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DOLFIN4900 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,003
5.4% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 GBP
9,9%
13 003 GBP
5,4% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,990
9.9%
GBP 13,003
5.4% | en | es |
DOLFIN4901 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Statements made in this Prospectus are based on the law and practice currently in force in Ireland and are subject to changes in that law.
Investors should note that because investments in securities can be volatile and that their value may decline as well as appreciate, there can be no assurance that a Sub-Fund will be able to attain its objective. The price of Units as well as the income therefrom may go down as well as up to reflect changes in the Net Asset Value of a Sub-Fund. The difference at any one time between the issue and redemption price of Units means that an investment in a Sub-Fund should be viewed as medium to long term.
An investment should only be made by those persons who could sustain a loss on their investment, should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. | ### Les déclarations formulées dans le présent prospectus sont fondées sur le droit et les usages actuellement en vigueur en Irlande et sous réserve des modifications apportées à ce droit.
Il convient que les investisseurs prennent en considération qu'en raison du risque de volatilité des investissements en valeurs mobilières et du fait que leur valeur est susceptible de baisser comme de monter, rien ne garantit qu'un Compartiment sera en mesure d'atteindre son objectif. Les prix des Parts ainsi que les revenus qui en découlent peuvent évoluer à la baisse comme à la hausse en fonction des variations de la Valeur d'Actif Net d'un Compartiment. La différence à un moment quelconque entre le prix d’émission et le prix de rachat des Parts signifie que l’investissement dans un Compartiment doit être considéré comme étant à moyen ou long terme.
Un investissement ne devrait être effectué que par les personnes qui seraient en mesure de faire face à une perte encourue sur leur investissement, ne devrait pas constituer une partie substantielle d'un portefeuille d’investissements et peut ne pas convenir à tous les investisseurs. | ### Statements made in this Prospectus are based on the law and practice currently in force in Ireland and are subject to changes in that law.
Investors should note that because investments in securities can be volatile and that their value may decline as well as appreciate, there can be no assurance that a Sub-Fund will be able to attain its objective. The price of Units as well as the income therefrom may go down as well as up to reflect changes in the Net Asset Value of a Sub-Fund. The difference at any one time between the issue and redemption price of Units means that an investment in a Sub-Fund should be viewed as medium to long term.
An investment should only be made by those persons who could sustain a loss on their investment, should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors. | en | fr |
DOLFIN4902 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off charges before and after investment: |
| --- |
| Issue premium | 3.00% |
| Redemption charge | none |
| These are the maximum amounts that are deducted from your payment prior to the investment and prior to the payout of your returns, respectively. The amounts deducted may be lower. |
| Charges deducted from the fund in the course of a year: |
| Ongoing charges | 1.35% |
| Charges that may have to be borne by the fund, as the case may be: |
| Charges linked to the performance of the fund (perfor- mance fee): | 10% of the outperformance versus the 3-month STIBOR- rate in SEK. Percentage in the last financial year: 0.91% |
| Value trend so far | | | Frais uniques avant et après le placement: |
| --- |
| Commission d’émission | 3.00% |
| Commission de rachat | sans |
| Il s’agit ici du montant maximal pouvant être déduit de votre investissement avant le placement ou le verse- ment de votre rendement. Il peut être moins élevé selon le cas. |
| Frais prélevés par le fonds en cours d’exercice: |
| Charges courantes | 1.35% |
| Frais à la charge du fonds en certaines circonstances: |
| Frais liés à l’évolution de la valeur du fonds (com- mission de performance): | 10% de la surperfor- mance par rapport au taux d’intérêt STIBOR 3 mois en SEK. Hauteur lors du dernier exercice: 0.91% |
| Évolution antérieure de la valeur | | | One-off charges before and after investment: |
| --- |
| Issue premium | 3.00% |
| Redemption charge | none |
| These are the maximum amounts that are deducted from your payment prior to the investment and prior to the payout of your returns, respectively. The amounts deducted may be lower. |
| Charges deducted from the fund in the course of a year: |
| Ongoing charges | 1.35% |
| Charges that may have to be borne by the fund, as the case may be: |
| Charges linked to the performance of the fund (perfor- mance fee): | 10% of the outperformance versus the 3-month STIBOR- rate in SEK. Percentage in the last financial year: 0.91% |
| Value trend so far | | en | fr |
DOLFIN4903 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The figures shown include all the costs of the product itself and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
- The stress scenario shows what you might get back in extreme market circumstances.
- The unfavorable scenario at 5 years occurred for an investment in the product/applicable benchmark between October 2021 and October 2022. The moderate scenario at 5 years occurred for an investment in the product/applicable benchmark between January 2015 and January 2020. The favorable scenario at 5 years occurred for an investment in the product/applicable benchmark between October 2012 and October 2017. | - Le cifre riportate comprendono tutti i costi del prodotto in quanto tale e comprendono i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch’essa sull’importo del rimborso.
- Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
- Lo scenario sfavorevole a 5 anni si è verificato per un investimento nel prodotto/parametro di riferimento idoneo tra ottobre 2021 e ottobre 2022. Lo scenario moderato a 5 anni si è verificato per un investimento nel prodotto/parametro di riferimento idoneo tra gennaio 2015 e gennaio 2020. Lo scenario favorevole a 5 anni si è verificato per un investimento nel prodotto/parametro di riferimento idoneo tra ottobre 2012 e ottobre 2017. | - The figures shown include all the costs of the product itself and includes the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
- The stress scenario shows what you might get back in extreme market circumstances.
- The unfavorable scenario at 5 years occurred for an investment in the product/applicable benchmark between October 2021 and October 2022. The moderate scenario at 5 years occurred for an investment in the product/applicable benchmark between January 2015 and January 2020. The favorable scenario at 5 years occurred for an investment in the product/applicable benchmark between October 2012 and October 2017. | en | it |
DOLFIN4904 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Under the terms of the relevant Investment Management Agreement the relevant Investment Manager is responsible, subject to the overall supervision and control of the Directors, for managing the assets and investments of the relevant Fund in accordance with the investment objective and policies of that Fund.
The relevant Investment Manager may delegate the discretionary investment management functions in respect of the assets of each or any Fund to a sub-investment manager in accordance with the requirements of the Central Bank. Where a sub-investment manager is appointed, but not paid directly out of the assets of the relevant Fund, disclosure of such entity will be provided to the Shareholders on request and details thereof will be disclosed in the ICAV’s periodic reports. Where a sub-investment manager is appointed and paid directly out of the assets of a Fund, this will be set out in the Supplement for the relevant Fund.
The relevant Investment Manager may also appoint non-discretionary investment advisers, in each case in accordance with the requirements of the Central Bank. Where an investment adviser is paid directly out of the assets of the relevant Fund, details of such investment adviser, including details of fees shall be set out in this Prospectus or the relevant Supplement.
International Asset Management Limited is the entity that primarily promotes the ICAV.
- Co-Ordinator and DistributorThe ICAV has appointed International Asset Management Limited as the Co-ordinator and Distributor to the ICAV. The Co-ordinator will co-ordinate the activities of the service providers to the ICAV and will monitor any charges made to the ICAV. | Secondo i termini del relativo Contratto di gestione degli investimenti, i Gestori degli investimenti sono responsabili, fatti salvi il controllo e la supervisione generale degli Amministratori, della gestione delle attività e degli investimenti dei rispettivi Fondi in conformità agli obiettivi e alle politiche d'investimento dei Fondi stessi.
I Gestori degli investimenti possono delegare le funzioni di gestione degli investimenti discrezionali rispetto alle attività di ciascun Fondo a dei sub-gestori degli investimenti in conformità ai requisiti della Banca centrale. Laddove venga nominato un sub-gestore degli investimenti non retribuito direttamente a valere sulle attività del relativo Fondo, la comunicazione della suddetta entità sarà effettuata agli Azionisti su richiesta e i relativi dettagli saranno comunicati all'interno delle relazioni periodiche della ICAV. Laddove venga nominato un sub-gestore degli investimenti retribuito direttamente a valere sulle attività di un Fondo, tale informazione sarà riportata all'interno del Supplemento relativo al Fondo interessato.
I Gestori degli investimenti interessati potranno inoltre nominare consulenti per gli investimenti non discrezionali, in ogni caso in conformità ai requisiti della Banca centrale. Laddove un consulente per gli investimenti sia retribuito direttamente a valere sulle attività del relativo Fondo, i dettagli relativi al suddetto consulente per gli investimenti, ivi compresi i dettagli relativi alle commissioni, saranno riportati all'interno del presente Prospetto o nel relativo Supplemento.
International Asset Management Limited è la principale entità promotrice della ICAV.
- Coordinatore e DistributoreLa ICAV ha nominato International Asset Management Limited quale Coordinatore e Distributore della ICAV. Il Coordinatore coordinerà le attività dei fornitori di servizi della ICAV e monitorerà eventuali oneri applicati alla ICAV. | Under the terms of the relevant Investment Management Agreement the relevant Investment Manager is responsible, subject to the overall supervision and control of the Directors, for managing the assets and investments of the relevant Fund in accordance with the investment objective and policies of that Fund.
The relevant Investment Manager may delegate the discretionary investment management functions in respect of the assets of each or any Fund to a sub-investment manager in accordance with the requirements of the Central Bank. Where a sub-investment manager is appointed, but not paid directly out of the assets of the relevant Fund, disclosure of such entity will be provided to the Shareholders on request and details thereof will be disclosed in the ICAV’s periodic reports. Where a sub-investment manager is appointed and paid directly out of the assets of a Fund, this will be set out in the Supplement for the relevant Fund.
The relevant Investment Manager may also appoint non-discretionary investment advisers, in each case in accordance with the requirements of the Central Bank. Where an investment adviser is paid directly out of the assets of the relevant Fund, details of such investment adviser, including details of fees shall be set out in this Prospectus or the relevant Supplement.
International Asset Management Limited is the entity that primarily promotes the ICAV.
- Co-Ordinator and DistributorThe ICAV has appointed International Asset Management Limited as the Co-ordinator and Distributor to the ICAV. The Co-ordinator will co-ordinate the activities of the service providers to the ICAV and will monitor any charges made to the ICAV. | en | it |
DOLFIN4905 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### BL Bond Dollar
The bond markets were extremely volatile during the year. They started by trending downwards before rebounding in January and February due to the confirmation of pandemic outbreaks in Italy. However, at the beginning of March, investment-grade sovereign debt could no longer play its role as a safe haven during the market correction. It was not until the intervention of central banks at the end of March that this correction was halted, particularly for investment-grade sovereign bonds.
The US 10-year note lost nearly 100 basis points between September 2019 and September 2020, closing the month at 0.68%.
The financial year 2020 saw central banks and then governments intervene to support the financial markets (and the economy) on a global scale through large asset buybacks. In the United States, the US Federal Reserve went as far as supporting SMEs through the Main Street Lending Program (extended loans, lower floors and higher ceilings). This had an immediate effect on the markets with sovereign issuers posting stable yields simultaneously with credit spreads narrowing sharply since the peak of the crisis.
Unfortunately, on the economic front, the consequences of the lockdown remain huge. The US economy is expected to post a decline of nearly 4% in its GDP for full-year 2020. It goes without saying that, apart from a few exceptions, inflation remains low or even negative due to the negative demand shock. | ### BL-Bond Dollar
Au cours de l’exercice, les marchés obligataires ont affiché une volatilité importante. Ils ont d’abord été orientés à la baisse avant un rebond observé en janvier et février du fait de la confirmation d’apparitions de foyers pandémiques en Italie. Néanmoins, début mars, la dette souveraine de bonne qualité n’allait plus jouer son rôle de valeur refuge et ce, en pleine correction des marchés. Il aura fallu attendre l’intervention des banques centrales fin mars pour voir cette correction s’interrompre sur les souverains de qualité en particulier.
Le 10 ans américain a perdu près de 100 points de base entre septembre 2019 et septembre 2020, mois qu’il clôture à 0,68%.
L’année 2020 a donc vu les banques centrales puis les gouvernements intervenir pour soutenir les marchés financiers (ainsi que l’économie) et ce, à l’échelle mondiale en procédant à des rachats d’actifs importants. Aux Etats-Unis, la Réserve fédérale américaine est allée jusqu’à soutenir les PME via le Main Street Lending Program (allongement des prêts, abaissement du plancher et soulèvement des plafonds). Ceci a eu un effet immédiat sur les marchés avec à la fois les émetteurs souverains afficher des rendements stables mais en plus les spreads de crédit afficher un net rétrécissement depuis le pic de la crise.
Malheureusement, sur le volet économique, les conséquences du confinement demeurent dramatiques. L’économie américaine devrait afficher un recul de près de 4% de son PIB sur l’année 2020. Il va sans dire qu’à quelques exceptions près, l’inflation reste faible voire négative du fait du choc de demande négatif. | ### BL Bond Dollar
The bond markets were extremely volatile during the year. They started by trending downwards before rebounding in January and February due to the confirmation of pandemic outbreaks in Italy. However, at the beginning of March, investment-grade sovereign debt could no longer play its role as a safe haven during the market correction. It was not until the intervention of central banks at the end of March that this correction was halted, particularly for investment-grade sovereign bonds.
The US 10-year note lost nearly 100 basis points between September 2019 and September 2020, closing the month at 0.68%.
The financial year 2020 saw central banks and then governments intervene to support the financial markets (and the economy) on a global scale through large asset buybacks. In the United States, the US Federal Reserve went as far as supporting SMEs through the Main Street Lending Program (extended loans, lower floors and higher ceilings). This had an immediate effect on the markets with sovereign issuers posting stable yields simultaneously with credit spreads narrowing sharply since the peak of the crisis.
Unfortunately, on the economic front, the consequences of the lockdown remain huge. The US economy is expected to post a decline of nearly 4% in its GDP for full-year 2020. It goes without saying that, apart from a few exceptions, inflation remains low or even negative due to the negative demand shock. | en | fr |
DOLFIN4906 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
## Objective
## The Sub-Fund aims to provide a regular income of 4% p.a. by investing in European equity and fixed income securities.
## Benchmark index
## None. The Sub-Fund is actively managed and is not managed in reference to a benchmark index.
## Investment policy
## The Sub-Fund will seek to achieve the investment objective by investing in bonds and equities, which offer attractive yields and sustainable dividend payments.
The Sub-Fund will invest at least 50% of its Net Asset Value in corporate bonds denominated in euro. The Sub-Fund investments in securities issued in emerging countries, including non-OECD Member States may not exceed 10% of its net total net assets. Investments in other currencies than Euro are intended to be hedged.
The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purpose of hedging and credit derivatives (up to 100% of its net assets).
## The portfolio duration will be maintained within a range of 0 to 7.
## The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The Sub-Fund may, in exceptional market circumstances and if the Investment Manager considers this to be in the best interest of the investors, hold up to 100% of its net assets in cash or cash equivalent instruments.
## Recommended holding period of at least five (5) years Currency of the Sub-Fund: EUR
Frequency of share buying or selling: Every Luxembourg and France bank business day except for Good Friday, 24 December (Christmas Eve) and the days on which the French markets are closed (official calendar of Euronext Paris S.A.) for orders received by the transfer agent no later than 12:30 p.m. (Luxembourg time) on the relevant Valuation Day.
## Income allocation: Distribution | # Objetivos y política de inversión
## Objetivo
## El Subfondo tiene como objetivo proporcionar unos ingresos regulares del 4% anual invirtiendo en valores de renta variable y renta fija europeos.
## Indice de referencia
## Ninguno. El Subfondo se gestiona de forma activa y sin relación con ningún índice de referencia.
## Política de inversión
## El Subfondo tratará de conseguir el objetivo de inversión mediante la inversión en valores de renta fija y de renta variable, que ofrecen rendimientos atractivos y repartos de dividendos sostenibles.
El Subfondo invertirá al menos el 50% de su Valor liquidativo en bonos corporativos denominados en euros. Las inversiones del Subfondo en valores emitidos en mercados emergentes, como Estados no pertenecientes a la OCDE, no podrán superar el 10% de su patrimonio neto total. Está previsto cubrir las inversiones en divisas distintas al euro.
El Subfondo podrá invertir en instrumentos derivados financieros para conseguir su objetivo de inversión. Dichos instrumentos también podrán utilizarse con fines de cobertura y como derivados de crédito (hasta el 100% de su patrimonio neto).
## La duración de la cartera se mantendrá dentro de una horquilla de 0 a 7.
## Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles.
El Subfondo podrá, en circunstancias de mercado excepcionales y si el Gestor de inversiones considera que redunda en beneficio de los inversores, mantener hasta el 100% de su patrimonio neto en efectivo o en instrumentos equivalentes al efectivo.
## Periodo de inversión recomendado de cinco (5) años como mínimo Divisa del Subfondo: EUR
Frecuencia de compra o venta de acciones: Cada día hábil bancario en Luxemburgo y Francia, excepto Viernes Santo, el 24 de diciembre (Nochebuena) y los días en los que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el agente de transferencias antes de las 12:30 (hora de Luxemburgo) en el Día de Valoración correspondiente.
## Asignación de ingresos: Distribución | # Objectives and Investment Policy
## Objective
## The Sub-Fund aims to provide a regular income of 4% p.a. by investing in European equity and fixed income securities.
## Benchmark index
## None. The Sub-Fund is actively managed and is not managed in reference to a benchmark index.
## Investment policy
## The Sub-Fund will seek to achieve the investment objective by investing in bonds and equities, which offer attractive yields and sustainable dividend payments.
The Sub-Fund will invest at least 50% of its Net Asset Value in corporate bonds denominated in euro. The Sub-Fund investments in securities issued in emerging countries, including non-OECD Member States may not exceed 10% of its net total net assets. Investments in other currencies than Euro are intended to be hedged.
The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purpose of hedging and credit derivatives (up to 100% of its net assets).
## The portfolio duration will be maintained within a range of 0 to 7.
## The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The Sub-Fund may, in exceptional market circumstances and if the Investment Manager considers this to be in the best interest of the investors, hold up to 100% of its net assets in cash or cash equivalent instruments.
## Recommended holding period of at least five (5) years Currency of the Sub-Fund: EUR
Frequency of share buying or selling: Every Luxembourg and France bank business day except for Good Friday, 24 December (Christmas Eve) and the days on which the French markets are closed (official calendar of Euronext Paris S.A.) for orders received by the transfer agent no later than 12:30 p.m. (Luxembourg time) on the relevant Valuation Day.
## Income allocation: Distribution | en | es |
DOLFIN4907 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where Shares of the Restricted Sub-Funds are subscribed or purchased under Section 305 of the SFA by a relevant person which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3) (c) (ii) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | Lorsque les Actions de Compartiments soumis à restrictions sont souscrites ou achetées en vertu de la Section 305 du SFA par une personne concernée, à savoir :
- une société (qui n’est pas un investisseur qualifié [tel que défini dans le SFA]) dont l’unique activité est de détenir des investissements et dont l’intégralité du capital social est détenue par un ou plusieurs individus, chacun d’entre eux étant dénommé un investisseur qualifié ; ou
- une fiducie (où le fiduciaire est un investisseur qualifié) dont le seul objet est de détenir des investissements, chaque bénéficiaire de la fiducie étant un individu qui est un investisseur qualifié, les titres (tels que définis à la Section 2(1) du SFA) de ladite société ou les droits et intérêts des bénéficiaires (quelle qu’en soit la description) dans ladite fiducie ne devant être transférés dans un délai de six mois à compter de la date à laquelle ladite société ou fiducie a acquis les Actions en vertu d’une offre soumise en vertu de la Section 305 du SFA sauf :
- pour un investisseur institutionnel ou pour une personne concernée ou pour toute personne s’inscrivant dans le cadre d’une offre telle que mentionnée à la Section 275(1A) ou à la Section 305A(3) (c) (ii) du SFA ;
- si aucune rétribution n’est ou ne sera versée pour le transfert ;
- si le transfert est exécuté par effet de loi ;
- dans les cas spécifiés à la Section 305A(5) du SFA ; ou
- dans les cas spécifiés dans la Réglementation 36A des Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations de 2005 de Singapour (réglementations relatives aux opérations sur titres et aux opérations à terme [offres d’investissements] [organismes de placement collectif]). | Where Shares of the Restricted Sub-Funds are subscribed or purchased under Section 305 of the SFA by a relevant person which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3) (c) (ii) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | en | fr |
DOLFIN4908 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Funds may invest in structured financial instruments such as, but not limited to, Equity-linked Securities, Capital Protected Notes, and Structured Notes, Certificates. The underlying investments shall represent eligible transferable securities (as defined in section “Investment Restrictions”), in line with the relevant investment objectives and policy of the Sub-Fund and shall be taken into account to determine the global exposure permitted by the Investment Restrictions described in the next section.
Structured financial instruments are subject to the risks associated with the underlying investments and may be subject to greater volatility than direct investments in the underlying investments. Structured financial instruments may entail the risk of loss of principal and/or interest payment as a result of movements in the underlying investments.
- Securities lendingSubject to the investment restrictions set out below, the Company may for each Sub- Fund enter into securities lending transactions to the maximum extent allowed by, and within the limits set forth in applicable Luxembourg regulations (including circulars of the Luxembourg supervisory authority). Accordingly, the Company may lend securities either directly or through a standardised lending system organised by a recognised clearing institution or through a first class financial institution specialising in this type of transaction. | Der Teilfonds kann in strukturierte Finanzinstrumente, so unter anderem auch in aktiengebundene Wertpapiere, kapitalgeschützte, strukturierte Schuldverschreibungen und Zertifikate investieren. Die Basiswerte gelten als zulässige übertragbare Wertpapiere (im Sinne der Definition im Abschnitt „Anlagebeschränkungen“) entsprechend den jeweiligen Anlagezielen und der Anlagepolitik des Teilfonds und sind bei der Bestimmung des zulässigen Gesamtrisikos gemäß den im nachfolgenden Abschnitt beschriebenen Anlagebeschränkungen zu berücksichtigen.
Strukturierte Finanzinstrumente sind den Risiken im Zusammenhang mit den Basiswerten ausgesetzt und können eine höhere Volatilität als Direktanlagen in den Basiswerten aufweisen. Bei strukturierten Finanzinstrumenten besteht unter Umständen das Risiko des Verlustes des Kapitals und/oder der Zinszahlungen infolge der Entwicklung der Basiswerte.
- WertpapierleihgeschäfteVorbehaltlich der nachstehend dargelegten Anlagebeschränkungen kann die Gesellschaft für jeden Teilfonds Wertpapierleihgeschäfte bis zu dem in den anwendbaren luxemburgischen Rechtsvorschriften (einschließlich Rundschreiben der luxemburgischen Aufsichtsbehörde) zugelassenen Umfang und innerhalb der darin festgelegten Grenzen tätigen. Dementsprechend darf die Gesellschaft Wertpapiere entweder direkt oder über das standardisierte Leihsystem einer anerkannten Clearingstelle oder über ein erstklassiges Finanzinstitut, das auf derartige Transaktionen spezialisiert ist, verleihen. | The Sub-Funds may invest in structured financial instruments such as, but not limited to, Equity-linked Securities, Capital Protected Notes, and Structured Notes, Certificates. The underlying investments shall represent eligible transferable securities (as defined in section “Investment Restrictions”), in line with the relevant investment objectives and policy of the Sub-Fund and shall be taken into account to determine the global exposure permitted by the Investment Restrictions described in the next section.
Structured financial instruments are subject to the risks associated with the underlying investments and may be subject to greater volatility than direct investments in the underlying investments. Structured financial instruments may entail the risk of loss of principal and/or interest payment as a result of movements in the underlying investments.
- Securities lendingSubject to the investment restrictions set out below, the Company may for each Sub- Fund enter into securities lending transactions to the maximum extent allowed by, and within the limits set forth in applicable Luxembourg regulations (including circulars of the Luxembourg supervisory authority). Accordingly, the Company may lend securities either directly or through a standardised lending system organised by a recognised clearing institution or through a first class financial institution specialising in this type of transaction. | en | de |
DOLFIN4909 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The master fund can invest in units of under- takings for collective investment in transferable securities (UCITS) and/or of other collective investment undertakings (UCIs) as defined in Directive 2009/65/EC (the UCITS Directive, as amended) within or outside of a member state of the European Union, provided that
- such other collective investment under- takings were authorized under laws that provide that they are subject to supervi- sion considered by the CSSF to be equiv- alent to that laid down in Community law, and that cooperation between authorities is sufficiently ensured;
- the level of protection for unitholders of the other collective investment undertak- ings is equivalent to that provided for unitholders of an undertaking for collective investment in transferable securities, and in particular that the rules on asset segre- gation, borrowing, lending, and short sales of securities and money market instru- ments are equivalent to the requirements of the UCITS Directive;
- the business activity of the other collec- tive investment undertakings is reported in annual and semiannual reports to enable an assessment to be made of the assets and liabilities, income and opera- tions over the reporting period;
- no more than 10% of the assets of the undertaking for collective investment in transferable securities or of the other collective investment undertaking whose acquisition is being contemplated can, according to its terms of contract or its Articles of Incorporation, be invested in units of other undertakings for collective investment in transferable securities or other collective investment undertakings. | - Der Masterfonds kann in Anteilen von Organis- men für gemeinsame Anlagen in Wertpapieren (OGAW) und/oder von anderen Organismen für gemeinsame Anlagen (OGA) im Sinne der Richtlinie 2009/65/EG (die OGAW-Richtlinie in der jeweils gültigen Fassung) mit oder ohne Sitz in einem Mitgliedstaat der Europäischen Union anlegen, sofern
- diese anderen Organismen für gemein- same Anlagen nach Rechtsvorschriften zugelassen wurden, die sie einer Aufsicht unterstellen, welche nach Auffassung der CSSF derjenigen nach dem Gemein- schaftsrecht gleichwertig ist, und ausrei- chende Gewähr für die Zusammenarbeit zwischen den Behörden besteht;
- das Schutzniveau der Anteilseigner der anderen Organismen für gemeinsame Anlagen dem Schutzniveau der Anteils- eigner eines Organismus für gemeinsame Anlagen in Wertpapieren gleichwertig ist und insbesondere die Vorschriften für die getrennte Verwahrung des Fondsvermö- gens, die Kreditaufnahme, die Kredit- gewährung und Leerverkäufe von Wertpapieren und Geldmarktinstrumenten den Anforderungen der OGAW-Richtlinie gleichwertig sind;
- die Geschäftstätigkeit der anderen Organismen für gemeinsame Anlagen Gegenstand von Halbjahres- und Jahres- berichten ist, die es erlauben, sich ein Urteil über das Vermögen und die Verbind- lichkeiten, die Erträge und die Transaktio- nen im Berichtszeitraum zu bilden;
- der Organismus für gemeinsame Anlagen in Wertpapieren oder der andere Organis- mus für gemeinsame Anlagen, dessen Anteile erworben werden sollen, nach seinen Vertragsbedingungen beziehungs- weise seiner Satzung höchstens 10% seines Vermögens in Anteilen anderer Organismen für gemeinsame Anlagen in Wertpapieren oder andere Organismen für gemeinsame Anlagen anlegen darf. | - The master fund can invest in units of under- takings for collective investment in transferable securities (UCITS) and/or of other collective investment undertakings (UCIs) as defined in Directive 2009/65/EC (the UCITS Directive, as amended) within or outside of a member state of the European Union, provided that
- such other collective investment under- takings were authorized under laws that provide that they are subject to supervi- sion considered by the CSSF to be equiv- alent to that laid down in Community law, and that cooperation between authorities is sufficiently ensured;
- the level of protection for unitholders of the other collective investment undertak- ings is equivalent to that provided for unitholders of an undertaking for collective investment in transferable securities, and in particular that the rules on asset segre- gation, borrowing, lending, and short sales of securities and money market instru- ments are equivalent to the requirements of the UCITS Directive;
- the business activity of the other collec- tive investment undertakings is reported in annual and semiannual reports to enable an assessment to be made of the assets and liabilities, income and opera- tions over the reporting period;
- no more than 10% of the assets of the undertaking for collective investment in transferable securities or of the other collective investment undertaking whose acquisition is being contemplated can, according to its terms of contract or its Articles of Incorporation, be invested in units of other undertakings for collective investment in transferable securities or other collective investment undertakings. | en | de |
DOLFIN4910 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Assets and Liabilities
Definition of assets and liabilities
For purposes of NAV calculation, assets consist of all assets described in the bullets in “How we value assets” below, along with the pro-rata share of any formation expenses of the SICAV that have not yet been written off.
Liabilities consist of:
- all borrowings
- all amounts due or accrued (including dividends declared but not yet paid, and expenses paid out of fund assets asdescribed below)
- all redemption requests received but not processed, and all redemptions processed but not yet paid
- all board-approved reserves, whether against potential capital losses or other purposes
- all other known liabilities (including those not yet due and those due but not yet collected, such as unclaimed dividends)Regular and periodic expenses are pro rated over time. Any assets and liabilities not attributable to a single fund will be allocated across the relevant funds and share classes in a just and appropriate manner. | ##### Actifs et passifs
Définition des actifs et passifs
Aux fins du calcul de la VNI, les actifs se composent de tous les actifs décrits aux différents points de la rubrique « Évaluation des actifs » ci-dessous, ainsi que de la part proportionnelle des frais de constitution de la SICAV qui n’ont pas encore été amortis.
Les passifs comprennent :
- tous les emprunts
- tous les montants dus ou échus (y compris les dividendes déclarés mais pas encore payés, et les charges payées à partir des actifs du fonds tel que décrit ci-dessous)
- toutes les demandes de rachat reçues mais non traitées, et tous les rachats traités mais pas encore payés
- toutes les réserves approuvées par le conseil d’administration, qu’elles soient constituées pour couvrir des pertes de capital potentielles ou à d’autres fins
- tous les autres passifs connus (y compris ceux qui ne sont pas encore dus et ceux qui sont dus, mais pas encore perçus, tels que les dividendes non réclamés)Les frais réguliers et périodiques sont calculés au prorata au fil du temps. Tous les actifs et passifs qui ne sont pas attribuables à un seul fonds seront répartis entre les fonds et classes d’actions concernés de manière équitable et appropriée. | #### Assets and Liabilities
Definition of assets and liabilities
For purposes of NAV calculation, assets consist of all assets described in the bullets in “How we value assets” below, along with the pro-rata share of any formation expenses of the SICAV that have not yet been written off.
Liabilities consist of:
- all borrowings
- all amounts due or accrued (including dividends declared but not yet paid, and expenses paid out of fund assets asdescribed below)
- all redemption requests received but not processed, and all redemptions processed but not yet paid
- all board-approved reserves, whether against potential capital losses or other purposes
- all other known liabilities (including those not yet due and those due but not yet collected, such as unclaimed dividends)Regular and periodic expenses are pro rated over time. Any assets and liabilities not attributable to a single fund will be allocated across the relevant funds and share classes in a just and appropriate manner. | en | fr |
DOLFIN4911 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the qualitative analysis of the credit risk of the issuer the credit analysts review a number criteria related to the financial situation of the issuer, its sources of liquidity, the issuers ability to react to future market-wide or issuer-specific events, including in a highly adverse situation and the strength of the issuer’s industry within the economy relative to economic trends and the issuer’s competitive position in its industry.
Dependent on the type of issuer and type of issue an analysis of qualitative criteria determine the risk in relation to the issuer of the instrument is performed. In this analysis the credit analysts take into account any structural aspects of the relevant instruments and looks at macroeconomic and financial market conditions that can impact the issuer of the instrument:
- an analysis of the relevant market(s), including the degree of volume and liquidity of those markets;
- a sovereign analysis, including the extent of explicit and contingent liabilities and the size of foreign exchange reserves compared to foreign exchange liabilities;
- an analysis of governance risk relating to the issuer, including frauds, conduct fines, litigation, financial restatements, exceptional items, management turnover, borrower concentration and audit quality;
- securities-related research on the issuer or market sector;
- where relevant, an analysis of the credit ratings or rating outlook given to the issuer of an instrument by a credit rating agency registered with the ESMA and selected by the manager of a MMF if suited to the specific investment portfolio of the MMF. | Bei der qualitativen Analyse des Kreditrisikos des Emittenten überprüfen die Kreditanalysten eine Reihe von Kriterien, die sich auf die finanzielle Situation des Emittenten, seine Liquiditätsquellen und die Fähigkeit des Emittenten beziehen, auf künftige marktweite oder emittentenspezifische Ereignisse, einschließlich äußerst ungünstiger Situationen, zu reagieren und die Stärke der Branche des Emittenten in Bezug auf die wirtschaftliche Entwicklung und die Wettbewerbsposition des Emittenten innerhalb seiner Branche.
Abhängig von der Art des Emittenten und der Emission wird eine Analyse der qualitativen Kriterien durchgeführt, um das Risiko in Bezug auf den Emittenten des Instruments zu bestimmen. Bei dieser Analyse berücksichtigen die Kreditanalysten alle strukturellen Aspekte der relevanten Instrumente und untersuchen die makroökonomische Lage wie auch die Finanzmarktbedingungen, die sich auf den Emittenten des Instruments auswirken können:
- eine Analyse der relevanten Märkte, einschließlich des Volumens und des Liquiditätsgrads dieser Märkte;
- eine Analyse des betreffenden Staates, einschließlich der Höhe der expliziten und bedingten Verbindlichkeiten und der Höhe der Devisenreserven im Vergleich zu den Devisenverbindlichkeiten;
- eine Analyse des Governance-Risikos in Bezug auf den Emittenten, darunter dolose Handlungen, Geldbußen, Rechtsstreitigkeiten, Nachbesserungen bei Finanzberichten, Sondereinflüsse, Wechsel des Managements, Kreditnehmerkonzentration und Qualität der Abschlussprüfung;
- wertpapierbezogene Analyse in Bezug auf den Emittenten oder den Marktsektor;
- gegebenenfalls eine Analyse der Kreditratings oder der Ratingaussichten, die der Emittent eines Instruments von einer Ratingagentur erhalten hat, die bei der ESMA registriert und vom Verwalter eines Geldmarktfonds ausgewählt wurde, wenn sie für das spezifische Anlageportfolio des Geldmarktfonds geeignet ist. | In the qualitative analysis of the credit risk of the issuer the credit analysts review a number criteria related to the financial situation of the issuer, its sources of liquidity, the issuers ability to react to future market-wide or issuer-specific events, including in a highly adverse situation and the strength of the issuer’s industry within the economy relative to economic trends and the issuer’s competitive position in its industry.
Dependent on the type of issuer and type of issue an analysis of qualitative criteria determine the risk in relation to the issuer of the instrument is performed. In this analysis the credit analysts take into account any structural aspects of the relevant instruments and looks at macroeconomic and financial market conditions that can impact the issuer of the instrument:
- an analysis of the relevant market(s), including the degree of volume and liquidity of those markets;
- a sovereign analysis, including the extent of explicit and contingent liabilities and the size of foreign exchange reserves compared to foreign exchange liabilities;
- an analysis of governance risk relating to the issuer, including frauds, conduct fines, litigation, financial restatements, exceptional items, management turnover, borrower concentration and audit quality;
- securities-related research on the issuer or market sector;
- where relevant, an analysis of the credit ratings or rating outlook given to the issuer of an instrument by a credit rating agency registered with the ESMA and selected by the manager of a MMF if suited to the specific investment portfolio of the MMF. | en | de |
DOLFIN4912 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Structure of the Fund
Under a single investment fund (“umbrella fund”), the Fund offers investors sub-funds with different investment policies. Together, the sub-funds constitute the Fund. Every investor participates in the Fund through participation in a sub-fund.
In relations between unitholders, each sub-fund is regarded as a discrete pool of assets in its own right. The rights and duties of the unitholders of a given sub-fund are separate from those of the unitholders of the other sub-funds. Each sub-fund is also regarded as a separate fund with regard to the investments and investment policy under section 2.
The Management Company may resolve at any time to set up additional sub-funds. The Management Company will notify the unitholders of this and amend the Sales Prospectus accordingly.
- | # Fondsstruktur
Der Fonds offeriert dem Anleger unter ein und demselben Anlagefonds Teilfonds mit unterschiedlicher Anlagepolitik («Umbrella»). Die Gesamtheit der Teilfonds ergibt den Fonds. Jeder Anleger ist am Fonds durch Beteiligung an einem Teilfonds beteiligt.
Jeder Teilfonds gilt im Verhältnis der Anteilinhaber untereinander als selbständiges Sondervermögen. Die Rechte und Pflichten der Anteilinhaber eines Teilfonds sind von denen der Anteilinhaber der anderen Teilfonds getrennt. Auch im Hinblick auf die Anlagen und die Anlagepolitik gemäss Ziffer 2 wird jeder Teilfonds als eigener Fonds betrachtet.
Die Verwaltungsgesellschaft kann jederzeit beschliessen, weitere Teilfonds hinzuzufügen. Die Verwaltungsgesellschaft gibt dies den Anteilinhabern bekannt und passt den Verkaufsprospekt an.
- | # Structure of the Fund
Under a single investment fund (“umbrella fund”), the Fund offers investors sub-funds with different investment policies. Together, the sub-funds constitute the Fund. Every investor participates in the Fund through participation in a sub-fund.
In relations between unitholders, each sub-fund is regarded as a discrete pool of assets in its own right. The rights and duties of the unitholders of a given sub-fund are separate from those of the unitholders of the other sub-funds. Each sub-fund is also regarded as a separate fund with regard to the investments and investment policy under section 2.
The Management Company may resolve at any time to set up additional sub-funds. The Management Company will notify the unitholders of this and amend the Sales Prospectus accordingly.
- | en | de |
DOLFIN4913 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Entry charge 3%
Exit charge 0,25%
Charges taken from the fund over a year
Ongoing charges 0,67%
Charges taken from the fund under certain specific conditions | ### Ausgabeaufschlag 3%
Rücknahmegebühr 0,25%
Kosten, die vom Fonds im Laufe des Jahres abgezogen werden
Laufende Kosten 0,67%
Kosten, die der Fonds unter bestimmten Umständen zu tragen hat | ### Entry charge 3%
Exit charge 0,25%
Charges taken from the fund over a year
Ongoing charges 0,67%
Charges taken from the fund under certain specific conditions | en | de |
DOLFIN4914 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for two different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000. The figures are estimates and may change in the future.
