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DOLFIN4800 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All of the sub-funds described here are part of Amundi Funds, a SICAV that functions as an umbrella structure. The SICAV exists to offer investors a range of sub-funds with different objectives and strategies, and to manage the assets of these sub-funds for the benefit of investors.
For each sub-fund, the specific investment objectives and the main securities it may invest in, along with other key characteristics, are described in this section. In addition, all sub-funds are subject to the general investment policies and restrictions that begin on page 110.
The board of the SICAV has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all of the sub-funds. The board has delegated the day-to-day management of the sub-funds to the management company, which in turn has delegated some of its responsibilities to a number of investment managers and other service providers.
The board retains supervisory approval and control over the management company. More information about the SICAV, the board, the management company and the service providers begins on page 119.
For information on fees and expenses you may have to pay in connection with your investment, consult the following:
- Maximum fees for purchase, switching and redeeming shares: this section (main classes) and “Investing in the Sub-funds” section (all families of classes).
- Maximum annual fees deducted from your investment: this section (main classes).
- Recent actual expenses: the applicable KIID or the SICAV’s most recent shareholder report.
- Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent (page 124) or other service providers, as applicable. | Todos los subfondos aquí descritos forman parte de Amundi Funds, una SICAV que funciona como estructura paraguas. La SICAV se ha creado para ofrecer a los inversores una gama de subfondos con diversos objetivos y estrategias, y para gestionar los activos de dichos subfondos en beneficio de los inversores.
En este apartado, se describen los objetivos de inversión específicos de cada subfondo, junto con los principales valores en los que puede invertir cada uno y otras características importantes. Además, todos los subfondos están sujetos a las políticas de inversión y restricciones generales descritas a partir de la página 110.
El Consejo de la SICAV tiene la responsabilidad general de las operaciones comerciales de la SICAV, así como de sus actividades de inversión, incluidas las operaciones de inversión de todos los subfondos. El Consejo ha delegado la gestión cotidiana de los subfondos en la sociedad gestora, que, a su vez, ha delegado algunas de sus responsabilidades en una serie de gestores de inversiones y otros proveedores de servicios.
El Consejo mantiene la autoridad de supervisión y control sobre la sociedad gestora. Puede encontrarse más información sobre la SICAV, el Consejo, la sociedad gestora y los proveedores de servicios a partir de la página 139.
Si desea obtener información sobre las comisiones y gastos que tendría que pagar en relación con su inversión, consulte los siguientes apartados:
- Comisiones máximas de compra, cambio de un fondo a otro y reembolso de acciones: este apartado (clases principales) y el apartado «Invertir en los subfondos» (relativo a todas las familias de clases).
- Comisiones anuales máximas deducibles de su inversión: este apartado (clases principales).
- Gastos reales recientes: el documento KIID correspondiente o el último informe de la SICAV para los accionistas.
- Comisiones por conversión de moneda, transacciones bancarias y asesoría de inversión: consulte con su asesor financiero, con el agente de transferencias (página 124) u otros proveedores de servicios, según los casos. | All of the sub-funds described here are part of Amundi Funds, a SICAV that functions as an umbrella structure. The SICAV exists to offer investors a range of sub-funds with different objectives and strategies, and to manage the assets of these sub-funds for the benefit of investors.
For each sub-fund, the specific investment objectives and the main securities it may invest in, along with other key characteristics, are described in this section. In addition, all sub-funds are subject to the general investment policies and restrictions that begin on page 110.
The board of the SICAV has overall responsibility for the SICAV’s business operations and its investment activities, including the investment activities of all of the sub-funds. The board has delegated the day-to-day management of the sub-funds to the management company, which in turn has delegated some of its responsibilities to a number of investment managers and other service providers.
The board retains supervisory approval and control over the management company. More information about the SICAV, the board, the management company and the service providers begins on page 119.
For information on fees and expenses you may have to pay in connection with your investment, consult the following:
- Maximum fees for purchase, switching and redeeming shares: this section (main classes) and “Investing in the Sub-funds” section (all families of classes).
- Maximum annual fees deducted from your investment: this section (main classes).
- Recent actual expenses: the applicable KIID or the SICAV’s most recent shareholder report.
- Fees for currency conversions, bank transactions, and investment advice: your financial advisor, the transfer agent (page 124) or other service providers, as applicable. | en | es |
DOLFIN4801 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 3. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| Covered bond risk: Covered bonds are bonds usually issued by financial institutions, backed by a pool of assets (typically, but not exclusively, mortgages and public sector debt) that secure or “cover” the bond if the issuer becomes insolvent. With covered bonds the assets being used as collateral remain on the issuer's balance sheet, giving bondholders additional recourse against the issuer in case of default. In addition to carrying credit, default and interest rate risks, covered bonds could face the risk that the collateral set aside to secure bond principal could decline in value. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | | L'indicatore misura il rischio di oscillazioni del Valore patrimoniale netto della classe di azioni sulla base della volatilità degli ultimi 5 anni e colloca il fondo nella categoria 3. Ciò significa che l'acquisto di quote del fondo comporta l'esposizione a un rischio medio connesso a tali fluttuazioni. Si noti che la categoria 1 non garantisce un investimento esente da rischi. I dati storici utilizzati per calcolare l'indicatore sintetico potrebbero non costituire un'indicazione affidabile circa il futuro profilo di rischio dell'OICVM, poiché la categoria potrebbe cambiare in futuro. I seguenti rischi rivestono importanza significativa per l'OICVM, ma non sono adeguatamente rilevati dall'indicatore sintetico e possono provocare perdite aggiuntive: |
| --- |
| Rischio connesso ai covered bond: I covered bond sono obbligazioni di norma emesse da istituzioni finanziarie, garantite da un pool di attività (di norma, ma non esclusivamente, mutui ipotecari e debito pubblico) che garantiscono e "coprono" l'obbligazione in caso di insolvenza dell'emittente. Nei covered bond le attività utilizzate come collaterale restano sul bilancio dell'emittente, fornendo agli obbligazionisti maggiori possibilità di rivalersi contro l'emittente in caso di default. Oltre ai rischi di credito, di default e di tasso d'interesse, i covered bond possono comportare il rischio di una riduzione del valore del collaterale accantonato come garanzia del capitale investito nel titolo. |
| Rischio di credito: Il valore di un'obbligazione o di uno strumento del mercato monetario di un emittente pubblico o privato può diminuire in caso di deterioramento della solidità finanziaria dell'emittente. |
| Rischio connesso a derivati: Lievi oscillazioni del valore di un'attività sottostante possono causare notevoli variazioni del valore di un derivato, il che rende questi strumenti nel complesso altamente volatili, esponendo il fondo a potenziali perdite nettamente maggiori rispetto al costo del derivato. |
| 2 Rischio connesso alla copertura: I tentativi di ridurre o eliminare determinati rischi possono non produrre i risultati desiderati o, in caso contrario, oltre ai rischi di perdita, di norma eliminano anche il potenziale di guadagno. |
| Rischio di rimborso anticipato e di proroga: Un andamento imprevisto dei tassi d'interesse potrebbe penalizzare la performance dei titoli di debito riscattabili (titoli i cui emittenti hanno il diritto di rimborsare la quota capitale del titolo prima della scadenza). | | | The indicator measures the risk of fluctuations of the Net Asset Value of the share class based on the last 5 years volatility and places the fund in category 3. This means that the purchase of units in the fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the UCITS, as the category might change in the future. Following risks are materially relevant to the UCITS but are not adequately captured by the synthetic indicator and may cause additional loss: |
| --- |
| Covered bond risk: Covered bonds are bonds usually issued by financial institutions, backed by a pool of assets (typically, but not exclusively, mortgages and public sector debt) that secure or “cover” the bond if the issuer becomes insolvent. With covered bonds the assets being used as collateral remain on the issuer's balance sheet, giving bondholders additional recourse against the issuer in case of default. In addition to carrying credit, default and interest rate risks, covered bonds could face the risk that the collateral set aside to secure bond principal could decline in value. |
| Credit risk: A bond or money market security, whether from a public or private issuer, could lose value if the issuer's financial health deteriorates. |
| Derivatives risk: Small movements in the value of an underlying asset can create large changes in the value of a derivative, making derivatives highly volatile in general, and exposing the fund to potential losses significantly greater than the cost of the derivative. |
| Hedging risk: Any attempts to reduce or eliminate certain risks may not work as intended, and to the extent that they do work, they will generally eliminate potentials for gain along with risks of loss. |
| Prepayment and extension risk: Any unexpected behaviour in interest rates could hurt the performance of callable debt securities (securities whose issuers have the right to pay off the security's principal before the maturity date). | | en | it |
DOLFIN4802 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of small cap companies traded or listed in Japan. The fund will target companies whose share prices are low in comparison to their intrinsic value and relative to their comparable peers, and which are expected to improve in the future.
The investment manager considers small cap companies to be those that have a market capitalisation of less than Japanese ¥1 trillion at the time of investment. The investment manager has discretion over which investments to hold within the fund and makes decisions based primarily on analysis of individual companies rather than on broad economic forecasts. The
investment manager will also use screening tools to help focus on those companies with favourable growth prospects that could be attractive investments. Up to 20% of the value of the fund may be invested in shares of non-Japanese companies that have business activities in Japan.
The fund is actively managed in reference to the index (Russell/Nomura Small Cap Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index. | ## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à réaliser une croissance du capital en investissant principalement dans des actions de petites capitalisations, négociées ou cotées au Japon. Le fonds ciblera les sociétés dont le cours de l'action est bas par rapport à leur valeur intrinsèque et par rapport à des sociétés concurrentes comparables, et dont une amélioration est anticipée dans l'avenir.
Le gestionnaire d'investissement considère que les sociétés à petite capitalisation sont celles dont la capitalisation boursière est inférieure à 1000 milliards de yens au moment de l'investissement. Le gestionnaire d'investissement dispose d'un pouvoir discrétionnaire pour choisir les investissements à détenir au sein du fonds et il fonde ses décisions principalement sur l'analyse de sociétés individuelles, plutôt que sur de larges prévisions économiques. Le gestionnaire d'investissement utilisera
également des outils de présélection afin de mieux cibler les sociétés présentant des perspectives de croissance favorables qui pourraient constituer des investissements intéressants. Jusqu'à 20% de la valeur du fonds peuvent être investis dans des actions de sociétés non japonaises qui ont des activités commerciales au Japon.
Le fonds est géré de manière active en référence à l'indice (Russell/Nomura Small Cap Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Cependant, l'indice n'est pas utilisé pour définir la composition du portefeuille du fonds ou comme objectif de performance et le fonds peut être entièrement investi dans des titres qui ne sont pas des composants de l'indice. | ## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve capital growth by investing primarily in shares of small cap companies traded or listed in Japan. The fund will target companies whose share prices are low in comparison to their intrinsic value and relative to their comparable peers, and which are expected to improve in the future.
The investment manager considers small cap companies to be those that have a market capitalisation of less than Japanese ¥1 trillion at the time of investment. The investment manager has discretion over which investments to hold within the fund and makes decisions based primarily on analysis of individual companies rather than on broad economic forecasts. The
investment manager will also use screening tools to help focus on those companies with favourable growth prospects that could be attractive investments. Up to 20% of the value of the fund may be invested in shares of non-Japanese companies that have business activities in Japan.
The fund is actively managed in reference to the index (Russell/Nomura Small Cap Index) by virtue of the fact that it uses the index for performance comparison purposes. However, the index is not used to define the portfolio composition of the fund or as a performance target and the fund may be wholly invested in securities which are not constituents of the index. | en | fr |
DOLFIN4803 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En cas de décès d’un des Actionnaires conjoints d’Actions dans un Compartiment, le droit de survie ne s’applique pas, de sorte que la documentation appropriée doit être fournie à la Société de gestion et/ou à l’Agent de transfert afin de déterminer le propriétaire effectif des Actions.
- TransfertsÀ l’exception de certaines Actions et tel qu’expressément stipulé par le biais d’un supplément au Formulaire de souscription par les Actionnaires lors de l’investissement, les Actions peuvent être cédées au moyen d’un formulaire de transfert d’actions ou de tout autre instrument écrit que la SICAV pourra approuver ou autoriser et qui sera revêtu de la signature ou, le cas échéant,du cachet du cédant ou de son représentant. Un transfert ne pourra être effectué tant que le cédant et le cessionnaire proposé n’ont pas complété le Formulaire de souscription et fourni les documents requis pour prouver leur identité. En l’absence de dispositions contraires convenues par la SICAV, aucun transfert ne pourra être effectué si, par suite de celui-ci, le cédant ou le cessionnaire est ou demeure inscrit dans le registre des actionnaires comme titulaire d’Actions d’un Compartiment ou d’une catégorie dont la VL est inférieure au Seuil de détention (pour le cédant) ou au Montant minimum de souscription initiale (pour le cessionnaire), ou à tout montant plus faible qui est autorisé ou qui par ailleurs serait contraire aux conditions normales de souscription. La SICAV ne sera pas tenue d’enregistrer plus de quatre personnes pour une Action donnée, non plus que de transférer des Actions à des personnes âgéesde moins de 18 ans ou encore, sans l’accord explicite des Administrateurs, d’enregistrer des transferts en faveur de Ressortissants des États-Unis.
- Données personnellesLorsque vous investissez dans les Compartiments, vos données personnelles sont collectées et traitées, conformément aux lois et réglementations applicables, y compris le Règlement (UE) 2016/679, le Règlement général sur la protection des données(« RGPD »). | En caso de defunción de cualquiera de los Accionistas conjuntos de Acciones de un Fondo o Fondos, el derecho de supervivencia no se aplica y, por consiguiente, se debe proporcionar la documentación pertinente a la Sociedad Gestora y/o Agente de Transferencias para determinar el titular efectivo de las Acciones.
- TransmisionesA excepción de ciertas Acciones y tal como se reconoce expresamente en cualquier Formulario de solicitud enviado por los Accionistas en el momento de la inversión, las Acciones se transmitirán mediante un formulario de transmisión de valores u otro instrumento por escrito que la SICAV establezca o permita, firmado o sellado, según proceda, por el transmitente o por su representante. Ninguna transmisión podrá procesarse si el transmitente y el adquirente propuesto no cumplimentan un Formulario de solicitud y presentan la documentación acreditativa exigida a efectos de identificación. Excepto cuando la SICAV lo permita expresamente, no se efectuará ninguna transmisión por la que el transmitente o el adquirente se inscriban o sigan inscritos como titulares de Acciones de un Fondo o de una clase con un valor liquidativo inferior a la Inversión Mínima (para el transmitente) o al Importe de Suscripción Inicial Mínimo (para el adquirente) correspondientes o a cualquier otro importe menor que se permita, o que vulnere las condiciones normales de suscripción. La SICAV no estará obligada a inscribir a más de cuatro personas por Acción, ni a realizar transmisiones de Acciones a menores de 18 años, ni a realizar transmisiones a Personas Estadounidenses sin el consentimiento expreso de los Administradores.
- Datos de carácter personalAl invertir en los Fondos, sus datos personales se recopilan y procesan, de conformidad con las leyes y normativas aplicables, incluido el Reglamento (UE) 2016/679, el Reglamento General de Protección de Datos ("RGPD"). | En cas de décès d’un des Actionnaires conjoints d’Actions dans un Compartiment, le droit de survie ne s’applique pas, de sorte que la documentation appropriée doit être fournie à la Société de gestion et/ou à l’Agent de transfert afin de déterminer le propriétaire effectif des Actions.
- TransfertsÀ l’exception de certaines Actions et tel qu’expressément stipulé par le biais d’un supplément au Formulaire de souscription par les Actionnaires lors de l’investissement, les Actions peuvent être cédées au moyen d’un formulaire de transfert d’actions ou de tout autre instrument écrit que la SICAV pourra approuver ou autoriser et qui sera revêtu de la signature ou, le cas échéant,du cachet du cédant ou de son représentant. Un transfert ne pourra être effectué tant que le cédant et le cessionnaire proposé n’ont pas complété le Formulaire de souscription et fourni les documents requis pour prouver leur identité. En l’absence de dispositions contraires convenues par la SICAV, aucun transfert ne pourra être effectué si, par suite de celui-ci, le cédant ou le cessionnaire est ou demeure inscrit dans le registre des actionnaires comme titulaire d’Actions d’un Compartiment ou d’une catégorie dont la VL est inférieure au Seuil de détention (pour le cédant) ou au Montant minimum de souscription initiale (pour le cessionnaire), ou à tout montant plus faible qui est autorisé ou qui par ailleurs serait contraire aux conditions normales de souscription. La SICAV ne sera pas tenue d’enregistrer plus de quatre personnes pour une Action donnée, non plus que de transférer des Actions à des personnes âgéesde moins de 18 ans ou encore, sans l’accord explicite des Administrateurs, d’enregistrer des transferts en faveur de Ressortissants des États-Unis.
- Données personnellesLorsque vous investissez dans les Compartiments, vos données personnelles sont collectées et traitées, conformément aux lois et réglementations applicables, y compris le Règlement (UE) 2016/679, le Règlement général sur la protection des données(« RGPD »). | fr | es |
DOLFIN4804 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group EUR Moderate Growth and Income Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks a combination of long-term growth of capital and current income in EUR, primarily through exposure to growth- and income-oriented Equity securities. In addition, the Fund will also have exposure to fixed- income securities. These exposures will be achieved by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 55% exposure to Equity securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Bonds, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth and income through investments in global Equity securities, with an allocation to fixed income. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- 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. | # Capital Group EUR Moderate Growth and Income Portfolio (LUX)
| Auflegungsdatum | Noch zu bestimmen | |
| --- | --- | --- |
| Anlageziel | Der Fonds strebt über ein Engagement in vorwiegend wachstums- und ertragsorientierte Eigenkapitalinstrumente eine Kombination aus langfristigem Kapitalwachstum und laufendem Einkommen in EUR an. Zudem wird der Fonds ein Engagement in festverzinsliche Wertpapiere haben. Dieses Engagement wird erreicht, indem er im Einklang mit Anhang I „Allgemeine Anlageleitlinien und Beschränkungen“ bis zu 100 % seiner Vermögenswerte in andere Fonds der Gesellschaft (die „zugrunde liegenden Fonds“) anlegt. Bei der Verfolgung seines Anlageziels wird der Fonds im Allgemeinen mindestens 55 % des Engagements in Eigenkapitalinstrumente anlegen. Bestimmte zugrunde liegende Fonds können zu Absicherungszwecken und/oder für ein effizientes Portfoliomanagement bestimmte Derivate wie Zinsswaps, Terminkontrakte, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte einsetzen, so wie im Hauptteil des Verkaufsprospekts unter „Risikohinweise“ und in Anhang 1 genauer beschrieben. Der Fonds kann gegebenenfalls auch bis zu 10 % in andere OGAW und/oder andere OGA sowie direkt in Aktien und festverzinsliche Wertpapiere anlegen. |
| Anlagerisiken | - Bei diesem Fonds handelt es sich um einen Dachfonds und er unterliegt somit den Risiken im Zusammenhang mit den zugrunde liegenden Fonds, in die er investiert.
- Aktien, Anleihen, Schwellenmärkte, Hochverzinsliche Anleihen, ABS/MBS, OTC-Märkte, derivative Instrumente.
|
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die ein Engagement über eine Dachfondsstruktur und langfristiges Kapitalwachstum und Einkommen durch globale Eigenkapitalinstrumente anstreben, mit einer Allokation in festverzinsliche Papiere. |
| Qualifizierte Anlageländer | Alle Länder | |
| Anlageberater | CRMC | |
| Stellvertretender Anlageberater | CISA | |
| Basiswährung | EUR | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Verwaltungsgesellschaft nach eigenem Ermessen), an denen ein zugrunde liegender Fonds oder mehrere zugrunde liegende Fonds, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, nicht in der Lage sind, ihre Vermögenswerte zu bewerten, da die Märkte, an denen sie einen wesentlichen Anteil ihrer Vermögenswerte anlegen, geschlossen sind. Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international. |
| Swing-Pricing | Swing-Pricing-Apassungen werden für den Nettoinventarwert dieses Fonds nicht angewendet, so wie im Hauptteil des Verkaufsprospekts unter „Nettoinventarwert“ genauer beschrieben. |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Handelsschluss | 9:30 Luxemburger Zeit an jedem Bewertungstag | |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen1 | Fondsverwaltungsgebühr2 Verwahrungs- und Depotgebühren3 | 0,15 % Maximum 0,06 % Maximum |
- 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. | # Capital Group EUR Moderate Growth and Income Portfolio (LUX)
| Launch Date | To be determined | |
| --- | --- | --- |
| Investment Objective | The Fund seeks a combination of long-term growth of capital and current income in EUR, primarily through exposure to growth- and income-oriented Equity securities. In addition, the Fund will also have exposure to fixed- income securities. These exposures will be achieved by investing up to 100% of its assets in other Funds of the Company (the “Underlying Funds”) in accordance with Annex I “General Investment Guidelines and Restrictions”. In pursuing its investment objective, the Fund will generally have at least 55% exposure to Equity securities. Some of the Underlying Funds may use, whether for hedging and/or efficient portfolio management purposes, certain type of derivatives including interest rate swaps, forward contracts, CDX, CDS, futures and options on futures as described in more detail in the main part of the Prospectus under the “Risk Warnings” section and in Annex 1. The Fund may, from time to time, also invest up to 10% in other UCITS and/or other UCIs as well as directly in Equity and fixed-income securities. |
| Investment exposure risks | - This Fund is a Fund of Funds and therefore will be subject to the risks associated with the Underlying Funds in which it invests.
- Equity, Bonds, Emerging Markets, High Yield Bonds, ABS/MBS, OTC Markets, derivative instruments.
|
| Profile of the typical investor | The Fund is particularly suitable for investors seeking exposure through a Fund of Funds structure and long-term capital growth and income through investments in global Equity securities, with an allocation to fixed income. |
| Eligible Investment Countries | Any country | |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | EUR | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which Underlying Fund(s) representing a meaningful portion of Fund’s portfolio are not in a position to value their assets due to the closure of the markets on which they invest a substantial part of their assets. A list of such dates is available on capitalgroup.com/international. |
| Swing pricing | Swing pricing adjustment will not be applied to the Net Asset Value of this Fund as described in more detail in the main part of the Prospectus under the “Net Asset Value” section. |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Cut-Off Time | 9:30am Luxembourg time on every Valuation Date | |
| Fiscal year-end | 31 December in each year | |
| Fees and charges1 | Fund Administration Fee2 Depositary and Custody Fees3 | 0.15% maximum 0.06% maximum |
- 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 |
DOLFIN4805 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Généralités
Chaque Compartiment peut recourir aux techniques et aux instruments qui ont pour objet des Valeurs mobilières et des Instruments du marché monétaire pour autant que ces techniques et ces instruments soient employés aux fins d’une gestion efficace du portefeuille au sens et sous les conditions établies dans les lois, les règlements et les circulaires de la CSSF applicables à tout moment. En particulier, ces techniques et ces instruments ne doivent pas entraîner une modification de l’objectif d’investissement annoncé du Compartiment concerné ou exposer le Compartiment concerné à d’importants risques supplémentaires par rapport au profil de risque décrit.
L’exposition au risque de contrepartie résultant de techniques de gestion efficace du portefeuille et d’instruments financiers dérivés de gré à gré doit être cumulée aux fins du calcul des limites du risque de contrepartie visées à l’article 52 de la directive 2009/65/CE. | ## Consideraciones generales
Todos los Subfondos pueden emplear técnicas e instrumentos relacionados con Valores Mobiliarios e Instrumentos del Mercado Monetario siempre y cuando dichas técnicas e instrumentos sean utilizados con el fin de lograr una gestión eficiente de la cartera de acuerdo con las condiciones establecidas en las leyes, regulaciones y circulares vigentes emitidas oportunamente por la CSSF. En concreto, dichas técnicas e instrumentos no deberían causar ningún cambio en el objetivo de inversión declarado del Subfondo correspondiente o añadir riesgos suplementarios importantes en comparación al perfil de riesgo determinado del Subfondo correspondiente.
La exposición de riesgo a una contraparte generada por las técnicas eficientes de gestión de cartera y los derivados financieros OTC debe ser combinada al calcular los límites del riesgo de contraparte contemplados en el artículo 52 de la Directiva 2009/65/CE. | ## Généralités
Chaque Compartiment peut recourir aux techniques et aux instruments qui ont pour objet des Valeurs mobilières et des Instruments du marché monétaire pour autant que ces techniques et ces instruments soient employés aux fins d’une gestion efficace du portefeuille au sens et sous les conditions établies dans les lois, les règlements et les circulaires de la CSSF applicables à tout moment. En particulier, ces techniques et ces instruments ne doivent pas entraîner une modification de l’objectif d’investissement annoncé du Compartiment concerné ou exposer le Compartiment concerné à d’importants risques supplémentaires par rapport au profil de risque décrit.
L’exposition au risque de contrepartie résultant de techniques de gestion efficace du portefeuille et d’instruments financiers dérivés de gré à gré doit être cumulée aux fins du calcul des limites du risque de contrepartie visées à l’article 52 de la directive 2009/65/CE. | fr | es |
DOLFIN4806 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Article 17 – Meetings and deliberations of the board
The board of directors meets when convened by the chair as often as the company’s interests so require, either at the registered office or at any other place stated in the notice to attend.
If it has not met for more than two months, at least one third of its members may ask the chair to convene it for a specific agenda. The CEO may also ask the chair to convene the board of directors for a specific agenda. The chair is bound by such requests.
Rules of procedure may determine, in accordance with the laws and regulations, the conditions for organising meetings of the board of directors, which may take place by means of videoconferencing except for the adoption of decisions expressly set aside by the French Commercial Code.
Meetings are convened by any means.
The presence of at least one half of the members is necessary for deliberations to be valid. Decisions are taken on a majority of the votes of the members present or represented.
Each director has one vote. If votes are tied, the person chairing the meeting has a casting vote.
If videoconferencing is allowed, the internal rules of procedure may specify, in accordance with the regulations in force, that directors who take part in the meeting of the board by means of videoconferencing are deemed present when calculating the quorum and majority. | ###### Article 17 - Réunions et délibérations du conseil
Le conseil d’administration se réunit sur la convocation du président aussi souvent que l’intérêt de la société l’exige, soit au siège social, soit en tout autre lieu indiqué dans l’avis de convocation.
Lorsqu’il ne s’est pas réuni depuis plus de deux mois, le tiers au moins de ses membres peut demander au président de convoquer celui-ci sur un ordre du jour déterminé. Le directeur général peut également demander au président de convoquer le conseil d’administration sur un ordre du jour déterminé. Le président est lié par ces demandes.
Un règlement intérieur peut déterminer, conformément aux dispositions légales et réglementaires, les conditions d’organisation des réunions du conseil d’administration qui peuvent intervenir par des moyens de visioconférence à l’exclusion de l’adoption des décisions expressément écartées par le code de commerce.
Les convocations sont faites par tous moyens.
La présence de la moitié au moins des membres est nécessaire pour la validité des délibérations. Les décisions sont prises à la majorité des voix des membres présents ou représentés.
Chaque administrateur dispose d’une voix. En cas de partage, la voix du président de séance est prépondérante.
Dans le cas où la visioconférence est admise, le règlement intérieur peut prévoir, conformément à la réglementation en vigueur, que sont réputés présents pour le calcul du quorum et de la majorité, les administrateurs qui participent à la réunion du conseil par des moyens de visioconférence. | ###### Article 17 – Meetings and deliberations of the board
The board of directors meets when convened by the chair as often as the company’s interests so require, either at the registered office or at any other place stated in the notice to attend.
If it has not met for more than two months, at least one third of its members may ask the chair to convene it for a specific agenda. The CEO may also ask the chair to convene the board of directors for a specific agenda. The chair is bound by such requests.
Rules of procedure may determine, in accordance with the laws and regulations, the conditions for organising meetings of the board of directors, which may take place by means of videoconferencing except for the adoption of decisions expressly set aside by the French Commercial Code.
Meetings are convened by any means.
The presence of at least one half of the members is necessary for deliberations to be valid. Decisions are taken on a majority of the votes of the members present or represented.
Each director has one vote. If votes are tied, the person chairing the meeting has a casting vote.
If videoconferencing is allowed, the internal rules of procedure may specify, in accordance with the regulations in force, that directors who take part in the meeting of the board by means of videoconferencing are deemed present when calculating the quorum and majority. | en | fr |
DOLFIN4807 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Units may be divided, grouped, or split, on the decision of the management company’s Board of Directors, into thousandths of units, called fractional units, with the exception of IT units.
The provisions of the regulations governing the issue and redemption of units shall also apply to fractional units, whose value will always be proportionate to that of the unit that they represent. Unless otherwise stated, all other provisions of the regulations relating to units shall apply to fractional units without any need to make a specific provision.
Lastly, the board of directors of the management company may decide, at its sole discretion, to split the units by creating new units that are allocated to unitholders in exchange for the former units. | Les parts pourront être divisées, regroupées ou fractionnées sur décision du Conseil d’Administration de la société de gestion, en millièmes dénommées fractions de parts, à l’exception des parts IT.
Les dispositions du règlement réglant l'émission et le rachat de parts sont applicables aux fractions de parts dont la valeur sera toujours proportionnelle à celle de la part qu'elles représentent. Toutes les autres dispositions du règlement relatives aux parts s'appliquent aux fractions de parts sans qu'il soit nécessaire de le spécifier, sauf lorsqu'il en est disposé autrement.
Enfin, le conseil d’administration de la société de gestion ou son Président peut, sur ses seules décisions, procéder à la division des parts par la création de parts nouvelles qui sont attribuées aux porteurs en échange des parts anciennes. | Units may be divided, grouped, or split, on the decision of the management company’s Board of Directors, into thousandths of units, called fractional units, with the exception of IT units.
The provisions of the regulations governing the issue and redemption of units shall also apply to fractional units, whose value will always be proportionate to that of the unit that they represent. Unless otherwise stated, all other provisions of the regulations relating to units shall apply to fractional units without any need to make a specific provision.
Lastly, the board of directors of the management company may decide, at its sole discretion, to split the units by creating new units that are allocated to unitholders in exchange for the former units. | en | fr |
DOLFIN4808 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The description of the V share class shall be amended by including an optional requirement that the relevant investor may have a cooperation agreement with a company of the Vontobel Group. This change does not have an adverse impact on the existing shareholders of the share class.
The mechanism for swing pricing has been adjusted so that a Single Swing Pricing Factor higher than 1% can be applied for individual sub-funds. Also, the Board of Directors may decide to apply Single Swing Pricing Factors beyond the maximum adjustment level of a sub-fund in case of exceptional market circumstances.
The changes shall be effective as from 9 March 2021.
Investors who do not agree with the changes stipulated in sections 1 - 10 may redeem their shares free of charge by 3.45 p.m. respectively 2.45 p.m. (as applicable according to the Funds’ Sales Prospectus), Luxembourg time on 8 March 2021, at the latest, via the Fund’s administrator, distributors and other offices authorized to accept redemption applications.
Investors are advised to consult their own legal, financial and/or tax advisors if they have any questions regarding the above changes.
The updated version of the Prospectus may be obtained free of charge from the registered office of the Fund or from the Fund’s distributors.
The Board of Directors | La descrizione della classe di azioni V sarà modificata con l’inclusione di un requisito opzionale per cui l’investitore interessato può avere un accordo di cooperazione con una società del Gruppo Vontobel. Questa modifica non ha effetti negativi sugli attuali azionisti della classe di azioni.
Il meccanismo dello swing pricing è stato adeguato in modo da poter applicare un fattore di single swing pricing superiore all’1% per i singoli comparti. Inoltre, il Consiglio di Amministrazione può decidere di applicare i fattori di single swing pricing oltre il livello massimo di adeguamento di un comparto in caso di circostanze di mercato eccezionali.
Queste modifiche entreranno in vigore a decorrere dal 8 marzo 2021.
Gli investitori che non sono d’accordo con le modifiche di cui alle sezioni 1 – 10 possono riscattare gratuitamente le proprie azioni entro le 15.45 ovvero le 14.45 (a seconda del Prospetto di vendita del Fondo), orario del Lussemburgo, il 9 marzo 2021 tramite l’amministratore del Fondo, i distributori e altri uffici autorizzati ad accettare richieste di rimborso.
Si raccomanda agli investitori di sentire il parere dei propri consulenti legali, finanziari e/o fiscali in caso di domande riguardanti le modifiche succitate.
La versione aggiornata del Prospetto può essere richiesta a titolo gratuito presso la sede legale del Fondo o presso i distributori del Fondo.
Il Consiglio di Amministrazione | The description of the V share class shall be amended by including an optional requirement that the relevant investor may have a cooperation agreement with a company of the Vontobel Group. This change does not have an adverse impact on the existing shareholders of the share class.
The mechanism for swing pricing has been adjusted so that a Single Swing Pricing Factor higher than 1% can be applied for individual sub-funds. Also, the Board of Directors may decide to apply Single Swing Pricing Factors beyond the maximum adjustment level of a sub-fund in case of exceptional market circumstances.
The changes shall be effective as from 9 March 2021.
Investors who do not agree with the changes stipulated in sections 1 - 10 may redeem their shares free of charge by 3.45 p.m. respectively 2.45 p.m. (as applicable according to the Funds’ Sales Prospectus), Luxembourg time on 8 March 2021, at the latest, via the Fund’s administrator, distributors and other offices authorized to accept redemption applications.
Investors are advised to consult their own legal, financial and/or tax advisors if they have any questions regarding the above changes.
The updated version of the Prospectus may be obtained free of charge from the registered office of the Fund or from the Fund’s distributors.
The Board of Directors | en | it |
DOLFIN4809 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### Objectif et politique d’investissement
Objectif Augmenter la valeur de votre investissement au fil du temps et réaliser un rendement total conforme à celui des obligations émergentes libellées en devises locales (tel que mesuré par l’indice de référence).
Indice(s) de référence JP Morgan GBI EM Global Diversified Index
®
(rendement total). Pour concevoir le portefeuille et mesurer la performance.
Politique d’investissement Le fonds investit principalement dans des obligations d’État des marchés émergents libellées dans n’importe quelle devise locale et peut investir de manière significative dans des obligations de qualité inférieure à investment grade. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Pour plus d’informations, reportez-vous à la section « Politique d’investissement durable et intégration ESG » mentionnant les principales limites méthodologiques, telles que les données de tiers incomplètes, inexactes ou indisponibles, et rendez-vous sur https://www.eurizoncapital.com/pages/sustainability.aspx.
Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE pour les activités économiques durables sur le plan environnemental.
Devise de référence EUR.
Gestionnaire d’investissement Eurizon Capital S.A. | #### Objetivo y política de inversión
Objetivo Incrementar el valor de su inversión en el tiempo y obtener una rentabilidad total acorde con la de los mercados de bonos emergentes denominados en moneda local (medida por el índice de referencia).
Índice(s) de referencia El JP Morgan GBI EM Global Diversified Index
®
(rentabilidad total). Para diseñar la cartera y medir la rentabilidad.
Política de inversión El fondo invierte principalmente en bonos gubernamentales de mercados emergentes denominados en cualquier moneda local y podrá invertir de forma significativa en bonos con una calificación inferior a grado de inversión. Por lo general, el fondo opta por la inversión directa, pero ocasionalmente podrá invertir a través de derivados.
En concreto, el fondo invertirá normalmente un mínimo del 51 % de su patrimonio neto en deuda e instrumentos relacionados con
Para obtener más información, consulte el apartado “Política de inversión sostenible e integración de los factores ESG”, incluidos los límites metodológicos principales, como datos de terceros incompletos, inexactos o no disponibles, y acceda a https://www.eurizoncapital.com/pages/sustainability.aspx.
Las inversiones subyacentes de este producto financiero no contemplan los criterios de la UE relativos a las actividades económicas sostenibles desde una perspectiva medioambiental.
Divisa base EUR.
Gestor de inversiones Eurizon Capital S.A. | #### Objectif et politique d’investissement
Objectif Augmenter la valeur de votre investissement au fil du temps et réaliser un rendement total conforme à celui des obligations émergentes libellées en devises locales (tel que mesuré par l’indice de référence).
Indice(s) de référence JP Morgan GBI EM Global Diversified Index
®
(rendement total). Pour concevoir le portefeuille et mesurer la performance.
Politique d’investissement Le fonds investit principalement dans des obligations d’État des marchés émergents libellées dans n’importe quelle devise locale et peut investir de manière significative dans des obligations de qualité inférieure à investment grade. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés.
Pour plus d’informations, reportez-vous à la section « Politique d’investissement durable et intégration ESG » mentionnant les principales limites méthodologiques, telles que les données de tiers incomplètes, inexactes ou indisponibles, et rendez-vous sur https://www.eurizoncapital.com/pages/sustainability.aspx.
Les investissements sous-jacents à ce produit financier ne tiennent pas compte des critères de l’UE pour les activités économiques durables sur le plan environnemental.
Devise de référence EUR.
Gestionnaire d’investissement Eurizon Capital S.A. | fr | es |
DOLFIN4810 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JPM GBI-EM Global Diversified (USD) Unhedged. |
| No commission was taken over the last accounting year of the Sub-Fund. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,55% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | El 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del JPM GBI-EM Global Diversified (USD) Unhedged. |
| No se ha detraído comisión alguna durante el último año contable del Subfondo. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above JPM GBI-EM Global Diversified (USD) Unhedged. |
| No commission was taken over the last accounting year of the Sub-Fund. | | en | es |
DOLFIN4811 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund manager's report
Inflation-linked bonds posted a positive performance while market participants continue to anticipate a change of direction towards a more accommodative monetary policy. Like its fixed-rate counterparts, the real yield curve has flattened as recession risks have increased.
In the United States, headline inflation continued to normalise, reaching 7.7% year-on-year in October. Core inflation reached 6.3% vs. 6.6% in September. While inflation is likely to have reached its peak, the market and the Federal Reserve are still focused on the tensions surrounding the job market. The Fed continued with its policy of rate hikes, increasing rates by 75 bp in November.
In the United Kingdom, inflation reached 11.1% year-on-year in October, vs. 10.1% in September, as the rise in energy and food prices drove the index to its highest level in 40 years. Core inflation remained at 6.5% in October, above the consensus of a drop in core inflation to 6.4%. The Bank of England increased its key policy rate to 3% and we expect this policy to continue with an additional rise of 50 bp at its December meeting.
Finally, in the eurozone, the initial estimates of inflation for November confirmed that it remains high (10% year-on-year) but is has dropped due to the reduction in energy prices in Spain and Germany and the measures implemented by the European Commission and the governments to limit inflation resulting from energy prices. Although inflation is likely to remain high in the coming months, the drop should enable the European Central Bank to become gradually less aggressive in the normalisation of its monetary policy, which could very well be a boost for the bond market. Against this background, we still favour long positions in real rates as the valuations are still attractive. Finally, we are maintaining our preference for short-maturity inflation-linked bonds in the eurozone, which should benefit from solid carry in the months to come.
