
- the Shares are comprised in the gift/inheritance both at the date of the gift/inheritance and at the ‘valuation date’ (as defined for Irish capital acquisitions tax purposes);
- the person from whom the gift/inheritance is taken is neither domiciled nor ordinarily resident in Ireland at the date of the disposition; and
- the person taking the gift/inheritance is neither domiciled nor ordinarily resident in Ireland at the date of the gift/inheritance. | ##### Impôt irlandais sur les donations et successions
L’impôt irlandais sur les donations et les successions (à un taux de 33 %) peut s’appliquer aux Actions transférées au moyen de donations ou de successions (quelle que soit la résidence ou quel que soit le domicile du donateur ou bénéficiaire), les Actions pouvant être traitées comme des actifs situés en Irlande. Toutefois, toutes les Actions transférées au moyen de donations ou de successions seront exonérées de l’impôt irlandais sur les donations et les successions si :
- les Actions sont comprises dans la donation ou la succession à la date de la donation ou la succession et à la « date de valorisation » (telle que définie aux fins de l’impôt irlandais sur les donations et les successions) ;
- le donateur n’est pas domicilié ou résident habituel en Irlande à la date du transfert et
- le bénéficiaire n’est pas domicilié ou résident habituel en Irlande à la date de la donation ou de la succession. | ##### Irish Gift & Inheritance Tax
Irish capital acquisitions tax (at a rate of 33%) could ap ply to gifts or inheritances of the Shares (irrespective of the residence or domicile of the donor or donee) because the Shares could be treated as Irish situate assets. However, any gift or inheritance of Shares will be exempt from Irish capital acquisitions tax once:
- the Shares are comprised in the gift/inheritance both at the date of the gift/inheritance and at the ‘valuation date’ (as defined for Irish capital acquisitions tax purposes);
- the person from whom the gift/inheritance is taken is neither domiciled nor ordinarily resident in Ireland at the date of the disposition; and
- the person taking the gift/inheritance is neither domiciled nor ordinarily resident in Ireland at the date of the gift/inheritance. | en | fr |
DOLFIN4567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en CHF.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in CHF.
10%
5%
0%
-5% | en | es |
DOLFIN4568 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Performance (%)
-4.15
-4.12
22.30
21.12
Morningstar Style Box™
The Morningstar Style Box™ reveals a fund's investment strategy by showing its investment style and market capitalization based on the fund's portfolio holdings.
1 Month 3 Months 1 Year 3 Years 5 Years Since Inception
(10/5/2012)
Brandes Emerging Markets Value Fund Class I USD MSCI Emerging Markets Index
Source: Brandes, MSCI. Past performance may not be a reliable guide to future performance. Periods of greater than one year have been annualized. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Changes in exchange rates may have an adverse effect on the value price or income of the product. It is not possible to invest directly in an index. | # Wertentwicklung (%)
-4.15
-4.12
22.30
21.12
Morningstar Style Box™
An der Morningstar Style Box™ lässt sich die Anlagestrategie eines Fonds ablesen, da sie dessen Anlagestil und Marktkapitalisierung auf der Grundlage der Portfoliobestände des Fonds veranschaulicht.
1 Monat 3 Monate 1 Jahr 3 Jahre 5 Jahre Seit Auflage
(10.5.2012)
Brandes Emerging Markets Value Fund Klasse I USD MSCI Emerging Markets Index
Quelle: Brandes, MSCI. Die bisherige Wertentwicklung ist kein verlässlicher Indikator für die künftige Wertentwicklung. Zeiträume von mehr als einem Jahr sind auf Jahresbasis umgerechnet worden. Bei den Wertentwicklungsdaten sind Provisionen und die für die Ausgabe und Rücknahme von Anteilen entstehenden Kosten nicht berücksichtigt. Wechselkursänderungen können sich nachteilig auf Wert, Preis oder Erträge des Produkts auswirken. Eine direkte Anlage in einen Index ist nicht möglich. | # Performance (%)
-4.15
-4.12
22.30
21.12
Morningstar Style Box™
The Morningstar Style Box™ reveals a fund's investment strategy by showing its investment style and market capitalization based on the fund's portfolio holdings.
1 Month 3 Months 1 Year 3 Years 5 Years Since Inception
(10/5/2012)
Brandes Emerging Markets Value Fund Class I USD MSCI Emerging Markets Index
Source: Brandes, MSCI. Past performance may not be a reliable guide to future performance. Periods of greater than one year have been annualized. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. Changes in exchange rates may have an adverse effect on the value price or income of the product. It is not possible to invest directly in an index. | en | de |
DOLFIN4569 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The external value of the Renminbi is subject to changes in policies of the PRC government and to international economic and political developments. There is therefore a risk that fluctuations in the Renminbi exchange rate may be experienced exposing non-Renminbi based investors to foreign exchange risk. There is no guarantee that the value of Renminbi against the investors' base currencies will not depreciate. Any large movement in the value of the Renminbi could have an adverse effect on the Fund's portfolio of Chinese investments and the value of investments investing in the Fund.
Although offshore Renminbi (CNH) and onshore Renminbi (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
High market volatility and potential settlement difficulties in the equity market in the PRC may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.
- Tax uncertaintyTax laws and regulations in China are under constant development and often subject to change as a result of changing government policy. Such changes may occur without sufficient warning. There is a risk that changes in tax policy and regulations may adversely affect the Fund's return on investments.
- Increased brokerage commissions and transaction chargesBrokerage commissions and other transaction costs and custody fees are generally higher in China than they are in Western securities markets.
- Investments in China A-SharesThe Shanghai and Shenzhen Stock Exchanges divide listed shares into two classes: China A- Shares and China B-Shares. China A-Shares are traded on the Shanghai and Shenzhen Stock Exchanges in Chinese currency with all repatriations of gains and income requiring the approval of SAFE. China B-Shares are traded on the Shenzhen and Shanghai Stock Exchanges in Hong Kong Dollars and US Dollars, respectively. QFII historically were unable to participate in the China A-Share market. However, pursuant to an administrative notice issued by the CSRC on 24 August 2006 implementing the Investment Regulations, a QFII may invest in stocks listed and traded on a stock exchange, bonds listed and traded on a stock exchange, securities investment funds, warrants listed and traded on a stock exchange and other financialinstruments approved by the CSRC. Restrictions continue to exist and capital therefore cannot flow freely into the China A-Share market. As a result it is possible that in the event of a market disruption, the liquidity of the China A-Share market and trading prices of China A-Shares could be more severely affected than the liquidity and trading prices of markets where securities are freely tradable and capital therefore flows more freely. The Company cannot predict the nature or duration of such a market disruption or the impact that it may have on the China A-Share market and the short term and long term prospects of its investments in the China A-Share market. The Chinese government has in the past taken actions that benefited holders of China A-Shares, in which the Chinese government waived a withholding tax on profits generated from investments in China A-Shares albeit that such a tax could be levied pursuant to applicable Chinese law. As China A-Shares become more available to foreign investors, such as the Fund, the Chinese government may be less likely to take action that would benefit holders of China A-Shares.
- Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock ConnectAll Funds which can, in accordance with their investment policy, invest in China A-Shares through the Stock Connect will be subject to any applicable regulatory limits. | Der Außenwert des Renminbi ist von Änderungen der Politik der chinesischen Regierung und von internationalen wirtschaftlichen und politischen Entwicklungen abhängig. Daher besteht das Risiko, dass Schwankungen des Wechselkurses des Renminbi auftreten können, die Anleger in Ländern mit anderen Währungen dem Wechselkursrisiko aussetzen. Es kann nicht gewährleistet werden, dass der Renminbi gegenüber den Basiswährungen der Anleger nicht abwertet. Starke Schwankungen im Wert des Renminbi könnten sich negativ auf die chinesischen Anlagen im Portfolio des Fonds und den Wert von Anlagen im Fonds auswirken.
Beim Offshore-Renminbi (CNH) und Onshore-Renminbi (CNY) handelt es sich zwar um dieselbe Währung, doch beide werden zu unterschiedlichen Kursen gehandelt. Unterschiede zwischen dem CNH und dem CNY können sich für Anleger ungünstig auswirken.
Eine hohe Marktvolatilität und potenzielle Abwicklungschwierigkeiten am Aktienmarkt der VRC können ebenfalls zu erheblichen Schwankungen der Aktienkurse führen, die an diesen Märkten gehandelt werden, und sich daher ungünstig auf den Wert des Fonds auswirken.
- Unsicherheit bezüglich SteuernDie in China geltenden Steuergesetze und -vorschriften entwickeln sich ständig weiter, und eine sich wandelnde Regierungspolitik führt oftmals zu Änderungen. Diese Änderungen können ohne eine rechtzeitige Warnung umgesetzt werden. Es besteht das Risiko, dass Änderungen der Steuerpolitik und -vorschriften die Rendite der Anlagen des Fonds ungünstig beeinflussen können.
- Höhere Maklerprovisionen und TransaktionsgebührenMaklerprovisionen und andere Transaktionskosten sowie Depotbankgebühren sind in China allgemein höher als an den westlichen Wertpapiermärkten.
- Anlagen in China-A-AktienDie Shanghai sowie die Shenzhen Stock Exchange unterteilen börsennotierte Aktien in zwei Klassen: China-A-Aktien und China-B-Aktien. China-A-Aktien werden an der Shanghai und der Shenzhen Stock Exchange in chinesischer Währung gehandelt, wobei sämtliche Rückführungen von Gewinnen und Erträgen die Genehmigung der SAFE erfordern. China-B- Aktien werden an der Shenzhen und der Shanghai Stock Exchange in Hongkong-Dollar bzw. US-Dollar gehandelt. QFII war es bislang nicht möglich, am China-A-Aktienmarkt teilzunehmen. Gemäß einer von der CSRC herausgegebenen Verwaltungsmitteilung vom 24. August 2006, in der dieAnlagevorschriften verabschiedet werden, kann ein QFII jedoch investieren in Aktien, die an einer Börse notiert sind und dort gehandelt werden, in Anleihen, die an einer Börse notiert sind und dort gehandelt werden, in Wertpapieranlagefonds, in Optionsscheine, die an einer Börse notiert sind und dort gehandelt werden, sowie in anderen Finanzinstrumenten, die von der CSRC zugelassen sind. Es bestehen weiterhin Beschränkungen, und das Kapital kann daher nicht frei in den China-A- Aktienmarkt fließen. Demzufolge ist es möglich, dass bei einer Störung des Marktes die Liquidität des China-A-Aktienmarkts und die Handelspreise von China- A-Aktien schwerer betroffen sein können als die Liquidität und die Handelspreise von Märkten, an denen Wertpapiere frei handelbar sind und das Kapital demzufolge freier fließt. Die Gesellschaft kann die Art oder Dauer einer solchen Marktstörung oder ihre Auswirkungen auf den China-A-Aktienmarkt sowie die kurzfristigen und langfristigen Aussichten ihrer Anlagen in den China-A-Aktienmarkt nicht vorhersagen. Die chinesische Regierung hat in der Vergangenheit Maßnahmen ergriffen, von denen die Inhaber von China-A-Aktien profitierten, indem sie Quellensteuern auf Erträge aus Anlagen in China-A-Aktien erlassen hat, obschon eine solche Steuer gemäß den geltenden Gesetzen in China erhoben werden könnte. Mit besserer Verfügbarkeit von China-A-Aktien für ausländische Anleger wie etwa den Fonds könnte die Wahrscheinlichkeit sinken, dass die chinesische Regierung Maßnahmen ergreift, von denen die Inhaber von China-A-Aktien profitieren.
- Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock ConnectAlle Fonds, die gemäß ihrer Anlagepolitik in China investieren, können vorbehaltlich geltender regulatorischer Beschränkungen durch Stock Connect in China-A-Aktien investieren. | The external value of the Renminbi is subject to changes in policies of the PRC government and to international economic and political developments. There is therefore a risk that fluctuations in the Renminbi exchange rate may be experienced exposing non-Renminbi based investors to foreign exchange risk. There is no guarantee that the value of Renminbi against the investors' base currencies will not depreciate. Any large movement in the value of the Renminbi could have an adverse effect on the Fund's portfolio of Chinese investments and the value of investments investing in the Fund.
Although offshore Renminbi (CNH) and onshore Renminbi (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
High market volatility and potential settlement difficulties in the equity market in the PRC may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.
- Tax uncertaintyTax laws and regulations in China are under constant development and often subject to change as a result of changing government policy. Such changes may occur without sufficient warning. There is a risk that changes in tax policy and regulations may adversely affect the Fund's return on investments.
- Increased brokerage commissions and transaction chargesBrokerage commissions and other transaction costs and custody fees are generally higher in China than they are in Western securities markets.
