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DOLFIN5100 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Increase of capital
- The Company from time to time by ordinary resolution may increase the share capital by such amount and/or number as the resolution shall prescribe.
- Subject to the provisions of the Companies Act and these Articles, the new shares shall be issued to such persons, upon such terms and conditions and with such rights and privileges annexed thereto as the Directors shall determine.
- | # Kapitalerhöhung
- Die Gesellschaft kann von Zeit zu Zeit durch einfachen Mehrheitsbeschluss das Grundkapital um den in diesem Beschluss festgesetzten Betrag und/oder die festgesetzte Anzahl erhöhen.
- Vorbehaltlich der Bestimmungen des Companies Act und dieser Satzung werden die neuen Aktien an solche Personen, zu solchen Bedingungen und mit solchen Rechten und Privilegien ausgegeben, wie es der Verwaltungsrat festlegt.
- | # Increase of capital
- The Company from time to time by ordinary resolution may increase the share capital by such amount and/or number as the resolution shall prescribe.
- Subject to the provisions of the Companies Act and these Articles, the new shares shall be issued to such persons, upon such terms and conditions and with such rights and privileges annexed thereto as the Directors shall determine.
- | en | de |
DOLFIN5101 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Risk indicator
The synthetic risk indicator makes it possible to assess the level of risk of this product compared to others. It indicates the likelihood of this product incurring losses in the event of market developments or our inability to pay you.
Lowest risk Highest risk | ## 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.
Risque le plus faible Risque le plus élevé | ## Risk indicator
The synthetic risk indicator makes it possible to assess the level of risk of this product compared to others. It indicates the likelihood of this product incurring losses in the event of market developments or our inability to pay you.
Lowest risk Highest risk | en | fr |
DOLFIN5102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Description of changes to your fund
Your management company, Amundi Asset Management, has decided to make some changes to your fund, AMUNDI STAR 1, with effect from 4 November 2021:
- merger by fund AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- liquidation of the I-USD unit (FR0013382405): this unit will be dissolved on 3 November (on the NAV established on 3 November). This liquidation procedure does not require any specific transaction on your part; if you hold I-USD units, you will be reimbursed and the amount for said units will be credited to you, free of charge;
- the other units will be absorbed in the equivalent units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund. This merger-absorption operation aims to optimise the financial management of the AMUNDI STAR 1 fund by combining the assets with those of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, which has a similar investment policy. However, the performance potential of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI is slightly lower than that of your fund, AMUNDI STAR 1, in return for a lower risk as well.
These transactions were approved by the French Financial Markets Authority (Autorité des Marchés Financiers) on 30 July 2021.
For units forming the subject of merger-absorption, if you agree to the terms, at the end of this operation, you will receive, in return for your units of the AMUNDI STAR 1 fund, units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, according to the technical terms and conditions of merger specified in the appendix, without any specific action required on your part.
However, if you do not accept the terms and conditions of this operation, you may sell your current shares or the units received in exchange for them at any time, free of charge. This redemption would then be subject to the provisions of common law taxation applicable to capital gains made on the disposal of transferable securities.
In order to facilitate this merger, subscriptions and redemptions in the absorbed fund, AMUNDI STAR 1, will be suspended from 2 November 2021 at 12:26 p.m. Subscriptions and redemptions will be possible from 4 November 2021 at 12:26 p.m. when you become unitholders of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Your usual contact person will be happy to help you find the solution that best matches your investor profile.
- | # Descripción de la modificación que afecta al fondo
La sociedad gestora, Amundi Asset Management, ha decidido que su fondo, AMUNDI STAR 1, se modificará de la siguiente manera a partir del 4 de noviembre de 2021 :
- Absorción por parte del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- Liquidación de la participación I-USD (FR0013382405): esta participación se disolverá el 3 de noviembre (al VL que se establezca el 3 de noviembre). Esta disolución no implica ninguna operación específica por su parte; si tiene participaciones I-USD, se le reembolsará de forma gratuita y se le abonará el importe correspondiente;
- El resto de participaciones serán absorbidas transformándose en participaciones equivalentes del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI. Esta operación de fusión-absorción tiene como objetivo optimizar la gestión financiera del fondo AMUNDI STAR 1 reagrupando sus activos con los del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI, que aplica una política de inversión similar. Sin embargo, el potencial de rentabilidad de AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI es un poco inferior que el de su fondo, AMUNDI STAR 1, como contraprestación también conlleva un riesgo menor.
Estas operaciones han sido autorizadas por la “Autorité des Marchés Financiers" con fecha de 30 de julio de 2021.
Con respecto a las clases de participaciones objeto de la fusión-absorción, y en el caso de que Vd. aceptase sus términos, recibirá a la finalización de la operación, como contrapartida de sus participaciones del FCP AMUNDI STAR 1, participaciones del fondo FCP AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI, de acuerdo con las modalidades técnicas de fusión establecidas en el anexo y, todo ello, sin necesidad de realización de ningún trámite específico por su parte.
En el caso de que Vd. no aceptase los términos de esta operación, tendrá en todo momento la posibilidad de ceder, sin gastos, sus participaciones actuales o bien las participaciones recibidas a cambio. En caso de reembolso, éste estaría sujeto únicamente a la fiscalidad de derecho común aplicable a las plusvalías de cesiones de valores mobiliarios.
Para facilitar la operación de fusión antes descrita, se suspenderán las solicitudes de suscripción y de rescate del fondo absorbido AMUNDI STAR 1 a partir del 2 de noviembre de 2021 a las 12h26. Las suscripciones y los rescates se reanudarán a partir del 4 de noviembre de 2021 a las 12h26, habiéndose Vd. convertido en partícipe del fondo AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Su interlocutor habitual está a su disposición para analizar con Vd. la solución mejor adaptada a su perfil de inversor.
- | # Description of changes to your fund
Your management company, Amundi Asset Management, has decided to make some changes to your fund, AMUNDI STAR 1, with effect from 4 November 2021:
- merger by fund AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI;
- liquidation of the I-USD unit (FR0013382405): this unit will be dissolved on 3 November (on the NAV established on 3 November). This liquidation procedure does not require any specific transaction on your part; if you hold I-USD units, you will be reimbursed and the amount for said units will be credited to you, free of charge;
- the other units will be absorbed in the equivalent units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund. This merger-absorption operation aims to optimise the financial management of the AMUNDI STAR 1 fund by combining the assets with those of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, which has a similar investment policy. However, the performance potential of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI is slightly lower than that of your fund, AMUNDI STAR 1, in return for a lower risk as well.
These transactions were approved by the French Financial Markets Authority (Autorité des Marchés Financiers) on 30 July 2021.
For units forming the subject of merger-absorption, if you agree to the terms, at the end of this operation, you will receive, in return for your units of the AMUNDI STAR 1 fund, units of the AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI fund, according to the technical terms and conditions of merger specified in the appendix, without any specific action required on your part.
However, if you do not accept the terms and conditions of this operation, you may sell your current shares or the units received in exchange for them at any time, free of charge. This redemption would then be subject to the provisions of common law taxation applicable to capital gains made on the disposal of transferable securities.
In order to facilitate this merger, subscriptions and redemptions in the absorbed fund, AMUNDI STAR 1, will be suspended from 2 November 2021 at 12:26 p.m. Subscriptions and redemptions will be possible from 4 November 2021 at 12:26 p.m. when you become unitholders of AMUNDI ENHANCED ULTRA SHORT TERM BOND SRI.
Your usual contact person will be happy to help you find the solution that best matches your investor profile.
- | en | es |
DOLFIN5103 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The TER is a measure of the total annual expenses incurred by a fund and is expressed as a percentage. It allows an accurate comparison of the costs of funds from different companies to be made.
| Custodian |
| --- |
| Administration |
| Manager |
| Bank Julius Bär & Co. AG |
| --- |
| 1741 Fund Solutions AG |
| Aquila AG |
| Disclaimer |
| --- |
| For information and advertising purposes only - Please read the legally required fund documents before making a final investment decision. This document was prepared by 1741 Fund Solutions AG as management company (hereinafter "1741") with the utmost care. However, 1741 provides no guarantee with regard to its content and completeness and accepts no liability for losses arising from its use. The opinions expressed herein are those of 1741 at the time of preparation and are subject to change without notice. Unless otherwise stated, all figures are unaudited. This document should be read in conjunction with the legally required fund documents (fund contract and annual report and, where applicable, prospectus, key information document and semi-annual report) (hereinafter "fund documents"), which can be obtained free of charge from the fund management company and the fund's custodian bank. Subscriptions for units will only be accepted on the basis of the fund documents. This marketing communication relates to the units of the relevant fund and not to an underlying asset acquired by the fund. The information contained in this document is for information purposes only and should not be construed as an offer, recommendation or investment advice. It does not take into account any specific needs and does not release the recipient from his own assessment, if necessary with the assistance of an advisor, of the compatibility of the information with his own circumstances, legal, regulatory, tax and other consequences. The investment policy may only be reproduced in an abridged version. The full investment policy, including all investment restrictions, can be found in the fund documents. The fund is actively managed. Every investment is associated with risks, particularly fluctuations in value and income. In the case of foreign currencies, there is an additional risk that the foreign currency may lose value against the investor's reference currency. A total loss of the invested amount is possible. Comprehensive descriptions of the risks can be found in the fund documents. The performance shown does not take into account any commissions and costs incurred when subscribing, converting, redeeming or holding fund units, which may reduce investors' returns. Information on the net asset value (NAV) is exclusive of any commissions. There is no guarantee that the performance of any benchmark index will be matched or exceeded. This fund is domiciled in Switzerland. Distribution is expressly not directed at persons whose nationality or residence prohibits access to such information under applicable law. This fund is not registered under the United States Securities Act of 1933. Further information on this and on public distribution in the individual countries can be found in the fund documents. All rights reserved. | | # Le TFE est une mesure des dépenses annuelles totales encourues par un fonds et est exprimé en pourcentage. Il permet de comparer précisément les coûts des fonds de différentes sociétés.
| Banque dépositaire |
| --- |
| Direction du fonds |
| Société de gestion |
| Bank Julius Bär & Co. AG |
| --- |
| 1741 Fund Solutions AG |
| Aquila AG |
| Disclaimer |
| --- |
| A des fins d'information et de publicité uniquement - Veuillez lire les documents légaux du fonds avant de prendre une décision finale d'investissement. Ce document a été préparé avec le plus grand soin par 1741 Fund Solutions AG en tant que société de gestion (ci- après "1741"). Toutefois, 1741 ne fournit aucune garantie quant à son contenu et à son exhaustivité et décline toute responsabilité pour les pertes résultant de son utilisation. Les opinions exprimées dans le présent document sont celles de 1741 au moment de la préparation et peuvent être modifiées sans préavis. Sauf indication contraire, tous les chiffres ne sont pas audités. Ce document doit être lu conjointement avec les documents légaux du fonds (contrat de fonds et rapport annuel et, le cas échéant, prospectus, document d'information clé et rapport semestriel) (ci-après "documents du fonds"), qui peuvent être obtenus gratuitement auprès de la direction du fonds et de la banque dépositaire du fonds. Les souscriptions de parts ne sont acceptées que sur la base des documents du fonds. Cette communication marketing se rapporte aux parts du fonds concerné et non à un actif sous-jacent acquis par le fonds. Les informations contenues dans ce document sont données à titre indicatif et ne doivent pas être interprétées comme une offre, une recommandation ou un conseil en investissement. Elles ne tiennent pas compte de besoins spécifiques et ne dispensent pas le destinataire d'évaluer lui-même, le cas échéant avec l'aide d'un conseiller, la compatibilité des informations avec sa propre situation et les conséquences juridiques, réglementaires, fiscales et autres qui en découlent. La politique d'investissement ne peut être reproduite que dans une version abrégée. La politique d'investissement complète, y compris toutes les restrictions d'investissement, peut être consultée dans les documents du fonds. Le fonds est géré activement. Tout investissement comporte des risques, en particulier des fluctuations de valeur et de revenu. Dans le cas des devises étrangères, il existe un risque supplémentaire que la devise étrangère perde de la valeur par rapport à la devise de référence de l'investisseur. Une perte totale du montant investi est possible. Une description détaillée des risques figure dans les documents du fonds. La performance indiquée ne tient pas compte des commissions et des frais encourus lors de la souscription, de la conversion, du rachat ou de la détention de parts de fonds, qui peuvent réduire le rendement de l'investisseur. Les informations sur la valeur nette d'inventaire (VNI) s'entendent hors commissions. Il n'y a aucune garantie que la performance d'un indice de référence soit égalée ou dépassée. Ce fonds est domicilié en Suisse. La distribution n'est expressément pas destinée aux personnes dont la nationalité ou la résidence interdit l'accès à ces informations en vertu du droit applicable. Ce fonds n'est pas enregistré en vertu de la loi américaine sur les valeurs mobilières de 1933. De plus amples informations à ce sujet et sur la distribution publique dans les différents pays sont disponibles dans les documents du fonds. Tous droits réservés. | | # The TER is a measure of the total annual expenses incurred by a fund and is expressed as a percentage. It allows an accurate comparison of the costs of funds from different companies to be made.
| Custodian |
| --- |
| Administration |
| Manager |
| Bank Julius Bär & Co. AG |
| --- |
| 1741 Fund Solutions AG |
| Aquila AG |
| Disclaimer |
| --- |
| For information and advertising purposes only - Please read the legally required fund documents before making a final investment decision. This document was prepared by 1741 Fund Solutions AG as management company (hereinafter "1741") with the utmost care. However, 1741 provides no guarantee with regard to its content and completeness and accepts no liability for losses arising from its use. The opinions expressed herein are those of 1741 at the time of preparation and are subject to change without notice. Unless otherwise stated, all figures are unaudited. This document should be read in conjunction with the legally required fund documents (fund contract and annual report and, where applicable, prospectus, key information document and semi-annual report) (hereinafter "fund documents"), which can be obtained free of charge from the fund management company and the fund's custodian bank. Subscriptions for units will only be accepted on the basis of the fund documents. This marketing communication relates to the units of the relevant fund and not to an underlying asset acquired by the fund. The information contained in this document is for information purposes only and should not be construed as an offer, recommendation or investment advice. It does not take into account any specific needs and does not release the recipient from his own assessment, if necessary with the assistance of an advisor, of the compatibility of the information with his own circumstances, legal, regulatory, tax and other consequences. The investment policy may only be reproduced in an abridged version. The full investment policy, including all investment restrictions, can be found in the fund documents. The fund is actively managed. Every investment is associated with risks, particularly fluctuations in value and income. In the case of foreign currencies, there is an additional risk that the foreign currency may lose value against the investor's reference currency. A total loss of the invested amount is possible. Comprehensive descriptions of the risks can be found in the fund documents. The performance shown does not take into account any commissions and costs incurred when subscribing, converting, redeeming or holding fund units, which may reduce investors' returns. Information on the net asset value (NAV) is exclusive of any commissions. There is no guarantee that the performance of any benchmark index will be matched or exceeded. This fund is domiciled in Switzerland. Distribution is expressly not directed at persons whose nationality or residence prohibits access to such information under applicable law. This fund is not registered under the United States Securities Act of 1933. Further information on this and on public distribution in the individual countries can be found in the fund documents. All rights reserved. | | en | fr |
DOLFIN5104 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders may request the conversion of all or some of their shares into shares in another class or another Sub-Fund, provided they meet the necessary criteria, by advising the Transfer Agent, in writing, by fax, or by any other electronic means accepted by the Transfer Agent.
The cut-off time for conversion requests is the same as for redemptions. The SICAV may, however, at the discretion of its Board of Directors, permit exceptions to distributors, at their request, thereby granting them an additional reasonable period of a maximum of 90 minutes after the official cut-off of the SICAV to allow them to centralize, consolidate and send orders to the Transfer Agent at an unknown net asset value.
Notwithstanding any suspension of the calculation of the net asset value, conversion will be carried out on the Calculation Date following the receipt of the request, at a rate calculated by reference to the price of the shares of the respective Sub-Funds established on that same date.
The rate at which all or some of the shares in a Sub-Fund or class (the "Original Sub-Fund” or “Original Class") are converted into shares in another Sub-Fund or class (the "new Sub-Fund” or the “new class”) is determined, as closely as possible, on the basis of the following formula:
A = B x C x E | Los accionistas pueden solicitar el canje de todas sus acciones o alguna de ellas por acciones de otra clase u otro Subfondo, siempre que se satisfagan los criterios necesarios, notificándoselo al Agente de Transferencias, por escrito, por fax o por cualquier otro medio electrónico que sea aceptado por el Agente de Transferencias.
La hora de cierre para las solicitudes de canje es la misma que para los reembolsos. No obstante, la SICAV puede, a criterio de su Consejo de Administración, aceptar exenciones para los distribuidores, si estos lo solicitan, de tal forma que se les conceda un periodo de tiempo razonable de 90 minutos como máximo después de la hora de cierre oficial de la SICAV para permitirles centralizar, consolidar y enviar las órdenes al Agente de Transferencias, a un valor liquidativo desconocido.
Aun cuando se suspenda el cálculo del valor liquidativo, el canje se realizará en la Fecha de Cálculo siguiente a la recepción de la solicitud, a un precio calculado por referencia al precio de las acciones de los Subfondos respectivos establecido en la misma fecha.
El precio al cual todas o algunas de las acciones en el Subfondo o una clase (el «Subfondo original» o la «clase original») se convertirán en acciones de otro Subfondo o clase (el «nuevo Subfondo» o la «nueva clase») se determinará, con la mayor exactitud posible, aplicando la siguiente fórmula:
A = B x C x E | Shareholders may request the conversion of all or some of their shares into shares in another class or another Sub-Fund, provided they meet the necessary criteria, by advising the Transfer Agent, in writing, by fax, or by any other electronic means accepted by the Transfer Agent.
The cut-off time for conversion requests is the same as for redemptions. The SICAV may, however, at the discretion of its Board of Directors, permit exceptions to distributors, at their request, thereby granting them an additional reasonable period of a maximum of 90 minutes after the official cut-off of the SICAV to allow them to centralize, consolidate and send orders to the Transfer Agent at an unknown net asset value.
Notwithstanding any suspension of the calculation of the net asset value, conversion will be carried out on the Calculation Date following the receipt of the request, at a rate calculated by reference to the price of the shares of the respective Sub-Funds established on that same date.
The rate at which all or some of the shares in a Sub-Fund or class (the "Original Sub-Fund” or “Original Class") are converted into shares in another Sub-Fund or class (the "new Sub-Fund” or the “new class”) is determined, as closely as possible, on the basis of the following formula:
A = B x C x E | en | es |
DOLFIN5105 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Appendix 1 – New Investment Objective and Policy of abrdn SICAV I – Global Small & Mid-Cap SDG Horizons Equity Fund
This Fund is subject to Article 9 of the SFDR. Further information can be found under section "EU’s Sustainable Finance Disclosure Regulation – Sustainability Risk Integration". | # Anhang 1 – Neues Anlageziel und neue Anlagepolitik des abrdn SICAV I – Global Small & Mid-Cap SDG Horizons Equity Fund
Dieser Fonds unterliegt Artikel 9 der SFDR-Verordnung. Weitere Informationen finden Sie im Abschnitt „EU- Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor – Integration des Nachhaltigkeitsrisikos“. | # Appendix 1 – New Investment Objective and Policy of abrdn SICAV I – Global Small & Mid-Cap SDG Horizons Equity Fund
This Fund is subject to Article 9 of the SFDR. Further information can be found under section "EU’s Sustainable Finance Disclosure Regulation – Sustainability Risk Integration". | en | de |
DOLFIN5106 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The AIFM or the Depositary may, at their sole discretion, prohibit individual investors or groups of investors from acquiring units of the AIF simply by refusing to accept subscription applications, by cancelling already processed subscription applications or by way of compulsory redemption as described in Section 9.9.
-
# Appropriation of profit | Es liegt im freien Ermessen des AIFM oder der Verwahrstelle einzelnen Anlegern oder Anlegergruppen den Erwerb von Anteilen des AIF bereits durch die Verweigerung der Entgegennahme des Zeichnungsantrages, durch Stornierung eines bereits abgerechneten Zeichnungsantrages oder durch eine Zwangsrücknahme nach Ziffer 9.9 zu verbieten.
-
# Verwendung der Erträge | The AIFM or the Depositary may, at their sole discretion, prohibit individual investors or groups of investors from acquiring units of the AIF simply by refusing to accept subscription applications, by cancelling already processed subscription applications or by way of compulsory redemption as described in Section 9.9.
-
# Appropriation of profit | en | de |
DOLFIN5107 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### GESTION DE PORTEFEUILLE EFFICACE ET OPÉRATIONS DE FINANCEMENT SUR TITRES
Dans le cadre de la gestion des éléments d’actif et de passif de chaque Fonds, la Société peut avoir recours à des techniques et des instruments destinés à les protéger contre les risques de change, en respectant les conditions et les limites stipulées de temps à autre par la Banque centrale. Par ailleurs, un Fonds peut utiliser de nouveaux instruments et techniques qui apparaîtront et susceptibles de lui convenir, en respectant les exigences de la Banque centrale.
Dans les limites autorisées par les objectifs et politiques d’investissement des Fonds et sous réserve des limites définies de temps à autre par la Banque centrale, le recours, à des fins de gestion de portefeuille efficace, aux techniques et instruments financiers suivants s’applique à tous les Fonds.
Les techniques de gestion efficace du portefeuille ne seront utilisées que dans l’intérêt des Fonds. Elles peuvent être utilisées en vue de réduire certains risques associés aux investissements des Fonds, de réduire les coûts et de générer des revenus supplémentaires pour les Fonds, compte tenu du profil de risque de ceux-ci. Le recours aux techniques de gestion efficace du portefeuille n’aura pas pour conséquence de modifier l’objectif d’investissement tel qu’exposé dans le Supplément du Fonds concerné. | #### GESTIÓN EFICIENTE DE CARTERA Y OPERACIONES DE FINANCIACIÓN DE VALORES
Con arreglo a las condiciones y dentro de los límites oportunamente establecidos por el Banco Central, la Sociedad podrá emplear técnicas e instrumentos destinados a proporcionarle protección frente a los riesgos de cambio en el marco de la gestión de los activos y pasivos de cada Fondo. Además, en el futuro podrán desarrollarse nuevas técnicas e instrumentos que resulten adecuados para su utilización por un Fondo, y todo Fondo podrá emplear dichas técnicas e instrumentos cumpliendo los requisitos del Banco Central.
En la medida permitida por los objetivos y políticas de inversión de los Fondos y con sujeción a los límites oportunamente establecidos por el Banco Central, todos los Fondos podrán hacer uso de las siguientes técnicas e instrumentos al objeto de llevar a cabo una gestión eficiente de cartera.
El uso de técnicas de gestión eficiente de la cartera solo se aplicará en concordancia con los beneficios de los Fondos. Las técnicas de gestión eficiente de la cartera pueden utilizarse con el objetivo de reducir ciertos riesgos relacionados con las inversiones de los Fondos, reducir costes y generar ingresos adicionales para los Fondos en función del perfil de riesgo de los Fondos. El uso de técnicas de gestión eficiente de la cartera no derivará en ningún cambio en el objetivo de inversión según se describe en el Suplemento del Fondo correspondiente. | #### GESTION DE PORTEFEUILLE EFFICACE ET OPÉRATIONS DE FINANCEMENT SUR TITRES
Dans le cadre de la gestion des éléments d’actif et de passif de chaque Fonds, la Société peut avoir recours à des techniques et des instruments destinés à les protéger contre les risques de change, en respectant les conditions et les limites stipulées de temps à autre par la Banque centrale. Par ailleurs, un Fonds peut utiliser de nouveaux instruments et techniques qui apparaîtront et susceptibles de lui convenir, en respectant les exigences de la Banque centrale.
Dans les limites autorisées par les objectifs et politiques d’investissement des Fonds et sous réserve des limites définies de temps à autre par la Banque centrale, le recours, à des fins de gestion de portefeuille efficace, aux techniques et instruments financiers suivants s’applique à tous les Fonds.
Les techniques de gestion efficace du portefeuille ne seront utilisées que dans l’intérêt des Fonds. Elles peuvent être utilisées en vue de réduire certains risques associés aux investissements des Fonds, de réduire les coûts et de générer des revenus supplémentaires pour les Fonds, compte tenu du profil de risque de ceux-ci. Le recours aux techniques de gestion efficace du portefeuille n’aura pas pour conséquence de modifier l’objectif d’investissement tel qu’exposé dans le Supplément du Fonds concerné. | fr | es |
DOLFIN5108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
Key Investor Information Fidelity Funds - US High Yield Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Existe el riesgo de que los emisores de bonos no puedan reintegrar el importe prestado, o que no puedan cumplir con los pagos de intereses. Aunque intentamos mitigarlo, el Subfondo puede estar expuesto al riesgo de sufrir pérdidas económicas si invierte en un instrumento emitido por una institución que después incurra en el impago de sus préstamos. También se pueden materializar pérdidas si una entidad a la que el Subfondo se encuentre expuesto deja de pagar los intereses durante un tiempo o de forma indefinida. El precio de los bonos se relaciona de forma inversa con los tipos de interés, de forma que cuando los tipos de interés suben, el valor de los bonos puede disminuir. El incremento en los tipos de interés puede provocar una caída en el valor de su inversión.
- La liquidez es una medida del grado de convertibilidad de una inversión en efectivo. En determinadas condiciones del mercado, puede haber dificultades para valorar o vender activos al precio deseado. Esto podría afectar la capacidad del Subfondo para atender oportunamente los reembolsos.
Datos fundamentales para el inversor Fidelity Funds - US High Yield Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. While we seek to mitigate this, the fund may be exposed to the risk of financial loss if it invests into an instrument issued by an entity that subsequently defaults on its borrowings. Losses may also be realised if an entity that the fund is exposed to ceases to make interest payments over a period of time or indefinitely. Bond prices have an inverse relationship with interest rates such that when interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall.
- Liquidity is a measure of how easily an investment can be converted into cash. Under certain market conditions assets may be more difficult to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner.
Key Investor Information Fidelity Funds - US High Yield Fund | en | es |
DOLFIN5109 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# ANNEX VI – NOTICES TO INVESTORS IN SPECIFIC JURISDICTIONS
HONG KONG
Please note that Shares in any Sub-Fund may not be offered or sold in Hong Kong by means of this Prospectus or any other document other than to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance and any rules made thereunder, and (ii) no person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to Shares in any Sub-Fund which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance and any rules made thereunder.
Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document you should obtain independent professional advice.
JAPAN
The Shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law no. 25 of 1948, as amended; the “FIEL”) as the Shares are offered in Japan exclusively to a limited number of investors (49 or less) and Qualified Institutional Investors (defined below) only on a private placement basis. “Qualified Institutional Investors” means as defined in Article 2, Paragraph 3, Item 1 of the FIEL and Article 10 of the Cabinet Ordinance Regarding Definitions under Article 2 of the Financial Instruments and Exchange Law. The Shares sold to Qualified Institutional Investors pursuant to the Qualified Institutional Investors exemption as set forth in Article 2, Paragraph 3, Item 2, Sub-item 1 of the FIEL are subject to re-sale restrictions whereby the Shares cannot be re-sold to anyone other than Qualified Institutional Investors.
SINGAPORE
The offer or invitation to subscribe for Shares, which is the subject of this Prospectus, does not relate to collective investment schemes which are authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Sub-Funds are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares in the Restricted Portfolios are not allowed to be offered to the retail public. This Prospectus and any other document or material issued in connection with the offer or sale of the Sub-Funds is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply. You should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. | # ALLEGATO VI – AVVISI AGLI INVESTITORI NELLE SPECIFICHE GIURISDIZIONI
HONG KONG
Si prega di notare che le Azioni di qualsiasi Comparto non possono essere offerte né vendute a Hong Kong tramite il presente Prospetto o un documento che non sia rivolto a “investitori professionali”, ai sensi della definizione della Parte I dello Schedule 1 del Securities and Futures Ordinance ed eventuali decreti promulgati in base allo stesso, e (ii) nessun individuo emetterà, o deterrà per scopi di emissione, a Hong Kong o altrove, materiale pubblicitario, inviti o documenti relativi alle Azioni di uno dei Comparti che sia rivolto a, o il cui contenuto potrebbe essere consultato o letto dal pubblico di Hong Kong (tranne laddove consentito in base alle leggi di Hong Kong sui valori mobiliari) e che non siano relativi alle Azioni che si rivolgono unicamente a soggetti fuori da Hong Kong o solo a "investitori professionali" secondo la definizione della Parte I dello Schedule 1 del Securities and Futures Ordinance ed eventuali decreti promulgati in base allo stesso.
Avvertenza: I contenuti del presente documento non sono stati analizzati da autorità di regolazione di Hong Kong. Si consiglia di agire con cautela in relazione all’offerta. In caso di dubbi sul contenuto del presente documento, si consiglia di richiedere consulenza professionale.
GIAPPONE
Le azioni non sono state e non saranno registrate ai sensi dell’Articolo 4, Paragrafo 1 della Financial Instruments and Exchange Law del Giappone (Legge N° 25 del 1948, e relative modifiche; “FIEL”) poiché le Azioni sono offerte in Giappone esclusivamente ad un numero limitato di investitori (49 o meno) e investitori istituzionali qualificati (definiti di seguito) solo su base di collocamento privato. “Investitori istituzionali qualificati” secondo la definizione dell’Articolo 2, Paragrafo 3, Voce 1 del FIEL e Articolo 10 delle Cabinet Ordinance Regarding Definitions in base all’Articolo 2 della Financial Instruments and Exchange Law. Le Azioni vendute agli Investitori istituzionali qualificati ai sensi dell’esenzione degli Investitori istituzionali qualificati indicate all’Articolo 2, Paragrafo 3, Voce 2, Sotto-voce 1 del FIEL sono soggetti a limitazioni di rivendita per cui le Azioni non possono essere rivendute a soggetti che non siano Investitori istituzionali qualificati.
SINGAPORE
L’offerta o invito a sottoscrivere le Azioni, soggetto al presente Prospetto, non si collega a fondi d’investimento collettivo autorizzati ai sensi della Sezione 286 del Securities and Futures Act, Capitolo 289 di Singapore (“SFA”) o riconosciuti in base alla sezione 287 del SFA. I Comparto non sono autorizzati, né riconosciuti dall’Autorità monetaria di Singapore (“MAS”) e le Azioni nei Portafogli vincolati non possono essere offerte al pubblico retail. Il presente Prospetto ed eventuali altri documenti o materiale pubblicato in relazione all’offerta o vendita dei Comparti non sono un prospetto secondo la definizione del SFA. Di conseguenza, non vige la responsabilità statutaria in base al SFA in merito al contenuto dei prospetti. Occorre considerare con cautela se l’investimento è idoneo alla propria situazione personale.
Il presente Prospetto non è stato registrato come prospetto presso MAS. Di conseguenza, il presente Prospetto ed eventuali altri documenti o materiale relativo all’offerta o alla vendita, o inviti a sottoscrivere o acquistare le Azioni non possono essere diffusi o distribuiti, né tantomeno le Azioni possono essere offerte o vendute, o rese l'oggetto di un invito alla sottoscrizione o all’acquisto, direttamente o indirettamente, a soggetti a Singapore che non siano (i) un investitori istituzionale ai sensi della Sezione 304 del SFA, (ii) un soggetto rilevante ai sensi della Sezione 305(1), o qualsiasi soggetto in base alla Sezione 305(2), e nel rispetto delle condizioni specificate alla Sezione 305 del SFA o (iii) altrimenti ai sensi di e in linea con le condizioni di qualsiasi altra clausola vigente del SFA. | # ANNEX VI – NOTICES TO INVESTORS IN SPECIFIC JURISDICTIONS
HONG KONG
Please note that Shares in any Sub-Fund may not be offered or sold in Hong Kong by means of this Prospectus or any other document other than to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance and any rules made thereunder, and (ii) no person shall issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to Shares in any Sub-Fund which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in Part I of Schedule 1 to the Securities and Futures Ordinance and any rules made thereunder.
Warning: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document you should obtain independent professional advice.
JAPAN
The Shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law no. 25 of 1948, as amended; the “FIEL”) as the Shares are offered in Japan exclusively to a limited number of investors (49 or less) and Qualified Institutional Investors (defined below) only on a private placement basis. “Qualified Institutional Investors” means as defined in Article 2, Paragraph 3, Item 1 of the FIEL and Article 10 of the Cabinet Ordinance Regarding Definitions under Article 2 of the Financial Instruments and Exchange Law. The Shares sold to Qualified Institutional Investors pursuant to the Qualified Institutional Investors exemption as set forth in Article 2, Paragraph 3, Item 2, Sub-item 1 of the FIEL are subject to re-sale restrictions whereby the Shares cannot be re-sold to anyone other than Qualified Institutional Investors.
SINGAPORE
The offer or invitation to subscribe for Shares, which is the subject of this Prospectus, does not relate to collective investment schemes which are authorised under Section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Sub-Funds are not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares in the Restricted Portfolios are not allowed to be offered to the retail public. This Prospectus and any other document or material issued in connection with the offer or sale of the Sub-Funds is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply. You should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. | en | it |
DOLFIN5110 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Sub-Fund may invest the remaining third of its assets in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes. For the avoidance of doubt, the use of derivatives for investment purposes is limited to 30% of the Sub-Fund's net assets.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | ## El Subfondo podrá invertir el tercio restante de sus activos en instrumentos del mercado monetario.
Dentro de un límite del 200 % del patrimonio neto del Subfondo, la estrategia de inversión podrá llevarse a cabo con inversiones directas y/o por medio de derivados. También pueden utilizarse derivados con fines de cobertura. Para evitar cualquier duda, el uso de derivados con fines de inversión está limitado al 30 % del patrimonio neto del Subfondo.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la divisa de referencia del Subfondo y la divisa de la clase de acción, a través de la utilización de instrumentos derivados mientras se mantiene la exposición a la Política de Inversión descrita más arriba. | ## The Sub-Fund may invest the remaining third of its assets in Money Market Instruments.
Within a limit of 200% of the Sub-Fund's net assets, the investment strategy may be achieved by direct investments and/or through derivatives. Derivatives may also be used for hedging purposes. For the avoidance of doubt, the use of derivatives for investment purposes is limited to 30% of the Sub-Fund's net assets.
The Share Class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the Sub-Fund and the currency of this Share Class by using derivatives instruments whilst retaining the exposure to Investment Policy described above. | en | es |
DOLFIN5111 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Investors should read, be aware of and consider Chapter 7, “Risk Factors” of the Prospectus and the risk information described below:
Since the Subfund may invest in debt instruments in the lower investment grade sector, the underlying debt instruments may present a greater risk in terms of downgrading or may exhibit a greater default risk than debt instruments of first- class issuers. The higher return should be viewed as compensation for the greater degree of risk.
The inflation hedge mechanism results in inflation-indexed debt instruments performing better than nominal bonds when inflation is higher than expected. Conversely, nominal bonds will perform better than inflation-indexed debt instruments in periods when the rate of inflation is lower than expected. | #### Il est conseillé aux investisseurs de lire, d’étudier et de prendre conscience des dispositions du chapitre 7 «Facteurs de risque» du prospectus, ainsi que des informations sur les risques ci-après.
Étant donné que ce compartiment peut investir dans des titres de créance faisant partie des moins bien notés de la catégorie «investissement», les titres de créance sous-jacents peuvent présenter un risque supérieur en termes de révision en baisse de la note de crédit, ou un risque de défaut plus élevé que ceux des émetteurs de premier ordre. Le rendement supérieur de ces instruments doit être considéré comme une contrepartie de leur risque plus élevé.
Grâce au dispositif de couverture contre l’inflation, les titres de créance indexés sur l’inflation enregistrent de meilleures performances que les obligations nominales lorsque l’inflation s’avère plus élevée que prévu. À l’inverse, les obligations nominales affichent de meilleures performances que les titres de créance indexés sur l’inflation lorsque le taux d’inflation est inférieur aux prévisions. | #### Investors should read, be aware of and consider Chapter 7, “Risk Factors” of the Prospectus and the risk information described below:
Since the Subfund may invest in debt instruments in the lower investment grade sector, the underlying debt instruments may present a greater risk in terms of downgrading or may exhibit a greater default risk than debt instruments of first- class issuers. The higher return should be viewed as compensation for the greater degree of risk.
The inflation hedge mechanism results in inflation-indexed debt instruments performing better than nominal bonds when inflation is higher than expected. Conversely, nominal bonds will perform better than inflation-indexed debt instruments in periods when the rate of inflation is lower than expected. | en | fr |
DOLFIN5112 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Remuneration policy
The main components of monetary remuneration are the basic salary, which typically reflects the duties, responsibilities and experience that are required for a particular function, and an annual variable remuneration based on specific discretionary principles. The variable remuneration usually includes both an annual bonus payment in cash after the end of each financial year and a deferred component for all employees whose variable remuneration exceeds a specified threshold level.
The total amount of the variable remuneration payable throughout the Company depends on the performance of the business and on the Company’s risk position and fluctuates from year to year. For this reason it varies from year to year. In this respect the allocation of specific amounts to particular employees is based on the performance of the employee or his department during the period under review.
The level of pay awarded to employees is tied to both quantitative and qualitative performance indicators. Quantitative indicators are aligned around measurable goals. By contrast, qualitative indicators take into account employee actions reflecting the core values of excellence, passion, integrity and respect. Assessment in the form of 360 degree feedback is part of the qualitative appraisal for all employees.
For fund managers, whose decisions make a real difference to delivering successful outcomes for clients, quantitative indicators are aligned around sustainable investment performance. In particular for fund managers, the quantitative element is aligned with the benchmarks of the client portfolios they manage or with the client’s stated investment outcome objective measured over a multi-year- framework.
For client-facing professionals, goals include independently measured client satisfaction.
The amounts ultimately distributed in the framework of the long-term incentive awards depend on the Management Company’s business performance or the performance of certain investment funds over several years.
The remuneration of employees in controlling functions is not directly linked to the business performance of the departments monitored by the controlling function.
In accordance with applicable regulations, certain employees are assigned to the “identified staff” group. These include members of management, risk bearers, employees with controlling functions and all employees who, based on their total remuneration, are allocated to the same remuneration category as members of management and risk bearers, whose activities have a significant impact on the risk profiles of the Management Company and the funds under its management.
Employees who are assigned to the “identified staff” group are subject to additional standards in relation to performance management, the type of variable remuneration and the timing of payments.
The Management Company uses multi-year targets and deferred parts of the variable compensation to ensure long-term performance measuring. In particular, the performance of fund managers is measured to a large extent against quantitative return results over a multi- year-framework.
In the case of identified staff, a substantial portion of the annual variable remuneration is deferred for three years, beginning from a defined variable remuneration level. 50% of the variable remuneration (deferred and non-deferred) must consist of units in the funds managed by the Management Company or comparable instruments.
An ex post risk adjustment enables explicit adjustments to be made to the performance assessment of previous years and the associated remuneration, with the aim of preventing the transfer of some or all of the amount of a deferred remuneration payment (malus), or preventing return of the ownership of a remuneration amount to the Management Company (recovery).
AllianzGI has a comprehensive risk reporting system in place, which covers both current and future risks of business activities conducted by the Management Company. Risks which significantly exceed the organisation’s risk appetite are presented to the Management Company’s Global Remuneration Committee which will decide, if necessary, on adjustments to the total remuneration pool.
Further details of the Company’s current remuneration policy are published on the Internet at https://regulatory.allianzgi.com. This includes a description of the calculation methods for remuneration and benefits awarded to certain groups of employees, as well as details of the persons responsible for allocation, including members of the remuneration committee. On request, the information will be made available by the Company in hard copy without charge. | ## Vergütungspolitik
Die Hauptkomponenten der monetären Vergütung sind das Grundgehalt, das typischerweise den Aufgabenbereich, Verantwortlichkeiten und Erfahrung widerspiegelt, wie sie für eine bestimmte Funktion erforderlich sind, sowie die Gewährung einer jährlichen variablen Vergütung nach bestimmten Ermessensgrundsätzen. Die variable Vergütung umfasst typischerweise sowohl eine jährliche Bonuszahlung in bar nach Abschluss des Geschäftsjahres als auch eine aufgeschobene Komponente für alle Beschäftigten, deren variable Vergütung einen bestimmten Schwellenwert überschreitet.
