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DOLFIN5000 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- A Fund may invest on a cumulative basis up to 20% of its net assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under 2.3(A) above is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Non- Member State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under 2.3(A) above is increased to 25% in respect of qualifying debt securities issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities. For the purposes hereof, “qualifying debt securities” are securities the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer. To the extent that a relevant Fund invests more than 5% of its net assets in debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the net assets of such Fund.
- The securities specified under 2.5 and 2.6 above are not to be included for purposes of computing the ceiling of 40% set forth under 2.3(B) above.
- Notwithstanding the ceilings set forth above, each Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State of the EU, by its local authorities, by any other Member State of the OECD such as the US, by certain non-Member States of the OECD (currently China, Brazil, Indonesia, Russia and South Africa) or by a public international body of which one or more Member State(s) of the EU are member(s) (collectively, “Public Issuers”), provided that (i) such securities are part of at least six different issues and (ii) the securities from any or such issue do not account for more than 30% of the net assets of such Fund.
- When investing in financial derivative instruments on Transferable Securities or Money Market Instruments issued or guaranteed by Public Issuers, the diversification requirements set out in the preceding paragraph do not need to be complied with, provided however that any direct investments in the relevant Transferable Securities or Money Market Instruments together with any investments in financial derivative instruments on such Transferable Securities or Money Market Instruments do not represent, on an aggregate basis, more than 100% of the relevant Fund’s net assets.
- Without prejudice to the limits set forth hereunder under 2.23 and 2.24 below, the limits set forth in 2.3 above are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Fund’s investment policy is to replicate the composition of a certain stock or debt securities index which is recognised by the CSSF, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | - Ein Fonds darf kumuliert nicht mehr als 20 % seines Nettovermögens in übertragbaren Wertpapieren und/oder Geldmarktinstrumenten derselben Unternehmensgruppe anlegen.
- Die vorstehend in Ziffer 2.3 (A) festgelegte Obergrenze von 10 % erhöht sich auf 35 %, wenn die übertragbaren Wertpapiere oder Geldmarktinstrumente von einem Mitgliedstaat oder seinen Gebietskörperschaften, von einem Nicht-Mitgliedstaat oder von einer internationalen Körperschaft des öffentlichen Rechts, der mindestens ein Mitgliedstaat angehört, begeben oder verbürgt werden.
- Die vorstehend in Ziffer 2.3 (A) festgelegte Obergrenze von 10 % erhöht sich auf 25 % für qualifizierte Schuldtitel, die von einem Kreditinstitut mit Geschäftssitz in einem Mitgliedstaat begeben werden, welches nach dem anwendbaren Recht einer öffentlichen Aufsicht unterliegt mit dem Ziel, die Inhaber solcher qualifizierter Schuldtitel zu schützen. „Qualifizierte Schuldtitel“ im Sinne dieser Regelung sind Wertpapiere, deren Erlöse gemäß den geltenden gesetzlichen Bestimmungen in Vermögenswerte investiert sind, welche über die gesamte Laufzeit bis zur Endfälligkeit der Wertpapiere eine solche Rendite erzielen, dass der Schuldendienst zu jedem Zeitpunkt gewährleistet ist, und die im Fall der Zahlungsunfähigkeit des Emittenten vorrangig für den Zins- und Kapitaldienst verwendet werden. Legt ein Fonds mehr als 5 % seines Nettovermögens in Schuldtiteln ein und desselben Emittenten an, so darf der Gesamtwert solcher Anlagen 80 % des Nettoinventarwerts des Fonds nicht übersteigen.
- Die vorstehend unter 2.5 und 2.6 aufgeführten Wertpapiere sind bei der Berechnung der Obergrenze von 40 % gemäß Absatz 2.3(B) (oben) nicht zu berücksichtigen.
- Unbeschadet der vorgenannten Beschränkungen darf jeder Fonds entsprechend dem Grundsatz der Risikostreuung bis zu 100 % seines Vermögens in Wertpapieren und Geldmarktinstrumenten anlegen, die durch einen Mitgliedstaat der Europäischen Union, dessen örtliche Gebietskörperschaften, durch einen sonstigen Mitgliedstaat der Organisation für Wirtschaftliche Zusammenarbeit und Entwicklung (OECD), wie z. B. die USA, durch bestimmte Nicht-Mitgliedstaaten der OECD (derzeit China, Brasilien, Indonesien, Russland und Südafrika) oder durch eine internationale Körperschaft des öffentlichen Rechts, der ein oder mehrere Mitgliedstaaten der Europäischen Union angehören (insgesamt bezeichnet als „öffentliche Emittenten“), begeben oder garantiert werden, sofern (i) diese Wertpapiere oder Geldmarktinstrumente aus mindestens sechs verschiedenen Emissionen stammen und (ii) Wertpapiere oder Geldmarktinstrumente ein und derselben Emission 30 % des Nettovermögens des jeweiligen Fonds nicht überschreiten.
- Für Anlagen in derivativen Finanzinstrumenten, denen übertragbare Wertpapiere oder Geldmarktinstrumente zu Grunde liegen, welche von öffentlichen Emittenten begeben oder verbürgt werden, ist die Einhaltung der im vorstehenden Absatz ausgeführten Regelungen zur Risikostreuung nicht zwingend erforderlich; es muss jedoch gewährleistet sein, dass der Wert der direkten Anlagen in den genannten übertragbaren Wertpapieren und Geldmarktinstrumenten und der Anlagen in derivativen Finanzinstrumenten auf Basis dieser übertragbaren Wertpapieren und Geldmarktinstrumente insgesamt 100 % des Nettovermögens des betreffenden Fonds nicht übersteigen.
- Unbeschadet der nachfolgend unter 2.23 und 2.24 festgelegten Obergrenzen werden die vorstehend unter Punkt2.3 festgelegten Obergrenzen für Anlagen in Anteilen und/oder Schuldtiteln eines einzelnen Emittenten auf maximal 20 % angehoben, sofern das Ziel der Anlagepolitik des Fonds darin besteht, die Zusammensetzung eines bestimmten, durch die CSSF anerkannten Index für Aktien oder Schuldtitel auf folgender Basis nachzubilden:
- die Zusammensetzung des Index ist ausreichend diversifiziert,
- der Index stellt eine angemessene Benchmark für seinen Bezugsmarkt dar,
- der Index wird in angemessener Weise veröffentlicht. | - A Fund may invest on a cumulative basis up to 20% of its net assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under 2.3(A) above is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Non- Member State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under 2.3(A) above is increased to 25% in respect of qualifying debt securities issued by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public control in order to protect the holders of such qualifying debt securities. For the purposes hereof, “qualifying debt securities” are securities the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer. To the extent that a relevant Fund invests more than 5% of its net assets in debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the net assets of such Fund.
- The securities specified under 2.5 and 2.6 above are not to be included for purposes of computing the ceiling of 40% set forth under 2.3(B) above.
- Notwithstanding the ceilings set forth above, each Fund is authorised to invest, in accordance with the principle of risk spreading, up to 100% of its net assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State of the EU, by its local authorities, by any other Member State of the OECD such as the US, by certain non-Member States of the OECD (currently China, Brazil, Indonesia, Russia and South Africa) or by a public international body of which one or more Member State(s) of the EU are member(s) (collectively, “Public Issuers”), provided that (i) such securities are part of at least six different issues and (ii) the securities from any or such issue do not account for more than 30% of the net assets of such Fund.
- When investing in financial derivative instruments on Transferable Securities or Money Market Instruments issued or guaranteed by Public Issuers, the diversification requirements set out in the preceding paragraph do not need to be complied with, provided however that any direct investments in the relevant Transferable Securities or Money Market Instruments together with any investments in financial derivative instruments on such Transferable Securities or Money Market Instruments do not represent, on an aggregate basis, more than 100% of the relevant Fund’s net assets.
- Without prejudice to the limits set forth hereunder under 2.23 and 2.24 below, the limits set forth in 2.3 above are raised to a maximum of 20% for investments in shares and/or bonds issued by the same body when the aim of the Fund’s investment policy is to replicate the composition of a certain stock or debt securities index which is recognised by the CSSF, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | en | de |
DOLFIN5001 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Market Liquidity and Foreign Investment Infrastructure
Trading volume on the stock exchange of most developing countries can be substantially less than in the leading stock markets of the developed world, so that the purchase and sale of holdings may take longer. Volatility of prices can be greater than in the developed world. This may result in considerable volatility in the value of a Fund and, if sales of a significant amount of securities have to be effected at short notice in order to meet redemption requests, such sales may have to be effected at unfavourable prices which could have an adverse effect on the value of a Fund and therefore the Net Asset Value per Unit.
In certain developing countries, portfolio investment by foreign investors such as the Funds may require consent or be subject to restrictions. These restrictions and any further restrictions introduced in the future could limit the availability to the Funds of attractive investment opportunities. | ### Marktliquidität und Infrastruktur für Auslandsinvestitionen
Das Handelsvolumen an den Börsen der meisten Entwicklungsländer kann wesentlich geringer sein, als man es von den führenden Börsen der entwickelten Welt gewöhnt ist, so dass der Kauf und der Verkauf von Wertpapieren mehr Zeit in Anspruch nehmen können. Preisschwankungen können größer als in den entwickelten Ländern sein. Dies kann zu beträchtlichen Schwankungen des Werts eines Fonds führen, und wenn ein beträchtliches Volumen an Wertpapieren kurzfristig veräußert werden muss, um Rücknahmeanträge zu erfüllen, müssen diese Veräußerungen unter Umständen zu ungünstigen Kursen erfolgen, was sich wiederum nachteilig auf den Wert eines Fonds und somit auf den Nettoinventarwert je Anteil auswirken kann.
In bestimmten Entwicklungsländern kann eine Anlage in einem Portfolio wie der Fonds durch ausländische Anleger einer Zustimmung bedürfen oder Beschränkungen unterliegen. Diese Beschränkungen und eventuelle weitere, in Zukunft eingeführte Beschränkungen könnten die für die Fonds zur Verfügung stehenden attraktiven Anlagechancen begrenzen. | ### Market Liquidity and Foreign Investment Infrastructure
Trading volume on the stock exchange of most developing countries can be substantially less than in the leading stock markets of the developed world, so that the purchase and sale of holdings may take longer. Volatility of prices can be greater than in the developed world. This may result in considerable volatility in the value of a Fund and, if sales of a significant amount of securities have to be effected at short notice in order to meet redemption requests, such sales may have to be effected at unfavourable prices which could have an adverse effect on the value of a Fund and therefore the Net Asset Value per Unit.
In certain developing countries, portfolio investment by foreign investors such as the Funds may require consent or be subject to restrictions. These restrictions and any further restrictions introduced in the future could limit the availability to the Funds of attractive investment opportunities. | en | de |
DOLFIN5002 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 2 The aim of the sub-fund ("Fund") is to achieve the highest-possible growth in value. For this purpose, the Fund invests in selected shares from Asia.
2 The Fund invests at least two thirds of its assets in shares and other equity securities of companies which have their head office or a predominant part of their business operations in Asia. This also includes the equity securities of real estate companies, listed real estate funds and listed real estate investment trusts (REITs).
2 The Fund may also invest up to one third of its assets in other shares, debt securities of all types, money market instruments, bank deposits, target funds (less than 10%) and structured products (less than 10%), as well as in exchange-traded commodities (ETCs) (so-called Delta 1 certificates), commodities funds and investments in precious metal accounts, provided the assets are settled in cash and no physical delivery may ensue.
2 The Fund may, under certain circumstances, and by way of exception to the 2/3 rule, hold up to 49% of the assets in liquid instruments. Furthermore, investments may also be made indirectly by the acquisition of equity-related products, in particular American depositary receipts (ADR) and global depositary receipts (GDR) which meet the requirements of Article 41 of the Law of 2010 and which do not contain embedded derivatives, ETFs or other investment funds. | # 2 El objetivo del Subfondo (el «Fondo») es obtener la máxima revalorización posible. Con esta finalidad, el Fondo invierte en acciones seleccionadas de países asiáticos.
2 El Fondo invierte al menos dos terceras partes de su patrimonio en acciones y otros valores de empresas que tienen su domicilio o desarrollan la mayor parte de su actividad económica en Asia. Entre esos valores se incluyen también los de sociedades inmobiliarias, fondos inmobiliarios cotizados en bolsa y real estate investment trusts (REIT) también con cotización en bolsa.
2 Asimismo, el Fondo puede invertir hasta 1/3 de su patrimonio en otras acciones, títulos de renta fija de todo tipo, instrumentos del mercado monetario, depósitos bancarios, fondos destino (menos del 10%) y productos estructurados (menos del 10%), así como en materias primas cotizadas (ETC) (los denominados certificados Delta 1), fondos de materias primas y cuentas en metales nobles, con tal de que el patrimonio se liquide en efectivo y no se efectúe ningún pago en especie.
2 El Fondo puede mantener recursos líquidos, que pueden llegar a representar hasta el 49% del patrimonio en determinadas circunstancias a pesar de la norma que establece que no pueden suponer más de 2/3 del patrimonio. Además, podrá invertirse de forma indirecta mediante la compra de los denominados productos relacionados con renta variable, en particular ADR (American Depositary Receipts) y GDR (Global Depositary Receipts), que cumplen con los requisitos del artículo 41 de la Ley de 2010 y que no integran derivados, o los denominados fondos cotizados (ETF) y otros fondos de inversión. | # 2 The aim of the sub-fund ("Fund") is to achieve the highest-possible growth in value. For this purpose, the Fund invests in selected shares from Asia.
2 The Fund invests at least two thirds of its assets in shares and other equity securities of companies which have their head office or a predominant part of their business operations in Asia. This also includes the equity securities of real estate companies, listed real estate funds and listed real estate investment trusts (REITs).
2 The Fund may also invest up to one third of its assets in other shares, debt securities of all types, money market instruments, bank deposits, target funds (less than 10%) and structured products (less than 10%), as well as in exchange-traded commodities (ETCs) (so-called Delta 1 certificates), commodities funds and investments in precious metal accounts, provided the assets are settled in cash and no physical delivery may ensue.
2 The Fund may, under certain circumstances, and by way of exception to the 2/3 rule, hold up to 49% of the assets in liquid instruments. Furthermore, investments may also be made indirectly by the acquisition of equity-related products, in particular American depositary receipts (ADR) and global depositary receipts (GDR) which meet the requirements of Article 41 of the Law of 2010 and which do not contain embedded derivatives, ETFs or other investment funds. | en | es |
DOLFIN5003 | 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 | 604 GBP | 1,358 GBP |
| Annual cost impact (*) | 6.0% | 2.2% each year | | | | Si vous sortez après 1 an | Si vous sortez après 5 années |
| --- | --- | --- |
| Coûts totaux | 604 GBP | 1 358 GBP |
| Incidence des coûts annuels (*) | 6,0% | 2,2% chaque année | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 604 GBP | 1,358 GBP |
| Annual cost impact (*) | 6.0% | 2.2% each year | | en | fr |
DOLFIN5004 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 143 | USD 735 |
| Annual cost impact (*) | 1.4% | 1.4% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | USD 143 | USD 735 |
| Impatto sui costi annuali (*) | 1,4% | 1,4% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | USD 143 | USD 735 |
| Annual cost impact (*) | 1.4% | 1.4% | | en | it |
DOLFIN5005 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
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.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The Fund has been classed as 5 because its volatility has been assessed as medium. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown in this section.
Performance Scenarios
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances.
| Recommended holding period: 5 years Example Investment: $10000 If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | $500 | $380 |
| Average return each year | -94.96% | -48.09% |
| Unfavourable | What you might get back after costs | $6140 | $7400 |
| Average return each year | -38.60% | -5.84% |
| Moderate | What you might get back after costs | $11010 | $14520 |
| Average return each year | 10.06% | 7.74% |
| Favourable | What you might get back after costs | $20760 | $21180 |
| Average return each year | 107.59% | 16.19% | | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur de risque
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Le Fonds a été classé dans la classe de risque 5, parce que sa volatilité a été évaluée comme moyenne. Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur présenté dans cette section.
Scénarios de performance
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes.
| Période de détention recommandée: 5 ans Exemple d'investissement: $10000 Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $500 | $380 |
| Rendement annuel moyen | -94,96% | -48,09% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $6140 | $7400 |
| Rendement annuel moyen | -38,60% | -5,84% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10980 | $14470 |
| Rendement annuel moyen | 9,84% | 7,67% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $20760 | $20690 |
| Rendement annuel moyen | 107,59% | 15,65% | | # What are the risks and what could I get in return?
Risk Indicator
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.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The Fund has been classed as 5 because its volatility has been assessed as medium. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown in this section.
Performance Scenarios
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances.
| Recommended holding period: 5 years Example Investment: $10000 If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | $500 | $380 |
| Average return each year | -94.96% | -48.09% |
| Unfavourable | What you might get back after costs | $6140 | $7400 |
| Average return each year | -38.60% | -5.84% |
| Moderate | What you might get back after costs | $11010 | $14520 |
| Average return each year | 10.06% | 7.74% |
| Favourable | What you might get back after costs | $20760 | $21180 |
| Average return each year | 107.59% | 16.19% | | en | fr |
DOLFIN5006 | 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 Sub-Fund's objective is to deliver high performance in both absolute and relative term over the long term horizon. There can be no assurance that the investment objective will be achieved.
The Sub-Fund is actively managed. The benchmark index of the Sub-Fund is the IBEX 35 INDEX (80%) & PSI 20 INDEX (20%). It is mentioned only for performance comparison purposes. The Sub-Fund does not track the index and can deviate significantly or entirely from the benchmark index.
The Sub-Fund promotes certain environmental and social characteristics within the meaning of article 8 of SFDR, although no reference benchmark has been designated for the purpose of attaining the ESG characteristics.
To achieve this, the Sub-Fund will mainly invest in a select portfolio of Transferable Securities (including equity related securities such as ADRs and GDRs) of companies which are domiciled in Spain or in Portugal.
Except for the geographical focus, the choice of investments will neither be limited by an economic sector nor in terms of currencies in which investments will be denominated. However, depending on financial market conditions, a particular focus can be placed in a single country and/or in a single currency and/or in a single economic sector.
On an ancillary basis, the Sub-Fund may invest in any other type of Eligible Investments, such as debt securities including Money Market Instruments with an investment grade rating (i.e. with a rating of not less than BBB- by Standard & Poor's Corporation or its equivalent by Moody's. In case of two different ratings, the higher credit rating will apply), UCITS, other eligible UCIs and Liquid Assets (such as cash and deposits).
The Sub-Fund's investments in units or shares of UCIs (UCITS and/or other eligible UCIs) will not exceed 10% of the net assets of the Sub-Fund.
For hedging purposes, the Sub-Fund may use financial derivative instruments within the limits and descriptions set out in the prospectus. The use of derivative instrument may increase leverage, imply additional
costs and risks.
If the Investment Manager considers this to be in the best interest of the Shareholders, on a temporary basis and for defensive purposes, the Sub- Fund may also hold Liquid Assets as among others cash deposits, money market funds (within the 10% limit above-mentioned) and Money Market Instruments for up to 100% of its net assets. | # Objetivos y política de inversión
El objetivo del Compartimento es ofrecer una alta rentabilidad tanto de forma absoluta como relativa en una perspectiva a largo plazo. No está asegurado que se cumpla el objetivo de inversión.
El Subfondo se gestiona de forma activa. El índice de referencia del Subfondo es el IBEX 35 INDEX (80%) y PSI 20 INDEX (20%). Se menciona únicamente a efectos de comparación de rentabilidad. El Subfondo no reproduce el índice y puede desviarse considerablemente o totalmente del índice de referencia.
El Subfondo promueve ciertas características medioambientales y sociales en el sentido del artículo 8 del Reglamento SFDR, aunque no se ha designado ningún índice de referencia a efectos de cumplir las características ESG.
Para lograrlo, el Compartimento invertirá en gran parte en una selección de carteras de Valores mobiliarios (esto incluye valores vinculados a la renta variable como ADR y GDR) de sociedades domiciliadas en España o Portugal.
A excepción del ámbito geográfico, la selección de inversiones no estará limitada por sector económico ni por las divisas en las que estén denominadas las inversiones. No obstante, dependiendo de las condiciones predominantes en los mercados financieros, las inversiones podrán concentrarse en un solo país y/o en una sola divisa y/o en un solo sector económico.
A título accesorio, el Compartimento podrá invertir en otro tipo de Inversiones elegibles, como valores de deuda que incluyen Instrumentos del mercado monetario con una clasificación de grado de inversión (por ejemplo, con una clasificación que no baje de BBB- por Standard & Poor's Corporation o su equivalente en Moody's. En caso de haber dos clasificaciones diferentes, se aplicará la más alta), OICVM, otros OIC elegibles y Activos líquidos (como efectivo y depósitos).
Las inversiones del Compartimento en participaciones o acciones de OIC (OICVM y/u otros OIC elegibles) no excederán el 10% del valor liquidativo del Compartimento.
Con fines de cobertura, el Compartimento podrá utilizar instrumentos financieros derivados dentro de los límites y descripciones especificados
en el folleto. El uso de instrumentos derivados puede incrementar el apalancamiento o implicar costes y riesgos adicionales.
Si el Gestor de Inversiones lo considera en el mejor interés de los Accionistas, de forma temporal y con fines defensivos, el Compartimento también podrá poseer Activos líquidos entre otros depósitos en metálico, fondos de mercado monetario (dentro del límite del 10% mencionado con anterioridad) e Instrumentos del mercado monetario hasta un 100% de su valor liquidativo. | # Objectives and investment policy
The Sub-Fund's objective is to deliver high performance in both absolute and relative term over the long term horizon. There can be no assurance that the investment objective will be achieved.
The Sub-Fund is actively managed. The benchmark index of the Sub-Fund is the IBEX 35 INDEX (80%) & PSI 20 INDEX (20%). It is mentioned only for performance comparison purposes. The Sub-Fund does not track the index and can deviate significantly or entirely from the benchmark index.
The Sub-Fund promotes certain environmental and social characteristics within the meaning of article 8 of SFDR, although no reference benchmark has been designated for the purpose of attaining the ESG characteristics.
To achieve this, the Sub-Fund will mainly invest in a select portfolio of Transferable Securities (including equity related securities such as ADRs and GDRs) of companies which are domiciled in Spain or in Portugal.
Except for the geographical focus, the choice of investments will neither be limited by an economic sector nor in terms of currencies in which investments will be denominated. However, depending on financial market conditions, a particular focus can be placed in a single country and/or in a single currency and/or in a single economic sector.
On an ancillary basis, the Sub-Fund may invest in any other type of Eligible Investments, such as debt securities including Money Market Instruments with an investment grade rating (i.e. with a rating of not less than BBB- by Standard & Poor's Corporation or its equivalent by Moody's. In case of two different ratings, the higher credit rating will apply), UCITS, other eligible UCIs and Liquid Assets (such as cash and deposits).
The Sub-Fund's investments in units or shares of UCIs (UCITS and/or other eligible UCIs) will not exceed 10% of the net assets of the Sub-Fund.
For hedging purposes, the Sub-Fund may use financial derivative instruments within the limits and descriptions set out in the prospectus. The use of derivative instrument may increase leverage, imply additional
costs and risks.
If the Investment Manager considers this to be in the best interest of the Shareholders, on a temporary basis and for defensive purposes, the Sub- Fund may also hold Liquid Assets as among others cash deposits, money market funds (within the 10% limit above-mentioned) and Money Market Instruments for up to 100% of its net assets. | en | es |
DOLFIN5007 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | 10000 JPY |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 209970 JPY | 152070 JPY |
| Rendement annuel moyen | -79.00% | -31.39% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 665150 JPY | 723040 JPY |
| Rendement annuel moyen | -33.49% | -6.28% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1092950 JPY | 1395000 JPY |
| Rendement annuel moyen | 9.30% | 6.88% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1702780 JPY | 2759060 JPY |
| Rendement annuel moyen | 70.28% | 22.50% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | 10000 JPY |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No se garantiza que obtenga una rentabilidad mínima. Usted podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 209970 JPY | 152070 JPY |
| Rendimiento medio cada año | -79.00% | -31.39% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 665150 JPY | 723040 JPY |
| Rendimiento medio cada año | -33.49% | -6.28% |
| Moderado | Lo que podría recibir tras deducir los costes | 1092950 JPY | 1395000 JPY |
| Rendimiento medio cada año | 9.30% | 6.88% |
| Favorable | Lo que podría recibir tras deducir los costes | 1702780 JPY | 2759060 JPY |
| Rendimiento medio cada año | 70.28% | 22.50% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | 10000 JPY |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Ce produit n'offre aucune garantie de rendement minimum. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 209970 JPY | 152070 JPY |
| Rendement annuel moyen | -79.00% | -31.39% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 665150 JPY | 723040 JPY |
| Rendement annuel moyen | -33.49% | -6.28% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1092950 JPY | 1395000 JPY |
| Rendement annuel moyen | 9.30% | 6.88% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1702780 JPY | 2759060 JPY |
| Rendement annuel moyen | 70.28% | 22.50% | | fr | es |
DOLFIN5008 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund's assets may be invested in currencies other than the fund currency. The Fund receives income, repayments and proceeds from such in- vestments in the respective currency. If the value of this currency falls in relation to the fund curren- cy, this reduces the value of such investments and thus the value of the Fund's assets.
- Concentration riskThe Underlying Index of the Fund concen- trates investments on German and foreign secondary stocks. This makes the Fund exclu- sively dependent on the performance of this market sub-segment, and not on the overall market.
- Risks associated with investing in investment unitsThe risks of investment units that are acquired for the Fund (called target funds), are closely related to the risks of the assets contained in these funds or the investment strategies they pursue. However, as the managers of the individual target funds act independently of each other, it may also happen that several target funds have the same or oppo- site investment strategies. This may result in the accumulation of existing risks, and any opportuni- ties might be offset. It is generally not possible for the Company to control the management of the target funds. Their investment decisions do not necessarily have to correspond with the assump- tions or expectations of the Company. The Compa- ny will often not be promptly informed of the cur- rent composition of the target funds. If the compo- sition does not correspond to its assumptions or expectations, it may react only with a considerable delay by returning target fund units. | Vermögenswerte des Fonds können in anderen Währungen als der Fondswährung angelegt sein. Der Fonds erhält die Erträge, Rückzahlungen und Erlöse aus solchen Anlagen in der jeweiligen Wäh- rung. Fällt der Wert dieser Währung gegenüber der Fondswährung, so reduziert sich der Wert solcher Anlagen und somit auch der Wert des Fondsvermö- gens.
- KonzentrationsrisikoDer dem Fonds zugrunde liegende Index kon- zentriert die Anlage der Vermögensgegen- stände auf deutsche und ausländische Neben- werte. Dadurch ist der Fonds ausschließlich von der Entwicklung dieses Teilmarktes und nicht des Gesamtmarktes für Aktien abhängig.
- Risiken im Zusammenhang mit der Investition in Investmentan- teileDie Risiken der Investmentanteile, die für den Fonds erworben werden (sogenannte Zielfonds), stehen in engem Zusammenhang mit den Risiken der in diesen Fonds enthaltenen Vermögensgegen- stände bzw. der von diesen verfolgten Anlagestra- tegien. Da die Manager der einzelnen Zielfonds voneinander unabhängig handeln, kann es aber auch vorkommen, dass mehrere Zielfonds gleiche oder einander entgegengesetzte Anlagestrategien verfolgen. Hierdurch können bestehende Risiken kumulieren, und eventuelle Chancen können sich gegeneinander aufheben. Es ist der Gesellschaft im Regelfall nicht möglich, das Management der Ziel- fonds zu kontrollieren. Deren Anlageentscheidun- gen müssen nicht zwingend mit den Annahmen oder Erwartungen der Gesellschaft übereinstim- men. Der Gesellschaft wird die aktuelle Zusam- mensetzung der Zielfonds oftmals nicht zeitnah bekannt sein. Entspricht die Zusammensetzung nicht ihren Annahmen oder Erwartungen, so kann sie ggf. erst deutlich verzögert reagieren, indem sie Zielfondsanteile zurückgibt. | The Fund's assets may be invested in currencies other than the fund currency. The Fund receives income, repayments and proceeds from such in- vestments in the respective currency. If the value of this currency falls in relation to the fund curren- cy, this reduces the value of such investments and thus the value of the Fund's assets.
- Concentration riskThe Underlying Index of the Fund concen- trates investments on German and foreign secondary stocks. This makes the Fund exclu- sively dependent on the performance of this market sub-segment, and not on the overall market.
- Risks associated with investing in investment unitsThe risks of investment units that are acquired for the Fund (called target funds), are closely related to the risks of the assets contained in these funds or the investment strategies they pursue. However, as the managers of the individual target funds act independently of each other, it may also happen that several target funds have the same or oppo- site investment strategies. This may result in the accumulation of existing risks, and any opportuni- ties might be offset. It is generally not possible for the Company to control the management of the target funds. Their investment decisions do not necessarily have to correspond with the assump- tions or expectations of the Company. The Compa- ny will often not be promptly informed of the cur- rent composition of the target funds. If the compo- sition does not correspond to its assumptions or expectations, it may react only with a considerable delay by returning target fund units. | en | de |
DOLFIN5009 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The American tax law, the Foreign Account Tax Compliance Act ("FATCA"):
The objective of the American law, the FATCA, signed into law on 18 March 2010, is to reinforce the prevention of tax evasion by introducing an annual declaration to the American tax administration (the IRS, Internal Revenue Service) for accounts held outside the US by American taxpayers.
Sections 1471 to 1474 of the Internal Revenue Code ("FATCA") impose withholding tax of 30% on certain payments on a foreign financial institution (FFI) if the said FFI fails to comply with the FATCA. The mutual fund is an FFI and is therefore governed by the FATCA.
These FATCA withholding taxes may be levied on those payments made in favour of the mutual fund, except if the mutual fund complies with the FATCA under the provisions of that act, and with the corresponding legislation and regulations, or if the mutual fund is governed by an Intergovernmental Agreement (IA) so as to improve application of international tax provisions and implementation of the FATCA.
France thus signed an Intergovernmental Agreement (IA) on 14 November 2013; the mutual fund may take all measures necessary to monitor compliance, according to the terms of the IA and local implementing regulations.
In order to fulfil its obligations associated with the FATCA, the mutual fund must obtain certain information from its investors, so as to establish their American tax status. If the investor is a designated US person, a non-American entity owned by an American entity, a Non-Participating Foreign Financial Institution (NPFFI), or on failure to furnish the required documents, the mutual fund may have to report information about the investor in question to the competent tax administration, provided this is permitted by law.
All OFI Group partners will also have to communicate their status and identification number (GIIN: Global Intermediary Identification Number) and immediately notify all changes relating to these data.
Investors are invited to consult their own tax advisers regarding the requirements of the FATCA concerning their personal situation. In particular, investors holding units through intermediaries must ensure compliance by the said intermediaries with the FATCA so as not to be subjected to any withholding tax on the returns from their investments. | # La loi fiscale américaine Foreign Account Tax Compliance Act (« FATCA ») :
L’objectif de la loi américaine FATCA votée le 18 Mars 2010 est de renforcer la lutte contre l’évasion fiscale par la mise en place d’une déclaration annuelle à l’administration fiscale américaine (IRS – Internal Revenue System) des comptes détenus hors des Etats-Unis par des contribuables américains.
Les articles 1471 à 1474 du Code des Impôts Américain (Internal Revenue Code) (« FATCA), imposent une retenue à la source de 30% sur certains paiements à une institution financière étrangère (IFE) si ladite IFE ne respecte pas la loi FATCA. Le FCP est une IFE et est donc régi par la loi FATCA.
Ces retenues à la source FATCA peuvent être imposées aux règlements effectués au profit du FCP sauf si le FCP respecte la loi FATCA conformément aux dispositions de ladite loi et aux textes et réglementations y afférents, ou si le FCP est régi par une Accord Intergouvernemental (AIG) afin d’améliorer l’application de dispositions fiscales internationales et la mise en œuvre de la loi FATCA.
La France a ainsi signé un Accord Intergouvernemental (AIG) le 14 novembre 2013 aussi le FCP pourra prendre toutes les mesures nécessaires pour veiller à la mise en conformité selon les termes de l’AIG et les règlements d’application locaux.
Afin de respecter ses obligations liées à la loi FATCA, le FCP devra obtenir certaines informations auprès de ses investisseurs, de manière à établir leur statut fiscal américain. Si l’investisseur est une personne américaine (US person) désignée, une entité non américaine détenue par une entité américaine, une IFE non participante (IFENP), ou à défaut de fournir les documents requis, le FCP peut être amené à signaler les informations sur l’investisseur en question à l’administration fiscale compétente, dans la mesure où la loi le permet.
Tous les partenaires du Groupe OFI devront également communiquer leur statut et numéro d’immatriculation (GIIN : Global Intermediairy Identification Number) et notifier sans délais tous les changements relatifs à ces données.
Les investisseurs sont invités à consulter leurs propres conseillers fiscaux au sujet des exigences de la loi FATCA portant sur leur situation personnelle. En particulier les investisseurs détenant des parts par le biais d’intermédiaires doivent s’assurer de la conformité desdits intermédiaires avec la loi FATCA afin de ne pas subir de retenue à la source sur les rendements de leurs investissements. | # The American tax law, the Foreign Account Tax Compliance Act ("FATCA"):
The objective of the American law, the FATCA, signed into law on 18 March 2010, is to reinforce the prevention of tax evasion by introducing an annual declaration to the American tax administration (the IRS, Internal Revenue Service) for accounts held outside the US by American taxpayers.
Sections 1471 to 1474 of the Internal Revenue Code ("FATCA") impose withholding tax of 30% on certain payments on a foreign financial institution (FFI) if the said FFI fails to comply with the FATCA. The mutual fund is an FFI and is therefore governed by the FATCA.
These FATCA withholding taxes may be levied on those payments made in favour of the mutual fund, except if the mutual fund complies with the FATCA under the provisions of that act, and with the corresponding legislation and regulations, or if the mutual fund is governed by an Intergovernmental Agreement (IA) so as to improve application of international tax provisions and implementation of the FATCA.
France thus signed an Intergovernmental Agreement (IA) on 14 November 2013; the mutual fund may take all measures necessary to monitor compliance, according to the terms of the IA and local implementing regulations.
In order to fulfil its obligations associated with the FATCA, the mutual fund must obtain certain information from its investors, so as to establish their American tax status. If the investor is a designated US person, a non-American entity owned by an American entity, a Non-Participating Foreign Financial Institution (NPFFI), or on failure to furnish the required documents, the mutual fund may have to report information about the investor in question to the competent tax administration, provided this is permitted by law.
All OFI Group partners will also have to communicate their status and identification number (GIIN: Global Intermediary Identification Number) and immediately notify all changes relating to these data.
Investors are invited to consult their own tax advisers regarding the requirements of the FATCA concerning their personal situation. In particular, investors holding units through intermediaries must ensure compliance by the said intermediaries with the FATCA so as not to be subjected to any withholding tax on the returns from their investments. | en | fr |
DOLFIN5010 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le montant de la CDSC est calculé en multipliant le pourcentage de la CDSC pertinente indiquée ci-dessus par le Prix par action le plus faible à la date de la souscription initiale ou par le Prix par action à la date de rachat des Actions sélectionnées.
Toute CDSC est conservée par le Distributeur mondial.
Les Actions de Catégorie X supplémentaires acquises par le réinvestissement des dividendes sont exemptées de CDSC.
À sa discrétion, le Distributeur mondial peut décider de ne pas appliquer la CDSC payable sur le rachat ou l’échange d’Actions de Catégorie X à la suite d’une clôture, d’une fusion ou d’une scission de Fonds et de Catégories d’Actions tel que décrit dans les sections « Clôture de Fonds et de Catégories » et « Fusions et scissions ». | El importe de la CDSC se calcula multiplicando el correspondiente porcentaje de CDSC establecido anteriormente por el menor de los dos siguientes valores: el Precio por Acción en la fecha de suscripción inicial o el Precio por Acción en la fecha de reembolso de las Acciones seleccionadas.
Cualquier CDSC será retenida por el Distribuidor global.
Las Acciones de Clase X adicionales adquiridas mediante la reinversión de dividendos están exentas de la CDSC.
El Distribuidor global podrá, a su entera discreción, decidir no aplicar la CDSC exigible en el reembolso o canje de Acciones de Clase X como consecuencia de un cierre, fusión o división de Fondos y Clases de Acciones, tal y como se describe en los apartados “Cierre de Fondos y Clases” y “Fusiones y divisiones”. | Le montant de la CDSC est calculé en multipliant le pourcentage de la CDSC pertinente indiquée ci-dessus par le Prix par action le plus faible à la date de la souscription initiale ou par le Prix par action à la date de rachat des Actions sélectionnées.
Toute CDSC est conservée par le Distributeur mondial.
Les Actions de Catégorie X supplémentaires acquises par le réinvestissement des dividendes sont exemptées de CDSC.
À sa discrétion, le Distributeur mondial peut décider de ne pas appliquer la CDSC payable sur le rachat ou l’échange d’Actions de Catégorie X à la suite d’une clôture, d’une fusion ou d’une scission de Fonds et de Catégories d’Actions tel que décrit dans les sections « Clôture de Fonds et de Catégories » et « Fusions et scissions ». | fr | es |
DOLFIN5011 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 204 EUR | 1,354 EUR |
| Annual cost impact* | 2.0% | 2.2% | | | Ejemplo de inversión 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 204 EUR | 1.354 EUR |
| Incidencia anual de los costes* | 2,0% | 2,2% | | | Example Investment 10,000 EUR | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | 204 EUR | 1,354 EUR |
| Annual cost impact* | 2.0% | 2.2% | | en | es |
DOLFIN5012 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund may use FDIs involving Transferable Securities and Money Market Instruments for the purpose of efficient portfolio management of its assets and for hedging purposes, as detailed in the Appendix for the relevant Sub-Fund. The Fund may also use FDIs for investment purposes in accordance with ESMA Guidelines 2014/937 to meet the relevant Sub-Fund’s investment objectives only if provided for in the Appendix for the relevant Sub-Fund. The Fund may use FDIs under the conditions and within the limits set forth by law and regulation.
Information on whether a Sub-Fund uses TRS is specified in the relevant Appendix of the Prospectus. In that case any information required to be disclosed under the SFT Regulations, and not otherwise disclosed in this Prospectus, will be included in such Appendix.
-
### Management of Collateral | Der Fonds kann zum Zwecke der effizienten Portfolioverwaltung seines Vermögens und zu Absicherungszwecken gemäß den Angaben im Anhang zu dem jeweiligen Teilfonds DFI verwenden, die übertragbare Wertpapiere und Geldmarktinstrumente umfassen. Ferner kann der Fonds im Einklang mit den ESMA-Leitlinien 2014/937 zu Anlagezwecken und zur Erreichung der Anlageziele des Teilfonds DFI verwenden, sofern dies im Anhang zu dem jeweiligen Teilfonds vorgesehen ist. Der Fonds kann DFI unter den Bedingungen und gemäß den Obergrenzen verwenden, die gesetzlich und rechtlich festgelegt werden.
Informationen darüber, ob ein Teilfonds TRS verwendet, sind im entsprechenden Anhang des Verkaufsprospekts angegeben. In diesem Fall werden alle Informationen, die gemäß den SFT- Verordnungen offengelegt werden müssen und nicht anderweitig in diesem Verkaufsprospekt offengelegt werden, in diesen Anhang aufgenommen.
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### Management von Sicherheiten | The Fund may use FDIs involving Transferable Securities and Money Market Instruments for the purpose of efficient portfolio management of its assets and for hedging purposes, as detailed in the Appendix for the relevant Sub-Fund. The Fund may also use FDIs for investment purposes in accordance with ESMA Guidelines 2014/937 to meet the relevant Sub-Fund’s investment objectives only if provided for in the Appendix for the relevant Sub-Fund. The Fund may use FDIs under the conditions and within the limits set forth by law and regulation.
Information on whether a Sub-Fund uses TRS is specified in the relevant Appendix of the Prospectus. In that case any information required to be disclosed under the SFT Regulations, and not otherwise disclosed in this Prospectus, will be included in such Appendix.
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### Management of Collateral | en | de |
DOLFIN5013 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 233 USD | 1,462 USD |
| Annual cost impact (*) | 2.3% | 2.4% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 233 USD | 1.462 USD |
| Incidenza annuale dei costi (*) | 2,3% | 2,4% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 233 USD | 1,462 USD |
| Annual cost impact (*) | 2.3% | 2.4% | | en | it |
DOLFIN5014 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2015-04/2020.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,441
4.4%
GBP 11,963
3.6% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 04/2015-04/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 441 GBP
4,4%
11 963 GBP
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 04/2015-04/2020.
Moderate scenario
What you might get back after costs
Average return each year
GBP 10,441
4.4%
GBP 11,963
3.6% | en | es |
DOLFIN5015 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF European Innovators (formerly Alpha Focus)
Schroder ISF European Innovators (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs, using a science or engineering driven, innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the date it transitioned to an Article 9 fund, 21 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF European Innovators (anteriormente Alpha Focus)
Schroder ISF European Innovators (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés).
En particular, el Fondo invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones en sociedades que contribuyen al desarrollo de uno o más ODS de la ONU a través de un enfoque impulsado por la ciencia o la ingeniería, y basado en la innovación. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde la fecha en que pasó a ser un fondo del Artículo 9, el 21 de junio de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc. | ###### Schroder ISF European Innovators (formerly Alpha Focus)
Schroder ISF European Innovators (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments in companies that contribute towards the advancement of one or more of the UN SDGs, using a science or engineering driven, innovation-led approach. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since the date it transitioned to an Article 9 fund, 21 June 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc. | en | es |
DOLFIN5016 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Credit default swaps will be valued at their present value of future cash flows by reference to standard market conventions, where the cash flows are adjusted for default probability. lnterest rate swaps will be valued at their market value established by reference to the applicable interest rates’ curve. Other swaps will be valued at fair market value as determined in good faith pursuant to the procedures established by the board of directors and recognised by the auditor of the Corporation.
- Investments in UCITS and other UCls will be taken at their latest official net assets values or at their latest unofficial net asset values (i.e. which are not geńerally used for the purposes of subscription and redemption of shares of the target funds) as provided by the relevant adminisłrators if more recent than their official net asset values and for which the Administration Agent has sufficient assurance that the valuation method used by the relevant administrator for said unofficial net asset values is coherent as compared to the official one.
- If events have occurred which may have resulted in a materiał change of the net asset value of such shares or units of UCITS and/or other UCI since the day on which the latest official net asset value was calculated, the value of such shares or units may be adjusted in order to reflect, in the reasonable opinion of the board of directors, such change of value.
- Non-listed money market instruments held by the Corporation with a remaining maturity of ninety days or less will be valued by tf\e amortized cost method which approximates market value.
- All other securities and other assets will be valued at fair market value as determined in good faith pursuant to the procedures established by the board of directors.
- In the event that the above mentioned calculation methods are inappropriate or misleading, the board of directors may adjust the value of any investment or permit some other method of valuation to be used for the assets of the Corporation if it considers that the circumstances justify that such adjustment or other method of valuation should be adopted to reflect more fairly the value of such investments. in the same circumstances, the board of directors may also decide to suspend the net asset value calculation, in accordance with Article 22 above. | - I credit default swap saranno valutati al valore attualizzato dei flussi di cassa futuri, con riferimento a convenzioni di mercato standard, rettificando i flussi di cassa in base alla probabilità di inadempimento. Gli interest rate swap saranno valutati al loro valore di mercato, calcolato sulla base alla curva dei tassi d'interesse applicabile. Altri tipi di swap saranno valutati al valore equo di mercato, calcolato in buona fede in base alle procedure adottate dal Consiglio di Amministrazione e riconosciute dalla società di revisione della Società.
- Gli investimenti in OICVM e altri OIC saranno valutati al rispettivo valore patrimoniale netto finale e ufficiale, ovvero al loro valore patrimoniale netto finale e non ufficiale (un valore che normalmente non è utilizzato ai fini della sottoscrizione e del rimborso di azioni dei comparti) fornito dagli administrator, se più recente rispetto al valore patrimoniale netto ufficiale e in relazione al quale l’Agente Amministrativo è in grado di fornire sufficienti garanzie che il metodo di valutazione utilizzato dal relativo administrator in relazione a tale valore patrimoniale netto non ufficiale sia coerente rispetto a quello ufficiale.
- Qualora si siano verificati eventi che possano aver determinato una variazione significativa del valore patrimoniale netto di tali azioni o quote di OICVM e/o altri OIC rispetto alla data di calcolo dell’ultimo valore patrimoniale netto ufficiale, il valore di tali azioni o quote potrà subire rettifiche, al fine di riflettere, secondo la ragionevole opinione del Consiglio di Amministrazione, tale variazione di valore.
- Gli strumenti del mercato monetario non quotati detenuti dalla Società con scadenza residua pari o inferiore a novanta giorni, saranno valutati con il metodo del costo ammortizzato, che si avvicina al valore di mercato.
- Tutti gli altri titoli e le altre attività saranno valutati al valore equo di mercato, calcolato in buona fede in base alle procedure adottate dal Consiglio di Amministrazione.
- Qualora i metodi di calcolo sopra descritti risultino inadeguati o fuorvianti, è facoltà del consiglio di amministrazione rettificare il valore di qualsivoglia investimento, ovvero autorizzare l'impiego di metodi di valutazione diversi in relazione alle attività della Società, qualora ritenga che le circostanze giustifichino tale adeguamento, o che sia necessario adottare un metodo di valutazione diverso al fine di riflettere in modo più equo il valore di tali investimenti. Nelle stesse circostanze, è inoltre facoltà del Consiglio di Amministrazione decidere di sospendere il calcolo del valore patrimoniale netto, conformemente a quanto previsto dal precedente Articolo 22. | - Credit default swaps will be valued at their present value of future cash flows by reference to standard market conventions, where the cash flows are adjusted for default probability. lnterest rate swaps will be valued at their market value established by reference to the applicable interest rates’ curve. Other swaps will be valued at fair market value as determined in good faith pursuant to the procedures established by the board of directors and recognised by the auditor of the Corporation.
- Investments in UCITS and other UCls will be taken at their latest official net assets values or at their latest unofficial net asset values (i.e. which are not geńerally used for the purposes of subscription and redemption of shares of the target funds) as provided by the relevant adminisłrators if more recent than their official net asset values and for which the Administration Agent has sufficient assurance that the valuation method used by the relevant administrator for said unofficial net asset values is coherent as compared to the official one.
- If events have occurred which may have resulted in a materiał change of the net asset value of such shares or units of UCITS and/or other UCI since the day on which the latest official net asset value was calculated, the value of such shares or units may be adjusted in order to reflect, in the reasonable opinion of the board of directors, such change of value.