* 1st NAV date: 25/11/2002
Fund AXA WF Euro Inflation Bonds benefits of the historical evolution of the performance of the French fund AXA IM Euro Inflation Bonds, since its creation on the 13/09/2005, because they have the same investment objectives.
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 30/11/2022
Editor: AXA Investment Managers Paris | # Informe del gestor
Los bonos indexados a la inflación tuvieron un comportamiento positivo, ya que los actores del mercado siguen anticipando el cambio hacia una política monetaria más acomodaticia. Al igual que sus homólogas a tipo fijo, la curva de rendimientos reales se ha aplanado al aumentar los riesgos de recesión.
En Estados Unidos, la inflación general sigue normalizándose y alcanzó una tasa anualizada del 7,7 % en octubre. La inflación subyacente se situó en el 6,3 % desde el 6,6 % de septiembre. Si bien es probable que la inflación haya dejado atrás su máximo, el mercado y la Reserva Federal siguen centrados en las tensiones del mercado laboral. Esta última prosiguió su política de subida de tipos, aumentándolos 75 pb en noviembre.
En el Reino Unido, la inflación subió al 11,1 % interanual en octubre, frente al 10,1 % de septiembre, ya que la subida de los precios de la energía y los alimentos de los hogares impulsó el índice a su nivel más alto en 40 años. La inflación subyacente se mantuvo en el 6,5 % en octubre, por encima del consenso de una caída de la inflación subyacente al 6,4 %. El Banco de Inglaterra elevó su tipo de referencia al 3 % y esperamos que esta política continúe con un nuevo aumento de 50 pb en su reunión de diciembre.
Por último, en la zona euro, las primeras estimaciones de la inflación del mes de noviembre confirman un nivel que sigue siendo elevado (10 % interanual), pero que está bajando debido a la caída de los precios de la energía en España y Alemania y a las medidas adoptadas por la Comisión Europea y los Gobiernos para limitar la inflación procedente de los precios de la energía. Aunque se espera que la inflación continúa siendo alta en los próximos meses, la caída debería permitir al Banco Central Europeo ser progresivamente menos agresivo en la normalización de su política monetaria, lo que bien podría servir de impulso al mercado de renta fija. En este contexto, seguimos priorizando las posiciones largas en los tipos reales, ya que las valoraciones continúan siendo atractivas. Finalmente, mantenemos nuestra preferencia por los bonos indexados a la inflación con vencimientos cortos en la zona euro, que deberían disfrutar de un sólido carry en los próximos meses.
* Fecha del primer VL: 25/11/2002
El fondo AXA WF Euro Inflation Bonds se beneficia de la evolución histórica de la rentabilidad del fondo francés AXA IM Euro Inflation Bonds, desde su creación en 13/09/2005, porque ambos tienen los mismos objetivos de inversión.
** Índice de referencia : Consulte por favor la sección del Índice de referencia, en la parte del documento de características/aviso legal Fuente(s) : AXA Investment Managers a 30/11/2022
Redactor: AXA Investment Managers Paris. | # Fund manager's report
Inflation-linked bonds posted a positive performance while market participants continue to anticipate a change of direction towards a more accommodative monetary policy. Like its fixed-rate counterparts, the real yield curve has flattened as recession risks have increased.
In the United States, headline inflation continued to normalise, reaching 7.7% year-on-year in October. Core inflation reached 6.3% vs. 6.6% in September. While inflation is likely to have reached its peak, the market and the Federal Reserve are still focused on the tensions surrounding the job market. The Fed continued with its policy of rate hikes, increasing rates by 75 bp in November.
In the United Kingdom, inflation reached 11.1% year-on-year in October, vs. 10.1% in September, as the rise in energy and food prices drove the index to its highest level in 40 years. Core inflation remained at 6.5% in October, above the consensus of a drop in core inflation to 6.4%. The Bank of England increased its key policy rate to 3% and we expect this policy to continue with an additional rise of 50 bp at its December meeting.
Finally, in the eurozone, the initial estimates of inflation for November confirmed that it remains high (10% year-on-year) but is has dropped due to the reduction in energy prices in Spain and Germany and the measures implemented by the European Commission and the governments to limit inflation resulting from energy prices. Although inflation is likely to remain high in the coming months, the drop should enable the European Central Bank to become gradually less aggressive in the normalisation of its monetary policy, which could very well be a boost for the bond market. Against this background, we still favour long positions in real rates as the valuations are still attractive. Finally, we are maintaining our preference for short-maturity inflation-linked bonds in the eurozone, which should benefit from solid carry in the months to come.
* 1st NAV date: 25/11/2002
Fund AXA WF Euro Inflation Bonds benefits of the historical evolution of the performance of the French fund AXA IM Euro Inflation Bonds, since its creation on the 13/09/2005, because they have the same investment objectives.
** Benchmark : Please refer to the Benchmark section in the characteristics/disclaimers part of the document. Source(s): AXA Investment Managers as at 30/11/2022
Editor: AXA Investment Managers Paris | en | es |
DOLFIN4812 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 3.2 | 3.1 | -8.5 | -24.9 | 32.1 | 13.2 | -18.6 | 15.5 | 2.2 | 29.3 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 3,2 | 3,1 | -8,5 | -24,9 | 32,1 | 13,2 | -18,6 | 15,5 | 2,2 | 29,3 |
| Limitación †¹ | 7,2 | 1,5 | -9,7 | -24,0 | 32,3 | 22,7 | -12,6 | 17,2 | 0,7 | 25,2 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 16 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 3.2 | 3.1 | -8.5 | -24.9 | 32.1 | 13.2 | -18.6 | 15.5 | 2.2 | 29.3 |
| Constraint †¹ | 7.2 | 1.5 | -9.7 | -24.0 | 32.3 | 22.7 | -12.6 | 17.2 | 0.7 | 25.2 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 16 December 2022 | en | es |
DOLFIN4813 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### La Société, pour le compte du Compartiment, supportera les frais liés à cette notation.
Le Compartiment investit uniquement dans des titres de qualité investment grade libellés en dollars négociés sur un Marché éligible d’un pays membre de l’OCDE et définis, conformément aux Procédures d’évaluation de la qualité du crédit interne, comme présentant un risque de crédit minimal et classés dans l’une des deux catégories de notation les plus élevées pour les titres de créance par au moins deux organismes de notation financière établis (ou une agence de notation établie si l’instrument n’a été évalué que par un seul de ces organismes) ou, s’ils ne sont pas notés, assortis d’une notation de qualité comparable à celle définie conformément aux Procédures d’évaluation de la qualité du crédit interne. Les organismes de notation financière reconnus qui évaluent actuellement les instruments du type de ceux susceptibles d’être achetés par le Compartiment, sont le Groupe de Notation de Standard & Poor’s, Moody’s Investor Service, Inc., Fitch Investor Service, L.P. ou tout autre service de notation mondialement reconnu.
Les acceptations bancaires sont des instruments de crédit attestant l’obligation d’une banque de payer une traite tirée par son client. Ces instruments reflètent l’obligation tant de la banque que du tireur de payer la valeur nominale de l’instrument à l’échéance. Les autres obligations à court terme peuvent comprendre des obligations non assurées et directes portant des taux d’intérêt fixes ou variables. | ##### La Sociedad, por cuenta del Subfondo, sufragará la obtención de dicha calificación.
El Subfondo únicamente invertirá en valores de categoría de inversión denominados en dólares estadounidenses, negociados en un Mercado admisible de un Estado miembro de la OCDE y elegidos, de conformidad con los Procedimientos Internos de Evaluación de la Calidad Crediticia, de manera que presenten unos riesgos de crédito mínimos y tengan una de las dos categorías de calificación más altas para las obligaciones de deuda otorgadas por al menos dos organizaciones de calificación estadística de reconocido prestigio (o una organización de calificación de reconocido prestigio, si el instrumento es calificado únicamente por esa organización) o, en caso de que no se hayan sometido a calificación, tengan una calidad comparable según lo determinado de conformidad con los Procedimientos Internos de Evaluación de la Calidad Crediticia. Las organizaciones de calificación estadística de reconocido prestigio que en la actualidad califican instrumentos del tipo que el Subfondo puede adquirir son Standard & Poor’s Ratings Group, Moody’s Investor Service, Inc., Fitch Investor Service L.P. o cualquier otro servicio de calificación crediticia reconocido internacionalmente.
Las aceptaciones bancarias son instrumentos de crédito que prueban la obligación de un banco de pagar un efecto librado sobre él por un cliente. Estos instrumentos reflejan la obligación, tanto del banco como del librador, de pagar el importe nominal del instrumento en el momento de su vencimiento. Las demás obligaciones a corto plazo pueden incluir obligaciones directas no garantizadas con tipos de interés fijos, flotantes o variables. | #### La Société, pour le compte du Compartiment, supportera les frais liés à cette notation.
Le Compartiment investit uniquement dans des titres de qualité investment grade libellés en dollars négociés sur un Marché éligible d’un pays membre de l’OCDE et définis, conformément aux Procédures d’évaluation de la qualité du crédit interne, comme présentant un risque de crédit minimal et classés dans l’une des deux catégories de notation les plus élevées pour les titres de créance par au moins deux organismes de notation financière établis (ou une agence de notation établie si l’instrument n’a été évalué que par un seul de ces organismes) ou, s’ils ne sont pas notés, assortis d’une notation de qualité comparable à celle définie conformément aux Procédures d’évaluation de la qualité du crédit interne. Les organismes de notation financière reconnus qui évaluent actuellement les instruments du type de ceux susceptibles d’être achetés par le Compartiment, sont le Groupe de Notation de Standard & Poor’s, Moody’s Investor Service, Inc., Fitch Investor Service, L.P. ou tout autre service de notation mondialement reconnu.
Les acceptations bancaires sont des instruments de crédit attestant l’obligation d’une banque de payer une traite tirée par son client. Ces instruments reflètent l’obligation tant de la banque que du tireur de payer la valeur nominale de l’instrument à l’échéance. Les autres obligations à court terme peuvent comprendre des obligations non assurées et directes portant des taux d’intérêt fixes ou variables. | fr | es |
DOLFIN4814 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Partners Group (Luxembourg) S.A. is unable to pay out?
With respect to European Depositary Bank S.A. as depositary of the Fund responsible for the safekeeping of the assets of the Fund (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary, or by a sub-depositary to whom the safekeeping of assets has been delegated, are lost. However, such default risk is limited due to the rules set out in Article 19 of the Luxembourg Law of 12 July 2013 on Alternative Investment Fund Managers and in the Commission Delegated Regulation (EU) 231/2013 which require a segregation of assets between those of the Depositary and the Fund. The Depositary is liable to the Fund or to the investors of the Fund for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the AIFMD. The Depositary may contractually discharge itself for the loss of financial instruments by contractual transfer of its liability to any delegates, as further specified in the Prospectus of the Fund. There might be a default risk if the Depositary is the counterparty of the Fund in relation to any investment transactions and an asset is lost. As an investor in the product, you are not protected by an investor compensation scheme. | # Cosa accade se il Partners Group (Luxembourg) S.A. non è in grado di corrispondere quanto dovuto?
Per quanto riguarda European Depositary Bank S.A. in qualità di depositaria del Fondo responsabile della custodia delle attività del Fondo (la "Banca deposit- aria"), esiste un potenziale rischio d'insolvenza qualora le attività del Fondo detenute presso la Banca depositaria, o presso un sub-depositario al quale sia stata delegata la custodia delle attività, vengano perse. Tale rischio d'insolvenza è tuttavia limitato per effetto delle regole previste nell'Articolo 19 della Legge del Lussemburgo del 12 luglio 2013 sui gestori di fondi d'investimento alternativi e del Regolamento Delegato della Commissione (UE) 231/2013, che richiedono la separazione delle attività della Banca depositaria dalle attività del Fondo. La Banca depositaria è responsabile nei confronti del Fondo, o degli investitori di quest'ultimo, in caso di perdita da parte della Banca depositaria o di uno dei suoi delegati di uno strumento finanziario detenuto in custodia, salvo che la Banca depositaria sia in grado di dimostrare che la perdita è avvenuta a seguito di un evento esterno che esula dal suo ragionevole controllo. Per tutte le altre perdite, la Banca depositaria è responsabile in caso d'inadempienza negligente o intenzionale rispetto alle proprie obbligazioni previste dalla AIFMD. La Banca deposit- aria potrebbe esonerarsi a livello contrattuale rispetto alla perdita di strumenti finanziari attraverso il trasferimento contrattuale della relativa responsabilità a eventuali delegati, secondo quanto specificato in dettaglio all'interno del Prospetto del Fondo. Potrebbe sussistere un rischio d'insolvenza se la Banca deposit- aria fosse la controparte del Fondo nell'ambito di una qualsiasi operazione d'investimento e un'attività venisse persa. Gli investitori del prodotto non sono protetti in quanto tali da un sistema d'indennizzo degli investitori. | # What happens if Partners Group (Luxembourg) S.A. is unable to pay out?
With respect to European Depositary Bank S.A. as depositary of the Fund responsible for the safekeeping of the assets of the Fund (the "Depositary"), there is a potential default risk if the assets of the Fund held with the Depositary, or by a sub-depositary to whom the safekeeping of assets has been delegated, are lost. However, such default risk is limited due to the rules set out in Article 19 of the Luxembourg Law of 12 July 2013 on Alternative Investment Fund Managers and in the Commission Delegated Regulation (EU) 231/2013 which require a segregation of assets between those of the Depositary and the Fund. The Depositary is liable to the Fund or to the investors of the Fund for the loss by the Depositary or one of its delegates of a financial instrument held in custody unless the Depositary is able to prove that the loss has arisen as a result of an external event beyond its reasonable control. For all other losses, the Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations pursuant to the AIFMD. The Depositary may contractually discharge itself for the loss of financial instruments by contractual transfer of its liability to any delegates, as further specified in the Prospectus of the Fund. There might be a default risk if the Depositary is the counterparty of the Fund in relation to any investment transactions and an asset is lost. As an investor in the product, you are not protected by an investor compensation scheme. | en | it |
DOLFIN4815 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-fund may invest up to 10% of its net assets in UCITS shares or units, or other investment funds. The portfolio’s duration will be maintained within the range of 0 to 7.
To achieve its investment objective, the Sub-fund may invest up to 100% of its net assets in eligible securities with embedded derivatives. In particular, the Sub-fund may invest in Convertible bonds, Conditional convertible bonds, Exchangeable bonds, Credit-linked notes, warrants and EMTNs.
The maximum proportion of assets that, on average, can be subject to SFTs (securities financing transactions) and TRS shall not exceed 25% of the Sub-fund’s overall net assets. In general, the use of repurchase transactions should not exceed 25% of the Sub-fund’s net assets. In general, the use of TRS cannot exceed 25% of the Sub-fund’s net assets. | ## El Subfondo podrá invertir hasta el 10% de su patrimonio neto en participaciones o acciones del OICVM o en otros fondos de inversión. La duración de la cartera se mantendrá en un intervalo de 0 a 7.
Para alcanzar su objetivo de inversión, el Subfondo podrá invertir hasta el 100% de su patrimonio neto en valores mobiliarios aptos para derivados implícitos. En particular, el Subfondo podrá invertir en bonos convertibles, bonos convertibles condicionales, bonos canjeables, títulos con vinculación crediticia, warrants y EMTN.
La proporción máxima de activos que, en promedio, pueden estar sujetos a SFT (solo operaciones de reembolso) y a TRS no superará el 25% del patrimonio neto del Subfondo en su conjunto. En general, el uso de operaciones de reembolso no debería superar el 25% del patrimonio neto del Subfondo. En general, el uso de TRS no debería superar el 25% del patrimonio neto del Subfondo. | ## The Sub-fund may invest up to 10% of its net assets in UCITS shares or units, or other investment funds. The portfolio’s duration will be maintained within the range of 0 to 7.
To achieve its investment objective, the Sub-fund may invest up to 100% of its net assets in eligible securities with embedded derivatives. In particular, the Sub-fund may invest in Convertible bonds, Conditional convertible bonds, Exchangeable bonds, Credit-linked notes, warrants and EMTNs.
The maximum proportion of assets that, on average, can be subject to SFTs (securities financing transactions) and TRS shall not exceed 25% of the Sub-fund’s overall net assets. In general, the use of repurchase transactions should not exceed 25% of the Sub-fund’s net assets. In general, the use of TRS cannot exceed 25% of the Sub-fund’s net assets. | en | es |
DOLFIN4816 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This fee is used to compensate the Management Company which can in turn use it to compensate the Investment Advisers for their investment advisory services and the Distributors and other Intermediaries, as applicable, for services to investors or similar services in relation to investments made with their assistance.
Several Classes with different Management Fee rates are available. A number of factors determine the eligibility of Shareholders, Distributors and other Intermediaries for particular Classes and the level of payments that the Management Company can make. These factors include the assets held by the Shareholder, the Distributor or other Intermediary or by investors who are its clients, as well as the overall relationship with the Capital Group. It is the responsibility of Distributors and other Intermediaries to select the most suitable Class(es) for their clients, considering the markets in which they promote the Shares and the type of services they provide to their clients.
Individuals investing with the assistance of Distributors or other Intermediaries are encouraged to review the Class(es) in which they may invest, considering the nature and objective of their investments, since the level of Management Fee may have a material impact on the return of their investments.
The Investment Advisers, the Distributors and other Intermediaries may retrocede part or all of the received fee. The Management Fee is calculated and accrued, on the basis of the net assets of the relevant Class of the relevant Fund, and payable monthly in arrears.
In order to avoid double-charging the Company, when a Fund, including a Fund of Funds, invests in other UCITS (including other Funds) or other UCIs directly or indirectly managed by the Investment Advisers or managed by an entity to which the Investment Advisers are related by virtue of (i) common management, (ii) common control, or (iii) a direct or indirect interest of more than 10 percent of share capital or voting rights, no investment management or advisory fee will be perceived. When a Fund, including a Fund of Funds, invests a substantial part of its assets in such Funds or other UCIs, the maximum proportion of investment management or advisory fee will be indicated in the Company’s annual report. In addition, the Company will not be charged any subscription or redemption fees by these UCITS or UCIs (including other Funds).
For the avoidance of doubt, when a Fund, including a Fund of Funds, invests in other UCITS or UCIs which are not directly or indirectly managed by the Investment Advisers or by an entity to which the Investment Advisers are related as described above, investment management or advisory fee will be paid to these other UCITS or UCIs. Subscription or redemption fees to the units of these UCITS or other UCIs might apply. These fees will be
included into the costs of buying and selling units of such UCITS or other UCIs, distinct from the Management Fee as described under “Other expenses” below.
- Other expenses: In addition to the above Management Fee, the Company may also have to pay other expenses related to ancillary services which are charged separately as described below. | Cette commission est utilisée pour rémunérer la Société de Gestion qui peut à son tour l’utiliser pour rémunérer les Conseillers en Investissement pour leurs services de conseil en investissement, les Distributeurs et autres Intermédiaires, le cas échéant, pour les services aux investisseurs ou les services similaires liés aux investissements effectués avec leur assistance.
Plusieurs Classes avec des taux de Commissions de Gestion différents sont disponibles. Un certain nombre de facteurs déterminent l’éligibilité des Actionnaires, des Distributeurs et autres Intermédiaires pour certaines Classes et le niveau des paiements que la Société de Gestion peut effectuer. Ces facteurs comprennent les actifs détenus par l’Actionnaire, le Distributeur ou autre Intermédiaire ou par des investisseurs qui sont les clients de l’un ou de l’autre, ainsi que sa relation globale avec le Groupe Capital. Il relève de la responsabilité des Distributeurs et autres Intermédiaires de sélectionner la(les) Classe(s) la(les) plus appropriée(s) pour leurs clients, compte tenu des marchés sur lesquels ils commercialisent les Actions et du type de services qu’ils fournissent à leurs clients.
Les personnes physiques investissant avec l’assistance de Distributeurs ou d’autres Intermédiaires sont encouragées à étudier la(les) Classe(s) dans la(les)quelle(s) elles peuvent investir, compte tenu de la nature et de l’objectif de leurs investissements, étant donné que le niveau des Commissions de Gestion peut avoir un impact significatif sur le rendement de leurs investissements.
Les Conseillers en Investissement, les Distributeurs et autres Intermédiaires peuvent rétrocéder tout ou partie de la commission reçue. La Commission de Gestion est calculée et comptabilisée sur la base de l’actif net de la Classe du Fonds concerné et est payable mensuellement à terme échu.
Afin d’éviter une double facturation de la Société, lorsqu’un Fonds, notamment un Fonds de Fonds, investit dans d’autres OPCVM (y compris d’autres Fonds) ou OPC cibles gérés directement ou indirectement par les Conseillers en Investissement ou gérés par une société à laquelle les Conseillers en Investissement sont liés dans le cadre (i) d’une gestion commune, (ii) d’un contrôle commun ou (iii) d’une participation directe ou indirecte de plus de 10 % au capital social ou des droits de vote, aucune commission de conseil ou de gestion ne sera perçue. Lorsqu’un Fonds, y compris un Fonds de Fonds, investit une part importante de ses actifs dans ces Fonds ou autres OPC, la part maximale des frais de gestion ou de conseil en investissement sera indiquée dans le rapport annuel de la Société. En outre, aucune commission d’émission ou de rachat ne sera facturée à la Société par ces OPCVM ou OPC (y compris d’autres Fonds).
À des fins de clarification, lorsqu’un Fonds, y compris tout Fonds de Fonds, investit dans d’autres OPCVM ou OPC qui ne sont pas directement ou indirectement gérés par les Conseillers en Investissement ou par une société à laquelle les Conseillers en Investissement sont liés comme décrit ci- dessus, la commission de conseil ou de gestion sera payée à ces autres OPCVM ou OPC. Des commissions d’émission ou de rachat des parts de ces OPCVM ou OPC peuvent s’appliquer. Ces commissions seront comprises dans les coûts d’achat et de vente des parts de ces OPCVM ou autres OPC et distinctes de la Commission de Gestion décrite dans la section « Autres frais » ci-dessous.
- Autres frais : En plus de la Commission de Gestion susmentionnée, la Société peut avoir à payer d’autres frais liés à des services annexes facturés séparément, comme décrit ci-dessous. | This fee is used to compensate the Management Company which can in turn use it to compensate the Investment Advisers for their investment advisory services and the Distributors and other Intermediaries, as applicable, for services to investors or similar services in relation to investments made with their assistance.
Several Classes with different Management Fee rates are available. A number of factors determine the eligibility of Shareholders, Distributors and other Intermediaries for particular Classes and the level of payments that the Management Company can make. These factors include the assets held by the Shareholder, the Distributor or other Intermediary or by investors who are its clients, as well as the overall relationship with the Capital Group. It is the responsibility of Distributors and other Intermediaries to select the most suitable Class(es) for their clients, considering the markets in which they promote the Shares and the type of services they provide to their clients.
Individuals investing with the assistance of Distributors or other Intermediaries are encouraged to review the Class(es) in which they may invest, considering the nature and objective of their investments, since the level of Management Fee may have a material impact on the return of their investments.
The Investment Advisers, the Distributors and other Intermediaries may retrocede part or all of the received fee. The Management Fee is calculated and accrued, on the basis of the net assets of the relevant Class of the relevant Fund, and payable monthly in arrears.
In order to avoid double-charging the Company, when a Fund, including a Fund of Funds, invests in other UCITS (including other Funds) or other UCIs directly or indirectly managed by the Investment Advisers or managed by an entity to which the Investment Advisers are related by virtue of (i) common management, (ii) common control, or (iii) a direct or indirect interest of more than 10 percent of share capital or voting rights, no investment management or advisory fee will be perceived. When a Fund, including a Fund of Funds, invests a substantial part of its assets in such Funds or other UCIs, the maximum proportion of investment management or advisory fee will be indicated in the Company’s annual report. In addition, the Company will not be charged any subscription or redemption fees by these UCITS or UCIs (including other Funds).
For the avoidance of doubt, when a Fund, including a Fund of Funds, invests in other UCITS or UCIs which are not directly or indirectly managed by the Investment Advisers or by an entity to which the Investment Advisers are related as described above, investment management or advisory fee will be paid to these other UCITS or UCIs. Subscription or redemption fees to the units of these UCITS or other UCIs might apply. These fees will be
included into the costs of buying and selling units of such UCITS or other UCIs, distinct from the Management Fee as described under “Other expenses” below.
- Other expenses: In addition to the above Management Fee, the Company may also have to pay other expenses related to ancillary services which are charged separately as described below. | en | fr |
DOLFIN4817 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As a reminder, the Fund is currently a European fund investing primarily in financial securities from the banking and insurance sector. The Fund’s current investment objective is to outperform the STOXX Europe 600 Banks (Net Return) index over a minimum investment horizon of five years.
From 15 September 2021, the Fund’s investment objective will be to generate capital growth by investing in listed international equities of companies that benefit from the changes and long-term trends that contribute towards the development and transformation of the international financial sector. The Fund will invest in various financial themes and particularly in four non-exclusive secondary themes: banking, payment and transaction services, specialist financial services and disruptive financial companies.
The changes to the investment objective, investment strategy, composition of the assets and custodian were approved by the Autorité des marchés financiers on 5 July 2021. The Fund’s name change, the change to the benchmark index and the creation of new units have not been submitted to the Autorité des marchés financiers for approval. All of these changes will come into force on 15 September 2021.
The main changes are shown below, along with their consequences for your investment. Please do not hesitate to contact your usual financial adviser if you have any questions.
- Changes resulting from the operationA- Risk profileChange to risk/return profile: YESRisk/return profile increase: YESThe risk/return profile increase is primarily due to a change of geographical area. Instead of being a European fund, the Fund will become an international fund. In addition, the Fund may now invest up to 50% of its net assets in companies headquartered in emerging countries. In addition, the Fund may hold up to 10% of its net assets in debt securities and money market instruments. | Si rammenta che attualmente il Fondo è un fondo europeo che investe principalmente in titoli finanziari dei settori bancario e assicurativo. L'attuale obiettivo d'investimento del Fondo è sovraperformare l'indice Stoxx Europe 600 Banks Net Return in un orizzonte temporale di almeno 5 anni.
A partire dal 15 settembre 2021 l'obiettivo di gestione del Fondo sarà quello di generare una crescita del capitale investendo in azioni internazionali quotate di società che beneficiano dei cambiamenti e delle tendenze a lungo termine che contribuiscono all'evoluzione e alla trasformazione del settore finanziario internazionale. Il Fondo investirà in diversi temi finanziari e in particolare nei seguenti quattro sottotemi non esclusivi: banche, servizi di pagamento e di transazione, servizi finanziari specializzati e società finanziarie rivoluzionarie.
La modifica dell'obiettivo d'investimento, della strategia d'investimento, della composizione del patrimonio e della banca depositaria è stata approvata dall'Autorité des marchés financiers il 5 luglio 2021. La modifica della denominazione del Fondo e dell'indice di riferimento nonché la creazione di nuove quote non sono soggette all'approvazione dell'Autorité des marchés financiers. Tutte queste modifiche entreranno in vigore il 15 settembre 2021.
Qui di seguito troverà le principali modifiche derivanti dall'operazione e le loro conseguenze sul Suo investimento. Qualora avesse domande, non esiti a contattare il Suo consulente abituale.
- Modifiche conseguenti all'operazioneA- Il profilo di rischioModifica del profilo di rischio/rendimento: SÌAumento del profilo di rischio/rendimento: SÌL'aumento del profilo di rischio/rendimento è dovuto principalmente alla modifica dell'area geografica. Infatti, il Fondo, che in precedenza era un fondo europeo, diventerà un fondo internazionale. Inoltre, il Fondo potrà investire il 50% del patrimonio netto in società aventi sede legale in un paese emergente. Il Fondo potrà altresì detenere fino al 10% del patrimonio netto in titoli di debito e strumenti del mercato monetario. | As a reminder, the Fund is currently a European fund investing primarily in financial securities from the banking and insurance sector. The Fund’s current investment objective is to outperform the STOXX Europe 600 Banks (Net Return) index over a minimum investment horizon of five years.
From 15 September 2021, the Fund’s investment objective will be to generate capital growth by investing in listed international equities of companies that benefit from the changes and long-term trends that contribute towards the development and transformation of the international financial sector. The Fund will invest in various financial themes and particularly in four non-exclusive secondary themes: banking, payment and transaction services, specialist financial services and disruptive financial companies.
The changes to the investment objective, investment strategy, composition of the assets and custodian were approved by the Autorité des marchés financiers on 5 July 2021. The Fund’s name change, the change to the benchmark index and the creation of new units have not been submitted to the Autorité des marchés financiers for approval. All of these changes will come into force on 15 September 2021.
The main changes are shown below, along with their consequences for your investment. Please do not hesitate to contact your usual financial adviser if you have any questions.
- Changes resulting from the operationA- Risk profileChange to risk/return profile: YESRisk/return profile increase: YESThe risk/return profile increase is primarily due to a change of geographical area. Instead of being a European fund, the Fund will become an international fund. In addition, the Fund may now invest up to 50% of its net assets in companies headquartered in emerging countries. In addition, the Fund may hold up to 10% of its net assets in debt securities and money market instruments. | en | it |
DOLFIN4818 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Risque lié aux titres adossés à des créances
Les titres adossés à des créances mobilières représentent des intérêts dans des « portefeuilles communs » d’actifs, par exemple des prêts hypothécaires, des prêts personnels, des créances sur cartes de crédit, des prêts étudiants, des prêts automobiles (prêt, crédit-bail, financement de stock, location de voiture), sur du matériel, à la consommation, des locations de conteneurs, de wagons, de flotte, des créances sur franchise ou sur la société, des produits à règlement échelonné, des nantissements, des plans de paiement mobile, des PACE et des primes d’assurance. Les principales catégories de ces titres sont les titres adossés à des créances hypothécaires résidentielles (residential mortgage-backed securities ou RMBS), les titres adossés à des créances hypothécaires commerciales (commercial mortgage-backed securities ou CMBS), les obligations de prêts garantis (collateralised loan obligations ou CLO) et les titres adossés à des actifs de consommation. Les titres adossés à des créances sont soumis à certains risques supplémentaires. La hausse des taux d’intérêt tend à prolonger la duration de ces titres. Ils sont alors plus sensibles aux variations des taux d’intérêt. En conséquence, en période de hausse des taux d’intérêt, ces titres peuvent être plus volatils. C’est ce qu’on appelle le risque de prolongation. En outre, ces titres comportent un risque de remboursement anticipé, c’est-à-dire le risque, quand les taux d’intérêt baissent, mais sont susceptibles de remonter dans le futur, que les emprunteurs remboursent leur dette plus tôt que prévu. Dans ce cas les rendements d’un compartiment du fonds pourront être réduits, car celui-ci devra réinvestir l’argent remboursé par anticipation aux taux d’intérêt plus faibles en vigueur à ce moment-là. C’est ce qu’on appelle le risque de contraction. Lesdits titres sont également assujettis au risque de défaillance des actifs sous-jacents, en particulier en périodes de ralentissement économique.
La durée de vie moyenne de chaque titre individuel peut être influencée par de nombreux facteurs tels que des caractéristiques structurelles (notamment l’existence et la fréquence de rachats optionnels, de remboursements anticipés obligatoires ou l’existence de caractéristiques d’un fonds d’amortissement), le niveau des taux d’intérêt en vigueur, le taux de défaillance actuel des actifs sous-jacents, la période à laquelle surviennent les reprises et le taux de rotation des actifs sous-jacents. Par conséquent, aucune garantie ne peut être donnée quant aux dates précises des différents flux de trésorerie du portefeuille de titres. Ces incertitudes peuvent affecter les résultats du Compartiment.
Par ailleurs, dans la mesure où ils ne sont pas garantis, chaque type de titres adossés à des créances mobilières comprend des risques de crédit spécifiques selon le type d’actifs concernés et le cadre légal employé.
Tout investissement dans des titres adossés à des créances mobilières peut également entraîner les risques suivants : risque de liquidité, risque de crédit, risque lié à la gouvernance et risque juridique indiqués ci-dessous aux paragraphes « Risque de liquidité », « Risque lié aux titres de créance », | ## Riesgo asociado a títulos respaldados por activos
Los títulos respaldados por activos representan intereses en “agrupaciones” de activos, como hipotecas, créditos al consumo, tarjetas de crédito, préstamos estudiantiles, automóviles (préstamo, arrendamiento, en plano, automóvil de alquiler), equipos, alquiler de contenedores, alquiler de automotores, alquiler de flotas, franquicia/negocio completo, liquidación estructurada, gravamen fiscal, plan de pago de dispositivo móvil, PACE y primas de seguro. Las principales categorías son títulos respaldados por hipotecas residenciales (“RMBS”, por sus siglas en inglés), títulos respaldados por hipotecas comerciales
(“CMBS”, por sus siglas en inglés), obligaciones respaldadas por préstamos garantizados (“CLO”, por sus siglas en inglés) y títulos respaldados por activos. Los títulos respaldados por activos están sujetos a ciertos riesgos adicionales. El aumento de los tipos de interés suele incrementar la duración de estos títulos y los vuelven más sensibles a las variaciones de los tipos. Como resultado, en un periodo de tipos de interés más altos, estos títulos pueden mostrar una mayor volatilidad. Esto se conoce con el nombre de riesgo de prórroga. Además, estos títulos están sujetos al riesgo de pago anticipado, el riesgo de que, cuando los tipos de interés bajan o cuando están bajos, pero se espera que suban, los prestatarios puedan liquidar sus deudas antes de lo previsto. Esto puede reducir los rendimientos de un Subfondo porque el Subfondo tendrá que reinvertir dichos fondos pagados anticipadamente a los tipos de interés vigentes más bajos. Esto se conoce con el nombre de riesgo de recesión. Estos títulos también están sujetos al riesgo de incumplimiento respecto de los activos subyacentes, especialmente durante periodos de recesión económica.
La duración media de cada título individual puede verse afectada por una gran cantidad de factores tales como características estructurales (incluida la existencia y frecuencia de ejercicio de cualquier opción de reembolso opcional, prepago obligatorio o fondo de amortización), el nivel prevaleciente de los tipos de interés, la tasa real de incumplimiento de los activos subyacentes, el momento de las recuperaciones y el nivel de rotación en los activos subyacentes. Como resultado, no se puede asegurar el momento exacto de los flujos generados de la cartera de títulos. Esta incertidumbre puede afectar los rendimientos del Subfondo.
Además, en la medida en que no estén garantizados, cada tipo de título respaldado por activos conlleva riesgos de crédito específicos según el tipo de activo involucrado y la estructura jurídica utilizada.
Las inversiones en títulos respaldados por activos también pueden conllevar los siguientes riesgos: riesgo de liquidez, riesgo de crédito, riesgo de gobernanza y riesgo jurídico, mencionados más adelante en los apartados ‘Riesgo de liquidez’, ‘Riesgo de títulos de deuda’, ‘Riesgo de obligaciones del Gobierno de los Estados Unidos’ y ‘Riesgos jurídicos’. | ## Risque lié aux titres adossés à des créances
Les titres adossés à des créances mobilières représentent des intérêts dans des « portefeuilles communs » d’actifs, par exemple des prêts hypothécaires, des prêts personnels, des créances sur cartes de crédit, des prêts étudiants, des prêts automobiles (prêt, crédit-bail, financement de stock, location de voiture), sur du matériel, à la consommation, des locations de conteneurs, de wagons, de flotte, des créances sur franchise ou sur la société, des produits à règlement échelonné, des nantissements, des plans de paiement mobile, des PACE et des primes d’assurance. Les principales catégories de ces titres sont les titres adossés à des créances hypothécaires résidentielles (residential mortgage-backed securities ou RMBS), les titres adossés à des créances hypothécaires commerciales (commercial mortgage-backed securities ou CMBS), les obligations de prêts garantis (collateralised loan obligations ou CLO) et les titres adossés à des actifs de consommation. Les titres adossés à des créances sont soumis à certains risques supplémentaires. La hausse des taux d’intérêt tend à prolonger la duration de ces titres. Ils sont alors plus sensibles aux variations des taux d’intérêt. En conséquence, en période de hausse des taux d’intérêt, ces titres peuvent être plus volatils. C’est ce qu’on appelle le risque de prolongation. En outre, ces titres comportent un risque de remboursement anticipé, c’est-à-dire le risque, quand les taux d’intérêt baissent, mais sont susceptibles de remonter dans le futur, que les emprunteurs remboursent leur dette plus tôt que prévu. Dans ce cas les rendements d’un compartiment du fonds pourront être réduits, car celui-ci devra réinvestir l’argent remboursé par anticipation aux taux d’intérêt plus faibles en vigueur à ce moment-là. C’est ce qu’on appelle le risque de contraction. Lesdits titres sont également assujettis au risque de défaillance des actifs sous-jacents, en particulier en périodes de ralentissement économique.
La durée de vie moyenne de chaque titre individuel peut être influencée par de nombreux facteurs tels que des caractéristiques structurelles (notamment l’existence et la fréquence de rachats optionnels, de remboursements anticipés obligatoires ou l’existence de caractéristiques d’un fonds d’amortissement), le niveau des taux d’intérêt en vigueur, le taux de défaillance actuel des actifs sous-jacents, la période à laquelle surviennent les reprises et le taux de rotation des actifs sous-jacents. Par conséquent, aucune garantie ne peut être donnée quant aux dates précises des différents flux de trésorerie du portefeuille de titres. Ces incertitudes peuvent affecter les résultats du Compartiment.
Par ailleurs, dans la mesure où ils ne sont pas garantis, chaque type de titres adossés à des créances mobilières comprend des risques de crédit spécifiques selon le type d’actifs concernés et le cadre légal employé.
Tout investissement dans des titres adossés à des créances mobilières peut également entraîner les risques suivants : risque de liquidité, risque de crédit, risque lié à la gouvernance et risque juridique indiqués ci-dessous aux paragraphes « Risque de liquidité », « Risque lié aux titres de créance », | fr | es |
DOLFIN4819 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of special situations and smaller growth companies in Asia excluding Japan. Special situations stocks generally have valuations which are attractive in relation to net assets or earnings potential with additional factors which may have a positive influence on their share price.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- Up to 25% can consist of investments other than special situations or smaller growth companies.
- 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 ex Japan 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. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El fondo invertirá al menos el 70 % en acciones en situaciones especiales y de pequeñas empresas en crecimiento de Asia, excluido Japón. Por lo general, las acciones en situaciones especiales presentan valoraciones atractivas en relación con el patrimonio neto o con la capacidad de generar beneficios, así como otros factores que pueden influir positivamente en el precio de sus acciones.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- Esta región incluye países considerados mercados emergentes.
