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DOLFIN500 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIF ET POLITIQUE D’INVESTISSEMENT
## Objectif
## L'objectif du compartiment est l’appréciation du capital, mesurée en euros.
## Politique d’investissement
Le compartiment investit principalement (au moins 70 %) en titres de capital de petites sociétés européennes. Les sociétés plus petites sont définies comme des émetteurs ayant des capitalisations boursières similaires à celles d’émetteurs compris dans l’indice MSCI Europe Small Mid Cap (net div), l’indice de référence du compartiment, sur les 13 derniers mois au moment de l’achat. Certains pays d'Europe, principalement d’Europe de l’Est, sont actuellement considérés comme des économies émergentes. Le compartiment assurera la promotion d’une caractéristique environnementale au sens de l’Article 8 du Règlement (UE) 2019/2088 du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR »). Veuillez vous reporter au Prospectus et au site Internet du compartiment pour de plus amples informations. Le Gestionnaire Financier peut également tenir compte, entre autres, de facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse fondamentale des investissements. Le compartiment peut avoir recours à des produits dérivés à des fins de couverture et/ou d’investissement mais n’a pas principalement recours à des produits dérivés pour atteindre son objectif d’investissement.
L’indicateur de référence du compartiment est également indiqué à des fins de comparaison de performances. Bien que les investissements du compartiment seront généralement représentés dans l’indicateur de
référence, les composants sont susceptibles d’être pondérés différemment de l’indicateur de référence et le compartiment est susceptible d’investir en dehors de celui-ci pour profiter des opportunités d’investissement | # OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es lograr una revalorización del capital, expresada en euros.
## Política de inversión
El fondo invierte principalmente (como mínimo el 70% de sus activos) en valores de renta variable de pequeñas empresas europeas. Las pequeñas empresas se definen como aquellos emisores que poseen una capitalización bursátil similar a la de otros emisores incluidos en el MSCI Europe Small Mid Cap Index con dividendos netos, el índice de referencia del fondo, en los últimos 13 meses en el momento de la compra. Algunos países ubicados en Europa, principalmente en Europa del Este, están considerados actualmente como economías de mercados emergentes. El fondo promoverá características ambientales según lo descrito en artículo 8 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR»). Consulte el Folleto y el sitio web del fondo para obtener más información. La Gestora de inversiones también puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. El fondo puede emplear derivados con fines de cobertura y/o inversión, aunque no recurrirá a ellos como estrategia principal para alcanzar su objetivo de inversión.
El índice de referencia del fondo también se indica a efectos de realizar comparativas de rentabilidad. Aunque las inversiones del fondo generalmente estarán representadas en el índice de referencia, es probable que los componentes estén ponderados de forma diferente al índice de | # OBJECTIF ET POLITIQUE D’INVESTISSEMENT
## Objectif
## L'objectif du compartiment est l’appréciation du capital, mesurée en euros.
## Politique d’investissement
Le compartiment investit principalement (au moins 70 %) en titres de capital de petites sociétés européennes. Les sociétés plus petites sont définies comme des émetteurs ayant des capitalisations boursières similaires à celles d’émetteurs compris dans l’indice MSCI Europe Small Mid Cap (net div), l’indice de référence du compartiment, sur les 13 derniers mois au moment de l’achat. Certains pays d'Europe, principalement d’Europe de l’Est, sont actuellement considérés comme des économies émergentes. Le compartiment assurera la promotion d’une caractéristique environnementale au sens de l’Article 8 du Règlement (UE) 2019/2088 du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financiers (« SFDR »). Veuillez vous reporter au Prospectus et au site Internet du compartiment pour de plus amples informations. Le Gestionnaire Financier peut également tenir compte, entre autres, de facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse fondamentale des investissements. Le compartiment peut avoir recours à des produits dérivés à des fins de couverture et/ou d’investissement mais n’a pas principalement recours à des produits dérivés pour atteindre son objectif d’investissement.
L’indicateur de référence du compartiment est également indiqué à des fins de comparaison de performances. Bien que les investissements du compartiment seront généralement représentés dans l’indicateur de
référence, les composants sont susceptibles d’être pondérés différemment de l’indicateur de référence et le compartiment est susceptible d’investir en dehors de celui-ci pour profiter des opportunités d’investissement | fr | es |
DOLFIN501 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 1,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | Néant |
| Frais prélevés par le Compartiment sur une année |
| Frais courants | 0,64 % | Le pourcentage indiqué est basé sur les frais de l’exercice précédent (frais de gestion fixes et frais de transfert) clôturé le jeudi 31 décembre 2020. Ces frais peuvent varier d’un exercice à l’autre. Ils ne comprennent pas : les commissions de performance et les frais d’intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par le Compartiment lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. |
| Frais prélevés par le Compartiment dans certaines circonstances |
| Commission de performance | 10 % de la performance au-delà de celle de l’indice de référence Euribor 3 mois +140 pb, à condition que cette performance soit supérieure à 0 au cours de la période de cristallisation concernée. Le Compartiment ne dispose pas de données suffisantes pour pouvoir donner une indication utile du montant des commissions de performance prélevées au cours du dernier exercice. Montant de la commission de performance prélevée au titre du dernier exercice : 0,07 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00% | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. En algunos casos, los gastos pagados pueden ser inferiores a los indicados. Los inversores pueden solicitar a su asesor financiero o distribuidor el importe exacto de los gastos de entrada y de salida. |
| Gastos de salida | No procede |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,64% | El porcentaje indicado se basa en los gastos del ejercicio anterior (gastos de gestión fijos y gastos de transferencia) que finaliza el jueves, 31 de diciembre de 2020. Estos pueden variar de un ejercicio a otro. No incluyen las comisiones de rentabilidad ni las comisiones de los intermediarios financieros, excepto en el caso de los gastos de entrada y de salida abonados por el Subfondo en el momento de la compra o la venta de participaciones en otro organismo de inversión colectiva. |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 10 % de la rentabilidad superior a la del índice de referencia Euríbor 3M +140 puntos básicos, siempre que dicha rentabilidad sea superior a 0 durante el periodo de materialización correspondiente. El Subfondo no dispone de datos suficientes para poder ofrecer una indicación útil del importe de la comisión de rentabilidad facturada para el último ejercicio. Importe de la comisión de rentabilidad facturada para el último ejercicio: 0,07% | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 1,00 % | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | Néant |
| Frais prélevés par le Compartiment sur une année |
| Frais courants | 0,64 % | Le pourcentage indiqué est basé sur les frais de l’exercice précédent (frais de gestion fixes et frais de transfert) clôturé le jeudi 31 décembre 2020. Ces frais peuvent varier d’un exercice à l’autre. Ils ne comprennent pas : les commissions de performance et les frais d’intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par le Compartiment lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. |
| Frais prélevés par le Compartiment dans certaines circonstances |
| Commission de performance | 10 % de la performance au-delà de celle de l’indice de référence Euribor 3 mois +140 pb, à condition que cette performance soit supérieure à 0 au cours de la période de cristallisation concernée. Le Compartiment ne dispose pas de données suffisantes pour pouvoir donner une indication utile du montant des commissions de performance prélevées au cours du dernier exercice. Montant de la commission de performance prélevée au titre du dernier exercice : 0,07 % | | fr | es |
DOLFIN502 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 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 value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | 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 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las inversiones en empresas extranjeras conllevan riesgos entre los que se incluyen la exposición a las fluctuaciones de divisas, una menor liquidez, mercados de negociación menos desarrollados e inestabilidad política. El Fondo puede invertir en derivados, lo cual puede incidir en gran medida en la rentabilidad del Fondo.
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 www.alger.com.
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. | The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 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 value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN503 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Currency risk
If a sub-fund directly or indirectly holds assets which are denominated in foreign currencies, unless the foreign currency positions are hedged, it shall be subject to currency risk. Any devaluation of the foreign currency against the sub-fund currency leads to a drop in the value of the assets denominated in that foreign currency.
Unit classes denominated in a currency that is not the respective sub-fund currency may therefore be subject to a different currency risk. In some cases, this currency risk may be hedged against the sub-fund currency. | ### Risque de change
Si un compartiment détient directement ou indirectement des actifs en devises étrangères, il est exposé à un risque de change (dès lors que les positions en devises étrangères ne sont pas couvertes). Une dépréciation éventuelle de la devise étrangère par rapport à la devise du compartiment se traduit par une baisse de la valeur des actifs libellés dans ladite devise étrangère.
Les catégories de parts dont la devise ne correspond pas à la devise du compartiment respectif peuvent par conséquent être soumises à un risque de change différent. Ce risque de change peut être couvert au cas par cas par rapport à la devise du compartiment. | ### Currency risk
If a sub-fund directly or indirectly holds assets which are denominated in foreign currencies, unless the foreign currency positions are hedged, it shall be subject to currency risk. Any devaluation of the foreign currency against the sub-fund currency leads to a drop in the value of the assets denominated in that foreign currency.
Unit classes denominated in a currency that is not the respective sub-fund currency may therefore be subject to a different currency risk. In some cases, this currency risk may be hedged against the sub-fund currency. | en | fr |
DOLFIN504 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | No charge |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | No charge |
The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual charges.
The ongoing charges figure is based on expenses for the year ending 31 December 2021.
This figure may vary from year to year. It excludes:
- Performance Fees.
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another Fund.
For more information on charges, please see the "Fees, charges and expenses" section of the Prospectus. | # Frais
Les frais facturés servent à financer les coûts de gestion du fonds, y compris les coûts de commercialisation et de distribution. Ces frais réduisent l'accroissement potentiel de votre investissement.
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 5.00% |
| Frais de sortie | Aucun frais |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 1.33% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance | Aucun frais |
Les frais d'entrée et de sortie indiqués correspondent à des montants maximums. Dans certaines situations, vos frais applicables pourront être inférieurs. Veuillez-vous adresser à votre conseiller-ère financier- ère ou au distributeur pour connaître les frais réellement applicables.
Le chiffre des frais courants se fonde sur les dépenses de l'exercice clos le 31 Décembre 2021.
Ce chiffre peut varier d'un exercice à l'autre et ne comprend pas:
- les commissions de performance.
- les coûts des opérations de portefeuille, à l'exception des frais d'entrée/de sortie acquittés par le fonds lors de l'achat ou de la vente de parts dans un autre fonds.
Pour de plus amples informations concernant les frais, veuillez-vous reporter à la section « Frais et dépenses » du prospectus. | # Charges
The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | No charge |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.33% |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | No charge |
The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual charges.
The ongoing charges figure is based on expenses for the year ending 31 December 2021.
This figure may vary from year to year. It excludes:
- Performance Fees.
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another Fund.
For more information on charges, please see the "Fees, charges and expenses" section of the Prospectus. | en | fr |
DOLFIN505 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information for Investors in Switzerland
Representative
The representative in Switzerland is FundPartner Solutions (Suisse) SA, Route des Acacias 60, CH-1211 Geneva 73.
Paying agent
The paying agent in Switzerland is Banque Pictet & Cie SA, Route des Acacias 60, CH-1211 Geneva 73.
Place where the relevant documents may be obtained
The Prospectus, the key information document, the articles of incorporation as well as the annual and semi- annual reports may be obtained free of charge from the representative.
Publications
Publications concerning the Company are made in Switzerland on the electronic platform www.fundinfo.com.
Each time Shares are issued or redeemed, the issue price and the redemption price and/or the Net Asset Value, together with the reference stating ‘excluding commissions’, must be published, for all Share Classes, on the electronic platform www.fundinfo.com. Prices must be published at least twice per month.
Payment of retrocessions and rebates
The Management Company and its agents may pay retrocessions as remuneration for offering activities in Switzerland in respect of the Shares. Such remuneration may be deemed payment for the following services in particular:
- for introducing Swiss investors to the Investment Manager, who subsequently invest in Sub-Funds of the Company; and
- for servicing Swiss investors who have invested in Sub-Funds of the Company.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part to the investors.
Information about the receipt of retrocessions is governed by the relevant provisions of the Federal Act on Financial Services of 15 June 2018 (‘FinSA’).
In respect of the offer in Switzerland, the Management Company and its agents do not grant any rebates to reduce the fees or costs incurred by the investor and charged to the Company.
Place of performance and jurisdiction
In respect of the Shares offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction is at the registered office of the representative or the registered office or the domicile of the investor. | # Informations pour les investisseurs en Suisse
Représentant
Le représentant en Suisse est FundPartner Solutions (Suisse) SA, Route des Acacias 60, CH- 1211 Geneva 73.
Agent payeur
L’agent payeur en Suisse est Banque Pictet & Cie SA, Route des Acacias 60, CH-1211 Geneva 73.
Où obtenir les documents pertinents
Le Prospectus, le document d’information clé, les Statuts ainsi que les rapports annuel et semestriel peuvent être obtenus gratuitement auprès du représentant.
Publications
Les publications concernant la Société sont faites en Suisse sur la plateforme électronique www.fundinfo.com.
A chaque émission ou rachat d’Actions, le prix d’émission et le prix de rachat et/ou la Valeur nette d’inventaire, ainsi que la mention « hors commissions », doivent être publiés, pour toutes les Classes d’actions, sur la plateforme électronique www.fundinfo.com. Les prix doivent être publiés au moins deux fois par mois.
Paiement de rétrocessions et de rabais
La Société de gestion et ses agents peuvent effectuer des rétrocessions en guise de rémunération pour les activités d’offre des Actions en Suisse. Cette rémunération peut être considérée comme un paiement pour les services suivants en particulier :
- pour présenter les investisseurs suisses au Gestionnaire des investissements, qui investissent ensuite dans des Compartiments de la Société ; et
- au service des investisseurs suisses ayant investi dans des Compartiments de la Société.
Les rétrocessions ne sont pas considérées comme des rabais, même si elles sont finalement répercutées en tout ou en partie aux investisseurs.
L’information sur la réception de rétrocessions est régie par les dispositions utiles de la Loi fédérale sur les services financiers du 15 juin 2018 (« LSFin »).
En ce qui concerne l’offre en Suisse, la Société de gestion et ses agents n’octroient pas de rabais pour réduire les frais ou charges supportés par l’investisseur et facturés à la société.
Lieu d’exécution et juridiction
En ce qui concerne les Actions offertes en Suisse, le lieu d’exécution est le siège social du représentant de la Suisse.
Le lieu de juridiction est le siège social du représentant ou le siège social o le domicile de l’investisseur | # Information for Investors in Switzerland
Representative
The representative in Switzerland is FundPartner Solutions (Suisse) SA, Route des Acacias 60, CH-1211 Geneva 73.
Paying agent
The paying agent in Switzerland is Banque Pictet & Cie SA, Route des Acacias 60, CH-1211 Geneva 73.
Place where the relevant documents may be obtained
The Prospectus, the key information document, the articles of incorporation as well as the annual and semi- annual reports may be obtained free of charge from the representative.
Publications
Publications concerning the Company are made in Switzerland on the electronic platform www.fundinfo.com.
Each time Shares are issued or redeemed, the issue price and the redemption price and/or the Net Asset Value, together with the reference stating ‘excluding commissions’, must be published, for all Share Classes, on the electronic platform www.fundinfo.com. Prices must be published at least twice per month.
Payment of retrocessions and rebates
The Management Company and its agents may pay retrocessions as remuneration for offering activities in Switzerland in respect of the Shares. Such remuneration may be deemed payment for the following services in particular:
- for introducing Swiss investors to the Investment Manager, who subsequently invest in Sub-Funds of the Company; and
- for servicing Swiss investors who have invested in Sub-Funds of the Company.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part to the investors.
Information about the receipt of retrocessions is governed by the relevant provisions of the Federal Act on Financial Services of 15 June 2018 (‘FinSA’).
In respect of the offer in Switzerland, the Management Company and its agents do not grant any rebates to reduce the fees or costs incurred by the investor and charged to the Company.
Place of performance and jurisdiction
In respect of the Shares offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction is at the registered office of the representative or the registered office or the domicile of the investor. | en | fr |
DOLFIN506 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In accordance with the requirements of the MiFID II Legislation if there is a surplus in the relevant Research Payment Account at the end of the relevant accounting period, the relevant Investment Manager will either rebate this to the relevant Fund or carry it forward to set against the budgeted amount for the following year. The relevant Investment Manager will regularly assess the quality of the research purchased based on robust quality criteria, and its contribution to making better investment decisions.
The total amount of the Research Charge borne by the relevant Fund for the relevant accounting period will be reported in the ICAV's financial statements.
- Entry /Exit Charges
- Preliminary ChargeShareholders may be subject to a Preliminary Charge of up to a maximum of 5% of subscription monies. Such charge may be applied as a preliminary once-off charge or as a contingent deferred sales charge. Details of any Preliminary Charge and/or any contingent deferred sales charge payable shall be specified in the relevant Supplement. | In conformità ai requisiti della Normativa MiFID II, qualora sussista un’eccedenza nel relativo Conto pagamenti per la ricerca alla fine del periodo contabile di riferimento, il Gestore degli investimenti di riferimento provvederà a rimborsare tale eccedenza al Fondo di riferimento o a riportarla a nuovo nel Fondo di riferimento per imputarla all’importo preventivato per l’anno successivo. Il Gestore degli investimenti pertinente valuterà periodicamente la qualità della ricerca acquistata sulla base di solidi criteri di qualità e del suo contributo al miglioramento delle decisioni di investimento.
L’importo totale della Commissione per la ricerca sostenuto dal fondo di riferimento per il periodo contabile in questione sarà riportato nel bilancio dell’ICAV.
- Commissioni di sottoscrizione/rimborso
- Commissione preliminareGli Azionisti potrebbero essere soggetti a una Commissione preliminare pari a un massimo del 5% dei proventi di sottoscrizione. Tale commissione potrebbe essere applicata quale commissione preliminare una tantum o quale commissione di venditadifferita. I dettagli relativi alla Commissione preliminare e/o a eventuali commissioni di vendita differite saranno specificati all'interno dei singoli Supplementi. | In accordance with the requirements of the MiFID II Legislation if there is a surplus in the relevant Research Payment Account at the end of the relevant accounting period, the relevant Investment Manager will either rebate this to the relevant Fund or carry it forward to set against the budgeted amount for the following year. The relevant Investment Manager will regularly assess the quality of the research purchased based on robust quality criteria, and its contribution to making better investment decisions.
The total amount of the Research Charge borne by the relevant Fund for the relevant accounting period will be reported in the ICAV's financial statements.
- Entry /Exit Charges
- Preliminary ChargeShareholders may be subject to a Preliminary Charge of up to a maximum of 5% of subscription monies. Such charge may be applied as a preliminary once-off charge or as a contingent deferred sales charge. Details of any Preliminary Charge and/or any contingent deferred sales charge payable shall be specified in the relevant Supplement. | en | it |
DOLFIN507 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests in healthcare equities worldwide taking account of sustainability criteria.
Investment policy The Fund invests at least two thirds of the net assets of the fund in a portfolio of carefully chosen shares and other equity securities of companies in the healthcare sector taking account of sustainability criteria. The fund can also invest in companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without limiting the scope of “healthcare sector”, the healthcare sector includes companies from the areas of pharmaceuticals, medical technology, biotechnology and related sectors. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, MSCI World Healthcare Net reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El fondo invierte en renta variable sanitaria de todo el mundo teniendo en cuenta criterios de sostenibilidad.
Política de inversión El fondo invierte al menos dos tercios del patrimonio neto del fondo en una cartera de acciones y otros valores de renta variable de empresas del sector sanitario cuidadosamente seleccionados teniendo en cuenta criterios de sostenibilidad. El fondo también puede invertir en empresas cuya actividad principal sea la tenencia de inversiones en dichas empresas o la financiación de las mismas y que tengan su domicilio social o realicen la mayor parte de su actividad económica en países reconocidos. Sin limitar el alcance del "sector sanitario", el sector sanitario incluye empresas de las áreas de farmacia, tecnología médica, biotecnología y sectores relacionados.
Hasta un tercio del patrimonio neto puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El Fondo puede realizar operaciones con derivados para lograr una gestión eficaz de la cartera, en particular también con fines de cobertura.
valor de referencia El índice de referencia, MSCI World Healthcare Net, se utiliza con fines de comparación y para analizar el valor. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests in healthcare equities worldwide taking account of sustainability criteria.
Investment policy The Fund invests at least two thirds of the net assets of the fund in a portfolio of carefully chosen shares and other equity securities of companies in the healthcare sector taking account of sustainability criteria. The fund can also invest in companies whose main activity involves holding investments in such companies or financing such companies and that have their registered office or carry out the majority of their economic activity in recognised countries. Without limiting the scope of “healthcare sector”, the healthcare sector includes companies from the areas of pharmaceuticals, medical technology, biotechnology and related sectors. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The Fund may engage in derivative transactions in order to achieve an efficient portfolio management, in particular also for hedging purposes.
Benchmark The benchmark, MSCI World Healthcare Net reference index, is used for comparison purposes and for analyzing value. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN508 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# In conclusion, good management, tier 2 assets (not growing and fighting declines), good costs/returns, M&As at a good time and under a disciplined team, a very cheap company, all wrapped up in high risk.
We are not invested in HBR on exploration, but there is potential in Indonesia and Mexico (the Zama field and some acreage around it). Finally, please note that we assign a category 4 risk to Harbour (maximum risk), which is due to its size and operational risks (very small for the E&P sector).
On net, this is a stock that should double when oil and gas prices are at $80 and 3x at higher prices, al- beit with a well above average risk. | # Fazit: gutes Management, Tier 2 Assets (kein Wachstum und Kampf gegen den Rückgang), gute Kosten/Renditen, Fusionen und Übernahmen zum richtigen Zeitpunkt und unter einem disziplinierten Team, ein sehr günstiges Unternehmen, und das alles bei hohem Risiko.
Wir sind nicht wegen der Exploration in HBR investiert, aber es gibt Potenzial in Indonesien und Mexiko (das Zama-Feld und einige Flächen in der Umgebung). Abschliessend möchten wir darauf hinweisen, dass wir Harbour in die Risikokategorie 4 (maximales Risiko) einstufen, was auf die Grösse und die operativen Risiken des Unternehmens zurückzuführen ist (sehr klein für den E&P-Sektor).
Unter dem Strich ist dies eine Aktie, die sich bei Öl- und Gaspreisen von 80 $ verdoppeln und bei höheren Preisen verdreifachen sollte, wenn auch mit einem weit überdurchschnittlichen Risiko. | # In conclusion, good management, tier 2 assets (not growing and fighting declines), good costs/returns, M&As at a good time and under a disciplined team, a very cheap company, all wrapped up in high risk.
We are not invested in HBR on exploration, but there is potential in Indonesia and Mexico (the Zama field and some acreage around it). Finally, please note that we assign a category 4 risk to Harbour (maximum risk), which is due to its size and operational risks (very small for the E&P sector).
On net, this is a stock that should double when oil and gas prices are at $80 and 3x at higher prices, al- beit with a well above average risk. | en | de |
DOLFIN509 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
During the year ended 30 September 2020, the Company paid USD 21,820 to the Custodian in relation to the securities lent. With respect to securities lending transactions, the Company will generally require the borrower to post collateral representing, at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent.
As at 30 September 2020, there was no loaned security outstanding.
Income from securities lending of USD 152,737 is included in the net dividend and interest income balance within the Statement of Operations and Changes in Net Assets. The total income from securities lending is split between the sub-fund and the securities lending agent. The sub-funds receives 87.5% while the securities lending agent receives 12.5% of the income.
The analysis of income on securities lending for the year was as follows: | Im Berichtsjahr zum 30. September 2020 betrugen die Zahlungen der Gesellschaft an die Depotbank in Verbindung mit den verliehenen Wertpapieren 21.820 USD. Bei Wertpapierleihgeschäften wird die Gesellschaft in der Regel den Entleiher auffordern, Sicherheiten zu stellen, die jederzeit während der Laufzeit der Vereinbarung mindestens 105 % des Gesamtwerts der ausgeliehenen Wertpapiere darstellen.
Zum 30. September 2020 gab es keine ausstehenden verliehenen Wertpapiere.
Erträge von 152.737 USD aus Wertpapierleihgeschäften sind in den Nettodividenden- und Zinserträgen der Aufwands- und Ertragsrechnung und der Entwicklung des Nettovermögens enthalten. Die Gesamterträge aus Wertpapierleihgeschäften werden zwischen dem Teilfonds und dem Wertpapierverleiher aufgeteilt. Die Teilfonds erhalten 87,5 % und der Wertpapierverleiher erhält 12,5 % der Erträge.
Die Analyse der Erträge aus Wertpapierleihe präsentiert sich für das Jahr wie folgt: | During the year ended 30 September 2020, the Company paid USD 21,820 to the Custodian in relation to the securities lent. With respect to securities lending transactions, the Company will generally require the borrower to post collateral representing, at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent.
As at 30 September 2020, there was no loaned security outstanding.
Income from securities lending of USD 152,737 is included in the net dividend and interest income balance within the Statement of Operations and Changes in Net Assets. The total income from securities lending is split between the sub-fund and the securities lending agent. The sub-funds receives 87.5% while the securities lending agent receives 12.5% of the income.
The analysis of income on securities lending for the year was as follows: | en | de |
DOLFIN510 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY?
Due to the sub-fund's exposure to the emerging bond and equity markets, the recommended investment period is over 5 years.
You should be prepared to stay invested for 5 years. However, you can redeem your investment without penalty at any time during this time, or hold the investment longer. Redemptions are possible on a daily basis. In exceptional circumstances, your right to request the redemption of your investment may be suspended. | # WIE LANGE SOLLTE ICH DIE ANLAGE HALTEN, UND KANN ICH VORZEITIG GELD ENTNEHMEN?
Aufgrund des Exposures des Teilfonds in den Märkten für Schwellenländeranleihen- und -aktien beträgt die empfohlene Anlagedauer über fünf Jahre.
Sie sollten bereit sein, für 5 Jahre investiert zu bleiben. Jedoch können Sie Ihre Anlage in diesem Zeitraum jederzeit ohne Strafzahlung zurückgeben oder sie länger halten. Rücknahmen sind täglich möglich. Unter außergewöhnlichen Umständen kann Ihr Recht, die Rücknahme Ihrer Anlage zu verlangen, ausgesetzt werden. | # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MONEY OUT EARLY?
Due to the sub-fund's exposure to the emerging bond and equity markets, the recommended investment period is over 5 years.
You should be prepared to stay invested for 5 years. However, you can redeem your investment without penalty at any time during this time, or hold the investment longer. Redemptions are possible on a daily basis. In exceptional circumstances, your right to request the redemption of your investment may be suspended. | en | de |
DOLFIN511 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 27/09/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 50% MSCI World Index / 40% Bloomberg Barclays Global High Yield (Hedged USD) / 10% Bloomberg Barclays Global Treasuries (Hedged). | La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 31/03/2017.
La clase de acciones del Fondo se lanzó el 27/09/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en un 50% en el índice MSCI World, en un 40% en el índice Bloomberg Barclays Global High Yield (Hedged USD) y en un 10% en el índice Bloomberg Barclays Global Treasuries (Hedged). | The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/03/2017.
The share class of the Fund was launched on 27/09/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 50% MSCI World Index / 40% Bloomberg Barclays Global High Yield (Hedged USD) / 10% Bloomberg Barclays Global Treasuries (Hedged). | en | es |
DOLFIN512 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Bonded loans that may be assigned at least twice after acquisition for the Fund and were granted by one of the following institutions:
- the German Federal Government, a special fund (Sondervermögen) of the German Federal Government, a German Federal State, the EU or a member state of the OECD,
- another German government authority or a regional government or local authority of another Member State of the EU or another signatory state to the EEA Agreement, provided that, under the regulation on prudential requirements for credit institutions and investment firms, the claim can be treated in the same manner as a claim against the central state in whose territory the regional government or local authority is located,
- other public-law corporations or institutions located in Germany or in another Member State of the EU or another signatory state to the EEA Agreement,
- companies that have issued securities which are admitted to trading on an organised market within the EEA or which are admitted to trading on another regulated market that meets the basic requirements for “regulated markets” according to the Directive on markets in financial instruments, as last amended, or
- other debtors, provided that one of the entities in a) to c) guarantee the payment of interest and repayment. | - Schuldscheindarlehen, die nach dem Erwerb für den Fonds mindestens zweimal abgetreten werden können und von einer der folgenden Einrichtungen gewährt wurden:
- dem Bund, einem Sondervermögen des Bundes, einem Land, der EU oder einem Mitgliedstaat der OECD,
- einer anderen inländischen Gebietskörperschaft oder einer Regionalregierung oder örtlichen Gebietskörper- schaft eines anderen Mitgliedstaates der EU oder eines anderen Vertragsstaats des Abkommens über den EWR, sofern die Forderung nach der Verordnung über Aufsichtsanforderungen an Kreditinstitute und Wertpapierfir- men in derselben Weise behandelt werden kann wie eine Forderung an den Zentralstaat, auf dessen Hoheitsge- biet die Regionalregierung oder die Gebietskörperschaft ansässig ist,
- sonstigen Körperschaften oder Anstalten des öffentlichen Rechts mit Sitz im Inland oder in einem anderen Mit- gliedstaat der EU oder einem anderen Vertragsstaat des Abkommens über den EWR,
- Unternehmen, die Wertpapiere ausgegeben haben, die an einem organisierten Markt innerhalb des EWR zum Handel zugelassen sind oder die an einem sonstigen geregelten Markt, der die wesentlichen Anforderungen an geregelte Märkte im Sinne der Richtlinie über Märkte für Finanzinstrumente in der jeweils geltenden Fassung erfüllt, zum Handel zugelassen sind, oder
- anderen Schuldnern, sofern eine der in Buchstabe a) bis c) bezeichneten Stellen die Gewährleistung für die Ver- zinsung und Rückzahlung übernommen hat. | - Bonded loans that may be assigned at least twice after acquisition for the Fund and were granted by one of the following institutions:
- the German Federal Government, a special fund (Sondervermögen) of the German Federal Government, a German Federal State, the EU or a member state of the OECD,
- another German government authority or a regional government or local authority of another Member State of the EU or another signatory state to the EEA Agreement, provided that, under the regulation on prudential requirements for credit institutions and investment firms, the claim can be treated in the same manner as a claim against the central state in whose territory the regional government or local authority is located,
- other public-law corporations or institutions located in Germany or in another Member State of the EU or another signatory state to the EEA Agreement,
- companies that have issued securities which are admitted to trading on an organised market within the EEA or which are admitted to trading on another regulated market that meets the basic requirements for “regulated markets” according to the Directive on markets in financial instruments, as last amended, or
- other debtors, provided that one of the entities in a) to c) guarantee the payment of interest and repayment. | en | de |
DOLFIN513 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Obligations (suite) ITALIE (suite)
Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs (suite)
Obligations (suite) LUXEMBOURG (suite) | Bonos (continuación) ITALIA (continuación)
Valores mobiliarios e instrumentos del mercado monetario admitidos oficialmente a cotización en bolsa (continuación)
Bonos (continuación) LUXEMBURGO (continuación) | Obligations (suite) ITALIE (suite)
Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse de valeurs (suite)
Obligations (suite) LUXEMBOURG (suite) | fr | es |
DOLFIN514 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Potential investors who choose or are obliged under local regulations to pay or receive subscription or redemption monies via an intermediary entity (e.g. a paying agent) bear a credit risk against that intermediary entity with respect to:
- subscription monies for so long as such monies are held in an account with or in the name of such intermediary entity; and
- redemption monies paid by the Company to such intermediary entity and payable to the relevant investor.
-
###### Dependence on Key Personnel | Potenzielle Anleger, die dafür optieren oder gemäß den örtlichen Bestimmungen verpflichtet sind, Zeichnungs- oder Rücknahmegelder über einen Intermediär (z. B. eine Zahlstelle) zu zahlen oder zu vereinnahmen, unterliegen einem Kreditrisiko gegenüber dem Intermediär in Bezug auf:
- Zeichnungsgelder, solange diese Gelder auf einem Konto bei diesem Intermediär oder auf einem auf den Namen dieses Intermediärs laufenden Konto gehalten werden; und
- Rücknahmegelder, die von der Gesellschaft an einen solchen Intermediär zur Auszahlung an den betreffenden Anleger gezahlt werden.
-
###### Abhängigkeit von Mitarbeitern in Schlüsselpositionen | Potential investors who choose or are obliged under local regulations to pay or receive subscription or redemption monies via an intermediary entity (e.g. a paying agent) bear a credit risk against that intermediary entity with respect to:
- subscription monies for so long as such monies are held in an account with or in the name of such intermediary entity; and
- redemption monies paid by the Company to such intermediary entity and payable to the relevant investor.
-
###### Dependence on Key Personnel | en | de |
DOLFIN515 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Advance lump sums
The advance lump sum is the amount which the distributions of the Fund exceed the basic income for this calendar year by within a calendar year. The basic income is calculated by multiplying the redemption price of the unit at the beginning of a calendar year at 70% of the basic interest rate, which is derived from the potential long-term return from public bonds. The basic income is limited to the surplus arising between the first and last redemption price fixed in the calendar year plus the distributions within the calendar year. The advance lump sum is reduced by one twelfth for each full month that precedes the month of the acquisition in the year the units are acquired. The advance lump sum is deemed to have been accrued on the first working day of the following calendar year.