## Costs over time
The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.
| Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 93.00 EUR | 699.00 EUR |
| Impact on return (RIY) per year | 0.94% | 1.01% |
## Composition of costs
The table shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories.
| One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.91% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 90.85 EUR |
| Transaction costs | 0.03% 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. | 3.12 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | |
The costs set out may differ from the actual costs you may incur. | # Quali sono i costi?
La Diminuzione del rendimento mostra l'impatto dei costi totali da voi versati sul rendimento che potreste ottenere dall'investimento. I costi totali tengono conto dei costi una tantum, correnti e accessori.
Gli importi qui riportati sono i costi complessivi del prodotto per due diversi periodi di detenzione. Includono le potenziali penali per uscita anticipata. Tali dati ipotizzano un investimento pari a 10.000 EUR. I dati rappresentano delle stime e potrebbero variare in futuro.
## Andamento dei costi nel tempo
La persona che fornisce consulenza sul PRIIP o che lo vende potrebbe addebitare altri costi. In tal caso, questa persona vi fornirà informazioni su questi costi e vi mostrerà l'impatto che avranno sul vostro investimento nel tempo.
| Investimento: 10.000 EUR | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | 93.00 EUR | 699.00 EUR |
| Impatto sul rendimento (RIY) annuo | 0.94% | 1.01% |
## Composizione dei costi
La tabella mostra l'impatto annuale delle diverse tipologie di costi sul rendimento dell'investimento che si potrebbe ottenere al termine del periodo di detenzione raccomandato e il significato delle diverse categorie di costi.
| Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi di ingresso | Si tratta dell'importo delle spese che possono essere prelevate dal capitale prima che esso sia investito nel prodotto selezionato. Non addebitiamo una commissione d'ingresso per questo prodotto ma la persona che vende il prodotto può scegliere di farlo. | 0.00 EUR |
| Costi di uscita | Questa è la commissione che può essere prelevata dall'investimento nel caso in cui l'investitore decida di vendere. Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0.00 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,91% del valore dell'investimento all'anno. Si tratta delle spese correnti sostenute e include le spese di gestione e i costi di esercizio annuali. | 90.85 EUR |
| Costi di transazione | 0,03% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 3.12 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance e carried interest | Non viene addebitata alcuna commissione di performance | |
I costi indicati possono differire da quelli effettivamente sostenuti. | # What are the costs?
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for two different holding periods. They include potential early exit penalties. The figures assume you invest EUR 10,000. The figures are estimates and may change in the future.
## Costs over time
The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.
| Investment EUR 10,000 | if you cash in after 1 year | if you cash in after 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Total costs | 93.00 EUR | 699.00 EUR |
| Impact on return (RIY) per year | 0.94% | 1.01% |
## Composition of costs
The table shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories.
| One-off costs upon entry or exit | | If you exit after 5 year(s) |
| --- | --- | --- |
| Entry costs | This is the charge that may be taken from your investment before the deal is placed in your chosen product. We do not charge an entry fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Exit costs | This is the charge that may be taken from your investment when you choose to sell. We do not charge an exit fee for this product, but the person selling you the product may choose to do so. | 0.00 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.91% of the value of your investment per year. This is the ongoing charges incurred and includes the annual management charge and operating costs. | 90.85 EUR |
| Transaction costs | 0.03% 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. | 3.12 EUR |
| Incidental costs taken under specific conditions |
| Performance fees and carried interest | No performance fee charged | |
The costs set out may differ from the actual costs you may incur. | en | it |
DOLFIN4915 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les droits d’entrée et de sortie affichés constituent les maxima applicables. Dans certains cas des droits inférieurs peuvent être appliqués. L’investisseur peut obtenir de son conseil ou son distributeur le montant effectif des frais d’entrée et de sortie. Les frais indiqués prélevés par le FCP sur une année sont basés sur les coûts du dernier exercice clos le 29/09/2021. Ils peuvent varier d’année en année. Les frais courants ne comprennent pas les commissions de performance et les frais de transactions excepté dans le cas de frais d’entrée et/ou de sortie payés par le FCP lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective.
La commission de performance représente 20% TTC de la performance du FCP au-delà de la performance de l’€STR capitalisée, uniquement si la performance du FCP est positive. Des précisions supplémentaires sont disponibles dans le prospectus du fonds. Le montant des commissions de performances versé au titre de l’exercice clos le 29/09/2021 représente 3.52%.
Pour plus d’information sur les frais, se référer au prospectus du FCP, disponible sur le site internet www.bdlcm.com | Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior. El inversor puede consultar a su asesor o distribuidor el importe de gastos de entrada y salida que realmente pagará.
Los gastos detraídos por el Fondo en un año que aquí se muestran se basan en los costes del último ejercicio, cerrado a 29/9/2021. Pueden variar de un año a otro. Los gastos corrientes no incluyen las comisiones de rentabilidad ni los costes de transacción, excepto en caso de que el Fondo pague gastos de entrada y/o de salida cuando compre o venda participaciones de otro vehículo de gestión colectiva.
La comisión de rentabilidad representa el 20% (impuestos incluidos) de la rentabilidad del Fondo superior a la rentabilidad del €STR capitalizado, únicamente si la rentabilidad del Fondo es positiva. En el folleto del fondo figura información adicional al respecto. El importe de las comisiones de rentabilidad correspondiente al ejercicio cerrado a 29/9/2021 es del 3,52%.
Para más información relacionada con los gastos, consulte el folleto del Fondo, que se encuentra disponible en el sitio web www.bdlcm.com. | Les droits d’entrée et de sortie affichés constituent les maxima applicables. Dans certains cas des droits inférieurs peuvent être appliqués. L’investisseur peut obtenir de son conseil ou son distributeur le montant effectif des frais d’entrée et de sortie. Les frais indiqués prélevés par le FCP sur une année sont basés sur les coûts du dernier exercice clos le 29/09/2021. Ils peuvent varier d’année en année. Les frais courants ne comprennent pas les commissions de performance et les frais de transactions excepté dans le cas de frais d’entrée et/ou de sortie payés par le FCP lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective.
La commission de performance représente 20% TTC de la performance du FCP au-delà de la performance de l’€STR capitalisée, uniquement si la performance du FCP est positive. Des précisions supplémentaires sont disponibles dans le prospectus du fonds. Le montant des commissions de performances versé au titre de l’exercice clos le 29/09/2021 représente 3.52%.
Pour plus d’information sur les frais, se référer au prospectus du FCP, disponible sur le site internet www.bdlcm.com | fr | es |
DOLFIN4916 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The portion of ESG-rated issuers in the Fund's portfolio (excluding public debt and cash) will exceed 90% in the long term.
The evolution of this rating over time constitutes the "dynamic" part (Best-Effort) taking into account the improvement or deterioration of the good ESG practices of issuers.
The result of the implementation of this ESG strategy can be measured by excluding from the investment universe securities meeting one of the following criteria:
- issuers with an ESG rating below 0 and whose dynamics have deteriorated;
- issuers impacted by level 5 ESG controversies (on a scale of 1 to 5 according to Sustainalytics) and by human rights controversies higher than 7 (on a scale of 1 to 9) and validated by the ESG team;
- issuers showing the greatest deterioration in their extra-financial dynamics. | La part des émetteurs notée ESG dans le portefeuille du Fonds (hors dette publique et liquidités) sera durablement supérieure à 90%.
L'évolution de cette notation dans le temps constitue la partie « dynamique » (« Best Effort ») tenant compte de l’amélioration ou de la dégradation des bonnes pratiques ESG des émetteurs.
Le résultat de la mise en œuvre de cette stratégie ESG est mesurable par l’exclusion de l’univers d’investissement des valeurs répondant à l’un des critères suivants :
- les émetteurs dont la notation ESG est inférieure à 0 et dont la dynamique s'est dégradée ;
- les émetteurs impactés par des controverses ESG de niveau 5 (sur une échelle de 1 à 5 selon Sustainalytics) et par des controverses « Droits Humains » de niveau supérieur à 7 (sur une échelle de 1 à 9) et validées par l’équipe ESG ;
- les émetteurs présentant la plus forte dégradation de leur dynamique extra financière. | The portion of ESG-rated issuers in the Fund's portfolio (excluding public debt and cash) will exceed 90% in the long term.
The evolution of this rating over time constitutes the "dynamic" part (Best-Effort) taking into account the improvement or deterioration of the good ESG practices of issuers.
The result of the implementation of this ESG strategy can be measured by excluding from the investment universe securities meeting one of the following criteria:
- issuers with an ESG rating below 0 and whose dynamics have deteriorated;
- issuers impacted by level 5 ESG controversies (on a scale of 1 to 5 according to Sustainalytics) and by human rights controversies higher than 7 (on a scale of 1 to 9) and validated by the ESG team;
- issuers showing the greatest deterioration in their extra-financial dynamics. | en | fr |
DOLFIN4917 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Eleva Absolute Return Europe Fund may invest up to 5% of its net assets in Russian equities or equity related securities listed on the London Stock Exchange.
The Eleva Absolute Return Europe Fund will not invest in Turkish equities or equity related securities.
The Eleva Absolute Return Europe Fund may subscribe and hold Shares issued by one or more other Sub-Funds, which in total amounts to a maximum of 10% of its Net Asset Value.
Eleva Absolute Return Europe Fund is actively managed with no reference to a benchmark.
In order to comply with the reformed German Investment Tax Act 2018, the Eleva Absolute Return Fund will invest a minimum of 25% of its gross assets in equity participations (as defined in the German Investment Tax Act 2018).
As at the date of this Prospectus, the maximum proportion and expected proportion of the Net Asset Value of the Eleva Absolute Return Europe Fund which may be invested in each type of Securities Financing Transactions and TRS are as follows: | Der Eleva Absolute Return Europe Fund kann bis zu 5 % seines Nettovermögens in russische Aktien oder mit Aktien verbundene Wertpapiere investieren, die an der London Stock Exchange gehandelt werden.
Der Eleva Absolute Return Europe Fund investiert nicht in türkische Aktien oder mit Aktien verbundene Wertpapiere.
Der Eleva Absolute Return Europe Fund darf Anteile eines oder mehrerer anderer Teilfonds zeichnen und halten, deren Wert maximal 10 % seines Nettoinventarwertes betragen darf.
Der Eleva Absolute Return Europe Fund wird ohne Bezug zu einer Benchmark aktiv verwaltet.
Zur Einhaltung des reformierten Investmentsteuergesetzes, das ab 2018 in Deutschland gilt, wird der Eleva Absolute Return Fund mindestens 25 % des Bruttoinventarwertes in Kapitalbeteiligungen anlegen (laut Definition im deutschen Investmentsteuergesetz von 2018).
Zum Datum dieses Prospekts wird damit gerechnet, dass maximal und erwartungsgemäß folgende Anteile des Nettoinventarwerts des Eleva Absolute Return Europe Fund in die jeweiligen Arten von Wertpapierfinanzierungsgeschäften und TRS investiert werden: | The Eleva Absolute Return Europe Fund may invest up to 5% of its net assets in Russian equities or equity related securities listed on the London Stock Exchange.
The Eleva Absolute Return Europe Fund will not invest in Turkish equities or equity related securities.
The Eleva Absolute Return Europe Fund may subscribe and hold Shares issued by one or more other Sub-Funds, which in total amounts to a maximum of 10% of its Net Asset Value.
Eleva Absolute Return Europe Fund is actively managed with no reference to a benchmark.
In order to comply with the reformed German Investment Tax Act 2018, the Eleva Absolute Return Fund will invest a minimum of 25% of its gross assets in equity participations (as defined in the German Investment Tax Act 2018).
As at the date of this Prospectus, the maximum proportion and expected proportion of the Net Asset Value of the Eleva Absolute Return Europe Fund which may be invested in each type of Securities Financing Transactions and TRS are as follows: | en | de |
DOLFIN4918 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The absence of European-level common or harmonised definitions and labels incorporating ESG and sustainability criteria may give rise to different approaches among the asset managers to fix the ESG objectives and to determine whether these objectives have been achieved by the funds they manage.
The pursued methodology excludes or limits exposure to the securities of certain issuers for ESG reasons. As a result, it is possible that certain market conditions will generate financial opportunities that the sub-fund is unable to benefit from.
Where applicable, exclusion or inclusion measures relating to the ESG investment risk are described in the section in the Prospectus describing the investment policy and/or in the Fact Sheet of each sub-fund.
Sustainability risk: the sustainability risk refers to any environmental, social or governance-related event or situation that might affect the performance and/or reputation of issuers in the portfolio. | Fehlende gemeinsame oder harmonisierte Definitionen und Labels, die auf europäischer Ebene ESG- und Nachhaltigkeitskriterien einbeziehen, können bei Investmentmanagern nicht nur zu unterschiedlichen Ansätzen bei der Festlegung von ESG-Zielen führen, sondern auch bei der Bestimmung, ob diese Ziele von dem von ihnen verwalteten Fonds erreicht wurden.
Die verfolgte Methode begrenzt aus ESG-Gründen das Engagement in Wertpapiere von bestimmten Emittenten oder schließt ein solches Engagement aus. Daher ist es möglich, dass bestimmte Marktbedingungen Anlagegelegenheiten bieten, die von dem Teilfonds nicht wahrgenommen werden können. Die Ausschlussmaßnahmen bzw. die Berücksichtigung des ESG-Investmentrisikos werden gegebenenfalls im Prospektabschnitt zur Anlagepolitik und/oder in der technischen Beschreibung des betreffenden Teilfonds dargelegt.
Nachhaltigkeitsrisiko: Das Nachhaltigkeitsrisiko bezieht sich auf jedes Ereignis oder jede Situation im ökologischen oder sozialen Bereich oder mit Bezug auf die Unternehmensführung mit möglichen Auswirkungen auf die Performance und/oder die Reputation eines Emittenten im Portfolio. | The absence of European-level common or harmonised definitions and labels incorporating ESG and sustainability criteria may give rise to different approaches among the asset managers to fix the ESG objectives and to determine whether these objectives have been achieved by the funds they manage.
The pursued methodology excludes or limits exposure to the securities of certain issuers for ESG reasons. As a result, it is possible that certain market conditions will generate financial opportunities that the sub-fund is unable to benefit from.
Where applicable, exclusion or inclusion measures relating to the ESG investment risk are described in the section in the Prospectus describing the investment policy and/or in the Fact Sheet of each sub-fund.
Sustainability risk: the sustainability risk refers to any environmental, social or governance-related event or situation that might affect the performance and/or reputation of issuers in the portfolio. | en | de |
DOLFIN4919 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les frais d'entrée, de sortie et de conversion indiqués sont des chiffres maximum appliqués sur le marché primaire uniquement. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Le montant des frais courants est fondé sur les frais de l’exercice clos le 30 septembre 2021. Ces chiffres peuvent varier d’un exercice à l’autre. Ils excluent :
Les commissions de surperformance,
les coûts de transaction du portefeuille, à l’exception des frais d’entrée et de sortie payés par le Compartiment lorsqu’il achète ou vend des parts d’un autre organisme de placement collectif.
* Les frais d'entrée et de sortie ne s'appliquent que lorsque les actions sont souscrites ou rachetées directement auprès du Compartiment, et ne s'appliquent pas lorsque les investisseurs achètent ou vendent de telles actions sur les marchés boursiers. Les investisseurs négociant sur les marchés boursiers paieront des commissions facturées par leurs intermédiaires. De telles charges peuvent être obtenues auprès des intermédiaires.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site : amundi.com ou amundietf.com.
Performances passées
7,9%
8,3%
5,6%
5,5%
10 % . | Los gastos de entrada, salida y conversión indicados son gastos máximos que solo se aplican en el mercado primario. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero.
La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye:
Comisiones de rentabilidad,
Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva.
* Los gastos de entrada y de salida únicamente serán aplicables cuando se suscriban o se reembolsen acciones directamente del Compartimento, y no se aplicarán cuando los inversores compren o vendan estas acciones en la bolsa de valores. Los inversores que negocien en bolsa pagarán las comisiones aplicada por sus intermediarios. Estos gastos se pueden obtener de los intermediarios.
Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com o amundietf.com.
Rentabilidad histórica
7,9%
8,3%
5,6%
5,5%
10 % . | Les frais d'entrée, de sortie et de conversion indiqués sont des chiffres maximum appliqués sur le marché primaire uniquement. Dans certain cas, les frais payés peuvent être inférieurs - vous pouvez obtenir plus d’information auprès de votre conseiller financier.
Le montant des frais courants est fondé sur les frais de l’exercice clos le 30 septembre 2021. Ces chiffres peuvent varier d’un exercice à l’autre. Ils excluent :
Les commissions de surperformance,
les coûts de transaction du portefeuille, à l’exception des frais d’entrée et de sortie payés par le Compartiment lorsqu’il achète ou vend des parts d’un autre organisme de placement collectif.
* Les frais d'entrée et de sortie ne s'appliquent que lorsque les actions sont souscrites ou rachetées directement auprès du Compartiment, et ne s'appliquent pas lorsque les investisseurs achètent ou vendent de telles actions sur les marchés boursiers. Les investisseurs négociant sur les marchés boursiers paieront des commissions facturées par leurs intermédiaires. De telles charges peuvent être obtenues auprès des intermédiaires.
Pour plus d’information sur les frais, veuillez vous référer à la rubrique frais du prospectus de l’OPCVM disponible sur le site : amundi.com ou amundietf.com.
Performances passées
7,9%
8,3%
5,6%
5,5%
10 % . | fr | es |
DOLFIN4920 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 07/01/2013 and the share class in 2013.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Las rentabilidades pasadas no son un indicador fiable de resultados futuros.
Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 07/01/2013 y la clase de acción en 2013.
La rentabilidad pasada ha sido calculada en EUR y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 07/01/2013 and the share class in 2013.
Past performance has been calculated in EUR and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN4921 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Depuis le lancement. Source des données: UBP. Les fluctuations des taux de change peuvent avoir un impact positif ou négatif sur la performance. La performance passée n'est pas un indicateur fiable des résultats futurs. Les investissements peuvent voir leur valeur baisser ou croître. Indiquées dans la devise de la catégorie de parts, les performances passées intègrent les dividendes réinvestis, et elles sont exprimées brutes des frais courants. Le calcul ne tient pas compte des frais de vente et autres coûts, des prélèvements d'impôts et des coûts applicables que l'investisseur doit acquitter. Ainsi, sur un montant investi d'EUR 100 avec des frais d'entrée de 1%, l'investissement effectif s'élèverait à EUR 99. Par ailleurs, d'autres coûts peuvent être imputés à l'investisseur (p. ex. prime d'émission ou droits de garde prélevés par l'intermédiaire financier). | UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Desde creación. Fuente de los datos: UBP. Las fluctuaciones del tipo de cambio pueden afectar a la rentabilidad de forma favorable o desfavorable. La rentabilidad pasada no es un indicador fiable de la rentabilidad futura. El valor de las inversiones puede aumentar o disminuir. Las cifras de rentabilidad pasada se expresan en la moneda de la clase de activos, se han calculan presuponiendo la reinversión de los dividendos y no se han descontado los gastos corrientes. Dicho cálculo no tiene en cuenta las comisiones de venta y otras comisiones, los impuestos y otros costos aplicables a cargo del inversor. Por ejemplo, en el caso de una inversión por importe de 100 euros con una comisión de entrada del 1%, la inversión efectiva será de 99 euros. Es posible que el inversor soporte otros costos adicionales (por ejemplo, la prima de emisión o la comisión de custodia
del intermediario financiero). | UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Depuis le lancement. Source des données: UBP. Les fluctuations des taux de change peuvent avoir un impact positif ou négatif sur la performance. La performance passée n'est pas un indicateur fiable des résultats futurs. Les investissements peuvent voir leur valeur baisser ou croître. Indiquées dans la devise de la catégorie de parts, les performances passées intègrent les dividendes réinvestis, et elles sont exprimées brutes des frais courants. Le calcul ne tient pas compte des frais de vente et autres coûts, des prélèvements d'impôts et des coûts applicables que l'investisseur doit acquitter. Ainsi, sur un montant investi d'EUR 100 avec des frais d'entrée de 1%, l'investissement effectif s'élèverait à EUR 99. Par ailleurs, d'autres coûts peuvent être imputés à l'investisseur (p. ex. prime d'émission ou droits de garde prélevés par l'intermédiaire financier). | fr | es |
DOLFIN4922 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Nous ne facturons pas de coût d’entrée pour ce produit. | Jusqu’à 0 GBP |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,10 % de la valeur de votre investissement par an. Comme il s’agit d’une nouvelle catégorie d’actions, le chiffre indiqué ici est une estimation des coûts. | 110 GBP |
| Coûts de transaction | 0,32 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 32 GBP |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | No cobramos una comisión de entrada para este producto. | Hasta 0 GBP |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,10 % del valor de su inversión al año. Dado que se trata de una nueva clase de acciones, la cifra que se muestra aquí es una estimación de los gastos. | 110 GBP |
| Costes de operación | 0,32 % 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. | 32 GBP |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | Nous ne facturons pas de coût d’entrée pour ce produit. | Jusqu’à 0 GBP |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce produit. | |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,10 % de la valeur de votre investissement par an. Comme il s’agit d’une nouvelle catégorie d’actions, le chiffre indiqué ici est une estimation des coûts. | 110 GBP |
| Coûts de transaction | 0,32 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 32 GBP |
| Coûts accessoires prélevés sous certaines conditions spécifiques | |
| Commissions liées aux résultats et commission d’intéressement | Il n’y a pas de commission de performance pour ce produit. | | | fr | es |
DOLFIN4923 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Funds might also be unable to close out when they wish to end or to enter into an offsetting OTC transaction with respect to an open position, which might adversely affect their performance. The closing-out of an OTC derivative transaction may only be made with the consent of the counterparty to the transaction.
- Control and MonitoringFinancial derivative instruments are highly specialised instruments that require investment techniques and risk analysis different from those associated with equity and fixed income securities. The use of derivative techniques requires an understanding not only of the underlying assets of the financial derivative instruments but also of the financial derivative instruments themselves, without the benefit of observing the performance of the financial derivative instruments under all possible market conditions. In particular, the use and complexity of financial derivative instruments require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that financial derivative instruments add to the Sub-Funds and the ability to forecast the relative price, interest rate or currency rate movements of the underlying assets correctly. There is no guarantee that a particular forecast will be correct or that an investment strategy which deploys financial derivative instruments will be successful.
- CollateralUnder the terms of the ISDA Agreements and related Collateral Support Annexes which the Company has with each of its OTC counterparties, the Company and its respective ISDA Counterparties have an obligation to collateralise their exposure to one another on a mark to market basis. Collateral transferred by the Company to its ISDA counterparties is transferred with full legal title.
- Limited recourseThe Company has an umbrella structure with multiple compartments (each compartment being referred to as a Sub- Fund). Each Sub-Fund, although not a separate legal entity, corresponds to a distinct part of the assets and liabilities of the Company under Luxembourg law, and consequently benefits from limited liability in accordance with the provisions of the Company's constitutive documents and Luxembourg law. When dealing for the account of a specified Sub-Fund, the Company will endeavour where possible to obtain a contractual acknowledgement from trading counterparties (each a "Counterparty") that the Company's obligation to that Counterparty will be limited to the assets of the specified Sub-Fund and that the Counterparty shall have no recourse to the assets of any other Sub-Fund. It may not however always be possible to obtain such an acknowledgement and in the event that (i) a Counterparty holds assets of more than one Sub- Fund; and (ii) the courts of the jurisdiction in which the assets are situated do not uphold the Luxembourg principle of limited liability as mentioned above, it is possible that the assets of one Sub-Fund could be used to satisfy the obligations of another Sub-Fund.
- Options / WarrantsAn option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or within a certain point in time in the future at a pre-determined price (strike price) against the payment of a premium, which represent the maximum loss for the buyer of an option. | I Comparti potrebbero inoltre non essere in grado di procedere alla liquidazione quando intendono chiudere o sottoscrivere un'operazione OTC di compensazione in relazione a una posizione aperta, il che potrebbe influenzare negativamente la loro performance. La liquidazione di un'operazione su derivati OTC può essere effettuata soltanto con il consenso della controparte nell'operazione.
- Controllo e monitoraggioGli strumenti finanziari derivati sono strumenti altamente specializzati che richiedono tecniche d'investimento e analisi dei rischi diverse da quelle associate ad azioni e titoli a reddito fisso. L'utilizzo di tecniche su strumenti finanziari derivati richiede una comprensione non solo delle attività sottostanti, ma anche degli stessi strumenti finanziari derivati, senza il beneficio di osservare la performance degli strumenti finanziari derivati in tutte le possibili condizioni di mercato. In particolare, l'utilizzo e la complessità degli strumenti finanziari derivati richiede sia la presenza di adeguati controlli tesi a monitorare le transazioni effettuate, sia la capacità di valutare il rischio che gli strumenti finanziari derivati aggiungono ai Comparti, sia la capacitàdi prevedere correttamente le variazioni dei relativi prezzi, tassi d'interesse e tassi di cambio delle attività sottostanti. Non vi è alcuna garanzia che una particolare previsione sarà corretta o che una strategia d'investimento che utilizza strumenti finanziari derivati avrà successo.
- GaranzieAi sensi dei contratti ISDA e dei relativi CSA ("Collateral Support Annexes") che la Società ha stipulato con ciascuna delle sue controparti OTC, la Società e le sue rispettive Controparti ISDA hanno l'obbligo di fornire garanzie sulla propria reciproca esposizione valutata al prezzo di mercato ("mark-to-market"). Le garanzie trasferite dalla Società alle sue controparti ISDA sono trasferite con piena titolarità.
- Diritto di rivalsa limitatoLa Società ha una struttura a ombrello comprendente molteplici comparti (ciascuno definito un "Comparto"). Ogni Comparto, pur non costituendo un'entità giuridica separata, corrisponde a una parte distinta degli attivi e passivi della Società aisensi del diritto lussemburghese e beneficia pertanto di una responsabilità limitata ai sensi delle disposizioni dei documenti costitutivi della Società e della legge lussemburghese. Nell'ambito delle negoziazioni effettuate per conto di un determinato Comparto, la Società cercherà, ove possibile, di ottenere un riconoscimento contrattuale dalle controparti di negoziazione (ciascuna una "Controparte") del fatto che gli obblighi della Società nei confronti di tale Controparte saranno limitatiagli attivi del Comparto specificato e che la Controparte non potrà rivalersi sugli attivi degli altri Comparti. Tuttavia, può non essere sempre possibile ottenere tale riconoscimento e, qualora (i) una Controparte detenga attivi di più di un Comparto e (ii) il foro competente in cui sono ubicati gli attivi non riconosce il principio lussemburghese dellaresponsabilità limitata di cui sopra, è possibile che gli attivi di un Comparto possano essere utilizzati per soddisfare gli obblighi di un altro Comparto.
- Opzioni / WarrantUn'opzione è un contratto che conferisce all'acquirente il diritto, ma non l'obbligo, di comprare (call) o di vendere (put) l'attivo sottostante in un determinato momento o entro una determinata scadenza futura a un prezzo prestabilito (prezzo d'esercizio) dietro il pagamento di un premio, che rappresenta la perdita massima per l'acquirente di un'opzione. | The Sub-Funds might also be unable to close out when they wish to end or to enter into an offsetting OTC transaction with respect to an open position, which might adversely affect their performance. The closing-out of an OTC derivative transaction may only be made with the consent of the counterparty to the transaction.
- Control and MonitoringFinancial derivative instruments are highly specialised instruments that require investment techniques and risk analysis different from those associated with equity and fixed income securities. The use of derivative techniques requires an understanding not only of the underlying assets of the financial derivative instruments but also of the financial derivative instruments themselves, without the benefit of observing the performance of the financial derivative instruments under all possible market conditions. In particular, the use and complexity of financial derivative instruments require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that financial derivative instruments add to the Sub-Funds and the ability to forecast the relative price, interest rate or currency rate movements of the underlying assets correctly. There is no guarantee that a particular forecast will be correct or that an investment strategy which deploys financial derivative instruments will be successful.
- CollateralUnder the terms of the ISDA Agreements and related Collateral Support Annexes which the Company has with each of its OTC counterparties, the Company and its respective ISDA Counterparties have an obligation to collateralise their exposure to one another on a mark to market basis. Collateral transferred by the Company to its ISDA counterparties is transferred with full legal title.
- Limited recourseThe Company has an umbrella structure with multiple compartments (each compartment being referred to as a Sub- Fund). Each Sub-Fund, although not a separate legal entity, corresponds to a distinct part of the assets and liabilities of the Company under Luxembourg law, and consequently benefits from limited liability in accordance with the provisions of the Company's constitutive documents and Luxembourg law. When dealing for the account of a specified Sub-Fund, the Company will endeavour where possible to obtain a contractual acknowledgement from trading counterparties (each a "Counterparty") that the Company's obligation to that Counterparty will be limited to the assets of the specified Sub-Fund and that the Counterparty shall have no recourse to the assets of any other Sub-Fund. It may not however always be possible to obtain such an acknowledgement and in the event that (i) a Counterparty holds assets of more than one Sub- Fund; and (ii) the courts of the jurisdiction in which the assets are situated do not uphold the Luxembourg principle of limited liability as mentioned above, it is possible that the assets of one Sub-Fund could be used to satisfy the obligations of another Sub-Fund.
- Options / WarrantsAn option is a contract that gives the buyer the right, but not the obligation, to buy (call) or sell (put) the underlying asset at or within a certain point in time in the future at a pre-determined price (strike price) against the payment of a premium, which represent the maximum loss for the buyer of an option. | en | it |
DOLFIN4924 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and in accordance with the Fund’s ESG Policy as disclosed in the Prospectus.
The Fund invests at least 80% of its total assets in fixed income (FI) securities, FI related securities (in each case which are investment grade (i.e. meet a specified level of credit worthiness) and, when determined appropriate, deposits and cash. FI securities include bonds and money market instruments (MMIs) (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The Fund will focus on non-government FI securities and will also have exposure to FI securities of governments and government agencies inside or outside of the Eurozone.
The Fund will pursue an ESG Policy as disclosed in the Prospectus with, among other aims, at least 90% of the Fund’s total assets will meet the Fund’s environmental, social and governance (“ESG”) criteria (in respect of securities held directly by the Fund or through FDIs). The Fund adopts a “best in class” approach to sustainable investing meaning that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities).
The Fund will not invest in FI securities issued by corporate entities which do not meet certain ESG criteria as disclosed in the Fund’s ESG Policy and Benchmark section in the Prospectus. More than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes. FDIs may be used to help achieve the Fund’s investment objective.
The Fund is actively managed and the IA has discretion to select the Fund’s investments. In doing so, the IA will refer to the Bloomberg MSCI Euro Corporate Sustainable SRI Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes as further described in the prospectus. The Index should be used by shareholders to compare the performance of the Fund. The Bloomberg Barclays Euro Corporate Index (80%) and Bloomberg Global Corporate Index (20%) should be used by shareholders to assess the impact of ESG screening on the Fund’s investment universe.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Swedish Krona. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo, y de acuerdo con lo establecido en la Política ESG del Fondo, tal como se indica en el Folleto.
El Fondo invierte al menos el 80 % de sus activos totales en valores de renta fija (RF), en valores relacionados con RF (en ambos casos, en valores con categoría de inversión [es decir, que cumplen un nivel específico de solvencia]) y, cuando se considere oportuno, en depósitos y efectivo. Los valores de RF abarcan bonos e instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo). Los valores relacionados con RF incluyen los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). El Fondo se centrará en valores de RF no gubernamentales y también tendrá exposición a valores de RF de gobiernos y agencias gubernamentales pertenecientes o no a la zona euro.
El Fondo aplicará una Política ESG acorde con lo indicado en el Folleto con el objetivo, entre otros, de que al menos el 90 % de los activos totales del Fondo cumplan sus criterios medioambientales, sociales y de gobierno corporativo («ESG») (en relación con los valores que el Fondo mantendrá directamente o a través de inversiones en IFD). El Fondo busca los «mejores valores de su clase» a la hora de realizar una inversión sostenible, lo que significa que el Fondo selecciona a los mejores emisores (desde una perspectiva ESG) para cada sector de actividad relevante (sin excluir ningún sector de actividades).
El Fondo no invertirá en valores de RF emitidos por entidades societarias que no cumplan determinados criterios ESG, tal como se indica en la sección Política ESG e Índice de referencia del Fondo incluida en el Folleto. Más del 90 % de los emisores de valores en los que invierte el Fondo tienen una clasificación ESG o se han analizado sus criterios ESG. Los IFD se pueden utilizar para ayudar a alcanzar el objetivo de inversión del Fondo.
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg MSCI Euro Corporate Sustainable SRI Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, tal como se describe de un modo más detallado en el folleto. Los accionistas deberían utilizar el Índice para comparar la rentabilidad del Fondo. Los accionistas deberían utilizar el Bloomberg Barclays Euro Corporate Index (80 %) y el Bloomberg Global Corporate Index (20 %) para evaluar el impacto del filtrado ESG en el universo de inversión del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en coronas suecas. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and in accordance with the Fund’s ESG Policy as disclosed in the Prospectus.
The Fund invests at least 80% of its total assets in fixed income (FI) securities, FI related securities (in each case which are investment grade (i.e. meet a specified level of credit worthiness) and, when determined appropriate, deposits and cash. FI securities include bonds and money market instruments (MMIs) (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The Fund will focus on non-government FI securities and will also have exposure to FI securities of governments and government agencies inside or outside of the Eurozone.
The Fund will pursue an ESG Policy as disclosed in the Prospectus with, among other aims, at least 90% of the Fund’s total assets will meet the Fund’s environmental, social and governance (“ESG”) criteria (in respect of securities held directly by the Fund or through FDIs). The Fund adopts a “best in class” approach to sustainable investing meaning that the Fund selects the best issuers (from an ESG perspective) for each relevant sector of activities (without excluding any sector of activities).
The Fund will not invest in FI securities issued by corporate entities which do not meet certain ESG criteria as disclosed in the Fund’s ESG Policy and Benchmark section in the Prospectus. More than 90% of the issuers of securities in which the Fund invests shall be ESG rated or have been analysed for ESG purposes. FDIs may be used to help achieve the Fund’s investment objective.
The Fund is actively managed and the IA has discretion to select the Fund’s investments. In doing so, the IA will refer to the Bloomberg MSCI Euro Corporate Sustainable SRI Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes as further described in the prospectus. The Index should be used by shareholders to compare the performance of the Fund. The Bloomberg Barclays Euro Corporate Index (80%) and Bloomberg Global Corporate Index (20%) should be used by shareholders to assess the impact of ESG screening on the Fund’s investment universe.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Swedish Krona. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4925 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Stress | What you might get back after costs | 1,050 USD | 1,030 USD |
| --- | --- | --- | --- |
| Average return each year | -89.50% | -36.53% |
| Unfavourable | What you might get back after costs | 7,200 USD | 6,990 USD |
| Average return each year | -28.00% | -6.91% |
| Moderate | What you might get back after costs | 9,690 USD | 10,170 USD |
| Average return each year | -3.10% | 0.34% |
| Favourable | What you might get back after costs | 15,580 USD | 13,370 USD |
| Average return each year | 55.80% | 5.98% | | | Stressszenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 1,050 USD | 1,030 USD |
| --- | --- | --- | --- |
| Jährliche Durchschnittsrendite | -89.50% | -36.53% |
| Pessimistisches Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 7,200 USD | 6,990 USD |
| Jährliche Durchschnittsrendite | -28.00% | -6.91% |
| Mittleres Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 9,690 USD | 10,170 USD |
| Jährliche Durchschnittsrendite | -3.10% | 0.34% |
| Optimistisches Szenario | Was Sie am Ende nach Abzug der Kosten herausbekommen könnten | 15,580 USD | 13,370 USD |
| Jährliche Durchschnittsrendite | 55.80% | 5.98% | | | Stress | What you might get back after costs | 1,050 USD | 1,030 USD |
| --- | --- | --- | --- |
| Average return each year | -89.50% | -36.53% |
| Unfavourable | What you might get back after costs | 7,200 USD | 6,990 USD |
| Average return each year | -28.00% | -6.91% |
| Moderate | What you might get back after costs | 9,690 USD | 10,170 USD |
| Average return each year | -3.10% | 0.34% |
| Favourable | What you might get back after costs | 15,580 USD | 13,370 USD |
| Average return each year | 55.80% | 5.98% | | en | de |
DOLFIN4926 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
International Accounting Standard 32 “Financial Instruments: Presentation” ("IAS 32") requires entities that issue financial instruments to classify such instruments as liabilities or equity in accordance with the substance of the contractual arrangement and the definitions contained within IAS 32. In this regard, IAS 32 requires that financial instruments that give the holder the right to put the instrument back to the issuer for cash or another financial asset be classified as a liability of the issuer.
The redeemable participating shares issued by the Sub-Funds provide the redeemable participating shareholders with the right to redeem their shares for cash equal to their proportionate share of the net asset value of the Sub-Fund. Within the context of IAS 32, the existence of the option for the redeemable participating shareholders to put the shares back to the Sub-Funds in exchange for cash requires the Company to classify the redeemable participating shares as liabilities.
The liability to redeemable participating shareholders is presented on the statement of financial position as “net assets attributable to holders of redeemable participating shares” and is determined based on the residual assets of the Sub-Fund after deducting the Sub-Fund’s other liabilities. The net asset value per share is calculated by determining the portion of the Net Asset Value of a Sub-Fund attributable to each class and by dividing this by the number of shares of that class in issue. | Selon la norme IAS 32 « Instruments financiers : Présentation » (« IAS 32 »), les entités qui émettent des instruments financiers doivent les classer en passifs ou fonds propres conformément à la nature du lien contractuel et à la lumière des définitions contenues dans ladite norme. À cet égard, la norme IAS 32 impose que les instruments financiers qui donnent au porteur le droit d’échanger l’instrument avec l’émetteur en contrepartie d’instruments de trésorerie ou d’un autre actif financier soient classés comme un passif de l’émetteur.
Les actions de participation rachetables émises par les Compartiments confèrent à leurs porteurs le droit d’échanger leurs actions contre de la trésorerie au prorata de leur part de la Valeur Liquidative du Compartiment. Dans le cadre de la norme IAS 32, la possibilité pour les porteurs d’actions de participation rachetables d’échanger leurs actions avec les Compartiments en contrepartie de trésorerie impose à la Société de classer les actions de participation rachetables en passifs.