- Hasta un 25% puede consistir en inversiones que no se realicen en pequeñas empresas en fase de crecimiento ni en empresas en situaciones especiales.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia el MSCI AC Asia ex Japan Index (Net) (en adelante, el«Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en empresas, países o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of special situations and smaller growth companies in Asia excluding Japan. Special situations stocks generally have valuations which are attractive in relation to net assets or earnings potential with additional factors which may have a positive influence on their share price.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- This region includes countries considered to be emerging markets.
- Up to 25% can consist of investments other than special situations or smaller growth companies.
- 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 ex Japan 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. | en | es |
DOLFIN4820 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least 51% of its assets in fixed or variable-rate securities of private debtors with a rating of at least B3 (Moody's). The fund's maximum duration is three years. At least 2/3 of the investments are selected by systematically taking into account ESG
1
criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR | # Caratteristiche salienti:
Il fondo investe almeno il 51% del suo patrimonio in titoli a tasso fisso o variabile di emittenti pubblici e privati compresi nella fascia di rating da Ba1 a Caa3 (Moody's). Il fondo presenta una duration massima di tre anni. La selezione di almeno 2/3 degli investimenti tiene sistematicamente conto dei criteri ESG
1
secondo i principi dell'economia responsabile. Il fondo è classificato ai sensi dell'art. 8 SFDR | # Important features:
The fund invests at least 51% of its assets in fixed or variable-rate securities of private debtors with a rating of at least B3 (Moody's). The fund's maximum duration is three years. At least 2/3 of the investments are selected by systematically taking into account ESG
1
criteria in accordance with responsibility requirements. The fund is classified under Art. 8 SFDR | en | it |
DOLFIN4821 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in equities (including smaller companies), convertible securities, debt securities and currencies. The Sub-Fund may also gain exposure to commodities through equities, UCITS, UCIs, ETFs or derivatives on commodity indices. Issuers can be from anywhere in the world, including emerging markets. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may have net long and net short exposure (achieved through derivatives) to sectors, markets and currencies, however, it will maintain a total net long market exposure at all times. The Sub-Fund may hold up to 100% of its assets in Deposits with Credit Institutions, money market instruments and money market funds either as collateral for derivatives or until suitable investment opportunities are found.
The Sub-Fund allocates its assets to gain exposure to a range of risk premia using a systematic long/short investment approach. The range of risk premia may include equity value (long equities that are relatively less expensive, short equities that are relatively more expensive); equity quality (long equities of higher quality companies, based on metrics such as profitability, against short exposures to those relatively with lower quality); FX carry (long exposure to currencies with higher yields and short exposures to lower yielding currencies); fixed income momentum (long exposure to bonds with positive price movements, | El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal La mayor parte del patrimonio se invertirá, directamente o a través de derivados, en valores de renta variable (incluidos de empresas de pequeña capitalización), valores convertibles, títulos de deuda y divisas. Asimismo, el Subfondo podrá adquirir exposición a materias primas a través de títulos de renta variable, OICVM, OIC, ETF o derivados sobre índices de materias primas. Los emisores podrán estar situados en cualquier lugar del mundo, incluidos los mercados emergentes. El Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación.
El Subfondo podrá mantener una exposición neta tanto larga como corta (obtenida a través de derivados) a sectores, mercados y divisas, si bien mantendrá una exposición neta larga total al mercado en todo momento. El Subfondo podrá mantener hasta el 100% de su patrimonio en depósitos en entidades de crédito, instrumentos del mercado monetario y fondos del mercado monetario, bien como garantía de derivados, bien hasta que se identifiquen oportunidades de inversión adecuadas.
El Subfondo asigna sus activos con el fin de obtener exposición a un abanico de primas de riesgo a través de un enfoque de inversión sistemático largo/corto. El abanico de primas de riesgo puede incluir los siguientes estilos: valor de renta variable (posiciones largas en acciones que son relativamente menos caras, posiciones cortas en acciones que son relativamente más caras); calidad de renta variable (posiciones largas en acciones de compañías de mayor calidad, en función de parámetros como la rentabilidad, frente a exposiciones cortas a las acciones de relativamente menor calidad); carry de divisas (exposición larga a divisas con rendimientos más elevados y exposiciones cortas a divisas de menor rendimiento); momentum de renta fija (exposición larga a bonos con una | The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure The majority of assets invested, either directly or through derivatives, in equities (including smaller companies), convertible securities, debt securities and currencies. The Sub-Fund may also gain exposure to commodities through equities, UCITS, UCIs, ETFs or derivatives on commodity indices. Issuers can be from anywhere in the world, including emerging markets. The Sub-Fund may invest in below investment grade and unrated debt securities.
The Sub-Fund may have net long and net short exposure (achieved through derivatives) to sectors, markets and currencies, however, it will maintain a total net long market exposure at all times. The Sub-Fund may hold up to 100% of its assets in Deposits with Credit Institutions, money market instruments and money market funds either as collateral for derivatives or until suitable investment opportunities are found.
The Sub-Fund allocates its assets to gain exposure to a range of risk premia using a systematic long/short investment approach. The range of risk premia may include equity value (long equities that are relatively less expensive, short equities that are relatively more expensive); equity quality (long equities of higher quality companies, based on metrics such as profitability, against short exposures to those relatively with lower quality); FX carry (long exposure to currencies with higher yields and short exposures to lower yielding currencies); fixed income momentum (long exposure to bonds with positive price movements, | en | es |
DOLFIN4822 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Investor B
Investor B invested at valuation point 1 and sold their Shares at valuation point 2
The Shares acquired by Investor B at a NAV of €1.0000 and sold at a NAV of €1.0902 at valuation point 2 have incurred a total Performance Fee of €0.0098 due to the outperformance of €0.0980 in the Current Day NAV above the Hurdle NAV at this valuation point in the Crystallisation Period. If at this valuation point, there are net redemptions, the accrued Performance Fee in relation to the net redemptions will Crystallise and will be paid to the Investment Manager as soon as practicable. | ##### Investisseur B
L’Investisseur B a investi au Point d’Évaluation 1 et vendu ses Actions au Point d’Évaluation 2
Les Actions souscrites par l’Investisseur B à une VL de 1,0000 € et vendues à une VL de 1,0902 € au Point d’Évaluation 2 ont subi un prélèvement total de 0,0098 € de Commission de Performance dû à la surperformance de 0,0980 € de la VL du Jour en Cours au-dessus de la VL Hurdle à ce point d'évaluation au cours de la Période de Cristallisation. Si, à ce Point d'Évaluation, des rachats nets sont effectués, la Commission de Performance provisionnée applicable aux rachats nets se cristallisera et sera payée au Gestionnaire d'Investissement dès que possible. | ##### Investor B
Investor B invested at valuation point 1 and sold their Shares at valuation point 2
The Shares acquired by Investor B at a NAV of €1.0000 and sold at a NAV of €1.0902 at valuation point 2 have incurred a total Performance Fee of €0.0098 due to the outperformance of €0.0980 in the Current Day NAV above the Hurdle NAV at this valuation point in the Crystallisation Period. If at this valuation point, there are net redemptions, the accrued Performance Fee in relation to the net redemptions will Crystallise and will be paid to the Investment Manager as soon as practicable. | en | fr |
DOLFIN4823 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investors should be aware that Share Classes identified with an "F", "SP", "SY","IRD" or "EP" suffix may pay dividends out of investment income, capital gains or capital. This is because, from time to time, the dividend paid may be more than the income earned by the Fund. Dividends may therefore have an impact on the tax position and accordingly investors are encouraged to seek appropriate tax advice in relation to investment in the different distribution Share Classes.
The distribution of dividends out of capital may exceed the gains of the Share Class and this could result in an erosion of an investor’s initial investment. The distribution of dividends out of capital will normally continue during periods of negative performance of a Fund, resulting in a more rapid fall in the value of a Share Class than would occur if dividends were not being paid.
The risks associated with Distribution Share Classes distributing dividends from capital are described in the sub-section "Distribution from capital risk" of the section "Risk Factors"). | Les investisseurs doivent être conscients que les Catégories d’Actions identifiées par les suffixes « F », « SP », « SY », « IRD » ou « EP » peuvent verser des dividendes à partir des revenus des investissements, de plus-values ou du capital. En effet, de temps à autre, le dividende versé peut être supérieur aux revenus générés par le Fonds. Les dividendes peuvent donc avoir une incidence sur la situation fiscale et en conséquence, il est conseillé aux investisseurs de demander l’avis d’un conseiller fiscal concernant des investissements dans les différentes Catégories d’Actions de distribution.
La distribution de dividendes à partir de capital peut excéder les gains de la Catégorie d’Actions, et cela peut entraîner une érosion de l’investissement initial de l’investisseur. La distribution de dividendes à partir de capital continue normalement au cours de périodes de performance négative d’un Fonds, ce qui entraîne une diminution plus rapide de la valeur d’une Catégorie d’Actions que ce qui se passerait si des dividendes n’étaient pas versés.
Les risques associés à la distribution de dividendes à partir du capital pour les Catégories d’Actions de distribution sont décrits dans la sous-section « Risque de distribution issue du capital » de la section « Facteurs de risques ». | Investors should be aware that Share Classes identified with an "F", "SP", "SY","IRD" or "EP" suffix may pay dividends out of investment income, capital gains or capital. This is because, from time to time, the dividend paid may be more than the income earned by the Fund. Dividends may therefore have an impact on the tax position and accordingly investors are encouraged to seek appropriate tax advice in relation to investment in the different distribution Share Classes.
The distribution of dividends out of capital may exceed the gains of the Share Class and this could result in an erosion of an investor’s initial investment. The distribution of dividends out of capital will normally continue during periods of negative performance of a Fund, resulting in a more rapid fall in the value of a Share Class than would occur if dividends were not being paid.
The risks associated with Distribution Share Classes distributing dividends from capital are described in the sub-section "Distribution from capital risk" of the section "Risk Factors"). | en | fr |
DOLFIN4824 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Opportunities
The fund invests in a broadly diversified equity universe and seeks opportunities for returns wherever they exist.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are most attractive and to generate interesting and profitable opportunities for investors. | # Opportunità
Il Fondo investe in un universo azionario ampiamente diversificato e cerca di cogliere le opportunità di rendimento.
Il Fondo è gestito attivamente da gestori esperti e altamente qualificati, che utilizzano un approccio basato su valutazioni fondamentali, con l'obiettivo di individuare, sulla base delle valutazioni dei gestori del portafoglio, gli investimenti potenzialmente più interessanti e generare opportunità di rendimento allettanti per gli investitori. | # Opportunities
The fund invests in a broadly diversified equity universe and seeks opportunities for returns wherever they exist.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are most attractive and to generate interesting and profitable opportunities for investors. | en | it |
DOLFIN4825 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| MAIN CHARACTERISTICS OF THE FUND |
| --- |
| SHARE CLASSES | P | PX |
| CATEGORIES OF SHARES | Accumulation | Quarterly income |
| ISIN | LU2411735694 | LU2411735777 |
| COUNTRIES OF DISTRIBUTION | LU, FR, ES, IT, CH*, BE, SG** |
| ELIGIBLE INVESTORS | All investors |
| MANAGEMENT COMPANY | CA Indosuez Wealth (Asset Management), Luxembourg |
| MANAGER | CA Indosuez Gestion |
| CUSTODIAN | CACEIS Bank, Luxembourg branch |
| INITIAL MINIMUM INVESTMENT | 1 share |
| CURRENCY | EUR |
| FREQUENCY AT WHICH THE NAV IS CALCULATED | Daily |
| LIMIT ON PLACING ORDERS | 10.00 am (Luxembourg time) on the valuation day |
| ENTRY CHARGES (maximum rate paid to intermediaries) | 2.00% |
| WITHDRAWAL CHARGES (maximum rate paid to intermediaries) | 1.00% |
| DILUTION ADJUSTMENT CHARGES | During the marketing period, the Fund is valued at the ask price. If exiting during this period, a penalty of a maximum of 2.00% retained by the Fund will be applied to redemptions. After the marketing period, the Fund will be valued at the mid price, and a maximum penalty of 2.00% retained by the Fund will be applied to both subscriptions and redemptions |
| ADMINISTRATION FEES | 0.17% maximum |
| RUNNING COSTS 3 | 1.19% |
| CONVERSION COSTS | None | | | CARATTERISTICHE PRINCIPALI DEL FONDO |
| --- |
| CLASSI DI AZIONI | P | PX |
| CATEGORIE DI AZIONI | Capitalizzazione | Distribuzione trimestrale |
| ISIN | LU2411735694 | LU2411735777 |
| PAESI DI DISTRIBUZIONE | LU, FR, ES, IT, CH, BE, SG* |
| ACCESSIBILITÀ | Qualsiasi investitore |
| SOCIETÀ DI GESTIONE | CA Indosuez Wealth (Asset Management), Lussemburgo |
| GESTORE | CA Indosuez Gestion |
| DEPOSITARIO | CACEIS Bank, succursale di Lussemburgo |
| INVESTIMENTO MINIMO INIZIALE | 1 azione |
| VALUTA | EUR |
| FREQUENZA DI CALCOLO DEL VALORE PATRIMONIALE NETTO | Quotidiana |
| TERMINE LIMITE DI ACCETTAZIONE DEGLI ORDINI | Ore 10.00 (ora lussemburghese) del giorno di valutazione |
| SPESE DI SOTTOSCRIZIONE (tasso massimo a favore degli intermediari) | 2,00% |
| SPESE DI RIMBORSO (tasso massimo a favore degli intermediari) | 1,00% |
| SPESE DI RETTIFICA DI DILUIZIONE | Durante il periodo di commercializzazione, il Fondo è valutato all'Ask Price. In caso di rimborso durante questo periodo verrà applicata una penale di rimborso del 2,00% massimo acquisita dal Fondo. Dopo il periodo di commercializzazione, il Fondo sarà valutato al Mid Price e, in caso di sottoscrizione e rimborso, verrà applicata una penale del 2,00% massimo acquisita dal Fondo. |
| SPESE DI AMMINISTRAZIONE | 0,17% max |
| SPESE CORRENTI 3 | 1,19% |
| SPESE DI CONVERSIONE | Nessuno | | | MAIN CHARACTERISTICS OF THE FUND |
| --- |
| SHARE CLASSES | P | PX |
| CATEGORIES OF SHARES | Accumulation | Quarterly income |
| ISIN | LU2411735694 | LU2411735777 |
| COUNTRIES OF DISTRIBUTION | LU, FR, ES, IT, CH*, BE, SG** |
| ELIGIBLE INVESTORS | All investors |
| MANAGEMENT COMPANY | CA Indosuez Wealth (Asset Management), Luxembourg |
| MANAGER | CA Indosuez Gestion |
| CUSTODIAN | CACEIS Bank, Luxembourg branch |
| INITIAL MINIMUM INVESTMENT | 1 share |
| CURRENCY | EUR |
| FREQUENCY AT WHICH THE NAV IS CALCULATED | Daily |
| LIMIT ON PLACING ORDERS | 10.00 am (Luxembourg time) on the valuation day |
| ENTRY CHARGES (maximum rate paid to intermediaries) | 2.00% |
| WITHDRAWAL CHARGES (maximum rate paid to intermediaries) | 1.00% |
| DILUTION ADJUSTMENT CHARGES | During the marketing period, the Fund is valued at the ask price. If exiting during this period, a penalty of a maximum of 2.00% retained by the Fund will be applied to redemptions. After the marketing period, the Fund will be valued at the mid price, and a maximum penalty of 2.00% retained by the Fund will be applied to both subscriptions and redemptions |
| ADMINISTRATION FEES | 0.17% maximum |
| RUNNING COSTS 3 | 1.19% |
| CONVERSION COSTS | None | | en | it |
DOLFIN4826 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment policy
The Compartment mainly invests between 75% and 110% of its net assets in equities of companies whose registered office is in, or who are listed on stock exchanges of, a European Union (EU) member state or a member state of the European Economic Area (EEA).
The Compartment will make its investments based on fundamental research resulting in a concentrated portfolio of equities. The Compartment can also invest up to 25% of its net assets in non-EU/EEA equity markets (other OECD countries). | ## Politique d'investissement
Le Compartiment investit principalement entre 75% et 110% de ses actifs nets en actions de sociétés dont le siège se trouve dans un, ou cotées sur des Bourses de valeurs d’un, Etat membre de l’Union européenne (UE) ou Etat membre de l’Espace économique européen (EEE).
Le Compartiment réalisera ses investissements en se basant sur une recherche fondamentale aboutissant à un portefeuille concentré d’actions. Le Compartiment peut aussi investir jusqu’à 25 % de son actif net sur des marchés d’actions hors UE/EEE (autres pays de l’OCDE). | ## Investment policy
The Compartment mainly invests between 75% and 110% of its net assets in equities of companies whose registered office is in, or who are listed on stock exchanges of, a European Union (EU) member state or a member state of the European Economic Area (EEA).
The Compartment will make its investments based on fundamental research resulting in a concentrated portfolio of equities. The Compartment can also invest up to 25% of its net assets in non-EU/EEA equity markets (other OECD countries). | en | fr |
DOLFIN4827 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### La catégorie la plus basse ne signifie pas « sans risque ». Le capital investi initialement n'est pas garanti.
Risque ESG et en matière de durabilité : cela peut avoir un impact négatif significatif sur la valeur d'un investissement et la performance du Fonds. L'évaluation des risques en matière de durabilité est complexe et nécessite des jugements subjectifs, qui peuvent être basés sur des données difficiles à obtenir et/ou incomplètes, estimées, obsolètes ou autrement très inexactes. Tout ou partie de ces données peut provenir/ être issu de tiers.
Risque de liquidité : le risque de liquidité survient lorsque des investissements particuliers sont difficiles à acheter ou à vendre. Ceci pourrait réduire les rendements du Fonds en cas d'incapacité par ce dernier de conclure des transactions à des périodes opportunes ou des conditions tarifaires favorables. | ### La categoría de riesgo más baja no significa que esté "libre de riesgo". Su inversión inicial no está garantizada.
Riesgo de sostenibilidad y ESG: puede perjudicar significativamente el valor de una inversión y la rentabilidad del Fondo. La evaluación de los riesgos de sostenibilidad es compleja y requiere valoraciones subjetivas, que pueden basarse en datos difíciles de obtener o incompletos, basados en estimaciones, desactualizados o sustancialmente imprecisos. La totalidad o parte de dichos datos pueden proceder de fuentes externas.
Riesgo de liquidez: existe riesgo de liquidez cuando determinadas inversiones son difíciles de comprar o vender. Esto puede reducir la rentabilidad del Fondo al no poder este operar a precios o en momentos ventajosos. | ### La catégorie la plus basse ne signifie pas « sans risque ». Le capital investi initialement n'est pas garanti.
Risque ESG et en matière de durabilité : cela peut avoir un impact négatif significatif sur la valeur d'un investissement et la performance du Fonds. L'évaluation des risques en matière de durabilité est complexe et nécessite des jugements subjectifs, qui peuvent être basés sur des données difficiles à obtenir et/ou incomplètes, estimées, obsolètes ou autrement très inexactes. Tout ou partie de ces données peut provenir/ être issu de tiers.
Risque de liquidité : le risque de liquidité survient lorsque des investissements particuliers sont difficiles à acheter ou à vendre. Ceci pourrait réduire les rendements du Fonds en cas d'incapacité par ce dernier de conclure des transactions à des périodes opportunes ou des conditions tarifaires favorables. | fr | es |
DOLFIN4828 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Articles of Association are to be amended to provide for the ability to use side pockets, subject to Central Bank requirements, as further outlined in Appendix III.
In advance of side pockets being an available mechanism for any of the Funds, the Prospectus will be updated to incorporate disclosure on the use of side pockets at a future date, subject to all regulatory approvals (including the Central Bank), and advance notification to Shareholders.
- Shareholders’ ApprovalFor the sanctioning of the ordinary resolutions in relation to the re-appointment of PricewaterhouseCoopers as Auditors to the Company and the authorisation of the Directors to fix the remuneration of the Auditors, a majority of the Shareholders, consisting of fifty-one per cent (51%) or more of the total number of votes cast, present in person or by proxy, who cast votes at the annual general meeting of the Shareholders, are required to vote in favour of it.
The sanctioning of the proposed amendments to the Company’s Memorandum & Articles of Association, requires a special resolution to be passed in favour of that proposal by a majority of Shareholders of the Company, consisting of seventy five per cent (75%) or more of the total number of votes cast present in person or by proxy, who cast votes at the annual general meeting of the Shareholders of the Company. | # Está previsto modificar los Estatutos para permitir el uso de compartimentos de propósito especial, con sujeción a los requisitos del Banco Central, tal y como se indica en el Anexo III.
Antes de que los compartimentos de propósito especial sean un mecanismo disponible para cualquiera de los Fondos, se procederá a la actualización del Folleto de modo que incorpore la información sobre el uso de los mismos en una fecha futura, con sujeción a todas las aprobaciones reglamentarias (incluido el Banco Central), y a la notificación previa a los Accionistas.
- Aprobación de los AccionistasPara la sanción de las resoluciones ordinarias relacionadas con la reasignación de PricewaterhouseCoopers como Auditores de la Sociedad y la autorización de los Consejeros para fijar la remuneración de los Auditores, una mayoría de los Accionistas, que consiste en un cincuenta y uno por ciento (51%) o más del número total de votos emitidos, presentes o representados, que emiten sus votos en la junta general anual de Accionistas, debe votar a favor.
La sanción de las modificaciones propuestas a los Estatutos de la Sociedad requiere una resolución especial a favor de la propuesta de la mayoría de Accionistas de la Sociedad, que consiste del setenta y cinco por ciento (75%) o más del número total de votos presentes o representados, que emiten sus votos en la junta general anual de Accionistas de la Sociedad. | # The Articles of Association are to be amended to provide for the ability to use side pockets, subject to Central Bank requirements, as further outlined in Appendix III.
In advance of side pockets being an available mechanism for any of the Funds, the Prospectus will be updated to incorporate disclosure on the use of side pockets at a future date, subject to all regulatory approvals (including the Central Bank), and advance notification to Shareholders.
- Shareholders’ ApprovalFor the sanctioning of the ordinary resolutions in relation to the re-appointment of PricewaterhouseCoopers as Auditors to the Company and the authorisation of the Directors to fix the remuneration of the Auditors, a majority of the Shareholders, consisting of fifty-one per cent (51%) or more of the total number of votes cast, present in person or by proxy, who cast votes at the annual general meeting of the Shareholders, are required to vote in favour of it.
The sanctioning of the proposed amendments to the Company’s Memorandum & Articles of Association, requires a special resolution to be passed in favour of that proposal by a majority of Shareholders of the Company, consisting of seventy five per cent (75%) or more of the total number of votes cast present in person or by proxy, who cast votes at the annual general meeting of the Shareholders of the Company. | en | es |
DOLFIN4829 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INVESTMENT OBJECTIVE AND POLICIES
The objective of the Company is to provide a vehicle, catering primarily for capital growth and/or income through which Shareholders can invest their capital in the main stock markets of the world with the ability to switch their investments between the Sub-Funds. It is not anticipated that dividend payments will be substantial.
Each of the Sub-Funds is managed in accordance with the investment restrictions as below described. The Sub-Funds are authorized to invest in financial derivatives instruments as well as use special financial techniques and instruments for the purpose of efficient portfolio management, as described in and permitted by the relevant Sub-Fund’s Supplements, and to hedge against market risks, in accordance with and subject to the provisions of sections ‘Investment Restrictions’ and ‘Risk Management Process, Financial Derivative Instruments and Financial Techniques and Instruments’ of this Prospectus.
In selecting the stocks to invest in, each Sub-Fund will carry on both top-down analysis that focuses on the macro-economic factors, as well as bottom-up analysis emphasizing on individual stocks and their intrinsic values.
There can be no assurance that the objectives of each Sub-Fund will be achieved.
The type of securities for investment and the related risk and return profile vary for each Sub-Fund. The assets of each Sub-Fund will be invested separately in accordance with the investment objectives and policies of that Sub-Fund which are set out in the relevant Supplements. | # OBJECTIF ET POLITIQUES D’INVESTISSEMENT
La Société a pour objectif de créer un véhicule visant principalement la croissance du capital et/ou la génération de revenus et par lequel les Actionnaires peuvent investir leur capital sur les principales bourses de valeurs du monde en ayant la possibilité de faire basculer leurs investissements entre les différents Compartiments. Il n’est pas prévu que les Compartiments versent des dividendes importants.
Chacun des Compartiments est géré conformément aux restrictions d’investissement décrites ci-dessous. Les Compartiments sont autorisés à investir dans des instruments financiers dérivés et à utiliser des techniques et instruments financiers spéciaux à des fins d’optimisation de gestion de portefeuille, comme le décrivent et l’autorisent les Suppléments du Compartiment concernés, et à se couvrir contre les risques du marché, conformément aux dispositions énoncées aux chapitres
« Restrictions d’investissement » et « Processus de gestion des risques, instruments financiers dérivés et techniques et instruments financiers » et sous réserve de celles-ci.
Pour sélectionner les actions dans lesquelles il investit, chaque Compartiment procèdera à une analyse descendante axée sur les facteurs macroéconomiques ainsi qu’à une analyse ascendante axée sur les actions concernées et leurs avantages intrinsèques.
Il n’est pas possible de garantir la réalisation des objectifs de chaque Compartiment.
Les types de valeurs dans lesquelles un Compartiment investit et le profil de risque et de rendement qui en découle varient pour chaque Compartiment. Les actifs de chaque Compartiment seront investis séparément et conformément aux objectifs et politiques d’investissement du Compartiment concerné, qui sont décrits dans les Suppléments concernés. | # INVESTMENT OBJECTIVE AND POLICIES
The objective of the Company is to provide a vehicle, catering primarily for capital growth and/or income through which Shareholders can invest their capital in the main stock markets of the world with the ability to switch their investments between the Sub-Funds. It is not anticipated that dividend payments will be substantial.
Each of the Sub-Funds is managed in accordance with the investment restrictions as below described. The Sub-Funds are authorized to invest in financial derivatives instruments as well as use special financial techniques and instruments for the purpose of efficient portfolio management, as described in and permitted by the relevant Sub-Fund’s Supplements, and to hedge against market risks, in accordance with and subject to the provisions of sections ‘Investment Restrictions’ and ‘Risk Management Process, Financial Derivative Instruments and Financial Techniques and Instruments’ of this Prospectus.
In selecting the stocks to invest in, each Sub-Fund will carry on both top-down analysis that focuses on the macro-economic factors, as well as bottom-up analysis emphasizing on individual stocks and their intrinsic values.
There can be no assurance that the objectives of each Sub-Fund will be achieved.
The type of securities for investment and the related risk and return profile vary for each Sub-Fund. The assets of each Sub-Fund will be invested separately in accordance with the investment objectives and policies of that Sub-Fund which are set out in the relevant Supplements. | en | fr |
DOLFIN4830 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the future, the Management Company reserves the right to unilaterally redeem units against payment of the corresponding redemption price if this is deemed necessary – taking into account interests of the unitholders or a sub- fund that are worth protecting. Article 5 of the Fund’s Management Regulations has been amended accordingly.
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## Appropriation of net income and capital gains | Die Verwaltungsgesellschaft behält sich zukünftig das Recht vor, Anteile einseitig gegen Zahlung des entsprechenden Rücknahmepreises zurückzunehmen, sofern dies - unter Berücksichtigung schützenswerter Interessen der Anteilinhaber oder eines Teilfonds - als notwendig erachtet wird. Artikel 5 der Vertragsbedingungen des Fonds wurde entsprechend angepasst.
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## Verwendung des Reinertrags und der Kapitalgewinne | In the future, the Management Company reserves the right to unilaterally redeem units against payment of the corresponding redemption price if this is deemed necessary – taking into account interests of the unitholders or a sub- fund that are worth protecting. Article 5 of the Fund’s Management Regulations has been amended accordingly.
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## Appropriation of net income and capital gains | en | de |
DOLFIN4831 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,800 EUR -41.99% | 6,550 EUR -13.16% |
| Unfavourable | What you might get back after costs Average return each year | 7,450 EUR -25.48% | 7,660 EUR¹ -8.50%¹ |
| Moderate | What you might get back after costs Average return each year | 9,490 EUR -5.07% | 10,210 EUR² 0.70%² |
| Favourable | What you might get back after costs Average return each year | 11,240 EUR 12.43% | 11,290 EUR³ 4.13%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.800 EUR -41,99% | 6.550 EUR -13,16% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.450 EUR -25,48% | 7.660 EUR¹ -8,50%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.490 EUR -5,07% | 10.210 EUR² 0,70%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.240 EUR 12,43% | 11.290 EUR³ 4,13%³ | | | Recommended Holding Period: 3 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | If you exit after 1 year | If you exit after 3 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 5,800 EUR -41.99% | 6,550 EUR -13.16% |
| Unfavourable | What you might get back after costs Average return each year | 7,450 EUR -25.48% | 7,660 EUR¹ -8.50%¹ |
| Moderate | What you might get back after costs Average return each year | 9,490 EUR -5.07% | 10,210 EUR² 0.70%² |
| Favourable | What you might get back after costs Average return each year | 11,240 EUR 12.43% | 11,290 EUR³ 4.13%³ | | en | es |
DOLFIN4832 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by Latin American companies, and/or companies operating in those countries.
It is actively managed and as such may invest in securities that are not included in the index which is MSCI EM Latin America 10/40 (NR). Due to the active approach of the investment manager, the performance objective of the sub-fund is to outperform the benchmark.
The investment philosophy is based in a long term bottom-up approach taking into consideration the financial structure of companies with superior earnings growth and sound profitability, quality of the management, sustainable growth and others. The selection approach is based on an assessment of critical factors such as valuation multiples, earnings growth and cash flow generation. Alongside, a top down overlay approach is used to identify companies operating in sectors/countries with strong long term macroeconomic fundamentals. Opportunities are sought everywhere in the Latin America investment universe, whether inside or outside of the index, with no particular constraints other than liquidity.
Nevertheless, when certain market’s circumstances justify it in order to preserve the overall liquidity of the sub-fund, the asset manager will focus on the most tradable equities, the composition of the portfolio could get closer to that of the benchmark. Such circumstances are related to emerging markets inefficiencies, such as liquidity issues and severe FX devaluations during global instabilities, irrational speculative attacks towards emerging markets, and electoral periods in which prices are chiefly driven by political news-flow rather than fundamentals.
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.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 6 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # UM WELCHE ART VON PRODUKT HANDELT ES SICH?
## Art
Dieses Produkt ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW). Es ist ein Teilfonds von BNP Paribas Funds, einer offenen Investmentgesellschaft (Société d'Investissement à Capital variable, „SICAV“), die den Bestimmungen von Teil I des Gesetzes von 17. Dezember 2010 über Organismen für gemeinsame Anlagen sowie der OGAW-Richtlinie 2009/65 unterliegt.
## Laufzeit
Dieses Produkt hat kein Fälligkeitsdatum.
BNP PARIBAS ASSET MANAGEMENT Luxembourg ist nicht zu einer einseitigen Kündigung des Produkts berechtigt. Der Verwaltungsrat ist befugt, über die Zusammenlegung, Aufteilung, Liquidation oder Schließung des Teilfonds zu entscheiden. Darüber hinaus kann die SICAV durch Beschluss einer außerordentlichen Hauptversammlung der Anteilinhaber aufgelöst werden.
## Ziele
Ziel des Fonds ist die mittelfristige Wertsteigerung seiner Vermögenswerte durch Anlagen in Aktien von lateinamerikanischen Unternehmen und/oder Unternehmen, die in Lateinamerika tätig sind.
Er wird aktiv verwaltet und kann daher in Wertpapiere investieren, die nicht im Index MSCI EM Latin America 10/40 (NR) enthalten sind. Aufgrund des aktiven Ansatzes des Anlageverwalters besteht das Performanceziel des Teilfonds darin, den Referenzindex zu übertreffen.
Die Anlagephilosophie basiert auf einem langfristigen Bottom-up-Ansatz unter Berücksichtigung der Finanzstruktur von Unternehmen mit überlegenem Gewinnwachstum und solider Rentabilität, der Qualität der Unternehmensleitung, nachhaltigem Wachstum und anderen Faktoren. Der Auswahlansatz basiert auf der Bewertung kritischer Faktoren wie Bewertungsmultiplikatoren, Gewinnwachstum und Cashflow-Generierung. Außerdem wird ein Top-Down-Overlay-Ansatz angewandt, um Unternehmen zu identifizieren, die in Sektoren/Ländern mit starken langfristigen makroökonomischen Fundamentaldaten tätig sind. Überall im lateinamerikanischen Anlageuniversum werden, sowohl innerhalb als auch außerhalb des Index, Möglichkeiten gesucht und es gelten dabei, abgesehen von der Liquidität, keine besonderen Einschränkungen.
Wenn jedoch die Umstände an bestimmten Märkten dies rechtfertigen, wird sich der Anlageverwalter auf die am besten handelbaren Aktien konzentrieren, um die Gesamtliquidität des Teilfonds zu erhalten, und die Zusammensetzung des Portfolios könnte näher an die des Referenzindex herankommen. Solche Umstände hängen mit Marktleistungsschwächen in den Schwellenländern zusammen, wie Liquiditätsprobleme und starke Devisenabwertungen während global instabiler Zeiten, irrationale spekulative Angriffe auf Schwellenmärkte sowie Wahlperioden, in denen die Preise hauptsächlich durch politische Nachrichten anstatt durch Fundamentaldaten bestimmt werden.
ESG-Kriterien (Umwelt, Soziales und Unternehmensführung) tragen zur Entscheidungsfindung des Managers bei, sind aber kein ausschlaggebender Faktor. Die Erträge werden grundsätzlich reinvestiert.
Anleger können ihre Anteile täglich (an Bankarbeitstagen in Luxemburg) zurückgeben, wie im Verkaufsprospekt beschrieben.
## Kleinanleger-Zielgruppe
Dieses Produkt ist für Kleinanleger konzipiert, die weder über Finanzexpertise noch über spezifische Kenntnisse verfügen, um das Produkt zu verstehen, aber dennoch einen vollständigen Kapitalverlust verkraften können. Es ist für Kunden geeignet, die Kapitalwachstum anstreben. Potenzielle Anleger sollten einen Anlagehorizont von mindestens 6 Jahren haben.
## Praktische Informationen
Verwahrstelle: BNP PARIBAS, Luxembourg Branch
Dieses Basisinformationsblatt wurde für die oben genannte Anteilsklasse erstellt und beschreibt einen Teilfonds des BNP Paribas Funds Fonds. Weitere Informationen über das Produkt sind im Prospekt und in den regelmäßigen Berichten enthalten, die auf der Ebene der SICAV herausgegeben werden. Nach luxemburgischem Recht haften die Teilfonds getrennt voneinander, d. h. die Vermögenswerte eines Teilfonds können nicht dazu verwendet werden, die Ansprüche eines Gläubigers oder einer dritten Partei gegenüber einem anderen Teilfonds zu erfüllen.
Anleger können Anteile zwischen den Teilfonds der SICAVs umschichten. Einzelheiten hierzu erfahren Sie im Verkaufsprospekt oder von Ihrem Finanzberater. Weitere Informationen zum Produkt, einschließlich des aktuellen Prospekts, des Basisinformationsblatts, der Nettoinventarwerte, der zuletzt veröffentlichten Anteilspreise, des Jahresberichts und der Anlagebeschreibung sind kostenfrei in englischer Sprache bei BNP PARIBAS ASSET MANAGEMENT Luxembourg oder online unter www.bnpparibas-am.com erhältlich. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS). It is a sub-fund of BNP Paribas Funds, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund seeks to increase the value of its assets over the medium term by investing in shares issued by Latin American companies, and/or companies operating in those countries.
It is actively managed and as such may invest in securities that are not included in the index which is MSCI EM Latin America 10/40 (NR). Due to the active approach of the investment manager, the performance objective of the sub-fund is to outperform the benchmark.
The investment philosophy is based in a long term bottom-up approach taking into consideration the financial structure of companies with superior earnings growth and sound profitability, quality of the management, sustainable growth and others. The selection approach is based on an assessment of critical factors such as valuation multiples, earnings growth and cash flow generation. Alongside, a top down overlay approach is used to identify companies operating in sectors/countries with strong long term macroeconomic fundamentals. Opportunities are sought everywhere in the Latin America investment universe, whether inside or outside of the index, with no particular constraints other than liquidity.
Nevertheless, when certain market’s circumstances justify it in order to preserve the overall liquidity of the sub-fund, the asset manager will focus on the most tradable equities, the composition of the portfolio could get closer to that of the benchmark. Such circumstances are related to emerging markets inefficiencies, such as liquidity issues and severe FX devaluations during global instabilities, irrational speculative attacks towards emerging markets, and electoral periods in which prices are chiefly driven by political news-flow rather than fundamentals.
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.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 6 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP Paribas Funds. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
Further information about the Product including the latest prospectus, Articles of Association, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | de |
DOLFIN4833 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities set out on page 13, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. | #### Responsabilités des Administrateurs à l’égard des États financiers
Comme expliqué plus en détail dans la Déclaration de responsabilité des Administrateurs fournie en page 13, les Administrateurs sont responsables de la préparation des états financiers conformément au cadre de référence applicable et de ce qu’ils présentent une image fiable et fidèle.
Les Administrateurs sont également responsables du contrôle interne qu’ils jugent nécessaire pour leur permettre de préparer des États financiers exempts d’anomalies significatives, qu’elles soient intentionnelles ou non.
Lors de la préparation des États financiers, les Administrateurs sont responsables de l’évaluation de la capacité de la Société et des Fonds à exercer leurs activités sur la base de la continuité d’exploitation, en publiant, le cas échéant, les faits relatifs au principe de la continuité d’exploitation, et de l’application du principe comptable de continuité d’exploitation, à moins que les Administrateurs n’envisagent soit de liquider la Société soit de cesser les opérations, ou qu’ils n’aient pas d’alternative réaliste que d’y procéder. | #### Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities set out on page 13, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s and Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. | en | fr |
DOLFIN4834 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part to the investors.
Information about the receipt of retrocessions is governed by the relevant provisions of the Federal Act on Financial Services of 15 June 2018 (‘FinSA’).
In respect of the offer in Switzerland, the Management Company and its agents do not grant any rebates to reduce the fees or costs incurred by the investor and charged to the Company.
Place of performance and jurisdiction
In respect of the Shares offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction is at the registered office of the representative or the registered office or the domicile of the investor. | Les rétrocessions ne sont pas considérées comme des rabais, même si elles sont finalement répercutées en tout ou en partie aux investisseurs.
L’information sur la réception de rétrocessions est régie par les dispositions utiles de la Loi fédérale sur les services financiers du 15 juin 2018 (« LSFin »).
En ce qui concerne l’offre en Suisse, la Société de gestion et ses agents n’octroient pas de rabais pour réduire les frais ou charges supportés par l’investisseur et facturés à la société.
Lieu d’exécution et juridiction
En ce qui concerne les Actions offertes en Suisse, le lieu d’exécution est le siège social du représentant de la Suisse.