Die Summe der unternehmensweit bereitzustellenden variablen Vergütungen ist vom Geschäftserfolg sowie der Risikoposition des Unternehmens abhängig und schwankt daher von Jahr zu Jahr. Aus diesem Grund variiert sie von Jahr zu Jahr. In diesem Rahmen orientiert sich die Zuweisung konkreter Beträge zu einzelnen Mitarbeitern an der Leistung des Mitarbeiters bzw. seiner Abteilung während der jeweiligen Betrachtungsperiode.
Die Höhe der Zahlung an die Mitarbeiter ist an qualitative und quantitative Leistungsindikatoren geknüpft. Quantitative Indikatoren orientieren sich an messbaren Zielen. Qualitative Indikatoren berücksichtigen hingegen die Verhaltensweise des Mitarbeiters im Hinblick auf die Kernwerte Exzellenz, Leidenschaft, Integrität und Respekt. Für alle Mitarbeiter ist die Bewertung in Form eines 360°-Feedbacks Teil der qualitativen Beurteilung.
Für Fondsmanager, deren Entscheidungen große Auswirkungen auf den Erfolg der Investmentziele der Kunden haben, orientieren sich quantitative Indikatoren an einer nachhaltige Anlage-Performance. Insbesondere bei Fondsmanagern orientiert sich das quantitative Element an den Benchmarks der Kundenportfolios oder an der vom Kunden vorgegebenen Renditeerwartung – gemessen über einen mehrjährigen Zeitraum.
Zu den Zielen von Mitarbeitern im direkten Kundenkontakt gehört auch die unabhängig gemessene Kundenzufriedenheit.
Die im Rahmen der Long-Term Incentive Awards letztendlich zur Auszahlung kommenden Beträge sind vom Geschäftserfolg der Verwaltungsgesellschaft oder der Wertentwicklung von Anteilen an bestimmten Fonds während einer mehrjährigen Periode abhängig.
Die Vergütung der Mitarbeiter in Kontrollfunktionen ist nicht unmittelbar an den Geschäftserfolg einzelner von der Kontrollfunktion überwachter Bereiche gekoppelt.
Gemäß den geltenden Vorschriften werden bestimmte Mitarbeiter der Gruppe „identifiziertes Personal“ zugerechnet. Dazu gehören Mitglieder des Managements, Risikoträger, Mitarbeiter mit Kontrollfunktion sowie alle Mitarbeiter, die aufgrund ihrer Gesamtvergütung derselben Vergütungskategorie zugerechnet werden wie Mitglieder des Managements und Risikoträger, deren Aktivitäten erhebliche Auswirkungen auf die Risikoprofile der Verwaltungsgesellschaft und der von ihr verwalteten Fonds haben.
Der Gruppe „identifiziertes Personal“ zugerechnete Mitarbeiter unterstehen zusätzlichen Standards bezüglich des Leistungsmanagements, der Art der variablen Vergütung sowie des Zeitpunkts von Zahlungen.
Durch mehrjährige Ziele als auch durch aufgeschobene Anteile der variablen Vergütung stellt die Verwaltungsgesellschaft eine langfristige Leistungsbemessung sicher. Insbesondere bei Fondsmanagern orientiert sich die Leistungsbeurteilung zu einem Großteil an quantitativen Renditeergebnissen über einen mehrjährigen Zeitraum.
Bei identifiziertem Personal wird ein erheblicher Anteil der jährlichen variablen Vergütung für drei Jahre aufgeschoben, beginnend ab einer definierten variablen Vergütungsstufe. 50 % der variablen Vergütung (aufgeschoben und nicht aufgeschoben) muss aus Anteilen der von der Verwaltungsgesellschaft verwalteten Fonds oder vergleichbaren Instrumenten bestehen.
Eine Ex-post-Risikoanpassung ermöglicht explizite Anpassungen an die Leistungsbeurteilung der Vorjahre und die damit verbundene Vergütung, um die Übertragung eines Teils oder des gesamten Betrags einer aufgeschobenen Vergütungsleistung (Malus) oder die Rückgabe der Eigentümerschaft eines Vergütungsbetrags an die Verwaltungsgesellschaft (Rückforderung) zu verhindern.
AllianzGI verfügt über ein umfangreiches Risikoreporting, das sowohl aktuelle als auch zukünftige Risiken im Rahmen der Geschäftstätigkeit der Verwaltungsgesellschaft berücksichtigt. Risiken, welche den Risikoappetit der Organisation signifikant überschreiten, werden dem Globalen Vergütungsausschuss der Verwaltungsgesellschaft vorgelegt, welcher ggf. über die Anpassung des Gesamt-Vergütungspools entscheidet.
Weitere Einzelheiten zur aktuellen Vergütungspolitik der Gesellschaft sind im Internet unter https://regulatory.allianzgi.com veröffentlicht. Hierzu zählen eine Beschreibung der Berechnungsmethoden für Vergütungen und Zuwendungen an bestimmte Mitarbeitergruppen sowie die Angabe der für die Zuteilung zuständigen Personen einschließlich der Angehörigen des Vergütungsausschusses. Auf Verlangen werden die Informationen von der Gesellschaft kostenlos in Papierform zur Verfügung gestellt. | ## Remuneration policy
The main components of monetary remuneration are the basic salary, which typically reflects the duties, responsibilities and experience that are required for a particular function, and an annual variable remuneration based on specific discretionary principles. The variable remuneration usually includes both an annual bonus payment in cash after the end of each financial year and a deferred component for all employees whose variable remuneration exceeds a specified threshold level.
The total amount of the variable remuneration payable throughout the Company depends on the performance of the business and on the Company’s risk position and fluctuates from year to year. For this reason it varies from year to year. In this respect the allocation of specific amounts to particular employees is based on the performance of the employee or his department during the period under review.
The level of pay awarded to employees is tied to both quantitative and qualitative performance indicators. Quantitative indicators are aligned around measurable goals. By contrast, qualitative indicators take into account employee actions reflecting the core values of excellence, passion, integrity and respect. Assessment in the form of 360 degree feedback is part of the qualitative appraisal for all employees.
For fund managers, whose decisions make a real difference to delivering successful outcomes for clients, quantitative indicators are aligned around sustainable investment performance. In particular for fund managers, the quantitative element is aligned with the benchmarks of the client portfolios they manage or with the client’s stated investment outcome objective measured over a multi-year- framework.
For client-facing professionals, goals include independently measured client satisfaction.
The amounts ultimately distributed in the framework of the long-term incentive awards depend on the Management Company’s business performance or the performance of certain investment funds over several years.
The remuneration of employees in controlling functions is not directly linked to the business performance of the departments monitored by the controlling function.
In accordance with applicable regulations, certain employees are assigned to the “identified staff” group. These include members of management, risk bearers, employees with controlling functions and all employees who, based on their total remuneration, are allocated to the same remuneration category as members of management and risk bearers, whose activities have a significant impact on the risk profiles of the Management Company and the funds under its management.
Employees who are assigned to the “identified staff” group are subject to additional standards in relation to performance management, the type of variable remuneration and the timing of payments.
The Management Company uses multi-year targets and deferred parts of the variable compensation to ensure long-term performance measuring. In particular, the performance of fund managers is measured to a large extent against quantitative return results over a multi- year-framework.
In the case of identified staff, a substantial portion of the annual variable remuneration is deferred for three years, beginning from a defined variable remuneration level. 50% of the variable remuneration (deferred and non-deferred) must consist of units in the funds managed by the Management Company or comparable instruments.
An ex post risk adjustment enables explicit adjustments to be made to the performance assessment of previous years and the associated remuneration, with the aim of preventing the transfer of some or all of the amount of a deferred remuneration payment (malus), or preventing return of the ownership of a remuneration amount to the Management Company (recovery).
AllianzGI has a comprehensive risk reporting system in place, which covers both current and future risks of business activities conducted by the Management Company. Risks which significantly exceed the organisation’s risk appetite are presented to the Management Company’s Global Remuneration Committee which will decide, if necessary, on adjustments to the total remuneration pool.
Further details of the Company’s current remuneration policy are published on the Internet at https://regulatory.allianzgi.com. This includes a description of the calculation methods for remuneration and benefits awarded to certain groups of employees, as well as details of the persons responsible for allocation, including members of the remuneration committee. On request, the information will be made available by the Company in hard copy without charge. | en | de |
DOLFIN5113 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TAX CONSIDERATIONS
The following statements on taxation below are intended to be a general summary of certain Luxembourg tax consequences that may result to the Fund and shareholders in connection with their investment in the Fund and are included herein solely for information purposes. They are based on the law and practice in force in Luxembourg at the date of this Prospectus. There is no assurance that the tax status of the Fund or shareholders will not be changed as a result of amendments to, or changes in the interpretation of, relevant tax legislation and regulations. This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular investor. Prospective investors should therefore consult their own professional advisers as to the effects of state, local or foreign laws, including Luxembourg tax law, to which they may be subject.
As is the case with any investment, there can be no guarantee that the tax position or proposed tax position prevailing at the time an investment in the Fund is made will endure indefinitely. The information herein should not be regarded as legal or tax advice. | # CONSIDÉRATIONS FISCALES
Les énoncés relatifs aux questions fiscales qui suivent ont pour vocation de résumer de manière générale certaines répercussions fiscales luxembourgeoises susceptibles de concerner le Fonds et les Actionnaires en ce qui touche à leur investissement dans le Fonds et sont inclus aux présentes à seules fins d’inf ormation. I ls se fondent sur la législation et les pratiques en vigueur au Luxembourg à la date du présent Prospectus. Il n’est pas garanti que le statut fiscal du Fonds ou des Actionnaires ne soit pas modifié en conséquence d’amendements ou de modifications dans l’interprétation de la législation et des réglementations fiscales concernées. Cette synthèse est de nature générale uniquement et n’a pas vocation à constituer, ni ne sa urait être in terprétée comme un conseil juridique ou fiscal à l’intention de quelque investisseur que ce soit. Les investisseurs potentiels sont donc invités à consulter leurs propres conseillers professionnels quant aux incidences des législations étatiques, locales ou étrangères, et notamment la législation fiscale luxembourgeoise, auxquelles ils peuvent être assujettis.
Comme pour tout investissement, il ne saurait être garanti que la situation fiscale ou la situation fiscale envisagée prévalant à l’heure d’effectuer un investissement dans le Fonds perdure indéfiniment. Les informations contenues aux présentes ne sauraient constituer un conseil juridique ou fiscal. | # TAX CONSIDERATIONS
The following statements on taxation below are intended to be a general summary of certain Luxembourg tax consequences that may result to the Fund and shareholders in connection with their investment in the Fund and are included herein solely for information purposes. They are based on the law and practice in force in Luxembourg at the date of this Prospectus. There is no assurance that the tax status of the Fund or shareholders will not be changed as a result of amendments to, or changes in the interpretation of, relevant tax legislation and regulations. This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular investor. Prospective investors should therefore consult their own professional advisers as to the effects of state, local or foreign laws, including Luxembourg tax law, to which they may be subject.
As is the case with any investment, there can be no guarantee that the tax position or proposed tax position prevailing at the time an investment in the Fund is made will endure indefinitely. The information herein should not be regarded as legal or tax advice. | en | fr |
DOLFIN5114 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Benchmark does not take account of currency hedging. There may be a greater difference between the past performance of the share class and the Benchmark than for other share classes in the fund.
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 12/11/1990. This class was launched on 16/02/2016. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | El Índice de referencia no tiene en cuenta la cobertura de divisas. La diferencia entre la rentabilidad pasada de la clase de acciones y la del Índice de referencia puede ser mayor que la de otras clases de acciones del fondo.
La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 12/11/1990. Esta clase se creó el 16/02/2016.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | The Benchmark does not take account of currency hedging. There may be a greater difference between the past performance of the share class and the Benchmark than for other share classes in the fund.
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 12/11/1990. This class was launched on 16/02/2016. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN5115 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 6 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones alto.
generales del mercado, en ocasiones de forma rápida o impredecible. Si una empresa se declara en quiebra o se somete a otro procedimiento de reestructuración financiera similar, sus acciones en circulación suelen perder la mayor parte o la totalidad de su valor.
- El Subfondo podrá invertir en valores de pequeña capitalización, que pueden ser menos líquidos y más volátiles, y conllevar un mayor riesgo financiero que los valores de compañías más grandes.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN5116 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Concentration risk
If the relevant Index tracked/replicated by a Fund is concentrated in securities within a particular country, region, industry, sector or group of countries, regions, industries or sectors, that Fund may be more susceptible to price volatility and any technological, economic, market, social, regulatory, political or regulatory events affecting those countries, regions, industries or sectors. This could lead to a greater risk of loss to the value of your investment.
The Funds that are replicating an index per the Regulations may invest more than 10% and up to 20% of their Net Asset Value in shares issued by the same body in order to replicate their respective Indices. Subject to clearance by the Central Bank on a case by case basis, this limit may be raised to 35% for a single issuer, where this is justified by exceptional market conditions, for example, market dominance. Market dominance exists where a particular constituent of an Index has a dominant position in the particular market sector in which it operates and as such accounts for a large proportion of the Index. This means that such a Fund may have a high concentration of investment in one constituent, or a relatively small number of constituents, and may therefore be more susceptible to any single economic, market, political or regulatory occurrence affecting that constituent or those constituents. | ###### Risque lié à la concentration
Si l'Indice suivi/répliqué par un Compartiment se concentre sur les titres d'un pays, d'une région, d'une industrie ou d'un secteur spécifique, ou d'un groupe de pays, régions, industries ou secteurs, ce Compartiment peut être plus vulnérable à la volatilité des cours et à tout événement technologique, économique, de marché, social, réglementaire ou politique affectant les pays, régions, industries ou secteurs concernés. Pour cette raison, le risque de perte de valeur de votre investissement peut être plus important.
Les Compartiments qui répliquent un indice conformément à la Réglementation peuvent investir plus de 10 % et jusqu'à 20 % de leur Valeur liquidative dans des actions émises par le même organisme afin de répliquer leur indice respectif. Sous réserve d'une approbation de la Banque centrale au cas par cas, cette limite peut être augmentée à 35 % pour un même émetteur si cela est justifié par des conditions de marché exceptionnelles, par exemple en cas de dominance sur le marché. Il y a dominance si un titre composant un Indice a une position dominante dans le secteur dans lequel il opère et, pour cette raison, représente une grande partie de l'Indice. Pour cette raison, les investissements d'un Compartiment peuvent être concentrés sur un titre composant l'Indice, ou sur un petit nombre de titres composant l'Indice, et le Compartiment peut par conséquent être plus vulnérable à tout événement économique, de marché, politique ou réglementaire affectant le(s) titre(s) concerné(s). | ##### Concentration risk
If the relevant Index tracked/replicated by a Fund is concentrated in securities within a particular country, region, industry, sector or group of countries, regions, industries or sectors, that Fund may be more susceptible to price volatility and any technological, economic, market, social, regulatory, political or regulatory events affecting those countries, regions, industries or sectors. This could lead to a greater risk of loss to the value of your investment.
The Funds that are replicating an index per the Regulations may invest more than 10% and up to 20% of their Net Asset Value in shares issued by the same body in order to replicate their respective Indices. Subject to clearance by the Central Bank on a case by case basis, this limit may be raised to 35% for a single issuer, where this is justified by exceptional market conditions, for example, market dominance. Market dominance exists where a particular constituent of an Index has a dominant position in the particular market sector in which it operates and as such accounts for a large proportion of the Index. This means that such a Fund may have a high concentration of investment in one constituent, or a relatively small number of constituents, and may therefore be more susceptible to any single economic, market, political or regulatory occurrence affecting that constituent or those constituents. | en | fr |
DOLFIN5117 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The management body of the management company met at the end of the financial year to review the general principles of the remuneration policy with members of the Compliance team and in particular the calculation methods for indexed variable remuneration (composition of indexation basket).
There were no major changes made to the remuneration policy last year.
It can be consulted on the management company's website (in the Regulatory Information section). | Die Mitglieder des Leitungsorgans der Verwaltungsgesellschaft traten am Ende des Geschäftsjahres zusammen, um die allgemeinen Grundsätze der Vergütungspolitik und insbesondere das Verfahren zur Berechnung der indexabhängigen, variablen Vergütung (Zusammensetzung des Indexierungskorbs) in Anwesenheit der Compliance-Verantwortlichen zu überprüfen.
Im abgelaufenen Jahr wurden keine wesentlichen Änderungen an der Vergütungspolitik vorgenommen.
Sie steht auf der Website der Verwaltungsgesellschaft (im Bereich „Gesetzlich vorgeschriebene Informationen“) zur Verfügung. | The management body of the management company met at the end of the financial year to review the general principles of the remuneration policy with members of the Compliance team and in particular the calculation methods for indexed variable remuneration (composition of indexation basket).
There were no major changes made to the remuneration policy last year.
It can be consulted on the management company's website (in the Regulatory Information section). | en | de |
DOLFIN5118 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Brexit Risk
The UK formally left the European Union (the “EU”) on 31 January 2020 and entered into a transition period which lasted until 31 December 2020. The extent of the impact will depend in part on the nature of the arrangements that are being put in place between the UK and the EU following the Brexit deal and the extent to which the UK continues to apply laws that are based on EU legislation.
The longer term process to implement the political, economic and legal framework between the UK and the EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets.
Currency volatility resulting from this uncertainty may mean that the returns of the relevant Funds and their investments are adversely affected by market movements, potential decline in the value of the British Pound and/or Euro, and any downgrading of United Kingdom sovereign credit rating. This may also make it more difficult, or more expensive, for the relevant Funds to execute prudent currency hedging policies.
This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of relevant Funds and their investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the relevant Funds. | ##### Risques liés au Brexit
Le Royaume-Uni a officiellement quitté l’Union européenne (l’« UE ») le 31 janvier 2020 et est entré dans une période de transition qui a pris fin le 31 décembre 2020. L’ampleur des conséquences de sa sortie de l’Union européenne dépendra en partie de la nature des accords mis en place entre le Royaume-Uni et l’UE à la suite de l’accord conclu sur le Brexit et de la mesure dans laquelle le Royaume-Uni continuera d’appliquer des lois basées sur la législation de l’UE.
Le processus à plus long terme de mise en œuvre du cadre politique, économique et juridique entre le Royaume-Uni et l’UE devrait conduire à une incertitude continue et à des périodes d’instabilité exacerbée tant au Royaume-Uni que sur les marchés européens.
La volatilité de la monnaie résultant de cette incertitude peut faire en sorte que les rendements des Compartiments concernés et leurs investissements subissent l’influence négative de mouvements de marché, d’une baisse potentielle de la valeur de la livre sterling et/ou de l’euro ainsi que d’une révision à la baisse de la notation du crédit souverain du Royaume-Uni. Cela pourrait également rendre l’exécution de politiques de couverture de change prudentes par les Compartiments concernés plus difficile ou plus coûteuse.
Cette incertitude à moyen à long terme peut avoir une incidence négative sur l’économie en règle générale et sur la capacité des Compartiments concernés et de leurs investissements à réaliser leurs stratégies respectives et à percevoir des rendements attrayants et pourrait aussi entraîner des coûts accrus pour les Compartiments concernés. | ##### Brexit Risk
The UK formally left the European Union (the “EU”) on 31 January 2020 and entered into a transition period which lasted until 31 December 2020. The extent of the impact will depend in part on the nature of the arrangements that are being put in place between the UK and the EU following the Brexit deal and the extent to which the UK continues to apply laws that are based on EU legislation.
The longer term process to implement the political, economic and legal framework between the UK and the EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets.
Currency volatility resulting from this uncertainty may mean that the returns of the relevant Funds and their investments are adversely affected by market movements, potential decline in the value of the British Pound and/or Euro, and any downgrading of United Kingdom sovereign credit rating. This may also make it more difficult, or more expensive, for the relevant Funds to execute prudent currency hedging policies.
This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of relevant Funds and their investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the relevant Funds. | en | fr |
DOLFIN5119 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The Depositary
BNP Paribas Securities Services, Luxembourg Branch has been appointed as Depositary by the Company under an agreement (the “Depositary Agreement”). Under this agreement the Depositary performs three types of functions, namely (i) the oversight duties (as defined in Article 34(1) of the Law), (ii) the monitoring of the cash flows of the Company (as set out in in Article 34(2) of the Law) and (iii) the safekeeping of the Company’s assets (as set out in in Article 34(3) of the Law).
The overriding objective of the Depositary is to protect the interests of the Shareholders of the Company, which always prevail over any commercial interests.
Under its oversight duties, the Depositary is required to:
- ensure that the sale, issue, repurchase, redemption and cancellation of Shares effected on behalf ofthe Company are carried out in accordance with the Law and with the Company’s Articles,
- ensure that the value of Shares is calculated in accordance with the Law and the Company’s Articles,
- carry out the instructions of the Company or the Management Company acting on behalf of theCompany, unless they conflict with the Law and/or the Company’s Articles,
- ensure that in transactions involving the Company’s assets, the consideration is remitted to theCompany within the usual time limits;
- ensure that the Company’s revenues are allocated in accordance with its Articles. | ### Die Verwahrstelle
BNP Paribas Securities Services, Zweigniederlassung Luxemburg, wurde von der Gesellschaft im Rahmen eines Vertrags (der „Verwahrstellenvertrag“) zur Verwahrstelle ernannt. Im Rahmen dieses Vertrags führt die Verwahrstelle drei Arten von Funktionen aus: (i) Aufsichtspflichten (wie in Artikel 34(1) des Gesetzes definiert),
(ii) Überwachung der Cashflows der Gesellschaft (wie in Artikel 34(2) des Gesetzes dargelegt) und (iii) Verwahrung der Vermögenswerte der Gesellschaft (wie in Artikel 34(3) des Gesetzes dargelegt).
Das vorrangige Ziel der Verwahrstelle ist es, die Interessen der Anteilinhaber der Gesellschaft zu schützen, die stets Vorrang vor geschäftlichen Interessen haben.
Im Rahmen ihrer Aufsichtspflichten ist die Verwahrstelle verpflichtet:
- sicherzustellen, dass der Verkauf, die Ausgabe, der Rückkauf, die Rücknahme und die Annullierung von Anteilen im Auftrag der Gesellschaft gemäß dem Gesetz und der Satzung der Gesellschaft erfolgen;
- zu gewährleisten, dass der Wert der Anteile gemäß dem Gesetz und der Satzung der Gesellschaft berechnet wird;
- die Anweisungen der Gesellschaft oder der Managementgesellschaft, die im Namen der Gesellschaft handelt, durchzuführen, es sei denn, sie verstoßen gegen das Gesetz und/oder die Satzung der Gesellschaft;
- sicherzustellen, dass bei Transaktionen, an denen die Vermögenswerte der Gesellschaft beteiligt sind, die entsprechende Gegenleistung innerhalb der üblichen Fristen bei der Gesellschaft eingeht;
- sicherzustellen, dass die Erträge der Gesellschaft gemäß ihrer Satzung zugewiesen werden. | ### The Depositary
BNP Paribas Securities Services, Luxembourg Branch has been appointed as Depositary by the Company under an agreement (the “Depositary Agreement”). Under this agreement the Depositary performs three types of functions, namely (i) the oversight duties (as defined in Article 34(1) of the Law), (ii) the monitoring of the cash flows of the Company (as set out in in Article 34(2) of the Law) and (iii) the safekeeping of the Company’s assets (as set out in in Article 34(3) of the Law).
The overriding objective of the Depositary is to protect the interests of the Shareholders of the Company, which always prevail over any commercial interests.
Under its oversight duties, the Depositary is required to:
- ensure that the sale, issue, repurchase, redemption and cancellation of Shares effected on behalf ofthe Company are carried out in accordance with the Law and with the Company’s Articles,
- ensure that the value of Shares is calculated in accordance with the Law and the Company’s Articles,
- carry out the instructions of the Company or the Management Company acting on behalf of theCompany, unless they conflict with the Law and/or the Company’s Articles,
- ensure that in transactions involving the Company’s assets, the consideration is remitted to theCompany within the usual time limits;
- ensure that the Company’s revenues are allocated in accordance with its Articles. | en | de |
DOLFIN5120 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Introduction
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the manager has positioned the fund to meet its objectives. Each table shows a different breakdown of the fund’s investments. | # Introduzione
La presente scheda contiene informazioni relative alla composizione di un fondo in un determinato momento ed è finalizzata ad aiutare l'investitore a comprendere il posizionamento del gestore del fondo nell'ottica degli obiettivi prefissati. Ogni tabella illustra una diversa ripartizione degli investimenti del fondo. | # Introduction
This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the manager has positioned the fund to meet its objectives. Each table shows a different breakdown of the fund’s investments. | en | it |
DOLFIN5121 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### ARTICLE 22 – DEPOSITARY
The depositary is appointed by the Board of Directors.
The Depositary performs the tasks required by applicable laws and regulations, as well as those contractually entrusted to it by the SICAV or Management Company. It must ensure that the decisions taken by the Management Company are lawful. Where applicable, it must take all protective measures that it considers necessary. In the event of a dispute with the Management Company, the depositary must inform the Autorité des Marchés Financiers (AMF) thereof. | #### ARTICOLO 22: DEPOSITARIO
Il depositario è indicato dal consiglio di amministrazione.
Il depositario garantisce l’espletamento delle missioni che gli competono ai sensi delle leggi e dei regolamenti in vigore, nonché di quelle affidategli contrattualmente dalla SICAV o dalla società di gestione. È tenuto specialmente a garantire la regolarità delle decisioni della società di gestione del portafoglio. All’occorrenza, deve adottare tutte
le misure cautelari necessarie ritenute utili. In caso di controversia con la società di gestione, il depositario informa l’Autorité des marchés financiers. | #### ARTICLE 22 – DEPOSITARY
The depositary is appointed by the Board of Directors.
The Depositary performs the tasks required by applicable laws and regulations, as well as those contractually entrusted to it by the SICAV or Management Company. It must ensure that the decisions taken by the Management Company are lawful. Where applicable, it must take all protective measures that it considers necessary. In the event of a dispute with the Management Company, the depositary must inform the Autorité des Marchés Financiers (AMF) thereof. | en | it |
DOLFIN5122 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Annual cost impact (*)
n.a.
n.a.
5.3%
(*) This illustrates how costs reduce your return each year over the holding period (based on amounts paid in). For example it shows that if you exit at the re- commended holding period your average return per year is projected to be 19.1% before costs and 13.8% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. Table 2 - Composition of costs
Entry costs
1.0% of the amount you pay in when entering this investment (expressed as % of commitments).
100 USD | Jährliche Auswirkungen der Kosten (*)
n.a.
n.a.
5.3%
(*) Diese Angaben veranschaulichen, wie die Kosten Ihre Rendite pro Jahr während der Haltedauer verringern (auf der Grundlage der einbezahlten Beträge). Wenn Sie beispielsweise zum Ende der empfohlenen Haltedauer aussteigen, wird Ihre durchschnittliche Rendite pro Jahr voraussichtlich 19.1% vor Kosten und 13.8% nach Kosten betragen.
Wir können einen Teil der Kosten zwischen uns und der Person aufteilen, die Ihnen das Produkt verkauft, um die für Sie erbrachten Dienstleistungen zu decken.
Tabelle 2 - Zusammensetzung der Kosten
Einstiegskosten
1.0% des Betrags, den Sie beim Einstieg in diese Anlage zahlen (in % des Gesamtengagements).
100 USD | Annual cost impact (*)
n.a.
n.a.
5.3%
(*) This illustrates how costs reduce your return each year over the holding period (based on amounts paid in). For example it shows that if you exit at the re- commended holding period your average return per year is projected to be 19.1% before costs and 13.8% after costs.
We may share part of the costs with the person selling you the product to cover the services they provide to you. Table 2 - Composition of costs
Entry costs
1.0% of the amount you pay in when entering this investment (expressed as % of commitments).
100 USD | en | de |
DOLFIN5123 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 1.06% | -6.46% | -8.10% | -7.47% | 1.90% | 2.09% | — | 1.65% |
| Benchmark | 1.05% | -6.45% | -8.10% | -7.39% | 1.95% | 2.16% | 1.17% | 1.74% | | | Performance** | 1 mese | Trimestre | Da inizio anno | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo (Al netto delle spese ) | 1.06% | -6.46% | -8.10% | -7.47% | 1.90% | 2.09% | — | 1.65% |
| Indice di riferimento | 1.05% | -6.45% | -8.10% | -7.39% | 1.95% | 2.16% | 1.17% | 1.74% | | | Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 1.06% | -6.46% | -8.10% | -7.47% | 1.90% | 2.09% | — | 1.65% |
| Benchmark | 1.05% | -6.45% | -8.10% | -7.39% | 1.95% | 2.16% | 1.17% | 1.74% | | en | it |
DOLFIN5124 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 23.9 | 5.4 | 19.5 | 5.3 | 11.1 | 20.6 | -13.8 | 22.4 | 9.9 | 2.8 |
| Constraint †¹ | 20.5 | -1.4 | 19.4 | 1.2 | 8.6 | 24.5 | -10.1 | 20.3 | 14.7 | 2.5 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 07 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 23,9 | 5,4 | 19,5 | 5,3 | 11,1 | 20,6 | -13,8 | 22,4 | 9,9 | 2,8 |
| Limitación †¹ | 20,5 | -1,4 | 19,4 | 1,2 | 8,6 | 24,5 | -10,1 | 20,3 | 14,7 | 2,5 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 07 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 23.9 | 5.4 | 19.5 | 5.3 | 11.1 | 20.6 | -13.8 | 22.4 | 9.9 | 2.8 |
| Constraint †¹ | 20.5 | -1.4 | 19.4 | 1.2 | 8.6 | 24.5 | -10.1 | 20.3 | 14.7 | 2.5 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 07 February 2022 | en | es |
DOLFIN5125 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### All the valuation and calculation rules shall be interpreted and applied in accordance with generally accepted accounting principles.
-
###### Anti-dilution mechanism/Swing pricing | ##### Toutes les règles de valorisation et de calcul devront être interprétées et appliquées conformément aux principes comptables généralement admis.
-
##### Mécanisme anti-dilution/swing pricing | ###### All the valuation and calculation rules shall be interpreted and applied in accordance with generally accepted accounting principles.
-
###### Anti-dilution mechanism/Swing pricing | en | fr |
DOLFIN5126 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Generally, a switch of Class T Shares is only permissible between the corresponding Class T Shares.
Shareholders of Class T that switch all or part of their shareholdings to another Class T in the same Fund, or a different Fund in Janus Henderson Horizon Funds, will not trigger a CDSC (as further described in the section ‘Fees, Charges and Expenses’ of this Prospectus). In such cases, the CDSC holding period of the original Class T is transferred to the receiving Class T at the point of switch and associated rights are preserved. No switch of Shares will generally be permitted from any other Class of Shares into Class T Shares or from Class T Shares into any other Class of Shares.
In determining the three year period, each Fund assumes for each shareholder that Shares held the longest are switched first.
Switches from or into a BRL Hedged Share Class are not permitted.
Orders may be placed in the same manner as applications for subscription of Shares. Investors shall be deemed to have read the latest version of each relevant KIID prior to submitting every switch instruction. Investors who obtain the KIID from the Registrar and Transfer Agent must confirm to have read the latest version of each relevant KIID prior to submitting every switch instruction. They must provide details of the number of Shares to be switched, the Class and sub-class of Shares to be switched, the names of the relevant Funds, the name under which the Shares are registered and the Account Number. All orders, once given, are deemed to be definitive and irrevocable, whether or not they are subsequently confirmed in writing. No switching order will be processed if it is in respect of Shares for which the price and the applicable subscription fees in cleared funds have not yet been received and/or the identification procedures described above under ‘How to Buy’ have not been satisfactorily completed. | ##### Généralement, une conversion d’Actions de Catégorie T n’est possible qu’entre Actions de Catégorie T équivalentes.
Les Actionnaires de la Catégorie d'Actions T qui convertissent tout ou partie de leurs actions en une autre Catégorie d'Actions T du même Compartiment ou d'un Compartiment différent ne sont pas soumis à un CDSC (comme décrit plus en détail à la section « Commissions, Charges et Frais » du présent Prospectus). Dans ce cas, la période de détention liée aux CDSC de la Catégorie T initiale est transférée à la Catégorie T réceptrice au moment de la conversion et les droits associés sont préservés. Généralement, aucun échange d’Actions ne sera permis à partir de toute autre Catégorie d’Actions vers la Catégorie d’Actions T ou de la Catégorie d’Actions T vers toute autre Catégorie d’Actions.
Pour calculer la période de trois ans, chaque Compartiment suppose, pour chaque actionnaire, que les Actions détenues depuis la plus longue période sont échangées en premier.
Les conversions de ou vers une Catégorie d’Actions Couverte en BRL ne sont pas autorisées.
Les ordres de conversion peuvent être opérés de la même manière que les demandes de souscription d’actions. Les investisseurs sont réputés avoir lu la dernière version de chaque KIID pertinent avant de déposer chaque demande de conversion. Les investisseurs obtenant le KIID auprès du Teneur de Registre et Agent de Transfert doivent attester avoir lu la dernière version de chaque KIID pertinent avant de déposer chaque demande de conversion ultérieure. Ils devront indiquer le détail du nombre d’Actions à convertir, de la Catégorie et de la sous-catégorie d’Actions à convertir, les noms des différents Compartiments concernés, le nom sous lequel les Actions sont immatriculées et le Numéro de Compte. Qu’ils soient ou non ultérieurement confirmés par écrit, ces ordres une fois transmis seront considérés comme définitifs et irrévocables. Aucun ordre de conversion ne sera pris en considération s’il concerne des Actions dont le prix et les commissions initiales applicables n’ont pas encore été reçus sous forme de fonds disponibles, hors frais et/ou si les procédures d’identification visées à la section « Comment souscrire » ci-avant n’ont pas été exécutées de manière appropriée. | ##### Generally, a switch of Class T Shares is only permissible between the corresponding Class T Shares.
Shareholders of Class T that switch all or part of their shareholdings to another Class T in the same Fund, or a different Fund in Janus Henderson Horizon Funds, will not trigger a CDSC (as further described in the section ‘Fees, Charges and Expenses’ of this Prospectus). In such cases, the CDSC holding period of the original Class T is transferred to the receiving Class T at the point of switch and associated rights are preserved. No switch of Shares will generally be permitted from any other Class of Shares into Class T Shares or from Class T Shares into any other Class of Shares.
In determining the three year period, each Fund assumes for each shareholder that Shares held the longest are switched first.
Switches from or into a BRL Hedged Share Class are not permitted.
Orders may be placed in the same manner as applications for subscription of Shares. Investors shall be deemed to have read the latest version of each relevant KIID prior to submitting every switch instruction. Investors who obtain the KIID from the Registrar and Transfer Agent must confirm to have read the latest version of each relevant KIID prior to submitting every switch instruction. They must provide details of the number of Shares to be switched, the Class and sub-class of Shares to be switched, the names of the relevant Funds, the name under which the Shares are registered and the Account Number. All orders, once given, are deemed to be definitive and irrevocable, whether or not they are subsequently confirmed in writing. No switching order will be processed if it is in respect of Shares for which the price and the applicable subscription fees in cleared funds have not yet been received and/or the identification procedures described above under ‘How to Buy’ have not been satisfactorily completed. | en | fr |
DOLFIN5127 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- 0-1 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (-5 against -2). The relative performance is -3, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 3 in order to pay performance fee.
- 0-2 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (6 against 7). The relative performance is -1, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 3 years. For the next year, the relative performance must be above 1 in order to pay performance fee.
- 0-3 Performance Period: during that period, the NAV performance is equal to the Benchmark performance (-7 for both). The relative performance is -1, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 4 years. For the next year, the relative performance must be above 1 in order to pay performance fee.
- 0-4 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (8 against 10). The relative performance is -2 and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 5 years. For the next year, the relative performance must be above 2 in order to pay performance fee.
- 0-5 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (22 against 17). The relative performance since the Period start is +5. A Performance fee is payable. The calculation base is +5 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 122 for the next period. | - 0-1 Performancezeitraum: Während dieses Zeitraums ist die NIW-Performance niedriger als die Benchmark-Performance (-5 ggü. -2). Die relative Performance beträgt -3 und daher ist keine Performancegebühr zu zahlen. Der Outperformance-Referenz- NIW bleibt unverändert und der Referenz-Performancezeitraum wird auf 2 Jahre verlängert. Im nächsten Jahr muss die relative Performance über 3 liegen, damit eine Performancegebühr gezahlt wird.
- 0-2 Performancezeitraum: Während dieses Zeitraums ist die NIW-Performance niedriger als die Benchmark-Performance (6 ggü. 7). Die relative Performance beträgt -1 und daher ist keine Performancegebühr zu zahlen. Der Outperformance-Referenz- NIW bleibt unverändert und der Referenz-Performancezeitraum wird auf 3 Jahre verlängert. Im nächsten Jahr muss die relative Performance über 1 liegen, damit eine Performancegebühr gezahlt wird.
- 0-3 Performancezeitraum: Während dieses Zeitraums ist die NIW-Performance gleich der Benchmark-Performance (-7 für beide). Die relative Performance beträgt -1 und daher ist keine Performancegebühr zu zahlen. Der Outperformance-Referenz- NIW bleibt unverändert und der Referenz-Performancezeitraum wird auf 4 Jahre verlängert. Im nächsten Jahr muss die relative Performance über 1 liegen, damit eine Performancegebühr gezahlt wird.
- 0-4 Performancezeitraum: Während dieses Zeitraums ist die NIW-Performance niedriger als die Benchmark-Performance (8 ggü. 10). Die relative Performance beträgt -2 und daher ist keine Performancegebühr zu zahlen. Der Outperformance-Referenz- NIW bleibt unverändert und der Referenz-Performancezeitraum wird auf 5 Jahre verlängert. Im nächsten Jahr muss die relative Performance über 2 liegen, damit eine Performancegebühr gezahlt wird.
- 0-5 Performancezeitraum: Während dieses Zeitraums ist die NIW-Performance höher als die Benchmark-Performance (22 ggü. 17). Die relative Performance seit Beginn des Zeitraums beträgt +5. Es ist eine Performancegebühr zu zahlen. Die Berechnungsgrundlage ist +5 multipliziert mit dem Satz der Performancegebühr. Der Outperformance-Referenz-NIW wird für den nächsten Zeitraum auf 122 festgesetzt. | - 0-1 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (-5 against -2). The relative performance is -3, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 2 years. For the next year, the relative performance must be above 3 in order to pay performance fee.
- 0-2 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (6 against 7). The relative performance is -1, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 3 years. For the next year, the relative performance must be above 1 in order to pay performance fee.
- 0-3 Performance Period: during that period, the NAV performance is equal to the Benchmark performance (-7 for both). The relative performance is -1, and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 4 years. For the next year, the relative performance must be above 1 in order to pay performance fee.
- 0-4 Performance Period: during that period, the NAV performance is lower than the Benchmark performance (8 against 10). The relative performance is -2 and so, no performance fee is payable. The Outperformance Reference NAV remains unchanged and, the reference performance period is extended to 5 years. For the next year, the relative performance must be above 2 in order to pay performance fee.