- Non-listed money market instruments held by the Corporation with a remaining maturity of ninety days or less will be valued by tf\e amortized cost method which approximates market value.
- All other securities and other assets will be valued at fair market value as determined in good faith pursuant to the procedures established by the board of directors.
- In the event that the above mentioned calculation methods are inappropriate or misleading, the board of directors may adjust the value of any investment or permit some other method of valuation to be used for the assets of the Corporation if it considers that the circumstances justify that such adjustment or other method of valuation should be adopted to reflect more fairly the value of such investments. in the same circumstances, the board of directors may also decide to suspend the net asset value calculation, in accordance with Article 22 above. | en | it |
DOLFIN5017 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Money laundering legislation
In order to combat money laundering, subscription orders must be accompanied by a certified true copy by a competent authority (e.g. embassy, consulate, notary or police commissioner) of the subscriber’s identity card in the case of a natural person or of the articles of association and an excerpt from the Register of Companies in the case of a legal entity, in the following cases:
- in the event of direct subscription to the SICAV;
- in the event of subscription through a financial sector professional residing in a country that is not subject to an identification obligation equivalent to Luxembourg standards with regard to the combating money laundering and the financing of terrorism;
- in the event of subscription through a subsidiary or branch whose parent company is subject to an identification obligation equivalent to that demanded under Luxembourg law, if the law applicable to the parent company does not oblige it to ensure compliance with these provisions for its subsidiaries and branches. | #### Législation contre le blanchiment de l’argent
Dans le cadre de la lutte contre le blanchiment d'argent, les ordres de souscription devront être accompagnés d'une copie certifiée conforme par une autorité compétente (par exemple : ambassade, consulat, notaire, commissaire de police) de la carte d'identité du souscripteur s'il s'agit d'une personne physique ou des statuts et d’un extrait du registre du commerce s'il s'agit d'une personne morale, dans les cas suivants :
- en cas de souscription directe auprès de la SICAV,
- en cas de souscription par l'intermédiaire d'un professionnel du secteur financier résident d'un pays qui ne serait pas soumis à une obligation d'identification équivalente aux normes Luxembourgeoises en matière de prévention de l'utilisation du système financier à des fins de blanchiment,
- en cas de souscription par l'intermédiaire d'une filiale ou d'une succursale dont la maison-mère serait soumise à une obligation d'identification équivalente à celle exigée par la loi luxembourgeoise, si la loi applicable à la maison-mère ne lui fait pas obligation de veiller au respect de ces dispositions pour ses filiales ou succursales. | #### Money laundering legislation
In order to combat money laundering, subscription orders must be accompanied by a certified true copy by a competent authority (e.g. embassy, consulate, notary or police commissioner) of the subscriber’s identity card in the case of a natural person or of the articles of association and an excerpt from the Register of Companies in the case of a legal entity, in the following cases:
- in the event of direct subscription to the SICAV;
- in the event of subscription through a financial sector professional residing in a country that is not subject to an identification obligation equivalent to Luxembourg standards with regard to the combating money laundering and the financing of terrorism;
- in the event of subscription through a subsidiary or branch whose parent company is subject to an identification obligation equivalent to that demanded under Luxembourg law, if the law applicable to the parent company does not oblige it to ensure compliance with these provisions for its subsidiaries and branches. | en | fr |
DOLFIN5018 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The fees and expenses covered by the arrangement are the Administrative Agent Fee, the Depositary Fee, the Registrar, Transfer Agent and Listing Agent Fee, the annual tax in Luxembourg (if any) (the "Taxe d’Abonnement"), the formation expenses and certain Other Administrative Expenses.
The Fixed Fee does not include the following fees, expenses and costs:
- the Investment Management Fee;
- the Management Company Fee;
- the costs of any marketing agencies appointed by the Company or the Management Company to provide certain marketing and distribution services to the Company or the Management Company;
- any taxes or fiscal charges which the Company may be required to pay, except the Taxe d’Abonnement, if any, or if it should be payable, any value added tax or similar sales or services tax payable by the Company (VAT) (all such taxes or fiscal charges), unless otherwise specified in the relevant Product Annex;
- expenses arising out of any advertising or promotional activities in connection with the Company; nor,
- any costs and expenses incurred outside of the Company’s ordinary course of business such as extraordinary expenses (e.g. legal fees incurred in prosecuting or defending, a claim or allegation, by or against, the Company). | Les commissions et dépenses couvertes par l’accord susvisé comprennent les Frais d’administration, la Commission de Dépositaire, les Commissions de l’Agent de registre et de transfert et de l’Agent de Cotation, ainsi que la taxe annuelle au Luxembourg (le cas échéant) (la « Taxe d’Abonnement »), les frais d’établissement et certaines Autres dépenses administratives.
Les Commissions Fixes n’incluent pas les commissions, dépenses et frais suivants :
- la Commission de gestion d’investissement ;
- la Commission de Société de Gestion ;
- les coûts de toutes les agences marketing nommées par la Société ou la Société de Gestion pour fournir certains services marketing et de distribution à la Société ou à la Société de Gestion ;
- toute taxe ou tout impôt que la Société pourrait être dans l’obligation de payer, à l’exception de la Taxe d’Abonnement, le cas échéant, ou, en cas d’obligation de paiement, toute taxe sur la valeur ajoutée ou des taxes de vente ou service similaires payables par la Société (TVA) (tout(e)s ces taxes ou ces impôts), sauf mention contraire dans l’Annexe Produit correspondante ;
- les dépenses issues de toute activité publicitaire ou promotionnelle en lien avec la Société ;
- tout coût ou toute dépense supporté(e) en dehors du cours normal des activités de la Société, comme les frais exceptionnels (par exemple, les frais juridiques visant à engager des poursuites ou à se défendre dans le cadre d’une plainte ou d’une allégation, en faveur ou à l’encontre de la Société). | The fees and expenses covered by the arrangement are the Administrative Agent Fee, the Depositary Fee, the Registrar, Transfer Agent and Listing Agent Fee, the annual tax in Luxembourg (if any) (the "Taxe d’Abonnement"), the formation expenses and certain Other Administrative Expenses.
The Fixed Fee does not include the following fees, expenses and costs:
- the Investment Management Fee;
- the Management Company Fee;
- the costs of any marketing agencies appointed by the Company or the Management Company to provide certain marketing and distribution services to the Company or the Management Company;
- any taxes or fiscal charges which the Company may be required to pay, except the Taxe d’Abonnement, if any, or if it should be payable, any value added tax or similar sales or services tax payable by the Company (VAT) (all such taxes or fiscal charges), unless otherwise specified in the relevant Product Annex;
- expenses arising out of any advertising or promotional activities in connection with the Company; nor,
- any costs and expenses incurred outside of the Company’s ordinary course of business such as extraordinary expenses (e.g. legal fees incurred in prosecuting or defending, a claim or allegation, by or against, the Company). | en | fr |
DOLFIN5019 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Fonds peut conclure des prêts garantis à court terme de ses investissements auprès de tiers éligibles afin de générer des revenus supplémentaires et de compenser les coûts du Fonds.
Le Fonds peut avoir recours à des dérivés afin de réduire le risque ou les coûts, et/ou de générer des revenus ou une croissance supplémentaires. Le recours à des dérivés peut entraîner des fluctuations plus importantes de la valeur nette des actifs du Fonds. Un dérivé est un contrat financier dont la valeur est basée sur la valeur d'un actif financier (comme une action, une obligation ou une devise) ou d'un indice de marché (auquel cas certains composants sous-jacents peuvent ne pas répondre aux critères ESG appliqués par l'Indice). Le Fonds peut également recevoir des garanties concernant le prêt de titres ou les dérivés décrits ci-dessus qui ne répondent pas aux critères ESG appliqués par l'Indice.
Les actions du Fonds peuvent être achetées, vendues ou échangées quotidiennement (sauf certains jours fériés et sous réserve de certaines restrictions décrites à l'Annexe 1 du Prospectus) en soumettant une demande écrite.
Cette catégorie d'actions est une catégorie d'actions de capitalisation et les Administrateurs n'ont pas l'intention de déclarer un dividende. Les revenus seront réinvestis et se refléteront dans les cours des actions du Fonds.
VIS est un fonds à compartiments multiples avec passif séparé entre ses compartiments. Cela signifie que les participations du Fonds sont conservées séparément, en vertu du droit irlandais, des participations d'autres compartiments de VIS et que votre investissement dans le Fonds ne sera pas affecté par des réclamations à l'encontre d'un autre compartiment de VIS.
Investisseurs de détail visés : Chaque Fonds est accessible à un large éventail d'investisseurs qui cherchent à accéder à un portefeuille géré conformément à un objectif et une politique d'investissement spécifiques. | ### El Fondo podrá realizar préstamos garantizados a corto plazo de sus inversiones a terceros elegibles para generar ingresos adicionales y compensar los costes del Fondo.
El Fondo podrá utilizar derivados para reducir el riesgo o los costes y/o generar ingresos o crecimiento adicionales. El uso de derivados podría dar lugar a mayores fluctuaciones del valor liquidativo del Fondo. Un derivado es un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una moneda) o un índice de mercado (en cuyo caso algunos componentes subyacentes pueden no cumplir los criterios ESG aplicados por el Índice). El Fondo también podrá recibir garantías con respecto a los préstamos de valores o derivados descritos anteriormente que no cumplan los criterios ESG aplicados por el Índice.
Las acciones del Fondo pueden comprarse, venderse o canjearse a diario (salvo en algunos días festivos y de conformidad con determinadas restricciones descritas en el Anexo 1 del Folleto) mediante el envío de una solicitud por escrito.
Esta clase de acciones es una clase de acciones acumulativas y los Administradores no pretenden decretar dividendos. Los ingresos se reinvertirán y se verán reflejados en el precio de las acciones del Fondo.
VIS es un fondo paraguas con pasivos segregados entre subfondos. Es decir, las posiciones del Fondo se mantienen por separado, de conformidad con la legislación irlandesa, de las posiciones de otros subfondos de VIS, y, por lo tanto, su inversión en el Fondo no se verá afectada por ninguna reclamación contra otro subfondo de VIS.
Inversor minorista al que va dirigido: Cada Fondo está disponible para una amplia gama de inversores que buscan acceder a una cartera gestionada de acuerdo con un objetivo y una política de inversión específicos. | ### Le Fonds peut conclure des prêts garantis à court terme de ses investissements auprès de tiers éligibles afin de générer des revenus supplémentaires et de compenser les coûts du Fonds.
Le Fonds peut avoir recours à des dérivés afin de réduire le risque ou les coûts, et/ou de générer des revenus ou une croissance supplémentaires. Le recours à des dérivés peut entraîner des fluctuations plus importantes de la valeur nette des actifs du Fonds. Un dérivé est un contrat financier dont la valeur est basée sur la valeur d'un actif financier (comme une action, une obligation ou une devise) ou d'un indice de marché (auquel cas certains composants sous-jacents peuvent ne pas répondre aux critères ESG appliqués par l'Indice). Le Fonds peut également recevoir des garanties concernant le prêt de titres ou les dérivés décrits ci-dessus qui ne répondent pas aux critères ESG appliqués par l'Indice.
Les actions du Fonds peuvent être achetées, vendues ou échangées quotidiennement (sauf certains jours fériés et sous réserve de certaines restrictions décrites à l'Annexe 1 du Prospectus) en soumettant une demande écrite.
Cette catégorie d'actions est une catégorie d'actions de capitalisation et les Administrateurs n'ont pas l'intention de déclarer un dividende. Les revenus seront réinvestis et se refléteront dans les cours des actions du Fonds.
VIS est un fonds à compartiments multiples avec passif séparé entre ses compartiments. Cela signifie que les participations du Fonds sont conservées séparément, en vertu du droit irlandais, des participations d'autres compartiments de VIS et que votre investissement dans le Fonds ne sera pas affecté par des réclamations à l'encontre d'un autre compartiment de VIS.
Investisseurs de détail visés : Chaque Fonds est accessible à un large éventail d'investisseurs qui cherchent à accéder à un portefeuille géré conformément à un objectif et une politique d'investissement spécifiques. | fr | es |
DOLFIN5020 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
Type: Shares of a Sub-Fund of Amundi Funds, a SICAV.
Term: The term of the Sub-Fund is unlimited. The Management Company may terminate the fund by liquidation or merger with another fund in accordance with legal requirements.
Objectives:
The Sub-Fund is a financial product that promotes ESG characteristics pursuant to Article 8 of the Disclosure Regulation.
Seeks to achieve a positive return in all types of market conditions over the recommended holding period.
The Sub-Fund invests, directly or indirectly, in equities of companies that are based in, or do most of their business in Europe. The Sub-Fund may also invest in bonds and money market securities that are either denominated in euro or in other currencies, provided that these are principally hedged back to the euro.
The Sub-Fund makes use of derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure (long or short) to various assets, markets or other investment opportunities (including derivatives which focus on equities and foreign exchange).
Benchmark : The Sub-Fund is actively managed and uses the Euro Short Term Rate Index (ESTER) a posteriori as an indicator for assessing the Sub- Fund's performance and, as regards the performance fee benchmark used by relevant share classes, for calculating the performance fees. There are no constraints relative to any such Benchmark restraining portfolio construction. The Sub-Fund has not designated the Benchmark as a reference benchmark for the purpose of the Disclosure Regulation.
Management Process : The Sub-Fund integrates Sustainability Factors in
its investment process as outlined in more detail in section "Sustainable Investment" of the Prospectus. The investment manager uses macro and market analysis as well as analysis of individual companies to identify both the most attractive and least attractive securities, at the category level and the individual security level. The investment manager pursues a flexible asset allocation strategy. The Sub-Fund seeks to achieve an ESG score of its portfolio greater than that of its investment universe.
Intended Retail Investor: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and Dealing: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the Amundi Funds prospectus.
Distribution Policy: As this is a non-distributing share class, investment income is reinvested.
More Information: You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.
The Net Asset Value of the Sub-Fund is available on www.amundi.lu.
Depositary: CACEIS Bank, Luxembourg Branch. | # En quoi consiste ce produit ?
Type : Actions d’un Compartiment d’Amundi Funds, une SICAV.
Durée : La durée du Compartiment est illimitée. La Société de gestion peut dissoudre le fonds par liquidation ou par fusion avec un autre fonds conformément aux exigences légales.
Objectifs :
Le Compartiment est un produit financier qui promeut les caractéristiques ESG conformément à l’article 8 du Règlement sur la Publication d’informations en matière de durabilité dans le secteur des services financiers.
Vise à générer un rendement positif dans toutes les conditions de marché sur la période de détention recommandée.
Le Compartiment investit, directement ou indirectement, dans des actions de sociétés basées ou exerçant la majeure partie de leurs activités en Europe. Le Compartiment peut également investir dans des obligations et des titres du marché monétaire libellés en euros ou dans d’autres monnaies, à condition que ces obligations soient principalement couvertes en euros.
Le Compartiment a recours aux produits dérivés pour réduire divers risques, assurer une gestion efficace de portefeuille et obtenir une exposition (à court terme ou à long terme) à divers actifs, marchés ou autres opportunités d’investissement (y compris des instruments dérivés axés sur les actions et le change).
Indice de référence : Le Compartiment est activement géré et utilise l’indice Euro Short Term Rate (ESTER) a posteriori comme indicateur pour évaluer la performance du Compartiment et, en ce qui concerne l’indice de référence de la commission de performance utilisé par les catégories d’actions concernées, pour calculer les commissions de performance. Il n’existe aucune contrainte relative à un tel Indice de référence qui limite la construction du portefeuille. Le Compartiment n’a pas conçu l’Indice de référence comme un indice de référence aux fins du Règlement sur la publication d’informations en matière de durabilité dans le secteur des
services financiers.
Processus de gestion : Le Compartiment intègre des Facteurs de durabilité dans son processus d’investissement, comme décrit plus en détail à la section « Investissement durable » du Prospectus. Le gestionnaire d’investissement utilise l’analyse macroéconomique et l’analyse du marché ainsi que des analyses de sociétés individuelles pour identifier les titres les plus attrayants et les moins attrayant, au niveau de la catégorie et au niveau du titre individuel. Le gestionnaire d’investissement applique une stratégie d’allocation flexible des actifs. Le Compartiment s’efforce de faire en sorte que la note ESG de son portefeuille soit supérieure à celle de son univers d’investissement.
Investisseur de détail visé : Ce produit est destiné aux investisseurs ayant une connaissance de base et une expérience limitée ou inexistante des investissements dans des fonds visant à accroître la valeur de leur investissement sur la période de détention recommandée et qui sont prêts à prendre un niveau de risque élevé sur leur capital d’origine.
Remboursement et opérations de rachat : Les actions peuvent être vendues (remboursées) comme indiqué dans le prospectus au prix de transaction correspondant (valeur d’actif nette). De plus amples détails sont exposés dans le prospectus d’Amundi Funds.
Politique de distribution : Comme il s’agit d’une catégorie d’actions de non-distribution, les revenus de l’investissement sont réinvestis.
Informations complémentaires : Vous pouvez obtenir de plus amples informations sur le Compartiment, y compris le prospectus et les rapports financiers, gratuitement sur demande auprès de : Amundi Luxembourg S.A., 5, allée Scheffer 2520 Luxembourg, Luxembourg.
La Valeur d’actif nette du Compartiment est disponible sur www.amundi.lu.
Dépositaire : CACEIS Bank, succursale de Luxembourg. | # What is this product?
Type: Shares of a Sub-Fund of Amundi Funds, a SICAV.
Term: The term of the Sub-Fund is unlimited. The Management Company may terminate the fund by liquidation or merger with another fund in accordance with legal requirements.
Objectives:
The Sub-Fund is a financial product that promotes ESG characteristics pursuant to Article 8 of the Disclosure Regulation.
Seeks to achieve a positive return in all types of market conditions over the recommended holding period.
The Sub-Fund invests, directly or indirectly, in equities of companies that are based in, or do most of their business in Europe. The Sub-Fund may also invest in bonds and money market securities that are either denominated in euro or in other currencies, provided that these are principally hedged back to the euro.
The Sub-Fund makes use of derivatives to reduce various risks, for efficient portfolio management and as a way to gain exposure (long or short) to various assets, markets or other investment opportunities (including derivatives which focus on equities and foreign exchange).
Benchmark : The Sub-Fund is actively managed and uses the Euro Short Term Rate Index (ESTER) a posteriori as an indicator for assessing the Sub- Fund's performance and, as regards the performance fee benchmark used by relevant share classes, for calculating the performance fees. There are no constraints relative to any such Benchmark restraining portfolio construction. The Sub-Fund has not designated the Benchmark as a reference benchmark for the purpose of the Disclosure Regulation.
Management Process : The Sub-Fund integrates Sustainability Factors in
its investment process as outlined in more detail in section "Sustainable Investment" of the Prospectus. The investment manager uses macro and market analysis as well as analysis of individual companies to identify both the most attractive and least attractive securities, at the category level and the individual security level. The investment manager pursues a flexible asset allocation strategy. The Sub-Fund seeks to achieve an ESG score of its portfolio greater than that of its investment universe.
Intended Retail Investor: This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to increase the value of their investment over the recommended holding period and who are prepared to take on a high level of risk to their original capital.
Redemption and Dealing: Shares may be sold (redeemed) as stated in the prospectus at the respective dealing price (net asset value). Further details are provided in the Amundi Funds prospectus.
Distribution Policy: As this is a non-distributing share class, investment income is reinvested.
More Information: You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.
The Net Asset Value of the Sub-Fund is available on www.amundi.lu.
Depositary: CACEIS Bank, Luxembourg Branch. | en | fr |
DOLFIN5021 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 5.0% of the amount you might pay in when entering this investment - in some cases you might pay less - you can find this out from the person selling you the product. | 0 USD |
| Exit costs | We do not charge an exit fee for this product but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | | If you exit after 1 year |
| Management fees and other administrative or operating costs | 2.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 225 USD |
| Transaction costs | 0.8% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 80 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 5,0% dell’importo che potreste versare al momento della sottoscrizione dell’investimento - in alcuni casi potreste pagare di meno - potete scoprirlo dalla persona che vi vende il prodotto. | 0 USD |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | 0 USD |
| Costi correnti registrati ogni anno | In caso di uscita dopo 1 anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 2,3% del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 225 USD |
| Costi di transazione | 0,8% del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 80 USD |
| Oneri accessori sostenuti in determinate condizioni | In caso di uscita dopo 1 anno |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | 0 USD | | | One-off costs upon entry or exit | | If you exit after 1 year |
| --- | --- | --- |
| Entry costs | 5.0% of the amount you might pay in when entering this investment - in some cases you might pay less - you can find this out from the person selling you the product. | 0 USD |
| Exit costs | We do not charge an exit fee for this product but the person selling you the product may do so. | 0 USD |
| Ongoing costs taken each year | | If you exit after 1 year |
| Management fees and other administrative or operating costs | 2.3% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 225 USD |
| Transaction costs | 0.8% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 80 USD |
| Incidental costs taken under specific conditions | If you exit after 1 year |
| Performance fees | There is no performance fee for this product. | 0 USD | | en | it |
DOLFIN5022 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This is a bond fund that will have exposure mainly to "Investment Grade" debt securities (with a rating above or equal to BBB- from Standard and Poor's/Fitch or Baa3 from Moody's), issued by entities in the private and public sectors, mainly in the euro zone and on which the interest rate risk will have been minimised by the use of floating-and variable-rate bonds regardless of maturity, bonds with short maturities, interest rate hedging instruments (interest rate swaps or futures contracts), and inflation-linked bonds. The rating applied by the portfolio management company will be the highest obtained from the rating agencies Standard and Poor's, Fitch and Moody’s.
The Fund may also invest in derivatives, on a subsidiary basis, including credit derivatives (credit default swaps) on an ancillary basis, and the positions will be held with a medium-term view. Exposure to credit derivatives will be made in the limit of 10% of the net assets.
The aim is to receive the income generated by the portfolio, and to possibly optimize the income via overexposure. Derivatives may be used both for hedging and exposure purposes; the portfolio’s global exposure can therefore be increased to 200%.
The Fund may also have exposure to "High Yield" securities (with a rating lower than BBB- from Standard and Poor's/Fitch or Baa3 from Moody’s) or unrated securities: they may not represent more than 45% of the net assets of the Fund. Exposure in "High Yield", speculative securities, will be limited to 35% of the net assets of the Fund. | Il s'agit d'un Fonds obligataire qui sera majoritairement exposé en titres de dette « Investment Grade » (de notation supérieure ou égale à BBB- selon Standard and Poor's/Fitch ou Baa3 chez Moody's), émis par des sociétés des secteurs privé et public, situées principalement dans la Zone Euro et dont le risque de taux aura été minimisé par l'utilisation d'obligations à taux variables et révisables sans critères de maturité, d'obligations de maturités courtes, d'instruments de couverture de taux (swap de taux ou contrats futures), d'obligations indexées sur l'inflation. La notation retenue par la société de gestion sera la meilleure des notations obtenues auprès des agences Standard and Poor's, Fitch et Moody's.
Le Fonds pourra également investir de manière accessoire dans des dérivés dont des dérivés de crédit (Credit Default Swap), et les positions seront tenues dans une optique de moyen terme. L'exposition aux dérivés de crédit se fera dans la limite de 10% de l'actif net.
L'objectif est de percevoir les revenus générés par le portefeuille et éventuellement de les optimiser par l'intermédiaire d'une surexposition. Les instruments dérivés pourront être utilisés tant dans un but de couverture que d'exposition, l'exposition globale du portefeuille pouvant ainsi être portée à 200%.
Le Fonds pourra aussi être exposé en titres « High Yield » (de notation inférieure à BBB- selon Standard and Poor's/Fitch ou Baa3 chez Moody's) ou non notés de façon minoritaire : ils ne représenteront pas plus de 45% de l'actif net du Fonds. L'exposition en titres « High Yield », titres à haut rendement présentant un caractère spéculatif, sera limitée à 35% de l'actif net du Fonds. | This is a bond fund that will have exposure mainly to "Investment Grade" debt securities (with a rating above or equal to BBB- from Standard and Poor's/Fitch or Baa3 from Moody's), issued by entities in the private and public sectors, mainly in the euro zone and on which the interest rate risk will have been minimised by the use of floating-and variable-rate bonds regardless of maturity, bonds with short maturities, interest rate hedging instruments (interest rate swaps or futures contracts), and inflation-linked bonds. The rating applied by the portfolio management company will be the highest obtained from the rating agencies Standard and Poor's, Fitch and Moody’s.
The Fund may also invest in derivatives, on a subsidiary basis, including credit derivatives (credit default swaps) on an ancillary basis, and the positions will be held with a medium-term view. Exposure to credit derivatives will be made in the limit of 10% of the net assets.
The aim is to receive the income generated by the portfolio, and to possibly optimize the income via overexposure. Derivatives may be used both for hedging and exposure purposes; the portfolio’s global exposure can therefore be increased to 200%.
The Fund may also have exposure to "High Yield" securities (with a rating lower than BBB- from Standard and Poor's/Fitch or Baa3 from Moody’s) or unrated securities: they may not represent more than 45% of the net assets of the Fund. Exposure in "High Yield", speculative securities, will be limited to 35% of the net assets of the Fund. | en | fr |
DOLFIN5023 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment Objective & Philosophy
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The objective of the Sub-Fund is to seek long-term capital appreciation through a flexible investment approach that invests primarily in global debt securities. The Sub-Fund seeks to achieve its investment objective by employing a discretionary and flexible investment approach investing into a range of global investment opportunities in debt securities and in derivative instruments that provide investment exposure to such securities. These investment opportunities aim to take benefit of movement in the credit, currency, and interest rate markets that positively impacts the prices of the underlying debt securities. To achieve this objective, the Sub-Fund invests at least 80% of its net assets in global debt securities of varying maturities that are issued by corporations and governments and in derivative instruments that provide investment exposure to such securities. The Sub-Fund may invest in both investment grade and non-investment grade debt securities. In order to assist in achieving the investment objective, the Sub-Fund may invest up to 20% of its net assets in preferred stock and common stock of companies globally (and across all industry sectors). | # Obiettivo e filosofia d’investimento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
L’obiettivo del Comparto è la rivalutazione del capitale a lungo termine attraverso un approccio flessibile che investe principalmente in titoli di debito globali. Il Comparto cerca di raggiungere il proprio obiettivo d’investimento ricorrendo a un approccio discrezionale e flessibile che investe in una serie di opportunità d’investimento globali in titoli di debito e in strumenti derivati che offrono esposizione agli investimenti in tali titoli. Queste opportunità di investimento mirano a trarre vantaggio dall’andamento dei mercati del credito, delle valute e dei tassi d’interesse che influiscono positivamente sui prezzi dei titoli di debito sottostanti. Per raggiungere questo obiettivo, il Comparto investe almeno l’80% del suo patrimonio netto in titoli di debito globali con scadenze variabili emesse da società e governi e in strumenti derivati che offrono esposizione agli investimenti in tali titoli. Il Comparto può investire in titoli di debito sia investment grade che non-investment grade. Al fine di contribuire al raggiungimento dell’obiettivo d’investimento, il Comparto può investire fino al 20% del suo patrimonio netto in azioni privilegiate e azioni ordinarie di società a livello globale (e in tutti i settori industriali). | # Investment Objective & Philosophy
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The objective of the Sub-Fund is to seek long-term capital appreciation through a flexible investment approach that invests primarily in global debt securities. The Sub-Fund seeks to achieve its investment objective by employing a discretionary and flexible investment approach investing into a range of global investment opportunities in debt securities and in derivative instruments that provide investment exposure to such securities. These investment opportunities aim to take benefit of movement in the credit, currency, and interest rate markets that positively impacts the prices of the underlying debt securities. To achieve this objective, the Sub-Fund invests at least 80% of its net assets in global debt securities of varying maturities that are issued by corporations and governments and in derivative instruments that provide investment exposure to such securities. The Sub-Fund may invest in both investment grade and non-investment grade debt securities. In order to assist in achieving the investment objective, the Sub-Fund may invest up to 20% of its net assets in preferred stock and common stock of companies globally (and across all industry sectors). | en | it |
DOLFIN5024 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Règle 144A de la SEC octroie une exemption de sécurité des exigences d’enregistrement de la Loi américaine sur les valeurs mobilières (US Securities Act) de 1933 en ce qui concerne la revente de titres restreints aux acheteurs institutionnels qualifiés, comme défini dans la règle. Le Règlement S établit une exception aux exigences d’enregistrement de la Loi américaine sur les valeurs mobilières (US Securities Act) de 1933 pour les titres émis hors des États-Unis par des émetteurs américains et étrangers. Une émission de titres, qu’elle soit privée ou publique, effectuée par un émetteur hors des États-Unis en vertu du Règlement S ne doit pas nécessairement être enregistrée. Les investisseurs peuvent alors bénéficier de rendements plus élevés en raison de frais d’administration plus bas. Toutefois, la dissémination des transactions du marché secondaire est limitée et peut accroître la volatilité des cours des titres et, dans des conditions extrêmes, impacter défavorablement la liquidité d’une action en particulier.
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## Titres de capital conditionnel (CoCos) | La norma 144A de la SEC prevé una exención garantizada de los requisitos de registro de la Ley estadounidense de valores (Securities Act) de 1933 para la reventa de valores restringidos a compradores institucionales cualificados, tal y como se define en la norma. El Reglamento S proporciona la exclusión de los requisitos de registro de la Ley estadounidense de valores (Securities Act) de 1933 para las ofertas realizadas fuera del territorio de los Estados Unidos por emisores estadounidenses y extranjeros. Una oferta de valores, ya sea privada o pública, realizada por un emisor fuera del territorio de los Estados Unidos de acuerdo con la Regulación S no debe registrarse. La ventaja para los inversores puede ser un aumento de la rentabilidad gracias a la reducción de los gastos de administración. No obstante, las operaciones en el mercado secundario están restringidas y pueden aumentar la volatilidad de los precios de dichos valores y, en condiciones extremas, disminuir la liquidez de un valor en concreto.
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## Valores de capital contingentes (CoCos) | La Règle 144A de la SEC octroie une exemption de sécurité des exigences d’enregistrement de la Loi américaine sur les valeurs mobilières (US Securities Act) de 1933 en ce qui concerne la revente de titres restreints aux acheteurs institutionnels qualifiés, comme défini dans la règle. Le Règlement S établit une exception aux exigences d’enregistrement de la Loi américaine sur les valeurs mobilières (US Securities Act) de 1933 pour les titres émis hors des États-Unis par des émetteurs américains et étrangers. Une émission de titres, qu’elle soit privée ou publique, effectuée par un émetteur hors des États-Unis en vertu du Règlement S ne doit pas nécessairement être enregistrée. Les investisseurs peuvent alors bénéficier de rendements plus élevés en raison de frais d’administration plus bas. Toutefois, la dissémination des transactions du marché secondaire est limitée et peut accroître la volatilité des cours des titres et, dans des conditions extrêmes, impacter défavorablement la liquidité d’une action en particulier.
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## Titres de capital conditionnel (CoCos) | fr | es |
DOLFIN5025 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Such transactions are commonly referred to as temporary purchases and sales of securities (also known as securities financing transactions).
These transactions shall be conducted in accordance with the limit set out in the relevant circulars issued by the Regulatory Authority. They shall be carried out as part of the achievement of the management objective of the Sub-Fund, hedging, the cash management and/or efficient portfolio management. | # De telles transactions sont couramment dénommées des achats et ventes temporaires de titres (également désignées sous le nom d’opérations de financement sur titres).
Ces opérations seront réalisées conformément à la limite définie dans les circulaires pertinentes de l’Autorité de tutelle. Elles seront menées en vue d’atteindre les objectifs de gestion du Compartiment, en termes de couverture, gestion des liquidités et/ou gestion efficace de portefeuille. | # Such transactions are commonly referred to as temporary purchases and sales of securities (also known as securities financing transactions).
These transactions shall be conducted in accordance with the limit set out in the relevant circulars issued by the Regulatory Authority. They shall be carried out as part of the achievement of the management objective of the Sub-Fund, hedging, the cash management and/or efficient portfolio management. | en | fr |
DOLFIN5026 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Lorsqu’une valeur mobilière ou un instrument du marché monétaire est adossé(e) à un instrument dérivé, ce dernier doit être pris en compte pour l’application des règles visées à la présente section.
- Les risques sont calculés conformément aux recommandations de la Loi de 2010 et aux règlements ou circulaires de la CSSF y relatifs. Le risque global lié aux instruments financiers dérivés peut être calculé selon la méthode de la Valeur à risque (« VaR ») ou selon l’approche par les engagements. La méthode utilisée pour calculer le risque global lié aux instruments financiers dérivés est indiquée dans la fiche descriptive de chaque Compartiment.
- En aucun cas, le recours à des transactions portant sur des instruments dérivés ou autres techniques et instruments financiers ne doit conduire la Société, la Société de gestion ou le Gestionnaire, selon le cas, à s’écarter des objectifs d’investissement fixés pour chaque Compartiment dans le présent prospectus. | - Cuando un valor mobiliario o un instrumento del mercado monetario lleve incorporado un derivado, este último deberá tenerse en cuenta a la hora de cumplir las normas que se establecen en este apartado.
- Los riesgos se calculan teniendo en cuenta las directrices que se recogen en la Ley de 2010 y en los reglamentos o las circulares relacionados emitidos por la CSSF. El riesgo global vinculado a los instrumentos financieros derivados puede calcularse según el método del Valor en Riesgo («VaR») o el enfoque de compromiso. El método utilizado para calcular el riesgo global vinculado a los instrumentos financieros derivados se indica en la ficha relativa a cada Subfondo.
- El uso de operaciones relativas a instrumentos derivados u otras técnicas e instrumentos financieros no hará en ningún caso que la Sociedad, la Sociedad gestora ni la Gestora de inversiones, según corresponda, se aparten de la política de inversión establecida en este folleto para cada Subfondo. | - Lorsqu’une valeur mobilière ou un instrument du marché monétaire est adossé(e) à un instrument dérivé, ce dernier doit être pris en compte pour l’application des règles visées à la présente section.
- Les risques sont calculés conformément aux recommandations de la Loi de 2010 et aux règlements ou circulaires de la CSSF y relatifs. Le risque global lié aux instruments financiers dérivés peut être calculé selon la méthode de la Valeur à risque (« VaR ») ou selon l’approche par les engagements. La méthode utilisée pour calculer le risque global lié aux instruments financiers dérivés est indiquée dans la fiche descriptive de chaque Compartiment.
- En aucun cas, le recours à des transactions portant sur des instruments dérivés ou autres techniques et instruments financiers ne doit conduire la Société, la Société de gestion ou le Gestionnaire, selon le cas, à s’écarter des objectifs d’investissement fixés pour chaque Compartiment dans le présent prospectus. | fr | es |
DOLFIN5027 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company may, in its absolute discretion, levy a lower All-in-Fee than that mentioned in Appendix 2.
Management expenses and all other regular or recurring expenses may be allocated by the Company to any financial period as may be determined by the Board in its absolute discretion.
- Performance FeeThe Management Company may charge a performance fee to certain Sub-Funds, provided that this fee is not charged directly to the Shareholders under the terms of a Share Class. The amount of the performance fee charged, if any, as well as the benchmark index and method for the calculation of the performance fee are listed in Appendix 2. | La Sociedad Gestora puede, a su absoluta discreción, percibir una Comisión única más baja que la que se indica en el Anexo 2.
Los gastos de gestión y todos los demás gastos periódicos o recurrentes pueden ser asignados por la Sociedad a cualquier periodo financiero según lo determine el Consejo a su absoluta discreción.
- Comisión de rentabilidadLa Sociedad Gestora podrá imponer para ciertos Compartimentos una comisión de rentabilidad, siempre y cuando dicha comisión no se cargue directamente a los Accionistas en virtud de los términos de una Clase de Acciones. El importe de la comisión de rentabilidad cobrado, si la hubiere, así como el índice de referencia y el método de cálculo de la comisión de rentabilidad se especifican en el Anexo 2. | The Management Company may, in its absolute discretion, levy a lower All-in-Fee than that mentioned in Appendix 2.
Management expenses and all other regular or recurring expenses may be allocated by the Company to any financial period as may be determined by the Board in its absolute discretion.
- Performance FeeThe Management Company may charge a performance fee to certain Sub-Funds, provided that this fee is not charged directly to the Shareholders under the terms of a Share Class. The amount of the performance fee charged, if any, as well as the benchmark index and method for the calculation of the performance fee are listed in Appendix 2. | en | es |
DOLFIN5028 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The CoCo investor can only resell the CoCo on a secondary market, which in turn is associated with corresponding market and liquidity risks.
- Equity risk and subordination risk (capital structure inversion risk)In the case of conversion to equities, CoCo investors become shareholders when the trigger occurs. In the event of insolvency, claims of shareholders may have subordinate priority and be dependent on the remaining funds available. Therefore, the conversion of the CoCo may lead to a total loss of capital.
- Industry concentration riskIndustry concentration risk can arise from uneven distribution of exposures to financials due to the specific structure of CoCos. CoCos are required by law to be part of the capital structure of financial institutions.
- Liquidity riskCoCos bear a liquidity risk in stressed market conditions due to a specialized investor base and lower overall market volume compared to plain- vanilla bonds.
- Yield valuation riskDue to the callable nature of CoCos it is not certain what calculation date to use in yield calculations. At every call date there is the risk that the maturity of the bond will be extended and the yield calculation needs to be changed to the new date, which can result in a yield change.
- Unknown riskDue to the innovative character of the CoCos and the ongoing changing regulatory environmentfor financial institutions, there could occur risks which cannot be foreseen at the current stage. | Der CoCo-Anleger kann die CoCo-Anleihe nur auf dem Sekundärmarkt weiterverkaufen, was wiederum mit entsprechenden Markt- und Liquiditätsrisiken verbunden ist.
- Aktienrisiko und Nachrangrisiko (Kapitalstrukturumkehrungsrisiko)Bei einer Umwandlung in Aktien werden CoCo- Anleger bei Eintritt des Triggers zu Aktionären. Im Insolvenzfall sind die Forderungen der Anteilinha- ber möglicherweise nachrangig und ihre Beglei- chung ist von den verbleibenden verfügbaren Mitteln abhängig. Daher kann es bei Umwand- lung der CoCo-Anleihe zu einem vollständigen Kapitalverlust kommen.
- Branchen-KonzentrationsrisikoAufgrund der besonderen Struktur von CoCos kann durch eine ungleiche Verteilung der Positio- nen in Finanzwerten das Risiko einer Branchen- konzentration entstehen. Den gesetzlichen Vorschriften zufolge müssen CoCos Teil der Kapitalstruktur von Finanzinstituten sein.
- LiquiditätsrisikoCoCos tragen unter schwierigen Marktbedingun- gen aufgrund einer spezialisierten Investoren- basis und eines niedrigeren Gesamtmarktvolu- mens als Standardanleihen ein Liquiditätsrisiko.
- ErtragsbewertungsrisikoAufgrund der Kündbarkeit von CoCos ist nicht sicher, welches Datum bei den Ertragsberech- nungen anzusetzen ist. An jedem Kündigungs- termin besteht das Risiko, dass die Laufzeit der Anleihe verlängert wird und die Ertragsberech- nung an das neue Datum angepasst werden muss, was zu einer veränderten Rendite führen kann.
- Unbekanntes RisikoAufgrund des innovativen Charakters von CoCos und des laufenden Änderungen unterworfenen Regelungsumfelds für Finanzinstitute können Risiken auftreten, die sich zum gegenwärtigen Zeitpunkt nicht vorhersehen lassen. | The CoCo investor can only resell the CoCo on a secondary market, which in turn is associated with corresponding market and liquidity risks.
- Equity risk and subordination risk (capital structure inversion risk)In the case of conversion to equities, CoCo investors become shareholders when the trigger occurs. In the event of insolvency, claims of shareholders may have subordinate priority and be dependent on the remaining funds available. Therefore, the conversion of the CoCo may lead to a total loss of capital.
- Industry concentration riskIndustry concentration risk can arise from uneven distribution of exposures to financials due to the specific structure of CoCos. CoCos are required by law to be part of the capital structure of financial institutions.
- Liquidity riskCoCos bear a liquidity risk in stressed market conditions due to a specialized investor base and lower overall market volume compared to plain- vanilla bonds.
- Yield valuation riskDue to the callable nature of CoCos it is not certain what calculation date to use in yield calculations. At every call date there is the risk that the maturity of the bond will be extended and the yield calculation needs to be changed to the new date, which can result in a yield change.
- Unknown riskDue to the innovative character of the CoCos and the ongoing changing regulatory environmentfor financial institutions, there could occur risks which cannot be foreseen at the current stage. | en | de |
DOLFIN5029 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.72 % of the value of your investment per year. | 191 CHF |
| Portfolio transaction costs | 0.09 % 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. | 9 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 3,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 300 CHF |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 CHF |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,72 % del valore dell’investimento all’anno. | 191 CHF |
| Costi di transazione del portafoglio | 0,09 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 9 CHF |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 CHF | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.72 % of the value of your investment per year. | 191 CHF |
| Portfolio transaction costs | 0.09 % 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. | 9 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | en | it |
DOLFIN5030 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
Risque moins important Risque plus élevé
prix et de rendement de son Indice.
Rendements généralement inférieurs
Rendements généralement
supérieurs
2 Risque lié à l'échantillonnage de l'indice. Puisque le Fonds peut recourir à une technique d'échantillonnage de l'indice au travers de laquelle un échantillon représentatif de titres est sélectionné pour répliquer l'Indice, il existe un risque que les titres sélectionnés pour le Fonds ne soient pas, au total, équivalents à l'Indice dans son ensemble.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Pour de plus amples informations sur les risques, veuillez vous
2 Cet indicateur est basé sur les données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Fonds.
2 La catégorie de risque indiquée n'est pas garantie et est susceptible d'évoluer dans le temps.
2 La catégorie la plus faible ne correspond pas à une absence de risque.
2 Le Fonds est noté 6 compte tenu de la nature de ses investissements qui comportent les risques énumérés ci-dessous. Ces facteurs peuvent avoir des répercussions sur la valeur des investissements du Fonds, voire l'exposer à des pertes.
- La valeur des actions et titres de capital associés peut être impactée par les fluctuations quotidiennes des marchés d'actions. D'autres facteurs peuvent exercer une influence, comme l'actualité politique ou économique, les résultats des sociétés et des événements importants dans l'univers des entreprises.
- Le risque d'investissement est concentré sur des secteurs, des pays, des devises ou des entreprises spécifiques. Il est donc plus exposé aux événements économiques, de marché, politiques ou réglementaires qui leur sont associés.
L'indicateur de risque et de rendement ne tient pas compte des risques d'investissement suivants dans le Fonds :
2 Risque de contrepartie. L'insolvabilité de toute organisation fournissant des services tels que la conservation des actifs, ou agissant à titre de contrepartie d'instruments dérivés ou autres, peut exposer le Fonds à des pertes financières.
2 Risque de liquidité. Une liquidité réduite signifie que le nombre d'acquéreurs ou de vendeurs est insuffisant pour permettre au Fonds de céder ou d'acquérir aisément des placements, ce qui pourrait entraîner pour le Fonds des coûts plus élevés pour l'acquisition ou la cession de placements, ou pourrait signifier que le Fonds n'est pas en mesure d'acquérir ou de céder des placements lorsqu'il souhaiterait le faire.
2 Risque indiciel. Le Fonds n'est pas destiné à répliquer parfaitement la performance de l'Indice à tout moment. Toutefois, il est attendu que le Fonds fournisse des résultats d'investissement correspondant généralement, avant imputation des frais, à la performance en termes de
reporter à la section « Facteurs de risque » du Prospectus sur notre site Internet à l'adresse suivante : https://global.vanguard.com | # Perfil de riesgo y remuneración
Riesgo más bajo Riesgo más alto
del Índice.
Remuneraciones normalmente más bajas
Remuneraciones normalmente
más altas
2 Riesgo de muestreo de índices. Dado que el Fondo puede utilizar una técnica de muestreo de índices en la que se selecciona una muestra representativa de valores para representar al Índice, existe el riesgo de que los valores seleccionados para el Fondo, en conjunto, no se aproximen al índice completo.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Para obtener más información acerca de los riesgos, consulte la
2 Este indicador se basa en datos históricos y puede no ser una indicación fiable del perfil de riesgo del Fondo en el futuro.
2 La categoría de riesgo mostrada no está garantizada y puede cambiar con el tiempo.
2 La categoría inferior no significa "libre de riesgo".
2 El Fondo tiene una calificación de 6 dada la naturaleza de sus inversiones, que incluye los riesgos enumerados a continuación. Estos factores pueden afectar al valor de las inversiones del Fondo o exponerle a posibles pérdidas.
- El valor de la renta variable y de los valores relacionados con la renta variable puede verse afectado por las fluctuaciones diarias del mercado de valores. Otros factores influyentes incluyen noticias políticas y económicas, beneficios de las empresas e importantes acontecimientos corporativos.
- El riesgo de inversión se concentra en sectores, países, divisas o empresas específicos. Esto significa que el Fondo es más sensible a cualquier acontecimiento económico, mercantil, político o legislativo localizado.
El indicador de riesgo y remuneración no tiene en cuenta los siguientes riesgos de invertir en el Fondo:
2 Riesgo de la contraparte. La insolvencia de ciertas instituciones que proporcionan servicios como la conservación de activos o que actúan como contraparte de derivados u otros instrumentos puede exponer al Fondo a sufrir pérdidas financieras.
2 Riesgo de liquidez. Una menor liquidez implica que no hay suficientes compradores o vendedores como para permitir al Fondo comprar o vender inversiones fácilmente, lo que podría hacer que el Fondo incurra en costes más altos al comprar o vender inversiones, o puede significar que el Fondo no pueda comprar o vender inversiones cuando desearía hacerlo.
2 Riesgo de seguimiento de índices. No se prevé que el Fondo siga el rendimiento del Índice en todo momento y con total exactitud. No obstante, es de esperar que el Fondo proporcione resultados de inversión que, tras deducir los gastos, suelan ser iguales al precio y al rendimiento
sección «Factores de riesgo» del Folleto en nuestra página web
https://global.vanguard.com. | # Profil de risque et de rendement
Risque moins important Risque plus élevé
prix et de rendement de son Indice.