Advance lump sums are generally taxable. However, advance lump sums may remain partially tax-exempt (partial exemption) if the Fund meets the German Investment Tax Act requirements for an equity fund or a mixed fund. These requirements must also arise from the investment conditions.
The taxable advance lump sums are generally subject to a tax deduction of 25% (plus the solidarity surcharge and church tax as applicable).
If an investor keeps the units in a domestic securities account, the institution maintaining the securities account (as the Paying Agent) will not deduct tax if, before the time of accrual, it receives an exemption order for a sufficient amount issued in accordance with the official template or a non-assessment certificate issued by the tax authorities for a maximum period of three years. No tax is levied in this case. Otherwise, the investor must provide the domestic institution maintaining the securities account with the amount of the tax to be paid. For this purpose, the institution maintaining the securities account may recover the amount of the tax to be paid from an account held by it and which is in the name of the investor without the investor’s consent. Unless otherwise stipulated by the investor before the advance lump-sum amount accrues, the institution maintaining the securities account may withdraw the amount of the tax to be paid from one of the accounts in the name of the investor, unless an overdraft agreed with the investor for this account has been used. If the investor does not fulfil their obligation to provide the amount of tax to be paid to the domestic institution maintaining the securities account, this institution must notify the competent tax office to that effect. The investor must specify the advance lump sum in this case in its income tax return. | ###### Vorabpauschalen
Die Vorabpauschale ist der Betrag, um den die Ausschüttungen des Fonds innerhalb eines Kalenderjahrs den Basisertrag für dieses Kalenderjahr unterschreiten. Der Basisertrag wird durch Multiplikation des Rücknahmepreises des Anteils zu Beginn eines Kalenderjahrs mit 70 Prozent des Basiszinses, der aus der langfristig erzielbaren Rendite öffentlicher Anleihen abgeleitet wird, ermittelt. Der Basisertrag ist auf den Mehrbetrag begrenzt, der sich zwischen dem ersten und dem letzten im Kalenderjahr festgesetzten Rücknahmepreis zuzüglich der Ausschüttungen innerhalb des Kalenderjahrs ergibt. Im Jahr des Erwerbs der Anteile vermindert sich die Vorabpauschale um ein Zwölftel für jeden vollen Monat, der dem Monat des Erwerbs vorangeht. Die Vorabpauschale gilt am ersten Werktag des folgenden Kalenderjahres als zugeflossen.
Vorabpauschalen sind grundsätzlich steuerpflichtig. Vorabpauschalen können jedoch teilweise steuerfrei bleiben (sog. Teilfreistellung), wenn der Fonds die Voraussetzungen des Investmentsteuergesetzes für einen Aktienfonds oder für einen Mischfonds erfüllt. Diese Voraussetzungen müssen sich auch aus den Anlagebedingungen ergeben.
Die steuerpflichtigen Vorabpauschalen unterliegen i.d.R. dem Steuerabzug in Höhe von 25 Prozent (zuzüglich gegebenenfalls Solidaritätszuschlag und gegebenenfalls Kirchensteuer).
Verwahrt der Anleger die Anteile in einem inländischen Depot, so nimmt die depotführende Stelle als Zahlstelle vom Steuerabzug Abstand, wenn ihr vor dem Zuflusszeitpunkt ein in ausreichender Höhe ausgestellter Freistellungsauftrag nach amtlichem Muster oder eine NV-Bescheinigung, die vom Finanzamt für die Dauer von maximal drei Jahren erteilt wird, vorgelegt wird. In diesem Fall wird keine Steuer abgeführt. Andernfalls hat der Anleger der inländischen depotführenden Stelle den Betrag der abzuführenden Steuer zur Verfügung zu stellen. Zu diesem Zweck darf die depotführende Stelle den Betrag der abzuführenden Steuer von einem bei ihr unterhaltenen und auf den Namen des Anlegers lautenden Kontos ohne Einwilligung des Anlegers einziehen. Soweit der Anleger nicht vor Zufluss der Vorabpauschale widerspricht, darf die depotführende Stelle insoweit den Betrag der abzuführenden Steuer von einem auf den Namen des Anlegers lautenden Konto einziehen, wie ein mit dem Anleger vereinbarter Kontokorrentkredit für dieses Konto nicht in Anspruch genommen wurde. Soweit der Anleger seiner Verpflichtung, den Betrag der abzuführenden Steuer der inländischen depotführenden Stelle zur Verfügung zu stellen, nicht nachkommt, hat die depotführende Stelle dies dem für sie zuständigen Finanzamt anzuzeigen. Der Anleger muss in diesem Fall die Vorabpauschale insoweit in seiner Einkommensteuererklärung angeben. | ###### Advance lump sums
The advance lump sum is the amount which the distributions of the Fund exceed the basic income for this calendar year by within a calendar year. The basic income is calculated by multiplying the redemption price of the unit at the beginning of a calendar year at 70% of the basic interest rate, which is derived from the potential long-term return from public bonds. The basic income is limited to the surplus arising between the first and last redemption price fixed in the calendar year plus the distributions within the calendar year. The advance lump sum is reduced by one twelfth for each full month that precedes the month of the acquisition in the year the units are acquired. The advance lump sum is deemed to have been accrued on the first working day of the following calendar year.
Advance lump sums are generally taxable. However, advance lump sums may remain partially tax-exempt (partial exemption) if the Fund meets the German Investment Tax Act requirements for an equity fund or a mixed fund. These requirements must also arise from the investment conditions.
The taxable advance lump sums are generally subject to a tax deduction of 25% (plus the solidarity surcharge and church tax as applicable).
If an investor keeps the units in a domestic securities account, the institution maintaining the securities account (as the Paying Agent) will not deduct tax if, before the time of accrual, it receives an exemption order for a sufficient amount issued in accordance with the official template or a non-assessment certificate issued by the tax authorities for a maximum period of three years. No tax is levied in this case. Otherwise, the investor must provide the domestic institution maintaining the securities account with the amount of the tax to be paid. For this purpose, the institution maintaining the securities account may recover the amount of the tax to be paid from an account held by it and which is in the name of the investor without the investor’s consent. Unless otherwise stipulated by the investor before the advance lump-sum amount accrues, the institution maintaining the securities account may withdraw the amount of the tax to be paid from one of the accounts in the name of the investor, unless an overdraft agreed with the investor for this account has been used. If the investor does not fulfil their obligation to provide the amount of tax to be paid to the domestic institution maintaining the securities account, this institution must notify the competent tax office to that effect. The investor must specify the advance lump sum in this case in its income tax return. | en | de |
DOLFIN516 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Deduction of Tax
Tax will be deducted and remitted to the Revenue Commissioners of Ireland by the Company from any distributions made by the Company to an Irish Resident Shareholder who is not an Exempt Irish Resident at the rate of 41 per cent.
Tax will also be deducted by the Company and remitted to the Revenue Commissioners of Ireland from any gain arising on an encashment, repurchase, redemption, cancellation or other disposal of Shares by such a Shareholder at the rate of 41 per cent. Any gain will be computed as the difference between the value of the Shareholder’s investment in the Company at the date of the chargeable event and the original cost of the investment as calculated under special rules.
Where the Shareholder is an Irish resident company and the Company is in possession of a relevant declaration from the Shareholder that it is a company and which includes the company’s tax reference number, tax will be deducted by the Company from any distributions made by the Company to the Shareholder and from any gains arising on an encashment, repurchase, redemption, cancellation or other disposal of shares by the Shareholder at the rate of 25 per cent. | ## Retenue de l’impôt
La Société retiendra et remettra l’impôt à la direction générale des impôts irlandaise au titre de toute distribution qu’elle versera à tout Actionnaire résident irlandais qui n’est pas exempté au taux de 41 %.
La Société retiendra également l’impôt et le remettra à la direction générale des impôts irlandais au titre de toute plus-value provenant de l’encaissement, du rachat, du remboursement, de l’annulation ou de toute autre cession d’Actions par un Actionnaire au taux de 41 %. Une plus-value se déterminera par l’écart positif entre la valeur de l’investissement de l’Actionnaire dans la Société à la date du fait générateur de l’impôt et le coût initial de cet investissement calculé selon les règles spéciales.
Lorsque l’Actionnaire est une société résidente irlandaise et que la Société est en possession d'une déclaration de l'Actionnaire établissant son statut de société et mentionnant son numéro d'enregistrement fiscal, alors la Société retiendra l’impôt sur toute distribution au profit de l'Actionnaire et au titre de toute plus-value provenant de l’encaissement, du rachat, du remboursement, de l'annulation ou de toute autre cession d’actions par un Actionnaire, au taux de 25 %. | ## Deduction of Tax
Tax will be deducted and remitted to the Revenue Commissioners of Ireland by the Company from any distributions made by the Company to an Irish Resident Shareholder who is not an Exempt Irish Resident at the rate of 41 per cent.
Tax will also be deducted by the Company and remitted to the Revenue Commissioners of Ireland from any gain arising on an encashment, repurchase, redemption, cancellation or other disposal of Shares by such a Shareholder at the rate of 41 per cent. Any gain will be computed as the difference between the value of the Shareholder’s investment in the Company at the date of the chargeable event and the original cost of the investment as calculated under special rules.
Where the Shareholder is an Irish resident company and the Company is in possession of a relevant declaration from the Shareholder that it is a company and which includes the company’s tax reference number, tax will be deducted by the Company from any distributions made by the Company to the Shareholder and from any gains arising on an encashment, repurchase, redemption, cancellation or other disposal of shares by the Shareholder at the rate of 25 per cent. | en | fr |
DOLFIN517 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or a financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or a financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on purchases and sales of securities and other investments are included in net gain/(loss) on financial assets/liabilities at fair value through profit or loss in the Statement of Comprehensive Income account. Separately identifiable Depositary transaction costs are borne by the Manager through the TER of the Sub-Funds of the ICAV as detailed in Note 5.
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###### Significant Accounting Policies (continued)
- Distribution PolicyThe ICAV may issue either or both distributing share classes and accumulating share classes. The Directors may declare dividends in respect of shares in any distributing class out of net income (including dividend and interest income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Sub- Fund. In the case of Sub-Funds with accumulating share classes, the Directors have determined to accumulate all net income (including dividend and interest income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Sub-Fund attributable to such accumulating classes and therefore do not intend to declare dividends in respect of shares in such classes.
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###### Significant Accounting Estimates and Judgements | Transaktionskosten sind als die Zusatzkosten definiert, die direkt dem Erwerb, der Ausgabe oder Veräußerung eines finanziellen Vermögenswerts oder einer finanziellen Verbindlichkeit zuzurechnen sind. Zusatzkosten sind Kosten, die nicht entstanden wären, wenn das Unternehmen das Finanzinstrument nicht erworben, ausgegeben oder veräußert hätte. Wenn ein finanzieller Vermögenswert oder eine finanzielle Verbindlichkeit erstmalig erfasst wird, bewertet ein Unternehmen sie erfolgswirksam zum beizulegenden Zeitwert zuzüglich Transaktionskosten, die direkt dem Erwerb oder der Ausgabe des finanziellen Vermögenswertes oder der finanziellen Verbindlichkeit zuzurechnen sind. Die Transaktionskosten für Käufe und Verkäufe von Wertpapieren und anderen Kapitalanlagen sind in der Gesamtergebnisrechnung unter Nettogewinn/(- verlust) aus erfolgswirksam zum beizulegenden Zeitwert bewerteten finanziellen Vermögenswerten/Verbindlichkeiten enthalten. Separat identifizierbare Transaktionskosten der Verwahrstelle werden von der Verwaltungsgesellschaft über die Gesamtkostenquote (TER) der Teilfonds der ICAV getragen, wie in Erläuterung 5 beschrieben.
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###### Wesentliche Bilanzierungsgrundsätze (Fortsetzung)
- AusschüttungspolitikDie ICAV kann sowohl ausschüttende Anteilklassen als auch thesaurierende Anteilklassen ausgeben. Der Verwaltungsrat kann für Anteile einer ausschüttenden Klasse Dividenden aus dem Nettoertrag (einschließlich Dividenden- und Zinserträgen) und/oder dem Überschuss realisierter und nicht realisierter Veräußerungsgewinne über realisierte und nicht realisierte Verluste für Anlagen des Teilfonds festsetzen. Für Teilfonds mit thesaurierenden Anteilklassen hat der Verwaltungsrat beschlossen, alle Nettoerträge (einschließlich Dividenden- und Zinserträge) und/oder den Überschuss realisierter und nicht realisierter Veräußerungsgewinne über realisierte und nicht realisierte Verluste für Anlagen des Teilfonds, die solchen thesaurierenden Klassen zuzurechnen sind, zu thesaurieren und daher keine Dividenden für Anteile solcher Klassen festzusetzen.
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###### Wesentliche rechnungslegungsrelevante Schätzungen und Beurteilungen | Transaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or a financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or a financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on purchases and sales of securities and other investments are included in net gain/(loss) on financial assets/liabilities at fair value through profit or loss in the Statement of Comprehensive Income account. Separately identifiable Depositary transaction costs are borne by the Manager through the TER of the Sub-Funds of the ICAV as detailed in Note 5.
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###### Significant Accounting Policies (continued)
- Distribution PolicyThe ICAV may issue either or both distributing share classes and accumulating share classes. The Directors may declare dividends in respect of shares in any distributing class out of net income (including dividend and interest income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Sub- Fund. In the case of Sub-Funds with accumulating share classes, the Directors have determined to accumulate all net income (including dividend and interest income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Sub-Fund attributable to such accumulating classes and therefore do not intend to declare dividends in respect of shares in such classes.
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###### Significant Accounting Estimates and Judgements | en | de |
DOLFIN518 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Volatility is a measure of the difference between the return on an asset and its average, which can be seen as the temperature of the financial markets. When we talk about volatility, we are talking either about achieved volatility, which is a measure of past volatility, or implicit volatility, which is a measure of the market's expectations of the future volatility of an underlying asset. In a stable market environment, the difference between implicit volatility and achieved volatility is very often positive, due to imbalances between supply and demand on the options market on the part of financial agents. The management objective is to use this volatility risk premium as a source of performance.
Thus, through their analysis and projections, the management team will focus on selling mainly options listed on different markets in order to take advantage of the persistent and structural overvaluation of this implicit volatility. The option selling strategies that will be implemented by the management team will be desensitised to changes in the underlyings of the options. They will cover different underlyings (mainly indices and futures) and different asset classes (equities, interest rates and currencies).
The UCI carries a sustainability risk, as defined in the risk profile.
This Fund actively manages exposure to volatility in different asset classes (equities, interest rates and currencies) using financial instruments (equity index, interest rate and currency derivatives) that make it materially difficult to manage the sustainability risk to which the Fund is exposed. It therefore does not take into account the negative impact of its investment decisions on sustainability factors.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
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### Description of the assets used (excluding derivatives) | Die Volatilität ist eine Maßzahl für den Renditespread eines Vermögenswerts im Vergleich zu seinem Mittelwert, die man als die Temperatur der Finanzmärkte ansehen kann. Wenn man von Volatilität spricht, spricht man entweder von realisierter Volatilität, wobei es sich um eine Maßzahl für die Volatilität in der Vergangenheit handelt, oder von impliziter Volatilität, was eine Maßzahl für die Markterwartungen bezüglich der künftigen Volatilität eines Basiswerts ist. In einem stabilen Marktumfeld ist die Differenz zwischen der impliziten Volatilität und der realisierten Volatilität sehr häufig positiv, was dem Ungleichgewicht zwischen Angebot und Nachfrage auf dem Optionsmarkt vonseiten der Finanzmarktteilnehmer geschuldet ist. Das Anlageziel besteht in der Nutzung dieser Volatilitätsrisikoprämie als Performancequelle.
So wird sich das Verwaltungsteam bei seinen Analysen und Prognosen darauf konzentrieren, überwiegend Optionen, die an unterschiedlichen Märkten notiert sind, mit dem Ziel zu verkaufen, von der anhaltenden und strukturellen Überbewertung dieser impliziten Volatilität zu profitieren. Die durch das Verwaltungsteam umgesetzten Optionsverkaufsstrategien werden gegenüber der Veränderung der Basiswerte der Optionen desensibilisiert. Sie beziehen sich auf unterschiedliche Basiswerte (überwiegend Indizes und Futures) und auf unterschiedliche Anlageklassen (Aktien, Zinssätze und Devisen).
L’OPC est soumis à un risque en matière de durabilité tel que défini dans le profil de risque.
Ce fonds gère de manière active l'exposition à la volatilité de différentes classes d'actifs (actions, taux et devises) en utilisant des instruments financiers (dérivés sur indices actions, sur taux et devises) qui rendent matériellement difficile la gestion du risque de durabilité auquel est soumis le fonds. Il ne prend donc pas en compte les incidences négatives de ses décisions d'investissement sur les facteurs de durabilité.
Der OGA berücksichtigt nicht die Nachhaltigkeit von Wirtschaftstätigkeiten auf ökologischer Ebene im Sinne der Taxonomie-Verordnung und somit auch nicht die diesbezüglichen Kriterien der Europäischen Union.
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### Beschreibung der verwendeten Vermögensgegenstände (ohne Derivate) | Volatility is a measure of the difference between the return on an asset and its average, which can be seen as the temperature of the financial markets. When we talk about volatility, we are talking either about achieved volatility, which is a measure of past volatility, or implicit volatility, which is a measure of the market's expectations of the future volatility of an underlying asset. In a stable market environment, the difference between implicit volatility and achieved volatility is very often positive, due to imbalances between supply and demand on the options market on the part of financial agents. The management objective is to use this volatility risk premium as a source of performance.
Thus, through their analysis and projections, the management team will focus on selling mainly options listed on different markets in order to take advantage of the persistent and structural overvaluation of this implicit volatility. The option selling strategies that will be implemented by the management team will be desensitised to changes in the underlyings of the options. They will cover different underlyings (mainly indices and futures) and different asset classes (equities, interest rates and currencies).
The UCI carries a sustainability risk, as defined in the risk profile.
This Fund actively manages exposure to volatility in different asset classes (equities, interest rates and currencies) using financial instruments (equity index, interest rate and currency derivatives) that make it materially difficult to manage the sustainability risk to which the Fund is exposed. It therefore does not take into account the negative impact of its investment decisions on sustainability factors.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
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### Description of the assets used (excluding derivatives) | en | de |
DOLFIN519 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide an attractive real level of income and capital growth. Real income is the income after adjusting for inflation.
- The fund will invest at least 70% in inflation-linked bonds, nominal bonds and other bonds of issuers worldwide across developed and emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund will utilise a range of strategies from within, amongst others, the global inflation-linked, interest rate and credit markets. These strategies may include active yield curve strategies, sector rotation, security selection, relative value management and duration management.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund’s investments include investment grade and non-investment grade assets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes and may invest less than 30% in Money Market Instruments and bank deposits, up to 25% in convertible bonds and up to 10% in shares of companies and other participations rights.
- The fund may use derivatives or complex derivatives or strategies to meet its investment objectives in line with the fund's risk profile. The fund will use derivatives, including but not limited to, interest rate, inflation swaps, currency derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un nivel real de renta que resulte atractivo, además de crecimiento del capital. La renta real son los ingresos tras el ajuste por inflación.
- El fondo invertirá al menos el 70 % en bonos vinculados a la inflación, bonos nominales y otros bonos de emisores de todo el mundo en los mercados desarrollados y emergentes.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El fondo utilizará diversas estrategias pertenecientes, entre otros, a los mercados mundiales de crédito, de tipos de interés y vinculados a la inflación. Entre ellas podrá haber estrategias activas de curva de rentabilidad, rotación de sectores, selección de valores, gestión del valor relativo y gestión de la duración.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Las inversiones del fondo incluirán activos con calificación de grado especulativo y con grado de inversión.
- El fondo tiene libertad para invertir fuera de sus principales zonas geográficas, sectores del mercado, industrias o clases de activos, y podrá invertir menos del 30 % en Instrumentos del Mercado Monetario y depósitos bancarios, hasta un 25 % en bonos convertibles y hasta un 10 % en acciones de empresas y otros derechos de participación.
- El Subfondo podrá utilizarestrategias o instrumentos derivados, también aquellos complejos, con el fin de lograr su objetivo de inversión en consonancia con su perfil de riesgo. El Subfondo utilizará derivados, incluidos, entre otros, permutas de tipos de interés e inflación o derivados sobre divisas, con el fin de lograr una exposición indirecta a los activos principales anteriormente indicados, para generar capital adicional o ingresos en consonancia con su perfil de riesgo o con el objetivo de reducir el riesgo o los costes.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- Puede que las posiciones activas en divisas, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide an attractive real level of income and capital growth. Real income is the income after adjusting for inflation.
- The fund will invest at least 70% in inflation-linked bonds, nominal bonds and other bonds of issuers worldwide across developed and emerging markets.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund will utilise a range of strategies from within, amongst others, the global inflation-linked, interest rate and credit markets. These strategies may include active yield curve strategies, sector rotation, security selection, relative value management and duration management.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund’s investments include investment grade and non-investment grade assets.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes and may invest less than 30% in Money Market Instruments and bank deposits, up to 25% in convertible bonds and up to 10% in shares of companies and other participations rights.
- The fund may use derivatives or complex derivatives or strategies to meet its investment objectives in line with the fund's risk profile. The fund will use derivatives, including but not limited to, interest rate, inflation swaps, currency derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg World Government Inflation Linked 1-10 Year Index (Hedged GBP) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN520 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The Sub-Fund may invest in the following, up to the portion of net assets shown:
- mortgage and asset backed securities: one third
- money market instruments: one third
- convertible securities: one quarterThe Sub-Fund may invest its net assets in 144A securities, in a substantial way depending on the opportunity. | ###### El subfondo también podrá realizar las siguientes inversiones, dentro del límite indicado del patrimonio neto:
- Valores respaldados por hipotecas y activos: un tercio
- Instrumentos del mercado monetario: un tercio
- Títulos convertibles: un cuartoEl subfondo podrá invertir su patrimonio neto en los títulos a los que se refiere la norma 144A, de una forma sustancial a tenor de la oportunidad. | ###### The Sub-Fund may invest in the following, up to the portion of net assets shown:
- mortgage and asset backed securities: one third
- money market instruments: one third
- convertible securities: one quarterThe Sub-Fund may invest its net assets in 144A securities, in a substantial way depending on the opportunity. | en | es |
DOLFIN521 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This duration corresponds to the period during which you must remain invested in the Product to obtain a potential return while minimizing the risk of losses. This duration is linked to the asset mix, the management objective, and the investment strategy of your Product.
You can request the sale of your Product everyday. You may receive less than expected if you cash in earlier than the recommended holding period. The recommended holding period is an estimate and must not be taken as a guarantee or an indication of future performance, return or risk levels.
For all shares redeemed within one year from the date of their subscription may be levied a contingent deferred sales charge (“CDSC”) of 1% that may be paid when you sell or redeem your shares. CDSCs are usually paid to the financial institution through which your subscription was made. | Questo corrisponde al periodo durante il quale l'investitore deve mantenere l'investimento nel Prodotto per ottenere un potenziale rendimento, riducendo al minimo il rischio di perdite. Tale periodo è correlato alla composizione del portafoglio, all'obiettivo di gestione e alla strategia d'investimento del Prodotto.
È possibile richiedere la vendita del Prodotto ogni giorno. In caso di disinvestimento anticipato rispetto al periodo di detenzione raccomandato, l'importo ricevuto potrebbe essere inferiore al previsto. Il periodo di detenzione raccomandato è una stima e non deve essere considerato come una garanzia o un'indicazione di performance, rendimento o livelli di rischio futuri.
Per tutte le azioni rimborsate entro un anno dalla data di sottoscrizione può essere applicata una commissione di vendita differita contingente ("CDSC") dell'1% da corrispondere al momento della vendita o del rimborso delle azioni. Le CDSC vengono solitamente versate all'istituto finanziario attraverso il quale è stata effettuata la sottoscrizione. | This duration corresponds to the period during which you must remain invested in the Product to obtain a potential return while minimizing the risk of losses. This duration is linked to the asset mix, the management objective, and the investment strategy of your Product.
You can request the sale of your Product everyday. You may receive less than expected if you cash in earlier than the recommended holding period. The recommended holding period is an estimate and must not be taken as a guarantee or an indication of future performance, return or risk levels.
For all shares redeemed within one year from the date of their subscription may be levied a contingent deferred sales charge (“CDSC”) of 1% that may be paid when you sell or redeem your shares. CDSCs are usually paid to the financial institution through which your subscription was made. | en | it |
DOLFIN522 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The Directors may from time to time elect or remove a chairmanchairperson and, if they think fit, a deputy chairmanchairperson and determine the period for which they respectively are to hold office.
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## Article 25(e) of the Articles of Association shall be amended as follows: | # Il Consiglio di amministrazione può di volta in volta eleggere o rimuovere un presidente e, ove ritenuto opportuno, un vicepresidente e stabilire la durata del loro rispettivo mandato.
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## Si modifica l’articolo 25(e) dello Statuto come segue: | # The Directors may from time to time elect or remove a chairmanchairperson and, if they think fit, a deputy chairmanchairperson and determine the period for which they respectively are to hold office.
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## Article 25(e) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN523 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Each sub-fund is permitted to cumulatively invest 20% of its net sub-fund assets in securities and money market instruments of one and the same corporate group.
- Irrespective of the investment limits set out in Article 48 of the Law of 17 December 2010, the Management Company can, for the respective sub-fund, raise the upper limit specified in Article 43 of the Law of 17 December 2010 for investments in equities and/or debt instruments of one and the same issuer to a maximum of 20% of the sub-fund’s net assets if the objective of the sub-fund’s investment policy is to track an equity or debt instrument index recognised by the Luxembourg supervisory authority. However, the prerequisite for this is that:
- the composition of the index is sufficiently diversified;
- the index presents an adequate base level for the market to which it refers, and
- the index is published in a suitable manner. | #### Der jeweilige Teilfonds darf kumulativ 20 % seines Netto-Teilfondsvermögens in Wertpapiere und Geld- marktinstrumente ein und derselben Unternehmensgruppe investieren.
- Unbeschadet der in Artikel 48 des Gesetzes vom 17. Dezember 2010 festgelegten Anlagegrenzen kann die Verwaltungsgesellschaft für den jeweiligen Teilfonds die in Artikel 43 des Gesetzes vom 17. Dezember 2010 genannten Obergrenzen für Anlagen in Aktien und/oder Schuldtitel ein und desselben Emittenten auf höchs- tens 20 % des Netto-Teilfondsvermögens anheben, wenn die Nachbildung eines von der Luxemburger Auf- sichtsbehörde anerkannten Aktien- oder Schuldtitelindex das Ziel der Anlagepolitik des jeweiligen Teilfonds ist. Voraussetzung hierfür ist jedoch, dass:
- die Zusammensetzung des Index hinreichend diversifiziert ist;
- der Index eine adäquate Bezugsgrundlage für den Markt darstellt, auf den er sich bezieht, und
- der Index in angemessener Weise veröffentlicht wird. | #### Each sub-fund is permitted to cumulatively invest 20% of its net sub-fund assets in securities and money market instruments of one and the same corporate group.
- Irrespective of the investment limits set out in Article 48 of the Law of 17 December 2010, the Management Company can, for the respective sub-fund, raise the upper limit specified in Article 43 of the Law of 17 December 2010 for investments in equities and/or debt instruments of one and the same issuer to a maximum of 20% of the sub-fund’s net assets if the objective of the sub-fund’s investment policy is to track an equity or debt instrument index recognised by the Luxembourg supervisory authority. However, the prerequisite for this is that:
- the composition of the index is sufficiently diversified;
- the index presents an adequate base level for the market to which it refers, and
- the index is published in a suitable manner. | en | de |
DOLFIN524 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The fund remains positioned for a constructive outlook on risk assets. The average length of a business cycle is seven years. We are in year two of the current business cycle, which means it is still early days. Obviously, the last recession was atypical because it was the result of an exogenous shock and risk assets are again quite expensive. Therefore, two conditions need to be met to remain bullish. First, given the high level of valuations, companies need to show progress in earnings above expectations and secondly, interest rates should not run up too high because it would resemble tapering, which could make markets increasingly nervous. As such, the main focus will be on quarterly earnings statements and central bank action and comments.
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## Synthetic risk and reward indicator | Le fonds reste positionné pour une perspective constructive sur les actifs à risque. Un cycle économique s’étend en moyenne sur sept ans. Nous sommes dans la deuxième année du cycle actuel, ce qui signifie que ce dernier ne fait encore que commencer. De toute évidence, la dernière récession était atypique dans la mesure où elle résultait d'un choc exogène, et les actifs à risque sont à nouveau assez onéreux. Par conséquent, deux conditions doivent être réunies pour conserver une orientation haussière. Premièrement, compte tenu du niveau élevé des valorisations, les entreprises doivent afficher une croissance bénéficiaire supérieure aux attentes et, deuxièmement, les taux d'intérêt ne doivent pas monter trop haut, sous peine d’évoquer un « tapering » et de rendre les marchés de plus en plus nerveux. Ainsi, l'attention portera principalement sur les déclarations de résultats trimestriels et sur les actions et commentaires des banques centrales.
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## Indicateur synthétique de risque et rendement | The fund remains positioned for a constructive outlook on risk assets. The average length of a business cycle is seven years. We are in year two of the current business cycle, which means it is still early days. Obviously, the last recession was atypical because it was the result of an exogenous shock and risk assets are again quite expensive. Therefore, two conditions need to be met to remain bullish. First, given the high level of valuations, companies need to show progress in earnings above expectations and secondly, interest rates should not run up too high because it would resemble tapering, which could make markets increasingly nervous. As such, the main focus will be on quarterly earnings statements and central bank action and comments.
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## Synthetic risk and reward indicator | en | fr |
DOLFIN525 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Company may have one or several shareholders. The death or the dissolution of the sole shareholder (or any other shareholder) shall not lead to the dissolution of the Company.
The capital of the Company shall be represented by fully paid up shares of no par value and shall at any time be equal to the total net assets of the Company pursuant to Article 11 hereof. The minimum capital shall be as provided by law, i.e. one million two hundred and fifty thousand euro (EUR 1.250,000.-).
The shares to be issued pursuant to Article 7 hereof may, as the board of directors shall determine, be of different classes, so as to correspond to (i) a specific sales and redemption charge structure and/or (ii) a specific management or advisory fee structure and/or (iii) different distribution, shareholders servicing or other fees and/or (iv) different types of targeted investors and/or (v) such other features as may be determined by the board of directors from time to time. The proceeds of the issue of each class of shares shall be invested in transferable securities of any kind and other assets permitted by law pursuant to the investment policy determined by the board of directors for the Sub-Fund (as defined hereinafter) established in respect of the relevant class or classes of shares, subject to the investment restrictions provided by law or determined by the board of directors.
The board of directors shall establish a portfolio of assets constituting a sub-fund (each a "Sub- Fund" and together the "Sub-Funds") within the meaning of Article 181 of the Law of 2010 for one class of shares or for multiple classes of shares in the manner described in Article 11 hereof. The Company constitutes a single legal entity. However, for the purpose of the relations as between shareholders, each Sub-Fund will be deemed to be a separate entity. With regard to third parties, the assets of each Sub-Fund will only meet the liabilities, commitments and obligations relating to such Sub-Fund.
The board of directors may create each Sub-Fund for an unlimited or limited period of time; in the latter case, the board of directors may, at the expiry of the initial period of time, prorogue the duration of the relevant Sub-Fund once or several times. At the expiry of the duration of a Sub-Fund, the Company shall redeem all the shares in the relevant class(es) of shares, in accordance with Article 8 below, notwithstanding the provisions of Article 24 below.
At each prorogation of a Sub-Fund, the registered shareholders shall be duly notified in writing, by a notice sent to their registered address as recorded in the register of shares of the Company. The Company shall inform the bearer shareholders by a notice published in newspapers to be determined by the board of directors, unless these shareholders and their addresses are known to the Company. The sales documents for the shares of the Company shall indicate the duration of each Sub-Fund and, if appropriate, its prorogation.
For the purpose of determining the capital of the Company, the net assets attributable to each class of shares shall, if not expressed in euro, be converted into euro and the capital shall be the total of the net assets of all the classes of shares. | # La Société peut avoir un ou plusieurs actionnaires. Le décès ou la dissolution de l’actionnaire unique (ou de tout autre actionnaire) n’entraînera pas la dissolution de la Société.
Le capital de la Société sera représenté par des actions entièrement libérées, sans mention de valeur, et sera à tout moment égal à la somme des actifs nets de la Société conformément à l’Article 11 des présents Statuts. Le capital minimum sera celui prévu par la loi, soit actuellement un million deux cent cinquante mille euros (EUR 1.250.000,-).