- 0-5 Performance Period: during that period, the NAV performance is higher than the Benchmark performance (22 against 17). The relative performance since the Period start is +5. A Performance fee is payable. The calculation base is +5 multiplied by the Performance fee rate. The Outperformance Reference NAV is set at 122 for the next period. | en | de |
DOLFIN5128 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.30% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance to the reference indicator over the year. Performance fee is not charged until previous underperformance is offset. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0.00% |
| Gastos de salida | 0.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2.30% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad 20.00% del excedente de rentabilidad respecto del indicador de referencia a lo largo del año. La comisión de rentabilidad no se cobrará hasta que se compense la anterior rentabilidad inferior. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 2.30% |
| Charges taken from the fund under certain specific conditions |
| Performance fee 20.00% of the outperformance to the reference indicator over the year. Performance fee is not charged until previous underperformance is offset. | | en | es |
DOLFIN5129 | 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 Credit Suisse Responsible Consumer Fund - B USD between 09/11/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,429
-25.7%
USD 8,028
-3.1% | # Este tipo de escenario se produjo para una inversión Credit Suisse Responsible Consumer Fund - B USD entre 09/11/2021-19/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 429 USD
-25,7%
8 028 USD
-3,1% | # This type of scenario occurred for an investment Credit Suisse Responsible Consumer Fund - B USD between 09/11/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,429
-25.7%
USD 8,028
-3.1% | en | es |
DOLFIN5130 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund’s sustainable investment objective is to promote good health and well-being and contributing to an efficient healthcare system. Healthy living and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Sustentabilidad
El objetivo de inversión sostenible del fondo es promocionar la salud y el bienestar y contribuir a un sistema sanitario eficiente. Las consideraciones sobre vida sana y sostenibilidad se incorporan al proceso de inversión mediante la definición de un universo objetivo, exclusiones, integración de criterios ASG y ejercicio de los derechos de voto. El fondo solo invierte en empresas que se ajustan significativamente a un tema conforme a la metodología de universos temáticos de Robeco. Aplicando un proceso de cribado según un marco para los ODS desarrollado internamente por Robeco y la política de exclusión de Robeco, el fondo no invierte en emisores que causan un impacto negativo en los ODS, que incumplen normas internacionales o cuyos productos se han considerado controvertidos. Se integran factores ASG financieramente relevantes en el análisis fundamental de inversiones bottom-up para evaluar riesgos y oportunidades ASG existentes y potenciales. Además, cuando un emisor de valores sea señalado en la supervisión continua por infringir normas internacionales, el emisor quedará sujeto a exclusión. Por último, el fondo hace uso de los derechos asociados a las acciones y aplica el voto por delegación conforme a las directrices de delegación de voto de Robeco. | # Sustainability
The fund’s sustainable investment objective is to promote good health and well-being and contributing to an efficient healthcare system. Healthy living and sustainability considerations are incorporated in the investment process by the means of a target universe definition, exclusions, ESG integration, and voting. The fund only invests in companies that have a significant thematic fit as per Robeco's thematic universe methodology. Through screening on both Robeco's internally developed SDG Framework and Robeco’s exclusion policy, the fund does not invest in issuers that have a negative impact on the SDGs, are in breach of international norms or where products have been deemed controversial. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | es |
DOLFIN5131 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Assessment of the risk profile of the sub-fund:
has its own internal ESG research capabilities, and ESG research provided by non-financial rating agencies is used as one source of information, among others. DPAM therefore also reserves the right to determine, on the basis of the information received, whether a company complies with the global ESG criteria, or whether it does not.
Further information:
More specific information on the product can be found on the website www.dpamfunds.com. | ##### Evaluation du profil de risque du compartiment :
recherche ESG, et la recherche ESG fournie par des agences de notations extra-financières est utilisée en tant que source d’information, parmi d’autres. Aussi, DPAM se réserve le droit de déterminer sur base des informations reçues si une entreprise correspond aux critères globaux ESG, ou si au contraire elle n’y est pas conforme.
Plus d’informations :
Vous trouverez plus d'informations spécifiques sur le produit sur le site web www.dpamfunds.com. | #### Assessment of the risk profile of the sub-fund:
has its own internal ESG research capabilities, and ESG research provided by non-financial rating agencies is used as one source of information, among others. DPAM therefore also reserves the right to determine, on the basis of the information received, whether a company complies with the global ESG criteria, or whether it does not.
Further information:
More specific information on the product can be found on the website www.dpamfunds.com. | en | fr |
DOLFIN5132 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Terms and Conditions of Investment and amendments thereto
The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's investment prin- ciples must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers investors either the redemption of their units at no other cost before the changes enter into force, or the exchange of their
units free of charge for units of other investment funds with comparable investment principles, pro- vided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (https://www.acatis.de). If the amendments relate to fees and reimbursements of expenses which may be withdrawn from the Fund, or the Fund's investment principles or essential investor rights, the investors will also be informed by the institutions maintaining the securities account via a medium on which information can be stored, viewed and passed on without any changes, e.g. in paper or electronic form (i.e. “durable medium”) for a duration which is appropriate for providing the information. This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than on the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
- | # Anlagebedingungen und deren Änderungen
Die Anlagebedingungen sind im Anschluss an diesen Verkaufsprospekt in dieser Unterlage abgedruckt. Die Anlagebedingungen können von der Gesellschaft geändert werden. Änderungen der Anlagebedin- gungen bedürfen der Genehmigung durch die BaFin. Änderungen der Anlagegrundsätze des Fonds bedürfen zusätzlich der Zustimmung durch den Aufsichtsrat der Gesellschaft. Änderungen der bisheri- gen Anlagegrundsätze des Fonds sind nur unter der Bedingung zulässig, dass die Gesellschaft den
Anlegern anbietet, ihre Anteile entweder ohne weitere Kosten vor dem Inkrafttreten der Änderungen zurückzunehmen oder ihre Anteile gegen Anteile an Sondervermögen mit vergleichbaren Anlagegrund- sätzen kostenlos umzutauschen, sofern derartige Sondervermögen von der Gesellschaft oder einem anderen Unternehmen aus ihrem Konzern verwaltet werden.
Die vorgesehenen Änderungen werden im Bundesanzeiger und darüber hinaus auf der Internet-Seite der Gesellschaft unter https://www.acatis.de bekannt gemacht. Betreffen die Änderungen Vergütun- gen und Aufwandserstattungen, die aus dem Fonds entnommen werden dürfen, oder die Anlage- grundsätze des Fonds oder wesentliche Anlegerrechte, werden die Anleger außerdem über ihre depot- führenden Stellen durch ein Medium informiert, auf welchem Informationen für eine den Zwecken der Informationen angemessene Dauer gespeichert, einsehbar und unverändert wiedergegeben werden, etwa in Papierform oder in elektronischer Form (sogenannter „dauerhafter Datenträger“). Diese Infor- mation umfasst die wesentlichen Inhalte der geplanten Änderungen, ihre Hintergründe, die Rechte der Anleger in Zusammenhang mit der Änderung sowie einen Hinweis darauf, wo und wie weitere Infor- mationen erlangt werden können.
Die Änderungen treten frühestens am Tage nach ihrer Bekanntmachung in Kraft. Änderungen von Regelungen zu den Vergütungen und Aufwendungserstattungen treten frühestens drei Monate nach ihrer Bekanntmachung in Kraft, wenn nicht mit Zustimmung der BaFin ein früherer Zeitpunkt bestimmt wurde. Änderungen der bisherigen Anlagegrundsätze des Fonds treten ebenfalls frühestens drei Mo- nate nach Bekanntmachung in Kraft.
- | # Terms and Conditions of Investment and amendments thereto
The Terms and Conditions of Investment can be found after this Sales Prospectus in this document. The Terms and Conditions of Investment may be amended by the Company. Amendments to the Terms and Conditions of Investment must be approved by BaFin. Amendments to the Fund's investment prin- ciples must also be approved by the Company's Supervisory Board. Amendments to the Fund's current investment principles are permitted only on the condition that the Company offers investors either the redemption of their units at no other cost before the changes enter into force, or the exchange of their
units free of charge for units of other investment funds with comparable investment principles, pro- vided that the Company or one of its group companies manages such funds.
The proposed amendments shall be published in the German Federal Gazette [Bundesanzeiger] and on the Company's website (https://www.acatis.de). If the amendments relate to fees and reimbursements of expenses which may be withdrawn from the Fund, or the Fund's investment principles or essential investor rights, the investors will also be informed by the institutions maintaining the securities account via a medium on which information can be stored, viewed and passed on without any changes, e.g. in paper or electronic form (i.e. “durable medium”) for a duration which is appropriate for providing the information. This information will include the key content of the planned amendments, the reasons for their implementation, the rights of investors in connection therewith and an indication of where and how further information can be obtained.
The amendments shall become effective no sooner than on the day following their publication. Amend- ments to regulations applicable to fees and the reimbursement of expenses shall become effective no sooner than three months following their publication, unless an earlier date is determined with BaFin approval. Amendments to the Fund's current investment principles shall also become effective no sooner than three months following their publication.
- | en | de |
DOLFIN5133 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of the Compartment is to outperform its benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the MSCI Emerging Market Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in shares (ordinary and preference) or equivalent securities issued by companies that are domiciled, listed or have their registered office in emerging markets, or that carry out most of their business activities in emerging markets.
## To a lesser extent, the Compartment may invest in equities of companies whose registered office is located in other geographical areas.
## The Compartment may invest up to 20% of its net assets in China-A shares through the Shanghai-Hong Kong Stock Connect programme and/or the Shenzhen-Hong Kong Stock Connect programme.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 03:00 p.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Distribution | # Objetivos y política de inversión
## Objetivo
El objetivo del Subfondo es superar la rentabilidad de su índice de referencia, en un ciclo de mercado completo, invirtiendo en una cartera gestionada de forma activa. Los criterios medioambientales, sociales y de gobierno corporativo (ESG) son uno de los componentes de la gestión. No obstante, el grado de importancia de cada uno de estos criterios en la decisión final no está definido de antemano.
## Índice de referencia
La rentabilidad del Subfondo puede compararse con el índice MSCI Emerging Market, denominado en USD, calculado con dividendos netos reinvertidos. El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El Subfondo invierte al menos el 70% de su patrimonio neto en acciones (ordinarias y preferentes) o títulos asimilados emitidos por empresas que estén domiciliadas, coticen o tengan su sede en mercados emergentes o que desarrollen la mayor parte de su actividad en los mismos.
## El Subfondo podrá invertir, en menor medida, en acciones de empresas con domicilio social en otras zonas geográficas.
## El Subfondo podrá invertir en Acciones A chinas a través del programa Shanghai-Hong Kong Stock Connect y/o el programa Shenzhen-Hong Kong Stock Connect hasta el 20% de su patrimonio neto.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 75% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía.
## La duración mínima de la participación recomendada es de 5 años.
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Francia, con excepción del Viernes Santo, el 24 de diciembre (Nochebuena) y los días en que los mercados franceses estén cerrados (calendario oficial de Euronext Paris S.A.), a más tardar a las 15:00 horas (hora de Luxemburgo) del Día Hábil anterior al Día de valoración aplicable.
## Asignación de los ingresos: Distribución | # Objectives and investment policy
## Objective
The objective of the Compartment is to outperform its benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the MSCI Emerging Market Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 70% of its net assets in shares (ordinary and preference) or equivalent securities issued by companies that are domiciled, listed or have their registered office in emerging markets, or that carry out most of their business activities in emerging markets.
## To a lesser extent, the Compartment may invest in equities of companies whose registered office is located in other geographical areas.
## The Compartment may invest up to 20% of its net assets in China-A shares through the Shanghai-Hong Kong Stock Connect programme and/or the Shenzhen-Hong Kong Stock Connect programme.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 75% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://am.jpmorgan.com/gb/en/asset-management/adv/investment-themes/sustainable-investing/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and France, with the exception of Good Friday, 24 December (Christmas Eve) and days when the French markets are closed (official Euronext Paris SA calendar), no later than 03:00 p.m. (Luxembourg time) on the business day preceding the applicable valuation day.
## Income allocation: Distribution | en | es |
DOLFIN5134 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### INVESTMENT RESTRICTIONS
The Company shall, based upon the principle of risk spreading, have power to determine the corporate and investment policy for the investments for each Sub-Fund, the Reference Currency, as the case may be, and the course of conduct of the management and business affairs of the Company.
Any Sub-Fund may, to the widest extent permitted by and under the conditions set forth in applicable Luxembourg laws and regulations, but in accordance with the provisions set forth in the sales documents of the Company, subscribe, acquire and/or hold Shares to be issued or issued by one or more Sub-Funds of the Company. In this case and subject to conditions set forth in applicable Luxembourg laws and regulations, the voting rights, if any, attaching to these Shares are suspended for as long as they are held by the Sub-Fund concerned. In addition and for as long as these Shares are held by a Sub-Fund, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law.
Except to the extent that more restrictive rules are provided for in connection with a specific Sub-Fund under "Investment Objectives and Policies" in the Prospectus, the investment policy of each Sub-Fund shall comply with the rules and restrictions laid down hereafter:
- Investments in the Sub-Funds shall consist solely of:
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to official listing on a stock exchange of an Other State or dealt in on an Other Regulated Market in an Other State;
- recently issued Transferable Securities and Money Market Instruments, provided that:
- the terms of issue include an undertaking that application will be made for admission to official listing on a stock exchange in an Other State or on a Regulated Market or on any Other Regulated Market as described under (1)-(3) above;
- such admission is secured within one year of issue; | #### ANLAGEBESCHRÄNKUNGEN
Die Gesellschaft ist befugt, auf der Grundlage des Grundsatzes der Risikostreuung die Unternehmens- und Anlagepolitik für die Anlagen der einzelnen Teilfonds, gegebenenfalls die Referenzwährung und die Art und Weise, in der die Geschäfte der Gesellschaft zu führen sind, zu bestimmen.
Jeder Teilfonds kann im größtmöglichen Umfang und unter den Bedingungen, die in den geltenden luxemburgischen Gesetzen und Verordnungen festgelegt sind, jedoch in Übereinstimmung mit den in den Verkaufsunterlagen der Gesellschaft festgelegten Bestimmungen, Aktien zeichnen, erwerben und/oder halten, die von einem oder mehreren Teilfonds der Gesellschaft ausgegeben werden oder ausgegeben werden sollen. In diesem Fall und vorbehaltlich der in den geltenden luxemburgischen Gesetzen und Verordnungen festgelegten Bedingungen werden die mit diesen Aktien verbundenen Stimmrechte, sofern vorhanden, ausgesetzt, solange sie von dem betreffenden Teilfonds gehalten werden. Darüber hinaus und solange diese Aktien von einem Teilfonds gehalten werden, wird ihr Wert bei der Berechnung des Nettovermögens der Gesellschaft zum Zwecke der Überprüfung der im Gesetz von 2010 festgelegten Mindestschwelle des Nettovermögens nicht berücksichtigt.
Sofern nicht für einen bestimmten Teilfonds im Abschnitt „Anlageziele und Anlagepolitik“ des Verkaufsprospekts restriktivere Regeln vorgesehen sind, muss die Anlagepolitik jedes Teilfonds mit den nachstehend festgelegten Regeln und Beschränkungen übereinstimmen:
- Die Anlagen in den Teilfonds umfassen ausschließlich:
- Übertragbare Wertpapiere und Geldmarktinstrumente, die an einem geregelten Markt zugelassen sind oder dort gehandelt werden
- Übertragbare Wertpapiere und Geldmarktinstrumente, die an einem anderen geregelten Markt in einem Mitgliedstaat gehandelt werden
- Übertragbare Wertpapiere und Geldmarktinstrumente, die zur amtlichen Notierung an einer Börse in einem Drittstaat zugelassen sind oder an einem anderen geregelten Markt in einem Drittstaat gehandelt werden
- kürzlich begebene übertragbare Wertpapiere und Geldmarktinstrumente, vorausgesetzt, dass:
- die Emissionsbedingungen die Verpflichtung enthalten, dass ein Antrag auf Zulassung zur amtlichen Notierung an einer Börse in einem Drittstaat oder an einem geregelten Markt oder an einem anderen geregelten Markt im Sinne der vorstehenden Absätze 1 bis 3 gestellt wird
- eine solche Zulassung innerhalb eines Jahres nach der Erteilung sichergestellt ist | #### INVESTMENT RESTRICTIONS
The Company shall, based upon the principle of risk spreading, have power to determine the corporate and investment policy for the investments for each Sub-Fund, the Reference Currency, as the case may be, and the course of conduct of the management and business affairs of the Company.
Any Sub-Fund may, to the widest extent permitted by and under the conditions set forth in applicable Luxembourg laws and regulations, but in accordance with the provisions set forth in the sales documents of the Company, subscribe, acquire and/or hold Shares to be issued or issued by one or more Sub-Funds of the Company. In this case and subject to conditions set forth in applicable Luxembourg laws and regulations, the voting rights, if any, attaching to these Shares are suspended for as long as they are held by the Sub-Fund concerned. In addition and for as long as these Shares are held by a Sub-Fund, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law.
Except to the extent that more restrictive rules are provided for in connection with a specific Sub-Fund under "Investment Objectives and Policies" in the Prospectus, the investment policy of each Sub-Fund shall comply with the rules and restrictions laid down hereafter:
- Investments in the Sub-Funds shall consist solely of:
- Transferable Securities and Money Market Instruments admitted to or dealt in on a Regulated Market;
- Transferable Securities and Money Market Instruments dealt in on an Other Regulated Market in a Member State;
- Transferable Securities and Money Market Instruments admitted to official listing on a stock exchange of an Other State or dealt in on an Other Regulated Market in an Other State;
- recently issued Transferable Securities and Money Market Instruments, provided that:
- the terms of issue include an undertaking that application will be made for admission to official listing on a stock exchange in an Other State or on a Regulated Market or on any Other Regulated Market as described under (1)-(3) above;
- such admission is secured within one year of issue; | en | de |
DOLFIN5135 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The assets received as part of a reverse repurchase agreement in accordance with this sub-paragraph 1.6.8 shall be disclosed to Shareholders, in accordance with Article 13 of Regulation (EU) 2015/2365 of the European Parliament and of the Council and shall fulfil the requirements of paragraph 2.9 of the Central Bank's MMF Investment Restrictions Template.
- Units or shares of other MMFs
- A Sub-Fund may acquire the units or shares of any other MMF (‘targeted MMF’) provided that all of the following conditions are fulfilled:
- no more than 10% of the assets of the targeted MMF are able, according to its fund rules or instruments of incorporation, to be invested in aggregate in units or shares of other MMFs;
- the targeted MMF does not hold units or shares in the acquiring Sub-Fund. | Die von einem Teilfonds im Einklang mit diesem Unterparagraphen 1.6.8 als Teil eines umgekehrten Pensionsgeschäfts erhaltenen Vermögenswerte müssen den Anteilinhabern im Einklang mit Artikel 13 von Verordnung (EU) 2015/2365 des Europäischen Parlaments und des Rats offengelegt werden und müssen die Anforderungen von Paragraph 2.9 der Vorlage der Zentralbank für Anlagebeschränkungen von Geldmarktfonds erfüllen.
- Einheiten oder Anteile anderer Geldmarktfonds
- Ein Teilfonds kann die Einheiten oder Anteile eines Geldmarktfonds („Zielgeldmarktfonds“) erwerben, vorausgesetzt, dass alle der folgenden Bedingungen erfüllt sind:
- Insgesamt können laut den Fondsvorschriften oder Gründungsurkunden nicht mehr als 10 % der Vermögenswerte des Zielgeldmarktfonds in Einheiten oder Anteile anderer Geldmarktfonds angelegt werden;
- Der Zielgeldmarktfonds hält keine Einheiten oder Anteile am erwerbenden Teilfonds. | The assets received as part of a reverse repurchase agreement in accordance with this sub-paragraph 1.6.8 shall be disclosed to Shareholders, in accordance with Article 13 of Regulation (EU) 2015/2365 of the European Parliament and of the Council and shall fulfil the requirements of paragraph 2.9 of the Central Bank's MMF Investment Restrictions Template.
- Units or shares of other MMFs
- A Sub-Fund may acquire the units or shares of any other MMF (‘targeted MMF’) provided that all of the following conditions are fulfilled:
- no more than 10% of the assets of the targeted MMF are able, according to its fund rules or instruments of incorporation, to be invested in aggregate in units or shares of other MMFs;
- the targeted MMF does not hold units or shares in the acquiring Sub-Fund. | en | de |
DOLFIN5136 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Depositary
The sole Depositary of the Fund is DZ PRIVATBANK S.A. with its registered office located at 4, rue Thomas Edi- son, L-1445 Strassen, Luxembourg. The Depositary is a public limited company (Aktiengesellschaft) pursuant to the law of the Grand Duchy of Luxembourg and conducts banking business.
The rights and obligations of the Depositary are governed by the Law of 17 December 2010, the applicable regulations, the Depositary Agreement, the Management Regulations (Article 3) and the Sales Prospectus (with Annex). It acts honestly, fairly, professionally and independently of the Management Company and solely in the interest of the Fund and the investors.
Pursuant to Article 3 of the Management Regulations, the Depositary may delegate some of its duties to third parties (“sub-custodians”).
An up-to-date overview of sub-custodians can be found on the Management Company's website (www.ethenea.com) or requested free of charge from the Management Company.
Upon request, the Management Company will provide investors with the latest information regarding the iden- tity of the Fund's depositary, the Depositary’s obligations and any conflicts of interest that could arise and with a description of all depositary functions transferred by the Depositary, the list of sub-custodians and infor- mation on any conflicts of interest that could arise from the transfer of functions.
The appointment of the Depositary and/or sub-custodians may cause potential conflicts of interest, which are described in more detail in the section entitled “Potential conflicts of interest”. | # El agente de custodia
El único agente de custodia del fondo es DZ PRIVATBANK S.A. con domicilio social en 4, rue Thomas Edison, L- 1445 Strassen (Luxemburgo). El agente de custodia es una sociedad anónima conforme al derecho del Gran Ducado de Luxemburgo que realiza operaciones bancarias.
Los derechos y obligaciones del agente de custodia estarán sujetos a la Ley de 17 de diciembre de 2010, a las disposiciones vigentes, al contrato del agente de custodia, al reglamento de gestión (artículo 3) y a este folleto informativo (junto con el anexo). Actúa de buena fe, de forma sincera, profesional e independiente de la socie- dad gestora y exclusivamente en interés de los inversores.
Según el artículo 3 del reglamento de gestión, el agente de custodia tiene la posibilidad de delegar parte de sus tareas en terceras personas («subdepositario»).
Se puede acceder a una vista general actualizada de los subdepositarios en la página web de la sociedad gesto- ra (www.ethenea.com) o se puede solicitar dicha vista general de forma gratuita a la citada sociedad.
Si así lo solicitan, la sociedad gestora le transmitirá a los inversores información actualizada relativa a la identi- dad del agente de custodia del fondo, la descripción de las obligaciones del agente de custodia, así como de los conflictos de intereses que puedan surgir y la descripción de todas las funciones de custodia delegados por parte del agente de custodia, la lista de subdepositarios o lugares de almacenamiento y la indicación de todos los conflictos de intereses que puedan surgir de la delegación de tareas.
Con la designación del agente de custodia y/o de los subdepositarios pueden surgir potenciales conflictos de intereses que se describen en el apartado «Potenciales conflictos de intereses». | # The Depositary
The sole Depositary of the Fund is DZ PRIVATBANK S.A. with its registered office located at 4, rue Thomas Edi- son, L-1445 Strassen, Luxembourg. The Depositary is a public limited company (Aktiengesellschaft) pursuant to the law of the Grand Duchy of Luxembourg and conducts banking business.
The rights and obligations of the Depositary are governed by the Law of 17 December 2010, the applicable regulations, the Depositary Agreement, the Management Regulations (Article 3) and the Sales Prospectus (with Annex). It acts honestly, fairly, professionally and independently of the Management Company and solely in the interest of the Fund and the investors.
Pursuant to Article 3 of the Management Regulations, the Depositary may delegate some of its duties to third parties (“sub-custodians”).
An up-to-date overview of sub-custodians can be found on the Management Company's website (www.ethenea.com) or requested free of charge from the Management Company.
Upon request, the Management Company will provide investors with the latest information regarding the iden- tity of the Fund's depositary, the Depositary’s obligations and any conflicts of interest that could arise and with a description of all depositary functions transferred by the Depositary, the list of sub-custodians and infor- mation on any conflicts of interest that could arise from the transfer of functions.
The appointment of the Depositary and/or sub-custodians may cause potential conflicts of interest, which are described in more detail in the section entitled “Potential conflicts of interest”. | en | es |
DOLFIN5137 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Singapore
The Fund and the offer of the Shares / Units which are the subjects of this document do not relate to a collective investment scheme which is authorised by the Monetary Authority of Singapore (“MAS”) under section 286 of the Securities and Futures Act (Cap. 289) (the "SFA") or recognised by the MAS under section 287 of the SFA, and Shares / Units of the Fund are not allowed to be offered to the retail public.
This document (as well as any other document issued in connection with the offer or sale of Shares / Units is not a prospectus as defined in the SFA, nor will it be lodged or registered as a prospectus with the MAS and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and potential investors should carefully consider whether an investment in the Shares / Units is suitable for them. The MAS assumes no responsibility for the contents of this document (nor any other document issued in connection with the offer or sale of the Shares / Units.
No offer of the Shares / Units for subscription or purchase, or invitation to subscribe for or purchase the Shares / Units, may be made, nor any document or other material (including but not limited to this document relating to the Shares / Units may be circulated or distributed, either directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in section 4A of the SFA) pursuant to section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) pursuant to section 305(1) of the SFA; (iii) on terms that the minimum consideration is the equivalent of Singapore dollars 200,000 in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the conditions of, any other exemption under the SFA.
Pursuant to section 305 of the SFA, read in conjunction with regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the MAS for the purposes of offering Shares / Units in the Fund to relevant persons (as defined in section 305(5) of the SFA), or, for the purposes of offering Shares / Units in the Fund in accordance with the conditions of section 305(2) of the SFA.
Where an offer is made to institutional investors pursuant to section 304 of the SFA, the following restrictions (under section 304A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than an institutional investor, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as, or can be converted into Shares / Units of the same class as, the other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares / Units, or the listing for quotation of those Shares / Units. | ## Singapur
El Fondo y la oferta de las Acciones / Participaciones objeto de este documento no están relacionados con ningún programa de inversión colectiva autorizado por la Autoridad Monetaria de Singapur ("MAS") en virtud de la sección 286 de la Ley de Valores y Futuros (Cap. 289) ("SFA") ni están reconocidos por la MAS en virtud de la sección 287 de la SFA, y las Acciones / Participaciones del Fondo no se pueden ofrecer al público en general.
Este documento (así como cualquier otro publicado en relación con la oferta o venta de Acciones / Participaciones) no constituye un folleto según se define en la SFA, ni se guardará ni registrará como un folleto ante la MAS y, por tanto, la responsabilidad legal en virtud de la SFA con respecto al contenido de los folletos no será de aplicación, y los potenciales inversores deben estudiar prudentemente si es adecuado para ellos invertir en las Acciones / Participaciones. La MAS no asume ninguna responsabilidad con respecto al contenido de este documento (ni ningún otro documento publicado en relación con la oferta o la venta de las Acciones / Participaciones).
No se podrá hacer ninguna oferta de las Acciones / Participaciones para la suscripción o compra, o invitación para suscribir o comprar Acciones / Participaciones, ni se podrá hacer circular o distribuir ningún documento u otro material (incluyendo pero no limitado a este documento relacionado con las Acciones / Participaciones), ya sea directa o indirectamente, a ninguna persona en Singapur salvo que sea: (i) inversor institucional (según se define en la sección 4A de la SFA) con arreglo a la sección 304 de la SFA; (ii) persona relevante (según se define en la sección 305(5) de la SFA) en virtud de la sección 305(1) de la SFA; (iii) en condiciones en que la consideración mínima sea equivalente a 200 000 dólares de Singapur de acuerdo con la sección 305(2) de la SFA; o (iv) de otra forma con arreglo y de acuerdo con las condiciones de cualquier otra exención de la SFA.
En virtud de la sección 305 de la SFA, leída conjuntamente con el reglamento 32 y el Sexto Anexo del Reglamento de Valores y Futuros (Ofertas de Inversión) (Programas de Inversión Colectiva) de 2005, el Fondo ha sido incluido en la lista de programas restringidos que mantiene la MAS a los efectos de ofrecer Acciones / Participaciones en el Fondo a personas relevantes (según se define en la sección 305(5) de la SFA), o a los efectos de ofrecer Acciones / Participaciones en el Fondo de acuerdo con las condiciones de la sección 305(2) de la SFA.
Si se hace una oferta a inversores institucionales de acuerdo con la sección 304 de la SFA, se aplicarán las siguientes restricciones (según la sección 304A) a las Acciones / Participaciones objeto de dicha oferta. Si las Acciones / Participaciones se venden primero a una persona que no es un inversor institucional, los requisitos de las Subdivisiones (2) y (3) de la División 2 en la Parte XIII de la SFA serán de aplicación a la oferta resultante de dicha venta, excepto si las Acciones / Participaciones adquiridas son de la misma clase que las otras Acciones / Participaciones o puedan convertirse en Acciones / Participaciones de la misma clase:
- cotizadas en un mercado de valores aprobado (según se define en la SFA); y
- con respecto a las cuales se haya publicado una declaración informativa, documento de presentación, circular para los partícipes de una adquisición inversa, documento publicado a los fines de un plan de fideicomiso o cualquier otro documento similar de oferta autorizado por un mercado de valores aprobado (según se define en la SFA), en relación con una oferta de dichas Acciones / Participaciones o el listado de cotización de tales Acciones / Participaciones. | ## Singapore
The Fund and the offer of the Shares / Units which are the subjects of this document do not relate to a collective investment scheme which is authorised by the Monetary Authority of Singapore (“MAS”) under section 286 of the Securities and Futures Act (Cap. 289) (the "SFA") or recognised by the MAS under section 287 of the SFA, and Shares / Units of the Fund are not allowed to be offered to the retail public.
This document (as well as any other document issued in connection with the offer or sale of Shares / Units is not a prospectus as defined in the SFA, nor will it be lodged or registered as a prospectus with the MAS and, accordingly, statutory liability under the SFA in relation to the content of prospectuses does not apply, and potential investors should carefully consider whether an investment in the Shares / Units is suitable for them. The MAS assumes no responsibility for the contents of this document (nor any other document issued in connection with the offer or sale of the Shares / Units.
No offer of the Shares / Units for subscription or purchase, or invitation to subscribe for or purchase the Shares / Units, may be made, nor any document or other material (including but not limited to this document relating to the Shares / Units may be circulated or distributed, either directly or indirectly, to any person in Singapore other than: (i) to an institutional investor (as defined in section 4A of the SFA) pursuant to section 304 of the SFA; (ii) to a relevant person (as defined in section 305(5) of the SFA) pursuant to section 305(1) of the SFA; (iii) on terms that the minimum consideration is the equivalent of Singapore dollars 200,000 in accordance with section 305(2) of the SFA; or (iv) otherwise pursuant to, and in accordance with the conditions of, any other exemption under the SFA.
Pursuant to section 305 of the SFA, read in conjunction with regulation 32 of and the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005, the Fund has been entered into the list of restricted schemes maintained by the MAS for the purposes of offering Shares / Units in the Fund to relevant persons (as defined in section 305(5) of the SFA), or, for the purposes of offering Shares / Units in the Fund in accordance with the conditions of section 305(2) of the SFA.
Where an offer is made to institutional investors pursuant to section 304 of the SFA, the following restrictions (under section 304A) apply to Shares / Units acquired pursuant to such an offer. Where such Shares / Units are first sold to any person other than an institutional investor, the requirements of Subdivisions (2) and (3) of Division 2 to Part XIII of the SFA will apply to the offer resulting in such sale, save where the Shares / Units acquired are of the same class as, or can be converted into Shares / Units of the same class as, the other Shares / Units:
- which are listed for quotation on an approved exchange (as defined in the SFA); and
- in respect of which any offer information statement, introductory document, unitholders’ circular for a reverse take-over, document issued for the purposes of a trust scheme, or any other similar document approved by an approved exchange (as defined in the SFA), was issued in connection with an offer of those Shares / Units, or the listing for quotation of those Shares / Units. | en | es |
DOLFIN5138 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Company is an open-ended investment company and was incorporated in Luxembourg as a SICAV (société d'investissement à capital variable) on 15 June 1990. The Company is a SICAV under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2014/91/EU ("UCITS V Directive").
FIMLUX is the Management Company of the Company, with the day-to-day responsibility for the administration, investment management and marketing/distribution functions of the Company.
As at 31 October 2021, the Company consisted of 142 active sub-funds. The Directors may from time to time close sub-funds as well as launch further sub-funds with different investment objectives, subject to the approval of the CSSF.
The following sub-funds were launched during the Period: | La Società è una società di investimento aperta, costituita in Lussemburgo come SICAV (Société d'Investissement à Capital Variable) il 15 giugno 1990. La Società è una SICAV ai sensi della parte I della Legge lussemburghese del 17 dicembre 2010 (e successive integrazioni e modificazioni) relativa agli organismi di investimento collettivo, che ha recepito la Direttiva 2014/91/UE (‘‘Direttiva UCITS V’’).
FIMLUX è la Società di Gestione della Società, ed ha la responsabilità quotidiana delle funzioni di amministrazione, gestione degli investimenti e marketing/distribuzione della Società.
Al 31 ottobre 2021 la Società comprendeva 142 comparti attivi. Gli Amministratori possono di tanto in tanto chiudere comparti o lanciarne di nuovi con obiettivi di investimento diversi, salvo approvazione della CSSF.
Nel corso del Periodo sono stati lanciati i comparti seguenti: | The Company is an open-ended investment company and was incorporated in Luxembourg as a SICAV (société d'investissement à capital variable) on 15 June 1990. The Company is a SICAV under part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment, which implements Directive 2014/91/EU ("UCITS V Directive").
FIMLUX is the Management Company of the Company, with the day-to-day responsibility for the administration, investment management and marketing/distribution functions of the Company.
As at 31 October 2021, the Company consisted of 142 active sub-funds. The Directors may from time to time close sub-funds as well as launch further sub-funds with different investment objectives, subject to the approval of the CSSF.
The following sub-funds were launched during the Period: | en | it |
DOLFIN5139 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Risk arising from investments in the emerging markets
Payment moratoriums and suspensions of payments in developing countries can result from various factors such as political instability, lax financial management, a lack of foreign currency reserves, capital flight, domestic conflicts or the lack of political will to continue servicing debt contracted previously.
The capacity of corporate issuers to meet their obligations may also be affected by these factors. Moreover, these issuers are subject to decrees, laws and regulations enacted by government authorities. These may include, inter alia, changes to exchange controls and the legal and regulatory regime, expropriation and nationalisation and new or increased taxes, such as withholding taxes.
Settlement or clearing systems are often less well organised than in developed markets. There is therefore a risk that the settlement or clearing of transactions may be delayed or cancelled. Market practices may require payment in advance of delivery of the securities or other instruments purchased, or delivery of the securities or other instruments sold before payment is received. In these circumstances, a default by the counterparty through which the transaction is executed or settled may result in a loss for a sub-fund investing in these markets.
Uncertainties linked to an opaque legal environment, and the impossibility of establishing clear rights of ownership and legal rights may also be determining factors. The lack of reliable sources of information in these countries, accounting methods that do not meet international standards and the lack of financial or commercial controls are additional determining factors.
At present, investments in Russia are subject to increased risks relating to the ownership and custody of Russian transferable securities. The ownership and custody of transferable securities may be recorded solely in the form of entries on the books of the issuer or the registrar (which is not a transfer agent, and is not responsible vis-à-vis the custodian). Neither the custodian, nor a local correspondent of the custodian, nor a central custodian shall hold a certificate representing title to transferable securities issued by Russian companies. As a result of these market practices and in the absence of effective regulation and controls, the SICAV could, as a result of fraud, theft, destruction, negligence, or the loss or disappearance of the transferable securities in question, lose its status as owner of transferable securities issued by Russian companies. It is also possible that, as a result of market practices, Russian transferable securities must be deposited with Russian institutions that do not always have adequate insurance in place to cover the risk of losses due to theft or the destruction, loss or disappearance of the securities deposited with them. | ##### Risiko in Verbindung mit Anlagen in Schwellenländern
Zahlungsaussetzungen und -ausfälle von Schwellenländern sind auf zahlreiche Faktoren zurückzuführen, u.a. politische Instabilität, schlechtes Wirtschaftsmanagement, unzureichende Devisenreserven, Kapitalflucht, interne Konflikte oder fehlende politische Bereitschaft, den zuvor vereinbarten Schuldendienst zu leisten.
Die Fähigkeit der Emittenten des Privatsektors, ihren Verbindlichkeiten nachzukommen, kann ebenfalls durch dieselben Faktoren beeinträchtigt werden. Zudem sind diese Emittenten von den Auswirkungen der von den staatlichen Behörden erlassenen Verordnungen, Gesetze und Vorschriften betroffen. Dazu zählen beispielsweise die Änderung der Devisenkontrollen und gesetzlicher Bestimmungen und Vorschriften, Enteignungen und Verstaatlichungen oder die Einführung neuer oder die Erhöhung bestehender Steuern wie z.B. der Quellensteuer.
Die Liquidations- oder Clearingsysteme für Transaktionen sind oftmals weniger gut organisiert als in den Industrieländern. Somit besteht das Risiko, dass die Liquidation oder das Clearing von Transaktionen verzögert oder annulliert wird. Unter Umständen kann es übliche Marktpraxis sein, dass die Zahlung für eine Transaktion vor der Entgegennahme der erworbenen Wertpapiere oder anderen Instrumenten zu leisten ist oder dass die Übergabe der verkauften Wertpapiere oder anderen Instrumente vor Erhalt der Zahlung erfolgen muss. Unter diesen Umständen kann der Ausfall des Kontrahenten, mit dem diese Transaktion durchgeführt oder abgeschlossen wird, zu Verlusten für den Teilfonds führen, der in diesen Märkten anlegt.
Die Ungewissheit in Verbindung mit einem unklaren Rechtsumfeld oder die Unfähigkeit, definitive und rechtsgültige Eigentumsrechte festzulegen, sind ein weiterer maßgeblicher Faktor. Hinzu kommen die Unzuverlässigkeit der Informationsquellen in diesen Ländern, die Nichtübereinstimmung der Rechnungslegungsmethoden mit internationalen Normen und unzureichende Finanz- und Wirtschaftskontrollen.
Derzeit sind die Anlagen in Russland besonders hohen Risiken bezüglich des Eigentums und der Verwahrung russischer Wertpapiere ausgesetzt. Es ist möglich, dass das Eigentum und die Verwahrung von Wertpapieren ausschließlich in Form von Eintragungen in die Bücher des Emittenten oder des Registerführers (der weder im Auftrag der Depotbank handelt noch ihr gegenüber rechenschaftspflichtig ist) verbrieft wird. Bescheinigungen des Eigentums an Wertpapieren russischer Emittenten werden weder bei der Depotbank noch bei einer lokalen Korrespondenzbank der Depotbank noch bei einer zentralen Depotbank aufbewahrt. Aufgrund dieser Marktpraktiken und mangels wirksamer Regelungen und Kontrollen kann die SICAV ihren Status als Eigentümer von Wertpapieren russischer Emittenten infolge von Betrug, Diebstahl, Vernichtung, Fahrlässigkeit, Verlust oder Unauffindbarkeit der betreffenden Wertpapiere einbüßen. Ferner können aufgrund der Marktbedingungen russische Wertpapiere bei russischen Institutionen hinterlegt werden, die nicht immer über einen ausreichenden Versicherungsschutz zur Deckung der Verluste infolge von Diebstahl, Vernichtung, Verlust oder Unauffindbarkeit dieser hinterlegten Titel verfügen. | ##### Risk arising from investments in the emerging markets
Payment moratoriums and suspensions of payments in developing countries can result from various factors such as political instability, lax financial management, a lack of foreign currency reserves, capital flight, domestic conflicts or the lack of political will to continue servicing debt contracted previously.
The capacity of corporate issuers to meet their obligations may also be affected by these factors. Moreover, these issuers are subject to decrees, laws and regulations enacted by government authorities. These may include, inter alia, changes to exchange controls and the legal and regulatory regime, expropriation and nationalisation and new or increased taxes, such as withholding taxes.
Settlement or clearing systems are often less well organised than in developed markets. There is therefore a risk that the settlement or clearing of transactions may be delayed or cancelled. Market practices may require payment in advance of delivery of the securities or other instruments purchased, or delivery of the securities or other instruments sold before payment is received. In these circumstances, a default by the counterparty through which the transaction is executed or settled may result in a loss for a sub-fund investing in these markets.