- Investments in China A-SharesThe Shanghai and Shenzhen Stock Exchanges divide listed shares into two classes: China A- Shares and China B-Shares. China A-Shares are traded on the Shanghai and Shenzhen Stock Exchanges in Chinese currency with all repatriations of gains and income requiring the approval of SAFE. China B-Shares are traded on the Shenzhen and Shanghai Stock Exchanges in Hong Kong Dollars and US Dollars, respectively. QFII historically were unable to participate in the China A-Share market. However, pursuant to an administrative notice issued by the CSRC on 24 August 2006 implementing the Investment Regulations, a QFII may invest in stocks listed and traded on a stock exchange, bonds listed and traded on a stock exchange, securities investment funds, warrants listed and traded on a stock exchange and other financialinstruments approved by the CSRC. Restrictions continue to exist and capital therefore cannot flow freely into the China A-Share market. As a result it is possible that in the event of a market disruption, the liquidity of the China A-Share market and trading prices of China A-Shares could be more severely affected than the liquidity and trading prices of markets where securities are freely tradable and capital therefore flows more freely. The Company cannot predict the nature or duration of such a market disruption or the impact that it may have on the China A-Share market and the short term and long term prospects of its investments in the China A-Share market. The Chinese government has in the past taken actions that benefited holders of China A-Shares, in which the Chinese government waived a withholding tax on profits generated from investments in China A-Shares albeit that such a tax could be levied pursuant to applicable Chinese law. As China A-Shares become more available to foreign investors, such as the Fund, the Chinese government may be less likely to take action that would benefit holders of China A-Shares.
- Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock ConnectAll Funds which can, in accordance with their investment policy, invest in China A-Shares through the Stock Connect will be subject to any applicable regulatory limits. | en | de |
DOLFIN4570 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Scenario sfavorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il settembre 2017 e il settembre 2022.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il aprile 2014 e il aprile 2019.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il febbraio 2016 e il febbraio 2021. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between September 2017 and September 2022.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | en | it |
DOLFIN4571 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Taxation of income from units of the investment fund held by the investor
Investors who are not or have not been resident for tax purposes in the Grand Duchy of Luxembourg and who do not have a permanent establishment or a permanent representative there are not subject to Luxembourg income tax with regard to their income or capital gains from their units in the Fund.
Individuals who are resident for tax purposes in the Grand Duchy of Luxembourg are subject to Luxembourg progressive income tax.
Companies that are resident for tax purposes in the Grand Duchy of Luxembourg are subject to corporation tax on the income from the fund units.
Potential investors as well as investors are advised to inform themselves about laws and regulations applicable to the taxation of fund assets, the purchase, holding and redemption of units and to seek advice from external third parties, in particular a tax advisor.
A procedure for exemption from German corporate income tax in accordance with sections 8 to 12 of the German Investment Tax Act in favour of tax-privileged or tax-exempt investors is generally not carried out. Investors and interested parties should be aware of this and discuss the possible effects of non-implementation with their tax advisor. | # Besteuerung der Erträge aus Anteilen an dem Investmentfonds beim Anleger
Anleger, die nicht im Großherzogtum Luxemburg steuerlich ansässig sind bzw. waren und dort keine Betriebsstätte oder einen permanenten Vertreter unterhalten, unterliegen keiner Luxemburger Ertragsbesteuerung im Hinblick auf ihre Einkünfte oder Veräußerungsgewinne aus ihren Anteilen am Fonds.
Natürliche Personen, die im Großherzogtum Luxemburg steuerlich ansässig sind, unterliegen der progressiven luxemburgischen Einkommensteuer.
Gesellschaften, die im Großherzogtum Luxembourg steuerlich ansässig sind, unterliegen mit den Einkünften aus den Fondsanteilen der Körperschaftsteuer.
Interessenten und Anlegern wird empfohlen, sich über Gesetze und Verordnungen, die auf die Besteuerung des Fondsvermögens, den Kauf, den Besitz, die Rücknahme oder andere Verfügungen von Anteilen Anwendung finden, zu informieren und sich durch externe Dritte, insbesondere durch einen Steuerberater, beraten zu lassen.
Ein Verfahren zur Befreiung von der deutschen Körperschaftsteuer nach §§ 8 bis 12 des deutschen Investmentsteuergesetzes zugunsten steuerbegünstigter bzw. steuerbefreiter Anleger wird grundsätzlich nicht durchgeführt. Anleger und Interessenten sollten sich darüber bewusst sein und die etwaigen Auswirkungen der Nicht-Durchführung mit ihrem Steuerberater besprechen. | # Taxation of income from units of the investment fund held by the investor
Investors who are not or have not been resident for tax purposes in the Grand Duchy of Luxembourg and who do not have a permanent establishment or a permanent representative there are not subject to Luxembourg income tax with regard to their income or capital gains from their units in the Fund.
Individuals who are resident for tax purposes in the Grand Duchy of Luxembourg are subject to Luxembourg progressive income tax.
Companies that are resident for tax purposes in the Grand Duchy of Luxembourg are subject to corporation tax on the income from the fund units.
Potential investors as well as investors are advised to inform themselves about laws and regulations applicable to the taxation of fund assets, the purchase, holding and redemption of units and to seek advice from external third parties, in particular a tax advisor.
A procedure for exemption from German corporate income tax in accordance with sections 8 to 12 of the German Investment Tax Act in favour of tax-privileged or tax-exempt investors is generally not carried out. Investors and interested parties should be aware of this and discuss the possible effects of non-implementation with their tax advisor. | en | de |
DOLFIN4572 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### ESG Fixed Income Securities
Certain Funds may invest in various types of ESG Fixed Income Securities which notably enable issuers to raise capital to fund projects with positive environmental and/or social benefits as provided for in the relevant Supplement. ESG Fixed Income Securities shall include but are not limited to green labeled bonds and other debt instruments geared toward sustainability. Labeled bonds are often verified by a third party (such as an audit firm), which certifies that the bond will fund projects (e.g. green labeled bonds are those issues with proceeds specifically earmarked to be used for environmental projects).
Green Bonds: are a type of bond whose proceeds are used to finance or re-finance new and existing projects or activities with positive environmental impact. Eligible project categories include: renewable energy, energy efficiency, clean transportation, green buildings, wastewater management and climate change adaptation.
Social Bonds: are a type of bond whose proceeds are used to finance or re-finance social projects or activities that aim to address or mitigate a specific social issue or seek to achieve positive social outcomes. Social Project categories include providing and/or promoting: affordable basic infrastructure, access to essential services, affordable housing, employment generation, food security, or socioeconomic advancement and empowerment.
Sustainability Bonds: are a type of bond whose proceeds are used to finance or re-finance a combination of green and social projects or activities. Sustainability bonds with strict accountability of the use of proceeds towards activities that advance the UN Sustainable Development Goals or SDGs may be labeled as SDG Bonds.
Sustainability-linked Bonds: are bonds which are structurally linked to the issuer’s achievement of certain sustainability goals, such as through a covenant linking the coupon of a bond to specific environmental and/or social goals. Progress, or lack thereof, toward the aforementioned goals or selected key performance indicators results in a decrease or increase in the instrument’s coupon.
In contrast to the green, social and sustainability bonds described above, sustainability-linked bonds do not finance particular projects but rather finance the general functioning of an issuer that has explicit sustainability targets that are linked to the financing conditions of the bond. | #### Festverzinsliche ESG-Wertpapiere
Bestimmte Teilfonds können in verschiedene Arten von festverzinslichen ESG-Wertpapieren investieren, die es Emittenten insbesondere ermöglichen Kapital zur Finanzierung von Projekten mit positivem ökologischem und/oder sozialem Nutzen zu beschaffen, wie in der entsprechenden Ergänzung vorgesehen. Zu den festverzinslichen ESG-Wertpapieren gehören unter anderem Anleihen mit grüner Kennzeichnung und andere Schuldtitel, die auf Nachhaltigkeit ausgerichtet sind. Gekennzeichnete Anleihen werden häufig von einer dritten Partei (z. B. einer Wirtschaftsprüfungsgesellschaft) überprüft, die bescheinigt, dass mit der Anleihe Projekte finanziert werden (z. B. sind Anleihen mit grünem Gütesiegel solche Emissionen, deren Erlöse speziell für Umweltprojekte verwendet werden).
Grüne Anleihen: sind eine Art von Anleihen, deren Erlöse zur Finanzierung oder Refinanzierung von neuen und bestehenden Projekten oder Aktivitäten mit positiven Umweltauswirkungen verwendet werden. Zu den förderfähigen Projektkategorien gehören: erneuerbare Energien, Energieeffizienz, umweltfreundlicher Transport, umweltfreundliche Gebäude, Abwassermanagement und Anpassung an den Klimawandel.
Soziale Anleihen: sind eine Art von Anleihen, deren Erlöse zur Finanzierung oder Refinanzierung von sozialen Projekten oder Aktivitäten verwendet werden, die darauf abzielen, ein bestimmtes soziales Problem anzugehen oder abzumildern oder positive soziale Ergebnisse zu erzielen. Kategorien sozialer Projekte sind die Bereitstellung und/oder Förderung von erschwinglicher Basisinfrastruktur, Zugang zu grundlegenden Dienstleistungen, erschwinglicher Wohnraum, Schaffung von Arbeitsplätzen, Ernährungssicherheit oder sozioökonomischer Fortschritt und Empowerment.
Nachhaltigkeitsanleihen: sind eine Art von Anleihen, deren Erlöse zur Finanzierung oder Refinanzierung einer Kombination aus grünen und sozialen Projekten oder Aktivitäten verwendet werden. Nachhaltigkeitsanleihen mit strenger Rechenschaftspflicht über die Verwendung der Erlöse für Aktivitäten, die die UN-Ziele für nachhaltige Entwicklung (Sustainable Development Goals, SDGs) fördern, können als SDG-Anleihen bezeichnet werden.
Nachhaltigkeitsgebundene Anleihen: sind Anleihen, die strukturell an die Erreichung bestimmter Nachhaltigkeitsziele durch den Emittenten gebunden sind, z. B. durch eine Vereinbarung, die den Kupon einer Anleihe an bestimmte ökologische und/oder soziale Ziele knüpft. Der Fortschritt oder das Fehlen eines solchen Fortschritts in Bezug auf die oben genannten Ziele oder ausgewählte Leistungsindikatoren führt zu einer Minderung oder Steigerung des Kupons des Instruments.
Im Gegensatz zu den oben beschriebenen grünen, sozialen und Nachhaltigkeitsanleihen finanzieren nachhaltigkeitsgebundene Anleihen keine Projekte, sondern den allgemeinen Betrieb eines Emittenten, der explizite Nachhaltigkeitsziele hat, die mit den Finanzierungsbedingungen der Anleihe verknüpft sind. | #### ESG Fixed Income Securities
Certain Funds may invest in various types of ESG Fixed Income Securities which notably enable issuers to raise capital to fund projects with positive environmental and/or social benefits as provided for in the relevant Supplement. ESG Fixed Income Securities shall include but are not limited to green labeled bonds and other debt instruments geared toward sustainability. Labeled bonds are often verified by a third party (such as an audit firm), which certifies that the bond will fund projects (e.g. green labeled bonds are those issues with proceeds specifically earmarked to be used for environmental projects).
Green Bonds: are a type of bond whose proceeds are used to finance or re-finance new and existing projects or activities with positive environmental impact. Eligible project categories include: renewable energy, energy efficiency, clean transportation, green buildings, wastewater management and climate change adaptation.
Social Bonds: are a type of bond whose proceeds are used to finance or re-finance social projects or activities that aim to address or mitigate a specific social issue or seek to achieve positive social outcomes. Social Project categories include providing and/or promoting: affordable basic infrastructure, access to essential services, affordable housing, employment generation, food security, or socioeconomic advancement and empowerment.
Sustainability Bonds: are a type of bond whose proceeds are used to finance or re-finance a combination of green and social projects or activities. Sustainability bonds with strict accountability of the use of proceeds towards activities that advance the UN Sustainable Development Goals or SDGs may be labeled as SDG Bonds.
Sustainability-linked Bonds: are bonds which are structurally linked to the issuer’s achievement of certain sustainability goals, such as through a covenant linking the coupon of a bond to specific environmental and/or social goals. Progress, or lack thereof, toward the aforementioned goals or selected key performance indicators results in a decrease or increase in the instrument’s coupon.
In contrast to the green, social and sustainability bonds described above, sustainability-linked bonds do not finance particular projects but rather finance the general functioning of an issuer that has explicit sustainability targets that are linked to the financing conditions of the bond. | en | de |
DOLFIN4573 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Fair Market Valuation
In the event that extraordinary circumstances render valuations impracticable or inadequate, the SICAV is authorised, prudently and in good faith, to follow other rules in order to achieve a fair valuation of its assets.