Le lieu de juridiction est le siège social du représentant ou le siège social o le domicile de l’investisseur | Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part to the investors.
Information about the receipt of retrocessions is governed by the relevant provisions of the Federal Act on Financial Services of 15 June 2018 (‘FinSA’).
In respect of the offer in Switzerland, the Management Company and its agents do not grant any rebates to reduce the fees or costs incurred by the investor and charged to the Company.
Place of performance and jurisdiction
In respect of the Shares offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction is at the registered office of the representative or the registered office or the domicile of the investor. | en | fr |
DOLFIN4835 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance shown here takes account of all charges and costs.
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Performance is calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 7 September 2020.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | # PERFORMANCE PASSÉE
Les performances passées ne se répètent pas nécessairement et ne sauraient constituer une garantie ou une projection des performances futures.
Les performances passées indiquées ici tiennent compte de la totalité des frais et charges.
À la date du présent document, les données sont insuffisantes pour fournir une indication utile aux investisseurs sur la performance passée.
La performance est calculée dans la devise de la catégorie d’actions concernée. Le Fonds a été agréé le 3 décembre 2018 et la catégorie d’actions a été lancée le 7 septembre 2020.
Le Fonds fait l’objet d’une gestion active et n’est pas géré par rapport à un indice de référence. Le Fonds utilise cependant l’indice MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, pour comparer les performances et comme référence pour calculer les commissions de performance. | # PAST PERFORMANCE
Past performance may not necessarily be repeated and is no guarantee or projection of future results.
The past performance shown here takes account of all charges and costs.
As of the date of this document there is insufficient data to provide a useful indication of past performance to investors.
Performance is calculated in the currency of the present share class. The Fund was authorized on 3 December 2018 and the share class was launched on 7 September 2020.
The Fund is actively managed and is not managed in reference to a benchmark index. However the Fund uses the MSCI All Country World (Net) Index, Bloomberg Ticker M1WD, to compare performance and used as a benchmark for calculating performance fees. | en | fr |
DOLFIN4836 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment Manager: | FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7H605_en_IE-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 fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7H605_en_IE-LU.csv). | | | Gestore degli investimenti: | FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France |
| --- | --- |
| Risultati ottenuti nel passato: | Informazioni sulla performance passata di questo prodotto possono essere trovate su fundlogic.morganstanley.com e direttamente a questo link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7H605_it_IT.pdf). Il presente grafico mostra la performance del fondo in termini di percentuale annua di perdite o di guadagni negli ultimi 0 anni. |
| Scenari di performance: | Gli scenari di performance passata di questo prodotto possono essere trovati su fundlogic.morganstanley.com e direttamente a questo link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7H605_it_IT.csv). | | | Investment Manager: | FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France |
| --- | --- |
| Past performance: | The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7H605_en_IE-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 fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7H605_en_IE-LU.csv). | | en | it |
DOLFIN4837 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make
transportation sectors are each represented by 30 companies in the index and the energy sector is represented by 15 companies. At each annual rebalancing, each of the utilities and transportation sectors can only represent 40% of the index and the energy sector can only represent 20%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which may involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The fund also has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: El fondo no invierte directamente en los componentes del índice y su rentabilidad dependerá del rendimiento de los derivados utilizados. El fondo podría suscribir uno o más derivados con una o más contrapartes. Si alguna de las contrapartes no efectúa los pagos (por ejemplo, si deviene
transporte están representados en el índice por 30 empresas, cada uno, y el sector de la energía está representado por 15 empresas. En cada reajuste anual, los sectores de servicios públicos y transporte solo pueden representar el 40%, cada uno, del índice y el sector de energía solo puede representar el 20%. Para lograr el objetivo, el fondo invertirá en valores negociables y suscribirá con una o más contrapartes de swaps contratos financieros (derivados) relacionados con los valores negociables y el índice para obtener la rentabilidad sobre el índice. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
insolvente), esto podría provocar que su inversión sufriera pérdidas. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que pueden entrañar mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. El fondo también se centra en un solo o pequeño grupo de industrias, sectores o tipos de empresas, por lo que la rentabilidad podría no reflejar un aumento en los mercados más amplios. El derivado empleado para tener mas exposición al índice puede ser ajustado para reflejar determinados gastos relativos a impuestos y/o costes de compraventa, préstamo, financiación o custodia. Estos costes de réplica podrían provocar que tanto el fondo como su inversión sufran pérdidas.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund does not invest directly in the components of the index and its returns will be dependent on the performance of the derivatives used. The fund may enter into one or more derivatives with one or more counterparties. If any of the counterparties fails to make
transportation sectors are each represented by 30 companies in the index and the energy sector is represented by 15 companies. At each annual rebalancing, each of the utilities and transportation sectors can only represent 40% of the index and the energy sector can only represent 20%. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
payments (for example, it becomes insolvent) this may result in your investment suffering a loss. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to less economically developed economies (known as emerging markets) which may involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The fund also has a focus on a single or narrow range of industry, sector or types of companies and performance may not reflect a rise in broader markets. The derivative used to gain exposure to the index may be adjusted to reflect certain expenses in relation to taxes and/or buying, selling, borrowing, financing or custody costs. These replication costs may result in the fund and your investment suffering a loss.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4838 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# DIVIDEND POLICY
- Distributions to Unitholders may comprise dividends, interest, capital and capital gains payments. Distributions may only be made if the Net Asset Value of the Fund does not fall below the Legal Minimum Net Asset Requirement.
- The Fund may issue Accumulation Classes and Distribution Classes within the Classes of each Sub- fund, as indicated in the Special Section. Accumulation Classes do not make distributions to the Unitholders but capitalise their entire earnings whereas Distribution Classes pay dividends to the Unitholders.
- For Distribution Classes, dividends, if any, will be declared and distributed on an annual basis. Moreover, interim dividends may be declared and distributed from time to time at a frequency determined by the Fund within the conditions set forth by law, as further described in the relevant Special Section.
- Payments will be made in the Reference Currency of the relevant Sub-fund and/or Class. Dividends remaining unclaimed for five years after their declaration will be forfeited and revert to the relevant Sub-fund.
- Unless otherwise stated for a particular Sub-fund in the relevant Special Section, the Fund is authorised to make in-kind distributions/payments of securities or other assets with the consent of the relevant Unitholder(s). Any such distributions/payments in kind will be valued in a report established by an auditor qualifying as a réviseur d'entreprises agréé drawn up in accordance with the requirements of Luxembourg Law, the costs of which report will be borne by the relevant Unitholder.
- | # POLITICA SUI DIVIDENDI
- Le Distribuzioni ai Detentori di Quote possono comprendere dividendi, interessi, capitale e pagamenti di utili da capitale. Le Distribuzioni possono essere fatte solo se il Valore Patrimoniale Netto del Fondo non scende al di sotto del Requisito Minimo Legale per il Patrimonio Netto
- Il Fondo può emettere Classi a Capitalizzazione e Classi a Distribuzione nell'ambito delle Classi di ciascun Comparto, come specificato nella Parte Speciale. Le Classi a Capitalizzazione non fanno distribuzioni ai Detentori di Quote ma capitalizzano tutti gli utili, mentre le Classi a Distribuzione pagano dividendi ai Detentori di Quote.
- Per le Classi a Distribuzione, gli eventuali dividendi saranno deliberati e distribuiti con frequenza annuale. Inoltre, di volta in volta potrebbero essere deliberati e distribuiti acconti sui dividendi,con la frequenza stabilita dal Fondo e nel rispetto delle condizioni sancite dalla legge, come illustrato in dettaglio nella relativa Parte Speciale.
- I pagamenti saranno effettuati nella Valuta di Riferimento del Comparto e/o della Classe in questione. I dividendi non reclamati nei cinque anni successivi alla dichiarazione si prescriveranno a favore del relativo Comparto.
- Salvo diversamente specificato per un particolare Comparto nella Parte sociale pertinente, il Fondo è autorizzato a effettuare distribuzioni/pagamenti di titoli o altre attività in natura previo consenso del/dei Detentore/i di Quote. Tali distribuzioni/pagamenti in natura saranno valutati in una relazione redatta da una Società di Revisione che si qualifica come réviseur d'entreprises agréé, formulata in conformità con i requisiti della legge lussemburghese e i cui costi saranno a carico del Detentore di Quote interessato.
- | # DIVIDEND POLICY
- Distributions to Unitholders may comprise dividends, interest, capital and capital gains payments. Distributions may only be made if the Net Asset Value of the Fund does not fall below the Legal Minimum Net Asset Requirement.
- The Fund may issue Accumulation Classes and Distribution Classes within the Classes of each Sub- fund, as indicated in the Special Section. Accumulation Classes do not make distributions to the Unitholders but capitalise their entire earnings whereas Distribution Classes pay dividends to the Unitholders.
- For Distribution Classes, dividends, if any, will be declared and distributed on an annual basis. Moreover, interim dividends may be declared and distributed from time to time at a frequency determined by the Fund within the conditions set forth by law, as further described in the relevant Special Section.
- Payments will be made in the Reference Currency of the relevant Sub-fund and/or Class. Dividends remaining unclaimed for five years after their declaration will be forfeited and revert to the relevant Sub-fund.
- Unless otherwise stated for a particular Sub-fund in the relevant Special Section, the Fund is authorised to make in-kind distributions/payments of securities or other assets with the consent of the relevant Unitholder(s). Any such distributions/payments in kind will be valued in a report established by an auditor qualifying as a réviseur d'entreprises agréé drawn up in accordance with the requirements of Luxembourg Law, the costs of which report will be borne by the relevant Unitholder.
- | en | it |
DOLFIN4839 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
GAM Multistock - Japan Equity a sub-fund of GAM Multistock
### (ISIN: LU0099405374, Share class: C – JPY)
### Manufacturer and Management Company: GAM (Luxembourg) S.A., part of GAM Holding AG Website: www.gam.com
### Call +352 26 48 44 01 for further information.
### The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising GAM (Luxembourg) S.A. in relation to this Key Information Document.
### This PRIIP and the Management Company are authorised in Luxembourg.
### Date of Production of the KID: 22/09/2023 | # Zweck
Gegenstand des vorliegenden Dokuments sind wesentliche Informationen zum Anlageprodukt. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben und sollen Ihnen helfen, die Art, die Risiken, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen und es mit anderen Produkten zu vergleichen.
Produkt
GAM Multistock - Japan Equity ein Subfonds der GAM Multistock
### (ISIN: LU0099405374, Anteilsklasse: C – JPY)
### Hersteller und Verwaltungsgesellschaft: GAM (Luxembourg) S.A., Teil der GAM Holding AG Website: www.gam.com
### Weitere Informationen erhalten Sie telefonisch unter +352 26 48 44 01.
### In Bezug auf dieses Basisinformationsblatt untersteht GAM (Luxembourg) S.A. der Aufsicht der Commission de Surveillance du Secteur Financier (CSSF).
### Dieses PRIIP und die Verwaltungsgesellschaft sind in Luxemburg zugelassen.
### Erstellungsdatum des Basisinformationsblatts: 22.09.2023 | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
GAM Multistock - Japan Equity a sub-fund of GAM Multistock
### (ISIN: LU0099405374, Share class: C – JPY)
### Manufacturer and Management Company: GAM (Luxembourg) S.A., part of GAM Holding AG Website: www.gam.com
### Call +352 26 48 44 01 for further information.
### The Commission de Surveillance du Secteur Financier (CSSF) is responsible for supervising GAM (Luxembourg) S.A. in relation to this Key Information Document.
### This PRIIP and the Management Company are authorised in Luxembourg.
### Date of Production of the KID: 22/09/2023 | en | de |
DOLFIN4840 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# HOW TO CONVERT AND REDEEM SHARES
Unless otherwise specified in the relevant Appendix, shareholders may give instructions to the Registrar Agent for the conversion of Shares of one Class of Shares of any Sub-Fund into Shares of another Class within the same Sub-Fund or another Sub-Fund or of the same Class in another Sub-Fund, where available, or for the redemption of Shares, on any Business Day by FTP, facsimile or post, quoting their Personal Account Number.
## Unless otherwise specified in the Appendices, instructions to convert or redeem Shares received by the Registrar Agent before 2 pm on any Valuation Day (D) will be traded at the Dealing Price applicable to such Valuation Day (D), decreased by any redemption or conversion fees as mentioned in the relevant Appendix.
Different redemption and conversion procedures and time limits may apply if applications for redemption or conversion are made through a distributor. In such instances, each investor should obtain from the distributor information about the redemption or conversion procedure relevant to their application for redemption or conversion together with any time limit by which the application for redemption or conversion must be received. Investors should note that they may be unable to apply for redemption or conversion of their Shares through a distributor on days that such distributor is not open for business. | # MODE DE CONVERSION ET DE RACHAT DES ACTIONS
Sauf mention contraire dans les Annexes, les Actionnaires peuvent soumettre à l’Agent de Registre des demandes de conversion d’Actions d’une Classe d’un Compartiment en Actions d’une autre Classe au sein du même Compartiment ou d’un autre Compartiment ou en Actions de la même Classe au sein d’un autre compartiment, pour autant que de telles Actions soient disponibles, ou des demandes de rachat un quelconque Jour Ouvrable, par FTP, télécopie ou par courrier en indiquant leur Numéro de compte personnel.
## Sauf mention contraire dans les Annexes, les demandes de conversion ou de rachat reçues par l’Agent de Registre avant 14 heures un quelconque Jour d’évaluation seront négociées au Prix de Négociation applicable un tel Jour d’Évaluation (J), déduction faite des commissions de conversion ou de rachat tel que spécifié à l’Annexe correspondante.
Des procédures et délais de rachat et de conversion différents peuvent s’appliquer lorsque les demandes de rachat ou de conversion sont introduites par le biais d’un distributeur. Dans ce cas, l’investisseur s’informera auprès dudit distributeur quant à la procédure de rachat ou de conversion applicable à sa demande et aux délais de réception de ladite demande. Il est rappelé aux investisseurs qu’ils peuvent ne pas être en mesure de faire racheter ou de convertir leurs Actions auprès d’un distributeur les jours de fermeture de ce dernier. | # HOW TO CONVERT AND REDEEM SHARES
Unless otherwise specified in the relevant Appendix, shareholders may give instructions to the Registrar Agent for the conversion of Shares of one Class of Shares of any Sub-Fund into Shares of another Class within the same Sub-Fund or another Sub-Fund or of the same Class in another Sub-Fund, where available, or for the redemption of Shares, on any Business Day by FTP, facsimile or post, quoting their Personal Account Number.
## Unless otherwise specified in the Appendices, instructions to convert or redeem Shares received by the Registrar Agent before 2 pm on any Valuation Day (D) will be traded at the Dealing Price applicable to such Valuation Day (D), decreased by any redemption or conversion fees as mentioned in the relevant Appendix.
Different redemption and conversion procedures and time limits may apply if applications for redemption or conversion are made through a distributor. In such instances, each investor should obtain from the distributor information about the redemption or conversion procedure relevant to their application for redemption or conversion together with any time limit by which the application for redemption or conversion must be received. Investors should note that they may be unable to apply for redemption or conversion of their Shares through a distributor on days that such distributor is not open for business. | en | fr |
DOLFIN4841 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Additional Information for German Tax Purposes
Seilern America, Seilern Europa and Seilern World Growth Fund (referred to as “relevant Fund(s)”) each invest at least 50% of gross assets on a continuous basis directly (i.e. not by holding Equities (as defined below) via an intermediate company in the legal form of a partnership) into Equities (the “Equity Fund Capital Participation Threshold”, as defined for the purposes of eligibility for the partial exemption tax regime for Equity Funds, according to Secs. 2 and 20 of the German Investment Tax Act 2018, as amended). In order to be recognised as Equities for purposes of the Equity Fund Capital Participation Threshold, the Equities need to be owned (“assigned” for German tax purposes) by the relevant Fund (in the case of a securities lending arrangement or swap agreement, for example, the relevant Fund may lose tax ownership of those Equities for German tax purposes if they are subject to such agreements). The gross assets of the relevant Fund are determined by using the value of the assets of the Fund without taking into account liabilities of the Fund.
Passive violations of the Equity Fund Capital Participation Threshold defined above, caused for instance by unrealised changes in the value of the assets of a relevant Fund, do not result in the loss of the tax status as an Equity Fund, if the Fund undertakes immediately reasonable measures to restore the Equity Fund Capital Participation Threshold.
At the point in time where a relevant Fund materially violates the investment threshold of investing at least 50% of gross assets in Equities as set out in this section and hereby falls below the Equity Fund Capital Participation Threshold, the Fund loses its tax classification as an Equity Fund for the purposes of the German Investment Tax Act 2018, as amended. | ## Seilern America, Seilern Europa et Seilern World Growth Fund (désigné(s) ci-après le(s)
« Compartiments(s) applicable(s) ») investissent régulièrement chacun au moins 50 % de leurs actifs bruts directement (c'est-à-dire sans détenir aucune Action (telle que définie ci-dessous) par le truchement d'une société intermédiaire sous la forme juridique d'un partenariat) dans des Actions (« Seuil de prise de participation des Fonds de participation », tel que défini pour les besoins d'être éligibles au régime d'exonération partielle des Fonds de participation, conformément aux Sections 2 et 20 de la loi allemande sur la taxation des placements de 2018, telle que modifiée). Afin d’être reconnues en tant qu'Actions aux fins du Seuil de prise de participation des Fonds de participation, les Actions doivent être détenues (« attribuées » aux fins de l’impôt allemand) par le Compartiment applicable (dans le cas d’un accord de prêt de titres ou d’un accord de swap, par exemple, le Compartiment applicable peut perdre la propriété fiscale de ces Actions aux fins de l’impôt allemand si elles sont soumises à de tels accords). Les actifs bruts du Compartiment applicable sont déterminés par la valeur de ses actifs sans tenir compte de ses passifs.
Les violations passives du Seuil de prise de participation des Fonds de participation défini ci-dessus, causées, par exemple, par des variations latentes de la valeur des actifs d’un Compartiment applicable, n’entraînent pas la perte du statut fiscal de Fonds de participation dès lors que le Compartiment prend immédiatement des dispositions raisonnables pour rétablir ce seuil.
Lorsqu’un Compartiment applicable ne respecte pas de manière significative le seuil de prise de participation d'au moins 50 % de ses actifs bruts en Actions, comme défini dans cette section, et tombe ainsi en dessous du Seuil, il perd son statut de Fonds de participation au regard de la loi allemande de 2018 sur la taxation des placements, telle que modifiée. | ## Additional Information for German Tax Purposes
Seilern America, Seilern Europa and Seilern World Growth Fund (referred to as “relevant Fund(s)”) each invest at least 50% of gross assets on a continuous basis directly (i.e. not by holding Equities (as defined below) via an intermediate company in the legal form of a partnership) into Equities (the “Equity Fund Capital Participation Threshold”, as defined for the purposes of eligibility for the partial exemption tax regime for Equity Funds, according to Secs. 2 and 20 of the German Investment Tax Act 2018, as amended). In order to be recognised as Equities for purposes of the Equity Fund Capital Participation Threshold, the Equities need to be owned (“assigned” for German tax purposes) by the relevant Fund (in the case of a securities lending arrangement or swap agreement, for example, the relevant Fund may lose tax ownership of those Equities for German tax purposes if they are subject to such agreements). The gross assets of the relevant Fund are determined by using the value of the assets of the Fund without taking into account liabilities of the Fund.
Passive violations of the Equity Fund Capital Participation Threshold defined above, caused for instance by unrealised changes in the value of the assets of a relevant Fund, do not result in the loss of the tax status as an Equity Fund, if the Fund undertakes immediately reasonable measures to restore the Equity Fund Capital Participation Threshold.
At the point in time where a relevant Fund materially violates the investment threshold of investing at least 50% of gross assets in Equities as set out in this section and hereby falls below the Equity Fund Capital Participation Threshold, the Fund loses its tax classification as an Equity Fund for the purposes of the German Investment Tax Act 2018, as amended. | en | fr |
DOLFIN4842 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Financials 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the financials sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20%.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de empresas del sector financiero de mercados desarrollados de todo el mundo. Política de inversión El Fondo trata de replicar la rentabilidad del MSCI World Financials 35/20 Capped Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden valores de renta variable emitidos por empresas de todo el mundo clasificadas en el sector financiero de conformidad con el sistema Global Industry Classification Standard (GICS).
A pesar de que el Índice está en general bien diversificado, debido al mercado que refleja y dependiendo de las condiciones del mercado, podría tener componentes emitidos por la misma entidad que pueden representar más del 10% del Índice. Para poder seguir al Índice de manera precisa, el Fondo utilizará los límites de diversificación más amplios previstos por la norma 71 del Reglamento sobre OICVM. Dichos límites permiten que el Fondo mantenga posiciones en los componentes individuales del Índice emitidos por la misma entidad de hasta un 20%.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las
acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
El Fondo podrá prestar hasta el 40% de los títulos que posee.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Financials 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the financials sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20%.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN4843 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of US companies of any market capitalization, and up to one-third of its total assets in equity securities of Non-US Issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depositary receipts as well as equities denominated in US Dollars issued by Non-US Issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund invests principally in the equity securities of approximately 30 to 40 US companies that the Sub-Adviser believes offer the potential for capital growth. The fund may invest in the equity securities of companies of any market capitalization. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests in equity securities of companies that it believes are underpriced yet have attractive growth prospects using analysis that is based on the determination of a company’s “private market value,” which is the price an investor would be willing to pay for the entire company.
This share class will seek to be 100% hedged to USD, however it may not be possible to always hedge the class 100% against fluctuations of the reference currency.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 2000® Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | ## Objectifs et politique d’investissement
Le fonds vise une appréciation du capital à long terme en investissant au moins deux tiers du total de ses actifs dans des titres de capital de sociétés américaines de toute capitalisation boursière et jusqu’à un tiers du total de ses actifs dans des titres de capital d’émetteurs hors Etats-Unis par l’intermédiaire d’ADR, CDR, EDR, GDR, IDR et autres certificats de dépôt du même type ainsi que dans des titres de capital libellés en dollars US d’émetteurs hors Etats-Unis. Les titres de capital américains sont des valeurs émises par des sociétés ayant leur siège social aux Etats-Unis ou exerçant une part prépondérante de leurs activités économiques aux Etats-Unis.
Le fonds investit principalement dans les titres de capital d’environ 30 à 40 sociétés américaines dont le Conseiller par délégation estime qu’elles offrent un potentiel de croissance du capital. Le fonds peut investir dans des titres de capital de sociétés toutes capitalisations confondues. Le fonds peut utiliser des contrats à terme standardisés, contrats à terme de gré à gré, options ou swaps ainsi que d’autres instruments dérivés à des fins de couverture ou de gestion efficace de portefeuille.
Le fonds investit dans des titres de capital de sociétés dont il estime qu’ils sont sous-évalués, mais possèdent des perspectives de croissance intéressantes grâce à une analyse fondée sur la détermination de la « valeur de marché privée » d’une société, c’est-à-dire le prix qu’un investisseur serait prêt à payer pour la société dans sa globalité.
Cette catégorie d’actions visera une couverture à 100 % contre le dollar US, cependant, il ne sera peut-être pas toujours possible de couvrir la catégorie à 100 % contre les fluctuations de la devise de référence.
Cette catégorie d’actions ne distribue pas de dividendes. Les revenus sont réinvestis dans le fonds.
Les actions peuvent être vendues chaque jour ouvré correspondant à un jour d’ouverture normal des banques au Luxembourg et de la Bourse de New York (NYSE) (un « Jour ouvré »).
Le fonds est géré activement, mais utilise l’indice Russell 2000® Index pour la comparaison des rendements. Les placements du fonds peuvent s’écarter considérablement des composantes de l’indice de référence et de leurs pondérations respectives. | ## Objectives and Investment Policy
The fund seeks long-term capital appreciation by investing at least two-thirds of its total assets in equity securities of US companies of any market capitalization, and up to one-third of its total assets in equity securities of Non-US Issuers through ADRs, CDRs, EDRs, GDRs, IDRs and similar depositary receipts as well as equities denominated in US Dollars issued by Non-US Issuers. U.S. equity securities are securities issued by companies with their principal office in the United States or exercising a predominant part of their economic activities in the United States.
The fund invests principally in the equity securities of approximately 30 to 40 US companies that the Sub-Adviser believes offer the potential for capital growth. The fund may invest in the equity securities of companies of any market capitalization. The fund may use futures, forward contracts, options or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The fund invests in equity securities of companies that it believes are underpriced yet have attractive growth prospects using analysis that is based on the determination of a company’s “private market value,” which is the price an investor would be willing to pay for the entire company.
This share class will seek to be 100% hedged to USD, however it may not be possible to always hedge the class 100% against fluctuations of the reference currency.
This share class does not distribute dividends. Income is reinvested in the fund.
You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading (a “Business Day”).
The fund is actively managed but uses the Russell 2000® Index for performance comparison. The investments of the fund may deviate significantly from the components of and their respective weightings in the benchmark. | en | fr |
DOLFIN4844 | 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 | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $5850 | $6100 |
| Rendement annuel moyen | -41.50% | -9.41% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9290 | $9510 |
| Rendement annuel moyen | -7.10% | -1.00% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10000 | $11080 |
| Rendement annuel moyen | 0.00% | 2.07% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11070 | $12720 |
| Rendement annuel moyen | 10.70% | 4.93% | | | 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 se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $5850 | $6100 |
| Rendimiento medio cada año | -41.50% | -9.41% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $9290 | $9510 |
| Rendimiento medio cada año | -7.10% | -1.00% |
| Moderado | Lo que podría recibir tras deducir los costes | $10000 | $11080 |
| Rendimiento medio cada año | 0.00% | 2.07% |
| Favorable | Lo que podría recibir tras deducir los costes | $11070 | $12720 |
| Rendimiento medio cada año | 10.70% | 4.93% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $5850 | $6100 |
| Rendement annuel moyen | -41.50% | -9.41% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $9290 | $9510 |
| Rendement annuel moyen | -7.10% | -1.00% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10000 | $11080 |
| Rendement annuel moyen | 0.00% | 2.07% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $11070 | $12720 |
| Rendement annuel moyen | 10.70% | 4.93% | | fr | es |
DOLFIN4845 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Objective: To grow capital while seeking to manage the risks associated with investing in equity markets.
The Fund will invest in equities and equity related securities (such as real estate investment trusts, American Depositary Receipts and Global Depositary Receipts). It may also invest in money market funds and money market instruments. The Fund uses a long-short equity strategy to exploit stock price anomalies in companies around the world, buying long positions in stocks considered undervalued or attractive and selling short positions in overvalued or less attractive stocks.
Companies are selected according to a combination of fundamental, quantitative and qualitative research, and the Fund will hold a relatively concentrated portfolio. The net market exposure of the Fund will vary according to market conditions.
The Fund uses over-the-counter and exchange-traded financial derivative instruments (FDIs) to manage currency and equity exposure. The derivatives return is linked to movements in the underlying asset(s) and may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. | ## Objectif: augmenter le capital tout en gérant les risques associés aux investissements sur les marchés des actions.
Le Fonds investit dans des actions et instruments apparentés (comme les sociétés d'investissement immobilier, les American Depositary Receipts et les Global Depositary Receipts). Il peut aussi investir dans des fonds et des instruments du marché monétaire. Ce Fonds met en œuvre une stratégie d'actions long/short afin d'exploiter les anomalies de cours des entreprises du monde entier, achetant des positions longues sur des actions considérées comme sous-évaluées ou attrayantes et vendant des positions courtes sur des actions surévaluées ou moins attrayantes. Les entreprises sont sélectionnées d'après une combinaison d'analyses fondamentale, quantitative et qualitative, et le fonds détiendra un portefeuille relativement concentré. L'exposition nette du Fonds au marché variera selon les conditions du marché.
Le Fonds recourt à des instruments financiers dérivés négociés de gré à gré et en Bourse pour gérer son exposition aux monnaies et aux actions. Le rendement des dérivés est lié aux variations du ou des actifs sous-jacents et peut se traduire par un effet de levier du Fonds, l'exposition de ce dernier étant | ## Objective: To grow capital while seeking to manage the risks associated with investing in equity markets.
The Fund will invest in equities and equity related securities (such as real estate investment trusts, American Depositary Receipts and Global Depositary Receipts). It may also invest in money market funds and money market instruments. The Fund uses a long-short equity strategy to exploit stock price anomalies in companies around the world, buying long positions in stocks considered undervalued or attractive and selling short positions in overvalued or less attractive stocks.
Companies are selected according to a combination of fundamental, quantitative and qualitative research, and the Fund will hold a relatively concentrated portfolio. The net market exposure of the Fund will vary according to market conditions.
The Fund uses over-the-counter and exchange-traded financial derivative instruments (FDIs) to manage currency and equity exposure. The derivatives return is linked to movements in the underlying asset(s) and may result in the Fund being leveraged whereby the exposure of the Fund as a result of all positions held by it may exceed its net asset value. | en | fr |
DOLFIN4846 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
Le Fonds a été constitué le 3 décembre 2010 et est immatriculé au Registre de commerce et des sociétés du Luxembourg sous le numéro B.157.442. Les rapports annuels et semestriels du Fonds, ses statuts, son prospectus, de même que les prix de souscription, rachat et conversion sont disponibles, sans frais, auprès de la Société de gestion du Fonds.
Les informations relatives aux performances passées des 7 dernières années, et aux scénarios de performance précédents de la catégorie d'actions sont disponibles sur :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Global%20Evolution_LU0501220775_en.pdf
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Global%20Evolution_LU0501220775_en.pdfLes performances passées ne préjugent nullement des rendements futurs. Votre investissement peut par conséquent comporter des risques et vous pourriez ne pas obtenir les rendements donnés en exemple. | # Otros datos de interés
El Fondo se constituyó el 3 de diciembre de 2010 y está inscrito en el Registro Mercantil de Luxemburgo con el número B.157.442.
Están disponibles en el Fondo y la Sociedad Gestora, de forma gratuita, los informes anuales y semestrales del Fondo, los estatutos, el folleto, así como los precios de suscripción, reembolso y conversión.
La información sobre la rentabilidad pasada durante los últimos 7 años y los escenarios de rentabilidad anteriores de la clase de acciones está disponible en:
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Global%20Evolution_LU0501220775_en.pdf
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Global%20Evolution_LU0501220775_en.pdfLas rentabilidades pasadas no son indicativas de rentabilidades futuras. Por lo tanto, su inversión puede correr peligro y es posible que no recupere los rendimientos que se muestran. | # Autres informations pertinentes
Le Fonds a été constitué le 3 décembre 2010 et est immatriculé au Registre de commerce et des sociétés du Luxembourg sous le numéro B.157.442. Les rapports annuels et semestriels du Fonds, ses statuts, son prospectus, de même que les prix de souscription, rachat et conversion sont disponibles, sans frais, auprès de la Société de gestion du Fonds.
Les informations relatives aux performances passées des 7 dernières années, et aux scénarios de performance précédents de la catégorie d'actions sont disponibles sur :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Global%20Evolution_LU0501220775_en.pdf
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Global%20Evolution_LU0501220775_en.pdfLes performances passées ne préjugent nullement des rendements futurs. Votre investissement peut par conséquent comporter des risques et vous pourriez ne pas obtenir les rendements donnés en exemple. | fr | es |
DOLFIN4847 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Hong Kong
The contents of this document have not been reviewed nor endorsed by any regulatory authority in Hong Kong. Hong Kong residents are advised to exercise caution in relation to this offer. An investment in the Fund may not be suitable for everyone. If you are in any doubt about the contents of this document, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent professional advice.
The Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong pursuant to Section 104 of the Securities and Futures Ordinance (Cap 571, Laws of Hong Kong) (“SFO”). This document has not been approved by the SFC in Hong Kong, nor has a copy of it been registered with the Registrar of Companies in Hong Kong and, must not, therefore, be issued, or possessed for the purpose of issue, to persons in Hong Kong other than (1) professional investors within the meaning of the SFO (including professional investors as defined by the Securities and Futures (Professional Investors) Rules); or (2) in circumstances which do not constitute an offer to the public for the purposes of the Companies Ordinance (Cap 32, Laws of Hong Kong) or the SFO. This document is distributed on a confidential basis and may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed. No interest in the Fund will be issued to any person other than the person to whom this document has been addressed and no person other than such addressee may treat the same as constituting an invitation for him to invest. | ## Hongkong
Der Inhalt dieses Dokuments wurde von keiner Hongkonger Aufsichtsbehörde überprüft oder genehmigt. Steuerinländern von Hongkong wird geraten, hinsichtlich dieses Angebots Vorsicht walten zu lassen. Eine Investition in den Fonds ist nicht für jeden geeignet. Falls Sie sich wegen des Inhalts dieses Dokuments nicht sicher sind, sollten Sie sich zwecks einer unabhängigen professionellen Beratung an Ihren Börsenmakler, den Kundenbetreuer Ihrer Bank, Ihren Anwalt, Steuerberater oder sonstigen Finanzberater wenden.
Der Fonds wurde nicht von der Hongkonger Wertpapier- und Futures-Kommission („SFC“) gemäss Artikel 104 der Wertpapier- und Futures-Verordnung (Kap. 571, Gesetze von Hongkong) („SFO“) zugelassen. Dieses Dokument wurde nicht von der Wertpapier- und Futures-Kommission in Hongkong genehmigt noch wurde ein Exemplar beim Gesellschaftsregister in Hongkong registriert, und daher darf es weder an Personen in Hongkong ausgegeben werden noch darf es eine Person in Hongkong zum Zwecke der Ausgabe an Personen in Hongkong besitzen; davon ausgenommen sind (1) professionelle Anleger im Sinne der Wertpapier- und Futures-Verordnung (einschliesslich professioneller Anleger laut Definition in den Wertpapier- und Futures- Vorschriften (professionelle Anleger); oder (2) Umstände, die kein Angebot an die Öffentlichkeit im Sinne der Gesellschaftsverordnung (Kap. 32, Gesetze von Hongkong) oder der Wertpapier- und Futures-Verordnung darstellen. Dieses Dokument ist vertraulich und wird auf dieser Basis vertrieben und darf auf keinerlei Weise reproduziert oder an eine Person, die nicht der Adressat ist, weitergegeben werden. Eine Beteiligung an einem Fonds wird nur an eine Person ausgegeben, die der Adressat dieses Dokuments ist und nur der Adressat darf es als eine Aufforderung zu einer Investition behandeln. | ## Hong Kong
The contents of this document have not been reviewed nor endorsed by any regulatory authority in Hong Kong. Hong Kong residents are advised to exercise caution in relation to this offer. An investment in the Fund may not be suitable for everyone. If you are in any doubt about the contents of this document, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent professional advice.
The Fund is not authorised by the Securities and Futures Commission (“SFC”) in Hong Kong pursuant to Section 104 of the Securities and Futures Ordinance (Cap 571, Laws of Hong Kong) (“SFO”). This document has not been approved by the SFC in Hong Kong, nor has a copy of it been registered with the Registrar of Companies in Hong Kong and, must not, therefore, be issued, or possessed for the purpose of issue, to persons in Hong Kong other than (1) professional investors within the meaning of the SFO (including professional investors as defined by the Securities and Futures (Professional Investors) Rules); or (2) in circumstances which do not constitute an offer to the public for the purposes of the Companies Ordinance (Cap 32, Laws of Hong Kong) or the SFO. This document is distributed on a confidential basis and may not be reproduced in any form or transmitted to any person other than the person to whom it is addressed. No interest in the Fund will be issued to any person other than the person to whom this document has been addressed and no person other than such addressee may treat the same as constituting an invitation for him to invest. | en | de |
DOLFIN4848 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: El Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de inestabilidad de los mercados emergentes: los mercados emergentes pueden estar más expuestos a un riesgo de inestabilidad política, fiscal y/o económica que puede suponer oportunidades para los inversores, pero también mayores riesgos.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN4849 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Without prejudice to what may be stipulated for one or more specific sub-funds, the Company is authorised, for each sub-fund, according to the terms explained below, to use techniques and instruments based on securities and money-market instruments, as part of its portfolio management.
The Company takes care that the overall risk related to derivative instruments does not exceed the total net value of its portfolio.
The risks are calculated by taking into account the current value of the underlying assets, the counterparty risk, foreseeable changes to the markets and the time available for liquidating positions. This also applies to the following paragraphs.
The Company may, as part of its investment policy as defined in this Prospectus, invest in derivative financial instruments as long as the risks to which the underlying assets are exposed do not exceed the investment limits as set in this Prospectus.
When the Company invests in derivative financial instruments based on an index, these investments are not necessarily combined with the limits fixed in this Prospectus.
When a security or a money-market instrument includes a derivative instrument, the latter must be taken into account when applying these provisions.
A. Policy concerning financial guarantees received by the Company
The Company typically accepts cash and government bonds of OECD countries as financial guarantees.
Financial guarantees are supervised and marked-to-market on a daily basis. Regular reporting is provided to the Management Company, to the Depositary, to the Central Administration and to the Managers. The Board of Directors of the Management Company has established a list of approved counterparties, eligible financial collaterals and discount policies and the Management Company may at any time revise or amend these policies.
Discounts applicable to financial guarantees are determined conservatively in accordance with the counterparties and case by case. They vary according to financial guarantee contracts negotiated and depending on the conditions and practices prevailing on the market.
The Management Company will apply the following principles for discounts (principles may change if the Management Company so determines). | Sans préjudice de ce qui peut être stipulé pour un ou plusieurs compartiments particuliers, la Société est autorisée pour chaque compartiment, suivant les modalités exposées ci-dessous, à recourir aux techniques et instruments qui ont pour objet des valeurs mobilières et instruments du marché monétaire, dans le cadre de la gestion de leur patrimoine.
La Société veille à ce que le risque global lié aux instruments dérivés n’excède pas la valeur nette totale de son portefeuille.
Les risques sont calculés en tenant compte de la valeur courante des actifs sous-jacents, du risque de contrepartie, de l’évolution prévisible des marchés et du temps disponible pour liquider les positions. Ceci s’applique également aux alinéas suivants.
La Société peut, dans le cadre de sa politique d’investissement tel que définie dans le présent Prospectus, investir dans des instruments financiers dérivés pour autant que les risques auxquels sont exposés les sous-jacents n’excèdent pas les limites d’investissement telles fixées dans le présent Prospectus.
Lorsque la Société investit dans des instruments financiers dérivés fondés sur un indice, ces investissements ne sont pas nécessairement combinés aux limites fixées dans le présent Prospectus.
Lorsqu’une valeur mobilière ou un instrument du marché monétaire comporte un instrument dérivé, ce dernier doit être pris en compte lors de l’application des présentes dispositions.
A. Politique en matière de garanties financières à recevoir par la Société
La Société accepte typiquement des espèces et des obligations d’Etats de l’OCDE comme garanties financières.