Rendements généralement inférieurs
Rendements généralement
supérieurs
2 Risque lié à l'échantillonnage de l'indice. Puisque le Fonds peut recourir à une technique d'échantillonnage de l'indice au travers de laquelle un échantillon représentatif de titres est sélectionné pour répliquer l'Indice, il existe un risque que les titres sélectionnés pour le Fonds ne soient pas, au total, équivalents à l'Indice dans son ensemble.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Pour de plus amples informations sur les risques, veuillez vous
2 Cet indicateur est basé sur les données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Fonds.
2 La catégorie de risque indiquée n'est pas garantie et est susceptible d'évoluer dans le temps.
2 La catégorie la plus faible ne correspond pas à une absence de risque.
2 Le Fonds est noté 6 compte tenu de la nature de ses investissements qui comportent les risques énumérés ci-dessous. Ces facteurs peuvent avoir des répercussions sur la valeur des investissements du Fonds, voire l'exposer à des pertes.
- La valeur des actions et titres de capital associés peut être impactée par les fluctuations quotidiennes des marchés d'actions. D'autres facteurs peuvent exercer une influence, comme l'actualité politique ou économique, les résultats des sociétés et des événements importants dans l'univers des entreprises.
- Le risque d'investissement est concentré sur des secteurs, des pays, des devises ou des entreprises spécifiques. Il est donc plus exposé aux événements économiques, de marché, politiques ou réglementaires qui leur sont associés.
L'indicateur de risque et de rendement ne tient pas compte des risques d'investissement suivants dans le Fonds :
2 Risque de contrepartie. L'insolvabilité de toute organisation fournissant des services tels que la conservation des actifs, ou agissant à titre de contrepartie d'instruments dérivés ou autres, peut exposer le Fonds à des pertes financières.
2 Risque de liquidité. Une liquidité réduite signifie que le nombre d'acquéreurs ou de vendeurs est insuffisant pour permettre au Fonds de céder ou d'acquérir aisément des placements, ce qui pourrait entraîner pour le Fonds des coûts plus élevés pour l'acquisition ou la cession de placements, ou pourrait signifier que le Fonds n'est pas en mesure d'acquérir ou de céder des placements lorsqu'il souhaiterait le faire.
2 Risque indiciel. Le Fonds n'est pas destiné à répliquer parfaitement la performance de l'Indice à tout moment. Toutefois, il est attendu que le Fonds fournisse des résultats d'investissement correspondant généralement, avant imputation des frais, à la performance en termes de
reporter à la section « Facteurs de risque » du Prospectus sur notre site Internet à l'adresse suivante : https://global.vanguard.com | fr | es |
DOLFIN5031 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The economic environment did not have a real effect on the fund because our objective is not to attempt to establish the direction the market will take. What we are mainly trying to do is to establish the impact a certain number of securities will have on their change of status in the equities indices.
In Europe, like in the USA, we had numerous opportunities from random or periodic index readjustments. For example:
- in November 2019, one of our biggest gains came from our short position in Kar Auction Services, taken when it entered the S&P Midcap 400 in September.
- in February 2020, one of our biggest gains came from our short position in Paycom Software, taken when it entered the S&P500 at the end of January.
- in August 2020, our short position in EQT AB, taken when the MSCI was rebalanced in May, made a substantial positive contribution to our performance. | Il contesto economico non ha prodotto alcun impatto effettivo sul Fondo, in quanto il nostro obiettivo non è determinare in quale direzione andrà il mercato. Cerchiamo innanzitutto di determinare l’impatto che un certo numero di titoli avrà sul loro cambiamento di stato negli indici azionari.
In Europa, abbiamo avuto numerose opportunità di riadeguamento degli indici, in tempo reale o periodiche. Ad esempio:
- a novembre 2019, uno dei nostri guadagni migliori è riconducibile alla posizione corta in Kar Auction Services, aperta al momento del suo ingresso nell’S&P Midcap 400 a settembre.
- a febbraio 2020, uno dei nostri guadagni migliori è riconducibile alla posizione corta in Paycom Software, aperta al momento del suo ingresso nell’S&P500 a fine gennaio.
- ad agosto 2020, la nostra posizione corta su EQT AB, aperta al momento del ribilanciamento dell’MSCI a maggio, ha apportato un grosso contributo positivo alla nostra performance. | The economic environment did not have a real effect on the fund because our objective is not to attempt to establish the direction the market will take. What we are mainly trying to do is to establish the impact a certain number of securities will have on their change of status in the equities indices.
In Europe, like in the USA, we had numerous opportunities from random or periodic index readjustments. For example:
- in November 2019, one of our biggest gains came from our short position in Kar Auction Services, taken when it entered the S&P Midcap 400 in September.
- in February 2020, one of our biggest gains came from our short position in Paycom Software, taken when it entered the S&P500 at the end of January.
- in August 2020, our short position in EQT AB, taken when the MSCI was rebalanced in May, made a substantial positive contribution to our performance. | en | it |
DOLFIN5032 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All consents, approvals, authorisations or other orders of all regulatory authorities (if any) required by the Company under the laws of Ireland for the issue of the Shares and for the Administrator, the Depositary and the Investment Manager to undertake their respective obligations under the Administration Agreement, the Depositary Agreement, the Investment Management Agreement have been given or applied for.
-
### General Meetings | Sämtliche Genehmigungen, Zulassungen, Berechtigungen und sonstige Anordnungen von Aufsichtsbehörden, welche die Gesellschaft nach irischem Recht gegebenenfalls für die Ausgabe von Anteilen benötigt, sowie damit der Verwalter, die Verwahrstelle und der Anlagemanager ihren vertraglich geschuldeten Pflichten gemäß dem Verwaltervertrag, dem Verwahrstellenvereinbarung und dem Anlagemanagementvertrag nachkommen können, sind bereits erteilt oder beantragt worden.
-
### Hauptversammlungen | All consents, approvals, authorisations or other orders of all regulatory authorities (if any) required by the Company under the laws of Ireland for the issue of the Shares and for the Administrator, the Depositary and the Investment Manager to undertake their respective obligations under the Administration Agreement, the Depositary Agreement, the Investment Management Agreement have been given or applied for.
-
### General Meetings | en | de |
DOLFIN5033 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund does not permit late trading practices in so far as such practices may adversely affect the interests of investors. In general, late trading is to be understood as the acceptance of a subscription, redemption or conversion order for Shares after the Cut-Off Time for a Subscription Day, Redemption Day or Conversion Day and the execution of such order at a price based on the Net Asset Value applicable to such same day. However, as mentioned above, the Fund may accept subscription, conversion or redemption applications received after the Cut-Off Time, in circumstances where the subscription, redemption or conversion applications are dealt with on an unknown Net Asset Value basis, provided that it is in the interest of the Sub-Fund and that investors are fairly treated.
Subscriptions and conversions of Shares should be made for investment purposes only. The Fund does not permit market timing or other excessive trading practices. Market timing is to be understood as an arbitrage method by which an investor systematically subscribes and redeems or converts Shares of the same Sub-Fund or Share Class within a short time period, by taking advantage of time differences and/or imperfections or deficiencies in the method of determination of the Net Asset Value. Excessive, short-term (market timing) trading practices may disrupt portfolio management strategies and harm fund performance. To minimise harm to the Fund and other investors, the Fund has the right to reject any subscription or conversion order, or levy in addition to any Subscription Fee, Redemption Fee or Conversion Fee which may be charged according to the Supplement, a fee of up to five percent (5 per cent) of the value of the order for the benefit of the Sub-Fund or Share Class, from any investor who is engaging or is suspected of engaging in excessive trading, or has a history of excessive trading, or if an investor’s trading, in the opinion of the Board of Directors, has been or may be disruptive to the Fund. In making this judgment, the Board of Directors may consider trading done in multiple accounts under common ownership or control.
The Fund also has the power to compulsorily redeem all Shares held by, on behalf or for the account or benefit of, an investor who is or has been engaged in, or is suspected of being engaged in, late trading, market timing or other excessive trading, in accordance with the procedure set out in this Offering Document. The Board of Directors considers such persons as Prohibited Persons.
The Fund will not be held liable for any loss resulting from rejected orders or compulsory redemptions.
-
#### Prohibited Persons | Le Fonds n’autorisera pas les pratiques de Late Trading, dans la mesure où ces pratiques pourraient nuire aux intérêts des investisseurs. En général, le Late Trading consiste à accepter un ordre de souscription, de rachat ou de conversion d’Actions après le Délai de soumission d’un Jour de souscription, de rachat ou de conversion et à l’exécuter à un prix basé sur la Valeur nette d’inventaire applicable à ce même jour. Toutefois, comme mentionné ci-dessus, le Fonds pourra accepter des demandes de souscription, de conversion ou de rachat reçues après le Délai de soumission, dans les cas où les demandes de souscription, de rachat ou de conversion seront traitées sur la base d’une Valeur nette d’inventaire inconnue, à condition que cela soit dans l’intérêt du Compartiment et que les investisseurs soient traités équitablement.
Les souscriptions et conversions d’Actions ne pourront avoir d’autre objet que l’investissement. Le Fonds n’autorisera pas le Market Timing et autres pratiques de transactions excessives. Le Market Timing consiste en une méthode d’arbitrage par laquelle un investisseur souscrit et rachète ou convertit systématiquement des Actions d’un même Compartiment ou d’une même Classe d’Actions dans un court laps de temps, en tirant parti des décalages horaires et/ou des imperfections ou déficiences dans la méthode de détermination de la Valeur nette d’inventaire. Les pratiques de transactions excessives à court terme (Market Timing) pourraient perturber les stratégies de gestion de portefeuille et nuire à la performance du Fonds. Afin de minimiser les dommages pour le Fonds et les autres investisseurs, le Fonds aura le droit de rejeter tout ordre de souscription ou de conversion, ou de prélever, en sus de tous Droits d’entrée, Droits de sortie ou Commission de conversion susceptibles d’être facturés conformément au Supplément, une commission au profit du Compartiment ou de la Classe d’Actions pouvant s’élever jusqu’à 5 % (cinq pour cent) de la valeur de l’ordre passé par un investisseur qui a recours à ces transactions excessives ou y a eu recours par le passé, ou dans le cas d’une transaction d’un investisseur qui, de l’avis du Conseil d’administration, a nui ou pourrait nuire au Fonds. En émettant cet avis, le Conseil d’administration pourra prendre en compte des transactions passées sur différents comptes détenus ou contrôlés par une même personne ou entité.
Le Fonds aura également le pouvoir de racheter obligatoirement toutes les Actions détenues par, au nom ou pour le compte ou le bénéfice d’un investisseur qui s’adonne ou s’est adonné, ou est soupçonné de s’adonner, à des pratiques de Late Trading, de Market Timing ou d’autres pratiques de transactions excessives, conformément à la procédure définie dans le présent Prospectus. Le Conseil d’administration considèrera ces personnes comme des Personnes non autorisées.
Le Fonds ne sera pas tenu responsable des pertes résultant d’ordres rejetés ou de rachats obligatoires.
-
#### Personnes non autorisées | The Fund does not permit late trading practices in so far as such practices may adversely affect the interests of investors. In general, late trading is to be understood as the acceptance of a subscription, redemption or conversion order for Shares after the Cut-Off Time for a Subscription Day, Redemption Day or Conversion Day and the execution of such order at a price based on the Net Asset Value applicable to such same day. However, as mentioned above, the Fund may accept subscription, conversion or redemption applications received after the Cut-Off Time, in circumstances where the subscription, redemption or conversion applications are dealt with on an unknown Net Asset Value basis, provided that it is in the interest of the Sub-Fund and that investors are fairly treated.
Subscriptions and conversions of Shares should be made for investment purposes only. The Fund does not permit market timing or other excessive trading practices. Market timing is to be understood as an arbitrage method by which an investor systematically subscribes and redeems or converts Shares of the same Sub-Fund or Share Class within a short time period, by taking advantage of time differences and/or imperfections or deficiencies in the method of determination of the Net Asset Value. Excessive, short-term (market timing) trading practices may disrupt portfolio management strategies and harm fund performance. To minimise harm to the Fund and other investors, the Fund has the right to reject any subscription or conversion order, or levy in addition to any Subscription Fee, Redemption Fee or Conversion Fee which may be charged according to the Supplement, a fee of up to five percent (5 per cent) of the value of the order for the benefit of the Sub-Fund or Share Class, from any investor who is engaging or is suspected of engaging in excessive trading, or has a history of excessive trading, or if an investor’s trading, in the opinion of the Board of Directors, has been or may be disruptive to the Fund. In making this judgment, the Board of Directors may consider trading done in multiple accounts under common ownership or control.
The Fund also has the power to compulsorily redeem all Shares held by, on behalf or for the account or benefit of, an investor who is or has been engaged in, or is suspected of being engaged in, late trading, market timing or other excessive trading, in accordance with the procedure set out in this Offering Document. The Board of Directors considers such persons as Prohibited Persons.
The Fund will not be held liable for any loss resulting from rejected orders or compulsory redemptions.
-
#### Prohibited Persons | en | fr |
DOLFIN5034 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Fund characteristics | |
| --- | --- |
| Fund name | Vontobel Fund - mtx Sustainable Emerging Markets Leaders |
| ISIN | LU0571085686 |
| Share class | I USD |
| Reference index | MSCI Emerging Markets TR net |
| Inception date | 15.07.2011 | | | Caratteristiche del fondo |
| --- |
| Nome del fondo | Vontobel Fund - mtx Sustainable Emerging Markets Leaders |
| ISIN | LU0571085686 |
| Classe di azioni | I USD |
| Indice di riferimento | MSCI Emerging Markets TR net |
| Data d'inizio | 15.07.2011 | | | Fund characteristics | |
| --- | --- |
| Fund name | Vontobel Fund - mtx Sustainable Emerging Markets Leaders |
| ISIN | LU0571085686 |
| Share class | I USD |
| Reference index | MSCI Emerging Markets TR net |
| Inception date | 15.07.2011 | | en | it |
DOLFIN5035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: El Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de los bonos convertibles contingentes: el Subfondo puede invertir en bonos convertibles contingentes. Su valor puede llegar a ser nulo si se produce un deterioro de la situación financiera de su emisor hasta situarse por debajo de un desencadenante predeterminado o si el regulador considera que su emisor ha alcanzado un punto de inviabilidad. Asimismo, su cupón puede ser cancelado en cualquier momento. Dado que estos instrumentos son recientes, también pueden experimentar pérdidas importantes en condiciones de mercado extremas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Contingent convertible bonds risk: The Sub-Fund may invest in contingent convertible bonds. Their value may become nil if the financial position of their issuer deteriorates below a pre-specified trigger or if the regulator considers that their issuer has reached a point of no viability. Their coupon may also be cancelled at any point in time. As these instruments are recent, they may also experience significant losses in stressed market conditions. | en | es |
DOLFIN5036 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Regulation (EU) 2020/852 (the so-called "Taxonomy Regulation") on establishing a framework to support sustainable investment and amending the Disclosure Regulation.
The Taxonomy aims to identify economic activities that are considered environmentally sustainable. The Taxonomy identifies these activities according to their contribution to six broad environmental objectives: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine resources, (iv) transition to the circular economy (waste, prevention and recycling), (v) pollution prevention and control, (vi) protection of healthy ecosystems.
For the purpose of establishing the environmental sustainability of an investment, an economic activity is considered environmentally sustainable if it makes a substantial contribution to one or more of the six environmental objectives, does not significantly harm one or more of the environmental objectives ("do no significant harm" or "DNSH" principle), is carried out in accordance with the minimum safeguards set out in Article 18 of the Taxonomy Regulation, and complies with the technical review criteria that have been established by the European Commission under the Taxonomy Regulation.
In accordance with the current state of the Taxonomy Regulation, the Management Company currently ensures that investments do not significantly undermine any other environmental objective by implementing exclusionary policies in relation to issuers with controversial environmental and/or social and/or governance practices.
Notwithstanding the above, the “do no significant harm” principle only applies to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining part of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities.
Although the Fund may already hold investments in economic activities which qualify as sustainable activities without being currently committed to a minimum proportion, the Management Company makes its best efforts to disclose this proportion of investments in sustainable activities as soon as reasonably possible upon entry into force of the Regulatory Technical Standards for the content and format of disclosures in accordance with Articles 8(4), 9(6) and 11(5) of the Disclosure Regulation, as amended by the Taxonomy Regulation.
This commitment will be achieved in a progressive and continuous manner, integrating the requirements of the Taxonomy Regulation into the investment process as soon as reasonably possible. This will lead to a minimum degree of portfolio alignment with sustainable activities that will be made available to investors at that time.
In the meantime, the degree of alignment with sustainable activities will not be made available to investors.
Once the data is fully available and the relevant calculation methodologies are finalised, the description of the extent to which the underlying investments are in sustainable activities will be made available to investors. This information, along with information on the proportion of enabling and transitional activities, will be specified in a later version of the prospectus. | #### Reglamento (UE) 2020/852 (el «Reglamento sobre la taxonomía») relativo al establecimiento de un marco para facilitar las inversiones sostenibles y por el que se modifica el Reglamento sobre la divulgación.
El objetivo del Reglamento sobre la taxonomía es identificar las actividades económicas que pueden considerarse ambientalmente sostenibles. El Reglamento sobre la taxonomía identifica estas actividades en función de su contribución a seis objetivos medioambientales principales: (i) mitigación del cambio climático;
(ii) adaptación al cambio climático; (iii) uso sostenible y protección del agua y los recursos marítimos; (iv) transición hacia una economía circular (gestión de residuos, medidas preventivas y reciclaje); (v) prevención y control de la contaminación, y (vi) protección de ecosistemas saludables.
A efectos de establecer el grado de sostenibilidad medioambiental de una inversión, se considera que una actividad económica es sostenible desde el punto de vista medioambiental cuando contribuye de forma sustancial a uno o varios de los seis objetivos medioambientales, no socava de forma significativa uno o varios de estos objetivos medioambientales (principio de «no causar un perjuicio significativo» o «DNSH», por sus siglas en inglés), se lleva a cabo de acuerdo con las garantías mínimas previstas en el artículo 18 del Reglamento sobre la taxonomía y cumple con los criterios de revisión técnica que ha establecido la Comisión Europea de acuerdo con el referido Reglamento sobre la taxonomía.
Conforme a lo dispuesto en la versión vigente del Reglamento sobre la taxonomía, la Sociedad Gestora actualmente garantiza que las inversiones no perjudican significativamente ningún otro objetivo medioambiental mediante la aplicación de políticas de exclusión aplicables a los emisores cuyas prácticas ambientales y/o sociales y/o de gobernanza resulten controvertidas.
Sin perjuicio de lo anterior, el principio de «no causar un perjuicio significativo» se aplica únicamente a las inversiones subyacentes al Compartimento que contemplan los criterios de la UE relativos a las actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes al resto de este Compartimento no tienen en cuenta los criterios de la UE relativos las actividades económicas sostenibles desde el punto de vista medioambiental.
Aunque el OIC pueda mantener inversiones en actividades económicas clasificadas como sostenibles sin haberse comprometido actualmente a alcanzar un porcentaje mínimo, la Sociedad Gestora se afana en publicar este porcentaje de inversiones en actividades sostenibles lo antes posible a partir de la entrada en vigor de las Normas técnicas reglamentarias relativas al contenido y la presentación de divulgaciones, con arreglo a los artículos 8.4, 9.6 y 11.5 del Reglamento SFDR, en su versión modificada por el Reglamento sobre la taxonomía.
Este compromiso se materializará de manera progresiva y continua, mediante la integración de los requisitos del Reglamento sobre la taxonomía en el proceso de inversión tan pronto como sea razonablemente posible. Esto dará lugar a un grado mínimo de alineación de la cartera con las actividades sostenibles, el cual estará disponible para los inversores en ese momento.
Hasta entonces, el grado de alineación con las actividades sostenibles no estará disponible para los inversores.
A partir de la plena disponibilidad de los datos y la finalización de las metodologías de cálculo pertinentes, se pondrá a disposición de los inversores la descripción del grado en el que se realizan inversiones subyacentes en actividades sostenibles. Esta información, así como la información relativa a la prestación de actividades de habilitación y transición, se detallarán en una versión posterior del folleto. | #### Regulation (EU) 2020/852 (the so-called "Taxonomy Regulation") on establishing a framework to support sustainable investment and amending the Disclosure Regulation.
The Taxonomy aims to identify economic activities that are considered environmentally sustainable. The Taxonomy identifies these activities according to their contribution to six broad environmental objectives: (i) climate change mitigation, (ii) climate change adaptation, (iii) sustainable use and protection of water and marine resources, (iv) transition to the circular economy (waste, prevention and recycling), (v) pollution prevention and control, (vi) protection of healthy ecosystems.
For the purpose of establishing the environmental sustainability of an investment, an economic activity is considered environmentally sustainable if it makes a substantial contribution to one or more of the six environmental objectives, does not significantly harm one or more of the environmental objectives ("do no significant harm" or "DNSH" principle), is carried out in accordance with the minimum safeguards set out in Article 18 of the Taxonomy Regulation, and complies with the technical review criteria that have been established by the European Commission under the Taxonomy Regulation.
In accordance with the current state of the Taxonomy Regulation, the Management Company currently ensures that investments do not significantly undermine any other environmental objective by implementing exclusionary policies in relation to issuers with controversial environmental and/or social and/or governance practices.
Notwithstanding the above, the “do no significant harm” principle only applies to those investments underlying the sub-fund that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining part of this sub-fund do not take into account the EU criteria for environmentally sustainable economic activities.
Although the Fund may already hold investments in economic activities which qualify as sustainable activities without being currently committed to a minimum proportion, the Management Company makes its best efforts to disclose this proportion of investments in sustainable activities as soon as reasonably possible upon entry into force of the Regulatory Technical Standards for the content and format of disclosures in accordance with Articles 8(4), 9(6) and 11(5) of the Disclosure Regulation, as amended by the Taxonomy Regulation.
This commitment will be achieved in a progressive and continuous manner, integrating the requirements of the Taxonomy Regulation into the investment process as soon as reasonably possible. This will lead to a minimum degree of portfolio alignment with sustainable activities that will be made available to investors at that time.
In the meantime, the degree of alignment with sustainable activities will not be made available to investors.
Once the data is fully available and the relevant calculation methodologies are finalised, the description of the extent to which the underlying investments are in sustainable activities will be made available to investors. This information, along with information on the proportion of enabling and transitional activities, will be specified in a later version of the prospectus. | en | es |
DOLFIN5037 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company may also acquire the financial in- struments described above for the account of the Fund if these instruments are securitised. Contracts on only partially securitised financial instruments (e.g. bonds with warrants) may also be included. The statements concerning opportunities and risks also apply to such securitised financial instru- ments; however it should be noted that the risk of loss with securitised financial instruments is limited to the value of the security.
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##### Over-the-counter (OTC) transactions | Die Gesellschaft kann für Rechnung des Fonds die vorstehend beschriebenen Finanzinstrumente auch erwerben, wenn diese in Wertpapieren verbrieft sind. Dabei können die Geschäfte, die Finanzin- strumente zum Gegenstand haben, auch nur teil- weise in Wertpapieren enthalten sein (z. B. Opti- onsanleihen). Die Aussagen zu Chancen und Risi- ken gelten für solche verbrieften Finanzinstrumente entsprechend, jedoch mit der Maßgabe, dass das Verlustrisiko bei verbrieften Finanzinstrumenten auf den Wert des Wertpapiers beschränkt ist.
-
###### Over-the-counter (OTC)-Geschäfte | The Company may also acquire the financial in- struments described above for the account of the Fund if these instruments are securitised. Contracts on only partially securitised financial instruments (e.g. bonds with warrants) may also be included. The statements concerning opportunities and risks also apply to such securitised financial instru- ments; however it should be noted that the risk of loss with securitised financial instruments is limited to the value of the security.
-
##### Over-the-counter (OTC) transactions | en | de |
DOLFIN5038 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The evaluation of the above is used to determine the employee’s overall level of performance for the year and to grant an amount of variable remuneration that is commensurate with this performance.
- Performance evaluationManagers set objectives for each of their staff members in accordance with the company’s strategy and its implementation in the manager’s department. Each objective is weighted in accordance with its relative importance. Pursuant to the AIFM and UCITS V directives, the following rules must be observed:
- All managers must have a managerial objective
- An employee cannot have only quantitative objectives
- Quantitative objectives may account for 60% to 70% of the objectives of salespeople and managers (except in certain cases, such as some junior positions which have a smaller quantitative share)
- The performance objectives of fund managers must be achieved over multiple years (1-year and 3-year performance) and in compliance with the rules that apply to asset management
- The performance objectives of salespeople must reflect their ability to ensure client loyalty. | La combinaison de ces deux mesures permet de déterminer le niveau de performance globale du collaborateur sur l’année et de lui attribuer un montant de rémunération variable en conséquence.
- Evaluation de la performanceLes objectifs sont fixés à chacun des collaborateurs par leur manager en fonction de la stratégie de l’entreprise et de sa déclinaison au niveau de la Direction et du service concernés. Chacun d’eux est affecté d’une pondération représentant son importance relative par rapport aux autres objectifs. Conformément aux exigences des Directives AIFM et OPCVM V, ils respectent un certain nombre de principes :
- Tout manager doit avoir un objectif d’ordre managérial
- Un collaborateur ne peut avoir 100% d’objectifs quantitatifs
- Pour les commerciaux et les gérants, les objectifs quantitatifs représentent 60 à 70% de l’ensemble des objectifs (sauf cas particuliers : ex : certains postes de juniors comportent une part quantitative moindre)
- Les objectifs de performance des gérants intègrent une dimension pluri-annuelle (performances sur 1 an et 3 ans) ainsi que l’exigence de respect du cadre de gestion
- Les objectifs des commerciaux prennent en compte leur capacité à fidéliser les clients | The evaluation of the above is used to determine the employee’s overall level of performance for the year and to grant an amount of variable remuneration that is commensurate with this performance.
- Performance evaluationManagers set objectives for each of their staff members in accordance with the company’s strategy and its implementation in the manager’s department. Each objective is weighted in accordance with its relative importance. Pursuant to the AIFM and UCITS V directives, the following rules must be observed:
- All managers must have a managerial objective
- An employee cannot have only quantitative objectives
- Quantitative objectives may account for 60% to 70% of the objectives of salespeople and managers (except in certain cases, such as some junior positions which have a smaller quantitative share)
- The performance objectives of fund managers must be achieved over multiple years (1-year and 3-year performance) and in compliance with the rules that apply to asset management
- The performance objectives of salespeople must reflect their ability to ensure client loyalty. | en | fr |
DOLFIN5039 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Structure by currency
EUR
USD
CHF
Derivative financial instruments are taken into account with their exposure in the fund structures. The sum of the structures may deviate from 100% if the fund is invested in these instruments. The base currency of this sub fund is defined in the prospectus. | # Struttura per valute
EUR
Dollaro Usa
F. Svizzero
Nelle strutture del fondo vengono considerati strumenti finanziari derivati con la loro esposizione. La somma delle strutture può differire dal 100%, se il fondo viene investito in tali strumenti. La valuta di base di questo comparto è definita nel prospetto. | # Structure by currency
EUR
USD
CHF
Derivative financial instruments are taken into account with their exposure in the fund structures. The sum of the structures may deviate from 100% if the fund is invested in these instruments. The base currency of this sub fund is defined in the prospectus. | en | it |
DOLFIN5040 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Politique d’investissement
Le Compartiment a pour but d'accroître la valeur de vos actions en recherchant une exposition aux sociétés qui sont assujetties ou sont liées à des événements tels que des prises de contrôle, des fusions, des offres d'échange, des restructurations, des liquidations et autres événements d'entreprise extraordinaires qui ont fait l'objet d'une annonce publique. Le Compartiment cherche à bénéficier de la différence de prix entre le cours de marché des actions d'une société avant un événement à venir et sa valeur prévue lors de la réalisation de cet événement. Le Compartiment peut aussi chercher à exploiter les différences de valeurs entre des sociétés ou des parties différentes de la structure du capital d'une société. Le Compartiment n'est pas axé sur une zone géographique déterminée.
Il est attendu qu'en ayant recours aux dérivés, les positions longues du Compartiment puissent s'élever à 300% de la valeur liquidative du Compartiment et les positions courtes à 100%.
Le Compartiment peut avoir recours à des swaps, des contrats de différence, des options, des contrats de change à terme et standardisés pour obtenir une exposition longue ou courte à ces sociétés. | ## Política de inversión
El objetivo del subfondo es aumentar el valor de sus acciones adquiriendo exposición a empresas inmersas en acontecimientos como absorciones, fusiones, ofertas de canje, reestructuraciones, liquidaciones y otros acontecimientos corporativos extraordinarios que se hayan anunciado públicamente, o relacionadas con dichos acontecimientos. El subfondo trata de sacar provecho de la diferencia entre el precio de mercado de las acciones de una empresa antes de un acontecimiento inminente y el valor que se prevé que tengan una vez se produzca dicho acontecimiento. El subfondo también puede tratar de sacar partido de las diferencias de valor entre empresas o entre distintas partes de la estructura de capital de una empresa. El subfondo no centra sus inversiones en ningún área geográfica concreta.
Se prevé que, mediante el uso de derivados, las posiciones largas del subfondo supongan hasta el 300% del valor liquidativo del subfondo y las posiciones cortas hasta el 100%.
El subfondo puede utilizar permutas financieras, contratos por diferencias, opciones, contratos a plazo y futuros para tener exposición larga o corta a dichas empresas. | ## Politique d’investissement
Le Compartiment a pour but d'accroître la valeur de vos actions en recherchant une exposition aux sociétés qui sont assujetties ou sont liées à des événements tels que des prises de contrôle, des fusions, des offres d'échange, des restructurations, des liquidations et autres événements d'entreprise extraordinaires qui ont fait l'objet d'une annonce publique. Le Compartiment cherche à bénéficier de la différence de prix entre le cours de marché des actions d'une société avant un événement à venir et sa valeur prévue lors de la réalisation de cet événement. Le Compartiment peut aussi chercher à exploiter les différences de valeurs entre des sociétés ou des parties différentes de la structure du capital d'une société. Le Compartiment n'est pas axé sur une zone géographique déterminée.
Il est attendu qu'en ayant recours aux dérivés, les positions longues du Compartiment puissent s'élever à 300% de la valeur liquidative du Compartiment et les positions courtes à 100%.
Le Compartiment peut avoir recours à des swaps, des contrats de différence, des options, des contrats de change à terme et standardisés pour obtenir une exposition longue ou courte à ces sociétés. | fr | es |
DOLFIN5041 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- The value of such securities, derivatives and assets will be determined on the basis of the last available price on the stock exchange or any other Regulated Market on which these securities or assets are traded or admitted for trading. Where such securities or other assets are quoted or dealt in one or by more than one stock exchange or any other Regulated Market, the Directors shall make regulations for the order of priority in which stock exchanges or other Regulated Markets shall be used for the provisions of prices of securities or assets.
- If a security is not traded or admitted on any official stock exchange or any Regulated Market, or in the case of securities so traded or admitted the last available price of which does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.
- The derivatives which are not listed on any official stock exchange or traded on any other recognised market are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company's initiative. The reference to fair value shall be understood as a reference to the amount for which an asset could be exchanged, or a liability be settled, between knowledgeable, willing parties in an arm's length transaction. The reference to reliable and verifiable valuation shall be understood as a reference to a valuation, which does not rely only on market quotations of the counterparty and which fulfils the following criteria:
- The basis of the valuation is either a reliable market value of the instrument, or, if such value is not available, pricing model using an adequately-recognised methodology.
- Verification of the valuation is carried out by one of the following:
- an appropriate third party which is independent from the counterparty of the OTC derivative, at an adequate frequency and in such a way that the Company is able to check it;
- a unit within the Company which is independent from the department in charge of managing the assets and which is adequately equipped for such purpose. | - Il valore dei titoli, dei derivati e delle attività sarà determinato in base all'ultima quotazione di borsa disponibile o di qualunque altro Mercato regolamentato su cui tali titoli o attività siano negoziati o ammessi alla contrattazione. Se tali titoli o altre attività sono quotati o negoziati su una o più borse valori o altri Mercati regolamentati, gli Amministratori stabiliranno l'ordine di priorità con cui le borse valori o gli altri Mercati regolamentati dovranno essere utilizzati per la rilevazione dei prezzi dei titoli o delle attività.
- Se un titolo non è quotato né negoziato presso una borsa valori ufficiale o un Mercato regolamentato, ovvero se l'ultimo prezzo disponibile di un titolo quotato o negoziato non riflette il suo reale valore, gli Amministratori sono tenuti a utilizzarne il presunto valore di realizzo, calcolato con prudenza e in buona fede.
- Gli strumenti derivati non quotati in alcuna borsa valori ufficiale né negoziati in qualsiasi altro mercato riconosciuto sono soggetti a valutazione attendibile e verificabile su base giornaliera e possono essere venduti, liquidati o chiusi mediante un'operazione di segno opposto in qualsiasi momento al rispettivo valore equo su iniziativa della Società. Il riferimento al valore equo (fair value) va inteso come riferimento all'importo al quale un'attività può essere negoziata o una passività regolata tra controparti informate e consenzienti in regime di reciproca indipendenza. Il riferimento a una valutazione attendibile e verificabile deve essere inteso come un riferimento a una valutazione che non si fonda sulle quotazioni di mercato della controparte e che soddisfa i seguenti criteri:
- La base della valutazione è il valore di mercato attendibile dello strumento o, laddove tale valore non fosse disponibile, un modello di valutazione che utilizzi una metodologia adeguatamente riconosciuta.
- La verifica della valutazione viene effettuata:
- da una terza parte idonea, indipendente rispetto alla controparte del derivato OTC, con una frequenza idonea e con modalità tali da consentire la verifica alla Società;
- da una divisione della Società, indipendente dall'unità incaricata della gestione delle attività e dotata di mezzi adeguati a tal fine. | - The value of such securities, derivatives and assets will be determined on the basis of the last available price on the stock exchange or any other Regulated Market on which these securities or assets are traded or admitted for trading. Where such securities or other assets are quoted or dealt in one or by more than one stock exchange or any other Regulated Market, the Directors shall make regulations for the order of priority in which stock exchanges or other Regulated Markets shall be used for the provisions of prices of securities or assets.
- If a security is not traded or admitted on any official stock exchange or any Regulated Market, or in the case of securities so traded or admitted the last available price of which does not reflect their true value, the Directors are required to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.
- The derivatives which are not listed on any official stock exchange or traded on any other recognised market are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company's initiative. The reference to fair value shall be understood as a reference to the amount for which an asset could be exchanged, or a liability be settled, between knowledgeable, willing parties in an arm's length transaction. The reference to reliable and verifiable valuation shall be understood as a reference to a valuation, which does not rely only on market quotations of the counterparty and which fulfils the following criteria:
- The basis of the valuation is either a reliable market value of the instrument, or, if such value is not available, pricing model using an adequately-recognised methodology.
- Verification of the valuation is carried out by one of the following:
- an appropriate third party which is independent from the counterparty of the OTC derivative, at an adequate frequency and in such a way that the Company is able to check it;
- a unit within the Company which is independent from the department in charge of managing the assets and which is adequately equipped for such purpose. | en | it |
DOLFIN5042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The day of the last net asset value for the month of September.
The first financial year will end on the day of the last net asset value in September 2023.
-
## Taxation: | El día del último valor liquidativo del mes de septiembre.
La fecha de cierre del primer ejercicio corresponderá al día del último valor liquidativo del mes de septiembre de 2023.
-
## Régimen fiscal: | The day of the last net asset value for the month of September.
The first financial year will end on the day of the last net asset value in September 2023.
-
## Taxation: | en | es |
DOLFIN5043 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund was launched on 16 January 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 16 enero 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 16 January 1987.
16.2
16.2
-11.6
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN5044 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Valuation Day
Each full business day in Luxembourg (“Valuation Day”) and that corresponds to a net asset value which will be dated that Valuation Day but calculated on the business day following that Valuation Day.
With regard to the Sub-fund, if a market (including Shenzhen or Shanghai Hong Kong Stock Connect) representing 10% or more of the size of the Sub-fund is closed, the Valuation Day will be the following Business Day. The same applies when several markets representing together 10% or more of the size of the Sub-Fund are closed.” | # Jour d’Evaluation
Chaque jour ouvrable bancaire complet à Luxembourg (« Jour d’Evaluation) et qui correspondra à une valeur nette d’inventaire qui sera datée de ce Jour d’Evaluation mais calculée le jour ouvrable bancaire suivant ce Jour d’Evaluation.
En ce qui concerne le Compartiment, si un marché (en ce compris le Shenzhen ou le Shanghai Hong Kong Stock Connect) représentant 10 % ou plus de la taille du Compartiment est fermé, le Jour d’évaluation sera le premier jour ouvrable bancaire suivant. Il en va de même lorsque plusieurs marchés représentant ensemble 10% ou plus de la taille du compartiment sont fermés. | # Valuation Day
Each full business day in Luxembourg (“Valuation Day”) and that corresponds to a net asset value which will be dated that Valuation Day but calculated on the business day following that Valuation Day.
With regard to the Sub-fund, if a market (including Shenzhen or Shanghai Hong Kong Stock Connect) representing 10% or more of the size of the Sub-fund is closed, the Valuation Day will be the following Business Day. The same applies when several markets representing together 10% or more of the size of the Sub-Fund are closed.” | en | fr |
DOLFIN5045 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is consistent with the risk limits set for the Sub-Fund and the Master Sub-Fund. Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk- free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that the Sub-Fund seeks positive returns in all market conditions.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class. | ## ¢Qué significa este indicador de riesgo?
El indicador de riesgo anterior clasifica el riesgo y las remuneraciones posibles y se ajusta a los límites de riesgo establecidos para el Subfondo y el Subfondo Principal. Los datos históricos, tales como los utilizados en el cálculo de este indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del Subfondo. La categoría más baja no significa que la inversión esté libre de riesgo. El indicador de riesgo del Subfondo no está garantizado y puede sufrir cambios a lo largo del tiempo.
La categoría de riesgo del Subfondo refleja el hecho de que el Subfondo busca alcanzar una rentabilidad positiva en todas las condiciones de mercado.
En el caso de clases de moneda sin cobertura, los movimientos de tipos de cambio pueden afectar al indicador de riesgo cuando la moneda asociada a las inversiones subyacentes difiere de la moneda asociada a la clase de acciones. | ## What does this risk indicator mean?
The above risk indicator ranks potential risk and reward and is consistent with the risk limits set for the Sub-Fund and the Master Sub-Fund. Historical data, such as that used in calculating this synthetic indicator, may not be a reliable indication of the future risk profile of the Sub-Fund. The lowest category does not mean a 'risk- free' investment. The Sub-Fund's risk indicator is not guaranteed and may change over time.
The Sub-Fund's risk category reflects the fact that the Sub-Fund seeks positive returns in all market conditions.
For un-hedged currency classes, exchange rate movements may affect the risk indicator where the currency of the underlying investments differs from the currency of the share class. | en | es |
DOLFIN5046 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Legal and political risks
Investments for the Investment Company may be undertaken in jurisdictions in which Luxembourg law does not apply, or where, in the case of disputes, the place of jurisdiction is outside Luxembourg. Any resulting rights and obligations of the Investment Company may differ from those in Luxembourg to the detriment of the Investment Company or the investor.
Political or legal developments, including changes to the legal framework in these jurisdictions, may not be detected by the Investment Company, or may be detected too late, or they may lead to restrictions in terms of acquirable assets or assets that have already been acquired. These conse- quences can also arise when the legal framework for the Investment Company and/or the adminis- tration of the Investment Company in Luxembourg changes. | #### Rischi giuridici e politici
Per la società d’investimento possono essere effettuati investimenti in ordinamenti giuridici nei quali il diritto lussemburghese non è applicato oppure in caso di controversie il foro competente non sia in Lussemburgo. I diritti e i doveri della Società d’investimento che ne risultano possono variare da quelli che ne risulterebbero in Lussem- burgo, a svantaggio della società d’investimento o degli investitori.
Sviluppi politici o giuridici, comprese le variazioni delle condizioni generali giuridiche in tali ordina- menti possono essere riconosciuti troppo tardi dalla Società d’investimento o per nulla ricono- sciuti oppure comportare limitazioni relativamente a valori patrimoniali acquistabili o già acquistati. Tali conseguenze si possono verificare anche in caso di modifica delle condizioni generali giuridiche per la Società d’investimento e/o la gestione della Società d’investimento in Lussemburgo. | #### Legal and political risks
Investments for the Investment Company may be undertaken in jurisdictions in which Luxembourg law does not apply, or where, in the case of disputes, the place of jurisdiction is outside Luxembourg. Any resulting rights and obligations of the Investment Company may differ from those in Luxembourg to the detriment of the Investment Company or the investor.
Political or legal developments, including changes to the legal framework in these jurisdictions, may not be detected by the Investment Company, or may be detected too late, or they may lead to restrictions in terms of acquirable assets or assets that have already been acquired. These conse- quences can also arise when the legal framework for the Investment Company and/or the adminis- tration of the Investment Company in Luxembourg changes. | en | it |
DOLFIN5047 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Except in the cases mentioned above, no personal data is transferred to countries outside the European Union or the European Economic Area, in principle.
By subscribing and/or holding units, investors give their consent – implicitly, at least – for their personal data to be processed in the aforementioned manner, and in particular for such data to be disclosed to and processed by the parties below, including affiliates in countries outside the European Union that may not offer the same protection as Luxembourg data protection law.
The investors hereby acknowledge and accept that the failure to provide the personal data requested by the Management Company within the scope of their existing relationship with the fund may prevent the continued existence of their holding in the fund and may result in a corresponding notification to the relevant Luxembourg authorities by the Management Company.
The investors hereby acknowledge and accept that the Management Company will report all relevant information in connection with their investment in the fund to the Luxembourg tax authorities, who will share this information in an automated procedure with the competent authorities of the relevant countries or other approved jurisdictions in accordance with CRS law or in accordance with relevant European and Luxembourg legislation.
If the personal data provided in connection with an investment in the fund also includes personal data of the investor’s representatives (deputies), authorised signatories or beneficial owners, it is assumed that the investor has obtained the consent of the persons concerned for their personal data to be processed in the aforementioned manner, and in particular for such data to be disclosed to and processed by the above parties, including parties in countries outside the European Union that may not offer the same protection as Luxembourg data protection law.
In accordance with applicable data protection law, investors may apply to access, correct or delete their personal data free of charge at any time. Any such applications should be sent in writing to the Management Company. It is assumed that investors shall inform any representatives (deputies), authorised signatories or beneficial owners whose personal data is processed of these rights.
Although the parties indicated in this Sales Prospectus have taken suitable measures to ensure the confidentiality of personal data, the same level of confidentiality and protection as currently provided by Luxembourg data protection law cannot be guaranteed if the personal data is located in another country, as such data is transferred electronically and is accessible outside of Luxembourg.
The above-mentioned parties assume no responsibility for any unauthorised third party becoming aware of or obtaining access to the personal data, except in cases of deliberate or gross negligence on the part of the above-mentioned parties. | ### Hormis les cas susmentionnés, aucune donnée personnelle n’est par principe transmise dans des pays situés hors de l’Union européenne ou de l’Espace économique européen.
En faisant l’acquisition d’actions et/ou en les possédant, les investisseurs acceptent, au moins tacitement, que leurs données personnelles soient traitées, et en particulier qu’elles soient publiées, mais aussi que ces données soient traitées par les parties sous-mentionnées, y compris les entreprises liées dans des pays situés hors de l’Union européenne ne disposant éventuellement pas de la même protection, comme la législation applicable au Luxembourg en matière de protection des données.
Les investisseurs reconnaissent et acceptent qu’en l’absence de transmission des données personnelles exigées par la société de gestion dans le cadre de leur corrélation avec le fonds, il leur sera impossible de poursuivre leur participation au fonds et que cette information sera éventuellement transmise aux autorités luxembourgeoises par la société de gestion.
Les investisseurs reconnaissent et acceptent que la société de gestion transmette toutes les informations utiles dans le cadre de leur investissement dans le fonds aux autorités fiscales luxembourgeoises qui partagent ensuite ces informations au moyen d’un procédé automatisé avec les autorités compétentes des pays concernés ou d’autres juridictions en vertu de la loi du CRS ou de la réglementation correspondante européenne ou luxembourgeoise.
Dans la mesure où les données personnelles qui sont mises à disposition dans le cadre d’un investissement dans le fond englobent également des données personnelles concernant les représentants, les signataires ou ayants droit économiques de l’investisseur, il est entendu que les investisseurs ont obtenu l’accord des personnes concernées pour que leurs données personnelles soient traitées, et en particulier qu’elles soient publiées, mais aussi que ces données soient traitées par les parties susmentionnées y compris les entreprises liées dans des pays situés hors de l’Union européenne ne disposant éventuellement pas de la même protection, comme la législation applicable au Luxembourg en matière de protection des données.
Conformément à la législation applicable en matière de protection des données, les investisseurs peuvent demander à avoir accès, à rectifier ou à effacer leurs données personnelles à tout moment et gratuitement. Ces demandes doivent être adressées par écrit à la société de gestion. Il est convenu que les investisseurs ont informé de ces droits les éventuels représentants, les signataires ou ayants droit économiques de l’investisseur dont les données personnelles sont traitées.
Même si les parties mentionnées dans ce prospectus ont pris toutes les mesures raisonnables pour garantir la confidentialité des données personnelles, du fait que ces données sont transmises par voie électronique et mises à
disposition hors du Luxembourg, il n’est pas possible d’assurer le même degré de confidentialité et de protection de ces données lorsqu’elles se trouvent à l’étranger que dans le cadre de la législation actuellement applicable au Luxembourg en matière de protection des données.
Les parties susmentionnées déclinent toute responsable si un tiers non autorisé venait à avoir connaissance de données personnelles ou y avait accès hormis en cas de négligence intentionnelle ou grossière de la part des parties susmentionnées. | ### Except in the cases mentioned above, no personal data is transferred to countries outside the European Union or the European Economic Area, in principle.
By subscribing and/or holding units, investors give their consent – implicitly, at least – for their personal data to be processed in the aforementioned manner, and in particular for such data to be disclosed to and processed by the parties below, including affiliates in countries outside the European Union that may not offer the same protection as Luxembourg data protection law.
The investors hereby acknowledge and accept that the failure to provide the personal data requested by the Management Company within the scope of their existing relationship with the fund may prevent the continued existence of their holding in the fund and may result in a corresponding notification to the relevant Luxembourg authorities by the Management Company.
The investors hereby acknowledge and accept that the Management Company will report all relevant information in connection with their investment in the fund to the Luxembourg tax authorities, who will share this information in an automated procedure with the competent authorities of the relevant countries or other approved jurisdictions in accordance with CRS law or in accordance with relevant European and Luxembourg legislation.
If the personal data provided in connection with an investment in the fund also includes personal data of the investor’s representatives (deputies), authorised signatories or beneficial owners, it is assumed that the investor has obtained the consent of the persons concerned for their personal data to be processed in the aforementioned manner, and in particular for such data to be disclosed to and processed by the above parties, including parties in countries outside the European Union that may not offer the same protection as Luxembourg data protection law.