Uncertainties linked to an opaque legal environment, and the impossibility of establishing clear rights of ownership and legal rights may also be determining factors. The lack of reliable sources of information in these countries, accounting methods that do not meet international standards and the lack of financial or commercial controls are additional determining factors.
At present, investments in Russia are subject to increased risks relating to the ownership and custody of Russian transferable securities. The ownership and custody of transferable securities may be recorded solely in the form of entries on the books of the issuer or the registrar (which is not a transfer agent, and is not responsible vis-à-vis the custodian). Neither the custodian, nor a local correspondent of the custodian, nor a central custodian shall hold a certificate representing title to transferable securities issued by Russian companies. As a result of these market practices and in the absence of effective regulation and controls, the SICAV could, as a result of fraud, theft, destruction, negligence, or the loss or disappearance of the transferable securities in question, lose its status as owner of transferable securities issued by Russian companies. It is also possible that, as a result of market practices, Russian transferable securities must be deposited with Russian institutions that do not always have adequate insurance in place to cover the risk of losses due to theft or the destruction, loss or disappearance of the securities deposited with them. | en | de |
DOLFIN5140 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du Compartiment est de surperformer l'indice Euro Stoxx Total Return (dividendes réinvestis) sur un horizon minimum de placement recommandé de cinq ans, par le biais d'une stratégie thématique ISR. Conformément à l'article 9 du règlement SFDR, le Compartiment a pour objectif l'investissement durable en investissant dans des sociétés qui font de la valorisation de leur capital humain un pilier essentiel du développement durable.
La sélection des actions (« stock-picking») repose sur un processus rigoureux d’analyse fondamentale des entreprises, visant à identifier des sociétés de qualité dont la valorisation boursière n’est pas représentative de la valeur intrinsèque estimée, sans contraintes de secteur ou de taille de capitalisation des sociétés cibles. Les investissements sont par ailleurs réalisés sans contraintes sectorielles ou de capitalisation. L’exposition du portefeuille aux actions des pays de l’Union européenne varie entre 60 et 100 %, les actions des autres marchés internationaux pouvant représenter jusqu’à 40 % du portefeuille avec une sous-limite de 10 % pour les actions des pays généralement considérés comme émergents.
Le processus d’analyse, notation et sélection ESG (Environnement, Social, Gouvernance) est une composante totalement intégrée à l’analyse fondamentale des entreprises de notre univers d’investissement et couvre au moins 90 % de l’actif net du Compartiment en tout temps (liquidités exclues). Cette analyse et notation, menée selon notre méthodologie propriétaire
« SPICE » (), vise notamment à appréhender la répartition de la valeur créée par une entreprise entre ses parties prenantes (investisseurs, environnement, clients, collaborateurs, fournisseurs et société civile), notre conviction étant qu’une répartition équitable est un facteur important de développement d’une entreprise. Ce travail a un impact décisif sur la prime de risque et les objectifs de cours ainsi estimés. L'équipe de gestion s'appuie également sur les exclusions ISR (pas d'investissement dans des activités ayant un impact négatif avéré sur la société ou l'environnement), sur une approche thématique (valorisation du capital humain et du bien-être des salariés), sur l'engagement actionnarial (promotion des pratiques ESG de l'entreprise par le vote aux assemblées générales), sur les approches best in universe (sélection des meilleurs émetteurs dans l'univers d'investissement) et sur les meilleurs efforts (investissement dans des entreprises qui font des efforts visibles dans le développement durable, même si elles ne figurent pas encore parmi les meilleurs de l'univers d'investissement ESG). L'univers d'investissement éligible est ainsi réduit d'au moins 20 % par rapport à l'univers d'investissement initial c'est-à-dire des actions cotées sur les marchés européens et couvertes par notre processus d'analyse ESG. Des informations plus détaillées à ce sujet | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del fondo es superar la rentabilidad del índice Euro Stoxx Total Return (con reinversión de dividendos) en un horizonte de inversión mínimo recomendado de cinco años, mediante una estrategia temática de ISR. El subfondo tiene como objetivo la inversión sostenible, de conformidad con el artículo 9 del SFDR, invirtiendo en empresas que valoran su capital humano como pilar básico para el desarrollo sostenible.
La selección de valores se basa en un análisis pormenorizado de las variables fundamentales para identificar a empresas de calidad que estén infravaloradas, es decir, cuya cotización bursátil no represente el valor intrínseco estimado de la empresa, sin restricciones sectoriales o de capitalización bursátil para dichas empresas. Las acciones se seleccionan sin restricciones sectoriales o de capitalización bursátil. La exposición de la cartera a renta variable de la Unión Europea varía entre el 60% y el 100%. Las acciones emitidas en otros mercados internacionales podrán representar hasta el 40% de la cartera, con un sublímite del 10% para las acciones emitidas en países que se consideran generalmente economías emergentes. El proceso de análisis ESG (medioambiental, social y de gobierno corporativo), calificación y selección está plenamente integrado en el análisis fundamental de empresas de nuestro universo de inversión y comprende en todo momento al menos al 90% del patrimonio neto del fondo (excluido el efectivo). Dicho análisis y calificación, de acuerdo con nuestra metodología propia «SPICE» (Suppliers & Society, People, Investors, Clients, Environment), tiene por objeto comprender la distribución del valor creado por una empresa entre sus grupos de interés (inversores, medioambiente, clientes, empleados, proveedores y sociedad civil), y estamos convencidos de que una distribución equitativa contribuye de forma importante al desarrollo de una empresa. Este trabajo tiene un impacto decisivo sobre la prima de riesgo y los objetivos de precio así estimados. El equipo de gestión se basa asimismo en las exclusiones ISR (no se invierte en actividades con un impacto negativo demostrado en la sociedad o el medioambiente), un enfoque temático (valoración del capital humano y bienestar de los empleados), la interacción con los accionistas (promoción de las prácticas ESG de la empresa mediante votación en junta general), los enfoques best in universe (selección de los mejores emisores del universo de inversión) y best effort (inversión en empresas que realizan esfuerzos visibles en favor del desarrollo sostenible, aunque aún no estén entre las mejores del universo de inversión ESG). Por consiguiente, el universo de inversión admisible del fondo se reduce como mínimo un 20% con respecto al universo de inversión inicial, es decir, las acciones que cotizan en las Bolsas europeas y están cubiertas por nuestro proceso de análisis ESG. Para obtener información más detallada al respecto, | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du Compartiment est de surperformer l'indice Euro Stoxx Total Return (dividendes réinvestis) sur un horizon minimum de placement recommandé de cinq ans, par le biais d'une stratégie thématique ISR. Conformément à l'article 9 du règlement SFDR, le Compartiment a pour objectif l'investissement durable en investissant dans des sociétés qui font de la valorisation de leur capital humain un pilier essentiel du développement durable.
La sélection des actions (« stock-picking») repose sur un processus rigoureux d’analyse fondamentale des entreprises, visant à identifier des sociétés de qualité dont la valorisation boursière n’est pas représentative de la valeur intrinsèque estimée, sans contraintes de secteur ou de taille de capitalisation des sociétés cibles. Les investissements sont par ailleurs réalisés sans contraintes sectorielles ou de capitalisation. L’exposition du portefeuille aux actions des pays de l’Union européenne varie entre 60 et 100 %, les actions des autres marchés internationaux pouvant représenter jusqu’à 40 % du portefeuille avec une sous-limite de 10 % pour les actions des pays généralement considérés comme émergents.
Le processus d’analyse, notation et sélection ESG (Environnement, Social, Gouvernance) est une composante totalement intégrée à l’analyse fondamentale des entreprises de notre univers d’investissement et couvre au moins 90 % de l’actif net du Compartiment en tout temps (liquidités exclues). Cette analyse et notation, menée selon notre méthodologie propriétaire
« SPICE » (), vise notamment à appréhender la répartition de la valeur créée par une entreprise entre ses parties prenantes (investisseurs, environnement, clients, collaborateurs, fournisseurs et société civile), notre conviction étant qu’une répartition équitable est un facteur important de développement d’une entreprise. Ce travail a un impact décisif sur la prime de risque et les objectifs de cours ainsi estimés. L'équipe de gestion s'appuie également sur les exclusions ISR (pas d'investissement dans des activités ayant un impact négatif avéré sur la société ou l'environnement), sur une approche thématique (valorisation du capital humain et du bien-être des salariés), sur l'engagement actionnarial (promotion des pratiques ESG de l'entreprise par le vote aux assemblées générales), sur les approches best in universe (sélection des meilleurs émetteurs dans l'univers d'investissement) et sur les meilleurs efforts (investissement dans des entreprises qui font des efforts visibles dans le développement durable, même si elles ne figurent pas encore parmi les meilleurs de l'univers d'investissement ESG). L'univers d'investissement éligible est ainsi réduit d'au moins 20 % par rapport à l'univers d'investissement initial c'est-à-dire des actions cotées sur les marchés européens et couvertes par notre processus d'analyse ESG. Des informations plus détaillées à ce sujet | fr | es |
DOLFIN5141 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# NET ASSET VALUE
The Net Asset Value of each sub-fund is equal to the total assets of that sub-fund less its liabilities. The Net Asset Value per unit of each sub-fund will be determined at least twice monthly (Valuation Day) as described in Chapter 2, under the responsibility of the Board of Directors of the Management Company. The Net Asset Value of each sub- fund will be expressed in the currency of the relevant sub-fund (except that when there exists any state of affairs which, in the opinion of the Board of Directors of the Management Company, makes the determination in the currency of the relevant sub-fund either not reasonably practical or prejudicial to the unitholders, the Net Asset Value may temporarily be determined in such other currency as the Board of Directors of the Management Company may determine) as a per unit figure and shall be determined in respect of any Valuation Date by dividing the net assets of the Fund corresponding to each sub-fund (being the value of the assets of the Fund corresponding to such sub-fund less the liabilities attributable to such sub-fund) by the number of units of the relevant sub-fund then outstanding. The Net Asset Value may also be expressed, for certain unit categories, in a currency other than the currency of the relevant sub-fund. Unit categories that are available in currencies other than the currency of the relevant sub-fund are mentioned in the relevant sub-fund annex above.
The percentages of the total Net Asset Value allocated to each category of units within one sub-fund shall be determined by the ratio of units issued in each category of units within one sub-fund to the total number of units issued in the same sub-fund, and shall be adjusted subsequently in connection with the distribution effected and the issues, conversions and redemptions of units as follows: (1) on each occasion when a distribution is effected, the Net Asset Value of the units which received a dividend shall be reduced by the amount of the distribution (causing a reduction in the percentage of the Net Asset Value allocated to these units), whereas the Net Asset Value of the other units of the same sub-fund shall remain unchanged (causing an increase in the percentage of the Net Asset Value allocated to these units); (2) on each occasion when units are issued, converted or redeemed the Net Asset Value of the respective categories of units, within the relevant sub-fund shall be increased or decreased by the amount received or paid out.
Without prejudice to what has been stated hereinbefore, when the Management Company’s Board of Directors has decided to issue one or more categories and/or sub-categories of units in respect of a specific sub-fund, it may also
decide to compute the Net Asset Value per unit of any such category and/or sub-category as follows: on each Valuation Day the assets and liabilities of the sub-fund in question are valued in the reference currency of the sub-fund. The categories and/or sub-categories of units participate in the sub-fund’s assets in proportion to their respective numbers of portfolio entitlements. Portfolio entitlements are allocated to or deducted from a particular category and/or sub- category on the basis of the issue or repurchase of units of such category and/or sub-category, and shall be adjusted accordingly to take account of any distributions made or the issue, conversion and/or redemption of units. The value of the total number of portfolio entitlements attributed to a particular category and/or sub-category on a given Valuation Day represents the total Net Asset Value attributable to that category and/or sub-category of units on such Valuation Day. The Net Asset Value per unit of that category and/or sub-category is equal to the total Net Asset Value on that day divided by the total number of units of that category and/or sub-category then outstanding.
The Net Asset Value of each sub-fund shall be established in the following manner:
- the proceeds from the issue of units in each sub-fund shall be allocated on the books of the Fund to such sub- fund, and the assets and liabilities and income and expenditures attributable thereto shall be allocated to such sub-fund subject to the provisions of this section;
- where any assets are derived from another asset, such derivative asset shall be allocated on the books of the Fund to the same sub-fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant sub-fund:
- where the Fund incurs a liability which relates to any asset of a particular sub-fund, such liability shall be allocated to the relevant sub-fund;
- in the case where any asset or liability of the Fund cannot be considered as being attributable to a particular sub-fund, such asset or liability shall be allocated to all the sub-funds pro rata to the Net Asset Values of the relevant sub-funds;
- upon the record date for determination of the person entitled to any dividend declared on any sub-fund, the Net Asset Value of such sub-fund shall be reduced by the amount of such dividends.
These rules shall apply, mutatis mutandis, to each category of each sub-fund. In determining the Net Asset Value, the following principles are applied:
- Except as otherwise provided in (vi) below, securities which are listed on an official stock exchange or traded on any other Regulated Market are valued at the relevant Valuation Date’s closing price on the principal market on which they are traded, as published by such market or furnished by a pricing service approved by the Board of Directors of the Management Company; and other securities are valued at prices furnished by, or yield equivalents obtained from, one or more dealers or such pricing service.
- Securities issued by UCITS or UCIs will be valued at their last available Net Asset Value on the relevant Valuation Date; they may be valued in accordance with item (i) above where such securities are listed.
- Money market instruments will be valued at nominal value plus any accrued interest or, for money market instruments (a) having a maturity at issuance of up to and including 397 days, (b) having a residual maturity of up to and including 397 days, or (c) undergoing regular yield adjustments in line with money market conditions at least every 397 days, using an amortised cost method, provided that this method of valuation ensures that such assets will be valued at their fair value as determined in good faith pursuant to the procedure established by the Board of Directors of the Management Company.
- Swaps will be valued at the net present value of their cash flows.
- The liquidating value of OTC Derivatives shall be determined based on information provided by pricing services approved by the Board of Directors of the Management Company.
- If a price representative of a security’s fair value is not readily available from the pricing sources described under (i) above, or if the accuracy of a portfolio’s valuation, as established pursuant to (i) above, is materially affected by events that occur prior to the Net Asset Value being calculated, the relevant security or securities will be valued at their fair value, as determined by or under the direction of the Board of Directors of the Management Company. Use of such fair valuation procedures is intended to result in more accurate Net Asset Values and to eliminate or substantially reduce potential arbitrage opportunities that might otherwise be available to short-term investors.
All Net Asset Value calculations will be first made in the relevant sub-fund’s reference currency. For this purpose, assets or liabilities expressed in terms of currencies other than the reference currency will be translated into the reference currency at the prevailing market rate on the Valuation Date. The result of such calculations will be translated into each other payment currency at the prevailing market rate on the Valuation Date.
The Net Asset Value per unit of each category of each sub-fund will be rounded to two decimal places.
The process of calculation of the Net Asset Value of each category of each sub-fund ensures that any transaction in units is effected at a Net Asset Value that cannot be known to the investor or unitholder at the cut-off time.
Swing pricing adjustment
A sub-fund may suffer dilution of the Net Asset Value as a result of large subscriptions, redemptions or switches. Such dilution would arise from unitholders buying or selling units at a Net Asset Value which would not accurately reflect the dealing and other costs incurred when securities are traded to accommodate cash inflows or outflows. In order to counter such dilution impact, the Management Company adopts a swing pricing mechanism as part of its valuation policy.
If on any Valuation Date, the net aggregate amount of subscriptions or redemptions in units of a sub-fund exceeds a pre-determined threshold expressed as a percentage of the Net Asset Value of that sub-fund, the Net Asset Value may be adjusted upwards or downwards to reflect the costs attributable to the underlying trade in securities undertaken by the Management Company or the Investment Manager to accommodate inflows or outflows as the case may be.
The Net Asset Value will be first calculated separately as per the calculation principles as described above. Any swing pricing adjustment to such Net Asset Value will be applied systematically and consistently based on predefined factors.
The price adjustment may vary from sub-fund to sub-fund and will normally not exceed 2% of the original Net Asset Value. The Management Company may decide to (i) suspend the application of any swing pricing adjustment to the Net Asset Value of any particular sub-fund or (ii) increase this price adjustment limit, in exceptional circumstances to protect the interests of unitholders. Such price adjustment is available on the Management Company’s webpage at http://www.ca-indosuez-am.com/Fr/conformite with the publication of the relevant Net Asset Value.
The Management Company and its conducting officers will reassess on a periodic basis the price adjustment factors to reflect an approximation of current dealing and other costs.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate or where the Management Company determines it is in the best interests of unitholders of the sub-fund, the Management Company is authorized, prudently and in good faith, to follow other rules in order to achieve a fair valuation of the assets of the sub-fund, as described in this Prospectus.
- | # VALEUR LIQUIDATIVE
La valeur liquidative de chaque compartiment est égale au total des actifs de ce compartiment diminué de ses passifs. La valeur liquidative par part de chaque compartiment sera déterminée au moins deux fois par mois (jour de valorisation) selon la méthode décrite au chapitre 2, sous la responsabilité du Conseil d’administration de la Société de gestion. La valeur liquidative de chaque compartiment sera exprimée dans la devise du compartiment concerné (sauf lorsqu’il existe un état des choses qui, de l’avis du Conseil d’administration de la Société de gestion, rend la détermination dans la devise du compartiment concerné infaisable ou préjudiciable aux porteurs de parts, auquel cas la valeur liquidative peut être déterminée temporairement dans une autre devise définie par le Conseil d’administration de la Société de gestion) en tant que chiffre par part, et sera déterminée, pour la date de valorisation, en divisant les actifs nets du Fonds correspondant à chaque compartiment (c’est-à-dire la valeur des actifs du Fonds correspondant à chaque compartiment diminué des passifs attribuables au compartiment concerné) par le nombre de parts en circulation pour le compartiment concerné. La valeur liquidative peut également être exprimée, pour certaines catégories de parts, dans une devise autre que la devise du compartiment concerné. Les catégories de parts disponibles dans des devises autres que la devise du compartiment concerné sont mentionnées dans l’annexe du compartiment concerné.
Les pourcentages de la valeur liquidative totale attribuée à chaque catégorie de parts au sein d’un même compartiment sont déterminés par le rapport des parts émises dans chaque catégorie de parts au sein d’un compartiment par rapport au nombre total de parts émises dans le même compartiment, et sont ajustés ultérieurement en fonction de la distribution effectuée et des émissions, conversions et rachats de parts comme suit : (1) à chaque fois qu’une
distribution est effectuée, la valeur liquidative des parts qui ont reçu un dividende sera réduite du montant de la distribution (ce qui entraînera une réduction du pourcentage de la valeur liquidative attribuée à ces parts), tandis que la valeur liquidative des autres parts du même compartiment restera inchangée (ce qui entraînera une augmentation du pourcentage de la valeur liquidative attribuée à ces parts) (2) à chaque fois que des parts sont émises, converties ou rachetées, la valeur liquidative des catégories de parts du compartiment concerné sera augmentée ou diminuée du montant reçu ou payé.
Sans préjudice de ce qui a été indiqué dans les présentes, lorsque le Conseil d’administration de la Société de gestion a décidé d’émettre une ou plusieurs catégories ou sous-catégories de parts pour un compartiment spécifique, il peut également décider de calculer la valeur liquidative par part de toute catégorie ou sous-catégorie de la manière suivante : chaque jour de valorisation, les actifs et passifs du compartiment concerné sont évalués dans la devise de référence du compartiment. Les catégories ou sous-catégories de parts participent aux actifs du compartiment proportionnellement à leur nombre de droits dans le portefeuille. Les droits du portefeuille sont attribués à, ou déduits d’une catégorie ou d’une sous-catégorie donnée en fonction de l’émission ou du rachat de parts de cette catégorie ou sous-catégorie, et sont ajustés en conséquence pour tenir compte des distributions effectuées, ou de l’émission, de la conversion ou du rachat de parts. La valeur du nombre total de droits du portefeuille attribués à une catégorie ou à une sous-catégorie donnée un jour de valorisation donné représente la valeur liquidative totale attribuable à cette catégorie ou à cette sous-catégorie de parts ce jour de valorisation. La valeur liquidative par part de cette catégorie ou sous-catégorie est égale à la valeur liquidative totale de ce jour divisée par le nombre total de parts de cette catégorie ou sous-catégorie en circulation.
La valeur liquidative de chaque compartiment sera établie de la manière suivante :
- le produit de l’émission de parts de chaque compartiment sera affecté à ce compartiment dans les livres du Fonds, et les actifs et passifs ainsi que les revenus et dépenses imputables seront affectés à ce compartiment sous réserve des dispositions de la présente section ;
- lorsqu’un actif est dérivé d’un autre actif, cet actif dérivé sera affecté dans les livres du Fonds au compartiment dont l’actif est dérivé, et à chaque réévaluation d’un actif, l’augmentation ou la diminution de valeur sera appliquée au compartiment concerné ;
- lorsque le Fonds engage un passif qui se rapporte à tout actif d’un compartiment donné, ce passif sera affecté au compartiment concerné ;
- dans le cas où un actif ou un passif du Fonds ne peut être considéré comme attribuable à un compartiment donné, cet actif ou ce passif sera affecté à tous les compartiments au prorata de la valeur liquidative des compartiments concernés ;
- à la date d’enregistrement pour déterminer la personne ayant droit à un dividende déclaré sur un compartiment, la valeur liquidative de ce compartiment sera réduite du montant de ces dividendes.
Le présent règlement s’applique mutatis mutandis à chaque catégorie de chaque compartiment. Dans la détermination de la valeur liquidative, les principes suivants sont appliqués :
- Sauf disposition contraire prévue au (vi) ci-dessous, les valeurs mobilières cotées sur une bourse officielle ou négociées sur un autre marché réglementé sont évaluées au cours de clôture de la date de valorisation concernée sur le marché principal sur lequel elles sont négociées, tel que publié par ce marché ou fourni par un service de cotation approuvé par le Conseil d’administration de la Société de gestion ; et les autres valeurs mobilières sont évaluées à des prix fournis par un ou plusieurs courtiers ou services de cotation.
- Les titres émis par des OPCVM ou des OPC seront évalués à leur dernière valeur liquidative disponible à la date de valorisation concernée ; ces titres peuvent être évalués conformément au point (i) ci-dessus lorsqu’ils sont cotés.
- Les instruments du marché monétaire seront évalués à leur valeur nominale majorée des intérêts courus ou, pour les instruments du marché monétaire (a) ayant une échéance à l’émission inférieure ou égale à 397 jours, (b) ayant une durée résiduelle inférieure ou égale à 397 jours, ou (c) faisant l’objet d’ajustements de rendement réguliers en fonction des conditions du marché monétaire au moins tous les 397 jours, selon une méthode du coût amorti, à condition que cette méthode d’évaluation garantisse que ces actifs soient évalués à leur juste valeur déterminée de bonne foi conformément à la procédure établie par le Conseil d’administration de la Société.
- Les swaps seront évalués à la valeur actuelle nette de leurs flux de trésorerie.
- La valeur de liquidation des produits dérivés de gré à gré sera déterminée sur la base des informations fournies par les services de cotation approuvés par le Conseil d’administration de la Société de gestion.
- Si un prix représentatif de la juste valeur d’un titre n’est pas facilement disponible à partir des sources de cotation décrites au point (i) ci-dessus, ou si l’exactitude de l’évaluation d’un portefeuille, établie conformément au point (i) ci-dessus, est fortement affectée par des événements survenus avant le calcul de la valeur liquidative, le ou les titres concernés seront évalués à leur juste valeur, telle que déterminée par ou sous la direction du Conseil d’administration de la Société de gestion. Ces procédures d’évaluation à la juste valeur ont pour but d’obtenir des valeurs liquidatives plus précises, et d’éliminer ou de réduire considérablement les opportunités d’arbitrage qui pourraient se présenter aux investisseurs à court terme.
Tous les calculs de la valeur liquidative seront effectués en premier lieu dans la devise de référence du compartiment concerné. À cet effet, les actifs ou passifs exprimés en devises autres que la devise de référence seront convertis dans la devise de référence au taux du marché en vigueur à la date de valorisation. Le résultat de ces calculs sera converti dans chacune des autres devises de paiement au taux du marché en vigueur à la date de valorisation.
La valeur liquidative par part de chaque catégorie de chaque compartiment sera arrondie à deux décimales.
Le processus de calcul de la valeur liquidative de chaque catégorie de chaque compartiment garantit que toute transaction en parts est effectuée à une valeur liquidative qui ne peut être connue de l’investisseur ou du porteur de parts à l’heure limite.
Ajustement de swing pricing
Un compartiment peut subir une dilution de la valeur liquidative à la suite de souscriptions, de rachats ou d’arbitrages importants.
La dilution résulterait de l’achat ou de la vente de parts à une valeur liquidative qui ne refléterait pas fidèlement les coûts de négociation et autres coûts encourus lorsque des titres sont négociés pour répondre à des entrées ou sorties de trésorerie. Afin de contrer cet impact de dilution, la Société de gestion adopte un mécanisme de « swing pricing » dans le cadre de sa politique de valorisation.
Si, à une date de valorisation, le montant total net des souscriptions ou des rachats de parts d’un compartiment dépasse un seuil prédéfini exprimé en pourcentage de la valeur liquidative de ce compartiment, la valeur liquidative peut être ajustée à la hausse ou à la baisse afin de refléter les coûts attribuables à la négociation sous-jacente entreprise par la Société de gestion ou le Gestionnaire financier pour répondre aux entrées ou sorties de trésorerie, selon le cas.
La valeur liquidative sera d’abord calculée séparément selon les principes de calcul décrits ci-dessus. Tout ajustement de swing pricing concernant cette valeur liquidative sera appliqué de manière systématique et cohérente, sur la base de facteurs prédéfinis.
L’ajustement des prix peut varier d’un compartiment à l’autre et ne dépassera normalement pas 2 % de la valeur liquidative d’origine. La Société de gestion peut décider (i) de suspendre l’application de tout ajustement de la valeur liquidative d’un compartiment donné ou (ii) d’augmenter cette limite d’ajustement des prix, dans des circonstances exceptionnelles, afin de protéger les intérêts des porteurs de parts. Cet ajustement des prix est disponible sur la page internet de la Société de gestion à l’adresse http://www.ca-indosuez-am.com/Fr/conformite avec la publication de la valeur liquidative concernée.
La Société de gestion et ses dirigeants réévalueront périodiquement les facteurs d’ajustement des prix afin de refléter l’approximation des coûts courants de négociation et d’autres coûts.
Dans le cas où des circonstances exceptionnelles rendent une telle valorisation impraticable ou insuffisante ou lorsque la Société de gestion estime que cela est dans le meilleur intérêt des porteurs de parts du compartiment, la Société de gestion est autorisée, avec prudence et de bonne foi, à suivre d’autres règles afin d’obtenir une juste évaluation des actifs du compartiment, de la manière décrite dans le présent Prospectus.
- | # NET ASSET VALUE
The Net Asset Value of each sub-fund is equal to the total assets of that sub-fund less its liabilities. The Net Asset Value per unit of each sub-fund will be determined at least twice monthly (Valuation Day) as described in Chapter 2, under the responsibility of the Board of Directors of the Management Company. The Net Asset Value of each sub- fund will be expressed in the currency of the relevant sub-fund (except that when there exists any state of affairs which, in the opinion of the Board of Directors of the Management Company, makes the determination in the currency of the relevant sub-fund either not reasonably practical or prejudicial to the unitholders, the Net Asset Value may temporarily be determined in such other currency as the Board of Directors of the Management Company may determine) as a per unit figure and shall be determined in respect of any Valuation Date by dividing the net assets of the Fund corresponding to each sub-fund (being the value of the assets of the Fund corresponding to such sub-fund less the liabilities attributable to such sub-fund) by the number of units of the relevant sub-fund then outstanding. The Net Asset Value may also be expressed, for certain unit categories, in a currency other than the currency of the relevant sub-fund. Unit categories that are available in currencies other than the currency of the relevant sub-fund are mentioned in the relevant sub-fund annex above.
The percentages of the total Net Asset Value allocated to each category of units within one sub-fund shall be determined by the ratio of units issued in each category of units within one sub-fund to the total number of units issued in the same sub-fund, and shall be adjusted subsequently in connection with the distribution effected and the issues, conversions and redemptions of units as follows: (1) on each occasion when a distribution is effected, the Net Asset Value of the units which received a dividend shall be reduced by the amount of the distribution (causing a reduction in the percentage of the Net Asset Value allocated to these units), whereas the Net Asset Value of the other units of the same sub-fund shall remain unchanged (causing an increase in the percentage of the Net Asset Value allocated to these units); (2) on each occasion when units are issued, converted or redeemed the Net Asset Value of the respective categories of units, within the relevant sub-fund shall be increased or decreased by the amount received or paid out.
Without prejudice to what has been stated hereinbefore, when the Management Company’s Board of Directors has decided to issue one or more categories and/or sub-categories of units in respect of a specific sub-fund, it may also
decide to compute the Net Asset Value per unit of any such category and/or sub-category as follows: on each Valuation Day the assets and liabilities of the sub-fund in question are valued in the reference currency of the sub-fund. The categories and/or sub-categories of units participate in the sub-fund’s assets in proportion to their respective numbers of portfolio entitlements. Portfolio entitlements are allocated to or deducted from a particular category and/or sub- category on the basis of the issue or repurchase of units of such category and/or sub-category, and shall be adjusted accordingly to take account of any distributions made or the issue, conversion and/or redemption of units. The value of the total number of portfolio entitlements attributed to a particular category and/or sub-category on a given Valuation Day represents the total Net Asset Value attributable to that category and/or sub-category of units on such Valuation Day. The Net Asset Value per unit of that category and/or sub-category is equal to the total Net Asset Value on that day divided by the total number of units of that category and/or sub-category then outstanding.
The Net Asset Value of each sub-fund shall be established in the following manner:
- the proceeds from the issue of units in each sub-fund shall be allocated on the books of the Fund to such sub- fund, and the assets and liabilities and income and expenditures attributable thereto shall be allocated to such sub-fund subject to the provisions of this section;
- where any assets are derived from another asset, such derivative asset shall be allocated on the books of the Fund to the same sub-fund as the asset from which it was derived and on each revaluation of an asset, the increase or diminution in value shall be applied to the relevant sub-fund:
- where the Fund incurs a liability which relates to any asset of a particular sub-fund, such liability shall be allocated to the relevant sub-fund;
- in the case where any asset or liability of the Fund cannot be considered as being attributable to a particular sub-fund, such asset or liability shall be allocated to all the sub-funds pro rata to the Net Asset Values of the relevant sub-funds;
- upon the record date for determination of the person entitled to any dividend declared on any sub-fund, the Net Asset Value of such sub-fund shall be reduced by the amount of such dividends.
These rules shall apply, mutatis mutandis, to each category of each sub-fund. In determining the Net Asset Value, the following principles are applied:
- Except as otherwise provided in (vi) below, securities which are listed on an official stock exchange or traded on any other Regulated Market are valued at the relevant Valuation Date’s closing price on the principal market on which they are traded, as published by such market or furnished by a pricing service approved by the Board of Directors of the Management Company; and other securities are valued at prices furnished by, or yield equivalents obtained from, one or more dealers or such pricing service.
- Securities issued by UCITS or UCIs will be valued at their last available Net Asset Value on the relevant Valuation Date; they may be valued in accordance with item (i) above where such securities are listed.
- Money market instruments will be valued at nominal value plus any accrued interest or, for money market instruments (a) having a maturity at issuance of up to and including 397 days, (b) having a residual maturity of up to and including 397 days, or (c) undergoing regular yield adjustments in line with money market conditions at least every 397 days, using an amortised cost method, provided that this method of valuation ensures that such assets will be valued at their fair value as determined in good faith pursuant to the procedure established by the Board of Directors of the Management Company.
- Swaps will be valued at the net present value of their cash flows.
- The liquidating value of OTC Derivatives shall be determined based on information provided by pricing services approved by the Board of Directors of the Management Company.
- If a price representative of a security’s fair value is not readily available from the pricing sources described under (i) above, or if the accuracy of a portfolio’s valuation, as established pursuant to (i) above, is materially affected by events that occur prior to the Net Asset Value being calculated, the relevant security or securities will be valued at their fair value, as determined by or under the direction of the Board of Directors of the Management Company. Use of such fair valuation procedures is intended to result in more accurate Net Asset Values and to eliminate or substantially reduce potential arbitrage opportunities that might otherwise be available to short-term investors.
All Net Asset Value calculations will be first made in the relevant sub-fund’s reference currency. For this purpose, assets or liabilities expressed in terms of currencies other than the reference currency will be translated into the reference currency at the prevailing market rate on the Valuation Date. The result of such calculations will be translated into each other payment currency at the prevailing market rate on the Valuation Date.
The Net Asset Value per unit of each category of each sub-fund will be rounded to two decimal places.
The process of calculation of the Net Asset Value of each category of each sub-fund ensures that any transaction in units is effected at a Net Asset Value that cannot be known to the investor or unitholder at the cut-off time.
Swing pricing adjustment
A sub-fund may suffer dilution of the Net Asset Value as a result of large subscriptions, redemptions or switches. Such dilution would arise from unitholders buying or selling units at a Net Asset Value which would not accurately reflect the dealing and other costs incurred when securities are traded to accommodate cash inflows or outflows. In order to counter such dilution impact, the Management Company adopts a swing pricing mechanism as part of its valuation policy.
If on any Valuation Date, the net aggregate amount of subscriptions or redemptions in units of a sub-fund exceeds a pre-determined threshold expressed as a percentage of the Net Asset Value of that sub-fund, the Net Asset Value may be adjusted upwards or downwards to reflect the costs attributable to the underlying trade in securities undertaken by the Management Company or the Investment Manager to accommodate inflows or outflows as the case may be.
The Net Asset Value will be first calculated separately as per the calculation principles as described above. Any swing pricing adjustment to such Net Asset Value will be applied systematically and consistently based on predefined factors.
The price adjustment may vary from sub-fund to sub-fund and will normally not exceed 2% of the original Net Asset Value. The Management Company may decide to (i) suspend the application of any swing pricing adjustment to the Net Asset Value of any particular sub-fund or (ii) increase this price adjustment limit, in exceptional circumstances to protect the interests of unitholders. Such price adjustment is available on the Management Company’s webpage at http://www.ca-indosuez-am.com/Fr/conformite with the publication of the relevant Net Asset Value.
The Management Company and its conducting officers will reassess on a periodic basis the price adjustment factors to reflect an approximation of current dealing and other costs.
In the event that extraordinary circumstances render such a valuation impracticable or inadequate or where the Management Company determines it is in the best interests of unitholders of the sub-fund, the Management Company is authorized, prudently and in good faith, to follow other rules in order to achieve a fair valuation of the assets of the sub-fund, as described in this Prospectus.
- | en | fr |
DOLFIN5142 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows: International equities
Over a minimum investment period of five years, the Fund seeks to outperform its benchmark, the MSCI EMU IMI Core RE 10/40 Index, net dividends reinvested, after deduction of actual management fees, via exposure to Euro Zone real estate companies, while also taking ESG criteria into account.
The Fund manager chooses real estate stocks according to a selective investment process based on (i) geographical analysis of the various real estate markets, and (ii) sector analysis: offices, retail premises, residential property, industrial premises and logistics platforms, hotels and retirement homes.
The Fund is managed actively with reference to its benchmark. The Fund’s composition may deviate significantly from that of the benchmark index.
The Fund may have exposure of:
- between 75% and 100% of its net assets in the shares of real estate companies and companies in the real estate sector or linked to real estate with their registered office located in the Euro Zone (with a limit of 25% (i) in the shares of companies not headquartered in the Euro Zone and (ii) to the currencies of countries which are not part of the Euro Zone in connection with investments in the securities of companies headquartered outside the Euro Zone) and of any capitalisation, though 95% of the equity portfolio shall be invested in mid and large caps (at least 150 million). Emerging countries are not permitted.
- between 0% and 20% of its net assets in fixed income products: corporate or government bonds, transferable debt securities or money market instruments with a maturity of less than three months rated at least A2, P2 or F2 Standard & Poor’s or equivalent as assessed by the Management Company or according to its own internal rating), with up to 5% of net assets invested in investment grade, unrated or high yield convertible bonds (according to Standard & Poor’s rating agency or deemed equivalent by the Management Company, or according to its own internal rating).
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take
the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may use forward financial instruments traded on French or foreign regulated, organised or OTC markets for the purposes of hedging the portfolio and/or exposing it to equity and foreign exchange, up to the limit of 100% of its assets (futures, options, forward exchange contracts and currency swaps). The Fund may hold convertible bonds (maximum 5% of net assets), subscription certificates and warrants (securities with embedded derivatives) in order to generate exposure to equity risk, up to the limit of 100%.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Other information:
The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria.
Subscription and redemption requests are centralised by the Depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units
accumulate their income
.
** CN-CHF [H] units are hedged against the EUR/CHF currency risk associated with investments in EUR in order to limit differences in performance relative to euro-denominated units, though residual currency risk of maximum 3% remains.
Recommended investment horizon:
5 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Este Fondo pertenece a la categoría de Renta variable internacional
El objetivo del Fondo consiste en lograr una rentabilidad superior a la del indicador de referencia, el MSCI EMU IMI Core RE 10/40, con dividendos netos reinvertidos, una vez deducidos los gastos de gestión reales y en un horizonte mínimo de inversión de 5 años, mediante la exposición a la renta variable inmobiliaria de la zona euro, teniendo en cuenta los criterios ESG.
El gestor del Fondo selecciona valores inmobiliarios mediante un proceso de inversión diferenciador elaborado sobre la base de un análisis (i) geográfico a través de los diferentes mercados inmobiliarios y (ii) sectorial: oficinas, comercios, viviendas, locales industriales y plataformas logísticas, hoteles y residencias para la tercera edad.
El Fondo se gestiona de forma activa en referencia a su indicador. La composición del Fondo puede diferir de manera significativa respecto de la distribución del indicador de referencia.
El Fondo podrá estar expuesto:
- entre un 75% y un 100% de su patrimonio neto en acciones de sociedades inmobiliarias o pertenecientes al sector inmobiliario o relacionadas con dicho sector, de sociedades que tengan su domicilio social en países de la zona euro (hasta un 25% como máximo (i) en renta variable de sociedades que no estén domiciliadas en la zona euro y (ii) en divisas de países que no forman parte de la zona euro y guardan relación con inversiones en títulos de sociedades de fuera de la zona euro), de cualquier capitalización, siempre y cuando el 95% de la parte de renta variable de la cartera se invierta en sociedades de mediana y gran capitalización (150 millones como mínimo). No está autorizada la inversión en países emergentes.
- como máximo el 20% de su patrimonio neto a instrumentos de renta fija: obligaciones, títulos de crédito negociables e instrumentos del mercado monetario con vencimiento inferior a 3 meses, tanto del sector público como del sector privado, que cuenten con una calificación mínima de A2, P2 o F2 (otorgada por la agencia de calificación crediticia Standard & Poor’s u otra agencia de calificación que la Sociedad gestora estime equivalente o concedida de manera interna por parte de la Sociedad gestora), y obligaciones convertibles con una calificación investment grade o sin calificación o de alto rendimiento, hasta un máximo del 5% del patrimonio neto (calificación otorgada la agencia de calificación crediticia Standard & Poor’s u otra agencia de calificación que la Sociedad gestora estime equivalente o concedida de manera interna por parte de la Sociedad gestora).
La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su
propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija.
El Fondo podrá invertir en instrumentos financieros a plazo negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros, con el fin de cubrir la cartera frente al riesgo de renta variable o de cambio y/o exponer la cartera a dichos riesgos, en un máximo del 100% de su patrimonio (futuros, opciones, contratos a plazo sobre divisas y swaps de divisas). El Fondo podrá mantener obligaciones convertibles (hasta un máximo del 5% del patrimonio neto), bonos de suscripción o warrants (títulos que incorporan derivados), con el fin de obtener exposición al riesgo de renta variable, en un máximo del 100% de su patrimonio.