If, since the time of determination of the NAV but prior to publication, there has been a material change in the valuation of a substantial proportion of the investments of the SICAV attributable to a particular Sub-Fund or Share Class, the SICAV may, in order to safeguard the interests of the Shareholders and the SICAV, cancel the first valuation and carry out a second valuation, in which case all relevant subscription and redemption requests will be dealt on the basis of the second valuation. | ##### Valorisation à la juste valeur de marché
Dans le cas où des circonstances exceptionnelles rendraient les évaluations irréalisables ou inadéquates, la SICAV est autorisée à appliquer, avec prudence et bonne foi, d’autres règles afin de déterminer une juste valeur de ses actifs.
Si, entre le moment où la VL est déterminée et le moment où elle est publiée, un changement substantiel dans la valorisation d’une part importante des investissements de la SICAV attribuables à un Compartiment ou une Classe d’Actions particuliers s’est produit, la SICAV pourra, afin de préserver ses intérêts et ceux de ses Actionnaires, annuler la première évaluation et procéder à une seconde évaluation, auquel cas tous les ordres de souscription et de rachat concernés seront exécutés sur base de cette seconde évaluation. | ##### Fair Market Valuation
In the event that extraordinary circumstances render valuations impracticable or inadequate, the SICAV is authorised, prudently and in good faith, to follow other rules in order to achieve a fair valuation of its assets.
If, since the time of determination of the NAV but prior to publication, there has been a material change in the valuation of a substantial proportion of the investments of the SICAV attributable to a particular Sub-Fund or Share Class, the SICAV may, in order to safeguard the interests of the Shareholders and the SICAV, cancel the first valuation and carry out a second valuation, in which case all relevant subscription and redemption requests will be dealt on the basis of the second valuation. | en | fr |
DOLFIN4574 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 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. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.53% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 152.7 USD |
| Transaction costs | 1.77% 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. | 177.1 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.53%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 53.2 USD | | | Costes únicos de entrada o salida | | If you exit after 1 year |
| --- | --- | --- |
| Costes de entrada | 0.00%, no cobramos una tarifa de entrada por este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes de salida | 0.00%, no cobramos una tarifa de salida para este producto, pero la persona que le vende el producto puede hacerlo. | Up to 0 USD |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativ os o de funcionamien to | 1.53% del valor de sus inversiones por año. Esta es una estimación basada en los costos reales durante el último año. | 152.7 USD |
| Costes de operación | 1.77% 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. | 177.1 USD |
| Costes accesorios detraídos en condiciones específicas | | |
| Comisiones de rendimiento | 0.53%, una tarifa de rendimiento del 10 % p.a. por encima del punto de referencia (con marca de agua alta) es aplicable. La cantidad real variará según el rendimiento de su inversión. La estimación de este documento incluye la media de los últimos 5 años. | 53.2 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 0.00%, We do not charge an entry fee for this product, but the person selling you the product may do so. | Up to 0 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. | Up to 0 USD |
| Ongoing costs taken each year | | |
| Management fee and other administrative or operating costs | 1.53% of the value of your investments per year. This is an estimate based on the actual costs over the last year. | 152.7 USD |
| Transaction costs | 1.77% 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. | 177.1 USD |
| Incidental costs taken under specific conditions | | |
| Performance fees | 0.53%, a performance fee of 10% p.a. above the benchmark (with high watermark) is appplicable. The actual amount will vary depending on how well your investment performs. The estimation in this document includes the average over the last 5 years. | 53.2 USD | | en | es |
DOLFIN4575 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
To optimise portfolio management and/or to protect its assets and liabilities, the Company may use techniques and instruments involving Transferable Securities, Money Market Instruments, currencies and other eligible assets within the meaning of Directive 2007/16/EU for each Sub-fund.
Furthermore, each Sub-fund is notably authorised to carry out transactions intended to sell or buy foreign exchange rate futures, to sell or buy currency futures and to sell call options or to buy put options on currencies, in order to protect its assets against currency fluctuations or to optimise yield, i.e., for the purpose of sound portfolio management.
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###### Limitation | Per ottimizzare la gestione del portafoglio e/o per proteggere i propri averi, la Società può ricorrere a tecniche e strumenti d’investimento relative a valori mobiliari, strumenti del mercato monetario, valute e altre attività idonee ai sensi della Direttiva 2007/16/UE per ciascun comparto.
Inoltre, ciascun comparto è autorizzato ad effettuare operazioni vendita o acquisto di future su tassi di cambio, vendita o acquisto di future su valute e vendita di opzioni call o acquisto di opzioni put su valute, al fine di proteggere il proprio patrimonio dalle fluttuazioni valutarie o per ottimizzarne il rendimento, cioè, ai fini di un’adeguata gestione del portafoglio.
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###### Limitazioni | To optimise portfolio management and/or to protect its assets and liabilities, the Company may use techniques and instruments involving Transferable Securities, Money Market Instruments, currencies and other eligible assets within the meaning of Directive 2007/16/EU for each Sub-fund.
Furthermore, each Sub-fund is notably authorised to carry out transactions intended to sell or buy foreign exchange rate futures, to sell or buy currency futures and to sell call options or to buy put options on currencies, in order to protect its assets against currency fluctuations or to optimise yield, i.e., for the purpose of sound portfolio management.
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###### Limitation | en | it |
DOLFIN4576 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Fractional shares of the new Share Class will be allotted to up to 4 decimal places. Any differences arising upon conversion shall only be refunded to shareholders if their amount ex- ceeds CHF 25 (or the equivalent value of this sum in the re- spective currency) per request due to the transaction costs that would be incurred in connection with the remitting of such refund. If a difference is not refunded, it will be credited to that Sub-Fund whose shares are to be converted.
The provisions of sections 12 ("Issue of Shares") and 13 ("Re- demption of Shares") relating to revocation of orders, rejec- tion of orders as well as to the payments in currencies other than the currencies of the relevant Share Classes apply muta- tis mutandis.
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### Temporary Suspension of Net Asset Value Calcula- tion, Issues, Redemptions and Conversions of Shares | Bruchteile von Anteilen der neuen Anteilsklasse werden bis zu vier Dezimalstellen zugeteilt. Etwaige Differenzbeträge von bis zu CHF 25 pro Auftrag (oder der Gegenwert in der Referenzwährung), die bei der Umwandlung durch die Trans- aktionskosten entstehen würden, werden den Aktieninhabern nicht erstattet. Nicht erstattete Differenzen fliessen dem Teilfonds zu, dessen Anteile umgewandelt werden.
Die Bestimmungen von Ziffer 12 «Ausgabe von Anteilen» und 13 «Rücknahme von Anteilen» in Bezug auf den Widerruf von Anträgen, die Ablehnung von Anträgen sowie die Zahlung in einer anderen Währung als der Währung der jeweiligen An- teilsklassen finden entsprechende Anwendung.
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### Zeitweilige Aussetzung der Nettoinventarwertbe- rechnung, der Ausgabe, Rücknahme und Umwand- lung von Anteilen | Fractional shares of the new Share Class will be allotted to up to 4 decimal places. Any differences arising upon conversion shall only be refunded to shareholders if their amount ex- ceeds CHF 25 (or the equivalent value of this sum in the re- spective currency) per request due to the transaction costs that would be incurred in connection with the remitting of such refund. If a difference is not refunded, it will be credited to that Sub-Fund whose shares are to be converted.
The provisions of sections 12 ("Issue of Shares") and 13 ("Re- demption of Shares") relating to revocation of orders, rejec- tion of orders as well as to the payments in currencies other than the currencies of the relevant Share Classes apply muta- tis mutandis.
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### Temporary Suspension of Net Asset Value Calcula- tion, Issues, Redemptions and Conversions of Shares | en | de |
DOLFIN4577 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
Management objective: The sub-fund's objective is to seek, over a recommended investment period of more than 5 years, a performance exceeding that of its benchmark index, the MSCI World (NR) EUR, by investing on international equity markets through the selection of companies linked to the theme of climate change. These companies will be selected on the basis of a proprietary analysis that combines financial profitability, thematic analysis and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the sub-fund may not hold all the components of the benchmark index. The sub-fund may diverge significantly from the benchmark index or, occasionally, very little.
Benchmark index: MSCI World (NR), net dividends reinvested
Investment policy: To achieve its objective, the Manager will implement discretionary management through a selection of companies and/or UCIs investing on the climate change theme on the basis of a fundamental financial analysis and the cumulative application of the following non-financial approaches: (i) a thematic investment on the portfolio of securities of the sub-fund, which will permanently represent at least 75% of net assets and (ii) a non-financial and thematic filter on issuers of securities (applied to shares and debt/bond securities). Up to 75% of the sub-fund will be permanently invested in shares. For each company in the portfolio, a valuation of the share of the business activity contributing directly or indirectly to the energy and ecological transition (green share) will be undertaken. Each portfolio company will be the subject of a thematic classification. The sub-fund will invest a minimum of 30% and a maximum of 100% of the portfolio of securities in companies which, according to the proprietary analysis of the Management Company, are directly linked to this theme (Core). Core companies have a green share equal to or greater than 50%. The sub-fund may also be invested up to a maximum of 30% of the portfolio of securities in companies facilitating the implementation of these activities (Enablers) and of which the green share is more difficult to measure. The sub-fund will also be able to invest up to a maximum of 40% of the portfolio of securities in companies with a major development focus as regards the theme (Leaders of tomorrow), with a green share of 10% to 50%. The steps for identifying issuers of equity securities and debt securities that fall within the theme and meet the non-financial criteria can be summarised as follows:
- An initial filter is established to exclude companies belonging to the MSCI GICS sectors from integrated oil companies, exploration and production, cement and aggregates, coal mining, airlines and air transport services. | # Objetivos y política de inversión
Objetivo de gestión: El objetivo del Subfondo es obtener, en un horizonte de inversión recomendado de más de cinco años, una rentabilidad superior a la de su índice de referencia, el MSCI World (NR), mediante la inversión en mercados de renta variable internacionales seleccionando sociedades vinculadas a temas relacionados con el cambio climático. Estas sociedades se seleccionarán sobre la base de un análisis propio en el que se combinarán la rentabilidad financiera, el análisis temático y el cumplimiento de criterios extrafinancieros. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia en lo que se refiere al posicionamiento de su cartera, y es posible que el Subfondo no mantenga todos los susodichos componentes. La desviación respecto del índice de referencia puede ser significativa, si bien también puede verse limitada ocasionalmente.
Índice de referencia: MSCI World (NR), dividendos netos reinvertidos
Política de inversión: Para alcanzar su objetivo, el Gestor implementará una gestión discrecional mediante una selección de empresas y/o IIC que invierten en temas relacionados con el cambio climático sobre la base de un análisis financiero fundamental, así como la aplicación acumulativa de los siguientes enfoques extrafinancieros: (i) una inversión temática en la renta variable del Subfondo, que representará permanentemente un mínimo del 75% del patrimonio neto, y (ii) un filtro extrafinanciero y temático para los emisores de los valores (aplicables a las acciones y títulos de deuda/bonos). Al menos el 75% del Subfondo estará permanentemente invertido en acciones. Para cada sociedad de la cartera, se realizará una estimación de la parte de la actividad que contribuye directa o indirectamente a la transición energética y ecológica (cuota verde). Cada sociedad en cartera se incluirá en una clasificación temática. El Subfondo invertirá un mínimo del 30% y un máximo del 100% de la renta variable en sociedades que, según un análisis propio de la sociedad gestora, están directamente relacionadas con esta temática (“core”). Las sociedades core tienen una cuota verde igual o superior al 50%. El Subfondo también podrá invertir hasta un máximo del 30 % de la renta variable en las sociedades que faciliten la realización de estas actividades («enablers») y cuya cuota verde sea más difícil de medir. El Subfondo también podrá invertir hasta un máximo del 40 % de la renta variable en empresas con un eje de desarrollo importante respecto de la temática (Leaders of tomorrow) que tengan una cuota verde del 10 % al 50 %. Las etapas de identificación de los emisores de certificados de acciones y títulos de crédito relacionados con la temática que respetan los criterios extrafinancieros pueden resumirse como sigue:
- Se establece un primer filtro para excluir a las sociedades pertenecientes a los sectores MSCI-GICS de las empresas petroleras integradas, de exploración y producción, de cementos y agregados, de extracción de carbón, las compañías aéreas y los servicios de transporte aéreo. | # Objectives and investment policy
Management objective: The sub-fund's objective is to seek, over a recommended investment period of more than 5 years, a performance exceeding that of its benchmark index, the MSCI World (NR) EUR, by investing on international equity markets through the selection of companies linked to the theme of climate change. These companies will be selected on the basis of a proprietary analysis that combines financial profitability, thematic analysis and compliance with non-financial criteria. The sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the sub-fund may not hold all the components of the benchmark index. The sub-fund may diverge significantly from the benchmark index or, occasionally, very little.