In accordance with applicable data protection law, investors may apply to access, correct or delete their personal data free of charge at any time. Any such applications should be sent in writing to the Management Company. It is assumed that investors shall inform any representatives (deputies), authorised signatories or beneficial owners whose personal data is processed of these rights.
Although the parties indicated in this Sales Prospectus have taken suitable measures to ensure the confidentiality of personal data, the same level of confidentiality and protection as currently provided by Luxembourg data protection law cannot be guaranteed if the personal data is located in another country, as such data is transferred electronically and is accessible outside of Luxembourg.
The above-mentioned parties assume no responsibility for any unauthorised third party becoming aware of or obtaining access to the personal data, except in cases of deliberate or gross negligence on the part of the above-mentioned parties. | en | fr |
DOLFIN5048 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Flossbach von Storch
Combined Annual Report 1)
for Flossbach von Storch with the following sub-funds
Flossbach von Storch - Global Quality, Flossbach von Storch - Global Convertible Bond, Flossbach von Storch - Bond Opportunities, Flossbach von Storch - Currency Diversification Bond, Flossbach von Storch - Dividend, Flossbach von Storch - Der erste Schritt, Flossbach von Storch - Multiple Opportunities II, Flossbach von Storch - Global Emerging Markets Equities, Flossbach von Storch - Multi Asset - Defensive, Flossbach von Storch - Multi Asset - Balanced, Flossbach von Storch - Multi Asset
- Growth, Flossbach von Storch - Foundation Defensive und Flossbach von Storch - Foundation Growth
| Composition of net fund assets | |
| --- | --- |
| as at 30 September 2021 |
| | EUR |
| Securities holdings (acquisition cost of securities: EUR 23,061,502,008.39) | 25,748,292,704.64 |
| Options | 7,221,472.10 |
| Bank balances 2) | 2,270,743,798.62 |
| Unrealised profits on futures contracts | 7,771,316.12 |
| Unrealised profits from forward exchange transactions | 7,003.34 |
| Interest receivables | 44,664,835.03 |
| Dividend receivables | 7,018,800.68 |
| Receivables from the sale of units | 52,416,771.33 |
| Receivables from securities transactions | 131,686,261.56 |
| Receivables from currency transactions | 170,221,075.36 |
| Other receivables 3) | 3,733,072.57 |
| | 28,443,777,111.35 |
| Options | -226,472.36 |
| Payables from the redemption of units | -24,692,770.83 |
| Unrealised losses from forward exchange transactions | -106,001,897.68 |
| Interest payable | -2,236,408.18 |
| Payables from securities transactions | -55,665,914.15 |
| Payables from currency transactions | -170,259,897.54 |
| Other liabilities 4) | -141,958,357.40 |
| | -501,041,718.14 |
| Net fund assets | 27,942,735,393.21 |
1) The consolidation of the umbrella Flossbach von Storch is determined using the gross method. If the net method had been applied, the combined net asset value would be reduced by EUR 53,133,890.00 to EUR 27,889,601,503.21. This results from the investment of the sub-fund Flossbach von Storch - Multi Asset - Defensive in units of the sub-fund Flossbach von Storch - Global Emerging Markets Equities, as well as from the investment of the sub-fund Flossbach von Storch - Multi Asset - Balanced in units of Flossbach von Storch - Global Emerging Markets Equities and from the investment of the sub-fund Flossbach von Storch - Multi Asset - Growth in units Flossbach von Storch - Global Emerging Markets Equities.
2) See the notes to the annual report.
3) This item mainly comprises receivables in connection with futures contracts.
4) This item mainly comprises performance and management fees.
| FLOSSBACH VON STORCH | |
| --- | --- |
| Change in net fund assets in the reporting period from 1 October 2020 to 30 September 2021 | EUR |
| Net fund assets at the start of the reporting period | 23,407,396,176.90 |
| Ordinary net expenditure | -115,369,251.00 |
| Income and expense equalisation | 11,286,345.53 |
| Cash inflows from the sale of units | 9,052,708,015.48 |
| Cash inflows from merger 1) | 4,650,314.10 |
| Cash outflows from the redemption of units | -5,844,506,261.36 |
| Cash outflows from merger 2) | -4,650,314.10 |
| Realised profits | 1,540,949,625.30 |
| Realised losses | -802,593,561.16 |
| Net change in unrealised profits | 759,664,666.19 |
| Net change in unrealised losses | 72,972,035.52 |
| Distribution | -139,772,398.19 |
| Net fund assets at the end of the reporting period | 27,942,735,393.21 |
1) Cash inflows from the merger of the unit class Flossbach von Storch - Multiple Opportunities II CHF-H with the unit class Flossbach von Storch - Multiple Opportunities II CHF-HT (absorbing unit class), cash inflows from the merger of the unit class Flossbach von Storch - Multi Asset - Balanced H with the unit class Flossbach von Storch - Multi Asset - Balanced HT (absorbing unit class), as well as cash inflows from the merger of the unit class Flossbach von Storch - Multi Asset - Growth H with the unit class Flossbach von Storch - Multi Asset - Growth HT (absorbing unit class).
2) Cash outflows from the merger of the unit class Flossbach von Storch - Multiple Opportunities II CHF-H with the unit class Flossbach von Storch
- Multiple Opportunities II CHF-HT (absorbing unit class), cash outflows from the merger of the unit class Flossbach von Storch - Multi Asset - Balanced H with the unit class Flossbach von Storch - Multi Asset - Balanced HT (absorbing unit class), as well as cash outflows from the merger of the unit class Flossbach von Storch - Multi Asset - Growth H with the unit class Flossbach von Storch - Multi Asset - Growth HT (absorbing unit class).
| FLOSSBACH VON STORCH | |
| --- | --- |
| Statement of income and expenses in the reporting period from 1 October 2020 to 30 September 2021 | EUR |
| Income | |
| Dividends | 190,877,820.74 |
| Income from investment fund units | 355,000.00 |
| Interest on bonds | 142,257,233.91 |
| Income from withholding tax reimbursement | 1,178,952.91 |
| Bank interest | -12,569,251.79 |
| Trailer fees | 581,563.47 |
| Other income | 16,725.89 |
| Income equalisation | 10,464,002.81 |
| Total income | 333,162,047.94 |
| Expenses | |
| Interest expense | -149,244.64 |
| Performance fee | -111,007,424.64 |
| Management fee / fund management fee | -290,435,397.48 |
| Depositary fee | -4,681,094.50 |
| Central administration agent fee | -2,001,597.55 |
| Taxe d’abonnement | -12,984,727.81 |
| Publication and auditing costs | -305,868.83 |
| Typesetting, printing and dispatch costs for the annual and semi-annual reports | -106,229.16 |
| Registrar and transfer agent fee | -685,858.61 |
| State fees | -90,194.97 |
| Other expenses 1) | -4,333,312.41 |
| Expense equalisation | -21,750,348.34 |
| Total expenses | -448,531,298.94 |
| Ordinary net expenditure | -115,369,251.00 |
1) This item mainly comprises sub-depositary fees and provisions for Belgian taxes. | # Flossbach von Storch
Zusammengefasster Jahresbericht 1)
des Flossbach von Storch mit den Teilfonds
Flossbach von Storch - Global Quality, Flossbach von Storch - Global Convertible Bond, Flossbach von Storch - Bond Opportunities, Flossbach von Storch - Currency Diversification Bond, Flossbach von Storch - Dividend, Flossbach von Storch - Der erste Schritt, Flossbach von Storch - Multiple Opportunities II, Flossbach von Storch - Global Emerging Markets Equities, Flossbach von Storch - Multi Asset - Defensive, Flossbach von Storch - Multi Asset - Balanced, Flossbach von Storch - Multi Asset
- Growth, Flossbach von Storch - Foundation Defensive und Flossbach von Storch - Foundation Growth
| Zusammensetzung des Netto-Fondsvermögens | |
| --- | --- |
| zum 30. September 2021 |
| | EUR |
| Wertpapiervermögen (Wertpapiereinstandskosten: EUR 23.061.502.008,39) | 25.748.292.704,64 |
| Optionen | 7.221.472,10 |
| Bankguthaben 2) | 2.270.743.798,62 |
| Nicht realisierte Gewinne aus Terminkontrakten | 7.771.316,12 |
| Nicht realisierte Gewinne aus Devisentermingeschäften | 7.003,34 |
| Zinsforderungen | 44.664.835,03 |
| Dividendenforderungen | 7.018.800,68 |
| Forderungen aus Absatz von Anteilen | 52.416.771,33 |
| Forderungen aus Wertpapiergeschäften | 131.686.261,56 |
| Forderungen aus Devisengeschäften | 170.221.075,36 |
| Sonstige Forderungen 3) | 3.733.072,57 |
| | 28.443.777.111,35 |
| Optionen | -226.472,36 |
| Verbindlichkeiten aus Rücknahmen von Anteilen | -24.692.770,83 |
| Nicht realisierte Verluste aus Devisentermingeschäften | -106.001.897,68 |
| Zinsverbindlichkeiten | -2.236.408,18 |
| Verbindlichkeiten aus Wertpapiergeschäften | -55.665.914,15 |
| Verbindlichkeiten aus Devisengeschäften | -170.259.897,54 |
| Sonstige Passiva 4) | -141.958.357,40 |
| | -501.041.718,14 |
| Netto-Fondsvermögen | 27.942.735.393,21 |
1) Die Zusammenfassung des Flossbach von Storch Umbrella ist nach der Brutto-Methode ermittelt. Wäre die Netto-Methode angewendet worden, würde sich der zusammengefasste Nettovermögenswert um EUR 53.133.890,00 auf EUR 27.889.601.503,21 reduzieren. Dies resultiert aus der Investition des Teilfonds Flossbach von Storch - Multi Asset - Defensive in Anteile des Teilfonds Flossbach von Storch - Global Emerging Markets Equities sowie aus der Investition des Teilfonds Flossbach von Storch - Multi Asset - Balanced in Anteile des Teilfonds Flossbach von Storch - Global Emerging Markets Equities und aus der Investition des Teilfonds Flossbach von Storch - Multi Asset - Growth in Anteile des Teilfonds Flossbach von Storch - Global Emerging Markets Equities.
2) Siehe Erläuterungen zum Jahresbericht.
3) Diese Position setzt sich im Wesentlichen zusammen aus Forderungen in Zusammenhang mit Terminkontrakten.
4) Diese Position setzt sich im Wesentlichen zusammen aus Performancevergütung und Verwaltungsvergütung.
| FLOSSBACH VON STORCH | |
| --- | --- |
| Veränderung des Netto-Fondsvermögens im Berichtszeitraum vom 1. Oktober 2020 bis zum 30. September 2021 | EUR |
| Netto-Fondsvermögen zu Beginn des Berichtszeitraumes | 23.407.396.176,90 |
| Ordentlicher Nettoaufwand | -115.369.251,00 |
| Ertrags- und Aufwandsausgleich | 11.286.345,53 |
| Mittelzuflüsse aus Anteilverkäufen | 9.052.708.015,48 |
| Mittelzuflüsse aus Fusion 1) | 4.650.314,10 |
| Mittelabflüsse aus Anteilrücknahmen | -5.844.506.261,36 |
| Mittelabflüsse aus Fusion 2) | -4.650.314,10 |
| Realisierte Gewinne | 1.540.949.625,30 |
| Realisierte Verluste | -802.593.561,16 |
| Nettoveränderung nicht realisierter Gewinne | 759.664.666,19 |
| Nettoveränderung nicht realisierter Verluste | 72.972.035,52 |
| Ausschüttung | -139.772.398,19 |
| Netto-Fondsvermögen zum Ende des Berichtszeitraumes | 27.942.735.393,21 |
1) Mittelzuflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch - Multiple Opportunities II CHF-H mit der Anteilklasse Flossbach von Storch - Multiple Opportunities II CHF-HT (die aufnehmende Anteilklasse), Mittelzuflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch - Multi Asset – Balanced H mit der Anteilklasse Flossbach von Storch - Multi Asset - Balanced HT (die aufnehmende Anteilklasse) sowie Mittelzuflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch - Multi Asset - Growth H mit der Anteilklasse Flossbach von Storch - Multi Asset - Growth HT (die aufnehmende Anteilklasse).
2) Mittelabflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch - Multiple Opportunities II CHF-H mit der Anteilklasse Flossbach von Storch - Multiple Opportunities II CHF-HT (aufnehmende Anteilklasse), Mittelabflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch
- Multi Asset - Balanced H mit der Anteilklasse Flossbach von Storch - Multi Asset - Balanced HT (aufnehmende Anteilklasse) sowie Mittelabflüsse aus Verschmelzung der Anteilklasse Flossbach von Storch - Multi Asset - Growth H mit der Anteilklasse Flossbach von Storch - Multi Asset - Growth HT (aufnehmende Anteilklasse).
| FLOSSBACH VON STORCH | |
| --- | --- |
| Ertrags- und Aufwandsrechnung im Berichtszeitraum vom 1. Oktober 2020 bis zum 30. September 2021 | EUR |
| Erträge | |
| Dividenden | 190.877.820,74 |
| Erträge aus Investmentanteilen | 355.000,00 |
| Zinsen auf Anleihen | 142.257.233,91 |
| Erträge aus Quellensteuerrückerstattung | 1.178.952,91 |
| Bankzinsen | -12.569.251,79 |
| Bestandsprovisionen | 581.563,47 |
| Sonstige Erträge | 16.725,89 |
| Ertragsausgleich | 10.464.002,81 |
| Erträge insgesamt | 333.162.047,94 |
| Aufwendungen | |
| Zinsaufwendungen | -149.244,64 |
| Performancevergütung | -111.007.424,64 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -290.435.397,48 |
| Verwahrstellenvergütung | -4.681.094,50 |
| Zentralverwaltungsstellenvergütung | -2.001.597,55 |
| Taxe d'abonnement | -12.984.727,81 |
| Veröffentlichungs- und Prüfungskosten | -305.868,83 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -106.229,16 |
| Register- und Transferstellenvergütung | -685.858,61 |
| Staatliche Gebühren | -90.194,97 |
| Sonstige Aufwendungen 1) | -4.333.312,41 |
| Aufwandsausgleich | -21.750.348,34 |
| Aufwendungen insgesamt | -448.531.298,94 |
| Ordentlicher Nettoaufwand | -115.369.251,00 |
1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und Belgische Steuerrückstellungen. | # Flossbach von Storch
Combined Annual Report 1)
for Flossbach von Storch with the following sub-funds
Flossbach von Storch - Global Quality, Flossbach von Storch - Global Convertible Bond, Flossbach von Storch - Bond Opportunities, Flossbach von Storch - Currency Diversification Bond, Flossbach von Storch - Dividend, Flossbach von Storch - Der erste Schritt, Flossbach von Storch - Multiple Opportunities II, Flossbach von Storch - Global Emerging Markets Equities, Flossbach von Storch - Multi Asset - Defensive, Flossbach von Storch - Multi Asset - Balanced, Flossbach von Storch - Multi Asset
- Growth, Flossbach von Storch - Foundation Defensive und Flossbach von Storch - Foundation Growth
| Composition of net fund assets | |
| --- | --- |
| as at 30 September 2021 |
| | EUR |
| Securities holdings (acquisition cost of securities: EUR 23,061,502,008.39) | 25,748,292,704.64 |
| Options | 7,221,472.10 |
| Bank balances 2) | 2,270,743,798.62 |
| Unrealised profits on futures contracts | 7,771,316.12 |
| Unrealised profits from forward exchange transactions | 7,003.34 |
| Interest receivables | 44,664,835.03 |
| Dividend receivables | 7,018,800.68 |
| Receivables from the sale of units | 52,416,771.33 |
| Receivables from securities transactions | 131,686,261.56 |
| Receivables from currency transactions | 170,221,075.36 |
| Other receivables 3) | 3,733,072.57 |
| | 28,443,777,111.35 |
| Options | -226,472.36 |
| Payables from the redemption of units | -24,692,770.83 |
| Unrealised losses from forward exchange transactions | -106,001,897.68 |
| Interest payable | -2,236,408.18 |
| Payables from securities transactions | -55,665,914.15 |
| Payables from currency transactions | -170,259,897.54 |
| Other liabilities 4) | -141,958,357.40 |
| | -501,041,718.14 |
| Net fund assets | 27,942,735,393.21 |
1) The consolidation of the umbrella Flossbach von Storch is determined using the gross method. If the net method had been applied, the combined net asset value would be reduced by EUR 53,133,890.00 to EUR 27,889,601,503.21. This results from the investment of the sub-fund Flossbach von Storch - Multi Asset - Defensive in units of the sub-fund Flossbach von Storch - Global Emerging Markets Equities, as well as from the investment of the sub-fund Flossbach von Storch - Multi Asset - Balanced in units of Flossbach von Storch - Global Emerging Markets Equities and from the investment of the sub-fund Flossbach von Storch - Multi Asset - Growth in units Flossbach von Storch - Global Emerging Markets Equities.
2) See the notes to the annual report.
3) This item mainly comprises receivables in connection with futures contracts.
4) This item mainly comprises performance and management fees.
| FLOSSBACH VON STORCH | |
| --- | --- |
| Change in net fund assets in the reporting period from 1 October 2020 to 30 September 2021 | EUR |
| Net fund assets at the start of the reporting period | 23,407,396,176.90 |
| Ordinary net expenditure | -115,369,251.00 |
| Income and expense equalisation | 11,286,345.53 |
| Cash inflows from the sale of units | 9,052,708,015.48 |
| Cash inflows from merger 1) | 4,650,314.10 |
| Cash outflows from the redemption of units | -5,844,506,261.36 |
| Cash outflows from merger 2) | -4,650,314.10 |
| Realised profits | 1,540,949,625.30 |
| Realised losses | -802,593,561.16 |
| Net change in unrealised profits | 759,664,666.19 |
| Net change in unrealised losses | 72,972,035.52 |
| Distribution | -139,772,398.19 |
| Net fund assets at the end of the reporting period | 27,942,735,393.21 |
1) Cash inflows from the merger of the unit class Flossbach von Storch - Multiple Opportunities II CHF-H with the unit class Flossbach von Storch - Multiple Opportunities II CHF-HT (absorbing unit class), cash inflows from the merger of the unit class Flossbach von Storch - Multi Asset - Balanced H with the unit class Flossbach von Storch - Multi Asset - Balanced HT (absorbing unit class), as well as cash inflows from the merger of the unit class Flossbach von Storch - Multi Asset - Growth H with the unit class Flossbach von Storch - Multi Asset - Growth HT (absorbing unit class).
2) Cash outflows from the merger of the unit class Flossbach von Storch - Multiple Opportunities II CHF-H with the unit class Flossbach von Storch
- Multiple Opportunities II CHF-HT (absorbing unit class), cash outflows from the merger of the unit class Flossbach von Storch - Multi Asset - Balanced H with the unit class Flossbach von Storch - Multi Asset - Balanced HT (absorbing unit class), as well as cash outflows from the merger of the unit class Flossbach von Storch - Multi Asset - Growth H with the unit class Flossbach von Storch - Multi Asset - Growth HT (absorbing unit class).
| FLOSSBACH VON STORCH | |
| --- | --- |
| Statement of income and expenses in the reporting period from 1 October 2020 to 30 September 2021 | EUR |
| Income | |
| Dividends | 190,877,820.74 |
| Income from investment fund units | 355,000.00 |
| Interest on bonds | 142,257,233.91 |
| Income from withholding tax reimbursement | 1,178,952.91 |
| Bank interest | -12,569,251.79 |
| Trailer fees | 581,563.47 |
| Other income | 16,725.89 |
| Income equalisation | 10,464,002.81 |
| Total income | 333,162,047.94 |
| Expenses | |
| Interest expense | -149,244.64 |
| Performance fee | -111,007,424.64 |
| Management fee / fund management fee | -290,435,397.48 |
| Depositary fee | -4,681,094.50 |
| Central administration agent fee | -2,001,597.55 |
| Taxe d’abonnement | -12,984,727.81 |
| Publication and auditing costs | -305,868.83 |
| Typesetting, printing and dispatch costs for the annual and semi-annual reports | -106,229.16 |
| Registrar and transfer agent fee | -685,858.61 |
| State fees | -90,194.97 |
| Other expenses 1) | -4,333,312.41 |
| Expense equalisation | -21,750,348.34 |
| Total expenses | -448,531,298.94 |
| Ordinary net expenditure | -115,369,251.00 |
1) This item mainly comprises sub-depositary fees and provisions for Belgian taxes. | en | de |
DOLFIN5049 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations Pratiques
Le dépositaire du Fonds est J.P. Morgan SE – Dublin Branch.
Des informations complémentaires sur le Fonds sont disponibles dans les rapports annuels et semestriels les plus récents de BlackRock Fixed Income Dublin Funds plc (BFIDF). Ces documents sont disponibles gratuitement en anglais et certaines autres langues. Ils peuvent être obtenus, ainsi que d'autres informations telles que le prix des parts de fonds, sur le site Internet de BlackRock, www.blackrock.com, sur le site Internet d'iShares, www.ishares.com, ou en appelant les Services aux Investisseurs Internationaux au +353 1612 3394.
Les investisseurs sont priés de noter que la législation fiscale applicable au Fonds peut avoir un impact sur la situation fiscale de leur investissement dans le Fonds.
Le Fonds est un compartiment de BFIDF, une SICAV à compartiments. Le présent document est spécifique au Fonds et à la catégorie de parts de fonds mentionnés au début du présent document. Le prospectus et les rapports annuels et semestriels, par contre, sont préparés pour la SICAV.
La responsabilité de BFIDF ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
En vertu du droit irlandais, les passifs des compartiments de BFIDF sont séparés (c'est-à-dire que les actifs du Fonds ne seront pas utilisés pour acquitter les passifs d'autres compartiments de BFIDF). En outre, les actifs du Fonds sont détenus séparément des actifs des autres compartiments.
Les investisseurs peuvent échanger leurs parts du Fonds contre des parts de fonds d'un autre compartiment de BFIDF, sous réserve du respect de certaines conditions comme il est mentionné dans le prospectus.
La Politique de rémunération de la Société de gestion, qui décrit les modalités de définition et d'attribution des rémunérations et des avantages ainsi que les modalités de gouvernance connexes, sera disponible sur le site www.blackrock.com/Remunerationpolicy ou sur demande auprès du siège social de la Société de gestion.
Le présent Fonds et son gestionnaire, BlackRock Asset Management Ireland Limited, sont agréés en Irlande et réglementés par la Banque centrale d'Irlande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 01 juin 2022 | # Información Práctica
El depositario del Fondo es J.P. Morgan SE – Dublin Branch.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Fixed Income Dublin Funds plc (BFIDF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com, en el sitio web de iShares cuya dirección es www.ishares.com, o llamando al equipo Internacional de Servicios al Inversor en el +353 1612 3394.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BFIDF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BFIDF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación irlandesa, BFIDF mantiene responsabilidad segregada entre sus compartimentos (es decir, los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BFIDF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BFIDF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
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 01 junio 2022 | # Informations Pratiques
Le dépositaire du Fonds est J.P. Morgan SE – Dublin Branch.
Des informations complémentaires sur le Fonds sont disponibles dans les rapports annuels et semestriels les plus récents de BlackRock Fixed Income Dublin Funds plc (BFIDF). Ces documents sont disponibles gratuitement en anglais et certaines autres langues. Ils peuvent être obtenus, ainsi que d'autres informations telles que le prix des parts de fonds, sur le site Internet de BlackRock, www.blackrock.com, sur le site Internet d'iShares, www.ishares.com, ou en appelant les Services aux Investisseurs Internationaux au +353 1612 3394.
Les investisseurs sont priés de noter que la législation fiscale applicable au Fonds peut avoir un impact sur la situation fiscale de leur investissement dans le Fonds.
Le Fonds est un compartiment de BFIDF, une SICAV à compartiments. Le présent document est spécifique au Fonds et à la catégorie de parts de fonds mentionnés au début du présent document. Le prospectus et les rapports annuels et semestriels, par contre, sont préparés pour la SICAV.
La responsabilité de BFIDF ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
En vertu du droit irlandais, les passifs des compartiments de BFIDF sont séparés (c'est-à-dire que les actifs du Fonds ne seront pas utilisés pour acquitter les passifs d'autres compartiments de BFIDF). En outre, les actifs du Fonds sont détenus séparément des actifs des autres compartiments.
Les investisseurs peuvent échanger leurs parts du Fonds contre des parts de fonds d'un autre compartiment de BFIDF, sous réserve du respect de certaines conditions comme il est mentionné dans le prospectus.
La Politique de rémunération de la Société de gestion, qui décrit les modalités de définition et d'attribution des rémunérations et des avantages ainsi que les modalités de gouvernance connexes, sera disponible sur le site www.blackrock.com/Remunerationpolicy ou sur demande auprès du siège social de la Société de gestion.
Le présent Fonds et son gestionnaire, BlackRock Asset Management Ireland Limited, sont agréés en Irlande et réglementés par la Banque centrale d'Irlande. Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 01 juin 2022 | fr | es |
DOLFIN5050 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Where the Sub-Investment Manager determines it is appropriate in its sole discretion in the light of the Trading Strategy as a whole, positions in securities of companies not yet currently involved in announced merger and acquisition transactions but the price of which is or can be affected by anticipated acquisition or restructuring may also be taken from time to time.
Corporate arbitrage involves trading in securities of companies which are in the process of, or may be subject to, some form of acquisition or restructuring in the expectation that a profit can be made in a relatively predictable span of time in connection with the events related to the acquisition or restructuring. Corporate Events can give rise to superior investment opportunities because capital markets may frequently be inefficient and the current market price of the security may not reflect the value (appropriately discounted to take into account time and uncertainty) of the cash or securities to be received if the anticipated restructuring is consummated. The Strategy Portfolio seeks to derive its profit by realizing the price differential between the cost of purchasing securities in the Strategy Portfolio and the value ultimately received upon their disposition.
In addition, in transactions involving the exchange of securities, in order to hedge against the risk of market fluctuations in the securities to be received, the Strategy Portfolio may sell short securities of the acquiring company or may buy put options or sell call options on such securities. The Strategy Portfolio may also hedge risks of volatility of securities markets by purchasing or selling interest rate futures or contracts on a share index.
The “long” positions of the Strategy Portfolio are expected to be within a range of 50% to 250% of the net assets of the Strategy Portfolio and the “short” positions are expected to be within a range of 0% to 250% of the net assets of the Strategy Portfolio. | Si le Gestionnaire des investissements par délégation le juge approprié, à sa seule discrétion au regard de la Stratégie de Trading dans son ensemble, des positions sur des titres de sociétés qui ne sont pas encore impliquées dans ces opérations, mais dont le prix est ou peut être affecté par une acquisition ou une restructuration anticipée, peuvent être prises de temps à autre.
Les opérations d'arbitrage impliquent d'investir dans des titres de sociétés qui font, ou peuvent faire l'objet, de tout type d'acquisition ou de restructuration, dans l'espoir d'en retirer un profit dans un laps de temps relativement prévisible, dans le cadre d'événements liés à l'acquisition ou la restructuration. Les Évènements de la société peuvent offrir des opportunités d'investissement intéressantes en raison de l'inefficacité des marchés financiers : le cours d'un titre peut ne pas refléter la valeur (correctement actualisée en prenant en compte le moment et l'incertitude) du titre qui sera reçue si la restructuration anticipée a lieu. Le Portefeuille de Stratégie cherche à obtenir un profit en tirant parti de l'écart de prix entre le coût d'achat des titres dans le Portefeuille de la Stratégie et la valeur finalement reçue au moment de leur cession.
En outre, dans le cadre d'opérations impliquant l'échange de titres, afin de couvrir le risque de fluctuations du marché des titres qui seront reçus, le Portefeuille de Stratégie peut vendre à découvert des titres de la société acquéreuse ou acheter des options de vente ou vendre des options d’achat sur ces titres. Le Portefeuille de Stratégie peut aussi couvrir les risques de volatilité des marchés des titres en achetant ou en vendant des contrats à terme de taux d'intérêt ou des contrats sur un indice d'actions.
Les positions « longues » du Portefeuille de Stratégie devraient se situer entre 50% et 250% de ses actifs nets, et les positions « courtes », entre 0 % et 250% de ses actifs nets. | Where the Sub-Investment Manager determines it is appropriate in its sole discretion in the light of the Trading Strategy as a whole, positions in securities of companies not yet currently involved in announced merger and acquisition transactions but the price of which is or can be affected by anticipated acquisition or restructuring may also be taken from time to time.
Corporate arbitrage involves trading in securities of companies which are in the process of, or may be subject to, some form of acquisition or restructuring in the expectation that a profit can be made in a relatively predictable span of time in connection with the events related to the acquisition or restructuring. Corporate Events can give rise to superior investment opportunities because capital markets may frequently be inefficient and the current market price of the security may not reflect the value (appropriately discounted to take into account time and uncertainty) of the cash or securities to be received if the anticipated restructuring is consummated. The Strategy Portfolio seeks to derive its profit by realizing the price differential between the cost of purchasing securities in the Strategy Portfolio and the value ultimately received upon their disposition.
In addition, in transactions involving the exchange of securities, in order to hedge against the risk of market fluctuations in the securities to be received, the Strategy Portfolio may sell short securities of the acquiring company or may buy put options or sell call options on such securities. The Strategy Portfolio may also hedge risks of volatility of securities markets by purchasing or selling interest rate futures or contracts on a share index.
The “long” positions of the Strategy Portfolio are expected to be within a range of 50% to 250% of the net assets of the Strategy Portfolio and the “short” positions are expected to be within a range of 0% to 250% of the net assets of the Strategy Portfolio. | en | fr |
DOLFIN5051 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# CHARGES
### Ongoing charges
| Class A - BE0171618250: 0.41 % |
| --- |
| Class B - BE0171619266: 0.50 % |
## The ongoing charges, calculated in accordance with the provisions of European Commission Regulation 583/2010 of 1 July 2010.
These charges include transaction fees incurred by the sub-fund when it subscribes to and/or sells units of another fund, but do not include either (i) the fees incurred by the sub-fund when it makes investments other than subscriptions/sales of units of funds or, where applicable, (ii) the performance fee
## These charges are based on the fees charged in fund accounting for one year prior to the end of the period under review.
In the event of a change in the cost structure during the financial year or if the share class is issued during the financial year, the amount of the reported current expenses is calculated on the basis of an estimate based on the expected total amount of the annual expenses (which could be determined by comparison with a similar class).
| Fee sharing |
| --- |
| As at 31 December 2020, 8,93% of the remuneration due to the Fund Manager was retroceeded to some other distributors, third parties and the Banque Degroof Petercam or one of its subsidiaries. |
- | # FRAIS
### Frais courants
| Classe A - BE0171618250: 0,41 % |
| --- |
| Classe B - BE0171619266: 0,50 % |
## Le montant des frais courants communiqué est calculé conformément aux dispositions du Règlement 583/2010 de la Commission Européenne du 1er juillet 2010.
Ces frais incluent les frais de transaction pris en charge par le compartiment lorsqu'il souscrit et/ou vend des parts d'un autre fonds mais n'incluent ni (i) les frais supportés par le compartiment lorsqu'il effectue des placements autres que souscriptions/ventes de parts de fonds ni, le cas échéant, (ii) la commission de performance.
## Ces frais se basent sur les frais imputés dans la comptabilité des fonds durant un an avant la fin de la période sous revue.
En cas de changement de la structure de coût en cours d'exercice ou lorsque la classe d'action est émise pendant l'exercice comptable, le montant des frais courants communiqué est calculé sur base d'une estimation fondée sur le montant total attendu des frais annuels (lequel pourrait être déterminé par comparaison avec une classe similaire).
| Fee sharing |
| --- |
| Au 31 décembre 2020, 8,93% de la rémunération due au gestionnaire a été rétrocédée à d'autres distributeurs, des tierces parties et Banque Degroof Petercam ou l'une de ses filiales. |
- | # CHARGES
### Ongoing charges
| Class A - BE0171618250: 0.41 % |
| --- |
| Class B - BE0171619266: 0.50 % |
## The ongoing charges, calculated in accordance with the provisions of European Commission Regulation 583/2010 of 1 July 2010.
These charges include transaction fees incurred by the sub-fund when it subscribes to and/or sells units of another fund, but do not include either (i) the fees incurred by the sub-fund when it makes investments other than subscriptions/sales of units of funds or, where applicable, (ii) the performance fee
## These charges are based on the fees charged in fund accounting for one year prior to the end of the period under review.
In the event of a change in the cost structure during the financial year or if the share class is issued during the financial year, the amount of the reported current expenses is calculated on the basis of an estimate based on the expected total amount of the annual expenses (which could be determined by comparison with a similar class).
| Fee sharing |
| --- |
| As at 31 December 2020, 8,93% of the remuneration due to the Fund Manager was retroceeded to some other distributors, third parties and the Banque Degroof Petercam or one of its subsidiaries. |
- | en | fr |
DOLFIN5052 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Les termes commençant par une lettre majuscule employés dans cette section auront la signification qui leur est attribuée dans la Loi FATCA, sauf mention contraire.
Le Fonds peut être assujetti à la législation FATCA qui exige généralement la déclaration à l’administration fiscale américaine (U.S. Internal Revenue Service) des établissements financiers non américains ne se conformant pas à la Loi FATCA et la propriété directe ou indirecte par des Ressortissants américains d’entités non américaines. Dans le cadre du processus de mise en œuvre de la FATCA, le gouvernement américain a négocié des accords intergouvernementaux avec certaines juridictions étrangères ayant pour objet de rationaliser les exigences de déclaration et de conformité pour les entités établies dans lesdites juridictions étrangères et assujetties à la FATCA.
Le Luxembourg a conclu un Accord intergouvernemental (« AIG ») de Modèle I mis en œuvre par la Loi FATCA qui exige que les Établissements financiers situés au Luxembourg déclarent, lorsque cela est nécessaire, des informations concernant les Comptes financiers détenus par des Ressortissants américains spécifiés, le cas échéant, aux autorités fiscales luxembourgeoises (administration des contributions directes). | ## Los términos en mayúscula utilizados en esta sección deben tener el significado que se establece en la Ley FATCA, a menos que se indique lo contrario.
El Fondo puede estar sujeto a la denominada legislación FATCA que generalmente requiere informar al Servicio de Impuestos Internos de EE. UU. sobre instituciones financieras no estadounidenses y que no cumplan con la FATCA y con la propiedad directa o indirecta de ciudadanos estadounidenses de entidades que no sean de EE. UU. Como parte del proceso de implementación de la FATCA, el gobierno de EE. UU. ha negociado acuerdos intergubernamentales con determinadas jurisdicciones extranjeras que pretenden simplificar los requisitos de información y de cumplimiento para las entidades establecidas en dichas jurisdicciones extranjeras y sujetas a la FATCA.
Luxemburgo ha celebrado un Acuerdo Intergubernamental Modelo I (“IGA”) implementado por la Ley FATCA que exige a las Instituciones financieras ubicadas en Luxemburgo que informen, cuando sea necesario, sobre las Cuentas financieras mantenidas por Ciudadanos estadounidenses determinados, si las hubiere, a las autoridades fiscales luxemburguesas (administration des contributions directes). | ## Les termes commençant par une lettre majuscule employés dans cette section auront la signification qui leur est attribuée dans la Loi FATCA, sauf mention contraire.
Le Fonds peut être assujetti à la législation FATCA qui exige généralement la déclaration à l’administration fiscale américaine (U.S. Internal Revenue Service) des établissements financiers non américains ne se conformant pas à la Loi FATCA et la propriété directe ou indirecte par des Ressortissants américains d’entités non américaines. Dans le cadre du processus de mise en œuvre de la FATCA, le gouvernement américain a négocié des accords intergouvernementaux avec certaines juridictions étrangères ayant pour objet de rationaliser les exigences de déclaration et de conformité pour les entités établies dans lesdites juridictions étrangères et assujetties à la FATCA.
Le Luxembourg a conclu un Accord intergouvernemental (« AIG ») de Modèle I mis en œuvre par la Loi FATCA qui exige que les Établissements financiers situés au Luxembourg déclarent, lorsque cela est nécessaire, des informations concernant les Comptes financiers détenus par des Ressortissants américains spécifiés, le cas échéant, aux autorités fiscales luxembourgeoises (administration des contributions directes). | fr | es |
DOLFIN5053 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Sub-fund may invest up to 100% of its assets in debt securities and money-market instruments in order to gain exposure to bond or money markets. In addition, the Sub-fund may gain indirect exposure to bond or money markets through derivatives or UCIs.
The Sub-fund may invest up to 100% of its net assets in public debt securities issued by OECD or European Union member states, without restriction as to their maturity or rating, and up to 100% of its net assets in public debt securities issued by non-OECD and European Union emerging countries, without restriction as to their maturity and rated “Investment Grade” (rating higher than or equal to BBB- according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
Investment in private debt securities rated “Investment Grade” may be as high as 100% of the Sub-fund’s net assets, without restriction as to their maturity or geographical area.
The Sub-fund may also invest up to 25% of its net assets in securities belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating of A3 according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company) issued by private sector companies, without restriction as to their maturity or geographical area. Up to 25% of its net assets in public debt securities belonging to the High Yield category issued by non-OECD and European Union emerging countries. Total investment in “High Yield” class debt issued by private sector companies and by non-OECD and European Union emerging countries may not exceed 30% of net assets.
The Sub-fund’s sensitivity to interest rates may fluctuate between -2 and +4.
Equities:
The Sub-fund may invest in all equity markets, in shares with or without voting rights, of all capitalisations and from any geographical region or business sector. The Sub-fund’s exposure range to the equity market will be between - 10% and +15% of its net assets. In addition, the Sub-fund may be exposed to equities indirectly through forward financial instruments and UCIs, including exchange-traded funds.
Currencies:
The Sub-fund may invest up to 40% of its net assets in securities issued in currencies other than the euro. Up to 40% of the Sub-fund’s net assets may be exposed to currency risk.
UCIs:
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, particularly equity, investment-grade bonds, high-yield bonds (i.e. speculative in nature), money-market or dynamic bonds. Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Financial contracts:
In order to hedge its assets and/or achieve its management objective, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options) or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. To this end, the Sub-fund may take up positions with a view to hedging the portfolio against certain risks (equity, interest rate, credit, exchange rate, commodities) or exposing itself to interest rate, credit, equity, currency and commodities futures risk, etc. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented primarily through the sale or purchase of protections via Credit Default Swap credit derivatives, on single-reference entity or on indices (iTraxx or CDX).
In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 25% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 10%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested. | Le compartiment pourra investir, dans la limite de 100% de l’actif, sur des titres de créances et des instruments du marché monétaire afin de s’exposer aux marchés monétaires ou obligataires. En outre, le compartiment pourra s’exposer indirectement aux marchés monétaires ou obligataires par le biais d’instruments dérivés, ou d’OPC.
Le compartiment pourra investir, dans la limite de 100% de son actif net, sur des titres de créance publics émis par des Etats membres de l’OCDE ou de L’union Européenne sans contrainte de maturité ni de notation et jusqu’à 100% de son actif net, sur des titres de créance publics émis par des pays émergents hors OCDE et Union Européenne sans contrainte de maturité et de notation « Investment Grade » (notation supérieure ou égale à BBB- selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente).
L’investissement aux titres de créances privés de notation « Investment Grade » pourra représenter jusqu’à 100% de l’actif net du compartiment sans contrainte de maturité ni de zone géographique
Le compartiment pourra également investir au maximum 25% de son actif net dans des titres appartenant à la catégorie « High Yield » (titres spéculatifs, notation Long Terme inférieure à BBB-, notation Court Terme inférieure à A3, selon Standard and Poor’s ou équivalent, ou bénéficiant d’une notation interne de la société de gestion équivalente) émis par des sociétés du secteur privé sans contrainte de maturité ni de zone géographique. Au maximum 25% de son actif net dans des titres de créance publics appartenant à la catégorie « High Yield » émis par des pays émergents hors OCDE et Union Européenne. Au total, l’investissement dans la dette de catégorie « High Yield » émise dans des entreprises du secteur privé et par des Etats émergents hors OCDE et Union Européenne ne pourra pas dépasser 30% de l'actif net.
La sensibilité du compartiment aux taux d’intérêt pourra fluctuer entre -2 et + 4.
Actions :
Le compartiment pourra investir sur tous les marchés actions, dans des actions assorties ou non de droit de vote, de toutes capitalisations et de tous secteurs géographiques ou économiques. La fourchette d'exposition du compartiment au marché action évoluera entre -10% et +15% de son actif net. En outre, le compartiment pourra s’exposer de manière indirecte aux actions par le biais d’instruments financiers à terme, d’OPC, y compris indiciels côtés.
Devises :
Le compartiment pourra investir jusqu’à 40% de son actif net dans des titres émis en devises autres que l’euro. Le compartiment pourra être exposé jusqu’à 40% de son actif net au risque de change.
OPC :
Le compartiment pourra détenir jusqu’à 10% de son actif en parts ou actions d’OPCVM de droit français ou étranger ou FIA de droit français, notamment de type actions, obligations "Investment Grade", obligations « High Yield » (c'est-à-dire à caractère spéculatif), monétaires ou dynamiques. Dans cette limite de 10%, le compartiment pourra également investir dans des actions ou parts de FIA de droit étranger et/ou en fonds d’investissement de droit étranger répondant aux critères d'éligibilité règlementaire.
Ces OPC et fonds d’investissement pourront être gérés par la société de gestion ou par une société liée.
Contrats financiers :
Dans un but de couverture de ses actifs et/ou de réalisation de son objectif de gestion, le compartiment pourra avoir recours aux contrats financiers négociés, sur des marchés réglementés (futures, options listées) ou de gré à gré (options, swaps…). Dans ce cadre, le gérant pourra constituer une exposition ou une couverture synthétique sur des indices, des secteurs d’activité ou des zones géographiques. A ce titre, le compartiment pourra prendre des positions en vue de couvrir le portefeuille contre certains risques (actions, taux, crédit, change, matières premières) ou de s’exposer aux risques de taux, crédit, actions, devises et futures sur matières premières... Dans ce cadre, le gérant pourra adopter des stratégies visant principalement à anticiper ou à couvrir le compartiment contre les risques de défaillance d’un ou plusieurs émetteurs ou visant à exposer le portefeuille aux risques de crédit d’un ou plusieurs émetteurs. Ces stratégies seront mises en place notamment par l’achat ou la vente de protections par le biais de dérivés de crédit de type Credit Default Swap, sur mono-entité de référence ou sur indices (iTraxx ou CDX).
Par ailleurs, le compartiment pourra recourir à des contrats d’échange à terme négociés de gré à gré sous la forme de Total Return Swaps (TRS) sur obligations, indices obligataires et/ou paniers obligataires jusqu’à 25% de son actif net à des fins de couverture ou d’exposition. La proportion attendue d’actif sous gestion qui fera l’objet de tels contrats est de 10%.
Les contreparties aux transactions de ces contrats sont des institutions financières de premier rang domiciliées dans les pays de l’OCDE et ayant une notation minimale Investment Grade (notation supérieure ou égale à BBB- selon Standard and Poor's ou équivalent ou bénéficiant d’une notation jugée équivalente par la société de gestion). Ces contreparties ne disposent d’aucun pouvoir sur la composition ou la gestion du portefeuille du compartiment.
Afin de limiter sensiblement le risque global de contrepartie des instruments négociés de gré à gré, la société de gestion pourra recevoir des garanties numéraires qui seront déposées auprès du dépositaire et ne feront l’objet d’aucun réinvestissement. | The Sub-fund may invest up to 100% of its assets in debt securities and money-market instruments in order to gain exposure to bond or money markets. In addition, the Sub-fund may gain indirect exposure to bond or money markets through derivatives or UCIs.
The Sub-fund may invest up to 100% of its net assets in public debt securities issued by OECD or European Union member states, without restriction as to their maturity or rating, and up to 100% of its net assets in public debt securities issued by non-OECD and European Union emerging countries, without restriction as to their maturity and rated “Investment Grade” (rating higher than or equal to BBB- according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company).
Investment in private debt securities rated “Investment Grade” may be as high as 100% of the Sub-fund’s net assets, without restriction as to their maturity or geographical area.
The Sub-fund may also invest up to 25% of its net assets in securities belonging to the “High Yield” class (speculative securities with a long-term rating below BBB- and a short-term rating of A3 according to Standard & Poor’s or equivalent, or with an equivalent internal rating from the Management Company) issued by private sector companies, without restriction as to their maturity or geographical area. Up to 25% of its net assets in public debt securities belonging to the High Yield category issued by non-OECD and European Union emerging countries. Total investment in “High Yield” class debt issued by private sector companies and by non-OECD and European Union emerging countries may not exceed 30% of net assets.
The Sub-fund’s sensitivity to interest rates may fluctuate between -2 and +4.
Equities:
The Sub-fund may invest in all equity markets, in shares with or without voting rights, of all capitalisations and from any geographical region or business sector. The Sub-fund’s exposure range to the equity market will be between - 10% and +15% of its net assets. In addition, the Sub-fund may be exposed to equities indirectly through forward financial instruments and UCIs, including exchange-traded funds.
Currencies:
The Sub-fund may invest up to 40% of its net assets in securities issued in currencies other than the euro. Up to 40% of the Sub-fund’s net assets may be exposed to currency risk.
UCIs:
The Sub-fund may invest up to 10% of its assets in units or shares of French or foreign UCITS or French AIFs, particularly equity, investment-grade bonds, high-yield bonds (i.e. speculative in nature), money-market or dynamic bonds. Within this 10% limit, the Sub-fund may also invest in shares or units of foreign AIFs and/or foreign investment funds that meet the regulatory eligibility criteria.
These UCIs and investment funds may be managed by the Management Company or by an affiliated company.
Financial contracts:
In order to hedge its assets and/or achieve its management objective, the Sub-fund may use financial contracts traded on regulated markets (futures, listed options) or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. To this end, the Sub-fund may take up positions with a view to hedging the portfolio against certain risks (equity, interest rate, credit, exchange rate, commodities) or exposing itself to interest rate, credit, equity, currency and commodities futures risk, etc. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose the portfolio to the credit risk of one or more issuers. These strategies will be implemented primarily through the sale or purchase of protections via Credit Default Swap credit derivatives, on single-reference entity or on indices (iTraxx or CDX).
In addition, the Sub-fund may use over-the-counter forward foreign exchange contracts in the form of total return swaps (TRS) on bonds, bond indices and/or bond baskets up to a limit of 25% of its net assets for the purpose of hedging or exposure. The expected proportion of assets under management that will be subject to such contracts is 10%.