Les garanties financières sont supervisées et marked-to-market sur une base journalière. Un reporting régulier est fourni à la Société de Gestion, au Dépositaire, à l’Administration Centrale et aux Gestionnaires. Le conseil d’administration de la Société de Gestion a établi une liste des contreparties autorisées, des garanties financières éligibles et des politiques de décote et la Société de Gestion pourra à tout moment revoir ou modifier ces politiques.
Les décotes applicables aux garanties financières sont déterminées de manière conservatrice en accord avec les contreparties et au cas par cas. Elles varieront en fonction des contrats de garantie financière négociés et en fonction des conditions et pratiques de marché du moment.
La Société de Gestion applique les principes suivants concernant les décotes (les principes pourront changer si la Société de Gestion le détermine ainsi) : | Without prejudice to what may be stipulated for one or more specific sub-funds, the Company is authorised, for each sub-fund, according to the terms explained below, to use techniques and instruments based on securities and money-market instruments, as part of its portfolio management.
The Company takes care that the overall risk related to derivative instruments does not exceed the total net value of its portfolio.
The risks are calculated by taking into account the current value of the underlying assets, the counterparty risk, foreseeable changes to the markets and the time available for liquidating positions. This also applies to the following paragraphs.
The Company may, as part of its investment policy as defined in this Prospectus, invest in derivative financial instruments as long as the risks to which the underlying assets are exposed do not exceed the investment limits as set in this Prospectus.
When the Company invests in derivative financial instruments based on an index, these investments are not necessarily combined with the limits fixed in this Prospectus.
When a security or a money-market instrument includes a derivative instrument, the latter must be taken into account when applying these provisions.
A. Policy concerning financial guarantees received by the Company
The Company typically accepts cash and government bonds of OECD countries as financial guarantees.
Financial guarantees are supervised and marked-to-market on a daily basis. Regular reporting is provided to the Management Company, to the Depositary, to the Central Administration and to the Managers. The Board of Directors of the Management Company has established a list of approved counterparties, eligible financial collaterals and discount policies and the Management Company may at any time revise or amend these policies.
Discounts applicable to financial guarantees are determined conservatively in accordance with the counterparties and case by case. They vary according to financial guarantee contracts negotiated and depending on the conditions and practices prevailing on the market.
The Management Company will apply the following principles for discounts (principles may change if the Management Company so determines). | en | fr |
DOLFIN4850 | 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 167 | CHF 866 |
| Annual cost impact (*) | 1.7% | 1.7% |
(*) 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 5.4% before costs and 3.7% after costs. | # 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 | 167 CHF | 866 CHF |
| Incidencia anual de los costes (*) | 1,7% | 1,7% |
(*) 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 5,4% antes de deducir los costes y 3,7% después de deducir los costes. | # 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 167 | CHF 866 |
| Annual cost impact (*) | 1.7% | 1.7% |
(*) 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 5.4% before costs and 3.7% after costs. | en | es |
DOLFIN4851 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Shareholder’s Information
The following documents may be obtained free of charge and as hard copy at the registered office of the Company, the Management Company, the Representatives or the Representatives and Paying Agents during their respective business days:
- the Articles of the Company;
- the Prospectus of the Company;
- the Key Investor Information Documents of the Company;
- the Application Form;
- the periodical financial reports;
- the marketing documents made available from time to time.
An up-to-date version of the KIIDs will be made available on nordea.lu, and, depending on the local language(s) of the countries where the Company, a fund or a Share Class are registered for public offering, on the local Nordea websites ending with the international country codes of such relevant countries. As an exception, KIIDs in Portuguese will be made available on nordea.lu only.
The following documents may be consulted at the registered office of the Company or the Management Company during their respective business days:
- the Management Company Agreement between the Company and Nordea Investment Funds S.A.;
- the Global Custody Agreement between the Company and J.P. Morgan Bank Luxembourg S.A.
Notices for all general meetings of the Shareholders are mailed to holders of registered shares of the Company.
Subscriptions can only be received on the basis of the current Prospectus accompanied by the latest Annual Report as well as by the latest Semi-Annual Report if published after the latest Annual Report. | # Informations aux Actionnaires
Des exemplaires imprimés des documents suivants peuvent être consultés ou obtenus gratuitement auprès du siège social de la Société, de la Société de gestion, des Représentants ou des Représentants et Agents payeurs durant les jours ouvrables respectifs de ces entités :
- les Status de la Société ;
- le Prospectus de la Société ;
- les Documents d'Informations clés pour l'investisseur (DICI) de la Société ;
- le Formulaire de souscription ;
- les rapports financiers périodiques ;
- les documents marketing disponibles de temps à autre.
Une version mise à jour des DICI sera disponible sur le site nordea.lu et, en fonction de la(des) langue(s) locale(s) des pays où la Société, un fonds ou une Catégorie d’Actions sont enregistrés aux fins d'une offre publique, sur les sites Internet locaux de Nordea, dont l'adresse se termine par les codes internationaux correspondant aux pays concernés. Exceptionnellement, les versions portugaises des DICI seront disponibles uniquement sur le site nordea.lu.
Les documents suivants peuvent être consultés au siège social de la Société ou auprès de la Société de gestion durant les jours ouvrables respectifs de ces entités :
- le Contrat de gestion conclu entre la Société et Nordea Investment Funds S.A. ;
- le Contrat global de dépôt conclu entre la Société et J.P. Morgan Bank Luxembourg S.A.
Les convocations à toutes les assemblées générales des Actionnaires sont envoyées par courrier aux Actionnaires nominatifs de la Société.
Les souscriptions ne sont valables que si elles sont fondées sur le Prospectus en vigueur accompagné du dernier rapport annuel disponible et, le cas échéant, du dernier rapport semestriel publié ultérieurement. | # Shareholder’s Information
The following documents may be obtained free of charge and as hard copy at the registered office of the Company, the Management Company, the Representatives or the Representatives and Paying Agents during their respective business days:
- the Articles of the Company;
- the Prospectus of the Company;
- the Key Investor Information Documents of the Company;
- the Application Form;
- the periodical financial reports;
- the marketing documents made available from time to time.
An up-to-date version of the KIIDs will be made available on nordea.lu, and, depending on the local language(s) of the countries where the Company, a fund or a Share Class are registered for public offering, on the local Nordea websites ending with the international country codes of such relevant countries. As an exception, KIIDs in Portuguese will be made available on nordea.lu only.
The following documents may be consulted at the registered office of the Company or the Management Company during their respective business days:
- the Management Company Agreement between the Company and Nordea Investment Funds S.A.;
- the Global Custody Agreement between the Company and J.P. Morgan Bank Luxembourg S.A.
Notices for all general meetings of the Shareholders are mailed to holders of registered shares of the Company.
Subscriptions can only be received on the basis of the current Prospectus accompanied by the latest Annual Report as well as by the latest Semi-Annual Report if published after the latest Annual Report. | en | fr |
DOLFIN4852 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### The Swap Counterparties
Each Swap Counterparty must be an approved counterparty in relation to OTC derivatives for a UCITS and be subject to prudential supervision rules and specialised in this type of transactions. The Company and the Management Company will seek to appoint First Class Institutions as Swap Counterparties that have been subject to an approval process, approved in relation to OTC derivatives for a UCITS, subject to prudential supervision rules and specialised in this type of transaction. Swap Counterparties are regulated financial institutions headquartered in OECD Member States which have, either directly or at parent-level, an investment grade credit rating from a credit rating agency and which comply with Article 3 of the SFTR Regulation. The Management Company must be satisfied that the Swap Counterparty does not carry undue credit risk, will value the transactions with reasonable accuracy and on a reliable basis and will close out the transactions at any time at the request of the Management Company, the relevant Investment Manager and/or Sub-Portfolio Manager at fair value.
Indirect Replication Funds may enter into OTC Swap Transactions with one or more Swap Counterparties. The Swap Counterparties to each Indirect Replication Fund may vary from time to time. Information in relation to the Swap Counterparties may be obtained by investors at the registered office of the Company, which is located at, 49, avenue J.F. Kennedy, L-1855 Luxembourg and will be disclosed in the Annual and Semi-annual Reports of the Company. The list of the Swap Counterparties is available on the website www.Xtrackers.com. | ### Les Contreparties de Swap
Chaque Contrepartie doit être une contrepartie approuvée à l’égard des produits dérivés négociés de gré à gré pour un OPCVM, être soumise à des règles de supervision prudentielle et être spécialisée dans ce type de transaction. La Société et la Société de Gestion chercheront à désigner en tant que Contreparties de Swap des Établissements de premier ordre qui ont été soumis à un processus d’approbation, approuvés à l’égard des produits dérivés négociés de gré à gré pour un OPCVM, soumis à des règles de supervision prudentielle et spécialisés dans ce type de transaction. Les Contreparties de Swap de la Société sont des institutions financières réglementées basées dans des États membres de l’OCDE qui possèdent, directement ou par le biais de la société mère, une notation de crédit de qualité investment grade auprès d’une agence de notation et qui sont conformes à l’article 3 du Règlement SFTR. La Société de Gestion doit avoir la certitude que la Contrepartie de Swap ne comporte pas un risque de crédit excessif, qu’elle évaluera les opérations avec suffisamment d’exactitude et sur une base fiable, et qu’elle dénouera les opérations à tout moment à la demande de la Société de Gestion, du Gestionnaire d’investissement et/ou du Gestionnaire de Portefeuille Délégué concerné à leur juste valeur.
Les Compartiments à réplication indirecte peuvent conclure des Conventions de Swap négociées de gré à gré avec une ou plusieurs Contreparties de Swap. Les Contreparties de Swap à chaque Compartiment à réplication indirecte peuvent varier en tant que de besoin. Des informations relatives aux Contreparties de Swap peuvent être obtenues par les investisseurs au siège social de la Société sis au 49, avenue J.F. Kennedy, L-1855 Luxembourg et seront publiées dans les Rapports annuels et semestriels de la Société. La liste des Contreparties de Swap est disponible sur le site Internet www.Xtrackers.com. | ### The Swap Counterparties
Each Swap Counterparty must be an approved counterparty in relation to OTC derivatives for a UCITS and be subject to prudential supervision rules and specialised in this type of transactions. The Company and the Management Company will seek to appoint First Class Institutions as Swap Counterparties that have been subject to an approval process, approved in relation to OTC derivatives for a UCITS, subject to prudential supervision rules and specialised in this type of transaction. Swap Counterparties are regulated financial institutions headquartered in OECD Member States which have, either directly or at parent-level, an investment grade credit rating from a credit rating agency and which comply with Article 3 of the SFTR Regulation. The Management Company must be satisfied that the Swap Counterparty does not carry undue credit risk, will value the transactions with reasonable accuracy and on a reliable basis and will close out the transactions at any time at the request of the Management Company, the relevant Investment Manager and/or Sub-Portfolio Manager at fair value.
Indirect Replication Funds may enter into OTC Swap Transactions with one or more Swap Counterparties. The Swap Counterparties to each Indirect Replication Fund may vary from time to time. Information in relation to the Swap Counterparties may be obtained by investors at the registered office of the Company, which is located at, 49, avenue J.F. Kennedy, L-1855 Luxembourg and will be disclosed in the Annual and Semi-annual Reports of the Company. The list of the Swap Counterparties is available on the website www.Xtrackers.com. | en | fr |
DOLFIN4853 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Board of Directors has the power to suspend the issue, redemption and conversion of Shares in one or several Sub-Funds for any period during which the determination of the Net Asset Value per Share of the concerned Sub-Fund(s) is suspended by the Fund by virtue of the powers described above. Any redemption/conversion request made or in abeyance during such a suspension period may be withdrawn by written notice to be received by the Fund before the end of such suspension period. Should such withdrawal not be effected, the Shares in question shall be redeemed/converted on the first Valuation Day following the termination of the suspension period. In the event of such period being extended, notice may be published in newspapers in the countries where the Fund's Shares are publicly sold. Investors who have requested the issue, redemption or conversion of Shares shall be informed of such suspension when such request is made.
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## Merger or Liquidation of Sub-Funds | Der Verwaltungsrat ist berechtigt, die Zeichnung, die Rücknahme und den Umtausch von Anteilen an einem oder mehreren Teilfonds solange auszusetzen, als die Ermittlung des Nettoinventarwerts je Anteil des/der betreffenden Teilfonds vom Fonds aufgrund seiner oben aufgeführten Befugnisse ausgesetzt ist. Anträge auf Rücknahme oder Umtausch, die während der Aussetzung gemacht werden oder ruhen, können mit einer schriftlichen Mitteilung, die beim Fonds vor Beendigung der Aussetzung eingehen muss, zurückgezogen werden. Werden diese nicht zurückgezogen, werden die betreffenden Anteile am ersten Bewertungstag nach Beendigung der Aussetzung zurückgenommen bzw. umgetauscht. Wird die Aussetzung verlängert, kann die Bekanntgabe in Zeitungen der Länder erfolgen, in denen die Anteile des Fonds öffentlich verkauft werden. Anleger, die einen Antrag auf Zeichnung, Rücknahme oder Umtausch von Anteilen gestellt haben, werden bei Antragstellung auf eine Aussetzung aufmerksam gemacht.
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## Zusammenlegung oder Auflösung von Teilfonds | The Board of Directors has the power to suspend the issue, redemption and conversion of Shares in one or several Sub-Funds for any period during which the determination of the Net Asset Value per Share of the concerned Sub-Fund(s) is suspended by the Fund by virtue of the powers described above. Any redemption/conversion request made or in abeyance during such a suspension period may be withdrawn by written notice to be received by the Fund before the end of such suspension period. Should such withdrawal not be effected, the Shares in question shall be redeemed/converted on the first Valuation Day following the termination of the suspension period. In the event of such period being extended, notice may be published in newspapers in the countries where the Fund's Shares are publicly sold. Investors who have requested the issue, redemption or conversion of Shares shall be informed of such suspension when such request is made.
-
## Merger or Liquidation of Sub-Funds | en | de |
DOLFIN4854 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Management teams
- Pricing aberrations
| | - Market vs. intrinsic value
- Intra-industry trades
- Pair trades
| | - Team di gestione
- Anomalie di valutazione
| | - Valore di mercato rispettoal valore intrinseco
- Transazioni intrasettoriali
- Operazioni di pair trading
| | - Management teams
- Pricing aberrations
| | - Market vs. intrinsic value
- Intra-industry trades
- Pair trades
| | en | it |
DOLFIN4855 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds paie à la Société de gestion une Commission de gestion calculée comme un pourcentage des actifs nets de chaque Catégorie dont elle assure la gestion. Les Commissions de gestion sont provisionnées chaque Jour d’évaluation et payables mensuellement à terme échu au taux indiqué en Annexe 1.
Sous réserve des restrictions d’investissement décrites dans le présent Prospectus, les Compartiments peuvent investir dans d’autres organismes de placement collectif gérés par le Gestionnaire d’investissement et/ou la Société de gestion. Lorsque ces organismes de placement collectif sont gérés directement ou indirectement par le Gestionnaire d’investissement ou la Société de gestion ou encore par une société à laquelle le Gestionnaire d’investissement ou la Société de gestion (selon le cas) est lié par une direction ou un contrôle commun ou par une participation directe ou indirecte supérieure à 10 % du capital ou des droits de vote (« Fonds liés »), aucune Commission de gestion ne sera facturée au Compartiment concerné en relation avec ces investissements. En outre, aucune commission de souscription, de rachat et/ou de conversion ne peut être facturée au Compartiment concerné en relation avec des Fonds liés.
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## Commission de performance | El Fondo paga a la Sociedad Gestora una Comisión de Gestión calculada como un porcentaje de los activos netos de cada Clase bajo su gestión. Las Comisiones de Gestión se devengan en cada Día de Valoración y se pagan por meses vencidos a los tipos especificados en el Anexo 1.
Sin perjuicio de los límites de inversión estipulados en este Folleto, los Subfondos podrán invertir en otras instituciones de inversión colectiva gestionadas por la Sociedad Gestora y/o el Gestor de Inversiones. Cuando un Subfondo invierta en instituciones de inversión colectiva gestionadas directa o indirectamente por la Sociedad Gestora o el Gestor de Inversiones del Fondo o por una sociedad con la que la Sociedad Gestora o el Gestor de Inversiones (según el caso) esté vinculada en el marco de una comunidad de gestión o de control, o por una participación significativa, directa o indirecta, superior al 10% del capital o de los derechos de voto (los “Fondos Vinculados”), no se cobrará al Subfondo considerado Comisión de Gestión alguna en relación con dicha inversión. Asimismo, dicho Subfondo tampoco tendrá que pagar comisiones de reembolso y/o conversión con respecto a las inversiones realizadas en dichos Fondos Vinculados.
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## Comisiones por Resultados | Le Fonds paie à la Société de gestion une Commission de gestion calculée comme un pourcentage des actifs nets de chaque Catégorie dont elle assure la gestion. Les Commissions de gestion sont provisionnées chaque Jour d’évaluation et payables mensuellement à terme échu au taux indiqué en Annexe 1.
Sous réserve des restrictions d’investissement décrites dans le présent Prospectus, les Compartiments peuvent investir dans d’autres organismes de placement collectif gérés par le Gestionnaire d’investissement et/ou la Société de gestion. Lorsque ces organismes de placement collectif sont gérés directement ou indirectement par le Gestionnaire d’investissement ou la Société de gestion ou encore par une société à laquelle le Gestionnaire d’investissement ou la Société de gestion (selon le cas) est lié par une direction ou un contrôle commun ou par une participation directe ou indirecte supérieure à 10 % du capital ou des droits de vote (« Fonds liés »), aucune Commission de gestion ne sera facturée au Compartiment concerné en relation avec ces investissements. En outre, aucune commission de souscription, de rachat et/ou de conversion ne peut être facturée au Compartiment concerné en relation avec des Fonds liés.
-
## Commission de performance | fr | es |
DOLFIN4856 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
These indices will be used for performance comparison purposes only. These sub-funds are actively managed, which means that the portfolio manager does not aim to replicate the performance of an index. The selection and weighting of the assets in the sub-fund's portfolio may differ significantly from the composition of the benchmark.
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# Change of the SFDR classification of the CORPORATE EUR, EUR INFLATION-LINKED, EUR SELECTION and GOVERNMENT GLOBAL sub-funds | Questi indici saranno utilizzati solo a fini di comparazione della performance. Questi comparti sono gestiti attivamente, ossia il gestore del portafoglio non si prefigge l’obiettivo di replicare la performance dell’indice. La selezione e la ponderazione degli attivi nel portafoglio del comparto possono differire notevolmente dalla composizione del benchmark.
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# Modifica della classificazione SFDR dei comparti CORPORATE EUR, EUR INFLATION-LINKED, EUR SELECTION e GOVERNMENT GLOBAL | These indices will be used for performance comparison purposes only. These sub-funds are actively managed, which means that the portfolio manager does not aim to replicate the performance of an index. The selection and weighting of the assets in the sub-fund's portfolio may differ significantly from the composition of the benchmark.
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# Change of the SFDR classification of the CORPORATE EUR, EUR INFLATION-LINKED, EUR SELECTION and GOVERNMENT GLOBAL sub-funds | en | it |
DOLFIN4857 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### With effect from 1 January 2022 the following amendments were made to the Sales Prospectus of the Funds:
- implementation of the taxonomy regulation
- implementation of the ESMA on performance fees
- sample adaptations and editorial amendments to the Sales ProspectusWith effect from 1 April 2022 the following amendments were made to the Sales Prospectus for the distribution countries Germany and Austria of the Funds:Pursuant to Directive (EU) 2019/1160 of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU (so-called „cross-border distribution of collective investment funds - directive“), local facilities in target distribution countries no longer have to maintain a physical on-site presence, as was previously obligatory in some cases, in order to provide investors locally with information and documents relating to the respective mutual fund (waiver of any obligatory facilities such as paying agents and information agents in the respective target distribution country). | ##### Mit Wirkung zum 1. Januar 2022 wurden folgende Änderungen der Verkaufsprospekte der Fonds vorgenommen:
- Umsetzung der Taxonomieverordnung
- Umsetzung der ESMA-Leitlinien zu erfolgsabhängigen Gebühren
- Musteranpassungen und redaktionelle Änderungen des VerkaufsprospektsMit Wirkung zum 1. April 2022 wurden folgende Änderungen der Verkaufsprospekte der Fonds für die Vertriebsländer Deutschland und Österreich vorgenommen:Gemäß der Richtlinie (EU) 2019/1160 vom 20. Juni 2019 zur Änderung der Richtlinien 2009/65/EG und 2011/61/EU („Richtlinie über den grenzüberschreitenden Vertrieb von Organismen für gemeinsame Anlagen“) müssen lokale Einrichtungen in Zielvertriebsländern nicht mehr, wie bisher zum Teil verpflichtend, in physischer Vor-Ort-Präsenz unterhalten werden, um Anlegern vor Ort Informationen sowie Dokumente betreffend den jeweiligen Publikumsfonds bereitzustellen (Verzicht auf etwaige verpflichtende Einrichtungen wie Zahl- und Informationsstellen im jeweiligen Zielvertriebsland). | #### With effect from 1 January 2022 the following amendments were made to the Sales Prospectus of the Funds:
- implementation of the taxonomy regulation
- implementation of the ESMA on performance fees
- sample adaptations and editorial amendments to the Sales ProspectusWith effect from 1 April 2022 the following amendments were made to the Sales Prospectus for the distribution countries Germany and Austria of the Funds:Pursuant to Directive (EU) 2019/1160 of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU (so-called „cross-border distribution of collective investment funds - directive“), local facilities in target distribution countries no longer have to maintain a physical on-site presence, as was previously obligatory in some cases, in order to provide investors locally with information and documents relating to the respective mutual fund (waiver of any obligatory facilities such as paying agents and information agents in the respective target distribution country). | en | de |
DOLFIN4858 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Schedule of Significant Portfolio Changes for SPDR Bloomberg Barclays 0-3 Year Euro Corporate Bond UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2019 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| 2.500% Cooperatieve Rabobank 26/05/2026 | 10,407,194 |
| 1.125% Credit Suisse London 15/09/2020 | 8,702,339 |
| 5.750% Allianz Finance II 08/07/2041 | 8,266,909 |
| 1.250% Deutsche Bank 08/09/2021 | 7,564,825 |
| 1.875% Barclays Bank 23/03/2021 | 7,073,947 |
| 2.625% JPMorgan Chase & Co 23/04/2021 | 7,028,502 |
| 4.500% ING Bank 21/02/2022 | 6,970,799 |
| 2.000% Intesa Sanpaolo 18/06/2021 | 6,964,207 |
| 1.250% Glencore Finance Europe 17/03/2021 | 6,527,233 |
| 4.000% Cooperatieve Rabobank 11/01/2022 | 6,504,759 |
| 0.625% HSBC France 03/12/2020 | 6,482,730 |
| 1.500% Deutsche Bank 20/01/2022 | 6,455,357 |
| 0.200% HSBC France 04/09/2021 | 6,400,103 |
| 1.500% Sky 15/09/2021 | 6,247,809 |
| 0.625% British Telecommunications 10/03/2021 | 6,213,013 |
| 2.875% BNP Paribas 20/03/2026 | 6,201,148 |
| 0.875% Anheuser-Busch InBev 17/03/2022 | 6,152,580 |
| 2.125% Microsoft 06/12/2021 | 6,136,966 |
| 0.250% Daimler International Finance 09/08/2021 | 5,870,173 |
| 0.250% Societe Generale 18/01/2022 | 5,695,618 |
| Portfolio Sales | Proceeds EUR |
| 2.625% Barclays Bank 11/11/2025 | 5,173,200 |
| 6.375% Commerzbank 22/03/2019 | 4,790,545 |
| 1.000% Deutsche Bank 18/03/2019 | 4,716,060 |
| 1.100% Santander Consumer Finance 30/07/2018 | 3,707,417 |
| 7.375% Autoroutes du Sud de la France 20/03/2019 | 3,671,510 |
| 1.125% Credit Suisse London 15/09/2020 | 3,671,132 |
| 0.750% Goldman Sachs Group 10/05/2019 | 3,515,210 |
| 5.375% Morgan Stanley 10/08/2020 | 3,177,197 |
| 2.500% Accor 21/03/2019 | 3,019,080 |
| 0.000% Continental 05/02/2020 | 3,000,660 |
| 2.250% Mediobanca 18/03/2019 | 2,827,110 |
| 0.250% Volkswagen Leasing 05/10/2020 | 2,810,081 |
| 3.500% Cooperatieve Rabobank 17/10/2018 | 2,561,730 |
| 2.625% FCA Bank 17/04/2019 | 2,539,055 |
| 3.000% ArcelorMittal 25/03/2019 | 2,515,858 |
| 4.000% Cie de Saint-Gobain 08/10/2018 | 2,397,704 |
| 1.875% HSBC France 16/01/2020 | 2,352,089 |
| 3.375% AP Moller - Maersk 28/08/2019 | 2,343,619 |
| 0.700% ING Bank 16/04/2020 | 2,324,327 |
| 4.250% United Utilities Water Ltd 24/01/2020 | 2,310,536 |
| A copy of the list of changes in the portfolio during the year may be obtained free of charge from the Administrator. | | | # Überblick über wesentliche Veränderungen im Portfolio des SPDR Bloomberg Barclays 0-3 Year Euro Corporate Bond UCITS ETF (ungeprüft)
Nachfolgend sind die insgesamt größten Anlagenkäufe und -verkäufe im Geschäftsjahr zum 31. März 2019 aufgeführt, die mehr als 1 % der gesamten Käufe und mehr als 1 % der gesamten Verkäufe ausmachen. Es sind mindestens die größten 20 Käufe und 20 Verkäufe anzugeben beziehungsweise alle Käufe und Verkäufe, wenn es weniger als 20 sind.
| Portfoliokäufe | Kosten EUR |
| --- | --- |
| 2.500% Cooperatieve Rabobank 26/05/2026 | 10.407.194 |
| 1.125% Credit Suisse London 15/09/2020 | 8.702.339 |
| 5.750% Allianz Finance II 08/07/2041 | 8.266.909 |
| 1.250% Deutsche Bank 08/09/2021 | 7.564.825 |
| 1.875% Barclays Bank 23/03/2021 | 7.073.947 |
| 2.625% JPMorgan Chase & Co 23/04/2021 | 7.028.502 |
| 4.500% ING Bank 21/02/2022 | 6.970.799 |
| 2.000% Intesa Sanpaolo 18/06/2021 | 6.964.207 |
| 1.250% Glencore Finance Europe 17/03/2021 | 6.527.233 |
| 4.000% Cooperatieve Rabobank 11/01/2022 | 6.504.759 |
| 0.625% HSBC France 03/12/2020 | 6.482.730 |
| 1.500% Deutsche Bank 20/01/2022 | 6.455.357 |
| 0.200% HSBC France 04/09/2021 | 6.400.103 |
| 1.500% Sky 15/09/2021 | 6.247.809 |
| 0.625% British Telecommunications 10/03/2021 | 6.213.013 |
| 2.875% BNP Paribas 20/03/2026 | 6.201.148 |
| 0.875% Anheuser-Busch InBev 17/03/2022 | 6.152.580 |
| 2.125% Microsoft 06/12/2021 | 6.136.966 |
| 0.250% Daimler International Finance 09/08/2021 | 5.870.173 |
| 0.250% Societe Generale 18/01/2022 | 5.695.618 |
| Portfolioverkäufe | Erlöse EUR |
| 2.625% Barclays Bank 11/11/2025 | 5.173.200 |
| 6.375% Commerzbank 22/03/2019 | 4.790.545 |
| 1.000% Deutsche Bank 18/03/2019 | 4.716.060 |
| 1.100% Santander Consumer Finance 30/07/2018 | 3.707.417 |
| 7.375% Autoroutes du Sud de la France 20/03/2019 | 3.671.510 |
| 1.125% Credit Suisse London 15/09/2020 | 3.671.132 |
| 0.750% Goldman Sachs Group 10/05/2019 | 3.515.210 |
| 5.375% Morgan Stanley 10/08/2020 | 3.177.197 |
| 2.500% Accor 21/03/2019 | 3.019.080 |
| 0.000% Continental 05/02/2020 | 3.000.660 |
| 2.250% Mediobanca 18/03/2019 | 2.827.110 |
| 0.250% Volkswagen Leasing 05/10/2020 | 2.810.081 |
| 3.500% Cooperatieve Rabobank 17/10/2018 | 2.561.730 |
| 2.625% FCA Bank 17/04/2019 | 2.539.055 |
| 3.000% ArcelorMittal 25/03/2019 | 2.515.858 |
| 4.000% Cie de Saint-Gobain 08/10/2018 | 2.397.704 |
| 1.875% HSBC France 16/01/2020 | 2.352.089 |
| 3.375% AP Moller - Maersk 28/08/2019 | 2.343.619 |
| 0.700% ING Bank 16/04/2020 | 2.324.327 |
| 4.250% United Utilities Water Ltd 24/01/2020 | 2.310.536 |
| Eine Kopie der Liste der Portfolioveränderungen während des Geschäftsjahres ist kostenfrei von der Verwaltungsstelle erhältlich. | | | # Schedule of Significant Portfolio Changes for SPDR Bloomberg Barclays 0-3 Year Euro Corporate Bond UCITS ETF (unaudited)
Listed below are the largest cumulative investment purchases and sales during the financial year ended 31 March 2019 in excess of 1% of total purchases and in excess of 1% of total sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.
| Portfolio Purchases | Cost EUR |
| --- | --- |
| 2.500% Cooperatieve Rabobank 26/05/2026 | 10,407,194 |
| 1.125% Credit Suisse London 15/09/2020 | 8,702,339 |
| 5.750% Allianz Finance II 08/07/2041 | 8,266,909 |
| 1.250% Deutsche Bank 08/09/2021 | 7,564,825 |
| 1.875% Barclays Bank 23/03/2021 | 7,073,947 |
| 2.625% JPMorgan Chase & Co 23/04/2021 | 7,028,502 |
| 4.500% ING Bank 21/02/2022 | 6,970,799 |
| 2.000% Intesa Sanpaolo 18/06/2021 | 6,964,207 |
| 1.250% Glencore Finance Europe 17/03/2021 | 6,527,233 |
| 4.000% Cooperatieve Rabobank 11/01/2022 | 6,504,759 |
| 0.625% HSBC France 03/12/2020 | 6,482,730 |
| 1.500% Deutsche Bank 20/01/2022 | 6,455,357 |
| 0.200% HSBC France 04/09/2021 | 6,400,103 |
| 1.500% Sky 15/09/2021 | 6,247,809 |
| 0.625% British Telecommunications 10/03/2021 | 6,213,013 |
| 2.875% BNP Paribas 20/03/2026 | 6,201,148 |
| 0.875% Anheuser-Busch InBev 17/03/2022 | 6,152,580 |
| 2.125% Microsoft 06/12/2021 | 6,136,966 |
| 0.250% Daimler International Finance 09/08/2021 | 5,870,173 |
| 0.250% Societe Generale 18/01/2022 | 5,695,618 |
| Portfolio Sales | Proceeds EUR |
| 2.625% Barclays Bank 11/11/2025 | 5,173,200 |
| 6.375% Commerzbank 22/03/2019 | 4,790,545 |
| 1.000% Deutsche Bank 18/03/2019 | 4,716,060 |
| 1.100% Santander Consumer Finance 30/07/2018 | 3,707,417 |
| 7.375% Autoroutes du Sud de la France 20/03/2019 | 3,671,510 |
| 1.125% Credit Suisse London 15/09/2020 | 3,671,132 |
| 0.750% Goldman Sachs Group 10/05/2019 | 3,515,210 |
| 5.375% Morgan Stanley 10/08/2020 | 3,177,197 |
| 2.500% Accor 21/03/2019 | 3,019,080 |
| 0.000% Continental 05/02/2020 | 3,000,660 |
| 2.250% Mediobanca 18/03/2019 | 2,827,110 |
| 0.250% Volkswagen Leasing 05/10/2020 | 2,810,081 |
| 3.500% Cooperatieve Rabobank 17/10/2018 | 2,561,730 |
| 2.625% FCA Bank 17/04/2019 | 2,539,055 |
| 3.000% ArcelorMittal 25/03/2019 | 2,515,858 |
| 4.000% Cie de Saint-Gobain 08/10/2018 | 2,397,704 |
| 1.875% HSBC France 16/01/2020 | 2,352,089 |
| 3.375% AP Moller - Maersk 28/08/2019 | 2,343,619 |
| 0.700% ING Bank 16/04/2020 | 2,324,327 |
| 4.250% United Utilities Water Ltd 24/01/2020 | 2,310,536 |
| A copy of the list of changes in the portfolio during the year may be obtained free of charge from the Administrator. | | | en | de |
DOLFIN4859 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The Company has delegated the calculation of the Net Asset Value of each Fund and the Net Asset Value per Share to the Administrator.
The Net Asset Value of a Fund shall be calculated by ascertaining the value of the assets of the relevant Fund and deducting from such amount the liabilities of the Fund, which shall include all fees and expenses payable and/or accrued and/or estimated to be payable out of the assets of the Fund.
The Net Asset Value per Share of a Fund shall be calculated by dividing the Net Asset Value of the relevant Fund by the total number of Shares issued in respect of that Fund or deemed to be in issue as of the relevant Business Day.
The Net Asset Value per Share in each Fund shall be calculated to the nearest four decimal places in the Base Currency of the relevant Fund on each Business Day in accordance with the valuation provisions set out in the Articles and summarised below.
In the event that the Shares of any Fund are divided into different classes of Shares, the amount of the Net Asset Value of the Company attributable to a class shall be determined by establishing the number of Shares issued in the class at the relevant Valuation Point and by allocating the relevant fees and class expenses to the class, making appropriate adjustments to take account of distributions, subscriptions, redemptions, gains and expenses of that class and apportioning the Net Asset Value of the Company accordingly. The Net Asset Value per Share in respect of a class will be calculated by dividing the Net Asset Value of the relevant class by the number of Shares of the relevant class in issue. The Net Asset Value of the Company attributable to a class and the Net Asset Value per Share in respect of a class will be expressed in the class currency of such class if it is different to the Base Currency. | ###### La Société a délégué le calcul de la Valeur liquidative de chaque Compartiment et de la Valeur liquidative par Action à l’Agent administratif.
La Valeur liquidative d’un Compartiment sera calculée en établissant de manière sûre la valeur des actifs du Compartiment concerné et en déduisant de ce montant les passifs du Compartiment, incluant toutes les commissions et dépenses payables et/ ou cumulées et/ ou estimées payables sur les actifs du Compartiment.
La Valeur liquidative par Action d’un Compartiment sera calculée en divisant la Valeur liquidative du Compartiment concerné par le nombre total d’Actions émises pour ce Compartiment ou réputées émises le jour ouvrable concerné.
La Valeur liquidative par Action de chaque Compartiment sera calculée jusqu’au quatrième point décimal le plus proche dans la devise de référence du Compartiment concerné chaque jour ouvrable, conformément aux dispositions de valorisation énoncées dans les Statuts et résumées ci-après.
Dans le cas où les Actions d’un Compartiment seraient divisées en différentes catégories d’Actions, le montant de la Valeur liquidative de la Société attribuable à une catégorie sera déterminé en établissant le nombre d’Actions émises dans la Catégorie au point de valorisation concerné et en répartissant les commissions et frais de catégorie correspondant à ladite Catégorie, à condition d’effectuer ajustements nécessaires pour de prendre en compte la distribution, les souscriptions, les rachats, les plus-values et les charges de cette catégorie et en répartissant la Valeur liquidative de la Société en conséquence. La Valeur liquidative par Action d’une catégorie sera calculée en divisant la Valeur liquidative de la catégorie concernée par le nombre d’Actions émises de la catégorie concernée. La Valeur liquidative de la Société attribuable à une catégorie et la Valeur liquidative par Action liée à une catégorie seront exprimées dans la devise de catégorie de ladite catégorie si elle est différente de la devise de référence. | ###### The Company has delegated the calculation of the Net Asset Value of each Fund and the Net Asset Value per Share to the Administrator.
The Net Asset Value of a Fund shall be calculated by ascertaining the value of the assets of the relevant Fund and deducting from such amount the liabilities of the Fund, which shall include all fees and expenses payable and/or accrued and/or estimated to be payable out of the assets of the Fund.
The Net Asset Value per Share of a Fund shall be calculated by dividing the Net Asset Value of the relevant Fund by the total number of Shares issued in respect of that Fund or deemed to be in issue as of the relevant Business Day.
The Net Asset Value per Share in each Fund shall be calculated to the nearest four decimal places in the Base Currency of the relevant Fund on each Business Day in accordance with the valuation provisions set out in the Articles and summarised below.
In the event that the Shares of any Fund are divided into different classes of Shares, the amount of the Net Asset Value of the Company attributable to a class shall be determined by establishing the number of Shares issued in the class at the relevant Valuation Point and by allocating the relevant fees and class expenses to the class, making appropriate adjustments to take account of distributions, subscriptions, redemptions, gains and expenses of that class and apportioning the Net Asset Value of the Company accordingly. The Net Asset Value per Share in respect of a class will be calculated by dividing the Net Asset Value of the relevant class by the number of Shares of the relevant class in issue. The Net Asset Value of the Company attributable to a class and the Net Asset Value per Share in respect of a class will be expressed in the class currency of such class if it is different to the Base Currency. | en | fr |
DOLFIN4860 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
We have audited the financial statements, included within the Annual Report & Audited Financial Statements, which comprise:
- the Statement of Financial Position for each of the Funds as at 30 April 2020;
- the Statement of Comprehensive Income for each of the Funds for the year then ended;
- the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for each of the Funds for the year then ended;
- the Schedule of Investments for each of the Funds as at 30 April 2020; and
- the notes to the financial statements for each of the Funds, which include a description of the significant accounting policies. | Nous avons audité les états financiers inclus dans le rapport annuel et les états financiers audités, qui comprennent :
- l'état de la situation financière de chaque Fonds au 3 avril bozo ;
- l'état du résultat global de chaque Fonds pour l'exercice clos à cette date ;
- le tableau de variation de l'actif net attribuable aux porteurs de Parts de participation rachetables de chaque Fonds pour l'exercice clos à cette date ;
- le tableau des investissements de chaque Fonds au 3 avril mono ; et
- les notes annexes aux états financiers de chaque Fonds, qui incluent une description des principales conventions comptables. | We have audited the financial statements, included within the Annual Report & Audited Financial Statements, which comprise:
- the Statement of Financial Position for each of the Funds as at 30 April 2020;
- the Statement of Comprehensive Income for each of the Funds for the year then ended;
- the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for each of the Funds for the year then ended;
- the Schedule of Investments for each of the Funds as at 30 April 2020; and
- the notes to the financial statements for each of the Funds, which include a description of the significant accounting policies. | en | fr |
DOLFIN4861 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $171 | $999 |
| Annual cost impact (*) | 1.7% | 1.7% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | $171 | $995 |
| Incidenza annuale dei costi (*) | 1,7% | 1,7% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $171 | $999 |
| Annual cost impact (*) | 1.7% | 1.7% each year | | en | it |
DOLFIN4862 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
On notera que les actions en circulation en début de période financière close le 31 mars 2021 sont les soldes de clôture au sens de la Note 9 du Rapport et des Comptes annuels audités pour l’exercice clos le 30 septembre 2020.