Le passif correspondant aux actions de participation rachetables est présenté au bilan en « actif net attribuable aux porteurs d’actions de participation rachetables » et est établi sur la base des actifs résiduels du Compartiment après déduction des autres passifs du Compartiment. La Valeur Liquidative par action est calculée en établissant la part de la Valeur Liquidative d’un Compartiment attribuable à chaque catégorie, puis en la divisant par le nombre d’actions émises de cette catégorie. | International Accounting Standard 32 “Financial Instruments: Presentation” ("IAS 32") requires entities that issue financial instruments to classify such instruments as liabilities or equity in accordance with the substance of the contractual arrangement and the definitions contained within IAS 32. In this regard, IAS 32 requires that financial instruments that give the holder the right to put the instrument back to the issuer for cash or another financial asset be classified as a liability of the issuer.
The redeemable participating shares issued by the Sub-Funds provide the redeemable participating shareholders with the right to redeem their shares for cash equal to their proportionate share of the net asset value of the Sub-Fund. Within the context of IAS 32, the existence of the option for the redeemable participating shareholders to put the shares back to the Sub-Funds in exchange for cash requires the Company to classify the redeemable participating shares as liabilities.
The liability to redeemable participating shareholders is presented on the statement of financial position as “net assets attributable to holders of redeemable participating shares” and is determined based on the residual assets of the Sub-Fund after deducting the Sub-Fund’s other liabilities. The net asset value per share is calculated by determining the portion of the Net Asset Value of a Sub-Fund attributable to each class and by dividing this by the number of shares of that class in issue. | en | fr |
DOLFIN4927 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The principal amount of the Subfund’s assets that can be subject to total return swaps and CFDs with similar characteristics may represent up to a maximum of 200% of the net asset value of the Subfund calculated by way of the sum of the notionals of the total return swaps. It is generally expected that the amount of such total return swap and CFDs with similar characteristics will remain within the range of 100% to 160% of the net asset value of the Subfund calculated by way of the sum of the notionals of the total return swaps. In certain circumstances this proportion may be higher.
- Instruments for Currency Investments: The Subfund’s portfolio will include Foreign exchange options and forwards, and currency options and futures on currencies worldwide. Contrary to the stipulations in section 3j) of Chapter 6, “Investment Restrictions”, the Subfund may hold net short positions in currencies, i.e. they may sell forward currency exposure that exceeds the exposure of the underlying investments.
- Liquid Assets: The Subfund may be invested in highly liquid money market instruments and fixed-income securities with short or medium maturities, including bonds, certificates of deposit and treasury bills. The investments are structured in such a way that the average term to maturity of all instruments does not exceed 12 months, while that of individual investments does not exceed two years. In the case of investments for which – in accordance with the terms of their issue – the interest rate is adjusted to market conditions at least once a year, the period until the next interest rate adjustment is to be taken as the remaining term to maturity. | Le montant du principal des actifs du compartiment susceptible de faire l’objet de swaps de rendement total et de CFD ayant des caractéristiques similaires peut représenter jusqu’à 200% de la valeur nette d’inventaire du compartiment, calculée par la somme des notionnels des swaps de rendement total. Il est généralement prévu que le montant de ces swaps de rendement total et de ces CFD ayant des caractéristiques similaires demeurera dans la fourchette de 100% à 160% de la valeur nette d'inventaire du compartiment calculée par la somme des notionnels des swaps de rendement total. Dans certaines circonstances, ce pourcentage peut être supérieur.
- Instruments pour les placements en devises: Le portefeuille du compartiment inclura des options et contrats à terme de change et des options et futures sur des devises du monde entier. En dérogation au chapitre 6 «Restrictions d’investissement» point 3 lettre j, le compartiment pourra détenir des positions acheteuses nettes et des positions vendeuses nettes en devises; autrement dit, il pourra vendre une exposition aux contrats à terme sur devises qui excéderait l’exposition aux placements sous-jacents.
- Liquidités: le compartiment pourra investir dans des instruments du marché monétaire offrant une grande liquidité et des titres à revenu fixe assorties d’une échéance courte ou moyenne, y compris des obligations, des certificats de dépôt et des bons du Trésor. Les placements sont structurés de manière à ce que l’échéance résiduelle moyenne de tous les instruments n’excède pas 12 mois et que celle des différents placements n’excède pas 2 ans. Dans le cas de placements pour lesquels – conformément à leurs conditions d’échéance – le taux d’intérêt est ajusté aux conditions de marché au moins une fois par an, la période allant jusqu’au prochain ajustement du taux d’intérêt doit être considéré comme l’échéance résiduelle. | The principal amount of the Subfund’s assets that can be subject to total return swaps and CFDs with similar characteristics may represent up to a maximum of 200% of the net asset value of the Subfund calculated by way of the sum of the notionals of the total return swaps. It is generally expected that the amount of such total return swap and CFDs with similar characteristics will remain within the range of 100% to 160% of the net asset value of the Subfund calculated by way of the sum of the notionals of the total return swaps. In certain circumstances this proportion may be higher.
- Instruments for Currency Investments: The Subfund’s portfolio will include Foreign exchange options and forwards, and currency options and futures on currencies worldwide. Contrary to the stipulations in section 3j) of Chapter 6, “Investment Restrictions”, the Subfund may hold net short positions in currencies, i.e. they may sell forward currency exposure that exceeds the exposure of the underlying investments.
- Liquid Assets: The Subfund may be invested in highly liquid money market instruments and fixed-income securities with short or medium maturities, including bonds, certificates of deposit and treasury bills. The investments are structured in such a way that the average term to maturity of all instruments does not exceed 12 months, while that of individual investments does not exceed two years. In the case of investments for which – in accordance with the terms of their issue – the interest rate is adjusted to market conditions at least once a year, the period until the next interest rate adjustment is to be taken as the remaining term to maturity. | en | fr |
DOLFIN4928 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively 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 bonds and/or cash deposits and the performance of the derivatives used. 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 will enter into a
is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. 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 EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The relevant index may be affected. The fund is intended for investors who wish to take a very short term view on the index and whose investments are not intended as buy and hold investments. The fund invests in non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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 4, dado que su precio por acción fluctúa y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser relativamente 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 bonos y/o depósitos de efectivo y de los derivados utilizados. 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 participará en un derivado con una o
compuesto por un máximo de 50 empresas europeas con calificaciones crediticias por debajo del grado de inversión y se calcula con una base de rentabilidad total, lo que significa que cualquier saldo que quede tras la adquisición de la exposición crediticia devengará intereses al tipo de interés al que los bancos de la zona euro se prestan dinero entre sí a un día (según lo calculado por el Banco Central Europeo). IHS Markit Benchmark Administration Limited administra el índice. Ciertos costes pueden ser deducidos del índice. 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 EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
más contrapartes. Si alguna de las contrapartes no efectúa el pago (por ejemplo, si deviene insolvente), esto podría provocar que su inversión sufriera pérdidas. El fondo podrá invertir en bonos cuyo valor dependa de que el emisor pueda efectuar los pagos. Existe siempre el riesgo de que el emisor no lo haga, lo que podría provocar que su inversión sufriera pérdidas. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El índice proporciona una exposición teórica al valor y/o rentabilidad de determinadas operaciones de derivados de crédito, cuyo valor puede disminuir. Los mercados para dichas clases de activos, pueden ser en ocasiones volátiles o poco líquidos. El índice correspondiente puede verse afectado. El fondo está dirigido a inversores que deseen asumir una posición a muy corto plazo sobre el índice y cuyas inversiones no estén sujetas a una estrategia de comprar y mantener (buy and hold). El fondo invierte en bonos que no tienen grado de inversión, que por lo general llevan asociado un mayor riesgo de incumplimiento y son más susceptibles a las fluctuaciones del mercado que los bonos que tienen grado de inversión. Esto podría afectar al valor de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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 4 because its share price fluctuates and the likelihood of both losses and gains may therefore be relatively 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 bonds and/or cash deposits and the performance of the derivatives used. 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 will enter into a
is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. 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 EUR. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
derivative with one or more counterparties. If any of the counterparties fails to make payment (for example, it becomes insolvent) this may result in your investment suffering a loss. The fund may invest in bonds the value of which depends on the issuer being able to make its payments. There is always a risk that the issuer will fail to do so which may result in your investment suffering a loss. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The index provides a notional exposure to the value and/or return of certain credit derivative transactions which may fall. Markets in these asset classes may at times become volatile or illiquid. The relevant index may be affected. The fund is intended for investors who wish to take a very short term view on the index and whose investments are not intended as buy and hold investments. The fund invests in non-investment grade bonds which generally have a higher risk of default and are more susceptible to market fluctuations than investment grade bonds. This may affect the value of your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN4929 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The reference indicator is composed of the following indices:
- 50% MSCI AC WORLD NR (USD) (the MSCI global international equities index) and
- 50% capitalised €STR. | ## L'indice di riferimento è composto dai seguenti indici:
- Per il 50% l'indice azionario mondiale MSCI AC WORLD NR (USD) e
- Per il 50% dall'€STR capitalizzato. | ## The reference indicator is composed of the following indices:
- 50% MSCI AC WORLD NR (USD) (the MSCI global international equities index) and
- 50% capitalised €STR. | en | it |
DOLFIN4930 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As engagement is at the core of the strategy, we have iden- tified which sectors are most meaningfully impacted by envi- ronmental issues. Based on the Sustainability Accounting Standards Board (SASB) Materiality Map, we then aligned the main sustainability issues with five engagement themes which we believe are the most critical to address in the transi- tion to the low-carbon economy.
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## Air and GHG Emissions | Poiché l’Engagement è al centro della strategia, abbiamo identificato quali settori sono maggiormente interessati dalle questioni ambientali. Sulla base della mappa di materialità del Sustainability Accounting Standards Board (SASB), abbiamo quindi allineato i principali problemi di sostenibilità con cinque temi di Engagement che riteniamo siano i più critici da affron- tare nella transizione verso l’economia a basse emissioni di car- bonio.
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## Emissioni di gas serra e aria | As engagement is at the core of the strategy, we have iden- tified which sectors are most meaningfully impacted by envi- ronmental issues. Based on the Sustainability Accounting Standards Board (SASB) Materiality Map, we then aligned the main sustainability issues with five engagement themes which we believe are the most critical to address in the transi- tion to the low-carbon economy.
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## Air and GHG Emissions | en | it |
DOLFIN4931 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Personal Data will not be retained for a period longer than necessary for the purpose of the data processing, subject to applicable legal minimum retention periods.
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## Merger and reorganisation | # Les Données personnelles ne seront conservées que pendant la durée nécessaire à leur traitement, sous réserve des durées minimums de conservation prescrites par la loi.
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## Fusion et réorganisation | # Personal Data will not be retained for a period longer than necessary for the purpose of the data processing, subject to applicable legal minimum retention periods.
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## Merger and reorganisation | en | fr |
DOLFIN4932 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This section explains some of the risks that apply to all the sub-funds. It does not aim to be a complete explanation and other risks may also be relevant from time to time. In particular, the Company's performance may be affected by changes in market and/or economic and political conditions, and in legal, regulatory and tax requirements. No guarantee or representation is made that the investment program will be successful and there can be no assurance that the sub-fund(s)' investment objective(s) will be achieved. Also, past performance is no guide to future performance, and the value of investments may go down as well as up. Changes in rates of exchange between currencies may cause the value of a Fund's investments to diminish or increase.
The Company or any of its sub-funds may be exposed to risks that are outside of their control – for example legal and regulatory risks from investments in countries with unclear and changing laws or the lack of established or effective avenues for legal redress or as a result of the registration of the sub-funds in non-EU jurisdictions, the sub-funds may be subject, without any notice to the shareholders in the sub-funds concerned, to more restrictive regulatory regimes potentially preventing the sub-funds from making the fullest possible use of the investment limits. Regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The effect of any future regulatory action on the Company could be substantial and adverse. The sub-funds may be exposed to the risk of terrorist actions, to the risk that economic and diplomatic sanctions may be in place or imposed on certain States and military action may be commenced. The impact of such events is unclear, but could have a material effect on general economic conditions and market liquidity. Investors are reminded that in certain circumstances their right to redeem Shares may be suspended as further described in the Book I.
The Company or any of its Funds may be exposed to operational risks, being the risk that operational processes, including those related to the safekeeping of assets, valuation and transaction processing may fail, resulting in losses. Potential causes of failure may arise from human errors, physical and electronic system failures and other business execution risks as well as external events.
Unmanaged or unmitigated sustainability risks can impact the returns of financial products. For instance, should an environmental, social or governance event or condition occur, it could cause an actual or a potential material negative impact on the value of an investment. The occurrence of such event or condition may lead as well to the reshuffle of a sub-fund investment strategy, including the exclusion of securities of certain issuers. | La présente section explique certains des risques qui s’appliquent à l’ensemble des compartiments. Elle ne vise pas à présenter des explications complètes et d’autres risques peuvent également s’appliquer à l’occasion. En particulier, les performances de la Société peuvent être affectées par les évolutions des conditions de marché et/ou économiques et politiques, ainsi que par les exigences légales, réglementaires et fiscales. Il n’est donné aucune garantie ni fait de déclaration quant au succès du programme d’investissement et rien ne garantit que les objectifs d’investissement du ou des compartiment(s) soient atteints. En outre, les performances passées ne préjugent pas des performances futures et la valeur des investissements peut évoluer à la baisse comme à la hausse. Les évolutions des taux de change entre les devises peuvent entraîner une diminution ou une augmentation de la valeur des investissements d’un Fonds.
La Société ou l’un de ses compartiments peut être exposé(e) à des risques indépendants de leur contrôle, comme des risques légaux et réglementaires liés à des investissements dans des pays dont les lois manquent de clarté et évoluent ou en raison de l’absence de mécanismes établis ou efficaces de recours ou de risques résultant de l’immatriculation des compartiments dans des territoires hors de l’UE ; les compartiments peuvent être soumis, sans préavis, aux actionnaires des compartiments concernés, à des régimes réglementaires plus restrictifs susceptibles d’empêcher les compartiments d’utiliser au maximum les limites d’investissement. Les organismes de réglementation et d’autorégulation et les Bourses sont autorisés à prendre des mesures extraordinaires en cas d’urgence sur les marchés. L’effet de toute action réglementaire future sur la Société pourrait être important et défavorable. Les compartiments peuvent être exposés au risque d’actes terroristes, au risque que des sanctions économiques et diplomatiques soient en place ou imposées à certains États et que des opérations militaires puissent être lancées. L’impact de ces événements n’est pas clair, mais il pourrait être important pour les conditions économiques générales et la liquidité du marché. Il est rappelé aux investisseurs que, dans certaines circonstances, leur droit à demander le rachat de leurs Actions peut être suspendu, comme décrit plus en détail dans le Livre I.
La Société ou l’un de ses Compartiments peuvent être exposés à des risques opérationnels, c’est-à-dire le risque que les processus opérationnels, y compris ceux liés à la garde des actifs, à l’évaluation et au traitement des transactions, fassent défaut, entraînant des pertes. Les causes potentielles de défaillance peuvent être des erreurs humaines, des défaillances physiques et de systèmes électroniques et d’autres risques d’exécution commerciale, ainsi que des événements externes.
S’ils ne sont pas gérés ou atténués, les risques liés à la durabilité peuvent affecter les rendements des produits financiers. Par exemple, si un évènement ou des circonstances environnementales, sociales ou de gouvernance se produisaient, cela pourrait avoir un impact négatif réel ou potentiel considérable sur la valeur d’un investissement. La survenance d’un tel évènement ou de telles circonstances peut également conduire à un remaniement de la stratégie d’investissement d’un compartiment, notamment à l’exclusion de titres provenant de certains émetteurs. | This section explains some of the risks that apply to all the sub-funds. It does not aim to be a complete explanation and other risks may also be relevant from time to time. In particular, the Company's performance may be affected by changes in market and/or economic and political conditions, and in legal, regulatory and tax requirements. No guarantee or representation is made that the investment program will be successful and there can be no assurance that the sub-fund(s)' investment objective(s) will be achieved. Also, past performance is no guide to future performance, and the value of investments may go down as well as up. Changes in rates of exchange between currencies may cause the value of a Fund's investments to diminish or increase.
The Company or any of its sub-funds may be exposed to risks that are outside of their control – for example legal and regulatory risks from investments in countries with unclear and changing laws or the lack of established or effective avenues for legal redress or as a result of the registration of the sub-funds in non-EU jurisdictions, the sub-funds may be subject, without any notice to the shareholders in the sub-funds concerned, to more restrictive regulatory regimes potentially preventing the sub-funds from making the fullest possible use of the investment limits. Regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The effect of any future regulatory action on the Company could be substantial and adverse. The sub-funds may be exposed to the risk of terrorist actions, to the risk that economic and diplomatic sanctions may be in place or imposed on certain States and military action may be commenced. The impact of such events is unclear, but could have a material effect on general economic conditions and market liquidity. Investors are reminded that in certain circumstances their right to redeem Shares may be suspended as further described in the Book I.
The Company or any of its Funds may be exposed to operational risks, being the risk that operational processes, including those related to the safekeeping of assets, valuation and transaction processing may fail, resulting in losses. Potential causes of failure may arise from human errors, physical and electronic system failures and other business execution risks as well as external events.
Unmanaged or unmitigated sustainability risks can impact the returns of financial products. For instance, should an environmental, social or governance event or condition occur, it could cause an actual or a potential material negative impact on the value of an investment. The occurrence of such event or condition may lead as well to the reshuffle of a sub-fund investment strategy, including the exclusion of securities of certain issuers. | en | fr |
DOLFIN4933 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Securities lending transactions consist in transactions whereby a lender transfers securities or instruments to a borrower, subject to a commitment that the borrower will return equivalent securities or instruments on a future date or when requested to do so by the lender, such transaction being considered as securities lending for the party transferring the securities or instruments and being considered as securities borrowing for the counterparty to which they are transferred.
Where specified in the “Investment Objectives and Policies” section of this Prospectus for a Sub-fund, the Company, for that Sub-Fund, may enter into Securities Lending transactions provided that it complies with the following rules:
- the counterparty must be a first class bank, first class broker/dealer or such other first class financial institution that is regarded permissible counterparty under Luxembourg law, as the same may be amended from time to time.
- it may only lend or borrow securities or instruments either directly, through a standardised system organised by Euroclear or Clearstream Banking or another recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those provided by EU law and specialised in this type of transaction; and
- it is entitled at any time, under the terms of the agreement, to request the return of the securities or instruments lent or to terminate the agreement. The term of the agreement must not exceed 30 days (unless such contract is terminable at any time). Moreover, the Company cannot lend more than 50% of the total value of the relevant Sub- Fund unless the contract is terminable at any time, without charge.
- it may not lend securities which serve as underlying instruments linked to derivative financial instruments. Securities used to provide cover in respect of derivatives on an exchange rate or currency are not regarded as being linked to the said derivative. | Bei Wertpapierleihgeschäften überträgt ein Verleiher Wertpapiere oder Instrumente an einen Entleiher mit der Verpflichtung, dass der Entleiher gleichwertige Wertpapiere oder Instrumente zu einem späteren Zeitpunkt oder auf Verlangen des Verleihers zurückgibt, wobei ein solches Geschäft für die Partei, die die Wertpapiere oder Instrumente überträgt, als Wertpapierverleih und für die Gegenpartei, an die sie übertragen werden, als Wertpapierleihe gilt.
Sofern im Abschnitt „Anlageziele und Anlagepolitik“ des vorliegenden Verkaufsprospekts für einen Teilfonds angegeben, kann die Gesellschaft für diesen Teilfonds Wertpapierleihgeschäfte tätigen, mit der Maßgabe, dass sie die folgenden Regeln einhält:
- Die Gegenpartei muss eine erstklassige Bank, ein erstklassiger Broker/Dealer oder ein anderes erstklassiges Finanzinstitut sein, das nach luxemburgischem Recht in seiner jeweils gültigen Fassung als zulässige Gegenpartei gilt.
- Sie darf Wertpapiere oder Instrumente nur entweder direkt, über ein standardisiertes System, das von Euroclear oder Clearstream Banking oder einer anderen anerkannten Clearingstelle organisiert wird, oder über ein Leihsystem, das von einem Finanzinstitut organisiert wird, das Aufsichtsvorschriften unterliegt, die nach Auffassung der CSSF denjenigen des EU-Rechts gleichwertig sind, und das auf diese Art von Geschäften spezialisiert ist, verleihen oder entleihen.
- Sie ist jederzeit berechtigt, im Rahmen des Vertrages die Rückgabe der verliehenen Wertpapiere oder Instrumente zu verlangen oder den Vertrag zu kündigen. Die Laufzeit des Vertrages darf 30 Tage nicht überschreiten (es sei denn, der Vertrag ist jederzeit kündbar). Darüber hinaus darf die Gesellschaft nicht mehr als 50% des Gesamtwerts des betreffenden Teilfonds verleihen, es sei denn, der Vertrag ist jederzeit kostenlos kündbar.
- Sie darf keine Wertpapiere verleihen, die als Basiswert im Zusammenhang mit derivativen Finanzinstrumenten gebunden sind. Wertpapiere, die bei Derivaten auf einen Wechselkurs oder eine Währung als Absicherung verwendet werden, gelten nicht als mit diesem Derivat verbunden. | Securities lending transactions consist in transactions whereby a lender transfers securities or instruments to a borrower, subject to a commitment that the borrower will return equivalent securities or instruments on a future date or when requested to do so by the lender, such transaction being considered as securities lending for the party transferring the securities or instruments and being considered as securities borrowing for the counterparty to which they are transferred.
Where specified in the “Investment Objectives and Policies” section of this Prospectus for a Sub-fund, the Company, for that Sub-Fund, may enter into Securities Lending transactions provided that it complies with the following rules:
- the counterparty must be a first class bank, first class broker/dealer or such other first class financial institution that is regarded permissible counterparty under Luxembourg law, as the same may be amended from time to time.
- it may only lend or borrow securities or instruments either directly, through a standardised system organised by Euroclear or Clearstream Banking or another recognised clearing institution or through a lending system organised by a financial institution subject to prudential supervision rules considered by the CSSF as equivalent to those provided by EU law and specialised in this type of transaction; and
- it is entitled at any time, under the terms of the agreement, to request the return of the securities or instruments lent or to terminate the agreement. The term of the agreement must not exceed 30 days (unless such contract is terminable at any time). Moreover, the Company cannot lend more than 50% of the total value of the relevant Sub- Fund unless the contract is terminable at any time, without charge.
- it may not lend securities which serve as underlying instruments linked to derivative financial instruments. Securities used to provide cover in respect of derivatives on an exchange rate or currency are not regarded as being linked to the said derivative. | en | de |
DOLFIN4934 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product. | 0 USD |
| Ongoing costs taken each year | | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. This reflects a commitment by the Management Company to keep this category of costs from exceeding this amount. This commitment may be lifted upon prior notice to shareholders. | 85 USD |
| Transaction costs | 0.3% 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. | 27 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | | Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach 1 Jahr aussteigen |
| --- | --- |
| Einstiegskosten | Wir berechnen keine Einstiegsgebühr. | 0 USD |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. | 0 USD |
| Laufende Kosten pro Jahr | | Wenn Sie nach 1 Jahr aussteigen |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 0,9 % % des Werts Ihrer Anlage pro Jahr. Dies stellt eine Verpflichtung seitens der Verwaltungsgesellschaft dar, diese Kostenkategorie auf maximal dieser Höhe zu halten. Diese Verpflichtung kann nach vorheriger Mitteilung an Anteilseigner aufgehoben werden. | 85 USD |
| Transaktionskosten | 0,3 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | 27 USD |
| Zusätzliche Kosten unter bestimmten Bedingungen | Wenn Sie nach 1 Jahr aussteigen |
| Erfolgsgebühren | Für dieses Produkt wird keine Erfolgsgebühr berechnet. | 0 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | We do not charge an entry fee. | 0 USD |
| Exit costs | We do not charge an exit fee for this product. | 0 USD |
| Ongoing costs taken each year | | If you exit after 1 year |
| Management fees and other administrative or operating costs | 0.9% of the value of your investment per year. This reflects a commitment by the Management Company to keep this category of costs from exceeding this amount. This commitment may be lifted upon prior notice to shareholders. | 85 USD |
| Transaction costs | 0.3% 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. | 27 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | en | de |
DOLFIN4935 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Dès lors que la performance depuis le début de l’exercice dépasse la performance de l’indicateur de référence et si aucune sous- performance passée ne doit encore être compensée, une provision quotidienne de 20% maximum de cette surperformance est constituée. En cas de sous-performance, par rapport à l’indicateur de référence, une reprise quotidienne de provision est effectuée à hauteur de 20% maximum de cette sous-performance à concurrence des dotations constituées depuis le début de l’année. Pour les parts A et E, le taux effectif de la commission de surperformance est de 20%. Toute sous-performance de la part par rapport à l'Indicateur de référence au cours de la période de référence de 5 ans ou depuis le lancement de la part (la période la plus courte étant retenue) est compensée avant qu'une commission de surperformance ne devienne exigible. Si une autre année de sous-performance a eu lieu à l’intérieur de cette première période de 5 ans et qu’elle n’a pas été rattrapée à la fin de cette première période, une nouvelle période de 5 ans maximum s’ouvre à partir de cette nouvelle année en sous-performance. La performance du fonds est représentée par la valeur de ses actifs bruts, nette de tous frais, avant provision de la commission de surperformance et en tenant compte des souscriptions et des rachats. La commission de surperformance pourrait également être due si la part a surperformé l'indice de référence mais a affiché une performance négative. Si le fonds est éligible à la provision d’une commission de surperformance, alors :
- En cas de souscriptions, un mécanisme de neutralisation de l’« effet volume » de ces parts souscrites dans le calcul de la commission de surperformance est appliqué. Il consiste à retirer systématiquement de la provision quotidienne la quote-part de la commission de surperformance effectivement provisionnée induite par ces nouvelles parts souscrites ;
- En cas de rachats, la quote-part de la provision de la commission de surperformance correspondant aux parts rachetées est acquise à la société de gestion selon le principe de «cristallisation». | Si la rentabilidad desde el inicio del ejercicio supera la rentabilidad del indicador de referencia, y si no debe recuperarse todavía ninguna rentabilidad inferior pasada, se constituirá una provisión diaria del 20% como máximo de dicha diferencia de rentabilidad. En caso de diferencia negativa de rentabilidad respecto al indicador de referencia, se realizará una recuperación diaria de la provisión de un 20% como máximo de dicha diferencia de rentabilidad hasta el importe de las dotaciones constituidas desde el comienzo del año. Para las participaciones A y E, el porcentaje efectivo de la comisión de rentabilidad asciende al 20%. Cualquier rentabilidad inferior de la participación con respecto al indicador de referencia durante el periodo de referencia de 5 años o desde el lanzamiento de la participación (se utiliza el periodo más corto) se recuperará antes de que una comisión de rentabilidad resulte exigible. Si se registra otro año de rentabilidad inferior durante este primer periodo de 5 años y dicha rentabilidad inferior no se recupera al final de este primer periodo, comienza otro nuevo periodo de 5 años como máximo a partir de este nuevo año de rentabilidad inferior. La rentabilidad del fondo se expresa a través del valor de sus activos brutos, neto de gastos, antes de la provisión de la comisión de rentabilidad y teniendo en cuenta las suscripciones y los reembolsos. La comisión de rentabilidad también resultará pagadera si la participación obtiene una rentabilidad negativa pero superior a la del índice de referencia. Si el fondo es elegible para la provisión de una comisión de rentabilidad, entonces:
- En los casos de suscripción, se aplicará un mecanismo de neutralización del «efecto volumen» de estas participaciones suscritas en el cálculo de la comisión de rentabilidad. Se trata de retirar sistemáticamente de la provisión diaria la parte proporcional de la comisión de rentabilidad efectivamente provisionada generada por estas nuevas participaciones suscritas.
- En los casos de reembolso, se abonará a la sociedad gestora la parte proporcional de la provisión de la comisión de rentabilidad correspondiente a las participaciones reembolsadas, de acuerdo con el principio de «cristalización». | Dès lors que la performance depuis le début de l’exercice dépasse la performance de l’indicateur de référence et si aucune sous- performance passée ne doit encore être compensée, une provision quotidienne de 20% maximum de cette surperformance est constituée. En cas de sous-performance, par rapport à l’indicateur de référence, une reprise quotidienne de provision est effectuée à hauteur de 20% maximum de cette sous-performance à concurrence des dotations constituées depuis le début de l’année. Pour les parts A et E, le taux effectif de la commission de surperformance est de 20%. Toute sous-performance de la part par rapport à l'Indicateur de référence au cours de la période de référence de 5 ans ou depuis le lancement de la part (la période la plus courte étant retenue) est compensée avant qu'une commission de surperformance ne devienne exigible. Si une autre année de sous-performance a eu lieu à l’intérieur de cette première période de 5 ans et qu’elle n’a pas été rattrapée à la fin de cette première période, une nouvelle période de 5 ans maximum s’ouvre à partir de cette nouvelle année en sous-performance. La performance du fonds est représentée par la valeur de ses actifs bruts, nette de tous frais, avant provision de la commission de surperformance et en tenant compte des souscriptions et des rachats. La commission de surperformance pourrait également être due si la part a surperformé l'indice de référence mais a affiché une performance négative. Si le fonds est éligible à la provision d’une commission de surperformance, alors :
- En cas de souscriptions, un mécanisme de neutralisation de l’« effet volume » de ces parts souscrites dans le calcul de la commission de surperformance est appliqué. Il consiste à retirer systématiquement de la provision quotidienne la quote-part de la commission de surperformance effectivement provisionnée induite par ces nouvelles parts souscrites ;
- En cas de rachats, la quote-part de la provision de la commission de surperformance correspondant aux parts rachetées est acquise à la société de gestion selon le principe de «cristallisation». | fr | es |
DOLFIN4936 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Connected Person Transactions
Regulation 43(1) of the Central Bank (Supervision and Enforcement Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”) states that a “responsible person shall ensure that any transaction between a UCITS and a connected person is (a) conducted at arm’s length; and (b) in the best interests of the unit-holders of the UCITS”.
As required under Regulation 81(4) of the Central Bank UCITS Regulations, the Board is satisfied that (a) there are arrangements in place evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with connected persons; and
(b) all transactions with connected persons that were entered into during the financial year complied with the obligations that are prescribed by Regulation 43(1). | #### Transactions de parties rattachées
Le règlement 43 (1) de la réglementation de 2019 de la Banque centrale irlandaise sur les OPCVM, « Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 », stipule qu’une « personne responsable doit veiller à ce que toute transaction entre un OPCVM et une personne rattachée soit négociée a) sans lien de dépendance et b) au mieux des intérêts des détenteurs de parts de l’OPCVM ».
Conformément aux dispositions du règlement 81 (4) de la réglementation de la Banque centrale irlandaise sur les OPCVM, le conseil d’administration est convaincu que : (a) il existe des dispositions attestées par des procédures écrites garantissant que les obligations prescrites par le règlement 43 (1) s’appliquent à toutes les transactions avec des personnes rattachées ; et (b) toutes les transactions avec des personnes rattachées qui ont été conclues pendant l’exercice respectent les obligations prescrites par le règlement 43 (1). | #### Connected Person Transactions
Regulation 43(1) of the Central Bank (Supervision and Enforcement Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”) states that a “responsible person shall ensure that any transaction between a UCITS and a connected person is (a) conducted at arm’s length; and (b) in the best interests of the unit-holders of the UCITS”.
As required under Regulation 81(4) of the Central Bank UCITS Regulations, the Board is satisfied that (a) there are arrangements in place evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with connected persons; and
(b) all transactions with connected persons that were entered into during the financial year complied with the obligations that are prescribed by Regulation 43(1). | en | fr |
DOLFIN4937 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Investment policy
The Fund invests between 35%-65% of its assets in the shares (equities) of mainly US companies, and between 35%-65% of its assets in bonds of any quality, including up to 35% in high yield (non-investment grade) bonds and loans (non-investment grade) issued mainly by US companies or the US government.
The Fund may also invest in other assets including companies and bonds outside the US, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the `Balanced´ Index (55% S&P 500 + 45% Bloomberg US Aggregate Bond), which is broadly representative of the companies and bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has a high degree of freedom to choose individual investments for the Fund. | ## Politica d’investimento
Il Fondo investe tra il 35% e il 65% del patrimonio in azioni (titoli azionari) soprattutto di società statunitensi e tra il 35% e il 65% del patrimonio in obbligazioni di qualsiasi qualità, compresi, fino a un massimo del 35%, le obbligazioni ad alto rendimento (non investment grade) e i prestiti (non investment grade) emessi principalmente da società statunitensi o dal governo statunitense.
Il Fondo può inoltre investire in altre attività, tra cui società e obbligazioni non ubicate negli Stati Uniti, liquidità e strumenti del mercato monetario.
Il gestore degli investimenti può usare derivati (strumenti finanziari complessi) per ridurre il rischio, gestire il Fondo in modo più efficiente oppure generare ulteriore capitale o reddito per il Fondo.
Il Fondo è gestito attivamente con riferimento all’Indice “Balanced” (55% S&P 500 + 45% Bloomberg US Aggregate Bond), il quale rappresenta largamente società e obbligazioni in cui può investire, dato che esso costituisce la base del rendimento target del Fondo. Il gestore degli investimenti ha un elevato margine di libertà nella scelta dei singoli investimenti per il Fondo. | ## Investment policy
The Fund invests between 35%-65% of its assets in the shares (equities) of mainly US companies, and between 35%-65% of its assets in bonds of any quality, including up to 35% in high yield (non-investment grade) bonds and loans (non-investment grade) issued mainly by US companies or the US government.
The Fund may also invest in other assets including companies and bonds outside the US, cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk, to manage the Fund more efficiently, or to generate additional capital or income for the Fund.
The Fund is actively managed with reference to the `Balanced´ Index (55% S&P 500 + 45% Bloomberg US Aggregate Bond), which is broadly representative of the companies and bonds in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has a high degree of freedom to choose individual investments for the Fund. | en | it |
DOLFIN4938 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition to the above, although the Sub-Fund does not have a specific sustainable investment objective pursuant to article 9 of the SFDR, it incorporates an extra-financial approach whereby the weighted average carbon intensity of the Sub-Fund (GHG emissions per million euros of turnover) must be at least 20% lower than that of the MSCI World 100% Hedged to EUR Net Total Return Index.
For that purpose, the Sub-Fund will vary its exposure to a variety of asset classes such as shares, money market instruments, bonds and interest-related instruments in all economic and geographic sectors.
The Reference Currency of the Sub-Fund is the Euro (“EUR”).
- Investment policy of the Sub-FundThe investment strategy of the Sub-Fund is discretionary in terms of asset allocation and selection of investments. | En outre, bien qu’il ne poursuive pas d’objectif d’investissement durable au sens de l’article 9 du règlement SFDR, le Compartiment intègre une approche extra- financière selon laquelle son intensité carbone moyenne pondérée (émissions de GES par million d’euros de chiffre d’affaires) doit être inférieure d’au moins 20% à celle de l’indice MSCI World 100% Hedged to EUR Net Total Return.
À cette fin, le Compartiment diversifiera son exposition en investissant dans un large éventail de classes d’actifs telles que les actions, les instruments du marché monétaire, les obligations et les instruments de taux d’intérêt, tous secteurs économiques et zones géographiques confondus.
La Devise de référence du Compartiment est l’euro (« EUR »).
- Politique d’investissement du CompartimentLe Compartiment applique une stratégie d’investissement discrétionnaire en termes d’allocation d’actifs et de sélection de placements. | In addition to the above, although the Sub-Fund does not have a specific sustainable investment objective pursuant to article 9 of the SFDR, it incorporates an extra-financial approach whereby the weighted average carbon intensity of the Sub-Fund (GHG emissions per million euros of turnover) must be at least 20% lower than that of the MSCI World 100% Hedged to EUR Net Total Return Index.
For that purpose, the Sub-Fund will vary its exposure to a variety of asset classes such as shares, money market instruments, bonds and interest-related instruments in all economic and geographic sectors.
The Reference Currency of the Sub-Fund is the Euro (“EUR”).
- Investment policy of the Sub-FundThe investment strategy of the Sub-Fund is discretionary in terms of asset allocation and selection of investments. | en | fr |
DOLFIN4939 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Type and quality of guarantees (collateral)
Type and quality of guarantee
Cash Debt instruments High-quality rating
Medium-quality rating
Low-quality rating
Equities High-quality rating Medium-quality rating Low-quality rating
Fund units High-quality rating Medium-quality rating Low-quality rating
Currency of the guarantee
Issuing country of the guarantee
Maturity of the guarantee, broken down as per the ranges below | Tipo e qualità delle garanzie (collaterale)
Tipo e qualità della garanzia reale
Liquidità Strumenti di debito Rating di buona qualità
Rating di qualità media
Rating di bassa qualità
Azioni Rating di buona qualità Rating di qualità media Rating di bassa qualità
Quote di fondi Rating di buona qualità Rating di qualità media Rating di bassa qualità
Valuta della garanzia
Paese dell'emittente della garanzia reale
Scadenza della garanzia reale, classificata nelle seguenti categorie | Type and quality of guarantees (collateral)
Type and quality of guarantee
Cash Debt instruments High-quality rating
Medium-quality rating
Low-quality rating
Equities High-quality rating Medium-quality rating Low-quality rating
Fund units High-quality rating Medium-quality rating Low-quality rating
Currency of the guarantee
Issuing country of the guarantee
Maturity of the guarantee, broken down as per the ranges below | en | it |
DOLFIN4940 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
-
## Allotment of Shares.
- The Directors may issue any of the unclassified shares in the capital of the Company as Participating Shares in a particular Fund and, if required, a particular class in a Fund. The Company is structured as an “umbrella fund with segregated liability between its Funds” and the Directors may, in accordance with the requirements of the Central Bank, divide the Participating Shares into different classes in such currencies as they deem fit and designate one or more classes to a separate Fund. On or before the issue of any Participating Share the Directors shall specify the class and Fund in relation to which such Participating Share is designated. | -
## Asignación de Acciones.
- Los Consejeros pueden emitir cualquiera de las acciones no clasificadas del capital de la Sociedad como Acciones de un Fondo en concreto, y, si fuera necesario, de una Clase concreta dentro de un Fondo. La Sociedad está estructurada en forma de “sociedad de múltiples Fondos con pasivo segregado entre sus Fondos” y los Consejeros pueden dividir las Acciones, de acuerdo con las normas establecidas por el Banco Central, en diversas Clases denominados en las divisas que consideren adecuadas, y designar una o varias clases para constituir un Fondo separado. Antes o en el momento de la emisión de cualquier Acción, los Consejeros especificarán la Clase y el Fondo correspondientes a la Acción en cuestión. | -
## Allotment of Shares.
- The Directors may issue any of the unclassified shares in the capital of the Company as Participating Shares in a particular Fund and, if required, a particular class in a Fund. The Company is structured as an “umbrella fund with segregated liability between its Funds” and the Directors may, in accordance with the requirements of the Central Bank, divide the Participating Shares into different classes in such currencies as they deem fit and designate one or more classes to a separate Fund. On or before the issue of any Participating Share the Directors shall specify the class and Fund in relation to which such Participating Share is designated. | en | es |
DOLFIN4941 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Market-makers:
As at 29 June 2009, the financial institution acting as Market-maker is:
Société Générale Corporate and Investment Banking, Tour Société Générale, 17 cours Valmy, 92987 Paris La Défense, France.