The counterparties to the transactions of these contracts are first-rate financial institutions domiciled in OECD countries that have a minimum rating of Investment Grade (rating greater than or equal to BBB- by Standard & Poor’s or equivalent, or a rating deemed equivalent by the Management Company).
These counterparties do not have any influence over the composition or management of the Sub-fund’s portfolio.
In order to limit significantly the total counterparty risk of instruments traded over the counter, the Management Company may receive cash collateral which will be deposited with the custodian and will not be reinvested. | en | fr |
DOLFIN5054 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | |
| --- | --- |
| Coûts d’entrée | 5.00% du montant que vous payez au moment de l’entrée dans l’Investissement. | CHF 500 |
| Coûts de sortie | Il n’y a pas de coût de sortie pour ce produit. | CHF 0 |
| |
| Frais de gestion et autres frais administratifs ou d’exploitation | 1.86% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | CHF 186 |
| Coûts de transaction | 2.26% de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | CHF 226 |
| |
| Commissions de performance | 20,00 % des Bénéfices nets soumis à un repère « Historical High Water Mark ». Voir la section du supplément pertinent du prospectus intitulée « Commission et Dépenses » pour plus de détails. Le montant réel varie en fonction de la performance de votre investissement. L’estimation des coûts agrégés ci-dessus inclut la moyenne des 5 dernières années. | CHF 76 | | | | |
| --- | --- |
| Costes de entrada | 5.00% del importe que pagará usted al realizar esta inversión. | CHF 500 |
| Costes de salida | No se cargará ninguna comisión de salida a este producto. | CHF 0 |
| |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.86% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | CHF 186 |
| Costes de operación | 2.26% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | CHF 226 |
| |
| Comisiones de rendimiento | El 20,00 % de los beneficios netos están sujetos a una cota máxima histórica. Para obtener más información, consulte el suplemento correspondiente del Folleto titulado «Gastos y comisiones». El importe real variará en función de lo buenos que sean los resultados de su inversión. La estimación del coste agregado anterior incluye la media de los últimos 5 años. | CHF 76 | | | | |
| --- | --- |
| Coûts d’entrée | 5.00% du montant que vous payez au moment de l’entrée dans l’Investissement. | CHF 500 |
| Coûts de sortie | Il n’y a pas de coût de sortie pour ce produit. | CHF 0 |
| |
| Frais de gestion et autres frais administratifs ou d’exploitation | 1.86% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | CHF 186 |
| Coûts de transaction | 2.26% de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | CHF 226 |
| |
| Commissions de performance | 20,00 % des Bénéfices nets soumis à un repère « Historical High Water Mark ». Voir la section du supplément pertinent du prospectus intitulée « Commission et Dépenses » pour plus de détails. Le montant réel varie en fonction de la performance de votre investissement. L’estimation des coûts agrégés ci-dessus inclut la moyenne des 5 dernières années. | CHF 76 | | fr | es |
DOLFIN5055 | 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 composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,651
-13.5%
CHF 10,207
0.4% | # Este tipo de escenario se produjo para una inversión índice de referencia compuesto entre 12/2021-01/2024.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 651 CHF
-13,5%
10 207 CHF
0,4% | # This type of scenario occurred for an investment composite benchmark between 12/2021-01/2024.
Unfavourable scenario
What you might get back after costs
Average return each year
CHF 8,651
-13.5%
CHF 10,207
0.4% | en | es |
DOLFIN5056 | 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
## Objectif de l'investissement
Le Fonds vise à combiner revenu et croissance en investissant dans des entreprises en Amérique latine.
Le Fonds a pour objectif d'enregistrer une performance supérieure (avant frais) à celle de l'indice de référence, le MSCI EM Latin America
10/40 Net Total Return (USD).
Politique d'investissement
Titres en portefeuille
- Le Fonds investit au moins deux tiers de son actif dans les actions ettitres de participation d'entreprises établies ou exerçant une grande partie de leurs activités en Amérique latine.
### Processus de gestion
- Le Fonds est géré activement.
- L'indice de référence est utilisé comme référence pour la construction du portefeuille et pour définir les contraintes de risque.
- Afin de réaliser son objectif, le Fonds initie des positions dont les pondérations sont différentes de celles de l'indice de référence ou investit dans des titres qui ne sont pas inclus dans l'indice de référence. Les investissements du Fonds et leur pondération peuvent être très différents de ceux qui composent l'indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s'écarter sensiblement de celui de l'indice de référence sur le long terme.
- abrdn intègre les considérations environnementales, sociales et de gouvernance (ESG) au processus d'investissement. Les détails de l'approche d'intégration des facteurs ESG pour l'investissement enactions sont publiés sur www.abrdn.com sous « Sustainable Investing » (Investissement durable).
### Produits dérivés et techniques
- Les instruments dérivés ne sont utilisés qu'à des fins de couverture ou pour établir les expositions qui pourraient être obtenues en investissant dans les actifs dans lesquels le Fonds est principalement investi.
L'utilisation de produits dérivés est contrôlée afin de veiller à ce que le fonds ne soit pas exposé à des risques excessifs ou involontaires.
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de inversión
El objetivo del fondo es obtener una combinación de crecimiento e ingresos invirtiendo en empresas más pequeñas de América Latina. El objetivo del fondo es superar la rentabilidad del índice de referencia MSCI EM Latin America 10/40 Net Total Return Index (USD) (antes de
comisiones).
Política de inversión
Valores de cartera
- El fondo invierte al menos dos tercios en renta variable y valoresrelacionados con renta variable de empresas que tienen su sede o realizan una gran parte de sus negocios en América Latina.
### Proceso de gestión
- El fondo se gestiona activamente.
- El índice de referencia se usa como punto de referencia para la confección de la cartera y como base para fijar las restricciones al riesgo.
- Con el fin de lograr su objetivo, el fondo adoptará posiciones cuyas ponderaciones divergirán del índice de referencia o invertirá en valores que no estarán incluidos en el índice de referencia. Las inversiones del fondo podrán diferir significativamente de los componentes del índice de referencia y sus respectivas ponderaciones.
- Debido a la naturaleza activa del proceso de gestión, el perfil de rentabilidad del fondo podría desviarse significativamente con respecto al del índice de referencia a largo plazo.
- abrdn integra consideraciones medioambientales, sociales y de gobierno corporativo (ESG) dentro del proceso de inversión. Lainformación del enfoque hacia la renta variable con integración de factores ESG se publica en www.abrdn.com bajo el apartado “Inversión sostenible”.
### Derivados y técnicas
- Los derivados solo se usarán con fines de cobertura o para proporcionar exposiciones que podrían alcanzarse mediante la inversión en activos en los que el fondo esté invertido principalmente. El uso de derivados se monitoriza para procurar que el fondo no esté expuesto a riesgos excesivos o indeseados.
Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
## Objectif de l'investissement
Le Fonds vise à combiner revenu et croissance en investissant dans des entreprises en Amérique latine.
Le Fonds a pour objectif d'enregistrer une performance supérieure (avant frais) à celle de l'indice de référence, le MSCI EM Latin America
10/40 Net Total Return (USD).
Politique d'investissement
Titres en portefeuille
- Le Fonds investit au moins deux tiers de son actif dans les actions ettitres de participation d'entreprises établies ou exerçant une grande partie de leurs activités en Amérique latine.
### Processus de gestion
- Le Fonds est géré activement.
- L'indice de référence est utilisé comme référence pour la construction du portefeuille et pour définir les contraintes de risque.
- Afin de réaliser son objectif, le Fonds initie des positions dont les pondérations sont différentes de celles de l'indice de référence ou investit dans des titres qui ne sont pas inclus dans l'indice de référence. Les investissements du Fonds et leur pondération peuvent être très différents de ceux qui composent l'indice.
- En raison de la nature active du processus de gestion, le profil de performance du Fonds peut s'écarter sensiblement de celui de l'indice de référence sur le long terme.
- abrdn intègre les considérations environnementales, sociales et de gouvernance (ESG) au processus d'investissement. Les détails de l'approche d'intégration des facteurs ESG pour l'investissement enactions sont publiés sur www.abrdn.com sous « Sustainable Investing » (Investissement durable).
### Produits dérivés et techniques
- Les instruments dérivés ne sont utilisés qu'à des fins de couverture ou pour établir les expositions qui pourraient être obtenues en investissant dans les actifs dans lesquels le Fonds est principalement investi.
L'utilisation de produits dérivés est contrôlée afin de veiller à ce que le fonds ne soit pas exposé à des risques excessifs ou involontaires.
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir. | fr | es |
DOLFIN5057 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Under the Instrument of Incorporation, the Directors are required to establish a separate Sub-Fund, with separate records, in the following manner:
- the ICAV will keep separate books and records of account for each Sub-Fund. The proceeds from the issue of Shares issued in respect of a Sub-Fund will be applied to the Sub-Fund and the assets and liabilities and income and expenditure attributable to that Sub-Fund will be applied to such Sub-Fund;
- any asset derived from another asset in a Sub-Fund will be applied to the same Sub-Fund as the asset from which it was derived and any increase or diminution in value of such an asset will be applied to the relevant Sub-Fund;
- in the case of any asset which the Directors do not consider as readily attributable to a particular Sub-Fund or Sub- Funds, the Directors have the discretion to determine, acting in a fair and equitable manner and with the consent of the Depositary, the basis upon which any such asset will be allocated between Sub-Funds and the Directors may at any time and from time to time vary such basis;
- any liability will be allocated to the Sub-Fund or Sub-Funds to which in the opinion of the Directors it relates or if such liability is not readily attributable to any particular Sub-Fund the Directors will have discretion to determine, acting in a fair and equitable manner and with the consent of the Depositary, the basis upon which an y liability will be allocated between Sub-Funds and the Directors may, with the consent of the Depositary, at any time and from time to time vary such basis;
- in the event that assets attributable to a Sub-Fund are taken in execution of a liability not attributable to that Sub- Fund and in so far as such assets or compensation in respect thereof cannot otherwise be restored to that Sub- Fund affected, the Directors, with the consent of the Depositary, shall certify or cause to be certified, the value of the assets lost to the Sub-Fund affected and transfer or pay from the assets of the Sub-Fund or Sub-Funds to which the liability was attributable, in priority to all other claims against such Sub-Fund or Sub-Funds, assets or sums sufficient to restore to the Sub-Fund affected, the value of the assets or sums lost to it;
- where the assets of the ICAV (if any) attributable to the Subscriber Shares give rise to any net profit, the Directors may allocate assets representing such net profits to such Sub-Fund or Sub-Funds as they may deem appropriate, acting in a fair and equitable manner; and
- subject as otherwise provided in the Instrument of Incorporation, the assets held for the account of each Sub-Fund shall be applied solely in respect of the Shares to which such Sub-Fund appertains and shall belong exclusively to the relevant Sub-Fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other Sub-Fund and shall not be available for any such purpose. | ## Ai sensi dell’Atto costitutivo, gli Amministratori sono tenuti a costituire un Comparto distinto, con registrazioni separate, secondo le seguenti modalità:
- l'ICAV terrà libri e registri contabili separati per ogni Comparto. I proventi derivanti dall'emissione di Azioni in relazione a un Comparto saranno destinati al Comparto e le attività e le passività, il reddito e le spese attribuibili a tale Comparto saranno destinati a tale Comparto;
- qualunque attività che derivi da un’altra attività di un Comparto sarà attribuita al medesimo Comparto dell’attività che l’ha prodotta e qualsiasi aumento o diminuzione nel valore di tale attività sarà ascritto al Comparto relativo;
- nel caso di attività considerate dagli Amministratori come non chiaramente attribuibili ad un particolare Comparto o Comparti, gli Amministratori potranno decidere, agendo in maniera equa e ragionevole e con il consenso del Depositario, i criteri secondo i quali tali attività saranno allocate tra i Comparti ed avranno altresì la facoltà di modificare di volta in volta tali criteri;
- qualunque passività sarà allocata al Comparto o ai Comparti cui la medesima si riferisce a giudizio degli Amministratori ovvero, qualora tale passività non sia chiaramente attribuibile ad un particolare Comparto, gli Amministratori potranno decidere a loro discrezione, agendo in maniera equa e ragionevole e con il consenso del Depositario, i criteri secondo i quali le passività saranno allocate tra i Comparti, ed avranno altresì la facoltà di modificare di volta in volta tali criteri;
- nel caso in cui le attività attribuibili ad un Comparto siano utilizzate a compensazione di una passività non attribuibile a tale Comparto, e nella misura in cui tali attività o compensazione non possano essere in altra maniera ripristinate a favore di quel Comparto, gli Amministratori, con il consenso del Depositario, certificheranno ovvero otterranno la certificazione del valore delle attività di cui il Comparto interessato è stato privato e trasferiranno o pagheranno, prelevandole dal patrimonio del Comparto o Comparti cui le passività erano attribuibili, prioritariamente ad ogni altra rivalsa nei confronti di tale Comparto o Comparti, le attività o le somme necessarie alla restituzione al Comparto interessato del valore delle attività o delle somme di cui è stato privato;
- nel caso in cui le eventuali attività dell’ICAV attribuibili alle Azioni di sottoscrizione generino utili netti, gli Amministratori potranno allocare attività rappresentanti tali utili netti a quel Comparto o Comparti che riterranno opportuno, agendo in maniera equa e ragionevole; e
- fatto salvo quanto diversamente disposto nell’Atto costitutivo, le attività detenute per conto di ciascun Comparto saranno utilizzate esclusivamente in relazione alle Azioni di tale Comparto, e saranno di proprietà esclusiva di detto Comparto e non potranno essere utilizzate per far fronte, direttamente o indirettamente, ai debiti di, o alle rivendicazioni contro, alcun altro Comparto, né saranno a tale scopo disponibili. | ## Under the Instrument of Incorporation, the Directors are required to establish a separate Sub-Fund, with separate records, in the following manner:
- the ICAV will keep separate books and records of account for each Sub-Fund. The proceeds from the issue of Shares issued in respect of a Sub-Fund will be applied to the Sub-Fund and the assets and liabilities and income and expenditure attributable to that Sub-Fund will be applied to such Sub-Fund;
- any asset derived from another asset in a Sub-Fund will be applied to the same Sub-Fund as the asset from which it was derived and any increase or diminution in value of such an asset will be applied to the relevant Sub-Fund;
- in the case of any asset which the Directors do not consider as readily attributable to a particular Sub-Fund or Sub- Funds, the Directors have the discretion to determine, acting in a fair and equitable manner and with the consent of the Depositary, the basis upon which any such asset will be allocated between Sub-Funds and the Directors may at any time and from time to time vary such basis;
- any liability will be allocated to the Sub-Fund or Sub-Funds to which in the opinion of the Directors it relates or if such liability is not readily attributable to any particular Sub-Fund the Directors will have discretion to determine, acting in a fair and equitable manner and with the consent of the Depositary, the basis upon which an y liability will be allocated between Sub-Funds and the Directors may, with the consent of the Depositary, at any time and from time to time vary such basis;
- in the event that assets attributable to a Sub-Fund are taken in execution of a liability not attributable to that Sub- Fund and in so far as such assets or compensation in respect thereof cannot otherwise be restored to that Sub- Fund affected, the Directors, with the consent of the Depositary, shall certify or cause to be certified, the value of the assets lost to the Sub-Fund affected and transfer or pay from the assets of the Sub-Fund or Sub-Funds to which the liability was attributable, in priority to all other claims against such Sub-Fund or Sub-Funds, assets or sums sufficient to restore to the Sub-Fund affected, the value of the assets or sums lost to it;
- where the assets of the ICAV (if any) attributable to the Subscriber Shares give rise to any net profit, the Directors may allocate assets representing such net profits to such Sub-Fund or Sub-Funds as they may deem appropriate, acting in a fair and equitable manner; and
- subject as otherwise provided in the Instrument of Incorporation, the assets held for the account of each Sub-Fund shall be applied solely in respect of the Shares to which such Sub-Fund appertains and shall belong exclusively to the relevant Sub-Fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other Sub-Fund and shall not be available for any such purpose. | en | it |
DOLFIN5058 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### SUSPENSION OF THE SALE OR REDEMPTION OF SHARES AND OF THE CALCULATION OF THE NET ASSET VALUE
The Company may temporarily suspend all calculations relating to net asset value and/or the sale or redemption of sub-fund shares if one of the following events occur:
- during any period (apart from ordinary weekends or holidays) in which a stock exchange or another recognised regulated market that operates regularly, is open to the public and on which a significant portion of the assets of the Company is listed or traded, is closed, or during which trading on this stock exchange or market is suspended or restricted;
- in the event of circumstances which in the opinion of the Board of Directors constitute an emergency as a result of which the sale or valuation of the assets attributable to a sub-fund is not feasible;
- in the event of a failure or breakdown of the communication media and calculation systems which are normally used to calculate the price or value of assets attributable to a sub-fund;
- in a period in which the Company is unable to repatriate funds to pay for redemptions of shares, or in which funds connected with the implementation or acquisition of investments or due payments for redemptions of shares cannot in the view of the Board of Directors be transferred at normal exchange rates;
- if for any other reason the prices of components of a sub-fund's assets cannot be promptly or accurately determined;
- in the event of the Company's liquidation or where a closure notification is published in relation to the liquidation of a sub-fund or a share class;
- if, in the opinion of the Board of Directors, it is impossible or unfair to shareholders to continue trading in the shares due to circumstances beyond the control of the Board of Directors;
- in the event that a sub-fund is merged with another sub-fund of the Company or another UCITS (or a sub-fund thereof) if this suspension is in the interests of the shareholders; or
- in the case of a feeder sub-fund, if the calculation of the master UCITS's net assets is suspended. | ##### AUSSETZUNG DES VERKAUFS, DER RÜCKNAHME VON AKTIEN UND DER BERECHNUNG DES NETTOINVENTARWERTS
Die Gesellschaft kann bei Eintreten eines der nachstehenden Ereignisse alle Berechnungen im Zusammenhang mit dem Nettoinventarwert und/oder dem Verkauf, und der Rücknahme von Aktien eines Teilfonds vorübergehend aussetzen:
- während der Zeit, in welcher eine Börse oder ein anderer geregelter, anerkannter, dem Publikum offener und ordnungsgemäß funktionierender Markt, an dem ein wesentlicher Teil der Vermögenswerte der Gesellschaft notiert ist oder gehandelt wird, geschlossen ist (außer an gewöhnlichen Wochenenden oder Feiertagen) oder der Handel an dieser Börse oder auf diesem Markt ausgesetzt oder eingeschränkt wurde;
- bei Vorliegen von Umständen, die nach Auffassung des Verwaltungsrats einen Notfall darstellen, aufgrund dessen die Veräußerung oder Bewertung der einem Teilfonds zuzurechnenden Vermögenswerte nicht durchführbar ist;
- bei einem Ausfall der Kommunikationsmittel und Berechnungssysteme, die normalerweise bei der Ermittlung des Preises oder Wertes der einem Teilfonds zuzurechnenden Vermögenswerte verwendet werden;
- in einem Zeitraum, in dem die Gesellschaft keine Gelder zur Auszahlung von Rücknahmeerlösen rückführen kann oder in dem die Überweisung von Geldern im Zusammenhang mit der Realisierung oder dem Erwerb von Anlagen oder von fälligen Zahlungen für Rücknahmen von Aktien nach Ansicht des Verwaltungsrats nicht zu normalen Wechselkursen erfolgen kann;
- wenn aus einem anderen Grund die Preise von Bestandteilen des Vermögens eines Teilfonds nicht umgehend oder genau festgestellt werden können;
- im Falle der Liquidation der Gesellschaft oder wenn im Zusammenhang mit der Liquidation eines Teilfonds oder einer Aktienklasse eine Schließungsmitteilung herausgegeben wurde;
- wenn es nach Auffassung des Verwaltungsrates aufgrund von Umständen, die außerhalb des Einflussbereichs des Verwaltungsrates liegen, unmöglich oder gegenüber den Aktionären ungerecht ist, den Handel mit den Aktien fortzuführen;
- bei einer Zusammenlegung eines Teilfonds mit einem anderen Teilfonds der Gesellschaft oder einem anderen OGAW (oder einem Teilfonds desselben), sofern diese Aussetzung im Interesse der Aktionäre ist; oder
- wenn im Falle eines Feeder-Teilfonds die Berechnung des Nettovermögens des Master-OGAW ausgesetzt ist. | ##### SUSPENSION OF THE SALE OR REDEMPTION OF SHARES AND OF THE CALCULATION OF THE NET ASSET VALUE
The Company may temporarily suspend all calculations relating to net asset value and/or the sale or redemption of sub-fund shares if one of the following events occur:
- during any period (apart from ordinary weekends or holidays) in which a stock exchange or another recognised regulated market that operates regularly, is open to the public and on which a significant portion of the assets of the Company is listed or traded, is closed, or during which trading on this stock exchange or market is suspended or restricted;
- in the event of circumstances which in the opinion of the Board of Directors constitute an emergency as a result of which the sale or valuation of the assets attributable to a sub-fund is not feasible;
- in the event of a failure or breakdown of the communication media and calculation systems which are normally used to calculate the price or value of assets attributable to a sub-fund;
- in a period in which the Company is unable to repatriate funds to pay for redemptions of shares, or in which funds connected with the implementation or acquisition of investments or due payments for redemptions of shares cannot in the view of the Board of Directors be transferred at normal exchange rates;
- if for any other reason the prices of components of a sub-fund's assets cannot be promptly or accurately determined;
- in the event of the Company's liquidation or where a closure notification is published in relation to the liquidation of a sub-fund or a share class;
- if, in the opinion of the Board of Directors, it is impossible or unfair to shareholders to continue trading in the shares due to circumstances beyond the control of the Board of Directors;
- in the event that a sub-fund is merged with another sub-fund of the Company or another UCITS (or a sub-fund thereof) if this suspension is in the interests of the shareholders; or
- in the case of a feeder sub-fund, if the calculation of the master UCITS's net assets is suspended. | en | de |
DOLFIN5059 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Tools to Manage Liquidity Risk
Under the Liquidity Risk Management Policy, tools available to manage liquidity risk include the following:
- The Investment Manager has been delegated with the power to apply Dilution Adjustment (as defined below) in order to reduce the effect of "dilution" and apply the dealing costs to transacting investors.
- A Fund may borrow up to 10% of its total net assets as a temporary measure for exceptional purposes including the redemption of Shares in accordance with item (6) (e) of section "Investment Restrictions".
- The Company shall not be bound to redeem or convert on any Valuation Day Shares representing more than 10% of the Net Asset Value of any Fund (as further detailed in the section "Limitation on redemptions").
- The Directors may, at the request of a Shareholder, agree to make, in whole or in part, a distribution in kind of securities of the Fund to that Shareholder in lieu of paying to that Shareholder redemption proceeds in cash (as further detailed in the section "Redemption in kind").
- The Directors may decide to liquidate a Fund if the net assets of such Fund fall below the equivalent of €10,000,000 or if, at their absolute discretion, the Directors believe that a change in the economic or political situation relating to the Fund concerned would justify such liquidation or if, for financial and commercial reasons, the Directors consider it in the general best interests of the Shareholders to liquidate the relevant Fund (as further detailed in the section "Merger, Liquidation and Reorganisation of Funds").
The Investment Manager has been delegated with the power to apply a fair-value pricing methodology to adjust the value of the Company's assets in circumstances where the interests of the Company or its Shareholders so justify.
The Management Company may suspend the determination of the Net Asset Value of a Fund in certain circumstances. | # Outils de gestion des risques de liquidité
Conformément à la Politique de gestion des risques de liquidité, les outils de gestion des risques de liquidité sont notamment les suivants :
- Le pouvoir d’appliquer un Ajustement anti-dilutif (tel que défini ci-après) a été délégué au Gestionnaire d’investissement pour réduire l’effet de « dilution » et faire porter les coûts de transaction aux investisseurs qui les effectuent.
- Un Compartiment peut emprunter jusqu’à 10 % de ses actifs totaux à titre provisoire à des fins exceptionnelles, y compris le rachat d’Actions conformément au paragraphe (6) (e) de la section« Restrictions d’investissement ».
- Lors d’un quelconque Jour d’évaluation, la Société n’est pas tenue de procéder au rachat ou à la conversion d’Actions représentant plus de 10% de la Valeur nette d’inventaire d’un Compartiment (comme indiqué de façon plus détaillée à la section « Limites applicables aux rachats »).
- Les Administrateurs peuvent, à la demande d’un Actionnaire, accepter de procéder, en tout ou en partie, à une distribution en nature de titres du Compartiment en remplacement du versement en espèces du produit de rachat (comme indiqué de façon plus détaillée à la section « Rachat en nature »).
- Les Administrateurs peuvent décider de liquider un Compartiment si son actif net tombe en dessous de l’équivalent de 10 000 000 € ou si, à leur entière discrétion, les Administrateurs estiment qu’un changement de la situation économique ou politique relative au Compartiment justifie cette liquidation, ou encore si, pour des raisons financières ou commerciales, les Administrateurs estiment qu’il est dans l’intérêt général des Actionnaires de procéder à la liquidation du Compartiment (comme indiqué de façon plus détaillée à la section « Fusion, liquidation et réorganisation des Compartiments »).
Le pouvoir d'appliquer la méthodologie d’évaluation à la juste valeur (pour ajuster la valeur des actifs de la Société dans les circonstances où les intérêts de la Société et de ses Actionnaires le justifient) a été délégué au Gestionnaire d’investissement.
La Société de gestion peut suspendre le calcul de la Valeur nette d’inventaire d’un Compartiment dans certaines circonstances. | # Tools to Manage Liquidity Risk
Under the Liquidity Risk Management Policy, tools available to manage liquidity risk include the following:
- The Investment Manager has been delegated with the power to apply Dilution Adjustment (as defined below) in order to reduce the effect of "dilution" and apply the dealing costs to transacting investors.
- A Fund may borrow up to 10% of its total net assets as a temporary measure for exceptional purposes including the redemption of Shares in accordance with item (6) (e) of section "Investment Restrictions".
- The Company shall not be bound to redeem or convert on any Valuation Day Shares representing more than 10% of the Net Asset Value of any Fund (as further detailed in the section "Limitation on redemptions").
- The Directors may, at the request of a Shareholder, agree to make, in whole or in part, a distribution in kind of securities of the Fund to that Shareholder in lieu of paying to that Shareholder redemption proceeds in cash (as further detailed in the section "Redemption in kind").
- The Directors may decide to liquidate a Fund if the net assets of such Fund fall below the equivalent of €10,000,000 or if, at their absolute discretion, the Directors believe that a change in the economic or political situation relating to the Fund concerned would justify such liquidation or if, for financial and commercial reasons, the Directors consider it in the general best interests of the Shareholders to liquidate the relevant Fund (as further detailed in the section "Merger, Liquidation and Reorganisation of Funds").
The Investment Manager has been delegated with the power to apply a fair-value pricing methodology to adjust the value of the Company's assets in circumstances where the interests of the Company or its Shareholders so justify.
The Management Company may suspend the determination of the Net Asset Value of a Fund in certain circumstances. | en | fr |
DOLFIN5060 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Générer une croissance du capital à long terme en investissant dans des sociétés mondiales qui conduisent la transition vers un monde plus durable.
Le Compartiment investira au moins 80 % dans des actions et titres liés à des actions (y compris des actions privilégiées, des warrants, des titres participatifs et des certificats de dépôt). Le Fonds investit dans des sociétés de qualité supérieure qui conduisent la transition vers un monde plus durable grâce à des résultat favorables à la planète, à l'humain autant qu'aux bénéfices à en dégager. Le processus d'investissement examine la gestion par les entreprises de leur approche opérationnel et l'impact des produits ou services qu'elles commercialisent. Le Fonds assume un risque de durabilité et est associé à des caractéristiques environnementales, sociales et de gouvernance dont, à titre non exhaustif, l'intensité carbone, l'utilisation du capital naturel, la résilience climatique, l'intégration sociale, la contribution sociétale et la qualité de gouvernance dans le cadre de son processus de sélection.
Le Fonds emploie une approche de sélectivité qui réduit l'univers investissable d'au moins 20 % sur la base de caractéristiques environnementales, sociales et de gouvernance. 100 % des investissements du Fonds seront analysés sur la base de cette approche. | ## Lograr la revalorización del capital a largo plazo, invirtiendo en todo el mundo en empresas que lideran la transición a un mundo más sostenible.
El Fondo invertirá al menos el 80% en renta variable y valores relacionados con renta variable de todo el mundo (incluidas acciones preferentes, warrants, notas de participación y certificados de depósito). El Fondo invierte en empresas de alta calidad que lideran la transición a un mundo más sostenible, mejorando los resultados para el planeta, las personas y los beneficios. El proceso de inversión tiene en cuenta cómo gestionan su enfoque operativo las empresas y el impacto de los productos o servicios que venden. El Fondo tiene en cuenta en el marco de su proceso de selección el riesgo de sostenibilidad y características medioambientales, sociales y de gobernanza, lo que incluye, entre otras, la intensidad de carbono, el uso del capital natural, la resiliencia climática, la inclusión social, el capital social, la contribución social y factores de gobierno corporativo.
El Fondo utiliza un enfoque de selectividad que reduce el universo de inversión en al menos un 20% de acuerdo con características medioambientales, sociales y de gobernanza. El 100% de las inversiones del Fondo se analizarán siguiendo este enfoque. | ## Générer une croissance du capital à long terme en investissant dans des sociétés mondiales qui conduisent la transition vers un monde plus durable.
Le Compartiment investira au moins 80 % dans des actions et titres liés à des actions (y compris des actions privilégiées, des warrants, des titres participatifs et des certificats de dépôt). Le Fonds investit dans des sociétés de qualité supérieure qui conduisent la transition vers un monde plus durable grâce à des résultat favorables à la planète, à l'humain autant qu'aux bénéfices à en dégager. Le processus d'investissement examine la gestion par les entreprises de leur approche opérationnel et l'impact des produits ou services qu'elles commercialisent. Le Fonds assume un risque de durabilité et est associé à des caractéristiques environnementales, sociales et de gouvernance dont, à titre non exhaustif, l'intensité carbone, l'utilisation du capital naturel, la résilience climatique, l'intégration sociale, la contribution sociétale et la qualité de gouvernance dans le cadre de son processus de sélection.
Le Fonds emploie une approche de sélectivité qui réduit l'univers investissable d'au moins 20 % sur la base de caractéristiques environnementales, sociales et de gouvernance. 100 % des investissements du Fonds seront analysés sur la base de cette approche. | fr | es |
DOLFIN5061 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Board of Directors may, at its discretion, decide to change the characteristics of any Class in accordance with the procedures determined by the Board of Directors from time to time;
- the proceeds to be received from the issue of Shares of a Class shall be applied in the books of the SICAV to the Sub-Fund corresponding to that Class of Shares, provided that if several Classes of Shares are outstanding in such Sub-Fund, the relevant amount shall increase the proportion of the net assets of such Sub- Fund attributable to the Class of Shares to be issued;
- the assets and liabilities and income and expenditure applied to a Sub-Fund shall be attributable to the Class or Classes of Shares corresponding to such Sub-Fund;
- where the SICAV incurs a liability which relates to any asset of a particular Sub-Fund or Class or to any action taken in connection with an asset of a particular Sub-Fund or Class, such liability shall be allocated to the relevant Sub-Fund or Class;
- in the case where any asset or liability of the SICAV cannot be considered as being attributable to a particular Class or Sub-Fund, such asset or liability shall be allocated to all the Classes in any Sub-Fund or to the Sub-Funds pro rata to the Net Asset Values of the relevant Classes of Shares or in such other manner as determined by the Directors acting in good faith. The SICAV shall be considered as one single entity. However, with regard to third parties, in particular towards the SICAV’s creditors, each Sub-Fund shall be exclusively responsible for all liabilities attributable to it;
- upon the payment of distributions to the holders of Shares of any Class, the Net Asset Value of such Class of Shares shall be reduced by the amount of such distributions. | Der Verwaltungsrat kann nach seinem Ermessen beschließen, die Merkmale einer Klasse in Übereinstimmung mit den jeweils vom Verwaltungsrat festgelegten Verfahren zu ändern.
- die Erlöse aus der Ausgabe von Anteilen einer Klasse werden in den Büchern der SICAV dem dieser Anteilklasse entsprechenden Teilfonds zugeteilt, wobei für den Fall, dass in diesem Teilfonds mehrere Anteilklassen in Umlauf sind, der Anteil am Nettovermögen dieses Teilfonds, der der auszugebenden Anteilklasse zuzuordnen ist, durch den betreffenden Betrag erhöht wird;
- die Vermögenswerte und Verbindlichkeiten und die Erträge und Aufwendungen, die einem Teilfonds zugeteilt werden, sind der Anteilklasse bzw. den Anteilklassen zuzuordnen, die diesem Teilfonds entsprechen;
- wenn die SICAV eine Verbindlichkeit eingeht, die sich auf einen Vermögenswert eines bestimmten Teilfonds oder einer bestimmten Klasse oder auf eine im Zusammenhang mit einem Vermögenswert eines bestimmten Teilfonds oder einer bestimmten Klasse unternommene Aktion bezieht, so wird diese Verbindlichkeit dem betreffenden Teilfonds oder der betreffenden Klasse zugewiesen;
- wenn ein Vermögenswert oder eine Verbindlichkeit der SICAV nicht als einer bestimmten Klasse oder einem bestimmten Teilfonds zuzuordnen angesehen werden kann, wird dieser Vermögenswert oder diese Verbindlichkeit allen Klassen eines Teilfonds oder den Teilfonds anteilig gemäß dem Nettoinventarwert der betreffenden Anteilklassen oder auf eine andere, vom Verwaltungsrat in gutem Glauben festgelegte Art und Weise zugewiesen. Die SICAV gilt als eine einzige juristische Person. Im Hinblick auf Dritte, insbesondere gegenüber den Gläubigern der SICAV, ist jedoch jeder Teilfonds ausschließlich für die ihm zuzuordnenden Verbindlichkeiten verantwortlich;
- nach der Zahlung von Ausschüttungen an die Inhaber von Anteilen einer Klasse wird der Nettoinventarwert dieser Anteilklasse um den Betrag dieser Ausschüttungen verringert. | The Board of Directors may, at its discretion, decide to change the characteristics of any Class in accordance with the procedures determined by the Board of Directors from time to time;
- the proceeds to be received from the issue of Shares of a Class shall be applied in the books of the SICAV to the Sub-Fund corresponding to that Class of Shares, provided that if several Classes of Shares are outstanding in such Sub-Fund, the relevant amount shall increase the proportion of the net assets of such Sub- Fund attributable to the Class of Shares to be issued;
- the assets and liabilities and income and expenditure applied to a Sub-Fund shall be attributable to the Class or Classes of Shares corresponding to such Sub-Fund;
- where the SICAV incurs a liability which relates to any asset of a particular Sub-Fund or Class or to any action taken in connection with an asset of a particular Sub-Fund or Class, such liability shall be allocated to the relevant Sub-Fund or Class;
- in the case where any asset or liability of the SICAV cannot be considered as being attributable to a particular Class or Sub-Fund, such asset or liability shall be allocated to all the Classes in any Sub-Fund or to the Sub-Funds pro rata to the Net Asset Values of the relevant Classes of Shares or in such other manner as determined by the Directors acting in good faith. The SICAV shall be considered as one single entity. However, with regard to third parties, in particular towards the SICAV’s creditors, each Sub-Fund shall be exclusively responsible for all liabilities attributable to it;
- upon the payment of distributions to the holders of Shares of any Class, the Net Asset Value of such Class of Shares shall be reduced by the amount of such distributions. | en | de |
DOLFIN5062 | 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 | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.55% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 149 EUR |
| Transaction costs | 0.12% 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. | 11 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | Hasta el 4,00 % del importe que paga usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el producto le comunicará cuánto se le cobrará realmente. | Hasta 400 EUR |
| Costes de salida | No cobramos una comisión de salida para este producto. | |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,55 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 149 EUR |
| Costes de operación | 0,12 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 11 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento y participación en cuenta | No hay comisión de rendimiento para este producto. | | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 4.00% of the amount you pay in when entering this Investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | Up to 400 EUR |
| Exit costs | We do not charge an exit fee for this product. | |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.55% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 149 EUR |
| Transaction costs | 0.12% 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. | 11 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees and carried interest | There is no performance fee for this product. | | | en | es |
DOLFIN5063 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### PROCESSUS DE GESTION DES RISQUES FINANCIERS
Pour atteindre ses objectifs d’investissement, la Société achète, vend et détient des actifs et passifs financiers. En conséquence, la Société est exposée aux risques de prix, de taux d’intérêt, de crédit, de liquidité et de change résultant des instruments financiers qu’elle détient. Le programme global de gestion des risques de la Société est axé sur l’imprévisibilité des marchés financiers et vise à minimiser les effets adverses potentiels sur la performance financière de la Société. La Société a recours aux IFD pour atténuer certaines expositions au risque.
Les politiques de gestion des risques employées par la Société à l’égard de ces risques sont évoquées ci-dessous. | ##### PROCESO DE GESTIÓN DEL RIESGO FINANCIERO
Con el fin de lograr sus objetivos de inversión, la Sociedad compra, vende y mantiene activos y pasivos financieros. Como consecuencia, la Sociedad está expuesta al riesgo de precios de mercado, riesgo de tipos de interés, riesgo de cambio, riesgo de crédito y riesgo de liquidez derivados de los instrumentos financieros en los que invierte. El programa de gestión del riesgo global de la Sociedad se centra en el carácter imprevisible de los mercados financieros y trata de minimizar los posibles efectos adversos sobre la rentabilidad financiera de la Sociedad. La Sociedad utiliza Derivados para moderar la exposición a determinados riesgos.
A continuación se describen las políticas de gestión de riesgos utilizadas por la Sociedad para gestionar estos riesgos. | ##### PROCESSUS DE GESTION DES RISQUES FINANCIERS
Pour atteindre ses objectifs d’investissement, la Société achète, vend et détient des actifs et passifs financiers. En conséquence, la Société est exposée aux risques de prix, de taux d’intérêt, de crédit, de liquidité et de change résultant des instruments financiers qu’elle détient. Le programme global de gestion des risques de la Société est axé sur l’imprévisibilité des marchés financiers et vise à minimiser les effets adverses potentiels sur la performance financière de la Société. La Société a recours aux IFD pour atténuer certaines expositions au risque.
Les politiques de gestion des risques employées par la Société à l’égard de ces risques sont évoquées ci-dessous. | fr | es |
DOLFIN5064 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The PTR (Portfolio Turnover Rate) approach considers the total security purchases and sales, the total subscriptions and redemptions and the average net assets of the fund to calculate the turnover figure. Data as at 30 September 2022.
Market allocation
Distribution by credit maturity (% of fund)
Distribution by credit quality (% of fund)
Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s. When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. | Per calcolare il tasso di rotazione l’approccio PTR (Portfolio Turnover Rate) prende in considerazione tutti gli acquisti e le vendite di titoli, tutte le sottoscrizioni e tutti i rimborsi e il patrimonio netto medio del fondo. Dati al 30 settembre 2022.
Allocazione di mercato
Distribuzione per scadenza del credito (% del fondo)
Distribuzione per qualità del credito (% del fondo)
Bloomberg ottiene i rating di qualità creditizia di ciascuna emissione utilizzando i rating attribuiti da Moody’s Investors Service, Fitch Ratings e Standard & Poor’s. Se sono disponibili i rating di tutte e tre le agenzie, viene utilizzato il rating mediano. Se sono disponibili i rating di due agenzie, viene utilizzato quello inferiore. Se è disponibile un solo rating, viene utilizzato quello. | The PTR (Portfolio Turnover Rate) approach considers the total security purchases and sales, the total subscriptions and redemptions and the average net assets of the fund to calculate the turnover figure. Data as at 30 September 2022.
Market allocation
Distribution by credit maturity (% of fund)
Distribution by credit quality (% of fund)
Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Service, Fitch Ratings, and Standard & Poor’s. When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. | en | it |
DOLFIN5065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
ODDO BHF Polaris Moderate DIW-EUR was launched on 15 June 2020.
The performance calculated using the BVI method up to and including 2019 is not the actual performance of the DIW-EUR unit class. The performance shown is based on a simulation calculated by the management company on the basis of the performance of the DRW-EUR unit class of the same fund, taking account of the specific management fee. For 2020, the performance shown is a combination of simulated and actual performance as position for the share class were initiated during the year. For 2021, this is the actual performance of the share class.
Source: own calculations using BVI method
Past performance is no guarantee of future performance. The calculation was made in the fund’s currency (EUR). All charges and fees were deducted in the calculation, except for the subscription/redemption fee. Distributions and withholding taxes were reinvested. | # RENTABILIDAD HISTÓRICA
ODDO BHF Polaris Moderate DIW-EUR fue lanzado el 15 de junio de 2020.
La rentabilidad mostrada según el método BVI, hasta el 2019 inclusive, no representa la rentabilidad real de la clase de participaciones DIW-EUR. La rentabilidad mostrada se basa en una simulación calculada por la sociedad gestora basada en la rentabilidad de la clase de participaciones DRW-EUR del mismo fondo, teniendo en cuenta la comisión de gestión individual. En relación con 2020, la rentabilidad mostrada constituye una combinación de rentabilidad simulada y real, ya que la clase de participaciones se creó durante el año. En relación con el año 2021, la rentabilidad corresponde a la rentabilidad real de la clase de participaciones.
Fuente: cálculo propio según el método BVI.
La rentabilidad histórica no constituye una garantía de la rentabilidad futura del fondo. El cálculo se ha realizado en la moneda del fondo, el euro. En el cálculo se dedujeron todos los gastos y las comisiones, con la excepción de los gastos de entrada y salida. Los repartos de dividendo y retenciones fiscales se han reinvertido. | # PAST PERFORMANCE
ODDO BHF Polaris Moderate DIW-EUR was launched on 15 June 2020.
The performance calculated using the BVI method up to and including 2019 is not the actual performance of the DIW-EUR unit class. The performance shown is based on a simulation calculated by the management company on the basis of the performance of the DRW-EUR unit class of the same fund, taking account of the specific management fee. For 2020, the performance shown is a combination of simulated and actual performance as position for the share class were initiated during the year. For 2021, this is the actual performance of the share class.
Source: own calculations using BVI method
Past performance is no guarantee of future performance. The calculation was made in the fund’s currency (EUR). All charges and fees were deducted in the calculation, except for the subscription/redemption fee. Distributions and withholding taxes were reinvested. | en | es |
DOLFIN5066 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# § 32 Inducements
The Management Company may pay distributors compensation to cover overheads incurred in conjunction with the dis- tribution of the fund in accordance with the provisions set out in the constituting documents.
Insofar as the Management Company receives inducements for the fund from third parties in conjunction with the intro- duction of investors, the acquisition/distribution of collective capital investments, certificates, notes etc. (hereinafter called “Products”), it shall pass these comprehensively to the fund.
The level of such inducements may differ according to the particular product and product provider. The level of portfolio payments shall as a rule be determined by the level of the volume of a product or of a product type held by the Manage- ment Company. The level thereof normally corresponds to a percentage share of the management fees charged for the respective product, as is periodically remunerated during the holding period. In addition, distribution commission from securities issuers may also be provided in the form of discounts on the issue price (percentage discount) or in the form of one-off payments, the level of which corresponds to a percentage share of the issue price. Unless otherwise agreed, the investor may at any time before or following the rendering of the service (purchase of the product) demand from the Man- agement Company further details about the agreements concluded with third parties in respect of such inducements. The entitlement to information relating to transactions that have already been performed is however limited to the period of 12 months preceding the enquiry. The investor expressly waives any entitlement to further information. If the investor does not demand any further details prior to the rendering of the performance, or if he draws the performance after having ob- tained further details, he waives any possible surrender entitlement within the meaning of § 1009 of the General Civil Code (Allgemeines Bürgerliches Gesetzbuch – "ABGB"). | # § 32 Zuwendungen
Die Verwaltungsgesellschaft kann Vertriebsträgern zur Deckung der Aufwände im Zusammenhang mit dem Vertrieb des Fonds eine Entschädigung gemäss den Bestimmungen in den konstituierenden Dokumenten bezahlen.
Sofern die Verwaltungsgesellschaft für den Fonds Zuwendungen von Dritten im Zusammenhang mit der Zuführung von Anlegern, dem Erwerb/Vertrieb von kollektiven Kapitalanlagen, Zertifikaten, Notes usw. (nachfolgend "Produkte" ge- nannt) erhält, gibt sie diese vollumfänglich an den Fonds weiter.
Die Höhe solcher Zuwendungen ist je nach Produkt und Produktanbieter unterschiedlich. Bestandeszahlungen bemes- sen sich in der Regel nach der Höhe des von der Verwaltungsgesellschaft gehaltenen Volumens eines Produkts oder einer Produktgruppe. Ihre Höhe entspricht üblicherweise einem prozentualen Anteil der dem jeweiligen Produkt belaste- ten Verwaltungsgebühren, welche periodisch während der Haltedauer vergütet werden. Zusätzlich können Vertriebspro- visionen von Wertpapieremittenten auch in Form von Abschlägen auf dem Emissionspreis (prozentmässiger Rabatt) ge- leistet werden oder in Form von Einmalzahlungen, deren Höhe einem prozentualen Anteil des Emissionspreises ent- spricht. Vorbehältlich einer anderen Regelung kann der Anleger jederzeit vor oder nach Erbringung der Dienstleistung (Kauf des Produkts) weitere Einzelheiten über die mit Dritten betreffend solcher Zuwendungen getroffenen Vereinbarun- gen von der Verwaltungsgesellschaft verlangen. Der Informationsanspruch auf weitere Einzelheiten hinsichtlich bereits getätigter Transaktionen ist jedoch begrenzt auf die der Anfrage vorausgegangenen 12 Monate. Auf einen weiter gehen- den Informationsanspruch verzichtet der Anleger ausdrücklich. Verlangt der Anleger keine weiteren Einzelheiten vor Er- bringung der Dienstleistung oder bezieht er die Dienstleistung nach Einholung weiterer Einzelheiten, verzichtet er auf einen allfälligen Herausgabeanspruch im Sinne von § 1009 Allgemeines Bürgerliches Gesetzbuch (ABGB). | # § 32 Inducements
The Management Company may pay distributors compensation to cover overheads incurred in conjunction with the dis- tribution of the fund in accordance with the provisions set out in the constituting documents.
Insofar as the Management Company receives inducements for the fund from third parties in conjunction with the intro- duction of investors, the acquisition/distribution of collective capital investments, certificates, notes etc. (hereinafter called “Products”), it shall pass these comprehensively to the fund.