Le tableau au verso présente, pour chaque Compartiment, les détails des actions en circulation à l’ouverture de la période financière, des actions émises et rachetées pendant la période financière et des actions en circulation à la clôture de la période close le 31 mars 2020 :
-
### CAPITAL SOCIAL (SUITE) | Téngase en cuenta que las acciones emitidas al comienzo del periodo financiero cerrado a 31 de marzo de 2021 son los saldos de cierre según la Nota 9 del Informe anual y cuentas auditados correspondientes al ejercicio financiero cerrado a 30 de septiembre de 2020.
En las tablas al dorso se ofrece información detallada de las acciones emitidas al comienzo del periodo financiero, las acciones emitidas y reembolsadas durante el periodo financiero y las acciones en circulación al periodo financiero cerrado a 31 de marzo de 2020 para cada Subfondo:
-
### CAPITAL SOCIAL (CONTINUACIÓN) | On notera que les actions en circulation en début de période financière close le 31 mars 2021 sont les soldes de clôture au sens de la Note 9 du Rapport et des Comptes annuels audités pour l’exercice clos le 30 septembre 2020.
Le tableau au verso présente, pour chaque Compartiment, les détails des actions en circulation à l’ouverture de la période financière, des actions émises et rachetées pendant la période financière et des actions en circulation à la clôture de la période close le 31 mars 2020 :
-
### CAPITAL SOCIAL (SUITE) | fr | es |
DOLFIN4863 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### INDE
L’offre considérée dans le présent Prospectus n’est et ne saurait en aucune circonstance être considérée comme une offre publique en Inde. Le présent document ne sera pas enregistré en tant que prospectus auprès du Registre des Sociétés ou de toute autre autorité réglementaire en Inde. Les Actions ne sont pas proposées à la vente ou à la souscription au public.
Les Actions peuvent être placées de manière privée auprès d’un nombre limité d’investisseurs directement auprès de l’émetteur ou uniquement par le biais d’intermédiaires sélectionnés ayant conclu avec l’émetteur, directement ou indirectement, un accord d’offre d’Actions sur la base d’un placement privé. Les investisseurs qui investissent par le biais d’intermédiaires n’ayant pas conclu un tel accord de placement privé avec l’émetteur ne pourront pas souscrire d’Actions en Inde par le biais d’un placement privé.
Les investisseurs potentiels doivent consulter leurs propres conseillers pour déterminer s’ils ont le droit ou l’autorisation d’acquérir les Actions. Le Prospectus est strictement confidentiel et destiné à l’usage exclusif de la personne à laquelle il est fourni et toute diffusion, reproduction ou autre utilisation de tout ou partie dudit Prospectus est interdite. | ### INDIA
La oferta contemplada en este Folleto no es ni será, bajo ninguna circunstancia, interpretada como una oferta pública en India. Este documento no se registrará como folleto informativo ante el Agente de Registro de Sociedades ni en ninguna otra autoridad reguladora de la India. Las Acciones no se ofrecen al público para su venta o suscripción.
Las Acciones podrán ser colocadas de forma privada con un número limitado de inversores directamente mediante el emisor o únicamente a través de intermediarios seleccionados que hayan acordado con el emisor, directa o indirectamente, ofrecer Acciones sobre dicha base de colocación privada. Los inversores que inviertan a través de intermediarios que no dispongan de un acuerdo de colocación privado de este tipo con el emisor no podrán suscribir las Acciones en India a través de una colocación privada.
Los posibles inversores deben consultar a sus propios asesores sobre si tienen derecho o están autorizados a adquirir las Acciones. El Folleto es estrictamente confidencial y está concebido para el uso exclusivo de la persona a quien es entregado y se prohíbe todo acto de circulación, distribución, reproducción u otro uso de la totalidad o cualquier parte del Folleto. | ### INDE
L’offre considérée dans le présent Prospectus n’est et ne saurait en aucune circonstance être considérée comme une offre publique en Inde. Le présent document ne sera pas enregistré en tant que prospectus auprès du Registre des Sociétés ou de toute autre autorité réglementaire en Inde. Les Actions ne sont pas proposées à la vente ou à la souscription au public.
Les Actions peuvent être placées de manière privée auprès d’un nombre limité d’investisseurs directement auprès de l’émetteur ou uniquement par le biais d’intermédiaires sélectionnés ayant conclu avec l’émetteur, directement ou indirectement, un accord d’offre d’Actions sur la base d’un placement privé. Les investisseurs qui investissent par le biais d’intermédiaires n’ayant pas conclu un tel accord de placement privé avec l’émetteur ne pourront pas souscrire d’Actions en Inde par le biais d’un placement privé.
Les investisseurs potentiels doivent consulter leurs propres conseillers pour déterminer s’ils ont le droit ou l’autorisation d’acquérir les Actions. Le Prospectus est strictement confidentiel et destiné à l’usage exclusif de la personne à laquelle il est fourni et toute diffusion, reproduction ou autre utilisation de tout ou partie dudit Prospectus est interdite. | fr | es |
DOLFIN4864 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
A la date du présent Prospectus, tous les Compartiments font partie de la catégorie intermédiaire décrite ci-dessus et les risques en matière de durabilité sont intégrés dans leur processus de prise de décision d'investissement.
A la date du présent Prospectus, la Société de gestion ne prend pas en compte les incidences négatives des décisions de placement ou des conseils en investissement sur les facteurs de durabilité conformément au SFDR, dès lors que les réglementations n'ont pas encore été finalisées.
Les facteurs de risque susvisés ne doivent pas être considérés comme une liste exhaustive des risques qu'un investisseur potentiel doit prendre en considération avant d'investir dans un
Compartiment. Les investisseurs potentiels sont censés savoir que tout investissement dans un Compartiment peut être exposé, à tout moment, à d'autres risques de nature exceptionnelle. | En la fecha del presente Folleto, todos los Subfondos se incluyen en la categoría intermedia arriba descrita e integran los riesgos de sostenibilidad en sus procesos de toma de decisiones de inversión.
En la fecha del presente Folleto, la Sociedad gestora no analiza las incidencias adversas de las decisiones de inversión o del asesoramiento de inversión sobre los factores de sostenibilidad con arreglo al SFDR, dado que las normas regulatorias todavía no se han completado.
Los riesgos anteriormente expuestos no deben considerarse como una lista exhaustiva de los riesgos que los posibles inversores deben considerar antes de invertir en un Subfondo. Los posibles inversores deben tener en cuenta que una inversión en un Subfondo podrá estar expuesta ocasionalmente a otros riesgos de carácter excepcional. | A la date du présent Prospectus, tous les Compartiments font partie de la catégorie intermédiaire décrite ci-dessus et les risques en matière de durabilité sont intégrés dans leur processus de prise de décision d'investissement.
A la date du présent Prospectus, la Société de gestion ne prend pas en compte les incidences négatives des décisions de placement ou des conseils en investissement sur les facteurs de durabilité conformément au SFDR, dès lors que les réglementations n'ont pas encore été finalisées.
Les facteurs de risque susvisés ne doivent pas être considérés comme une liste exhaustive des risques qu'un investisseur potentiel doit prendre en considération avant d'investir dans un
Compartiment. Les investisseurs potentiels sont censés savoir que tout investissement dans un Compartiment peut être exposé, à tout moment, à d'autres risques de nature exceptionnelle. | fr | es |
DOLFIN4865 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The minimum share capital of the Corporation shall be the equivalent in U.S. dollars of one million two hundred fifty- thousand euros (EUR 1,250,000).
The Board is authorised without limitation to issue at any time further fully paid Shares at the applicable Net Asset Value per Share of the relevant class determined in accordance with Article 24 hereof, without reserving to the existing shareholders of the Corporation a preferential right of subscription to the additional Shares to be issued.
The Board may delegate to any Director or duly authorised officer of the Corporation or to any duly authorised person the power and duty to accept subscriptions and to receive payment for such new Shares and to deliver these remaining always within the provisions of the 2010 Law.
The offering price and the price at which Shares of each class are redeemed, as well as the Net Asset Value per Share of each class, shall be available and may be obtained at the registered office of the Corporation.
The Board may create each Portfolio for an unlimited or limited period of time; in the latter case, the Board may, at the expiry of the initial period of time, extend the duration of the relevant Portfolio once or several times. At the expiry of the duration of a Portfolio, the Corporation shall redeem all the Shares in the relevant class(es) of Shares, in accordance with Article 21 below, notwithstanding the provisions of Article 31 below.
At each extension of a Portfolio, the registered shareholders shall be duly notified in writing, by a notice sent to their registered address as recorded in the Register of Shareholders of the Corporation. The sales documents for the Shares of the Corporation shall indicate the duration of each Portfolio and, if appropriate, its extension. | # Le capital minimum de la Société est l’équivalent en dollars US d’un million deux cent cinquante mille euros (1 250 000 EUR).
Le Conseil est autorisé à tout moment et sans limitation à émettre des Actions supplémentaires entièrement libérées à la Valeur Nette d’Inventaire par Action applicable de la classe concernée, déterminée conformément à l’Article 24 des présents Statuts, sans réserver aux anciens actionnaires de la Société un droit préférentiel de souscription des Actions supplémentaires devant être émises.
Le Conseil peut déléguer à tout Administrateur ou à tout mandataire social dûment autorisé de la Société, ou à toute autre personne dûment autorisée, le pouvoir et la charge d’accepter les souscriptions de telles Actions nouvelles, d’en recevoir le paiement et de remettre lesdites Actions, dans le respect des dispositions de la Loi de 2010.
Le prix de souscription et le prix auquel les Actions de toute classe peuvent être rachetées, ainsi que la Valeur Nette d’Inventaire par Action pour chaque classe seront mis à disposition et pourront être obtenus au siège social de la Société.
Le Conseil peut créer chaque Compartiment pour une durée indéterminée ou déterminée ; dans ce dernier cas, le Conseil peut, à l’expiration de la durée initiale, prolonger une ou plusieurs fois la durée du Compartiment concerné. À l’expiration de la durée d’un Compartiment, la Société rachètera la totalité des Actions de la classe (ou des classes) d’Actions concernée(s), conformément à l’Article 21 ci-dessous, nonobstant les stipulations de l’Article 31 ci-dessous.
Lors de chaque prolongation de la durée d’un Compartiment, les détenteurs d’Actions nominatives seront dûment avisés par voie d’une notification écrite qui sera envoyée aux actionnaires aux adresses figurant dans le Registre des Actionnaires de la Société. La documentation relative à la vente d’Actions de la Société indiquera la durée de chaque Compartiment, et s’il y a lieu, son prolongement. | # The minimum share capital of the Corporation shall be the equivalent in U.S. dollars of one million two hundred fifty- thousand euros (EUR 1,250,000).
The Board is authorised without limitation to issue at any time further fully paid Shares at the applicable Net Asset Value per Share of the relevant class determined in accordance with Article 24 hereof, without reserving to the existing shareholders of the Corporation a preferential right of subscription to the additional Shares to be issued.
The Board may delegate to any Director or duly authorised officer of the Corporation or to any duly authorised person the power and duty to accept subscriptions and to receive payment for such new Shares and to deliver these remaining always within the provisions of the 2010 Law.
The offering price and the price at which Shares of each class are redeemed, as well as the Net Asset Value per Share of each class, shall be available and may be obtained at the registered office of the Corporation.
The Board may create each Portfolio for an unlimited or limited period of time; in the latter case, the Board may, at the expiry of the initial period of time, extend the duration of the relevant Portfolio once or several times. At the expiry of the duration of a Portfolio, the Corporation shall redeem all the Shares in the relevant class(es) of Shares, in accordance with Article 21 below, notwithstanding the provisions of Article 31 below.
At each extension of a Portfolio, the registered shareholders shall be duly notified in writing, by a notice sent to their registered address as recorded in the Register of Shareholders of the Corporation. The sales documents for the Shares of the Corporation shall indicate the duration of each Portfolio and, if appropriate, its extension. | en | fr |
DOLFIN4866 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. In order to reach the investment objective, derivative financial instruments or, as the case may be, special investment techniques and financial instruments may be employed on a larger scale. The range of possible instruments particularly includes interest rate swaps and currency forwards. For the employment of such derivative financial instruments or, as the case may be, special investment techniques and financial instruments, the restrictions as defined in detail in the section "Financial instruments and investment techniques" will be applicable. | ### El Fondo puede utilizar instrumentos financieros complejos para asegurar su patrimonio y sacar provecho de inversiones con perspectivas de éxito.
El Fondo puede invertir directamente en bonos de China continental cotizados en las bolsas chinas o negociados en los mercados interbancarios de bonos de China continental. Para las inversiones en las bolsas chinas, el Fondo invierte a través de la cuota de inversores institucionales extranjeros cualificados en renminbi (RQFII, por sus siglas en inglés) de la sociedad gestora.
El Fondo se gestiona de forma activa con referencia al JPM GBI-EM Global Diversified Composite Index (el «Índice de referencia»), ya que hace uso del mismo, en la moneda correspondiente, con fines de comparación de la rentabilidad. No obstante, el Índice de referencia no se utilizará para determinar la composición de la cartera del Fondo ni como objetivo de rendimiento y el Fondo puede estar invertido exclusivamente en valores no representados en el Índice de referencia. A efectos de conseguir el objetivo de inversión, también pueden utilizarse en mayor medida instrumentos financieros derivados o técnicas de inversión e instrumentos financieros especiales. En la gama de instrumentos posibles cabe incluir, en particular, los contratos a plazo sobre divisas y los swaps de tipos de interés. Las restricciones definidas en detalle en el capítulo «Instrumentos financieros y técnicas de inversión» se aplican a la utilización de dichos instrumentos financieros derivados o técnicas de inversión e instrumentos financieros especiales. | ### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. In order to reach the investment objective, derivative financial instruments or, as the case may be, special investment techniques and financial instruments may be employed on a larger scale. The range of possible instruments particularly includes interest rate swaps and currency forwards. For the employment of such derivative financial instruments or, as the case may be, special investment techniques and financial instruments, the restrictions as defined in detail in the section "Financial instruments and investment techniques" will be applicable. | en | es |
DOLFIN4867 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment objective
The investment objective of the Fund is to seek capital growth over the medium to long term. The Fund seeks to achieve its | # Obiettivo d’investimento
L'obiettivo di investimento del Fondo è perseguire la crescita del capitale nel medio-lungo termine. Il Fondo cerca di | # Investment objective
The investment objective of the Fund is to seek capital growth over the medium to long term. The Fund seeks to achieve its | en | it |
DOLFIN4868 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Risques
- Le fonds conclut des opérations sur dérivés sur les sous-jacents afin de participer à leur appréciation ou de miser sur leur dépréciation. Les opportunités accrues qui en découlent vont de pair avec des risques accrus de perte. En outre, les opérations sur dérivés peuvent être utilisées pour couvrir l'actif du fonds. L'utilisation d'opérations sur dérivés à des fins de couverture peut réduire les perspectives de plus-values du fonds.
- Le fonds investit dans des actions. Les actions sont soumises aux variations des cours et donc au risque de baisse des cours.
- Le fonds investit dans des obligations convertibles et des obligations à warrant. Les obligations convertibles et les obligations à warrant matérialisent le droit d’échanger les obligations contre des actions ou d’acquérir des actions. L’évolution de la valeur des obligations convertibles et des obligations à warrant dépend donc de l’évolution du cours de l’action comme sous-jacent. Les risques de performances des actions sous-jacentes peuvent donc également affecter la performance des obligations convertibles et des obligations à warrant.
- Le fonds investit dans des obligations dont la valeur dépend de la capacité de l’émetteur à s’acquitter de ses paiements. La détérioration de la qualité du débiteur (capacité et volonté à rembourser) peut avoir un impact négatif sur la valeur de l'obligation.
- Le portefeuille affiche une volatilité plus élevée du fait de sa composition et/ou des techniques employées par les gestionnaires. La valeur liquidative peut ainsi subir, même sur de courtes périodes, des fluctuations à la baisse ou à la hausse plus marquées. La valeur liquidative peut à tout moment se replier en dessous du prix auquel le client a souscrit ses actions. | # Riesgos
- El fondo emplea operaciones de derivados sobre valores subyacentes para participar de sus revalorizaciones o sacar provecho en caso de que pierdan valor. El aumento de las oportunidades asociado a estas operaciones conlleva también un mayor riesgo de pérdida. Por otra parte, es posible emplear operaciones de derivados para proteger el patrimonio del fondo. Este uso de las operaciones de derivados puede hacer que se reduzcan las posibilidades de ganancia del fondo.
- El fondo invierte en acciones. Las acciones están sujetas a fluctuaciones y, por tanto, también al riesgo de sufrir retrocesos en la cotización.
- El fondo invierte en bonos convertibles y bonos con warrants. Los bonos convertibles y los bonos con warrants documentan el derecho de convertir la obligación en acciones o de adquirir acciones. La evolución del valor de los bonos convertibles y bonos con warrants depende, por tanto, de la evolución de la cotización de la acción en calidad de valor subyacente. De este modo, los riesgos de la evolución del valor de las acciones subyacentes también pueden influir en la evolución del valor de los bonos convertibles y bonos con warrants.
- El fondo invierte en bonos cuyo valor depende de que el emisor esté en condiciones de efectuar pagos. Un empeoramiento de la solvencia (capacidad y voluntad de reembolso) puede afectar negativamente al valor de los bonos.
- Debido a su composición/las técnicas de gestión del Fondo utilizadas, el Fondo presenta una alta volatilidad, es decir, los precios de las participaciones pueden estar sujetos a fuertes oscilaciones al alza o a la baja, también durante periodos breves de tiempo. El valor liquidativo por participación puede caer en cualquier momento por debajo del precio de compra al que el cliente adquirió la participación. | # Risques
- Le fonds conclut des opérations sur dérivés sur les sous-jacents afin de participer à leur appréciation ou de miser sur leur dépréciation. Les opportunités accrues qui en découlent vont de pair avec des risques accrus de perte. En outre, les opérations sur dérivés peuvent être utilisées pour couvrir l'actif du fonds. L'utilisation d'opérations sur dérivés à des fins de couverture peut réduire les perspectives de plus-values du fonds.
- Le fonds investit dans des actions. Les actions sont soumises aux variations des cours et donc au risque de baisse des cours.
- Le fonds investit dans des obligations convertibles et des obligations à warrant. Les obligations convertibles et les obligations à warrant matérialisent le droit d’échanger les obligations contre des actions ou d’acquérir des actions. L’évolution de la valeur des obligations convertibles et des obligations à warrant dépend donc de l’évolution du cours de l’action comme sous-jacent. Les risques de performances des actions sous-jacentes peuvent donc également affecter la performance des obligations convertibles et des obligations à warrant.
- Le fonds investit dans des obligations dont la valeur dépend de la capacité de l’émetteur à s’acquitter de ses paiements. La détérioration de la qualité du débiteur (capacité et volonté à rembourser) peut avoir un impact négatif sur la valeur de l'obligation.
- Le portefeuille affiche une volatilité plus élevée du fait de sa composition et/ou des techniques employées par les gestionnaires. La valeur liquidative peut ainsi subir, même sur de courtes périodes, des fluctuations à la baisse ou à la hausse plus marquées. La valeur liquidative peut à tout moment se replier en dessous du prix auquel le client a souscrit ses actions. | fr | es |
DOLFIN4869 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## No Director has any direct or indirect interest in any contract or arrangement which was either unusual in its nature or significant to the business of the Fund.
-
## Management Company
- Corporate informationThe Board of Directors has appointed Carne Global Fund Managers (Luxembourg) S.A. (the “Management Company”) as the management company of the Fund to serve as its designated management company within the meaning of article 27 of the 2010 Law pursuant to the Management Company Agreement. The Management Company is governed by chapter 15 of the 2010 Law. | ## Kein Mitglied des Verwaltungsrats besitzt mittelbar oder unmittelbar einen Anspruch aus einem Vertrag oder einer Vereinbarung außerordentlicher Art oder größerer Bedeutung für die Geschäfte des Fonds.
-
## Verwaltungsgesellschaft
- UnternehmensinformationenDer Verwaltungsrat hat die Carne Global Fund Managers (Luxembourg) S.A. (Die„Verwaltungsgesellschaft“) zur Verwaltungsgesellschaft des Fonds bestellt, um gemäß der Verwaltungsgesellschaftsvereinbarung als seine designierte Verwaltungsgesellschaft im Sinnevon Artikel 27 des Gesetzes von 2010 zu fungieren. Die Verwaltungsgesellschaft unterliegt Kapitel 15 des Gesetzes von 2010. | ## No Director has any direct or indirect interest in any contract or arrangement which was either unusual in its nature or significant to the business of the Fund.
-
## Management Company
- Corporate informationThe Board of Directors has appointed Carne Global Fund Managers (Luxembourg) S.A. (the “Management Company”) as the management company of the Fund to serve as its designated management company within the meaning of article 27 of the 2010 Law pursuant to the Management Company Agreement. The Management Company is governed by chapter 15 of the 2010 Law. | en | de |
DOLFIN4870 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Stratégie d’investissement
Le fonds investit principalement dans des actions émises par des sociétés américaines de moyenne et grande capitalisations. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés. Pour de plus amples informations concernant la politique d'investissement du fonds, veuillez vous reporter au prospectus.
L'analyse des facteurs ESG est un élément qualifiant de la stratégie du fonds.
Le fonds évalue le profil ESG des investissements du portefeuille par le biais d’une méthode de notation ESG qui couvre au moins 90 % de l’actif net total ou des émetteurs du portefeuille (à l’exclusion des titres de créance d’État et des liquidités accessoires).
En outre, le fonds investit au moins 90 % de ses actifs dans des émetteurs figurant dans son indice de référence et sélectionnés sur la base de critères environnementaux, sociaux et de gouvernance d'entreprise. Eurizon Capital S.A. prend en compte les critères ESG en sélectionnant des indices de référence qui tiennent compte de facteurs environnementaux et/ou sociaux et des pratiques de bonne gouvernance (appelés « indices ESG »). Eurizon Capital S.A. analyse la méthodologie utilisée pour calculer l'indice retenu comme référence afin (i) de garantir l'alignement par rapport aux caractéristiques environnementales ou sociales promues par le produit et la stratégie d'investissement et (ii) d'évaluer les critères d'intégration ESG par rapport aux indices de marché pertinents.
En outre, le fonds n'investit pas dans des émetteurs opérant dans des secteurs considérés comme « non responsables sur le plan social et environnemental », c'est-à-dire (i) dans des sociétés caractérisées par une implication directe évidente dans la fabrication d'armes non conventionnelles, (ii) dans des sociétés qui tirent au moins 25 % de leur chiffre d'affaires d'activités minières ou de production d'électricité liées au charbon thermique ou (iii) dans des sociétés qui tirent au moins 10 % de leur chiffre d'affaires de l'extraction de sables bitumineux. En outre, le fonds n'investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée est activé. Les émetteurs « critiques » sont les sociétés les plus exposées aux risques environnementaux, sociaux et de gouvernance d'entreprise, c'est-à-dire celles dont le niveau de notation de durabilité ESG est le plus bas au sein de l'univers d'investissement composé d'actions et d'obligations.
Le fonds détiendra au minimum 35 % d'investissements durables en investissant dans des émetteurs dont les activités contribuent à un ou plusieurs des Objectifs de développement durable (ODD) ou dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux, à condition (i) que ces investissements ne nuisent pas de manière significative à l'un des objectifs environnementaux ou sociaux énoncés dans le règlement (UE) 2019/2088 et (ii) que les sociétés bénéficiant de ces investissements
respectent les pratiques de bonne gouvernance. Les Objectifs de développement durable promus par les Nations Unies visent à favoriser un développement mondial plus conscient et durable, y compris le bien-être des êtres humains, la protection et la prise en charge de l'environnement naturel et les réponses aux grands problèmes sociaux.
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852. Les investissements durables réalisés par les fonds ne tiennent pas compte des critères techniques de l’UE relatifs aux activités économiques durables sur le plan environnemental. La proportion d’investissements durables sur le plan environnemental du fonds au sens du règlement (UE) 2020/852 est actuellement de 0 %. Cependant, le fonds est susceptible d’investir dans des activités susceptibles d’être considérées comme respectueuses de l’environnement selon sa politique d’investissement, mais ces investissements ne sont pas en soi décisifs pour la réalisation des caractéristiques environnementales du fonds.
Les sociétés émettrices dont l'organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs sont exclus ex-ante de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle
ex post est également effectué sur la base de la dernière liste disponible des émetteurs exclus. | # Estrategia de inversión
El fondo invierte principalmente en valores de renta variable emitidos por empresas de mediana y gran capitalización estadounidenses. Por lo general, el fondo opta por la inversión directa, pero ocasionalmente podrá invertir a través de derivados. Para más información sobre la política de inversión del fondo, consulte el folleto.
El análisis de los factores ASG es un elemento cualificador de la estrategia del fondo.
El fondo evalúa el perfil ASG de las inversiones de la cartera mediante una metodología de puntuación ASG que cubre, al menos, el 90% del patrimonio neto total del fondo o de los emisores en cartera (excluidos los títulos de deuda de los Estados y el efectivo accesorio).
Además, el fondo invierte al menos el 90% de su patrimonio en emisores presentes en su índice de referencia que han sido identificados sobre la base de criterios medioambientales, sociales y de gobierno corporativo. Eurizon Capital S.A. integra criterios ASG mediante la selección de índices de referencia que tienen en cuenta factores medioambientales y/o sociales y que respetan las prácticas de buena gobernanza (los denominados «índices de referencia ASG»). Eurizon Capital S.A. analiza la metodología utilizada para calcular el índice designado como referencia con el fin de (i) garantizar la adaptación a las características medioambientales o sociales promovidas por el producto y la estrategia de inversión; y (ii) evaluar los criterios de integración ASG con respecto a los índices de mercado pertinentes.
Además, el fondo no invierte en emisores de sectores considerados «no social y medioambientalmente responsables», es decir, (i) en empresas caracterizadas por una clara implicación directa en la fabricación de armas no convencionales; (ii) en empresas que obtengan al menos el 25% de su volumen de negocios de actividades mineras o de producción de electricidad vinculadas al carbón térmico; (iii) en empresas que obtengan al menos el 10% de su volumen de negocios de la extracción de arenas bituminosas.
Además, el fondo no invierte en emisores «críticos» para los que se activa un proceso de escalamiento. Los emisores «críticos» son aquellas empresas con mayor exposición a los riesgos medioambientales, sociales y de gobierno corporativo, es decir, con un nivel de calificación de sostenibilidad ASG inferior en el universo de inversión de renta variable y renta fija.
El fondo tendrá una proporción mínima del 35% de inversiones sostenibles, mediante inversiones en emisores cuyas actividades contribuyan a uno o varios de los Objetivos de Desarrollo sostenible (ODS) o inversiones en bonos cuyos ingresos se destinen a financiar proyectos medioambientales y/o sociales, siempre que (i) no perjudiquen significativamente a ninguno de los objetivos medioambientales o sociales establecidos en el Reglamento (UE) 2019/2088; y (ii) cumplan las prácticas de buena gobernanza. Los
Objetivos de Desarrollo Sostenible promovidos por las Naciones Unidas metodología pretenden fomentar un desarrollo mundial más consciente y duradero, que incluya el bienestar de los seres humanos, la protección y el cuidado del medioambiente natural y respuestas a los principales problemas sociales.
No obstante, el fondo no promueve los objetivos medioambientales específicos estipulados en el Reglamento (UE) 2020/852. En efecto, las inversiones sostenibles realizadas por los fondos no contemplan los criterios técnicos de la Unión Europea relativos a las actividades económicas medioambientalmente sostenibles. Actualmente, la proporción de inversiones medioambientalmente sostenibles del fondo en el sentido del Reglamento (UE) 2020/852 es igual al 0%. No obstante, el fondo podría invertir en actividades que se consideren sostenibles desde una perspectiva medioambiental con arreglo a su política de inversión. Sin embargo, dichas inversiones no son decisivas per se para el logro de las características medioambientales del fondo.
Se considera que las empresas emisoras que no tienen miembros independientes en su órgano de administración no tienen buenas prácticas de gobernanza.
Cada mes, dichos emisores se identifican entre los incluidos en los servicios «MSCI ESG Ratings - World», «MSCI ESG Ratings - Emerging Markets» y «MSCI ESG Ratings - Fixed Income Corporate» de «MSCI ESG Research».
Además, la lista mensual también puede incluir otros Emisores que presenten (i) investigaciones contables, internas o por parte de autoridades externas, así como la presencia de sanciones o condenas por asuntos relacionados con procedimientos contables; o (ii) procedimientos de quiebra o liquidación.
Dichos emisores son excluidos a priori del universo de inversión del fondo y, en el momento de la valoración de la cartera, también se realiza un control a posteriori basado en la última lista disponible de emisores excluidos. | # Stratégie d’investissement
Le fonds investit principalement dans des actions émises par des sociétés américaines de moyenne et grande capitalisations. Le fonds privilégie généralement l’investissement direct mais peut parfois investir par le biais d’instruments dérivés. Pour de plus amples informations concernant la politique d'investissement du fonds, veuillez vous reporter au prospectus.
L'analyse des facteurs ESG est un élément qualifiant de la stratégie du fonds.
Le fonds évalue le profil ESG des investissements du portefeuille par le biais d’une méthode de notation ESG qui couvre au moins 90 % de l’actif net total ou des émetteurs du portefeuille (à l’exclusion des titres de créance d’État et des liquidités accessoires).
En outre, le fonds investit au moins 90 % de ses actifs dans des émetteurs figurant dans son indice de référence et sélectionnés sur la base de critères environnementaux, sociaux et de gouvernance d'entreprise. Eurizon Capital S.A. prend en compte les critères ESG en sélectionnant des indices de référence qui tiennent compte de facteurs environnementaux et/ou sociaux et des pratiques de bonne gouvernance (appelés « indices ESG »). Eurizon Capital S.A. analyse la méthodologie utilisée pour calculer l'indice retenu comme référence afin (i) de garantir l'alignement par rapport aux caractéristiques environnementales ou sociales promues par le produit et la stratégie d'investissement et (ii) d'évaluer les critères d'intégration ESG par rapport aux indices de marché pertinents.
En outre, le fonds n'investit pas dans des émetteurs opérant dans des secteurs considérés comme « non responsables sur le plan social et environnemental », c'est-à-dire (i) dans des sociétés caractérisées par une implication directe évidente dans la fabrication d'armes non conventionnelles, (ii) dans des sociétés qui tirent au moins 25 % de leur chiffre d'affaires d'activités minières ou de production d'électricité liées au charbon thermique ou (iii) dans des sociétés qui tirent au moins 10 % de leur chiffre d'affaires de l'extraction de sables bitumineux. En outre, le fonds n'investit pas dans des émetteurs « critiques » pour lesquels un processus de remontée est activé. Les émetteurs « critiques » sont les sociétés les plus exposées aux risques environnementaux, sociaux et de gouvernance d'entreprise, c'est-à-dire celles dont le niveau de notation de durabilité ESG est le plus bas au sein de l'univers d'investissement composé d'actions et d'obligations.
Le fonds détiendra au minimum 35 % d'investissements durables en investissant dans des émetteurs dont les activités contribuent à un ou plusieurs des Objectifs de développement durable (ODD) ou dans des obligations dont le produit vise à financer des projets environnementaux et/ou sociaux, à condition (i) que ces investissements ne nuisent pas de manière significative à l'un des objectifs environnementaux ou sociaux énoncés dans le règlement (UE) 2019/2088 et (ii) que les sociétés bénéficiant de ces investissements
respectent les pratiques de bonne gouvernance. Les Objectifs de développement durable promus par les Nations Unies visent à favoriser un développement mondial plus conscient et durable, y compris le bien-être des êtres humains, la protection et la prise en charge de l'environnement naturel et les réponses aux grands problèmes sociaux.
Le fonds ne promeut toutefois pas les objectifs environnementaux spécifiques énoncés dans le règlement (UE) 2020/852. Les investissements durables réalisés par les fonds ne tiennent pas compte des critères techniques de l’UE relatifs aux activités économiques durables sur le plan environnemental. La proportion d’investissements durables sur le plan environnemental du fonds au sens du règlement (UE) 2020/852 est actuellement de 0 %. Cependant, le fonds est susceptible d’investir dans des activités susceptibles d’être considérées comme respectueuses de l’environnement selon sa politique d’investissement, mais ces investissements ne sont pas en soi décisifs pour la réalisation des caractéristiques environnementales du fonds.
Les sociétés émettrices dont l'organe administratif ne compte aucun membre indépendant ne sont pas considérées comme ayant de bonnes pratiques de gouvernance.
Chaque mois, ces émetteurs sont identifiés parmi ceux inclus dans les services « MSCI ESG Ratings - World », « MSCI ESG Ratings - Emerging Markets » et « MSCI ESG Ratings - Fixed Income Corporate » de « MSCI ESG Research ».
En outre, la liste mensuelle peut également inclure d’autres émetteurs qui font l’objet (i) d’investigations comptables, réalisées en interne ou par des autorités externes, ainsi que de sanctions ou de condamnations pour des questions liées aux procédures comptables ou (ii) de procédures de faillite ou de liquidation.
Ces émetteurs sont exclus ex-ante de l’univers d’investissement du fonds et, au moment de la valorisation du portefeuille, un contrôle
ex post est également effectué sur la base de la dernière liste disponible des émetteurs exclus. | fr | es |
DOLFIN4871 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### SECTION 5 - DISPUTES
Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund that may arise during the operation thereof, or upon its liquidation, either between unitholders or between unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Regulations updated on: 31 July 2017 | ### TÍTULO 5 - CONTROVERSIAS
Artículo 13.º - Competencia y elección de jurisdicción
Toda controversia relativa al fondo que pueda surgir durante su plazo de funcionamiento o durante su liquidación, bien entre los partícipes o bien entre estos y la sociedad de gestión o el depositario, se someten a la jurisdicción de los tribunales competentes.
Fecha de actualización del reglamento: 31 de julio de 2017 | ### SECTION 5 - DISPUTES
Article 13 - Jurisdiction - Address for service
Any disputes relating to the Fund that may arise during the operation thereof, or upon its liquidation, either between unitholders or between unitholders and the management company or the depositary, are subject to the jurisdiction of the competent courts.
Regulations updated on: 31 July 2017 | en | es |
DOLFIN4872 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.20% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above LIBOR 3 M USD + 400 basis points on a yearly basis. |
| Over the last accounting year, a performance fee of 0.22% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | Ninguno |
| Gastos de conversión | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 2,20% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del LIBOR 3 M USD + 400 puntos básicos al año. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,22%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | None |
| Conversion charge | None |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 2.20% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 15.00% a year of any returns the Sub-Fund achieves above LIBOR 3 M USD + 400 basis points on a yearly basis. |
| Over the last accounting year, a performance fee of 0.22% was charged. | | en | es |
DOLFIN4873 | 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
## Objectifs
## 2 Générer des revenus et valoriser votre investissement sur le long terme, en dollars américains.
## Principaux placements
## 2 Au moins 70 % des investissements du fonds seront réalisés dans des actions de sociétés.
## Politique d'investissement
2 Investir dans des entreprises constituées ou exerçant la majeure partie de leur activité économique dans des pays d'Amérique latine. Les investissements du fonds peuvent ponctuellement être concentrés dans un nombre limité de pays.
2 Le Fonds prend en compte des facteurs environnementaux, sociaux et de gouvernance dans son processus d'investissement, et s'attache à amener les dirigeants d'entreprises à appliquer de bonnes pratiques de gouvernance et à s'engager sur des questions environnementales et/ou sociales importantes.
2 La performance du Fonds sera mesurée par rapport à celle de l'indice MSCI EM Latin America Index (l'« Indice de référence »). Le Fonds fait l'objet d'une gestion active. Il n'est pas conçu pour répliquer un indice de référence. Par conséquent, il n'est soumis à aucune contrainte de composition.
## Autres informations
## 2 Le Fonds peut investir jusqu'à 30 % de ses actifs dans des investissements qui ne remplissent pas les critères ci-dessus.
## 2 Le fonds peut également investir une partie de son actif dans des entreprises qui ne remplissent pas les critères ci-dessus.
## 2 Le revenu sera inclus dans la valeur de vos actions.
## Achat et vente de parts
## 2 Les investisseurs peuvent acheter et vendre des parts tout jour ouvrable au Luxembourg. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo
## 2 Generar ingresos y la revalorización a largo plazo de su inversión, medida en USD.
## Principales inversiones
## 2 Al menos, el 70% de las inversiones del fondo se asignará a acciones de compañías.
## Política de inversión
2 Invertir en compañías constituidas o que llevan a cabo una parte predominante de su actividad económica en países de América Latina. Las inversiones del fondo pueden concentrarse, en cada momento, en un número limitado de países.
2 El fondo tiene en cuenta factores medioambientales, sociales y de gobierno en su proceso de inversión, centrándose en implicar a los equipos directivos de las compañías en prácticas de gobierno corporativo, así como en cuestiones medioambientales y/o sociales de especial importancia.
2 El fondo medirá su rentabilidad con respecto al MSCI EM Latin America Index (el "Índice de referencia"). El fondo se gestiona de forma activa y no está diseñado para seguir la evolución del Índice de referencia. Por tanto, la gestión del fondo no se encuentra restringida por la composición del Índice de referencia.
## Otra información
## 2 El fondo puede invertir hasta el 30% de sus activos en emisores que no cumplan los criterios anteriores.
## 2 El fondo también puede invertir una parte de sus activos en compañías que no cumplan los criterios que figuran arriba.
## 2 La renta se incluirá en el valor de sus acciones.
## Compra y venta de acciones
## 2 Los inversores podrán comprar y vender acciones todos los días laborables de Luxemburgo. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
## Objectifs
## 2 Générer des revenus et valoriser votre investissement sur le long terme, en dollars américains.
## Principaux placements
## 2 Au moins 70 % des investissements du fonds seront réalisés dans des actions de sociétés.
## Politique d'investissement
2 Investir dans des entreprises constituées ou exerçant la majeure partie de leur activité économique dans des pays d'Amérique latine. Les investissements du fonds peuvent ponctuellement être concentrés dans un nombre limité de pays.
2 Le Fonds prend en compte des facteurs environnementaux, sociaux et de gouvernance dans son processus d'investissement, et s'attache à amener les dirigeants d'entreprises à appliquer de bonnes pratiques de gouvernance et à s'engager sur des questions environnementales et/ou sociales importantes.
2 La performance du Fonds sera mesurée par rapport à celle de l'indice MSCI EM Latin America Index (l'« Indice de référence »). Le Fonds fait l'objet d'une gestion active. Il n'est pas conçu pour répliquer un indice de référence. Par conséquent, il n'est soumis à aucune contrainte de composition.