-
# OPERATING AND MANAGEMENT ARRANGEMENTS
- General features | ## Market Maker:
Al 29 giugno 2009, l'istituto finanziario "Market Maker" è il seguente:
Société Générale Corporate and Investment Banking, Tour Société Générale, 17 cours Valmy, 92987 Paris La Défense, Francia.
-
# MODALITÀ DI FUNZIONAMENTO E DI GESTIONE
- Caratteristiche generali | ## Market-makers:
As at 29 June 2009, the financial institution acting as Market-maker is:
Société Générale Corporate and Investment Banking, Tour Société Générale, 17 cours Valmy, 92987 Paris La Défense, France.
-
# OPERATING AND MANAGEMENT ARRANGEMENTS
- General features | en | it |
DOLFIN4942 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Securities and money market instruments
Securities or money market instruments issued or guaranteed by Austria, Germany, Belgium, Finland, France or the Netherlands may exceed 35 % of the fund assets if the fund assets are invested in at least six different issues, with an investment in any single issue not exceeding 30 % of the fund assets.
Not fully paid-in securities or money market instruments and subscription rights for such instruments or other not fully paid-in financial instruments may only be purchased for up to 10 % of the fund assets.
Securities and money market instruments may be purchased if they comply with the criteria concerning listing and trading on a regulated market or a securities exchange pursuant to InvFG.
Securities and money market instruments which do not fulfill the criteria laid down in the above paragraph may be purchased for up to 10 % of the fund assets in total. | #### Wertpapiere und Geldmarktinstrumente
Wertpapiere oder Geldmarktinstrumente, die von Österreich, Deutschland, Belgien, Finnland, Frankreich oder den Niederlanden begeben oder garantiert werden, dürfen zu mehr als 35 vH des Fondsvermögens erworben werden, sofern die Veranlagung in zumindest sechs verschiedenen Emissionen erfolgt, wobei die Veranlagung in ein und derselben Emission 30 vH des Fondsvermögens nicht überschreiten darf.
Der Erwerb nicht voll eingezahlter Wertpapiere oder Geldmarktinstrumente und von Bezugsrechten auf solche Instrumente oder von nicht voll eingezahlten anderen Finanzinstrumenten ist bis zu 10 vH des Fondsvermögens zulässig.
Wertpapiere und Geldmarktinstrumente dürfen erworben werden, wenn sie den Kriterien betreffend die Notiz oder den Handel an einem geregelten Markt oder einer Wertpapierbörse gemäß InvFG entsprechen.
Wertpapiere und Geldmarktinstrumente, die die im vorstehenden Absatz genannten Kriterien nicht erfüllen, dürfen insgesamt bis zu 10 vH des Fondsvermögens erworben werden. | #### Securities and money market instruments
Securities or money market instruments issued or guaranteed by Austria, Germany, Belgium, Finland, France or the Netherlands may exceed 35 % of the fund assets if the fund assets are invested in at least six different issues, with an investment in any single issue not exceeding 30 % of the fund assets.
Not fully paid-in securities or money market instruments and subscription rights for such instruments or other not fully paid-in financial instruments may only be purchased for up to 10 % of the fund assets.
Securities and money market instruments may be purchased if they comply with the criteria concerning listing and trading on a regulated market or a securities exchange pursuant to InvFG.
Securities and money market instruments which do not fulfill the criteria laid down in the above paragraph may be purchased for up to 10 % of the fund assets in total. | en | de |
DOLFIN4943 | 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 generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund’s assets may be issued or guaranteed by United Kingdom (UK) or non-UK issuers including governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Sterling. Where the Fund invests in instruments denominated in a currency other than Sterling, the investment manager (IM) will use FX transactions to reduce the effect of fluctuations exchange rate.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Sterling Overnight Index Average Rate (SONIA) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo trata de generar ingresos y un grado de liquidez razonable, de manera compatible con una baja volatilidad del capital, mediante la posesión de una cartera de instrumentos del mercado monetario (IMM) y valores de renta fija (RF) de calidad elevada, incluyendo valores que pagan rendimientos con arreglo a un tipo de interés variable. Se entiende por liquidez que los activos puedan comprarse y venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (RF) (como bonos) e IMM (es decir, títulos de deuda con vencimientos a corto plazo).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
Los activos del Fondo tendrán una alta calidad (de acuerdo con la evaluación de la gestora de inversiones sobre el nivel de solvencia) en el momento de la adquisición.
Los activos del Fondo podrán estar emitidos o garantizados por emisores tanto del Reino Unido (RU) como de fuera del RU, incluyendo gobiernos, agencias gubernamentales, empresas y organismos supranacionales. No obstante, al menos el 75 % de los activos del Fondo estarán denominados en libras esterlinas. Cuando el Fondo invierta en instrumentos denominados en una moneda distinta de la libra esterlina, la Gestora de Inversiones (GI) utilizará operaciones con divisas para reducir el efecto de las fluctuaciones de los tipos de cambio.
El Fondo únicamente invertirá en valores con un plazo de vencimiento residual de 2 años o menos en el momento de la compra, y en todo caso el tiempo restante hasta la fecha siguiente de revisión del tipo de interés será menor o igual a 397 días, y la revisión se hará con referencia a un tipo o índice del mercado monetario. El vencimiento medio ponderado (es decir, el periodo de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta seis meses. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta doce meses.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el 3 Month Sterling Overnight Index Average Rate (SONIA) compuesto a plazo vencido para comparar la rentabilidad del Fondo.
El Fondo es un «fondo del mercado monetario estándar de valor liquidativo variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones crediticias (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
Las Inversiones de este Fondo VNAV se valoran utilizando, siempre que sea posible, el método de valoración de mercado (es decir, una valoración basada en los precios actuales del mercado), y si no es posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El VL se calcula hasta cuatro cifras decimales y establece el VL de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en libras esterlinas, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 000 GBP.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to generate income and a reasonable degree of liquidity consistent with low volatility of capital, through the maintenance of a portfolio of high quality money market instruments (MMIs) and fixed income (FI) securities, including securities which pay income according to a floating rate of interest. Liquidity means assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of FI securities (such as bonds) and MMIs (i.e. debt securities with short term maturities).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus. The Fund’s assets will be high quality (according to the Investment Manager’s assessment of credit worthiness) at the time of purchase.
The Fund’s assets may be issued or guaranteed by United Kingdom (UK) or non-UK issuers including governments, government agencies, companies and supranationals. However, at least 75% of the Fund’s assets shall be denominated in Sterling. Where the Fund invests in instruments denominated in a currency other than Sterling, the investment manager (IM) will use FX transactions to reduce the effect of fluctuations exchange rate.
The Fund will only invest in securities which have a residual maturity of 2 years or less at time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days and they are reset to a money market rate or index. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to six months. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to twelve months.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Month Sterling Overnight Index Average Rate (SONIA) compounded in arrears should be used by investors to compare the performance of the Fund.
The Fund is a “Standard Variable NAV Money Market Fund” as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The investments of this VNAV Fund are valued using the mark-to-market method (i.e. a valuation based on current market prices) where possible, and if not, the mark to model method (i.e. a valuation based on a financial model) is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Sterling, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is £500,000,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN4944 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
The product is a fund (UCITS) in Investeringsforeningen Jyske Invest International.
The objective of the portfolio management is to generate a risk-adjusted return which is at least in line with the risk-adjusted return of the benchmark of the product. In this connection, the return is measured over the investment horizon stated in the section “How long should I hold it and can I take out money early?”.
Investment is made in a portfolio of high-yield corporate bonds. The majority of the portfolio will be investments in bonds with a rating below investment grade.
Benchmark of the product:
50% ICE BofA BB-B US High Yield Constrained Index (Hedged EUR)
50% ICE BofA BB-B European Currency High Yield Constrained Index (Hedged EUR)
The fund pursues an active investment strategy. Due to the active strategy, the fund’s investments may deviate considerably from the benchmark , and your return may be higher as well as lower than the benchmark.
Derivatives may be used on a hedged or unhedged basis for regular portfolio management and hedging purposes. The use of such financial instruments is not expected to affect the product’s overall risk profile.
The product markets environmental and social characteristics as described in Article 8 of regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector.
Please note that the performance projections in the section on “Performance scenarios” are calculated on the basis of the past performance of the strategy and that both projections on the basis of past performance and more fundamental projections are associated with much uncertainty.
The product has been approved for marketing to retail investors. The typical investor in the product is expected to invest liquid assets, retirement money, assets under the Danish Business Taxation Scheme, or as a company and is expected to have a certain investment horizon, cf. the section “How long should I keep the investment, and can I withdraw part of the funds prematurely?”. | # Um welche Art von Produkt handelt es sich?
Das Produkt ist ein Fonds (UCITS) in Investeringsforeningen Jyske Invest International. Das Portfoliomanagement strebt die Erzielung einer risikobereinigten Rendite an, die mindestens auf dem Niveau der risikobereinigten Rendite der Benchmark des Produktes liegt. In diesem Zusammenhang wird die Rendite über den Anlagehorizont gemessen, der im Abschnitt „Wie lange sollte ich die Anlage halten, und kann ich vorzeitig Geld entnehmen?“ angegeben ist.
Es wird in ein Portfolio aus hochverzinslichen Anleihen investiert, die von Unternehmen ausgestellt sind. Der Hauptteil des Portfolios wird in Anleihen mit einem Rating unter Investment Grade investiert.
Benchmark des Produktes:
50% ICE BofA BB-B US High Yield Constrained Index (Hedged EUR)
50% ICE BofA BB-B European Currency High Yield Constrained Index (Hedged EUR)
Der Fonds folgt einer aktiven Anlagestrategie. Wegen dieser aktiven Strategie können die Anlagen des Fonds stark von der Vergleichsgrundlage abweichen, und ihr Ertrag kann damit sowohl höher als auch niedriger als die Vergleichsgrundlage ausfallen.
Es können im Rahmen der allgemeinen Vermögensverwaltung und Risikoabsicherung Derivate auf gedeckter und ungedeckter Basis verwendet werden. Es ist nicht zu erwarten, dass die Verwendung solcher Finanzinstrumente das übergeordnete Risikoprofil des Fonds ändert.
Das Produkt vermarktet umweltbezogene und soziale Eigenschaften wie in Artikel 8 der EU-Verordnung 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor beschrieben.
Hinweis: Die Renditeberechnungen im Abschnitt „Performance-Szenarien“ sind auf der Basis von historischen Renditen für die Strategie berechnet, und sowohl die Berechnungen auf Basis der historischen Rendite als auch die eher fundamentalen Berechnungen sind mit großer Unsicherheit verbunden.
Das Produkt ist zur Vermarktung an Retailanleger zugelassen. Bei diesem Produkt wird erwartet, dass der typische Anleger freie Mittel und Pensionsmittel oder als Gesellschaft investiert und einen gewissen Anlagehorizont hat, vgl. den Abschnitt „Wie lange sollte ich die Anlage halten, und kann ich vorzeitig Geld entnehmen?“. | # What is this product?
The product is a fund (UCITS) in Investeringsforeningen Jyske Invest International.
The objective of the portfolio management is to generate a risk-adjusted return which is at least in line with the risk-adjusted return of the benchmark of the product. In this connection, the return is measured over the investment horizon stated in the section “How long should I hold it and can I take out money early?”.
Investment is made in a portfolio of high-yield corporate bonds. The majority of the portfolio will be investments in bonds with a rating below investment grade.
Benchmark of the product:
50% ICE BofA BB-B US High Yield Constrained Index (Hedged EUR)
50% ICE BofA BB-B European Currency High Yield Constrained Index (Hedged EUR)
The fund pursues an active investment strategy. Due to the active strategy, the fund’s investments may deviate considerably from the benchmark , and your return may be higher as well as lower than the benchmark.
Derivatives may be used on a hedged or unhedged basis for regular portfolio management and hedging purposes. The use of such financial instruments is not expected to affect the product’s overall risk profile.
The product markets environmental and social characteristics as described in Article 8 of regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector.
Please note that the performance projections in the section on “Performance scenarios” are calculated on the basis of the past performance of the strategy and that both projections on the basis of past performance and more fundamental projections are associated with much uncertainty.
The product has been approved for marketing to retail investors. The typical investor in the product is expected to invest liquid assets, retirement money, assets under the Danish Business Taxation Scheme, or as a company and is expected to have a certain investment horizon, cf. the section “How long should I keep the investment, and can I withdraw part of the funds prematurely?”. | en | de |
DOLFIN4945 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Par ailleurs, les investisseurs voudront bien noter que les autres Compartiments de la SICAV n'ayant pas le statut de Compartiment à commercialisation restreinte ne sont pas accessibles aux investisseurs à Singapour et que toute référence à ces autres Compartiments ne doit en aucun cas être interprétée comme une invitation à souscrire des Actions de ces Compartiments à Singapour.
Les investisseurs à Singapour sont priés de noter que les performances historiques et les rapports financiers des Compartiments à commercialisation restreinte sont disponibles auprès des distributeurs concernés.
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### Espagne | Asimismo, los inversores deben tener en cuenta que el resto de los Subfondos del Fondo mencionados en el presente Folleto (todos excepto los Subfondos restringidos) no están disponibles para los inversores de Singapur y que cualquier referencia a esos otros Subfondos no constituye ni deberá considerarse que constituye una oferta de Acciones de esos otros Subfondos en Singapur.
Los inversores de Singapur deben tener en cuenta que la información sobre rentabilidad pasada y los informes financieros de los Subfondos restringidos están disponibles en las correspondientes entidades comercializadoras.
-
### España | Par ailleurs, les investisseurs voudront bien noter que les autres Compartiments de la SICAV n'ayant pas le statut de Compartiment à commercialisation restreinte ne sont pas accessibles aux investisseurs à Singapour et que toute référence à ces autres Compartiments ne doit en aucun cas être interprétée comme une invitation à souscrire des Actions de ces Compartiments à Singapour.
Les investisseurs à Singapour sont priés de noter que les performances historiques et les rapports financiers des Compartiments à commercialisation restreinte sont disponibles auprès des distributeurs concernés.
-
### Espagne | fr | es |
DOLFIN4946 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 424 USD | 1233 USD |
| Incidence des coûts annuels (*) | 4,24 % | 1,84 % | | | Ejemplo de inversión 10 000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 424 USD | 1233 USD |
| Incidencia anual de los costes (*) | 4,24 % | 1,84 % | | | Exemple d’investissement 10 000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 424 USD | 1233 USD |
| Incidence des coûts annuels (*) | 4,24 % | 1,84 % | | fr | es |
DOLFIN4947 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that the investment manager expects to contribute towards the provision of sustainable food and water including water management, agricultural equipment, agricultural inputs, food production, processing, packaging and distribution, food and water retail and recycling. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 29 October 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones que la Gestora de inversiones espera que contribuyan al suministro de alimentos y agua sostenibles, incluyendo la gestión del agua, los equipos agrícolas, los insumos agrícolas, la producción, el procesamiento, el envasado y la distribución de alimentos, el comercio minorista de alimentos y agua y el reciclaje. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde su fecha de lanzamiento el 29 de octubre de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF Global Sustainable Food and Water
Schroder ISF Global Sustainable Food and Water (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that the investment manager expects to contribute towards the provision of sustainable food and water including water management, agricultural equipment, agricultural inputs, food production, processing, packaging and distribution, food and water retail and recycling. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 29 October 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN4948 | 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 UCI, classified as "Bonds and other international debt securities", has the management objective of obtaining, over the recommended investment period of 3 years, a performance net of fees, superior to that of the BofA BB Global High Yield index by investing in a portfolio of issuers previously filtered according to ESG criteria and of which at least 60% contribute positively and/or do not present a negative contribution to the SDGs.
Benchmark index: The UCI is neither an index fund nor an index benchmark, but for a posteriori comparison purposes, unitholders may refer to the performance of the ICE BofAML BB Global High Yield Total Return Index. The benchmark is used for comparison only. The manager may decide whether or not to invest in the securities that make up the benchmark index.
The investment strategy of the UCI is to take advantage of thematic momentum and future challenges such as climate change, technological innovation, urbanisation and population growth. These themes may evolve as new trends emerge and are determined at the discretion of the management team. The management company uses the “La Française Sustainable Investment Research” research centre of the “La Française Group UK Limited” entity. The strategy of the UCI is to invest in issuers whose rating is likely to improve (to take advantage of improvements in the risk premium). The strategy consists of the discretionary management of a bond portfolio issued by private entities. In order to achieve the management objective, the portfolio is invested up to 100% of the net assets in fixed or floating rate bonds, other negotiable debt securities and money market instruments (Treasury bills, commercial paper, certificates of deposit) from all sectors. The criteria used to analyse private issuers are: Environmental (carbon intensity, etc), Social (staff training, etc), Governance (remuneration policy, etc) through an ESG integration approach with a significant commitment to management. The first step in the extra-financial analysis consists of identifying the issuers that must first be excluded under the exclusion policy of La Française Group. Then, the second step consists of excluding the 20% of private issuers whose ESG scores are the lowest in the initial investment universe covered are excluded. All of these excluded issuers comprise the ESG exclusion list. This list is established on a monthly basis for private issuers and determines a minimum ESG score threshold below which the UCI cannot invest. In the 3rd step, the manager analyses the profiles of companies after reducing the investment universe and determines whether their products and services fit into one of the themes. As a result of this discretionary analysis, an issuer is assigned to one (or none) of these themes. The management company undertakes to constitute the UCI portfolio up to a minimum of 60% of the net assets of issuers contributing positively and/or not representing a negative contribution to the SDGs (SDG score between 0 and | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El OIC, clasificado en la categoría de «Obligaciones y otros títulos de deuda internacionales», tiene como objetivo de gestión obtener, durante el período de inversión recomendado de 3 años, una rentabilidad neta de comisiones superior a la del índice BofA BB Global High Yield mediante la inversión en una cartera de emisores previamente seleccionados según criterios ESG y de los que al menos el 60 % aporten contribuciones positivas o no presenten contribuciones negativas para los ODS.
Indicador de referencia: El OIC no está ni indexado ni tiene una referencia indexada pero, posteriormente, el partícipe puede consultar a modo de comparación la rentabilidad del ICE BofAML BB Global High Yield Total Return Index. El índice de referencia se usa solo para poder establecer una comparación. El gestor puede invertir o no en los valores que componen el indicador de referencia.
La estrategia de inversión del OIC es aprovechar el impulso creado por temas y desafíos futuros como el cambio climático, la innovación tecnológica, la urbanización y el crecimiento de la población. Es probable que estos temas cambien dependiendo de la aparición de nuevas tendencias y vienen determinados de manera discrecional por el equipo de gestión. La sociedad gestora utiliza el centro de investigación «La Française Sustainable Investment Research» de la entidad «La Française Group UK Limited». La estrategia del OIC es invertir en emisores cuya calificación es probable que mejore (obtener mejoras en la prima de riesgo). Consiste en gestionar de manera discrecional una cartera de obligaciones emitidas por entidades privadas. Para lograr el objetivo de gestión, se invierte hasta el 100 % de la cartera en obligaciones de tipo fijo o variable, otros títulos de crédito negociables e instrumentos del mercado monetario (bonos del Tesoro, pagarés de empresa o certificados de depósito) de todos los sectores. Los criterios utilizados para analizar a los emisores privados son: ambientales (intensidad de carbono, etc.), sociales (formación del personal, etc.) y de gobernanza (política de retribuciones, etc.) a través de un enfoque de integración ESG con un importante compromiso de gestión. El primer paso del análisis extrafinanciero consiste en identificar los emisores que deben ser excluidos de antemano conforme a la política de exclusión del Grupo La Française. El segundo paso consiste en excluir el 20 % de los emisores privados con las puntuaciones ESG más bajas en el universo de inversión inicial cubierto. Todos estos emisores excluidos representan la lista de exclusión de ESG. Esta última se establece mensualmente para los emisores privados y determina un umbral mínimo de puntuación ESG por debajo del cual el OIC no puede invertir. En el tercer paso, el gestor analiza los perfiles de las empresas tras reducir el universo de inversión y determina si sus productos y servicios se adaptan a una de las temáticas. El resultado de este análisis discrecional determina la asignación de un emisor a uno de estos temas o a ninguno de ellos. La sociedad gestora se compromete a constituir la cartera del OIC hasta un mínimo del 60 % del patrimonio neto de los emisores que aporten contribuciones positivas o que no presenten contribuciones negativas para los ODS (puntuación ODS entre 0 y +10). El 40 % restante se | # OBJECTIVES AND INVESTMENT POLICY
The UCI, classified as "Bonds and other international debt securities", has the management objective of obtaining, over the recommended investment period of 3 years, a performance net of fees, superior to that of the BofA BB Global High Yield index by investing in a portfolio of issuers previously filtered according to ESG criteria and of which at least 60% contribute positively and/or do not present a negative contribution to the SDGs.
Benchmark index: The UCI is neither an index fund nor an index benchmark, but for a posteriori comparison purposes, unitholders may refer to the performance of the ICE BofAML BB Global High Yield Total Return Index. The benchmark is used for comparison only. The manager may decide whether or not to invest in the securities that make up the benchmark index.
The investment strategy of the UCI is to take advantage of thematic momentum and future challenges such as climate change, technological innovation, urbanisation and population growth. These themes may evolve as new trends emerge and are determined at the discretion of the management team. The management company uses the “La Française Sustainable Investment Research” research centre of the “La Française Group UK Limited” entity. The strategy of the UCI is to invest in issuers whose rating is likely to improve (to take advantage of improvements in the risk premium). The strategy consists of the discretionary management of a bond portfolio issued by private entities. In order to achieve the management objective, the portfolio is invested up to 100% of the net assets in fixed or floating rate bonds, other negotiable debt securities and money market instruments (Treasury bills, commercial paper, certificates of deposit) from all sectors. The criteria used to analyse private issuers are: Environmental (carbon intensity, etc), Social (staff training, etc), Governance (remuneration policy, etc) through an ESG integration approach with a significant commitment to management. The first step in the extra-financial analysis consists of identifying the issuers that must first be excluded under the exclusion policy of La Française Group. Then, the second step consists of excluding the 20% of private issuers whose ESG scores are the lowest in the initial investment universe covered are excluded. All of these excluded issuers comprise the ESG exclusion list. This list is established on a monthly basis for private issuers and determines a minimum ESG score threshold below which the UCI cannot invest. In the 3rd step, the manager analyses the profiles of companies after reducing the investment universe and determines whether their products and services fit into one of the themes. As a result of this discretionary analysis, an issuer is assigned to one (or none) of these themes. The management company undertakes to constitute the UCI portfolio up to a minimum of 60% of the net assets of issuers contributing positively and/or not representing a negative contribution to the SDGs (SDG score between 0 and | en | es |
DOLFIN4949 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. has been appointed by the Company to act as manager of the Company pursuant to the Management Agreement. The Manager was incorporated in Luxembourg on 10 June 1988 as a public limited company in the form of a société anonyme under the laws of the Grand Duchy of Luxembourg. The Manager has responsibility for the management and administration of the Company’s affairs, subject to the overall supervision and control of the Directors. The Manager is ultimately a wholly owned subsidiary of The Bank of New York Mellon Corporation and is a part of The Bank of New York Mellon Corporation group of companies.
The Manager has delegated its functions as administrator, registrar and transfer agent to the Administrator. The Manager has delegated its investment management responsibilities to the Investment Advisers.
The Directors of the Manager are Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd Gerald Rehn and Marc Saluzzi. Descriptions of Mr. Greg Brisk and Mr. Gerald Rehn appear under the heading “Directors” above. | ## SOCIEDAD GESTORA
BNY Mellon Fund Management (Luxembourg) S.A. ha sido nombrada por la Sociedad para que actúe como sociedad gestora de la Sociedad de conformidad con el Contrato de Gestión. La Sociedad gestora se constituyó en Luxemburgo el 10 de junio de 1988 como sociedad anónima (société anonyme) al amparo de las leyes del Gran Ducado de Luxemburgo. La Sociedad gestora se encarga de gestionar y administrar los asuntos de la Sociedad, siempre bajo la supervisión y el control globales de los Consejeros. En última instancia, la Sociedad gestora es una filial enteramente participada de The Bank of New York Mellon Corporation y forma parte del grupo de empresas de The Bank of New York Mellon Corporation.
La Sociedad gestora ha delegado sus funciones de administrador, registrador y agente de transmisiones al Agente administrativo. La Sociedad gestora ha delegado sus responsabilidades de gestión de inversiones a las Gestoras de Inversiones.
Los Consejeros de la Sociedad gestora son Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd, Gerald Rehn y Marc Saluzzi. En el apartado anterior «Consejeros», puede encontrarse un resumen del perfil de Greg Brisk y Gerald Rehn. | ## MANAGER
BNY Mellon Fund Management (Luxembourg) S.A. has been appointed by the Company to act as manager of the Company pursuant to the Management Agreement. The Manager was incorporated in Luxembourg on 10 June 1988 as a public limited company in the form of a société anonyme under the laws of the Grand Duchy of Luxembourg. The Manager has responsibility for the management and administration of the Company’s affairs, subject to the overall supervision and control of the Directors. The Manager is ultimately a wholly owned subsidiary of The Bank of New York Mellon Corporation and is a part of The Bank of New York Mellon Corporation group of companies.
The Manager has delegated its functions as administrator, registrar and transfer agent to the Administrator. The Manager has delegated its investment management responsibilities to the Investment Advisers.
The Directors of the Manager are Greg Brisk, Mark Flaherty, Udo Goebel, Carole Judd Gerald Rehn and Marc Saluzzi. Descriptions of Mr. Greg Brisk and Mr. Gerald Rehn appear under the heading “Directors” above. | en | es |
DOLFIN4950 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested.
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 107 USD | 767 USD |
| Annual Cost Impact* | 1.1 % | 1.1 % |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.2% before costs and 7.0% after costs. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles :
Nous avons supposé :
- qu’au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- USD10 000 est investi.
| Investissement 10 000 USD | Si vous sortez après 1 An | Si vous sortez après 5 Ans |
| --- | --- | --- |
| Coûts totaux | 107 USD | 767 USD |
| Incidence des coûts annuels* | 1,1 % | 1,1 % |
(*) Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 8,2 % avant déduction des coûts et de 7,0 % après cette déduction. | # Costs over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested.
| Investment 10 000 USD | If you exit after 1 Year | If you exit after 5 Years |
| --- | --- | --- |
| Total Costs | 107 USD | 767 USD |
| Annual Cost Impact* | 1.1 % | 1.1 % |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.2% before costs and 7.0% after costs. | en | fr |
DOLFIN4951 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time. | - S’engager pour des pratiques améliorées en matière d’information (i) pour les sociétés avec des exigences limitées en matière de rapports et qui se situent dans le quintile inférieur du modèle de matérialité ESG propre au Gérant; (ii) pour les sociétés qui publient déjà des rapports, mais qui pourraient les améliorer sur la base des données du Groupe de travail sur l’information financière relative aux changements climatiques du CSF;
- S’engager auprès de sociétés identifiées comme ayant une incidence négative sur les Indicateurs de durabilité axés sur le SFDR sur la base de la méthodologie de mesure des principales incidences négatives selon le SFDR telle que décrite à la rubrique II de l’Annexe SFDR;
- S’engager auprès de sociétés sans notation ESG.
- Les engagements reposent sur des priorités stratégiques et le niveau d’engagement n’est pas forcément proportionnel à la taille des positions dans le portefeuille du Compartiment.
- L’engagement au niveau d’une entreprise est dynamique et le Gérant se réserve le droit d’adapter sa stratégie d’engagement en tout temps. | - Engaging for improved disclosures (i) for companies with limited reporting that are in the bottom quintile of the Investment Manager’s proprietary materiality-ESG model; (ii) for companies which already disclose, but which could improve reporting under the rubric of the FSB Task Force on Climate-related Disclosures;
- Engaging with companies indicated as having an adverse impact on the SFDR Focused Sustainability Indicators based on the SFDR Principal Adverse Impact measurement methodology described in Schedule II of the SFDR Annex;
- Engaging with non-ESG rated companies.
- Engagements are based upon strategic priorities and the level of engagement may not necessarily be proportionate to the size of holdings in the Sub-Fund’s portfolio.
- Engagement at firm level is dynamic and the Investment Manager reserves the right to adapt its engagement strategy at any time. | en | fr |
DOLFIN4952 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Duties and functions in relation to (iii) and (iv) above may not be delegated by the Depositary.
Under the terms of the Depositary Agreement, the Depositary may from time to time delegate the duties and functions in relation to (i) and (ii) above provided that (i) the services are not delegated with the intention of avoiding the requirements of the UCITS Regulations, (ii) the Depositary can demonstrate that there is an objective reason for the delegation and (iii) the Depositary has exercised all due, skill, care and diligence in the selection and appointment of any third party to whom it wants to delegate parts of its safekeeping obligations, and keeps exercising all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it has delegated parts of its safekeeping services and of the arrangements of the third party in respect of the matters delegated to it. The liability of the Depositary will not be affected by virtue of any such delegation. As at the date of this Prospectus, the Depositary has delegated to its global sub-custodian, The State Street Bank and Trust Company, responsibility for the safekeeping of the Company’s financial instruments and cash. The global sub-custodian proposes to further delegate these responsibilities to sub- delegates set out in Appendix 3. | # El Depositario no podrá delegar las obligaciones y funciones relacionadas con los apartados (iii) y (iv) anteriores.
De conformidad con las condiciones del Contrato de depósito, el Depositario podrá periódicamente delegar las obligaciones y funciones relacionadas con los apartados (i) y (ii) anteriores siempre que: (i) los servicios no se deleguen con la intención de evitar los requisitos del Reglamento sobre OICVM; (ii) el Depositario pueda demostrar que existe una razón objetiva que justifica la delegación; y (iii) el Depositario haya ejercido el correspondiente proceso de diligencia debida para la selección y la designación de cualquier tercero en el que desee delegar parte de sus obligaciones de salvaguarda, y continúe ejerciendo el correspondiente proceso de diligencia debida durante la revisión periódica y el seguimiento continuo de cualquier tercero en el que haya delegado parte de sus servicios de salvaguarda y de los acuerdos del tercero con respecto a los asuntos que le han sido delegados. La responsabilidad del Depositario no se verá afectada en virtud de ninguna delegación de este tipo. A fecha del presente Folleto Informativo, el Depositario ha delegado en su subdepositario internacional, The State Street Bank and Trust Company, la responsabilidad de la custodia de los instrumentos financieros y el efectivo de la Sociedad. El subdepositario internacional propone delegar asimismo estas responsabilidades en los subdelegados que se recogen en el Anexo 3. | # Duties and functions in relation to (iii) and (iv) above may not be delegated by the Depositary.
Under the terms of the Depositary Agreement, the Depositary may from time to time delegate the duties and functions in relation to (i) and (ii) above provided that (i) the services are not delegated with the intention of avoiding the requirements of the UCITS Regulations, (ii) the Depositary can demonstrate that there is an objective reason for the delegation and (iii) the Depositary has exercised all due, skill, care and diligence in the selection and appointment of any third party to whom it wants to delegate parts of its safekeeping obligations, and keeps exercising all due skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it has delegated parts of its safekeeping services and of the arrangements of the third party in respect of the matters delegated to it. The liability of the Depositary will not be affected by virtue of any such delegation. As at the date of this Prospectus, the Depositary has delegated to its global sub-custodian, The State Street Bank and Trust Company, responsibility for the safekeeping of the Company’s financial instruments and cash. The global sub-custodian proposes to further delegate these responsibilities to sub- delegates set out in Appendix 3. | en | es |
DOLFIN4953 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Management Company of the Fund is:
H2O AM EUROPE
39 Avenue Pierre 1er de Serbie 75008 Paris, France
The Management Company is acting as the Fund’s liquidator. To that end, the liquidator is vested with the broadest powers to realise the assets, pay any creditors and distribute the available balance among the unitholders in cash or securities.
The Portfolio Management Company’s decision to delegate duties to third parties does not affect the liability of the Management Company or that of the Depositary.
The new ISIN codes are as follows: | # La société de gestion du FCP est :
H2O AM EUROPE
39 Avenue Pierre 1er de Serbie 75008 Paris
La société de gestion agit en qualité de liquidateur du FCP. Elle est investie à cet effet, des pouvoirs les plus étendus pour réaliser les actifs, payer les créanciers éventuels et répartir le solde disponible entre les porteurs de parts en numéraire ou en valeurs.
Le fait que la société de gestion de portefeuille ait délégué des fonctions à des tiers n'a pas d'incidence sur la responsabilité de la société de gestion ou du dépositaire.
Les nouveaux codes ISIN sont les suivants : | # The Management Company of the Fund is:
H2O AM EUROPE
39 Avenue Pierre 1er de Serbie 75008 Paris, France
The Management Company is acting as the Fund’s liquidator. To that end, the liquidator is vested with the broadest powers to realise the assets, pay any creditors and distribute the available balance among the unitholders in cash or securities.
The Portfolio Management Company’s decision to delegate duties to third parties does not affect the liability of the Management Company or that of the Depositary.
The new ISIN codes are as follows: | en | fr |
DOLFIN4954 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Risks linked to the management of collateral, such as operational and legal risks, will be identified, managed and mitigated in accordance with the Management Company’s risk management process concerning the Sub-Fund;
- Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral.
- Re-investment of cash collateral involves the risk of loss of money and more specifically the main risks arising from re-investment of cash collateral are credit risk and concentration risk. These risks are monitored and managed regularly as they are in the scope of the Management Company’s risk management process. | - investie dans des fonds du marché monétaire à court terme, tels que définis dans les Lignes directrices sur une Définition commune des Fonds du marché monétaire européen.
- Les risques liés à la gestion de la garantie, tels que les risques opérationnels et juridiques, seront identifiés, gérés et atténués par le processus de gestion du risque de la Société de gestion applicable au Compartiment ;
- Toute garantie en espèces réinvestie doit être diversifiée conformément aux exigences de diversification applicables aux garanties autres qu’en espèces ;Le réinvestissement de la garantie en numéraire comporte le risque de perdre de l’argent et, plus particulièrement, les principaux risques résultant du réinvestissement de la garantie en numéraire sont le risque de crédit et le risque de concentration. Ces risques sont contrôlés et gérés régulièrement dans la mesure où ils entrent dans le cadre du processus de gestion du risque de la Société de gestion. | - Risks linked to the management of collateral, such as operational and legal risks, will be identified, managed and mitigated in accordance with the Management Company’s risk management process concerning the Sub-Fund;
- Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral.
- Re-investment of cash collateral involves the risk of loss of money and more specifically the main risks arising from re-investment of cash collateral are credit risk and concentration risk. These risks are monitored and managed regularly as they are in the scope of the Management Company’s risk management process. | en | fr |
DOLFIN4955 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# WHAT ARE THE RISKS AND WHAT IS THE POTENTIAL RETURN?
## The synthetic risk indicator (SRI) is a way of assessing the level of risk compared to other products. It indicates the likelihood of this product incurring losses in the event of market movements or our inability to pay you.
We have classified this Product in risk class 5 out of 7 which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact the capacity of the Fund to pay you.
## The SRI does not take into account the following risks
- Liquidity risk, the Fund is exposed to the equity markets and is therefore subject to the vagaries of the equity markets, particularly in terms of liquidity. Other risks are described in the fund's prospectus.
If the fund is denominated in a currency other than the official currency of the country in which it is sold, the return, if expressed in the currency of the country in which it is sold, may vary according to currency fluctuations. As this product does not provide protection against market fluctuations, you may lose all or part of your investment.
### PERFORMANCE SCENARIO:
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your adviser or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive.
## What you get from this product depends on future market performance. Future market developments are random and cannot be predicted with any accuracy.
The unfavourable, intermediate and favourable scenarios shown are examples using the best and worst performance, as well as the average performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you could get in extreme market situations. This type of scenario has occurred for an investment between 1 and 5 years.
| Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 758.43 € | 3 276.02 € |
| Average annual yield (%) | -62.42% | -20.00% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 814.91 € | 6 690.94 € |
| Average annual yield (%) | -21.85% | -7.72% |
| Moderate scenario | What you could get back after the deduction of costs | 10 277.54 € | 12 299.44 € |
| Average annual yield (%) | 2.78% | 4.23% |
| Favourable scenario | What you could get back after the deduction of costs | 13 383.22 € | 22 284.59 € |
| Average annual yield (%) | 33.83% | 17.38% |
This table shows how much you could earn over the recommended minimum holding period under different scenarios, assuming you invest €10,000. The different scenarios show how your investment could perform. You can compare them with the scenarios of other products.
The scenarios shown are an estimate of future performance based on the "underlyings" of benchmarks, where historical data is not available over a sufficient period of time, or on past data relating to changes in the value of this Product. They are not an exact indicator. What you get will depend on market developments and how long you hold the Product. | # QUALI SONO I RISCHI E QUAL È IL POTENZIALE RENDIMENTO?