The level of such inducements may differ according to the particular product and product provider. The level of portfolio payments shall as a rule be determined by the level of the volume of a product or of a product type held by the Manage- ment Company. The level thereof normally corresponds to a percentage share of the management fees charged for the respective product, as is periodically remunerated during the holding period. In addition, distribution commission from securities issuers may also be provided in the form of discounts on the issue price (percentage discount) or in the form of one-off payments, the level of which corresponds to a percentage share of the issue price. Unless otherwise agreed, the investor may at any time before or following the rendering of the service (purchase of the product) demand from the Man- agement Company further details about the agreements concluded with third parties in respect of such inducements. The entitlement to information relating to transactions that have already been performed is however limited to the period of 12 months preceding the enquiry. The investor expressly waives any entitlement to further information. If the investor does not demand any further details prior to the rendering of the performance, or if he draws the performance after having ob- tained further details, he waives any possible surrender entitlement within the meaning of § 1009 of the General Civil Code (Allgemeines Bürgerliches Gesetzbuch – "ABGB"). | en | de |
DOLFIN5067 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
This Fund is an active UCITS. The investment objective of the Fund is to provide capital appreciation over the investment horizon by implementing an asset allocation policy that relies on a financial analysis combined with an extra-financial analysis taking into account ESG (Environment, Social, Governance) criteria.
The Fund will be actively managed. The Fund will provide a global exposure to a broad array of financial assets (including but not limited to equities, sovereign bonds, corporate credit, commodities, currencies, money market instruments) indirectly through investments in shares/units of Exchange Traded Funds (“ETF”) and/or other investment funds which will both comply with the UCITS regulation (“UCITS Funds”). The Sub-Fund may also invest directly in sovereign and quasi-sovereign bonds. The investment process will be implemented according to a combination of the following processes: (i) an ESG screening process, (ii) a strategic asset allocation process and (iii) a tactical asset allocation process.
To constitute the eligible investment universe, LAM takes into account ESG criteria when selecting the securities (ie sovereign and quasi-soverein bonds) and UCITS Funds. Securities are selected on a best-in-universe approach according to an ESG rating, taking into account ESG factors such as climate change, gas emission, waste and pollution, working conditions, health and safety, diversity executive pay, bribery and corruption. LAM selects UCITS Funds that have the French SRI Label (or EU equivalent) or comply with AMF constraints applicable to funds presenting extra-financial characteristics as a central element of their communication. Limits of the extra-financial approach of the Fund consists mainly in a potential inconsistency between the ESG policy implemented by LAM when selecting the securities and the ESG policies of the underlying UCITS Funds. There is also a risk of disparity between the strategies implemented at the level of the UCITS Funds. More detailed can be found in the prospectus of the Fund.
Using financial instruments selected through this ESG screening process, LAM (i) builds a strategic portfolio well diversified for the long term, then (ii) implements a tactical allocation that considers short-terms trends and their risk.
The Fund may also be exposed to financial derivative instruments for hedging purposes.
The Fund investment strategy is not linked to a benchmark index but the €STR rate + 2% (or the equivalent overnight money market rate for the currency of the related share class + 2%) (the "Benchmark Index") is used to calculate the performance fees. The Fund also uses the Benchmark Index for performance comparison purposes. LAM is not in any way constrained by the Benchmark Index in its portfolio positioning. The deviation from the Benchmark Index may be significant.
The recommended investment period for any investment in the Fund is a minimum of 5 years. The share currency is the Euro (EUR).
Invested financial instruments: Exchange Traded Funds and/or UCITS and other UCIs, sovereign and quasi-soverein bonds, financial derivative instruments such as listed futures linked notably to sovereign and corporate bonds, and/or various equity indices and/or currencies, money market instruments and/or money market funds.
Dividend policy: all the Fund's amounts available for distribution (if any) shall not be distributed to Shareholders, but reinvested.
Net Asset Value: the Net Asset Value per share is calculated on each Valuation Day that is (i) any full working day in Luxembourg and in Paris when the banks are opened for business.
Redemptions: Requests for redemption of Shares must be given by indicating the number of Shares and shall be centralised by the Registrar Agent before 4:00 pm (Luxembourg time), on the Business Day preceding the relevant Valuation Day (as defined hereafter). Requests for redemptions forwarded after 4:00 pm (Luxembourg time) on a Business Day shall be deemed to have been received before 4:00 pm (Luxembourg time) on the following Business Day. | # Objectifs et politique d’investissement
Ce Fonds est un OPCVM actif. L’objectif d’investissement du Fond est d’obtenir une appréciation du capital sur l’horizon de placement en mettant en œuvre une politique d’allocation d’actifs, qui repose à la fois sur une analyse financière et sur une analyse extra-financière prenant en compte les critères environnementaux, sociaux et de gouvernance (ESG).
Le Fonds sera géré activement. Le Fonds fournira une exposition mondiale à un vaste éventail d’actifs financiers (y compris, entre autres, actions, emprunts d’État, obligations d’entreprise, matières premières, devises, instruments du marché monétaire) de manière indirecte au travers d’investissements dans des actions/parts de fonds indiciels cotés (« Exchange Traded Funds » ou ETF) et/ou d’autres fonds d’investissement, qui seront conformes au règlement OPCVM (« Fonds OPCVM »). Le Compartiment pourra également investir directement dans des obligations souveraines et quasi souveraines. Le processus d’investissement sera mis en œuvre selon une combinaison des processus suivants : (i) un processus de filtrage ESG, (ii) un processus d’allocation d’actifs stratégique et (iii) un processus d’allocation d’actifs tactique.
Afin de constituer l’univers d’investissement éligible, LAM prend en compte les critères ESG lors de la sélection des titres (p. ex. obligations souveraines et quasi-souveraines) et des Fonds OPCVM. Les titres sont sélectionnés selon une approche « best-in-universe » grâce à une note ESG, en tenant compte de facteurs ESG tels que le changement climatique, les émissions de gaz, les déchets et la pollution, les conditions de travail, la santé et la sécurité, la diversité, le salaire des dirigeants, les pots-de-vin et la corruption. LAM sélectionne des Fonds OPCVM dotés du Label ISR français (ou son équivalent européen) ou conformes aux restrictions de l’AMF qui s’appliquent aux fonds dont les caractéristiques extra-financières représentent un élément central de leur communication. Les limites de l’approche extra-financière du Fonds concernent principalement une éventuelle incohérence entre la politique ESG mise en œuvre par LAM lors de la sélection des titres et la politique ESG des Fonds OPCVM sous-jacents. Il existe également un risque de disparité entre les stratégies mises en place au niveau des Fonds OPCVM. De plus amples informations sont disponibles dans le prospectus du Fonds.
En utilisant des instruments financiers sélectionnés par le biais de ce processus de filtrage ESG, LAM (i) construit un portefeuille stratégique diversifié pour le long terme, avant de (ii) mettre en œuvre une allocation d’actifs tactique qui tient compte des tendances à court terme et de leurs risques.
Le Fonds pourra également être exposé à des instruments financiers dérivés à des fins de couverture.
La stratégie d’investissement du Fonds n’est liée à aucun indice, mais le taux €STR + 2 % (ou le taux monétaire au jour le jour équivalent pour la devise de la classe d’actions concernée + 2 %) (l’« Indice de référence ») est utilisé afin de calculer les commissions de performance. Le Fonds utilise également l’Indice de référence à des fins de comparaison de la performance. LAM n’est en aucun cas limitée par l’Indice de référence dans le positionnement de son portefeuille. L’écart par rapport à l’Indice de référence peut être important.
La période d’investissement recommandée pour tout investissement dans le Fonds est d’au moins 5 ans. La devise de la classe d’actions est l’euro (EUR).
Instruments financiers investis : ETF et/ou OPCVM et autres OPC, obligations souveraines et quasi souveraines, instruments financiers dérivés tels que contrats à terme cotés liés notamment à des emprunts d’État et des obligations d’entreprise, et/ou différents indices d’actions et/ou différentes devises, instruments du marché monétaire et/ou fonds monétaires.
Politique de dividendes : les revenus du Fonds (le cas échéant) ne seront pas distribués aux Actionnaires, mais réinvestis.
Valeur nette d’inventaire : la valeur nette d’inventaire par action est calculée chaque Jour de valorisation, c’est-à-dire (i) toute journée de travail complète au Luxembourg et à Paris lorsque les banques sont ouvertes.
Rachats : Les demandes de rachat d’Actions doivent être transmises en indiquant le nombre d’Actions et seront centralisées par le Dépositaire avant 16h00 (heure de Luxembourg), le Jour ouvrable précédant le Jour de valorisation pertinent (tel que défini ci-après). Les demandes de rachat transmises après 16h00 (heure de Luxembourg) un Jour ouvrable donné seront réputées avoir été reçues avant 16h00 (heure de Luxembourg) le Jour ouvrable suivant. | # Objectives and investment policy
This Fund is an active UCITS. The investment objective of the Fund is to provide capital appreciation over the investment horizon by implementing an asset allocation policy that relies on a financial analysis combined with an extra-financial analysis taking into account ESG (Environment, Social, Governance) criteria.
The Fund will be actively managed. The Fund will provide a global exposure to a broad array of financial assets (including but not limited to equities, sovereign bonds, corporate credit, commodities, currencies, money market instruments) indirectly through investments in shares/units of Exchange Traded Funds (“ETF”) and/or other investment funds which will both comply with the UCITS regulation (“UCITS Funds”). The Sub-Fund may also invest directly in sovereign and quasi-sovereign bonds. The investment process will be implemented according to a combination of the following processes: (i) an ESG screening process, (ii) a strategic asset allocation process and (iii) a tactical asset allocation process.
To constitute the eligible investment universe, LAM takes into account ESG criteria when selecting the securities (ie sovereign and quasi-soverein bonds) and UCITS Funds. Securities are selected on a best-in-universe approach according to an ESG rating, taking into account ESG factors such as climate change, gas emission, waste and pollution, working conditions, health and safety, diversity executive pay, bribery and corruption. LAM selects UCITS Funds that have the French SRI Label (or EU equivalent) or comply with AMF constraints applicable to funds presenting extra-financial characteristics as a central element of their communication. Limits of the extra-financial approach of the Fund consists mainly in a potential inconsistency between the ESG policy implemented by LAM when selecting the securities and the ESG policies of the underlying UCITS Funds. There is also a risk of disparity between the strategies implemented at the level of the UCITS Funds. More detailed can be found in the prospectus of the Fund.
Using financial instruments selected through this ESG screening process, LAM (i) builds a strategic portfolio well diversified for the long term, then (ii) implements a tactical allocation that considers short-terms trends and their risk.
The Fund may also be exposed to financial derivative instruments for hedging purposes.
The Fund investment strategy is not linked to a benchmark index but the €STR rate + 2% (or the equivalent overnight money market rate for the currency of the related share class + 2%) (the "Benchmark Index") is used to calculate the performance fees. The Fund also uses the Benchmark Index for performance comparison purposes. LAM is not in any way constrained by the Benchmark Index in its portfolio positioning. The deviation from the Benchmark Index may be significant.
The recommended investment period for any investment in the Fund is a minimum of 5 years. The share currency is the Euro (EUR).
Invested financial instruments: Exchange Traded Funds and/or UCITS and other UCIs, sovereign and quasi-soverein bonds, financial derivative instruments such as listed futures linked notably to sovereign and corporate bonds, and/or various equity indices and/or currencies, money market instruments and/or money market funds.
Dividend policy: all the Fund's amounts available for distribution (if any) shall not be distributed to Shareholders, but reinvested.
Net Asset Value: the Net Asset Value per share is calculated on each Valuation Day that is (i) any full working day in Luxembourg and in Paris when the banks are opened for business.
Redemptions: Requests for redemption of Shares must be given by indicating the number of Shares and shall be centralised by the Registrar Agent before 4:00 pm (Luxembourg time), on the Business Day preceding the relevant Valuation Day (as defined hereafter). Requests for redemptions forwarded after 4:00 pm (Luxembourg time) on a Business Day shall be deemed to have been received before 4:00 pm (Luxembourg time) on the following Business Day. | en | fr |
DOLFIN5068 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Liste des Parts
La Société de gestion peut décider de demander l’admission de certaines Parts à la Cote officielle et leur négociation sur le marché mondial des changes de la Bourse irlandaise. Les investisseurs sont invités à contacter le Gestionnaire d’investissement pour savoir quelles Classes d’un Compartiment sont disponibles à la souscription et/ou cotées sur la Bourse irlandaise à un quelconque moment.
La Société de gestion ne prévoit pas qu’un marché secondaire actif se développe pour les Parts d’un Compartiment admises à la Cote officielle et négociées sur le marché mondial des changes de la Bourse irlandaise. Le lancement et l’inscription à la cote de différentes Classes d’un Compartiment peuvent avoir lieu à des moments différents et, de ce fait, au moment du lancement d’une Classe, des négociations peuvent déjà avoir eu lieu au sein du portefeuille d’actifs auquel une Classe donnée est associée. Pour plus d’informations à ce sujet, les derniers rapports intermédiaire et annuel du Fonds seront mis à disposition des investisseurs potentiels sur demande de ces derniers. | ### Admisión a cotización de las Participaciones
La Entidad gestora puede acordar solicitar la admisión de determinadas Participaciones a cotización en la Lista oficial y a negociación en el Mercado de valores mundial de la Bolsa de valores de Irlanda. Los inversores deben ponerse en contacto con el Gestor de inversiones para determinar qué clases de un Fondo están disponibles para suscripción y/o admitidas a cotización en la Bolsa de valores de Irlanda en un momento dado.
La Entidad gestora no prevé que se desarrolle un mercado secundario activo en cualesquiera Participaciones del Fondo admitidas a cotización en la Lista oficial y a negociación en el Mercado de valores mundial de la Bolsa de valores de Irlanda. El lanzamiento y la cotización de diversas Clases de un Fondo pueden llevarse a cabo en diferentes momentos y, por consiguiente, en el momento de lanzamiento de una Clase, el conjunto de activos a los que hace referencia dicha Clase puede haber comenzado a negociarse. Para obtener más información sobre este extremo, el inversor potencial podrá consultar, previa solicitud, los informes anuales y semestrales del Fideicomiso de inversiones. | ### Liste des Parts
La Société de gestion peut décider de demander l’admission de certaines Parts à la Cote officielle et leur négociation sur le marché mondial des changes de la Bourse irlandaise. Les investisseurs sont invités à contacter le Gestionnaire d’investissement pour savoir quelles Classes d’un Compartiment sont disponibles à la souscription et/ou cotées sur la Bourse irlandaise à un quelconque moment.
La Société de gestion ne prévoit pas qu’un marché secondaire actif se développe pour les Parts d’un Compartiment admises à la Cote officielle et négociées sur le marché mondial des changes de la Bourse irlandaise. Le lancement et l’inscription à la cote de différentes Classes d’un Compartiment peuvent avoir lieu à des moments différents et, de ce fait, au moment du lancement d’une Classe, des négociations peuvent déjà avoir eu lieu au sein du portefeuille d’actifs auquel une Classe donnée est associée. Pour plus d’informations à ce sujet, les derniers rapports intermédiaire et annuel du Fonds seront mis à disposition des investisseurs potentiels sur demande de ces derniers. | fr | es |
DOLFIN5069 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Shareholders and potential investors should consult with their professional advisers in relation to the tax treatment of their holdings in the Company.
Seilern Investment Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
You may switch your shares in the fund to shares in other sub-funds in which you are eligible to invest. Further information is available from Brown Brothers Harriman Fund Administration Services (Ireland) Limited.
The fund is a sub-fund of Seilern International Funds PLC which is an umbrella fund with segregated liability between sub-funds. This means that the assets and liabilities of each sub-fund are segregated by law.
Remuneration Policy: Seilern Investment Management (Ireland) Limited’s up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available at the following website www.seilernfunds.com and a paper copy of such remuneration policy is available to investors free of charge upon request.
Seilern International Funds PLC is authorised in Ireland and regulated by the Central Bank of Ireland. Seilern Investment Management (Ireland) Limited is authorised in Ireland and regulated by the Central Bank of Ireland. | # Anteilinhaber und potenzielle Anleger sollten hinsichtlich der Besteuerung ihrer Anlagen in der Gesellschaft ihre professionellen Berater konsultieren.
Seilern Investment Management (Ireland) Limited kann lediglich auf der Grundlage einer in diesem Dokument enthaltenen Erklärung haftbargemacht werden, die irreführend, unrichtig oder nicht mit deneinschlägigen Teilen des Verkaufsprospekts für den Fonds vereinbar ist.
Sie können Ihre Anteile am Fonds in Anteile an anderen Teilfondsumtauschen, die für Sie zur Anlage geeignet sind. Weitere Informationenerhalten Sie von Brown Brothers Harriman Fund Administration Services(Ireland) Limited.
Der Fonds ist ein Teilfonds von Seilern International Funds PLC, einem Dachfonds mit getrennt haftenden Teilfonds. Dies bedeutet, dass die Vermögenswerte und Verbindlichkeiten der jeweiligen Teilfonds nach Gesetz von denen der anderen Teilfonds getrennt sind.
Vergütungsrichtlinie: Die aktuelle Vergütungsrichtlinie der Gesellschaft einschliesslich unter anderem einer Beschreibung, wie die Vergütungen und Vergünstigungen berechnet werden, und der Identitätder für die Zuteilung der Vergütungen und Vergünstigungen zuständigen Personen sind auf der Website www.seilernfunds.com verfügbar und ein Druckexemplar dieser Vergütungsrichtlinie wird den Anlegern auf Anfrage kostenlos zur Verfügung gestellt.
Seilern International Funds PLC ist in Irland zugelassen und wird von der irischen Zentralbank (Central Bank of Ireland) reguliert. Seilern Investment Management (Ireland) Limited ist in Irland zugelassen und wird von der irischen Zentralbank (Central Bank of Ireland) reguliert. | # Shareholders and potential investors should consult with their professional advisers in relation to the tax treatment of their holdings in the Company.
Seilern Investment Management (Ireland) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
You may switch your shares in the fund to shares in other sub-funds in which you are eligible to invest. Further information is available from Brown Brothers Harriman Fund Administration Services (Ireland) Limited.
The fund is a sub-fund of Seilern International Funds PLC which is an umbrella fund with segregated liability between sub-funds. This means that the assets and liabilities of each sub-fund are segregated by law.
Remuneration Policy: Seilern Investment Management (Ireland) Limited’s up-to-date remuneration policy, including, but not limited to, a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits is available at the following website www.seilernfunds.com and a paper copy of such remuneration policy is available to investors free of charge upon request.
Seilern International Funds PLC is authorised in Ireland and regulated by the Central Bank of Ireland. Seilern Investment Management (Ireland) Limited is authorised in Ireland and regulated by the Central Bank of Ireland. | en | de |
DOLFIN5070 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# A flexible global credit strategy seeking the most attractive credit segments in terms of risk-reward
Key points
- Flexible allocation across the most attractive segments of global credit markets
- Long-term, credit-like returns adding diversification and lower correlation in a typical credit portfolio
- Investment team with an absolute- return DNA, having delivered high, stable and uncorrelated Sharpe ratios in the past
- Team of fourteen global credit and fixed-income specialists covering a broad range of instrumentsand always seeking the best opportunities to express an investment view
- Highly disciplined risk- management through cross-checks between top-down risk-budgeting and bottom-up risk-monitoringInvestment caseIn the current climate of moderate growth and low rates, traditional index-driven strategies are generating lower returns than investors have been used to. This new regime on global credit markets requires a flexible (i.e. benchmark-agnostic), global approach to investing in fixed income. | # Una strategia obbligazionaria globale flessibile nei segmenti del debito societario più interessanti in termini di rischio/rendimento
Punti chiave
- Allocazione flessibile nei segmenti più interessanti dei mercati globali del debito societario
- Performance a lungo termine analoghe a quelle delle obbligazioni societarie con una maggiore diversificazione e una minore correlazione in un tipico portafoglio a reddito fisso
- Team d’investimento specializzato nel rendimento assoluto che in passato ha ottenuto indici di Sharpe elevati, stabili e non correlati
- Team composto di 14 specialisti del debito societario e del reddito fisso su scala globale, capaci di avvalersi di un’ampia gamma di strumenti e sempre alla ricerca delle migliori opportunità per esprimere le loro convinzioni
- Gestione del rischio rigorosamente disciplinata con controlli incrociati tra la budgetizzazione del rischio di tipo top-down e il monitoraggio del rischio di tipo bottom-upLe ragioni dell’investimentoNel contesto attuale, contrassegnato da una crescita moderata e da un basso livello dei tassi, le tradizionali strategie basate sull’indice generano rendimenti inferiori a quelli cui gli investitori erano abituati. Questi mercati sono entrati in una nuova era in termini di performance che richiede un approccio flessibile (ossia svincolato dal benchmark) e globale verso gli investimenti nelle obbligazioni societarie. | # A flexible global credit strategy seeking the most attractive credit segments in terms of risk-reward
Key points
- Flexible allocation across the most attractive segments of global credit markets
- Long-term, credit-like returns adding diversification and lower correlation in a typical credit portfolio
- Investment team with an absolute- return DNA, having delivered high, stable and uncorrelated Sharpe ratios in the past
- Team of fourteen global credit and fixed-income specialists covering a broad range of instrumentsand always seeking the best opportunities to express an investment view
- Highly disciplined risk- management through cross-checks between top-down risk-budgeting and bottom-up risk-monitoringInvestment caseIn the current climate of moderate growth and low rates, traditional index-driven strategies are generating lower returns than investors have been used to. This new regime on global credit markets requires a flexible (i.e. benchmark-agnostic), global approach to investing in fixed income. | en | it |
DOLFIN5071 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## RESTRICTIONS EN MATIÈRE D’INVESTISSEMENT ET D’EMPRUNT
L’investissement des actifs de chaque Compartiment doit être conforme à la Réglementation OPCVM et au Règlement MMF. Les détails des restrictions en matière d’investissement et d’emprunt applicables à chacun des Compartiments sont présentés à l’Annexe II.
Les Administrateurs pourront aussi imposer de temps à autre des restrictions d’investissement supplémentaires compatibles avec, ou dans l’intérêt des Actionnaires, de façon à se conformer aux lois et réglementations des pays dans lesquels les Actionnaires de la Société sont situés, ou dans lesquels les Actions sont commercialisées.
Il est prévu que la Société, sous réserve de l’accord préalable de la Banque centrale, puisse se prévaloir de toute modification apportée aux restrictions d’investissement stipulées dans la Réglementation OPCVM et dans le Règlement MMF qui permettrait à la Société d’investir dans des valeurs mobilières, des instruments dérivés ou toutes autres formes d’investissement qui, à la date du présent Prospectus, sont limitées ou interdites en vertu de la Réglementation OPCVM ou du Règlement MMF. La Société avisera les Actionnaires avec un délai raisonnable de son intention de se prévaloir de toute modification de nature substantielle et le Prospectus sera mis à jour en conséquence.
En cas de conflit entre les restrictions d’investissement définies dans le Règlement MMF et les restrictions d’investissement définies dans la Réglementation OPCVM, les restrictions d’investissement définies dans le Règlement MMF prévaudront. | ## LÍMITES DE INVERSIÓN Y DE ENDEUDAMIENTO
La inversión de los activos de cada Subfondo debe cumplir el Reglamento OICVM y con el Reglamento de los FMM. La información detallada acerca de las restricciones de inversión y de endeudamiento aplicables a todos los Subfondos se contienen en el Apéndice II.
Asimismo, los Consejeros podrán imponer en cualquier momento nuevas restricciones de inversión que sean compatibles o favorables con los intereses de los Accionistas para cumplir las leyes y normativa de los países donde estén situados los Accionistas de la Sociedad o donde se comercialicen las Acciones.
Se prevé que la Sociedad esté facultada, previa autorización del Banco Central, para hacer uso de cualquier cambio en las restricciones de inversión dispuestas por el Reglamento OICVM y el Reglamento de los FMM que permita a la Sociedad invertir en valores, instrumentos derivados o cualquier otra forma de inversión que, a la fecha de este Folleto, esté restringida o prohibida por el Reglamento OICVM o el Reglamento de los FMM. La Sociedad notificará a los Accionistas con un preaviso razonable su intención de hacer uso de cualquier cambio tal que sea sustancial y el Folleto se actualizará consecuentemente.
En caso de que hubiera cualquier divergencia entre las restricciones de inversión que se establecen en el Reglamento de los FMM y las que se establecen en el Reglamento OICVM, prevalecerán las primeras. | ## RESTRICTIONS EN MATIÈRE D’INVESTISSEMENT ET D’EMPRUNT
L’investissement des actifs de chaque Compartiment doit être conforme à la Réglementation OPCVM et au Règlement MMF. Les détails des restrictions en matière d’investissement et d’emprunt applicables à chacun des Compartiments sont présentés à l’Annexe II.
Les Administrateurs pourront aussi imposer de temps à autre des restrictions d’investissement supplémentaires compatibles avec, ou dans l’intérêt des Actionnaires, de façon à se conformer aux lois et réglementations des pays dans lesquels les Actionnaires de la Société sont situés, ou dans lesquels les Actions sont commercialisées.
Il est prévu que la Société, sous réserve de l’accord préalable de la Banque centrale, puisse se prévaloir de toute modification apportée aux restrictions d’investissement stipulées dans la Réglementation OPCVM et dans le Règlement MMF qui permettrait à la Société d’investir dans des valeurs mobilières, des instruments dérivés ou toutes autres formes d’investissement qui, à la date du présent Prospectus, sont limitées ou interdites en vertu de la Réglementation OPCVM ou du Règlement MMF. La Société avisera les Actionnaires avec un délai raisonnable de son intention de se prévaloir de toute modification de nature substantielle et le Prospectus sera mis à jour en conséquence.
En cas de conflit entre les restrictions d’investissement définies dans le Règlement MMF et les restrictions d’investissement définies dans la Réglementation OPCVM, les restrictions d’investissement définies dans le Règlement MMF prévaudront. | fr | es |
DOLFIN5072 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the event of termination by or the insolvency of the Custodian, the Fund does not form part of any insolvent estate of the Custodian and, with the consent of the responsible supervisory authority, may be transferred to another custodian or dissolved.
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## Announcement and information | Bei Kündigung oder Konkurs der Verwahrstelle fällt der Fonds nicht in eine allfällige Konkursmasse der Verwahrstelle und kann mit Zustimmung der zuständigen Aufsichtsbehörde auf eine andere Verwahrstelle übertragen oder aufgelöst werden.
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## Bekanntmachung und Informationen | In the event of termination by or the insolvency of the Custodian, the Fund does not form part of any insolvent estate of the Custodian and, with the consent of the responsible supervisory authority, may be transferred to another custodian or dissolved.
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## Announcement and information | en | de |
DOLFIN5073 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# "management company" means any corporation appointed for the time being acting as themanagement company of the Company in accordance with the Regulations.
“Ordinary Resolution” means a resolution of the Company, of a fund or of any class, as appropriate, passed by more than fifty per cent (50%) of the votes cast in person or by proxy by Members entitled to vote thereon in a general meeting or a resolution in writing signed by the Members entitled to vote thereon.
“Special Resolution” means a resolution of the Company, of a fund or of any class, as appropriate, passed by not less than seventy-five per cent (75%) of the votes cast in person or by proxy by the Members entitled to vote thereon in a general meeting or a resolution in writing signed by the Members entitled to vote thereon.
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## Article 2(c) (v) and (vii) of the Articles of Association shall be amended as follows:
The fees and expenses of the Company and where the context so permits or requires any fund, shall be decreed without limitation to include the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
(v)
to the extent permitted by applicable law the remuneration, commissions and expenses incurred or payable in the marketing, promotion and distribution of shares including without limitation commissions payable to any person in consideration of his/her subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares in the Company and the costs and expenses of preparation and distribution of all marketing material and advertisements;
(vii)
all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus, key information document, key investor informationdocument, material contract and all costs incurred in translating any of the foregoing into anylanguages other than English and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
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## Article 3(a) of the Articles of Association shall be amended as follows: | # “Società di gestione” indica qualsiasi società attualmente in carica che agisce come società di gestione della Società in conformità con i Regolamenti.
Per “Delibera ordinaria” si intende una delibera della Società, di un fondo o di qualsiasi categoria, a seconda dei casi, approvata da più del cinquanta per cento (50%) dei voti espressi di persona o per delega dai Soci aventi diritto di voto in un’assemblea generale o una delibera scritta firmata dai Soci aventi diritto di voto.
Per “Delibera straordinaria” si intende una delibera della Società, di un fondo o di qualsiasi categoria, a seconda dei casi, approvata almeno dal settantacinque per cento (75%) dei voti espressi di persona o per delega dai Soci aventi diritto di voto in un’assemblea generale o una delibera scritta firmata dai Soci aventi diritto di voto.
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## Si modifica l’articolo 2(c) (v) e (vii) dello Statuto come segue:
Le commissioni e le spese della Società e, laddove il contesto lo consenta o lo richieda, qualsiasi fondo, saranno deliberate senza limitazioni in modo da includere le seguenti spese, salvo nella misura in cui tali spese possano essere derogate o comunque assolte da altro soggetto e non recuperate dalla Società:
(v)
nella misura consentita dalla legge applicabile, i compensi, le commissioni e le spese sostenute o da sostenere per la commercializzazione, la promozione e la distribuzione delle azioni, incluse, senza limitazioni, le commissioni da corrispondere a qualsiasi persona in considerazione della sua sottoscrizione o del suo impegno a sottoscrivere o della sua attività di procacciamento o dell’impegno a svolgere attività di procacciamento per promuovere la sottoscrizione di azioni della Società e i costi e le spese di predisposizione e distribuzione di tutto il materiale di marketing e pubblicitario;
(vii)
tutte le spese sostenute in relazione alla pubblicazione e alla fornitura di informazioni ai Soci e, in particolare, fatto salvo in generale quanto sopra esposto, i costi di stampa e distribuzione della Relazione annuale, di qualsiasi relazione alla Banca centrale o a qualsiasi altra autorità di regolamentazione, della relazione semestrale o di altre relazioni, di qualsiasi Prospetto informativo, documento contenente informazioni chiave, documento contenente informazioni chiave per gli investitori, contratto rilevante e tutti i costi sostenuti per la traduzione di quanto sopra in qualsiasi lingua diversa dall’inglese e i costi di pubblicazione di quotazioni e avvisi sulla stampa finanziaria e tutti i costi di cancelleria, stampa e affrancatura relativi alla predisposizione e alla trasmissione di assegni, warrant, certificati fiscali e dichiarazioni;
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## Si modifica l’articolo 3(a) dello Statuto come segue: | # "management company" means any corporation appointed for the time being acting as themanagement company of the Company in accordance with the Regulations.
“Ordinary Resolution” means a resolution of the Company, of a fund or of any class, as appropriate, passed by more than fifty per cent (50%) of the votes cast in person or by proxy by Members entitled to vote thereon in a general meeting or a resolution in writing signed by the Members entitled to vote thereon.
“Special Resolution” means a resolution of the Company, of a fund or of any class, as appropriate, passed by not less than seventy-five per cent (75%) of the votes cast in person or by proxy by the Members entitled to vote thereon in a general meeting or a resolution in writing signed by the Members entitled to vote thereon.
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## Article 2(c) (v) and (vii) of the Articles of Association shall be amended as follows:
The fees and expenses of the Company and where the context so permits or requires any fund, shall be decreed without limitation to include the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
(v)
to the extent permitted by applicable law the remuneration, commissions and expenses incurred or payable in the marketing, promotion and distribution of shares including without limitation commissions payable to any person in consideration of his/her subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares in the Company and the costs and expenses of preparation and distribution of all marketing material and advertisements;
(vii)
all expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report, any Prospectus, key information document, key investor informationdocument, material contract and all costs incurred in translating any of the foregoing into anylanguages other than English and the costs of publishing quotations of prices and notices in the financial press and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
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## Article 3(a) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN5074 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Exposition globale
Le risque global lié aux instruments financiers dérivés est calculé en prenant en compte la valeur actuelle des actifs sous-jacents, le risque de contrepartie, les mouvements de marché prévisibles et le temps restant pour liquider les positions.
L'exposition globale du Compartiment JPMorgan Liquidity Funds - EUR Standard Money Market VNAV Fund aux instruments financiers dérivés n'excédera pas son actif net total. L'exposition globale d'un Compartiment au risque ne dépassera donc pas 200% de son actif net total. Le Compartiment calcule son exposition globale à l'aide de la méthode de l'engagement en tenant compte, soit de la valeur de marché d’une position équivalente sur l’actif sous-jacent, soit de la valeur notionnelle du produit dérivé, selon le cas. Cette méthode permet au Compartiment de réduire son exposition globale en prenant en compte les effets d’éventuelles positions de couverture ou de compensation. Veuillez noter qu’avec la méthode de l’engagement, certains types de transactions sans risque ou sans effet de levier et de swaps sans effet de levier peuvent être exclus du calcul. | # Exposición global
La exposición global relativa a instrumentos financieros derivados se calcula teniendo en cuenta el valor actual de los activos subyacentes, el riesgo de la contraparte, la evolución previsible del mercado y el tiempo disponible para liquidar las posiciones.
La exposición global del JPMorgan Liquidity Funds - EUR Standard Money Market VNAV Fund en relación con los instrumentos financieros derivados no superará el patrimonio neto total del Subfondo. Por lo tanto, la exposición global del Subfondo al riesgo no podrá superar el 200% de su patrimonio neto total. El Subfondo calcula su exposición global a través del enfoque de los compromisos, teniendo en cuenta, bien el valor de mercado de una posición equivalente en el activo subyacente, bien el valor nocional del derivado, según proceda. Este enfoque permite al Subfondo reducir su exposición global teniendo en cuenta los efectos de cualesquiera posiciones de cobertura o compensatorias. Los inversores deben tener presente que, con el enfoque de los compromisos, determinados tipos de operaciones libres de riesgo, operaciones libres de apalancamiento y swaps no apalancados pueden excluirse del cálculo. | # Exposition globale
Le risque global lié aux instruments financiers dérivés est calculé en prenant en compte la valeur actuelle des actifs sous-jacents, le risque de contrepartie, les mouvements de marché prévisibles et le temps restant pour liquider les positions.
L'exposition globale du Compartiment JPMorgan Liquidity Funds - EUR Standard Money Market VNAV Fund aux instruments financiers dérivés n'excédera pas son actif net total. L'exposition globale d'un Compartiment au risque ne dépassera donc pas 200% de son actif net total. Le Compartiment calcule son exposition globale à l'aide de la méthode de l'engagement en tenant compte, soit de la valeur de marché d’une position équivalente sur l’actif sous-jacent, soit de la valeur notionnelle du produit dérivé, selon le cas. Cette méthode permet au Compartiment de réduire son exposition globale en prenant en compte les effets d’éventuelles positions de couverture ou de compensation. Veuillez noter qu’avec la méthode de l’engagement, certains types de transactions sans risque ou sans effet de levier et de swaps sans effet de levier peuvent être exclus du calcul. | fr | es |
DOLFIN5075 | 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
Objectif d’investissement L’objectif du Fonds est de répliquer la performance des marchés d’actions des pays émergents.
Politique d’investissement Le Fonds vise à répliquer aussi fidèlement que possible la performance du MSCI Emerging Markets Index (« l'Indice »).
Le Fonds est un fonds indiciel (également connu sous le nom de fonds à gestion passive).
Le Fonds investit principalement dans des titres inclus dans l’Indice. Ces titres incluent des valeurs et actions émises par des entreprises situées dans les pays de marchés émergents du monde entier. Bien que l'Indice soit généralement bien diversifié, afin de répliquer l'Indice avec exactitude, le Fonds utilisera les limites de diversification accrues disponibles en vertu des Réglementations OPCVM qui lui permettent de détenir des positions sur des composants individuels de l'Indice émis par la même entité à concurrence de 20 % de la valeur liquidative du Fonds. Compte tenu qu'il peut s'avérer difficile d'acheter de manière efficace tous les titres compris dans l'Indice afin de reproduire sa performance, le Fonds utilisera une stratégie d’optimisation pour construire un portefeuille représentatif qui devrait refléter la performance de l'Indice. En conséquence, le Fonds ne détiendra généralement qu’un seul sous-ensemble des titres compris dans l’Indice.
Dans des cas particuliers, le Fonds peut acheter des titres qui ne sont pas inclus dans l’Indice.
Le Fonds peut utiliser des instruments financiers dérivés (c'est-à-dire, des contrats financiers dont les prix sont dépendants d'un ou plusieurs actifs sous-jacents) afin d'assurer la gestion efficace du portefeuille.
Sauf circonstances exceptionnelles, le Fonds émettra et rachètera généralement les actions uniquement pour certains investisseurs institutionnels. Toutefois, les actions du Fonds peuvent être achetées ou vendues par l'intermédiaire de courtiers sur une ou plusieurs bourses de valeurs. Le Fonds négocie sur ces bourses de valeurs aux prix du marché,
lesquels peuvent fluctuer tout au long de la journée. Les prix du marché peuvent être supérieurs ou inférieurs à la valeur liquidative quotidienne du Fonds.
Le Fonds ne souscrit pas de prêts de titres à l'heure actuelle.
Les Actionnaires peuvent racheter les actions les jours ouvrés au Royaume- Uni (autres que les jours durant lesquels les marchés financiers concernés sont fermés aux transactions et/ou le jour précédant lesdits jours, sous réserve qu’une liste desdits jours de clôture de marché soit publiée pour le Fonds sur www.ssga.com) ; et tous autres jours à la discrétion des Administrateurs (agissant raisonnablement), sous réserve que ces jours soient notifiés par avance aux Actionnaires.
Tout revenu enregistré par le Fonds sera retenu et traduit par une augmentation de la valeur des actions.
Les actions du Fonds sont émises en dollar US.
Pour toutes informations complémentaires, veuillez vous référer au Prospectus.
Source de l'Indice : Les fonds ou titres mentionnés aux présentes ne sauraient être financés, approuvés ou promus par MSCI, et MSCI ne saurait engager sa responsabilité eu égard à ces fonds ou titres ou quelque indice que ce soit sur lequel lesdits fonds ou titres sont basés. Le prospectus et le supplément présentent une description plus détaillée de la relation limitée entre MSCI et State Street Bank and Trust Company, par l'intermédiaire de SSGA et des fonds y rattachés, ainsi que des clauses de non-responsabilité additionnelles qui s'appliquent aux indices MSCI. Les indices MSCI sont la propriété exclusive de MSCI et ne sauraient être reproduits ou extraits et utilisés à quelques autres fins sans le consentement de MSCI. Les indices MSCI sont fournis sans garantie d'aucune sorte. | # Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de los mercados bursátiles de países emergentes.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI Emerging Markets Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden acciones emitidas por empresas domiciliadas en países emergentes de todo el mundo. Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo. Puesto que adquirir de forma eficiente la totalidad de los valores que integran el Índice puede resultar complicado, el Fondo aplicará una estrategia de optimización para construir una cartera representativa con la que se pretende reflejar la evolución del índice. Por lo tanto, normalmente el Fondo tendrá en cartera solo una parte de los valores incluidos en el Índice. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en una o varias bolsas de valores. El Fondo se negocia en estas bolsas a
precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
En la actualidad, el Fondo no realiza operaciones de préstamo de valores.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Objectifs et politique d’investissement
Objectif d’investissement L’objectif du Fonds est de répliquer la performance des marchés d’actions des pays émergents.
Politique d’investissement Le Fonds vise à répliquer aussi fidèlement que possible la performance du MSCI Emerging Markets Index (« l'Indice »).
Le Fonds est un fonds indiciel (également connu sous le nom de fonds à gestion passive).
Le Fonds investit principalement dans des titres inclus dans l’Indice. Ces titres incluent des valeurs et actions émises par des entreprises situées dans les pays de marchés émergents du monde entier. Bien que l'Indice soit généralement bien diversifié, afin de répliquer l'Indice avec exactitude, le Fonds utilisera les limites de diversification accrues disponibles en vertu des Réglementations OPCVM qui lui permettent de détenir des positions sur des composants individuels de l'Indice émis par la même entité à concurrence de 20 % de la valeur liquidative du Fonds. Compte tenu qu'il peut s'avérer difficile d'acheter de manière efficace tous les titres compris dans l'Indice afin de reproduire sa performance, le Fonds utilisera une stratégie d’optimisation pour construire un portefeuille représentatif qui devrait refléter la performance de l'Indice. En conséquence, le Fonds ne détiendra généralement qu’un seul sous-ensemble des titres compris dans l’Indice.
Dans des cas particuliers, le Fonds peut acheter des titres qui ne sont pas inclus dans l’Indice.
Le Fonds peut utiliser des instruments financiers dérivés (c'est-à-dire, des contrats financiers dont les prix sont dépendants d'un ou plusieurs actifs sous-jacents) afin d'assurer la gestion efficace du portefeuille.
Sauf circonstances exceptionnelles, le Fonds émettra et rachètera généralement les actions uniquement pour certains investisseurs institutionnels. Toutefois, les actions du Fonds peuvent être achetées ou vendues par l'intermédiaire de courtiers sur une ou plusieurs bourses de valeurs. Le Fonds négocie sur ces bourses de valeurs aux prix du marché,
lesquels peuvent fluctuer tout au long de la journée. Les prix du marché peuvent être supérieurs ou inférieurs à la valeur liquidative quotidienne du Fonds.
Le Fonds ne souscrit pas de prêts de titres à l'heure actuelle.
Les Actionnaires peuvent racheter les actions les jours ouvrés au Royaume- Uni (autres que les jours durant lesquels les marchés financiers concernés sont fermés aux transactions et/ou le jour précédant lesdits jours, sous réserve qu’une liste desdits jours de clôture de marché soit publiée pour le Fonds sur www.ssga.com) ; et tous autres jours à la discrétion des Administrateurs (agissant raisonnablement), sous réserve que ces jours soient notifiés par avance aux Actionnaires.
Tout revenu enregistré par le Fonds sera retenu et traduit par une augmentation de la valeur des actions.
Les actions du Fonds sont émises en dollar US.
Pour toutes informations complémentaires, veuillez vous référer au Prospectus.
Source de l'Indice : Les fonds ou titres mentionnés aux présentes ne sauraient être financés, approuvés ou promus par MSCI, et MSCI ne saurait engager sa responsabilité eu égard à ces fonds ou titres ou quelque indice que ce soit sur lequel lesdits fonds ou titres sont basés. Le prospectus et le supplément présentent une description plus détaillée de la relation limitée entre MSCI et State Street Bank and Trust Company, par l'intermédiaire de SSGA et des fonds y rattachés, ainsi que des clauses de non-responsabilité additionnelles qui s'appliquent aux indices MSCI. Les indices MSCI sont la propriété exclusive de MSCI et ne sauraient être reproduits ou extraits et utilisés à quelques autres fins sans le consentement de MSCI. Les indices MSCI sont fournis sans garantie d'aucune sorte. | fr | es |
DOLFIN5076 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
L'objectif du Fonds est de fournir, sur le long terme, un niveau élevé de rendement total de revenu courant, avec pour objectif d'apprécier le capital en investissant dans des obligations d'entreprise à haut rendement libellées en USD.
### Politique d'investissement
### Le Fonds cherchera à investir au moins 75 % de son actif net total dans des obligations de sociétés à haut rendement libellées en dollars américains. Ces titres sont généralement cotés ou négociés
sur d'autres marchés réglementés. Le Fonds peut investir jusqu'à 10 % de ses actifs dans des obligations convertibles contingentes et dans des actions. L'exposition globale du portefeuille à la devise USD sera généralement au moins égale à 90 % de la valeur de l'actif net du Fonds.
### Les investisseurs peuvent acheter et vendre des actions du fonds quotidiennement. Ce fonds est susceptible de ne convenir qu'aux investissements à long terme.
### Le fonds est un OPCVM de gestion active. Il n'est pas géré par rapport à un indice de référence.
### Toute information relative à l'indice est fournie uniquement à titre d'information et d'illustration.
### Dividendes
### Les actions de cette classe sont des actions de capitalisation et aucun dividende ne sera distribué. | # Objetivos y política de inversión
El fondo trata de ofrecer, a largo plazo, un nivel elevado de rentabilidad de los ingresos corrientes, con un objetivo de revalorización del capital, invirtiendo en bonos de alta rentabilidad empresarial denominados en dólares estadounidenses.
### Política de inversión
### El fondo procurará invertir al menos un 75 % de sus activos netos totales en bonos de alta rentabilidad empresarial denominados en dólares estadounidenses. Normalmente, estos son
admitidos a cotización oficial o negociados en otros mercados regulados. Puede que el fondo también invierta un 10 % máximo en valores de renta variable y en bonos convertibles contingentes. La exposición global de la cartera al dólar estadounidense, en general, será igual, como mínimo, al 90 % del valor de los activos netos del fondo.
### Los inversores pueden comprar y vender acciones del fondo con frecuencia diaria. El fondo puede ser adecuado únicamente para la inversión a largo
### plazo.
### Se trata de un fondo UCITS de gestión activa. No está gestionado utilizando un índice de referencia. Cualquier información referente al índice tiene carácter únicamente contextual e ilustrativo.
### Dividendos
### Las acciones de esta clase son de capitalización y no reparten dividendos. | # Objectifs et politique d'investissement
L'objectif du Fonds est de fournir, sur le long terme, un niveau élevé de rendement total de revenu courant, avec pour objectif d'apprécier le capital en investissant dans des obligations d'entreprise à haut rendement libellées en USD.
### Politique d'investissement
### Le Fonds cherchera à investir au moins 75 % de son actif net total dans des obligations de sociétés à haut rendement libellées en dollars américains. Ces titres sont généralement cotés ou négociés
sur d'autres marchés réglementés. Le Fonds peut investir jusqu'à 10 % de ses actifs dans des obligations convertibles contingentes et dans des actions. L'exposition globale du portefeuille à la devise USD sera généralement au moins égale à 90 % de la valeur de l'actif net du Fonds.
### Les investisseurs peuvent acheter et vendre des actions du fonds quotidiennement. Ce fonds est susceptible de ne convenir qu'aux investissements à long terme.
### Le fonds est un OPCVM de gestion active. Il n'est pas géré par rapport à un indice de référence.
### Toute information relative à l'indice est fournie uniquement à titre d'information et d'illustration.
### Dividendes
### Les actions de cette classe sont des actions de capitalisation et aucun dividende ne sera distribué. | fr | es |
DOLFIN5077 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Currency Hedging Policy
The Fund may invest in currency forward exchange contracts, in order to provide protection against exposure to currency risk arising at the level of its portfolio holdings (as described further below) and at Share class level. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
Hedging at Portfolio Level
Although it is not currently the intention to do so, the Fund may, at the discretion of the Investment Manager, engage in currency hedging transactions in order to protect the value of specific portfolio positions or in anticipation of changes in the relative values of the currencies in which current or future Fund portfolio holdings are denominated or quoted. For example, the Fund may engage in currency hedging transactions in order to offset the currency exposure arising as a result of Investments in its portfolio being denominated in currencies different from its base currency, or to protect against movements in currency exchange rates between the date on which the Investment Manager contracts to purchase or sell a security and the settlement date for the purchase or sale of that security, or to “lock in” the equivalent of a dividend or interest payment in another currency. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
Where transactions are entered into for the purpose of hedging currency exposures at portfolio level, the Investment Manager has full discretion to either fully or partially hedge such exposures to the extent it deems appropriate.