Les actions à émettre conformément à l’article 7 des présents Statuts pourront être émises, au choix du conseil d’administration, au titre de différentes classes, afin de correspondre à (i) une structure spécifique de frais de vente ou de rachat, et/ou (ii) une structure spécifique de frais de gestion ou de conseil en investissements, et/ou (iii) une structure spécifique de frais de distribution, de service à l’actionnariat ou autres, et/ou (iv) différents types d’investisseurs cibles et/ou (v) toutes autres caractéristiques que le conseil d’administration établira en temps opportun. Le produit de toute émission d’actions relevant d’une classe déterminée sera investi en valeurs de quelque nature que ce soit et en autres avoirs autorisés par la loi conformément à la politique d’investissement déterminée par le conseil d’administration pour les Compartiments (tels que définis ci-après), établis pour la (les) classe(s) d’actions concernée(s), compte tenu des restrictions d’investissement prévues par la loi ou déterminées par le conseil d’administration.
Le conseil d’administration établira une masse d’avoirs constituant un compartiment (chacun un "Compartiment" et ensemble les "Compartiments"), au sens de l’article 181 de la Loi de 2010, correspondant à une classe d’actions ou à plusieurs classes d’actions, comme décrit à l’article 11 des présents Statuts. La Société constitue une seule et même entité juridique. Cependant, en ce qui concerne les relations entre actionnaires, chaque Compartiment est traité comme une entité à part. Vis-à-vis des tiers, les actifs de chaque Compartiment ne répondent que des dettes, engagements et obligations qui concernent ce Compartiment.
Le conseil d’administration peut créer chaque Compartiment pour une durée illimitée ou limitée; dans le dernier cas, à l’expiration de la durée initiale du Compartiment, le conseil d’administration pourra proroger une ou plusieurs fois la durée du Compartiment concerné. A l’expiration de la durée d’un Compartiment, la Société procédera au rachat de toutes les actions de la (des) classes d’actions concernée(s), conformément à l’Article 8 ci-dessous, nonobstant les dispositions de l’Article 24 ci-dessous.
Lors de chaque prorogation d’un Compartiment, les actionnaires nominatifs seront dûment informés par écrit au moyen d’un avis envoyé à leur adresse telle qu’elle apparaît au registre des actionnaires de la Société. La Société devra aviser les actionnaires au porteur par la publication d’un avis dans les journaux jugés adéquats par le conseil d’administration, sauf si la Société connaît le nom et l’adresse de ces actionnaires. Les documents de vente des actions de la Société indiqueront la durée de chaque Compartiment et, le cas échéant, sa prorogation.
Pour déterminer le capital de la Société, les avoirs nets correspondant à chaque classe d’actions seront, s’ils ne sont pas exprimés en euros, convertis en euros et le capital sera égal au total des avoirs nets de toutes les classes d’actions. | # The Company may have one or several shareholders. The death or the dissolution of the sole shareholder (or any other shareholder) shall not lead to the dissolution of the Company.
The capital of the Company shall be represented by fully paid up shares of no par value and shall at any time be equal to the total net assets of the Company pursuant to Article 11 hereof. The minimum capital shall be as provided by law, i.e. one million two hundred and fifty thousand euro (EUR 1.250,000.-).
The shares to be issued pursuant to Article 7 hereof may, as the board of directors shall determine, be of different classes, so as to correspond to (i) a specific sales and redemption charge structure and/or (ii) a specific management or advisory fee structure and/or (iii) different distribution, shareholders servicing or other fees and/or (iv) different types of targeted investors and/or (v) such other features as may be determined by the board of directors from time to time. The proceeds of the issue of each class of shares shall be invested in transferable securities of any kind and other assets permitted by law pursuant to the investment policy determined by the board of directors for the Sub-Fund (as defined hereinafter) established in respect of the relevant class or classes of shares, subject to the investment restrictions provided by law or determined by the board of directors.
The board of directors shall establish a portfolio of assets constituting a sub-fund (each a "Sub- Fund" and together the "Sub-Funds") within the meaning of Article 181 of the Law of 2010 for one class of shares or for multiple classes of shares in the manner described in Article 11 hereof. The Company constitutes a single legal entity. However, for the purpose of the relations as between shareholders, each Sub-Fund will be deemed to be a separate entity. With regard to third parties, the assets of each Sub-Fund will only meet the liabilities, commitments and obligations relating to such Sub-Fund.
The board of directors may create each Sub-Fund for an unlimited or limited period of time; in the latter case, the board of directors may, at the expiry of the initial period of time, prorogue the duration of the relevant Sub-Fund once or several times. At the expiry of the duration of a Sub-Fund, the Company shall redeem all the shares in the relevant class(es) of shares, in accordance with Article 8 below, notwithstanding the provisions of Article 24 below.
At each prorogation of a Sub-Fund, the registered shareholders shall be duly notified in writing, by a notice sent to their registered address as recorded in the register of shares of the Company. The Company shall inform the bearer shareholders by a notice published in newspapers to be determined by the board of directors, unless these shareholders and their addresses are known to the Company. The sales documents for the shares of the Company shall indicate the duration of each Sub-Fund and, if appropriate, its prorogation.
For the purpose of determining the capital of the Company, the net assets attributable to each class of shares shall, if not expressed in euro, be converted into euro and the capital shall be the total of the net assets of all the classes of shares. | en | fr |
DOLFIN526 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### The fund’s objective is to outperform its reference indicator over a recommended investment horizon of five years.
The fund’s active, flexible management approach focuses on emerging equity markets (though not to the exclusion of other international markets) as well as foreign exchange and fixed income markets, and is based on how the portfolio manager expects economic conditions and the markets to evolve.
The fund seeks to invest sustainably and applies a socially responsible investment approach. The ways in which the socially responsible investment approach is followed are described in annexe “Environmental and/or social characteristics” below, and can be found on www.carmignac.com | ###### Il fondo punta a sovraperformare il proprio indice di riferimento nell'orizzonte temporale raccomandato di 5 anni.
La gestione attiva e flessibile si concentra principalmente sui mercati azionari emergenti, senza escludere gli altri mercati internazionali, ma anche sui mercati valutari e del reddito fisso, e si basa sulle previsioni del gestore riguardo all'evoluzione del contesto economico e del mercato.
Inoltre, il fondo cerca di investire in modo sostenibile e adotta un approccio di investimento socialmente responsabile. Le modalità di applicazione dell'approccio di investimento socialmente responsabile sono descritte nell'allegato “Caratteristiche ambientali e/o sociali” che segue e sono disponibili sul sito www.carmignac.com. | ###### The fund’s objective is to outperform its reference indicator over a recommended investment horizon of five years.
The fund’s active, flexible management approach focuses on emerging equity markets (though not to the exclusion of other international markets) as well as foreign exchange and fixed income markets, and is based on how the portfolio manager expects economic conditions and the markets to evolve.
The fund seeks to invest sustainably and applies a socially responsible investment approach. The ways in which the socially responsible investment approach is followed are described in annexe “Environmental and/or social characteristics” below, and can be found on www.carmignac.com | en | it |
DOLFIN527 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### § 15 Risk diversification
- The regulations on risk diversification must include the following:
- investments pursuant to § 8, with the exception of index-based derivatives, provided the index is sufficiently diversified, is representative of the market it relates to and is published in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties arising from OTC transactions. | ##### Anlagebeschränkungen betreffend den Anlagefonds
- In die Risikoverteilungsvorschriften sind einzubeziehen:
- Anlagen gemäss § 8, mit Ausnahme der indexbasierten Derivate, sofern der Index hinreichend diversifiziert ist und für den Markt, auf den er sich bezieht repräsentativ ist und in angemessener Weise veröffentlicht wird;
- flüssige Mittel gemäss § 9
- Forderungen gegen Gegenparteien aus OTC-Geschäften; | #### § 15 Risk diversification
- The regulations on risk diversification must include the following:
- investments pursuant to § 8, with the exception of index-based derivatives, provided the index is sufficiently diversified, is representative of the market it relates to and is published in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties arising from OTC transactions. | en | de |
DOLFIN528 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## RISKS
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. | ## RISCHIO
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. | ## RISKS
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. | en | it |
DOLFIN529 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Establishment Expenses
All fees and expenses relating to the establishment and organisation of the ICAV and the initial Fund of the ICAV including the fees of the ICAV’s professional advisers will be borne by the ICAV. Such fees and expenses are estimated to amount to €50,000 and may be amortised over the first Accounting Period of the ICAV or such other period as the Directors may determine and in such manner as the Directors in their absolute discretion deem fair.
The fees and expenses relating to the establishment of a Fund shall be borne by the relevant Fund (unless set out otherwise in the relevant supplement for that Fund) and may also be amortised over the first Accounting Period or such other period as the Directors and/or the Manager may determine and in such manner as the Directors and/or the Manager in their absolute discretion deem fair. Furthermore, each Fund shall bear the fees and expenses relating to its registration for sale in various markets and its attributable portion of the fees and operating expenses of the ICAV. | ## Frais d'établissement
Tous les frais et dépenses relatifs à l'établissement et à l'organisation de l'ICAV et du Compartiment initial de l'ICAV, y compris les honoraires des conseillers professionnels de l'ICAV, seront supportés par l'ICAV. Ces frais et dépenses sont estimés à 50.000 EUR et peuvent être amortis sur la première Période comptable de l'ICAV ou toute autre période que les Administrateurs peuvent déterminer et de la manière que ces derniers considèrent juste à leur entière discrétion.
Les frais et dépenses relatifs à l’établissement d'un Compartiment seront supportés par le Compartiment concerné (sauf indication contraire dans le Supplément applicable à ce Compartiment) et peuvent également être amortis sur la première Période comptable ou toute autre période déterminée par les Administrateurs et/ou la Société de gestion et d’une manière que ces derniers considèrent juste à leur entière discrétion. Par ailleurs, chaque Compartiment devra supporter les frais et dépenses relatifs à son enregistrement en vue de sa commercialisation dans différents marchés et la part qui lui revient des frais et des dépenses opérationnelles de l'ICAV. | ## Establishment Expenses
All fees and expenses relating to the establishment and organisation of the ICAV and the initial Fund of the ICAV including the fees of the ICAV’s professional advisers will be borne by the ICAV. Such fees and expenses are estimated to amount to €50,000 and may be amortised over the first Accounting Period of the ICAV or such other period as the Directors may determine and in such manner as the Directors in their absolute discretion deem fair.
The fees and expenses relating to the establishment of a Fund shall be borne by the relevant Fund (unless set out otherwise in the relevant supplement for that Fund) and may also be amortised over the first Accounting Period or such other period as the Directors and/or the Manager may determine and in such manner as the Directors and/or the Manager in their absolute discretion deem fair. Furthermore, each Fund shall bear the fees and expenses relating to its registration for sale in various markets and its attributable portion of the fees and operating expenses of the ICAV. | en | fr |
DOLFIN530 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 258 EUR | 1.689 EUR |
| Incidence des coûts annuels (*) | 2,6 % | 2,7 % | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 258 EUR | 1.689 EUR |
| Incidencia anual de los costes (*) | 2,6% | 2,7% | | | Investissement : 10.000 EUR | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 258 EUR | 1.689 EUR |
| Incidence des coûts annuels (*) | 2,6 % | 2,7 % | | fr | es |
DOLFIN531 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Company's involvement in such transactions is, however, subject to the additional following rules:
- the counterparty to these transactions must be a regulated financial institution which has its registered office in one of the OECD countries, and which is specialised in such types of transactions, has a minimum credit rating of investment grade quality and is subject to prudential supervision (such as credit institution or investment firm). The identity of the counterparty will be disclosed in the annual report;
- the Company may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the Company;
- management of the Collateral for efficient portfolio management technique and financial derivatives instruments. | ##### L'engagement de la Société dans ces opérations est toutefois soumis aux règles suivantes :
- la contrepartie à ces opérations doit être un établissement financier réglementé dont le siège social est sis dans un État membre de l'OCDE, spécialisé dans ce type de transaction, bénéficiant au minimum d’une notation « investment grade » et soumis à une surveillance prudentielle (comme, par exemple, un établissement de crédit ou une société d’investissement). L'identité de la contrepartie sera indiquée dans le rapport annuel ;
- la Société ne peut conclure d’accord de prise en pension et/ou de mise en pension que si elle est en mesure, à tout moment, de (a) rappeler le montant intégral des espèces engagé dans un accord de prise en pension ou les titres faisant l’objet d’une mise en pension ou (b) résilier l’accord, conformément aux réglementations applicables. Toutefois, les opérations à terme n’excédant pas sept jours doivent être considérées comme des accords dont les modalités permettent à la Société de rappeler les actifs à tout moment ;
- gestion des garanties pour les techniques de gestion efficace deportefeuille et les instruments financiers dérivés. | ##### The Company's involvement in such transactions is, however, subject to the additional following rules:
- the counterparty to these transactions must be a regulated financial institution which has its registered office in one of the OECD countries, and which is specialised in such types of transactions, has a minimum credit rating of investment grade quality and is subject to prudential supervision (such as credit institution or investment firm). The identity of the counterparty will be disclosed in the annual report;
- the Company may only enter into reverse repurchase agreement and/or repurchase agreement transactions provided that it is able at any time (a) to recall the full amount of cash in a reverse repurchase agreement or any securities subject to a repurchase agreement or (b) to terminate the agreement in accordance with applicable regulations. However, fixed-term transactions that do not exceed seven days should be considered as arrangements on terms that allow the assets to be recalled at any time by the Company;
- management of the Collateral for efficient portfolio management technique and financial derivatives instruments. | en | fr |
DOLFIN532 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charges | 3.00% |
| Exit charges | 3.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | 10% of positive returns the Sub-Fund achieves above that of the MSCI Europe ex-UK Net Return EUR Index. The performance fee is accrued daily and payable annually. Performance fee invoiced for the last financial year: 0.00%. | | | Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Spese di sottoscrizione | 3.00% |
| Spese di rimborso | 3.00% |
| Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o che il rendimento dell’investimento venga distribuito. |
| Spese prelevate dal Fondo in un anno |
| Spese correnti | 1.10% |
| Spese prelevate dal fondo a determinate condizioni |
| Commissioni legate al rendimento | 10% dei rendimenti positivi conseguiti dal Comparto rispetto a quelli del MSCI Europe ex- UK Net Return EUR Index. La commissione di performance matura giornalmente e viene versata annualmente. Commissione di performance fatturata per lo scorso esercizio: 0.00%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charges | 3.00% |
| Exit charges | 3.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year |
| Ongoing charges | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | 10% of positive returns the Sub-Fund achieves above that of the MSCI Europe ex-UK Net Return EUR Index. The performance fee is accrued daily and payable annually. Performance fee invoiced for the last financial year: 0.00%. | | en | it |
DOLFIN533 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The following passage relating to the MainFirst - Emerging Markets Credit Opportunities Fund sub-fund is deleted:
“A redemption fee of up to 1% of the net asset value will be charged for the share classes of the Sub-fund if the net redemption volume on any trading day exceeds 5% of the volume of the Sub-fund.”
-
# Conversion to Article 8 of Regulation (EU) 2019/2088 | Se elimina el siguiente enunciado relacionado con el subfondo MainFirst – Emerging Markets Credit Opportunities Fund:
«Para las clases de acciones del subfondo, existe una comisión de reembolso de hasta el 1% del valor de inventario neto si el volumen de reembolso neto en un día de negociación supera el 5% del volumen del subfondo».
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# Reclasificación conforme al artículo 8 del Reglamento (UE) 2019/2088 | The following passage relating to the MainFirst - Emerging Markets Credit Opportunities Fund sub-fund is deleted:
“A redemption fee of up to 1% of the net asset value will be charged for the share classes of the Sub-fund if the net redemption volume on any trading day exceeds 5% of the volume of the Sub-fund.”
-
# Conversion to Article 8 of Regulation (EU) 2019/2088 | en | es |
DOLFIN534 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The impact of the explicit costs you might pay when entering your investment. We do not levy an entry charge on this share class. | 0 USD |
| Exit costs | The impact of the explicit costs you might pay when exiting your investment. Currently 0.00%. No exit costs of our funds per the prospectus so please align with the prospectus. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | The impact of the explicit costs that we levy each year for managing and administering your investment. Currently 0.10%. | 10 USD |
| Transaction costs | 0.08% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 8 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The impact of the explicit costs we might levy, when the fund outperforms its benchmark. Currently 0.00%. | 0 USD | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | Impatto dei costi espliciti che potrebbero essere addebitati quando si sottoscrive l'investimento. Non applichiamo commissioni di sottoscrizione su questa classe di azioni. | 0 USD |
| Costi di uscita | Impatto dei costi espliciti che potrebbero essere addebitati quando si esce dall'investimento. Attualmente tale commissione è dello 0,00%. Nessuna commissione di rimborso è applicata ai nostri fondi ai sensi del prospetto che, di conseguenza, fa fede. | 0 USD |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | Impatto dei costi espliciti che addebitiamo ogni anno per gestire e amministrare l'investimento. Attualmente queste spese ammontano al 0.10%. | 10 USD |
| Costi di transazione | 0.08% del valore dell'investimento, su base annua. Si tratta di una stima dei costi sostenuti quando acquistiamo e vendiamo gli investimenti sottostanti del prodotto. L'importo effettivo varierà in base ai volumi di acquisto e di vendita. | 8 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | Impatto dei costi espliciti che potremmo addebitare quando il rendimento del fondo supera quello del benchmark. Attualmente tale commissione è dello 0,00%. | 0 USD | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | The impact of the explicit costs you might pay when entering your investment. We do not levy an entry charge on this share class. | 0 USD |
| Exit costs | The impact of the explicit costs you might pay when exiting your investment. Currently 0.00%. No exit costs of our funds per the prospectus so please align with the prospectus. | 0 USD |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | The impact of the explicit costs that we levy each year for managing and administering your investment. Currently 0.10%. | 10 USD |
| Transaction costs | 0.08% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 8 USD |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The impact of the explicit costs we might levy, when the fund outperforms its benchmark. Currently 0.00%. | 0 USD | | en | it |
DOLFIN535 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 730 EUR | 790 EUR |
| Rendement annuel moyen | -26.70% | -7.71% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 830 EUR | 820 EUR |
| Rendement annuel moyen | -17.30% | -6.29% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1,040 EUR | 1,120 EUR |
| Rendement annuel moyen | 3.50% | 3.91% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,190 EUR | 1,220 EUR |
| Rendement annuel moyen | 18.80% | 6.97% | | | Periodo de mantenimiento recomendado: | 3 años |
| --- | --- |
| Ejemplo de inversión: | 1,000 EUR |
| | En caso de salida después de 1 año | En caso de salida después de 3 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría usted perder una parte o la totalidad de tu inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 730 EUR | 790 EUR |
| Rendimiento medio cada año | -26.70% | -7.71% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 830 EUR | 820 EUR |
| Rendimiento medio cada año | -17.30% | -6.29% |
| Moderado | Lo que podría recibir tras deducir los costes | 1,040 EUR | 1,120 EUR |
| Rendimiento medio cada año | 3.50% | 3.91% |
| Favorable | Lo que podría recibir tras deducir los costes | 1,190 EUR | 1,220 EUR |
| Rendimiento medio cada año | 18.80% | 6.97% | | | Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 EUR |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 730 EUR | 790 EUR |
| Rendement annuel moyen | -26.70% | -7.71% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 830 EUR | 820 EUR |
| Rendement annuel moyen | -17.30% | -6.29% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1,040 EUR | 1,120 EUR |
| Rendement annuel moyen | 3.50% | 3.91% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,190 EUR | 1,220 EUR |
| Rendement annuel moyen | 18.80% | 6.97% | | fr | es |
DOLFIN536 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# DISSOLUTION OF THE COMPANY
The Company may, at any time, be dissolved by a resolution taken by the general meeting of shareholders subject to the quorum and majority requirements as required for the amendment of these Articles.
In the event of dissolution of the Company, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of shareholders effecting such dissolution and which shall determine their powers and their compensation.
In the event of any contemplated liquidation of the Company, no further issue, conversion, or redemption of shares will be permitted after publication of the first notice convening the extraordinary meeting of shareholders for the purpose of winding-up the Company. All shares outstanding at the time of such publication will participate in the Company's liquidation distribution. | # AUFLÖSUNG DER GESELLSCHAFT
Die Gesellschaft kann jederzeit durch Beschluss der Hauptversammlung der Anteilsinhaber unter Einhaltung der für die Änderung der vorliegenden Satzung erforderlichen Beschlussfähigkeit und Stimmenmehrheit aufgelöst werden.
Im Falle der Auflösung der Gesellschaft erfolgt die Liquidation durch einen oder mehrere Liquidatoren, die natürliche oder juristische Personen sein können und von der die Auflösung beschliessenden Hauptversammlung der Anteilsinhaber ernannt werden, die ebenfalls ihre Befugnisse und ihre Vergütung festlegt.
Sollte eine Auflösung der Gesellschaft bevorstehen, so darf keine weitere Ausgabe, Umwandlung oder Rücknahme von Anteilen nach der Veröffentlichung des ersten Einberufungsschreibens zu einer ausserordentlichen Hauptversammlung der Anteilsinhaber zum Zwecke der Auflösung der Gesellschaft erfolgen. Sämtliche zum Zeitpunkt einer solchen Veröffentlichung im Umlauf befindlichen Anteile sind an der Verteilung des Liquidationserlöses der Gesellschaft beteiligt. | # DISSOLUTION OF THE COMPANY
The Company may, at any time, be dissolved by a resolution taken by the general meeting of shareholders subject to the quorum and majority requirements as required for the amendment of these Articles.
In the event of dissolution of the Company, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of shareholders effecting such dissolution and which shall determine their powers and their compensation.
In the event of any contemplated liquidation of the Company, no further issue, conversion, or redemption of shares will be permitted after publication of the first notice convening the extraordinary meeting of shareholders for the purpose of winding-up the Company. All shares outstanding at the time of such publication will participate in the Company's liquidation distribution. | en | de |
DOLFIN537 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
** Ce Compartiment a été clôturé au cours de la période financière.
À l’exception des Compartiments clôturés au cours de la période financière, les gains et les pertes émanent uniquement des activités poursuivies. Il n’y a pas eu de plus-values ou moins-values autres que celles comptabilisées dans l’État du résultat global.
Les notes en annexe font partie intégrante des présents états financiers. | ** Este Fondo se cerró durante el período financiero.
Excepto en los Fondos cerrados durante el período, las ganancias y pérdidas surgen exclusivamente de operaciones continuadas. No se produjeron otras ganancias o pérdidas distintas de las indicadas en el Estado de ingresos globales.
Las notas adjuntas forman parte integrante de estos estados financieros. | ** Ce Compartiment a été clôturé au cours de la période financière.
À l’exception des Compartiments clôturés au cours de la période financière, les gains et les pertes émanent uniquement des activités poursuivies. Il n’y a pas eu de plus-values ou moins-values autres que celles comptabilisées dans l’État du résultat global.
Les notes en annexe font partie intégrante des présents états financiers. | fr | es |
DOLFIN538 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 6.05 | 4.84 | | Information Technology | 23.88 | 22.12 | | United States | 63.48 | 62.06 |
| Microsoft | 4.83 | 3.79 | | Financials | 14.42 | 15.39 | | Japan | 5.31 | 5.49 |
| Amazon | 2.47 | 1.90 | | Health Care | 14.17 | 11.83 | | Switzerland | 3.45 | 2.47 |
| ASML | 2.47 | 0.46 | | Consumer Discretionary | 11.27 | 11.34 | | United Kingdom | 3.43 | 3.61 |
| Novo Nordisk | 2.36 | 0.42 | | Industrials | 10.46 | 10.56 | | Netherlands | 2.85 | 1.14 |
| Costco Wholesale | 1.83 | 0.38 | | Consumer Staples | 7.17 | 7.27 | | China | 2.55 | 3.11 |
| Trane Technologies | 1.76 | 0.07 | | Communication Services | 6.69 | 7.29 | | Denmark | 2.36 | 0.75 |
| Samsung Electronics | 1.71 | 0.41 | | Materials | 3.86 | 4.55 | | Korea | 2.34 | 1.30 |
| Hess | 1.69 | 0.06 | | Real Estate | 3.23 | 2.28 | | Italy | 2.15 | 0.62 |
| Abbott Laboratories | 1.67 | 0.30 | | Energy | 2.73 | 4.60 | | Norway | 1.82 | 0.15 |
| | | | | Utilities | 1.70 | 2.77 | | | | | | | | Fondo | Benchmark | | | Fondo | Benchmark | | | Fondo | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 6,05 | 4,84 | | Informatica | 23,88 | 22,12 | | Stati Uniti | 63,48 | 62,06 |
| Microsoft | 4,83 | 3,79 | | Finanza | 14,42 | 15,39 | | Giappone | 5,31 | 5,49 |
| Amazon | 2,47 | 1,90 | | Sanità | 14,17 | 11,83 | | Svizzera | 3,45 | 2,47 |
| ASML | 2,47 | 0,46 | | Beni voluttuari | 11,27 | 11,34 | | Regno Unito | 3,43 | 3,61 |
| Novo Nordisk | 2,36 | 0,42 | | Industria | 10,46 | 10,56 | | Paesi Bassi | 2,85 | 1,14 |
| Costco Wholesale | 1,83 | 0,38 | | Beni di prima necessità | 7,17 | 7,27 | | Cina | 2,55 | 3,11 |
| Trane Technologies | 1,76 | 0,07 | | Servizi di Comunicazione | 6,69 | 7,29 | | Danimarca | 2,36 | 0,75 |
| Samsung Electronics | 1,71 | 0,41 | | Materiali | 3,86 | 4,55 | | Corea | 2,34 | 1,30 |
| Hess | 1,69 | 0,06 | | Beni immobili | 3,23 | 2,28 | | Italia | 2,15 | 0,62 |
| Abbott Laboratories | 1,67 | 0,30 | | Energia | 2,73 | 4,60 | | Norvegia | 1,82 | 0,15 |
| | | | | Servizi di pubblica utilità | 1,70 | 2,77 | | | | | | | | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 6.05 | 4.84 | | Information Technology | 23.88 | 22.12 | | United States | 63.48 | 62.06 |
| Microsoft | 4.83 | 3.79 | | Financials | 14.42 | 15.39 | | Japan | 5.31 | 5.49 |
| Amazon | 2.47 | 1.90 | | Health Care | 14.17 | 11.83 | | Switzerland | 3.45 | 2.47 |
| ASML | 2.47 | 0.46 | | Consumer Discretionary | 11.27 | 11.34 | | United Kingdom | 3.43 | 3.61 |
| Novo Nordisk | 2.36 | 0.42 | | Industrials | 10.46 | 10.56 | | Netherlands | 2.85 | 1.14 |
| Costco Wholesale | 1.83 | 0.38 | | Consumer Staples | 7.17 | 7.27 | | China | 2.55 | 3.11 |
| Trane Technologies | 1.76 | 0.07 | | Communication Services | 6.69 | 7.29 | | Denmark | 2.36 | 0.75 |
| Samsung Electronics | 1.71 | 0.41 | | Materials | 3.86 | 4.55 | | Korea | 2.34 | 1.30 |
| Hess | 1.69 | 0.06 | | Real Estate | 3.23 | 2.28 | | Italy | 2.15 | 0.62 |
| Abbott Laboratories | 1.67 | 0.30 | | Energy | 2.73 | 4.60 | | Norway | 1.82 | 0.15 |
| | | | | Utilities | 1.70 | 2.77 | | | | | | en | it |
DOLFIN539 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Chaque actionnaire peut donner des instructions au Fonds en vue du rachat planifié d’Actions, à condition qu’il n’ait pas demandé l’émission de certificats d’actions et sous réserve des conditions décrites dans les brochures remises aux souscripteurs dans les pays, le cas échéant, où un Plan est disponible. Les instructions doivent contenir des renseignements personnels sur l’actionnaire et des instructions concernant le paiement du prix de rachat, ainsi que son Numéro d’identification.
-
## Modalités de paiement | Los Accionistas podrán cursar instrucciones al Fondo sobre la planificación del reembolso de las Acciones siempre que no hubiesen solicitado la emisión de certificados de acciones y con sujeción a los términos y condiciones recogidos en los folletos facilitados a los suscriptores en los distintos países en los que esté disponible un Plan. Dichas instrucciones deberán incluir los datos personales del Accionista e indicaciones en cuanto al abono del precio de reembolso, junto con su Número de identificación.
-
## Procedimientos de pago | Chaque actionnaire peut donner des instructions au Fonds en vue du rachat planifié d’Actions, à condition qu’il n’ait pas demandé l’émission de certificats d’actions et sous réserve des conditions décrites dans les brochures remises aux souscripteurs dans les pays, le cas échéant, où un Plan est disponible. Les instructions doivent contenir des renseignements personnels sur l’actionnaire et des instructions concernant le paiement du prix de rachat, ainsi que son Numéro d’identification.
-
## Modalités de paiement | fr | es |
DOLFIN540 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What happens if Vontobel Asset Management S.A. is unable to pay out?
The investor may not face a financial loss due to the default of the Product Manufacturer.
The assets of the Fund are held in safekeeping by its depositary, RBC Investor Services Bank S.A. (the “Depositary”). In the event of the insolvency of the Product Manufacturer, the Fund's assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. This risk is mitigated to a certain extent by the fact that the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund for any loss arising from, among other things, its negligence, fraud or intentional failure properly to fulfill its obligations (subject to certain limitations as set out in the agreement with the Depositary).
Losses are not covered by an investor compensation or guaranteed scheme. | # Was geschieht, wenn Vontobel Asset Management S.A. nicht in der Lage ist, die Auszahlung vorzunehmen?
Die Anleger dürfen durch den Ausfall des Produktherstellers keinen finanziellen Verlust erleiden.
Das Vermögen des Fonds wird von seiner Verwahrstelle, RBC Investor Services Bank S.A. (die «Verwahrstelle»), verwahrt. Bei einer allfälligen Insolvenz des Produktherstellers ist das von der Verwahrstelle verwahrte Vermögen des Fonds nicht betroffen. Im Falle einer Insolvenz der Verwahrstelle oder einer in ihrem Namen handelnden Person kann der Fonds jedoch einen finanziellen Verlust erleiden. Dieses Risiko wird bis zu einem gewissen Grad dadurch gemindert, dass die Verwahrstelle gesetzlich und aufsichtsrechtlich verpflichtet ist, ihr eigenes Vermögen vom Fondsvermögen zu trennen. Die Verwahrstelle haftet dem Fonds gegenüber auch für Verluste, die unter anderem durch Fahrlässigkeit, Betrug oder vorsätzliche Nichterfüllung ihrer Pflichten entstehen (vorbehaltlich bestimmter im Vertrag mit der Verwahrstelle festgelegter Beschränkungen).
Allfällige Verluste werden nicht durch ein Entschädigungs- oder Garantiesystem für Anleger gedeckt. | # What happens if Vontobel Asset Management S.A. is unable to pay out?
The investor may not face a financial loss due to the default of the Product Manufacturer.
The assets of the Fund are held in safekeeping by its depositary, RBC Investor Services Bank S.A. (the “Depositary”). In the event of the insolvency of the Product Manufacturer, the Fund's assets in the safekeeping of the Depositary will not be affected. However, in the event of the Depositary's insolvency, or someone acting on its behalf, the Fund may suffer a financial loss. This risk is mitigated to a certain extent by the fact that the Depositary is required by law and regulation to segregate its own assets from the assets of the Fund. The Depositary will also be liable to the Fund for any loss arising from, among other things, its negligence, fraud or intentional failure properly to fulfill its obligations (subject to certain limitations as set out in the agreement with the Depositary).
Losses are not covered by an investor compensation or guaranteed scheme. | en | de |
DOLFIN541 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Belgium
This Prospectus is not, will not, and has not been submitted for approval by, and no advertising or other offering materials have been filed with, the Financial Services and Market Authority (“FSMA”) in Belgium. This document therefore does not constitute a public offering in Belgium.
Accordingly, any person who is in possession of this Prospectus understands and agrees that no action whatsoever has been taken that would, or is intended to permit, or otherwise result in a public offering in Belgium. Neither this document nor any other advertising or offering materials may be distributed or made available, directly or indirectly, to the public in Belgium and may not be used to solicit, provide advice or information to, or otherwise provoke requests from, the public in Belgium in relation to the offering of any financial instrument described herein.
Pursuant to Article 5 paragraph 1 of the Law of August 3, 2012 regarding certain forms of collective investment undertakings (“the Law”) (as read together with article 3 paragraph 13), as amended, this Prospectus and the information contained therein can exclusively be provided to private investors acting for their own account contributing minimum 250,000 euro or to professional or institutional investors defined in Article 2 and listed in the annex N to the Royal Decree dated December 19, 2017 implementing MIFID II. | ### Belgio
Il presente Prospetto non è stato e non sarà sottoposto all’approvazione da parte della Financial Services and Market Authority ("FSMA") in Belgio e nessun annuncio pubblicitario o altro materiale di offerta è stato depositato presso la stessa. Il presente documento non costituisce, pertanto, un’offerta al pubblico in Belgio.
Di conseguenza, ogni soggetto che è in possesso del presente Prospetto comprende e accetta che non è stato compiuto alcun atto che possa o miri a consentire, o altrimenti comporti, un’offerta al pubblico in Belgio. Né il presente documento né alcun altro annuncio pubblicitario o materiale di offerta può essere distribuito o altrimenti reso disponibile, direttamente o indirettamente, al pubblico in Belgio né può essere utilizzato per sollecitare, fornire consulenze o informazioni a, o altrimenti generare richieste, dal pubblico in Belgio in relazione all’offerta degli strumenti finanziari ivi descritti.