Benchmark index: MSCI World (NR), net dividends reinvested
Investment policy: To achieve its objective, the Manager will implement discretionary management through a selection of companies and/or UCIs investing on the climate change theme on the basis of a fundamental financial analysis and the cumulative application of the following non-financial approaches: (i) a thematic investment on the portfolio of securities of the sub-fund, which will permanently represent at least 75% of net assets and (ii) a non-financial and thematic filter on issuers of securities (applied to shares and debt/bond securities). Up to 75% of the sub-fund will be permanently invested in shares. For each company in the portfolio, a valuation of the share of the business activity contributing directly or indirectly to the energy and ecological transition (green share) will be undertaken. Each portfolio company will be the subject of a thematic classification. The sub-fund will invest a minimum of 30% and a maximum of 100% of the portfolio of securities in companies which, according to the proprietary analysis of the Management Company, are directly linked to this theme (Core). Core companies have a green share equal to or greater than 50%. The sub-fund may also be invested up to a maximum of 30% of the portfolio of securities in companies facilitating the implementation of these activities (Enablers) and of which the green share is more difficult to measure. The sub-fund will also be able to invest up to a maximum of 40% of the portfolio of securities in companies with a major development focus as regards the theme (Leaders of tomorrow), with a green share of 10% to 50%. The steps for identifying issuers of equity securities and debt securities that fall within the theme and meet the non-financial criteria can be summarised as follows:
- An initial filter is established to exclude companies belonging to the MSCI GICS sectors from integrated oil companies, exploration and production, cement and aggregates, coal mining, airlines and air transport services. | en | es |
DOLFIN4578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# ARTICLE 14 - ADMINISTRATION
## The company is administered by a board of directors with at least three and no more than 18 members, appointed by the shareholders’ meeting.
## During the life of the company, the directors shall be appointed or re-appointed by the ordinary shareholders’ meeting.
The directors of the company may be natural persons or legal entities. In the case of a legal entity, on appointment, they must designate a permanent representative who is subject to the same conditions and obligations and bears the same civil and criminal liability as if they themselves were a member of the board of directors, without prejudice to the liability of the legal entity they represent.
This permanent mandate is given for the duration of the legal entity's own mandate. If the legal entity terminates the appointment of its representative, it must notify the Sicav immediately by registered mail and also inform the Sicav of the identity of its new permanent representative. The same shall apply in the event of the death, resignation or extended impediment of the permanent representative. | # ARTÍCULO 14 - ADMINISTRACIÓN Y DIRECCIÓN DE LA SOCIEDAD
## La administración de la sociedad se encomienda a un Consejo de Administración de un mínimo de tres miembros y un máximo de dieciocho, nombrados por la Junta General.
## En el transcurso de la vida social, la Junta General Ordinaria de accionistas nombra a los administradores o renueva sus cargos.
Los administradores pueden ser personas físicas o jurídicas. En el momento de su nombramiento, estas últimas deben designar a un representante permanente que estará sometido a las mismas condiciones y obligaciones, y que incurrirá en las mismas responsabilidades civil y penal que si fuera miembro del Consejo de Administración en su propio nombre, sin perjuicio de la responsabilidad de la persona jurídica a la cual representa.
Ese mandato de representante permanente se le otorga por el mismo periodo que el de la persona jurídica a la cual representa. Si la persona jurídica revoca el mandato de su representante, tiene la obligación de notificar inmediatamente a la Sicav por correo certificado dicha revocación así como la identidad de su nuevo representante permanente. Tendrá esa misma obligación en caso de fallecimiento, cese o incapacidad prolongada del representante permanente. | # ARTICLE 14 - ADMINISTRATION
## The company is administered by a board of directors with at least three and no more than 18 members, appointed by the shareholders’ meeting.
## During the life of the company, the directors shall be appointed or re-appointed by the ordinary shareholders’ meeting.
The directors of the company may be natural persons or legal entities. In the case of a legal entity, on appointment, they must designate a permanent representative who is subject to the same conditions and obligations and bears the same civil and criminal liability as if they themselves were a member of the board of directors, without prejudice to the liability of the legal entity they represent.
This permanent mandate is given for the duration of the legal entity's own mandate. If the legal entity terminates the appointment of its representative, it must notify the Sicav immediately by registered mail and also inform the Sicav of the identity of its new permanent representative. The same shall apply in the event of the death, resignation or extended impediment of the permanent representative. | en | es |
DOLFIN4579 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Company does not use TRS for any of its sub-funds.
- Repurchase agreementsA repurchase agreement shall be eligible to be entered into by a sub-fund provided that all of the following conditions are fulfilled:
- it is used on a temporary basis, for no more than seven working days, only for liquidity management purposes and not for investment purposes other than as referred to in point c) below;
- the counterparty receiving assets transferred by the sub-fund as collateral under the repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those assets without the sub-fund's prior consent;
- the cash received by the sub-fund as part of the repurchase agreement is able to be
- placed on deposits in accordance with point 2)
- invested in assets referred to point 5.5, but shall not otherwise be invested in eligible assets as referred in point 1), 2), 3)and 6), transferred or otherwise reused; and | ##### La Société ne recourt à des TRS pour aucun de ses compartiments.
- Opérations de mise en pensionUne opération de mise en pension peut être réalisée par un compartiment à condition que toutes les exigences suivantes soient remplies :
- elle est réalisée à titre provisoire, pour une durée inférieure à sept jours ouvrables, uniquement pour gérer la liquidité et non à d’autres fins d’investissement que celles visées au point c) ci-dessous ;
- la contrepartie recevant des actifs transférés par le compartiment à titre de garantie dans le cadre de l’opération de mise en pension n’est pas autorisée à vendre, placer, mettre en gage ou transférer ces actifs sans le consentement préalable du compartiment ;
- les liquidités reçues par le compartiment dans le cadre de l’opération de mise en pension peuvent être
- placées sur des comptes de dépôt conformément au point 2)
- investies dans des actifs visés au point 5.5, mais ne doivent pas être investies dans des actifs éligibles comme mentionné aux points 1), 2), 3) et 6), transférées ou réinvesties ; et | ##### The Company does not use TRS for any of its sub-funds.
- Repurchase agreementsA repurchase agreement shall be eligible to be entered into by a sub-fund provided that all of the following conditions are fulfilled:
- it is used on a temporary basis, for no more than seven working days, only for liquidity management purposes and not for investment purposes other than as referred to in point c) below;
- the counterparty receiving assets transferred by the sub-fund as collateral under the repurchase agreement is prohibited from selling, investing, pledging or otherwise transferring those assets without the sub-fund's prior consent;
- the cash received by the sub-fund as part of the repurchase agreement is able to be
- placed on deposits in accordance with point 2)
- invested in assets referred to point 5.5, but shall not otherwise be invested in eligible assets as referred in point 1), 2), 3)and 6), transferred or otherwise reused; and | en | fr |
DOLFIN4580 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# How long should I keep my investment and can I withdraw money early?
### Recommended holding period: 31/12/2025
### Possibilities and conditions for divestment before maturity:
Redemptions are centralised each day (T) at 11 a.m. with La Française AM Finance Services and with IZNES for shares to be registered or registered in the IZNES Shared Electronic Registration System (DEEP) and are carried out on the basis of the next net asset value, with settlement on T+2 (business days).
Subscription to the Fund will close on 30 September 2020 at 11:00 a.m. . From this date, only subscriptions preceded by a redemption on the same day for the same number of units, for the same net asset value and by the same unitholder may be executed. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée ?
### Période de détention recommandée : 31/12/2025
### Possibilités et conditions de désinvestissement avant l'échéance :
Les rachats sont centralisés chaque jour (J) à 11h00 auprès de La Française AM Finance Services et auprès d’IZNES pour les actions à inscrire ou inscrites au nominatif pur au sein du Dispositif d’Enregistrement Électronique Partagé (DEEP) IZNES et sont réalisés sur la base de la prochaine valeur liquidative, avec règlement en J+2 (jours ouvrés).
Le fonds sera fermé à la souscription le 30 septembre 2020 après 11 heures. A compter de cette date, seules les souscriptions précédées d'un rachat effectué le même jour pour un même nombre de parts, sur la même valeur liquidative et par un même porteur pourront être transmises. | # How long should I keep my investment and can I withdraw money early?
### Recommended holding period: 31/12/2025
### Possibilities and conditions for divestment before maturity:
Redemptions are centralised each day (T) at 11 a.m. with La Française AM Finance Services and with IZNES for shares to be registered or registered in the IZNES Shared Electronic Registration System (DEEP) and are carried out on the basis of the next net asset value, with settlement on T+2 (business days).
Subscription to the Fund will close on 30 September 2020 at 11:00 a.m. . From this date, only subscriptions preceded by a redemption on the same day for the same number of units, for the same net asset value and by the same unitholder may be executed. | en | fr |
DOLFIN4581 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Key Performance Indicator
Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
Number of female board member
34.1% 37.2% | # Indicateurs Clés
Nombre (%) de femmes membres au Conseil d’Administration : Cet indicateur en % fait référence à la proportion d'hommes et de femmes qui occupent des postes d'administrateur au sein des conseils d'administration des entreprises.
Nombre de femmes membres du conseil
34.1% 37.2% | # Key Performance Indicator
Number (%) of female board member : Gender representation on corporate boards of directors refers to the proportion of men and women who occupy board member positions.
Number of female board member
34.1% 37.2% | en | fr |
DOLFIN4582 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Data on the reuse of guarantees
Maximum amount (%) Amount used (%)
UCI revenue following the reinvestment of cash guarantees for securities financing transactions and TRS | ## Dati sul riutilizzo delle garanzie reali
Importo massimo (%) Importo utilizzato (%)
Rendimento derivante all'organismo d'investimento collettivo dal reinvestimento della garanzia reale in contante nell'ambito delle operazioni di finanziamento tramite titoli e total return swap | ## Data on the reuse of guarantees
Maximum amount (%) Amount used (%)
UCI revenue following the reinvestment of cash guarantees for securities financing transactions and TRS | en | it |
DOLFIN4583 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Global Equity Fund fell 29.8% during the first half of the year. By comparison, the stock markets of the world as measured by the MSCI World Index in CHF (MSCI) lost 7.2%. In the second quarter the fund recovered from its lows in mid-March with a gain of 21.3%, thereby outperforming the MSCI (+17.5%). Net 19.8% of fund units were redeemed, many of which are due to the changes in the shareholding structure of BWM AG. | # Anlagerisiko
Der Fonds konzentriert sich im Rahmen der eu- ropäischen UCITS-Richtlinie auf vergleichswei- se wenige Emittenten. Die Wertentwicklung des Fonds kann daher von der generellen Entwick- lung der Aktienmärkte, in denen er investiert ist, spürbar abweichen.
Sehr geehrte Anlegerinnen Sehr geehrte Anleger
Der Nettoinventarwert (NAV) des Classic Global Equity Fund ist im Berichtshalbjahr um 29.8% gesunken. Im Vergleich dazu haben die Börsen der Welt, gemessen am MSCI World Index in CHF (MSCI), um 7.2% nachgegeben. Im zweiten Quartal erholte sich der Fonds mit einem Anstieg von 21.3% vom tiefen NAV Ende März und übertraf dabei den MSCI (+17.5%). Netto wurden 19.8% der Fondsanteile zurückgegeben, wovon ein grosser Anteil auf die Veränderungen im Aktionariat der BWM AG zurückzuführen ist. | # Investment risk
The fund invests in line with the European UCITS Directive but concentrates its holdings on relatively few issuers. Therefore its performance may differ substantially from the performance of stock markets in which it is invested.
Dear Investors
The net asset value (NAV) of the Classic Global Equity Fund fell 29.8% during the first half of the year. By comparison, the stock markets of the world as measured by the MSCI World Index in CHF (MSCI) lost 7.2%. In the second quarter the fund recovered from its lows in mid-March with a gain of 21.3%, thereby outperforming the MSCI (+17.5%). Net 19.8% of fund units were redeemed, many of which are due to the changes in the shareholding structure of BWM AG. | en | de |
DOLFIN4584 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 3 - Management fees (maximum per annum)
In consideration for all services provided by the Management Company, the Management Company is entitled to an annual Management Company Fee, payable out of the assets of each sub-fund at a rate specified for each sub-fund and/or Class.
The management fees applicable to the “C” category are applicable to all share sub-categories and classes with the word “C” in their denomination.
The management fees applicable to the “Privilege” category are applicable to all share sub-categories and classes with the word “Privilege” in their denomination.
The management fees applicable to the “Life” category are applicable to all share sub-categories and classes with the word “Life” in their denomination.
The management fees applicable to the “I” category are applicable to all share sub-categories and classes with the word “I” in their denomination.
The management fees applicable to the “M” category are applicable to all share sub-categories and classes with the word “M” in their denomination
The management fees applicable to the “J” category are applicable to all share sub-categories and classes with the word “J” in their denomination.
The management fees applicable to the “X” category are applicable to all share sub-categories and classes with the word “X” in their denomination.
The management fees applicable to the “N” category are applicable to all share sub-categories and classes with the word “N” in their denomination.
The management fees applicable to the “R” category are applicable to all share sub-categories and classes with the word “R” in their denomination.