## L'indicatore sintetico di rischio (ISR) è un modo per valutare il livello di rischio rispetto ad altri prodotti. Indica la probabilità che questo prodotto subisca perdite in caso di movimenti di mercato o di incapacità da parte nostra di pagarvi.
Abbiamo classificato questo prodotto al livello 5 su 7, che corrisponde alla classe di rischio medio-alta. Ciò significa che le perdite potenziali dovute alla performance futura del prodotto sono classificate nel livello medio-alto e che è probabile che le cattive condizioni di mercato influenzino la capacità di fundo di pagarvi quanto dovuto.
## L'ISR non tiene conto dei seguenti rischi
- Rischio di liquidità, il Fondo è esposto ai mercati azionari ed è pertanto soggetto alle oscillazioni dei mercati azionari, in particolare in termini di liquidità. Altri rischi sono descritti nel prospetto informativo del fondo.
Se il fondo è denominato in una valuta diversa da quella ufficiale del Paese in cui viene venduto, il rendimento, se espresso nella valuta del Paese in cui viene venduto, può variare in base alle fluttuazioni valutarie. Poiché questo prodotto non fornisce protezione contro le fluttuazioni del mercato, potreste perdere tutto o parte del vostro investimento.
### SCENARIO DI PERFORMANCE:
Le cifre indicate comprendono tutti i costi del prodotto stesso, ma non necessariamente tutte le commissioni dovute al vostro consulente o distributore. Queste cifre non tengono conto della vostra situazione fiscale personale, che può influire sugli importi ricevuti.
## Il rendimento di questo prodotto dipende dall'andamento futuro del mercato. I futuri sviluppi del mercato sono aleatori e non possono essere previsti con precisione.
Gli scenari sfavorevoli, intermedi e favorevoli illustrati sono esempi che utilizzano la performance migliore e peggiore, nonché la performance media del prodotto negli ultimi 10 anni. I mercati potrebbero avere un andamento molto diverso in futuro. Lo scenario di stress mostra cosa si potrebbe ottenere in situazioni di mercato estreme. Questo tipo di scenario si è verificato per un investimento tra 1 e 5 anni.
| Periodo di detenzione raccomandato | 5 anni |
| --- | --- |
| Esempio di investimento | 10.000€ |
| Scenario | 1 anno | 5 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere tutto o parte del vostro investimento. |
| Scenario di stress | Possibile rimborso al netto dei costi | 3 758.43 € | 3 276.02 € |
| Rendimento medio per ciascun anno (%) | -62.42% | -20.00% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 814.91 € | 6 690.94 € |
| Rendimento medio per ciascun anno (%) | -21.85% | -7.72% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10 277.54 € | 12 299.44 € |
| Rendimento medio per ciascun anno (%) | 2.78% | 4.23% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 13 383.22 € | 22 284.59 € |
| Rendimento medio per ciascun anno (%) | 33.83% | 17.38% |
La tabella mostra quanto si potrebbe guadagnare nel corso del periodo di detenzione minimo raccomandato in diversi scenari, ipotizzando un investimento di 10.000 euro. I diversi scenari mostrano l'andamento del vostro investimento. È possibile confrontarli con gli scenari di altri prodotti.
Gli scenari illustrati sono una stima della performance futura basata sui "sottostanti" dei benchmark, laddove non siano disponibili dati storici per un periodo di tempo sufficiente, o sui dati passati relativi alle variazioni di valore di questo Prodotto. Non sono un indicatore esatto. I risultati ottenuti dipendono dall'andamento del mercato e dalla durata di detenzione del Prodotto. | # WHAT ARE THE RISKS AND WHAT IS THE POTENTIAL RETURN?
## The synthetic risk indicator (SRI) is a way of assessing the level of risk compared to other products. It indicates the likelihood of this product incurring losses in the event of market movements or our inability to pay you.
We have classified this Product in risk class 5 out of 7 which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact the capacity of the Fund to pay you.
## The SRI does not take into account the following risks
- Liquidity risk, the Fund is exposed to the equity markets and is therefore subject to the vagaries of the equity markets, particularly in terms of liquidity. Other risks are described in the fund's prospectus.
If the fund is denominated in a currency other than the official currency of the country in which it is sold, the return, if expressed in the currency of the country in which it is sold, may vary according to currency fluctuations. As this product does not provide protection against market fluctuations, you may lose all or part of your investment.
### PERFORMANCE SCENARIO:
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your adviser or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive.
## What you get from this product depends on future market performance. Future market developments are random and cannot be predicted with any accuracy.
The unfavourable, intermediate and favourable scenarios shown are examples using the best and worst performance, as well as the average performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you could get in extreme market situations. This type of scenario has occurred for an investment between 1 and 5 years.
| Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 758.43 € | 3 276.02 € |
| Average annual yield (%) | -62.42% | -20.00% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 814.91 € | 6 690.94 € |
| Average annual yield (%) | -21.85% | -7.72% |
| Moderate scenario | What you could get back after the deduction of costs | 10 277.54 € | 12 299.44 € |
| Average annual yield (%) | 2.78% | 4.23% |
| Favourable scenario | What you could get back after the deduction of costs | 13 383.22 € | 22 284.59 € |
| Average annual yield (%) | 33.83% | 17.38% |
This table shows how much you could earn over the recommended minimum holding period under different scenarios, assuming you invest €10,000. The different scenarios show how your investment could perform. You can compare them with the scenarios of other products.
The scenarios shown are an estimate of future performance based on the "underlyings" of benchmarks, where historical data is not available over a sufficient period of time, or on past data relating to changes in the value of this Product. They are not an exact indicator. What you get will depend on market developments and how long you hold the Product. | en | it |
DOLFIN4956 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Notwithstanding a broadly positive view on credit markets, we are taking some profits after the recent phenomenal rally, as de- scribed above.
In our opinion, the US recovery is richly priced by certain markets (i.e. equities and certain high-yield names) especially judging from the recent medical situation. The EU recovery however should be stronger compared to other developed markets. Stimu- lus from the EU and the ECB has been quicker and more efficient. Yield differences between the US and the rest of the world have fallen, suggesting that the US dollar has potentially further to remain under pressure. | # Ungeachtet einer im Grossen und Ganzen positiven Einschätzung der Unternehmensanleihemärkte nehmen wir nach der jüng- sten phänomenalen Rallye wie oben beschrieben einige Gewinne mit.
Unserer Meinung nach ist die US-Erholung in bestimmten Märkten (d. h. bei Aktien und bestimmten hochverzinslichen Titel) sehr ehrgeizig bewertet, insbesondere wenn man die jüngste medizinische Situation berücksichtigt. Die Erholung in der EU sollte jedoch im Vergleich zu anderen Industrieländern stärker ausfallen. Die von der EU und der EZB gelieferten Unter- stützungsmassnahmen sind schneller und effizienter gewesen. Die Renditedifferenzen zwischen den USA und dem Rest der Welt sind geringer geworden, was darauf hindeutet, dass der US-Dollar möglicherweise weiter unter Druck bleibt. | # Notwithstanding a broadly positive view on credit markets, we are taking some profits after the recent phenomenal rally, as de- scribed above.
In our opinion, the US recovery is richly priced by certain markets (i.e. equities and certain high-yield names) especially judging from the recent medical situation. The EU recovery however should be stronger compared to other developed markets. Stimu- lus from the EU and the ECB has been quicker and more efficient. Yield differences between the US and the rest of the world have fallen, suggesting that the US dollar has potentially further to remain under pressure. | en | de |
DOLFIN4957 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The shaded area in the table above shows the Class’ ranking based on the Synthetic Risk and Reward Indicator. The risk/return indicator suggests the relationship between risk and potential returns when investing in the Fund. The Fund has been classified as category 3 due to the nature of its investments, which include the risks listed below. 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 fund; the category might change in the future.
The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator and may cause additional loss:
- Credit risk: The default of the issuer of a debt instrument held by the Fund.
- Liquidity risk: Securities in the Fund may be sold below their valuation due to insufficient liquidity in the market.
- Counterparty risk: A counterparty may fail to pay the proceeds related to the sale of se curities by the Fund or may fail to deliver the securities purchased by the Fund.
- Operational risk: Failures or delays in operational processes may negatively affect the Fund.
- Event risk: Unforeseeable events such as devaluations, political events, etc. | Geringeres Risiko Höheres Risiko
Typischerweise geringere Erträge Typischerweise höhere Erträge
Der grau unterlegte Bereich der Aufstellung oben zeigt die Einstufung der Klasse auf der Basis des ‚synthetischen Risiko und Ertragsindikators‘. Der Risiko/Ertragsindikator ver weist auf die Beziehung zwischen Risiko und potenziellen Erträgen bei einer Anlage in den Fonds. Der Fonds wurde aufgrund der Art seiner Anlagen, die die nachfolgenden Risiken beinhalten, in die Kategorie 3 eingestuft. Das heißt, der Kauf von Anteilen des Fonds ist mit einem mittleren Risiko im Hinblick auf solche Schwankungen verbunden. Bitte beachten Sie, dass die Kategorie 1 nicht bedeutet, dass die Anlage risikofrei ist. Historische Daten, wie sie beispielsweise zur Berechnung des synthetischen Indikators verwendet werden, sind unter Umständen kein zuverlässiger Anhaltspunkt für das künftige Risikoprofil des Fonds; die Kategorie kann sich in Zukunft ändern.
Die folgenden Risiken sind von grundlegender Bedeutung für den Fonds, werden jedoch von dem synthetischen Indikator nicht angemessen erfasst und können zusätzliche Verluste verursachen:
- Kreditrisiko: Der Ausfall des Emittenten eines Schuldtitels, den der Fonds hält.
- Liquiditätsrisiko: Wertpapiere des Fonds können aufgrund von unzureichender Liquidität am Markt unter ihrem Wert verkauft werden.
- Kontrahentenrisiko: Es kann vorkommen, dass ein Kontrahent die Erlöse aus dem Verkauf von Wertpapieren des Fonds nicht bezahlt oder von dem Fonds erworbene Wertpapiere nicht liefert.
- Operatives Risiko: Fehler oder Verzögerungen bei operativen Prozessen können den Fonds negativ beeinflussen.
- Ereignisrisiko: Unvorhersehbare Ereignisse, wie zum Beispiel Abwertungen, politische Ereignisse usw. | Lower risk Higher risk
Typically lower rewards Typically higher rewards
The shaded area in the table above shows the Class’ ranking based on the Synthetic Risk and Reward Indicator. The risk/return indicator suggests the relationship between risk and potential returns when investing in the Fund. The Fund has been classified as category 3 due to the nature of its investments, which include the risks listed below. 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 fund; the category might change in the future.
The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator and may cause additional loss:
- Credit risk: The default of the issuer of a debt instrument held by the Fund.
- Liquidity risk: Securities in the Fund may be sold below their valuation due to insufficient liquidity in the market.
- Counterparty risk: A counterparty may fail to pay the proceeds related to the sale of se curities by the Fund or may fail to deliver the securities purchased by the Fund.
- Operational risk: Failures or delays in operational processes may negatively affect the Fund.
- Event risk: Unforeseeable events such as devaluations, political events, etc. | en | de |
DOLFIN4958 | 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 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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.
Le produit peut investir aussi jusqu’à 30 % de sa valeur liquidative dans des Certificats représentatifs de titres américains (certificats qui représentent un nombre spécifique d’actions dans une société étrangère et sont émis par des banques américaines et négociés sur des Bourses de valeurs américaines).
Le produit est géré de manière active en référence aux indices S&P 500 Index NR et Russell 1000 Value Index NR, mais ne prévoit pas de répliquer la performance desdits indices ni de limiter ses investissements dans des actions de sociétés aux seules sociétés comprises dans ces indices.
Ce produit est un fonds OPCVM et un compartiment de Cullen Funds plc, une société d’investissement établie comme OPCVM à capital variable agréé par la Banque centrale d’Irlande avec responsabilité séparée entre ses compartiments.
Les Actionnaires peuvent racheter ou échanger des actions, sur demande, tout jour de négociation. Eu égard à ce produit, un jour de négociation correspond à tout jour ouvré des banques à Dublin ou de la New York Stock Exchange ou tous autres jours déterminés le cas échéant par les Administrateurs. De plus amples informations sont disponibles dans le Prospectus.
Le dépositaire du produit est Brown Brothers Harriman Trustee Services (Ireland) Limited.
Investisseurs de détail visés :
Ce produit est adapté à tous les types d’investisseurs pouvant accepter de perdre le montant investi à l’origine, mais pas un montant supérieur.
Il n’est pas nécessaire pour les investisseurs d’avoir de l’expérience ou des connaissances relativement aux marchés financiers. Toutefois, ceux n’ayant ni expérience ou connaissances ou qui ne sont pas sûrs de leurs décisions peuvent consulter un conseiller financier indépendant.
Les investisseurs potentiels devraient être en mesure de conserver leur placement pendant 5 ans au moins et devraient s’assurer de pouvoir assumer le niveau de risque indiqué (tel que mesuré par l’indicateur synthétique de risque fourni ci-après).
Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible que la valeur de votre investissement en soit affectée.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
de depósito americanos (que representan un número determinado de acciones de una empresa extranjera, son emitidos por bancos estadounidenses y se negocian en mercados de valores de Estados Unidos).
El producto se gestiona de forma activa con referencia al S&P 500 Index NR y al Russell 1000 Value Index NR, pero no tiene previsto replicar la rentabilidad que genere cualquiera de dichos índices y tampoco se pretende que las acciones de las empresas en las que invierta el producto se limiten a aquellas que integran cualquiera de esos índices.
Este producto es un fondo OICVM y un subfondo de Cullen Funds plc, una sociedad de inversión definida como OICVM de tipo abierto autorizada por el Banco Central de Irlanda con capital segregado entre subfondos.
Los accionistas pueden reembolsar o canjear acciones cualquier día de negociación, previa solicitud. A efectos de este producto, un día de negociación es cualquier día hábil en que los bancos de Dublín y la Bolsa de Nueva York estén abiertos al público o cualquier otro día que determinen los Administradores. En el Folleto puede consultarse más información.
El depositario del producto es Brown Brothers Harriman Trustee Services (Ireland) Limited.
Inversor minorista al que va dirigido:
Este producto es adecuado para todo tipo de inversores minoristas que puedan asumir el riesgo de pérdidas de la inversión que asciendan como máximo al importe invertido originalmente, sin superarlo.
Los inversores potenciales deben contar con experiencia o conocimientos previos en los mercados financieros para invertir en este producto. Aquellos que no los tengan podrán obtener asesoramiento financiero independiente antes de invertir en el producto en caso de que no estén seguros.
Los inversores potenciales deben poder mantener esta inversión durante al menos 5 años y deben asegurarse de estar dispuestos a aceptar el nivel de riesgo que señala la medida del indicador resumido de riesgo facilitado.
Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media y es posible que una mala coyuntura de mercado influya en el valor de su inversión.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
## Indicateur de risque
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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.
Le produit peut investir aussi jusqu’à 30 % de sa valeur liquidative dans des Certificats représentatifs de titres américains (certificats qui représentent un nombre spécifique d’actions dans une société étrangère et sont émis par des banques américaines et négociés sur des Bourses de valeurs américaines).
Le produit est géré de manière active en référence aux indices S&P 500 Index NR et Russell 1000 Value Index NR, mais ne prévoit pas de répliquer la performance desdits indices ni de limiter ses investissements dans des actions de sociétés aux seules sociétés comprises dans ces indices.
Ce produit est un fonds OPCVM et un compartiment de Cullen Funds plc, une société d’investissement établie comme OPCVM à capital variable agréé par la Banque centrale d’Irlande avec responsabilité séparée entre ses compartiments.
Les Actionnaires peuvent racheter ou échanger des actions, sur demande, tout jour de négociation. Eu égard à ce produit, un jour de négociation correspond à tout jour ouvré des banques à Dublin ou de la New York Stock Exchange ou tous autres jours déterminés le cas échéant par les Administrateurs. De plus amples informations sont disponibles dans le Prospectus.
Le dépositaire du produit est Brown Brothers Harriman Trustee Services (Ireland) Limited.
Investisseurs de détail visés :
Ce produit est adapté à tous les types d’investisseurs pouvant accepter de perdre le montant investi à l’origine, mais pas un montant supérieur.
Il n’est pas nécessaire pour les investisseurs d’avoir de l’expérience ou des connaissances relativement aux marchés financiers. Toutefois, ceux n’ayant ni expérience ou connaissances ou qui ne sont pas sûrs de leurs décisions peuvent consulter un conseiller financier indépendant.
Les investisseurs potentiels devraient être en mesure de conserver leur placement pendant 5 ans au moins et devraient s’assurer de pouvoir assumer le niveau de risque indiqué (tel que mesuré par l’indicateur synthétique de risque fourni ci-après).
Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, si la situation venait à se détériorer sur les marchés, il est possible que la valeur de votre investissement en soit affectée.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/ pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN4959 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 5 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 5 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 1 870 EUR | 1 840 EUR |
| | Average return each year | - 81.27 % | - 28.73 % |
| Unfavourable scenario | What might you get back after costs | 7 110 EUR | 5 160 EUR |
| | Average return each year | - 28.85% | - 12.4% |
| Moderate scenario | What might you get back after costs | 8 630 EUR | 6 770 EUR |
| | Average return each year | - 13.69% | - 7.5% |
| Favourable scenario | What might you get back after costs | 10 610 EUR | 9 590 EUR |
| | Average return each year | 6.08% | - 0.83% | | | Période de détention minimale requise: 5 ans Investissement 10 000 EUR |
| --- |
| Scénarios en cas de survie Minimum : | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1 870 EUR | 1 840 EUR |
| | Rendement annuel moyen | - 81,27 % | - 28,73 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 110 EUR | 5 160 EUR |
| | Rendement annuel moyen | - 28,85 % | - 12,4 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 8 630 EUR | 6 770 EUR |
| | Rendement annuel moyen | - 13,69 % | - 7,5 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 610 EUR | 9 590 EUR |
| | Rendement annuel moyen | 6,08 % | - 0,83 % | | | Recommended minimum holding period: 5 years Investment 10 000 EUR |
| --- |
| Survival Scenarios Minimum: | 1 year | 5 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 1 870 EUR | 1 840 EUR |
| | Average return each year | - 81.27 % | - 28.73 % |
| Unfavourable scenario | What might you get back after costs | 7 110 EUR | 5 160 EUR |
| | Average return each year | - 28.85% | - 12.4% |
| Moderate scenario | What might you get back after costs | 8 630 EUR | 6 770 EUR |
| | Average return each year | - 13.69% | - 7.5% |
| Favourable scenario | What might you get back after costs | 10 610 EUR | 9 590 EUR |
| | Average return each year | 6.08% | - 0.83% | | en | fr |
DOLFIN4960 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les Actionnaires qui ne sont ni des Résidents irlandais ni des Résidents habituels en Irlande et soit
- la Société qui a satisfait et invoqué les mesures équivalentes ;ou
- lesdits Actionnaires qui ont déposé une Déclaration appropriée, au titre de laquelle la Société ne possède aucune information qui indiquerait de manière raisonnable que les informations qui figurent dans ladite Déclaration appropriée ne sont plus exactesdans leurs aspects significatifs, ne seront pas assujettis à l’impôt irlandais au titre des revenus de leurs Actions et des plus-values réalisées sur lacession de leurs Actions. Cependant, tout Actionnaire personne morale qui n’a pas la qualité de Résident irlandais et qui détient des Actions, directement ou indirectement, par l’intermédiaire d’une succursale ou agence exerçant une activité commerciale en Irlandeou pour le compte d’une telle succursale ou agence sera redevable de l’impôt irlandais sur les revenus de ses Actions ou les plus-values réalisées sur lescessions de ses Actions. | Accionistas que no sean Residentes Irlandeses ni Residentes Habituales en Irlanda y que
- la Sociedad haya satisfecho y cumplido las medidas equivalentes,o
- dichos Accionistas hayan presentado Declaraciones Pertinentes con respecto a las cuales la Sociedad no posea información de la que pueda razonablemente inferirse que los datos contenidos en dichas Declaraciones Pertinentes han dejado de ser sustancialmente exactos, no habrán de tributar en Irlanda por los repartos que perciban sobre sus Acciones ni sobre las plusvalías que obtengan con su venta. No obstante, todo Accionista persona jurídica que no sea Residente Irlandés y que posea Acciones directa o indirectamente a través o por cuenta de una sucursal o agencia mercantil situada en Irlanda, quedará sujeto a tributación en Irlanda sobre los repartos que perciba sobre sus Acciones o las plusvalías que materialice con su venta. | Les Actionnaires qui ne sont ni des Résidents irlandais ni des Résidents habituels en Irlande et soit
- la Société qui a satisfait et invoqué les mesures équivalentes ;ou
- lesdits Actionnaires qui ont déposé une Déclaration appropriée, au titre de laquelle la Société ne possède aucune information qui indiquerait de manière raisonnable que les informations qui figurent dans ladite Déclaration appropriée ne sont plus exactesdans leurs aspects significatifs, ne seront pas assujettis à l’impôt irlandais au titre des revenus de leurs Actions et des plus-values réalisées sur lacession de leurs Actions. Cependant, tout Actionnaire personne morale qui n’a pas la qualité de Résident irlandais et qui détient des Actions, directement ou indirectement, par l’intermédiaire d’une succursale ou agence exerçant une activité commerciale en Irlandeou pour le compte d’une telle succursale ou agence sera redevable de l’impôt irlandais sur les revenus de ses Actions ou les plus-values réalisées sur lescessions de ses Actions. | fr | es |
DOLFIN4961 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Index Disclaimer
The ETF is not sponsored, promoted, sold or supported by Solactive AG. Nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price, at any time or in any other respect.
The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Company, Solactive AG has no obligation to point out errors in the Index to third parties including, but not limited to, investors and/or financial intermediaries of the ETF. Solactive AG does not guarantee the accuracy and/or the completeness of the Index or any related data, and shall not have any liability for any errors, omissions or interruptions therein.
Neither publication of the Index by Solactive AG, nor the licensing of the Index or Index trade mark, for the purpose of use in connection with the ETF, constitutes a recommendation by Solactive AG to invest capital in said ETF nor does it, in any way, represent an assurance or opinion of Solactive AG with regard to any investment in this ETF. In no event shall Solactive AG have any liability for any lost profits or indirect, punitive, special or consequential damages or losses, even if notified of the possibility thereof. | ### Disclaimer dell’indice
L’ETF non è sponsorizzato, promosso, venduto o sostenuto in alcun modo da Solactive AG. Solactive AG rilascia alcuna garanzia o assicurazione esplicita o implicita relativamente ai risultati ottenibili con l’utilizzo dell’Indice e/o del marchio commerciale dell’Indice o del Prezzo dell’Indice in qualsiasi momento o sotto qualsiasi altro aspetto. L’indice è calcolato e pubblicato da Solactive AG. Solactive AG fa del proprio meglio per assicurare che l’Indice sia calcolato correttamente.
Indipendentemente dai propri obblighi verso Legal & General UCITS ETF Plc, Solactive AG non ha alcun obbligo di segnalare errori presenti nell’Indice a terzi, compresi, a titolo esemplificativo e non esaustivo, gli investitori e/o intermediari finanziari dello Strumento finanziario. Solactive AG non garantisce l’accuratezza e/o la completezza dell’Indice né di qualsiasi dato ivi incluso e non è responsabile di errori, omissioni o interruzioni ivi contenuti. Né la pubblicazione dell’Indice da parte di Solactive AG né la concessione in licenza dell’Indice o del marchio commerciale dell’Indice a scopo di utilizzo in relazione all’ETF costituisce una raccomandazione da parte di Solactive AG di investire il capitale in detto ETF né rappresenta in alcun modo un’assicurazione o un’opinione di Solactive AG relativamente a qualsivoglia investimento in questo ETF. Solactive AG non sarà in alcun caso responsabile di eventuali profitti mancati né danni o perdite indiretti, punitivi, speciali o conseguenti, anche se fosse stata avvisata della possibilità di tali danni o perdite. | ### Index Disclaimer
The ETF is not sponsored, promoted, sold or supported by Solactive AG. Nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index price, at any time or in any other respect.
The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Company, Solactive AG has no obligation to point out errors in the Index to third parties including, but not limited to, investors and/or financial intermediaries of the ETF. Solactive AG does not guarantee the accuracy and/or the completeness of the Index or any related data, and shall not have any liability for any errors, omissions or interruptions therein.
Neither publication of the Index by Solactive AG, nor the licensing of the Index or Index trade mark, for the purpose of use in connection with the ETF, constitutes a recommendation by Solactive AG to invest capital in said ETF nor does it, in any way, represent an assurance or opinion of Solactive AG with regard to any investment in this ETF. In no event shall Solactive AG have any liability for any lost profits or indirect, punitive, special or consequential damages or losses, even if notified of the possibility thereof. | en | it |
DOLFIN4962 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment units
The Company may invest up to 10% of the Fund’s assets in units of target funds provided that they are open-ended domestic and foreign investment funds.
The Company selects the target fund to be acquired either in accordance with said target fund's terms and conditions of investment or investment focus, or its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment cor- porations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) managed by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-ended investment funds in accordance with their terms and conditions of investment. For AIF units, the following require- ments must also be met:
- The target fund must have been approved in accordance with legal provisions that place it under effective public supervision in order to protect investors, and there must be adequate provision for ensuring cooperation between the supervisory authorities.
- The investors' protection level must be equivalent to that of an investor in a domestic UCITS, par- ticularly with regard to the segregation of management and custody of assets, borrowing, lend- ing and the short selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit an assessment to be made of the assets and liabilities, income and transactions aris- ing during the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily suspend the redemption of units within the statutory framework. In this case, the Company may not return the units in the target fund to the management company or custodian or a target fund against payment of the redemption price (refer also to the section entitled "Risk information - Risks associated with investing in investment units"). The Company's website (https://www.acatis.de) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | # Investmentanteile
Die Gesellschaft darf bis zu 10 % des Wertes des Fonds in Anteile an Zielfonds investieren, sofern diese offene in- und ausländische Investmentvermögen sind.
Die Gesellschaft wählt die zu erwerbenden Zielfonds entweder nach den Anlagebestimmungen bzw. nach dem Anlageschwerpunkt dieser Zielfonds oder nach dem letzten Jahres- oder Halbjahresbericht der Zielfonds aus. Es können alle zulässigen Arten von Anteilen an inländischen Sondervermögen und Investmentaktiengesellschaften mit veränderlichem Kapital sowie von Anteilen an EU-OGAW und von EU-Verwaltungsgesellschaften oder ausländischen Verwaltungsgesellschaften verwalteten offenen In- vestmentvermögen, die keine EU-OGAW sind, erworben werden. Bei der Auswahl unterliegt die Ge- sellschaft hinsichtlich der Herkunft oder des Sitzes des Zielfonds keiner Beschränkung.
Die Zielfonds dürfen nach ihren Anlagebedingungen höchstens bis zu 10 % in Anteile an anderen of- fenen Investmentvermögen investieren. Für Anteile an AIF gelten darüber hinaus folgende Anforderun- gen:
- Der Zielfonds muss nach Rechtsvorschriften zugelassen worden sein, die ihn einer wirksamen öf- fentlichen Aufsicht zum Schutz der Anleger unterstellen, und es muss eine ausreichende Gewähr für eine befriedigende Zusammenarbeit zwischen den Aufsichtsbehörden bestehen.
- Das Schutzniveau der Anleger muss gleichwertig zu dem Schutzniveau eines Anlegers in einem inländischen OGAW sein, insbesondere im Hinblick auf Trennung von Verwaltung und Verwahrung der Vermögensgegenstände, für die Kreditaufnahme und -gewährung sowie für Leerverkäufe von Wertpapieren und Geldmarktinstrumenten.
- Die Geschäftstätigkeit des Zielfonds muss Gegenstand von Jahres- und Halbjahresberichten sein und den Anlegern erlauben, sich ein Urteil über das Vermögen und die Verbindlichkeiten sowie die Erträge und die Transaktionen im Berichtszeitraum zu bilden.
- Der Zielfonds muss ein Publikumsfonds sein, bei dem die Anzahl der Anteile nicht zahlenmäßig begrenzt ist und die Anleger ein Recht zur Rückgabe der Anteile haben.
Die Gesellschaft darf für Rechnung des Fonds nicht mehr als 25 % der ausgegebenen Anteile eines Zielfonds erwerben.
Zielfonds können im gesetzlichen Rahmen zeitweise die Rücknahme von Anteilen aussetzen. Dann kann die Gesellschaft die Anteile an dem Zielfonds nicht bei der Verwaltungsgesellschaft oder Verwahrstelle des Zielfonds gegen Auszahlung des Rücknahmepreises zurückgeben (siehe auch den Abschnitt „Risi- kohinweise – Risiken im Zusammenhang mit der Investition in Investmentanteile“). Auf der Internetseite der Gesellschaft ist unter https://www.acatis.de aufgeführt, ob und in welchem Umfang der Fonds Anteile von Zielfonds hält, die derzeit die Rücknahme von Anteilen ausgesetzt haben. | # Investment units
The Company may invest up to 10% of the Fund’s assets in units of target funds provided that they are open-ended domestic and foreign investment funds.
The Company selects the target fund to be acquired either in accordance with said target fund's terms and conditions of investment or investment focus, or its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment cor- porations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) managed by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-ended investment funds in accordance with their terms and conditions of investment. For AIF units, the following require- ments must also be met:
- The target fund must have been approved in accordance with legal provisions that place it under effective public supervision in order to protect investors, and there must be adequate provision for ensuring cooperation between the supervisory authorities.
- The investors' protection level must be equivalent to that of an investor in a domestic UCITS, par- ticularly with regard to the segregation of management and custody of assets, borrowing, lend- ing and the short selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit an assessment to be made of the assets and liabilities, income and transactions aris- ing during the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily suspend the redemption of units within the statutory framework. In this case, the Company may not return the units in the target fund to the management company or custodian or a target fund against payment of the redemption price (refer also to the section entitled "Risk information - Risks associated with investing in investment units"). The Company's website (https://www.acatis.de) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | en | de |
DOLFIN4963 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les classes d’actions A2, E2, F2, G2, I2, J2, M2, P2 et R2 ne comportent aucune commission de performance et tous les frais, à l’exception des frais de gestion et des commissions de performance, restent tels qu’ils sont indiqués pour les Classes d’actions A, E, F, G, I, J, M, P et R.
1Décroît annuellement pour atteindre zéro 4 ans après l’investissement. 2Zéro 1 an après l’investissement. 3Décroît annuellement pour atteindre zéro 2 ans après l’investissement.
4Décroît annuellement pour atteindre zéro 3 ans après l’investissement.
Commission de performance
Indice de référence pour la commission de performance Stoxx Europe 600 Index.
Mécanisme de commission de performance : Mécanisme de commission de performance AEMF
Depuis le 1er janvier 2022, le Mécanisme de commission de performance conforme à l’AEMF est appliqué. La Date anniversaire est le 31 décembre. La toute première période d’observation de la performance commencera le 1er janvier 2022 et ne pourra pas se terminer avant le 31 décembre 2022.
Vous trouverez une liste complète des classes d’actions disponibles sur www.amundi.lu/amundi-funds.
* Chiffres au mois de juin 2021. Veuillez vous référer au Document d’informations clés pour l’investisseur du Fonds Maître pour la classe d’actions Y pour obtenir les derniers chiffres sur les frais courants. | Las Clases de acciones A2, E2, F2, G2, I2, J2, M2, P2 y las Clases de acciones R2 no conllevan ninguna comisión de rentabilidad y todos los costes, salvo las comisiones de gestión y rentabilidad, son los indicados para las Clases de acciones A, E, F, G, I, J, M, P y R.
1Disminuye anualmente, llegando a cero 4 años después de la inversión. 2Cero 1 año después de la inversión. 3Disminuye anualmente, llegando a cero 2 años después de la inversión. 4Disminuye anualmente, llegando a cero 3 años después de la inversión.
Comisión sobre resultados
Índice de referencia para determinar la comisión de rentabilidad Stoxx Europe 600 Index.
Mecanismo para la comisión de rentabilidad: Mecanismo para la comisión de rentabilidad conforme con la ESMA
Desde el 1 de enero de 2022, se aplica el Mecanismo para la comisión de rentabilidad conforme con la ESMA. La fecha de aniversario es el 31 de diciembre. El primer período de observación de la rentabilidad comenzará el 1 de enero de 2022 y no podrá finalizar antes del 31 de diciembre de 2022.
Para consultar una lista completa de las clases de acciones disponibles, visite el sitio web www.amundi.lu/amundi-funds.
* Cifras de junio de 2021. Consulte el Documento de Datos Fundamentales para el Inversor del fondo principal para la clase de acciones Y, donde encontrará las últimas cifras sobre los gastos corrientes. | Les classes d’actions A2, E2, F2, G2, I2, J2, M2, P2 et R2 ne comportent aucune commission de performance et tous les frais, à l’exception des frais de gestion et des commissions de performance, restent tels qu’ils sont indiqués pour les Classes d’actions A, E, F, G, I, J, M, P et R.
1Décroît annuellement pour atteindre zéro 4 ans après l’investissement. 2Zéro 1 an après l’investissement. 3Décroît annuellement pour atteindre zéro 2 ans après l’investissement.
4Décroît annuellement pour atteindre zéro 3 ans après l’investissement.
Commission de performance
Indice de référence pour la commission de performance Stoxx Europe 600 Index.
Mécanisme de commission de performance : Mécanisme de commission de performance AEMF
Depuis le 1er janvier 2022, le Mécanisme de commission de performance conforme à l’AEMF est appliqué. La Date anniversaire est le 31 décembre. La toute première période d’observation de la performance commencera le 1er janvier 2022 et ne pourra pas se terminer avant le 31 décembre 2022.
Vous trouverez une liste complète des classes d’actions disponibles sur www.amundi.lu/amundi-funds.
* Chiffres au mois de juin 2021. Veuillez vous référer au Document d’informations clés pour l’investisseur du Fonds Maître pour la classe d’actions Y pour obtenir les derniers chiffres sur les frais courants. | fr | es |
DOLFIN4964 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Directors confirm that they have complied with the above requirements in preparing the financial statements. These Financial Statements have been prepared on a going concern basis. Please see liquidity risks outlined in note 2(d).
The Directors are responsible for keeping adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy and which enable them to ensure that the financial statements are prepared in accordance with IFRS and comply with the provisions of the Companies Act 2014 (as amended), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations"), the Listing Rules of the various stock exchanges and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In this regard, Northern Trust International Fund Administration Services (Ireland) Limited (the "Administrator") has been appointed for the purpose of maintaining adequate accounting records and Northern Trust Fiduciary Services (Ireland) Limited (the "Depositary") have been appointed for the purpose of safeguarding the assets of the Company.
The accounting records are maintained at the Administrator's registered offices at George’s Court, 54 – 62 Townsend Street, Dublin 2, Ireland.
The Financial Statements are published on the etf.invesco.com website. The Directors and Invesco UK Services Limited are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing the presentation and dissemination of the Financial Statements may differ from legislation in other jurisdictions. | Les Administrateurs confirment avoir respecté les exigences susmentionnées lors de la préparation des états financiers. Les présents États financiers sont établis selon le principe de la continuité d’exploitation. Veuillez consulter les risques de liquidité tels qu’indiqués à la Note 2(d).
Les administrateurs sont responsables de la tenue de registres comptables adéquats décrivant et consignant correctement les transactions de la société, permettant à tout moment la détermination des actifs, passifs, de la situation financière et du compte de résultat de la Société de manière suffisamment précise, et leur permettant de garantir que les états financiers sont préparés conformément aux Normes IFRS et sont conformes aux dispositions du Companies Act de 2014 (tel qu’amendé), de la Réglementation des communautés européennes (Organismes de placement collectif en valeurs mobilières) de 2011 (telle qu’amendée) (« la Règlementation sur les OPCVM »), de la Réglementation de 2019 issue de la loi sur la Banque centrale (surveillance et application) de 2013 (section 48(1)) (Organismes de placement collectif en valeurs mobilières) (la « Réglementation sur les OPCVM de la Banque centrale »), des règles de cotation des diverses bourses, et permettant l’audit des état financiers. Ils ont également la responsabilité de sauvegarder les actifs de la Société et, pour ce faire, de mettre en œuvre des mesures raisonnables visant à la prévention et la détection de fraudes et autres irrégularités.
À cet égard, Northern Trust International Fund Administration Services (Ireland) Limited (l’« Agent administratif ») a été nommé aux fins de la tenue des registres comptables adéquats et Northern Trust Fiduciary Services (Ireland) Limited (« le « Dépositaire ») a été nommé aux fins de la sauvegarde des actifs de la Société.
Les registres comptables sont tenus au siège social de l’Agent administratif, à George’s Court, 54 – 62 Townsend Street, Dublin 2, Irlande.
Les États financiers sont publiés sur le site Internet etf.invesco.com. Les Administrateurs ainsi que Invesco UK Services Limited sont responsables du suivi et de l’intégrité des informations financières publiées sur ce site Internet. La législation de la République d’Irlande applicable à la préparation et à la diffusion des États financiers est susceptible de différer des législations en vigueur sous d’autres juridictions. | The Directors confirm that they have complied with the above requirements in preparing the financial statements. These Financial Statements have been prepared on a going concern basis. Please see liquidity risks outlined in note 2(d).
The Directors are responsible for keeping adequate accounting records which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy and which enable them to ensure that the financial statements are prepared in accordance with IFRS and comply with the provisions of the Companies Act 2014 (as amended), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the "Central Bank UCITS Regulations"), the Listing Rules of the various stock exchanges and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In this regard, Northern Trust International Fund Administration Services (Ireland) Limited (the "Administrator") has been appointed for the purpose of maintaining adequate accounting records and Northern Trust Fiduciary Services (Ireland) Limited (the "Depositary") have been appointed for the purpose of safeguarding the assets of the Company.
The accounting records are maintained at the Administrator's registered offices at George’s Court, 54 – 62 Townsend Street, Dublin 2, Ireland.