Ai sensi dell’art. 5 comma 1 della Legge del 3 agosto 2012 su talune forme di organismi di investimento collettivo (la "Legge") (da leggersi in combinato disposto con l’art. 3 comma 13), e successive modifiche, il presente Prospetto e le informazioni contenute nello stesso possono essere forniti esclusivamente a investitori privati che operano per proprio conto e possono investire almeno 250.000 euro o a investitori professionali o investitori istituzionali come da definizione all’articolo 2 e riportati nell’allegato N al Regio Decreto datato 19 dicembre 2017 di attuazione della MIFID II. | ### Belgium
This Prospectus is not, will not, and has not been submitted for approval by, and no advertising or other offering materials have been filed with, the Financial Services and Market Authority (“FSMA”) in Belgium. This document therefore does not constitute a public offering in Belgium.
Accordingly, any person who is in possession of this Prospectus understands and agrees that no action whatsoever has been taken that would, or is intended to permit, or otherwise result in a public offering in Belgium. Neither this document nor any other advertising or offering materials may be distributed or made available, directly or indirectly, to the public in Belgium and may not be used to solicit, provide advice or information to, or otherwise provoke requests from, the public in Belgium in relation to the offering of any financial instrument described herein.
Pursuant to Article 5 paragraph 1 of the Law of August 3, 2012 regarding certain forms of collective investment undertakings (“the Law”) (as read together with article 3 paragraph 13), as amended, this Prospectus and the information contained therein can exclusively be provided to private investors acting for their own account contributing minimum 250,000 euro or to professional or institutional investors defined in Article 2 and listed in the annex N to the Royal Decree dated December 19, 2017 implementing MIFID II. | en | it |
DOLFIN542 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Mergers and splits do not require the investors' con- sent. However, investors will be informed that they may have their shares redeemed.
Legal, consultancy or administrative costs in connec- tion with the preparation and implementation of any merger are not charged to the investment companies or sub-funds involved in the merger or to the investors.
-
#### Provisions governing dissolution (liquidation) | #### Les fusions et scissions n’exigent pas le consente- ment des investisseurs. Toutefois, les investisseurs sont avisés du fait qu’ils peuvent restituer leurs actions des investisseurs.
Les frais juridiques, de conseil ou administratifs liés à la préparation et à la réalisation d’une fusion ne sont à la charge d’aucune des sociétés d’investissement ou d’aucun des compartiments impliqués dans la fusion ni des investisseurs.
-
#### Règlements relatifs à la dissolution (liquidation) | #### Mergers and splits do not require the investors' con- sent. However, investors will be informed that they may have their shares redeemed.
Legal, consultancy or administrative costs in connec- tion with the preparation and implementation of any merger are not charged to the investment companies or sub-funds involved in the merger or to the investors.
-
#### Provisions governing dissolution (liquidation) | en | fr |
DOLFIN543 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
STOXX and its Licensors will not have any liability in connection with Eleva European Selection Fund. Specifically,
- STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about:
- The results to be obtained by the Eleva European Selection Fund, the Shareholders of the Eleva European Selection Fund or any other person in connection with the use of the STOXX® Europe 600 Net Return and the data included in therein;
- The accuracy or completeness of the STOXX® Europe 600 Net Return and their respective data;
- The merchantability and the fitness for a particular purpose or use of the STOXX® Europe 600 Net Return and their respective data; | STOXX und seine Lizenzgeber übernehmen keinerlei Haftung in Verbindung mit dem Eleva European Selection Fund. Insbesondere,
- geben STOXX und ihre Lizenzgeber keinerlei ausdrücklichen oder stillschweigenden Zusicherungen über Folgendes ab und schließen jegliche diesbezügliche Gewährleistung aus:
- die Ergebnisse, die vom Eleva European Selection Fund, den Anteilinhabern des Eleva European Selection Fund oder beliebigen anderen Personen in Verbindung mit der Verwendung von STOXX® Europe 600 Net Return und den in ihnen enthaltenen Daten erzielt werden sollen;
- die Genauigkeit und Vollständigkeit des STOXX® Europe 600 Net Return und der jeweiligen Daten;
- die Verkehrsfähigkeit und Eignung für einen bestimmten Zweck oder eine bestimmte Verwendung des STOXX® Europe 600 Net Return und der betreffenden Daten; | STOXX and its Licensors will not have any liability in connection with Eleva European Selection Fund. Specifically,
- STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about:
- The results to be obtained by the Eleva European Selection Fund, the Shareholders of the Eleva European Selection Fund or any other person in connection with the use of the STOXX® Europe 600 Net Return and the data included in therein;
- The accuracy or completeness of the STOXX® Europe 600 Net Return and their respective data;
- The merchantability and the fitness for a particular purpose or use of the STOXX® Europe 600 Net Return and their respective data; | en | de |
DOLFIN544 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INDOSUEZ FUNDS
## Combined
INDOSUEZ FUNDS
Combined
#### Financial Statements as at 30/06/21
Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 4.005.798.644,70 |
| --- | --- |
| Securities portfolio at market value | 3.713.303.012,51 |
| Cost price | 3.313.115.762,76 |
| Unrealised profit on the securities portfolio | 400.187.249,75 |
| Options purchased at market value | 4.071.984,25 |
| Options purchased at cost | 5.634.775,06 |
| Cash at banks and liquidities | 149.004.234,64 |
| Margin accounts on financial futures | 83.633.325,04 |
| Interest receivable | 21.167.876,52 |
| Brokers receivable | 22.572.471,56 |
| Subscriptions receivable | 2.368.061,54 |
| Dividends receivable | 1.871.151,59 |
| Unrealised profit on forward foreign exchange contracts | 1.427.989,64 |
| Unrealised profit on financial futures | 355.025,15 |
| Other assets | 6.023.512,26 |
| Liabilities | 78.356.326,82 |
| Options sold at market value | 6.124.853,88 |
| Options sold at cost | 9.542.532,24 |
| Bank overdrafts | 2.126.354,56 |
| Interest payable | 67.659,89 |
| Brokers payable | 44.259.898,50 |
| Performance fees payable | 2.799.649,56 |
| Redemptions payable | 6.814.845,27 |
| Unrealised loss on forward foreign exchange contracts | 2.110.306,82 |
| Unrealised loss on financial futures | 2.498.832,66 |
| Unrealised loss on swaps | 186.967,13 |
| Management fees payable | 2.030.511,93 |
| Margin accounts on financial futures | 1.934.497,55 |
| Other liabilities | 7.401.949,07 |
| Net asset value | 3.927.442.317,88 | | # INDOSUEZ FUNDS
## Combiné
INDOSUEZ FUNDS
Combiné
#### Etats Financiers au 30/06/21
Etat du Patrimoine au 30/06/21
Exprimé en EUR
| Actifs | 4.005.798.644,70 |
| --- | --- |
| Portefeuille-titres à la valeur d'évaluation | 3.713.303.012,51 |
| Prix d'acquisition | 3.313.115.762,76 |
| Plus-value non réalisée sur le portefeuille-titres | 400.187.249,75 |
| Options achetées à la valeur de marché | 4.071.984,25 |
| Options achetées au prix d'acquisition | 5.634.775,06 |
| Avoirs en banque et liquidités | 149.004.234,64 |
| Compte d'appels de marge sur contrats "futures" | 83.633.325,04 |
| Intérêts à recevoir | 21.167.876,52 |
| Brokers à recevoir | 22.572.471,56 |
| Souscriptions à recevoir | 2.368.061,54 |
| Dividendes à recevoir | 1.871.151,59 |
| Plus-value non réalisée sur contrats de change à terme | 1.427.989,64 |
| Plus-value non réalisée sur contrats "futures" | 355.025,15 |
| Autres actifs | 6.023.512,26 |
| Passifs | 78.356.326,82 |
| Options vendues à la valeur de marché | 6.124.853,88 |
| Options vendues au prix d'acquisition | 9.542.532,24 |
| Dettes bancaires à vue | 2.126.354,56 |
| Intérêts à payer | 67.659,89 |
| Brokers à payer | 44.259.898,50 |
| Commissions de performance à payer | 2.799.649,56 |
| Rachats à payer | 6.814.845,27 |
| Moins-value non réalisée sur contrats de change à terme | 2.110.306,82 |
| Moins-value non réalisée sur contrats "futures" | 2.498.832,66 |
| Moins-value non réalisée sur swaps | 186.967,13 |
| Commissions de gestion à payer | 2.030.511,93 |
| Compte d'appels de marge sur contrats "futures" | 1.934.497,55 |
| Autres passifs | 7.401.949,07 |
| Valeur nette d'inventaire | 3.927.442.317,88 | | # INDOSUEZ FUNDS
## Combined
INDOSUEZ FUNDS
Combined
#### Financial Statements as at 30/06/21
Statement of net assets as at 30/06/21
Expressed in EUR
| Assets | 4.005.798.644,70 |
| --- | --- |
| Securities portfolio at market value | 3.713.303.012,51 |
| Cost price | 3.313.115.762,76 |
| Unrealised profit on the securities portfolio | 400.187.249,75 |
| Options purchased at market value | 4.071.984,25 |
| Options purchased at cost | 5.634.775,06 |
| Cash at banks and liquidities | 149.004.234,64 |
| Margin accounts on financial futures | 83.633.325,04 |
| Interest receivable | 21.167.876,52 |
| Brokers receivable | 22.572.471,56 |
| Subscriptions receivable | 2.368.061,54 |
| Dividends receivable | 1.871.151,59 |
| Unrealised profit on forward foreign exchange contracts | 1.427.989,64 |
| Unrealised profit on financial futures | 355.025,15 |
| Other assets | 6.023.512,26 |
| Liabilities | 78.356.326,82 |
| Options sold at market value | 6.124.853,88 |
| Options sold at cost | 9.542.532,24 |
| Bank overdrafts | 2.126.354,56 |
| Interest payable | 67.659,89 |
| Brokers payable | 44.259.898,50 |
| Performance fees payable | 2.799.649,56 |
| Redemptions payable | 6.814.845,27 |
| Unrealised loss on forward foreign exchange contracts | 2.110.306,82 |
| Unrealised loss on financial futures | 2.498.832,66 |
| Unrealised loss on swaps | 186.967,13 |
| Management fees payable | 2.030.511,93 |
| Margin accounts on financial futures | 1.934.497,55 |
| Other liabilities | 7.401.949,07 |
| Net asset value | 3.927.442.317,88 | | en | fr |
DOLFIN545 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2021. This figure may vary from year to year. | 69 CHF |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | La incidencia de los costes que usted pagará al realizar su inversión. Se trata de la cantidad máxima que se le cobrará, y podría pagar menos. | 494 CHF |
| Costes de salida | No cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 CHF |
| Costes corrientes detraídos cada año | En caso de salida después de 1 año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | La cifra de la comisión de gestión se basa en los gastos correspondientes al ejercicio finalizado en 2021. Esta cifra puede variar de un año a otro. | 69 CHF |
| Costes de operación | La incidencia de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. Este importe real variará en función de la cantidad de inversiones subyacentes que compre y venda el fondo. | 44 CHF |
| Costes accesorios detraídos en condiciones específicas | En caso de salida después de 1 año |
| Comisiones de rendimiento | Este producto no tiene comisiones de rendimiento. | 0 CHF | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. | 494 CHF |
| Exit costs | We do not charge an exit fee for this product but, the person selling you the product may do so. | 0 CHF |
| Ongoing costs taken each year | If you exit after 1 year |
| Management fees and other administrative or operating costs | The management fee figure is based on expenses for the year ending 2021. This figure may vary from year to year. | 69 CHF |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. This amount will vary depending on how much the fund buys and sells underlying investments. | 44 CHF |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | This product does not have any performance fees. | 0 CHF | | en | es |
DOLFIN546 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 7 – Suspension of unit value calculation of the Fund
- The Management Company is entitled to temporarily suspend the calculation of the unit value of the Fund if and for as long as circumstances exist which render such suspension necessary and if this sus- pension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trading on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the unit value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value of the Fund has been temporarily suspended, the issue, redemption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value. | # Article 7 – Suspension du calcul de la valeur unitaire des parts
- La Société de gestion est en droit de suspendre temporairement le calcul de la valeur unitaire des parts du Fonds si et aussi longtemps que les circonstances l’exigent et si l’intérêt des investisseurs justifie une telle suspension. Notamment :
- pendant une période durant laquelle une bourse de valeurs ou un autre marché réglementé où une partie substantielle des actifs est admise à la cote officielle ou négociée se trouve fermé(e) (à l’exception des jours fériés légaux et bancaires) ou durant laquelle les opérations y sont res- treintes ou suspendues ;
- dans des circonstances exceptionnelles pendant lesquelles la Société de gestion n’est pas en me- sure de disposer des investissements d’un fonds ou pendant lesquelles elle se trouve dans l’impossibilité de transférer librement la contre-valeur des investissements réalisés ou de calculer normalement la valeur des parts ;
- en cas de panne des moyens de communication ou si, pour une raison quelconque, la valeur d’unactif ne peut être calculée de manière suffisamment rapide ou précise.
Tant que le calcul de la valeur nette d’inventaire du Fonds est suspendu, l’émission, le rachat et la con- version de parts le sont également.
- Les investisseurs ayant déposé une demande de souscription, de rachat ou de conversion seront immé- diatement informés de la suspension et de la reprise du calcul de la valeur unitaire des parts.
- Les ordres de souscription, de rachat ou de conversion deviennent automatiquement nuls en cas de suspension du calcul de la valeur nette d’inventaire. L’investisseur ou l’investisseur potentiel sera infor- mé du fait que les ordres de souscription, de rachat ou de conversion devront être de nouveau transmis après la levée de la suspension. | # Article 7 – Suspension of unit value calculation of the Fund
- The Management Company is entitled to temporarily suspend the calculation of the unit value of the Fund if and for as long as circumstances exist which render such suspension necessary and if this sus- pension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trading on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the unit value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value of the Fund has been temporarily suspended, the issue, redemption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value. | en | fr |
DOLFIN547 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Suspension of Valuation of Assets
The Directors may, with the consent of the Depositary, at any time and from time to time temporarily suspend the calculation of the Net Asset Value of a particular Sub-Fund and the issue, repurchase and conversion of Shares in any of the following instances:-
- during any period (other than ordinary holiday or customary weekend closings) when any market or Recognised Exchange is closed and which is the main market or Recognised Exchange for a significant part of investments of the relevant Sub-Fund, or in which trading thereon is restricted or suspended;
- during any period when an emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the relevant class is not practically feasible; or it is not possible to transfer monies involved in the acquisition or disposition of investments at normal rates of exchange;or it is not practically feasible for the Directors or their delegate fairly to determine the value of any assets of the relevant Sub-Fund;
- during any breakdown in the means of communication normally employed in determining the price of any of the investments of the relevant Sub-Fund or of current prices on any market or Recognised Exchange;
- when for any reason the prices of any investments of the relevant class cannot be reasonably, promptly or accurately ascertained; or
- during any period when remittance of monies which will or may be involved in the realisation of or in the payment for any of the investments of the relevant class cannot, in the opinion of the Directors, be carried out at normal rates of exchange;
- upon mutual agreement between the Company and the Depositary for the purpose of winding up the Company or terminating any Sub-Fund; or
- if any other reason makes it impossible or impracticable to determine the value of a substantial portion of the investments of the Company or any Sub-Fund. | # Aussetzung der Bewertung von Vermögenswerten
Der Verwaltungsrat hat das Recht, mit Zustimmung der Verwahrstelle jederzeit und von Zeit zu Zeit, die Berechnung des Nettoinventarwertes eines bestimmten Teilfonds und die Ausgabe, Rücknahme und den Umtausch von Anteilen in jedem der nachstehenden Fälle vorübergehend auszusetzen:
- wenn ein Markt oder eine Anerkannte Börse, der oder die Hauptmarkt oder Hauptbörse für einen wesentlichen Teil der Anlagen des betreffenden Teilfonds ist, aus anderen Gründen als wegen eines gewöhnlichen Feiertages oder der üblichen Schließung am Wochenende geschlossen ist, oder wenn der Handel an diesem Handelsplatz eingeschränkt oder eingestellt ist;
- wenn für die Gesellschaft infolge eines Ausnahmezustandes die Verfügung über Anlagewerte, die einen wesentlichen Bestandteil des Vermögens der betreffenden Klasse darstellen, praktisch nicht durchführbar ist; oder die Überweisung von Geldmitteln, die bei der Veräußerung oder beim Erwerb von Anlagen erforderlich wird, nicht zu normalen Wechselkursen durchgeführt werden kann; oder wenn der Wert von Anlagen des betreffenden Teilfonds nicht angemessen durch den Verwaltungsrat festgestellt werden kann;
- solange Nachrichtenübermittlungswege unterbrochen sind, die normalerweise für die Feststellung der Preise von Vermögensanlagen des betreffenden Teilfonds oder der aktuellen Preise an einem Markt oder an einer Anerkannten Börse verwendet werden,
- wenn aus irgendeinem Grund Preise für Anlagen der betreffenden Klasse nicht angemessen oder nicht ausreichend schnell oder präzise bestimmt werden können; oder
- wenn die Überweisung von Geldmitteln, die bei der Veräußerung oder beim Erwerb von Anlagen des betreffenden Teilfonds erforderlich ist oder wird, nach Ansicht des Verwaltungsrates nicht zu normalen Wechselkursen durchgeführt werden kann.
- in beiderseitigem Einvernehmen zwischen der Gesellschaft und der Verwahrstelle für die Zwecke der Auflösung der Gesellschaft oder eines Teilfonds; oder
- wenn die Bewertung eines wesentlichen Bestandteils der Anlagen der Gesellschaft oder eines Teilfonds aus einem anderen Grund nicht möglich oder undurchführbar ist. | # Suspension of Valuation of Assets
The Directors may, with the consent of the Depositary, at any time and from time to time temporarily suspend the calculation of the Net Asset Value of a particular Sub-Fund and the issue, repurchase and conversion of Shares in any of the following instances:-
- during any period (other than ordinary holiday or customary weekend closings) when any market or Recognised Exchange is closed and which is the main market or Recognised Exchange for a significant part of investments of the relevant Sub-Fund, or in which trading thereon is restricted or suspended;
- during any period when an emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the relevant class is not practically feasible; or it is not possible to transfer monies involved in the acquisition or disposition of investments at normal rates of exchange;or it is not practically feasible for the Directors or their delegate fairly to determine the value of any assets of the relevant Sub-Fund;
- during any breakdown in the means of communication normally employed in determining the price of any of the investments of the relevant Sub-Fund or of current prices on any market or Recognised Exchange;
- when for any reason the prices of any investments of the relevant class cannot be reasonably, promptly or accurately ascertained; or
- during any period when remittance of monies which will or may be involved in the realisation of or in the payment for any of the investments of the relevant class cannot, in the opinion of the Directors, be carried out at normal rates of exchange;
- upon mutual agreement between the Company and the Depositary for the purpose of winding up the Company or terminating any Sub-Fund; or
- if any other reason makes it impossible or impracticable to determine the value of a substantial portion of the investments of the Company or any Sub-Fund. | en | de |
DOLFIN548 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### From june 1 2022
Company address: 89-91 rue Gabriel Péri – 92120 Montrouge
Postal address: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX
The depositary is also responsible, as appointed by the Management Company, for managing the Fund’s liabilities, which includes the centralisation of subscription and redemption orders for and keeping the issuing account of the Fund’s units.
-
# Statutory auditor: | ### A compter du 1er juin 2022 :
Adresse Sociale : 89-91 rue Gabriel Péri – 92120 Montrouge
Adresse Postale : 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX
Le dépositaire est également chargé, par délégation de la Société de Gestion, de la tenue du passif du Fonds, qui recouvre la centralisation des ordres de souscription et de rachat des parts du Fonds ainsi que la tenue du compte émission des parts du Fonds.
-
# Commissaire aux comptes : | ### From june 1 2022
Company address: 89-91 rue Gabriel Péri – 92120 Montrouge
Postal address: 12 place des États-Unis - CS 40083 - 92549 Montrouge CEDEX
The depositary is also responsible, as appointed by the Management Company, for managing the Fund’s liabilities, which includes the centralisation of subscription and redemption orders for and keeping the issuing account of the Fund’s units.
-
# Statutory auditor: | en | fr |
DOLFIN549 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Outlook
- As we prepare for a more mature phase of the economic cycle, risks of accrued volatility and short-term drawdowns should increase. Proactive risk management becomes increasingly key to navigating the final stages of the recovery phase.
- As a result, the case for convertible bonds – and tech convertible bonds as well – remains strong and cautions against reading too much into the asset class’ lag versus equities in the first part of the year. The equity asymmetric nature of the hybrid instrument makes them compelling assets for those who wish to maintain an equity exposure to the Tech’s growth story, whilst dialling back their risk a bit.
- Convertible bonds’ appeal is equally strong in a context of rising inflationary pressure for those who wish to maintain bond-floor defensive features. Thanks to their conversion option, convertible bonds have much lower interest rate sensitivity than straight bonds of similar duration.
- The cyclical rotation that has dominated market since the end of last year does not question the long-term case for the tech industry. If anything, the pandemic has accelerated the spread of trends that were already in place before the covid-19 outbreak and for which the long-term fundamentals remain unchanged – if not strengthened (cloud, cybersecurity, artificial intelligence…). Growth opportunities abound for tech companies that execute on all forms of digital transformations.
- Though somehow damaging in the very short term, the weaknesses of the tech segment in the first half of the year (till mid-May) have opened an attractive entry point into the tech convertible bond space, with more attractive valuations than entering 2021.
- Over the past year and a half, convertible bonds’ issuance dynamism has sparked a broad deepening and renewal of the investment pool, with the tech industry as spearhead. This opens massive opportunities – including but not limited to greater liquidity and diversification opportunities, with the arrival of new tech companies into our universe next to repeat and well-known issuers.
- The “normalisation” we had anticipated at the end of March, and which started to materialise in May/June should continue into the 3
- rd
- quarter. We stick to our target to reduce the volatility of tech equities (by up to 25% over the long run), with an observed beta of around 0.5. | # Perspectives
- Alors que nous nous préparons à une phase plus avancée du cycle économique, les risques de volatilité accrue et de contractions à court terme devraient augmenter. La gestion proactive des risques devient de plus en plus essentielle pour naviguer dans les dernières étapes de la phase de reprise.
- En conséquence, les arguments en faveur des obligations convertibles – et des convertibles technologiques – restent solides et invitent à ne pas attacher trop d’importance au décalage de cette classe d’actifs par rapport aux actions sur la première partie de l’année. La nature asymétrique de ces instruments hybrides en fait des actifs incontournables pour les investisseurs qui souhaitent maintenir une exposition aux actions dans le secteur technologique porteur tout en réduisant un peu leur risque.
- L’attrait des obligations convertibles est tout aussi fort face à des pressions inflationnistes en hausse pour les investisseurs qui souhaitent conserver les caractéristiques défensives du plancher obligataire. Grâce à leur option de conversion, les obligations convertibles ont une sensibilité aux taux d’intérêt beaucoup plus faible que celle des obligations classiques à duration similaire.
- La rotation cyclique qui domine le marché depuis la fin de l’année dernière ne remet pas en cause les arguments en faveur du secteur technologique sur le long terme. Au contraire, la pandémie a accéléré la propagation de tendances qui étaient déjà en place avant la flambée de covid-19 et pour lesquelles les fondamentaux à long terme restent inchangés – et sont peut-être même renforcés (cloud, cybersécurité, intelligence artificielle…). Les opportunités de croissance abondent pour les entreprises technologiques qui exécutent toute forme de transformation numérique.
- Bien que quelque peu dommageables à très court terme, les faiblesses du segment technologique au premier semestre (jusqu’à la mi-mai) ont ouvert un point d’entrée attrayant dans l’espace des obligations convertibles technologiques, avec des valorisations plus attractives qu’au début de 2021.
- Au cours des 18 derniers mois, le dynamisme des émissions d’obligations convertibles a intensifié et renouvelé le pool d’investissement, avec le secteur technologique comme fer de lance. Il en résulte des opportunités considérables, notamment une plus grande liquidité et des possibilités de diversification, avec l’arrivée de nouvelles sociétés technologiques dans notre univers aux côtés d’émetteurs récurrents et bien connus.
- La «normalisation» que nous avions anticipée fin mars et qui a commencé à se concrétiser en mai/juin devrait se poursuivre au troisième trimestre. Nous restons fidèles à notre objectif de réduire la volatilité des actions technologiques (jusqu’à 25% sur le long terme), avec un bêta observé d’environ 0,5. | # Outlook
- As we prepare for a more mature phase of the economic cycle, risks of accrued volatility and short-term drawdowns should increase. Proactive risk management becomes increasingly key to navigating the final stages of the recovery phase.
- As a result, the case for convertible bonds – and tech convertible bonds as well – remains strong and cautions against reading too much into the asset class’ lag versus equities in the first part of the year. The equity asymmetric nature of the hybrid instrument makes them compelling assets for those who wish to maintain an equity exposure to the Tech’s growth story, whilst dialling back their risk a bit.
- Convertible bonds’ appeal is equally strong in a context of rising inflationary pressure for those who wish to maintain bond-floor defensive features. Thanks to their conversion option, convertible bonds have much lower interest rate sensitivity than straight bonds of similar duration.
- The cyclical rotation that has dominated market since the end of last year does not question the long-term case for the tech industry. If anything, the pandemic has accelerated the spread of trends that were already in place before the covid-19 outbreak and for which the long-term fundamentals remain unchanged – if not strengthened (cloud, cybersecurity, artificial intelligence…). Growth opportunities abound for tech companies that execute on all forms of digital transformations.
- Though somehow damaging in the very short term, the weaknesses of the tech segment in the first half of the year (till mid-May) have opened an attractive entry point into the tech convertible bond space, with more attractive valuations than entering 2021.
- Over the past year and a half, convertible bonds’ issuance dynamism has sparked a broad deepening and renewal of the investment pool, with the tech industry as spearhead. This opens massive opportunities – including but not limited to greater liquidity and diversification opportunities, with the arrival of new tech companies into our universe next to repeat and well-known issuers.
- The “normalisation” we had anticipated at the end of March, and which started to materialise in May/June should continue into the 3
- rd
- quarter. We stick to our target to reduce the volatility of tech equities (by up to 25% over the long run), with an observed beta of around 0.5. | en | fr |
DOLFIN550 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### A la date du présent Prospectus, aucun des Compartiments de la SICAV n'est engagé dans le programme de Prêt de titres ni n'effectue de Transactions de prise en pension.
L'utilisation desdites techniques et instruments implique certains risques parmi lesquels les risques potentiels de réinvestissement des espèces (voir l’Annexe IV « Facteurs de risque ») et rien ne dit que l'objectif recherché soit atteint.
-
#### Sûretés reçues dans le cadre de techniques financières et d'instruments financiers dérivés | ##### En la fecha del presente Folleto, el Fondo no participa en el Programa de préstamo de valores con respecto a ningún Subfondo y ninguno de los Subfondos participa en operaciones de recompra inversa.
El uso de las técnicas y los instrumentos mencionados con anterioridad conlleva riesgos relacionados con la reinversión del efectivo (véase el Anexo IV «Factores de riesgo»), y no se puede garantizar la consecución del objetivo que se pretende lograr mediante dicho uso.
-
#### Garantía recibida en relación con técnicas financieras e instrumentos financieros derivados | ##### A la date du présent Prospectus, aucun des Compartiments de la SICAV n'est engagé dans le programme de Prêt de titres ni n'effectue de Transactions de prise en pension.
L'utilisation desdites techniques et instruments implique certains risques parmi lesquels les risques potentiels de réinvestissement des espèces (voir l’Annexe IV « Facteurs de risque ») et rien ne dit que l'objectif recherché soit atteint.
-
#### Sûretés reçues dans le cadre de techniques financières et d'instruments financiers dérivés | fr | es |
DOLFIN551 | 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 ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (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 quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position. | ## 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 0,86 %. Au cours de la même période, l’indice de référence, l’ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Rendement total, couvert en EUR) (l’« Indice »), a enregistré un rendement de 1,32 %. (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.)
Le premier trimestre de l’année a été dominé par la hausse des rendements obligataires et des prévisions d’inflation et, par conséquent, le trimestre s’est avéré difficile pour le crédit, malgré un marché des actions solide. Les deux principaux moteurs de cette performance ont été la victoire démocrate en Géorgie au début de l’année et le succès du déploiement du vaccin au Royaume-Uni et aux États-Unis. Le mois de mars a également noté la confirmation du plan de relance du président Biden, d’une valeur impressionnante équivalente à 9 % du PIB américain.
Au début du deuxième trimestre, les marchés à risque ont légèrement augmenté, avec des plus-values modérées pour les actions et le crédit, dont les hybrides d’entreprises. Les données économiques ont continué d’indiquer une croissance économique plus forte pour les mois à venir, soutenue par une politique monétaire et des dépenses budgétaires accommodantes.
Concernant l’inflation, laquelle reste préoccupante pour les investisseurs, les mesures sous-jacente dans la zone euro étaient de 1,0 % en juin, soit légèrement supérieures aux 0,9 % enregistrés en mai. L’inflation globale mesurée par l’IPC était de 1,9 % en glissement annuel, contre 2,0 % en mai, en raison d’une légère baisse de l’inflation des prix de l’énergie. L’inflation sous-jacente, à 1,0 % en glissement annuel en juin, est restée dans la fourchette historique de 0,2 % à 1,4 % depuis début 2017.
En dépit d’une sous-performance relative des titres d’entreprises hybrides par rapport à d’autres classes d’actifs cette année, nous estimons toujours que les valorisations sont au niveau le plus serré, même si elles se distinguent toujours des autres options dans le crédit liquide. Le nouvel axe de conversation a concerné la réduction progressive des mesures de relance de la Réserve fédérale américaine (« Fed »), mais nous resterons concentrés sur les tests de résistance des fondamentaux des entreprises dans le cadre de divers scénarios et sur l'attribution de capital aux titres qui présentent les marges de sécurité les plus élevées.
La sélection de titres a été positive depuis le début de l’année, mais s’est trouvée partiellement occultée par une sélection sectorielle négative, comme suit :
- Une sélection de titres négative au sein de notre position sur les Services publics a coûté 8 pb à la performance du fonds. Dans un marché en hausse, certaines de nos positions défensives ont sous-performé, mais nous estimons qu'il est inutile de changer de tactique pour le moment. La position sur Électricité de France était sans doute la plus volatile, avec des gros titres annonçant un possible abandon du projet Hercule. Notre scénario de base reste un accord entre la France et la Commission européenne.
- Une sélection de titres négative au sein de notre position sur la Santé a coûté 3 pb à la performance du fonds. Nous avons une participation à long terme sur Bayer, notre émetteur principal ici. Moody’s a dégradé la note de la société d’un cran, ce qui avait été largement pris en compte. Nous avons profité de ce facteur technique de courte durée, bien que négatif, pour renforcer notre position. | ## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the EUR I Accumulating Class was 0.86%. Over the same period, the benchmark index, the ICE BofA Global Hybrid Non-Financial 5% Constrained Custom Index (Euro Total Return, Hedged) (the “Index”) returned 1.32%. (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 quarter of the year was dominated by rising bond yields and inflation expectations and consequently, a difficult quarter for credit, despite a strong equity market. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year and the success of the vaccine rollout in the UK and US. March also saw the confirmation of President Biden’s stimulus package, worth an impressive 9% of US GDP.
Moving into the second quarter, risk markets were modestly higher with modest gains for both equities and credit, including Corporate Hybrids. Economic data continued to point to stronger economic growth over the coming months supported by accommodative monetary policy and fiscal spending.
On inflation, which continues to cause concern for investors, measures of underlying inflation in the euro area were 1.0% in June slightly above 0.9% in May. All item CPI inflation was 1.9% year over year down from 2.0% in May due to slightly lower energy price inflation. Underlying inflation at 1.0% year over year in June remained within the historical range of 0.2% to 1.4% since early 2017.
Despite some relative underperformance of Corporate Hybrids versus other asset classes this year, we still believe that valuations are on the tighter end, even though they still stand out versus other options in liquid credit. The new focus of conversation has been the US Federal Reserve Board (“Fed”) tapering but we will continue to focus our attention on stress-testing company fundamentals under various scenarios and allocating capital to those securities with the highest margins of safety.
Security selection was positive year to date but was partially offset by negative sector selection in the following:
- Negative security selection within our Utilities exposure cost the fund 8 basis points (“bps”) of performance. In a rising market, some of our defensive positioning underperformed but we see little reason to change tact for now. Electricite de France was arguably the most volatile position with headlines that project Hercule might be abandoned. Our base case continues to be that a solution between France and the European Commission will be reached.
- Negative security selection within our Healthcare exposure cost the fund 3bps of performance. Our key issuer here is our long-term holding to Bayer. Moody’s downgraded the company by one notch which had been more than priced in. We used the short lived albeit negative technical to top up our position. | en | fr |
DOLFIN552 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
- Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | Los activos de cada Subfondo se mantienen separados de los de los demás y se invierten de acuerdo con los objetivos y las políticas de inversión aplicables a dicho Subfondo. Debido al pasivo segregado entre Subfondos, todo pasivo en que se incurra en nombre de cualquier Subfondo o que sea atribuible a cualquier Subfondo quedará cubierto exclusivamente con los activos de dicho Subfondo. No se gestiona de modo independiente ningún grupo de activos en ninguna Clase.