The management fees are as follow: | ### Note 3 - Commissions de gestion (maximum par an)
En rémunération de l’ensemble de ses services, la Société de Gestion est en droit de percevoir une Commission de Société de Gestion annuelle, prélevée sur les actifs de chaque compartiment à un taux spécifié pour chaque compartiment et/ou Classe.
La commission de gestion applicable à la catégorie « C » s’applique à toutes les sous-catégories et classes d’actions incluant la lettre « C » dans leur dénomination.
La commission de gestion applicable à la catégorie « Privilege » s'applique à toutes les sous-catégories et classes d'actions incluant le terme « Privilege » dans leur dénomination.
La commission de gestion applicable à la catégorie « Life » s’applique à toutes les sous-catégories et classes d’actions incluant le terme « Life » dans leur dénomination.
La commission de gestion applicable à la catégorie « I » s'applique à toutes les sous-catégories et classes d'actions incluant le terme « I » dans leur dénomination.
La commission de gestion applicable à la catégorie « M » s’applique à toutes les sous-catégories et classes d’actions incluant la lettre « M » dans leur dénomination.
La commission de gestion applicable à la catégorie « J » s’applique à toutes les sous-catégories et classes d’actions incluant la lettre « J » dans leur dénomination.
La commission de gestion applicable à la catégorie « X » s’applique à toutes les sous-catégories et classes d’actions incluant la lettre « X » dans leur dénomination.
La commission de gestion applicable à la catégorie « N » s'applique à toutes les sous-catégories et classes d'actions incluant la lettre « N » dans leur dénomination.
La commission de gestion applicable à la catégorie « R » s’applique à toutes les sous-catégories et classes d’actions incluant la lettre « R » dans leur dénomination.
Les commissions de gestion se décomposent comme suit : | ### Note 3 - Management fees (maximum per annum)
In consideration for all services provided by the Management Company, the Management Company is entitled to an annual Management Company Fee, payable out of the assets of each sub-fund at a rate specified for each sub-fund and/or Class.
The management fees applicable to the “C” category are applicable to all share sub-categories and classes with the word “C” in their denomination.
The management fees applicable to the “Privilege” category are applicable to all share sub-categories and classes with the word “Privilege” in their denomination.
The management fees applicable to the “Life” category are applicable to all share sub-categories and classes with the word “Life” in their denomination.
The management fees applicable to the “I” category are applicable to all share sub-categories and classes with the word “I” in their denomination.
The management fees applicable to the “M” category are applicable to all share sub-categories and classes with the word “M” in their denomination
The management fees applicable to the “J” category are applicable to all share sub-categories and classes with the word “J” in their denomination.
The management fees applicable to the “X” category are applicable to all share sub-categories and classes with the word “X” in their denomination.
The management fees applicable to the “N” category are applicable to all share sub-categories and classes with the word “N” in their denomination.
The management fees applicable to the “R” category are applicable to all share sub-categories and classes with the word “R” in their denomination.
The management fees are as follow: | en | fr |
DOLFIN4585 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment objectives
There can be no guarantee that the investment objective of any Fund will be met. Investors should be aware that a Fund may invest on a limited basis in areas which are not naturally associated with the name of the Fund. These other markets and/or assets may act with more or less volatility than the core investments and performance will, in part, be dependent on these investments. Investors should therefore ensure (prior to any investment being made) that they are satisfied with the risk profile of the overall objectives disclosed. | # Anlageziele
Es gibt keine Garantie, dass die Anlageziele eines Fonds erreicht werden. Die Anleger werden darauf hingewiesen, dass ein Fonds nur beschränkt in Bereichen investieren kann, die von Natur aus nicht mit seinem Namen verbunden sind. Diese anderen Märkte und/oder Vermögenswerte können einer stärkeren oder geringeren Volatilität unterliegen als die Kernanlagen, und die Wertentwicklung ist teilweise von diesen Anlagen abhängig. Anleger sollten daher (vor einer Anlage) sicherstellen, dass sie mit dem Risikoprofil der angegebenen Gesamtziele einverstanden sind. | # Investment objectives
There can be no guarantee that the investment objective of any Fund will be met. Investors should be aware that a Fund may invest on a limited basis in areas which are not naturally associated with the name of the Fund. These other markets and/or assets may act with more or less volatility than the core investments and performance will, in part, be dependent on these investments. Investors should therefore ensure (prior to any investment being made) that they are satisfied with the risk profile of the overall objectives disclosed. | en | de |
DOLFIN4586 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Performance of the investment fund Ve-RI Listed Infrastructure (R) | |
| --- | --- |
| | EUR | EUR |
| I. Value of the fund at the beginning of the financial year | | 18,400,492.66 |
| 1. Distribution for the previous year / tax deduction for the previous year | | -107,559.00 |
| 2. Interim distributions | | 0.00 |
| 3. Cash inflow / outflow (net) a) Cash inflows from sales of unit certificates | 14,495,592.26 | 7,175,829.65 |
| b) Cash outflows from unit redemptions 4. Income equalization / expense equalization | -7,319,762.61 | -396,980.63 |
| 5. Result for the financial year of which unrealized profits | 47,234.46 | 3,885,510.54 | | | Entwicklung des Sondervermögens Ve-RI Listed Infrastructure ( R ) | |
| --- | --- |
| | EUR | EUR |
| I. Wert des Sondervermögens am Beginn des Geschäftsjahres | | 18.400.492,66 |
| 1. Ausschüttung für das Vorjahr/Steuerabschlag für das Vorjahr | | -107.559,00 |
| 2. Zwischenausschüttungen | | 0,00 |
| 3. Mittelzufluss / -abfluss (netto) a) Mittelzuflüsse aus Anteilschein-Verkäufen | 14.495.592,26 | 7.175.829,65 |
| b) Mittelabflüsse aus Anteilschein-Rücknahmen 4. Ertragsausgleich/Aufwandsausgleich | -7.319.762,61 | -396.980,63 |
| 5. Ergebnis des Geschäftsjahres davon nicht realisierte Gewinne | 47.234,46 | 3.885.510,54 | | | Performance of the investment fund Ve-RI Listed Infrastructure (R) | |
| --- | --- |
| | EUR | EUR |
| I. Value of the fund at the beginning of the financial year | | 18,400,492.66 |
| 1. Distribution for the previous year / tax deduction for the previous year | | -107,559.00 |
| 2. Interim distributions | | 0.00 |
| 3. Cash inflow / outflow (net) a) Cash inflows from sales of unit certificates | 14,495,592.26 | 7,175,829.65 |
| b) Cash outflows from unit redemptions 4. Income equalization / expense equalization | -7,319,762.61 | -396,980.63 |
| 5. Result for the financial year of which unrealized profits | 47,234.46 | 3,885,510.54 | | en | de |
DOLFIN4587 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Performance – croissance en % | Statistiques du fonds* | |
| --- | --- | --- |
| | Statistiques | Fonds | Indice de référence |
| | Alpha (%) | 0,21 | n.d. |
| | Bêta | 0,75 | n.d. |
| | Corrélation | 0,97 | n.d. |
| | Ratio de Sharpe** | 0,54 | 0,07 |
| | Baisse maximum | -8,67 | -13,63 |
| | Ecart-type annualisé en % | 5,87 | 7,59 |
| | * Calculé depuis le lancement | | | | | Desempeño - % crecimiento | Estadísticas del fondo* | |
| --- | --- | --- |
| | Estadística | Fondo | Índice de referencia |
| | Alfa (%) | 0,21 | N/D |
| | Beta | 0,75 | N/D |
| | Correlación | 0,97 | N/D |
| | Ratio de Sharpe** | 0,54 | 0,07 |
| | Máxima caída | -8,67 | -13,63 |
| | Desviación típica anualizada (%) | 5,87 | 7,59 |
| | * Computado desde el inicio | | | | | Performance – croissance en % | Statistiques du fonds* | |
| --- | --- | --- |
| | Statistiques | Fonds | Indice de référence |
| | Alpha (%) | 0,21 | n.d. |
| | Bêta | 0,75 | n.d. |
| | Corrélation | 0,97 | n.d. |
| | Ratio de Sharpe** | 0,54 | 0,07 |
| | Baisse maximum | -8,67 | -13,63 |
| | Ecart-type annualisé en % | 5,87 | 7,59 |
| | * Calculé depuis le lancement | | | | fr | es |
DOLFIN4588 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund has appointed Eleva Capital S.A.S. (the “Management Company”) to serve as its designated Management Company in accordance with the Law of 2010. Pursuant to the Investment Management Agreement, Eleva Capital S.A.S. was appointed investment manager to the Fund. The Management Company has appointed, with the consent of the Fund, Eleva Capital S.A.S. as distributor of the Fund.
As at 31 December 2020, the Fund consisted of the seven Sub-Funds: Eleva European Selection Fund, Eleva Absolute Return Europe Fund, Eleva Euroland Selection Fund, Eleva Leaders Small & Mid-Cap Europe Fund, Eleva Sustainable Impact Europe Fund, Eleva Euro Bonds Strategies Fund and Eleva Global Bonds Opportunities Fund.
The Sub-Funds offer a number of different Classes of Shares. Certain Classes are available to Retail Investors while other Classes may be available only to Institutional Investors. These Classes may be sub-divided into accumulation of income or distribution of income categories as further detailed in the Prospectus. Hedged Classes of a Sub-Fund will be hedged against the Reference Currency of that Sub-Fund, with the objective of minimizing currency risk exposure.
During the year following share classes were launched: | Le Fonds a nommé Eleva Capital S.A.S. (la « Société de gestion ») à titre de société de gestion désignée conformément à la Loi de 2010. Conformément au Contrat de gestion d’investissement, Eleva Capital S.A.S. a été nommée gestionnaire d’investissement du Fonds. La Société de gestion a nommé, avec le consentement du Fonds, Eleva Capital S.A.S., en tant que distributeur du Fonds.
Au 31 décembre 2020, le Fonds comprenait sept Compartiments : Eleva European Selection Fund, Eleva Absolute Return Europe Fund, Eleva Euroland Selection Fund, Eleva Leaders Small & Mid-Cap Europe Fund, Eleva Sustainable Impact Europe Fund, Eleva Euro Bonds Strategies Fund et Eleva Global Bonds Opportunities Fund.
Les Compartiments offrent diverses Catégories d’actions. Certaines Catégories sont offertes aux Investisseurs de détail tandis que d’autres ne sont offertes qu’aux Investisseurs institutionnels. Ces Catégories peuvent elles-mêmes être subdivisées en deux sous-catégories : capitalisation de revenus ou distribution de revenus, comme détaillé dans le Prospectus. Les Catégories couvertes d’un Compartiment doivent être couvertes contre la Devise de référence du Compartiment en question, afin de minimiser l’exposition au risque de change.
Au cours de l’année, les catégories d’actions suivantes ont été lancées : | The Fund has appointed Eleva Capital S.A.S. (the “Management Company”) to serve as its designated Management Company in accordance with the Law of 2010. Pursuant to the Investment Management Agreement, Eleva Capital S.A.S. was appointed investment manager to the Fund. The Management Company has appointed, with the consent of the Fund, Eleva Capital S.A.S. as distributor of the Fund.
As at 31 December 2020, the Fund consisted of the seven Sub-Funds: Eleva European Selection Fund, Eleva Absolute Return Europe Fund, Eleva Euroland Selection Fund, Eleva Leaders Small & Mid-Cap Europe Fund, Eleva Sustainable Impact Europe Fund, Eleva Euro Bonds Strategies Fund and Eleva Global Bonds Opportunities Fund.
The Sub-Funds offer a number of different Classes of Shares. Certain Classes are available to Retail Investors while other Classes may be available only to Institutional Investors. These Classes may be sub-divided into accumulation of income or distribution of income categories as further detailed in the Prospectus. Hedged Classes of a Sub-Fund will be hedged against the Reference Currency of that Sub-Fund, with the objective of minimizing currency risk exposure.
During the year following share classes were launched: | en | fr |
DOLFIN4589 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Remuneration
Franklin Templeton International Services S.à r.l., as UCITS licensed management company has a remuneration policy (the “Policy”) in place which applies to all UCITS funds under its management. The Policy has been designed to discourage excessive risk taking, integrating in its performance management systems risk criteria specific to the business units it covers. The policy has a governance structure aimed at preventing internal conflicts of interest.
There are defined procedures in place for the creation, update, review and approval of the Policy as well as for communication and implementation of the Policy. Senior Management, Human Resources, Compliance and other functions are all involved in this process and the Policy is approved by Senior Management and the Board of Directors of the Management Company.
Fixed remuneration is defined as base salary plus other benefits which may include pension contributions, life assurance premiums or private medical insurance premiums. Levels of fixed remuneration are set with reference to job complexity, level of responsibility, performance and market benchmarking data. These levels are reviewed on a regular basis.