La exposición máxima del Fondo a instrumentos financieros (renta variable, títulos de crédito, OIC y derivados) no podrá superar el 100% del patrimonio neto, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija y monetario) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Otra información:
El equipo de gestión tiene en cuenta los criterios ambientales, sociales y de gobierno corporativo (ESG) en el proceso de toma decisiones de inversión, aunque de forma no preponderante. Por consiguiente, las decisiones de inversión adoptadas podrían no ajustarse a los criterios ESG.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del Depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CN-CHF [H]
capitaliza sus ingresos
.
** La participación CN-CHF [H] está cubierta frente al riesgo de cambio euro/franco suizo derivado de las inversiones en euros, con el objetivo de limitar las variaciones de rentabilidad con respecto a la participación en euros, si bien podrá persistir un riesgo de cambio residual de como máximo el 3%.
Horizonte de inversión recomendado:
5 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
This Fund is classified as follows: International equities
Over a minimum investment period of five years, the Fund seeks to outperform its benchmark, the MSCI EMU IMI Core RE 10/40 Index, net dividends reinvested, after deduction of actual management fees, via exposure to Euro Zone real estate companies, while also taking ESG criteria into account.
The Fund manager chooses real estate stocks according to a selective investment process based on (i) geographical analysis of the various real estate markets, and (ii) sector analysis: offices, retail premises, residential property, industrial premises and logistics platforms, hotels and retirement homes.
The Fund is managed actively with reference to its benchmark. The Fund’s composition may deviate significantly from that of the benchmark index.
The Fund may have exposure of:
- between 75% and 100% of its net assets in the shares of real estate companies and companies in the real estate sector or linked to real estate with their registered office located in the Euro Zone (with a limit of 25% (i) in the shares of companies not headquartered in the Euro Zone and (ii) to the currencies of countries which are not part of the Euro Zone in connection with investments in the securities of companies headquartered outside the Euro Zone) and of any capitalisation, though 95% of the equity portfolio shall be invested in mid and large caps (at least 150 million). Emerging countries are not permitted.
- between 0% and 20% of its net assets in fixed income products: corporate or government bonds, transferable debt securities or money market instruments with a maturity of less than three months rated at least A2, P2 or F2 Standard & Poor’s or equivalent as assessed by the Management Company or according to its own internal rating), with up to 5% of net assets invested in investment grade, unrated or high yield convertible bonds (according to Standard & Poor’s rating agency or deemed equivalent by the Management Company, or according to its own internal rating).
The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take
the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits.
The Fund may use forward financial instruments traded on French or foreign regulated, organised or OTC markets for the purposes of hedging the portfolio and/or exposing it to equity and foreign exchange, up to the limit of 100% of its assets (futures, options, forward exchange contracts and currency swaps). The Fund may hold convertible bonds (maximum 5% of net assets), subscription certificates and warrants (securities with embedded derivatives) in order to generate exposure to equity risk, up to the limit of 100%.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Other information:
The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria.
Subscription and redemption requests are centralised by the Depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-CHF [H] units
accumulate their income
.
** CN-CHF [H] units are hedged against the EUR/CHF currency risk associated with investments in EUR in order to limit differences in performance relative to euro-denominated units, though residual currency risk of maximum 3% remains.
Recommended investment horizon:
5 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN5143 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Use of financial indices
If provided for in the special section of this Sales Prospectus, the objective of the investment policy may be to replicate a specific index or to replicate an index through the use of leverage 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;
- the index is published in an appropriate manner. | #### Recours aux indices financiers
Sous réserve des dispositions de la Partie Spéci- fique du présent prospectus de vente, l’objectif de la politique de placement peut consister à reproduire la composition d’un indice déterminé ou d’un indice utilisant un levier, à condition que :
- la composition de l’indice soit suffisamment diversifiée ;
- l’indice représente un étalon représentatif du marché auquel il se réfère ;
- l’indice soit publié de manière appropriée. | #### Use of financial indices
If provided for in the special section of this Sales Prospectus, the objective of the investment policy may be to replicate a specific index or to replicate an index through the use of leverage 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;
- the index is published in an appropriate manner. | en | fr |
DOLFIN5144 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charges | 0.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | 0.00 % |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.65 % | The ongoing charges figure is based on an estimate of the expected total amount of expenses. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 10% including all taxes of the outperformance of the Unit above a net annualised performance of the Fund of 4.25% after deduction of all management fees and with a High Water Mark. Amount of the performance fee charged in the last financial year: N/A | | | Spese una tantum prelevate prima o dopo l'investimento |
| --- |
| Spesa di sottoscrizione | 0,00 % | Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o prima che il rendimento dell'investimento venga distribuito. In taluni casi, le spese effettivamente corrisposte possono essere inferiori. L'investitore può richiedere al proprio consulente finanziario o distributore l'importo esatto delle spese di sottoscrizione e di rimborso. |
| Spesa di rimborso | 0,00 % |
| Spese prelevate dal Fondo in un anno |
| Spese correnti | 0,65 % | Le spese correnti sono stimate sulla base dell'importo complessivo delle spese previsto. Tali spese possono variare da un esercizio all'altro. Non comprendono le commissioni legate al rendimento e le spese d'intermediazione, eccetto il caso di spese di sottoscrizione e/o di rimborso pagate dal Fondo quando acquista o vende quote di un altro veicolo di gestione collettiva. |
| Spese prelevate dal Fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento | 10% lordo del rendimento della Quota oltre un rendimento netto annualizzato del Fondo del 4,25%, calcolato al netto di tutte le spese di gestione con High Water Mark. Importo delle commissioni legate al rendimento applicate nel corso dell'ultimo esercizio: N/A. | | | One-off charges taken before or after you invest |
| --- |
| Entry charges | 0.00 % | The percentage shown is the maximum that may be deducted from your capital before it is invested, or before you are paid the returns on your investment. In certain cases, the charges paid may be lower than those published. Investors may request the exact amount of entry and exit charges from their financial adviser or distributor. |
| Exit charges | 0.00 % |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.65 % | The ongoing charges figure is based on an estimate of the expected total amount of expenses. These charges may vary from one financial year to another. They do not include: performance fees and portfolio intermediary fees, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. |
| Charges taken from the Fund under specific conditions |
| Performance fee | 10% including all taxes of the outperformance of the Unit above a net annualised performance of the Fund of 4.25% after deduction of all management fees and with a High Water Mark. Amount of the performance fee charged in the last financial year: N/A | | en | it |
DOLFIN5145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,050 USD -89.46% | 1,030 USD -36.47% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,000 USD -50.03% | 7,990 USD -4.40% |
| Moderate² | What you might get back after costs Average return each year | 11,420 USD 14.22% | 17,270 USD 11.55% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.58% | 23,830 USD 18.97% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.050 USD -89,46% | 1.030 USD -36,47% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.000 USD -50,03% | 7.990 USD -4,40% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.420 USD 14,22% | 17.270 USD 11,55% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.960 USD 39,58% | 23.830 USD 18,97% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,050 USD -89.46% | 1,030 USD -36.47% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,000 USD -50.03% | 7,990 USD -4.40% |
| Moderate² | What you might get back after costs Average return each year | 11,420 USD 14.22% | 17,270 USD 11.55% |
| Favourable³ | What you might get back after costs Average return each year | 13,960 USD 39.58% | 23,830 USD 18.97% | | en | es |
DOLFIN5146 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## liquidative du Fonds incluent:
2 Risque spécifique à certains pays/à la Chine: il s'agit du risque d'évolution du contexte politique, social ou économique de la Chine et de son impact potentiellement important sur la valeur des investissements du Fonds. La législation fiscale chinoise est également appliquée dans le cadre de politiques susceptibles d'être modifiées sans préavis et avec effet rétroactif.
L'indicateur de risque se fonde sur la volatilité de la performance du Fonds au cours des 5 dernières années. Lorsqu'un historique de performance sur 5 ans n'est pas disponible, les données sont complétées par des données provenant d'un fonds représentatif, de l'indice de référence ou d'une simulation historique, selon le cas. | ## del Fondo:
2 Riesgo especial de país/China: los cambios en las políticas públicas, sociales o económicas de China pueden afectar significativamente al valor de las inversiones del Fondo. Asimismo, la legislación fiscal china se aplica siguiendo políticas que podrían cambiar sin previo aviso y con efecto retroactivo.
El indicador de riesgo se calcula a partir de la volatilidad de la rentabilidad del Fondo durante los últimos cinco años. En caso de que el historial de rentabilidad sea inferior a cinco años, los datos se completan mediante un fondo equivalente, los datos del índice de referencia o una serie histórica simulada, según corresponda. | ## liquidative du Fonds incluent:
2 Risque spécifique à certains pays/à la Chine: il s'agit du risque d'évolution du contexte politique, social ou économique de la Chine et de son impact potentiellement important sur la valeur des investissements du Fonds. La législation fiscale chinoise est également appliquée dans le cadre de politiques susceptibles d'être modifiées sans préavis et avec effet rétroactif.
L'indicateur de risque se fonde sur la volatilité de la performance du Fonds au cours des 5 dernières années. Lorsqu'un historique de performance sur 5 ans n'est pas disponible, les données sont complétées par des données provenant d'un fonds représentatif, de l'indice de référence ou d'une simulation historique, selon le cas. | fr | es |
DOLFIN5147 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Fees | | |
| --- | --- | --- |
| Fees and commissions paid serve to cover the operating costs of the UCITS, including the costs of marketing and distribution of the units; these fees reduce the potential growth of investments. |
| One-off charges taken before or after you invest | | Running costs 1 : This figure is based on the costs of the previous financial year, ended in December 2019. This percentage can vary from year to year. As of 30 December 2019, the UCI will close on 30 December of each year or on the last working trading day before that if 30 December is not a working day in Paris or Frankfurt. Running costs do not include: outperformance and brokerage fees except in the case of entry and/or exit fees paid by the Fund when it buys or sells units in another collective investment scheme. For more information about fees, please refer to the section "costs and fees" in the prospectus of this Fund, available at www.ofi-am.fr |
| Entry fees | 0.125% |
| Exit charge | 0.125% |
| The entry and exit fees mentioned are given as maximums. In some cases, investors may pay less - their adviser or distributor can provide them with the actual total of entry or exit fees. Entry fees are collected before your capital is invested and before the income from your investment is distributed to you. |
| Fees taken from the fund over a year | |
| Ongoing charge 1 | 0.75% |
| Fees taken from the fund in certain circumstances |
| Outperformance fee | Nil | |
| Past performance | | |
| | Benchmark: Euro Stoxx Reinvested Net Dividends. Any entry fees collected are not taken into account in the calculation of performance. Running costs and the outperformance fee are taken into account in the calculation of performance. This UCITS was created on 16/01/2007 - The I units were created on 02/07/2013 - Currency used for calculations: EUR Significant changes in the last 10 years: - 25/11/2016: The Fund became a Feeder for the Fund OFI RS EURO EQUITY SMART BETA, leading to a change in the investment policy, with the integration of an SRI filter and a change in the benchmark indicator. Therefore until 24/11/2016, the benchmark indicator will be the EURO STOXX 50 DNR, then from 25/11/2016, the Fund will use the EURO STOXX DNR as its benchmark indicator. Past performance is no longer of any significance. | | Frais | | |
| --- | --- | --- |
| Les frais et commissions acquittés servent à couvrir les coûts d'exploitation de l'OPCVM y compris les coûts de commercialisa tion et de distribution des parts, ces frais réduisent la croissance potentielle des investissements. |
| Frais ponctuels prélevés avant ou après votre investissement | Frais courants 1 : ce chiffre se fonde sur les frais de l’exercice précédent, clos en décembre 2019. Ce pourcentage peut varier d’une année à l’autre. A compter du 30 décembre 2019, l’OPC clôturera le 30 décembre de chaque année ou le dernier jour de bourse ouvré précédant si le 30 décembre était un jour non ouvré à Paris ou à Francfort. Les frais courants ne comprennent pas : les commissions de surperformance et les frais d’intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par le Fonds lorsqu’il achète ou vend des parts d’un autre véhicule de gestion collective. Pour plus d’information sur les frais, veuillez-vous référer à la rubrique « frais et commissions » du prospectus de ce Fonds, disponible sur le site internet www.ofi-am.fr |
| Frais d’entrée | 0,125 % |
| Frais de sortie | 0,125 % |
| Les frais d’entrée et de sortie mentionnés sont en maximum. Dans certains cas l’investisseur pourra payer moins cher, il peut obtenir de son conseil ou de son distributeur le montant effectif des frais d’entrée et de sortie. Les frais d’entrée sont prélevés avant que votre capital ne soit investi et que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année | |
| Frais courants 1 | 0,75% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de surperformance | Néant | |
| Performances passées | | |
| | Indicateur de référence : Euro Stoxx Dividendes Nets Réinvestis. Les commissions d’entrée éventuellement prélevées ne sont pas prises en compte dans le calcul des performances. Les frais courants ainsi que la commission de surperformance sont pris en compte dans le calcul des performances. Cet OPCVM a été créé le 16/01/2007 – La part I a été créée le 02/07/2013 - Devise utilisée pour les calculs : EUR Changements significatifs au cours des 10 dernières années : - 25/11/2016 : le Fonds devient Nourricier du FCP OFI RS EURO EQUITY SMART BETA entraînant un changement de politique d’investissement avec intégration du filtre ISR et changement d’indicateur de référence. Ainsi jusqu’au 24/11/2016, l’indicateur de référence sera l’EURO STOXX 50 DNR puis à compter du 25/11/2016 le Fonds aura pour indicateur de référence l’EURO STOXX DNR. Les performances passées ne sont plus significatives. | | Fees | | |
| --- | --- | --- |
| Fees and commissions paid serve to cover the operating costs of the UCITS, including the costs of marketing and distribution of the units; these fees reduce the potential growth of investments. |
| One-off charges taken before or after you invest | | Running costs 1 : This figure is based on the costs of the previous financial year, ended in December 2019. This percentage can vary from year to year. As of 30 December 2019, the UCI will close on 30 December of each year or on the last working trading day before that if 30 December is not a working day in Paris or Frankfurt. Running costs do not include: outperformance and brokerage fees except in the case of entry and/or exit fees paid by the Fund when it buys or sells units in another collective investment scheme. For more information about fees, please refer to the section "costs and fees" in the prospectus of this Fund, available at www.ofi-am.fr |
| Entry fees | 0.125% |
| Exit charge | 0.125% |
| The entry and exit fees mentioned are given as maximums. In some cases, investors may pay less - their adviser or distributor can provide them with the actual total of entry or exit fees. Entry fees are collected before your capital is invested and before the income from your investment is distributed to you. |
| Fees taken from the fund over a year | |
| Ongoing charge 1 | 0.75% |
| Fees taken from the fund in certain circumstances |
| Outperformance fee | Nil | |
| Past performance | | |
| | Benchmark: Euro Stoxx Reinvested Net Dividends. Any entry fees collected are not taken into account in the calculation of performance. Running costs and the outperformance fee are taken into account in the calculation of performance. This UCITS was created on 16/01/2007 - The I units were created on 02/07/2013 - Currency used for calculations: EUR Significant changes in the last 10 years: - 25/11/2016: The Fund became a Feeder for the Fund OFI RS EURO EQUITY SMART BETA, leading to a change in the investment policy, with the integration of an SRI filter and a change in the benchmark indicator. Therefore until 24/11/2016, the benchmark indicator will be the EURO STOXX 50 DNR, then from 25/11/2016, the Fund will use the EURO STOXX DNR as its benchmark indicator. Past performance is no longer of any significance. | en | fr |
DOLFIN5148 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Additional information
No Morningstar rating is shown if the fund is less than three years old or rating is below 3 stars. A short-term trading fee may be applied upon exiting the fund as per the prospectus. This is an Irish Investment Company regulated by the Central Bank of Ireland. Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. | ### Información adicional
No se muestran calificaciones de Morningstar si el fondo se lanzó hace menos de tres años o si la calificación es inferior a tres estrellas. Puede aplicarse una comisión de negociación a corto plazo al salir del fondo según se indica en el folleto. Se trata de una sociedad de inversión irlandesa regulada por el Banco Central de Irlanda. Téngase en cuenta que cualquier diferencia entre las divisas de los valores de la cartera, las divisas de las clases de acciones y los costes que deben pagarse o representados en divisas distintas a la divisa de su país le expondrá al riesgo de divisas. Los costes y las rentabilidades podrán incrementarse o disminuir como resultado de las fluctuaciones de las divisas y de los tipos de cambio.
La rentabilidad histórica no predice las rentabilidades futuras. | ### Additional information
No Morningstar rating is shown if the fund is less than three years old or rating is below 3 stars. A short-term trading fee may be applied upon exiting the fund as per the prospectus. This is an Irish Investment Company regulated by the Central Bank of Ireland. Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk. Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. | en | es |
DOLFIN5149 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The reported ongoing charges shown here are an estimate, as no data is yet available from the previous year.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information. | Les frais courants indiqués dans ce document sont fournis à titre indicatif, aucune information concernant l'année précédente n'étant disponible.
Ces frais peuvent varier d'une année à l'autre. Les frais courants ne comprennent pas:
- les commissions de performance
- les coûts de transaction du portefeuille (hors les frais d’entrée et de sortie pris en charge par le Fonds lorsque ce dernier ra- chète et vend des parts d'autres fonds d'investissement)Pour obtenir de plus amples renseignements sur les commissions et les frais et sur la manière de les calculer, nous vous prions de consulter le prospectus, disponible sur www.lgtcp.com/en/regulatory-information. | The reported ongoing charges shown here are an estimate, as no data is yet available from the previous year.
These charges can fluctuate from year to year. The ongoing charges do not include:
- performance fees
- portfolio transaction costs (except entry charges and exit charges which are borne by the Fund when purchasing and selling other investment funds)For further information on fees and charges and their method of calculation please refer to the prospectus which is available at www.lgtcp.com/en/regulatory-information. | en | fr |
DOLFIN5150 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Euro Short- Term Rate (ESTR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.00%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 0.50% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.71% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 10.00% de la diferencia positiva con la High Water Mark o del tipo de rentabilidad del Euro Short-Term Rate (ESTR) prorrateado, de ambos valores el más bajo. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 0.00%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 0.50% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.71% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 10.00% of the outperformance of the High Water Mark or of the prorated Euro Short- Term Rate (ESTR) rate of return, whichever is the lower. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 0.00%. | | en | es |
DOLFIN5151 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Miscellaneous and Final Provisions Article 34 Appropriation of earnings
- The Board of Directors may distribute the earned income of a sub-fund as a dividend to the shareholders or retain such earnings in the sub-fund in question (accumulation). Details shall be mentioned for each sub-fund in the respective appendix to the Sales Prospectus.
- The distribution may include ordinary earnings from interest and/or dividends, as well as other ordinary earnings less costs ("net ordinary earnings") as well as net realized capital gains. This shall also apply with regard to proceeds from the sale of subscription rights and/or other net earnings of a non-recurring nature.
In addition, distribution may also be made of non-realized capital gains and of other assets, on condition that, following distribution, the net assets do not fall below the minimum limit pursuant to article 11 of these Articles.
- The Board of Directors shall be authorized, within the limits of the law and the provisions of these Articles, to decide upon the distribution of interim dividends for dividend-bearing shares.
- Dividends shall be paid on shares that have been issued as of the distribution date. The distribution of dividends may be executed, in whole or in part, in the form of bonus shares. Any remaining fractions may be paid out in cash. Earnings not claimed within five years from the date of publication of a dividend announcement shall be forfeited in favor of the respective sub-fund and, where share classes have been created, in favor of the respective share class. No interest shall be paid on declared dividends beginning from the time at which they become payable.
- Dividend payments are effected in the same manner as the payment of the Redemption Price.
- Dividends that have been announced but not paid may no longer be claimed by the holder of such shares after the expiration of a period of five years from the payment announcement and shall be forfeited in favor of the respective sub-fund of the Investment Company and, where share classes have been created, in favor of the respective share class. No interest shall be paid on declared dividends beginning from the time at which they become payable. | # Allgemeines und Schlussbestimmungen Artikel 34 Verwendung der Erträge
- Der Verwaltungsrat kann die in einem Teilfonds erwirtschafteten Erträge an die Aktionäre dieses Teilfonds ausschütten oder diese Erträge in dem jeweiligen Teilfonds thesaurieren. Dies findet für den jeweiligen Teilfonds in dem betreffenden Anhang zu dem Verkaufsprospekt Erwähnung.
- Zur Ausschüttung können die ordentlichen Erträge aus Zinsen und/oder Dividenden sowie sonstige ordentliche Erträge abzüglich Kosten ("ordentliche Netto-Erträge") sowie netto realisierte Kursgewinne kommen. Gleiches gilt für Erlöse aus dem Verkauf von Bezugsrechten und/oder sonstigen Nettoerträgen nicht wiederkehrender Art.
Ferner können die nicht realisierten Kursgewinne sowie sonstige Aktiva zur Ausschüttung gelangen, sofern das Nettovermögen aufgrund der Ausschüttung nicht unter die Mindestgrenze gemäß Artikel 11 dieser Satzung sinkt.
- Der Verwaltungsrat ist ermächtigt, im Rahmen der Gesetze und der Vorschriften dieser Satzung für ausschüttungsberechtigte Aktien über Zwischenausschüttungen zu beschließen.
- Ausschüttungen werden auf die am Ausschüttungstag ausgegebenen Aktien ausgezahlt. Ausschüttungen können ganz oder teilweise in Form von Gratisaktien vorgenommen werden. Eventuell verbleibende Bruchteile können bar ausgezahlt werden. Erträge, die fünf Jahre nach Veröffentlichung einer Ausschüttungserklärung nicht geltend gemacht wurden, verfallen zugunsten des jeweiligen Teilfonds und, sofern Aktienklassen gebildet wurden, zugunsten der jeweiligen Aktienklasse. Auf erklärte Ausschüttungen werden vom Zeitpunkt Ihrer Fälligkeit an keine Zinsen bezahlt.
- Ausschüttungen erfolgen in der gleichen Weise wie die Auszahlung des Rücknahmepreises.
- Ausschüttungen, die erklärt, aber nicht ausgezahlt wurden, können nach Ablauf eines Zeitraums von fünf Jahren ab der erfolgten Zahlungserklärung, vom Aktionär einer solchen Aktie nicht mehr eingefordert werden und verfallen zugunsten dem jeweiligen Teilfondsvermögen der Investmentgesellschaft, und, sofern Aktienklassen gebildet wurden, zugunsten der jeweiligen Aktienklasse. Auf erklärte Ausschüttungen werden vom Zeitpunkt Ihrer Fälligkeit an keine Zinsen bezahlt. | # Miscellaneous and Final Provisions Article 34 Appropriation of earnings
- The Board of Directors may distribute the earned income of a sub-fund as a dividend to the shareholders or retain such earnings in the sub-fund in question (accumulation). Details shall be mentioned for each sub-fund in the respective appendix to the Sales Prospectus.
- The distribution may include ordinary earnings from interest and/or dividends, as well as other ordinary earnings less costs ("net ordinary earnings") as well as net realized capital gains. This shall also apply with regard to proceeds from the sale of subscription rights and/or other net earnings of a non-recurring nature.
In addition, distribution may also be made of non-realized capital gains and of other assets, on condition that, following distribution, the net assets do not fall below the minimum limit pursuant to article 11 of these Articles.
- The Board of Directors shall be authorized, within the limits of the law and the provisions of these Articles, to decide upon the distribution of interim dividends for dividend-bearing shares.
- Dividends shall be paid on shares that have been issued as of the distribution date. The distribution of dividends may be executed, in whole or in part, in the form of bonus shares. Any remaining fractions may be paid out in cash. Earnings not claimed within five years from the date of publication of a dividend announcement shall be forfeited in favor of the respective sub-fund and, where share classes have been created, in favor of the respective share class. No interest shall be paid on declared dividends beginning from the time at which they become payable.
- Dividend payments are effected in the same manner as the payment of the Redemption Price.
- Dividends that have been announced but not paid may no longer be claimed by the holder of such shares after the expiration of a period of five years from the payment announcement and shall be forfeited in favor of the respective sub-fund of the Investment Company and, where share classes have been created, in favor of the respective share class. No interest shall be paid on declared dividends beginning from the time at which they become payable. | en | de |
DOLFIN5152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
## The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
## The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0
| -0.5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Past performance is not a guide to future performance.
## Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
## The Sub-Fund was launched in 2016. The class was launched in 2016.
## Past performance has been calculated in GBP.
DoubleLine Low Average Duration Bond - Class I DIS GBP Hedged | # Gastos
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,00% |
| Gastos de salida | 0,00% |
| Este es el máximo que puede detraerse de su capital antes de invertirlo o de abonar el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 0,55% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No |
Rentabilidad histórica
Las comisiones que paga se utilizan para sufragar los costes de funcionamiento del Subfondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. No incluyen los costes de transacción de la cartera, excepto en caso de que el Subfondo pague gastos de entrada o de salida cuando compre o venda participaciones de otros organismos de inversión colectiva.
## Los gastos de entrada y de salida que se muestran son los máximos que se pueden cobrar. En algunos casos, podría pagar menos. Puede consultar los gastos reales con su asesor financiero.
## La cifra de gastos corrientes se basa en los gastos estimados en los que incurrirá el Subfondo en sus operaciones diarias.
## Dicha cifra puede variar de un año a otro.
## Encontrará más información sobre Gastos en la Sección 13 del folleto del fondo.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4,0
| -0,5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## La rentabilidad histórica no es un indicador de la rentabilidad futura.
## Se han calculado los datos de rentabilidad, incluidos los impuestos, los gastos corrientes y los gastos de transacción de la cartera, y excluyendo los gastos de entrada y salida.
## El Subfondo se lanzó en 2016. La clase se lanzó en 2016. La rentabilidad histórica se calculó en GBP.
DoubleLine Low Average Duration Bond - Clase I DIS GBP con cobertura | # Charges
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charge | 0.55% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | None |
Past Performance
The charges you pay are used to pay the running costs of the Sub-Fund, including marketing and distribution costs. These charges reduce the potential growth of your investment. They exclude portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking.
## The entry and exit charges shown are the maximum that may be charged. In some cases you may pay less. You can obtain the actual charges from your financial advisor.
## The ongoing charges figure is based on estimated expenses that will be incurred by the Sub-Fund in its day to day operations. This figure may vary from year to year.
## Further information on Charges can be found in Section 13 of the fund’s prospectus.
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-4.0
| -0.5 | | |
| --- | --- | --- |
| |
| | |
| | |
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
## Past performance is not a guide to future performance.
## Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.
## The Sub-Fund was launched in 2016. The class was launched in 2016.
## Past performance has been calculated in GBP.
DoubleLine Low Average Duration Bond - Class I DIS GBP Hedged | en | es |
DOLFIN5153 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 4 car il investit essentiellement dans des obligations et autres titres asiatiques productifs de revenu et ces actifs n'ont pas affiché de fortes variations de valorisation (« volatilité »). Cependant, de nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître des variations de valeur. Les variations de valeur sont censées entraîner des variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque lié aux devises, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de liquidité, le risque de conformité, le risque politique, le risque juridique, le risque de garde, le risque opérationnel, le risque de contrepartie, le risque régional et de pays, le risque inhérent à l’investissement dans des actions A chinoises ou dans des titres de créance onshore, ainsi que le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Les instruments dérivés sont hautement sensibles aux variations de valeurs de l’actif sous-jacent sur lequel ils sont basés. Certains dérivés peuvent produire des pertes plus importantes que le montant initialement investi. Si une contrepartie devait faire défaut, le bénéfice latent sur le contrat de dérivé ainsi que son exposition au marché peuvent disparaître. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | Interpretación del indicador de riesgo y remuneración: El indicador de riesgo y remuneración toma en cuenta datos históricos que no constituyen una indicación fiable de los resultados futuros. La categoría de riesgo se calculó utilizando los correspondientes datos de rentabilidad histórica, que puede no constituir una indicación fiable del futuro perfil de riesgo de los fondos. La categoría de riesgo del fondo no constituye un objetivo ni se garantiza su estabilidad en el tiempo. La categoría de riesgo 1 no significa que la inversión esté exenta de riesgos.
¿Por qué está este fondo en esta categoría? El fondo se encuentra en la categoría de riesgo 4 debido a que invierte principalmente en renta fija asiática y otros valores que generan ingresos y estos activos no han mostrado cambios significativos en su valoración («volatilidad»). No obstante, muchos mercados asiáticos son considerados mercados emergentes y pueden experimentar cambios en su valoración («volatilidad»). En general, los cambios en la valoración generan cambios en el valor de inventario neto del fondo.
¿Existen otros riesgos concretos que debería considerar? El indicador de riesgo y remuneración no proporciona un perfil general de riesgo del fondo, ni refleja plenamente todos los riesgos que comporta invertir en él. Entre los riesgos que debe considerar se incluyen: riesgo de mercado, riesgo de tipo de interés, riesgo de divisas, riesgo cambiario, riesgo de liquidación, riesgo de valoración, riesgo de crédito, riesgo de liquidez, riesgo de cumplimiento, riesgo político, riesgo jurídico, riesgo de custodia, riesgo operativo, riesgo de contraparte, riesgo regional y nacional, riesgo de invertir en acciones A de China o valores de deuda onshore y riesgo invertir en títulos de alto rendimiento. Las inversiones en mercados financieros menos desarrollados pueden exponer al Fondo a un mayor riesgo operativo, jurídico y político. Los instrumentos derivados son extremadamente sensibles a los cambios en el valor del activo subyacente en el que se basan. Determinados derivados pueden dar lugar a pérdidas superiores al importe invertido. Si se produjese un impago de la contraparte, podría perderse el beneficio no materializado sobre el contrato derivado y su exposición al mercado. Si desea más información sobre los riesgos, consulte la sección «Consideraciones sobre riesgos» del folleto del fondo que está disponible en global.matthewsasia.com/prospectus. | Interprétation de l'Indicateur de Risque et de Rendement : L'Indicateur de Risque et de Rendement prend en compte les données historiques, lesquelles ne sont pas une indication fiable de l'avenir. La catégorie de risque a été calculée sur la base des données de performance passées correspondantes et peut ne pas être un indicateur fiable du profil de risque futur du Fonds. La catégorie de risque du Fonds ne constitue ni un objectif ni une garantie de stabilité dans le temps. Une catégorie de risque 1 n'est pas synonyme d'investissement sans risque.
Pourquoi ce Fonds est-il dans cette catégorie? Le Fonds est classé dans la catégorie de risque 4 car il investit essentiellement dans des obligations et autres titres asiatiques productifs de revenu et ces actifs n'ont pas affiché de fortes variations de valorisation (« volatilité »). Cependant, de nombreux marchés asiatiques sont considérés comme des marchés émergents et peuvent connaître des variations de valeur. Les variations de valeur sont censées entraîner des variations de la valeur nette d'inventaire du Fonds.
Existe-t-il d'autres risques particuliers que vous devriez prendre en considération? L'Indicateur de Risque et de Rendement ne constitue pas une indication du profil de risque global du Fonds, et n'intègre pas non plus tous les risques liés à l'investissement dans le Fonds. Les risques que vous devriez prendre en compte incluent : le risque de marché, le risque de taux d’intérêt, le risque lié aux devises, le risque de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de liquidité, le risque de conformité, le risque politique, le risque juridique, le risque de garde, le risque opérationnel, le risque de contrepartie, le risque régional et de pays, le risque inhérent à l’investissement dans des actions A chinoises ou dans des titres de créance onshore, ainsi que le risque lié au haut rendement. Les investissements dans des marchés financiers moins développés peuvent exposer le Fonds à un risque opérationnel, juridique et politique accru. Les instruments dérivés sont hautement sensibles aux variations de valeurs de l’actif sous-jacent sur lequel ils sont basés. Certains dérivés peuvent produire des pertes plus importantes que le montant initialement investi. Si une contrepartie devait faire défaut, le bénéfice latent sur le contrat de dérivé ainsi que son exposition au marché peuvent disparaître. Pour davantage de précisions sur les risques, veuillez vous reporter à la section « Facteurs de risque » du Prospectus du Fonds, disponible sur global.matthewsasia.com/prospectus. | fr | es |
DOLFIN5154 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Practical information
Custodian: Société Générale Luxembourg.
Past performances are not a reliable indicator of future results. The performance is disclosed in Euro (EUR) and net of all fees charged to the Fund. The Fund was created on 09 February 2021.
(*) Until 16/09/2021, the Fund's Benchmark Index was Solactive GBS CW DM International Large & Mid Cap EUR Index PR (SCWEUJEP Index).
Further practical information about the Fund, the latest prospectus, as well as the latest annual reports and any subsequent half yearly-report are available in French or in English, free of charge from the client servicing department of the management company, 17, Cours Valmy, Tour Société Générale 92800 Puteaux, FRANCE.
The Fund is a sub-fund of the Company SOLYS. The prospectus, as well as the latest annual reports and any subsequent half yearly-report are established for the entire Company.
Assets and liabilities of each Sub-Fund are segregated by law (i.e. assets of the Fund can not be used to pay the liabilities of other sub-funds of the Company). If applicable, conversion rules between sub-funds are detailed in the prospectus of the Company.
Additional information: the net asset value and other share class information (if any), are available on www.lyxorfunds.com.
Tax: the tax legislation applicable in the member state where the Fund is registered may have an impact on investors. Please contact your usual tax counsel for any further information.
ESG:
Environmental, social and governance (ESG) criteria are one of the components of the manager’s investment decision-making, without being a main factor of the management.
Lyxor International Asset Management 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 of the Fund.
The details of the management company's updated remuneration policy are available at www.lyxor.comor free of charge upon written request to the management company. This policy describes in particular the methods for calculating the remuneration and benefits of certain categories of employees, the bodies responsible for their allocation and the composition of the Compensation Committee.
The Fund is authorized in Luxembourg and supervised by the Commission de surveillance du secteur financier.Lyxor International Asset Management is regulated by the Autorité des marchés financiers.
The key investor information is accurate and up to date as at September the 17th, 2021. | # Informations pratiques
Dépositaire : Société Générale Luxembourg.
Les performances passées ne constituent pas un indicateur fiable des performances futures. La performance est indiquée en euros (EUR), nette de tous les frais à la charge du Fonds. Le Fonds a été lancé le 9 février 2021.
(*) Do 16.09.2021 byl referenčním indexem fondu Solactive GBS CW DM International Large & Mid Cap EUR Index PR (SCWEUJEP Index).
De plus amples informations pratiques relatives au Fonds, au dernier prospectus en date, aux derniers rapports annuels et à tout rapport semestriel, le cas échéant, sont mises à disposition en français et en anglais, gratuitement, auprès du service à la clientèle de la société de gestion, 17, Cours Valmy, Tour Société Générale 92800 Puteaux, FRANCE.
Le Fonds est un compartiment de la société SOLYS. Le prospectus ainsi que les derniers rapports annuels et tout rapport semestriel subséquent sont établis pour l’ensemble de la Société.
L’actif et le passif de chaque Compartiment sont dissociés en vertu de la loi (c.-à-d. que l’actif du Fonds ne peut pas être utilisé pour acquitter le passif d’autres compartiments de la Société). Si applicables, les règles de conversion de parts entre compartiments sont détaillées dans le prospectus de la Société.
Informations supplémentaires : la valeur liquidative et d’autres informations concernant la catégorie d’actions (le cas échéant) sont disponibles sur le site Internet www.lyxorfunds.com.
Fiscalité : la législation fiscale applicable dans l’État membre où le Fonds est enregistré peut affecter les investisseurs. Pour plus d’informations, veuillez contacter votre conseiller fiscal habituel.
Critères ESG :
les critères environnementaux, sociaux et de gouvernance (ESG) constituent l’un des facteurs pris en compte dans la prise de décisions d’investissement du gestionnaire, sans toutefois représenter l’un des principaux facteurs de gestion.
La responsabilité de Lyxor International Asset Management 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.
Les informations relatives à la politique de rémunération à jour de la société de gestion sont disponibles sur le site Internet www.lyxor.com, ou gratuitement sur demande écrite auprès de la société de gestion. Cette politique décrit notamment les méthodes utilisées pour calculer la rémunération et les bénéfices de certaines catégories de collaborateurs, les organes chargés de leur allocation, ainsi que la composition du Comité de rémunération.
Le Fonds est agréé en Luxembourg et réglementé par la Commission de Surveillance du Secteur Financier. Lyxor International Asset Management est réglementée par l’Autorité des marchés financiers.
Les informations clés pour l'investisseur présentées ici sont exactes et à jour au 17 septembre 2021. | # Practical information
Custodian: Société Générale Luxembourg.
Past performances are not a reliable indicator of future results. The performance is disclosed in Euro (EUR) and net of all fees charged to the Fund. The Fund was created on 09 February 2021.
(*) Until 16/09/2021, the Fund's Benchmark Index was Solactive GBS CW DM International Large & Mid Cap EUR Index PR (SCWEUJEP Index).
Further practical information about the Fund, the latest prospectus, as well as the latest annual reports and any subsequent half yearly-report are available in French or in English, free of charge from the client servicing department of the management company, 17, Cours Valmy, Tour Société Générale 92800 Puteaux, FRANCE.
The Fund is a sub-fund of the Company SOLYS. The prospectus, as well as the latest annual reports and any subsequent half yearly-report are established for the entire Company.
Assets and liabilities of each Sub-Fund are segregated by law (i.e. assets of the Fund can not be used to pay the liabilities of other sub-funds of the Company). If applicable, conversion rules between sub-funds are detailed in the prospectus of the Company.
Additional information: the net asset value and other share class information (if any), are available on www.lyxorfunds.com.
Tax: the tax legislation applicable in the member state where the Fund is registered may have an impact on investors. Please contact your usual tax counsel for any further information.
ESG:
Environmental, social and governance (ESG) criteria are one of the components of the manager’s investment decision-making, without being a main factor of the management.
Lyxor International Asset Management 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 of the Fund.
The details of the management company's updated remuneration policy are available at www.lyxor.comor free of charge upon written request to the management company. This policy describes in particular the methods for calculating the remuneration and benefits of certain categories of employees, the bodies responsible for their allocation and the composition of the Compensation Committee.
The Fund is authorized in Luxembourg and supervised by the Commission de surveillance du secteur financier.Lyxor International Asset Management is regulated by the Autorité des marchés financiers.