Hedging at Share Class Level
The Fund may also engage in currency hedging transactions in order to provide protection against movements of the currency in which a Share class is denominated relative to the Fund’s base currency, where different. To the extent that such hedging transactions are successful, the performance of the relevant Hedged Share Class is likely to move in line with the performance of the Fund’s Investments and Shareholders of the Hedged Share Class will not benefit as a result of a decline in the value of the currency in which the class is denominated relative to the base currency of the Fund or relative to the currencies in which the assets of the Fund are denominated. To the extent that the Fund employs strategies aimed at hedging certain Share classes, there can be no assurance that such strategies will be effective.
The costs and related liabilities/benefits arising from instruments entered into for the purposes of hedging currency exposure for the benefit of any particular Hedged Share Class of the Fund shall be attributable exclusively to the relevant Share class.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Share Class. All transactions will be clearly attributable to the relevant Hedged Share Class and currency exposures of different Share classes will not be combined or offset. The Company will have procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Share Class and that under-hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Share Class that is to be hedged against currency risk. As part of this procedure, the Company will review hedged positions in excess of 100% of the Net Asset Value of the relevant Hedged Share Class and any under-hedged positions on at least a monthly basis to ensure they are not carried forward from month to month. While not the intention of the Company, overhedged or underhedged positions may arise due to factors outside the control of the Company. | ##### Währungsabsicherungspolitik
Der Fonds kann in Devisentermingeschäften anlegen, um für eine Absicherung gegen Währungsrisiken auf Ebene der Portfoliobestände (wie nachstehend beschrieben) und auf Ebene der Anteilklassen zu sorgen. Es kann jedoch keine Zusicherung dafür gegeben werden, dass diese Währungsabsicherungsgeschäfte erfolgreich sein oder tatsächlich den gewünschten Effekt erzielen werden.
Absicherung (Hedging) auf Portfolioebene
Obwohl es derzeit nicht beabsichtigt ist, können nach alleinigem Ermessen des Anlageverwalters vom Fonds Währungsabsicherungsgeschäfte eingegangen werden, um den Wert bestimmter Portfoliopositionen zu schützen oder in Erwartung von Änderungen des relativen Werts der Währungen, in denen derzeitige oder künftige Bestände des Fondsportfolios denominiert oder notiert sind. Beispielsweise kann der Fonds Währungsabsicherungsgeschäfte abschließen, um das Währungsrisiko auszugleichen, das sich daraus ergibt, dass Investments des Portfolios auf andere Währungen als seine Basiswährung lauten, oder um sich gegen Änderungen der Wechselkurse zwischen dem Zeitpunkt, zu dem der Anlageverwalter eine vertragliche Verpflichtung zum Kauf oder Verkauf eines Wertpapiers eingeht, und dem Abrechnungstag für den Kauf oder Verkauf des betreffenden Wertpapiers zu schützen, oder um den Gegenwert einer Dividende oder Zinszahlung in einer anderen Währung „festzuschreiben“. Es kann jedoch keine Zusicherung dafür gegeben werden, dass diese Währungsabsicherungsgeschäfte erfolgreich sein oder tatsächlich den gewünschten Effekt erzielen werden.
Werden Währungsabsicherungstransaktionen auf Portfolioebene abgeschlossen, steht es im alleinigen Ermessen des Anlageverwalters, die betreffenden Währungspositionen insgesamt oder teilweise abzusichern, soweit er dies für angemessen hält.
Absicherung (Hedging) auf Ebene der Anteilklassen
Der Fonds kann zudem Währungsabsicherungsgeschäfte eingehen, um sich gegen Schwankungen der Währung, auf die eine Anteilklasse lautet, gegenüber der Basiswährung des Fonds zu schützen, sofern diese Währungen nicht identisch sind. Soweit diese Hedging-Transaktionen erfolgreich sind, wird sich die Performance der betreffenden abgesicherten Anteilklasse voraussichtlich parallel zu der Performance der Fondsanlagen bewegen, und Anteilinhaber der abgesicherten Anteilklasse profitieren nicht von einem Wertverfall der Währung der Anteilklasse gegenüber der Basiswährung des Fonds oder gegenüber den Währungen, auf die Vermögenswerte des Fonds lauten. Soweit der Fonds Strategien zur Absicherung bestimmter Anteilklassen einsetzt, kann es keine Zusicherung dafür geben, dass diese Strategien erfolgreich sein werden.
Die Kosten und zugehörigen Verbindlichkeiten bzw. Vorteile im Zusammenhang mit Anlageinstrumenten, die für Zwecke der Absicherung von Währungsrisiken zugunsten einer bestimmten abgesicherten Anteilklasse des Fonds eingesetzt werden, werden ausschließlich dieser Anteilklasse zugerechnet.
Das mit Währungspositionen verbundene Risiko wird 105 % des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse nicht übersteigen. Sämtliche Transaktionen werden eindeutig der betreffenden abgesicherten Anteilklasse zurechenbar sein und die Währungspositionen unterschiedlicher Anteilklassen werden nicht kombiniert oder gegeneinander aufgerechnet. Die Gesellschaft setzt Verfahren ein, um abgesicherte Positionen zu überwachen und um sicherzustellen, dass überbesicherte Positionen 105 % des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse nicht übersteigen und dass unterbesicherte Positionen 95 % des Teils des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse, der gegenüber dem Währungsrisiko abgesichert werden soll, nicht unterschreiten. Im Rahmen dieser Verfahren überprüft die Gesellschaft die abgesicherten Positionen, die 100 % des Nettoinventarwerts der betreffenden Anteilklasse überschreiten sowie unterbesicherte Positionen, mindestens einmal im Monat, um sicherzustellen, dass sie nicht von Monat zu Monat vorgetragen werden. Auch wenn die Gesellschaft dies nicht beabsichtigt, können überbesicherte oder unterbesicherte Positionen aufgrund von Faktoren außerhalb der Kontrolle der Gesellschaft entstehen. | ##### Currency Hedging Policy
The Fund may invest in currency forward exchange contracts, in order to provide protection against exposure to currency risk arising at the level of its portfolio holdings (as described further below) and at Share class level. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
Hedging at Portfolio Level
Although it is not currently the intention to do so, the Fund may, at the discretion of the Investment Manager, engage in currency hedging transactions in order to protect the value of specific portfolio positions or in anticipation of changes in the relative values of the currencies in which current or future Fund portfolio holdings are denominated or quoted. For example, the Fund may engage in currency hedging transactions in order to offset the currency exposure arising as a result of Investments in its portfolio being denominated in currencies different from its base currency, or to protect against movements in currency exchange rates between the date on which the Investment Manager contracts to purchase or sell a security and the settlement date for the purchase or sale of that security, or to “lock in” the equivalent of a dividend or interest payment in another currency. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
Where transactions are entered into for the purpose of hedging currency exposures at portfolio level, the Investment Manager has full discretion to either fully or partially hedge such exposures to the extent it deems appropriate.
Hedging at Share Class Level
The Fund may also engage in currency hedging transactions in order to provide protection against movements of the currency in which a Share class is denominated relative to the Fund’s base currency, where different. To the extent that such hedging transactions are successful, the performance of the relevant Hedged Share Class is likely to move in line with the performance of the Fund’s Investments and Shareholders of the Hedged Share Class will not benefit as a result of a decline in the value of the currency in which the class is denominated relative to the base currency of the Fund or relative to the currencies in which the assets of the Fund are denominated. To the extent that the Fund employs strategies aimed at hedging certain Share classes, there can be no assurance that such strategies will be effective.
The costs and related liabilities/benefits arising from instruments entered into for the purposes of hedging currency exposure for the benefit of any particular Hedged Share Class of the Fund shall be attributable exclusively to the relevant Share class.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Share Class. All transactions will be clearly attributable to the relevant Hedged Share Class and currency exposures of different Share classes will not be combined or offset. The Company will have procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Share Class and that under-hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Share Class that is to be hedged against currency risk. As part of this procedure, the Company will review hedged positions in excess of 100% of the Net Asset Value of the relevant Hedged Share Class and any under-hedged positions on at least a monthly basis to ensure they are not carried forward from month to month. While not the intention of the Company, overhedged or underhedged positions may arise due to factors outside the control of the Company. | en | de |
DOLFIN5078 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Buy and sell orders for securities and financial instruments
The Management Company submits buy and sell orders for securities and financial instruments directly to brokers and traders for the account of the respective sub-fund. The Management Company concludes agreements with these brokers and traders under customary market conditions that comply with first-rate execution standards. When selecting the broker or trader, the Management Company takes into account all relevant factors, such as the credit rating of the broker or trader and the execution capacities provided. A prerequisite for the selection of a broker is that the Management Company always ensures that transactions are executed under the best possible conditions, taking into account the specific market at the specific time for the specific type and size of transaction.
The Management Company may conclude agreements with selected brokers, traders and other analysis service providers, whereby these service providers acquire market information and research. These services are used by the Management Company for the purpose of managing the respective sub-fund of the Invest- ment Company. When the Management Com- pany uses these services, it adheres to all appli- cable regulatory requirements and industry standards. In particular, the Management Com- pany does not require any services if the afore- mentioned agreements according to prudent judgement do not support the Management Company in its investment decision-making process. | ### Kauf- und Verkaufsaufträge für Wertpapiere und Finanzinstrumente
Die Verwaltungsgesellschaft platziert Kauf- und Verkaufsaufträge für Wertpapiere und Finanzins- trumente für Rechnung des jeweiligen Teilfonds direkt bei Brokern und Händlern. Sie schließt mit diesen Brokern und Händlern Vereinbarungen zu marktüblichen Konditionen ab, die im Einklang mit erstklassigen Ausführungsstandards stehen. Bei der Auswahl des Brokers oder Händlers berücksichtigt die Verwaltungsgesellschaft alle relevanten Faktoren, wie etwa die Bonität des Brokers oder Händlers und die zur Verfügung gestellten Ausführungskapazitäten. Vorausset- zung für die Auswahl eines Brokers ist, dass die Verwaltungsgesellschaft stets dafür sorgt, dass Transaktionen unter Berücksichtigung des betref- fenden Marktes zum betreffenden Zeitpunkt für Transaktionen der betreffenden Art und Größe zu den bestmöglichen Bedingungen ausgeführt werden.
Die Verwaltungsgesellschaft kann Vereinbarun- gen mit ausgewählten Brokern, Händlern und sonstigen Analyseanbietern abschließen, in deren Rahmen die jeweiligen Anbieter Marktin- formationen beschaffen und Analysedienstleis- tungen (Research) erbringen. Diese Leistungen werden von der Verwaltungsgesellschaft zum Zweck der Verwaltung des jeweiligen Teilfonds der Investmentgesellschaft genutzt. Die Verwal- tungsgesellschaft hält bei der Inanspruchnahme dieser Leistungen alle geltenden aufsichtsrecht- lichen Regelungen und Branchenstandards ein. Insbesondere werden von der Verwaltungsge- sellschaft keine Leistungen in Anspruch genom- men, wenn diese Vereinbarungen sie nach vernünftigem Ermessen nicht bei ihrem Anlage- entscheidungsprozess unterstützen. | ### Buy and sell orders for securities and financial instruments
The Management Company submits buy and sell orders for securities and financial instruments directly to brokers and traders for the account of the respective sub-fund. The Management Company concludes agreements with these brokers and traders under customary market conditions that comply with first-rate execution standards. When selecting the broker or trader, the Management Company takes into account all relevant factors, such as the credit rating of the broker or trader and the execution capacities provided. A prerequisite for the selection of a broker is that the Management Company always ensures that transactions are executed under the best possible conditions, taking into account the specific market at the specific time for the specific type and size of transaction.
The Management Company may conclude agreements with selected brokers, traders and other analysis service providers, whereby these service providers acquire market information and research. These services are used by the Management Company for the purpose of managing the respective sub-fund of the Invest- ment Company. When the Management Com- pany uses these services, it adheres to all appli- cable regulatory requirements and industry standards. In particular, the Management Com- pany does not require any services if the afore- mentioned agreements according to prudent judgement do not support the Management Company in its investment decision-making process. | en | de |
DOLFIN5079 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The consolidated net asset value of the SICAV is equal to the sum of the net asset values of the various sub-funds converted into EUR at the prevailing exchange rates in Luxembourg on the closing date.
All assets, income, expenses, foreign exchange gains and losses not expressed in the currency of the relevant sub-fund are converted into the sub-fund currency at the prevailing exchange rates in Luxembourg on the closing date.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the relevant sub-fund currency, the acquisition cost is calculated based on the prevailing exchange rate on the day of purchase.
- Change in the net unrealised gain and lossThe change in unrealised capital gains or losses at the end of the period also appears in the Statement of operations and other changes in net assets.
- Futures contracts valuationThe liquidation value of futures contracts and option contracts which are not traded on a regulated market shall be their net liquidation value defined in accordance with the policies set out by the Board of Directors on a basis which is applied consistently to each type of contract. The liquidation value of futures contracts or option contracts traded on a regulated market will be based on the last available settlement price for these contracts on the regulated market on which these futures contracts or option contracts are traded by the SICAV; however, if a futures contract or option contract cannot be liquidated on the day the net assets are valued, the basis used to determine the liquidation value of this contract shall be determined by the Board of Directors of the SICAV in a fair and reasonable manner.
- Start-up costsThe expenses relating to the formation and launch of the SICAV have been estimated at EUR 18,000 and will be amortised over the first five financial years. If a new sub-fund is created during this five-year period, it shall bear the costs of creation of the SICAV that have not yet been amortised on a pro rata basis to its net assets. During the same five-year period and in return, the start-up costs of this new sub- fund will also be borne by the other sub-funds pro rata to the net assets of all the sub-funds. After this five-year period, the specific costs of creating a new sub-fund will be fully amortised, from the time they arise, against the assets of the sub-fund.
- Income, expenditure and related provisionsInterest is recognised daily and dividends are recorded on the ex-date. Interest and income are recognised net of non-recoverable withholding taxes. | La valeur de l’actif net consolidé de la SICAV est égale à la somme des valeurs nettes des différents compartiments convertis en EUR au taux de change prévalant à Luxembourg le jour de clôture.
Tous les avoirs, revenus, dépenses, bénéfices et pertes de change non exprimés en la devise du compartiment concerné sont convertis en la devise du compartiment aux cours de change en vigueur au Luxembourg à la date de clôture.
- Coût d'acquisition des titres en portefeuillePour les titres libellés en devises autres que la devise de chaque compartiment de la SICAV, le coût d'acquisition est calculé sur base du cours de change en vigueur au jour de l'achat.
- Variation des plus ou moins-values nettes non réaliséesLa variation de la plus ou moins-value non réalisée à la fin de l'exercice figure également dans l'état des opérations et des autres variations de l'actif net.
- Evaluation des contrats financiers à termeLa valeur de liquidation des contrats à terme et des contrats d’options qui ne sont pas négociés sur des Marchés Réglementés équivaudra à leur valeur de liquidation nette déterminée conformément aux politiques établies par le Conseil d’Administration, sur une base appliquée de façon cohérente à chaque type de contrat. La valeur de liquidation des contrats à terme ou contrats d’options négociés sur des Marchés Réglementés sera basée sur le dernier prix disponible de règlement de ces contrats sur les Marchés Réglementés sur lesquels ces contrats à terme ou ces contrats d’options sont négociés par la SICAV ; pour autant que si un contrat à terme ou un contrat d’options ne peut pas être liquidé le jour auquel les actifs nets sont évalués, la base qui servira à déterminer la valeur de liquidation de ce contrat sera déterminée par le Conseil d’Administration de la SICAV de façon juste et raisonnable.
- Frais d’établissement et de réorganisationLes frais liés à la constitution et au lancement de la SICAV ont été estimés à EUR 18.000,- et seront amortis sur les cinq premiers exercices sociaux. En cas de création d’un nouveau compartiment durant cette période de cinq ans, celui-ci prendra à sa charge les frais de création de la SICAV non encore amortis et au pro rata de ses actifs nets. Durant cette même période de cinq ans et en contrepartie, les frais d’établissement de ce nouveau compartiment seront également pris en charge par les autres compartiments au prorata des actifs nets de l’ensemble des compartiments. Après cette période de cinq ans, les frais spécifiquement liés à la création d’un nouveau compartiment seront amortis intégralement et dès leur apparition sur les actifs de ce compartiment.
- Revenus, dépenses et provisions y relativesLes intérêts sont provisionnés chaque jour et les dividendes sont enregistrés à l’"ex-date". Les intérêts et revenus sont comptabilisés nets des précomptes mobiliers non recouvrables. | The consolidated net asset value of the SICAV is equal to the sum of the net asset values of the various sub-funds converted into EUR at the prevailing exchange rates in Luxembourg on the closing date.
All assets, income, expenses, foreign exchange gains and losses not expressed in the currency of the relevant sub-fund are converted into the sub-fund currency at the prevailing exchange rates in Luxembourg on the closing date.
- Acquisition cost of the securities in the portfolioFor securities denominated in currencies other than the relevant sub-fund currency, the acquisition cost is calculated based on the prevailing exchange rate on the day of purchase.
- Change in the net unrealised gain and lossThe change in unrealised capital gains or losses at the end of the period also appears in the Statement of operations and other changes in net assets.
- Futures contracts valuationThe liquidation value of futures contracts and option contracts which are not traded on a regulated market shall be their net liquidation value defined in accordance with the policies set out by the Board of Directors on a basis which is applied consistently to each type of contract. The liquidation value of futures contracts or option contracts traded on a regulated market will be based on the last available settlement price for these contracts on the regulated market on which these futures contracts or option contracts are traded by the SICAV; however, if a futures contract or option contract cannot be liquidated on the day the net assets are valued, the basis used to determine the liquidation value of this contract shall be determined by the Board of Directors of the SICAV in a fair and reasonable manner.
- Start-up costsThe expenses relating to the formation and launch of the SICAV have been estimated at EUR 18,000 and will be amortised over the first five financial years. If a new sub-fund is created during this five-year period, it shall bear the costs of creation of the SICAV that have not yet been amortised on a pro rata basis to its net assets. During the same five-year period and in return, the start-up costs of this new sub- fund will also be borne by the other sub-funds pro rata to the net assets of all the sub-funds. After this five-year period, the specific costs of creating a new sub-fund will be fully amortised, from the time they arise, against the assets of the sub-fund.
- Income, expenditure and related provisionsInterest is recognised daily and dividends are recorded on the ex-date. Interest and income are recognised net of non-recoverable withholding taxes. | en | fr |
DOLFIN5080 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Unitholders in reporting unit classes
Each individual unit class is an offshore fund within the meaning of the TIOPA. Within this framework, all income from the sale, disposal or redemption of offshore fund units at the time of the sale, disposal or redemption are taxed as income and not as capital gains. These provisions do not apply if the fund is accorded reporting fund status and maintains this status during the period in which units are held.
For a unit class to qualify as a reporting fund, the Management Company must apply to the UK tax authorities for the inclusion of the sub-fund in this category. The unit class must then report 100% of the income of the unit class for each financial year. The corresponding report can be consulted by investors on the UBS website. Private investors resident in the United Kingdom should include the reportable income in their income tax return. They will then be assessed on the basis of the declared income, whether the income was distributed or not. In determining the income, the income for accounting purposes is adjusted for capital and other items and is based on the reportable income of the corresponding sub-fund. Unitholders are hereby informed that income from trading (but not from investment activities) is classified as reportable income. The key criteria is the business activity. Given the lack of clarity in the guidelines concerning the difference between trading and investment activities, there is no guarantee that the proposed activities are not trading activities. Should the activities of the Fund be partly or wholly classified as trading activities, then the annual reportable income for shareholders and the corresponding tax burden would probably be significantly higher than would otherwise be the case. Provided that the relevant unit class fulfils the status of a reporting sub-fund, the income from this unit class will be taxed as a capital gain and not as income, unless the investor is a securities trader. Such gains may therefore be exempt from capital gains tax under general or special provisions, which may lead to some UK investors bearing a comparatively lower tax burden.
In accordance with Part 3 Chapter 6 of the Offshore Funds (Tax) Regulations 2009 (hereinafter the “2009 Regulations”), certain transactions of a regulated sub-fund such as the Company are generally not treated as trading activities in the calculation of reportable income for reporting sub-funds that fulfil a genuine diversity of ownership condition. In this respect, the Board of Directors confirms that all unit classes are primarily for private and institutional investors and are offered to these target groups. Regarding the 2009 Regulations, the Board of Directors confirms that the units of the Fund can be easily acquired and are marketed and made available in order to reach and attract the targeted categories of investors.
The attention of persons ordinarily resident in the United Kingdom is drawn to the provisions of Part 13(2) of the Income Tax Act 2007 (“Transfer of Assets Abroad”), which provide that under certain circumstances, these persons may be subject to income tax in connection with non-distributed income and profits arising on investments in sub-fund(s), or similar income and profits, which is not receivable in the United Kingdom by those persons.
In addition, it is important to note the provisions of Section 13 of the Taxation of Chargeable Gains Act of 1992, which govern the distribution of chargeable gains of companies that are not resident in the United Kingdom and that would be considered “close companies” if they were resident in the UK. These gains are distributed to investors who are domiciled or have their ordinary place of residence in the UK. Profits distributed in this manner are taxable for all investors holding a share of more than 10% of the distributed profit either individually or together with associated persons.
The members of the Board of Directors intend to make all reasonable efforts to ensure that the sub-fund or sub-funds are not classed as a “close company” within the meaning of Section 13 of the Taxation of Chargeable Gains Act if domiciled in the United Kingdom. Moreover, when determining the impact of Section 13 of the Taxation of Chargeable Gains Act of 1992, it is important to ensure that the regulations of the double taxation treaty between the United Kingdom and Luxembourg are taken into account. | ## Anteilinhaber berichterstattender Anteilsklassen
Jede einzelne Anteilsklasse wird zu Steuerzwecken im Sinne von TIOPA als ausländischer Fonds betrachtet. In diesem Rahmen werden alle Erträge aus dem Verkauf, der Veräusserung oder der Rücknahme von ausländischen Fondsanteilen zum Zeitpunkt des Verkaufs, der Veräusserung oder der Rücknahme nicht als Kapitalertrag, sondern als Einkommen besteuert. Diese Bestimmungen kommen nicht zur Anwendung, wenn dem Fonds der Status des berichterstattenden Fonds gewährt wird und der Fonds diesen Status in dem Zeitraum aufrechterhält, in dem die Anteile gehalten werden.
Damit eine Anteilsklasse als berichterstattender Fonds gelten kann, muss die Verwaltungsgesellschaft bei der britischen Steuerbehörde die Aufnahme des Subfonds in dieses Regime beantragen. Die Anteilsklasse muss dann für jedes Geschäftsjahr 100 % des Ertrags der Anteilsklasse ausweisen. Der entsprechende Bericht kann von den Anlegern auf der Website von UBS eingesehen werden. Privatanleger, die im Vereinigten Königreich ansässig sind, sollten die ausgewiesenen Erträge in ihrer Einkommenserklärung einbeziehen. Sie werden dann auf der Basis des erklärten Einkommens veranlagt, ob die Erträge nun ausgeschüttet wurden oder nicht. Zur Ermittlung des Einkommens wird das Einkommen zu Buchführungszwecken um Kapital und andere Posten bereinigt und basiert auf dem auszuweisenden Ertrag des entsprechenden Subfonds. Die Anteilinhaber werden darauf hingewiesen, dass Erträge aus dem Handel (und nicht aus Anlagen) als auszuweisender Ertrag gelten. Letzten Endes hängt es von den Aktivitäten ab. Angesichts der unklaren Richtlinien betreffend den Unterschied zwischen Handels- und Anlagetätigkeit besteht keine Gewähr, dass die vorgeschlagenen Aktivitäten keine Handelsaktivitäten sind. Sollte es sich herausstellen, dass die Tätigkeit des Fonds zum Teil oder vollständig aus Handelsgeschäften besteht, ist der jährlich auszuweisende Ertrag der Aktionäre und die entsprechende Steuerlast vermutlich sehr viel höher, als es sonst der Fall wäre. Sofern die entsprechende Anteilsklasse den Status eines berichterstattenden Subfonds aufrechterhält, wird der Ertrag aus dieser Anteilsklasse als Kapitalertrag und nicht als Einkommen besteuert, ausser der Anleger handelt mit Effekten. Solche Erträge können also unter allgemeinen oder besonderen Bestimmungen von der Kapitalertragsteuer befreit werden, was dazu führen kann, das manche Anleger im Vereinigten Königreich eine verhältnismässig niedrigere Steuerlast zu tragen haben.
Gemäss Kapitel 6 Teil 3 Offshore Funds (Tax) Regulations 2009 (die "2009 Regulations") werden bestimmte Transaktionen eines regulierten Subfonds wie der Gesellschaft in der Regel bei der Berechnung des auszuweisenden Einkommens berichterstattender Subfonds, die eine Vielzahl von Eigentumsvoraussetzungen erfüllen, nicht als Handelsgeschäft behandelt. In dieser Hinsicht bestätigt der Verwaltungsrat, dass sich alle Anteilsklassen primär an Privatanleger und institutionelle Investoren richten und diesen Zielgruppen angeboten werden. In Bezug auf die 2009 Regulations erklärt der Verwaltungsrat, dass die Anteile des Fonds leicht zu erwerben sind und so vermarktet und verfügbar gemacht werden, dass sie die Zielgruppen erreichen und ihr Interesse erwecken.
Personen mit gewöhnlichem Wohnsitz im Vereinigten Königreich werden auf die Bestimmungen von Buch 13, Kapitel 2 des Einkommensbesteuerungsgesetzes "Income Tax Act 2007" ("Übertragung von Vermögenswerten ins Ausland") aufmerksam gemacht, wonach solche Personen unter bestimmten Umständen in Bezug auf mit der Anlage in (einen) Subfonds erzielte nicht ausgeschüttete Gewinne und Erträge bzw. derart erzielte Gewinne und Erträge, die von diesen Personen im Vereinigten Königreich nicht eingefordert werden können, der Einkommensteuer unterworfen sind.
Darüber hinaus sollten die Bestimmungen von Abschnitt 13 des Gesetzes über die Besteuerung von Veräusserungsgewinnen (Taxation of Chargeable Gains Act) von 1992 beachtet werden, die für die Ausschüttung versteuerbarer Gewinne von nicht im Vereinigten Königreich ansässigen Gesellschaften gelten; im Falle des Sitzes im Vereinigten Königreich würde es sich um eine "Close Company" handeln. Diese Gewinne werden an Anleger mit gewöhnlichem Aufenthalt bzw. ständigem Wohnsitz im Vereinigten Königreich ausgeschüttet. Solchermassen ausgeschüttete Gewinne sind von allen Anlegern zu versteuern, denen entweder alleine oder gemeinsam mit anderen verbundenen Personen ein Anteil von mehr als 10% am ausgeschütteten Gewinn zufällt.
Die Mitglieder des Verwaltungsrats beabsichtigen, alle angemessenen Massnahmen zu ergreifen, um sicherzustellen, dass der/die Subfonds, nicht als Gesellschaft(en) eingestuft wird/werden, die eine "Close Company" im Sinne von Abschnitt 13 des Gesetzes über die Besteuerung von Veräusserungsgewinnen darstellen würden, wenn sie ihren Sitz im Vereinigten Königreich hätte(n). Darüber hinaus ist darauf zu achten, dass bei der Beurteilung der Auswirkungen von Abschnitt 13 des Gesetzes über die Besteuerung von Veräusserungsgewinnen (Taxation of Chargeable Gains Act) von 1992 die Bestimmungen des zwischen dem Vereinigten Königreich und Luxemburg geschlossenen Doppelbesteuerungsabkommens Berücksichtigung finden. | ## Unitholders in reporting unit classes
Each individual unit class is an offshore fund within the meaning of the TIOPA. Within this framework, all income from the sale, disposal or redemption of offshore fund units at the time of the sale, disposal or redemption are taxed as income and not as capital gains. These provisions do not apply if the fund is accorded reporting fund status and maintains this status during the period in which units are held.
For a unit class to qualify as a reporting fund, the Management Company must apply to the UK tax authorities for the inclusion of the sub-fund in this category. The unit class must then report 100% of the income of the unit class for each financial year. The corresponding report can be consulted by investors on the UBS website. Private investors resident in the United Kingdom should include the reportable income in their income tax return. They will then be assessed on the basis of the declared income, whether the income was distributed or not. In determining the income, the income for accounting purposes is adjusted for capital and other items and is based on the reportable income of the corresponding sub-fund. Unitholders are hereby informed that income from trading (but not from investment activities) is classified as reportable income. The key criteria is the business activity. Given the lack of clarity in the guidelines concerning the difference between trading and investment activities, there is no guarantee that the proposed activities are not trading activities. Should the activities of the Fund be partly or wholly classified as trading activities, then the annual reportable income for shareholders and the corresponding tax burden would probably be significantly higher than would otherwise be the case. Provided that the relevant unit class fulfils the status of a reporting sub-fund, the income from this unit class will be taxed as a capital gain and not as income, unless the investor is a securities trader. Such gains may therefore be exempt from capital gains tax under general or special provisions, which may lead to some UK investors bearing a comparatively lower tax burden.
In accordance with Part 3 Chapter 6 of the Offshore Funds (Tax) Regulations 2009 (hereinafter the “2009 Regulations”), certain transactions of a regulated sub-fund such as the Company are generally not treated as trading activities in the calculation of reportable income for reporting sub-funds that fulfil a genuine diversity of ownership condition. In this respect, the Board of Directors confirms that all unit classes are primarily for private and institutional investors and are offered to these target groups. Regarding the 2009 Regulations, the Board of Directors confirms that the units of the Fund can be easily acquired and are marketed and made available in order to reach and attract the targeted categories of investors.
The attention of persons ordinarily resident in the United Kingdom is drawn to the provisions of Part 13(2) of the Income Tax Act 2007 (“Transfer of Assets Abroad”), which provide that under certain circumstances, these persons may be subject to income tax in connection with non-distributed income and profits arising on investments in sub-fund(s), or similar income and profits, which is not receivable in the United Kingdom by those persons.
In addition, it is important to note the provisions of Section 13 of the Taxation of Chargeable Gains Act of 1992, which govern the distribution of chargeable gains of companies that are not resident in the United Kingdom and that would be considered “close companies” if they were resident in the UK. These gains are distributed to investors who are domiciled or have their ordinary place of residence in the UK. Profits distributed in this manner are taxable for all investors holding a share of more than 10% of the distributed profit either individually or together with associated persons.
The members of the Board of Directors intend to make all reasonable efforts to ensure that the sub-fund or sub-funds are not classed as a “close company” within the meaning of Section 13 of the Taxation of Chargeable Gains Act if domiciled in the United Kingdom. Moreover, when determining the impact of Section 13 of the Taxation of Chargeable Gains Act of 1992, it is important to ensure that the regulations of the double taxation treaty between the United Kingdom and Luxembourg are taken into account. | en | de |
DOLFIN5081 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investments in foreign securities, i.e. securities denominated in a currency different from the Sub-Fund’s Reference Currency, offer potential benefits not available from investments solely in securities denominated in the Sub-Fund’s Reference Currency. However, it also involves significant risks that are not typically associated with investing in securities denominated in the Sub-Fund’s Reference Currency. Indeed, foreign investments may be affected by movements of exchange rates, changes in laws or restrictions applicable to such investments and changes in exchange control regulations (e.g. currency blockage).
In addition, if a Sub-Fund offers unhedged currency Share Classes denominated in a currency different from the Sub-Fund’s Reference Currency, the investor is exposed to foreign exchange risks at Share Class level as the value of this kind of Shares depends from the prevailing spot foreign exchange rate between the two currencies.
Issuers are generally subject to different accounting, auditing and financial reporting standards in different countries throughout the world. The volume of trading, the volatility of prices and the liquidity of issuers may vary in the markets of different countries. In addition, the level of government supervision and regulation of securities exchanges, securities dealers and listed and unlisted companies is different throughout the world. The laws of some countries may limit the Sub-Fund’s ability to invest in securities of certain issuers located in those countries.
Different markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when a portion of the Sub-Fund’s assets is uninvested and no return is earned thereon. The inability of the Sub-Fund to make intended securities purchases due to settlement problems could cause the Sub-Fund to miss attractive investments opportunities. Inability to dispose of Sub-Fund's securities due to settlement problems could result either in losses to the Sub-Fund, due to subsequent declines in value of the Sub-Fund's securities, or, if the Sub-Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.
With respect to certain countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of Sub-Funds or other assets of the Sub-Funds, political or social instability or diplomatic developments, which could affect investments in those countries.
An issuer of securities may be domiciled in a country other than a country in whose currency the instrument is denominated. The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. Investments in sovereign debt obligations by the Sub-Funds involve risks not present in debt obligations of corporate issuers. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest, when due in accordance with the terms of such debt, and the Sub- Funds may have limited recourse to compel payment in the event of a default.
Periods of economic uncertainty may result in volatility of market prices of sovereign debt and in turn the Sub-Fund’s Net Asset Value. A sovereign debtor’s willingness or ability to repay principal and pay interests in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor’s policy toward international lenders and the political constraints to which a sovereign debtor may be subject.
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## Derivatives risk and leverage | Les investissements dans des valeurs étrangères, à savoir des titres libellés dans une devise différente de la devise de référence du Compartiment, offrent des avantages potentiels que les placements exclusivement réalisés dans des titres libellés dans la devise de référence du Compartiment n’offrent pas. En revanche, ils comportent également des risques importants que ne présentent pas systématiquement les investissements dans des titres libellés dans la devise de référence d’un Compartiment. En effet, ces investissements peuvent être affectés par des variations de taux de change, des amendements législatifs ou de nouvelles restrictions applicables à ces placements ainsi que par une modification de la réglementation relative au contrôle des changes (par ex. un blocage du taux de change).
De plus, si un Compartiment offre des Classes d’Actions libellées dans une devise différente de la devise de référence de ce Compartiment mais non couvertes contre le risque de change, l’investisseur est exposé au risque de change au niveau de la Classe d’Actions, la valeur de ce type d’Actions dépendant du taux de change spot entre les deux devises.
Les émetteurs doivent en général respecter les différentes normes comptables, d’audit et de reporting financier applicables dans les divers pays du monde. Le volume de transactions, la volatilité des cours et la liquidité des émetteurs peuvent varier d’un pays à l’autre. De plus, le niveau d’intervention du gouvernement et de réglementation des bourses de valeurs ainsi que le nombre de négociants en titres et de sociétés cotées et non cotées, sont également différents selon les pays. La législation en vigueur dans certains pays peut limiter la capacité d’un Compartiment à acquérir les titres de certains émetteurs nationaux.
Les différents marchés suivent des procédures de compensation et de règlement différentes. Tout retard de règlement pourrait se traduire par le défaut de placement d’une partie des actifs du Compartiment, et par conséquent, par une absence de rendement. L’incapacité du Compartiment à acquérir certains titres en raison de problèmes de règlement pourrait lui valoir de manquer certaines opportunités de placement intéressantes. L’incapacité de disposer des titres détenus par le Compartiment en raison de problèmes de règlement pourrait quant à elle se traduire soit par des pertes liées à la dépréciation consécutive de certains titres du Compartiment, soit si le Compartiment avait conclu un contrat de cession de titres, par une dette envers l’acheteur.
Dans certains pays, il existe un risque d’expropriation ou d’impôts confiscatoires, de prélèvement à la source sur la distribution de dividendes ou de revenus, de limitation des retraits de fonds ou d’autres actifs d’un Compartiment, d’instabilité politique ou sociale, ou encore de troubles diplomatiques, qui pourraient affecter les investissements réalisés.
Un émetteur de titres peut être domicilié dans un pays différent de celui qui correspond à la devise dans laquelle l’instrument est libellé. La valeur et les rendements relatifs de placements réalisés sur les marchés de titres de différents pays et les risques associés peuvent changer indépendamment les uns des autres,. Un investissement dans les emprunts souverains expose les Compartiments concernés à des risques qui n’existent pas avec les titres de créance d’entreprise. L’émetteur des emprunts ou les autorités gouvernementales qui contrôlent le remboursement de la dette peuvent s’avérer incapables ou non disposés à rembourser le principal ou les intérêts à l’échéance prévue aux termes desdits emprunts, auquel cas les Compartiments ne disposeront que d’un nombre limité de recours pour les contraindre à rembourser en cas de défaillance.
Les périodes d’incertitude économique peuvent donner lieu à une certaine volatilité du cours des emprunts souverains, laquelle se répercutera sur la Valeur Nette d’Inventaire des Compartiments concernés. La volonté ou la capacité du débiteur d’emprunts souverains de rembourser le principal et de payer les intérêts dans les délais prévus peut être affectée par certains facteurs tels que ses flux de trésorerie, l’importance de ses réserves de devises étrangères, l’existence d’un volume suffisant de devises étrangères à la date d’échéance du paiement, le poids relatif du service de la dette sur l’économie globale du pays, la relation du débiteur des emprunts souverains avec les créanciers internationaux et les contraintes politiques auxquelles un débiteur d’emprunts souverains peut être soumis.
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## Risques liés aux produits dérivés et à l’effet de levier | Investments in foreign securities, i.e. securities denominated in a currency different from the Sub-Fund’s Reference Currency, offer potential benefits not available from investments solely in securities denominated in the Sub-Fund’s Reference Currency. However, it also involves significant risks that are not typically associated with investing in securities denominated in the Sub-Fund’s Reference Currency. Indeed, foreign investments may be affected by movements of exchange rates, changes in laws or restrictions applicable to such investments and changes in exchange control regulations (e.g. currency blockage).
In addition, if a Sub-Fund offers unhedged currency Share Classes denominated in a currency different from the Sub-Fund’s Reference Currency, the investor is exposed to foreign exchange risks at Share Class level as the value of this kind of Shares depends from the prevailing spot foreign exchange rate between the two currencies.
Issuers are generally subject to different accounting, auditing and financial reporting standards in different countries throughout the world. The volume of trading, the volatility of prices and the liquidity of issuers may vary in the markets of different countries. In addition, the level of government supervision and regulation of securities exchanges, securities dealers and listed and unlisted companies is different throughout the world. The laws of some countries may limit the Sub-Fund’s ability to invest in securities of certain issuers located in those countries.
Different markets have different clearance and settlement procedures. Delays in settlement could result in temporary periods when a portion of the Sub-Fund’s assets is uninvested and no return is earned thereon. The inability of the Sub-Fund to make intended securities purchases due to settlement problems could cause the Sub-Fund to miss attractive investments opportunities. Inability to dispose of Sub-Fund's securities due to settlement problems could result either in losses to the Sub-Fund, due to subsequent declines in value of the Sub-Fund's securities, or, if the Sub-Fund has entered into a contract to sell the securities, could result in possible liability to the purchaser.
With respect to certain countries, there is a possibility of expropriation or confiscatory taxation, imposition of withholding taxes on dividend or interest payments, limitations on the removal of Sub-Funds or other assets of the Sub-Funds, political or social instability or diplomatic developments, which could affect investments in those countries.
An issuer of securities may be domiciled in a country other than a country in whose currency the instrument is denominated. The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. Investments in sovereign debt obligations by the Sub-Funds involve risks not present in debt obligations of corporate issuers. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest, when due in accordance with the terms of such debt, and the Sub- Funds may have limited recourse to compel payment in the event of a default.
Periods of economic uncertainty may result in volatility of market prices of sovereign debt and in turn the Sub-Fund’s Net Asset Value. A sovereign debtor’s willingness or ability to repay principal and pay interests in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor’s policy toward international lenders and the political constraints to which a sovereign debtor may be subject.
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## Derivatives risk and leverage | en | fr |
DOLFIN5082 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le risque de change n’est pas systématiquement couvert.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres et/ou contrats d’échange sur rendement global (TRS) :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’unecontrepartie d’opérations d’acquisitions et cessions temporaires de titre et/ou contrats d’échange sur rendement global (TRS).
- Risque de contrepartie :Le FCP a recours à des opérations d’acquisitions et cessions temporaires de titres et/ou à des dérivés négociés de gré à gré. Ces opérations, conclues avec une contrepartie, exposent le FCP à un risque de défaillance et/ou de non- exécution du contrat d’échange de la part de celle-ci, qui pourront avoir un impact significatif sur la valeur liquidative du FCP. Ce risque pourrait ne pas être, le cas échéant, compensé par les garanties financières reçues.
- Risque de crédit :Il représente la possibilité pour un émetteur de voir sa marge de rémunération par rapport à une obligation d’Etat de même maturité s’écarter significativement, notamment en cas de dégradation de sa notation. | No se realiza la cobertura sistemática del riesgo de cambio.
- Riesgo de liquidez vinculado a las adquisiciones y cesiones temporales de títulos y/ o a los contratos de permuta de la rentabilidad total (TRS) :El FIC podrá estar expuesto a dificultades de negociación o a la imposibilidad transitoria de negociación de ciertos valores en los cuales hubiera invertido o recibido en garantía, en caso de incumplimiento de alguna contraparte de las operaciones de adquisición y cesión temporal de títulos y/ o de los contratos de permuta de la rentabilidad total (TRS).
- Riesgo de contraparte:El FIC puede recurrir a operaciones de adquisición y cesión temporal de títulos y/o a derivados negociados en mercados extrabursátiles. Estas operaciones, formalizadas con una contraparte, exponen al FIC a un riesgo de incumplimiento y/o de no ejecución del contrato de permuta por parte de esta última, lo cual podría tener un impacto significativo sobre el valor liquidativo del FIC. En tal caso, este riesgo no podría compensarse con las garantías financieras recibidas.
- Riesgo de crédito :Representa, con respecto a un emisor, la posibilidad de que su margen de remuneración se desvíe de forma significativa con respecto al de un bono del Estado con un mismo vencimiento, sobre todo en caso de degradación de su calificación crediticia. | Le risque de change n’est pas systématiquement couvert.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres et/ou contrats d’échange sur rendement global (TRS) :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’unecontrepartie d’opérations d’acquisitions et cessions temporaires de titre et/ou contrats d’échange sur rendement global (TRS).
- Risque de contrepartie :Le FCP a recours à des opérations d’acquisitions et cessions temporaires de titres et/ou à des dérivés négociés de gré à gré. Ces opérations, conclues avec une contrepartie, exposent le FCP à un risque de défaillance et/ou de non- exécution du contrat d’échange de la part de celle-ci, qui pourront avoir un impact significatif sur la valeur liquidative du FCP. Ce risque pourrait ne pas être, le cas échéant, compensé par les garanties financières reçues.
- Risque de crédit :Il représente la possibilité pour un émetteur de voir sa marge de rémunération par rapport à une obligation d’Etat de même maturité s’écarter significativement, notamment en cas de dégradation de sa notation. | fr | es |
DOLFIN5083 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Liquidity risk in a stock market:
The Fund's stock market price may deviate from its indicative net asset value. The liquidity of the Fund's units in a stock market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halt of the calculation of the MSCI France Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI France Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems in a relevant listing market,
- any other event that prevents the calculation of the Fund's indicative net asset value or the trading in Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | ## Liquiditätsrisiko an einem Handelsplatz:
Der Börsenkurs des Fonds kann sich von seinem indikativen Nettoinventarwert entfernen. Die Liquidität der Anteile des Fonds an einem Handelsplatz kann durch eine Aussetzung beeinträchtigt werden, die unter anderem insbesondere auf folgende Faktoren zurückzuführen sein können:
- eine Aussetzung oder Einstellung der Berechnung des MSCI France-Index durch den Indexanbieter;
- eine Aussetzung des bzw. der dem MSCI France-Index zugrundeliegenden Marktes bzw. Märkte;
- das Unvermögen eines bestimmten Handelsplatzes, den indikativen Nettoinventarwert des Fonds zu beziehen oder zu berechnen;
- einen Verstoß eines Market Makers gegen die an einem bestimmten Handelsplatz geltenden Regeln;
- einen Ausfall insbesondere der Informationssysteme oder der elektronischen Systeme eines bestimmten Handelsplatzes;
- alle sonstigen Ereignisse, die die Berechnung des indikativen Nettoinventarwerts des Fonds oder den Handel mit den Fondsanteilen verhindern.
- Nachhaltigkeitsrisiko:Dabei handelt es sich um das Risiko in Verbindung mit einem Ereignis oder einer Situation im Bereich Umwelt, Soziales oder Unternehmensführung, dessen bzw. deren Eintreten eine erhebliche tatsächliche oder mögliche negative Auswirkung auf den Wert der Anlage haben könnte. | ## Liquidity risk in a stock market:
The Fund's stock market price may deviate from its indicative net asset value. The liquidity of the Fund's units in a stock market may be affected by any suspension that could, in particular, but not only, be due to:
- the suspension or halt of the calculation of the MSCI France Index by the Index provider,
- the suspension of the market(s) on which are listed the underlyings of the MSCI France Index,
- a relevant listing market not being able to obtain or to calculate the Fund’s indicative net asset value,
- a violation by a market maker of the rules applicable in the relevant listing market,
- failure of the systems, in particular of IT or electronic systems in a relevant listing market,
- any other event that prevents the calculation of the Fund's indicative net asset value or the trading in Fund units.
- Sustainability risk:the risk relating to an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential negative material impact on the value of the investment. | en | de |
DOLFIN5084 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo de su inversión es reflejar el rendimiento del índice iTraxx® Crossover 5-year TOTAL RETURN (el “índice”). El riesgo de que un prestatario no cumpla con sus obligaciones de pago se conoce como riesgo de crédito. Una persona puede obtener protección contra el riesgo de crédito suscribiendo un contrato financiero para transferir este riesgo a un vendedor de protección crediticia (transacción de derivados de crédito) sujeta a ciertos eventos de crédito. El índice mide la rentabilidad para un vendedor de protección crediticia que posea la emisión más reciente de la transacción de derivados de crédito del iTraxx® Crossover con un plazo de 5 años. La evolución del índice dependerá de varios factores, incluido el valor de mercado de las transacciones de derivados de crédito del iTraxx® Crossover a 5 años, los rendimientos generados al vender protección crediticia en relación con los emisores incluidos en el índice y las pérdidas abonadas en caso de impago de dichos emisores. El índice está | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index | en | es |
DOLFIN5085 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If a redemption would result in the investor’s holding falling below the minimum investment limit, the Investment Company may without further notice to the investor treat the redemption application as applying to all units held by the investor in that unit class or as an application to convert the investor's remaining units into a different unit class of the same sub-fund, providing the investor meets the conditions for participation in that unit class.