The Financial Statements are published on the etf.invesco.com website. The Directors and Invesco UK Services Limited are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing the presentation and dissemination of the Financial Statements may differ from legislation in other jurisdictions. | en | fr |
DOLFIN4965 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 6 450 EUR | 6 420 EUR |
| Average return each year | -35.50% | -8.48% |
| Unfavourable | What you might get back after costs | 9 010 EUR | 9 140 EUR |
| Average return each year | -9.90% | -1.78% |
| Moderate | What you might get back after costs | 10 290 EUR | 11 660 EUR |
| Average return each year | 2.90% | 3.12% |
| Favourable | What you might get back after costs | 11 900 EUR | 12 800 EUR |
| Average return each year | 19.00% | 5.06% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10 000 EUR En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | |
| Tensión | Lo que podría recibir tras deducir los costes | 6 450 EUR | 6 420 EUR |
| Rendimiento medio cada año | -35.50% | -8.48% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 9 010 EUR | 9 140 EUR |
| Rendimiento medio cada año | -9.90% | -1.78% |
| Moderado | Lo que podría recibir tras deducir los costes | 10 290 EUR | 11 660 EUR |
| Rendimiento medio cada año | 2.90% | 3.12% |
| Favorable | Lo que podría recibir tras deducir los costes | 11 900 EUR | 12 800 EUR |
| Rendimiento medio cada año | 19.00% | 5.06% | | | Recommended holding period: 5 years Example Investment: 10 000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | |
| Stress | What you might get back after costs | 6 450 EUR | 6 420 EUR |
| Average return each year | -35.50% | -8.48% |
| Unfavourable | What you might get back after costs | 9 010 EUR | 9 140 EUR |
| Average return each year | -9.90% | -1.78% |
| Moderate | What you might get back after costs | 10 290 EUR | 11 660 EUR |
| Average return each year | 2.90% | 3.12% |
| Favourable | What you might get back after costs | 11 900 EUR | 12 800 EUR |
| Average return each year | 19.00% | 5.06% | | en | es |
DOLFIN4966 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Note 6 Applied Service Fee (continued)
- Class of Units currency hedging cost;
- the fees of the registrar agent and administrator (including the calculation of the Net Asset Value), any paying agent and of any representatives in jurisdictions where the Units are qualified for sale, and of all other agents employed on behalf of the Fund; such remuneration may be based on the net assets of the Fund or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Fund (including unitholder notification), annual and semi-annual reports and such other reports or documents, as may be required under the applicable laws or regulations of the jurisdictions or the authorities where the Units are qualified for sale;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Management Regulations and all other documents concerning the Fund, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Units;
- the cost of qualifying the Fund or the sale of Units in any jurisdiction or of a listing on any stock exchange;
- the cost of accounting and bookkeeping;
- legal fees;
- insurance, postage, telephone and telex and any communication mean;
- distribution and sales support costs (including costs charged by local routing order platforms, local transfer agent costs, local representative agent and the translation costs);
- and all similar charges and expenses. | ## Nota 6 Comisión de servicio aplicada (continuación)
- el coste de la cobertura del riesgo cambiario para las Clases de participaciones;
- los honorarios del Agente de Registro y del Administrador (incluido el cálculo del Valor liquidativo), de cualesquiera Agente de Pagos y los representantes en aquellas jurisdicciones en las que las Participaciones estén autorizadas para su venta y todos los demás agentes contratados por cuenta del Fondo; dichos honorarios podrán calcularse con base en el patrimonio neto del Fondo, por operaciones o a tanto alzado;
- los costes de elaboración, impresión, publicación, en todos los idiomas necesarios, y distribución de Folletos o documentos relativos al Fondo (incluidas las notificaciones a los Partícipes), de los informes anuales y semestrales y de cualesquiera otros informes y documentos exigidos con arreglo a las leyes y reglamentos aplicables de las jurisdicciones o administraciones territoriales en las que las Participaciones estén autorizadas para su venta;
- el coste de impresión de certificados e impresos de apoderamiento;
- el coste de elaboración y presentación ante todas las autoridades (incluidas las asociaciones locales de intermediarios financieros) que tengan competencias sobre el Fondo o la oferta de Participaciones, de lo normativa de la Dirección y todos los restantes documentos relativos al Fondo, incluidos los extractos de registro y Folletos informativos;
- los costes relacionados con la autorización del Fondo o con la venta de Participaciones en cualquier jurisdicción, o con su admisión a cotización en cualquier bolsa de valores;
- los costes de contabilidad y de teneduría de libros;
- gastos legales;
- gastos de seguros, correo, teléfono, télex y cualquier otro medio de comunicación;
- los costes de servicio de apoyo a la comercialización y a la venta (incluidos los gastos cobrados por las plataformas de enrutamiento de órdenes locales, los agentes de transferencias y de representación locales y los gastos de traducción);
- y cualesquiera otros gastos y honorarios similares. | ## Note 6 Applied Service Fee (continued)
- Class of Units currency hedging cost;
- the fees of the registrar agent and administrator (including the calculation of the Net Asset Value), any paying agent and of any representatives in jurisdictions where the Units are qualified for sale, and of all other agents employed on behalf of the Fund; such remuneration may be based on the net assets of the Fund or on a transaction basis or may be a fixed sum;
- the cost of preparing, printing and publishing in such languages as are necessary, and distributing offering information or documents concerning the Fund (including unitholder notification), annual and semi-annual reports and such other reports or documents, as may be required under the applicable laws or regulations of the jurisdictions or the authorities where the Units are qualified for sale;
- the cost of printing certificates and proxies;
- the cost of preparing and filing the Management Regulations and all other documents concerning the Fund, including registration statements and offering circulars with all authorities (including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Units;
- the cost of qualifying the Fund or the sale of Units in any jurisdiction or of a listing on any stock exchange;
- the cost of accounting and bookkeeping;
- legal fees;
- insurance, postage, telephone and telex and any communication mean;
- distribution and sales support costs (including costs charged by local routing order platforms, local transfer agent costs, local representative agent and the translation costs);
- and all similar charges and expenses. | en | es |
DOLFIN4967 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Restrictions on the subscription and transfer of shares applicable to US Persons as defined by Regulation S
In particular, the shares of the SICAV have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any other similar law promulgated by the United States including any state or other political subdivision of the United States or its territories, possessions or other regions subject to United States jurisdiction (hereinafter referred to collectively under the term "United States"). Furthermore, the SICAV
has not been and will not be registered in accordance with the requirements of the U.S. Investment Company Act of 1940.
Consequently, the shares of the SICAV may not be offered, sold or assigned in the United States or to U.S. Persons as defined by Regulation S.
For the purposes of this prospectus, the term "U.S. Resident as defined by Regulation S" shall be understood to comprise the persons referred to in Regulation S of the Securities Act, and refers in particular to any natural person resident in the United States, and any legal person (partnership, joint stock company, limited liability company or any similar entity) or any other entity incorporated or organised under the laws of the United States (including any estate or trust of such a person created in the United States or organised under the laws of the United States or any investor acting on behalf of such persons).
Investors are obliged to inform the SICAV immediately if they are or if they become U.S. Residents as defined by Regulation S. If the SICAV learns that an investor is a U.S. Resident as defined by Regulation S, the SICAV shall be entitled to carry out the forced reimbursement of the shares concerned in accordance with the provisions of the articles of association and of this Prospectus.
These restrictions apply without prejudice to other restrictions, including in particular those arising from legal and/or regulatory requirements associated with the implementation of FATCA (as defined hereunder). Investors are urged to read attentively chapters 7 (“RISKS ASSOCIATED WITH AN INVESTMENT IN THE SICAV”), 11 (“DESCRIPTION OF THE SHARES, SHAREHOLDERS' RIGHTS AND DISTRIBUTION POLICY”), 14 (“TAXATION OF THE
SICAV AND OF SHAREHOLDERS”) before subscribing to shares of the SICAV.
Before deciding to subscribe to or acquire shares of the SICAV, investors are urged to consult their legal, tax and financial adviser, accounting or other professional adviser. | ## Restrictions à la souscription et au transfert d’actions applicables aux Résident Américains Règlement S
En particulier, les actions de la SICAV n’ont pas été et ne seront pas enregistrées en application de la loi américaine
«Securities Act » de 1933 telle qu’amendée (ci-après le « Securities Act ») ou en application de toute autre loi similaire promulguée par les Etats-Unis en ce compris tout Etat ou subdivision politique des Etats-Unis ou de leurs territoires, possessions ou autres régions soumises à la juridiction des Etats-Unis (ci-après globalement repris sous le terme « Etats-Unis »). En outre, la SICAV n’a pas été et ne sera pas enregistrée conformément au prescrit de la loi américaine « Investment Company Act » de 1940.
Par conséquent, les actions de la SICAV ne peuvent être offertes, vendues ou cédées aux Etats-Unis ou à des Résidents Américains Règlement S.
Pour les besoins du présent Prospectus, le terme « Résident Américain Règlement S » doit s’entendre comme incluant les personnes visées dans le Règlement S du Securities Act et désigne notamment toute personne physique résidant aux Etats-Unis et toute personne morale (société de personnes, société de capitaux, société à responsabilité limitée ou toute entité similaire) ou toute autre entité créée ou organisée selon les lois des Etats- Unis (y compris tout patrimoine d’une telle personne créé aux Etats-Unis ou organisé selon les lois des Etats-Unis ou tout investisseur agissant pour compte de ces personnes).
Les investisseurs ont l’obligation d’aviser immédiatement la SICAV lorsqu’ils sont (le cas échéant, lorsqu’ils sont devenus) des Résidents Américains Règlement S. Si la SICAV constate qu’un investisseur est un Résident Américain Règlement S, elle a le droit de procéder au rachat forcé des actions concernées, et ce conformément aux dispositions des statuts et du présent Prospectus.
Les présentes restrictions s’appliquent sans préjudice d’autres restrictions en ce compris, notamment, celles issues des exigences légales et/ou réglementaires liées à la mise en œuvre de FATCA (tel que ce terme est défini ci- dessous). L’investisseur est invité à lire attentivement les chapitres « RISQUES ASSOCIES A UN INVESTISSEMENT DANS LA SICAV », « DESCRIPTION DES ACTIONS, DROITS DES ACTIONNAIRES ET POLITIQUE DE DISTRIBUTION »,
« FISCALITE DE LA SICAV ET DES ACTIONNAIRES » et le présent chapitre avant de souscrire à des actions de la SICAV.
Avant de prendre une décision quant à la souscription ou l’acquisition d’actions de la SICAV, tout investisseur est
invité à consulter son conseiller juridique, fiscal et financier, réviseur ou tout autre conseiller professionnel. | ## Restrictions on the subscription and transfer of shares applicable to US Persons as defined by Regulation S
In particular, the shares of the SICAV have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any other similar law promulgated by the United States including any state or other political subdivision of the United States or its territories, possessions or other regions subject to United States jurisdiction (hereinafter referred to collectively under the term "United States"). Furthermore, the SICAV
has not been and will not be registered in accordance with the requirements of the U.S. Investment Company Act of 1940.
Consequently, the shares of the SICAV may not be offered, sold or assigned in the United States or to U.S. Persons as defined by Regulation S.
For the purposes of this prospectus, the term "U.S. Resident as defined by Regulation S" shall be understood to comprise the persons referred to in Regulation S of the Securities Act, and refers in particular to any natural person resident in the United States, and any legal person (partnership, joint stock company, limited liability company or any similar entity) or any other entity incorporated or organised under the laws of the United States (including any estate or trust of such a person created in the United States or organised under the laws of the United States or any investor acting on behalf of such persons).
Investors are obliged to inform the SICAV immediately if they are or if they become U.S. Residents as defined by Regulation S. If the SICAV learns that an investor is a U.S. Resident as defined by Regulation S, the SICAV shall be entitled to carry out the forced reimbursement of the shares concerned in accordance with the provisions of the articles of association and of this Prospectus.
These restrictions apply without prejudice to other restrictions, including in particular those arising from legal and/or regulatory requirements associated with the implementation of FATCA (as defined hereunder). Investors are urged to read attentively chapters 7 (“RISKS ASSOCIATED WITH AN INVESTMENT IN THE SICAV”), 11 (“DESCRIPTION OF THE SHARES, SHAREHOLDERS' RIGHTS AND DISTRIBUTION POLICY”), 14 (“TAXATION OF THE
SICAV AND OF SHAREHOLDERS”) before subscribing to shares of the SICAV.
Before deciding to subscribe to or acquire shares of the SICAV, investors are urged to consult their legal, tax and financial adviser, accounting or other professional adviser. | en | fr |
DOLFIN4968 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles.
Nous avons supposé:
- qu'au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0%). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire.
- EUR 10 000 sont investis.
| Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- |
| Coûts totaux EUR | 128 EUR | 672 EUR |
| Incidence des coûts annuels (*) | 1,3 % | 1,4 % par an |
(*)Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 12,4 % avant déduction des coûts et de 11,0 % après cette déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten EUR 10.000.
| En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- |
| Costes totales EUR | 129 EUR | 676 EUR |
| Incidencia anual de los costes (*) | 1,3 % | 1,4 % por año |
(*)Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 12,5 % antes de deducir los costes y del 11,0 % después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles.
Nous avons supposé:
- qu'au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0%). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire.
- EUR 10 000 sont investis.
| Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- |
| Coûts totaux EUR | 128 EUR | 672 EUR |
| Incidence des coûts annuels (*) | 1,3 % | 1,4 % par an |
(*)Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 12,4 % avant déduction des coûts et de 11,0 % après cette déduction. | fr | es |
DOLFIN4969 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The "EUR" class of the GOLD sub-fund benefits from a risk management technique designed to hedge it as effectively as possible against the exchange rate risk linked to the sub-fund's reference currency, using hedging techniques and instruments.
The [H] classes of the ODDO BHF Future of Food sub-fund are managed in such a way as to hedge them against the exchange rate risks linked to the currencies EUR and CHF. In this respect, the hedging technique will be carried out by the Management Company and will be based on the periodic renewal of forward contracts.
For each share class, the net asset value per share of each share class is dated each full business day in Luxembourg (a “Valuation Day”) and based upon the prices known on that Valuation Day, as published by the stock exchanges in question and by reference to the value of the assets held on behalf of the sub-fund. This net asset value per share will be calculated on the next Business Day in Luxembourg, in accordance with the provisions in Article 12 of the Articles of Association.
The SICAV publishes an audited annual report on the last day of the financial year and an unaudited semi- annual report on the last day of the sixth month of that year. | La classe dite « EUR » du compartiment GOLD bénéficie d’une technique de gestion de risque destinée à la couvrir au mieux contre le risque de change lié à la devise de référence du compartiment, en recourant à des techniques et instruments de couverture.
Les classes [H] du compartiment ODDO BHF Future of Food sont gérées de manière à les couvrir contre les risques de change liés aux devises EUR et CHF. A cet égard, la technique de couverture sera réalisée par la Société de Gestion et sera basée sur une reconduction périodique de contrats à terme.
Pour chaque classe d'action, la valeur nette d'inventaire par action est datée de chaque jour ouvrable entier à Luxembourg (un « Jour d'Evaluation ») et déterminée sur base des cours connus ce Jour d'Evaluation, tels que ces cours sont publiés par les bourses de valeurs concernées et par référence à la valeur des actifs détenus pour le compte du compartiment. Cette valeur nette d'inventaire par action sera calculée le jour ouvrable suivant à Luxembourg, conformément aux stipulations de l'article 12 des Statuts.
La SICAV publie un rapport annuel audité clos le dernier jour de l'année financière, ainsi qu’un rapport semestriel non-audité clos le dernier jour du sixième mois de cette même année. | The "EUR" class of the GOLD sub-fund benefits from a risk management technique designed to hedge it as effectively as possible against the exchange rate risk linked to the sub-fund's reference currency, using hedging techniques and instruments.
The [H] classes of the ODDO BHF Future of Food sub-fund are managed in such a way as to hedge them against the exchange rate risks linked to the currencies EUR and CHF. In this respect, the hedging technique will be carried out by the Management Company and will be based on the periodic renewal of forward contracts.
For each share class, the net asset value per share of each share class is dated each full business day in Luxembourg (a “Valuation Day”) and based upon the prices known on that Valuation Day, as published by the stock exchanges in question and by reference to the value of the assets held on behalf of the sub-fund. This net asset value per share will be calculated on the next Business Day in Luxembourg, in accordance with the provisions in Article 12 of the Articles of Association.
The SICAV publishes an audited annual report on the last day of the financial year and an unaudited semi- annual report on the last day of the sixth month of that year. | en | fr |
DOLFIN4970 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS PRATIQUES
Le Dépositaire de la Société est The Bank of New York Mellon SA/NV.
Le Fonds est un compartiment de Magna Umbrella Fund plc, une structure à compartiments multiples. Le Fonds est soumis à la législation et aux réglementations fiscales d'Irlande. La législation fiscale applicable au Fonds peut avoir une incidence sur votre situation fiscale personnelle en qualité d’investisseur dans le Fonds. Veuillez consulter votre conseiller fiscal pour de plus amples informations.
Vous pouvez passer d’un compartiment de la Société à un autre ou d’une catégorie de parts à une autre au sein du même compartiment. Les informations relatives aux échanges figurent à la section « The Shares » du Prospectus.
Les éléments d'actif et de passif du Fonds sont séparés de ceux des autres compartiments de la Société, sous réserve des dispositions du droit irlandais. Ce document décrit une catégorie de parts d’un compartiment de la Société.
Le Prospectus et les rapports périodiques sont au nom de la Société et des copies peuvent être obtenues gratuitement auprès de l’Administrateur et du Distributeur de parts. Le Prospectus, les KIID, les prix des parts, les rapports annuel et semestriel ainsi que les avis aux actionnaires peuvent être obtenus en anglais et en allemand sur le site Internet www.fundinfo.com.
La valeur nette d'inventaire de la Catégorie de Parts C Acc sera calculée en euro et une conversion monétaire sera effectuée afin d'obtenir la valeur nette d'inventaire par part en livre sterling et en dollar américain. La valeur nette d’inventaire par part sera indiquée sur le site Internet du Gestionnaire : https://uk.fieracapital.com/en.
Les numéros ISIN disponibles pour cette Catégorie sont IE00B3RXYX32 pour la livre sterling et IE00B62BG938 pour le dollar américain.
Vous pouvez obtenir des précisions sur la politique de rémunération courante du Gestionnaire, notamment la description du mode de calcul de la rémunération et des avantages, l’identité des personnes chargées d’octroyer la rémunération et les avantages, et la composition du comité de rémunération, le cas échéant, à l’adresse https://bridgeconsulting.ie/management-company-services
; le document imprimé correspondant est disponible sur simple demande auprès du Gestionnaire.
La responsabilité du Gestionnaire ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus de la Société.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 10/10/2022.
(ISIN: IE0032812996) | # INFORMACIÓN PRÁCTICA
El depositario de la sociedad es The Bank of New York Mellon SA/NV.
El fondo es un subfondo de Magna Umbrella Fund plc, una estructura paraguas que comprende distintos subfondos. El fondo está sujeto a la legislación y regulación fiscal de Irlanda. La legislación fiscal que rige para el fondo puede afectar a su situación tributaria personal como inversor en el fondo. Consulte a su asesor fiscal para obtener más información.
Puede canjear su fondo por otro subfondo de la sociedad o una clase de acciones por otra clase del mismo subfondo. El procedimiento de canje se indica en la sección "Las Acciones" del folleto.
Los activos y pasivos del fondo están separados de los demás subfondos de la Sociedad, con sujeción a lo previsto por la ley irlandesa. En este documento se describe una clase de acciones de un subfondo de la sociedad.
El folleto y los informes periódicos están a nombre de la Sociedad y el administrador y el distribuidor de las acciones pueden proporcionarle ejemplares de forma gratuita. El folleto, los documentos de datos fundamentales para el inversor, los precios de las acciones, los informes anual y semestral y las notificaciones a accionistas están disponibles en inglés y alemán en el sitio web www.fundinfo.com.
El valor liquidativo de las acciones de la clase C de acumulación se calculará en euros y se realizará un cálculo de conversión de divisa para obtener el valor liquidativo por acción en libras esterlinas y dólares estadounidenses. El valor liquidativo por acción se facilitará en el sitio web del gestor de inversiones https://uk.fieracapital.com/en.
Los códigos ISIN disponibles en esta clase son IE00B3RXYX32 en GBP e IE00B62BG938 en USD.
Los detalles de la política remunerativa actualizada, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios y la identidad de las personas responsables de determinar la remuneración y los beneficios, con la composición del comité de remuneraciones si lo hay pueden consultarse en: https://bridgeconsulting.ie/management-company-services;
y cuando se solicite a la Sociedad Gestora, se facilitará copia en papel.
La sociedad de gestión 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 de la Sociedad.
Este fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 10/10/2022.
(ISIN: IE0032812996) | # INFORMATIONS PRATIQUES
Le Dépositaire de la Société est The Bank of New York Mellon SA/NV.
Le Fonds est un compartiment de Magna Umbrella Fund plc, une structure à compartiments multiples. Le Fonds est soumis à la législation et aux réglementations fiscales d'Irlande. La législation fiscale applicable au Fonds peut avoir une incidence sur votre situation fiscale personnelle en qualité d’investisseur dans le Fonds. Veuillez consulter votre conseiller fiscal pour de plus amples informations.
Vous pouvez passer d’un compartiment de la Société à un autre ou d’une catégorie de parts à une autre au sein du même compartiment. Les informations relatives aux échanges figurent à la section « The Shares » du Prospectus.
Les éléments d'actif et de passif du Fonds sont séparés de ceux des autres compartiments de la Société, sous réserve des dispositions du droit irlandais. Ce document décrit une catégorie de parts d’un compartiment de la Société.
Le Prospectus et les rapports périodiques sont au nom de la Société et des copies peuvent être obtenues gratuitement auprès de l’Administrateur et du Distributeur de parts. Le Prospectus, les KIID, les prix des parts, les rapports annuel et semestriel ainsi que les avis aux actionnaires peuvent être obtenus en anglais et en allemand sur le site Internet www.fundinfo.com.
La valeur nette d'inventaire de la Catégorie de Parts C Acc sera calculée en euro et une conversion monétaire sera effectuée afin d'obtenir la valeur nette d'inventaire par part en livre sterling et en dollar américain. La valeur nette d’inventaire par part sera indiquée sur le site Internet du Gestionnaire : https://uk.fieracapital.com/en.
Les numéros ISIN disponibles pour cette Catégorie sont IE00B3RXYX32 pour la livre sterling et IE00B62BG938 pour le dollar américain.
Vous pouvez obtenir des précisions sur la politique de rémunération courante du Gestionnaire, notamment la description du mode de calcul de la rémunération et des avantages, l’identité des personnes chargées d’octroyer la rémunération et les avantages, et la composition du comité de rémunération, le cas échéant, à l’adresse https://bridgeconsulting.ie/management-company-services
; le document imprimé correspondant est disponible sur simple demande auprès du Gestionnaire.
La responsabilité du Gestionnaire ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du Prospectus de la Société.
Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 10/10/2022.
(ISIN: IE0032812996) | fr | es |
DOLFIN4971 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Data on the custody of guarantees provided by the UCI
Total amount of collateral paid As % of the guarantees paid
Separate accounts Grouped accounts Other accounts | # Dati sulla custodia delle garanzie reali concesse dall'organismo d'investimento collettivo
Importo totale del collaterale versato In % di tutte le garanzie reali versate
Conti separati Conti collettivi
Altri conti | # Data on the custody of guarantees provided by the UCI
Total amount of collateral paid As % of the guarantees paid
Separate accounts Grouped accounts Other accounts | en | it |
DOLFIN4972 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Securities lending | Securities borrowing | Repurchase agreements | Reverse repo agreements | TRS |
| --- | --- | --- | --- | --- | --- |
| Maximum amount (%) | | | | | |
| Amount used (%) | | | | | |
| Income for the UCI following reinvestment of cash collateral in euros | | | | | | | | | Prestiti attivi | Prestiti passivi | Repo | Reverse repo | TRS |
| --- | --- | --- | --- | --- | --- |
| Importo massimo (%) | | | | | |
| Importo utilizzato (%) | | | | | |
| Ricavi per l’OIC a seguito del reinvestimento delle garanzie in contanti in euro | | | | | | | | | Securities lending | Securities borrowing | Repurchase agreements | Reverse repo agreements | TRS |
| --- | --- | --- | --- | --- | --- |
| Maximum amount (%) | | | | | |
| Amount used (%) | | | | | |
| Income for the UCI following reinvestment of cash collateral in euros | | | | | | | en | it |
DOLFIN4973 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition, the Transfer Agent, as delegate of the Fund, will require any other information that the Fund will require in order to comply with its legal and regulatory obligations, including but not limited to the CRS Law.
In case of delay or failure by an applicant to provide the documents required, the application for subscription will not be accepted and payment of redemption proceeds delayed. Neither the undertakings for collective investment nor the registrar agent have any liability for delays or failure to process deals as a result of the applicant providing no or only incomplete documentation.
Shareholders ("Shareholders") may be requested to provide additional or updated identification documents from time to time pursuant to ongoing client due diligence requirements under relevant laws and regulations. | En outre, l'agent de transfert, en tant que délégué du Fonds, demandera toute autre information dont le Fonds a besoin pour se conformer à ses obligations juridiques et réglementaires, y compris, sans s’y limiter, la Loi CRS.
En cas de retard ou de non production par le demandeur des justificatifs d’identité nécessaires, la demande de souscription ne sera pas acceptée et le paiement des produits du rachat sera reporté. Ni l’organisme de placement collectif ni le teneur de registre ne peuvent être tenus responsables des retards ou de l’échec d’exécution d’opérations résultant de la non production ou de la production incomplète des justificatifs d’identité par le demandeur.
Il peut être demandé aux actionnaires (les « Actionnaires ») de produire périodiquement des compléments ou des mises à jour des justificatifs d’identité, conformément aux obligations de vérification préliminaire des clients définies par les lois et régulations applicables. | In addition, the Transfer Agent, as delegate of the Fund, will require any other information that the Fund will require in order to comply with its legal and regulatory obligations, including but not limited to the CRS Law.
In case of delay or failure by an applicant to provide the documents required, the application for subscription will not be accepted and payment of redemption proceeds delayed. Neither the undertakings for collective investment nor the registrar agent have any liability for delays or failure to process deals as a result of the applicant providing no or only incomplete documentation.
Shareholders ("Shareholders") may be requested to provide additional or updated identification documents from time to time pursuant to ongoing client due diligence requirements under relevant laws and regulations. | en | fr |
DOLFIN4974 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 Example Investment: 10,000 GBP Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 6,273 GBP | 4,251 GBP |
| Average return each year | -37.27% | -15.72% |
| Unfavourable scenario | What you might get back after costs | 7,248 GBP | 6,648 GBP |
| Average return each year | -27.52% | -7.84% |
| Moderate scenario | What you might get back after costs | 11,516 GBP | 22,576 GBP |
| Average return each year | 15.16% | 17.69% |
| Favourable scenario | What you might get back after costs | 14,554 GBP | 28,156 GBP |
| Average return each year | 45.54% | 23.00% | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 GBP Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6.273 GBP | 4.251 GBP |
| Rendimiento medio cada año | -37,27 % | -15,72 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.248 GBP | 6.648 GBP |
| Rendimiento medio cada año | -27,52 % | -7,84 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 11.516 GBP | 22.576 GBP |
| Rendimiento medio cada año | 15,16 % | 17,69 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14.554 GBP | 28.156 GBP |
| Rendimiento medio cada año | 45,54 % | 23,00 % | | | Recommended holding period: 5 Example Investment: 10,000 GBP Scenarios | If you exit after 1 year | If you exit after 5 years (RHP) |
| --- | --- | --- |
| Minimum | You could lose some or all of your investment |
| Stress scenario | What you might get back after costs | 6,273 GBP | 4,251 GBP |
| Average return each year | -37.27% | -15.72% |
| Unfavourable scenario | What you might get back after costs | 7,248 GBP | 6,648 GBP |
| Average return each year | -27.52% | -7.84% |
| Moderate scenario | What you might get back after costs | 11,516 GBP | 22,576 GBP |
| Average return each year | 15.16% | 17.69% |
| Favourable scenario | What you might get back after costs | 14,554 GBP | 28,156 GBP |
| Average return each year | 45.54% | 23.00% | | en | es |
DOLFIN4975 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The annual general meeting of shareholders will be held at the registered office of the Fund on the last Tuesday in April each year (unless such date falls on a legal bank holiday, in which case on the next Luxembourg Business Day) at 10:00 am. Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least eight days prior to such meeting. Such notice will indicate the time and place of such meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Recueil Electronique des Sociétés et Associations of the Grand Duchy of Luxembourg (the “RESA”) – which replaced the Mémorial C, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg as of 1 June 2016 – and in one or more Luxembourg newspapers.
All shareholders may attend general meetings in person or by appointing another person as his proxy in writing or by facsimile, or other similar means of communication accepted by the Fund. A single person may represent several or even all shareholders of the Fund, a Sub-fund or Share Class. Each Share entitles the shareholder to one (1) vote at all general meetings of shareholders of the Fund, and at all meetings of the Sub-fund or Share Class concerned to the extent that such Share is a Share of such Sub-fund or Share Class.
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#### Investors’ rights | L'assemblea generale annuale degli azionisti si terrà presso la sede legale del Fondo l'ultimo martedì del mese di aprile di ogni anno (a meno che tale data coincida con una festività legale, nel qual caso l'assemblea si terrà il Giorno lavorativo successivo del Lussemburgo) alle ore 10.00. Gli avvisi di convocazione alle assemblee generali vengono inviati per posta a tutti gli azionisti iscritti a registro ai loro indirizzi registrati almeno otto giorni prima dell'assemblea. Tale avviso di convocazione indicherà l'ora e il luogo dell'assemblea e le relative condizioni di ammissione, specificherà l'ordine del giorno e farà riferimento ai requisiti delle leggi del Lussemburgo in merito al quorum e alla maggioranza richiesti per tale assemblea. Nella misura in cui ciò sia richiesto dalle leggi del Lussemburgo, ulteriori convocazioni saranno pubblicate nel Recueil Éléctronique des Sociétés et Associations del Granducato di Lussemburgo (“RESA”) – che ha sostituito il Mémorial C, Recueil des Sociétés et Associations del Granducato di Lussemburgo dal 1° giugno 2016 – e in uno o più quotidiani del Lussemburgo.
Tutti gli azionisti possono partecipare alle assemblee generali di persona o nominando un'altra persona come proprio delegato per iscritto o via fax o tramite altri mezzi di comunicazione accettati dal Fondo. Un'unica persona può rappresentare diversi, o persino tutti gli azionisti del Fondo, di un Comparto o di una Classe di Azioni. Ogni Azione conferisce all'azionista il diritto a un (1) voto a tutte le assemblee generali degli azionisti del Fondo e a tutte le assemblee del Comparto o della Classe di Azioni interessati, nella misura in cui tale Azione sia una Azione di tale Comparto o Classe di Azioni.
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#### Diritti degli investitori | The annual general meeting of shareholders will be held at the registered office of the Fund on the last Tuesday in April each year (unless such date falls on a legal bank holiday, in which case on the next Luxembourg Business Day) at 10:00 am. Notices of all general meetings are sent by mail to all registered shareholders at their registered address at least eight days prior to such meeting. Such notice will indicate the time and place of such meeting and the conditions of admission thereto, will contain the agenda and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at such meeting. To the extent required by Luxembourg law, further notices will be published in the Recueil Electronique des Sociétés et Associations of the Grand Duchy of Luxembourg (the “RESA”) – which replaced the Mémorial C, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg as of 1 June 2016 – and in one or more Luxembourg newspapers.
All shareholders may attend general meetings in person or by appointing another person as his proxy in writing or by facsimile, or other similar means of communication accepted by the Fund. A single person may represent several or even all shareholders of the Fund, a Sub-fund or Share Class. Each Share entitles the shareholder to one (1) vote at all general meetings of shareholders of the Fund, and at all meetings of the Sub-fund or Share Class concerned to the extent that such Share is a Share of such Sub-fund or Share Class.
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#### Investors’ rights | en | it |
DOLFIN4976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Jack Neele, Richard Speetjens | |
| --- | --- |
| Fund manager since 01-07-2007 |
| Performance | | |
| | Fund | Index |
| 1 m | 3.00% | 5.71% |
| 3 m | -13.17% | -6.41% |
| Ytd | -38.06% | -17.82% |
| 1 Year | -40.37% | -16.23% |
| 2 Years | -14.41% | 6.88% |
| 3 Years | -0.99% | 5.27% |
| Since 06-2018 | 1.69% | 5.36% |
| Annualized (for periods longer than one year) Note: due to a difference in measurement period between the fund and the index, performance differences may arise. For further info, see last page. |
| Calendar year performance | | |
| | Fund | Index |
| 2021 | 2.81% | 20.87% |
| 2020 | 44.68% | 11.50% |
| 2019 | 32.27% | 24.14% |
| 2019-2021 Annualized (years) | 25.30% | 18.71% | | | Jack Neele, Richard Speetjens | |
| --- | --- |
| Gestor del fondo desde 01-07-2007 |
| Rentabilidad | | |
| | Fondo | Índice |
| 1 m | 3,00% | 5,71% |
| 3 m | -13,17% | -6,41% |
| Ytd | -38,06% | -17,82% |
| 1 año | -40,37% | -16,23% |
| 2 años | -14,41% | 6,88% |
| 3 años | -0,99% | 5,27% |
| Since 06-2018 | 1,69% | 5,36% |
| Anualizado (para periodos superiores a un año) Nota: pueden surgir diferencias de rentabilidad debido a los distintos períodos de medición del fondo y del índice. Para más información, véase la última página. |
| Rentabilidad por año natural | | |
| | Fondo | Índice |
| 2021 | 2,81% | 20,87% |
| 2020 | 44,68% | 11,50% |
| 2019 | 32,27% | 24,14% |
| 2019-2021 Anualizado (años) | 25,30% | 18,71% | | | Jack Neele, Richard Speetjens | |
| --- | --- |
| Fund manager since 01-07-2007 |
| Performance | | |
| | Fund | Index |
| 1 m | 3.00% | 5.71% |
| 3 m | -13.17% | -6.41% |
| Ytd | -38.06% | -17.82% |
| 1 Year | -40.37% | -16.23% |
| 2 Years | -14.41% | 6.88% |
| 3 Years | -0.99% | 5.27% |
| Since 06-2018 | 1.69% | 5.36% |
| Annualized (for periods longer than one year) Note: due to a difference in measurement period between the fund and the index, performance differences may arise. For further info, see last page. |
| Calendar year performance | | |
| | Fund | Index |
| 2021 | 2.81% | 20.87% |
| 2020 | 44.68% | 11.50% |
| 2019 | 32.27% | 24.14% |
| 2019-2021 Annualized (years) | 25.30% | 18.71% | | en | es |
DOLFIN4977 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to outperform the benchmark index.
The management team makes discretionary investment choices based on economic/financial analyses.
The Fund promotes, among other characteristics, environmental and/or social characteristics without however having a sustainable investment objective.Environmental, social and governance (ESG) criteria contribute to the manager's decision- making, without however being a decisive factor in this decision- making.For more information, please see the management company's website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: iBoxx EUR Overall (Total Return)
The fund is actively managed and the investment process implies referring to a benchmark index.
Definition of the index:
The index measures the performance of EUR denominated investment grade bonds. | ## Estrategia de inversión:
El fondo trata de obtener la revalorización del capital invirtiendo en los principales activos negociados y trata de superar el rendimiento del índice de referencia.
El equipo de gestión realiza selecciones discrecionales de inversión sobre la base de análisis económico-financieros.
El Fondo promueve, entre otras, unas características medioambientales y/o sociales sin por ello tener un objetivo de inversión sostenible.Los criterios medioambientales, sociales y de gobierno corporativo (ESG) contribuyen a la toma de decisiones del gestor, sin por ello ser un factor determinante de esta toma de decisiones.Para obtener más información, consulte el sitio web de la Sociedad Gestora y/o el folleto.
El fondo puede recurrir a productos derivados, tanto con fines de inversión como con fines de cobertura (para protegerse frente a futuros acontecimientos financieros desfavorables).
Valor de referencia: iBoxx EUR Overall (rentabilidad total)
La gestión activa del fondo y el proceso de inversión conllevan la referencia a un valor de referencia (el índice).
Definición del índice:
El índice mide el rendimiento de los bonos de primera calidad (“investment grade”) denominados en euros.
Utilización del índice: | ## Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded and to outperform the benchmark index.
The management team makes discretionary investment choices based on economic/financial analyses.
The Fund promotes, among other characteristics, environmental and/or social characteristics without however having a sustainable investment objective.Environmental, social and governance (ESG) criteria contribute to the manager's decision- making, without however being a decisive factor in this decision- making.For more information, please see the management company's website and/or the prospectus.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: iBoxx EUR Overall (Total Return)
The fund is actively managed and the investment process implies referring to a benchmark index.
Definition of the index:
The index measures the performance of EUR denominated investment grade bonds. | en | es |
DOLFIN4978 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
(1) Unless a specific deadline has been agreed with your financial institution.
They may relate to a whole number of units or a fraction of a unit, as each unit is divided into thousandths. Subscription requests for "Classic", "X", "R" and "I" units may also be submitted on the basis of an amount.
Requests received on Saturday are centralised on the next business day.
Redemptions may be carried out in kind subject to respect for the equality of unitholders and the valuation of the Fund. | (1) Salvo eventuali termini specifici convenuti con l’istituto finanziario.
Possono riguardare un numero intero di quote o frazioni di quote, dal momento che ogni quota è divisa in millesimi. Le richieste di sottoscrizione delle quote "Classic", "X", “R” e "I" possono anche riguardare un importo.
Le richieste pervenute di sabato vengono centralizzate il primo giorno lavorativo successivo.
I rimborsi potranno essere realizzati in natura, fatto salvo il rispetto dell’uguaglianza dei detentori di quote e della valutazione del FCI.
IMPORTO MINIMO DELLE SOTTOSCRIZIONI | (1) Unless a specific deadline has been agreed with your financial institution.
They may relate to a whole number of units or a fraction of a unit, as each unit is divided into thousandths. Subscription requests for "Classic", "X", "R" and "I" units may also be submitted on the basis of an amount.
Requests received on Saturday are centralised on the next business day.