Cada Participación representa un derecho de usufructo en un Subfondo. El valor de las Participaciones de cada Subfondo será igual en todo momento a su Valor Liquidativo. La Sociedad Gestora determinará la Divisa Base de cada Subfondo y dicha información se recogerá en los Detalles de los Subfondos correspondientes.
Una vez constituido un Subfondo, el Folleto se publicará nuevamente (indicando todos los Subfondos existentes en el Fondo y las Clases de estos) o se emitirá un suplemento o un apéndice del Folleto en los que se detallarán dichos Subfondos y Clases. Asimismo, los datos de todos los Subfondos y sus Clases se recogerán en los informes anuales y semestrales del Fondo.
Los Detalles de los Subfondos se recogen en el Apéndice IV.
Los Partícipes tienen disponible una copia del Folleto en el sitio web www.axa-im.co.uk.
- Perfil del inversor tipoLos Subfondos son adecuados para inversores que busquen un rendimiento total superior al del índice de los Subfondos correspondientes durante un periodo de tres o cinco años consecutivos, según corresponda, conforme a lo que se especifica en el Apéndice IV en el objetivo de inversión del Subfondo pertinente.
- Objetivos y políticas de inversión
- Cambio de los objetivos y políticas de inversiónCon la creación de cada Subfondo, la Sociedad Gestora determinará el objetivo y las políticas de inversión específicos de estos, que se describirán en los Detalles de los Subfondos correspondientes. Cualquier cambio en el objetivo de inversión de un Subfondo o cambio sustancial en las políticas de inversión de un Subfondo estará sujeto a la previa autorización por escrito de una mayoría simple de los Partícipes del Subfondocorrespondiente o, si se convocara una Junta General de Partícipes de dicho Subfondo, por la mayoría de los votos emitidos en dicha junta. La introducción de cualquier modificación en los objetivos de inversión o en las políticas de inversión de un Subfondo se notificará a los Partícipes con cuatro semanas de antelación, a fin de permitirles vender sus Participaciones antes de introducirse tales modificaciones si así lo desean. | The assets of each Sub-Fund are kept separate from one another and each Sub-Fund’s assets are invested in accordance with the investment objectives and policies applicable to such Sub-Fund. Due to the segregated liability between Sub-Funds, any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub- Fund. A separate pool of assets is not maintained for any Class.
Each Unit represents a beneficial interest in a Sub-Fund. The value of the Units of each Sub-Fund shall at all times equal their Net Asset Value. The Base Currency of each Sub-Fund will be determined by the Manager and will be described in the relevant Sub-Fund Details.
On the establishment of any Sub-Fund, the Prospectus will be republished (in which all the existing Sub-Funds of the Fund and Classes thereof will be listed), or a supplement or addendum to the Prospectus detailing this will be issued. In addition, details of all Sub-Funds and Classes thereof will be set out in the annual and semi-annual reports of the Fund.
Details of the Sub-Funds are set out in Appendix IV.
A copy of the Prospectus is available to Unitholders online at www.axa-im.co.uk.
- Profile of a typical investorThe Sub-Funds are suitable for investors seeking a totalreturn greater than the relevant Sub-Funds’ index over a rolling three or five year basis, as relevant, and as specified in Appendix IV in the relevant Sub-Fund’s investment objective.
- Investment Objectives and Policies
- Change of Investment Objectives and PoliciesWith the creation of each Sub-Fund, the specific investment objective and policies for each Sub-Fund will be determined by the Manager and described in the relevant Sub-Fund Details. Any change to a Sub-Fund’s investment objective or material change to a Sub-Fund’s investment policies will be subject to the prior approval in writing of a simple majority of the Unitholders of the relevant Sub-Fund, or, if a general meeting of the Unitholders of such Sub-Fund is convened, by a majority of the votes cast at such meeting. Unitholders will be given fourweeks’ advance notice of the implementation of any alteration in the investment objectives or material change to the investment policies in a Sub- Fund to enable them to sell their Units prior to such implementation should they wish to do so. | en | es |
DOLFIN553 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 05/2016-05/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,296
3.0%
CHF 11,408
2.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF entre 05/2016-05/2021.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 296 CHF
3,0%
11 408 CHF
2,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 05/2016-05/2021.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,296
3.0%
CHF 11,408
2.7% | en | es |
DOLFIN554 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# The fund was approved by the AMF on 3 November 2004. It was launched on 3 January 2005 for a period of 99 years (ninety nine years).
-
## Fund overview | # Der Fonds wurde am 3. November 2004 von der französischen Finanzmarktaufsicht (AMF) zugelassen. Er wurde am 3. Januar 2005 für eine Dauer von 99 Jahren (neunundneunzig Jahren) gegründet.
-
## Angaben zum Fonds | # The fund was approved by the AMF on 3 November 2004. It was launched on 3 January 2005 for a period of 99 years (ninety nine years).
-
## Fund overview | en | de |
DOLFIN555 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold or pledged.
Collateral received with respect to financial derivative instruments is shown in the Appendix.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques and instruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and other UCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. | La SICAV solamente celebrará operaciones con contrapartes que la Sociedad gestora considere solventes. Las contrapartes aprobadas contarán, por lo general, con una calificación pública de A- o superior. Las contrapartes tendrán que cumplir las normas prudenciales que la CSSF considere equivalentes a las normas prudenciales de la UE. La contraparte no tiene poder alguno en relación con la composición o la gestión de la cartera de un Subfondo ni con el subyacente de los instrumentos financieros derivados utilizados por un Subfondo. No se requiere la aprobación de la contraparte para ninguna decisión de inversión adoptada por un Subfondo.
La garantía podrá emplearse para contrarrestar la exposición bruta al riesgo de contraparte, siempre y cuando cumpla una serie de criterios, tales como la liquidez, la valoración, la calidad crediticia del emisor, la correlación y la diversificación. Al emplear la garantía con estos fines, se produce una reducción de su valor en un porcentaje (haircut) que tiene en cuenta, entre otros elementos, las fluctuaciones a corto plazo del valor de la exposición y de la garantía. Los niveles de garantía se mantienen con el fin de garantizar que la exposición neta al riesgo de contraparte no supere los límites por contraparte establecidos en el Folleto. La garantía, si la hubiera, se recibe en forma de valores y efectivo. Los valores recibidos en garantía no se venderán o pignorarán.
La garantía recibida en relación con instrumentos financieros derivados se muestra en el Anexo.
- Préstamos de ValoresLa SICAV puede prestar parte de su cartera de valores a terceros con el fin de generar ingresos adicionales o para reducir los costes o los riesgos, en la medida máxima permitida y dentro de los límites fijados en (i) el artículo 11 del reglamento del Gran Ducado de Luxemburgo de 8 de febrero de 2008 relativo a determinadas definiciones de la Ley de Luxemburgo, (ii) la Circular 08/356 de la CSSF relativa a las normas aplicables a organismos de inversión colectiva cuando estos utilizan determinadas técnicas e instrumentos relacionados con valores mobiliarios e instrumentos del mercado monetario, (iii) Circular 14/592 de la CSSF relativa a las Directrices de la ESMA sobre fondos cotizados y otras cuestiones referentes a los OICVM y (iv) cualquier otra ley, reglamento, circular o posición de la CSSF aplicable. | The SICAV will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund’s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decision made by a Sub-Fund.
Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a “haircut”) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in the Prospectus. If any, collateral is received in the form of securities and cash. Non-cash collateral received is not sold or pledged.
Collateral received with respect to financial derivative instruments is shown in the Appendix.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques and instruments relating to transferable securities and money market instruments, (iii) CSSF circular 14/592 relating to ESMA Guidelines on ETFs and other UCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. | en | es |
DOLFIN556 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.600 EUR -74,05 % | 2.450 EUR -24,53 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.820 EUR -2,49 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.250 EUR 7,34 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.200 EUR 52,00 % | 20.340 EUR 15,26 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR | | |
| --- | --- | --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.600 EUR -74,05% | 2.450 EUR -24,53% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.880 EUR -21,16% | 8.820 EUR -2,49% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.920 EUR 9,22% | 14.250 EUR 7,34% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.200 EUR 52,00% | 20.340 EUR 15,26% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 2.600 EUR -74,05 % | 2.450 EUR -24,53 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 7.880 EUR -21,16 % | 8.820 EUR -2,49 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.920 EUR 9,22 % | 14.250 EUR 7,34 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 15.200 EUR 52,00 % | 20.340 EUR 15,26 % | | fr | es |
DOLFIN557 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le présent document s’adresse et doit être distribué exclusivement aux personnes résidant dans des pays ou territoires où une telle distribution ou mise à disposition n’est pas contraire aux lois et réglementations locales en vigueur. Il incombe à toute personne en possession de ce document et à toute personne désireuse de faire une demande de souscription dans des Parts conformément au Prospectus de s'informer des lois et réglementations en vigueur dans les pays ou territoires concernés et de s'y conformer.
MSIM, la division de gestion d’actifs de Morgan Stanley (NYSE : MS) et ses sociétés affiliées ont passé des accords pour commercialiser leurs produits et services respectifs. Chaque société affiliée de MSIM est réglementée de manière appropriée dans la juridiction où elle opère. Les sociétés affiliées de MSIM sont Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, et Atlanta Capital Management LLC.
Dans l’UE, les documents de MSIM et d’Eaton Vance sont publiés par MSIM Fund Management (Ireland) Limited (« FMIL »). FMIL est une société privée à responsabilité limitée par actions immatriculée en Irlande sous le numéro 616661 et réglementée par la Banque Centrale d’Irlande. Son siège social est situé à l’adresse The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VCŁ2, Irlande.
En dehors de l’UE, les documents de MSIM sont publiés par Morgan Stanley Investment Management Limited (MSIM Ltd), une société agréée et réglementée par la Financial Conduct Authority. Enregistrée en Angleterre. Numéro d’enregistrement : 1981121. Siège social : 25 Cabot Square, Canary | ### Este documento se dirige exclusivamente a personas que residan en jurisdicciones donde la distribución o la disponibilidad de la información que aquí se recoge no vulneren las leyes o los reglamentos locales y solo se distribuirá entre estas personas. Será responsabilidad de la persona en posesión de este documento y de aquellas personas que deseen solicitar participaciones de acuerdo con lo previsto en el folleto informarse y cumplir todas las leyes y regulaciones aplicables en cualesquiera jurisdicciones relevantes.
MSIM, división de gestión de activos de Morgan Stanley (NYSE: MS), y sus filiales disponen de acuerdos a fin de comercializar los productos y servicios de cada compañía. Cada filial de MSIM está regulada según corresponda en la jurisdicción en la que lleva a cabo su actividad. Las filiales de MSIM son: Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC y Atlanta Capital Management LLC.
En la UE, los documentos de MSIM y Eaton Vance los emite MSIM Fund Management (Ireland) Limited (“FMIL”). FMIL está regulada por el Banco Central de Irlanda y está constituida en Irlanda como sociedad de responsabilidad limitada con el número de registro 616661 y tiene su domicilio social en The Observatory, 7-11 Sir John Rogerson's Quay, Dublín 2, D02 VC42 (Irlanda).
Fuera de la UE, los documentos de MSIM los emite Morgan Stanley Investment Management Limited (MSIM Ltd.), autorizada y regulada por la Autoridad de Conducta Financiera. Inscrita en Inglaterra. Número de registro: 1981121. Domicilio social: 25 Cabot Square, Canary Wharf, Londres E14 4QA. | ### Le présent document s’adresse et doit être distribué exclusivement aux personnes résidant dans des pays ou territoires où une telle distribution ou mise à disposition n’est pas contraire aux lois et réglementations locales en vigueur. Il incombe à toute personne en possession de ce document et à toute personne désireuse de faire une demande de souscription dans des Parts conformément au Prospectus de s'informer des lois et réglementations en vigueur dans les pays ou territoires concernés et de s'y conformer.
MSIM, la division de gestion d’actifs de Morgan Stanley (NYSE : MS) et ses sociétés affiliées ont passé des accords pour commercialiser leurs produits et services respectifs. Chaque société affiliée de MSIM est réglementée de manière appropriée dans la juridiction où elle opère. Les sociétés affiliées de MSIM sont Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd, Calvert Research and Management, Eaton Vance Management, Parametric Portfolio Associates LLC, et Atlanta Capital Management LLC.
Dans l’UE, les documents de MSIM et d’Eaton Vance sont publiés par MSIM Fund Management (Ireland) Limited (« FMIL »). FMIL est une société privée à responsabilité limitée par actions immatriculée en Irlande sous le numéro 616661 et réglementée par la Banque Centrale d’Irlande. Son siège social est situé à l’adresse The Observatory, 7-11 Sir John Rogerson’s Quay, Dublin 2, D02 VCŁ2, Irlande.
En dehors de l’UE, les documents de MSIM sont publiés par Morgan Stanley Investment Management Limited (MSIM Ltd), une société agréée et réglementée par la Financial Conduct Authority. Enregistrée en Angleterre. Numéro d’enregistrement : 1981121. Siège social : 25 Cabot Square, Canary | fr | es |
DOLFIN558 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 7.4 | 2.6 | 6.1 | 1.4 | 1.5 | 0.5 | 0.6 | 1.7 | 1.0 | -1.4 |
| Benchmark † | 7.6 | 2.8 | 6.2 | 1.5 | 1.7 | 0.7 | 0.9 | 1.9 | 1.3 | -1.3 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 19 December 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 7,4 | 2,6 | 6,1 | 1,4 | 1,5 | 0,5 | 0,6 | 1,7 | 1,0 | -1,4 |
| Índice † | 7,6 | 2,8 | 6,2 | 1,5 | 1,7 | 0,7 | 0,9 | 1,9 | 1,3 | -1,3 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares II plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares II plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares II plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares II plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares II plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares II plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 19 diciembre 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 7.4 | 2.6 | 6.1 | 1.4 | 1.5 | 0.5 | 0.6 | 1.7 | 1.0 | -1.4 |
| Benchmark † | 7.6 | 2.8 | 6.2 | 1.5 | 1.7 | 0.7 | 0.9 | 1.9 | 1.3 | -1.3 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 19 December 2022 | en | es |
DOLFIN559 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the Company becomes liable to account for tax on a chargeable event, the Company shall be entitled to deduct from the payment arising on that chargeable event an amount equal to the appropriate tax and/or, where applicable, to repurchase and cancel such number of Shares held by the Shareholder as is required to meet the amount of tax. The relevant Shareholder shall indemnify and keep the Company indemnified against loss arising to the Company by reason of the Company becoming liable to account for tax on the happening of a chargeable event.
Irish Courts Service
Where Shares are held by the Irish Courts Service the Company is not required to account for Irish tax on a chargeable event in respect of those Shares. Rather, where money under the control or subject to the order of any Court is applied to acquire Shares in the Company, the Courts Service assumes, in respect of the Shares acquired, the responsibilities of the Company to, inter alia, account for tax in respect of chargeable events and file returns. | Falls die Gesellschaft infolge des Eintritts eines Steuerereignisses steuerpflichtig wird, ist die Gesellschaft berechtigt, von der Zahlung aufgrund des Steuerereignisses einen Betrag in Höhe der entsprechenden Steuer abzuziehen und/oder gegebenenfalls eine Anzahl von Anteilen im Besitz von Anteilinhabern zurückzukaufen und zu annullieren, insoweit dies zur Begleichung der Steuerschuld erforderlich ist. Der jeweilige Anteilinhaber entschädigt die Gesellschaft und stellt sie frei bezüglich der Verluste, die der Gesellschaft entstehen könnten, wenn diese zur Abgabe von Steuern bei Eintritt eines Steuerereignisses verpflichtet ist.
Irish Courts Service
Wenn Anteile vom Irish Courts Service gehalten werden, ist die Gesellschaft nicht verpflichtet, irische Steuern auf ein Steuerereignis in Verbindung mit diesen Anteilen abzurechnen. Wenn Gelder, die unter der Kontrolle oder einer Verfügung eines Gerichts stehen, zum Erwerb von Anteilen der Gesellschaft verwendet werden, übernimmt der Courts Service für diese erworbenen Anteile für die Gesellschaft die Verantwortung, unter anderem Steuern infolge von Steuerereignissen abzurechnen und Steuererklärungen einzureichen. | If the Company becomes liable to account for tax on a chargeable event, the Company shall be entitled to deduct from the payment arising on that chargeable event an amount equal to the appropriate tax and/or, where applicable, to repurchase and cancel such number of Shares held by the Shareholder as is required to meet the amount of tax. The relevant Shareholder shall indemnify and keep the Company indemnified against loss arising to the Company by reason of the Company becoming liable to account for tax on the happening of a chargeable event.
Irish Courts Service
Where Shares are held by the Irish Courts Service the Company is not required to account for Irish tax on a chargeable event in respect of those Shares. Rather, where money under the control or subject to the order of any Court is applied to acquire Shares in the Company, the Courts Service assumes, in respect of the Shares acquired, the responsibilities of the Company to, inter alia, account for tax in respect of chargeable events and file returns. | en | de |
DOLFIN560 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# LGT Sustainable Bond Fund EM Defensive (the ''Fund'') a sub-fund of the LGT Quality Funds (the ''UCITS'') Class (USD) A – ISIN/Valor: LI0183909980/18390998
This Fund is managed by LGT Capital Partners (FL) Ltd (the ''Manager'').
- | # LGT Sustainable Bond Fund EM Defensive (il ''Fondo'') Comparto di LGT Quality Funds (il ''UCITS'')
Classe (USD) A – ISIN/Valor: LI0183909980/18390998
Il Fondo è gestito da LGT Capital Partners (FL) Ltd (la ''Società di Gestione'').
- | # LGT Sustainable Bond Fund EM Defensive (the ''Fund'') a sub-fund of the LGT Quality Funds (the ''UCITS'') Class (USD) A – ISIN/Valor: LI0183909980/18390998
This Fund is managed by LGT Capital Partners (FL) Ltd (the ''Manager'').
- | en | it |
DOLFIN561 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As a management company of undertakings for collective investment in transferable securities (UCITS) and alternative investment fund manager (AIFM), Flossbach von Storch Invest S.A. falls by definition within the scope of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (SFTR).
No securities financing transactions or total return swaps as defined in this regulation were used during the reporting period. Consequently, none of the disclosures specified in Article 13 of this regulation need to be provided in the semi-annual report for unitholders.
Detailed information on the fund’s investment strategy and the financial instruments used is available in the current sales prospectus.
NOTES
(continued) | Die Flossbach von Storch Invest S.A., als Verwaltungsge- sellschaft von Organismen für gemeinsame Anlagen in Wertpapieren (OGAW) sowie als Manager alternativer In- vestmentfonds („AIFM“), fällt per Definition in den Anwen- dungsbereich der Verordnung (EU) 2015/2365 des Europä- ischen Parlaments und des Rates vom 25. November 2015 über die Transparenz von Wertpapierfinanzierungsge- schäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 („SFTR“).
Im Berichtszeitraum kamen keine Wertpapierfinanzie- rungsgeschäfte und Gesamtrendite-Swaps im Sinne dieser Verordnung zum Einsatz. Somit sind im Halbjahresbericht keine Angaben im Sinne von Artikel 13 der genannten Verordnung an die Anteilinhaber aufzuführen.
Details zur Anlagestrategie und den eingesetzten Finan- zinstrumenten des Investmentfonds können jeweils aus dem aktuellen Verkaufsprospekt entnommen werden.
ERLÄUTERUNGEN
(Fortsetzung) | As a management company of undertakings for collective investment in transferable securities (UCITS) and alternative investment fund manager (AIFM), Flossbach von Storch Invest S.A. falls by definition within the scope of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (SFTR).
No securities financing transactions or total return swaps as defined in this regulation were used during the reporting period. Consequently, none of the disclosures specified in Article 13 of this regulation need to be provided in the semi-annual report for unitholders.
Detailed information on the fund’s investment strategy and the financial instruments used is available in the current sales prospectus.
NOTES
(continued) | en | de |
DOLFIN562 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### The investment objective of the Fund is to track the performance of companies in the consumer discretionary sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Discretionary Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Consumer Discretionary Index and which is considered by the directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the "Index") as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued)
SPDR MSCI World Consumer Staples UCITS ETF | ###### Das Anlageziel des Teilfonds ist die Nachbildung der Wertentwicklung von Unternehmen aus dem Nicht-Basiskonsumgütersektor aus allen Industrieländern weltweit. Die Anlagepolitik des Teilfonds ist es, die Wertentwicklung des MSCI World Consumer Discretionary Index (oder eines anderen vom Verwaltungsrat von Zeit zu Zeit festgelegten Index, der im Wesentlichen denselben Markt nachbildet wie der MSCI World Consumer Discretionary Index und vom Verwaltungsrat als ein geeigneter Index für die Nachbildungsziele des Teilfonds gemäß Prospekt betrachtet wird) (der „Index“) so genau wie möglich nachzubilden und dabei so weit wie möglich die Tracking Difference zwischen der Wertentwicklung des Fonds und der Index-Wertentwicklung zu minimieren.
Hintergrund der Gesellschaft (Fortsetzung)
ANLAGEZIEL (Fortsetzung)
SPDR MSCI World Consumer Staples UCITS ETF | ##### The investment objective of the Fund is to track the performance of companies in the consumer discretionary sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Discretionary Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Consumer Discretionary Index and which is considered by the directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the "Index") as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
Background to the Company (continued)
INVESTMENT OBJECTIVE (continued)
SPDR MSCI World Consumer Staples UCITS ETF | en | de |
DOLFIN563 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Optimised replication
The sub-fund will achieve exposure to Japanese equities issued by companies respecting Environmental, Social and Corporate Governance (ESG) criteria by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in equities or equity equivalent securities issued by issuers included in the index. The remainder of the assets may be invested in equities or equity equivalent securities other than those referred to in the core policy, convertible bonds, Money Market Instruments or, cash.
More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | #### Réplication optimisée
Le compartiment obtiendra une exposition aux actions japonaises émises par des sociétés respectant des critères environnementaux, sociaux et de gouvernance (ESG) en investissant dans un échantillon représentatif de l’indice sous-jacent (le portefeuille modèle).
Le compartiment investira au moins 90 % de ses actifs en actions ou titres assimilables aux actions d’émetteurs inclus dans l’indice. La part restante des actifs pourra être investie en actions ou titres assimilables aux actions autres que ceux prévus dans la politique principale, en obligations convertibles, en instruments du marché monétaire ou en liquidités.
Plus spécifiquement, un maximum de 10 % des actifs du compartiment pourra être investi en instruments dérivés (y compris des contrats à terme standardisés (futures)) émis par une banque d’investissement et cotés sur un marché réglementé, à des fins de couverture de change ou d’exposition à l’indice répliqué.
La réplication optimisée sera favorisée par rapport à la réplication totale lorsque le nombre de composantes sera trop élevé par rapport aux actifs sous gestion ou que la liquidité ne sera pas homogène entre les constituants de l’indice.
Si l’optimisation peut s’avérer une approche plus efficace en termes de coûts que la réplication totale, elle peut également entraîner une augmentation de l’Écart de suivi puisque le compartiment ne détient pas tous les constituants de l’indice. Un portefeuille modèle sera ainsi construit, dont l’étroite relation à l’indice (Écart de suivi de 1 % max.) sera constamment sous surveillance et dont les corrélations entre composantes (matrices de corrélation, tests quant) seront étroitement contrôlées. | #### Optimised replication
The sub-fund will achieve exposure to Japanese equities issued by companies respecting Environmental, Social and Corporate Governance (ESG) criteria by investing in a representative sample of the underlying index (the model portfolio).
The sub-fund will invest at least 90% of its assets in equities or equity equivalent securities issued by issuers included in the index. The remainder of the assets may be invested in equities or equity equivalent securities other than those referred to in the core policy, convertible bonds, Money Market Instruments or, cash.
More specifically, the sub-fund may invest up to 10% of its assets in derivatives (including futures) issued by an investment bank and listed on a regulated market, for forex hedging or exposure to the tracked index purposes.
Optimised replication will be preferred to full replication whenever the number of components is too high compared to the assets under management, or when the liquidity is not homogeneous across the constituents of the index.
While optimisation can be a more cost efficient approach than full replication, it may also lead to an increased in Tracking Error as the sub-fund does not hold all index constituents. A model portfolio will thus be created, and its closeness to the index (Tracking Error below 1%) will be constantly monitored, as will correlations between components (correlation grids, quant tests). | en | fr |
DOLFIN564 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Specific risks in connection with currency-hedged Share Classes: Share classes whose currency is not the Sub-fund currency are subject to a currency risk which can be hedged using financial derivatives. The costs, liabilities and/or benefits associated with such hedging are borne exclusively by the individual Share Class. The use of financial deriv- atives for only one Share Class may give rise to counterparty and operational risks, including for investors in other Share Classes of the Sub-fund. Hedging is used to reduce any fluctuations in exchange rates between the Sub-fund currency and the hedged Share Class currency. The purpose of this hedging strategy is to adjust the currency risk of the hedged Share Class so that the performance of the hedged Share Class follows as closely as possible the performance of a Share Class in the Sub-fund currency. The use of this hedging strategy may provide significant protection to the shareholder of the relevant Share Class against the risk of depreciation of the Share Class currency at the value of the Sub-fund currency. However, it may also result in the shareholders of the hedged Share Class not being able to benefit from an appreciation in value compared to the Sub-fund currency. There may also be incongruities between the currency position of the Sub-fund and the currency position of the hedged Share Class, particularly in the event of severe market distortions. In the event of a net flow into the hedged Share Class, this currency hedging may only be carried out retrospectively or adjusted if nec- essary.
Sector risk: Where a Fund’s investments are focused on particular sectors, this reduces the diversification of risk. As a result, the Fund will be particularly dependent both on general trends and on the trend of company profits in individual sectors or interdepend- ent sectors.
- Country/region risk: Where a Fund’s investments are focused on particular countries or regions, this likewise reduces the diversification of risk. As a result, the Fund will beparticularly dependent on individual or interrelated countries and regions and on the companies based and/or operating in those countries and regions.
- Legal and tax risk: The legal and tax treatment of the Fund may change in ways that cannot be predicted or influenced.
- Country and transfer risks: Economic or political instability in countries where the Fund is invested may mean that the Fund does not receive all or part of the monies due to it, despite the solvency of the issuer of the securities or other assets concerned. This may be due to e.g. foreign exchange controls, transfer restrictions or other legal changes.
- Liquidity risk: Particularly in the case of illiquid (narrow-market) securities, even an order that is not particularly large can lead to significant price changes both on buying and on selling. If an asset is not liquid, there is a risk that it cannot be sold, or can only be sold at a substantial discount. In the case of purchase, the illiquidity of an asset may mean that the purchase price is significantly increased.
- Custody risk: Custody risk describes the risk resulting from the general possibility that, in the event of insolvency or negligent, deliberate or fraudulent behaviour on the part of the custodian or a sub-custodian, the Fund may be deprived, wholly or partly and to its detriment, of access to the investments held in custody.
- Emerging markets risks: Investments in emerging markets are investments in countries that, according to the World Bank’s definition, do not fall in the category of “high gross national income per capita”, i.e. that are not classified as “developed”. In addition to the specific risks of the specific asset class, investments in these countries are typically exposed to higher risks, to a particular degree to the liquidity risk and general market risk. Political, economic or social instability or diplomatic developments in emerging countries may have a negative effect on investments in those countries. Greater risks may also occur when processing transactions in securities from these countries, leading to losses for shareholders, in particular because delivery of securities concurrently against payment is not possible or usual in those countries. In emerging markets, the legal and regulatory environment and the accounting, auditing and reporting standards may also differ significantly from otherwise customary international levels and standards, to the investor’s disadvantage. This may not only result in differences in state supervi- sion and regulation, but may also entail further risks in the enforcement and settlement of claims of the Sub-fund. Greater custody risk may also arise in such countries, due in particular to the different ways of acquiring title to purchased assets. Emerging markets are generally more volatile and less liquid than markets in industrialised countries, which can result in increased volatility of the shares of the Sub-fund. | Spezifische Risiken im Zusammenhang mit währungsgesicherten Anteilklassen: Anteilklas- sen, deren Währung nicht auf die jeweilige Teilfondswährung lautet, unterliegen einem Währungsrisiko, welches durch den Einsatz von Finanzderivaten abgesichert werden kann. Die mit dieser Absicherung zusammenhängenden Kosten, Verbindlichkeiten und/ oder Vor- teile gehen ausschließlich zulasten der betreffenden Anteilklasse. Durch den Einsatz von Finanzderivaten für nur eine Anteilklasse können Kontrahentenrisiken und operationelle Ri- siken auch für die Investoren in anderen Anteilklassen des Teilfonds entstehen. Die Absi- cherung wird eingesetzt, um etwaige Wechselkursschwankungen zwischen der Teilfonds- währung und der abgesicherten Anteilklassenwährung zu senken. Mit dieser Absicherungs- strategie soll das Währungsrisiko der abgesicherten Anteilklasse so angeglichen werden, dass die Entwicklung der abgesicherten Anteilklasse der Entwicklung einer Anteilklasse in der Teilfondswährung möglichst genau folgt. Der Einsatz dieser Absicherungsstrategie
kann dem Anteilinhaber der betreffenden Anteilklasse einen erheblichen Schutz gegen das Risiko von Wertminderungen der Anteilklassenwährung zum Wert der Teilfondswährung bieten. Es kann aber auch dazu führen, dass die Anteilinhaber der abgesicherten Anteil- klasse von einer Wertsteigerung gegenüber der Teilfondswährung nicht profitieren können. Es kann ebenso – insbesondere bei starken Marktverwerfungen – zu Inkongruenzen zwi- schen der Währungsposition des Teilfonds und der Währungsposition der abgesicherten Anteilklasse kommen. Im Falle eines Nettoflusses in der abgesicherten Anteilklasse kann diese Währungsabsicherung unter Umständen erst nachträglich erfolgen bzw. angepasst Branchenrisiko: Soweit sich ein Fonds im Rahmen seiner Anlage auf bestimmte Branchen fokussiert, reduziert dies auch die Risikostreuung. Infolgedessen ist der Fonds in besonde- rem Maße sowohl von der allgemeinen Entwicklung als auch von der Entwicklung der Un- ternehmensgewinne einzelner Branchen oder sich gegenseitig beeinflussender Branchen abhängig.
- Länder-/Regionenrisiko: Soweit sich der Fonds im Rahmen seiner Anlage auf bestimmte Länder oder Regionen fokussiert, reduziert dies ebenfalls die Risikostreuung. Infolgedes- sen ist der Fonds in besonderem Maße von der Entwicklung einzelner oder miteinander verflochtener Länder und Regionen bzw. der in diesen ansässigen und /oder tätigen Unter- nehmen abhängig.
- Rechtliches und steuerliches Risiko: Die rechtliche und steuerliche Behandlung des Fonds kann sich in unabsehbarer und nicht beeinflussbarer Weise ändern.
- Länder- und Transferrisiken: Wirtschaftliche oder politische Instabilität in Ländern, in denen der Fonds investiert ist, kann dazu führen, dass der Fonds ihm zustehende Gelder trotz Zahlungsfähigkeit des Ausstellers des jeweiligen Wertpapiers oder sonstigen Vermögens- gegenstands nicht oder nicht in vollem Umfang erhält. Maßgeblich hierfür können beispiels- weise Devisen- oder Transferbeschränkungen oder sonstige Rechtsänderungen sein.
- Liquiditätsrisiko: Insbesondere bei illiquiden (marktengen) Wertpapieren kann bereits eine nicht allzu große Order zu deutlichen Kursveränderungen sowohl bei Käufen als auch Ver- käufen führen. Ist ein Vermögenswert nicht liquide, besteht die Gefahr, dass im Fall der Veräußerung des Vermögenswerts dies nicht oder nur unter Inkaufnahme eines deutlichen Abschlags auf den Verkaufspreis möglich ist. Im Fall des Kaufs kann die Illiquidität eines Vermögenswerts dazu führen, dass sich der Kaufpreis deutlich erhöht.
- Verwahrrisiko: Das Verwahrrisiko beschreibt das Risiko, das aus der grundsätzlichen Mög- lichkeit resultiert, dass die in Verwahrung befindlichen Anlagen im Falle der Insolvenz, fahr- lässiger, vorsätzlicher oder betrügerischer Handlungen des Verwahrers oder eines Unter- verwahrers teilweise oder gänzlich dem Zugriff des Fonds zu dessen Schaden entzogen werden könnten.