The key investor information is accurate and up to date as at September the 17th, 2021. | en | fr |
DOLFIN5155 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Pan European Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds cherche à maximiser les rendements totaux en investissant principalement dans des actions de sociétés européennes qui répondent aux critères environnementaux, sociaux et de gouvernance pertinents, et exclura des sociétés de certains secteurs et des sociétés qui ne sont pas conformes aux principes du Pacte mondial pour les entreprises des Nations Unies. Le Fonds investira au moins 90 % de ses actifs dans des actions de sociétés en Europe tout en tenant compte du développement durable à travers des indicateurs tels que l'orientation stratégique à long terme et la culture d'une entreprise, la compétence des équipes de direction en matière d'allocation du capital et le niveau d'alignement des intérêts des clients, des employés et des actionnaires externes. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'alcool, de jeux d'argent, d'armement, de divertissements pour adultes ou d'extraction et production de combustibles fossiles ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI Europe Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme, avec un accent particulier sur le développement durable. Le Fonds tient compte des préférences en matière de développement durable grâce à un seuil minimal devant être affecté aux investissements durables et à la prise en compte qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | # ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Pan European Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo tratará de aumentar al máximo su rentabilidad total invirtiendo principalmente en acciones de empresas en Europa que cumplan los criterios medioambientales, sociales y de gobierno correspondiente, excluyendo a empresas de determinadas industrias y empresas que no cumplan los principios del Pacto Mundial de las Naciones Unidas por los negocios. El Fondo invertirá al menos un 90 % en acciones de empresas en Europa mientras tiene en cuenta la sostenibilidad a través de indicadores como la dirección estratégica y la cultura a largo plazo de una empresa, la capacidad de asignación de capital de los equipos de gestión y el nivel de alineación de los intereses de los clientes, empleados y accionistas externos. Se seleccionarán las inversiones aplicando exclusiones por actividades comerciales y una evaluación basada en las normas. No se permite invertir en empresas que obtengan unos ingresos anuales por encima de un nivel establecido del tabaco, el alcohol, el juego, las armas, el ocio para adultos o la extracción y producción de combustibles sólidos. El Fondo cumplirá con la política del Gestor de inversiones a la hora de evaluar los incumplimientos del Pacto Mundial de las Naciones Unidas por los negocios. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras la deducción de costes) se mide en relación con el MSCI Europe Index. El Fondo tratará de obtener resultados significativamente mejores a los del índice. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos se reinvertirán. No se comprarán acciones adicionales pero la reinversión se verá reflejada en el precio de sus acciones de capitalización existentes. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo sea lograr un crecimiento del capital en un horizonte de inversión a largo plazo, con énfasis en la sostenibilidad. El Fondo tiene en cuenta las preferencias en materia de sostenibilidad mediante una proporción mínima de inversiones sostenibles y la consideración cualitativa de las principales incidencias adversas utilizando un enfoque de exclusiones. El inversor debe estar preparado para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital. | # En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Pan European Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds cherche à maximiser les rendements totaux en investissant principalement dans des actions de sociétés européennes qui répondent aux critères environnementaux, sociaux et de gouvernance pertinents, et exclura des sociétés de certains secteurs et des sociétés qui ne sont pas conformes aux principes du Pacte mondial pour les entreprises des Nations Unies. Le Fonds investira au moins 90 % de ses actifs dans des actions de sociétés en Europe tout en tenant compte du développement durable à travers des indicateurs tels que l'orientation stratégique à long terme et la culture d'une entreprise, la compétence des équipes de direction en matière d'allocation du capital et le niveau d'alignement des intérêts des clients, des employés et des actionnaires externes. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'alcool, de jeux d'argent, d'armement, de divertissements pour adultes ou d'extraction et production de combustibles fossiles ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI Europe Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Il sera procédé au réinvestissement des revenus. Aucune autre action ne sera achetée, mais le réinvestissement sera répercuté dans le prix de vos actions de capitalisation existantes. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme, avec un accent particulier sur le développement durable. Le Fonds tient compte des préférences en matière de développement durable grâce à un seuil minimal devant être affecté aux investissements durables et à la prise en compte qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | fr | es |
DOLFIN5156 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### ** The figure for Legg Mason Martin Currie European Absolute Alpha Fund^ is for the period 1 March 2021 up to the date when it ceased trading on 1 June 2021.
Stress testing is the examination of the potential effects on a Fund’s financial condition of a set of specific changes in risk factors, relating to exceptional but possible events. Western Asset take a conservative approach by applying stress tests that are beyond the range of reasonably likely occurrences. Western Asset expect (although there is no assurance) that if Legg Mason Western Asset US Government Liquidity Fund is able to withstand stress tests that are beyond the range of reasonably likely occurrences, that the Net Asset Value per share (or any particular class of share) of this Fund, would remain stable in the event of reasonable negative market events.
A scenario based stress test can be used to meet the sensitivity analysis requirement of FRS 102. FRS 102 does not prescribe a specific basis point movement or percentage movement for sensitivity analyses. Accordingly for the purposes of this annual report, the currency impact on Legg Mason Western Asset US Government Liquidity Fund of an instantaneous 25 basis points increase in short-term interest rates is shown: | #### ** L’importo per Legg Mason Martin Currie European Absolute Alpha Fund^ è per il periodo 1° marzo 2021 fino alla data in cui ha cessato la negoziazione il 1° giugno 2021.
Lo stress test è l’esame dei potenziali effetti sulle condizioni finanziarie di un Comparto di un insieme di variazioni specifiche dei fattori di rischio relative a eventi eccezionali ma possibili. Western Asset assume un approccio prudente applicando stress test che vanno oltre la gamma di eventi ragionevolmente probabili. Western Asset si aspetta (sebbene non vi sia alcuna garanzia) che se Legg Mason Western Asset US Government Liquidity Fund fosse in grado di resistere a stress test che esulano dall’intervallo di eventi ragionevolmente probabili, il Valore Patrimoniale Netto per azione (o qualsiasi particolare classe di azioni) di questo Comparto, rimanga stabile in caso di ragionevoli eventi di mercato negativi.
Allo scopo di soddisfare il requisito dell’analisi della sensibilità previsto da FRS 102 può essere utilizzato uno stress test basato su scenari. FRS 102 non prevede un movimento percentuale o in punti base specifico per le analisi della sensibilità. Di conseguenza, ai fini della presente relazione annuale, è mostrato l’impatto valutario su Legg Mason Western Asset US Government Liquidity Fund di un aumento istantaneo di 25 punti base dei tassi d’interesse a breve termine: | ##### ** The figure for Legg Mason Martin Currie European Absolute Alpha Fund^ is for the period 1 March 2021 up to the date when it ceased trading on 1 June 2021.
Stress testing is the examination of the potential effects on a Fund’s financial condition of a set of specific changes in risk factors, relating to exceptional but possible events. Western Asset take a conservative approach by applying stress tests that are beyond the range of reasonably likely occurrences. Western Asset expect (although there is no assurance) that if Legg Mason Western Asset US Government Liquidity Fund is able to withstand stress tests that are beyond the range of reasonably likely occurrences, that the Net Asset Value per share (or any particular class of share) of this Fund, would remain stable in the event of reasonable negative market events.
A scenario based stress test can be used to meet the sensitivity analysis requirement of FRS 102. FRS 102 does not prescribe a specific basis point movement or percentage movement for sensitivity analyses. Accordingly for the purposes of this annual report, the currency impact on Legg Mason Western Asset US Government Liquidity Fund of an instantaneous 25 basis points increase in short-term interest rates is shown: | en | it |
DOLFIN5157 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In order to achieve these various purposes, personal data may be collected or received directly from the data subjects, indirectly via external sources including all sources accessible to the public, or via third-party subscription services.
A shareholder or potential investor in the SICAV, a distribution partner of the SICAV or a related person of such a shareholder, potential investor or distribution partner may refuse to provide the personal data required by the SICAV or on its behalf. In this case, the SICAV may not be able, and may therefore refuse: 1) to provide the services requested by this shareholder or potential investor relating to their existing or intended investment in the SICAV; 2) to provide services in connection with those mentioned in point 1) above, which the SICAV and/or the subcontractors consider indispensable for the purposes of the legitimate interest pursued by the SICAV and/or the subcontractors in connection with the existing or potential investment of shareholders and potential investors in the SICAV; 3) to comply with contracts and other agreements concluded between the SICAV and its distribution partners; and 4) to continue the relationship between the SICAV and the shareholder or between the SICAV and the distribution partner.
Subject to applicable legal limitation periods, which may vary dependent on the purposes for which the personal data has been obtained, this personal data will not be held longer than necessary given the purposes for which it was obtained. Personal data will be erased or rendered anonymous (or the equivalent) once it is no longer required to achieve the purposes for which it was obtained, except if: (i) processing of the personal data for a longer period is required by applicable legal or regulatory provisions; or (ii) it is required in order to comply with the general terms and conditions of the SICAV or to protect the rights of the SICAV or its subcontractors as part of legal claims, disputes, arbitration or similar proceedings. | Zur Erreichung der einzelnen Zwecke dürfen die personenbezogenen Daten unmittelbar von den betroffenen Personen oder mittelbar über externe Quellen, einschließlich jeglicher öffentlich zugänglicher Quellen, oder über einen Zeichnungsservice oder Dritte erhoben oder erhalten werden.
Ein Aktionär oder potenzieller Aktionär der SICAV, ein Geschäftspartner der SICAV oder eine mit diesem Aktionär, potenziellen Aktionär oder Geschäftspartner verbundene Person darf die Bereitstellung der von der SICAV oder für ihre Rechnung angeforderten personenbezogenen Daten verweigern. In diesem Fall könnte die SICAV nicht imstande sein und sich folglich weigern, 1) die von diesem Aktionär oder potenziellen Aktionär angefragten Dienstleistungen zu erbringen, die einen Bezug auf seine Anlage oder geplante Anlange in der SICAV haben; und/oder 2) Dienstleistungen zu erbringen, die mit den vorstehend unter Punkt 1) genannten Dienstleistungen verbunden sind und von der SICAV und/oder den Auftragsverarbeitern für das von der SICAV und/oder den Auftragsverarbeitern verfolgte berechtigte Interesse im Zusammenhang mit der Anlage oder geplanten Anlage der Aktionäre und potenziellen Aktionäre an der SICAV als unverzichtbar angesehen werden; und/oder 3) die Verträge und sonstigen Vereinbarungen zwischen der SICAV und ihren Geschäftspartnern zu erfüllen; und 4) die Beziehung zwischen der SICAV und dem Aktionär oder zwischen der SICAV und dem Geschäftspartner fortzusetzen.
Vorbehaltlich der geltenden gesetzlichen Beschränkungsfristen, die sich abhängig von den Zwecken, aus denen die personenbezogenen Daten erlangt wurden, unterscheiden können, werden diese Daten nur so lange aufbewahrt, wie dies für die Zwecke, aus denen sie erlangt wurden, erforderlich ist. Die personenbezogenen Daten werden gelöscht oder anonymisiert (oder Gleichwertiges), wenn sie für die Erreichung der Zwecke, für die sie erlangt wurden, nicht mehr erforderlich sind, es sei denn, (i) eine geltende gesetzliche Anforderung oder Vorschrift verlangt eine Verarbeitung der personenbezogenen Daten für einen längeren Zeitraum, oder (ii) um die allgemeinen Bedingungen der SICAV einzuhalten oder die Rechte der SICAV oder der Auftragsverarbeiter im Rahmen von rechtlichen Ansprüchen, Rechtsstreiten, Schiedsverfahren oder sonstigen ähnlichen Verfahren zu schützen. | In order to achieve these various purposes, personal data may be collected or received directly from the data subjects, indirectly via external sources including all sources accessible to the public, or via third-party subscription services.
A shareholder or potential investor in the SICAV, a distribution partner of the SICAV or a related person of such a shareholder, potential investor or distribution partner may refuse to provide the personal data required by the SICAV or on its behalf. In this case, the SICAV may not be able, and may therefore refuse: 1) to provide the services requested by this shareholder or potential investor relating to their existing or intended investment in the SICAV; 2) to provide services in connection with those mentioned in point 1) above, which the SICAV and/or the subcontractors consider indispensable for the purposes of the legitimate interest pursued by the SICAV and/or the subcontractors in connection with the existing or potential investment of shareholders and potential investors in the SICAV; 3) to comply with contracts and other agreements concluded between the SICAV and its distribution partners; and 4) to continue the relationship between the SICAV and the shareholder or between the SICAV and the distribution partner.
Subject to applicable legal limitation periods, which may vary dependent on the purposes for which the personal data has been obtained, this personal data will not be held longer than necessary given the purposes for which it was obtained. Personal data will be erased or rendered anonymous (or the equivalent) once it is no longer required to achieve the purposes for which it was obtained, except if: (i) processing of the personal data for a longer period is required by applicable legal or regulatory provisions; or (ii) it is required in order to comply with the general terms and conditions of the SICAV or to protect the rights of the SICAV or its subcontractors as part of legal claims, disputes, arbitration or similar proceedings. | en | de |
DOLFIN5158 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region- based exclusions, and engagement. The fund invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The majority of bonds selected will be components of the benchmark, but bonds outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund. | # Política de inversión
Robeco High Yield Bonds es un fondo de gestión activa que invierte en bonos corporativos de alta rentabilidad. La selección de estos bonos se basa principalmente en el análisis fundamental. El objetivo del fondo es generar un crecimiento del capital a largo plazo. El fondo fomenta criterios AS (ambientales y sociales) en el sentido del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, integra riesgos de sostenibilidad en el proceso de inversión, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones regionales, normativas y de actividad, o la interacción. El fondo invierte en bonos corporativos con calificación inferior al grado de inversión emitidos principalmente por emisores de mercados desarrollados (Europa/Estados Unidos). Se trata de una cartera ampliamente diversificada y con un sesgo estructural hacia el segmento de alta rentabilidad mejor calificado. Los impulsores del rendimiento son el posicionamiento beta top-down y la selección de emisores bottom-up. Aunque podrán incluirse bonos ajenos al índice de referencia, la mayor parte de los bonos seleccionados pertenecerá al índice de referencia. El fondo podrá apartarse significativamente de las ponderaciones del índice de referencia. El fondo tiene como objetivo superar a largo plazo al índice de referencia, sin dejar de controlar el riesgo relativo mediante la aplicación de límites (sobre monedas y emisores) respecto al grado de desviación frente al índice de referencia, lo que a su vez limitará la desviación de la rentabilidad frente a dicho índice. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con los criterios ASG que fomenta el fondo. | # Investment policy
Robeco High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region- based exclusions, and engagement. The fund invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The majority of bonds selected will be components of the benchmark, but bonds outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund. | en | es |
DOLFIN5159 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Example investment: EUR 10,000 | 1 year | 7 years |
| --- | --- | --- |
| Minimum There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress Scenario | What you might get back after costs | EUR 7,910 | EUR 6,840 |
| Average return each year | -20.88% | -5.28% |
| 1 Unfavourable Scenario | What you might get back after costs | EUR 9,030 | EUR 9,040 |
| Average return each year | -9.68% | -1.42% |
| 2 Moderate Scenario | What you might get back after costs | EUR 10,450 | EUR 14,210 |
| Average return each year | 4.53% | 5.15% |
| 3 Favourable Scenario | What you might get back after costs | EUR 12,790 | EUR 17,070 |
| Average return each year | 27.91% | 7.94% | | | Esempio di investimento: EUR 10.000 | 1 anno | 7 anni |
| --- | --- | --- |
| Minimo Non è previsto un rendimento minimo garantito. L’investitore potrebbe perdere parte o la totalità del suo investimento. |
| Scenario di stress | Importo che potrebbe essere restituito al netto dei costi | EUR 7.910 | EUR 6.840 |
| Rendimento medio annuo | -20,88% | -5,28% |
| 1 Scenario sfavorevole | Importo che potrebbe essere restituito al netto dei costi | EUR 9.030 | EUR 9.040 |
| Rendimento medio annuo | -9,68% | -1,42% |
| 2 Scenario moderato | Importo che potrebbe essere restituito al netto dei costi | EUR 10.450 | EUR 14.210 |
| Rendimento medio annuo | 4,53% | 5,15% |
| 3 Scenario favorevole | Importo che potrebbe essere restituito al netto dei costi | EUR 12.790 | EUR 17.070 |
| Rendimento medio annuo | 27,91% | 7,94% | | | Example investment: EUR 10,000 | 1 year | 7 years |
| --- | --- | --- |
| Minimum There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress Scenario | What you might get back after costs | EUR 7,910 | EUR 6,840 |
| Average return each year | -20.88% | -5.28% |
| 1 Unfavourable Scenario | What you might get back after costs | EUR 9,030 | EUR 9,040 |
| Average return each year | -9.68% | -1.42% |
| 2 Moderate Scenario | What you might get back after costs | EUR 10,450 | EUR 14,210 |
| Average return each year | 4.53% | 5.15% |
| 3 Favourable Scenario | What you might get back after costs | EUR 12,790 | EUR 17,070 |
| Average return each year | 27.91% | 7.94% | | en | it |
DOLFIN5160 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant dans un portefeuille d’actions des États-Unis d’Amérique.
Politique d’investissement :
Dans des conditions de marché normales, le Fonds investira au moins 90 % de ses actifs en actions (ou titres similaires) de sociétés de toute taille basées ou exerçant la majeure partie de leur activité aux États-Unis.
Le processus d’investissement du Fonds identifie et investit dans les sociétés en fonction de leur échelle économique, mesurée par leur contribution au Produit National Brut. Elle est aussi appelée Valeur ajoutée, c’est-à-dire la différence entre la production et la consommation d’une société.
Le Fonds peut investir jusqu’à 10 % dans des Sociétés d’investissement immobilier cotées (REIT).
Le Fonds peut aussi investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds HSBC.
Le Fonds peut aussi investir dans des instruments dérivés. Le Fonds peut les utiliser à des fins de couverture et de gestion de trésorerie. Les instruments dérivés ne seront pas utilisés en grande mesure à des fins d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est USD. La devise de référence de cette catégorie d’actions est USD.
Les revenus sont distribués.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et n’est pas contraint de respecter la composition d’un indice de référence.
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à long terme et est destiné aux investisseurs qui recherchent une exposition à des catégories d’actifs susceptibles d’être soumises à une volatilité modérément élevée. Le Fonds peut convenir aux investisseurs qui recherchent un investissement venant compléter un portefeuille de base existant ou un investissement autonome permettant d’acquérir une exposition à une catégorie d’actifs spécifique.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected] , ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | # ¿Qué es este producto?
Tipo
El Fondo es una sociedad de inversión constituida como una sociedad anónima que reúne los requisitos para ser considerada una «société d'investissement à capital variable». El valor del Fondo depende de la rentabilidad de los activos subyacentes y puede subir o bajar. Cualquier capital invertido en el Fondo puede estar en riesgo.
Objetivos y política de inversión
Objetivo de inversión:
El Fondo tiene como objetivo proporcionar un crecimiento de capital e ingresos a largo plazo invirtiendo en una cartera de acciones estadounidenses.
Política de inversión:
En condiciones normales del mercado, el Fondo invertirá al menos el 90 % de sus activos en acciones (o valores similares a las acciones) de empresas de cualquier tamaño que tengan su sede o realicen la mayor parte de sus actividades comerciales en EE. UU.
El proceso de inversión del Fondo identifica e invierte en empresas de acuerdo con su escala económica, medida por su contribución al producto interior bruto. Esto también se conoce como Valor añadido, es decir, la diferencia entre las salidas y entradas de una empresa.
El Fondo puede invertir hasta el 10 % en fondos de inversión inmobiliaria.
El Fondo también puede invertir hasta el 10 % de sus activos en otros fondos, incluidos los fondos de HSBC.
El Fondo también puede invertir en derivados. El Fondo podrá utilizarlos con fines de cobertura y de gestión de flujo de efectivo. Los derivados no se utilizarán ampliamente con fines de inversión. Los derivados también podrán estar integrados en otros instrumentos utilizados por el Fondo.
El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
La moneda de referencia del Fondo es USD. La moneda de referencia de esta clase de acciones es USD.
Los ingresos se distribuyen.
Puede vender su inversión la mayoría de los días laborables.
El Fondo se gestiona activamente y no está limitado por un valor de referencia.
Inversor minorista al que va dirigido
El Fondo puede ser adecuado para inversores con un horizonte de inversión a largo plazo, y está destinado a aquellos que busquen exposición a clases de activos potencialmente sujetas a una volatilidad moderadamente alta. El Fondo puede ser adecuado para inversores que busquen una inversión que complemente una cartera principal existente o que lo conciban como una inversión independiente para obtener exposición a una clase de activos específica.
Una inversión en el Fondo solo es adecuada para inversores que sean capaces de evaluar los riesgos y los beneficios de dicha inversión y que cuenten con recursos suficientes para soportar cualquier pérdida, ya que el Fondo no está garantizado y el importe recibido puede ser inferior a la cantidad invertida. El Fondo está diseñado para formar parte de una cartera de inversión diversificada. Los posibles inversores deben consultar a su asesor financiero antes de invertir.
Plazo:
El Fondo no tiene una fecha de vencimiento.
El Productor del PRIIP no puede terminar el Fondo de forma unilateral. Asimismo, el Consejo de Administración podrá decidir liquidar el Fondo en determinadas circunstancias que se detallan en el folleto y los estatutos del Fondo.
Información adicional:
El presente documento describe una única clase de acciones o participaciones de un subfondo de la Sociedad. Puede obtener más información sobre la Sociedad y consultar el Folleto, los informes anual y semestral más recientes de la Sociedad y los últimos precios de las acciones o participaciones de forma gratuita, en inglés, a través del Agente de registro y de transferencia, mediante el correo electrónico [email protected] visitando www.global.assetmanagement.hsbc.com. El Folleto más reciente se encuentra disponible en inglés y alemán. El Folleto y los informes anual y semestral han sido elaborados para el conjunto de la Sociedad.
El Banco Depositario es HSBC Continental Europe, Luxembourg. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos.
Es posible canjear sus acciones o participaciones por las de una clase distinta u otro subfondo de la Sociedad. Para obtener más información al respecto, consulte el apartado del Folleto relativo a las conversiones entre subfondos o clases. | # En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant dans un portefeuille d’actions des États-Unis d’Amérique.
Politique d’investissement :
Dans des conditions de marché normales, le Fonds investira au moins 90 % de ses actifs en actions (ou titres similaires) de sociétés de toute taille basées ou exerçant la majeure partie de leur activité aux États-Unis.
Le processus d’investissement du Fonds identifie et investit dans les sociétés en fonction de leur échelle économique, mesurée par leur contribution au Produit National Brut. Elle est aussi appelée Valeur ajoutée, c’est-à-dire la différence entre la production et la consommation d’une société.
Le Fonds peut investir jusqu’à 10 % dans des Sociétés d’investissement immobilier cotées (REIT).
Le Fonds peut aussi investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds HSBC.
Le Fonds peut aussi investir dans des instruments dérivés. Le Fonds peut les utiliser à des fins de couverture et de gestion de trésorerie. Les instruments dérivés ne seront pas utilisés en grande mesure à des fins d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est USD. La devise de référence de cette catégorie d’actions est USD.
Les revenus sont distribués.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et n’est pas contraint de respecter la composition d’un indice de référence.
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à long terme et est destiné aux investisseurs qui recherchent une exposition à des catégories d’actifs susceptibles d’être soumises à une volatilité modérément élevée. Le Fonds peut convenir aux investisseurs qui recherchent un investissement venant compléter un portefeuille de base existant ou un investissement autonome permettant d’acquérir une exposition à une catégorie d’actifs spécifique.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected] , ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | fr | es |
DOLFIN5161 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment advisor
Principal Global Investors, LLC ("PGI")
Principal Aligned is an investment team within Principal Global Investors that utilizes a completely fundamental, bottom-up approach. The name Principal Aligned highlights the group's conviction in the power of aligned incentives, which is expressed in the investment process through a distinctive preference for
owner-operators. | # Investment advisor
Principal Global Investors, LLC ("PGI")
Principal Aligned è un team d'investimento operante all'interno di Principal Global Investors che adotta un approccio bottom- up fondamentale. Il nome Principal Aligned evidenzia la fiducia del gruppo nel potere degli incentivi allineati, che si esprime nel processo di investimento attraverso una preferenza distintiva per i proprietari/gestori. | # Investment advisor
Principal Global Investors, LLC ("PGI")
Principal Aligned is an investment team within Principal Global Investors that utilizes a completely fundamental, bottom-up approach. The name Principal Aligned highlights the group's conviction in the power of aligned incentives, which is expressed in the investment process through a distinctive preference for
owner-operators. | en | it |
DOLFIN5162 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Mutual Fund does not plan to use securities with embedded derivatives such as warrants, Credit Linked Notes, and Euro Medium Term Notes (EMTN), etc.) Any warrants or rights obtained following transactions affecting securities held in the portfolio are nevertheless authorised.
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#### Deposits: | Le FCP ne prévoit pas de recourir à des titres intégrant des dérivés (warrants, Credit Linked Notes, EMTN…). Les bons ou droits éventuels obtenus suite à des opérations affectant les titres en portefeuille sont néanmoins autorisés.
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##### Dépôts : | The Mutual Fund does not plan to use securities with embedded derivatives such as warrants, Credit Linked Notes, and Euro Medium Term Notes (EMTN), etc.) Any warrants or rights obtained following transactions affecting securities held in the portfolio are nevertheless authorised.
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#### Deposits: | en | fr |
DOLFIN5163 | 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 aims to produce positive returns through capital gains and earning interest income. The Fund invests mainly in convertible bonds issued by European based companies, or companies which generate a large portion of their profits in Europe.
1 Convertible bonds are fixed income instruments that can be converted into shares of the issuing company. The Fund may use the option to convert bonds in order to benefit from positive performance of an issuer's shares. Consequently the Fund may also hold shares.
1 The Fund may make use of financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Refinitiv Global Convertible Europe 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. | # Objetivos y política de inversión
1 El Fondo trata de proporcionar rendimientos positivos a través de plusvalías e ingresos por intereses. El Fondo invierte mayoritariamente en bonos convertibles emitidos por empresas establecidas en Europa, o empresas que generen una gran parte de sus beneficios en dicho continente.
1 Los bonos convertibles son instrumentos de renta fija que pueden convertirse en acciones de la sociedad emisora. El Fondo puede optar por convertir bonos para beneficiarse de la rentabilidad positiva de las acciones de un emisor. En consecuencia, el Fondo también puede mantener acciones.
1 El Fondo puede utilizar instrumentos financieros derivados ("IFD", es decir, instrumentos cuyos precios dependan de uno o más activos subyacentes).
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Refinitiv Global Convertible Europe Bond Index 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 de la rentabilidad. | # Objectives and investment policy
1 The Fund aims to produce positive returns through capital gains and earning interest income. The Fund invests mainly in convertible bonds issued by European based companies, or companies which generate a large portion of their profits in Europe.
1 Convertible bonds are fixed income instruments that can be converted into shares of the issuing company. The Fund may use the option to convert bonds in order to benefit from positive performance of an issuer's shares. Consequently the Fund may also hold shares.
1 The Fund may make use of financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Refinitiv Global Convertible Europe 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. | en | es |
DOLFIN5164 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### RISQUES ENCOURUS PAR LA SOCIÉTÉ
Les activités d’investissement de la Société l’exposent aux divers risques inhérents aux instruments financiers et aux marchés sur lesquels elle investit : le risque de marché (qui comprend le risque de prix, le risque de taux d’intérêt et le risque de change), le risque de crédit et le risque de liquidité. La Société a mis en place des programmes de gestion du risque qui cherchent à limiter les effets négatifs potentiels de ces risques sur la performance financière des Compartiments.
Le Prospectus de la Société présente une information complète sur les risques auxquels les Compartiments sont confrontés et les lecteurs des présents états financiers sont donc priés de se référer au Prospectus pour s’assurer qu’ils ont une compréhension complète de ces risques. Aux seules fins des présents états financiers et pour faciliter la conformité avec les normes comptables, les principaux risques découlant des stratégies d’investissement des Compartiments et de leurs mesures peuvent être résumés comme suit : | #### RIESGO DE LA SOCIEDAD
Las actividades de inversión de la Sociedad la exponen a los distintos tipos de riesgo relacionados con los instrumentos financieros y los mercados en los que invierte: riesgo de mercado (que incluye el riesgo de precios de mercado, riesgo de tipos de interés y riesgo de tipo de cambio), riesgo de crédito y riesgo de liquidez. La Sociedad desarrolla programas de gestión de riesgos encaminados a limitar los posibles efectos adversos de estos riesgos sobre los resultados financieros de los Fondos.
El folleto de la Sociedad establece que deben comunicarse detalladamente los riesgos a los que se enfrentan los Subfondos y, por tanto, los lectores de los presentes estados financieros deben remitirse al folleto a fin de garantizar que comprenden por completo estos riesgos. Únicamente a los efectos de los presentes estados financieros y para facilitar el cumplimiento de las normas contables, los principales riesgos derivados de las estrategias de inversión de los Subfondos y las medidas de estos pueden resumirse como sigue: | #### RISQUES ENCOURUS PAR LA SOCIÉTÉ
Les activités d’investissement de la Société l’exposent aux divers risques inhérents aux instruments financiers et aux marchés sur lesquels elle investit : le risque de marché (qui comprend le risque de prix, le risque de taux d’intérêt et le risque de change), le risque de crédit et le risque de liquidité. La Société a mis en place des programmes de gestion du risque qui cherchent à limiter les effets négatifs potentiels de ces risques sur la performance financière des Compartiments.
Le Prospectus de la Société présente une information complète sur les risques auxquels les Compartiments sont confrontés et les lecteurs des présents états financiers sont donc priés de se référer au Prospectus pour s’assurer qu’ils ont une compréhension complète de ces risques. Aux seules fins des présents états financiers et pour faciliter la conformité avec les normes comptables, les principaux risques découlant des stratégies d’investissement des Compartiments et de leurs mesures peuvent être résumés comme suit : | fr | es |
DOLFIN5165 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The indicated ongoing charges are an estimate based on the expected total amount of charges. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital. L’investisseur peut obtenir de son conseil ou de son distributeur le montant effectif des frais d’entrée et de sortie.
Les frais d'entrée et de sortie affichés sont des taux maximum. Dans certains cas, les frais payés peuvent être inférieurs.
Les frais courants font l’objet d’une estimation fondée sur le montant total attendu des frais. Ce pourcentage peut varier d'une année sur l'autre. Il exclut les commissions de surperformance et les frais d'intermédiation, à l'exception des frais d'entrée et de sortie payés par le Fonds lorsqu'il achète ou vend des parts d'un autre Fonds.
Pour plus d'information sur les frais du Fonds Maître et du Fonds Nourricier, veuillez vous reporter à la section intitulée "Frais à la charge de la société" du prospectus, disponible aux adresses www.fundsquare.net et www.ca-indosuez-am.com. | The percentage shown is the maximum amount that can be paid out of your investment. You may find out the actual entry and exit charges from your financial advisor or distributor.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The indicated ongoing charges are an estimate based on the expected total amount of charges. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Master Fund and Feeder Fund, please see the section entitled "Charges borne by the company" in the prospectus, available at www.fundsquare.net and www.ca-indosuez-am.com. | en | fr |
DOLFIN5166 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
There are no specifications for restricting the residual maturity of securities.
The provision of collateral is based on individual contractual agreements between the counterparty and the Management Company, in which, inter alia, the type and quality of collateral, haircuts, allowances and mini- mum transfer amounts are defined. The value of OTC derivatives and any collateral already provided is calcu- lated on a daily basis. If, due to individual contractual agreements, an increase or decrease in collateral is nec- essary, this collateral shall be requested or claimed back from the counterparty. Information on the agree- ments may be requested from the Management Company free of charge at any time.
With respect to the risk diversification of the collateral received, the maximum exposure to a particular issuer may not exceed 20% of net fund assets. By way of exception, Article 4(5)(h) of the Management Regulations shall apply to issuer risk on receipt of collateral from specific issuers.
On behalf of the Fund, the Management Company may accept securities as collateral within the framework of derivatives and securities financing transactions. If these securities were pledged as collateral, they must be held in custody by the Depositary. If the Management Company has pledged the securities as collateral within the framework of derivative transactions, custody is at the discretion of the secured party. | Non esistono disposizioni che limitano la durata residua delle garanzie.
La prestazione di garanzie si basa su singoli accordi contrattuali stipulati tra il contraente e la Società di gestio- ne, nei quali vengono definiti tra l'altro la tipologia e la qualità delle garanzie, gli "haircut", le franchigie e gli importi minimi dei trasferimenti. I valori dei derivati OTC e delle eventuali garanzie rilasciate sono calcolati su base giornaliera. Qualora, in base alle condizioni contrattuali stabilite di volta in volta, sia necessario aumenta- re o diminuire le garanzie, queste saranno richieste o restituite, a seconda del caso, alla controparte. Maggiori informazioni sugli accordi possono essere ottenute gratuitamente e in qualsiasi momento presso la Società di gestione.
In relazione alla diversificazione del rischio connesso alle garanzie ricevute, l'esposizione massima nei confronti di un determinato emittente non può superare il 20% del valore netto d'inventario del Fondo. In deroga a ciò trova applicazione l'articolo 4 al punto 5, lettera h) del Regolamento di gestione, relativo al rischio di emittente connesso all'assunzione di garanzie da parte di taluni emittenti.
La Società di gestione può accettare, per conto del rispettivo Fondo, titoli come garanzia nel quadro di opera- zioni con derivati e operazioni di finanziamento tramite titoli. In caso di trasferimento di tali titoli a scopo di garanzia, questi devono essere custoditi dal Depositario. Nel caso in cui la Società di gestione abbia costituito i titoli in pegno come garanzia nell'ambito di operazioni in derivati, sulla loro custodia decide a sua discrezione il cessionario della garanzia. | There are no specifications for restricting the residual maturity of securities.
The provision of collateral is based on individual contractual agreements between the counterparty and the Management Company, in which, inter alia, the type and quality of collateral, haircuts, allowances and mini- mum transfer amounts are defined. The value of OTC derivatives and any collateral already provided is calcu- lated on a daily basis. If, due to individual contractual agreements, an increase or decrease in collateral is nec- essary, this collateral shall be requested or claimed back from the counterparty. Information on the agree- ments may be requested from the Management Company free of charge at any time.
With respect to the risk diversification of the collateral received, the maximum exposure to a particular issuer may not exceed 20% of net fund assets. By way of exception, Article 4(5)(h) of the Management Regulations shall apply to issuer risk on receipt of collateral from specific issuers.
On behalf of the Fund, the Management Company may accept securities as collateral within the framework of derivatives and securities financing transactions. If these securities were pledged as collateral, they must be held in custody by the Depositary. If the Management Company has pledged the securities as collateral within the framework of derivative transactions, custody is at the discretion of the secured party. | en | it |
DOLFIN5167 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Art. 40 Applicable law, place of jurisdiction and relevant language
The UCITS is governed by Liechtenstein law. The exclusive place of jurisdiction for all disputes between the investors, the Management Company and the Custodian is Vaduz, Liechtenstein.
The Management Company and/or the Custodian may however, in respect of claims brought by investors from these countries, subject themselves and the UCITS to the place of jurisdiction of the countries in which units are offered and sold. Other mandatory statutory places of jurisdiction remain reserved.
The legally-binding language for this Trust Agreement is the German language. | # Art. 40 Anwendbares Recht, Gerichtsstand und massgebende Sprache
Der OGAW untersteht liechtensteinischem Recht. Ausschliesslicher Gerichtsstand für sämtliche Streitigkeiten zwischen den Anlegern, der Verwaltungsgesellschaft und der Verwahrstelle ist Vaduz.
Die Verwaltungsgesellschaft und/oder die Verwahrstelle können sich und den OGAW jedoch im Hinblick auf Ansprüche von Anlegern aus diesen Ländern dem Gerichtsstand der Länder unterwerfen, in welchen Anteile angeboten und ver- kauft werden. Anderslautende gesetzlich zwingende Gerichtsstände bleiben vorbehalten.
Als rechtsverbindliche Sprache für diesen Treuhandvertrag gilt die deutsche Sprache. | # Art. 40 Applicable law, place of jurisdiction and relevant language
The UCITS is governed by Liechtenstein law. The exclusive place of jurisdiction for all disputes between the investors, the Management Company and the Custodian is Vaduz, Liechtenstein.
The Management Company and/or the Custodian may however, in respect of claims brought by investors from these countries, subject themselves and the UCITS to the place of jurisdiction of the countries in which units are offered and sold. Other mandatory statutory places of jurisdiction remain reserved.
The legally-binding language for this Trust Agreement is the German language. | en | de |
DOLFIN5168 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1997. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI Emerging Markets Latin America 10/40 Index (GBP)
It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | -14.6 | -3.0 | -26.6 | 50.5 | 15.8 | 2.6 | 14.1 | -20.0 | -14.0 |
| Constraint †¹ | | -15.0 | -6.8 | -27.0 | 56.3 | 13.0 | -0.8 | 12.9 | -16.5 | -7.3 |
During this period performance was achieved under circumstances that no longer apply.
Prior to 29th June 2022, the Fund used a different benchmark, which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en GBP para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 1997. La clase de acciones se lanzó en 2012.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI Emerging Markets Latin America 10/40 Index (GBP)
No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | -14,6 | -3,0 | -26,6 | 50,5 | 15,8 | 2,6 | 14,1 | -20,0 | -14,0 |
| Limitación †¹ | | -15,0 | -6,8 | -27,0 | 56,3 | 13,0 | -0,8 | 12,9 | -16,5 | -7,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
Antes del 29 de junio de 2022, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 1997. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI Emerging Markets Latin America 10/40 Index (GBP)
It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | -14.6 | -3.0 | -26.6 | 50.5 | 15.8 | 2.6 | 14.1 | -20.0 | -14.0 |
| Constraint †¹ | | -15.0 | -6.8 | -27.0 | 56.3 | 13.0 | -0.8 | 12.9 | -16.5 | -7.3 |
During this period performance was achieved under circumstances that no longer apply.
Prior to 29th June 2022, the Fund used a different benchmark, which is reflected in the benchmark data. | en | es |
DOLFIN5169 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Depositary of the Company is The Bank of New York Mellon SA/NV, Dublin Branch. The Fund is a sub-fund of Magna Umbrella Fund plc, an umbrella structure comprising different sub-funds. The Fund is subject to tax laws and regulations of Ireland. The tax legislation that applies to the Fund may have an impact on the personal tax position of you as an investor in the Fund. Please consult your tax advisor for further information.
You are entitled to switch from one sub-fund of the Company to another or from one share class to another within the same sub-fund. Information on how to switch is in the section entitled ‘The Shares’ in the Prospectus.
The assets and liabilities of the Fund are segregated from other sub-funds in the Company, subject to the provisions of Irish law. This document describes a share class of a sub-fund of the Company.
Further information about the Company, the Prospectus and periodic reports are in the name of the Company and copies are available free of charge from the administrator and the share distributor. The Prospectus, key investor information documents, share prices,
annual and half-yearly reports and shareholder notices are available in English and German on the website of www.fundinfo.com.
Class A Acc USD ISIN IE000T9OKXD3 has been chosen as the representative share class for classes A Acc GBP(IE000DMUGLN2), A Acc EUR(IE000DPPCH49), of the fund.
Details of the up-to-date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at: https://bridgeconsulting.ie/management-company-services;
and a paper copy of the remuneration is available on request from the Manager.
The Manager 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 Company.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 1 April 2022.
(ISIN: IE000T9OKXD3) | El depositario de la sociedad es The Bank of New York Mellon SA/NV, Dublin Branch.
El fondo es un subfondo de Magna Umbrella Fund plc, una estructura paraguas que comprende distintos subfondos. El fondo está sujeto a la legislación y regulación fiscal de Irlanda. La legislación fiscal que rige para el fondo puede afectar a su situación tributaria personal como inversor en el fondo. Consulte a su asesor fiscal para obtener más información.
Puede canjear su fondo por otro subfondo de la sociedad o una clase de acciones por otra clase del mismo subfondo. El procedimiento de canje se indica en la sección "Las Acciones" del folleto.
Los activos y pasivos del fondo están separados de los demás subfondos de la Sociedad, con sujeción a lo previsto por la ley irlandesa. En este documento se describe una clase de acciones de un subfondo de la sociedad.
La información complementaria sobre la sociedad, el folleto y los informes periódicos están a nombre de la sociedad, y el administrador y el distribuidor de las acciones pueden proporcionarle ejemplares de forma gratuita. El folleto, los documentos de datos fundamentales para el inversor, los precios de las acciones, los informes anual y semestral
y las notificaciones a accionistas están disponibles en inglés y alemán en el sitio web www.fundinfo.com.
La Clase A Acc USD, con ISIN IE000T9OKXD3, ha sido elegida como clase de acciones representativa de las clases A Acc GBP(IE000DMUGLN2) y A Acc EUR(IE000DPPCH49), del fondo.
Los detalles de la política remunerativa actualizada, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios y la identidad de las personas responsables de determinar la remuneración y los beneficios, con la composición del comité de remuneraciones si lo hay pueden consultarse en: https://bridgeconsulting.ie/management-company-services;
y cuando se solicite a la Sociedad Gestora, se facilitará copia en papel.
La sociedad de gestión únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto de la Sociedad.
Este fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 01/04/2022.
(ISIN: IE000T9OKXD3) | The Depositary of the Company is The Bank of New York Mellon SA/NV, Dublin Branch. The Fund is a sub-fund of Magna Umbrella Fund plc, an umbrella structure comprising different sub-funds. The Fund is subject to tax laws and regulations of Ireland. The tax legislation that applies to the Fund may have an impact on the personal tax position of you as an investor in the Fund. Please consult your tax advisor for further information.