## Autres informations
## 2 Le Fonds peut investir jusqu'à 30 % de ses actifs dans des investissements qui ne remplissent pas les critères ci-dessus.
## 2 Le fonds peut également investir une partie de son actif dans des entreprises qui ne remplissent pas les critères ci-dessus.
## 2 Le revenu sera inclus dans la valeur de vos actions.
## Achat et vente de parts
## 2 Les investisseurs peuvent acheter et vendre des parts tout jour ouvrable au Luxembourg. | fr | es |
DOLFIN4874 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 09/2021 et 11/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 11/2014 et 10/2019.Favorable : Ce type de scénario s’est produit pour un investissement entre 02/2016 et 01/2021.
| Période de détention recommandée minimale : 5 ans Exemple d’investissement: 10 000 USD | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 5 ans (période de détention recommandée) |
| 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 | 4 920 USD | 6 180 USD |
| Rendement annuel moyen | - 50,84 % | - 9,18 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 380 USD | 8 740 USD |
| Rendement annuel moyen | - 16,19 % | - 2,65 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 150 USD | 12 190 USD |
| Rendement annuel moyen | 1,54 % | 4,04 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 870 USD | 13 670 USD |
| Rendement annuel moyen | 18,72 % | 6,45 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Sustainable US High Yield Bond, un compartiment de Morgan Stanley Investment Funds – I Capitalisation USD (LU2536250587) | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de Riesgo
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 3 en una escala de 7, en la que 3 significa un riesgo medio bajo.
## Escenarios de rentabilidad
Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media baja y la probabilidad de que una mala coyuntura de mercado influya en la capacidad de pagarle como improbable.
Tenga presente el riesgo de cambio. La moneda de esta clase de participaciones puede ser distinta de la de su país. Puede recibir pagos en la moneda de esta clase de participaciones en lugar de en la de su país, por lo que la rentabilidad final dependerá del tipo de cambio entre las dos monedas.
El indicador resumido de riesgo podría no capturar adecuadamente todos los riesgos a los que está expuesto el Fondo.
Esta calificación no tiene en cuenta otros factores de riesgo que deben considerarse antes de invertir, entre ellos:
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si no podemos pagarle lo que se le debe, podría perder toda su inversión.
Las cifras presentadas incluyen todos los costes del producto en sí, pero pueden no incluir todos los costes que deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtendrá de este producto dependerá de la evolución futura del mercado. La evolución del mercado en el futuro es incierta y no se puede predecir de forma exacta.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años, y determinan, dependiendo de los escenarios de rentabilidad y conforme a las definiciones del Reglamento de la UE sobre los documentos de datos fundamentales, todos los subintervalos que se solapen, que sean individualmente (i) iguales en extensión a la duración del período de mantenimiento recomendado y que comiencen o terminen en cada uno de los meses que estén contenidos en dicho período de 10 años o (ii) iguales o inferiores en extensión a la duración del período de mantenimiento recomendado, pero iguales o superiores a un año, y que terminen al final de dicho período de 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados.
Desfavorable: Este tipo de escenario se produjo para una inversión entre 09/2021 y 11/2022.Moderado: Este tipo de escenario se produjo para una inversión entre 11/2014 y 10/2019.Favorable: Este tipo de escenario se produjo para una inversión entre 02/2016 y 01/2021.
| Período de mantenimiento mínimo recomendado: 5 años Ejemplo de inversión: 10 000 USD | |
| --- | --- |
| Escenarios | | if you exit after 1 año | if you exit after 5 años (período de mantenimiento recomendado) |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 4 920 USD | 6 180 USD |
| Rendimiento medio cada año | - 50,84 % | - 9,18 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 380 USD | 8 740 USD |
| Rendimiento medio cada año | - 16,19 % | - 2,65 % |
| Moderado | Lo que podría recibir tras deducir los costes | 10 150 USD | 12 190 USD |
| Rendimiento medio cada año | 1,54 % | 4,04 % |
| Favorable | Lo que podría recibir tras deducir los costes | 11 870 USD | 13 670 USD |
| Rendimiento medio cada año | 18,72 % | 6,45 % |
En el caso de cualquier Fondo en relación con el cual se disponga de menos de 10 años de datos históricos, se ha aplicado un valor de referencia sustitutivo adecuado para realizar los cálculos de los escenarios de rentabilidad. Dichos cálculos son netos de todos los costes aplicables.
Sustainable US High Yield Bond, un subfondo de Morgan Stanley Investment Funds – I Capitalisation USD (LU2536250587) | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne.
## Scénarios de performance
Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre faible et moyen et, si la situation venait à se détériorer sur les marchés, il est peu probable que notre capacité à vous payer en soit affectée.
Attention au risque de change. La devise de cette classe d’actions peut être différente de celle de votre pays. Dans la mesure où vous pourriez recevoir des paiements dans la devise de cette classe d’actions et non dans celle de votre pays, le rendement final dépendra du taux de change entre ces deux devises.
L'indicateur synthétique de risque ne prend pas en compte tous les risques auxquels le Compartiment est exposé de manière adéquate.
Cette note ne tient pas compte d'autres facteurs de risque qui doivent être pris en considération avant d'investir, notamment :
-- SUB_FUND.RISK_ELEMENT_H Is Empty --
Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez perdre l’intégralité de votre investissement.
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez.
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années en identifiant, selon les scénarios de performance et comme défini dans le règlement européen concernant le Document d’informations clés, tous les sous-intervalles se chevauchant et individuellement (i) d'une durée égale à la période de détention recommandée et qui commencent ou se terminent durant chaque mois inclus dans cette période de 10 ans ou (ii) d'une durée inférieure ou égale à la période de détention recommandée, mais supérieure ou égale à un an, et se terminant à la fin de cette période de 10 ans. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
Défavorable : Ce type de scénario s’est produit pour un investissement entre 09/2021 et 11/2022.Intermédiaire : Ce type de scénario s’est produit pour un investissement entre 11/2014 et 10/2019.Favorable : Ce type de scénario s’est produit pour un investissement entre 02/2016 et 01/2021.
| Période de détention recommandée minimale : 5 ans Exemple d’investissement: 10 000 USD | |
| --- | --- |
| Scénarios | | if you exit after 1 an | if you exit after 5 ans (période de détention recommandée) |
| 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 | 4 920 USD | 6 180 USD |
| Rendement annuel moyen | - 50,84 % | - 9,18 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 380 USD | 8 740 USD |
| Rendement annuel moyen | - 16,19 % | - 2,65 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 150 USD | 12 190 USD |
| Rendement annuel moyen | 1,54 % | 4,04 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 870 USD | 13 670 USD |
| Rendement annuel moyen | 18,72 % | 6,45 % |
Lorsque les données historiques d’un Fonds remontent à moins de 10 ans, un indice de référence de substitution approprié est utilisé pour calculer les scénarios de performance. Ces calculs sont nets de tous les coûts applicables.
Sustainable US High Yield Bond, un compartiment de Morgan Stanley Investment Funds – I Capitalisation USD (LU2536250587) | fr | es |
DOLFIN4875 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Index returns are shown with net dividends reinvested.
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only. | Fonte dati di performance T.Rowe Price. Le performance del fondo sono calcolate usando il NAV ufficiale con reinvestimento delle cedole, se del caso. Le commissioni di gestione, le imposte e altri costi localmente applicati non sono stati dedotti e, ove applicabili, ridurranno i dati di performance.
I rendimenti dell’indice sono indicati con i dividendi netti reinvestiti.
Il gestore non è vincolato dal benchmark del fondo, utilizzato ai soli fini di ratfronto delle performance. | Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Index returns are shown with net dividends reinvested.
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only. | en | it |
DOLFIN4876 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risks
- The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors.• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. | # Risques
- Le fonds investit son actif dans des régions ou branches sélectionnées. Cela augmente le risque d'un impact négatif de la situation économique et politique des régions ou branches concernées sur le fonds.• Le fonds investit dans des actions. Les actions sont soumises aux variations des cours et donc au risque de baisse des cours.• Le portefeuille affiche une volatilité plus élevée du fait de sa composition et/ou des techniques employées par les gestionnaires. La valeur liquidative peut ainsi subir, même sur de courtes périodes, des fluctuations à la baisse ou à la hausse plus marquées. La valeur liquidative peut à tout moment se replier en dessous du prix auquel le client a souscrit ses actions. | # Risks
- The fund invests its assets in selected regions or sectors. This increases the risk that the fund may be negatively influenced by the economic and political conditions in the respective regions or sectors.• The fund invests in equities. Equities are subject to strong price fluctuations and thus also to the risk of price decreases.• Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time. | en | fr |
DOLFIN4877 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,780 EUR | 6,060 EUR |
| Average return each year | -32.18% | -9.55% |
| Unfavourable | What you might get back after costs | 7,900 EUR | 7,790 EUR |
| Average return each year | -21.02% | -4.87% |
| Moderate | What you might get back after costs | 10,500 EUR | 12,170 EUR |
| Average return each year | 5.00% | 4.00% |
| Favourable | What you might get back after costs | 12,110 EUR | 15,480 EUR |
| Average return each year | 21.08% | 9.13% | | | Période de détention recommandée : 5 ans Investissement 10.000 EUR | 1 an | 5 ans (Période de détention recommandée) |
| --- | --- | --- |
| Scénarios |
| Minimum | Il n'y a pas de rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Stress | Ce que vous pourriez obtenir après déduction des coûts | 6.780 EUR | 6.060 EUR |
| Rendement moyen chaque année | -32,18% | -9,55% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7.900 EUR | 7.790 EUR |
| Rendement moyen chaque année | -21,02% | -4,87% |
| Modéré | Ce que vous pourriez obtenir après déduction des coûts | 10.500 EUR | 12.170 EUR |
| Rendement moyen chaque année | 5,00% | 4,00% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12.110 EUR | 15.480 EUR |
| Rendement moyen chaque année | 21,08% | 9,13% | | | Recommended Holding Period: 5 years Investment 10,000 EUR | 1 year | 5 years (Recommended Holding period) |
| --- | --- | --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 6,780 EUR | 6,060 EUR |
| Average return each year | -32.18% | -9.55% |
| Unfavourable | What you might get back after costs | 7,900 EUR | 7,790 EUR |
| Average return each year | -21.02% | -4.87% |
| Moderate | What you might get back after costs | 10,500 EUR | 12,170 EUR |
| Average return each year | 5.00% | 4.00% |
| Favourable | What you might get back after costs | 12,110 EUR | 15,480 EUR |
| Average return each year | 21.08% | 9.13% | | en | fr |
DOLFIN4878 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
* For information purposes, the combined net assets total as at 31 October 2021, translated in EUR at the foreign exchange rate as of 31 October 2021, is EUR 150,485,684,158.
** The combined net assets total may include the net assets of the sub-funds that were closed subsequently.
A full list of footnotes is given on page 6. The accompanying notes to the financial statements form an integral part of these financial statements. | * A titolo informativo, l’attivo netto consolidato totale al 31 ottobre 2021, convertito in euro al tasso di cambio vigente al 31 ottobre 2021, è pari a EUR 150.485.684.158.
** L’attivo netto consolidato totale può comprendere il patrimonio netto dei comparti chiusi successivamente.
Per un elenco completo delle note vedere pagina 6. Le Note integrative al bilancio allegate fanno parte integrante del presente bilancio. | * For information purposes, the combined net assets total as at 31 October 2021, translated in EUR at the foreign exchange rate as of 31 October 2021, is EUR 150,485,684,158.
** The combined net assets total may include the net assets of the sub-funds that were closed subsequently.
A full list of footnotes is given on page 6. The accompanying notes to the financial statements form an integral part of these financial statements. | en | it |
DOLFIN4879 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How can I complain?
If you wish to make a complaint about this product or the conduct of FIL Investment Management (Luxembourg) S.A. please visit http://www.fidelity.lu. Alternatively, write to FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg or email [email protected]. If you have a complaint about the person who advised you about this product, or who sold it to you please contact them for their complaints process. | # ¿Cómo puedo reclamar?
Si desea presentar una queja sobre este producto o las actuaciones de FIL Investment Management (Luxembourg) S.A., visite http://www.fidelity.lu. Si lo prefiere, puede escribir a FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg o enviar un correo electrónico a [email protected]. Si tiene alguna queja sobre la persona que le ha asesorado sobre este producto o que se lo ha vendido, póngase en contacto con ella para que le explique el proceso de presentación de quejas. | # How can I complain?
If you wish to make a complaint about this product or the conduct of FIL Investment Management (Luxembourg) S.A. please visit http://www.fidelity.lu. Alternatively, write to FIL Investment Management (Luxembourg) S.A., 2a, Rue Albert Borschette, BP 2174, L1246 Luxembourg or email [email protected]. If you have a complaint about the person who advised you about this product, or who sold it to you please contact them for their complaints process. | en | es |
DOLFIN4880 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
*Les souscriptions et rachats d’Actions de fonds monétaires à VLFV sont effectués à un prix équivalant à la VL constante de la Classe correspondante, sous réserve que la VL constante du Compartiment concerné ne s’écarte pas de plus de 20 points de base de sa VL variable. Si la VL constante du Compartiment s’écarte de plus de 20 points de base de sa VL variable, les souscriptions et rachats ultérieurs seront effectués à un prix équivalant à la VL variable de la Classe correspondante.
** S'agissant des Actions (flex dist.) et (dist.) concernées, si les revenus nets sont négatifs, il est possible que les prix de souscription et de rachat ne restent pas stables et que les revenus nets négatifs soient cumulés et reflétés dans la valeur liquidative.
Veuillez vous reporter aux sections 7.2 « Classes d'Actions de distribution portant le suffixe (dist.) » et 7.3 « Classes d'Actions de distribution portant le suffixe (flex dist.) »pour de plus amples informations.
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### Politique d'investissement propre à chaque Compartiment | *Las suscripciones y los reembolsos de las Acciones de FMM de VLBV se realizan a un precio igual al VL constante de la Clase pertinente, siempre y cuando el VL constante del Subfondo en cuestión no se desvíe del VL variable de dicho Subfondo en más de 20 puntos básicos. En el caso de que dicha desviación del VL variable del Subfondo supere los 20 puntos básicos, las suscripciones y los reembolsos siguientes se realizarán a un precio igual al VL variable de la Clase en cuestión.
** En relación con las Acciones con los sufijos «(flex dist.)» y «(dist)» pertinentes, si el producto neto de inversión es negativo, es posible que el precio de suscripción y reembolso no se mantenga estable, y el producto neto negativo de la inversión podrá acumularse y reflejarse en el Valor Liquidativo por Acción.
Véanse los apartados 7.2 «Clases de Acciones de distribución con el sufijo (dist.)» y 7.3 «Clases de Acciones de distribución con el sufijo (flex dist.)» para obtener más información al respecto.
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### Política de inversión específica de cada Subfondo | *Les souscriptions et rachats d’Actions de fonds monétaires à VLFV sont effectués à un prix équivalant à la VL constante de la Classe correspondante, sous réserve que la VL constante du Compartiment concerné ne s’écarte pas de plus de 20 points de base de sa VL variable. Si la VL constante du Compartiment s’écarte de plus de 20 points de base de sa VL variable, les souscriptions et rachats ultérieurs seront effectués à un prix équivalant à la VL variable de la Classe correspondante.
** S'agissant des Actions (flex dist.) et (dist.) concernées, si les revenus nets sont négatifs, il est possible que les prix de souscription et de rachat ne restent pas stables et que les revenus nets négatifs soient cumulés et reflétés dans la valeur liquidative.
Veuillez vous reporter aux sections 7.2 « Classes d'Actions de distribution portant le suffixe (dist.) » et 7.3 « Classes d'Actions de distribution portant le suffixe (flex dist.) »pour de plus amples informations.
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### Politique d'investissement propre à chaque Compartiment | fr | es |
DOLFIN4881 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.49% of the value of your investment per year. This is based on an estimate of the costs. | 149 EUR |
| Transaction costs | 0.05% 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. | 5 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.01% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 101 EUR | | | Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR |
| Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,49% del valor de su inversión por año. Esto se basa en una estimación de los costos. | 149 EUR |
| Costes de operación | 0,05% 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. | 5 EUR |
| Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año |
| Comisiones de rendimiento | 1,01% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 101 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR |
| Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year | Annual cost impact if you exit after 1 year |
| Management fees and other administrative or operating costs | 1.49% of the value of your investment per year. This is based on an estimate of the costs. | 149 EUR |
| Transaction costs | 0.05% 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. | 5 EUR |
| Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year |
| Performance fees | 1.01% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 101 EUR | | en | es |
DOLFIN4882 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartitions du portefeuille
10 principales positions (% des actifs)
Roche Holding Ag-Genusschein5.42
Nestle Sa-Reg5.15
Novartis Ag-Reg4.59
Zurich Insurance Group Ag3.21
Relx Plc3.14
Axa Sa2.95
Kering2.91
Koninklijke Ahold Delhaize N2.82
Industria De Diseno Textil2.78
Assicurazioni Generali2.72
Répartition sectorielle (% des actifs)
Secteur financier
24.71
Biens de consommation de base
18.80
Santé
18.53
Industrie
17.75
Biens de consommation non essentiels
7.90
Services de communication
3.81
Matériaux
3.14
Technologie de l'information
2.70
Immobilier
0.85
Autres
0.59
Liquidités
1.23
0 5 10 15 20 25 | # Desglose de la cartera
10 principales posiciones (% del activo)
Roche Holding Ag-Genusschein5.42
Nestle Sa-Reg5.15
Novartis Ag-Reg4.59
Zurich Insurance Group Ag3.21
Relx Plc3.14
Axa Sa2.95
Kering2.91
Koninklijke Ahold Delhaize N2.82
Industria De Diseno Textil2.78
Assicurazioni Generali2.72
Desglose sectorial (% del activo)
Finanzas
24.71
Productos de consumo
18.80
Atención sanitaria
18.53
Industrial
17.75
Productos de consumo no Básico
7.90
Servicios de Comunicación
3.81
Materiales
3.14
Tecnología de la información
2.70
Bienes raíces
0.85
Otros
0.59
Liquidez
1.23
0 5 10 15 20 25
24.54 | # Répartitions du portefeuille
10 principales positions (% des actifs)
Roche Holding Ag-Genusschein5.42
Nestle Sa-Reg5.15
Novartis Ag-Reg4.59
Zurich Insurance Group Ag3.21
Relx Plc3.14
Axa Sa2.95
Kering2.91
Koninklijke Ahold Delhaize N2.82
Industria De Diseno Textil2.78
Assicurazioni Generali2.72
Répartition sectorielle (% des actifs)
Secteur financier
24.71
Biens de consommation de base
18.80
Santé
18.53
Industrie
17.75
Biens de consommation non essentiels
7.90
Services de communication
3.81
Matériaux
3.14
Technologie de l'information
2.70
Immobilier
0.85
Autres
0.59
Liquidités
1.23
0 5 10 15 20 25 | fr | es |
DOLFIN4883 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Depositary
The Bank of New York Mellon SA/NV, Dublin Branch has been appointed as the depositary to the ICAV in respect of all the assets of the ICAV, including that of each Fund, in compliance with the requirements of the UCITS Regulations (as further described in the Depositary Agreement).
The Depositary is a limited liability company established in Belgium on 30 September 2008. The principal activity of the Depositary is asset servicing, which is provided to both third party and to internal clients within The Bank of New York Mellon group. The Depositary is regulated and supervised as a significant credit institution by the European Central Bank and the National Bank of Belgium for prudential matters and under the supervision of the Belgian Financial Services and Markets Authority for conduct of business rules. It is regulated by the Central Bank for conduct of business rules.
Both the Administrator and the Depositary are wholly-owned indirect subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 35 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused | ## Depositario
La Bank of New York Mellon SA/NV, Succursale di Dublino è stata nominata depositaria dell'ICAV in relazione a tutte le attività dell'ICAV, comprese quelle di ciascun Comparto, in conformità ai requisiti dei Regolamenti OICVM (come meglio descritto nel Contratto di deposito).
Il Depositario è una società a responsabilità limitata costituita in Belgio il 30 settembre 2008. L'attività principale del Depositario è l’amministrazione delle attività, sia a favore di terzi che di clienti interni del gruppo The Bank of New York Mellon. Il Depositario è regolamentato e disciplinato quale istituto di credito rilevante dalla Banca Centrale Europea e dalla Banca Nazionale del Belgio per le questioni prudenziali, e sotto la vigilanza dell'Autorità belga per i servizi finanziari e i mercati, per le regole di condotta commerciale. È regolamentato dalla Banca Centrale per le regole di condotta commerciale.
Sia l'Agente amministrativo che il Depositario sono controllate indirette interamente possedute da The Bank of New York Mellon Corporation. BNY Mellon è una società di servizi finanziari globale focalizzata sull'assistenza ai clienti nella gestione e nell’amministrazione delle loro attività finanziarie, che opera in 35 paesi e serve più di 100 mercati. BNY Mellon è un fornitore leader di servizi finanziari per istituzioni, società e privati con un elevato patrimonio, fornendo servizi di gestione patrimoniale e di asset management di qualità superiore, servizi agli emittenti, servizi di compensazione e servizi di tesoreria attraverso, un team mondiale focalizzato sul cliente. | ## Depositary
The Bank of New York Mellon SA/NV, Dublin Branch has been appointed as the depositary to the ICAV in respect of all the assets of the ICAV, including that of each Fund, in compliance with the requirements of the UCITS Regulations (as further described in the Depositary Agreement).
The Depositary is a limited liability company established in Belgium on 30 September 2008. The principal activity of the Depositary is asset servicing, which is provided to both third party and to internal clients within The Bank of New York Mellon group. The Depositary is regulated and supervised as a significant credit institution by the European Central Bank and the National Bank of Belgium for prudential matters and under the supervision of the Belgian Financial Services and Markets Authority for conduct of business rules. It is regulated by the Central Bank for conduct of business rules.
Both the Administrator and the Depositary are wholly-owned indirect subsidiaries of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 35 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused | en | it |
DOLFIN4884 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The fund invests a minimum of 0% in transitional activities and a minimum of 0% in enabling activities.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund invests a minimum of 15% in sustainable investments with an environmental objective that is not aligned with the EU Taxonomy.
Investments could be aligned with the EU Taxonomy but the Investment Manager is not currently in a position to specify the exact proportion of the fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities. However, the position will be kept under review as the underlying rules are finalised and the availability of reliable data increases over time.
¹Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objectives - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
What is the minimum share of socially sustainable investments?
The fund invests a minimum of 1% in sustainable investments with a social objective.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
The remaining investments of the fund may be invested in securities of issuers that are able to demonstrate that they are on an improving trajectory with respect to their ESG characteristics, as well as cash and cash equivalents for liquidity purposes and derivatives which may be used for investment and efficient portfolio management.
As a minimum environmental and social safeguard, the fund will adhere to the Exclusions. | Der Teilfonds investiert mindestens 0% in Übergangstätigkeiten und ermöglichende Tätigkeiten.
Wie hoch ist der Mindestanteil nachhaltiger Investitionen mit einem Umweltziel, die nicht mit der EU-Taxonomie konform sind?
Der Teilfonds investiert mindestens 15% in nachhaltige Anlagen mit einem Umweltziel, das nicht mit der EU-Taxonomie konform ist.
Die Anlagen können zwar mit der EU-Taxonomie konform sein, aber der Investmentmanager ist derzeit nicht in der Lage, den genauen Anteil der Anlagen des Teilfonds anzugeben, die die EU-Kriterien für ökologisch nachhaltige Wirtschaftstätigkeiten berücksichtigen. Die Position wird jedoch weiterhin überprüft, wenn die zugrunde liegenden Regeln festgelegt sind und im Laufe der Zeit mehr zuverlässige Daten zur Verfügung stehen.
¹ Tätigkeiten im Bereich fossiles Gas und/oder Kernenergie sind nur dann EU-taxonomiekonform, wenn sie zur Eindämmung des Klimawandels („Klimaschutz“) beitragen und kein Ziel der EU-Taxonomie erheblich beeinträchtigen – siehe Erläuterung am linken Rand. Die vollständigen Kriterien für EU-taxonomiekonforme Wirtschaftstätigkeiten im Bereich fossiles Gas und Kernenergie sind in der Delegierten Verordnung (EU) 2022/1214 der Kommission festgelegt.
Wie hoch ist der Mindestanteil der sozial nachhaltigen Investitionen?
Der Teilfonds investiert mindestens 1% in nachhaltige Anlagen mit einem Sozialziel.
Welche Investitionen fallen unter ,,#2 Andere Investitionen", welcher Anlagezweck wird mit ihnen verfolgt und gibt es einen ökologischen oder sozialen Mindestschutz?
Die verbleibenden Anlagen des Teilfonds können in Wertpapieren von Emittenten erfolgen, die nachweisen können, dass sie sich in Bezug auf ihre ESG-Eigenschaften auf einem Kurs der Verbesserung befinden, und für Liquiditätszwecke in liquiden Mitteln und liquiden Mitteln gleichstehenden Mitteln sowie in Derivaten, die als Anlagen und für ein effizientes Portfoliomanagement eingesetzt werden können.
Zur Gewährleistung eines Mindestmaßes an Umwelt- und Sozialabsicherungen wendet der Teilfonds die Ausschlusskriterien an. | The fund invests a minimum of 0% in transitional activities and a minimum of 0% in enabling activities.
What is the minimum share of sustainable investments with an environmental objective that are not aligned with the EU Taxonomy?
The fund invests a minimum of 15% in sustainable investments with an environmental objective that is not aligned with the EU Taxonomy.
Investments could be aligned with the EU Taxonomy but the Investment Manager is not currently in a position to specify the exact proportion of the fund’s underlying investments which take into account the EU criteria for environmentally sustainable economic activities. However, the position will be kept under review as the underlying rules are finalised and the availability of reliable data increases over time.
¹Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objectives - see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy economic activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214.
What is the minimum share of socially sustainable investments?
The fund invests a minimum of 1% in sustainable investments with a social objective.
What investments are included under “#2 Other”, what is their purpose and are there any minimum environmental or social safeguards?
The remaining investments of the fund may be invested in securities of issuers that are able to demonstrate that they are on an improving trajectory with respect to their ESG characteristics, as well as cash and cash equivalents for liquidity purposes and derivatives which may be used for investment and efficient portfolio management.
As a minimum environmental and social safeguard, the fund will adhere to the Exclusions. | en | de |
DOLFIN4885 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# FUND PERFORMANCE AND ATTRIBUTION
- The Fund generated a negative return during the month and slightly outperformed the Bloomberg Global Aggregate hedged to USD index
- 1
- .
- The Fund’s positioning in taxable municipals was a positive contributor to performance over the period, with select health and education and training theme issuers contributing to results.
- The Fund’s corporate credit positioning was a modest detractor from performance overall, particularly investment grade credit. An underweight to financials and industrials detracted modestly from results. Meanwhile, an overweight to utilities in alternative energy issuers contributed positively and offset some of the underperformance within the sector. An allocation to convertible bonds names focusing on financial inclusion and safety and security themes detracted modestly from results.
- The Fund’s overweight to MBS detracted modestly from results. The sector slightly underperformed duration-equivalent Treasuries as rates and mortgage spreads moved higher earlier in the period, following Fed rhetoric of a suggested earlier taper process. An overweight to CMBS was a small contributor to performance as the sector spreads were unchanged to slightly tighter across the capital structure.
- The Fund’s developed government positioning detracted the most from relative results, while a shorter duration positioning contributed the most to results as sovereign yields moved higher. | # PERFORMANCE E ANDAMENTO DEL FONDO
- Il Fondo ha generato un rendimento negativo durante il mese, sovraperformando leggermente l'indice Bloomberg Global Aggregate coperto in USD
- 1
- .
- Il posizionamento del Fondo nelle obbligazioni municipali imponibili ha apportato un contributo positivo alla performance nel periodo in esame, con emittenti selezionati legati ai temi dell'accesso ai servizi sanitari e dell’istruzione e formazione che hanno contribuito positivamente ai risultati.
- Il posizionamento del Fondo nel credito societario ha moderatamente penalizzato la performance complessiva, in particolare nel credito investment grade. Il sottopeso sui titoli finanziari e industriali ha leggermente penalizzato i risultati. Al contempo, il sovrappeso sui titoli dei servizi di pubblica utilità negli emittenti di energie alternative ha contribuito positivamente, compensando parte della sottoperformance del settore. L’allocazione alle obbligazioni convertibili, incentrata sui temi dell’inclusione finanziaria e della sicurezza e protezione, ha moderatamente penalizzato i risultati.
- Il sovrappeso del Fondo negli MBS ha inciso in misura moderatamente negativa sui risultati. Il settore ha leggermente sottoperformato i Treasury di duration equivalente in quanto all’inizio del periodo i tassi e gli spread dei mutui si sono mossi al rialzo per effetto delle dichiarazioni della Fed di un avvio anticipato del tapering. Il sovrappeso nei CMBS ha apportato un leggero contributo alla performance, dato che gli spread del settore sono rimasti invariati o si sono leggermente ridotti nell’intera struttura del capitale.
- I risultati relativi sono stati penalizzati in particolare dal posizionamento del Fondo nei titoli di Stato dei Paesi sviluppati, mentre sono stati favoriti soprattutto dalla duration più corta in un contesto di aumento dei rendimenti sovrani. | # FUND PERFORMANCE AND ATTRIBUTION
- The Fund generated a negative return during the month and slightly outperformed the Bloomberg Global Aggregate hedged to USD index
- 1
- .
- The Fund’s positioning in taxable municipals was a positive contributor to performance over the period, with select health and education and training theme issuers contributing to results.
- The Fund’s corporate credit positioning was a modest detractor from performance overall, particularly investment grade credit. An underweight to financials and industrials detracted modestly from results. Meanwhile, an overweight to utilities in alternative energy issuers contributed positively and offset some of the underperformance within the sector. An allocation to convertible bonds names focusing on financial inclusion and safety and security themes detracted modestly from results.
- The Fund’s overweight to MBS detracted modestly from results. The sector slightly underperformed duration-equivalent Treasuries as rates and mortgage spreads moved higher earlier in the period, following Fed rhetoric of a suggested earlier taper process. An overweight to CMBS was a small contributor to performance as the sector spreads were unchanged to slightly tighter across the capital structure.
- The Fund’s developed government positioning detracted the most from relative results, while a shorter duration positioning contributed the most to results as sovereign yields moved higher. | en | it |
DOLFIN4886 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Securities that are not officially listed on a stock exchange but are traded on a market open to the public are valued at the last available price.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference between the cost price (purchase price) and the redemption price (price at final ma- turity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account;
- Investments whose price is not in line with the market and those assets which are not covered by Clause B4.8.1, Clause B4.8.2 and Clause B4.8.3 above shall be valued at the price which would probably be obtained by diligent sale at the time of valuation and which is determined in good faith by the senior man- agement of the AIFM or under their direction or supervision by delegates.
- UCITS, AIFs or other funds pursuant to section B4.7.1.3 are valued at the last de- termined and available net asset value. If the redemption of units is suspended or, in the case of closed-ended funds, there is no right of redemption or no re- demption prices are set, these units, like all other assets, shall be valued at the respective market value as determined by the AIFM in good faith and in ac- cordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective market value as determined by the AIFM in good faith and in accordance with gener- ally accepted valuation models verifiable by auditors on the basis of the prob- ably achievable sales value.
- The various gold investments as well as the other physical precious metal invest- ments are each valued on the basis of suitable price sources. It should be noted that there is no reference price for sustainable and recycled gold and that the price is based on the regular gold price or traded at a premium to it and valued at a discount to it.
- Cash and cash equivalents are valued at their nominal value plus accrued in- terest.
- The market value of securities and other investments denominated in a cur-rency other than the Sub-Fund's currency will be converted into the relevant Sub-Fund currency at the latest mean rate of exchange.
| | - Wertpapiere, die nicht an einer Börse amtlich notiert sind, die aber an einem dem Publikum offen stehenden Markt gehandelt werden, werden zum letzten verfügbaren Kurs bewertet.
- Wertpapiere oder Geldmarktinstrumente mit einer Restlaufzeit von weniger als 397 Tagen können mit der Differenz zwischen Einstandspreis (Erwerbspreis) und Rückzahlungspreis (Preis bei Endfälligkeit) linear ab- oder zugeschrieben wer- den. Eine Bewertung zum aktuellen Marktpreis kann unterbleiben, wenn der Rückzahlungspreis bekannt und fixiert ist. Allfällige Bonitätsveränderungen werden zusätzlich berücksichtigt;
- Anlagen, deren Kurs nicht marktgerecht ist und diejenigen Vermögenswerte, die nicht unter Ziffer B4.8.1, Ziffer B4.8.2 und Ziffer B4.8.3 oben fallen, werden mit dem Preis eingesetzt, der bei sorgfältigem Verkauf im Zeitpunkt der Bewer- tung wahrscheinlich erzielt würde und der nach Treu und Glauben durch die Geschäftsleitung des AIFM oder unter deren Leitung oder Aufsicht durch Be- auftragte bestimmt wird.
- OGAW, AIF, bzw. andere Fonds gemäss Ziffer B4.7.1.3 werden zum letzten fest- gestellten und erhältlichen Nettoinventarwert bewertet. Falls für Anteile die Rücknahme ausgesetzt ist oder bei geschlossenen Fonds kein Rücknahmean- spruch besteht oder keine Rücknahmepreise festgelegt werden, werden diese Anteile ebenso wie alle anderen Vermögenswerte zum jeweiligen Verkehrs- wert bewertet, wie ihn der AIFM nach Treu und Glauben und allgemein aner- kannten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen festlegt.
- Falls für die jeweiligen Vermögensgegenstände kein handelbarer Kurs verfüg- bar ist, werden diese Vermögensgegenstände, ebenso wie die sonstigen ge- setzlich zulässigen Vermögenswerte zum jeweiligen Verkehrswert bewertet, wie ihn der AIFM nach Treu und Glauben und nach allgemein anerkannten, von Wirtschaftsprüfern nachprüfbaren Bewertungsmodellen auf der Grundlage des wahrscheinlich erreichbaren Verkaufswertes festlegt.
- Die verschiedenen Goldanlagen sowie die weiteren physischen Edelmetall- anlagen werden jeweils anhand von geeigneten Kursquellen bewertet. Dabei gilt es zu beachten, dass es keinen Referenzpreis für nachhaltiges und recycel- tes Gold gibt und sich der Preis am regulären Goldpreis orientiert bzw. mit ei- nem Aufschlag zu diesem gehandelt und einem Abschlag zu diesem bewertet wird.
- Die flüssigen Mittel werden zu deren Nennwert zuzüglich aufgelaufener Zinsen bewertet.
- Der Marktwert von Wertpapieren und anderen Anlagen, die auf eine andere Währung als die Währung des Teilfonds lauten, wird zum letzten Devisen-mittelkurs in die entsprechende Währung des Teilfonds umgerechnet.
| | - Securities that are not officially listed on a stock exchange but are traded on a market open to the public are valued at the last available price.
- Securities or money market instruments with a residual term of less than 397 days can be written down or up on a straight-line basis at the difference between the cost price (purchase price) and the redemption price (price at final ma- turity). A valuation at the current market price can be omitted if the repayment price is known and fixed. Any changes in creditworthiness are also taken into account;
- Investments whose price is not in line with the market and those assets which are not covered by Clause B4.8.1, Clause B4.8.2 and Clause B4.8.3 above shall be valued at the price which would probably be obtained by diligent sale at the time of valuation and which is determined in good faith by the senior man- agement of the AIFM or under their direction or supervision by delegates.
- UCITS, AIFs or other funds pursuant to section B4.7.1.3 are valued at the last de- termined and available net asset value. If the redemption of units is suspended or, in the case of closed-ended funds, there is no right of redemption or no re- demption prices are set, these units, like all other assets, shall be valued at the respective market value as determined by the AIFM in good faith and in ac- cordance with generally accepted valuation models that can be verified by auditors.
- If no tradable price is available for the respective assets, these assets, as well as the other legally permissible assets, shall be valued at the respective market value as determined by the AIFM in good faith and in accordance with gener- ally accepted valuation models verifiable by auditors on the basis of the prob- ably achievable sales value.
- The various gold investments as well as the other physical precious metal invest- ments are each valued on the basis of suitable price sources. It should be noted that there is no reference price for sustainable and recycled gold and that the price is based on the regular gold price or traded at a premium to it and valued at a discount to it.
- Cash and cash equivalents are valued at their nominal value plus accrued in- terest.
- The market value of securities and other investments denominated in a cur-rency other than the Sub-Fund's currency will be converted into the relevant Sub-Fund currency at the latest mean rate of exchange.
| | en | de |
DOLFIN4887 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### NOTE 6 - SUBSCRIPTION TAX
Under legislation and regulations currently in force, the SICAV is liable for subscription tax at an annual rate of 0.05% in Luxembourg, payable quarterly and calculated at the end of each quarter on net assets in classes C and D intended for private investors and an annual rate of 0.01% on net assets in classes A and B intended for institutional investors.
Additionally, as the SICAV is registered in Belgium, it is taxable at an annual rate of 0,0925%, calculated for 2021 on the basis of the value of shares distributed in Belgium, as established at 31 December 2020. | ### NOTE 6 - TAXE D'ABONNEMENT
En vertu de la législation et des règlements en vigueur actuellement, la SICAV est soumise à Luxembourg à la taxe d'abonnement au taux annuel de 0,05% payable trimestriellement et calculée à chaque fin de trimestre sur les actifs nets des classes C et D destinées aux investisseurs particuliers et au taux annuel de 0,01% sur les actifs nets des classes A et B destinées aux investisseurs institutionnels.
De plus, la SICAV étant enregistrée en Belgique, elle est soumise à une taxe au taux annuel de 0,0925% calculée, pour l’année 2021 sur base de la valeur des actions distribuées en Belgique telle qu’établie au 31 décembre 2020. | ### NOTE 6 - SUBSCRIPTION TAX
Under legislation and regulations currently in force, the SICAV is liable for subscription tax at an annual rate of 0.05% in Luxembourg, payable quarterly and calculated at the end of each quarter on net assets in classes C and D intended for private investors and an annual rate of 0.01% on net assets in classes A and B intended for institutional investors.
Additionally, as the SICAV is registered in Belgium, it is taxable at an annual rate of 0,0925%, calculated for 2021 on the basis of the value of shares distributed in Belgium, as established at 31 December 2020. | en | fr |
DOLFIN4888 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The limit of 10% set out in section 4.3.2, paragraph (A) is increased to 25% in respect of qualifying debt securities issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities (“Covered Bonds”). In particular, the proceeds from the issue of Covered Bonds must be invested, in accordance with applicable law, in assets which are capable of covering claims attached to such bonds until their maturity and which, in case of bankruptcy of the issuer, would be used on a priority basis for the repayment of principal and payment of accrued interest. To the extent a Sub-Fund invests more than 5% of its net assets in Covered Bonds, the total value of such investments may not exceed 80% of its net assets. Covered Bonds are not included in the calculation of the limit of 40% set out in section 4.3.2, paragraph (B).