- Emerging Markets Risiken: Anlagen in Emerging Markets sind Anlagen in Ländern, die in Anlehnung u.a. an die Definition der Weltbank nicht in die Kategorie „hohes Bruttovolksein- kommen pro Kopf“ fallen, d. h. nicht als „entwickelt“ klassifiziert werden. Anlagen in diesen Ländern unterliegen – neben den spezifischen Risiken der konkreten Anlageklasse – in der Regel höheren Risiken und in besonderem Maße dem Liquiditätsrisiko sowie dem allgemei- nen Marktrisiko. In Schwellenländern können politische, wirtschaftliche oder soziale Insta- bilität oder diplomatische Vorfälle die Anlage in diesen Ländern beeinträchtigen. Zudem können bei der Transaktionsabwicklung in Werten aus diesen Ländern in verstärktem Um- fang Risiken auftreten und zu Schäden für den Aktionär führen, insbesondere, weil dort imAllgemeinen eine Lieferung von Wertpapieren nicht Zug um Zug gegen Zahlung möglich oder üblich sein kann. In Emerging Markets können zudem das rechtliche sowie das regu- latorische Umfeld und die Buchhaltungs-, Prüfungs- und Berichterstattungsstandards deut- lich von dem Niveau und Standard zulasten eines Investors abweichen, die sonst internati- onal üblich sind. Dadurch kann es nicht nur zu Unterschieden bei der staatlichen Überwa- chung und Regulierung kommen, sondern es kann damit auch die Geltendmachung und Abwicklung von Forderungen des Teilfonds mit weiteren Risiken verbunden sein. Auch kann in solchen Ländern ein erhöhtes Verwahrrisiko bestehen, was insbesondere auch aus unterschiedlichen Formen der Eigentumsverschaffung an erworbenen Vermögensgegen- ständen resultieren kann. Die Märkte in Schwellenländern sind in der Regel volatiler und weniger liquide als die Märkte in Industriestaaten, dadurch kann es zu erhöhten Schwan- kungen der Anteilwerte des Teilfonds kommen. | Specific risks in connection with currency-hedged Share Classes: Share classes whose currency is not the Sub-fund currency are subject to a currency risk which can be hedged using financial derivatives. The costs, liabilities and/or benefits associated with such hedging are borne exclusively by the individual Share Class. The use of financial deriv- atives for only one Share Class may give rise to counterparty and operational risks, including for investors in other Share Classes of the Sub-fund. Hedging is used to reduce any fluctuations in exchange rates between the Sub-fund currency and the hedged Share Class currency. The purpose of this hedging strategy is to adjust the currency risk of the hedged Share Class so that the performance of the hedged Share Class follows as closely as possible the performance of a Share Class in the Sub-fund currency. The use of this hedging strategy may provide significant protection to the shareholder of the relevant Share Class against the risk of depreciation of the Share Class currency at the value of the Sub-fund currency. However, it may also result in the shareholders of the hedged Share Class not being able to benefit from an appreciation in value compared to the Sub-fund currency. There may also be incongruities between the currency position of the Sub-fund and the currency position of the hedged Share Class, particularly in the event of severe market distortions. In the event of a net flow into the hedged Share Class, this currency hedging may only be carried out retrospectively or adjusted if nec- essary.
Sector risk: Where a Fund’s investments are focused on particular sectors, this reduces the diversification of risk. As a result, the Fund will be particularly dependent both on general trends and on the trend of company profits in individual sectors or interdepend- ent sectors.
- Country/region risk: Where a Fund’s investments are focused on particular countries or regions, this likewise reduces the diversification of risk. As a result, the Fund will beparticularly dependent on individual or interrelated countries and regions and on the companies based and/or operating in those countries and regions.
- Legal and tax risk: The legal and tax treatment of the Fund may change in ways that cannot be predicted or influenced.
- Country and transfer risks: Economic or political instability in countries where the Fund is invested may mean that the Fund does not receive all or part of the monies due to it, despite the solvency of the issuer of the securities or other assets concerned. This may be due to e.g. foreign exchange controls, transfer restrictions or other legal changes.
- Liquidity risk: Particularly in the case of illiquid (narrow-market) securities, even an order that is not particularly large can lead to significant price changes both on buying and on selling. If an asset is not liquid, there is a risk that it cannot be sold, or can only be sold at a substantial discount. In the case of purchase, the illiquidity of an asset may mean that the purchase price is significantly increased.
- Custody risk: Custody risk describes the risk resulting from the general possibility that, in the event of insolvency or negligent, deliberate or fraudulent behaviour on the part of the custodian or a sub-custodian, the Fund may be deprived, wholly or partly and to its detriment, of access to the investments held in custody.
- Emerging markets risks: Investments in emerging markets are investments in countries that, according to the World Bank’s definition, do not fall in the category of “high gross national income per capita”, i.e. that are not classified as “developed”. In addition to the specific risks of the specific asset class, investments in these countries are typically exposed to higher risks, to a particular degree to the liquidity risk and general market risk. Political, economic or social instability or diplomatic developments in emerging countries may have a negative effect on investments in those countries. Greater risks may also occur when processing transactions in securities from these countries, leading to losses for shareholders, in particular because delivery of securities concurrently against payment is not possible or usual in those countries. In emerging markets, the legal and regulatory environment and the accounting, auditing and reporting standards may also differ significantly from otherwise customary international levels and standards, to the investor’s disadvantage. This may not only result in differences in state supervi- sion and regulation, but may also entail further risks in the enforcement and settlement of claims of the Sub-fund. Greater custody risk may also arise in such countries, due in particular to the different ways of acquiring title to purchased assets. Emerging markets are generally more volatile and less liquid than markets in industrialised countries, which can result in increased volatility of the shares of the Sub-fund. | en | de |
DOLFIN565 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Fund Information |
| --- |
| You are investing in a fund that is actively managed in reference to the benchmark below. Please refer to the Prospectus and KIID for the Fund objective. |
| Fund Benchmark: MSCI World Small Cap Index |
| Inception Date: 03/03/2011 |
| Fund Currency: EUR |
| Fund Domicile: Luxembourg |
| SFDR: Article 8* | | | Fondsinformationen |
| --- |
| Sie investieren in einen Fonds, der unter Bezugnahme auf die nachstehende Benchmark aktiv verwaltet wird. Das Anlageziel des Fonds entnehmen Sie bitte dem Verkaufsprospekt und den wesentlichen Anlegerinformationen. |
| Fondsbenchmark: MSCI World Small Cap Index |
| Auflegungsdatum: 03/03/2011 |
| Fondswährung: EUR |
| Domizil des Fonds: Luxembourg |
| SFDR: Artikel 8* | | | Fund Information |
| --- |
| You are investing in a fund that is actively managed in reference to the benchmark below. Please refer to the Prospectus and KIID for the Fund objective. |
| Fund Benchmark: MSCI World Small Cap Index |
| Inception Date: 03/03/2011 |
| Fund Currency: EUR |
| Fund Domicile: Luxembourg |
| SFDR: Article 8* | | en | de |
DOLFIN566 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Share Classes
In order to meet the specific needs of Shareholders, the Directors may create within each Fund different Share Classes (including Hedged Share Classes) whose assets will be commonly invested pursuant to the investment objective of the applicable Fund. Each Share Class may have specific features, including, but not limited to, investor eligibility, fee structures, currency of denomination and hedging policy. The particular features of each Share Class are described in the “Share Classes” section and Appendix 1.
Upon activation of a new Share Class in a Fund, the price per share in the new Share Class will correspond to the price per share of an existing Share Class of the relevant Fund, subject to the discretion of the Directors. | ### Anteilklassen
Um die spezifischen Bedürfnisse von Anteilinhabern zu erfüllen, können die Verwaltungsratsmitglieder in jedem der Fonds verschiedene Anteilklassen (einschließlich abgesicherte Anteilklassen) erschaffen, deren Vermögenswerte üblicherweise gemäß dem Anlageziel des betreffenden Fonds investiert werden. Jede Anteilklasse kann spezifische Merkmale haben, einschließlich unter anderem der Qualifizierung der Anleger, ihrer Gebührenstruktur, der Darstellungswährung und der Absicherungsstrategie. Die besonderen Merkmale der einzelnen Anteilklassen sind im Abschnitt „Anteilklassen“ und in Anhang 1 dargelegt.
Im Zuge der Aktivierung einer neuen Anteilklasse innerhalb eines Fonds wird der Kurs je Anteil für die neue Anteilklasse nach dem Ermessen der Verwaltungsratsmitglieder dem Kurs je Anteil einer bereits bestehenden Anteilklasse des betreffenden Fonds entsprechen. | ### Share Classes
In order to meet the specific needs of Shareholders, the Directors may create within each Fund different Share Classes (including Hedged Share Classes) whose assets will be commonly invested pursuant to the investment objective of the applicable Fund. Each Share Class may have specific features, including, but not limited to, investor eligibility, fee structures, currency of denomination and hedging policy. The particular features of each Share Class are described in the “Share Classes” section and Appendix 1.
Upon activation of a new Share Class in a Fund, the price per share in the new Share Class will correspond to the price per share of an existing Share Class of the relevant Fund, subject to the discretion of the Directors. | en | de |
DOLFIN567 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where a Fund is in turn required to post collateral with a counterparty, there is a risk that the value of the collateral the Fund places with the counterparty is higher than the cash or investments received by the Fund.
In either case, where there are delays or difficulties in recovering assets or cash, collateral posted with counterparties, or realising collateral received from counterparties, the Fund may encounter difficulties in meeting redemption or purchase requests or in meeting delivery or purchase obligations under other contracts.
As collateral will take the form of cash or certain financial instruments, the market risk is relevant. Collateral received by a Fund may be held either by the Depositary or by a third party custodian. In either case there may be a risk of loss where such assets are held in custody resulting from events such as the insolvency or negligence of a custodian or sub-custodian.
- Legal Risk – OTC DerivativesThere is a risk that agreements and derivatives techniques are terminated due, for instance, to bankruptcy, supervening illegality or change in tax or accounting laws. In such circumstances, a Fund may be required to cover any losses incurred. | Lorsqu'un Compartiment est tenu à son tour de déposer une garantie auprès d'une contrepartie, il existe un risque que la valeur de la garantie déposée par le Compartiment soit supérieure aux liquidités ou investissements reçus par le Compartiment.
Dans un cas comme dans l'autre, en cas de retards ou de difficultés pour recouvrer des actifs ou liquidités, des garanties déposées auprès de contreparties ou pour exécuter des garanties reçues de la part de contreparties, le Compartiment peut avoir du mal à honorer les demandes de rachat ou d'achat ou l'exécution ou la prise d'obligations en vertu d'autres contrats.
Les garanties étant susceptibles de prendre la forme de liquidités ou d'instruments financiers, il existe aussi un risque de marché. Les garanties reçues par un Compartiment peuvent être détenues par le Dépositaire ou par un dépositaire tiers. Dans un cas comme dans l'autre, il peut y avoir un risque de perte pendant que ces actifs sont en dépôt, notamment en raison d'évènements comme l'insolvabilité ou la négligence d'un agent dépositaire ou d'un dépositaire par délégation
- Risque juridique – Dérivés OTCIl existe aussi un risque de résiliation des contrats susvisés et des techniques de dérivés susvisées, par exemple pour cause de faillite, ou d’illégalité rétroactive ou de changement du droit fiscal ou comptable. Dans de telles circonstances, un Compartiment peut être tenu de couvrir les pertes encourues. | Where a Fund is in turn required to post collateral with a counterparty, there is a risk that the value of the collateral the Fund places with the counterparty is higher than the cash or investments received by the Fund.
In either case, where there are delays or difficulties in recovering assets or cash, collateral posted with counterparties, or realising collateral received from counterparties, the Fund may encounter difficulties in meeting redemption or purchase requests or in meeting delivery or purchase obligations under other contracts.
As collateral will take the form of cash or certain financial instruments, the market risk is relevant. Collateral received by a Fund may be held either by the Depositary or by a third party custodian. In either case there may be a risk of loss where such assets are held in custody resulting from events such as the insolvency or negligence of a custodian or sub-custodian.
- Legal Risk – OTC DerivativesThere is a risk that agreements and derivatives techniques are terminated due, for instance, to bankruptcy, supervening illegality or change in tax or accounting laws. In such circumstances, a Fund may be required to cover any losses incurred. | en | fr |
DOLFIN568 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
At fund level, the different national requirements have the consequence that the conversion as a result of the discretionary trigger or the suspension of the coupon payments can be triggered accord- ingly depending on the regulatory law applicable to the issuer and that an additional uncertainty factor exists for the CoCo investor, or the investor, depending on the national conditions and the sole judgment of the respective competent supervisory authority.
Moreover, the opinion of the respective compe- tent supervisory authority, as well as the criteria of relevance for the opinion in the individual case, cannot be conclusively assessed in advance.
- Call risk and risk of the competent supervisory authority preventing a call(prolongation risk)CoCos are long-term debt securities, often perpetual, that are callable by the issuer at certain call dates defined in the issue prospec- tus. The decision to call is made at the discretion of the issuer, but it does require the approval of the issuer’s competent supervisory authority. The supervisory authority makes its decision in accordance with applicable regulatory law. | Die unterschiedlichen nationalen Vorgaben haben auf Fondsebene zur Folge, dass die Umwandlung infolge des diskretionären Triggers oder die Ausset- zung der Kuponzahlungen je nach dem auf den Emittenten anwendbaren Aufsichtsrecht entspre- chend ausgelöst werden kann und für den CoCo- Anleger beziehungsweise den Anleger ein weiterer Unsicherheitsfaktor abhängig von den nationalen Gegebenheiten und der alleinigen Einschätzung der jeweils zuständigen Aufsichtsbehörde besteht.
Ferner kann die Auffassung der jeweils zuständi- gen Aufsichtsbehörde sowie die für die Auffas- sung im Einzelfall relevanten Kriterien nicht im Voraus abschließend eingeschätzt werden.
- Risiko der Ausübung der Kündigung beziehungsweise Verhinderung der Kündigung durch die zuständige Aufsichtsbehörde (Prolongationsrisiko)CoCos sind langfristige Schuldverschreibungen mit oftmals unbefristeter Laufzeit und mit einem Kündigungsrecht des Emittenten zu bestimmten im Emissionsprospekt definierten Ausübungster- minen. Die Ausübung des Kündigungsrechtes ist eine Ermessensentscheidung des Emittenten, welche jedoch der Zustimmung der zuständigen Aufsichtsbehörde bedarf. Die Aufsichtsbehörde wird eine Entscheidung im Einklang mit dem anwendbaren Aufsichtsrecht treffen. | At fund level, the different national requirements have the consequence that the conversion as a result of the discretionary trigger or the suspension of the coupon payments can be triggered accord- ingly depending on the regulatory law applicable to the issuer and that an additional uncertainty factor exists for the CoCo investor, or the investor, depending on the national conditions and the sole judgment of the respective competent supervisory authority.
Moreover, the opinion of the respective compe- tent supervisory authority, as well as the criteria of relevance for the opinion in the individual case, cannot be conclusively assessed in advance.
- Call risk and risk of the competent supervisory authority preventing a call(prolongation risk)CoCos are long-term debt securities, often perpetual, that are callable by the issuer at certain call dates defined in the issue prospec- tus. The decision to call is made at the discretion of the issuer, but it does require the approval of the issuer’s competent supervisory authority. The supervisory authority makes its decision in accordance with applicable regulatory law. | en | de |
DOLFIN569 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 10. - Restrictions on Ownership of Shares
The Company may restrict or prevent the ownership of shares in the Company by any person, firm or corporate body, if in the opinion of the Company such holding may be detrimental to the Company, if it may result in a breach of any law or regulation, whether Luxembourg or foreign, or if as a result thereof the Company may become exposed to tax disadvantages or other financial disadvantages that it would not have otherwise incurred (such persons, firms or corporate bodies to be determined by the board of directors being herein referred to as "Prohibited Persons"). | # Article 10. - Restrictions à la Propriété des Actions
La Société pourra restreindre ou empêcher la possession de ses actions par toute personne, firme ou société, si, de l’avis de la Société, une telle possession peut être préjudiciable pour la Société, si elle peut entraîner la violation d’une disposition légale ou réglementaire, luxembourgeoise ou étrangère, ou s’il en résulte que la Société pourrait encourir des charges fiscales ou autres désavantages financiers qu’elle n’aurait pas encourus autrement (ces personnes, firmes ou sociétés à déterminer par le conseil d’administration sont désignées ci- après "Personnes Non Autorisées"). | # Article 10. - Restrictions on Ownership of Shares
The Company may restrict or prevent the ownership of shares in the Company by any person, firm or corporate body, if in the opinion of the Company such holding may be detrimental to the Company, if it may result in a breach of any law or regulation, whether Luxembourg or foreign, or if as a result thereof the Company may become exposed to tax disadvantages or other financial disadvantages that it would not have otherwise incurred (such persons, firms or corporate bodies to be determined by the board of directors being herein referred to as "Prohibited Persons"). | en | fr |
DOLFIN570 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
SRRI is a value based on the volatility of the fund, which gives an indication of the overall risk and reward profile of the fund.
Weights are reported as a % of the total fund NAV.
Benchmark Information
The Fund is actively managed against, and its performance is measured against, the ICE Sovereign and Government Related Green Bond Custom Index. The Benchmark consists of fixed-rate, local currency, investment grade sovereign bonds, including Green Bonds issued by governments. If the Class Currency of a Class differs from the Base Currency of the Fund, the performance of that Class will be measured against the Benchmark expressed in the Class Currency. A Hedged Class will be measured against the Benchmark in hedged terms. The Fund was previously managed against, and its performance measured against, the FTSE World Government Bond Index (WGBI), until 12th July 2021. Please see page 4 for additional benchmark information. | SRRI è un valore basato sulla volatilità del Fondo, che fornisce un'indicazione del rischio complessivo e del profilo di rendimento del Fondo.
I pesi sono riportati come % del NAV totale del fondo.
Caratteristiche del Benchmark
Il Fondo è gestito in maniera attiva contro il Benchmark ICE Sovereign and Government Related Green Bond Custom Index e la performance è misurata rispetto a quest'ultimo. Il Benchmark è costituito da titoli di stato a reddito fisso, in valuta locale e investment grade, compresi i Green Bond emessi dai governi. Se la valuta della Classe differisce dalla valuta di base del Fondo, la performance di tale Classe sarà misurata rispetto al Benchmark espresso nella valuta della Classe. Una Hedged Class sarà misurata rispetto al Benchmark con copertura valutaria. Il Fondo è stato precedentemente gestito e la sua performance misurata rispetto al FTSE World Government Bond Index (WGBI), fino al 12 luglio 2021. Si prega di consultare la pagina 4 per ulteriori informazioni sul Benchmark. | SRRI is a value based on the volatility of the fund, which gives an indication of the overall risk and reward profile of the fund.
Weights are reported as a % of the total fund NAV.
Benchmark Information
The Fund is actively managed against, and its performance is measured against, the ICE Sovereign and Government Related Green Bond Custom Index. The Benchmark consists of fixed-rate, local currency, investment grade sovereign bonds, including Green Bonds issued by governments. If the Class Currency of a Class differs from the Base Currency of the Fund, the performance of that Class will be measured against the Benchmark expressed in the Class Currency. A Hedged Class will be measured against the Benchmark in hedged terms. The Fund was previously managed against, and its performance measured against, the FTSE World Government Bond Index (WGBI), until 12th July 2021. Please see page 4 for additional benchmark information. | en | it |
DOLFIN571 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
30% au maximum des actifs peuvent être investis en actions et en valeurs mobilières assimilables à des actions (à l'exception des actions préférentielles convertibles).
30% maximum des actifs du compartimen peuvent être investis dans des instruments financiers structurés suffisamment liquides.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le compartiment est géré indépendamment de tout indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | Puede invertirse hasta el 30% del patrimonio en acciones y valores similares a las acciones (excluyendo las acciones preferentes convertibles).
Puede invertirse hasta el 30% del patrimonio en instrumentos financieros estructurados que tengan una liquidez suficiente.
El subfondo puede recurrir a instrumentos derivados para una gestión eficaz de la cartera, así como con fines de cobertura.
El subfondo se gestionará sin referencia a ningún índice de referencia.
Por otra parte, se aplican las directrices de inversión estándar conforme a la Directiva UCITS V. | 30% au maximum des actifs peuvent être investis en actions et en valeurs mobilières assimilables à des actions (à l'exception des actions préférentielles convertibles).
30% maximum des actifs du compartimen peuvent être investis dans des instruments financiers structurés suffisamment liquides.
Le compartiment peut avoir recours à des instruments dérivés à des fins de couverture et de gestion efficace de portefeuille.
Le compartiment est géré indépendamment de tout indice de référence. Les normes d'investissement de la Directive UCITS V sont d'application. | fr | es |
DOLFIN572 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Reporting Fund Status Classes
Subject to the discretion of the Board of Directors to determine otherwise, Classes denominated in GBP are generally reserved to UK resident and/or UK ordinarily resident investors.
Each GBP denominated Class will be deemed to constitute an "offshore fund" for UK tax purposes. As a consequence, any gain arising on the sale, redemption or other disposal of Shares in a GBP denominated Class by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, redemption or other disposal as income and not as a capital gain. This does not apply, however, where a Class is accepted by HM Revenue & Customs as a "reporting fund." For
those Classes currently approved as a "reporting fund" Class, please see "Additional Information for Shareholders in the United Kingdom" included with the Prospectus for Shareholders in the UK, or check with your financial intermediary. | ## Classi con status di fondo soggetto a obbligo d’informativa
Fatta salva la facoltà del Consiglio d’amministrazione di stabilire altrimenti, le Classi denominate in GBP sono generalmente riservate agli investitori residenti nel Regno Unito e/o abitualmente residenti nel Regno Unito.
Ciascuna Classe denominata in GBP sarà considerata come un “fondo offshore” ai fini fiscali del Regno Unito. Di conseguenza, qualunque profitto derivante dalla vendita, dal rimborso o da altra cessione di Azioni di una Classe denominata in GBP da parte di soggetti residenti o abitualmente residenti nel Regno Unito ai fini fiscali sarà tassato all’atto di tale vendita, rimborso o altra cessione come reddito e non come plusvalenza. Tuttavia, tale procedura non si applica nel caso in cui una Classe sia riconosciuta dall’HM Revenue & Customs (Amministrazione fiscale e doganale del Regno Unito) come “reporting fund”, ossia fondo soggetto a obbligo di informativa. Per le Classi attualmente approvate come “fondo soggetto a obbligo di informativa”, si rimanda alla sezione “Informazioni aggiuntive per gli Azionisti nel Regno Unito” inclusa nel Prospetto per gli Azionisti del Regno Unito, oppure di verificare con il proprio intermediario finanziario. | ## Reporting Fund Status Classes
Subject to the discretion of the Board of Directors to determine otherwise, Classes denominated in GBP are generally reserved to UK resident and/or UK ordinarily resident investors.
Each GBP denominated Class will be deemed to constitute an "offshore fund" for UK tax purposes. As a consequence, any gain arising on the sale, redemption or other disposal of Shares in a GBP denominated Class by persons who are resident or ordinarily resident in the UK for tax purposes will be taxed at the time of such sale, redemption or other disposal as income and not as a capital gain. This does not apply, however, where a Class is accepted by HM Revenue & Customs as a "reporting fund." For
those Classes currently approved as a "reporting fund" Class, please see "Additional Information for Shareholders in the United Kingdom" included with the Prospectus for Shareholders in the UK, or check with your financial intermediary. | en | it |
DOLFIN573 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# *Tonnes of CO2e/M€ invested, Direct (scope 1-2) + First tier indirect
Cons.Staples 8.7%
Technology 7.5%
Basic Materials 4.5%
Real Estate 3.3%
Energy 2.7%
Utilities 1.2%
Cash & Others 6.0%
Ireland 9.6%
Germany 8.8%
Austria 3.8%
Switzerland 3.7%
Netherlands 3.5%
Norway 3.0%
Luxembourg 2.5%
Sweden 2.2%
Denmark 0.8%
Cash & Others 6.0% | # *Tonnes of CO2e/M€ invested, Direct (scope 1-2) + First tier indirect
Beni di consumo 8.7%
Tecnologia 7.5%
Prodotti di base 4.5%
Immobiliare 3.3%
Energia 2.7%
Servizi pubblici 1.2%
Cash & altro 6.0%
Irlanda 9.6%
Germania 8.8%
Austria 3.8%
Svizzera 3.7%
Paesi Bassi 3.5%
Norvegia 3.0%
Lussemburgo 2.5%
Svezia 2.2%
Danimarca 0.8%
Cash & altro 6.0% | # *Tonnes of CO2e/M€ invested, Direct (scope 1-2) + First tier indirect
Cons.Staples 8.7%
Technology 7.5%
Basic Materials 4.5%
Real Estate 3.3%
Energy 2.7%
Utilities 1.2%
Cash & Others 6.0%
Ireland 9.6%
Germany 8.8%
Austria 3.8%
Switzerland 3.7%
Netherlands 3.5%
Norway 3.0%
Luxembourg 2.5%
Sweden 2.2%
Denmark 0.8%
Cash & Others 6.0% | en | it |
DOLFIN574 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest. | # Con el fin de gestionar estas situaciones, el Depositario ha establecido y actualizado una política de gestión de los conflictos de intereses que tiene como objetivo:
- La identificación y el análisis de las situaciones de potenciales conflictos de intereses
- El registro, la gestión y el seguimiento de las situaciones de conflictos de intereses mediante:O Basándose en las medidas permanentes establecidas para gestionar los conflictos de intereses, como el mantenimiento de entidades jurídicas separadas, la segregación de tareas, la separación de líneas jerárquicas, el seguimiento de las listas de iniciadores internas;O Se aplicará caso por caso:
- Medidas preventivas y adecuadas, como la creación de una lista de seguimiento ad hoc, nuevas murallas de China o la verificación de que las operaciones se tratan adecuadamente y/o la información a los clientes afectados;
- O negándose a gestionar actividades que puedan dar lugar a conflictos de intereses. | # In order to manage such situations, the Custodian has implemented and maintains a conflict of interest management policy with the objective of:
- Identification and analysis of potential conflicts of interest situations
- To record, manage and monitor situations with conflicts of interest by:O Using the permanent measures in place to manage conflicts of interest such as maintaining separate legal entities, segregation of duties, separation of reporting lines, monitoring of internal insider lists;O Implementing on a case by case basis:
- Preventive and appropriate measures such as the creation of an ad hoc monitoring list, new Chinese walls, checking that transactions are processed in an appropriate manner and/or informing the clients concerned;
- Or refusing to manage activities that could give rise to conflicts of interest. | en | es |
DOLFIN575 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 66,246 JPY | 155,264 JPY |
| Annual cost impact (*) | 8.3% | 5.0% each year | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | 66 246 JPY | 155 264 JPY |
| Incidence des coûts annuels (*) | 8,3% | 5,0% chaque année | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 66,246 JPY | 155,264 JPY |
| Annual cost impact (*) | 8.3% | 5.0% each year | | en | fr |
DOLFIN576 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# All valuation regulations and determinations shall be interpreted and made in accordance with generally accepted accounting principles.
In the absence of bad faith, gross negligence or manifest error, every decision in calculating the net asset value taken by the board of directors or by any bank, company or other organization which the board of directors may appoint for the purpose of calculating the net asset value, shall be final and binding on the Company and present, past or future shareholders.
- | # Für die Auslegung sämtlicher Regeln zur Bewertung und für die Durchführung der Bewer- tungen gelten die allgemein anerkannten Buchhaltungsprinzipien.
Bei Nichtvorliegen eines Verstoßes gegen den Grundsatz von Treu und Glauben oder einer schweren Fahrlässigkeit oder eines offensichtlichen Fehlers ist jede Entscheidung, die aus Anlass der Berechnung des Nettoinventarwertes durch den Verwaltungsrat oder durch eine beliebige Bank, Gesellschaft oder eine sonstige Organisation getroffen wird, die der Verwal- tungsrat im Hinblick auf die Bedürfnisse der Berechnung des Nettoinventarwertes eingesetzt hat, für die Gesellschaft und ihre derzeitigen, früheren oder zukünftigen Anteilinhaber endgül- tig und verbindlich.
- | # All valuation regulations and determinations shall be interpreted and made in accordance with generally accepted accounting principles.
In the absence of bad faith, gross negligence or manifest error, every decision in calculating the net asset value taken by the board of directors or by any bank, company or other organization which the board of directors may appoint for the purpose of calculating the net asset value, shall be final and binding on the Company and present, past or future shareholders.
- | en | de |
DOLFIN577 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Company may also postpone payment of all redemption and/or conversion requests concerning a sub-fund:
- if one of the stock markets or other markets to which the sub-fund concerned is heavily exposed, in the opinion of the Board of Directors, is closed; or
- if transactions on the stock markets or other markets to which the sub-fund concerned is heavily exposed, in the opinion of the Board of Directors, are restricted or suspended. | #### Par ailleurs, la Société peut reporter le paiement de toutes demandes de remboursement et/ou conversion au titre d’un compartiment :
- si l’une des bourses et/ou autres marchés sur lesquels le compartiment concerné serait largement exposé, selon l’appréciation du conseil d’administration, serait fermé ou ;
- si les opérations sur les bourses et/ou autres marchés sur lesquels le compartiment concerné serait largement exposé, selon l’appréciation du conseil d’administration, seraient restreintes ou suspendues. | ##### The Company may also postpone payment of all redemption and/or conversion requests concerning a sub-fund:
- if one of the stock markets or other markets to which the sub-fund concerned is heavily exposed, in the opinion of the Board of Directors, is closed; or
- if transactions on the stock markets or other markets to which the sub-fund concerned is heavily exposed, in the opinion of the Board of Directors, are restricted or suspended. | en | fr |
DOLFIN578 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Objectifs
Le fonds vise à dégager une croissance du capital supérieure à MSCI Emerging Markets Small Cap (Net TR) Index après déduction des frais sur une période de trois à cinq ans en investissant dans des actions de sociétés de petite capitalisation de marchés émergents du monde entier.
Politique d'investissement
Le fonds est géré de façon active et investit au moins les deux tiers de son actif dans des actions de sociétés de petite capitalisation de pays émergents du monde entier, y compris des sociétés en dehors de ces pays qui ont une exposition commerciale importante aux marchés émergents du monde entier. Les sociétés de petite capitalisation sont des sociétés qui, au moment de l'achat, font partie de la tranche des 30 % de sociétés de plus petite capitalisation des marchés émergents du monde entier.
De manière générale, le fonds détient entre 60 et 120 sociétés en portefeuille.
Le fonds peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu'à 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement (par exemple par l'intermédiaire de billets participatifs) à l'aide des programmes Shanghai/ Shenzhen-Hong Kong Stock Connect ainsi que des actions cotées sur le Science Technology and Innovation (STAR) Board et le ChiNext.
Le fonds peut également investir, directement ou indirectement, jusqu'à un tiers de ses actifs dans d'autres titres (y compris d'autres catégories
d'actifs), pays, régions, secteurs ou devises, fonds d'investissement, warrants et placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans le prospectus).
Le fonds peut utiliser des instruments dérivés dans le but de générer des plus- | # Objetivos y política de inversión
Objetivos
El objetivo del fondo es proporcionar un crecimiento del capital superior al de MSCI Emerging Markets Small Cap (Net TR) Index, una vez deducidas las comisiones, en un periodo de tres a cinco años, mediante la inversión en valores de renta variable de empresas de pequeña capitalización de mercados emergentes mundiales.
Política de inversión
El fondo se gestiona de forma activa e invierte como mínimo dos terceras partes de sus activos en valores de renta variable de empresas de pequeña capitalización de mercados emergentes mundiales, incluidas empresas fuera de dichos países que tengan una exposición empresarial sustancial a los mercados emergentes mundiales. Se consideran empresas de pequeña capitalización aquellas que, en el momento de su adquisición, forman parte del 30% inferior de la clasificación por capitalización bursátil de las empresas de mercados emergentes a nivel mundial.
El fondo mantiene, por lo general, entre 60 y 120 sociedades.
El fondo podrá invertir directamente en Acciones B chinas y Acciones H chinas, así como hasta el 30% de sus activos (netos), directa o indirectamente (por ejemplo mediante pagarés de participación) en Acciones A chinas a través del Shanghai/Shenzhen-Hong Kong Stock Connect y de acciones que cotizan en las bolsas de los mercados Science Technology and Innovation (STAR) Board y ChiNext.
El fondo también podrá invertir hasta un tercio de sus activos, directa o indirectamente, en otros valores (incluidas otras clases de activos), países, regiones, sectores o divisas, fondos de inversión, warrants e inversiones del mercado monetario, y mantener efectivo (con sujeción a las restricciones incluidas en el folleto). | # Objectifs et politique d'investissement
Objectifs
Le fonds vise à dégager une croissance du capital supérieure à MSCI Emerging Markets Small Cap (Net TR) Index après déduction des frais sur une période de trois à cinq ans en investissant dans des actions de sociétés de petite capitalisation de marchés émergents du monde entier.
Politique d'investissement
Le fonds est géré de façon active et investit au moins les deux tiers de son actif dans des actions de sociétés de petite capitalisation de pays émergents du monde entier, y compris des sociétés en dehors de ces pays qui ont une exposition commerciale importante aux marchés émergents du monde entier. Les sociétés de petite capitalisation sont des sociétés qui, au moment de l'achat, font partie de la tranche des 30 % de sociétés de plus petite capitalisation des marchés émergents du monde entier.
De manière générale, le fonds détient entre 60 et 120 sociétés en portefeuille.