You are entitled to switch from one sub-fund of the Company to another or from one share class to another within the same sub-fund. Information on how to switch is in the section entitled ‘The Shares’ in the Prospectus.
The assets and liabilities of the Fund are segregated from other sub-funds in the Company, subject to the provisions of Irish law. This document describes a share class of a sub-fund of the Company.
Further information about the Company, the Prospectus and periodic reports are in the name of the Company and copies are available free of charge from the administrator and the share distributor. The Prospectus, key investor information documents, share prices,
annual and half-yearly reports and shareholder notices are available in English and German on the website of www.fundinfo.com.
Class A Acc USD ISIN IE000T9OKXD3 has been chosen as the representative share class for classes A Acc GBP(IE000DMUGLN2), A Acc EUR(IE000DPPCH49), of the fund.
Details of the up-to-date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at: https://bridgeconsulting.ie/management-company-services;
and a paper copy of the remuneration is available on request from the Manager.
The Manager 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 Company.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 1 April 2022.
(ISIN: IE000T9OKXD3) | en | es |
DOLFIN5170 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The value of the investment fund and the net asset value per unit are determined by the Company under the supervision of the Depositary at every opportunity to issue and redeem units. The value of the investment fund is to be determined on the basis of the respective market values of the assets belonging to it, less loans and other liabilities. In the event that various invest- ment fund unit classes have been introduced, the unit value and issue and redemption prices will be calculated for each individ- ual unit class.
The net asset value per unit (unit value) is shown to two decimal places.
The issue and redemption prices are rounded to two decimal places. | Der Wert des Sondervermögens und der Nettoinventarwert je Anteil werden von der Gesellschaft unter Kontrolle der Verwahr- stelle bei jeder Möglichkeit zur Ausgabe und Rücknahme von Anteilen ermittelt. Der Wert des Sondervermögens ist aufgrund der jeweiligen Verkehrswerte der zu ihm gehörenden Vermö- gensgegenstände abzüglich der aufgenommenen Kredite und sonstigen Verbindlichkeiten zu ermitteln. Werden unterschiedli- che Anteilklassen für das Sondervermögen eingeführt, wird der Anteilwert sowie der Ausgabe- und Rücknahmepreis für jede Anteilklasse gesondert ermittelt.
Der Nettoinventarwert je Anteil (Anteilwert) wird mit zwei Nach- kommastellen ausgewiesen.
Ausgabe- und Rücknahmepreise werden auf zwei Nachkomma- stellen abgerundet. | The value of the investment fund and the net asset value per unit are determined by the Company under the supervision of the Depositary at every opportunity to issue and redeem units. The value of the investment fund is to be determined on the basis of the respective market values of the assets belonging to it, less loans and other liabilities. In the event that various invest- ment fund unit classes have been introduced, the unit value and issue and redemption prices will be calculated for each individ- ual unit class.
The net asset value per unit (unit value) is shown to two decimal places.
The issue and redemption prices are rounded to two decimal places. | en | de |
DOLFIN5171 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
2 Dépositaire : Le dépositaire de Vanguard Investment Series plc (« VIS ») est Brown Brothers Harriman Trustee Services (Ireland) Limited.
2 Documents, cours des actions et autres informations : Vous pouvez obtenir des exemplaires du Prospectus et des derniers rapports et comptes annuels et semestriels relatifs à VIS, ainsi que les derniers cours publiés des actions et d'autres informations sur le Fonds, gratuitement, auprès de Vanguard Investment Series plc, c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Irlande, ou sur notre site Internet à l'adresse suivante : https://global.vanguard.com. Ces documents sont disponibles uniquement en anglais.
2 Compartiments : VIS est un fonds à compartiments multiples appliquant le principe de la séparation des passifs entre les compartiments. Cela signifie que les participations du Fonds sont conservées séparément des participations d'autres compartiments de VIS en vertu du droit irlandais et que votre investissement dans le Fonds ne sera pas impacté par d'éventuelles demandes à l'encontre de tout autre compartiment de VIS.
2 Cours : Les derniers cours publiés des parts du Fonds sont également disponibles sur le site Internet du FT (www.ft.com) ou sur https://global.vanguard.com
2 Actions : Vous pouvez échanger vos actions du Fonds contre des actions de tout autre compartiment de VIS. Des frais d'entrée peuvent s'appliquer. Des informations détaillées sur les conversions figurent dans le Prospectus.
2 Responsabilité : VGIL peut uniquement être tenu responsable sur la base de toute déclaration figurant aux présentes qui soit trompeuse, inexacte ou contraire par rapport aux parties correspondantes du Prospectus du Fonds.
2 Fournisseur d'indices : Le Fonds n'est pas parrainé, garanti ou promu par MSCI et MSCI n'assume aucune responsabilité eu égard au Fonds ou à l'Indice de référence. Pour de plus amples informations, veuillez vous reporter au Prospectus.
2 Fiscalité : VIS est soumis à la législation fiscale irlandaise. Selon votre pays de résidence, cela peut avoir un impact sur votre situation fiscale personnelle. Il vous est recommandé de consulter votre conseiller fiscal professionnel.
2 Politique de rémunération : Plus d'informations sur la Politique de rémunération de VGIL sont disponibles sur https://global.vanguard.com/portal/site-
/portal/ucits-investment-information, y compris : (a) une description de la méthode de calcul des rémunérations et des avantages ; et (b) l'identité des personnes responsables de l'attribution des rémunérations et des avantages. Une copie imprimée de ces informations peut être obtenue gratuitement sur demande auprès de VGIL au 70 Sir John Rogerson's Quay, Dublin 2, Irlande.
Le Fonds est agréé en Irlande et réglementé par la Banque centrale irlandaise (la « Banque centrale »). VGIL est agréé en Irlande et réglementé par la Banque centrale.Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 22/08/2022. | # Información práctica
2 Depositario: El depositario del Fondo Vanguard Investment Series plc ("VIS") es Brown Brothers Harriman Trustee Services (Ireland) Limited.
2 Documentos, precios de las acciones y otra información: puede obtener copias del Folleto y del último informe anual y semestral, así como de las cuentas de VIS, junto con los últimos precios publicados de las acciones y otra información sobre el Fondo, de forma gratuita, en Vanguard Investment Series plc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublín 2, D02 W329, Irlanda, o a través de nuestra página web https://global.vanguard.com. Estos documentos están disponibles únicamente en inglés.
2 Subfondos: VIS es un fondo de tipo paraguas con responsabilidad segregada entre sus subfondos. Esto implica que, en virtud de la legislación irlandesa, las participaciones del Fondo se mantienen de forma independiente de las de otros subfondos de VIS y su inversión en el Fondo no se verá afectada por ninguna reclamación formulada contra otros subfondos de VIS.
2 Precios: Los últimos precios publicados de las unidades del Fondo también están disponibles en el sitio web del FT www.ft.com o https://global.vanguard.com
2 Acciones: podrá canjear sus acciones en el Fondo por acciones de cualquier otro subfondo de VIS. Se podrán aplicar gastos de entrada. Los detalles del traspaso se describen en el Folleto.
2 Responsabilidad: VGIL puede ser considerado responsable únicamente en caso de que cualquier declaración contenida en este documento sea falsa, inexacta o incoherente con las partes correspondientes del Folleto de este Fondo.
2 Proveedor del índice: el Fondo no está patrocinado, avalado o promovido por MSCI y dicha entidad no es responsable en modo alguno del Fondo o del Índice de Referencia. Consulte el Folleto para obtener más información.
2 Fiscalidad: VIS está sujeto a las leyes fiscales de Irlanda. En función de su país de residencia, esto podría repercutir en su situación fiscal personal. Le recomendamos que consulte a su asesor fiscal profesional.
2 Política de retribución: Puede encontrarse información relativa a la Política de retribución de VGIL en https://global.vanguard.com/portal/site/portal/u- cits-investment-information, como, por ejemplo: (a) una descripción del modo en que se calculan la retribución y los beneficios; y (b) las identidades de las personas reponsables de otorgar la retribución y los beneficios. Puede obtenerse de manera gratuita una copia en papel de la información mencionada previa solicitud a VGIL en la dirección 70 Sir John Rogerson's Quay, Dublín 2, Irlanda.
El Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda (el "Banco Central"). VGIL está autorizado en Irlanda y regulado por el Banco Central.Los presentes datos fundamentales para el inversor son exactos a 22/08/2022. | # Informations pratiques
2 Dépositaire : Le dépositaire de Vanguard Investment Series plc (« VIS ») est Brown Brothers Harriman Trustee Services (Ireland) Limited.
2 Documents, cours des actions et autres informations : Vous pouvez obtenir des exemplaires du Prospectus et des derniers rapports et comptes annuels et semestriels relatifs à VIS, ainsi que les derniers cours publiés des actions et d'autres informations sur le Fonds, gratuitement, auprès de Vanguard Investment Series plc, c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Irlande, ou sur notre site Internet à l'adresse suivante : https://global.vanguard.com. Ces documents sont disponibles uniquement en anglais.
2 Compartiments : VIS est un fonds à compartiments multiples appliquant le principe de la séparation des passifs entre les compartiments. Cela signifie que les participations du Fonds sont conservées séparément des participations d'autres compartiments de VIS en vertu du droit irlandais et que votre investissement dans le Fonds ne sera pas impacté par d'éventuelles demandes à l'encontre de tout autre compartiment de VIS.
2 Cours : Les derniers cours publiés des parts du Fonds sont également disponibles sur le site Internet du FT (www.ft.com) ou sur https://global.vanguard.com
2 Actions : Vous pouvez échanger vos actions du Fonds contre des actions de tout autre compartiment de VIS. Des frais d'entrée peuvent s'appliquer. Des informations détaillées sur les conversions figurent dans le Prospectus.
2 Responsabilité : VGIL peut uniquement être tenu responsable sur la base de toute déclaration figurant aux présentes qui soit trompeuse, inexacte ou contraire par rapport aux parties correspondantes du Prospectus du Fonds.
2 Fournisseur d'indices : Le Fonds n'est pas parrainé, garanti ou promu par MSCI et MSCI n'assume aucune responsabilité eu égard au Fonds ou à l'Indice de référence. Pour de plus amples informations, veuillez vous reporter au Prospectus.
2 Fiscalité : VIS est soumis à la législation fiscale irlandaise. Selon votre pays de résidence, cela peut avoir un impact sur votre situation fiscale personnelle. Il vous est recommandé de consulter votre conseiller fiscal professionnel.
2 Politique de rémunération : Plus d'informations sur la Politique de rémunération de VGIL sont disponibles sur https://global.vanguard.com/portal/site-
/portal/ucits-investment-information, y compris : (a) une description de la méthode de calcul des rémunérations et des avantages ; et (b) l'identité des personnes responsables de l'attribution des rémunérations et des avantages. Une copie imprimée de ces informations peut être obtenue gratuitement sur demande auprès de VGIL au 70 Sir John Rogerson's Quay, Dublin 2, Irlande.
Le Fonds est agréé en Irlande et réglementé par la Banque centrale irlandaise (la « Banque centrale »). VGIL est agréé en Irlande et réglementé par la Banque centrale.Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 22/08/2022. | fr | es |
DOLFIN5172 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund.
Risk linked to holding contingent convertible bonds (CoCos): Contingent convertible bonds may be automatically converted into shares or be subject to a reduction in value, if the financial strength of the issuer declines in a specific way. This may lead to a substantial or total loss of the bond’s value. | # Impacto de las técnicas de cobertura: El uso de instrumentos derivados con fines de cobertura en un mercado alcista podría reducir el potencial de ganancias.
Riesgo de liquidez: Este riesgo corresponde a la incapacidad de vender un activo al precio previsto o en el plazo deseado, debido a la rigidez estructural o cíclica del mercado. Por tanto, este riesgo se materializa en una disminución del precio de cesión de los activos afectados y/o en un retraso en el ajuste o la liquidación de la cartera.
Riesgo relacionado con el uso de instrumentos derivados: El Fondo podrá utilizar derivados, es decir, instrumentos financieros cuyo valor depende del valor de un activo subyacente. Las fluctuaciones del precio del activo subyacente, aunque pequeñas, pueden no obstante dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Fondo a un incumplimiento parcial o total de los compromisos asumidos por la contraparte, y que de ello se derive una pérdida financiera para el Fondo.
Riesgo relacionado con la inversión en bonos convertibles contingentes (CoCo): Los bonos convertibles contingentes pueden convertirse automáticamente en acciones o su valor puede reducirse si la solidez financiera de su emisor disminuye de un modo determinado. Esto puede dar lugar a pérdidas considerables o totales del valor del bono. | # Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund.
Risk linked to holding contingent convertible bonds (CoCos): Contingent convertible bonds may be automatically converted into shares or be subject to a reduction in value, if the financial strength of the issuer declines in a specific way. This may lead to a substantial or total loss of the bond’s value. | en | es |
DOLFIN5173 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investments in sub-funds which invest in emerging markets are exposed to the following risks (among others):
- public oversight that is less efficient, accounting and auditing methods and standards which do not meet the requirements of Western legislations;
- possible restrictions on the repatriation of the invested capital;
- counterparty risk with respect to individual transactions;
- market volatility or;
- insufficient liquidity of the sub-fund’s investments;All of these factors may be exacerbated by the prevailing conditions in the individual developing countries. The fact that the companies are selected independent of their market capitalisation (micro, small, mid, large caps), their sector and their geographical location must also be taken into account. This can result in geographical or sector-specific concentration.
- Investments in RussiaThe following applies to the assets of sub-funds which also invest in Russian securities: Investments in companies domiciled in Russia or which conduct the majority of their business operations in Russia are made in the form of Global Depositary Receipts (GDRs) and American Depositary Receipts (ADRs) as well as in equity securities and participation rights in accordance with section 2.1 traded on the Russian Trading System Stock Exchange (RTS) or on the Moscow Interbank Currency Exchange (MICEX).
- Custody and registration risk in Russia
- Although exposure to the Russian equity markets is well- covered by the use of GDRs and ADRs, individual sub- funds may invest, in accordance with their investment policy, in securities that could require the use of local depositary and/or custody services. At present in Russia, delivery in book-entry form is proof of legal entitlement to shares.
- The register is crucially important to the custody and registration process. Registrars are not subject to any real state supervision and there is a possibility of the sub- fund losing its registration due to fraud, negligence or sheer inattentiveness. In addition, compliance with the provision that applies in Russia – which states that companies with more than 1,000 shareholders must employ their own, independent registrars who meet the statutory criteria – is not strictly enforced. Owing to this lack of independence, the management of a company has the potential to exert a strong influence over the composition of the shareholders of that company.
- The falsification or destruction of the register could greatly diminish or, in certain cases, even wipe out the sub-fund’s holding of that company’s shares. Although the Depositary has ensured that the appointed registrars are properly supervised by a service provider in Russia specialising in this field, it is not possible for either the sub-fund, the investment adviser, the Depositary, the Management Company, the Board of Directors of the Management Company or any of the sales agents to give assurances or warranties or guarantees for the actions or performance of the registrar. The sub-fund bears this risk.
- Risks associated with securities lending
- Counterparty riskSecurities lending involves counterparty risk, i.e. the risk that the loaned securities are not returned or not returned in a timely manner. The principal is required to have a very high credit rating. A very high credit rating means at least a AA rating and refers to the long-term rating of recognised rating agencies; the median of the long-term ratings of the rating agencies is applied. | Anlagen in Teilfonds, die in Schwellenländern anlegen, sind (unter anderem) den folgenden Risiken ausgesetzt:
- weniger effiziente öffentliche Kontrolle, Verbuchungs- und Buchprüfungsmethoden und -standards, die den Anforderungen der westlichen Gesetzgebung nicht entsprechen
- mögliche Einschränkungen bei der Rückführung des eingesetzten Kapitals
- Gegenparteirisiko in Hinsicht auf einzelne Transaktionen
- Marktvolatilität oder
- unzureichende Liquidität der Anlagen des TeilfondsAll diese Faktoren können durch die in einzelnen Entwicklungsmärkten herrschenden Bedingungen verschärft werden. Weiterhin muss in Betracht gezogen werden, dass die Unternehmen unabhängig von ihrer Marktkapitalisierung (Micro, Small, Mid, Large Caps), ihrem Sektor oder ihrer geografischen Lage nach ausgewählt werden. Dies kann zu einer geografischen oder einer sektorspezifischen Konzentration führen.
- Anlagen in RusslandFür die Vermögen derjenigen Teilfonds, die auch in russische Titel investieren, gilt Folgendes: Die Anlagen in Firmen, die in Russland ansässig sind oder den überwiegenden Teil ihrer wirtschaftlichen Tätigkeit dort ausüben, werden in GlobalDepository Receipts (GDRs) und American Depository Receipts (ADRs) sowie in an der Russian Trading System Stock Exchange (RTS) bzw. an der Moscow Interbank Currency Exchange (MICEX) gehandelten Beteiligungswertpapieren und - wertrechten gemäss Ziffer 2.1 getätigt.
- Depot- und Registrierungsrisiko in Russland
- Obgleich das Engagement in den russischen Aktienmärkten gut durch den Einsatz von GDRs und ADRs abgedeckt ist, können einzelne Teilfonds gemäss deren Anlagepolitik in Wertpapiere investieren, die den Einsatz von örtlichen Hinterlegungs- und/oder Depotdienstleistungen erfordern könnten. Derzeit wird in Russland der Nachweis für den rechtlichen Anspruch auf Aktien in Form der buchmässigen Lieferung geführt.
- Die Bedeutung des Registers für das Depot- und Registrierungsverfahren ist entscheidend. Registerführer unterstehen keiner wirklichen staatlichen Aufsicht, und es besteht die Möglichkeit, dass der Teilfonds seine Registrierung durch Betrug, Nachlässigkeit oder schiere Unaufmerksamkeit verliert. Ausserdem wurde und wird in der Praxis nicht streng für die Einhaltung der in Russland geltenden Bestimmung gesorgt, laut der Unternehmen mit mehr als 1 000 Anteilinhabern eigene, unabhängige Registerführer einsetzen müssen, die die gesetzlich vorgeschriebenen Kriterien erfüllen. Aufgrund dieser fehlenden Unabhängigkeit hat die Geschäftsführung eines Unternehmens einen potenziell grossen Einfluss auf die Zusammenstellung der Anteilinhaber dieses Unternehmens.
- Eine Verzerrung oder Zerstörung des Registers könnte dem Anteilsbestand des Teilfonds an den entsprechenden Aktien des Unternehmens wesentlich schaden oder diesen Anteilsbestand in bestimmten Fällen sogar zunichtemachen. Obwohl die Verwahrstelle dafür Sorge getragen hat, dass die ernannten Registerführer in angemessener Form durch einen darauf spezialisierten Dienstleister in Russland überwacht werden, hat weder der Teilfonds noch der Anlageberater noch die Verwahrstelle noch die Verwaltungsgesellschaft noch der Verwaltungsrat der Verwaltungsgesellschaft noch eine der Vertriebsstellen die Möglichkeit, Zusicherungen für oder Gewährleistungen über oder Garantien für die Handlungen oder Leistungen des Registerführers abzugeben. Dieses Risiko wird vom Teilfonds getragen.
- Risiken im Zusammenhang mit der Wertpapierleihe
- GegenparteirisikoDie Wertpapierleihe beinhaltet Gegenparteirisiken, falls die ausgeliehenen Wertpapiere nicht oder nicht fristgerecht zurückgegeben werden. Für den Principal gilt die Anforderung einer sehr hohen Bonität. Sehr hohe Bonität bedeutet mindestens AA- Rating und bezieht sich auf das Long-Term Rating anerkannter Rating-Agenturen, wobei der Median des Long Term Ratings der Rating-Agenturen zur Anwendung kommt. | Investments in sub-funds which invest in emerging markets are exposed to the following risks (among others):
- public oversight that is less efficient, accounting and auditing methods and standards which do not meet the requirements of Western legislations;
- possible restrictions on the repatriation of the invested capital;
- counterparty risk with respect to individual transactions;
- market volatility or;
- insufficient liquidity of the sub-fund’s investments;All of these factors may be exacerbated by the prevailing conditions in the individual developing countries. The fact that the companies are selected independent of their market capitalisation (micro, small, mid, large caps), their sector and their geographical location must also be taken into account. This can result in geographical or sector-specific concentration.
- Investments in RussiaThe following applies to the assets of sub-funds which also invest in Russian securities: Investments in companies domiciled in Russia or which conduct the majority of their business operations in Russia are made in the form of Global Depositary Receipts (GDRs) and American Depositary Receipts (ADRs) as well as in equity securities and participation rights in accordance with section 2.1 traded on the Russian Trading System Stock Exchange (RTS) or on the Moscow Interbank Currency Exchange (MICEX).
- Custody and registration risk in Russia
- Although exposure to the Russian equity markets is well- covered by the use of GDRs and ADRs, individual sub- funds may invest, in accordance with their investment policy, in securities that could require the use of local depositary and/or custody services. At present in Russia, delivery in book-entry form is proof of legal entitlement to shares.
- The register is crucially important to the custody and registration process. Registrars are not subject to any real state supervision and there is a possibility of the sub- fund losing its registration due to fraud, negligence or sheer inattentiveness. In addition, compliance with the provision that applies in Russia – which states that companies with more than 1,000 shareholders must employ their own, independent registrars who meet the statutory criteria – is not strictly enforced. Owing to this lack of independence, the management of a company has the potential to exert a strong influence over the composition of the shareholders of that company.
- The falsification or destruction of the register could greatly diminish or, in certain cases, even wipe out the sub-fund’s holding of that company’s shares. Although the Depositary has ensured that the appointed registrars are properly supervised by a service provider in Russia specialising in this field, it is not possible for either the sub-fund, the investment adviser, the Depositary, the Management Company, the Board of Directors of the Management Company or any of the sales agents to give assurances or warranties or guarantees for the actions or performance of the registrar. The sub-fund bears this risk.
- Risks associated with securities lending
- Counterparty riskSecurities lending involves counterparty risk, i.e. the risk that the loaned securities are not returned or not returned in a timely manner. The principal is required to have a very high credit rating. A very high credit rating means at least a AA rating and refers to the long-term rating of recognised rating agencies; the median of the long-term ratings of the rating agencies is applied. | en | de |
DOLFIN5174 | 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.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 16 enero 1987.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 16 January 1987.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN5175 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For specific information, see Annex I.
- Calculating the net asset value (value of each unit)UCITSA-7-3-b---UCITSA-33-1-b---The net asset value (NAV) per unit is calculated as the proportion of the sub-fund’s assets accounted for by the unit class concerned, minus the proportion of the same sub-fund’s liabilities (if any) accounted for by that unit class, divided by the number of units of the unit class in circulation.
- Calculating unit issue and redemption pricesUCITSA-33-1-b---The prices shall be published via the Fund’s publication media either as an NAV with an indication of any applicable commissions or as issue and redemption prices (inclusive of any applicable commissions).
- Provisions on unit trading
- Issue and redemption of unitsUCITSA-7-3-b---UCITSA-7-3-c---UCITSO-43-5----In general, units may be subscribed or redeemed on each trading day. Subscriptions and redemptions shall take place on the basis of prices that are unknown to the investor at the time the application is made (forward pricing). | Für spezifische Angaben siehe Anhang I.
- Berechnung des Nettoinventarwerts (Wert des Anteils)UCITSG-7-3-b---UCITSG-33-1-b---Der Nettoinventarwert eines Anteils (Net Asset Value, NAV) ergibt sich aus dem der Anteilsklasse zukom- menden Anteil am Teilfondsvermögen, vermindert um die der Anteilsklasse zugeteilten Schuldverpflichtun- gen, dividiert durch die Anzahl der im Umlauf befind- lichen Anteile der Anteilsklasse.
- Ermittlung der Verkaufs-/Ausgabepreise und der Auszahlungs-/RücknahmepreiseUCITSG-33-1-b---Die Preise werden als Nettoinventarwert mit einem Hinweis auf allfällige Kommissionen, oder als Ausga- be- und Rücknahmepreise (inklusive allfälliger Kom- missionen) in den Publikationsorganen veröffentlicht.
- Bestimmungen zum Anteilshandel
- Ausgabe und Rücknahme von AnteilenUCITSG-7-3-b---UCITSG-7-3-c---UCITSV-43-5----Anteile können grundsätzlich an jedem Handelstag gezeichnet bzw. zurückgegeben werden. Zeichnun- gen und Rückgaben erfolgen auf der Grundlage vonPreisen, welche den Anlegern zum Zeitpunkt des An- trags noch nicht bekannt sind („Forward Pricing“). | For specific information, see Annex I.
- Calculating the net asset value (value of each unit)UCITSA-7-3-b---UCITSA-33-1-b---The net asset value (NAV) per unit is calculated as the proportion of the sub-fund’s assets accounted for by the unit class concerned, minus the proportion of the same sub-fund’s liabilities (if any) accounted for by that unit class, divided by the number of units of the unit class in circulation.
- Calculating unit issue and redemption pricesUCITSA-33-1-b---The prices shall be published via the Fund’s publication media either as an NAV with an indication of any applicable commissions or as issue and redemption prices (inclusive of any applicable commissions).
- Provisions on unit trading
- Issue and redemption of unitsUCITSA-7-3-b---UCITSA-7-3-c---UCITSO-43-5----In general, units may be subscribed or redeemed on each trading day. Subscriptions and redemptions shall take place on the basis of prices that are unknown to the investor at the time the application is made (forward pricing). | en | de |
DOLFIN5176 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Currency risk
If a Sub-fund directly or indirectly holds assets denominated in foreign currencies it will be exposed to foreign exchange risk (if foreign currency positions are not hedged). Any devaluation of the foreign currency against the base currency of the Sub-fund will cause the value of the assets denominated in foreign currency to fall.
Unit classes whose currency is not the currency of the Sub-fund concerned may therefore be subject to a different foreign exchange risk. This foreign exchange risk may be hedged against the Sub-fund currency on a case-by-case basis. | # Währungsrisiko
Hält ein Teilfonds direkt oder indirekt Vermögenswerte, die auf Fremdwährungen lauten, so ist er (soweit Fremdwährungspositionen nicht abgesichert werden) einem Währungsrisiko ausgesetzt. Eine eventuelle Abwertung der Fremdwährung gegenüber der Basiswährung des Teilfonds führt dazu, dass der Wert der auf Fremdwährung lautenden Vermögenswerte sinkt.
Anteilklassen, deren Währung nicht auf die jeweilige Teilfondswährung lautet, können entsprechend einem abweichenden Währungsrisiko unterliegen. Dieses Währungsrisiko kann im Einzelfall gegen die Teilfondswährung abgesichert werden. | # Currency risk
If a Sub-fund directly or indirectly holds assets denominated in foreign currencies it will be exposed to foreign exchange risk (if foreign currency positions are not hedged). Any devaluation of the foreign currency against the base currency of the Sub-fund will cause the value of the assets denominated in foreign currency to fall.
Unit classes whose currency is not the currency of the Sub-fund concerned may therefore be subject to a different foreign exchange risk. This foreign exchange risk may be hedged against the Sub-fund currency on a case-by-case basis. | en | de |
DOLFIN5177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Stress | What you might get back after costs | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Average return each year | -91.75% | -38.90% |
| Unfavourable | What you might get back after costs | 8,100 EUR | 8,860 EUR |
| Average return each year | -18.96% | -2.39% |
| Moderate | What you might get back after costs | 11,330 EUR | 16,750 EUR |
| Average return each year | 13.27% | 10.87% |
| Favourable | What you might get back after costs | 17,080 EUR | 20,760 EUR |
| Average return each year | 70.83% | 15.73% | | | Tensión | Lo que podría recibir tras deducir los costes | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -91,75% | -38,90% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.100 EUR | 8.860 EUR |
| Rendimiento medio cada año | -18,96% | -2,39% |
| Moderado | Lo que podría recibir tras deducir los costes | 11.330 EUR | 16.750 EUR |
| Rendimiento medio cada año | 13,27% | 10,87% |
| Favorable | Lo que podría recibir tras deducir los costes | 17.080 EUR | 20.760 EUR |
| Rendimiento medio cada año | 70,83% | 15,73% | | | Stress | What you might get back after costs | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Average return each year | -91.75% | -38.90% |
| Unfavourable | What you might get back after costs | 8,100 EUR | 8,860 EUR |
| Average return each year | -18.96% | -2.39% |
| Moderate | What you might get back after costs | 11,330 EUR | 16,750 EUR |
| Average return each year | 13.27% | 10.87% |
| Favourable | What you might get back after costs | 17,080 EUR | 20,760 EUR |
| Average return each year | 70.83% | 15.73% | | en | es |
DOLFIN5178 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In accordance with article 7, paragraph 3 of the Royal Decree of 2012, checks are implemented by the financial service of eligibility criteria (category and amount) to permanently check that people who have subscribed to shares in a share class benefiting, with regard to one or more points, from more advantageous arrangements, or people who have acquired such shares, meet the stated criteria. If it is found that shares of a share class benefiting, with regard to one or more points, from more advantageous arrangements, are held by unauthorised persons, the board of directors will convert said shares, free of charge (exclusive of any tax), into shares of the class authorised for these persons.
In addition, the board of directors is authorised to issue shares of other classes which have the same characteristics as those in categories A and B, but which may also be subject to distinctive criteria, determined by the board of directors and detailed in the Prospectus, which must comply with Article 6, § 1, 2 and 3 of the Royal Decree of 2012. The objective criteria which may be applied in order to authorise certain people to subscribe to shares in a share class created in accordance with the provisions of the above-mentioned Article 6, may be based on the amount of the initial subscription, the minimum investment period, the distribution outlet, or other objective factors approved by the Financial Services & Markets Authority or a combination of one or more of these criteria.
Once a share class has been created in accordance with the above sub-paragraphs, the board of directors arranges for the financial service to institute a procedure designed to ensure that people who have subscribed to shares in a given class which benefits from a more favourable regime in one or more respects, or who have acquired such shares, always meet the relevant criteria. | Conformément à l’article 7, alinéa 3 de l’Arrêté Royal de 2012, des contrôles de critères d’éligibilité (catégorie et montant) sont mis en place par le service financier pour vérifier en permanence si les personnes qui ont souscrit des actions d’une classe d’actions bénéficiant, sur un ou plusieurs points, d’un régime plus avantageux, ou qui ont acquis de telles actions, satisfont aux critères prévus. S’il s’avère que des actions d’une classe d’actions bénéficiant, sur un ou plusieurs points, d’un régime plus avantageux, sont détenues par des personnes non autorisées, le conseil d’administration procèdera à la conversion, sans frais (hors taxe éventuelle), desdites actions en actions de la classe autorisée pour ces personnes.
Par ailleurs, le conseil d’administration est autorisé à émettre des actions d’autres classes qui présentent les mêmes caractéristiques que celles des catégories A et B, mais qui peuvent, en outre, être soumises à des critères de distinction, fixés par le conseil d'administration et détaillés dans le prospectus qui doivent répondre à l’article 6, §1, 2 et 3 de l’Arrêté royal de 2012. Les critères objectifs qui pourront être appliqués pour autoriser certaines personnes à souscrire des actions d’une classe d’action créée conformément à ce qui est prévu dans l’article 6 précité, peuvent être basés sur le montant de souscription initiale, la période minimale d'investissement, le canal de distribution, ou d'autres éléments objectifs approuvés par l’Autorité des services et marchés financiers, ou la combinaison d’un ou plusieurs de ces critères.
Dès la création d’une classe d’action en application des alinéas précédents, le conseil d’administration s’assure auprès du service financier qu’une procédure a été mise en place pour vérifier en permanence que les personnes qui ont souscrit des actions d’une classe déterminée, bénéficiant sur un ou plusieurs points, d’un régime plus avantageux, ou qui ont acquis de telles actions, satisfont toujours aux critères. | In accordance with article 7, paragraph 3 of the Royal Decree of 2012, checks are implemented by the financial service of eligibility criteria (category and amount) to permanently check that people who have subscribed to shares in a share class benefiting, with regard to one or more points, from more advantageous arrangements, or people who have acquired such shares, meet the stated criteria. If it is found that shares of a share class benefiting, with regard to one or more points, from more advantageous arrangements, are held by unauthorised persons, the board of directors will convert said shares, free of charge (exclusive of any tax), into shares of the class authorised for these persons.
In addition, the board of directors is authorised to issue shares of other classes which have the same characteristics as those in categories A and B, but which may also be subject to distinctive criteria, determined by the board of directors and detailed in the Prospectus, which must comply with Article 6, § 1, 2 and 3 of the Royal Decree of 2012. The objective criteria which may be applied in order to authorise certain people to subscribe to shares in a share class created in accordance with the provisions of the above-mentioned Article 6, may be based on the amount of the initial subscription, the minimum investment period, the distribution outlet, or other objective factors approved by the Financial Services & Markets Authority or a combination of one or more of these criteria.
Once a share class has been created in accordance with the above sub-paragraphs, the board of directors arranges for the financial service to institute a procedure designed to ensure that people who have subscribed to shares in a given class which benefits from a more favourable regime in one or more respects, or who have acquired such shares, always meet the relevant criteria. | en | fr |
DOLFIN5179 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### “Taxonomy”:
The green share of the portfolio corresponds to the percentage of turnover of companies eligible for the European taxonomy. This green taxonomy describes the criteria for steering finance towards climate-friendly activities. 3 types of activities and 6 main environmental objectives are identified:
An activity is defined as green when it makes a substantial contribution to one of the 6 objectives without significantly undermining another objective, and when it complies with minimum social guarantees and selection criteria. | ### Mesure comparative de la « part verte » du Fonds et de son Indice de Référence suivant la « Taxonomie »
La part verte du portefeuille correspond au pourcentage de chiffre d’affaires des sociétés éligible à la taxonomie européenne. Cette taxonomie verte décrit les critères pour orienter la finance vers des activités climato-compatibles. 3 types d’activités et 6 grands objectifs environnementaux sont identifiées :
Une activité est définie comme verte lorsqu’elle contribue de façon substantielle à un des 6 objectifs sans nuire de façon significative à un autre des objectifs, et lorsqu’elle est conforme à des garanties sociales minimales et aux critères de sélection. | ### “Taxonomy”:
The green share of the portfolio corresponds to the percentage of turnover of companies eligible for the European taxonomy. This green taxonomy describes the criteria for steering finance towards climate-friendly activities. 3 types of activities and 6 main environmental objectives are identified:
An activity is defined as green when it makes a substantial contribution to one of the 6 objectives without significantly undermining another objective, and when it complies with minimum social guarantees and selection criteria. | en | fr |
DOLFIN5180 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Finally, it may not always be possible to ascertain ownership structures for certain companies in some countries because of an ongoing process of privatization.
The procedures for settling securities transactions are associ- ated with higher risks in the emerging markets than in devel- oped markets. These higher risks are partly due to the fact that the Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeep- ing of assets may in some countries be undependable, so that upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created.
As the capital markets of Central and Eastern European countries have only been recently established and because banking, registration and telecommunications systems are still underdeveloped, investments in Central and Eastern Europe are subject to certain risks relating to the clearing, settlement and registration of securities transactions usually not encoun- tered when investing in Western countries. | ### Schliesslich können in einigen Ländern wegen des anhalten- den Privatisierungsprozesses die Eigentumsverhältnisse bei bestimmten Unternehmen nicht immer klar identifiziert werden.
Die Verfahren zur Abwicklung von Wertpapiertransaktionen sind in Schwellenmärkten mit höheren Risiken verbunden als in entwickelten Märkten. Die höheren Risiken bestehen teilweise deshalb, weil der Fonds Broker und Kontrahenten einschalten muss, die weniger kapitalisiert sind, und die Verwahrung von Vermögenswerten kann in einigen Ländern unzuverlässig sein, so dass Fondsanteile bei der Zeichnung oder Rücknahme mehr oder weniger wert sein können als zum Zeitpunkt ihrer Erstehung.
Da die Kapitalmärkte von Ländern in Zentral- und Osteuropa erst kürzlich entstanden sind und wegen den noch schwach entwickelten Bank-, Eintragungs- und Telekommunikations- systemen, sind Anlagen in Zentral- und Osteuropa mit Risiken betreffend der Glattstellung, der Liquidation und der Eintra- gung von Wertpapiergeschäften behaftet, die normalerweise bei Anlagen in westlichen Ländern nicht auftreten.
Investitionen in Neue Märkte («New Markets») können in Bezug auf Markt-, Liquiditäts- und Informationsrisiken einem, im Verhälnis zu den herkömmlichen Märkten, höheren Risiken ausgesetzt sein und dadurch auch höheren Kursschwankungen unterliegen. | ### Finally, it may not always be possible to ascertain ownership structures for certain companies in some countries because of an ongoing process of privatization.
The procedures for settling securities transactions are associ- ated with higher risks in the emerging markets than in devel- oped markets. These higher risks are partly due to the fact that the Fund must use brokers and counterparties which do not have a very high level of capitalization, and the safekeep- ing of assets may in some countries be undependable, so that upon subscription or redemption, Fund shares may be worth less, or more, than at the time they were created.
As the capital markets of Central and Eastern European countries have only been recently established and because banking, registration and telecommunications systems are still underdeveloped, investments in Central and Eastern Europe are subject to certain risks relating to the clearing, settlement and registration of securities transactions usually not encoun- tered when investing in Western countries. | en | de |
DOLFIN5181 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Product
Name of the product LLC Swiss Physical Gold Fund USD-R (LI0510136257)
PRIIP manufacturer VP Fund Solutions (Liechtenstein) AG, 9490 Vaduz, Liechtenstein, www.vpfundsolutions.li +423 235 67 67
Competent authority Finanzmarktaufsicht (FMA) Date 04/08/2020
Warning You are about to purchase a complex product, the understanding of which may be difficult. | # Produkt
Name des Produkts LLC Swiss Physical Gold Fund USD-R (LI0510136257)
PRIIP Hersteller VP Fund Solutions (Liechtenstein) AG, 9490 Vaduz, Liechtenstein, www.vpfundsolutions.li +423 235 67 67
Zuständige Behörde Finanzmarktaufsicht (FMA) Datum 04.08.2020
Warnhinweis Sie sind im Begriff ein Produkt zu erwerben, das nicht einfach‚ und schwer zu verstehen sein kann. | # Product
Name of the product LLC Swiss Physical Gold Fund USD-R (LI0510136257)
PRIIP manufacturer VP Fund Solutions (Liechtenstein) AG, 9490 Vaduz, Liechtenstein, www.vpfundsolutions.li +423 235 67 67
Competent authority Finanzmarktaufsicht (FMA) Date 04/08/2020
Warning You are about to purchase a complex product, the understanding of which may be difficult. | en | de |
DOLFIN5182 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Responsibilities of the Board of Directors of the Management Company for the financial statements
The Board of Directors of the Management Company is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Management Company is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Management Company either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so. | ### Verantwortung des Vorstandes der Verwaltungsgesellschaft für den Abschluss
Der Vorstand der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung und sachgerechte Gesamtdarstellung des Abschlusses in Übereinstimmung mit den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen zur Aufstellung und Darstellung des Abschlusses, und für die internen Kontrollen, die er als notwendig erachtet, um die Aufstellung des Abschlusses zu ermöglichen, der frei von wesentlichen - beabsichtigten oder unbeabsichtigten - falschen Darstellungen ist.
Bei der Aufstellung des Abschlusses ist der Vorstand der Verwaltungsgesellschaft verantwortlich für die Beurteilung der Fähigkeit des Fonds und seiner Teilfonds zur Fortführung der Tätigkeit und, sofern einschlägig, Angaben zu Sachverhalten zu machen, die im Zusammenhang mit der Fortführung der Tätigkeit stehen, und die Annahme der Unternehmensfortführung als Rechnungslegungsgrundsatz zu nutzen, sofern nicht der Vorstand der Verwaltungsgesellschaft beabsichtigt, den Fonds zu liquidieren oder einen seiner Teilfonds zu schließen, die Geschäftstätigkeit einzustellen, oder keine andere realistische Alternative mehr hat, als so zu handeln. | ### Responsibilities of the Board of Directors of the Management Company for the financial statements
The Board of Directors of the Management Company is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Management Company is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Management Company either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so. | en | de |
DOLFIN5183 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Taxation of the Company
The Company is not subject to taxation in Luxembourg on its income, profits or gains. The Company is not subject to net wealth tax in Luxembourg.