The limit of 10% set out in section 4.3.2, paragraph (A) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any non-Member State or by a public international body of which one or more Member States are members. Such securities are not included in the calculation of the limit of 40% set out in section 4.3.2, paragraph (B).
Notwithstanding the limits set out above, each Sub-Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by one or more of its local authorities, by a member State of the OECD or the Group of Twenty (G20) such as the United States of America, by the Republic of Singapore, by the Hong Kong Special Administrative Region of the People's Republic of China, or by a public international body of which one or more Member States are members, provided that the Sub- Fund holds in its portfolio securities from at least six different issues and that securities from any issue do not account for more than 30% of the net assets of the Sub-Fund. | La limite de 10% fixée à la section 4.3.2, paragraphe (A), est portée à 25% pour les titres de créance éligibles émis par un établissement de crédit qui a son siège social dans un État membre et qui, en vertu de la législation applicable, est soumis à un contrôle public spécifique afin de protéger les détenteurs de ces titres de créance éligibles (« Obligations couvertes »). En particulier, le produit de l'émission des Obligations couvertes doit être investi, conformément à la législation applicable, dans des actifs pouvant couvrir les créances attachées à ces obligations jusqu'à leur échéance et qui, en cas de faillite de l'émetteur, seraient utilisés en priorité pour le remboursement du principal et le paiement des intérêts courus. Dans la mesure où un Compartiment investit plus de 5% de ses actifs nets dans des Obligations couvertes, la valeur totale de ces investissements ne peut dépasser 80% de ses actifs nets. Les Obligations couvertes ne sont pas incluses dans le calcul de la limite de 40% prévue à la section 4.3.2, paragraphe (B).
La limite de 10% prévue à la section 4.3.2, paragraphe (A), est portée à 35% en ce qui concerne les Valeurs mobilières et les Instruments du marché monétaire émis ou garantis par un État membre, par ses collectivités publiques territoriales, par tout État non membre ou par un organisme public international dont un ou plusieurs États membres font partie. Ces titres ne sont pas pris en compte dans le calcul de la limite de 40% prévue à la section 4.3.2, paragraphe (B).
Nonobstant les limites fixées ci-dessus, chaque Compartiment est autorisé à investir, conformément au principe de répartition des risques, jusqu'à 100% de ses actifs nets dans des Valeurs mobilières et des Instruments du marché monétaire émis ou garantis par un État membre, par une ou plusieurs de ses collectivités publiques territoriales, par un État membre de l'OCDE ou du Groupe des Vingt (G20), tel que les États-Unis d'Amérique, par la République de Singapour, par la Région administrative spéciale de Hong Kong de la République populaire de Chine ou par un organisme public international dont font partie un ou plusieurs États membres, à condition que le Compartiment détienne en portefeuille des titres provenant d'au moins six émissions différentes et que les titres d'une même émission ne représentent pas plus de 30% des actifs nets du Compartiment. | The limit of 10% set out in section 4.3.2, paragraph (A) is increased to 25% in respect of qualifying debt securities issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities (“Covered Bonds”). In particular, the proceeds from the issue of Covered Bonds must be invested, in accordance with applicable law, in assets which are capable of covering claims attached to such bonds until their maturity and which, in case of bankruptcy of the issuer, would be used on a priority basis for the repayment of principal and payment of accrued interest. To the extent a Sub-Fund invests more than 5% of its net assets in Covered Bonds, the total value of such investments may not exceed 80% of its net assets. Covered Bonds are not included in the calculation of the limit of 40% set out in section 4.3.2, paragraph (B).
The limit of 10% set out in section 4.3.2, paragraph (A) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any non-Member State or by a public international body of which one or more Member States are members. Such securities are not included in the calculation of the limit of 40% set out in section 4.3.2, paragraph (B).
Notwithstanding the limits set out above, each Sub-Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by one or more of its local authorities, by a member State of the OECD or the Group of Twenty (G20) such as the United States of America, by the Republic of Singapore, by the Hong Kong Special Administrative Region of the People's Republic of China, or by a public international body of which one or more Member States are members, provided that the Sub- Fund holds in its portfolio securities from at least six different issues and that securities from any issue do not account for more than 30% of the net assets of the Sub-Fund. | en | fr |
DOLFIN4889 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The portfolio has sustained growth potential, with a return of 3% and a multiple of 13.5 x expected earnings.
The secure and opportunistic positioning of CLARTAN - PATRIMOINE makes it a reasonable alternative to a strict bond investment.
CLARTAN - EVOLUTION
In 2020, the net asset value of CLARTAN - EVOLUTION (class C share) fell by 4.5%, after a turbulent year on the stock market.
Clartan Evolution began 2020 with an equity investment rate of 50%; the moderate exposure echoes a strong rally in world stock markets in the previous year.
At the end of February, the global pandemic created a climate of generalised mistrust in the financial markets. The French CAC 40 index as well as the European STOXX 50 thus fell by nearly 40% in a matter of weeks.
In March, guided by a long-term approach, the management team gradually devoted nearly 10% of net assets to strengthening the equity portfolio.
Prices were on the rise until the end of spring driven by a better health situation and massive support for the economy by central banks and governments, before reaching a plateau that lasted until autumn.
Eager for safe havens, the financial markets sometimes attribute generous valuations to dynamic companies offering clear growth trajectories. From the summer, the management team made a few arbitrations with net purchases being less common.
The announcement of the discovery of a vaccine against Covid in early November benefited the long- term positioning of the portfolio; the fund grew by 12% over the month.
Besides initiating a new trade in Accenture and Fast Retailing, Uniqlo's parent company, we hold new positions in Bakkafrost (salmon production), Danone, EssilorLuxottica (world leader in optics) as well as Vivendi, parent company from UMG (world leader in musical entertainment). ISS (industrial cleaning), Orange and Safran were sold.
We noted a wide dispersion of individual performances during their holding periods, in particular:
- Accenture (+42%), the Biomérieux in vitro test laboratory (+49%), Deutsche Post (+23%), Fast Retailing (+47%), LVMH (+52%) and Worldline (+25%), the European leader in payments,
- and, the major players Total (-23%) and Shell (-40%), the distributor of petroleum products in the Caribbean and Africa, Rubis (-30%), or the real estate companies Klépierre (-39%) and Unibail (-50%). | Mit einer Rendite von 3 % und einem KGV von 13,5 weist das Portfolio ein anhaltendes Aufwärtspotenzial auf.
Mit seiner Ausrichtung auf Sicherheit und Chancen ist der CLARTAN - PATRIMOINE eine vernünftige Alternative zu einer reinen Anleihenanlage.
CLARTAN - EVOLUTION
Im Jahr 2020 sank der Nettoinventarwert des CLARTAN - EVOLUTION (Anteilsklasse C) nach einem turbulenten Börsenjahr um 4,5 %.
Der Clartan Évolution startete mit einem Aktienanteil von 50 % in das Jahr 2020; das moderate Engagement spiegelte die starke Erholung der globalen Aktienmärkte im Vorjahr wider.
Ende Februar sorgte die weltweite Pandemie für ein flächendeckendes Misstrauen an den Finanzmärkten. Der französische CAC 40 Index sowie der europäische STOXX 50 fielen innerhalb weniger Wochen um fast 40 %.
Im März setzte das Managementteam, das einer langfristigen Logik folgte, nach und nach fast 10 % des Nettovermögens zur Stärkung des Portfolios in Aktien ein.
Begünstigt durch die verbesserte Gesundheitssituation und die massive Unterstützung der Wirtschaft durch Zentralbanken und Regierungen stiegen die Kurse bis zum Ende des Frühjahrs wieder an und erreichten dann ein Plateau, das bis zum Herbst andauerte.
Im Streben nach Sicherheit bewerteten die Finanzmärkte dynamische Unternehmen mit hoher Transparenz mitunter sehr großzügig. Ab dem Sommer führte das Managementteam einige Arbitragegeschäfte durch, Nettokäufe wurden seltener.
Die Ankündigung der Entdeckung eines Impfstoffs gegen COVID-19 Anfang November kam der langfristigen Positionierung des Portfolios zugute, der Fonds stieg im Laufe des Monats um 12 %.
Neben einer Rückkehr zu Accenture und Fast Retailing, der Muttergesellschaft von Uniqlo, sind neue Positionen bei Bakkafrost (Lachsproduktion), Danone, EssilorLuxottica (Weltmarktführer im Bereich Optik) und Vivendi, der Muttergesellschaft von UMG (Weltmarktführer in der Musikunterhaltung), zu erwähnen. ISS (Industriereinigung), Orange und Safran wurden veräußert.
Festzustellen ist eine breite Streuung der individuellen Wertentwicklungen während ihrer Haltedauer, insbesondere zwischen:
- Accenture (+42 %), dem In-vitro-Testlabor Biomérieux (+49 %), der Deutschen Post (+23 %), Fast Retailing (+47 %), LVMH (+52 %) und dem europäischen Marktführer im Zahlungsverkehr Worldline (+25 %),
- gegenüber den Riesen Total (-23 %) und Shell (-40 %), dem Vertreiber von Mineralölerzeugnissen in der Karibik und in Afrika, Rubis (-30 %), oder auch den Immobiliengesellschaften Klépierre (-39 %) und Unibail (-50 %). | The portfolio has sustained growth potential, with a return of 3% and a multiple of 13.5 x expected earnings.
The secure and opportunistic positioning of CLARTAN - PATRIMOINE makes it a reasonable alternative to a strict bond investment.
CLARTAN - EVOLUTION
In 2020, the net asset value of CLARTAN - EVOLUTION (class C share) fell by 4.5%, after a turbulent year on the stock market.
Clartan Evolution began 2020 with an equity investment rate of 50%; the moderate exposure echoes a strong rally in world stock markets in the previous year.
At the end of February, the global pandemic created a climate of generalised mistrust in the financial markets. The French CAC 40 index as well as the European STOXX 50 thus fell by nearly 40% in a matter of weeks.
In March, guided by a long-term approach, the management team gradually devoted nearly 10% of net assets to strengthening the equity portfolio.
Prices were on the rise until the end of spring driven by a better health situation and massive support for the economy by central banks and governments, before reaching a plateau that lasted until autumn.
Eager for safe havens, the financial markets sometimes attribute generous valuations to dynamic companies offering clear growth trajectories. From the summer, the management team made a few arbitrations with net purchases being less common.
The announcement of the discovery of a vaccine against Covid in early November benefited the long- term positioning of the portfolio; the fund grew by 12% over the month.
Besides initiating a new trade in Accenture and Fast Retailing, Uniqlo's parent company, we hold new positions in Bakkafrost (salmon production), Danone, EssilorLuxottica (world leader in optics) as well as Vivendi, parent company from UMG (world leader in musical entertainment). ISS (industrial cleaning), Orange and Safran were sold.
We noted a wide dispersion of individual performances during their holding periods, in particular:
- Accenture (+42%), the Biomérieux in vitro test laboratory (+49%), Deutsche Post (+23%), Fast Retailing (+47%), LVMH (+52%) and Worldline (+25%), the European leader in payments,
- and, the major players Total (-23%) and Shell (-40%), the distributor of petroleum products in the Caribbean and Africa, Rubis (-30%), or the real estate companies Klépierre (-39%) and Unibail (-50%). | en | de |
DOLFIN4890 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 Ans Investissement : 10 000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 An | 5 Ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 910 EUR | 4 480 EUR |
| | Rendement annuel moyen | - 50,98 % | - 14,86 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 700 EUR | 8 360 EUR |
| | Rendement annuel moyen | - 13,08% | - 3,54% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 190 EUR | 13 330 EUR |
| | Rendement annuel moyen | 1,84% | 5,91% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 630 EUR | 14 370 EUR |
| | Rendement annuel moyen | 16,28% | 7,51% | | | Período de mantenimiento recomendado: 5 Años Inversión: 10 000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 Año | 5 Años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 4 910 EUR | 4 480 EUR |
| | Rendimiento medio cada año | - 50,98 % | - 14,86 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 700 EUR | 8 360 EUR |
| | Rendimiento medio cada año | - 13,08% | - 3,54% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 190 EUR | 13 330 EUR |
| | Rendimiento medio cada año | 1,84% | 5,91% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 630 EUR | 14 370 EUR |
| | Rendimiento medio cada año | 16,28% | 7,51% | | | Période de détention recommandée : 5 Ans Investissement : 10 000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 An | 5 Ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 910 EUR | 4 480 EUR |
| | Rendement annuel moyen | - 50,98 % | - 14,86 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 700 EUR | 8 360 EUR |
| | Rendement annuel moyen | - 13,08% | - 3,54% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 190 EUR | 13 330 EUR |
| | Rendement annuel moyen | 1,84% | 5,91% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 630 EUR | 14 370 EUR |
| | Rendement annuel moyen | 16,28% | 7,51% | | fr | es |
DOLFIN4891 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risks specific to sub-fund "UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF"
The sub-fund, UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF, performs portfolio optimisation through the use of a sampling strategy according to which investments are made in a representative sample of constituents of the Bloomberg Euro HQLA 1-5 Years Bond Index (Total Return). The sub-fund
therefore only holds a sample of the underlying constituent of this index and not each and every underlying constituent and not necessarily in the same proportion as their weightings in the index.
Pursuant to the sub-fund's factsheet, as set out above, and the Bloomberg Euro HQLA 1-5 Years Bond Index (Total Return) description, the sub-fund will take an exposure on a sub-set of securities eligible under the Basel III High Quality Liquid Assets (HQLA) criteria, within the diversification requirements as defined by the liquidity coverage ratio ("LCR") rules, and therefore not the full range of securities that meet the LCR requirements under the high quality liquid assets classification as part of the Basel III framework (such as equity securities). There is therefore no guarantee that all securities held by the sub-fund will meet the LCR requirements under the high quality liquid assets classification as part of the Basel III framework, and implemented in the European Union through the CRD IV Directive and the EU Capital Requirement Regulation. A non-compliance with the LCR requirements may be due to an update in the methodology for new bond and/or index classification, issues of the sub-fund that subsequently are being upgraded and/or downgraded and therefore do not meet the LCR requirements anymore or any issue calling for a corporate action. Such affected securities, being existing constituents of the index, will remain in the index and this until they are removed from the index at the next scheduled rebalancing. The affected securities may therefore have already dropped and may need to be sold at a relatively low price point. The portfolio manager has full discretion as to how to manage these events.
The LCR, constituting of regulatory requirements, may also undergo changes, which brings regulatory uncertainty and could cause an inability for the sub-fund to adequately execute its strategy and/or could cause additional costs to the sub-fund.
The index provider, using its ratings and screening criteria, is in charge of screening of issuers for inclusion within the index. The Company, the Management Company and the portfolio manager do not, expressly or implicitly, represent nor warrant the fairness, correctness, accuracy, reasonableness and/or completeness of the index provider’s ratings, screening criteria or the way they are being applied. The Company, Management Company and the portfolio manager are not liable for any change in an issuer's eligibility to be included in the index. The Company, the Management Company and the portfolio manager do not monitor the compliance with LCR requirements of the securities held in the index. Investors should therefore make their own assessment of the suitability and compatibility of the index and its intended investment style prior to investing in the sub-fund.
- | # Risques particuliers présentés par le compartiment « UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF »
Le compartiment UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF optimise son portefeuille via l'application d'une stratégie d'échantillonnage en vertu de laquelle les investissements sont effectués dans un échantillon représentatif des titres qui composent l'Indice Bloomberg Euro HQLA 1-5 Years Bond (Total Return). Par conséquent, le compartiment ne détient qu'un échantillon du sous-jacent de cet indice, et non pas chacun des titres sous-jacents, et pas nécessairement dans une proportion identique aux pondérations des titres concernés au sein de l'indice.
Conformément à la fiche d'information du compartiment telle qu'indiquée ci-dessus, et à la description de l'Indice Bloomberg Euro HQLA 1-5 Years Bond (Total Return), le compartiment s'exposera à un sous-ensemble de titres éligibles en vertu des critères définissant les Actifs liquides de haute qualité (HQLA) dans le cadre de Bâle III et respectant les exigences de diversification telles que définies par les règles relatives au ratio de liquidité à court terme (« LCR »), et ne
s'exposera par conséquent pas à la gamme complète des titres satisfaisant aux exigences du LCR en vertu de la classification des actifs liquides de haute qualité dans le cadre de Bâle III (tels que les titres de participation). Il n'existe par conséquent aucune garantie que la totalité des titres détenus par le compartiment satisferont aux exigences du LCR en vertu de la classification des actifs liquides de haute qualité dans le cadre de Bâle III, mises en œuvre dans l'Union européenne au moyen de la Directive CRD IV et du Règlement de l'UE sur les exigences de fonds propres. Le non-respect des exigences du LCR peut résulter d'une mise à jour de la méthodologie de classification d'une nouvelle obligation et/ou d'un nouvel indice, de titres émis par le compartiment faisant par la suite l'objet d'une révision à la hausse et/ou à la baisse et ne satisfaisant de ce fait plus les exigences du LCR ou de toute problématique requérant une opération sur titres. Les titres affectés concernés, en leur qualité de titres composant l'indice, resteront compris dans l'indice jusqu'à ce qu'ils soient retirés de l'indice à l'occasion du rééquilibrage suivant prévu. Par conséquent, il est possible que les titres affectés aient déjà chuté et qu'ils doivent être vendus à un prix relativement bas. Le gestionnaire de portefeuille gèrera de tels événements à son entière discrétion.
Le LCR, constitué d'exigences réglementaires, peut également subir des changements, ce qui apporte une incertitude réglementaire et pourrait empêcher le compartiment d'exécuter sa stratégie de façon adéquate et/ou lui faire supporter des coûts supplémentaires.
Le fournisseur d'indices, sur la base de ses notations et de ses critères de sélection, est chargé de sélectionner les émetteurs en vue de leur inclusion dans l'indice. La Société, la Société de gestion et le gestionnaire de portefeuille n'émettent aucune attestation ni garantie, expresse ou implicite, quant à la justesse, au bien-fondé, à l'exactitude, au caractère raisonnable et/ou à l'exhaustivité des notations et des critères de sélection du fournisseur d'indices, ou de la façon dont ces notations et critères sont appliqués. La Société, la Société de gestion et le gestionnaire de portefeuille ne seront pas tenus responsables de toute modification de l'éligibilité d'un émetteur à rejoindre l'indice. La Société, la Société de gestion et le gestionnaire de portefeuille ne contrôlent pas la conformité des titres détenus dans l'indice vis-à- vis des exigences du LCR. Les investisseurs sont par conséquent invités à évaluer par eux-mêmes le caractère approprié et la compatibilité de l'indice et de son style d'investissement prévu préalablement à tout investissement dans le compartiment.
- | # Risks specific to sub-fund "UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF"
The sub-fund, UBS (Lux) Fund Solutions - Bloomberg Euro Liquid Aggregate ex-Financials 1-5 HQLA UCITS ETF, performs portfolio optimisation through the use of a sampling strategy according to which investments are made in a representative sample of constituents of the Bloomberg Euro HQLA 1-5 Years Bond Index (Total Return). The sub-fund
therefore only holds a sample of the underlying constituent of this index and not each and every underlying constituent and not necessarily in the same proportion as their weightings in the index.
Pursuant to the sub-fund's factsheet, as set out above, and the Bloomberg Euro HQLA 1-5 Years Bond Index (Total Return) description, the sub-fund will take an exposure on a sub-set of securities eligible under the Basel III High Quality Liquid Assets (HQLA) criteria, within the diversification requirements as defined by the liquidity coverage ratio ("LCR") rules, and therefore not the full range of securities that meet the LCR requirements under the high quality liquid assets classification as part of the Basel III framework (such as equity securities). There is therefore no guarantee that all securities held by the sub-fund will meet the LCR requirements under the high quality liquid assets classification as part of the Basel III framework, and implemented in the European Union through the CRD IV Directive and the EU Capital Requirement Regulation. A non-compliance with the LCR requirements may be due to an update in the methodology for new bond and/or index classification, issues of the sub-fund that subsequently are being upgraded and/or downgraded and therefore do not meet the LCR requirements anymore or any issue calling for a corporate action. Such affected securities, being existing constituents of the index, will remain in the index and this until they are removed from the index at the next scheduled rebalancing. The affected securities may therefore have already dropped and may need to be sold at a relatively low price point. The portfolio manager has full discretion as to how to manage these events.
The LCR, constituting of regulatory requirements, may also undergo changes, which brings regulatory uncertainty and could cause an inability for the sub-fund to adequately execute its strategy and/or could cause additional costs to the sub-fund.
The index provider, using its ratings and screening criteria, is in charge of screening of issuers for inclusion within the index. The Company, the Management Company and the portfolio manager do not, expressly or implicitly, represent nor warrant the fairness, correctness, accuracy, reasonableness and/or completeness of the index provider’s ratings, screening criteria or the way they are being applied. The Company, Management Company and the portfolio manager are not liable for any change in an issuer's eligibility to be included in the index. The Company, the Management Company and the portfolio manager do not monitor the compliance with LCR requirements of the securities held in the index. Investors should therefore make their own assessment of the suitability and compatibility of the index and its intended investment style prior to investing in the sub-fund.
- | en | fr |
DOLFIN4892 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
BOARD OF DIRECTORS FIDELITY FUNDS
29 July 2022
This Annual Report of the Company does not constitute an offer of shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available Annual Report of the Company and any subsequently published Semi-Annual Report. Copies of the current Prospectus, latest Annual and Semi-Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of the Company, or, for investors in Switzerland, from the Representative of the Company in Switzerland.
This Annual Report has been approved for circulation in the United Kingdom by FIL Investments International, UK distributor of the Company, authorised and regulated in the UK by the Financial Conduct Authority.
Fidelity Funds | CONSEIL D’ADMINISTRATION FIDELITY FUNDS
29 juillet 2022
Ce Rapport annuel de la Société ne constitue pas une offre d’Actions. Les Actions sont offertes sur la base des informations contenues dans le Prospectus en vigueur (et dans les documents qui y sont mentionnés) ainsi que dans le dernier Rapport annuel de la Société et dans tout Rapport semestriel publié après ce dernier. Des exemplaires du Prospectus en vigueur, des derniers Rapports annuel et semestriel et des rapports sur les modifications du portefeuille de la Société sont disponibles gratuitement au siège social de la Société ou auprès de toutes les sociétés enregistrées comme distributeurs de la Société ou, pour les investisseurs en Suisse, auprès du représentant de la Société dans ce pays.
FIL Investments International, le distributeur de la Société au Royaume-Uni, agréé et régi au Royaume-Uni par la Financial Conduct Authority, a autorisé la diffusion de ce Rapport annuel au Royaume-Uni.
Fidelity Funds | BOARD OF DIRECTORS FIDELITY FUNDS
29 July 2022
This Annual Report of the Company does not constitute an offer of shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available Annual Report of the Company and any subsequently published Semi-Annual Report. Copies of the current Prospectus, latest Annual and Semi-Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of the Company, or, for investors in Switzerland, from the Representative of the Company in Switzerland.
This Annual Report has been approved for circulation in the United Kingdom by FIL Investments International, UK distributor of the Company, authorised and regulated in the UK by the Financial Conduct Authority.
Fidelity Funds | en | fr |
DOLFIN4893 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
110
105
100
95
90
(%)
85
80
75
70
65
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -20,27 | 9,25 | 3,11 | -0,80 | -19,00 | -25,40 | -24,40 | -19,56 | -28,75 |
| INDICE DE RÉFÉRENCE | -15,56 | 4,97 | -0,08 | -2,74 | -15,10 | -18,35 | -15,01 | -7,72 | -12,13 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -9,50 | 1,77 | 8,61 | -12,24 | 13,09 | 4,20 | -10,40 | -6,80 | -10,00 | 12,10 |
| INDICE DE RÉFÉRENCE | -4,59 | 4,34 | 8,82 | -4,52 | 5,44 | 5,70 | 0,70 | 5,10 | -6,80 | 17,80 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures.
05/2003-05/2013 : À la suite d’une opération sur titres le 21/05/2013, les performances indiquées correspondent à la simulation des performances passées et des frais du BNP PARIBAS L1 BOND BEST SELECTION WORLD EMERGING.
2014-2014 : Au cours de cette période, l’indice de référence était le JPM EMBI Global RI. Source : BNP Paribas Asset Management | # RENDIMIENTO (ACUMULADO A 5 AÑOS) (EUR)
110
105
100
95
90
(%)
85
80
75
70
65
60
20182019202020212022
Rendimiento Acumulado a 30.11.2022 (en %)
| Año en curso | 1 Mes | 3 Meses | 6 Meses | 1 Año | 2 Años | 3 Años | 4 Años | 5 Años |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -20,27 | 9,25 | 3,11 | -0,80 | -19,00 | -25,40 | -24,40 | -19,56 | -28,75 |
| INDICE DE REFERENCIA | -15,56 | 4,97 | -0,08 | -2,74 | -15,10 | -18,35 | -15,01 | -7,72 | -12,13 |
Rendimiento Anual a 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -9,50 | 1,77 | 8,61 | -12,24 | 13,09 | 4,20 | -10,40 | -6,80 | -10,00 | 12,10 |
| INDICE DE REFERENCIA | -4,59 | 4,34 | 8,82 | -4,52 | 5,44 | 5,70 | 0,70 | 5,10 | -6,80 | 17,80 |
(1) Todos los datos son netos de comisiones (en EUR en Classic RH EUR, Capitalización).La rentabilidad histórica o el logro no es indicativo de los resultados actuales o futuros.
05/2003-05/2013: Tras una acción corporativa el 21/05/2013, las rentabilidades enumeradas son la rentabilidad histórica simulada y las comisiones del BNP PARIBAS L1 BOND BEST SELECTION WORLD EMERGING.
2014-2014: Durante este periodo, el índice de referencia fue JPM EMBI Global RI. Fuente: BNP Paribas Asset Management | # PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN EUR)
110
105
100
95
90
(%)
85
80
75
70
65
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -20,27 | 9,25 | 3,11 | -0,80 | -19,00 | -25,40 | -24,40 | -19,56 | -28,75 |
| INDICE DE RÉFÉRENCE | -15,56 | 4,97 | -0,08 | -2,74 | -15,10 | -18,35 | -15,01 | -7,72 | -12,13 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -9,50 | 1,77 | 8,61 | -12,24 | 13,09 | 4,20 | -10,40 | -6,80 | -10,00 | 12,10 |
| INDICE DE RÉFÉRENCE | -4,59 | 4,34 | 8,82 | -4,52 | 5,44 | 5,70 | 0,70 | 5,10 | -6,80 | 17,80 |
(1) Tous les chiffres sont nets de frais (en EUR). Les performances ou réalisations du passé ne sont pas indicatives des performances futures.
05/2003-05/2013 : À la suite d’une opération sur titres le 21/05/2013, les performances indiquées correspondent à la simulation des performances passées et des frais du BNP PARIBAS L1 BOND BEST SELECTION WORLD EMERGING.
2014-2014 : Au cours de cette période, l’indice de référence était le JPM EMBI Global RI. Source : BNP Paribas Asset Management | fr | es |
DOLFIN4894 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Potential investors should consider the following risk factors before investing in a Sub-Fund. Additional risk factors, if any, for the various Sub-Funds will be described in the relevant Sub- Fund Details.
-
### General | Si raccomanda ai potenziali investitori di valutare i seguenti fattori di rischio prima di investire in un Comparto. Eventuali fattori di rischio aggiuntivi per i vari Comparti verranno descritti nelle pertinenti Informazioni sui Comparti.
-
### Informazioni Generali | Potential investors should consider the following risk factors before investing in a Sub-Fund. Additional risk factors, if any, for the various Sub-Funds will be described in the relevant Sub- Fund Details.
-
### General | en | it |
DOLFIN4895 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Administrator and Registrar
The ACD employs DST Financial Services Europe Limited to provide certain administration services and act as registrar to the Company. The ACD also employs RBC Investor Services Bank S.A. to provide certain administration services for the M&G Securities International Nominee Service.
- | # Verwaltungs- und Registrierstelle
Der ACD hat die DST Financial Services Europe Limited beauftragt, bestimmte Dienstleistungen im Bereich der Ad- ministration zu erbringen und als Registrierstelle der Ge- sellschaft zu fungieren. Weiterhin hat der ACD RBC Inves- tor Services Bank S.A. mit der Bereitstellung bestimmter Verwaltungsdienstleistungen für den M&G Securities Inter- national Nominee Service beauftragt.
- | # Administrator and Registrar
The ACD employs DST Financial Services Europe Limited to provide certain administration services and act as registrar to the Company. The ACD also employs RBC Investor Services Bank S.A. to provide certain administration services for the M&G Securities International Nominee Service.
- | en | de |
DOLFIN4896 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The management company is entitled to apply other adequate principles for the valuation of the assets at times should, as a result of extraordi- nary circumstances; the above-mentioned criteria seem impossible or impractical for valuation purposes. In the case of large numbers of re- demption requests, the management company may value the units of the particular segment on the basis of prices at which the necessary sales of securities were made. In this case, the same calculation method will be applied for subscription and redemption requests that are submitted sim- ultaneously.
-
## Issuing of shares | Die Verwaltungsgesellschaft ist berechtigt, zeitweise andere adäquate Bewertungsprinzipien für das Fondsvermögen anzuwenden, falls die oben erwähnten Kriterien zur Bewertung auf Grund aussergewöhnlicher Ereignisse unmöglich oder unzweckmässig erscheinen. Bei massiven Rücknahmeanträgen kann die Verwaltungsgesellschaft die Anteile des entsprechenden Fondsvermögens auf der Basis der Kurse bewerten, zu welchen die notwendigen Verkäufe von Wertpapieren voraussichtlich getätigt werden. In diesem Fall wird für gleichzeitig eingereichte Zeichnungs- und Rücknahmeanträge dieselbe Berechnungsmethode angewandt.
-
## Ausgabe von Anteilen | The management company is entitled to apply other adequate principles for the valuation of the assets at times should, as a result of extraordi- nary circumstances; the above-mentioned criteria seem impossible or impractical for valuation purposes. In the case of large numbers of re- demption requests, the management company may value the units of the particular segment on the basis of prices at which the necessary sales of securities were made. In this case, the same calculation method will be applied for subscription and redemption requests that are submitted sim- ultaneously.
-
## Issuing of shares | en | de |
DOLFIN4897 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This risk increase was implemented through progressive reallocation into our Credit Fund (Carmignac Portfolio Unconstrained Credit) as well as into our equity funds (Carmignac Portfolio Green Gold/Investissement/Grande Europe/GrandChildren) first using the available cash then selling our money-market fund and finally selling Carmignac Portfolio Sécurité. A small position in a basket of gold miner was also initiated to protect the portfolio both from a risk of rising inflation as well as from a risk of rising market uncertainty whether due to the US political election or a second wave of covid-19 infection.
Finally China resuming its normal growth rate without having needed to generate as much fiscal deficits as the developed world economies did to handle the covid-19 crisis, and our emerging funds being overweighted relatively to their reference indicators in China, Carmignac Flexible Allocation 2024 started increasing its allocation to the universe in July 2020 to reach at the end of the year a noticeable allocation into Carmignac Portfolio Emergent and Emerging Patrimoine.
Going forward into 2021 Carmignac Flexible Allocation 2024 will remain allocated to our thematic of choice ie exposure to secular growth which we believe can be best harvested through technology/consumption/healthcare stocks both in the developed and emerging world with a tilt on quality/growth factors. More specifically Carmignac Portfolio Green Gold should continue to benefit from the EU green deal as well as Joe Biden renewable energy infrastructure spending, while remaining alert and reactive to protect the portfolio in case of further market stress.
*For the M EUR acc share class. Risk scale from 1 (lowest risk) to 7 (highest risk); risk 1 does not mean a risk-free investment. This indicator may change over time. ISIN: LU1873147984
Underlying Funds
Carmignac Flexible Allocation 2024 benefited from the positive performance of our diversified/multi-asset fund range (Carmignac Portfolio Emerging Patrimoine / Patrimoine Europe) as well as our Equity Long Short Range (Carmignac Portfolio Long Short Global Equities / Long Short European Equities) thanks to their reactiveness in front of rising risks as well as their asset selection capabilities.
On the Equities Funds Range, positive performance was driven by Carmignac Portfolio Green Gold and Carmignac Portfolio Emergent mostly thanks respectively to their Chinese and Renewables Energy exposure.
Fixed Income Fund Range performance contribution ended the year quasi flat.
Summary table of the annual performance of each share of the Carmignac Portfolio Flexible Allocation 2024 over the full year 2020 | Cette augmentation du risque a été mise en œuvre par une réallocation progressive dans notre fonds de crédit (Carmignac Portfolio Unconstrained Credit) ainsi que dans nos fonds actions (Carmignac Portfolio Green Gold/Investissement/Grande Europe/GrandChildren) en utilisant d'abord les liquidités disponibles, puis en vendant notre fonds du marché monétaire et enfin le Carmignac Portfolio Sécurité. Une petite position sur un panier de mines d'or a également été initiée pour protéger le portefeuille à la fois contre un risque de hausse de l'inflation et contre un risque d'incertitude accrue sur le marché, que ce soit en raison des élections américaines ou d'une seconde vague d'infections au coronavirus.
Enfin, la Chine ayant retrouvé son rythme de croissance normal sans avoir dû accroître son déficit budgétaire dans la même mesure que les économies développées pour faire face à la crise de Covid-19, et nos fonds émergents surpondérant la Chine par rapport à leurs indicateurs de référence, Carmignac Flexible Allocation 2024 a commencé à relever son allocation à l'univers en juillet 2020 pour atteindre en fin d'année une allocation notable à Carmignac Portfolio Emergent et Emerging Patrimoine.
En 2021, Carmignac Flexible Allocation 2024 conservera des allocations à notre thématique de prédilection, à savoir l'exposition à la croissance séculaire qui, selon nous, peut être exploitée au mieux par le biais de valeurs liées à la technologie, à la consommation et à la santé, tant dans les pays développés qu'émergents, en privilégiant les facteurs de qualité et de croissance. Plus précisément, Carmignac Portfolio Green Gold devrait continuer à bénéficier du pacte vert de l'UE ainsi que des dépenses de Joe Biden en matière d'infrastructures d'énergie renouvelable, tout en restant vigilant et réactif afin de protéger le portefeuille en cas de nouvelles tensions sur le marché.
*Pour la classe d'actions M EUR acc. Echelle de risque de 1 (risque le plus faible) à 7 (risque le plus élevé) ; un investissement de catégorie 1 n'est pas forcément sans risque. Des modifications pourront être apportées à cet indicateur. ISIN : LU1873147984
Fonds sous-jacents
Carmignac Flexible Allocation 2024 a bénéficié de la performance positive de notre gamme de fonds diversifiés/multi-actifs (Carmignac Portfolio Emerging Patrimoine/Patrimoine Europe) ainsi que de notre gamme actions long/short (Carmignac Portfolio Long Short Global Equities/Long Short European Equities) grâce à leur réactivité face à l'augmentation des risques ainsi qu'à leurs capacités de sélection d'actifs.
Au sein de la gamme de fonds en actions, la performance positive a été portée par Carmignac Portfolio Green Gold et Carmignac Portfolio Emergent principalement grâce à leur exposition à la Chine et aux énergies renouvelables respectivement.
La contribution à la performance de la gamme des fonds obligataires a terminé l'année à un niveau quasiment étale.
Tableau récapitulatif de la performance annuelle de chaque action de Carmignac Portfolio Flexible Allocation 2024 sur l'ensemble de l'année 2020 | This risk increase was implemented through progressive reallocation into our Credit Fund (Carmignac Portfolio Unconstrained Credit) as well as into our equity funds (Carmignac Portfolio Green Gold/Investissement/Grande Europe/GrandChildren) first using the available cash then selling our money-market fund and finally selling Carmignac Portfolio Sécurité. A small position in a basket of gold miner was also initiated to protect the portfolio both from a risk of rising inflation as well as from a risk of rising market uncertainty whether due to the US political election or a second wave of covid-19 infection.
Finally China resuming its normal growth rate without having needed to generate as much fiscal deficits as the developed world economies did to handle the covid-19 crisis, and our emerging funds being overweighted relatively to their reference indicators in China, Carmignac Flexible Allocation 2024 started increasing its allocation to the universe in July 2020 to reach at the end of the year a noticeable allocation into Carmignac Portfolio Emergent and Emerging Patrimoine.
Going forward into 2021 Carmignac Flexible Allocation 2024 will remain allocated to our thematic of choice ie exposure to secular growth which we believe can be best harvested through technology/consumption/healthcare stocks both in the developed and emerging world with a tilt on quality/growth factors. More specifically Carmignac Portfolio Green Gold should continue to benefit from the EU green deal as well as Joe Biden renewable energy infrastructure spending, while remaining alert and reactive to protect the portfolio in case of further market stress.
*For the M EUR acc share class. Risk scale from 1 (lowest risk) to 7 (highest risk); risk 1 does not mean a risk-free investment. This indicator may change over time. ISIN: LU1873147984
Underlying Funds
Carmignac Flexible Allocation 2024 benefited from the positive performance of our diversified/multi-asset fund range (Carmignac Portfolio Emerging Patrimoine / Patrimoine Europe) as well as our Equity Long Short Range (Carmignac Portfolio Long Short Global Equities / Long Short European Equities) thanks to their reactiveness in front of rising risks as well as their asset selection capabilities.
On the Equities Funds Range, positive performance was driven by Carmignac Portfolio Green Gold and Carmignac Portfolio Emergent mostly thanks respectively to their Chinese and Renewables Energy exposure.
Fixed Income Fund Range performance contribution ended the year quasi flat.
Summary table of the annual performance of each share of the Carmignac Portfolio Flexible Allocation 2024 over the full year 2020 | en | fr |
DOLFIN4898 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Organismes de placement collectif Fonds d’investissement ouvert
Luxembourg
4,300 NN (L) GLOBAL CONVERTIBLE BOND - Z CAP USD USD 27,300,485.00 2.69 | ###### Organismos de inversión colectiva Fondos de capital variable
Luxemburgo
4,300 NN (L) GLOBAL CONVERTIBLE BOND - Z CAP USD USD 27,300,485.00 2.69 | ##### Organismes de placement collectif Fonds d’investissement ouvert
Luxembourg
4,300 NN (L) GLOBAL CONVERTIBLE BOND - Z CAP USD USD 27,300,485.00 2.69 | fr | es |
DOLFIN4899 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $96 | $561 |
| Annual cost impact (*) | 1.0% | 1.0% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | $96 | $557 |
| Incidenza annuale dei costi (*) | 1,0% | 1,0% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $96 | $561 |
| Annual cost impact (*) | 1.0% | 1.0% each year | | en | it |
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