Redemptions may be carried out in kind subject to respect for the equality of unitholders and the valuation of the Fund. | en | it |
DOLFIN4979 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Sub-fund is actively managed without reference to a benchmark aiming to achieve risk-adjusted returns. The Sub-fund promotes environmental, social and governance (ESG) characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests worldwide and in any currency in corporate bonds (senior or subordinated, fixed and/or floating rate). The Sub-fund may invest up to 50% of its Net Asset Value in insurance equity issued by Insurance Companies, up to 20% in contingent convertible and write down bonds (Contingent Capital), and up to 65% in Cat Bonds. The Sub-fund invests either directly or indirectly (max. 10%) via shares or units of Target Funds. The Sub-fund may invest up to 100% of its Net Asset Value in money market instruments including cash. The benchmark used to calculate the performance fee will depend on the reference currency of the relevant share class as follows: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA and SEK: STIBOR. The Sub-fund uses derivatives to reduce the impact of changes in currency exchange rates on the performance for this Share Class. The investor can buy or sell shares of the Sub-fund on a weekly basis, as further defined in the prospectus. This Share Class does not make distributions. The Sub-fund shall bear the costs of standard brokerage and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear a minor investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este subfondo se gestiona de forma activa sin referencia a un índice de referencia con el objetivo de generar rendimientos ajustados por riesgo. El subfondo promueve criterios medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Para más detalles, consúltese el folleto y la página web de información ESG del subfondo. El subfondo invierte en todo el mundo y en cualquier moneda en bonos corporativos (sénior o subordinados, de tipo fijo y/o variable). El subfondo podrá invertir hasta el 50 % de su valor liquidativo en renta variable de seguros emitida por compañías de seguros, hasta el 20 % en bonos contingentes convertibles y amortizables (capital contingente) y hasta el 65 % en bonos Cat. El subfondo invierte directa o indirectamente (máx. 10 %) a través de acciones o participaciones de los fondos objetivo. El Subfondo podrá invertir hasta el 100 % de su valor liquidativo en instrumentos del mercado monetario, incluido el efectivo. El índice de referencia utilizado para calcular la comisión de rendimiento dependerá de la moneda de referencia de la clase de acciones correspondiente según se indica a continuación: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA y SEK: STIBOR. El fondo utiliza derivados para reducir el impacto de las variaciones de los tipos de cambio en el rendimiento de esta clase de acciones. Los inversores pueden comprar o vender las acciones del subfondo semanalmente, tal como se define con más detalle en el folleto. Esta clase de acciones no realiza distribuciones. El fondo asumirá los gastos por comisiones bancarias y de corretaje que recaigan sobre las operaciones con valores de la cartera.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión menor y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: This Sub-fund is actively managed without reference to a benchmark aiming to achieve risk-adjusted returns. The Sub-fund promotes environmental, social and governance (ESG) characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests worldwide and in any currency in corporate bonds (senior or subordinated, fixed and/or floating rate). The Sub-fund may invest up to 50% of its Net Asset Value in insurance equity issued by Insurance Companies, up to 20% in contingent convertible and write down bonds (Contingent Capital), and up to 65% in Cat Bonds. The Sub-fund invests either directly or indirectly (max. 10%) via shares or units of Target Funds. The Sub-fund may invest up to 100% of its Net Asset Value in money market instruments including cash. The benchmark used to calculate the performance fee will depend on the reference currency of the relevant share class as follows: USD: SOFR, EUR: ESTER, CHF: SARON, GBP: SONIA, AUD: AONIA and SEK: STIBOR. The Sub-fund uses derivatives to reduce the impact of changes in currency exchange rates on the performance for this Share Class. The investor can buy or sell shares of the Sub-fund on a weekly basis, as further defined in the prospectus. This Share Class does not make distributions. The Sub-fund shall bear the costs of standard brokerage and bank charges incurred by the Sub-fund through securities transactions in relation to the portfolio.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear a minor investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
- | en | es |
DOLFIN4980 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Risk arising from investments in Russia
Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. In Russia this is evidenced by entries in the books of a company or its registrar. No certificates representing ownership of Russian companies will be held by the Depositary or any correspondent or in an effective central depositary system. As a result of this system, the lack of state regulation or enforcement and the concept of fiduciary duty not being well established, the Company could lose its registration and ownership of Russian securities through fraud, negligence or even mere oversight by management, without satisfactory legal remedy, which may lead to Shareholders suffering a dilution or loss of investment.
Some Sub-Funds may invest a significant portion of their net assets in securities or corporate bonds issued by companies domiciled, established or operating in Russia as well as, as the case may be, in debt securities issued by the Russian government as described in more detail in the relevant Sub- Fund factsheets. Investments in Transferable Securities and Money Market Instruments which are not listed on stock exchanges or traded on a Regulated Market or on another Regulated Market in a Member or other State within the meaning of the Law of 2010 which include Russian Transferable Securities and Money Market Instruments may not exceed 10% of the assets of the relevant Sub-Funds. The Russian markets might indeed be exposed to liquidity risks, and liquidation of assets could therefore sometimes be lengthy or difficult. However, investments in Transferable Securities and Money Market Instruments which are listed or traded on the “Moscow Interbank Currency Exchange – Russian Trade System” (MICEX- RTS) are not limited to 10% of the assets of the relevant Sub- Funds as such markets are recognized as Regulated Markets. | #### Rischi legati agli investimenti in Russia
Gli investimenti in Russia sono oggetto, al momento, di alcuni rischi elevati relativi alla proprietà e alla custodia dei titoli. In Russia, ciò è evidenziato dai movimenti contabili di una società o del suo registro. La Banca depositaria o qualsiasi suo corrispondente non detiene alcun certificato rappresentante la proprietà di società russe, neanche in un valido sistema di deposito centrale. Come risultato di questo sistema, della mancanza di regolamentazione e controllo dello stato e del fatto che il concetto di obbligo fiduciario non sia molto diffuso, la Società potrebbe perdere l'iscrizione o la proprietà dei suoi titoli russi per causa di frode, negligenza o anche semplice svista da parte del management, senza vie di ricorso legale soddisfacenti, il che potrebbe causare agli Azionisti una diluizione o una perdita dell'investimento.
Alcuni Comparti possono investire una parte significativa del loro patrimonio netto in titoli od obbligazioni societarie emesse da società con sede legale, domicilio o sede operativa in Russia, così come, eventualmente, in titoli di debito emessi dal governo russo, come illustrato nelle schede informative dei Comparti interessati. Gli investimenti in Valori mobiliari e in Strumenti del mercato monetario non quotati su borse o negoziati in un Mercato regolamentato o in un altro mercato regolamentato di uno stato membro o non membro, secondo la definizione della Legge del 2010 che prevede che i Valori mobiliari e gli Strumenti del mercato monetario russi non devono eccedere il 10% del patrimonio dei Comparti interessati. I mercati russi, infatti, possono essere esposti a rischi di liquidità e quindi la liquidazione degli attivi potrebbe essere talvolta lunga o difficile. Tuttavia, gli investimenti in Valori mobiliari e in Strumenti del mercato monetario quotati o negoziati sulla “Moscow Interbank Currency Exchange – Russian Trade System” (MICEX-RTS) non sono soggetti al limite del 10% degli attivi del Comparto, dato che questi mercati sono riconosciuti come Mercati regolamentati. | #### Risk arising from investments in Russia
Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. In Russia this is evidenced by entries in the books of a company or its registrar. No certificates representing ownership of Russian companies will be held by the Depositary or any correspondent or in an effective central depositary system. As a result of this system, the lack of state regulation or enforcement and the concept of fiduciary duty not being well established, the Company could lose its registration and ownership of Russian securities through fraud, negligence or even mere oversight by management, without satisfactory legal remedy, which may lead to Shareholders suffering a dilution or loss of investment.
Some Sub-Funds may invest a significant portion of their net assets in securities or corporate bonds issued by companies domiciled, established or operating in Russia as well as, as the case may be, in debt securities issued by the Russian government as described in more detail in the relevant Sub- Fund factsheets. Investments in Transferable Securities and Money Market Instruments which are not listed on stock exchanges or traded on a Regulated Market or on another Regulated Market in a Member or other State within the meaning of the Law of 2010 which include Russian Transferable Securities and Money Market Instruments may not exceed 10% of the assets of the relevant Sub-Funds. The Russian markets might indeed be exposed to liquidity risks, and liquidation of assets could therefore sometimes be lengthy or difficult. However, investments in Transferable Securities and Money Market Instruments which are listed or traded on the “Moscow Interbank Currency Exchange – Russian Trade System” (MICEX- RTS) are not limited to 10% of the assets of the relevant Sub- Funds as such markets are recognized as Regulated Markets. | en | it |
DOLFIN4981 | 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 | None |
| 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 | 1.75% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Citigroup European WGBI (Euro). |
| Over the last accounting year, a performance fee of 0.29% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | Ninguno |
| 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 | 1,75% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del Citigroup European WGBI (Euro). |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,29%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| 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 | 1.75% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above Citigroup European WGBI (Euro). |
| Over the last accounting year, a performance fee of 0.29% was charged. | | en | es |
DOLFIN4982 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Investment Manager’s Report
For the six months ending 30 June 2021, the total return for the EUR I Accumulating Class was 0.17%. Over the same period, the Bloomberg Barclays Euro Aggregate Index (Total Return, Hedged, EUR) returned -2.28%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of the year saw the COVID-19 pandemic being back under control in the Euro zone in the wake of the vaccination roll-out acceleration. The ongoing quick economy normalisation led to a rally in risky assets like equities while the bond market prices were under pressure: mid-May the Bund reached its lowest level for a year but ended the period by a rise of 36 basis points to end at -0.21% for the yield of the German 10-year Bund. Indeed, most Euro countries eased social restrictions implying the reopening of service sectors. This led to job creations and the jump in activity confidence: the Euro leading indicators like the German IFO reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. The Euro manufacturing output has reached back to its pre-level crisis as announced by the strong Euro PMIs which rose for a fifth consecutive month. The optimism spread to the periphery where the service PMI indicators jumped to a strong growth level. The Italian Q1 GDP was revised in positive territory.
In such a context, the very low level of yields led the portfolio management to focus on an under exposure to duration, around minus one year versus the benchmark. Our approach consisted of actively managing this strategy to take advantage of the market volatility. That’s why we preferred an implementation through derivatives and their options. We often managed a long exposure to put options on the Bund 10 year to take advantage of the market volatility in the context of a bearish trend. This active bet represents the largest contributor to the outperformance of the portfolio.
In addition, we took profit on our overweighted exposure to the peripherical countries and we re-invested in Supranational or Euro agencies like the European Union on long maturities. We anticipated early this year a jump in the issuance program from governments which led us to take profit especially on our Italian BTP exposure. Looking for attractive return, we bought a 5-year Greek government bond.
On the contrary the credit market benefited from this better economic outlook in H1, implying quite lower than expected corporate default risk. The reason for that different moves between rate and credit spread is the reflation trade: all the increase in rates was positive for corporates because the rise came from inflation expectations in the wake of the jump of commodity prices and the coming public expense boost. In addition, the European Central Bank (“ECB”) convinced markets of the stability of its extremely dovish monetary policy despite the inflation recovery. It explained the inflation rate jump is just a transitory phenomenon because of the supply chain disruption within the production cycle. Thus, the ECB is still focus on the remaining uncertainties in the long run (pandemic resurgence, temporary support from the public expense boost, supply chain disruption, …). It delivered a clear message that it will not let financial conditions tighten prematurely like a further increase in yields. Therefore, we kept our overweighted credit exposure of around +1 year versus the benchmark, what performed well. We remain overweight BBB rated bonds and underweighted AA & A rated bonds versus the benchmark. We managed actively our sector and issuer selections. We went on increasing our banking sector exposure while taking profit on corporates having strongly outperformed. For the quest of higher returns, we maintained our diversification into a high yield rated bond exposure representing around 15% of the portfolio assets. All these exposures were managed actively to take advantage of the market volatility and opportunities offered especially on the primary market.
Over the next months, we believe investors should focus on the long-term consequences of the global economic growth recovery. The large fiscal rescue plans all around the world and the vaccination rollout acceleration should support the rise in the inflation rate in a context of commodity price jump and supply chain disruption. The new question is how long inflation should stay above its target and then how the ECB should react to that.
Thus, the activity normalisation in the Eurozone should lead the market to wonder if the ECB bond purchase could be recalibrated to the downside after the summer. In such a context, we anticipate the yield risk premium to start to increase from its lowest level for decades.
As a conclusion, for year-end we anticipate higher core rates in the wake of the longer and higher rebound in the inflation rate. Better activity should support the credit market, especially reinforced by the quest for returns from investors having still cash in excess.
750 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | ## Rapport du Gestionnaire d’investissement
Pour le semestre clôturé le 30 juin 2021, le rendement total de la Catégorie de capitalisation I en EUR était de 0,17 %. Sur la même période, l’indice Bloomberg Barclays US Aggregate Index (Rendement total, couvert en EUR) a enregistré un rendement de -2,28 %. (Les données de performance représentent la performance passée et ne sauraient être indicatives des résultats futurs. Les rendements totaux indiqués tiennent compte du réinvestissement des dividendes et autres distributions, le cas échéant.)
La pandémie de Covid-19 a de nouveau été maîtrisée dans la zone euro au premier semestre de l’année, suite à l’accélération du déploiement de la vaccination. La normalisation rapide de l’économie en cours a entraîné un redressement des actifs à risque tels que les actions, tandis que les cours du marché obligataire étaient sous pression : mi-mai, le Bund a atteint son plus bas niveau sur un an, mais a conclu la période par une hausse de 36 pb pour clôturer à -0,21 % pour le rendement du Bund allemand à 10 ans. En effet, la plupart des pays de la zone euro ont assoupli les restrictions sociales, impliquant la réouverture des secteurs de service. S'en sont suivis des créations d’emplois et un bond de la confiance dans l’activité : les principaux indicateurs de la zone euro, comme l’IFO allemand, ont atteint leur plus haut niveau depuis des années. La ventilation du PIB allemand du premier trimestre a montré une croissance durable inattendue des dépenses d’investissement (CapEx). La production manufacturière de la zone euro a retrouvé son niveau d’avant la crise, comme l’annoncent les solides indices PMI, lesquels ont augmenté pour le cinquième mois consécutif. L’optimisme s’est propagé dans la périphérie, où les indicateurs PMI des services ont atteint un niveau de croissance vigoureux. Le PIB italien du premier trimestre a été révisé en territoire positif.
Dans un tel contexte, le très faible niveau des rendements a poussé l’équipe de gestion du Portefeuille à se concentrer sur une sous-exposition à la duration, à environ moins un an par rapport à l’indice de référence. Notre approche a consisté à gérer activement cette stratégie pour tirer parti de la volatilité du marché. C’est pourquoi nous avons favorisé une mise en œuvre via des produits dérivés et leurs options. Nous avons souvent géré une exposition longue aux options de vente sur le Bund à 10 ans pour exploiter la volatilité du marché dans un contexte de tendance baissière. Ce pari actif représente la principale contribution à la surperformance du Portefeuille.
En outre, nous avons opéré des prises de bénéfices sur notre exposition surpondérée aux pays périphériques et nous avons réinvesti dans des agences supranationales ou européennes comme l’Union européenne sur des échéances longues. Nous avons anticipé au début de l’année une envolée du programme d’émission des gouvernements, ce qui nous a conduits à opérer des prises des bénéfices, notamment sur notre exposition aux BTP italiens. En quête de rendements intéressants, nous avons acheté une obligation d’État grecque à 5 ans.
En revanche, le marché du crédit a bénéficié de ces meilleures perspectives économiques au premier semestre, impliquant un risque de défaut des entreprises relativement inférieur aux prévisions. Cette différence d’évolution entre les taux et les écarts de crédit s’explique par l’arbitrage de reflation : toutes les hausses de taux ont été positives pour les entreprises, car la hausse provenait des anticipations d’inflation à la suite de l’envolée des prix des matières premières et de l’augmentation prochaine des dépenses publiques. En outre, la Banque centrale européenne (« BCE ») a convaincu les marchés de la stabilité de sa politique monétaire extrêmement accommodante malgré la reprise de l’inflation. Elle a expliqué que l’envolée du taux d’inflation n’est qu’un phénomène transitoire dû à la perturbation de la chaîne d’approvisionnement dans le cycle de production. Ainsi, la BCE reste centrée sur les incertitudes qui subsistent à long terme (résurgence pandémique, soutien temporaire par l’augmentation des dépenses publiques, rupture de la chaîne d’approvisionnement...). Elle a clairement indiqué qu’elle ne permettrait pas que les conditions financières se resserrent prématurément, comme une nouvelle hausse des rendements. Par conséquent, nous avons conservé notre exposition au crédit surpondérée d’environ +1 an par rapport à l’indice de référence, ce qui a donné de bons résultats. Nous restons surpondérés sur le segment des obligations notées BBB et sous-pondérés sur les obligations notées AA et A par rapport à l’indice de référence. Nous avons géré activement nos sélections de secteurs et d’émetteurs. Nous avons continué de relever notre exposition au secteur bancaire tout en opérant des prises de bénéfices sur les entreprises qui ont surperformé avec vigueur. En quête de rendements plus élevés, nous avons maintenu notre diversification dans une exposition aux obligations notées à haut rendement qui représente environ 15 % des actifs du Portefeuille. Toutes ces expositions ont été gérées activement afin de tirer parti de la volatilité du marché et des opportunités offertes notamment sur le marché primaire.
Au cours des prochains mois, nous pensons que les investisseurs devraient se concentrer sur les conséquences à long terme de la reprise de la croissance économique mondiale. Les vastes plans de sauvetage budgétaire dans le monde entier et l’accélération du déploiement de la vaccination devraient soutenir la hausse du taux d’inflation dans un contexte d’envolée des cours des matières premières et de perturbation de la chaîne d’approvisionnement. Les interrogations portent dorénavant sur la durée d'une inflation supérieure à sa cible de 2 % et sur la réaction de la BCE.
Ainsi, la normalisation de l’activité dans la zone euro devrait conduire le marché à se demander si l’achat d’obligations de la BCE pourrait être recalibré à la baisse après l’été. Dans un tel contexte, nous prévoyons une augmentation de la prime de risque de rendement depuis son niveau le plus bas depuis des décennies.
En conclusion, pour la fin de l’année, nous prévoyons des taux de base plus élevés dans le sillage du rebond plus long et plus important du taux d’inflation. Une meilleure activité devrait soutenir le marché du crédit, notamment renforcé par la quête de rendements des investisseurs qui disposent encore de liquidités excédentaires.
750 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILAN ÉTATS FINANCIERS | ## Investment Manager’s Report
For the six months ending 30 June 2021, the total return for the EUR I Accumulating Class was 0.17%. Over the same period, the Bloomberg Barclays Euro Aggregate Index (Total Return, Hedged, EUR) returned -2.28%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of the year saw the COVID-19 pandemic being back under control in the Euro zone in the wake of the vaccination roll-out acceleration. The ongoing quick economy normalisation led to a rally in risky assets like equities while the bond market prices were under pressure: mid-May the Bund reached its lowest level for a year but ended the period by a rise of 36 basis points to end at -0.21% for the yield of the German 10-year Bund. Indeed, most Euro countries eased social restrictions implying the reopening of service sectors. This led to job creations and the jump in activity confidence: the Euro leading indicators like the German IFO reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx. The Euro manufacturing output has reached back to its pre-level crisis as announced by the strong Euro PMIs which rose for a fifth consecutive month. The optimism spread to the periphery where the service PMI indicators jumped to a strong growth level. The Italian Q1 GDP was revised in positive territory.
In such a context, the very low level of yields led the portfolio management to focus on an under exposure to duration, around minus one year versus the benchmark. Our approach consisted of actively managing this strategy to take advantage of the market volatility. That’s why we preferred an implementation through derivatives and their options. We often managed a long exposure to put options on the Bund 10 year to take advantage of the market volatility in the context of a bearish trend. This active bet represents the largest contributor to the outperformance of the portfolio.
In addition, we took profit on our overweighted exposure to the peripherical countries and we re-invested in Supranational or Euro agencies like the European Union on long maturities. We anticipated early this year a jump in the issuance program from governments which led us to take profit especially on our Italian BTP exposure. Looking for attractive return, we bought a 5-year Greek government bond.
On the contrary the credit market benefited from this better economic outlook in H1, implying quite lower than expected corporate default risk. The reason for that different moves between rate and credit spread is the reflation trade: all the increase in rates was positive for corporates because the rise came from inflation expectations in the wake of the jump of commodity prices and the coming public expense boost. In addition, the European Central Bank (“ECB”) convinced markets of the stability of its extremely dovish monetary policy despite the inflation recovery. It explained the inflation rate jump is just a transitory phenomenon because of the supply chain disruption within the production cycle. Thus, the ECB is still focus on the remaining uncertainties in the long run (pandemic resurgence, temporary support from the public expense boost, supply chain disruption, …). It delivered a clear message that it will not let financial conditions tighten prematurely like a further increase in yields. Therefore, we kept our overweighted credit exposure of around +1 year versus the benchmark, what performed well. We remain overweight BBB rated bonds and underweighted AA & A rated bonds versus the benchmark. We managed actively our sector and issuer selections. We went on increasing our banking sector exposure while taking profit on corporates having strongly outperformed. For the quest of higher returns, we maintained our diversification into a high yield rated bond exposure representing around 15% of the portfolio assets. All these exposures were managed actively to take advantage of the market volatility and opportunities offered especially on the primary market.
Over the next months, we believe investors should focus on the long-term consequences of the global economic growth recovery. The large fiscal rescue plans all around the world and the vaccination rollout acceleration should support the rise in the inflation rate in a context of commodity price jump and supply chain disruption. The new question is how long inflation should stay above its target and then how the ECB should react to that.
Thus, the activity normalisation in the Eurozone should lead the market to wonder if the ECB bond purchase could be recalibrated to the downside after the summer. In such a context, we anticipate the yield risk premium to start to increase from its lowest level for decades.
As a conclusion, for year-end we anticipate higher core rates in the wake of the longer and higher rebound in the inflation rate. Better activity should support the credit market, especially reinforced by the quest for returns from investors having still cash in excess.
750 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | en | fr |
DOLFIN4983 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Performance (basis USD, net of fees) 1 |
| --- |
| Rebased to 100 on the basis of month-end data in % 115 +12 110 +8 105 +4 100 0 95 -4 90 -8 85 -12 80 -16 75 2019 2020 2021 2022 2023 -20 |
| Fund performance net of fees (left-hand scale) Fund performance per year in % net of fees (right-hand scale) | | | Performance (basis USD, nach Abzug von Gebühren) 1 |
| --- |
| Auf der Grundlage von Monatsenddaten auf 100 umbasiert in % 115 +12 110 +8 105 +4 100 0 95 -4 90 -8 85 -12 80 -16 75 2019 2020 2021 2022 2023 -20 |
| Fondsperformance nach Abzug von Gebühren (linke Skala) Fondsperformance pro Jahr in % (nach Abzug von Gebühren)(rechte Skala) | | | Performance (basis USD, net of fees) 1 |
| --- |
| Rebased to 100 on the basis of month-end data in % 115 +12 110 +8 105 +4 100 0 95 -4 90 -8 85 -12 80 -16 75 2019 2020 2021 2022 2023 -20 |
| Fund performance net of fees (left-hand scale) Fund performance per year in % net of fees (right-hand scale) | | en | de |
DOLFIN4984 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# RISQUES SPÉCIFIQUES
- Risque de change : Le Fonds investit dans des marchés étrangers. Il pourrait être impacté par desvariations des cours de change donnant lieu à une augmentation ou à une diminution de la valeur des investissements.
- Risque de liquidité : Le risque de liquidité survient lorsque des investissements particuliers sont difficiles àacheter 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.
- Risque de contrepartie : Comme le Fonds utilise des dérivés de gré à gré, le Fonds est exposé à un défautpartiel ou total de la contrepartie à honorer ses engagements. Ceci pourrait causer une perte financière pour le Fonds.
UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Depuis le lancement. Source des données: UBP. Les fluctuations des taux de change peuvent avoir un impact positif ou négatif sur la performance. La performance passée n'est pas un indicateur fiable des résultats futurs. Les investissements peuvent voir leur valeur baisser ou croître. Indiquées dans la devise de la catégorie de parts, les performances passées intègrent les dividendes réinvestis, et elles sont exprimées brutes des frais courants. Le calcul ne tient pas compte des frais de vente et autres coûts, des prélèvements d'impôts et des coûts applicables que l'investisseur doit acquitter. Ainsi, sur un montant investi d'EUR 100 avec des frais d'entrée de 1%, l'investissement effectif s'élèverait à EUR 99. Par ailleurs, d'autres coûts peuvent être imputés à l'investisseur (p. ex. prime d'émission ou droits de garde prélevés par l'intermédiaire financier). | # RIESGOS ESPECÍFICOS
- Riesgo cambiario: el Fondo invierte en mercados extranjeros. Puede verse afectado por fluctuaciones enlos tipos de cambio que pueden provocar un aumento o descenso en el valor de su inversión.
- Riesgo de liquidez: existe riesgo de liquidez cuando determinadas inversiones son difíciles de comprar ovender. Esto puede reducir la rentabilidad del Fondo al no poder este operar a precios o en momentos ventajosos.
- Riesgo de contraparte: dado que el Fondo usa derivados extrabursátiles (OTC), existe el riesgo de quela contraparte de las operaciones incumpla total o parcialmente sus obligaciones contractuales. Ello puede dar como resultado una pérdida financiera para el Fondo.
UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Desde creación. Fuente de los datos: UBP. Las fluctuaciones del tipo de cambio pueden afectar a la rentabilidad de forma favorable o desfavorable. La rentabilidad pasada no es un indicador fiable de la rentabilidad futura. El valor de las inversiones puede aumentar o disminuir. Las cifras de rentabilidad pasada se expresan en la moneda de la clase de activos, se han calculan presuponiendo la reinversión de los dividendos y no se han descontado los gastos corrientes. Dicho cálculo no tiene en cuenta las comisiones de venta y otras comisiones, los impuestos y otros costos aplicables a cargo del inversor. Por ejemplo, en el caso de una inversión por importe de 100 euros con una comisión de entrada del 1%, la inversión efectiva será de 99 euros. Es posible que el inversor soporte otros costos adicionales (por ejemplo, la prima de emisión o la comisión de custodia
del intermediario financiero). | # RISQUES SPÉCIFIQUES
- Risque de change : Le Fonds investit dans des marchés étrangers. Il pourrait être impacté par desvariations des cours de change donnant lieu à une augmentation ou à une diminution de la valeur des investissements.
- Risque de liquidité : Le risque de liquidité survient lorsque des investissements particuliers sont difficiles àacheter 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.
- Risque de contrepartie : Comme le Fonds utilise des dérivés de gré à gré, le Fonds est exposé à un défautpartiel ou total de la contrepartie à honorer ses engagements. Ceci pourrait causer une perte financière pour le Fonds.
UBAM - MULTIFUNDS ALLOCATION 50
0,54 % 4,33 % 20,03 % 26,87 % 32,90 %
Depuis le lancement. Source des données: UBP. Les fluctuations des taux de change peuvent avoir un impact positif ou négatif sur la performance. La performance passée n'est pas un indicateur fiable des résultats futurs. Les investissements peuvent voir leur valeur baisser ou croître. Indiquées dans la devise de la catégorie de parts, les performances passées intègrent les dividendes réinvestis, et elles sont exprimées brutes des frais courants. Le calcul ne tient pas compte des frais de vente et autres coûts, des prélèvements d'impôts et des coûts applicables que l'investisseur doit acquitter. Ainsi, sur un montant investi d'EUR 100 avec des frais d'entrée de 1%, l'investissement effectif s'élèverait à EUR 99. Par ailleurs, d'autres coûts peuvent être imputés à l'investisseur (p. ex. prime d'émission ou droits de garde prélevés par l'intermédiaire financier). | fr | es |
DOLFIN4985 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Risks Associated with Credit Ratings
Reliability
The ratings of fixed income securities by credit rating agencies are a generally accepted barometer of credit risk. They are, however, subject to certain limitations from an investor’s standpoint. The rating on an issuer is heavily weighted by past developments and does not necessarily reflect probable future conditions. There is frequently a lag between the time the rating is assigned and the time it is updated. In addition, there may be varying degrees of difference in credit risk of securities within each rating category.
It is important to note that whilst credit ratings may be assessments of creditworthiness, they are not assessments of the level of liquidity, market or volatility risk of an issuer, nor should ratings be exclusively relied upon for valuation purposes.
Risk of downgrade
There is a risk that the ratings of fixed income securities held in the funds may be downgraded at any time. This may affect the value of the relevant securities which may in turn affect the prices of the funds.
Other risks
Income from the fund will decline if and when the fund invests the proceeds from matured, traded or called debt securities at market interest rates that are below the fund’s current earnings rate. Debt securities which are “convertible” or “exchangeable” may be subject to equity risk associated with the stock. A fall in the stock price may cause the value of the convertible debt securities to fall. | ##### Risques associés aux notes de crédit
Fiabilité
Les notes accordées aux titres à taux fixe par les agences de notation sont généralement acceptées comme le « baromètre » du risque de crédit qu’ils représentent. Toutefois, elles sont quelque peu limitées du point de vue de l’investisseur. La note d’un émetteur dépend fortement de l’historique de ce dernier et ne reflète pas nécessairement les conditions futures. Il se passe souvent un certain temps entre l’attribution de la note et sa mise à jour. En outre, les titres notés dans la même catégorie peuvent présenter des risques légèrement différents.
Il convient de noter que, si les notes de crédit sont une indication de la solvabilité de l’émetteur, elles ne disent rien sur sa liquidité, sur le risque de marché ou sur le risque de volatilité qu’il représente, et ne doivent pas être utilisées comme seul facteur de valorisation.
Risque de déclassement
Il existe un risque que les titres à revenu fixe soient déclassés à tout moment. Cela peut affecter la valeur des titres concernés, qui peuvent à leur tour affecter les cours des Compartiments.
Autres risques
Les revenus tirés d’un Compartiment sont susceptibles de diminuer si ce Compartiment investit le produit de titres de créance arrivés à échéance, négociés ou remboursés selon des taux d’intérêt de marché inférieurs au taux de bénéfice actuel du Compartiment. Les titres de créance « convertibles » ou « échangeables » peuvent subir le risque inhérent à l’action associée. Toute chute du cours de cette action peut faire chuter le prix des titres de créance convertibles concernés. | ##### Risks Associated with Credit Ratings
Reliability
The ratings of fixed income securities by credit rating agencies are a generally accepted barometer of credit risk. They are, however, subject to certain limitations from an investor’s standpoint. The rating on an issuer is heavily weighted by past developments and does not necessarily reflect probable future conditions. There is frequently a lag between the time the rating is assigned and the time it is updated. In addition, there may be varying degrees of difference in credit risk of securities within each rating category.
It is important to note that whilst credit ratings may be assessments of creditworthiness, they are not assessments of the level of liquidity, market or volatility risk of an issuer, nor should ratings be exclusively relied upon for valuation purposes.
Risk of downgrade
There is a risk that the ratings of fixed income securities held in the funds may be downgraded at any time. This may affect the value of the relevant securities which may in turn affect the prices of the funds.
Other risks
Income from the fund will decline if and when the fund invests the proceeds from matured, traded or called debt securities at market interest rates that are below the fund’s current earnings rate. Debt securities which are “convertible” or “exchangeable” may be subject to equity risk associated with the stock. A fall in the stock price may cause the value of the convertible debt securities to fall. | en | fr |
DOLFIN4986 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and money market instruments (MMIs) (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Euro Short-Term Rate (ESTR) should be used by investors to compare the performance of the Fund.
The investments of the Fund are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark-to-model method (i.e. a valuation based on a financial model). The net asset value (NAV) may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
The Fund’s assets may be issued or guaranteed by the governments of member states of the European Union or other sovereign governments, government agencies, companies and supranationals and shall always be denominated in Euro. They will be rated high quality (according to the Investment Manager’s assessment) at the time of purchase.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is €50,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar los rendimientos de su inversión de manera compatible con el mantenimiento del capital y garantizando que los activos subyacentes en los que invierta el Fondo puedan comprarse o venderse fácilmente en condiciones normales de mercado. El dinero invertido en el Fondo no está protegido ni garantizado.
El Fondo invierte en una amplia gama de valores de renta fija (como bonos) e instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo). También podrá invertir en depósitos con entidades de crédito (como bancos).
La gestora de inversiones tendrá en cuenta una serie de criterios medioambientales, sociales y de gobierno corporativo a la hora de seleccionar las inversiones, tal como se detalla en el folleto del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de valor liquidativo variable y baja volatilidad» (o LVNAV), tal como establecen los Reglamentos de la UE sobre fondos del mercado monetario. Los detalles de las actuales calificaciones de solvencia (si las hubiera) atribuidas al Fondo están disponibles en www.blackrock.com/cash.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital o, con respecto a las notas de tipo de interés, el tiempo medio hasta la siguiente revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
El Fondo se gestiona de forma activa. La gestora de inversiones tiene la potestad para seleccionar las inversiones del Fondo y no está limitada por ningún parámetro de referencia para llevar a cabo este proceso. Los inversores deberían utilizar el Euro Short-Term Rate (ESTR) para comparar la rentabilidad del Fondo.
Las Inversiones del Fondo se valoran utilizando, siempre que sea posible, una combinación de los métodos de coste amortizado y valoración de mercado (es decir, una valoración basada en los precios actuales del mercado) y, si no fuera posible, el método de valoración según modelo (es decir, una valoración basada en un modelo financiero). El valor liquidativo (VL) se puede redondear con fines de negociación. También se calcula diariamente un valor liquidativo comparativo utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo, hasta alcanzar cuatro cifras decimales.
Los activos del Fondo podrán ser emitidos o garantizados por los gobiernos de Estados miembros de la Unión Europea u otros gobiernos soberanos, agencias gubernamentales, empresas y organismos supranacionales, y siempre estarán denominados en euros. Tendrán una calificación de alta calidad (de acuerdo con la evaluación de la Gestora de Inversiones) en el momento de la adquisición.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización del capital a largo plazo. Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor).
Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. Se llevará a cabo una valoración del Fondo en diferentes puntos de valoración a lo largo de cada día para ofrecer a los inversores la posibilidad de comprar y vender acciones en diferentes momentos durante el día. La inversión mínima inicial para esta clase de acciones es de 50 000 EUR.
Para obtener más información sobre el Fondo, las clases de acciones/participaciones, la metodología de valoración, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise income on your investment consistent with maintaining capital and ensuring its underlying assets can easily be bought or sold in normal market conditions. Money invested in the Fund is not protected or guaranteed.
The Fund invests in a broad range of fixed income securities (such as bonds) and money market instruments (MMIs) (i.e. debt securities with short term maturities). It may also invest in deposits with credit institutions (e.g. banks).
The investment manager will take into account certain environmental social and governance criteria when selecting investments, as detailed in the Fund’s prospectus.
The Fund is a “Short Term Low Volatility Variable Net Asset Value Money Market Fund” (or LVNAV) as defined by the EU Money Market Funds Regulations. Details of the current credit ratings (if any) attributed to the Fund are available from www.blackrock.com/cash.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
The Fund is actively managed. The investment manager has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The Euro Short-Term Rate (ESTR) should be used by investors to compare the performance of the Fund.
The investments of the Fund are valued using a mixture of the amortised cost and mark-to-market method (i.e. a valuation based on current market prices) where possible, and, if not available, the mark-to-model method (i.e. a valuation based on a financial model). The net asset value (NAV) may be rounded for dealing purposes. A comparative NAV is also calculated using the mark-to-market method where possible, and if not, the mark-to-model method, to four decimal places daily.
The Fund’s assets may be issued or guaranteed by the governments of member states of the European Union or other sovereign governments, government agencies, companies and supranationals and shall always be denominated in Euro. They will be rated high quality (according to the Investment Manager’s assessment) at the time of purchase.
Recommendation: This Fund may not be suitable for investors who seek long-term capital growth. Your shares will be accumulating shares (i.e. dividend income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The Fund is valued at multiple valuation points throughout each day in order to offer investors the ability to buy and sell shares at multiple times during the day. The minimum initial investment for this share class is €50,000.
For more information on the Fund, share/unit classes, valuation methodology, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com. | en | es |
DOLFIN4987 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For directly managed investments and/or the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers. For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts developed their own analysis framework. This will enable a systematic evaluation of the contribution of a company's activities to various environmental objectives defined by Candriam and in line with the Taxonomy objective.
Following publication of the technical criteria for the two environmental objectives linked to climate change in the Taxonomy by the group of experts created at the European level, Candriam set out to integrate these technical criteria into its existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made.
At present, only a small number of companies in the world provide the minimum data required for a rigorous evaluation of their alignment with the Taxonomy.
As a consequence, the Sub-Funds – with the exception of the Sub-Fund Candriam Sustainable Climate Action - may not yet commit to any minimum of Taxonomy alignment and, therefore, their minimum percentage of alignment should be considered as being 0.
Regarding the Sub-Fund Candriam Sustainable Climate Action, considering
- the specific thematic of the Sub-Fund,
- the data provided by the companies falling under this thematic,
- the data provided by external providers, and
- Candriam’s qualitative analysis,the Sub-Fund commits to a minimum of investments qualifying as environmentally sustainable as per the Taxonomy Regulation of 5 %. | À la fois pour les investissements gérés en direct et/ou les fonds sous-jacents gérés par Candriam, les aspects environnementaux composant ces 6 objectifs environnementaux sont au cœur de l’analyse ESG sur les émetteurs. Pour les compartiments ayant un objectif d’investissement durable ainsi que pour les compartiments qui promeuvent, entre autres caractéristiques, des caractéristiques environnementales et/ou sociales, ce travail d’évaluation de la contribution des émetteurs aux grands objectifs environnementaux, en particulier à la lutte contre le changement climatique, nécessite une appréciation sectorielle, fondée sur un ensemble de données hétérogènes, de réalités complexes aux interdépendances multiples. Les analystes ESG de Candriam ont développé leur propre cadre d’analyse. Celui-ci permet d’évaluer de façon systématique la contribution des activités d’une entreprise à différents objectifs environnementaux définis par Candriam et en ligne avec l’objectif de la Taxonomie.