Variable remuneration is defined as annual bonuses, long term awards in the form of performance share grants or sales bonus payments. Levels of variable remuneration are set with reference to overall corporate and business unit performance as well as individual performance.
The full Policy is available at the registered onjce of the Management Company. Quantitative information relevant to the
Franklin Templeton Alternative Funds is outlined below. | #### Rémunération
Franklin Templeton International Services S.à r.l., en tant que société de gestion agréée OPCVM, a mis en place une politique de rémunération (la « Politique ») qui s'applique à tous les fonds OPCVM sous sa gestion. La Politique a été conçue pour décourager une prise de risque excessive, en intégrant dans ses systèmes de gestion des performances des critères de risque spécifiques aux divisions concernées. La Politique prévoit une structure de gouvernance qui vise à prévenir les conflits d’intérêts internes.
Des procédures précises ont été mises en place pour la création, la mise à jour, l’examen et l’approbation de la politique ainsi que pour sa communication et sa mise en œuvre. La direction, les ressources humaines, la conformité et d’autres fonctions sont impliquées dans ce processus et la politique est approuvée par la direction et le conseil d’administration de la société de gestion
La rémunération fixe est définie comme étant le salaire de base plus les autres avantages comme les cotisations de retraite, les primes d’assurance-vie ou d’assurance médicale privée. Les niveaux des rémunérations fixes sont fixés par référence à la complexité du poste, au niveau de responsabilité, à la performance et aux données comparatives du marché. Ces niveaux sont révisés sur une base régulière.
La rémunération variable est définie comme étant les primes annuelles, les récompenses à long terme sous la forme d’attributions d’actions en fonctions des performances ou de paiements de primes de vente. Les niveaux des rémunérations variables sont fixés par référence à la performance de l’ensemble de l’entreprise et à celle des divisions, ainsi qu’à la performance de la personne.
La Politique complète est disponible au siège social de la société de gestion. Des informations quantitatives concernant Franklin Templeton Alternative Funds sont présentées ci-dessous. | #### Remuneration
Franklin Templeton International Services S.à r.l., as UCITS licensed management company has a remuneration policy (the “Policy”) in place which applies to all UCITS funds under its management. The Policy has been designed to discourage excessive risk taking, integrating in its performance management systems risk criteria specific to the business units it covers. The policy has a governance structure aimed at preventing internal conflicts of interest.
There are defined procedures in place for the creation, update, review and approval of the Policy as well as for communication and implementation of the Policy. Senior Management, Human Resources, Compliance and other functions are all involved in this process and the Policy is approved by Senior Management and the Board of Directors of the Management Company.
Fixed remuneration is defined as base salary plus other benefits which may include pension contributions, life assurance premiums or private medical insurance premiums. Levels of fixed remuneration are set with reference to job complexity, level of responsibility, performance and market benchmarking data. These levels are reviewed on a regular basis.
Variable remuneration is defined as annual bonuses, long term awards in the form of performance share grants or sales bonus payments. Levels of variable remuneration are set with reference to overall corporate and business unit performance as well as individual performance.
The full Policy is available at the registered onjce of the Management Company. Quantitative information relevant to the
Franklin Templeton Alternative Funds is outlined below. | en | fr |
DOLFIN4590 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in a diversified portfolio of smaller companies that have their head office or a main part of their activities in the Asia Pacific region (excluding Japan).
- Smaller companies are generally defined as having a market capitalisation range of less than USD 8,000 million in terms of the company’s full market capitalisation. The fund may have an exposure to companies with market capitalisations falling outside this range.
- This region includes countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 07.12.11
NAV price in share class currency: 20.84
ISIN: LU0702159343 SEDOL: B556G10 WKN: A1JTXM
Bloomberg: FFASCAU LX
Dealing cut-off: 12:00 UK time (normally 13:00 Central European Time)
Distribution type: Income
Distribution frequency: Annual
Ongoing Charges Figure (OCF) per year: 1.94% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | # Caractéristiques de la part
- Le Compartiment vise une croissance du capital à long terme, accompagnée de revenus qui devraient être peu élevés.
- Le Compartiment investira au moins 70 % dans un portefeuille diversifié de petites sociétés ayant leur siège social ou exerçant une part prépondérante de leurs activités dans la région Asie Pacifique (hors Japon).
- Les petites sociétés sont généralement définies comme ayant une capitalisation boursière inférieure à 8 000 millions d’USD en termes de capitalisation boursière totale de l’entreprise. Le Compartiment peut être exposé à des sociétés dont la capitalisation boursière n’entre pas dans cette catégorie.
- Cette région comprend des pays considérés comme des marchés émergents.
- Le Compartiment peut investir en dehors de ses principaux secteurs de marché, zones géographiques, secteurs d’activité ou catégories d’actifs.
- Le Compartiment investira moins de 30 %, directement et/ou indirectement, dans des Actions A et B chinoises onshore sur une base globale.
- Le Compartiment peut investir directement dans des actifs ou obtenir une exposition indirecte par le biais d’autres moyens autorisés, y compris des instruments dérivés. Le Compartiment peut utiliser des dérivés pour réduire le risque ou les coûts, pour générer du capital ou des revenus supplémentaires, ou pour procéder à des investissements, en accord avec son profil de risque.
- Le Compartiment est géré activement. Lors de la sélection des placements pour le Compartiment et afin de contrôler le risque, le Gérant de Portefeuille se référera à l’indice MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index (Net) (l’« Indice »). La performance du Compartiment peut être évaluée par rapport à son Indice. Le Gérant de Portefeuille dispose d’une grande latitude par rapport à l’Indice. Bien que le Compartiment détienne des actifs composant l’Indice, il peut également présenter des pondérations différentes de ce dernier et investir dans des sociétés, pays ou secteurs qui n’y sont pas inclus en vue d’exploiter des opportunités d’investissement.
- Le revenu perçu par le Compartiment est réinvesti en actions supplémentaires ou distribué aux Actionnaires sur demande.
- Les actions peuvent être achetées et vendues chaque jour ouvré du Compartiment.
D'autres parts peuvent être proposées. Se reporter au prospectus pour plus d'informations.
Date de lancement : 07.12.11
VL dans la devise de la part : 20,84
ISIN : LU0702159343 SEDOL : B556G10 WKN : A1JTXM
Bloomberg : FFASCAU LX
Heure clôture négociation : 12:00 au Royaume-Uni (normalement 13 heures CET)
Type de part: Distribution
Fréquence de distribution : Annuelle Frais courants annuels : 1,94% (30.04.22) Frais de gestion annuels : 1,50% | # Share Class Facts
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in a diversified portfolio of smaller companies that have their head office or a main part of their activities in the Asia Pacific region (excluding Japan).
- Smaller companies are generally defined as having a market capitalisation range of less than USD 8,000 million in terms of the company’s full market capitalisation. The fund may have an exposure to companies with market capitalisations falling outside this range.
- This region includes countries considered to be emerging markets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index (Net) (the “Index”). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund.
Other share classes may be available. Please refer to the prospectus for more details.
Launch date: 07.12.11
NAV price in share class currency: 20.84
ISIN: LU0702159343 SEDOL: B556G10 WKN: A1JTXM
Bloomberg: FFASCAU LX
Dealing cut-off: 12:00 UK time (normally 13:00 Central European Time)
Distribution type: Income
Distribution frequency: Annual
Ongoing Charges Figure (OCF) per year: 1.94% (30.04.22)
OCF takes into account annual management charge per year: 1.50% | en | fr |
DOLFIN4591 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 GBP Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 6,238 GBP | 3,717 GBP |
| Average return each year | -37.62% | -17.96% |
| Unfavourable scenario | What you might get back after costs | 7,760 GBP | 8,050 GBP |
| Average return each year | -22.40% | -4.25% |
| Moderate scenario | What you might get back after costs | 11,848 GBP | 19,027 GBP |
| Average return each year | 18.48% | 13.73% |
| Favourable scenario | What you might get back after costs | 17,017 GBP | 32,269 GBP |
| Average return each year | 70.17% | 26.40% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 GBP Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6.238 GBP | 3.717 GBP |
| Rendimiento medio cada año | -37,62 % | -17,96 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.760 GBP | 8.050 GBP |
| Rendimiento medio cada año | -22,40 % | -4,25 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.848 GBP | 19.027 GBP |
| Rendimiento medio cada año | 18,48 % | 13,73 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 17.017 GBP | 32.269 GBP |
| Rendimiento medio cada año | 70,17 % | 26,40 % | | | Recommended holding period: 5 Example Investment: 10,000 GBP Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 6,238 GBP | 3,717 GBP |
| Average return each year | -37.62% | -17.96% |
| Unfavourable scenario | What you might get back after costs | 7,760 GBP | 8,050 GBP |
| Average return each year | -22.40% | -4.25% |
| Moderate scenario | What you might get back after costs | 11,848 GBP | 19,027 GBP |
| Average return each year | 18.48% | 13.73% |
| Favourable scenario | What you might get back after costs | 17,017 GBP | 32,269 GBP |
| Average return each year | 70.17% | 26.40% | | en | es |
DOLFIN4592 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
The Product seeks to achieve an attractive yield until its Maturity Date by investing at least 2/3 of its asset in quasi-sovereign and corporate, Investment Grade and Non-Investment Grade bonds denominated in US dollars issued, or whose issuer conducts a significant portion of its activity, in developed countries. Such investment shall be made in fixed rate bonds with a similar maturity as the sub-fund.
The Product may invest a minimum of 51% of its net assets in Investment Grade Bonds, and up to 49% of its net assets in Non-Investment Grade Bonds (observed at the end of Ramp Up Period).
The Product is actively managed without reference to an index in accordance with an in-depth investment methodology based on the Investment Manager’s investment process and internal research. The Investment Manager makes decision regarding the selection of issuers within countries and sectors. The Product adopts a «Buy and hold» strategy in order to obtain a portfolio of bonds that are mainly hold until their maturity. Active monitoring and regular review are performed by the Investment Manager, in order to take appropriate actions (including but not limited to selling and purchasing the above mentioned securities).
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | ## Objectifs
Le Produit vise à générer un rendement attrayant jusqu’à sa Date d’échéance en investissant au moins 2/3 de ses actifs dans des obligations quasi-souveraines et d’entreprises, de qualité Investment Grade et non Investment Grade, libellées en dollars américains, émises dans des pays développés, ou dont l’émetteur mène une part importante de ses activités dans ces pays. Ces investissements seront effectués dans des obligations à taux fixe ayant une échéance similaire à celle du compartiment.
Le Produit peut investir un minimum de 51de ses actifs nets dans des obligations de qualité Investment Grade et un maximum de 49de ses actifs nets dans des obligations de qualité non Investment Grade (observées à la fin de la Période de montée en puissance).
Le Produit est activement géré, sans référence à un indice, selon une méthodologie d’investissement approfondie fondée sur le processus d’investissement et la recherche interne du Gestionnaire d’investissement. Ce dernier prend des décisions concernant la sélection des émetteurs au sein des pays et des secteurs. Le Produit adopte une stratégie «and hold~ » (acheter et conserver) afin d’obtenir un portefeuille d’obligations qui sont principalement détenues jusqu’à leur échéance. Un contrôle actif et une évaluation régulière sont effectués par le Gestionnaire d’investissement, afin de prendre les mesures appropriées (notamment la vente et l’achat des titres mentionnés ci-dessus).
Les critères environnementaux, sociaux et de gouvernance (ESG) contribuent, mais ne constituent pas un facteur déterminant, à la prise de décision du gestionnaire.
Les revenus sont réinvestis de manière systématique.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus. | ## Objectives
The Product seeks to achieve an attractive yield until its Maturity Date by investing at least 2/3 of its asset in quasi-sovereign and corporate, Investment Grade and Non-Investment Grade bonds denominated in US dollars issued, or whose issuer conducts a significant portion of its activity, in developed countries. Such investment shall be made in fixed rate bonds with a similar maturity as the sub-fund.
The Product may invest a minimum of 51% of its net assets in Investment Grade Bonds, and up to 49% of its net assets in Non-Investment Grade Bonds (observed at the end of Ramp Up Period).
The Product is actively managed without reference to an index in accordance with an in-depth investment methodology based on the Investment Manager’s investment process and internal research. The Investment Manager makes decision regarding the selection of issuers within countries and sectors. The Product adopts a «Buy and hold» strategy in order to obtain a portfolio of bonds that are mainly hold until their maturity. Active monitoring and regular review are performed by the Investment Manager, in order to take appropriate actions (including but not limited to selling and purchasing the above mentioned securities).
Environmental, social and governance (ESG) criteria contribute to, but are not a determining factor in, the manager's decision making. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. | en | fr |
DOLFIN4593 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The attention of the investors is drawn to the fact that such distribution policy might cause the Sub-Fund to distribute a portion of the capital invested by the investors into the Sub-Fund within the limits set forth in the Prospectus of the Company and the Law. The Sub-Fund’s Net Asset Value could therefore decrease, notably in case of a long-term investment in the Sub-Fund.