For specific information, see Annex I.
- Value datePayments for unit subscriptions must arrive by the relevant value date. Where payment is made in a currency other than the unit class currency, it shall be converted into the unit class currency, minus any applicable fees and taxes. | Würde eine Rückgabe dazu führen, dass der Bestand des Anlegers unter die Mindestanlage fällt, kann die Rückgabe ohne weitere Mitteilung auf alle vom ent- sprechenden Anleger in dieser Anteilsklasse gehalte- nen Anlegeraktien ausgeweitet oder als ein Antrag auf Umtausch der verbleibenden Anlegeraktien in eine an- dere Anteilsklasse desselben Teilfonds behandelt wer- den, deren Voraussetzungen der Anleger erfüllt.
Für spezifische Angaben siehe Anhang I.
- ValutaZahlungen für die Zeichnung von Anlegeraktien müs- sen bis zum jeweiligen Valutatag eingehen. Falls eine Zahlung in einer anderen Währung als in der Anteils- klassenwährung erfolgt, wird diese in die Anteilsklas- senwährung konvertiert, abzüglich allfälliger Gebühren und Abgaben. | If a redemption would result in the investor’s holding falling below the minimum investment limit, the Investment Company may without further notice to the investor treat the redemption application as applying to all units held by the investor in that unit class or as an application to convert the investor's remaining units into a different unit class of the same sub-fund, providing the investor meets the conditions for participation in that unit class.
For specific information, see Annex I.
- Value datePayments for unit subscriptions must arrive by the relevant value date. Where payment is made in a currency other than the unit class currency, it shall be converted into the unit class currency, minus any applicable fees and taxes. | en | de |
DOLFIN5086 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Un pourcentage maximum de 30 % des actifs nets du compartiment peut être investi dans des instruments de placements libellés dans une devise d'un État non membre de l'OCDE.
Le compartiment poursuit une stratégie dite équilibrée, c'est-à-dire que les instruments de placement ne doivent pas nécessairement avoir une notation, voire une notation spécifique (S&P, Moodys et Fitch). Au contraire, les placements sont effectués dans un large éventail de catégories de notation. L'objectif escompté est d'obtenir une note moyenne d'au moins BB sur l'ensemble du compartiment.
Les parts dans des OPCVM ou autres OPC (« fonds cibles ») peuvent être acquises jusqu’à une limite maximale de 10 % de l’actif du compartiment. Ce dernier est donc enclin à investir dans les fonds cibles. En ce qui concerne les fonds cibles qui peuvent être acquis par le compartiment, il n’existe aucune restriction d’admissibilité en termes de catégorie.
L'article 8 du règlement (UE) 2019/2088 et l'article 6 du règlement (UE) 2020/852 (taxonomie de l'UE) s'appliquent à ce compartiment. MainFirst Holding AG a signé les Principes pour l'Investissement Responsable (UN PRI - United Nations supported Principles for Responsible Investment). La stratégie de durabilité du compartiment vise à contribuer à l'amélioration du profil de durabilité des sociétés sélectionnées en portefeuille par le biais d'un dialogue actif et d'activités d'engagement. Des informations détaillées sur les principes de l’investissement responsable de la Société de gestion ainsi que le détail des agences de notation de développement durable employées sont disponibles sur www.mainfirst.com.
Les investisseurs peuvent en principe demander le rachat de leurs parts chaque jour ouvrable bancaire au Luxembourg, à l'exception des 24 et 31 décembre. Le rachat des parts peut être suspendu si des circonstances exceptionnelles le justifient dans l'intérêt des investisseurs. | # Un máximo del 30 % del patrimonio neto del subfondo podrá invertirse en instrumentos de inversión denominados en una divisa de un Estado no miembro de la OCDE.
El subfondo sigue una estrategia equilibrada, es decir, los instrumentos de inversión no tienen que tener una calificación específica (S&P, Moodys y Fitch). De hecho, las inversiones se realizan en una amplia gama de categorías de calificación. El objetivo previsto es una calificación media mínima de BB en todo el subfondo.
Podrán adquirirse participaciones en OICVM o en otros OIC («fondos objetivo») hasta un máximo del 10 % del patrimonio del subfondo. Por ello, el subfondo podrá ser utilizado como fondo objetivo. En cuanto a los fondos objetivo que puede adquirir el fondo no existe limitación respecto a los tipos admisibles de fondos objetivo.
El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este subfondo. La MainFirst Holding AG, a la que pertenece el gestor de inversiones del subfondo, ha firmado los Principios para la Inversión Responsable promovidos por las Naciones Unidas (UN PRI, United Nations-supported Principles for Responsible Investment). La estrategia de sostenibilidad del subfondo tiene como objetivo contribuir a mejorar el perfil de sostenibilidad de las empresas de la cartera seleccionadas mediante actividades de cooperación y diálogo activo. Puede encontrar información detallada sobre los principios de inversión responsable de la sociedad gestora y el nombre de las agencias de calificación de la sostenibilidad consultadas en www.mainfirst.com.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores. | # Un pourcentage maximum de 30 % des actifs nets du compartiment peut être investi dans des instruments de placements libellés dans une devise d'un État non membre de l'OCDE.
Le compartiment poursuit une stratégie dite équilibrée, c'est-à-dire que les instruments de placement ne doivent pas nécessairement avoir une notation, voire une notation spécifique (S&P, Moodys et Fitch). Au contraire, les placements sont effectués dans un large éventail de catégories de notation. L'objectif escompté est d'obtenir une note moyenne d'au moins BB sur l'ensemble du compartiment.
Les parts dans des OPCVM ou autres OPC (« fonds cibles ») peuvent être acquises jusqu’à une limite maximale de 10 % de l’actif du compartiment. Ce dernier est donc enclin à investir dans les fonds cibles. En ce qui concerne les fonds cibles qui peuvent être acquis par le compartiment, il n’existe aucune restriction d’admissibilité en termes de catégorie.
L'article 8 du règlement (UE) 2019/2088 et l'article 6 du règlement (UE) 2020/852 (taxonomie de l'UE) s'appliquent à ce compartiment. MainFirst Holding AG a signé les Principes pour l'Investissement Responsable (UN PRI - United Nations supported Principles for Responsible Investment). La stratégie de durabilité du compartiment vise à contribuer à l'amélioration du profil de durabilité des sociétés sélectionnées en portefeuille par le biais d'un dialogue actif et d'activités d'engagement. Des informations détaillées sur les principes de l’investissement responsable de la Société de gestion ainsi que le détail des agences de notation de développement durable employées sont disponibles sur www.mainfirst.com.
Les investisseurs peuvent en principe demander le rachat de leurs parts chaque jour ouvrable bancaire au Luxembourg, à l'exception des 24 et 31 décembre. Le rachat des parts peut être suspendu si des circonstances exceptionnelles le justifient dans l'intérêt des investisseurs. | fr | es |
DOLFIN5087 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Comgest Growth Emerging Markets Flex
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2019
| Purchases | |
| --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Samsung Electronics Co Ltd | 30,700 | 1,031,101 | 5.56 |
| Autohome Inc | 13,586 | 971,853 | 5.24 |
| Infraestructura Energetica Nova SAB de CV | 263,400 | 949,067 | 5.12 |
| Ping An Insurance Group Co of China Ltd - H Shares | 100,500 | 903,867 | 4.88 |
| Hengan International Group Co Ltd | 118,500 | 856,175 | 4.62 |
| MultiChoice Group Ltd | 112,435 | 847,796 | 4.57 |
| NetEase Inc | 3,500 | 802,923 | 4.33 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 234,900 | 734,243 | 3.96 |
| BIM Birlesik Magazalar AS | 93,227 | 667,561 | 3.60 |
| Suzuki Motor Corp | 16,700 | 648,106 | 3.50 |
| BB Seguridade Participacoes SA | 97,400 | 632,957 | 3.42 |
| Cognizant Technology Solutions Corp | 9,600 | 541,637 | 2.92 |
| NCSoft Corp | 1,355 | 535,099 | 2.89 |
| Hangzhou Hikvision Digital Technology Co Ltd - A Shares | 127,500 | 487,288 | 2.63 |
| Taiwan Semiconductor Manufacturing Co Ltd | 67,000 | 462,711 | 2.50 |
| Midea Group Co Ltd - A Shares | 54,414 | 418,093 | 2.26 |
| Prosus NV | 8,411 | 417,706 | 2.25 |
| SAIC Motor Corp Ltd - A Shares | 126,447 | 405,881 | 2.19 |
| Discovery Ltd | 54,537 | 404,423 | 2.18 |
| Telekomunikasi Indonesia Persero Tbk PT | 1,621,900 | 397,742 | 2.15 |
| Alibaba Group Holding Ltd | 2,389 | 394,505 | 2.13 |
| Sanlam Ltd | 73,441 | 336,288 | 1.81 |
| AIA Group Ltd | 37,400 | 318,159 | 1.72 |
| Infosys Ltd | 34,000 | 299,910 | 1.62 |
| Power Grid Corp of India Ltd | 118,687 | 295,578 | 1.59 |
| China Life Insurance Co Ltd - H Shares | 124,000 | 268,574 | 1.45 |
| Naspers Ltd | 1,281 | 239,432 | 1.29 |
| Fomento Economico Mexicano SAB de CV | 2,600 | 216,923 | 1.17 |
| Lupin Ltd | 21,320 | 213,664 | 1.15 |
| Unilever NV | 3,920 | 200,364 | 1.08 |
| Moscow Exchange MICEX-RTS PJSC | 159,090 | 200,123 | 1.08 |
| CCR SA | 66,000 | 198,990 | 1.07 |
| Samsung Life Insurance Co Ltd | 3,260 | 197,363 | 1.06 |
| B3 SA - Brasil Bolsa Balcao | 24,100 | 187,595 | 1.01 |
| MTN Group Ltd | 31,225 | 184,874 | 1.00 |
| Mail.Ru Group Ltd | 8,696 | 184,622 | 1.00 | | # Comgest Growth Emerging Markets Flex
WESENTLICHE BESTANDSVERÄNDERUNGEN im Geschäftsjahr zum 31. Dezember 2019
| Käufe | | | |
| --- | --- | --- | --- |
| Prozentualer Anteil |
| Wertpapier | Stück | Betrag (EUR) | Käufe |
| Samsung Electronics Co Ltd | 30.700 | 1.031.101 | 5,56 |
| Autohome Inc | 13.586 | 971.853 | 5,24 |
| Infraestructura Energética Nova SAB de CV | 263.400 | 949.067 | 5,12 |
| Ping An Insurance Group Co of China Ltd – H-Aktien | 100.500 | 903.867 | 4,88 |
| Hengan International Group Co Ltd | 118.500 | 856.175 | 4,62 |
| MultiChoice Group Ltd | 112.435 | 847.796 | 4,57 |
| NetEase Inc | 3.500 | 802.923 | 4,33 |
| Inner Mongolia Yili Industrial Group Co Ltd – A-Aktien | 234.900 | 734.243 | 3,96 |
| BIM Birlesik Magazalar AS | 93.227 | 667.561 | 3,60 |
| Suzuki Motor Corp | 16.700 | 648.106 | 3,50 |
| BB Seguridade Participações SA | 97.400 | 632.957 | 3,42 |
| Cognizant Technology Solutions Corp | 9.600 | 541.637 | 2,92 |
| NCSoft Corp | 1.355 | 535.099 | 2,89 |
| Hangzhou Hikvision Digital Technology Co Ltd – A-Aktien | 127.500 | 487.288 | 2,63 |
| Taiwan Semiconductor Manufacturing Co Ltd | 67.000 | 462.711 | 2,50 |
| Midea Group Co Ltd – A-Aktien | 54.414 | 418.093 | 2,26 |
| Prosus NV | 8.411 | 417.706 | 2,25 |
| SAIC Motor Corp Ltd – A-Aktien | 126.447 | 405.881 | 2,19 |
| Discovery Ltd | 54.537 | 404.423 | 2,18 |
| Telekomunikasi Indonesia Persero Tbk PT | 1.621.900 | 397.742 | 2,15 |
| Alibaba Group Holding Ltd | 2.389 | 394.505 | 2,13 |
| Sanlam Ltd | 73.441 | 336.288 | 1,81 |
| AIA Group Ltd | 37.400 | 318.159 | 1,72 |
| Infosys Ltd | 34.000 | 299.910 | 1,62 |
| Power Grid Corp of India Ltd | 118.687 | 295.578 | 1,59 |
| China Life Insurance Co Ltd – H-Aktien | 124.000 | 268.574 | 1,45 |
| Naspers Ltd | 1.281 | 239.432 | 1,29 |
| Fomento Economico Mexicano SAB de CV | 2.600 | 216.923 | 1,17 |
| Lupin Ltd | 21.320 | 213.664 | 1,15 |
| Unilever NV | 3.920 | 200.364 | 1,08 |
| Moscow Exchange MICEX-RTS PJSC | 159.090 | 200.123 | 1,08 |
| CCR SA | 66.000 | 198.990 | 1,07 |
| Samsung Life Insurance Co Ltd | 3.260 | 197.363 | 1,06 |
| B3 SA – Brasil Bolsa Balcao | 24.100 | 187.595 | 1,01 |
| MTN Group Ltd | 31.225 | 184.874 | 1,00 |
| Mail.Ru Group Ltd | 8.696 | 184.622 | 1,00 | | # Comgest Growth Emerging Markets Flex
SIGNIFICANT PORTFOLIO CHANGES for the financial year to 31 December 2019
| Purchases | |
| --- | --- |
| | | | % of Total |
| Security | Quantity | Settlement (EUR) | Purchases |
| Samsung Electronics Co Ltd | 30,700 | 1,031,101 | 5.56 |
| Autohome Inc | 13,586 | 971,853 | 5.24 |
| Infraestructura Energetica Nova SAB de CV | 263,400 | 949,067 | 5.12 |
| Ping An Insurance Group Co of China Ltd - H Shares | 100,500 | 903,867 | 4.88 |
| Hengan International Group Co Ltd | 118,500 | 856,175 | 4.62 |
| MultiChoice Group Ltd | 112,435 | 847,796 | 4.57 |
| NetEase Inc | 3,500 | 802,923 | 4.33 |
| Inner Mongolia Yili Industrial Group Co Ltd - A Shares | 234,900 | 734,243 | 3.96 |
| BIM Birlesik Magazalar AS | 93,227 | 667,561 | 3.60 |
| Suzuki Motor Corp | 16,700 | 648,106 | 3.50 |
| BB Seguridade Participacoes SA | 97,400 | 632,957 | 3.42 |
| Cognizant Technology Solutions Corp | 9,600 | 541,637 | 2.92 |
| NCSoft Corp | 1,355 | 535,099 | 2.89 |
| Hangzhou Hikvision Digital Technology Co Ltd - A Shares | 127,500 | 487,288 | 2.63 |
| Taiwan Semiconductor Manufacturing Co Ltd | 67,000 | 462,711 | 2.50 |
| Midea Group Co Ltd - A Shares | 54,414 | 418,093 | 2.26 |
| Prosus NV | 8,411 | 417,706 | 2.25 |
| SAIC Motor Corp Ltd - A Shares | 126,447 | 405,881 | 2.19 |
| Discovery Ltd | 54,537 | 404,423 | 2.18 |
| Telekomunikasi Indonesia Persero Tbk PT | 1,621,900 | 397,742 | 2.15 |
| Alibaba Group Holding Ltd | 2,389 | 394,505 | 2.13 |
| Sanlam Ltd | 73,441 | 336,288 | 1.81 |
| AIA Group Ltd | 37,400 | 318,159 | 1.72 |
| Infosys Ltd | 34,000 | 299,910 | 1.62 |
| Power Grid Corp of India Ltd | 118,687 | 295,578 | 1.59 |
| China Life Insurance Co Ltd - H Shares | 124,000 | 268,574 | 1.45 |
| Naspers Ltd | 1,281 | 239,432 | 1.29 |
| Fomento Economico Mexicano SAB de CV | 2,600 | 216,923 | 1.17 |
| Lupin Ltd | 21,320 | 213,664 | 1.15 |
| Unilever NV | 3,920 | 200,364 | 1.08 |
| Moscow Exchange MICEX-RTS PJSC | 159,090 | 200,123 | 1.08 |
| CCR SA | 66,000 | 198,990 | 1.07 |
| Samsung Life Insurance Co Ltd | 3,260 | 197,363 | 1.06 |
| B3 SA - Brasil Bolsa Balcao | 24,100 | 187,595 | 1.01 |
| MTN Group Ltd | 31,225 | 184,874 | 1.00 |
| Mail.Ru Group Ltd | 8,696 | 184,622 | 1.00 | | en | de |
DOLFIN5088 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance note
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | # Calcolo della performance
Questo documento presenta la performance di questa particolare classe di quote del Fondo dalla data di lancio della classe di quote nella sua valuta di classe di quote, come specificato nella prima pagina. La performance dalla data di lancio del Fondo, che precede la data di lancio della classe di quote, è disponibile su richiesta.
Prima del 31 dicembre 2018, i calcoli relativi alla performance riflettono i prezzi di chiusura del mercato di fine mese delle attività del Fondo. Successivamente al 1 gennaio 2019, i dati sulla performance mostrati si basano sui prezzi del Valore Patrimoniale Netto (NAV) del Fondo dell'ultimo giorno lavorativo irlandese del mese. Per i Fondi non aperti per la negoziazione in questo giorno, questo sarà un NAV indicativo. Di conseguenza, è possibile che la performance indicata e i rendimenti effettivi dell'investimento per gli investitori siano diversi.
I dati relativi alla performance illustrati sono al netto delle commissioni e di altre spese ma escludono qualsiasi potenziale commissione di ingresso/uscita – pertanto i rendimenti ricevuti da un investitore possono essere inferiori. | # Performance note
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | en | it |
DOLFIN5089 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Furthermore, global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics may also negatively affect the value of the Sub-Fund’s investments.
For example, an outbreak of COVID-19, a coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this pandemic, and other epidemics and pandemics that may arise in the future, may presently and/or in the future have a significant negative impact on the value of the Sub-Fund’s investments, increase the Sub-Fund’s volatility, negatively impact the Sub-Fund’s pricing, magnify pre-existing risks to the Sub-Fund, lead to temporary suspensions or deferrals on the calculation of NAVs and interrupt the Fund’s operations. The full impact of the COVID-19 pandemic is currently unknown.
- Zero Coupon RiskThe market prices of securities structured as zero coupon or pay-in-kind securities are generally affected to a greater extent by interest rate changes. These securities tend to be more volatile than securities which pay interest periodically.
- Tax RiskAny change in the Fund’s tax status or in taxation legislation could affect the value of the investments held by the Fund and affect the Fund’s ability to provide the investor return. Potential investors and Shareholders should note that the statements on taxation which are set out above are based on advice which has been received by the Management Company regarding the law and practice in force in the relevant jurisdictions as at the date of this Prospectus. As is the case with any investment, there can be no guarantee that the tax position or the proposed tax position prevailing at the time an investment is made in the Fund will endure indefinitely. The attention of potential investors is drawn to the taxation risk associated with investing in the Fund.
- Investment in Deposits and Money Market InstrumentsCertain Sub-Funds may invest substantially in deposits and/or Money Market Instruments. Investors should note that investment in such Sub-Funds is not in the nature of a deposit in a bank account and isnot protected by any governments, government agency or other guarantee scheme, which may be available to protect the holder of a bank deposit account. Any investment in the Fund is subject to fluctuations in value.
- Reverse Repurchase AgreementsIn the event of the failure of the counterparty with which cash has been placed, there is the risk that the value of the collateral received may be less than the cash placed out which may be due to factors including inaccurate pricing of the collateral, adverse market movements in the value of the collateral, a deterioration in the credit rating of the issuer of the collateral, or the illiquidity of the market in which the collateral is traded. Locking cash in transactions of significant size or duration, delays in recovering cash placed out, or difficulty in realising collateral may restrict the ability of the Sub-Fund to meet redemption requests or fund security purchases. As a Sub-Fund may reinvest any cash collateral received from sellers, there is a risk that the value on return of the reinvested cash collateral may decline below the amount owed to those sellers. | Les économies et les marchés financiers du monde entier sont de plus en plus interconnectés, ce qui augmente la probabilité que des événements ou des conditions survenant ou prévalant dans un pays ou une région donné(e) aient une incidence négative sur les marchés ou les émetteurs d'autres pays ou régions. En outre, des événements mondiaux tels que les guerres, le terrorisme, les catastrophes environnementales, les catastrophes ou événements naturels, l'instabilité politique et les épidémies ou pandémies de maladies infectieuses peuvent également avoir une influence négative sur la valeur des investissements du Compartiment.
L'épidémie de COVID-19, une maladie à coronavirus, a ainsi affecté les économies, les marchés et les entreprises du monde entier. Cette pandémie, ainsi que d'autres épidémies et pandémies qui pourraient survenir dans le futur, peuvent actuellement et/ou à l'avenir avoir un impact négatif considérable sur la valeur des investissements du Compartiment, accroître la volatilité du Compartiment, affecter la valorisation, amplifier les risques préexistants pour le Compartiment, entraîner des suspensions ou des reports temporaires du calcul des Valeurs nettes d'inventaire et interrompre les opérations de la SICAV. L'impact global de la pandémie de COVID-19 n'est pas encore connu.
- Risque de coupon zéroLe cours de marché des titres à coupon zéro ou des valeurs remboursables en nature est généralement plus largement affecté par les variations des taux d'intérêt. Ces titres sont habituellement plus volatils que ceux pour lesquels un intérêt est versé périodiquement.
- Risque fiscalToute modification de la situation fiscale de la SICAV ou de la législation fiscale à laquelle elle est soumise est susceptible d'affecter la valeur des investissements détenus par la SICAV et sa capacité à générer un rendement pour l'investisseur. Les investisseurs potentiels et les Actionnaires voudront bien noter que les déclarations sur la fiscalité qui précédent reposent sur des avis reçus par la Société de gestion concernant la législation et la pratique en vigueur dans les juridictions pertinentes à la date du présent Prospectus. Comme pour tout investissement, rien ne permet de garantir que la situation fiscale réelle ou anticipée qui prévaut au moment de l'investissement dans la SICAV se maintiendra indéfiniment. Les investisseurs potentiels sont informés du risque fiscal associé à l'investissement dans la SICAV.
- Risque lié à l'investissement en dépôts et instruments du marché monétaireCertains Compartiments peuvent investir de manière substantielle en dépôts et/ou Instruments du marché monétaire. Les investisseurs voudront bien noter qu'un investissement dans de tels Compartiments n'est pas de même nature qu'un dépôt sur un compte bancaire et qu'il n'est garanti par aucun Etat, aucune agence gouvernementale ou aucun autre système pouvant exister pour protéger les titulaires de comptes de dépôts bancaires. Tout investissement dans SICAV est soumis à des fluctuations de valeur.
- Contrats de prise en pensionLa défaillance éventuelle de la contrepartie avec laquelle les espèces ont été placées peut entraîner le risque que la valeur de la sûreté reçue soit inférieure à celle des espèces placées, et ce en raison de facteurs incluant une mauvaise évaluation de la sûreté, des fluctuations de valeur défavorables de la sûreté sur le marché, une détérioration de la notation de crédit de l'émetteur de la sûreté, ou l'illiquidité du marché sur lequel la sûreté est négociée. Le blocage des espèces dans des transactions de volume important ou de longue durée, les retards de recouvrement des espèces placées ou la difficulté à réaliser les sûretés peuvent réduire la capacité du Compartiment à satisfaire aux demandes de rachat ou à financer les achats de titres. Dans la mesure où un Compartiment peut réinvestir les sûretés fournies en espèces par les vendeurs, le risque existe que la valeur du rendement des sûretés en espèces ainsi réinvesties chute en dessous du montant dû aux vendeurs. | Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Furthermore, global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics may also negatively affect the value of the Sub-Fund’s investments.
For example, an outbreak of COVID-19, a coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this pandemic, and other epidemics and pandemics that may arise in the future, may presently and/or in the future have a significant negative impact on the value of the Sub-Fund’s investments, increase the Sub-Fund’s volatility, negatively impact the Sub-Fund’s pricing, magnify pre-existing risks to the Sub-Fund, lead to temporary suspensions or deferrals on the calculation of NAVs and interrupt the Fund’s operations. The full impact of the COVID-19 pandemic is currently unknown.
- Zero Coupon RiskThe market prices of securities structured as zero coupon or pay-in-kind securities are generally affected to a greater extent by interest rate changes. These securities tend to be more volatile than securities which pay interest periodically.
- Tax RiskAny change in the Fund’s tax status or in taxation legislation could affect the value of the investments held by the Fund and affect the Fund’s ability to provide the investor return. Potential investors and Shareholders should note that the statements on taxation which are set out above are based on advice which has been received by the Management Company regarding the law and practice in force in the relevant jurisdictions as at the date of this Prospectus. As is the case with any investment, there can be no guarantee that the tax position or the proposed tax position prevailing at the time an investment is made in the Fund will endure indefinitely. The attention of potential investors is drawn to the taxation risk associated with investing in the Fund.
- Investment in Deposits and Money Market InstrumentsCertain Sub-Funds may invest substantially in deposits and/or Money Market Instruments. Investors should note that investment in such Sub-Funds is not in the nature of a deposit in a bank account and isnot protected by any governments, government agency or other guarantee scheme, which may be available to protect the holder of a bank deposit account. Any investment in the Fund is subject to fluctuations in value.
- Reverse Repurchase AgreementsIn the event of the failure of the counterparty with which cash has been placed, there is the risk that the value of the collateral received may be less than the cash placed out which may be due to factors including inaccurate pricing of the collateral, adverse market movements in the value of the collateral, a deterioration in the credit rating of the issuer of the collateral, or the illiquidity of the market in which the collateral is traded. Locking cash in transactions of significant size or duration, delays in recovering cash placed out, or difficulty in realising collateral may restrict the ability of the Sub-Fund to meet redemption requests or fund security purchases. As a Sub-Fund may reinvest any cash collateral received from sellers, there is a risk that the value on return of the reinvested cash collateral may decline below the amount owed to those sellers. | en | fr |
DOLFIN5090 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Efficient portfolio management (EPM)
Efficient portfolio management means the cost-effective use of derivatives, instruments and techniques to reduce risks or costs or to generate additional capital or income. The techniques and instruments will relate to transferable securities or money market instruments, and the risks generated will be consistent with the Sub-Fund’s risk profile and be adequately captured by the risk management process.
To understand how a particular Sub-Fund may use derivatives, see Sub-FundDescriptions and the Sub-Fund Derivatives Usage table at the end of this section. | Effizientes Portfoliomanagement (EPM)
Effizientes Portfoliomanagement bezeichnet den kostenwirksamen Einsatz von Derivaten, Instrumenten und Techniken zur Senkung von Risiken oder Kosten oder zur Generierung von zusätzlichem Kapital oder Ertrag. Die Techniken und Instrumente beziehen sich auf übertragbare Wertpapiere oder Geldmarktinstrumente und die eingegangenen Risiken entsprechen dem Risikoprofil des Teilfonds und werden durch das Risikomanagementverfahren angemessen abgedeckt.
Um zu verstehen, wie ein bestimmter Teilfonds Derivate einsetzen kann, siehe die Beschreibungen der Teilfonds und die Tabelle Einsatz von
Derivaten durch die Teilfonds am Ende dieses Abschnitts. | Efficient portfolio management (EPM)
Efficient portfolio management means the cost-effective use of derivatives, instruments and techniques to reduce risks or costs or to generate additional capital or income. The techniques and instruments will relate to transferable securities or money market instruments, and the risks generated will be consistent with the Sub-Fund’s risk profile and be adequately captured by the risk management process.
To understand how a particular Sub-Fund may use derivatives, see Sub-FundDescriptions and the Sub-Fund Derivatives Usage table at the end of this section. | en | de |
DOLFIN5091 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Commentaire de gestion
## Commentaires sur le marché
Les marchés boursiers américains ont terminé l'année par une forte reprise en décembre, clôturant ainsi un trimestre volatile. Tous les principaux indices boursiers américains ont été positifs au cours du trimestre. Les entreprises plus grandes et de meilleure qualité ont obtenu les meilleurs résultats. La poursuite de la reprise a permis à l'indice S&P 500 de doubler en trois ans.
## Commentaires sur le portefeuille
Au cours du quatrième trimestre 2021, l'allocation sectorielle et la sélection des entreprises ont été un frein à la performance relative. Les deux secteurs qui ont le plus contribué à la performance relative positive sont ceux de la santé et de la finance, dans lesquels la sélection des entreprises a contribué à la performance relative positive. Les technologies de l’information et la consommation discrétionnaire ont été les deux secteurs qui ont le plus nui au rendement relatif du Fonds. L'indice comprend des entreprises à forte pondération dans ces deux secteurs, non détenues par Blue Chip, qui ont surperformé au cours du trimestre.
## Persectives du marché
Compte tenu de notre horizon temporel à long terme, tout comme les investisseurs importants qui détiennent généralement des actions de sociétés pendant plusieurs années, nous n’avons aucune perspective de marché à court terme. Nous continuerons de rechercher des opportunités d’investissement dans des sociétés de qualité gérées par des propriétaires exploitants et négociant à un prix inférieur à notre estimation de leur valeur intrinsèque. | # Comentario de gestión del fondo
## Revisión del mercado
Los mercados de valores de los EE. UU. terminaron el año con un fuerte repunte en diciembre, poniendo fin a un trimestre volátil. Todos los principales índices del mercado de los EE. UU. fueron positivos en el trimestre. Las empresas más grandes y de mayor calidad obtuvieron los mejores resultados. Con este repunte prolongado, el índice S&P 500 se ha duplicado en tres años.
## Revisión del Fondo
Durante el cuarto trimestre de 2021, la asignación sectorial y la selección de empresas constituyeron un inconveniente para la rentabilidad relativa. Los dos sectores con mayor contribución al rendimiento relativo positivo fueron el sanitario y el financiero, donde la selección de empresas impulsó el rendimiento relativo positivo. La tecnología de la información y el consumo discrecional fueron los dos sectores que más perjudicaron la rentabilidad relativa del Fondo. El índice contiene empresas de gran peso en estos dos sectores, que Blue Chip no tiene en propiedad, que obtuvieron resultados superiores durante el trimestre.
## Perspectiva del mercado
Dado nuestro horizonte temporal como inversores fundamentales a largo plazo que normalmente poseen acciones en empresas durante varios años, no tenemos una perspectiva de mercado a corto plazo. Continuaremos buscando oportunidades para invertir en empresas de alta calidad gestionadas por operadores propietarios que negocian con descuento frente a nuestra estimación de su valor intrínseco. | # Commentaire de gestion
## Commentaires sur le marché
Les marchés boursiers américains ont terminé l'année par une forte reprise en décembre, clôturant ainsi un trimestre volatile. Tous les principaux indices boursiers américains ont été positifs au cours du trimestre. Les entreprises plus grandes et de meilleure qualité ont obtenu les meilleurs résultats. La poursuite de la reprise a permis à l'indice S&P 500 de doubler en trois ans.
## Commentaires sur le portefeuille
Au cours du quatrième trimestre 2021, l'allocation sectorielle et la sélection des entreprises ont été un frein à la performance relative. Les deux secteurs qui ont le plus contribué à la performance relative positive sont ceux de la santé et de la finance, dans lesquels la sélection des entreprises a contribué à la performance relative positive. Les technologies de l’information et la consommation discrétionnaire ont été les deux secteurs qui ont le plus nui au rendement relatif du Fonds. L'indice comprend des entreprises à forte pondération dans ces deux secteurs, non détenues par Blue Chip, qui ont surperformé au cours du trimestre.
## Persectives du marché
Compte tenu de notre horizon temporel à long terme, tout comme les investisseurs importants qui détiennent généralement des actions de sociétés pendant plusieurs années, nous n’avons aucune perspective de marché à court terme. Nous continuerons de rechercher des opportunités d’investissement dans des sociétés de qualité gérées par des propriétaires exploitants et négociant à un prix inférieur à notre estimation de leur valeur intrinsèque. | fr | es |
DOLFIN5092 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
United States of America - 276,768
(31 December 2020: 19,010) 276,768 0.22
(15,000) DraftKings Inc - Class A 04-Nov-2022 163,773 0.13
5,400 Ferguson Plc 13-Jan-2022 112,995 0.09 | Vereinigte Staaten von Amerika - 276.768
(31. Dezember 2020: 19.010) 276.768 0,22
(15.000) DraftKings Inc - Class A 04-Nov-2022 163.773 0,13
5.400 Ferguson Plc 13-Jan-2022 112.995 0,09 | United States of America - 276,768
(31 December 2020: 19,010) 276,768 0.22
(15,000) DraftKings Inc - Class A 04-Nov-2022 163,773 0.13
5,400 Ferguson Plc 13-Jan-2022 112,995 0.09 | en | de |
DOLFIN5093 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Frais
Les frais que vous payez servent à couvrir les frais d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
| Frais non récurrents prélevés avant ou après votre placement : |
| --- |
| Frais d’entrée | 3,00% |
| Frais de sortie | Néant |
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. | # Gastos
Los gastos que usted soporta están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los de comercialización y distribución. Estos gastos reducen en potencial de crecimiento de su inversión.
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión: |
| --- |
| Gastos de entrada | 3,00% |
| Gastos de salida | Ninguno |
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. | # Frais
Les frais que vous payez servent à couvrir les frais d’exploitation du Fonds, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
| Frais non récurrents prélevés avant ou après votre placement : |
| --- |
| Frais d’entrée | 3,00% |
| Frais de sortie | Néant |
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. | fr | es |
DOLFIN5094 | 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 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | #### 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 categoría 3 de 7, es decir, la clase de riesgo media-baja. Esto clasifica las posibles pérdidas de rentabilidad futura a un nivel medio-bajo e indica que las malas condiciones del mercado improbablemente incidan en nuestra capacidad para pagarle.
Tenga presente el riesgo de cambio. Su moneda local puede diferir de la moneda del producto. Usted recibirá los pagos en una moneda diferente de su moneda local, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente. | #### 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 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact our capacity to pay you.
Be aware of currency risk. Your local currency may be different from the currency of the product. You may receive payments in a currency that is not your local currency, so the final return you will get may depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. | en | es |
DOLFIN5095 | Translate the following text in en into it. 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.
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, reinvested or pledged.
Collateral received with respect to financial derivative instruments are shown in Appendix 9.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs or risk, 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 investments when they use certain techniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws, regulations, circulars or CSSF positions. | La SICAV effettuerà transazioni soltanto con controparti che la Società di gestione reputa affidabili dal punto di vista del credito. Generalmente, le controparti autorizzate avranno un rating pubblico di A- o superiore. Le controparti dovranno ottemperare alle nome prudenziali considerate dalla CSSF come equivalenti alle norme prudenziali della UE. La controparte non esercita alcuna discrezionalità sulla composizione o gestione del portafoglio di un Comparto o sui sottostanti degli strumenti finanziari derivati impiegati da un Comparto.
Il collaterale può essere impiegato a copertura di un’esposizione lorda al rischio di controparte purché sia conforme a una serie di criteri tra cui quelli relativi a liquidità, valutazione, qualità creditizia dell’emittente, correlazione e diversificazione. Qualora si utilizzi il collaterale a scopi di copertura, il suo valore viene ridotto di una percentuale (una “spuntatura”) che tiene conto, tra l’altro, delle fluttuazioni a breve termine del valore dell’esposizione e del collaterale. I livelli di collaterali vengono mantenuti allo scopo di assicurare che l’esposizione netta al rischio di controparte non superi i limiti per controparte definiti nel Prospetto Informativo. L’eventuale collaterale viene ricevuto sotto forma di titoli e contanti. Il collaterale non in contanti ricevuto non viene ceduto, reinvestito o impegnato.
I collaterali ricevuti in relazione a strumenti derivati finanziari sono indicati nell’Appendice 9.
- Prestito titoliLa SICAV può cedere in prestito quote del suo portafoglio titoli a terzi, allo scopo di generare ulteriore reddito o per ridurre costi o rischi, per un massimo consentito ed entro i limiti stabiliti da (i) l’articolo 11 del regolamento del Granducato datato 8 febbraio 2008 relativo ad alcune definizioni della legge lussemburghese, (ii) la Circolare CSSF 08/356 relativa alle regole applicabili agli Organismi d’investimento collettivo che sfruttano alcune tecniche e strumenti relativi a valori mobiliari e strumenti del mercato monetario (“Circolare CSSF 08/356”) e (iii) altre leggi, regolamenti, circolari o posizioni CSSF pertinenti. | 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.
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, reinvested or pledged.
Collateral received with respect to financial derivative instruments are shown in Appendix 9.
- Securities LendingThe SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs or risk, 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 investments when they use certain techniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws, regulations, circulars or CSSF positions. | en | it |
DOLFIN5096 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A deposit with a credit institution are eligible for investment by the sub-funds provided that all of the following conditions are fulfilled:
- the deposit is repayable on demand or is able to be withdrawn at any time,
- the deposit matures in no more than 12 months,
- the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a third country, it is subject to prudential rules considered equivalent to those laid down in European Union law.
-
##### Financial derivative instruments | Eine Einlage bei einem Kreditinstitut ist als Anlage eines Teilfonds zulässig, wenn alle nachstehend genannten Voraussetzungen erfüllt sind:
- Es handelt sich um eine Sichteinlage oder jederzeit kündbare Einlage;
- die Einlage wird in höchstens zwölf Monaten fällig;
- das Kreditinstitut hat seinen Sitz in einem Mitgliedstaat oder unterliegt für den Fall, dass es seinen Sitz in einem Drittland hat, Aufsichtsvorschriften, die als gleichwertig mit dem Recht der Europäischen Union angesehen werden.
-
##### Derivative Finanzinstrumente | A deposit with a credit institution are eligible for investment by the sub-funds provided that all of the following conditions are fulfilled:
- the deposit is repayable on demand or is able to be withdrawn at any time,
- the deposit matures in no more than 12 months,
- the credit institution has its registered office in a Member State or, where the credit institution has its registered office in a third country, it is subject to prudential rules considered equivalent to those laid down in European Union law.
-
##### Financial derivative instruments | en | de |
DOLFIN5097 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation on sustainability-related disclosures in the financial services sector. The Investment Manager will evaluate an investee company's impact on environmental and social factors taking into account ESG data, and will also apply certain ESG scores and criteria before making an investment. The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal production and other exclusions.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as
relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | # Objetivos y política de inversión
1 El Fondo procurará obtener beneficios invirtiendo fundamentalmente en valores de deuda negociados o cotizados y acciones preferentes con la capacidad de convertirse en acciones, y tendrá un enfoque internacional. Se hará especial hincapié en la calidad crediticia de los emisores individuales, el coste de convertir la deuda en acciones y la rentabilidad prevista (rendimiento) de los valores de deuda.
1 El Fondo también puede invertir directamente en acciones (o instrumentos relacionados), posiciones de tesorería y otros valores de deuda.
1 La Cartera estará diversificada con no más del 40% de las inversiones de la Cartera en valores cotizados o negociados en Mercados Reconocidos de países no pertenecientes a la OCDE, que incluirán inversiones en valores rusos que no deberán sobrepasar el 20% del Patrimonio Neto de la Cartera.
1 El Fondo promueve, entre otras, características ambientales y sociales, según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. La Gestora de Inversiones evaluará el impacto sobre los factores ambientales y sociales de las empresas en las que invierte teniendo en cuenta los datos ESG, y aplicará determinadas puntuaciones y criterios ESG antes de realizar una inversión. Asimismo, la Gestora de Inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas prohibidas a nivel mundial, armas nucleares o la producción de tabaco y carbón, así como otras exclusiones.
1 Los valores de deuda en los que invierte en Fondo pueden tener un tipo de interés fijo o variable, estar emitidos por un gobierno, sociedad u otra entidad, y tener una calificación que alcance o no la categoría de inversión.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Thomson Reuters Global Focus Convertible Bond y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse
periódicamente. En otros controles de riesgo se encuentran el error de seguimiento y/o el valor en riesgo (VaR) relativo en relación con el Índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia, la duración relativa y la exposición a la renta variable en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las utilizadas por el Índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El Índice de referencia también se utiliza a efectos de comparación del rentabilidad.
1 El Fondo puede utilizar instrumentos financieros derivados (“IFD”, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente.
1 El Fondo usará IFD para proporcionar a los inversores una rentabilidad similar a la de cualquier clase de acciones emitidas en la divisa operativa del Fondo (USD).
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo. | # Objectives and investment policy
1 The Fund will seek gains by investing primarily in listed or traded debt securities and preference shares which are capable of conversion into shares and will have a global focus. Particular focus will be paid to the credit quality of individual issuers, the cost to convert the debt into shares and the projected return (yield) of the debt securities.
1 The Fund may also invest directly in shares (or related instruments), cash and other debt securities.
1 The Portfolio will be diversified with no more than 40% of the Portfolio's investments in securities listed or traded on Recognised Markets in non- OECD countries, which shall include investment in Russian securities which shall in no circumstances exceed 20% of the Portfolio's Net Asset Value.
1 The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation on sustainability-related disclosures in the financial services sector. The Investment Manager will evaluate an investee company's impact on environmental and social factors taking into account ESG data, and will also apply certain ESG scores and criteria before making an investment. The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to global banned weapons, nuclear weapons, tobacco and coal production and other exclusions.
1 The debt securities in which the Fund invests can have a fixed or floating rate of interest, be issued by a government, corporation or other entity, and be rated investment grade or, non-investment grade.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Thomson Reuters Global Focus Convertible Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the benchmark as well as
relative sector and/or country weights versus the benchmark and relative duration and equity exposure versus the benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
1 The Fund may use financial derivative instruments (instruments whose price are dependent on one or more underlying assets, 'FDI') to achieve the investment objective, for hedging against anticipated movements in a market or security, or where it is more economically effective than directly holding the underlying asset.
1 The Fund will use FDI to provide investors with a similar return to any share class issued in the working currency of the Fund (USD).
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund. | en | es |
DOLFIN5098 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Benchmark | JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified (USD Unhedged) |
| --- | --- |
| Fund Size (in Millions) | 2,464 USD |
| Share Class Units | 4,235,170.198 |
| NAV per Share | 8.407137 |
| Fund Type | UCITS |
| Fund Domicile | Ireland |
| Fund Administrator | Northern Trust International Fund Administration Services (Ireland) Limited |
| Dealing Frequency | Daily |
| Dealing Cut-off (Irish Time) | 13:00 |
| Valuation Point (Irish Time) | 21:00 |
| SFDR Classification | 6 | | | Benchmark | JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified (USD Unhedged) |
| --- | --- |
| Attivi totali netti (in milioni) | 2.464 USD |
| Unità della Classe di Azioni | 4.235.170,198 |
| NAV per Azione | 8,407137 |
| Tipologia del Fondo | UCITS |
| Domicilio del Fondo | Irlanda |
| Amministratore del fondo | Northern Trust International Fund Administration Services (Ireland) Limited |
| Frequenza di liquidità | Giornaliera |
| Termine ultimo di negoziazione (Ora13:00 irlandese) |
| Momento di valutazione (Ora irlandese) | 21:00 |
| Classificazione SFDR | 6 | | | Benchmark | JPMorgan Government Bond Index - Emerging Markets (GBI-EM) Global Diversified (USD Unhedged) |
| --- | --- |
| Fund Size (in Millions) | 2,464 USD |
| Share Class Units | 4,235,170.198 |
| NAV per Share | 8.407137 |
| Fund Type | UCITS |
| Fund Domicile | Ireland |
| Fund Administrator | Northern Trust International Fund Administration Services (Ireland) Limited |
| Dealing Frequency | Daily |
| Dealing Cut-off (Irish Time) | 13:00 |
| Valuation Point (Irish Time) | 21:00 |
| SFDR Classification | 6 | | en | it |
DOLFIN5099 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Manager uses ESG research of non-financial rating agencies to assess the seriousness of the controversies to which companies are exposed and excludes the most severe controversies. The Manager also produces internal analyses of the ESG controversies to which companies are exposed. The Manager reserves the right to also exclude companies that it considers to be involved in sufficiently serious controversies.
- Analysis and rating of the ESG profile of the companies in the portfolio using ESG scorecards: the Manager completes the various ESG exclusion filters using ESG risk and opportunities scorecards for each portfolio company. These analysis grids help identify the most relevant and material ESG risks and opportunities to which the companies are exposed.
- Qualitative ESG approach: The quantitative screening is complemented by qualitative analyses based on the Manager's fundamental research and dialogues with companies on financial issues relating to the companies' strategy and the most relevant and material ESG risks and issues to which they are exposed. | Le Gestionnaire utilise la recherche ESG d’agences de notation extra-financières pour évaluer la gravité des controverses auxquelles les sociétés sont exposées et exclut les controverses les plus sévères. Le Gestionnaire produit également des analyses internes des controverses ESG auxquelles sont exposées les sociétés. Le Gestionnaire se réserve le droit d’exclure également les sociétés qu’elle estime être impliquées dans des controverses suffisamment graves.
- Analyse et notation du profil ESG de la société investie au moyen de Scorecard ESG : le Gestionnaire complète les différents filtres d’exclusion ESG au moyen de Scorecards des risques et opportunités ESG par société présente en portefeuille. Ces grilles d’analyse permettent d’identifier les risques et opportunités ESG les plus pertinents et les plus matériels auxquels sont exposées les sociétés.
- Approche ESG qualitative : Le screening quantitatif est complété par des analyses qualitatives basées sur la recherche fondamentale du Gestionnaire et les dialogues engagés avec les sociétés sur les questions financières ayant trait à la stratégie des sociétés et les risques et enjeux ESG les plus pertinents et les plus matériels auxquels elles sont exposées. | The Manager uses ESG research of non-financial rating agencies to assess the seriousness of the controversies to which companies are exposed and excludes the most severe controversies. The Manager also produces internal analyses of the ESG controversies to which companies are exposed. The Manager reserves the right to also exclude companies that it considers to be involved in sufficiently serious controversies.
- Analysis and rating of the ESG profile of the companies in the portfolio using ESG scorecards: the Manager completes the various ESG exclusion filters using ESG risk and opportunities scorecards for each portfolio company. These analysis grids help identify the most relevant and material ESG risks and opportunities to which the companies are exposed.
- Qualitative ESG approach: The quantitative screening is complemented by qualitative analyses based on the Manager's fundamental research and dialogues with companies on financial issues relating to the companies' strategy and the most relevant and material ESG risks and issues to which they are exposed. | en | fr |
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