Le fonds peut investir directement en Actions B chinoises et en Actions H chinoises et peut investir jusqu'à 30 % de son actif (sur une base nette) en Actions A chinoises directement ou indirectement (par exemple par l'intermédiaire de billets participatifs) à l'aide des programmes Shanghai/ Shenzhen-Hong Kong Stock Connect ainsi que des actions cotées sur le Science Technology and Innovation (STAR) Board et le ChiNext.
Le fonds peut également investir, directement ou indirectement, jusqu'à un tiers de ses actifs dans d'autres titres (y compris d'autres catégories
d'actifs), pays, régions, secteurs ou devises, fonds d'investissement, warrants et placements du marché monétaire, et détenir des liquidités (dans les limites énoncées dans le prospectus).
Le fonds peut utiliser des instruments dérivés dans le but de générer des plus- | fr | es |
DOLFIN579 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- They represent an adequate benchmark for the market to which they refer, in that the following criteria are fulfilled:
- The index measures the performance of a representative group of underlyings in a relevant and appropriate way;
- The index is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it refers following criteria which are publicly available; and
- The underlyings are sufficiently liquid, which allows users to replicate the index, if necessary; and | - sie stellen eine angemessene Benchmark des Marktes dar, auf den sie sich beziehen, weil die folgenden Kriterien erfüllt werden:
- der Index erfasst die Wertentwicklung einer charakteristischen Gruppe von Basiswerten auf passende und geeignete Weise;
- der Index wird regelmäßig überprüft und umgeschichtet um sicherzustellen, dass er den Markt, auf den er sich bezieht, anhand von öffentlich zugänglichen Kriterien weiterhin abbildet; und
- die Basiswerte sind ausreichend liquide, wodurch es Nutzern möglich wird, wenn erforderlich, den Index nachzubilden; und | - They represent an adequate benchmark for the market to which they refer, in that the following criteria are fulfilled:
- The index measures the performance of a representative group of underlyings in a relevant and appropriate way;
- The index is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it refers following criteria which are publicly available; and
- The underlyings are sufficiently liquid, which allows users to replicate the index, if necessary; and | en | de |
DOLFIN580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: June 13, 2013.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 13 de junio de 2013. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: June 13, 2013.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
10%
5%
0%
-5% | en | es |
DOLFIN581 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### WINDFALL PAYMENTS
- In the event that a Sub-Fund receives a settlement, tax reclaim, class action award or other ad-hoc or windfall payment (not being payments arising as reimbursements due to errors or breaches by the Company or its service providers listed under“Directory” in this Prospectus) (each a “payment”),unless otherwise determined by the Directors, thepayment shall be deemed to be for the benefit of the relevant Sub-Fund as a whole at the date of receipt of such payment rather than for the benefit for any particular group of Shareholders. It is therefore possible that those investors who were invested in the relevant Sub-Fund at the time of the underlying event from which the payment arose, or when the relevant Sub-Fund incurred costs relating to the event from which the payment arose, may not benefit from the payment, for example if they have redeemed prior to the date of receipt of the payment
- In the event that a payment is received following the closure of a Sub-Fund, such payments shall, at the discretion of the Directors and subject to any Central Bank Requirements, be made to (i) the Shareholder(s) on the Register for the relevant Sub-Fund on the final Dealing Day on which Shares are redeemed, (ii) such other Shareholders as determined by or on behalf of the Directors from time to time or (iii) as otherwise determined by or on behalf of the Directors. | ### PAIEMENTS EXCEPTIONNELS
- Dans le cas où un Compartiment reçoit un règlement, une récupération d’impôt, une indemnité sur recours collectif ou tout autre paiement ad hoc ou exceptionnel (hormis s’agissant des règlements pour remboursements dus à des erreurs ou à desinfractions imputables à la Société ou ses prestataires de services énumérés sous la section« Répertoire » du présent Prospectus) (chacun, un« paiement »), sous réserve que les Administrateurs en disposent autrement, le paiement sera réputé au bénéfice du Compartiment concerné dans son ensemble à la date de réception dudit paiement et non au bénéfice d’un groupe d’Actionnaires donné. Il est, par conséquent, possible que les investisseurs qui étaient engagés dans le Compartiment concerné lorsque les circonstances sous-jacentes d’un paiement reçu se sont produites, ou lorsque le Compartiment concerné a défrayé les coûts liés aux circonstances à l’origine du paiement reçu, ne puissent bénéficier dudit paiement, notamment s’ils ont procédé au rachat de leurs parts avant la date de réception du paiement.
- Dans le cas de paiements reçus après la clôture d’un Compartiment, ces paiements seront, à la discrétion des Administrateurs et sous réserve de toutesexigences de la Banque centrale, effectués (i) au bénéfice du ou des Actionnaires inscrits au Registre du Compartiment concerné le dernier Jour de transaction au cours duquel les Actions sont rachetées, (ii) au bénéfice de tous autres Actionnaires déterminés par ou pour le compte des Administrateurs le cas échéant ou (iii) comme autrement déterminé par ou pour le compte des Administrateurs. | ### WINDFALL PAYMENTS
- In the event that a Sub-Fund receives a settlement, tax reclaim, class action award or other ad-hoc or windfall payment (not being payments arising as reimbursements due to errors or breaches by the Company or its service providers listed under“Directory” in this Prospectus) (each a “payment”),unless otherwise determined by the Directors, thepayment shall be deemed to be for the benefit of the relevant Sub-Fund as a whole at the date of receipt of such payment rather than for the benefit for any particular group of Shareholders. It is therefore possible that those investors who were invested in the relevant Sub-Fund at the time of the underlying event from which the payment arose, or when the relevant Sub-Fund incurred costs relating to the event from which the payment arose, may not benefit from the payment, for example if they have redeemed prior to the date of receipt of the payment
- In the event that a payment is received following the closure of a Sub-Fund, such payments shall, at the discretion of the Directors and subject to any Central Bank Requirements, be made to (i) the Shareholder(s) on the Register for the relevant Sub-Fund on the final Dealing Day on which Shares are redeemed, (ii) such other Shareholders as determined by or on behalf of the Directors from time to time or (iii) as otherwise determined by or on behalf of the Directors. | en | fr |
DOLFIN582 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### General Description of Total Return Swaps and the Rationale of their Use
Certain Funds may from time to time invest in total return swaps, where stated in the relevant Fund’s investment objective and policy. A total return swap is a contract between two counterparties which involves swapping cash flows. One counterparty agrees to pay to the other an amount which represents the total return on an underlying asset, index or basket of assets and in return it receives from that other party a specified fixed and/or floating cash flow related to the performance of the underlying asset, index or basket of assets. The Funds may enter into a total return swap as either a total return receiver or payer. Total return swaps may be entered into for investment or hedging purposes.
A Fund may use total return swaps to gain access to the returns of (including but not limited to) (i) certain equities, bonds or other instruments that provide equity or bond related returns, (ii) indices, (iii) and to a limited extent, other eligible assets. Where a Fund uses total return swaps for investment purposes, the underlying assets consists of instruments permitted in accordance with the Fund’s investment objective and policy as stated in Appendix 2 of this Prospectus.
Any returns or losses generated by the total return swaps will be attributed to the relevant Fund.
It should be noted that, whenever a Fund uses total return swaps the relevant counterparty or counterparties shall not assume any discretion over the composition or management of the Fund’s investment portfolio. For the duration of any derivative contract, the counterparty to such contract will not assume any discretion over the underlying reference asset of the derivative contract. The approval of the counterparty is not required in relation to the Fund’s investment portfolio transactions. Please see the section entitled “Counterparty Selection” below for details in relation to counterparty selection.
An overview of the usage of total return swaps for the Funds is set out below: | ### Allgemeine Beschreibung von Total Return Swaps und Gründe für ihre Nutzung
Bestimmte Fonds können bisweilen in Total Return Swaps investieren, wenn dies in den Anlagezielen und der Anlagepolitik des jeweiligen Fonds angegeben ist. Ein Total Return Swap ist ein Vertrag zwischen zwei Gegenparteien, der den Austausch von Cashflows beinhaltet. Eine Gegenpartei erklärt sich bereit, einen Betrag an die andere Gegenpartei zu zahlen, der die Gesamtrendite eines Basiswerts, Index oder Korbs von Vermögenswerten darstellt, und erhält im Gegenzug von dieser anderen Partei einen bestimmten festen und/oder variablen Zahlungsfluss, der an die Performance des Basiswerts bzw. des Index oder des Korbs von Vermögenswerten gebunden ist. Der Fonds kann einen Total Return Swap entweder als Total-Return- Empfänger oder als Total-Return-Zahler eingehen. Total Return Swaps können zu Anlage- oder Absicherungszwecken abgeschlossen werden.
Der Fonds kann Total Return Swaps einsetzen, um Zugang zu den Erträgen (insbesondere) von (i) bestimmten Aktien, Anleihen oder anderen Instrumenten, die aktien- oder anleihenbezogene Erträge bieten, (ii) Indizes und (iii) in eingeschränktem Umfang anderen zulässigen Vermögenswerten zu erhalten. Wenn ein Fonds Total Return Swaps zu Anlagezwecken verwendet, bestehen die Basiswerte aus Instrumenten, die mit dem Anlageziel und der Anlagepolitik des Fonds, die in Anhang 2 dieses Verkaufsprospekts angegeben sind, in Einklang stehen.
Alle von den Total Return Swaps generierten Gewinne oder Verluste werden dem betreffenden Fonds zugeordnet.
Es ist zu beachten, dass bei der Verwendung von Total Return Swaps durch einen Fonds die jeweiligen Gegenparteien keine Verfügungsgewalt über die Zusammensetzung oder die Verwaltung des Anlagenportfolios des Fonds haben. Für die Dauer eines Derivatkontrakts hat die Gegenpartei dieses Kontrakts keine Verfügungsgewalt über den zugrunde liegenden Referenzvermögenswert des Derivatkontrakts. Für Geschäfte bezüglich des Anlagenportfolios des Fonds ist keine Zustimmung der Gegenpartei erforderlich. Einzelheiten zur Auswahl der Gegenparteien finden Sie im Abschnitt „Auswahl der Gegenparteien“.
Eine Übersicht über die Nutzung von Total Return Swaps durch die Fonds ist nachstehend dargelegt: | ### General Description of Total Return Swaps and the Rationale of their Use
Certain Funds may from time to time invest in total return swaps, where stated in the relevant Fund’s investment objective and policy. A total return swap is a contract between two counterparties which involves swapping cash flows. One counterparty agrees to pay to the other an amount which represents the total return on an underlying asset, index or basket of assets and in return it receives from that other party a specified fixed and/or floating cash flow related to the performance of the underlying asset, index or basket of assets. The Funds may enter into a total return swap as either a total return receiver or payer. Total return swaps may be entered into for investment or hedging purposes.
A Fund may use total return swaps to gain access to the returns of (including but not limited to) (i) certain equities, bonds or other instruments that provide equity or bond related returns, (ii) indices, (iii) and to a limited extent, other eligible assets. Where a Fund uses total return swaps for investment purposes, the underlying assets consists of instruments permitted in accordance with the Fund’s investment objective and policy as stated in Appendix 2 of this Prospectus.
Any returns or losses generated by the total return swaps will be attributed to the relevant Fund.
It should be noted that, whenever a Fund uses total return swaps the relevant counterparty or counterparties shall not assume any discretion over the composition or management of the Fund’s investment portfolio. For the duration of any derivative contract, the counterparty to such contract will not assume any discretion over the underlying reference asset of the derivative contract. The approval of the counterparty is not required in relation to the Fund’s investment portfolio transactions. Please see the section entitled “Counterparty Selection” below for details in relation to counterparty selection.
An overview of the usage of total return swaps for the Funds is set out below: | en | de |
DOLFIN583 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 9 de mayo de 2017. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: May 9, 2017.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN584 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Art 28. General investment principles and investment restrictions
The respective sub-fund assets shall be invested in accordance with the principle of risk diversification within the mean- ing of the rules of the UCITSG and in accordance with the below-described investment policy principles as well as within the investment restrictions. | # Art 28. Allgemeine Anlagegrundsätze und -beschränkungen
Das jeweilige Teilfondsvermögen wird unter Beachtung des Grundsatzes der Risikostreuung im Sinne der Regeln des UCITSG und nach den im Folgenden beschriebenen anlagepolitischen Grundsätzen und innerhalb der Anlagebeschrän- kungen angelegt. | # Art 28. General investment principles and investment restrictions
The respective sub-fund assets shall be invested in accordance with the principle of risk diversification within the mean- ing of the rules of the UCITSG and in accordance with the below-described investment policy principles as well as within the investment restrictions. | en | de |
DOLFIN585 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SPECIFIC RISKS
October 2020
3 months 1 year 3 years 5 years Since
inception
- Credit risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that theissuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade.
- Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This canreduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
- Full details of risks are disclosed in the chapter `Risk Factors' in the prospectus.
UBAM - HYBRID BOND 0.18 % 1.85 % 5.66 % 17.00 %
Since launch. Source of data: UBP. Exchange rate fluctuations can have a positive or a negative impact on performance. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise. Past performance figures are stated in the currency of the share class and calculated with dividends reinvested; they are free of ongoing charges. The calculation does not take into account sales commissions and other fees, taxes and applicable costs to be paid by the investor. For example, with an investment of EUR 100, the actual investment would amount to EUR 99 in the case of an entrance fee of 1%. At investor level, additional costs may also be incurred (e. g. front-end load or custody fee charged
by the financial intermediary). | # RIESGOS ESPECÍFICOS
octubre 2020
3 meses 1 año 3 años 5 años Desde
lanziamento
- Riesgo de crédito:el Fondo invierte en bonos, efectivo u otros instrumentos del mercado monetario. Existe elriesgo de impago por parte del emisor. La probabilidad de que esto suceda dependerá de la solvencia del emisor. El riesgo de impago es generalmente mayor en bonos con una calificación inferior a la de categoría de 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.
- En el capítulo `Factores de riesgo' del folleto se ofrece información detallada acerca de los riesgos.
UBAM - HYBRID BOND 0,18 % 1,85 % 5,66 % 17,00 %
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). | # SPECIFIC RISKS
October 2020
3 months 1 year 3 years 5 years Since
inception
- Credit risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that theissuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade.
- Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This canreduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices.
- Full details of risks are disclosed in the chapter `Risk Factors' in the prospectus.
UBAM - HYBRID BOND 0.18 % 1.85 % 5.66 % 17.00 %
Since launch. Source of data: UBP. Exchange rate fluctuations can have a positive or a negative impact on performance. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise. Past performance figures are stated in the currency of the share class and calculated with dividends reinvested; they are free of ongoing charges. The calculation does not take into account sales commissions and other fees, taxes and applicable costs to be paid by the investor. For example, with an investment of EUR 100, the actual investment would amount to EUR 99 in the case of an entrance fee of 1%. At investor level, additional costs may also be incurred (e. g. front-end load or custody fee charged
by the financial intermediary). | en | es |
DOLFIN586 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
2
Le Fonds cherche à générer des rendements totaux à long terme (revenus et appréciation du capital).
2
Le Fonds sera activement géré par rapport à l'indice ICE BofA Merrill Lynch US High Yield Master II Constrained Index (l'« Indice ») et investira principalement dans des obligations émises par des sociétés américaines, dont la notation est jugée inférieure à investment grade par the Gestionnaire Financier. L'Indice réplique la performance de titres de créance libellés en dollar américain de notation inférieure à investment grade émis au public dans le marché domestique des États-Unis.
L'Indice est pondéré par la capitalisation modifiée, les principaux émetteurs étant plafonnés à 2 % du poids de l'indice total des actions, l'excès de poids étant redistribué à parts égales parmi les émetteurs restés sous ce plafond. Le Fonds sera en règle générale diversifié entre plusieurs activités et émetteurs.
2
Le Fonds investira, directement ou par le biais d'instruments dérivés, dans des obligations (à taux fixe ou flottant) libellées en dollar américain émises par des États, agences, émetteurs supranationaux ou privés, assorties d'une notation de crédit inférieure à Baa3 de la part de Moody's ou de BBB- de la part de Standard & Poor's ou Fitch. La qualité moyenne des positions du Fonds s'établira vers B2 (Moody's) / B (S&P et Fitch), mais devrait fluctuer.
2
Les instruments dérivés peuvent être utilisés pour couvrir (gérer) le risque et à des fins d'investissement (telles que l'exposition à un titre). | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
2
El Fondo procura obtener rentabilidades totales a largo plazo (obtención de ingresos y apreciación de capital).
2
El Fondo se gestionará de forma activa frente al ICE BofA Merrill Lynch US High Yield Master II Constrained Index (el “Índice”) e invertirá principalmente en bonos de corporaciones estadounidenses que el Gestor de inversiones considera por debajo del grado de inversión. El Índice hace un seguimiento de la rentabilidad de la deuda corporativa por debajo del grado de inversión denominada en dólares estadounidenses y emitida públicamente en el mercado nacional estadounidense. El Índice está modificado según la ponderación de la capitalización, con los mayores emisores limitados al 2% de la ponderación del Índice total con la ponderación restante redistribuida de forma equitativa entre los emisores que se encuentren por debajo de dicha capitalización. El Fondo estará generalmente diversificado por industria y emisor.
2
El Fondo invertirá, de forma directa o a través de derivados, en bonos (de tipo fijo o variable) denominados en dólares estadounidenses emitidos por el gobierno, agencias o emisores supranacionales o corporativos con una calificación crediticia inferior a Baa3 de Moody's, BBB- de Standard & Poor's o BBB- de Fitch. La calidad media de las participaciones del Fondo tenderá a situarse en el intervalo B2 (Moody's) / B (S&P y Fitch), aunque se espera que fluctúe.
2
Los derivados podrán usarse para cubrir (gestionar) el riesgo y con fines de inversión (p. ej., obtener exposición a un valor). | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
2
Le Fonds cherche à générer des rendements totaux à long terme (revenus et appréciation du capital).
2
Le Fonds sera activement géré par rapport à l'indice ICE BofA Merrill Lynch US High Yield Master II Constrained Index (l'« Indice ») et investira principalement dans des obligations émises par des sociétés américaines, dont la notation est jugée inférieure à investment grade par the Gestionnaire Financier. L'Indice réplique la performance de titres de créance libellés en dollar américain de notation inférieure à investment grade émis au public dans le marché domestique des États-Unis.
L'Indice est pondéré par la capitalisation modifiée, les principaux émetteurs étant plafonnés à 2 % du poids de l'indice total des actions, l'excès de poids étant redistribué à parts égales parmi les émetteurs restés sous ce plafond. Le Fonds sera en règle générale diversifié entre plusieurs activités et émetteurs.
2
Le Fonds investira, directement ou par le biais d'instruments dérivés, dans des obligations (à taux fixe ou flottant) libellées en dollar américain émises par des États, agences, émetteurs supranationaux ou privés, assorties d'une notation de crédit inférieure à Baa3 de la part de Moody's ou de BBB- de la part de Standard & Poor's ou Fitch. La qualité moyenne des positions du Fonds s'établira vers B2 (Moody's) / B (S&P et Fitch), mais devrait fluctuer.
2
Les instruments dérivés peuvent être utilisés pour couvrir (gérer) le risque et à des fins d'investissement (telles que l'exposition à un titre). | fr | es |
DOLFIN587 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type : Ce fonds d’investissement est un compartiment de Legal & General UCITS ETF Plc (la « Société »), une société d’investissement à compartiments multiples à capital variable et responsabilité séparée entre les Fonds. Le Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Durée : Il n’y a pas de date d’échéance fixe.
Objectifs : Le Fonds est un Fonds négocié en bourse à gestion passive qui vise à répliquer la performance de l’indice J.P. Morgan India Government Fully Accessible Route (FAR) Bonds Index (l’« Indice ») après déduction des frais courants et des autres coûts associés à l’exploitation du Fonds.Les Actions de cette Catégorie d’actions (les « Actions ») sont libellées en USD et peuvent être achetées et vendues en bourse par des investisseurs ordinaires au travers d’un intermédiaire (p. ex. un courtier). Dans des circonstances normales, seuls les Participants agréés peuvent acheter et vendre des Actions directement auprès de la Société. Les Participants agréés peuvent demander le rachat de leurs Actions conformément au « Calendrier des négociations » publié sur http://www.lgim.com.L’Indice est conçu pour fournir une exposition aux obligations d’État libellées en INR émises par le gouvernement central de l’Inde et désormais accessibles aux non-résidents à des fins d’investissement en vertu de la voie entièrement accessible (« Fully Accessible Route », « FAR »). L’Indice n’inclut que des obligations à taux fixe et à coupon zéro éligibles dans le cadre de la FAR, libellées en INR, avec une taille d’émission minimale équivalente à 1 milliard d’USD. Les titres éligibles devront avoir une échéance résiduelle d’au moins 2,5 ans lors de leur inclusion et d’au moins 6 mois lors de chaque rééquilibrage de fin de mois.Le Fonds investit principalement et directement dans des titres qui composent l’Indice dans des proportions comparables à leur pondération dans l’Indice. Le Fonds peut également investir dans (1) des sociétés qui ne sont pas des composantes de l’Indice mais qui présentent des caractéristiques de risque et de performance similaires à celles des sociétés figurant dans l’Indice et (2) des instruments financiers dérivés (« IFD ») (c.-à-d. des investissements dont les cours sont basés sur les obligations contenues dans l’Indice et/ou d’autres obligations ou titres similaires). Les ajustements apportés au portefeuille du Fonds, y compris après un rééquilibrage de l’Indice, génèrent des coûts de transaction.Cette Catégorie d’actions vise à verser un dividende semestriel sur le revenu net du Fonds par virement électronique.
Investisseurs de détail visés :
L’ETF est destiné aux investisseurs recherchant une combinaison de croissance et de revenu provenant d’un investissement dans des obligations d’État indiennes à taux fixe éligibles libellées en INR, qui ont été rendues éligibles à un investissement auprès de non-résidents en vertu de la voie entièrement accessible (FAR) et qui peuvent faire partie de leur portefeuille d’épargne existant. Bien que les investisseurs puissent retirer leur argent à tout moment, le Fonds peut ne pas convenir à ceux qui prévoient de retirer leur argent dans un délai de cinq ans. Le Fonds n’est pas destiné aux investisseurs qui ne peuvent pas se permettre de subir une perte supérieure à un minimum de leur investissement. | # ¿Qué es este producto?
Tipo: Este fondo de inversión es un subfondo de Legal & General UCITS ETF Plc (la "Sociedad"), sociedad de inversión tipo paraguas con capital variable y responsabilidad segregada entre Fondos. El Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda.
Plazo: No hay una fecha de vencimiento fija.
Objetivos: El Fondo es un fondo cotizado en bolsa gestionado de manera pasiva que tiene como objetivo reproducir la rentabilidad del índice J.P. Morgan India Government Fully Accessible Route (FAR) Bonds (el "Índice"), con supeditación a la deducción de los gastos corrientes y demás costes asociados con el funcionamiento del Fondo.Las participaciones de esta Clase de Participaciones (las “Participaciones”) están denominadas en USD y los inversores no profesionales pueden comprarlas y venderlas en mercados de valores a través de un intermediario (p. ej., un agente de valores). En circunstancias normales, solo los Partícipes Autorizados pueden comprar y vender Participaciones directamente a través de la Sociedad. Los Partícipes Autorizados pueden solicitar el reembolso de sus Participaciones con arreglo a los “Plazos de Negociación” publicados en http://www.lgim.com.El Índice está diseñado para proporcionar exposición a deuda pública denominada en rupias indias emitida por el gobierno central de la India y devenida apta para la inversión para no residentes en el marco del canal Ruta totalmente accesible ("FAR"). El Índice incluye solo bonos de cupón cero y de tipo fijo aptos conforme al canal FAR que denominados en rupias indias con un tamaño mínimo de emisión equivalente a 1.000 millones de USD. Los valores aptos tendrán al menos 2,5 años restantes hasta el vencimiento en el momento de la suscripción y al menos 6 meses restantes hasta el vencimiento en cada reajuste de final de mes.El Fondo invertirá principalmente de forma directa en los valores representados en el Índice en proporciones similares a su ponderación en el Índice. El Fondo también puede invertir en (1) empresas que no sean componentes del Índice que presenten características de riesgo y rentabilidad similares a las de las empresas incluidas en el Índice y en (2) instrumentos financieros derivados (es decir, inversiones cuyos precios se basen en los bonos incluidos en el Índice y/o tales otros bonos o valores similares). Los ajustes en la cartera del Fondo, incluso como resultado de una reconstitución del Índice, generarán costes de transacción.Esta Clase de Participaciones tiene como objetivo pagar dividendos semestrales con cargo a los ingresos netos del Fondo por transferencia electrónica.
Inversor minorista al que va dirigido:
El fondo cotizado está diseñado para inversores que buscan una combinación de revalorización y rentas de una inversión en deuda pública india apta de tipo fijo denominada en rupias indias, devenidas aptas para la inversión para no residentes en el marco del canal Ruta totalmente accesible (FAR), que puede formar parte de su cartera de ahorro existente. Aunque los inversores pueden retirar su dinero en cualquier momento, es posible que el Fondo no sea adecuado para aquellos que tienen previsto retirar su dinero en un plazo de 5 años. El Fondo no está diseñado para inversores que no pueden permitirse más que una pérdida mínima de su inversión. | # En quoi consiste ce produit?
Type : Ce fonds d’investissement est un compartiment de Legal & General UCITS ETF Plc (la « Société »), une société d’investissement à compartiments multiples à capital variable et responsabilité séparée entre les Fonds. Le Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Durée : Il n’y a pas de date d’échéance fixe.
Objectifs : Le Fonds est un Fonds négocié en bourse à gestion passive qui vise à répliquer la performance de l’indice J.P. Morgan India Government Fully Accessible Route (FAR) Bonds Index (l’« Indice ») après déduction des frais courants et des autres coûts associés à l’exploitation du Fonds.Les Actions de cette Catégorie d’actions (les « Actions ») sont libellées en USD et peuvent être achetées et vendues en bourse par des investisseurs ordinaires au travers d’un intermédiaire (p. ex. un courtier). Dans des circonstances normales, seuls les Participants agréés peuvent acheter et vendre des Actions directement auprès de la Société. Les Participants agréés peuvent demander le rachat de leurs Actions conformément au « Calendrier des négociations » publié sur http://www.lgim.com.L’Indice est conçu pour fournir une exposition aux obligations d’État libellées en INR émises par le gouvernement central de l’Inde et désormais accessibles aux non-résidents à des fins d’investissement en vertu de la voie entièrement accessible (« Fully Accessible Route », « FAR »). L’Indice n’inclut que des obligations à taux fixe et à coupon zéro éligibles dans le cadre de la FAR, libellées en INR, avec une taille d’émission minimale équivalente à 1 milliard d’USD. Les titres éligibles devront avoir une échéance résiduelle d’au moins 2,5 ans lors de leur inclusion et d’au moins 6 mois lors de chaque rééquilibrage de fin de mois.Le Fonds investit principalement et directement dans des titres qui composent l’Indice dans des proportions comparables à leur pondération dans l’Indice. Le Fonds peut également investir dans (1) des sociétés qui ne sont pas des composantes de l’Indice mais qui présentent des caractéristiques de risque et de performance similaires à celles des sociétés figurant dans l’Indice et (2) des instruments financiers dérivés (« IFD ») (c.-à-d. des investissements dont les cours sont basés sur les obligations contenues dans l’Indice et/ou d’autres obligations ou titres similaires). Les ajustements apportés au portefeuille du Fonds, y compris après un rééquilibrage de l’Indice, génèrent des coûts de transaction.Cette Catégorie d’actions vise à verser un dividende semestriel sur le revenu net du Fonds par virement électronique.
Investisseurs de détail visés :
L’ETF est destiné aux investisseurs recherchant une combinaison de croissance et de revenu provenant d’un investissement dans des obligations d’État indiennes à taux fixe éligibles libellées en INR, qui ont été rendues éligibles à un investissement auprès de non-résidents en vertu de la voie entièrement accessible (FAR) et qui peuvent faire partie de leur portefeuille d’épargne existant. Bien que les investisseurs puissent retirer leur argent à tout moment, le Fonds peut ne pas convenir à ceux qui prévoient de retirer leur argent dans un délai de cinq ans. Le Fonds n’est pas destiné aux investisseurs qui ne peuvent pas se permettre de subir une perte supérieure à un minimum de leur investissement. | fr | es |
DOLFIN588 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Global Innovation Private Plus | # Zweck
Dieses Informationsblatt stellt Ihnen wesentliche Informationen über dieses Anlageprodukt zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
Global Innovation Private Plus | # Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Global Innovation Private Plus | en | de |
DOLFIN589 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Risk of Losses
The price of Shares can go up as well as down and investors may not realise their initial investment.
The investments and the positions held by the Sub-Fund are subject to (i) fluctuations in the Strategy
(ii) market fluctuations, (iii) reliability of counterparties and (iv) operational efficiency in the actual implementation of the investment policy adopted by the Sub-Fund in order to realise such investments or take such positions. Consequently, the investments of the Sub-Fund are subject to, inter alia, the risk of declines in the Strategy (which may be abrupt and severe), market risks, credit exposure risks and operational risks.
At any time, the occurrence of any such risks is likely to generate a significant depreciation in the value of the Shares. Due to the risks embedded in the investment objective adopted by the Sub-Fund, the value of the Shares may decrease substantially and even fall to zero, at any time. | ## Risque de perte
La valeur des Actions est tout autant susceptible de baisser que d'augmenter et les investisseurs ne sont pas assurés de récupérer la totalité de leur mise de fonds.
Les investissements et positions détenus par le Compartiment sont sujets (i) aux fluctuations de la Stratégie, (ii) aux fluctuations du marché, (iii) à la fiabilité des contreparties et (iv) à l'efficacité opérationnelle de la mise en œuvre effective de la politique d'investissement adoptée par le Compartiment pour réaliser ces investissements ou prendre ces positions. Par conséquent, tout investissement dans le Compartiment est sujet, entre autres, au risque de recul de la Stratégie (qui peut s'avérer brutal et substantiel) ainsi qu'aux risques de marché et de crédit et aux risques opérationnels.
La survenance de ces risques peut entraîner à tout instant une diminution importante de la valeur des actions. À cause des risques inhérents à l'objectif d'investissement adopté par le Compartiment, la valeur des actions peut à tout instant subir une forte baisse, voire devenir nulle. | ## Risk of Losses
The price of Shares can go up as well as down and investors may not realise their initial investment.
The investments and the positions held by the Sub-Fund are subject to (i) fluctuations in the Strategy
(ii) market fluctuations, (iii) reliability of counterparties and (iv) operational efficiency in the actual implementation of the investment policy adopted by the Sub-Fund in order to realise such investments or take such positions. Consequently, the investments of the Sub-Fund are subject to, inter alia, the risk of declines in the Strategy (which may be abrupt and severe), market risks, credit exposure risks and operational risks.
At any time, the occurrence of any such risks is likely to generate a significant depreciation in the value of the Shares. Due to the risks embedded in the investment objective adopted by the Sub-Fund, the value of the Shares may decrease substantially and even fall to zero, at any time. | en | fr |
DOLFIN590 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Méthodes
Les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier sont les suivants :
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion de l'émetteur : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Sovereign ESG Integration : pourcentage d’actifs investis dans des émetteurs publics dépassant le critère de filtrage sur la base (i) des indicateurs fournis par le « Rapport de développement durable » évaluant les progrès réalisés par chaque pays vers la réalisation des 17 ODD de l’ONU, les effets induits négatifs potentiels de la réalisation de ces objectifs et (ii) des principales incidences négatives sur le plan environnemental et social des émetteurs publics. Les indicateurs de durabilité permettent de mesurer la manière dont les caractéristiques environnementales ou sociales promues par le produit sont atteintes. | # Métodos
Para medir la consecución de cada una de las características medioambientales o sociales que promueve este producto financiero se utilizan los siguientes indicadores de sostenibilidad:
Exclusión de sectores: ponderación en el fondo de emisores de sectores considerados no «social y medioambientalmente responsables», identificados a partir de datos facilitados por proveedores de información ASG y de ISR especializados.
Exclusión de emisores: ponderación en el fondo de emisores con una alta exposición a los riesgos medioambientales, sociales y de gobierno corporativo (ASG) (es decir: emisores «críticos»), identificados a partir de datos facilitados por proveedores de información ASG especializados.
Sovereign ESG Integration: porcentaje de activos invertidos en emisores gubernamentales que superen la selección basada en (i) los indicadores proporcionados por el denominado «Informe de Desarrollo Sostenible», que evalúa los progresos realizados por cada país en la consecución de los 17 ODS promovidos por la ONU, los efectos indirectos potencialmente negativos con respecto a la consecución de dichos objetivos, así como (ii) las principales incidencias adversas medioambientales y sociales sobre los emisores gubernamentales. | # Méthodes
Les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier sont les suivants :
Exclusion sectorielle : poids dans le fonds d’émetteurs opérant dans des secteurs jugés « non responsables sur le plan social et environnemental », identifiés sur la base de données fournies par des fournisseurs d’informations ESG et ISR spécialisés.
Exclusion de l'émetteur : poids dans le fonds des émetteurs fortement exposés aux risques environnementaux, sociaux et de gouvernance d’entreprise (ESG) (c’est-à-dire les émetteurs « critiques »), identifiés sur la base des données fournies par des fournisseurs d’informations ESG spécialisés.