Suite à la publication des critères techniques pour les 2 objectifs environnementaux liés au changement climatique de la Taxonomie par le groupe d’experts créé au niveau européen, Candriam a entrepris d’intégrer ces critères techniques dans son cadre d’analyse préexistant.
Mener à bien une telle analyse sur l’ensemble du périmètre d’ émetteurs concernés repose fortement sur la publication effective de certaines données par ces émetteurs clés rendant possible l’appréciation fine de leur contribution.
A l’heure actuelle, peu d’entreprises dans le monde fournissent le minimum de données nécessaire permettant d’évaluer de façon rigoureuse leur degré d’alignement avec la Taxonomie. Par conséquent, les Compartiments – à l’exception du Compartiment Candriam Sustainable Climate Action – ne peuvent pas encore s’engager à respecter un pourcentage minimum d’alignement avec la Taxonomie, si bien que ce pourcentage doit être considéré comme nul.
S’agissant du Compartiment Candriam Sustainable Climate Action, étant donné
- la thématique spécifique au Compartiment,
- les données communiquées par les entreprises relevant de cette thématique,
- les données communiquées par les fournisseurs externes, et
- l’analyse qualitative de Candriam,le Compartiment s’engage à réaliser au moins 5 % d’investissements considérés comme durables sur le plan environnemental selon le Règlement sur la taxonomie. | For directly managed investments and/or the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers. For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts developed their own analysis framework. This will enable a systematic evaluation of the contribution of a company's activities to various environmental objectives defined by Candriam and in line with the Taxonomy objective.
Following publication of the technical criteria for the two environmental objectives linked to climate change in the Taxonomy by the group of experts created at the European level, Candriam set out to integrate these technical criteria into its existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made.
At present, only a small number of companies in the world provide the minimum data required for a rigorous evaluation of their alignment with the Taxonomy.
As a consequence, the Sub-Funds – with the exception of the Sub-Fund Candriam Sustainable Climate Action - may not yet commit to any minimum of Taxonomy alignment and, therefore, their minimum percentage of alignment should be considered as being 0.
Regarding the Sub-Fund Candriam Sustainable Climate Action, considering
- the specific thematic of the Sub-Fund,
- the data provided by the companies falling under this thematic,
- the data provided by external providers, and
- Candriam’s qualitative analysis,the Sub-Fund commits to a minimum of investments qualifying as environmentally sustainable as per the Taxonomy Regulation of 5 %. | en | fr |
DOLFIN4988 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans.
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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. 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 la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques matériellement pertinents du fonds sont les suivants : risque de volatilité du marché, risque lié à la liquidité des obligations, risque lié aux obligations à haut rendement, risque de crédit, risque lié aux produits dérivés, risque lié au prélèvement des frais sur le capital, risque lié aux marchés émergents, risque lié aux opérations de couverture de change et risque ESG. Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, veuillez consulter le prospectus correspondant disponible sur le site www.artemisfunds.com/literature. | El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados 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. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media-baja y es poco probable que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. Podrá recibir pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos de importancia significativa para el fondo son: riesgo de volatilidad de mercado, riesgo de liquidez de los bonos, riesgo de los bonos de alto rendimiento, riesgo crediticio, riesgo de derivados, riesgo de los gastos detraídos del capital, riesgo de mercados emergentes, riesgo de cobertura de divisas y riesgo ASG. Para obtener información completa sobre estos y otros riesgos aplicables a este fondo, remítase al folleto de este, disponible en www.artemisfunds.com/literature. | L’indicateur de risque suppose que vous conserviez le produit pendant 5 ans.
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
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. 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 la valeur de votre investissement en soit affectée.
Attention au risque de change. Les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques matériellement pertinents du fonds sont les suivants : risque de volatilité du marché, risque lié à la liquidité des obligations, risque lié aux obligations à haut rendement, risque de crédit, risque lié aux produits dérivés, risque lié au prélèvement des frais sur le capital, risque lié aux marchés émergents, risque lié aux opérations de couverture de change et risque ESG. Pour plus d’informations sur ces risques ou d’autres applicables à ce fonds, veuillez consulter le prospectus correspondant disponible sur le site www.artemisfunds.com/literature. | fr | es |
DOLFIN4989 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If A, S or X Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €2,500, €2,500 and €500 respectively.
If F Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €250,000, €250,000 and €25,000 respectively.
If H Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €7,500, €7,500 and €2,500 respectively.
H Share Classes are available in certain countries, through specific distributors which, according to their regulatory requirements or based on individual fee arrangements with their clients, do not keep trail commission, rebates or retrocessions. The share class may be available in other circumstances and jurisdictions at the discretion of the Directors. The full list of jurisdictions is available at the Company’s Registered Office. | Falls Anteile der Klassen A, S oder X in anderen Währungen als den in der vorstehenden Tabelle ausdrücklich erwähnten ausgegeben werden, sind der Mindesterstzeichnungsbetrag, der Mindestbestand und der Mindestbetrag für Folgeanlagen der Betrag in der jeweiligen Währung, der 2.500 €, 2.500 € bzw. 500 € entspricht.
Falls Anteile der Klasse F in anderen Währungen als den in der vorstehenden Tabelle ausdrücklich erwähnten ausgegeben werden, sind der Mindesterstzeichnungsbetrag, der Mindestbestand und der Mindestbetrag für Folgeanlagen der Betrag in der jeweiligen Währung, der 250.000 €, 250.000 € bzw. 25.000 € entspricht.
Falls Anteile der Klasse H in anderen Währungen als den in der vorstehenden Tabelle ausdrücklich erwähnten ausgegeben werden, sind der Mindesterstzeichnungsbetrag, der Mindestbestand und der Mindestbetrag für Folgeanlagen der Betrag in der jeweiligen Währung, der 7.500 €, 7.500 € bzw. 2.500 € entspricht.
H-Anteilklassen sind in bestimmten Ländern über bestimmte Vertriebsstellen erhältlich, die gemäß ihren regulatorischen Anforderungen oder auf der Grundlage individueller Honorarvereinbarungen mit ihren Kunden keine Vertriebsfolgeprovisionen, Rückvergütungen oder Retrozessionen einbehalten. Die Anteilklasse kann nach dem Ermessen des Verwaltungsrats unter anderen Umständen und in anderen Rechtsordnungen verfügbar sein. Die vollständige Liste der Länder ist am eingetragenen Sitz der Gesellschaft erhältlich. | If A, S or X Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €2,500, €2,500 and €500 respectively.
If F Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €250,000, €250,000 and €25,000 respectively.
If H Share Classes are issued in currencies other than those specifically mentioned in the above table, the minimum initial subscription, minimum holding amount and minimum subsequent investment is the equivalent in the relevant currency of €7,500, €7,500 and €2,500 respectively.
H Share Classes are available in certain countries, through specific distributors which, according to their regulatory requirements or based on individual fee arrangements with their clients, do not keep trail commission, rebates or retrocessions. The share class may be available in other circumstances and jurisdictions at the discretion of the Directors. The full list of jurisdictions is available at the Company’s Registered Office. | en | de |
DOLFIN4990 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
This document describes only one share class; other share classes are available. Further information about the Fund, including its Prospectus* and latest Annual and Semi-Annual reports**, is available free of charge from Aberdeen Standard Investments Luxembourg S.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg. Telephone: (+352) 46 40 10 7425 Email: [email protected].
Investors may switch their investment into another subfund of Aberdeen Standard Liquidity Fund (Lux). Please refer to the Fund's Prospectus for further details.
Other practical information, including current share prices for the Fund, are available at www.aberdeenstandard.com.
The Prospectus, Annual and Interim reports cover all the funds within Aberdeen Standard Liquidity Fund (Lux). Although Aberdeen Standard Liquidity Fund (Lux) is a single legal entity, the rights of investors in this Fund are limited to the assets of this Fund.
The Fund's Custodian is State Street Bank International GmbH, Luxembourg Branch.
The tax legislation of Luxembourg may have an impact on your personal tax position.
Aberdeen Standard Investments Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The representative and paying agent in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association, the annual and interim reports may be obtained free of charge from the representative.
Details of an up-to-date UCITS V remuneration policy statement, including but not limited to, a description of how remuneration and benefits are calculated, and the identities of persons responsible for awarding remuneration and benefits, including the composition of the Remuneration Committee, are available at www.aberdeenstandard.com and a paper copy will be made available free of charge on request to the Management Company.
*Available in English, French, German, Italian & Spanish, **Available in French & English.
The Aberdeen Standard Liquidity Fund (Lux) is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) pursuant to the 2010 UCITs Law. This key investor information is accurate as at 01/10/2021.
Aberdeen Standard Investments Luxembourg S.A. is authorised in Luxembourg and regulated by the CSSF and having its registered office at 35a avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. | # INFORMATIONS PRATIQUES
Ce document ne décrit qu'une seule catégorie d'actions ; d'autres catégories d'actions sont disponibles. • De plus amples informations sur le Fonds, y compris son prospectus* et ses derniers rapports annuels et semestriels**, sont disponibles gratuitement auprès de Aberdeen Standard Investments Luxembourg S.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg. Téléphone : (+352) 46 40 10 7425 E-mail : [email protected].
Les investisseurs peuvent transférer leur investissement dans un autre compartiment d'Aberdeen Standard Liquidity Fund (Lux). Veuillez vous reporter au Prospectus du fonds pour en savoir plus.
D'autres informations pratiques, y compris les cours actuels des actions du Fonds, sont disponibles sur le site www.aberdeenstandard.com.
Le prospectus, les rapports annuels et intermédiaires couvrent tous les fonds d'Aberdeen Standard Liquidity Fund (Lux). Bien qu'Aberdeen Standard Liquidity Fund (Lux) soit une entité juridique unique, les droits des investisseurs dans ce Fonds sont limités aux actifs de ce Fonds.
Le dépositaire du Fonds est State Street Bank International GmbH, succursale de Luxembourg.
La législation fiscale du Luxembourg peut avoir un impact sur votre situation fiscale personnelle.
Aberdeen Standard Investments Luxembourg S.A. ne peut être tenu responsable que sur la base de toute déclaration contenue dans le présent document qui serait trompeuse, inexacte ou incompatible avec les parties pertinentes du Prospectus du Fonds.
Le représentant et agent payeur en Suisse est BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Susse. Le prospectus, les documents d'information clés pour les investisseurs, l'avis et les statuts, les rapports annuels et intermédiaires peuvent être obtenus gratuitement auprès du représentant.
Les informations détaillées sur la politique de rémunération actuelle en vertu de la directive OPCVM V, y compris, mais de manière non exhaustive, une description du mode de calcul de la rémunération et des avantages, l'identité des personnes responsables de l'attribution de la rémunération et des avantages, dont la composition du comité de rémunération, sont disponibles sur www.aberdeenstandard.com et une copie papier sera mise gratuitement à disposition sur demande à la Société de gestion.
*Disponible en anglais, français, allemand, italien et espagnol, ** Disponible en français et anglais.
L'Aberdeen Standard Liquidity Fund (Lux) est agréé au Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier (CSSF) en vertu de la loi UCITs de 2010. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 01/10/2021.
Aberdeen Standard Investments Luxembourg S.A. est agréée au Luxembourg et réglementée par la CSSF et a son siège social au 35a avenue John F. Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg. | # PRACTICAL INFORMATION
This document describes only one share class; other share classes are available. Further information about the Fund, including its Prospectus* and latest Annual and Semi-Annual reports**, is available free of charge from Aberdeen Standard Investments Luxembourg S.A., 49, Avenue J.F. Kennedy, L-1855 Luxembourg. Telephone: (+352) 46 40 10 7425 Email: [email protected].
Investors may switch their investment into another subfund of Aberdeen Standard Liquidity Fund (Lux). Please refer to the Fund's Prospectus for further details.
Other practical information, including current share prices for the Fund, are available at www.aberdeenstandard.com.
The Prospectus, Annual and Interim reports cover all the funds within Aberdeen Standard Liquidity Fund (Lux). Although Aberdeen Standard Liquidity Fund (Lux) is a single legal entity, the rights of investors in this Fund are limited to the assets of this Fund.
The Fund's Custodian is State Street Bank International GmbH, Luxembourg Branch.
The tax legislation of Luxembourg may have an impact on your personal tax position.
Aberdeen Standard Investments Luxembourg S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund.
The representative and paying agent in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association, the annual and interim reports may be obtained free of charge from the representative.
Details of an up-to-date UCITS V remuneration policy statement, including but not limited to, a description of how remuneration and benefits are calculated, and the identities of persons responsible for awarding remuneration and benefits, including the composition of the Remuneration Committee, are available at www.aberdeenstandard.com and a paper copy will be made available free of charge on request to the Management Company.
*Available in English, French, German, Italian & Spanish, **Available in French & English.
The Aberdeen Standard Liquidity Fund (Lux) is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF) pursuant to the 2010 UCITs Law. This key investor information is accurate as at 01/10/2021.
Aberdeen Standard Investments Luxembourg S.A. is authorised in Luxembourg and regulated by the CSSF and having its registered office at 35a avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg. | en | fr |
DOLFIN4991 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Corporate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of Euro-denominated, investment grade FI securities which pay income according to a fixed rate of interest and are issued by industrial, utility or financial issuers. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300 million are included in the Benchmark Index. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays Euro Corporate Bond Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible vender la posición.
El Índice mide el rendimiento de los valores de RF, denominados en euros, calificados con categoría de inversión, que pagan rendimientos con arreglo a un tipo de interés fijo y están emitidos por empresas industriales, de servicios públicos y financieras. Los valores de RF tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice. En el Índice de referencia solamente se incluyen bonos con un plazo mínimo hasta vencimiento de un año y un importe mínimo en circulación de 300 millones de euros. El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esa clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también conceder, a determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays Euro Corporate Bond Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position.
The Index measures the performance of Euro-denominated, investment grade FI securities which pay income according to a fixed rate of interest and are issued by industrial, utility or financial issuers. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Only bonds with a minimum remaining time to maturity of one year and a minimum amount outstanding of €300 million are included in the Benchmark Index. The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in Euro, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN4992 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral as set out in the ESMA Guidelines 2014/937.
- SAFEKEEPING OF COLLATERALCollateral posted in favour of a Fund under a title transfer arrangement should be held by the Depositary or one of its correspondents or sub-custodians. Collateral posted in favour of a Fund under a security interest arrangement (e.g., a pledge) can be held by a third party custodian which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- LEVEL AND VALUATION OF COLLATERALThe Company will determine the required level of collateral for OTC financial derivatives transactions and efficient portfolio management techniques by reference to the applicable counterparty risk limits set out in this prospectus and taking into account the nature and characteristics of transactions, the creditworthiness and identity of counterparties and prevailing market conditions. | Les garanties liquides réinvesties doivent être diversifiées conformément aux obligations de diversification applicables aux garanties non liquides tel que défini dans les Directives ESMA 2014/937.
- CONSERVATION DES GARANTIESLes garanties prises en faveur d’un Compartiment dans le cadre d’un accord de transfert de titre doivent être détenues par le Dépositaire ou l’un de ses correspondants ou conservateurs. Les garanties prises en faveur d’un Compartiment dans le cadre d’un accord de sûreté (par ex., un nantissement) peuvent être détenues par un conservateur tiers qui est soumis à la supervision prudentielle, et qui est indépendant du constituant de la garantie.
- NIVEAU ET ÉVALUATION DE LA GARANTIELa Société déterminera le niveau requis de garantie en ce qui concerne les transactions sur dérivés financiers OFT ainsi que les techniques de gestion de portefeuille effectives en référence aux limites de risque de contrepartie applicables établies dans le présent prospectus et en prenant en compte la nature et les caractéristiques des transactions, la solvabilité et l’identité des contreparties et les conditions du marché. | Re-invested cash collateral should be diversified in accordance with the diversification requirements applicable to non-cash collateral as set out in the ESMA Guidelines 2014/937.
- SAFEKEEPING OF COLLATERALCollateral posted in favour of a Fund under a title transfer arrangement should be held by the Depositary or one of its correspondents or sub-custodians. Collateral posted in favour of a Fund under a security interest arrangement (e.g., a pledge) can be held by a third party custodian which is subject to prudential supervision, and which is unrelated to the provider of the collateral.
- LEVEL AND VALUATION OF COLLATERALThe Company will determine the required level of collateral for OTC financial derivatives transactions and efficient portfolio management techniques by reference to the applicable counterparty risk limits set out in this prospectus and taking into account the nature and characteristics of transactions, the creditworthiness and identity of counterparties and prevailing market conditions. | en | fr |
DOLFIN4993 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Lorsque les actifs d’un Investisseur en Actions K1 subissent une chute importante, la Société de gestion peut refuser les souscriptions supplémentaires dans la Catégorie d’actions concernée. Le niveau de l’importance sera déterminé par la Société de gestion. Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions K1. Les Actions K1 peuvent réclamer une commission de gestion allant jusqu’à 1,5 % par an et une commission d’entrée allant jusqu’à 1 %.
Caractéristiques spécifiques des Actions S
Les Actions S seront uniquement accessibles aux employés et autres parties liées du Gestionnaire d’investissement, ainsi qu’aux employés de la Société de gestion et ses sociétés affiliées, à la discrétion de la Société de gestion.
Caractéristiques Spécifiques des Actions X, X1, X2, X3 et X4
Les Actions X, X1, X2, X3 et X4 seront uniquement disponibles dans certaines circonstances limitées à certains Investisseurs qui :
- ont conclu un accord avec la Société de gestion concernant lesdites actions, et
- possèdent un investissement significatif dans le Compartiment concerné tel que déterminé par la Société de gestion, et
- sont des Investisseurs institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels, tels que décrits périodiquement dans les directives ou les recommandations édictées par la CSSF ou
- sont des organismes de placement collectif et des gestionnaires discrétionnaires. Ces Investisseurs doivent également répondre à la définition de l’Investisseur institutionnel telle que définie périodiquement dans les directives ou les recommandations édictées par la CSSF. | Cuando los activos de un Inversor en Participaciones K1 caigan de forma significativa, la Sociedad gestora podrá rechazar suscripciones adicionales a la Clase de Participaciones en cuestión. El nivel de relevancia será determinado por la Sociedad gestora. El Inversor no pagará ninguna comisión de distribución al adquirir Participaciones K1 de ningún Fondo. Las Participaciones K1 podrán cobrar una comisión de gestión de hasta el 1,5% anual y una comisión de entrada de hasta el 1%.
Características específicas de las Participaciones S
Las Participaciones S solo estarán disponibles, a discreción de la Sociedad gestora, para el personal y otras partes relacionadas de la Gestora de inversiones y para el personal de la Sociedad gestora y sus asociados.
Características específicas de las Participaciones X, X1, X2, X3 y X4
Las Participaciones X, X1, X2, X3 y X4 solo estarán disponibles en ciertas circunstancias específicas para determinados Inversores que:
- hayan celebrado un contrato con la Sociedad gestora en relación con dichas Participaciones, y
- mantengan una inversión significativa en el Fondo correspondiente, según determine la Sociedad gestora;
- sean Inversores institucionales tales como fondos de pensiones, fondos soberanos e instituciones oficiales, según la definición recogida en las directrices o recomendaciones que emita la CSSF; o
- sean organismos de inversión colectiva y gestoras discrecionales. Dichos Inversores también deberán ser considerados como Inversores institucionales, según la definición de dicho término recogida en las directrices o recomendaciones que emita la CSSF. | Lorsque les actifs d’un Investisseur en Actions K1 subissent une chute importante, la Société de gestion peut refuser les souscriptions supplémentaires dans la Catégorie d’actions concernée. Le niveau de l’importance sera déterminé par la Société de gestion. Quel que soit le Compartiment considéré, aucune commission de distribution ne sera réclamée à l’Investisseur lors de l’acquisition d’Actions K1. Les Actions K1 peuvent réclamer une commission de gestion allant jusqu’à 1,5 % par an et une commission d’entrée allant jusqu’à 1 %.
Caractéristiques spécifiques des Actions S
Les Actions S seront uniquement accessibles aux employés et autres parties liées du Gestionnaire d’investissement, ainsi qu’aux employés de la Société de gestion et ses sociétés affiliées, à la discrétion de la Société de gestion.
Caractéristiques Spécifiques des Actions X, X1, X2, X3 et X4
Les Actions X, X1, X2, X3 et X4 seront uniquement disponibles dans certaines circonstances limitées à certains Investisseurs qui :
- ont conclu un accord avec la Société de gestion concernant lesdites actions, et
- possèdent un investissement significatif dans le Compartiment concerné tel que déterminé par la Société de gestion, et
- sont des Investisseurs institutionnels tels que les fonds de pension, les fonds d’investissement souverains et les établissements officiels, tels que décrits périodiquement dans les directives ou les recommandations édictées par la CSSF ou
- sont des organismes de placement collectif et des gestionnaires discrétionnaires. Ces Investisseurs doivent également répondre à la définition de l’Investisseur institutionnel telle que définie périodiquement dans les directives ou les recommandations édictées par la CSSF. | fr | es |
DOLFIN4994 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company need not adhere to the upper limits stipulated in this section if it exercises subscription rights that are associated with securities or money market instruments that are part of its assets. As long as the principles of risk diversification are adhered to, the Company may deviate from Articles 43, 44, 45 and 46 of the Law of 2010 for six months after the date they were approved.
If the limits stipulated in the previous paragraph are exceeded for reasons that are beyond the Company's control or due to subscription rights being exercised, the Company must give priority to conducting sales transactions in the interests of their shareholders in order to rectify this situation.
Each sub-fund may subscribe, acquire and/or hold shares issued by one or more sub-funds, to the greatest extent permitted by the valid Luxembourg laws and provisions and under the conditions stipulated therein, but in accordance with the conditions set forth herein. The voting rights associated with these shares are suspended in this case and subject to the laws and provisions valid in Luxembourg if these shares are held by the sub-fund in question. If one or more sub-funds hold shares that were issued by other sub-funds, their value will not be included in the calculation of the Company's net assets for the purpose of determining minimum capital. | Die Gesellschaft braucht sich nicht unbedingt an die in diesem Abschnitt genannten Obergrenzen zu halten, wenn sie Zeichnungsrechte ausübt, die mit zu ihrem Vermögen gehörenden Wertpapieren oder Geldmarktinstrumenten verbunden sind. Solange die Grundsätze der Risikostreuung beachtet werden, darf die Gesellschaft für die Dauer von sechs Monaten nach dem Datum ihrer Zulassung von den Artikeln 43, 44, 45 und 46 des Gesetzes von 2010 abweichen.
Wenn die im vorigen Absatz festgelegten Grenzen aus Gründen, die außerhalb des Einflussbereichs der Gesellschaft liegen, oder infolge der Ausübung von Zeichnungsrechten überschritten werden, muss die Gesellschaft unter Berücksichtigung der Interessen ihrer Aktionäre vorrangig Verkaufsgeschäfte zur Behebung dieser Situation tätigen.
Jeder Teilfonds darf in dem größten nach den geltenden Luxemburger Gesetzen und Bestimmungen zulässigen Umfang und unter den darin festgelegten Bedingungen, jedoch in Übereinstimmung mit den hierin festgelegten Bestimmungen Aktien zeichnen, erwerben und/oder halten, die von einem oder mehreren Teilfonds ausgegeben werden sollen oder ausgegeben wurden. In diesem Fall und vorbehaltlich der in den geltenden Luxemburger Gesetzen und Bestimmungen festgelegten Bedingungen werden die mit diesen Aktien verbundenen Stimmrechte ausgesetzt, solange diese Aktien von dem betreffenden Teilfonds gehalten werden. Falls ein Teilfonds oder mehrere Teilfonds Aktien hält bzw. halten, die von anderen Teilfonds ausgegeben wurden, wird deren Wert bei der Berechnung des Nettovermögens der Gesellschaft zum Zwecke der Bestimmung des Mindestkapitals nicht berücksichtigt. | The Company need not adhere to the upper limits stipulated in this section if it exercises subscription rights that are associated with securities or money market instruments that are part of its assets. As long as the principles of risk diversification are adhered to, the Company may deviate from Articles 43, 44, 45 and 46 of the Law of 2010 for six months after the date they were approved.
If the limits stipulated in the previous paragraph are exceeded for reasons that are beyond the Company's control or due to subscription rights being exercised, the Company must give priority to conducting sales transactions in the interests of their shareholders in order to rectify this situation.
Each sub-fund may subscribe, acquire and/or hold shares issued by one or more sub-funds, to the greatest extent permitted by the valid Luxembourg laws and provisions and under the conditions stipulated therein, but in accordance with the conditions set forth herein. The voting rights associated with these shares are suspended in this case and subject to the laws and provisions valid in Luxembourg if these shares are held by the sub-fund in question. If one or more sub-funds hold shares that were issued by other sub-funds, their value will not be included in the calculation of the Company's net assets for the purpose of determining minimum capital. | en | de |
DOLFIN4995 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 296 USD |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 USD |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.70 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 65 USD |
| Transaction costs | 0.96 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 96 USD |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 USD | | | Costi di ingresso | 3,00 % dell’importo pagato al momento della sottoscrizione dell’investimento. Questa è la cifra massima che può essere addebitata. La persona che vende il Comparto vi informerà del costo effettivo. | 296 USD |
| --- | --- | --- |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo Comparto ma la persona che vende il prodotto può farlo. | 0 USD |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,70 % del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 65 USD |
| Costi di transazione | 0,96 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il Comparto sottostante. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 96 USD |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non sono previste commissioni di performance per questo Comparto. | 0 USD | | | Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 296 USD |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 USD |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.70 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 65 USD |
| Transaction costs | 0.96 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 96 USD |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 USD | | en | it |
DOLFIN4996 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En cas de hausse des taux d’intérêt, la valeur liquidative du FCP peut d’autant plus baisser, que la sensibilité aux taux du FCP est élevée.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’une contrepartie d’opérations d’acquisitions et cessions temporaires de titres.
- Risque lié à la réutilisation des titres reçus en garantie :Le FCP est exposé au risque de réinvestissement et/ou à la remise en garantie des titres reçus à titre de collatéral. La valeur liquidative du FCP pourra baisser en fonction de la fluctuation des titres réutilisés ou des titres acquis par investissement du collatéral espèces reçu. | En caso de incremento de los tipos de interés, el valor liquidativo del FIC podrá disminuir, tanto más cuanto mayor sea su sensibilidad a los tipos.
- Riesgo de liquidez vinculado a las adquisiciones y cesiones temporales de títulos:El FIC podrá estar expuesto a dificultades de negociación o a la imposibilidad transitoria de negociación de ciertos valores en los cuales hubiera invertido o recibido en garantía, en caso de incumplimiento por una contraparte de las operaciones de adquisición y cesión temporal de títulos.
- Riesgo ligado a la reutilización de los títulos recibidos en garantía:El FIC estará expuesto al riesgo de reinversión y/ o de cesión en garantía de los títulos recibidos como colateral. El valor liquidativo del FIC podrá reducirse en función de las fluctuaciones de los títulos reutilizados o de los títulos adquiridos por inversión del colateral percibido en metálico. | En cas de hausse des taux d’intérêt, la valeur liquidative du FCP peut d’autant plus baisser, que la sensibilité aux taux du FCP est élevée.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’une contrepartie d’opérations d’acquisitions et cessions temporaires de titres.
- Risque lié à la réutilisation des titres reçus en garantie :Le FCP est exposé au risque de réinvestissement et/ou à la remise en garantie des titres reçus à titre de collatéral. La valeur liquidative du FCP pourra baisser en fonction de la fluctuation des titres réutilisés ou des titres acquis par investissement du collatéral espèces reçu. | fr | es |
DOLFIN4997 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Entry and exit charges shown are the maximum applicable and are paid to the distributor (4% max.) or the management company (5% max.), where applicable. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the Fund when buying or selling units of another collective investment vehicle). The charges paid are used to pay the costs of running the Fund, including the costs of marketing and distributing units; these charges reduce the potential growth of the investment.
The performance fee is provisioned only if the net asset value of the unit is greater than the high-water mark, defined as the highest net asset value recorded on any closing date over the Fund's last five (5) financial years. This model takes effect on 1 January 2022 and is not applied retroactively. As a result, the net asset value of the unit as at 1 January 2022 constitutes the initial high-water mark.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com.
Percentage | Les frais d'entrée et de sortie affichés constituent les maxima applicables et sont acquis au distributeur (max. 4%) ou à la société de gestion (max. 5%) le cas échéant. Dans certains cas des frais inférieurs peuvent être appliqués, vous pouvez contacter votre conseiller ou votre distributeur afin d'obtenir le montant effectif de ces frais.
Les frais courants sont basés sur les coûts du dernier exercice clos le 31/12/2021. Ils peuvent varier d'année en année, ils ne comprennent pas la commission de performance et les frais de transactions, (excepté dans le cas de frais d'entrée et/ou de sortie payés par le fonds lors de l'achat ou de la vente de parts d'un autre véhicule de gestion collective). Les frais et commissions acquittés servent à couvrir les coûts d'exploitation du fonds y compris les coûts de commercialisation et de distribution des parts, ces frais réduisent la croissance potentielle des investissements.
La commission de surperformance est provisionnée uniquement si la valeur liquidative de la part est supérieure au High-Water Mark, défini comme la plus haute valeur liquidative constatée à la date de clôture des cinq (5) derniers exercices du fonds. Ce modèle s'applique à compter du 1er janvier 2022, sans rétroactivité. En conséquence, la valeur liquidative de la part au 1er janvier 2022 constitue le High-Water Mark initial.
Pour plus d'informations sur les frais, charges et modalités de calcul de le commission de performance, veuillez vous référer à la rubrique frais et commissions du prospectus, disponible sur le site internet : www.carmignac.com.
Pourcentage | Entry and exit charges shown are the maximum applicable and are paid to the distributor (4% max.) or the management company (5% max.), where applicable. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the Fund when buying or selling units of another collective investment vehicle). The charges paid are used to pay the costs of running the Fund, including the costs of marketing and distributing units; these charges reduce the potential growth of the investment.
The performance fee is provisioned only if the net asset value of the unit is greater than the high-water mark, defined as the highest net asset value recorded on any closing date over the Fund's last five (5) financial years. This model takes effect on 1 January 2022 and is not applied retroactively. As a result, the net asset value of the unit as at 1 January 2022 constitutes the initial high-water mark.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com.
Percentage | en | fr |
DOLFIN4998 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Sub-Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal. Mortgage-backed and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government- sponsored entity guarantee.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | ## RISCHIO GENERALI
La Classe di Azioni viene assegnata a questa categoria di rischio per via delle variazioni di prezzo risultanti dalla valuta, dalla natura degli investimenti e della strategia del Comparto. Il rating sopra riportato è basato sulla volatilità storica della Classe di Azioni e può non costituire un indicatore affidabile del futuro profilo di rischio della Classe di Azioni stessa. La categoria di rischio e rendimento riportata potrebbe non rimanere invariata e cambiare nel tempo. L’appartenenza alla categoria più bassa non garantisce un investimento esente da rischi.
Gli investimenti a reddito fisso comportano il rischio di tasso d’interesse, il rischio di insolvenza dell’emittente, il rischio di credito dell’emittente e il rischio di volatilità dei prezzi. I Comparti che investono in obbligazioni possono perdere valore all’aumentare dei tassi di interesse e l’investitore potrebbe perdere il suo capitale. I titoli garantiti da ipoteca (MBS) e altri titoli garantiti da attività (ABS) comportano spesso rischi diversi o più elevati rispetto a quelli associati ad altri tipi di strumenti di debito. I titoli MBS correlati a ipoteche a tasso variabile possono presentare prezzi più volatili rispetto alle obbligazioni a tasso fisso di equivalente merito di credito. Per quanto riguarda i titoli MBS non emessi da agenzie, non esistono garanzie dirette o indirette, statali o di agenzie, dei pool di pagamenti creati da emittenti non governativi. I titoli MBS non emessi da agenzie non sono inoltre soggetti agli stessi requisiti di sottoscrizione per le ipoteche sottostanti applicabili ai titoli correlati a ipoteche coperti dalla garanzia dello Stato o di un ente governativo.
Questo documento di marketing è pubblicato da TCW Funds (il “Fondo”). Non è diretto a, né destinato alla distribuzione o all’uso da parte di, persone o entità che siano cittadini o residenti di, o domiciliati in, qualsiasi località, Stato, paese o giurisdizione in cui tale distribuzione, pubblicazione, disponibilità o utilizzo siano contrari a leggi o regolamenti. Solo le versioni più recenti del prospetto, dei documenti contenenti le informazioni chiave per gli investitori, dello statuto e delle (eventuali) relazioni annuali e semestrali del Fondo potranno costituire una base affidabile per ogni decisione di investimento. Questi documenti e altre informazioni relative al Fondo sono gratuitamente disponibili su www.fundsquare.net e www.TCW.com, o presso il seguente indirizzo: TCW Funds, 3, rue Jean Piret, L-2350 Lussemburgo. Il Fondo è stato istituito ai sensi delle leggi del Granducato del Lussemburgo.
Le informazioni e i dati presentati in questo documento non devono essere considerati come un’offerta o una sollecitazione all’acquisto, alla vendita o alla sottoscrizione di titoli o strumenti finanziari. Le informazioni, opinioni e stime contenute nel presente documento riflettono un’opinione formulata alla data originaria di pubblicazione e sono soggette a modifiche senza preavviso. Il fondo non ha assunto alcuna iniziativa volta ad assicurarsi che i titoli cui viene fatto riferimento nel presente documento siano idonei a specifici investitori e l’utilizzo del presente documento non potrà quindi sostituirsi all’esercizio indipendente della capacità di giudizio. Il trattamento fiscale dipende dalle specifica situazione di ciascun investitore e potrà essere soggetto a future modifiche. Prima di assumere qualsiasi decisione di investimento, si raccomanda agli investitori di verificare l’idoneità dell’investimento in funzione delle conoscenze e competenze finanziarie, degli obiettivi di investimento e della situazione finanziaria personale, o di richiedere una consulenza specifica a un professionista di fiducia. | ## RISKS GENERAL
The Share Class is assigned to this risk category because of price variations resulting from its currency and the nature of the Sub-Fund’s investments and strategy. The above rating is based on the historic volatility of the Share Class and may not be a reliable indication of the future risk profile of the Share Class. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment.
Fixed income investments entail interest rate risk, the risk of issuer default, issuer credit risk, and price volatility risk. Sub-Funds investing in bonds can lose their value as interest rates rise and an investor can lose principal. Mortgage-backed and other asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government- sponsored entity guarantee.
This marketing document is issued by TCW Funds (the “Fund”). It is neither directed to, nor intended for distribution or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the Fund’s prospectus, key investor information documents, articles of incorporation, annual and semi-annual reports (if any) may be relied upon as the basis for investment decisions. These documents and other information regarding the Fund are available at no cost on www.fundsquare.net, www.TCW.com, or at TCW Funds, 3, rue Jean Piret, L-2350 Luxembourg. The Fund has been set up under the laws of the Grand-Duchy of Luxembourg.
The information and data presented in this document are not to be considered as an offer or solicitation to buy, sell or subscribe to any securities or financial instruments. Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. The Fund has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional. | en | it |
DOLFIN4999 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# INVESTMENT RESTRICTIONS FOR U.S. PERSONS
ACATIS Investment Kapitalverwaltungsgesellschaft mbH and/or ACATIS QILIN Marco Polo Asien Fonds have not been and will not be registered pursuant to the latest version of the U.S. Investment Company Act of 1940. The units of the investment fund have not been and will not be registered under the latest version of the United States Securities Act of 1933 or under securities legislation of any federal state of the United States of America (USA). Units in ACATIS QILIN Marco Polo Asien Fonds may not be offered or sold within the USA or to a U.S. person or on their behalf. Parties interested in acquiring units must, where appropriate, demonstrate that they are not U.S. persons and that they are neither acquiring units on behalf of U.S. persons nor intending to transfer them to U.S. persons. U.S. persons are those who are U.S. nationals or who are established and/or subject to taxation in the USA. U.S. persons may also be partnerships or corporations established in accordance with the laws of the USA or a federal state, territory or dependency thereof. | # ANLAGEBESCHRÄNKUNGEN FÜR US-PERSONEN
Die ACATIS Investment Kapitalverwaltungsgesellschaft mbH und/oder der ACATIS QILIN Marco Polo Asien Fonds sind und werden nicht gemäß dem United States Investment Com- pany Act von 1940 in seiner gültigen Fassung registriert. Die Anteile des Sondervermögens sind und werden nicht gemäß dem United States Securities Act von 1933 in seiner gültigen Fassung oder nach den Wertpapiergesetzen eines Bundesstaates der Vereinigten Staaten von Amerika registriert. Anteile des ACATIS QILIN Marco Polo Asien Fonds dürfen weder in den Vereinigten Staaten noch einer US-Person oder auf deren Rechnung angeboten oder verkauft werden. Am Erwerb von Anteilen Interessierte müssen gegebenenfalls darlegen, dass sie keine US-Person sind und Anteile weder im Auftrag von US-Personen erwerben noch an US- Personen weiterveräußern. US-Personen sind Personen, die Staatsangehörige der USA sind oder dort ihren Wohnsitz haben und/oder dort steuerpflichtig sind. US-Personen können auch Personen- oder Kapitalgesellschaften sein, die gemäß den Gesetzen der USA bzw. eines US- Bundesstaats, Territoriums oder einer US-Besitzung gegründet werden. | # INVESTMENT RESTRICTIONS FOR U.S. PERSONS
ACATIS Investment Kapitalverwaltungsgesellschaft mbH and/or ACATIS QILIN Marco Polo Asien Fonds have not been and will not be registered pursuant to the latest version of the U.S. Investment Company Act of 1940. The units of the investment fund have not been and will not be registered under the latest version of the United States Securities Act of 1933 or under securities legislation of any federal state of the United States of America (USA). Units in ACATIS QILIN Marco Polo Asien Fonds may not be offered or sold within the USA or to a U.S. person or on their behalf. Parties interested in acquiring units must, where appropriate, demonstrate that they are not U.S. persons and that they are neither acquiring units on behalf of U.S. persons nor intending to transfer them to U.S. persons. U.S. persons are those who are U.S. nationals or who are established and/or subject to taxation in the USA. U.S. persons may also be partnerships or corporations established in accordance with the laws of the USA or a federal state, territory or dependency thereof. | en | de |
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