For example, for a given Share launched at an initial NAV of EUR 100, should the Sub-Fund’s investment’s performance be nil after ten (10) years starting from January 2021 (such Sub- Fund performance being computed with actual stock-dividends being reinvested), for an initial investment at the start, without any further purchase or redemption of shares:
- the fixed dividend described above would result in the investors receiving distributions of capital for half of the Net Asset Value as of January 2021,
- the Net Asset Value in ten (10) years would be half (50%) of the Net Asset Value as of January 2021 and,
- the lower the Sub-Fund’s NAV would be in ten (10) years, the bigger would the fixed dividend (in amount) impact be (in terms of percentage of reduction of such NAV). | ##### L’attention des investisseurs est attirée sur le fait qu’une telle politique de distribution peut avoir pour conséquence que le Compartiment distribue une portion du capital investie par les investisseurs dans ledit Compartiment, dans les limites énoncées dans le Prospectus de la Société et dans la Législation. La Valeur liquidative du Compartiment pourrait dès lors baisser, notamment lorsqu'un investissement à long terme y est réalisé.
Ainsi, pour une Action donnée, lancée à une VL initiale de 100 EUR par Action, si la performance des investissements du Compartiment était nulle au terme d’une période de dix (10) ans débutant en janvier 2021 (ladite performance étant calculée avec réinvestissement des dividendes en actions), compte tenu d’un investissement réalisé au début de la période, sans acquisition ou rachat d’actions ultérieur :
- la distribution du dividende fixe décrit plus haut conduirait les actionnaires à recevoir des distributions de capital correspondant à la moitié de la Valeur liquidative arrêtée en janvier 2021,
- la Valeur liquidative au bout de dix (10) ans serait diminuée de moitié (50 %) par rapport à celle arrêtée en janvier 2021, et
- plus la Valeur liquidative (VL) du Compartiment au bout de dix (10) ans est faible, plus l’impact (du montant) dudividende fixe est important (en termes de pourcentage de diminution de la VL). | ##### The attention of the investors is drawn to the fact that such distribution policy might cause the Sub-Fund to distribute a portion of the capital invested by the investors into the Sub-Fund within the limits set forth in the Prospectus of the Company and the Law. The Sub-Fund’s Net Asset Value could therefore decrease, notably in case of a long-term investment in the Sub-Fund.
For example, for a given Share launched at an initial NAV of EUR 100, should the Sub-Fund’s investment’s performance be nil after ten (10) years starting from January 2021 (such Sub- Fund performance being computed with actual stock-dividends being reinvested), for an initial investment at the start, without any further purchase or redemption of shares:
- the fixed dividend described above would result in the investors receiving distributions of capital for half of the Net Asset Value as of January 2021,
- the Net Asset Value in ten (10) years would be half (50%) of the Net Asset Value as of January 2021 and,
- the lower the Sub-Fund’s NAV would be in ten (10) years, the bigger would the fixed dividend (in amount) impact be (in terms of percentage of reduction of such NAV). | en | fr |
DOLFIN4594 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Global Investment Grade Credit Opportunities
The Global Investment Grade Credit Opportunities Portfolio is actively managed and seeks to achieve an absolute return from income and capital appreciation by investing principally, either directly or indirectly through derivatives or UCIs, in global Investment Grade government bonds and corporate bonds (including CoCos). Not more than 10% of the Portfolio’s net assets may be invested in UCIs.
Secondarily, the Portfolio may also invest in other debt securities including, but not limited to, index linked securities, Money Market Instruments, and up to 20% of its net assets in asset-backed and/or mortgage-backed Transferable Securities.
The Portfolio may also invest up to 20% of its net assets in CoCos.
The Portfolio’s net exposure to debt securities rated below Investment Grade will never exceed 10% of the Portfolio’s net assets at the time of purchase.
Certain positions will be taken by the use of financial derivative instruments including, but not limited to, swaps (incl. total return swaps as described below), forward positions, futures and options related to the instruments above in accordance with section A(7)(i) in Appendix A “Investment Restrictions”.
The Portfolio may take long and short positions to achieve its investment objective.
The Portfolio may enter into total return swaps (a general description of total / excess return swaps is available in Appendix B.I) on high yield instruments or cash credit indices for hedging and / or investment purposes, to gain market exposure and liquidity or as part of a leveraged long strategy. For further information on counterparties, please refer to Appendix B.I of the Prospectus and to the SICAV’s annual report.
It is expected that any of the assets of the Portfolio may be subject to total return swaps under the following proportions: | ###### Global Investment Grade Credit Opportunities
Das Global Investment Grade Credit Opportunities Portfolio wird aktiv verwaltet und strebt einen Gesamtertrag sowohl aus Erträgen als auch aus Kapitalzuwachs an, indem es in erster Linie entweder direkt oder indirekt über Derivate oder OGA, in globale Investment-Grade- Staatsanleihen und Unternehmensanleihen (einschließlich CoCo-Bonds) investiert. Höchstens 10 % des Nettovermögens des Portfolios dürfen in OGA investiert werden.
Daneben kann das Portfolio auch in andere Schuldtitel investieren, insbesondere indexgebundene Wertpapiere, Geldmarktinstrumente und bis zu 20 % des Nettovermögens in forderungsbesicherte und/oder hypothekenbesicherte übertragbare Wertpapiere.
Das Portfolio kann auch bis zu 20 % seines Nettovermögens in CoCo-Bonds anlegen.
Das Nettoengagement des Portfolios in Schuldtiteln mit einem Rating unter Investment Grade beträgt niemals mehr als 10 % des Nettovermögens des Portfolios zum Kaufzeitpunkt.
Bestimmte Positionen werden unter Nutzung von Finanzderivaten aufgenommen, insbesondere Swaps (einschl. Total Return Swaps, wie nachstehend beschrieben), Terminpositionen, Futures und Optionen mit Bezug auf die obigen Instrumente in Übereinstimmung mit Abschnitt A(7)(i) in Anhang A „Anlagebeschränkungen“.
Das Portfolio kann Long- und Short-Positionen eingehen, um sein Anlageziel zu erreichen.
Das Portfolio kann Total Return Swaps (eine allgemeine Beschreibung von Total/Excess Return Swaps ist in Anhang B.I verfügbar) auf hochrentierliche Instrumente oder Barkredit-Indizes zu Absicherungs- und/oder Anlagezwecken eingehen, um ein Marktengagement und Liquidität zu gewinnen oder als Teil einer gehebelten Long-Strategie. Weitere Informationen zu den Kontrahenten finden Sie in Anhang B.I des Prospekts und im Jahresbericht der SICAV.
Es wird erwartet, dass alle Vermögenswerte des Portfolios zu den folgenden Anteilen Total Return Swaps unterliegen können: | ###### Global Investment Grade Credit Opportunities
The Global Investment Grade Credit Opportunities Portfolio is actively managed and seeks to achieve an absolute return from income and capital appreciation by investing principally, either directly or indirectly through derivatives or UCIs, in global Investment Grade government bonds and corporate bonds (including CoCos). Not more than 10% of the Portfolio’s net assets may be invested in UCIs.
Secondarily, the Portfolio may also invest in other debt securities including, but not limited to, index linked securities, Money Market Instruments, and up to 20% of its net assets in asset-backed and/or mortgage-backed Transferable Securities.
The Portfolio may also invest up to 20% of its net assets in CoCos.
The Portfolio’s net exposure to debt securities rated below Investment Grade will never exceed 10% of the Portfolio’s net assets at the time of purchase.
Certain positions will be taken by the use of financial derivative instruments including, but not limited to, swaps (incl. total return swaps as described below), forward positions, futures and options related to the instruments above in accordance with section A(7)(i) in Appendix A “Investment Restrictions”.
The Portfolio may take long and short positions to achieve its investment objective.
The Portfolio may enter into total return swaps (a general description of total / excess return swaps is available in Appendix B.I) on high yield instruments or cash credit indices for hedging and / or investment purposes, to gain market exposure and liquidity or as part of a leveraged long strategy. For further information on counterparties, please refer to Appendix B.I of the Prospectus and to the SICAV’s annual report.
It is expected that any of the assets of the Portfolio may be subject to total return swaps under the following proportions: | en | de |
DOLFIN4595 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du compartiment (ci-après "le Fonds") consiste en la recherche d'un rendement et/ou d'une plus-value en capital à long terme par la gestion d'un portefeuille composé principalement d'actions de sociétés américaines, sans restriction de taille ou de secteur d'activité.
L'actif net du Fonds sera principalement investi dans des actions ou autres titres donnant accès au capital des entreprises, des warrants, des options, ainsi que dans des titres de créances. Il pourra investir à hauteur de 10% maximum de l'actif net dans des OPCVM, notamment des ETF.
Dans les limites des restrictions d'investissement telles que décrites dans le chapitre 4 du prospectus, le Fonds peut faire usage de contrats à terme ou d'options sur actions ou indices boursiers, que ce soit dans un but de couverture ou d'exposition des actifs.
Pour chaque Classe d'Actions, le Fonds est autorisé à couvrir les risques de change dans le cadre de la gestion de ses actifs.
Le Fonds a un objectif de surperformance par rapport à son indice de référence, à savoir le MSCI USA Net Return USD Index (M1US). Le Fonds est géré de manière active, ce qui signifie que celui-ci peut diverger dans des proportions importantes dans sa composition par rapport à l’indice de référence et qu’il n’y a pas de restriction quant à l’étendue avec laquelle le portefeuille du Fonds peut dévier de l’indice. L’univers d’investissement n’étant pas limité à l’indice de référence, le gérant peut acheter des titres ou investir dans des secteurs qui n’en font pas partie, ceci par exemple pour profiter d’occasions spécifiques ou s’adapter aux conditions de marché.
Le Fonds promeut, entre autres caractéristiques, des caractéristiques environnementales et/ou sociales. L’analyse des caractéristiques ESG porte au moins sur 90% du portefeuille. Le Gestionnaire s’engage à ce que la note moyenne ESG du portefeuille soit supérieure à celle de son univers initial d’investissement, celui-ci étant défini par l’indice de référence MSCI USA Net Return USD Index.
Les incohérences potentielles ou le manque de disponibilité des données ESG, en particulier lorsque fournies par un prestataire externe, constituent des limites méthodologiques au processus de notation ESG utilisé. Celles-ci sont détaillées dans le prospectus.
La devise de référence du Fonds est le Dollar US et la devise de négociation de cette classe est l'Euro.
L'investisseur peut acheter ou vendre des parts du Fonds à une fréquence journalière (jour ouvré bancaire complet au Luxembourg et aux Etats-Unis). Tous les revenus du Fonds sont réinvestis. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del compartimento (en lo sucesivo, el “Fondo”) consiste en buscar un rendimiento y/o un aumento del capital a largo plazo mediante la gestión de una cartera compuesta principalmente por acciones de sociedades estadounidenses, sin ningún tipo de restricción en lo que respecta al volumen de negocio ni al sector de actividad.
El patrimonio neto del Fondo se invertirá principalmente en acciones u otros títulos que proporcionen acceso al capital de empresas, warrants, opciones, así como títulos de deuda. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM, principalmente en fondos cotizados (ETF).
Dentro de los límites de las restricciones de inversión descritas en el capítulo 4 del folleto, el Fondo podrá utilizar contratos a plazos u opciones sobre acciones o índices bursátiles, ya sea con fines de cobertura o de exposición de activos.
Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el MSCI USA Net Return USD Index (M1US). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
El Fondo fomenta, entre otras, las características medioambientales y/o sociales. Al menos el 90% de la cartera se analiza en función de las características ESG. El Gestor se compromete a garantizar que la calificación ESG media de la cartera sea superior a la de su universo de inversión inicial, que se define por el índice de referencia MSCI USA Net Return USD Index.
Las posibles incoherencias o la falta de disponibilidad de los datos ESG, en particular cuando los proporciona un proveedor externo, constituyen limitaciones metodológicas del proceso de calificación ESG utilizado. Dichas limitaciones se detallan en el folleto.
La divisa de referencia del Fondo será el dólar estadounidense y la divisa de negociación de esta clase será el euro.
El inversor podrá adquirir o vender las acciones del Fondo a diario (día hábil a efectos bancarios en Luxemburgo y Estados Unidos). Todos los beneficios del Fondo serán reinvertidos. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du compartiment (ci-après "le Fonds") consiste en la recherche d'un rendement et/ou d'une plus-value en capital à long terme par la gestion d'un portefeuille composé principalement d'actions de sociétés américaines, sans restriction de taille ou de secteur d'activité.
L'actif net du Fonds sera principalement investi dans des actions ou autres titres donnant accès au capital des entreprises, des warrants, des options, ainsi que dans des titres de créances. Il pourra investir à hauteur de 10% maximum de l'actif net dans des OPCVM, notamment des ETF.