Sovereign ESG Integration : pourcentage d’actifs investis dans des émetteurs publics dépassant le critère de filtrage sur la base (i) des indicateurs fournis par le « Rapport de développement durable » évaluant les progrès réalisés par chaque pays vers la réalisation des 17 ODD de l’ONU, les effets induits négatifs potentiels de la réalisation de ces objectifs et (ii) des principales incidences négatives sur le plan environnemental et social des émetteurs publics. Les indicateurs de durabilité permettent de mesurer la manière dont les caractéristiques environnementales ou sociales promues par le produit sont atteintes. | fr | es |
DOLFIN591 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment in ETFs
An underlying ETF may be subject to tracking error risk, which is the risk that its performance may not track that of the index exactly. This tracking error may result from the investment strategy used, and fees and expenses. The manager of the underlying ETF will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication at any time of the performance of the index. The trading prices of units/shares in an underlying ETF may differ significantly from the net asset value of the units/shares of such underlying ETF due to, disruptions to creations and realisations (for example, as a result of imposition of capital controls by a foreign government) and supply and demand forces in the secondary trading market for units/shares in the ETF. In addition, factors such as fees and expenses of an underlying ETF, imperfect correlation between the underlying ETF's assets and the underlying securities within the relevant tracking index, rounding of share prices, adjustments to the tracking index and regulatory policies may affect the ability of the manager of an underlying ETF to achieve close correlation with the tracking index for the relevant underlying ETF. An underlying ETF's returns may therefore deviate from that of its tracking index.
An underlying ETF is passively managed and the manager of the underlying ETF will not have the discretion to adapt to market changes due to the inherent investment nature of the underlying ETF. Falls in the index are expected to result in corresponding falls in the value of the underlying ETF. There can be no assurance that an active trading market will exist or be maintained for units/shares of an underlying ETF on any securities exchange on which units/shares of an underlying ETF may trade. The units/shares of the underlying ETFs which a Fund may invest in may be traded at large discounts or premiums to their net asset value. These factors may have an adverse impact on the Net Asset Value of the relevant Fund. | # Anlagen in ETFs
Ein Ziel-ETF kann dem Tracking-Error-Risiko ausgesetzt sein, d.h. dem Risiko, dass seine Performance diejenige des Index nicht genau nachbildet. Der Tracking Error kann auf die angewandte Anlagestrategie sowie Gebühren und Aufwendungen zurückzuführen sein. Der Verwalter des Ziel-ETF überwacht und steuert dieses Risiko, um den Tracking Error möglichst gering zu halten. Eine genaue oder identische Replikation der Indexperformance kann nicht gewährleistet werden. Die Handelspreise von Anteilen/Aktien eines Basis-ETF können aufgrund von Störungen bei der Erstellung und Realisierung (etwa infolge der Auferlegung von Kapitalkontrollen durch eine ausländische Regierung) und aufgrund der Angebots- und Nachfragekräfte im Sekundärmarkt für die Anteile/Aktien des ETF signifikant vom Nettoinventarwert der Anteile/Aktien dieses Basis-ETF abweichen. Darüber hinaus können Faktoren wie Gebühren und Aufwendungen eines zugrunde liegenden ETFs, eine unvollkommene Korrelation zwischen den Vermögenswerten des zugrunde liegenden ETFs und den zugrunde liegenden Wertpapieren innerhalb des jeweiligen Tracking-Index, die Rundung von Anteilspreisen, Anpassungen des Tracking-Index und aufsichtsrechtliche Maßnahmen die Fähigkeit des Managers eines zugrunde liegenden ETFs beeinträchtigen, eine enge Korrelation mit dem Tracking-Index für den jeweiligen zugrunde liegenden ETF zu erreichen. Die Erträge eines zugrunde liegenden ETF können daher von jenen seines nachzubildenden Index abweichen.
Ein Ziel-ETF wird passiv verwaltet, und der Verwalter des Ziel-ETF hat aufgrund der mit dem Ziel- ETF einhergehenden Anlagenatur nicht den Ermessensspielraum, um Anpassungen an Marktänderungen vorzunehmen. Ein Rückgang des Index dürfte mit einem entsprechenden Wertrückgang des Ziel-ETF einhergehen. Es besteht keine Gewähr für die Existenz oder das Fortbestehen eines aktiven Handelsmarktes für die Units/Anteile eines Ziel-ETF an Börsen, an der die Units/Anteile eines Ziel-ETF gehandelt werden können. Die Units/Anteile der Ziel-ETFs, in die ein Fonds investieren kann, werden möglicherweise mit großen Ab- oder Aufschlägen gegenüber ihrem Nettoinventarwert gehandelt. Diese Faktoren können sich auf den Nettoinventarwert des relevanten Fonds nachteilig auswirken. | # Investment in ETFs
An underlying ETF may be subject to tracking error risk, which is the risk that its performance may not track that of the index exactly. This tracking error may result from the investment strategy used, and fees and expenses. The manager of the underlying ETF will monitor and seek to manage such risk in minimising tracking error. There can be no assurance of exact or identical replication at any time of the performance of the index. The trading prices of units/shares in an underlying ETF may differ significantly from the net asset value of the units/shares of such underlying ETF due to, disruptions to creations and realisations (for example, as a result of imposition of capital controls by a foreign government) and supply and demand forces in the secondary trading market for units/shares in the ETF. In addition, factors such as fees and expenses of an underlying ETF, imperfect correlation between the underlying ETF's assets and the underlying securities within the relevant tracking index, rounding of share prices, adjustments to the tracking index and regulatory policies may affect the ability of the manager of an underlying ETF to achieve close correlation with the tracking index for the relevant underlying ETF. An underlying ETF's returns may therefore deviate from that of its tracking index.
An underlying ETF is passively managed and the manager of the underlying ETF will not have the discretion to adapt to market changes due to the inherent investment nature of the underlying ETF. Falls in the index are expected to result in corresponding falls in the value of the underlying ETF. There can be no assurance that an active trading market will exist or be maintained for units/shares of an underlying ETF on any securities exchange on which units/shares of an underlying ETF may trade. The units/shares of the underlying ETFs which a Fund may invest in may be traded at large discounts or premiums to their net asset value. These factors may have an adverse impact on the Net Asset Value of the relevant Fund. | en | de |
DOLFIN592 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Conflits d'intérêts potentiels
La Société de gestion, ses employés, représentants et/ou entreprises liées peuvent agir en tant que membre du conseil d’administration, conseiller en placement, gestionnaire de fonds, agent d’administration centrale, de registre et de transfert ou d’une autre manière en tant que prestataire de services pour le Fonds. La fonction du dépositaire et/ou des sous-dépositaires chargés des fonctions de garde peut également être assumée par une entreprise associée de la Société de gestion. Dans la mesure où il y a un lien entre eux, la Société de ges- tion et le dépositaire disposent de structures appropriées pour contourner d'éventuels conflits d'intérêts résul- tant de leur association. S'ils sont inévitables, la Société de gestion et le dépositaire les identifient, les gèrent, les observent et les divulguent le cas échéant. La Société de gestion est consciente du fait que compte tenu des différentes fonctions assumées concernant la gestion du Fonds, des conflits d'intérêts peuvent survenir. La Société de gestion dispose de structures et de mécanismes de contrôle suffisants et appropriés en conformité avec la loi du 17 décembre 2010 et les prescriptions réglementaires applicables de la CSSF. Elle agit en particu- lier dans le meilleur intérêt du Fonds. Les conflits d’intérêts résultant éventuellement du transfert de tâches sont décrits dans les principes sur la gestion des conflits d’intérêts. La Société de gestion les a publiés sur sa page d'accueil www.ethenea.com. Dans la mesure où l'apparition d'un conflit d'intérêts menace les intérêts des investisseurs, la Société de gestion dévoilera sur sa page d'accueil la nature et/ou les sources du conflit d'intérêts existant. Concernant l’externalisation de missions confiées à des tiers, la Société de gestion s’assure que ces tierces parties ont pris les mesures nécessaires pour respecter l’ensemble des exigences en matière d’organisation et éviter les conflits d’intérêts, comme cela a été défini dans les dispositions légales et régle- mentations applicables au Luxembourg et qu’elles contrôlent le respect de ces exigences. | # Posibles conflictos de intereses
La sociedad gestora, sus empleados, representantes y/o empresas asociadas pueden actuar como miembro del Consejo de administración, asesor de inversiones, gestor de fondos, agente de administración central, registro y transferencia o de forma excepcional como proveedor de servicios para el fondo. De la función del agente de custodia o del subdepositario al que se le han encargado tareas de custodia también se puede encargar una empresa relacionada con la sociedad gestora. Si están relacionados de alguna forma, tanto la sociedad gestora como el agente de custodia cuentan con las estructuras adecuadas para evitar posibles conflictos de intereses que puedan surgir de su relación. Si no es posible evitar conflictos de intereses, la sociedad gestora y el agente de custodia los identificará, controlará, supervisará y comunicará si es que se dan. La sociedad gestora es cons- ciente de que, debido a la gran diversidad de tareas que ejerce por sí sola en la administración del fondo, pue- den surgir conflictos de intereses. De conformidad con la Ley de 17 de diciembre de 2010 y las prescripciones administrativas aplicables de la CSSF, la sociedad gestora dispone de estructuras y mecanismos de control sufi- cientes y adecuados al respecto, y sobre todo actúa en el mejor interés del fondo. Los posibles conflictos de intereses que pueden surgir a partir de la delegación de tareas se describen en los Principios básicos del trata- miento de conflictos de intereses. La sociedad gestora ha publicado dichos principios en su página web www.ethenea.com. En cuanto los intereses del inversor se vean afectados por la presencia de un conflicto de intereses, la sociedad gestora comunicará en su página web la naturaleza y los orígenes del conflicto de intere- ses. En la delegación de tareas a terceros, la sociedad gestora velará por que los terceros hayan tomado las medidas necesarias y equivalentes para cumplir con todos los requisitos en lo que respecta a la organización y prevención de conflictos de intereses, tal y como se especifica en leyes y reglamentos luxemburgueses aplica- bles, y de que supervisarán el cumplimiento de dichos requisitos. | # Conflits d'intérêts potentiels
La Société de gestion, ses employés, représentants et/ou entreprises liées peuvent agir en tant que membre du conseil d’administration, conseiller en placement, gestionnaire de fonds, agent d’administration centrale, de registre et de transfert ou d’une autre manière en tant que prestataire de services pour le Fonds. La fonction du dépositaire et/ou des sous-dépositaires chargés des fonctions de garde peut également être assumée par une entreprise associée de la Société de gestion. Dans la mesure où il y a un lien entre eux, la Société de ges- tion et le dépositaire disposent de structures appropriées pour contourner d'éventuels conflits d'intérêts résul- tant de leur association. S'ils sont inévitables, la Société de gestion et le dépositaire les identifient, les gèrent, les observent et les divulguent le cas échéant. La Société de gestion est consciente du fait que compte tenu des différentes fonctions assumées concernant la gestion du Fonds, des conflits d'intérêts peuvent survenir. La Société de gestion dispose de structures et de mécanismes de contrôle suffisants et appropriés en conformité avec la loi du 17 décembre 2010 et les prescriptions réglementaires applicables de la CSSF. Elle agit en particu- lier dans le meilleur intérêt du Fonds. Les conflits d’intérêts résultant éventuellement du transfert de tâches sont décrits dans les principes sur la gestion des conflits d’intérêts. La Société de gestion les a publiés sur sa page d'accueil www.ethenea.com. Dans la mesure où l'apparition d'un conflit d'intérêts menace les intérêts des investisseurs, la Société de gestion dévoilera sur sa page d'accueil la nature et/ou les sources du conflit d'intérêts existant. Concernant l’externalisation de missions confiées à des tiers, la Société de gestion s’assure que ces tierces parties ont pris les mesures nécessaires pour respecter l’ensemble des exigences en matière d’organisation et éviter les conflits d’intérêts, comme cela a été défini dans les dispositions légales et régle- mentations applicables au Luxembourg et qu’elles contrôlent le respect de ces exigences. | fr | es |
DOLFIN593 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information Ratio
The information ratio shows the relationship between under/overperformance and tracking error. It indicates how much more or less return was achieved per unit of active risk incurred or the extent to which the active risk paid off in the form of a higher return. | # Information ratio
Le ratio d’information montre le rapport entre la sous-performance ou la surperformance et l’erreur de suivi. Il indique combien de rendement sup- plémentaire ou de baisse du rendement a été généré par unité de risque actif encouru ou dans quelle mesure le risque actif a payé grâce à un rende- ment plus élevé. | # Information Ratio
The information ratio shows the relationship between under/overperformance and tracking error. It indicates how much more or less return was achieved per unit of active risk incurred or the extent to which the active risk paid off in the form of a higher return. | en | fr |
DOLFIN594 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 370 EUR | 3 780 EUR |
| Average return each year | - 76.29 % | - 17.7 % |
| Unfavourable scenario | What you might get back after costs | 8 800 EUR | 9 190 EUR |
| Average return each year | - 11.99% | - 1.68% |
| Moderate scenario | What you might get back after costs | 10 510 EUR | 14 970 EUR |
| Average return each year | 5.12% | 8.4% |
| Favourable scenario | What you might get back after costs | 12 940 EUR | 17 110 EUR |
| Average return each year | 29.44% | 11.34% | | | Investimento: EUR 10.000 |
| --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Scenario di stress | Possibile rimborso al netto dei costi | 2 370 EUR | 3 780 EUR |
| Rendimento medio per ciascun anno | - 76,29 % | - 17,7 % |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 8 800 EUR | 9 190 EUR |
| Rendimento medio per ciascun anno | - 11,99% | - 1,68% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10 510 EUR | 14 970 EUR |
| Rendimento medio per ciascun anno | 5,12% | 8,4% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 12 940 EUR | 17 110 EUR |
| Rendimento medio per ciascun anno | 29,44% | 11,34% | | | Investment: EUR 10,000 |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress scenario | What you might get back after costs | 2 370 EUR | 3 780 EUR |
| Average return each year | - 76.29 % | - 17.7 % |
| Unfavourable scenario | What you might get back after costs | 8 800 EUR | 9 190 EUR |
| Average return each year | - 11.99% | - 1.68% |
| Moderate scenario | What you might get back after costs | 10 510 EUR | 14 970 EUR |
| Average return each year | 5.12% | 8.4% |
| Favourable scenario | What you might get back after costs | 12 940 EUR | 17 110 EUR |
| Average return each year | 29.44% | 11.34% | | en | it |
DOLFIN595 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,840 | EUR 2,940 |
| | Average return each year % | -71.60% | -21.72% |
| Unfavourable scenario | What you might get back after costs | EUR 7,400 | EUR 10,000 |
| | Average return each year % | -26.00% | 0.00% |
| Moderate scenario | What you might get back after costs | EUR 10,910 | EUR 13,850 |
| | Average return each year % | 9.10% | 6.73% |
| Favourable scenario | What you might get back after costs | EUR 15,650 | EUR 23,780 |
| | Average return each year % | 56.50% | 18.92% | | | | SI VOUS SORTEZ APRÈS 1 AN | SI VOUS SORTEZ APRÈS 5 ANS |
| --- | --- | --- |
| Scénarios de tensions | Ce que vous pourriez obtenir après déduction des coûts | EUR 2.840 | EUR 2.940 |
| | Rendement annuel moyen | -71,60% | -21,72% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | EUR 7.400 | EUR 10.000 |
| | Rendement annuel moyen | -26,00% | 0,00% |
| Scénario modéré | Ce que vous pourriez obtenir après déduction des coûts | EUR 10.910 | EUR 13.850 |
| | Rendement annuel moyen | 9,10% | 6,73% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | EUR 15.650 | EUR 23.780 |
| | Rendement annuel moyen | 56,50% | 18,92% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,840 | EUR 2,940 |
| | Average return each year % | -71.60% | -21.72% |
| Unfavourable scenario | What you might get back after costs | EUR 7,400 | EUR 10,000 |
| | Average return each year % | -26.00% | 0.00% |
| Moderate scenario | What you might get back after costs | EUR 10,910 | EUR 13,850 |
| | Average return each year % | 9.10% | 6.73% |
| Favourable scenario | What you might get back after costs | EUR 15,650 | EUR 23,780 |
| | Average return each year % | 56.50% | 18.92% | | en | fr |
DOLFIN596 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Share Capital and Shareholder Meetings
The authorised share capital of the ICAV is 500,000,000,002 Shares of no par value divided into 2 Subscriber Shares of no par value and 500,000,000,000 shares of no par value. The Directors are empowered to issue up to all of the Shares of the ICAV on such terms as they think fit. The Subscriber Shares entitle the Shareholders holding them to attend and vote at general meetings of the ICAV but do not entitle the holders to participate in the dividends or net assets of any Sub-Fund
The ICAV may from time to time, by ordinary resolution, increase its capital, consolidate the Shares or any of them into a smaller number of Shares, sub-divide the Shares or any of them into a larger number of Shares or cancel any Shares not taken or agreed to be taken by any person. The ICAV may by special resolution from time to time reduce its share capital in any way permitted by law.
The Shares entitle the holders to attend and vote at general meetings of the ICAV and (other than Subscriber Shares) to participate equally in the profits and assets of the Sub-Fund to which the Shares relate, subject to any differences between fees, charges and expenses applicable to different Share Classes. At any meeting of Shareholders, on a show of hands, each Shareholder shall have one vote and, on a poll, each Shareholder shall be entitled to such number of votes as shall be produced by dividing the aggregate net Asset Value of that Shareholder’s holding of Shares (expressed or converted in Base Currency and excluding, where appropriate, the impact of any Class Currency hedging) by one. The “relevant record date” for these purposes will be a date being not more than thirty days prior to the date of the relevant general meeting or written resolution as determined by the Directors.
Pursuant to the Act, the Directors have elected to dispense with the holding of annual general meetings. Notwithstanding this, one or more Shareholders holding, or together holding, not less than 10% of the voting rights in the ICAV, or the auditors of the ICAV, may require the ICAV to hold an annual general meeting in a specific year, by giving notice in writing to the ICAV in the previous year or at least one month before the end of that year and the ICAV shall hold the required meeting. | ## Capital social et assemblées des Actionnaires
Le capital social autorisé de l’ICAV se compose de 500.000.000.002 Actions sans valeur nominale, réparties en 2 Actions de souscripteur sans valeur nominale et 500.000.000.000 Actions sans valeur nominale. Les Administrateurs sont habilités à émettre jusqu’à la totalité des actions de l’ICAV aux conditions qu’ils jugent opportunes. Les Actions de souscripteur donnent droit aux Actionnaires les détenant de participer et de voter aux assemblées générales de l’ICAV, mais n’autorisent pas les détenteurs à participer aux dividendes ou à l’actif net d’un quelconque Compartiment.
L’ICAV pourra de temps à autre, par résolution ordinaire, augmenter son capital, consolider les Actions ou une partie d’entre elles en un plus petit nombre d’Actions, sous-diviser les Actions ou une partie d’entre elles en un plus grand nombre d’Actions ou annuler des Actions n’ayant pas trouvé preneur ou n’ayant pas fait l’objet d’un engagement de souscription. L’ICAV pourra, par résolution spéciale de temps à autre, réduire son capital social de toutes les façons légales.
Les Actions donnent le droit à leurs détenteurs de participer et de voter aux assemblées générales de l’ICAV et (sauf pour les Actions de souscripteur) de participer de façon égale aux plus-values et aux actifs du Compartiment auquel les actions se rapportent, sous réserve des différences de frais, de commissions et de dépenses applicables aux différentes Classes d’Actions. Pour toute réunion des Actionnaires, lors d’un vote à main levée, chaque Actionnaire disposera d’une voix et, lors d’un scrutin, chaque Actionnaire disposera d’un nombre de votes déterminé en divisant la Valeur liquidative totale des Actions qu’il détient (exprimée ou convertie dans la Devise de référence, hors impact de toute couverture dans la Devise de la Classe concernée) par un. A cette fin, la « date de clôture du Registre », telle que déterminée par les Administrateurs, ne pourra pas être fixée plus de trente jours avant la date de l’assemblée générale ou de la résolution écrite considérée.
Conformément à la Loi, les Administrateurs ont choisi de ne pas tenir d’assemblées générales annuelles. Nonobstant ce qui précède, un ou plusieurs Actionnaires détenant (ensemble ou séparément) au moins 10% des droits de vote de l’ICAV, ou les commissaires aux comptes de l’ICAV, pourront exiger que l’ICAV tienne une assemblée générale annuelle une année donnée, par préavis écrit à l’ICAV l’année précédente ou au moins un mois avant la fin de l’année en question et l’ICAV devra tenir une telle assemblée. | ## Share Capital and Shareholder Meetings
The authorised share capital of the ICAV is 500,000,000,002 Shares of no par value divided into 2 Subscriber Shares of no par value and 500,000,000,000 shares of no par value. The Directors are empowered to issue up to all of the Shares of the ICAV on such terms as they think fit. The Subscriber Shares entitle the Shareholders holding them to attend and vote at general meetings of the ICAV but do not entitle the holders to participate in the dividends or net assets of any Sub-Fund
The ICAV may from time to time, by ordinary resolution, increase its capital, consolidate the Shares or any of them into a smaller number of Shares, sub-divide the Shares or any of them into a larger number of Shares or cancel any Shares not taken or agreed to be taken by any person. The ICAV may by special resolution from time to time reduce its share capital in any way permitted by law.
The Shares entitle the holders to attend and vote at general meetings of the ICAV and (other than Subscriber Shares) to participate equally in the profits and assets of the Sub-Fund to which the Shares relate, subject to any differences between fees, charges and expenses applicable to different Share Classes. At any meeting of Shareholders, on a show of hands, each Shareholder shall have one vote and, on a poll, each Shareholder shall be entitled to such number of votes as shall be produced by dividing the aggregate net Asset Value of that Shareholder’s holding of Shares (expressed or converted in Base Currency and excluding, where appropriate, the impact of any Class Currency hedging) by one. The “relevant record date” for these purposes will be a date being not more than thirty days prior to the date of the relevant general meeting or written resolution as determined by the Directors.
Pursuant to the Act, the Directors have elected to dispense with the holding of annual general meetings. Notwithstanding this, one or more Shareholders holding, or together holding, not less than 10% of the voting rights in the ICAV, or the auditors of the ICAV, may require the ICAV to hold an annual general meeting in a specific year, by giving notice in writing to the ICAV in the previous year or at least one month before the end of that year and the ICAV shall hold the required meeting. | en | fr |
DOLFIN597 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Social: compensation, gender inequality, health and safety, child labor, etc.
- Governance: corruption and bribery, tax avoidance, etc.
- Global ESG quality rating.
The Sub-Fund is actively managed and mainly selects equities of Chinese companies listed and traded in RMB on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges (China A-Shares) or on the Hong Kong Stock Exchange or by investing in American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) of Chinese companies. The Sub-Fund may also invest in equity from issuers exercising a preponderant part of their economic activities in China, Republic of China and/or companies operating in the PRC. Exposure to Mainland China securities will be made by investing in A-Shares through Stock Connect, and the RQFII/QFII programs, H-Shares (equities of companies listed in the Hong Kong market that are either registered in Hong Kong or registered in the PRC and approved for listing | The Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. The Sub-Fund considers, at least, the following objectives, and proceed to the reporting of this ESG indicators as part of the monitoring and the evolution of the portfolio’s ESG performance: - Environment: GHG emissions, airborne pollution, waterborne pollution, water consumption, land use, etc.
- Social: compensation, gender inequality, health and safety, child labor, etc.
- Governance: corruption and bribery, tax avoidance, etc.
- Global ESG quality rating.
The Sub-Fund is actively managed and mainly selects equities of Chinese companies listed and traded in RMB on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges (China A-Shares) or on the Hong Kong Stock Exchange or by investing in American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) of Chinese companies. The Sub-Fund may also invest in equity from issuers exercising a preponderant part of their economic activities in China, Republic of China and/or companies operating in the PRC. Exposure to Mainland China securities will be made by investing in A-Shares through Stock Connect, and the RQFII/QFII programs, H-Shares (equities of companies listed in the Hong Kong market that are either registered in Hong Kong or registered in the PRC and approved for listing | | - Sociale: retribuzione, disuguaglianza di genere, salute e sicurezza, lavoro minorile, ecc.
- Governance: corruzione e concussione, elusione fiscale, ecc.
- Valutazione della qualità ESG globale.
Il Comparto è gestito attivamente e seleziona principalmente azioni di società cinesi quotate e scambiate in RMB su borse cinesi come Shenzhen o Shanghai Stock Exchange (China A- Shares) o sulla Borsa di Hong Kong o investendo in American Depositary Receipts (ADR) o Global Depositary Receipts (GDR) di società cinesi. Il Comparto può anche investire in azioni di emittenti che esercitano una parte preponderante delle loro attività economiche in Cina, nella Repubblica di Cina e/o in società operanti nella RPC. L'esposizione ai titoli della Cina continentale avverrà investendo in Azioni A attraverso lo Stock Connect e i programmi RQFII/QFII, Azioni H (azioni di società quotate sul mercato di Hong | Il Comparto promuove caratteristiche ambientali e/o sociali ai sensi dell'articolo 8 della SFDR. Il Comparto considera almeno i seguenti obiettivi e procede alla rendicontazione di questi indicatori ESG come parte del monitoraggio e dell'evoluzione della performance ESG del portafoglio: - Ambiente: Emissioni di gas serra, inquinamento atmosferico, inquinamento idrico, consumo di acqua, uso del suolo, ecc.
- Sociale: retribuzione, disuguaglianza di genere, salute e sicurezza, lavoro minorile, ecc.
- Governance: corruzione e concussione, elusione fiscale, ecc.
- Valutazione della qualità ESG globale.
Il Comparto è gestito attivamente e seleziona principalmente azioni di società cinesi quotate e scambiate in RMB su borse cinesi come Shenzhen o Shanghai Stock Exchange (China A- Shares) o sulla Borsa di Hong Kong o investendo in American Depositary Receipts (ADR) o Global Depositary Receipts (GDR) di società cinesi. Il Comparto può anche investire in azioni di emittenti che esercitano una parte preponderante delle loro attività economiche in Cina, nella Repubblica di Cina e/o in società operanti nella RPC. L'esposizione ai titoli della Cina continentale avverrà investendo in Azioni A attraverso lo Stock Connect e i programmi RQFII/QFII, Azioni H (azioni di società quotate sul mercato di Hong | | - Social: compensation, gender inequality, health and safety, child labor, etc.
- Governance: corruption and bribery, tax avoidance, etc.
- Global ESG quality rating.
The Sub-Fund is actively managed and mainly selects equities of Chinese companies listed and traded in RMB on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges (China A-Shares) or on the Hong Kong Stock Exchange or by investing in American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) of Chinese companies. The Sub-Fund may also invest in equity from issuers exercising a preponderant part of their economic activities in China, Republic of China and/or companies operating in the PRC. Exposure to Mainland China securities will be made by investing in A-Shares through Stock Connect, and the RQFII/QFII programs, H-Shares (equities of companies listed in the Hong Kong market that are either registered in Hong Kong or registered in the PRC and approved for listing | The Sub-Fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. The Sub-Fund considers, at least, the following objectives, and proceed to the reporting of this ESG indicators as part of the monitoring and the evolution of the portfolio’s ESG performance: - Environment: GHG emissions, airborne pollution, waterborne pollution, water consumption, land use, etc.
- Social: compensation, gender inequality, health and safety, child labor, etc.
- Governance: corruption and bribery, tax avoidance, etc.
- Global ESG quality rating.
The Sub-Fund is actively managed and mainly selects equities of Chinese companies listed and traded in RMB on Chinese stock exchanges such as Shenzhen or Shanghai Stock Exchanges (China A-Shares) or on the Hong Kong Stock Exchange or by investing in American Depositary Receipts (ADRs) or Global Depositary Receipts (GDRs) of Chinese companies. The Sub-Fund may also invest in equity from issuers exercising a preponderant part of their economic activities in China, Republic of China and/or companies operating in the PRC. Exposure to Mainland China securities will be made by investing in A-Shares through Stock Connect, and the RQFII/QFII programs, H-Shares (equities of companies listed in the Hong Kong market that are either registered in Hong Kong or registered in the PRC and approved for listing | | en | it |
DOLFIN598 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing and there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In
some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.
- Collateral Received with Respect to Financial Techniques and Financial Derivative InstrumentsAssets received from counterparties in securities lending activities and OTC derivative transactions other than currency forwards constitute collateral. | Nei mercati emergenti e meno sviluppati, in cui investiranno alcuni dei Comparti, l’infrastruttura legale, giudiziaria e normativa è ancora in via di sviluppo e sussiste una notevole incertezza sul piano legale tanto per i partecipanti al mercato locale quanto per le loro controparti estere. Alcuni mercati possono comportare rischi
maggiori per gli investitori, i quali, prima di investire, dovranno accertarsi di avere ben compreso i rischi sussistenti ed essere quindi persuasi dell’idoneità di un determinato investimento nel quadro del loro portafoglio. In alcuni mercati potrebbe non esistere alcun metodo sicuro di consegna su pagamento che consentirebbe di ridurre al minimo l’esposizione al rischio di controparte. Potrebbe essere necessario effettuare il pagamento per un’operazione di acquisto o consegna prima della ricezione dei valori mobiliari oppure, se del caso, dei proventi della vendita.
- Collaterali ricevuti per tecniche finanziarie e strumenti finanziari derivatiGli attivi ricevuti da controparti in attività di prestito di titoli e transazioni in derivati OTC (fuori borsa) ad eccezione dei contratti a termine su valute costituiscono beni collaterali. | In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing and there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In
some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds.
- Collateral Received with Respect to Financial Techniques and Financial Derivative InstrumentsAssets received from counterparties in securities lending activities and OTC derivative transactions other than currency forwards constitute collateral. | en | it |
DOLFIN599 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Specific fund risks
Charges from capital: For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Commodity-related investment: Commodity prices can be extremely volatile and losses may be made.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging and Frontier market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund's prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured. | # Rischi specifici per il Fondo
Prelievo di commissioni dal capitale: nel caso delle classi di azioni Inc-2 e Inc-3, le spese sono imputate al capitale anziché che al reddito, pertanto il capitale si ridurrà. Ciò potrebbe limitare la futura crescita del capitale e del reddito. Il reddito può essere soggetto a tassazione.
Investimenti correlati alle materie prime: i prezzi delle materie prime possono essere estremamente volatili e si possono verificare perdite significative.
Rischio di cambio: Le variazioni tra i valori relativi di valute diverse possono influire sfavorevolmente sul valore degli investimenti e su un eventuale reddito correlato.
Inadempimento: Esiste il rischio che gli emittenti di investimenti a reddito fisso (ad es. obbligazioni) non riescano a effettuare i pagamenti di interessi né a rimborsare il denaro preso in prestito. Peggiore è la qualità creditizia dell'emittente, maggiore è il rischio di inadempimento e, di conseguenza, quello di subire perdite d'investimento.
Derivati: L’uso di derivati può aumentare il rischio complessivo amplificando l'effetto sia dei guadagni che delle perdite, determinando variazioni consistenti di valore e la possibilità di perdite finanziarie rilevanti. La controparte di un’operazione in derivati potrebbe non adempiere ai propri obblighi, con conseguenti perdite finanziarie anche in questo caso.
Mercati emergenti e di frontiera (Cina inclusa): questi mercati comportano un rischio maggiore di perdita finanziaria rispetto ai mercati più sviluppati, in quanto possono avere sistemi giuridici, politici, economici o di altro genere meno sviluppati.
Investimento azionario: Il valore dei titoli azionari (ad es. azioni) e degli investimenti legati ad azioni può variare in funzione gli utili e delle prospettive future delle società, nonché di fattori di mercato più generali. In caso di insolvenza di una società (es. fallimento), i titolari delle relative azioni sono classificati all’ultimo posto nell’ordine di priorità dei pagamenti finanziari effettuati da tale società. Esposizione a titoli governativi: Il Fondo può investire oltre il 35% del proprio patrimonio in titoli emessi o garantiti da un’entità sovrana autorizzata, secondo la definizione riportata nella sezione “Definizioni” del prospetto del Fondo.
Tassi di interesse: il valore degli investimenti a reddito fisso (per es. le obbligazioni) tende a diminuire in caso di aumento dei tassi di interesse.
Copertura della valuta di riferimento: punta a proteggere gli investitori soltanto da un calo del valore della valuta di riferimento (la valuta di presentazione del bilancio) ma non da un calo del valore delle valute degli investimenti sottostanti nella misura in cui esse siano diverse dalla valuta di riferimento. La differenza tra le valute degli investimenti sottostanti e la valuta di riferimento può
causare perdite quando la valuta di riferimento aumenta rispetto alla valuta della classe di azioni. Tale copertura non sarà perfetta. Il successo non è garantito. | # Specific fund risks
Charges from capital: For Inc-2 and Inc-3 shares classes, expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Commodity-related investment: Commodity prices can be extremely volatile and losses may be made.
Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging and Frontier market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.
Government securities exposure: The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund's prospectus.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured. | en | it |
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