Dans les limites des restrictions d'investissement telles que décrites dans le chapitre 4 du prospectus, le Fonds peut faire usage de contrats à terme ou d'options sur actions ou indices boursiers, que ce soit dans un but de couverture ou d'exposition des actifs.
Pour chaque Classe d'Actions, le Fonds est autorisé à couvrir les risques de change dans le cadre de la gestion de ses actifs.
Le Fonds a un objectif de surperformance par rapport à son indice de référence, à savoir le MSCI USA Net Return USD Index (M1US). Le Fonds est géré de manière active, ce qui signifie que celui-ci peut diverger dans des proportions importantes dans sa composition par rapport à l’indice de référence et qu’il n’y a pas de restriction quant à l’étendue avec laquelle le portefeuille du Fonds peut dévier de l’indice. L’univers d’investissement n’étant pas limité à l’indice de référence, le gérant peut acheter des titres ou investir dans des secteurs qui n’en font pas partie, ceci par exemple pour profiter d’occasions spécifiques ou s’adapter aux conditions de marché.
Le Fonds promeut, entre autres caractéristiques, des caractéristiques environnementales et/ou sociales. L’analyse des caractéristiques ESG porte au moins sur 90% du portefeuille. Le Gestionnaire s’engage à ce que la note moyenne ESG du portefeuille soit supérieure à celle de son univers initial d’investissement, celui-ci étant défini par l’indice de référence MSCI USA Net Return USD Index.
Les incohérences potentielles ou le manque de disponibilité des données ESG, en particulier lorsque fournies par un prestataire externe, constituent des limites méthodologiques au processus de notation ESG utilisé. Celles-ci sont détaillées dans le prospectus.
La devise de référence du Fonds est le Dollar US et la devise de négociation de cette classe est l'Euro.
L'investisseur peut acheter ou vendre des parts du Fonds à une fréquence journalière (jour ouvré bancaire complet au Luxembourg et aux Etats-Unis). Tous les revenus du Fonds sont réinvestis. | fr | es |
DOLFIN4596 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In order to achieve greater diversification and economies of scale, the Management Company may decide to manage all or part of the assets of a sub-fund together with the assets of other sub-funds or other investment undertakings ("asset pooling").
Each participant in the pool has a pro rata interest in the jointly-managed assets, including the pro rata performance, based on its contribution to the common pool. The pooled assets are held directly in mixed accounts, with full disclosure of ownership based on balances, transactions, accrued amounts and fees for each participant, consequently enabling accurate tracking and drawing of individual investments as well as other assets invested directly by a participant.
The Management Company ensures that the investment objectives and investment policy associated with the manage- ment of the pooled assets are compatible with those of all sub-funds participating in the asset pooling. The Management Company applies the relevant investment regulations on a “look-through basis”, that is to say including the participation of the sub-fund in the pooled assets.
The Management Company is not obliged to inform unitholders of its decision to participate in or terminate asset pooling agreements. Unitholders do, however, have the right to obtain information about the relevant sub-fund's participation in the asset pooling on request at the registered office of the Management Company, including the proportion of its partici- pation and the list of other parties involved. In addition, for each sub-fund, its participation in pooled assets and the com- position of the assets of these pools are specified in the annual report of the UCITS.
Asset pooling with the participation of companies outside of Liechtenstein is permitted provided that:
-the joint administration agreement to which the non-Liechtenstein unit is a party is subject to Liechtenstein law and Liechtenstein jurisprudence, or
-each jointly administered entity is endowed with rights necessary to protect it from creditors and insolvency or bankrupt- cy administrators of the non-Liechtenstein entity having access to or being able to freeze the assets.
In the case of asset pooling, the basic separation of assets and liabilities of the individual sub-funds and the effect of separate custody of the assets are lifted and are no longer applicable.
-
# Risk notices
-
# Sub-fund-specific risks | Um eine stärkere Diversifizierung und Mengenvorteile zu erreichen, kann die Verwaltungsgesellschaft beschliessen, die Vermögenswerte eines Teilfonds insgesamt oder teilweise zusammen mit den Vermögenswerten anderer Teilfonds oder anderer Investmentunternehmen zu verwalten („Asset Pooling“).
Jeder Teilnehmer des Pools hat auf Basis seines Beitrags zu dem gemeinsamen Pool ein anteiliges Recht an den ge- meinsam verwalteten Vermögenswerten, einschliesslich der anteiligen Performance. Die gepoolten Vermögenswerte werden direkt in gemischten Konten gehalten, wobei der vollständige Ausweis der Eigentumsverhältnisse anhand von Salden, Geschäften, aufgelaufenen Beträgen und Gebühren für die einzelnen Beteiligten erfolgt und damit die genaue Nachverfolgung und Beanspruchung der einzelnen Beteiligungen ebenso möglich wird wie für andere Vermögenswerte, die ein Beteiligter direkt angelegt hat.
Die Verwaltungsgesellschaft stellt sicher, dass die Anlageziele und die Anlagepolitik in Verbindung mit der Verwaltung der gepoolten Vermögenswerte mit denen aller am Asset Pooling teilnehmenden Teilfonds kompatibel sind. Die Verwal- tungsgesellschaft wendet die betreffenden Anlagevorschriften auf „Look-Through-Basis“ an, d. h. einschliesslich der Beteiligung des Teilfonds an den gepoolten Vermögenswerten.
Der Verwaltungsgesellschaft muss die Anteilinhaber nicht über seine Entscheidung zur Teilnahme an oder Kündigung von Asset-Pooling-Vereinbarungen unterrichten. Anteilinhaber haben jedoch das Recht, auf Anfrage am Sitz des Verwal- tungsgesellschaft Informationen über die Beteiligung des massgeblichen Teilfonds am Asset Pooling zu erhalten, darun- ter auch über den Anteil seiner Beteiligung und die Liste der anderen Beteiligten. Darüber hinaus werden für jeden Teil- fonds seine Beteiligung an gemeinsamen Vermögenswerten und die Zusammensetzung der Vermögenswerte dieser Pools im Jahresbericht des OGAW angegeben.
Ein Asset Pooling unter Beteiligung von Unternehmen ausserhalb Liechtensteins ist zulässig unter der Voraussetzung, dass:
-die Vereinbarung über eine gemeinsame Verwaltung, zu der die nicht-liechtensteinische Einheit Partei ist, Liechtenstei- ner Recht und Liechtensteiner Rechtsprechung unterliegt oder
-jede gemeinsam verwaltete Einheit mit Rechten ausgestattet ist, die notwendig sind, um sie davor zu schützen, dass Gläubiger und Insolvenz- oder Konkursverwalter der nicht-liechtensteinischen Einheit Zugriff auf die Vermögenswerte haben oder diese einfrieren können.
Im Fall des Asset Poolings werden die grundsätzliche Trennung von Vermögenswerten und Verbindlichkeiten der einzel- nen Teilfonds und die Wirkung der gesonderten Verwahrung der Vermögenswerte aufgehoben und sind nicht länger anwendbar.
-
# Risikohinweise
-
# Teilfondsspezifische Risiken | In order to achieve greater diversification and economies of scale, the Management Company may decide to manage all or part of the assets of a sub-fund together with the assets of other sub-funds or other investment undertakings ("asset pooling").
Each participant in the pool has a pro rata interest in the jointly-managed assets, including the pro rata performance, based on its contribution to the common pool. The pooled assets are held directly in mixed accounts, with full disclosure of ownership based on balances, transactions, accrued amounts and fees for each participant, consequently enabling accurate tracking and drawing of individual investments as well as other assets invested directly by a participant.
The Management Company ensures that the investment objectives and investment policy associated with the manage- ment of the pooled assets are compatible with those of all sub-funds participating in the asset pooling. The Management Company applies the relevant investment regulations on a “look-through basis”, that is to say including the participation of the sub-fund in the pooled assets.
The Management Company is not obliged to inform unitholders of its decision to participate in or terminate asset pooling agreements. Unitholders do, however, have the right to obtain information about the relevant sub-fund's participation in the asset pooling on request at the registered office of the Management Company, including the proportion of its partici- pation and the list of other parties involved. In addition, for each sub-fund, its participation in pooled assets and the com- position of the assets of these pools are specified in the annual report of the UCITS.
Asset pooling with the participation of companies outside of Liechtenstein is permitted provided that:
-the joint administration agreement to which the non-Liechtenstein unit is a party is subject to Liechtenstein law and Liechtenstein jurisprudence, or
-each jointly administered entity is endowed with rights necessary to protect it from creditors and insolvency or bankrupt- cy administrators of the non-Liechtenstein entity having access to or being able to freeze the assets.
In the case of asset pooling, the basic separation of assets and liabilities of the individual sub-funds and the effect of separate custody of the assets are lifted and are no longer applicable.
-
# Risk notices
-
# Sub-fund-specific risks | en | de |
DOLFIN4597 | 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 EUR |
| Exit costs | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.46% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 246 EUR |
| Transaction costs | 0.32% 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. | 32 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 5.00% dell'importo pagato al momento della sottoscrizione. | Fino a 500 EUR |
| Costi di uscita | Questo prodotto non prevede una commissione di uscita ma la persona che vende il prodotto potrebbe addebitare una commissione. | 0 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 2.46% del valore dell'investimento annuo. Si tratta di una stima basata su costi effettivi nell'arco dell'ultimo anno. | 246 EUR |
| Costi di transazione | 0.32% 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. | 32 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (*) | Questo prodotto non prevede una commissione legata al rendimento. | 0 EUR | | | 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 EUR |
| Exit costs | There is no exit fee for this product, but the person selling you the product may charge such fee. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 2.46% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 246 EUR |
| Transaction costs | 0.32% 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. | 32 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (*) | There is no performance fee for this product. | 0 EUR | | en | it |
DOLFIN4598 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 4 ans Exemple d'investissement : USD 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2,900 USD | 3,120 USD |
| Rendement annuel moyen | -71.0% | -25.3% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,230 USD | 6,850 USD |
| Rendement annuel moyen | -17.7% | -9.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,660 USD | 13,500 USD |
| Rendement annuel moyen | 6.6% | 7.8% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13,310 USD | 15,920 USD |
| Rendement annuel moyen | 33.1% | 12.3% | | | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : USD 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- | --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 2 900 USD | 3 120 USD |
| Rendimento medio cada año | -71,0 % | -25,3 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 230 USD | 6 850 USD |
| Rendimento medio cada año | -17,7 % | -9,0 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10 660 USD | 13 500 USD |
| Rendimento medio cada año | 6,6 % | 7,8 % |
| Favorable | Lo que puede recibir una vez deducidos los costes | 13 310 USD | 15 920 USD |
| Rendimento medio cada año | 33,1 % | 12,3 % | | | Période de détention recommandée: 4 ans Exemple d'investissement : USD 10 000 Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- | --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2,900 USD | 3,120 USD |
| Rendement annuel moyen | -71.0% | -25.3% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,230 USD | 6,850 USD |
| Rendement annuel moyen | -17.7% | -9.0% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,660 USD | 13,500 USD |
| Rendement annuel moyen | 6.6% | 7.8% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13,310 USD | 15,920 USD |
| Rendement annuel moyen | 33.1% | 12.3% | | fr | es |
DOLFIN4599 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Incidence des coûts annuels si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 0,00 % , nous ne facturons pas de frais d'entrée. | 0 EUR |
| Coûts de sortie | 0,00 % , nous ne facturons pas de frais de sortie pour ce produit, mais le vendeur est en droit de le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,93 % de la valeur de votre investissement par an. Une commission de prêt de titres est prévue. Il s'agit d'une estimation basée sur les coûts réels sur l'année écoulée. | 93 EUR |
| Coûts de transaction | 0,30 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lors de l'achat et de la vente des investissements sous-jacents du produit. Le montant réel variera en fonction du volume des achats et des ventes. | 30 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Ce produit ne comporte pas de commission de performance. | 0 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00% , no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00% , no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,93% del valor de su inversión al año. Esto incluye una comisión de préstamo de valores. Se trata de una estimación basada en los costes reales del último año. | 93 EUR |
| Costes de operación | 0,30% 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. | 30 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de éxito para este producto. | 0 EUR | | | Coûts ponctuels à l’entrée ou à la sortie | Incidence des coûts annuels si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 0,00 % , nous ne facturons pas de frais d'entrée. | 0 EUR |
| Coûts de sortie | 0,00 % , nous ne facturons pas de frais de sortie pour ce produit, mais le vendeur est en droit de le faire. | 0 EUR |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,93 % de la valeur de votre investissement par an. Une commission de prêt de titres est prévue. Il s'agit d'une estimation basée sur les coûts réels sur l'année écoulée. | 93 EUR |
| Coûts de transaction | 0,30 % de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lors de l'achat et de la vente des investissements sous-jacents du produit. Le montant réel variera en fonction du volume des achats et des ventes. | 30 EUR |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Ce produit ne comporte pas de commission de performance. | 0 EUR | | fr | es |
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