No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the Shares of the Company.
Each Fund is however subject to a subscription tax (taxe d'abonnement) levied at the rate of 0.05% per annum based on its Net Asset Value at the end of the relevant quarter, calculated and paid quarterly. A reduced subscription tax rate of 0.01% per annum is applicable to:
- any Fund whose exclusive object is the collective investment in money market instruments, the placing of deposits with credit institutions, or both;
- any Fund or Classes of Shares provided that their Shares are only held by one or more institutional investor(s). | # Besteuerung der Gesellschaft
Die Gesellschaft unterliegt hinsichtlich ihrer Erträge, Gewinne oder Wertzuwächse nicht der luxemburgischen Steuer.
Die Gesellschaft ist in Luxemburg nicht vermögensteuerpflichtig.
Bei der Ausgabe der Anteile der Gesellschaft fallen in Luxemburg keine Stempelgebühren, Kapitalabgaben oder sonstigen Steuern an.
Jeder Fonds unterliegt jedoch einer Zeichnungssteuer (taxe d’abonnement), die am Ende des jeweiligen Quartals in Höhe von 0,05% p.a. auf seinen Nettoinventarwert berechnet wird und vierteljährlich zahlbar ist. Eine herabgesetzte Zeichnungssteuer von 0,01 % p.a. gilt für:
- Fonds, deren ausschließliches Ziel die gemeinsame Anlage in Geldmarktinstrumenten, die Platzierung von Einlagen bei Kreditinstituten oder beides ist;
- Fonds oder Anteilklassen, sofern deren Anteile nur von einem oder mehreren institutionellen Anleger(n) gehalten werden. | # Taxation of the Company
The Company is not subject to taxation in Luxembourg on its income, profits or gains. The Company is not subject to net wealth tax in Luxembourg.
No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the Shares of the Company.
Each Fund is however subject to a subscription tax (taxe d'abonnement) levied at the rate of 0.05% per annum based on its Net Asset Value at the end of the relevant quarter, calculated and paid quarterly. A reduced subscription tax rate of 0.01% per annum is applicable to:
- any Fund whose exclusive object is the collective investment in money market instruments, the placing of deposits with credit institutions, or both;
- any Fund or Classes of Shares provided that their Shares are only held by one or more institutional investor(s). | en | de |
DOLFIN5184 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investments whose values are based on quoted market prices in active markets and therefore classified within Level 1, include active listed equities. The Company does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.
The Level 2 amounts above represent outperformance/total swaps. These are priced using a valuation comprising of observable data which tracks the performance of the Reference Index against the performance of the Fund’s underlying equity basket.
The Schedule of investments shows the equities split by level, country of origin and industry group. The derivatives are outperformance/total swaps and forwards. All equities and treasury bills are classified as Level 1 and all outperformance/total swaps and forwards as Level 2.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
The Funds do not have any investments, and have not entered into any transactions, requiring this type of valuation during the financial year. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. | Zu den Anlagen, deren Werte auf an aktiven Märkten notierten Marktpreisen basieren und deshalb der Stufe 1 zugeordnet werden, gehören aktiv notierte Aktien. Die Gesellschaft passt den notierten Preis für diese Instrumente nicht an.
Finanzinstrumente, die auf nicht als aktiv geltenden Märkten gehandelt werden, aber anhand von notierten Marktpreisen, Händlernotierungen oder alternativen Preisquellen, unterstützt durch beobachtbare Parameter, bewertet werden, werden der Stufe 2 zugeordnet.
Die obigen Beträge der Stufe 2 stellen Outperformance Swaps/Total Return Swaps dar. Diese werden gemäß den Bewertungsrichtlinien anhand eines auf beobachtbaren Daten basierenden Preismodells bewertet, das die Wertentwicklung des Referenzindex gegenüber der Performance des zugrunde liegenden Aktienkorbs des Fonds abbildet.
In der Aufstellung der Vermögenswerte sind die Aktien nach Stufe, Herkunftsland und Branche aufgeführt. Bei den Derivaten handelt es sich um Outperformance Swaps/Total Return Swaps und Terminkontrakte. Alle Aktien und Treasury Bills sind in Stufe 1 eingestuft und alle Outperformance/Total Return Swaps und Terminkontrakte in Stufe 2.
Die Stufe in der Zeitwerthierarchie, der die Zeitwertbewertung in ihrer Gesamtheit zugeordnet wird, wird anhand des niedrigsten Bewertungsparameters festgelegt, der für die Zeitwertbewertung in ihrer Gesamtheit maßgeblich ist. Zu diesem Zweck wird die Maßgeblichkeit eines Parameters anhand der Zeitwertbewertung in ihrer Gesamtheit beurteilt. Werden bei einer Zeitwertbewertung beobachtbare Parameter verwendet, die aufgrund von nicht beobachtbaren Parametern eine maßgebliche Anpassung erfordern, so ist diese Zeitwertbewertung der Stufe 3 zuzuordnen.
Die Fonds haben im Geschäftsjahr keine Anlagen oder Transaktionen getätigt, die diese Art von Bewertung erfordern würden. Die Beurteilung der Maßgeblichkeit eines bestimmten Parameters für die Zeitwertbewertung in ihrer Gesamtheit erfordert Urteilsvermögen und die Abwägung von Faktoren, die für den Vermögenswert oder die Verbindlichkeit spezifisch sind. | Investments whose values are based on quoted market prices in active markets and therefore classified within Level 1, include active listed equities. The Company does not adjust the quoted price for these instruments.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.
The Level 2 amounts above represent outperformance/total swaps. These are priced using a valuation comprising of observable data which tracks the performance of the Reference Index against the performance of the Fund’s underlying equity basket.
The Schedule of investments shows the equities split by level, country of origin and industry group. The derivatives are outperformance/total swaps and forwards. All equities and treasury bills are classified as Level 1 and all outperformance/total swaps and forwards as Level 2.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.
The Funds do not have any investments, and have not entered into any transactions, requiring this type of valuation during the financial year. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. | en | de |
DOLFIN5185 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
RobecoSAM Climate Global Credits est un fonds à gestion active qui investit mondialement surtout dans des obligations d'entreprise. La sélection de ces obligations est basée sur une analyse fondamentale. Le fonds a pour objectif l'investissement durable au sens de l'Article 9 du Règlement européen sur la publication d'informations en matière de durabilité dans le secteur financier. Le fonds contribue à limiter la hausse maximale de la température mondiale à moins de 2 °C en réduisant l'empreinte carbone du portefeuille. Le fonds intègre les facteurs ESG (environnementaux, sociaux et de gouvernance) dans le processus d'investissement, applique la politique de bonne gouvernance de Robeco et des exclusions normatives, ainsi qu'en ce qui concerne les activités, conformément à l'Article 12 du règlement européen sur les indices de référence « transition climatique », les indices de référence « Accord de Paris » et la publication d'informations en matière de durabilité pour les indices de référence. Le fonds vise en outre à faire fructifier le capital sur le long terme. Le fonds investit surtout dans des obligations non souveraines (pouvant inclure des obligations convertibles contingentes « CoCo »), ainsi que des titres similaires d'émetteurs privés et des titres adossés à des actifs du monde entier. L'objectif de réduction de l'empreinte carbone sera aligné sur l'indice Solactive Paris Aligned Global Corporate. Indice de référence : Solactive Paris Aligned Global Corporate Index. Le fonds est géré par rapport à un indice qui est conforme aux objectifs d'investissement durable poursuivis par le fonds. Il vise à s'aligner sur les exigences de réduction d'émissions de gaz à effet de serre de l'Accord de Paris. Pour les obligations d'entreprise, l'indice vise à représenter la performance d'une stratégie conforme aux normes techniques des indices alignés sur l'Accord de Paris et la réglementation de l'UE en matière d'exclusions et de réduction des émissions carbone. L'indice diffère d'un indice général de marché car ce dernier ne prend en compte dans sa méthodologie aucun critère d'alignement sur l'Accord de Paris sur la réduction des émissions de gaz à effet de serre et les exclusions qui y sont liées. | # Política de inversión
RobecoSAM Climate Global Credits es un fondo de gestión activa que invierte principalmente en bonos del sector privado de todo el mundo. La selección de estos bonos se basa en el análisis por fundamentales. El fondo tiene como objetivo la inversión sostenible en el marco del artículo 9 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles. El fondo contribuye a mantener el aumento de la temperatura del planeta por debajo de 2 °C con la reducción de la huella de carbono de la cartera. El fondo integra factores ASG (ambientales, sociales y de gobernanza) en el proceso inversor, aplica la política de buen gobierno de Robeco y se atiene a exclusiones normativas y basadas en actividades, de conformidad con el artículo 12 del reglamento de la UE relativo a los índices de referencia de transición climática, los índices de referencia de la UE armonizados con el Acuerdo de París y la divulgación de información relativa a la sostenibilidad de los índices de referencia. El fondo también tiene como objetivo generar crecimiento del capital a largo plazo. El fondo invierte principalmente en bonos del sector privado, que pueden ser bonos convertibles contingentes («CoCo») y valores de renta fija del sector privado similares, así como en títulos respaldados por activos de todo el mundo. El objetivo de reducción de la huella de carbono será coherente con el índice Solactive Paris Aligned Global Corporate. Índice de referencia: Solactive Paris Aligned Global Corporate Index. El fondo se gestiona respecto a un índice de referencia que es coherente con los objetivos de inversión sostenible que persigue el fondo. Persigue cumplir los requisitos del Acuerdo de París sobre reducción de emisiones de gases de efecto invernadero. Para los bonos corporativos, el índice de referencia trata de representar el rendimiento de una estrategia de inversión que es coherente con los estándares técnicos aplicables a los índices Paris Aligned europeos en áreas como las exclusiones y los objetivos de reducción de la huella de carbono. El índice de referencia se diferencia de un índice del mercado exterior en que este último no tiene en cuenta ningún criterio conforme al Acuerdo de París sobre reducción de emisiones de gases de efecto invernadero y exclusiones relacionadas. | # Politique d'investissement
RobecoSAM Climate Global Credits est un fonds à gestion active qui investit mondialement surtout dans des obligations d'entreprise. La sélection de ces obligations est basée sur une analyse fondamentale. Le fonds a pour objectif l'investissement durable au sens de l'Article 9 du Règlement européen sur la publication d'informations en matière de durabilité dans le secteur financier. Le fonds contribue à limiter la hausse maximale de la température mondiale à moins de 2 °C en réduisant l'empreinte carbone du portefeuille. Le fonds intègre les facteurs ESG (environnementaux, sociaux et de gouvernance) dans le processus d'investissement, applique la politique de bonne gouvernance de Robeco et des exclusions normatives, ainsi qu'en ce qui concerne les activités, conformément à l'Article 12 du règlement européen sur les indices de référence « transition climatique », les indices de référence « Accord de Paris » et la publication d'informations en matière de durabilité pour les indices de référence. Le fonds vise en outre à faire fructifier le capital sur le long terme. Le fonds investit surtout dans des obligations non souveraines (pouvant inclure des obligations convertibles contingentes « CoCo »), ainsi que des titres similaires d'émetteurs privés et des titres adossés à des actifs du monde entier. L'objectif de réduction de l'empreinte carbone sera aligné sur l'indice Solactive Paris Aligned Global Corporate. Indice de référence : Solactive Paris Aligned Global Corporate Index. Le fonds est géré par rapport à un indice qui est conforme aux objectifs d'investissement durable poursuivis par le fonds. Il vise à s'aligner sur les exigences de réduction d'émissions de gaz à effet de serre de l'Accord de Paris. Pour les obligations d'entreprise, l'indice vise à représenter la performance d'une stratégie conforme aux normes techniques des indices alignés sur l'Accord de Paris et la réglementation de l'UE en matière d'exclusions et de réduction des émissions carbone. L'indice diffère d'un indice général de marché car ce dernier ne prend en compte dans sa méthodologie aucun critère d'alignement sur l'Accord de Paris sur la réduction des émissions de gaz à effet de serre et les exclusions qui y sont liées. | fr | es |
DOLFIN5186 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of small- and mid- cap equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of its net assets in shares and equity securities that are investments in carefully chosen small- and mid-cap companies that have their registered office or carry out the majority of their economic activity in recognised European countries and are mainly managed by owners. Companies are considered to be owner-run if one or more shareholders hold substantial stakes (at least 20%) and have a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The fund can carry out derivative transactions for the purposes of hedging, efficient portfolio management and the generation of additional income
Benchmark The benchmark, MSCI Europe ex UK Small Net TR reference index, is used for performance fee calculation purposes only. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | ## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable de pequeña y mediana capitalización considerados como gestionados por el propietario.
Política de inversión El fondo invierte al menos dos tercios de su patrimonio neto en acciones y valores de renta variable que son inversiones en empresas de pequeña y mediana capitalización cuidadosamente seleccionadas que tienen su domicilio social o desarrollan la mayor parte de su actividad económica en países europeos reconocidos y que son gestionadas principalmente por sus propietarios. Se considera que las empresas están gestionadas por sus propietarios si uno o más accionistas tienen una participación sustancial (al menos el 20%) y tienen una influencia significativa en la política de la empresa. Hasta un tercio de los activos netos puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El fondo puede realizar operaciones de derivados con fines de cobertura, gestión eficiente de la cartera y generación de ingresos adicionales.
valor de referencia El índice de referencia, MSCI Europe ex UK Small Net TR, se utiliza únicamente a efectos del cálculo de la comisión de rentabilidad. El índice de referencia no se utiliza para la construcción de la cartera y tiene cierta discreción para desviarse de su composición y características de riesgo. El Fondo se gestiona activamente y no sigue el índice; por lo tanto, la discreción del Gestor de Inversiones puede dar lugar a una rentabilidad que difiera del índice de referencia. | ## Investment approach The Fund invests across all sectors of small- and mid- cap equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of its net assets in shares and equity securities that are investments in carefully chosen small- and mid-cap companies that have their registered office or carry out the majority of their economic activity in recognised European countries and are mainly managed by owners. Companies are considered to be owner-run if one or more shareholders hold substantial stakes (at least 20%) and have a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The fund can carry out derivative transactions for the purposes of hedging, efficient portfolio management and the generation of additional income
Benchmark The benchmark, MSCI Europe ex UK Small Net TR reference index, is used for performance fee calculation purposes only. The benchmark is not used for portfolio construction and has some discretion to deviate from its composition and risk characteristics. The Fund is actively managed and does not track the index; thus, the Investment Manager's discretion may result in performance that differs from the benchmark. | en | es |
DOLFIN5187 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# How can I complain?
You are entitled to make a complaint in respect of the Fund free of charge by sending your complaint to the registered office of the Manager, Hermes Fund Managers Ireland Limited, 7/8 Upper Mount Street, Dublin 2, DO2 FT59, Ireland or #[email protected]. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Manager's complaints process if you are still not satisfied with the response received. Further information on the complaints policy relating to the Fund is available at https://www.hermes- investment.com/ie/en/professional/hermes-ireland-policies-and-disclosures/ | # Come presentare reclami?
Avete il diritto di presentare gratuitamente un reclamo in relazione al Fondo inviandolo alla sede legale del Gestore, Hermes Fund Managers Ireland Limited, 7/8 Upper Mount Street, Dublin 2, DO2 FT59, Irlanda o all’indirizzo #[email protected]. Se, al termine della procedura di reclamo predisposta dal Gestore, non siete ancora soddisfatti della risposta ricevuta, avete inoltre il diritto di rivolgervi al Financial Services and Pensions Ombudsman. Ulteriori informazioni sulla politica di reclamo in relazione al Fondo sono disponibili all’indirizzo https://www.hermes- investment.com/ie/en/professional/hermes-ireland-policies-and-disclosures. | # How can I complain?
You are entitled to make a complaint in respect of the Fund free of charge by sending your complaint to the registered office of the Manager, Hermes Fund Managers Ireland Limited, 7/8 Upper Mount Street, Dublin 2, DO2 FT59, Ireland or #[email protected]. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Manager's complaints process if you are still not satisfied with the response received. Further information on the complaints policy relating to the Fund is available at https://www.hermes- investment.com/ie/en/professional/hermes-ireland-policies-and-disclosures/ | en | it |
DOLFIN5188 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Wherever a Unitholder obtains preferential treatment or the right to obtain preferential treatment, the AIFM shall provide, in accordance with the AIFM Act, a description of such preferential treatment and the rationale behind it.
- Periodic Disclosure to Unitholders by the AIFMThe AIFM will ensure that the AIF shall periodically disclose, in a clear and understandable way, to investors in each Sub-Fund:
- the percentage of each Sub-Fund’s assets which are subject to special arrangements, including Recovery Pockets, lengthy settlement periods, due to their illiquid nature;
- any new material arrangements for managing liquidity of the relevant Sub-Fund;
- the current risk profile of the relevant Sub-Fund and risk management systems employed by the AIFM to manage those risks; and
- historical performance of each Sub-Fund. | Bekommt ein Anteilinhaber eine Vorzugsbehandlung oder hat er das Recht auf eine Vorzugsbehandlung, so hat der AIFM gemäß AIFMG eine Beschreibung dieser Vorzugsbehandlung und die Gründe dafür zu liefern.
- Regelmäßige Angaben des AIFM gegenüber den AnteilinhabernDer AIFM wird sicherstellen, dass der AIF den Anlegern der einzelnen Teilfonds regelmäßig auf klare und verständliche Weise das Folgende mitteilt:
- den Prozentsatz des Teilfondsvermögens, für das aufgrund seines illiquiden Charakters besondere Vereinbarungen gelten, einschließlich Recovery Pockets und langer Regulierungszeiträume,
- neue wesentliche Vorkehrungen zur Liquiditätssteuerung des maßgeblichen Teilfonds,
- das aktuelle Risikoprofil des maßgeblichen Teilfonds und die vom AIFM zur Steuerung dieser Risiken eingesetzten Risikomanagement-Systeme und
- die vergangene Wertentwicklung der einzelnen Teilfonds. | Wherever a Unitholder obtains preferential treatment or the right to obtain preferential treatment, the AIFM shall provide, in accordance with the AIFM Act, a description of such preferential treatment and the rationale behind it.
- Periodic Disclosure to Unitholders by the AIFMThe AIFM will ensure that the AIF shall periodically disclose, in a clear and understandable way, to investors in each Sub-Fund:
- the percentage of each Sub-Fund’s assets which are subject to special arrangements, including Recovery Pockets, lengthy settlement periods, due to their illiquid nature;
- any new material arrangements for managing liquidity of the relevant Sub-Fund;
- the current risk profile of the relevant Sub-Fund and risk management systems employed by the AIFM to manage those risks; and
- historical performance of each Sub-Fund. | en | de |
DOLFIN5189 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Where a Fund enters into a reverse repurchase agreement it must be able to recall the full amount of the cash at any time or terminate the reverse repurchase agreement on either an accrued basis or a mark to market basis. Where cash is recallable at any time on a mark to market basis, the mark to market basis value of the reverse repurchase agreement must be used to calculate the net asset value of the relevant Fund.
Where a Fund enters into a repurchase agreement it should be able to recall the securities or terminate the repurchase agreement at any time. Fixed term repurchase agreements that do not exceed seven days shall be deemed to comply with this requirement.
Re-invested cash collateral should be diversified in accordance with the diversification requirements application to non-cash collateral. Repo contracts do not constitute borrowing or lending for the purposes of the UCITS Regulations.
The section of this Prospectus headed “RISK FACTORS” provides a description of the risks associated with the use of derivatives, securities lending, repurchase and reverse repurchase agreements. | Wenn ein Fonds eine umgekehrte Rückkaufvereinbarung abschliesst, muss er jederzeit in der Lage sein, den gesamten Betrag der liquiden Mittel zurückzurufen oder die umgekehrte Rückkaufvereinbarung entweder auf einer aufgelaufenen Basis oder auf Marktpreisbasis zu kündigen. Sind die liquiden Mittel jederzeit auf Marktwertbasis abrufbar, so ist der Marktwertbasiswert der umgekehrten Rückkaufvereinbarung zur Berechnung des Nettovermögenswerts des betreffenden Fonds zu verwenden.
Wenn ein Fonds eine umgekehrte Rückkaufvereinbarung abschliesst, sollte er jederzeit in der Lage sein, die Wertpapiere zurückzurufen oder die umgekehrte Rückkaufvereinbarung zu beenden. Umgekehrte Rückkaufvereinbarungen mit fester Laufzeit, die sieben Tage nicht überschreiten, gelten als Erfüllung dieser Anforderung.
Re-investierte Barsicherheiten sollten entsprechend den Diversifikationsanforderungen für unbare Sicherheiten diversifiziert werden. Repo-Verträge stellen keine Kreditaufnahme oder Kreditvergabe im Sinne der OGAW-Verordnungen dar.
Der Abschnitt dieses Prospekts mit der Überschrift „RISIKOFAKTOREN“ enthält eine Beschreibung der Risiken, die mit dem Einsatz von Derivaten, Wertpapierverleihgeschäften und Rückkauf- und umgekehrten Rückkaufvereinbarungen verbunden sind. | Where a Fund enters into a reverse repurchase agreement it must be able to recall the full amount of the cash at any time or terminate the reverse repurchase agreement on either an accrued basis or a mark to market basis. Where cash is recallable at any time on a mark to market basis, the mark to market basis value of the reverse repurchase agreement must be used to calculate the net asset value of the relevant Fund.
Where a Fund enters into a repurchase agreement it should be able to recall the securities or terminate the repurchase agreement at any time. Fixed term repurchase agreements that do not exceed seven days shall be deemed to comply with this requirement.
Re-invested cash collateral should be diversified in accordance with the diversification requirements application to non-cash collateral. Repo contracts do not constitute borrowing or lending for the purposes of the UCITS Regulations.
The section of this Prospectus headed “RISK FACTORS” provides a description of the risks associated with the use of derivatives, securities lending, repurchase and reverse repurchase agreements. | en | de |
DOLFIN5190 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In accordance with this valuation method, the assets of the sub-fund in question are valued at their acquisition cost with an adjustment of the amortisation premium or an increase in the discount rather than at the market price.
- Money market instruments held by a sub-fund with a residual maturity of 3 months or more shall be valued at their probable sale price, either
- by mark to market or
- when the instruments are not significantly traded, they are valued by applying an actuarial method, with the rate used being that of issues of equivalent securities with, if applicable, a differential applied that is representative of the intrinsic characteristics of the issuer of the security. | Conformément à cette méthode d’évaluation, les avoirs du compartiment considéré sont évalués à leur coût d’acquisition avec un ajustement de la prime d’amortissement ou un accroissement de l’escompte plutôt qu’au prix du marché.
- Les instruments du marché monétaire détenus par un compartiment, dotés d’une échéance résiduelle supérieure à 3 mois seront évalués à leur valeur probable de négociation, soit
- en mark to market ou
- lorsque les instruments ne font pas l'objet de transactions significatives, ils sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur du titre. | In accordance with this valuation method, the assets of the sub-fund in question are valued at their acquisition cost with an adjustment of the amortisation premium or an increase in the discount rather than at the market price.
- Money market instruments held by a sub-fund with a residual maturity of 3 months or more shall be valued at their probable sale price, either
- by mark to market or
- when the instruments are not significantly traded, they are valued by applying an actuarial method, with the rate used being that of issues of equivalent securities with, if applicable, a differential applied that is representative of the intrinsic characteristics of the issuer of the security. | en | fr |
DOLFIN5191 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Eleva Euroland Selection Fund offers Class A1, Class A2, Class F, Class I, Class I2, Class R, Class X and Class Z Shares with different characteristics, including currencies, distribution policies and hedging. The Eleva Euroland Selection Fund also offers Class F, Class H1, Class H2 and Class H3 Shares with different characteristics, including currencies, distribution policies, hedging and fee arrangements (see further pages 27 and 28 above).
Please visit the Website for a complete list of Classes available in the Eleva Euroland Selection Fund.
Class A2 Shares shall be available for subscription to all investors. Class A1 Shares shall be available for subscription at the discretion of the Management Company or its (sub-)distributor and are intended to be distributed in certain jurisdictions and through certain distributors and platforms.
Class H1, Class H2 and Class H3 Shares are reserved to investors who have entered (directly or indirectly) into a specific agreement with the Management Company. Investments into Class H Shares shall require the consent of the Board of Directors.
Classes F Shares are reserved to Institutional Investors who have entered into a specific agreement with the Management Company. Investment into Classes F Shares shall require the consent of the Management Company.
Class I Shares and Class I2 Shares are reserved to Institutional Investors. Investment into Class I2 Shares shall be at the absolute discretion of the Board of Directors.
Class R Shares may be offered to investors in certain limited circumstances as more particularly described under the heading “Classes of Shares; Class R Shares” at page 28 of the Prospectus.
Class X Shares are reserved for investment by such other Sub-Funds as may be permitted, pursuant to their respective investment objectives and policies and subject to any applicable investment restrictions, to invest in the Eleva Euroland Selection Fund from time to time. Such investment of other Sub-Funds into Class X Shares shall be at the absolute discretion of the Board of Directors.
Class Z Shares are reserved for Institutional Investors who have entered into a specific agreement with the Fund and/or the Management Company. Investment into Class Z Shares shall be at the absolute discretion of the Board of Directors.
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### Investment Objective, Policy and Restrictions Investment Objective | Der Eleva Euroland Selection Fund bietet Anteile der Anteilsklassen A1, A2, F, I, I2, R, X und Z mit unterschiedlichen Merkmalen an, einschließlich Währung, Ausschüttungspolitik und Absicherung. Des Weiteren bietet der Eleva Euroland Selection Fund auch Anteile der Klassen F, H1, H2 und H3 mit unterschiedlichen Merkmalen an, einschließlich Währung, Ausschüttungspolitik, Absicherung und Gebühren (weitere Informationen finden Sie auf den Seiten 27 und 28).
Auf unserer Website finden Sie eine vollständige Aufstellung der verfügbaren Anteilsklassen des Eleva Euroland Selection Fund.
Anteile der Klasse A2 können von allen Anlegern gezeichnet werden. Anteile der Klasse A1 stehen nach Ermessen der Verwaltungsgesellschaft oder ihrer (Unter)Vertriebsgesellschaften zur Zeichnung zur Verfügung und sollen in bestimmten Gerichtsbarkeiten und über bestimmte Vertriebsgesellschaften und Plattformen vertrieben werden.
Die Anteile der Klassen H1, H2 und H3 sind Anlegern vorbehalten, die eine Sondervereinbarung mit der Verwaltungsgesellschaft abgeschlossen haben (direkt oder indirekt). Für Anlagen in Anteile der Anteilsklasse H ist die Zustimmung des Verwaltungsrats erforderlich.
Die Anteilsklassen F sind institutionellen Investoren vorbehalten, die eine Sondervereinbarung mit der Verwaltungsgesellschaft abgeschlossen haben. Für Anlagen in Anteile der Klassen F ist die Zustimmung der Verwaltungsgesellschaft erforderlich.
Die Anteile der Klasse I und der Klasse I2 sind institutionellen Investoren vorbehalten. Anlagen in die Anteile der Klasse I2 erfolgen nach dem alleinigen Ermessen des Verwaltungsrates.
Anteile der Klasse R können Anlegern unter gewissen, begrenzten Umständen angeboten werden, wie dies unter der Überschrift „Anteilsklassen; Anteile der Klasse R“ auf Seite 28 des Verkaufsprospekts genauer beschrieben ist.
Anteile der Klasse X sind Anlagen durch andere Teilfonds vorbehalten, soweit dies erlaubt ist, im Rahmen von deren jeweiligen Anlagezielen und deren jeweiliger Anlagepolitik und unter Einhaltung der zu gegebener Zeit für die Anlage in den Eleva Euroland Selection Fund geltenden Anlagebeschränkungen. Solche Anlagen anderer Teilfonds in Anteile der Klasse X erfolgen nach alleinigem Ermessen des Verwaltungsrats.
Anteile der Klasse Z sind institutionellen Anlegern vorbehalten, die eine Sondervereinbarung mit dem Fonds und/oder der Verwaltungsgesellschaft abgeschlossen haben. Anlagen in Anteile der Klasse Z erfolgen nach alleinigem Ermessen des Verwaltungsrates.
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### Anlageziele, -politik und -beschränkungen Anlageziel | The Eleva Euroland Selection Fund offers Class A1, Class A2, Class F, Class I, Class I2, Class R, Class X and Class Z Shares with different characteristics, including currencies, distribution policies and hedging. The Eleva Euroland Selection Fund also offers Class F, Class H1, Class H2 and Class H3 Shares with different characteristics, including currencies, distribution policies, hedging and fee arrangements (see further pages 27 and 28 above).
Please visit the Website for a complete list of Classes available in the Eleva Euroland Selection Fund.
Class A2 Shares shall be available for subscription to all investors. Class A1 Shares shall be available for subscription at the discretion of the Management Company or its (sub-)distributor and are intended to be distributed in certain jurisdictions and through certain distributors and platforms.
Class H1, Class H2 and Class H3 Shares are reserved to investors who have entered (directly or indirectly) into a specific agreement with the Management Company. Investments into Class H Shares shall require the consent of the Board of Directors.
Classes F Shares are reserved to Institutional Investors who have entered into a specific agreement with the Management Company. Investment into Classes F Shares shall require the consent of the Management Company.
Class I Shares and Class I2 Shares are reserved to Institutional Investors. Investment into Class I2 Shares shall be at the absolute discretion of the Board of Directors.
Class R Shares may be offered to investors in certain limited circumstances as more particularly described under the heading “Classes of Shares; Class R Shares” at page 28 of the Prospectus.
Class X Shares are reserved for investment by such other Sub-Funds as may be permitted, pursuant to their respective investment objectives and policies and subject to any applicable investment restrictions, to invest in the Eleva Euroland Selection Fund from time to time. Such investment of other Sub-Funds into Class X Shares shall be at the absolute discretion of the Board of Directors.
Class Z Shares are reserved for Institutional Investors who have entered into a specific agreement with the Fund and/or the Management Company. Investment into Class Z Shares shall be at the absolute discretion of the Board of Directors.
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### Investment Objective, Policy and Restrictions Investment Objective | en | de |
DOLFIN5192 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund managed in accordance with the Climate Engagement Strategy promotes an environmental characteristic through the engagement with the top 10 carbon emitting issuers of the respective Sub-Fund to encourage their transition pathway to a low carbon economy by setting objectives targets which are sector specific. Top 10 carbon emitting issuers of the portfolio are ranked based upon the carbon emissions of the issuers in the portfolio for their Scope 1 and Scope 2 emissions data. Scope 1 aims to measure all direct emissions from the activities of a corporate or under their control. Scope 2 aims to measure all indirect emissions from electricity purchased and used by the corporate based upon the Greenhouse Gas Protocol definition.
The Sub-Fund’s Investment Manager will ensure through the exercise of voting rights to promote good governance and advances environmental issues. The Sub-Fund’s Investment Manager will engage with issuers regarding their target settings with respect to a climate transition pathway.
Governance characteristics are assessed based on the issuer’s system of rules, practices, and processes by which it is directed and controlled.
In addition, Climate Engagement Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues. | Los Compartimentos gestionados de acuerdo con la Estrategia de compromiso climático promueven una característica medioambiental a través del compromiso con los 10 principales emisores de carbono del Compartimento respectivo para fomentar su transición hacia una economía con bajas emisiones de carbono mediante el establecimiento de objetivos específicos de cada sector. Los 10 principales emisores de carbono de la cartera se clasifican en función de las emisiones de carbono que emiten dichos emisores, medido por sus datos de emisiones de Alcance 1 y Alcance 2. El objetivo del Alcance 1 es medir todas las emisiones directas procedentes de las actividades de una empresa o que recaen bajo su control. El objetivo del Alcance 2 es medir todas las emisiones indirectas procedentes de la electricidad comprada y utilizada por la empresa en función de la definición del Protocolo de gases de efecto invernadero.
El Gestor de inversiones del Compartimento se asegurará, mediante el ejercicio de los derechos de voto, de promover el buen gobierno y los avances en cuestiones medioambientales. El Gestor de inversiones del Compartimento se comprometerá con los emisores en relación con el establecimiento de objetivos que vayan encaminados hacia la transición climática.
Las características de gobierno corporativo se evalúan en función del sistema de reglas, prácticas y procesos del emisor por el que se dirige y controla.
Además, la Estrategia de compromiso climático aplica criterios de exclusión mínimos para
- violaciones graves de los infractores del Pacto Mundial de las Naciones Unidas (desinversión de emisores que no están dispuestos a cambiar después del compromiso);
- valores emitidos por empresas que participen en armas controvertidas (minas antipersonas, municiones en racimo, armas químicas, armas biológicas, uranio empobrecido, fósforo blanco y armas nucleares) y valores emitidos por empresas que obtienen más del 10 % de sus ingresos de la participación en armamento, servicios y equipos militares;
- valores emitidos por empresas que obtienen más del 10 % de sus ingresos de la extracción de carbón térmico y valores emitidos por empresas de servicios públicos que generan más del 20 % de sus ingresos a partir de carbón; y
- valores emitidos por empresas que participen en la producción de tabaco y valores emitidos por empresas cuya participación en la distribución de tabaco represente más del 5 % de sus ingresos. | A Sub-Fund managed in accordance with the Climate Engagement Strategy promotes an environmental characteristic through the engagement with the top 10 carbon emitting issuers of the respective Sub-Fund to encourage their transition pathway to a low carbon economy by setting objectives targets which are sector specific. Top 10 carbon emitting issuers of the portfolio are ranked based upon the carbon emissions of the issuers in the portfolio for their Scope 1 and Scope 2 emissions data. Scope 1 aims to measure all direct emissions from the activities of a corporate or under their control. Scope 2 aims to measure all indirect emissions from electricity purchased and used by the corporate based upon the Greenhouse Gas Protocol definition.
The Sub-Fund’s Investment Manager will ensure through the exercise of voting rights to promote good governance and advances environmental issues. The Sub-Fund’s Investment Manager will engage with issuers regarding their target settings with respect to a climate transition pathway.
Governance characteristics are assessed based on the issuer’s system of rules, practices, and processes by which it is directed and controlled.
In addition, Climate Engagement Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues. | en | es |
DOLFIN5193 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class ID of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class ID of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 26 de junio de 2015 tras la fusión por absorción de la Clase ID del fondo francés Edmond de Rothschild CHINA (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase ID del Subfondo absorbido. | ## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class ID of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class ID of the Absorbed Sub-Fund. | en | es |
DOLFIN5194 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### CONSIDER THE RISKS
Investors should consider the risks that may impact their capital before investing. The value of your investment may fluctuate from the time of the original investment.
Please refer to the risks section enclosed. A decision to invest should take account of all the characteristics and objectives described in the prospectus and KIID/KID and / or offering documents. | ### CONSIDERAZIONE DEI RISCHI
Prima di investire, è opportuno considerare i rischi a cui potrebbe essere esposto il capitale. Il valore dell’investimento può oscillare rispetto al valore del capitale originariamente investito. Si rimanda alla sezione relativa ai rischi. La decisione
di investire deve tener conto di tutte le caratteristiche e di tutti gli obiettivi descritti nel prospetto, nel KID e/o nei documenti di offerta. | ### CONSIDER THE RISKS
Investors should consider the risks that may impact their capital before investing. The value of your investment may fluctuate from the time of the original investment.
Please refer to the risks section enclosed. A decision to invest should take account of all the characteristics and objectives described in the prospectus and KIID/KID and / or offering documents. | en | it |
DOLFIN5195 | 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 | We do not charge an entry fee for this product. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | | |
| Management fees and other administrative or operating costs | 0.63% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 63 USD |
| Portfolio transaction costs | 0.36% 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. | 36 USD |
| Incidental costs taken under specific conditions |
| Performance Fee | There is no performance fee for this product. | N/A | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 Anno |
| --- | --- |
| Costi di ingresso | Non addebitiamo una commissione di ingresso per questo prodotto. | N/A |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | N/A |
| Costi correnti | | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,63% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 63 USD |
| Costi di transazione del portafoglio | 0,36% 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. | 36 USD |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | N/A | | | One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | | |
| Management fees and other administrative or operating costs | 0.63% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 63 USD |
| Portfolio transaction costs | 0.36% 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. | 36 USD |
| Incidental costs taken under specific conditions |
| Performance Fee | There is no performance fee for this product. | N/A | | en | it |
DOLFIN5196 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Introduction
Barings Investment Funds Plc (“the Company”) is an open-ended umbrella investment company with segregated liability between funds and with variable capital incorporated in Ireland on 18 October 2004 under the Companies Act 2014. It is authorised by the Central Bank of Ireland (“the CBI”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“the UCITS Regulations”). The Company’s registration number is 392526 and is designed to give both individual and institutional investors the benefit of experienced professional portfolio management. The Company is also listed on Euronext Dublin (formerly known as the Irish Stock Exchange) Global Exchange Market.
The Company is an umbrella fund in that different funds may be issued from time to time by the Directors with the prior approval of the CBI. The assets of each Fund are invested in accordance with the investment objective and policy applicable to such Fund.
The Company has seven active Funds as at 30 April 2019, Barings China Select Fund, Barings Europe Select Fund (launched 8 February 2019), Barings European Opportunities Fund, Barings Frontier Markets Fund, Barings German Growth Fund (launched 8 February 2019), Barings Global Dividend Champions Fund and Barings Global Flexible Allocation Fund. Barings Dynamic Absolute Return Fund closed 14 December 2018. Each of the Funds had several classes of shares on offer at the year-end. Further details of the Funds are contained in individual supplements to the full Prospectus.
## The trade receipt and valuation deadline for the annual financial statements was 12pm on 30 April 2019, the last business day of the year.
## The following Funds have been approved by the CBI:
| Fund | Fund launch date |
| --- | --- |
| Barings China Select Fund | 13/04/2008 |
| Barings Dynamic Absolute Return Fund (closed 14 December 2018) | 23/06/2016 |
| Barings Europe Select Fund | 08/02/2019 |
| Barings European Opportunities Fund | 29/10/2013 |
| Barings Frontier Markets Fund | 24/04/2013 |
| Barings German Growth Fund | 08/02/2019 |
| Barings Global Dividend Champions Fund | 20/10/2016 |
| Barings Global Flexible Allocation Fund | 13/03/2013 |
Introduction (continued) | # Introduction
Barings Investment Funds Plc (ci-après « la Société ») est une société d’investissement à capital variable et à compartiments multiples appliquant le principe de la responsabilité séparée des compartiments, constituée en Irlande le 18 octobre 2004 en vertu de la loi sur les sociétés Companies Act de 2014. Elle est agréée par la Banque centrale d’Irlande (ci-après « BCI ») en vertu des directives des communautés européennes sur les organismes de placement collectif en valeurs mobilières de 2011, telles qu’amendées, (ci-après « la Réglementation sur les OPCVM »). Elle est enregistrée sous le numéro 392526 et vise à permettre aux investisseurs particuliers et institutionnels de bénéficier de services de gestion de portefeuille fournis par des professionnels expérimentés. La Société est également cotée au Global Exchange Market d’Euronext Dublin (anciennement « Bourse d’Irlande).
La Société est un fonds à compartiments multiples dans la mesure où différents fonds peuvent être ponctuellement émis par les Administrateurs, avec l’autorisation préalable de la BCI. Les actifs de chaque Fonds sont investis conformément à l’objectif et à la politique d’investissement du Fonds concerné.
La Société comptait sept Fonds actifs au 30 avril 2019, à savoir le Barings China Select Fund, le Barings Europe Select Fund (lancé le 8 février 2019), le Barings European Opportunities Fund, le Barings Frontier Markets Fund, le Barings German Growth Fund (lancé le 8 février 2019), le Barings Global Dividend Champions Fund et le Barings Global Flexible Allocation Fund. Le Baring Dynamic Absolute Return Fund a été clôturé le 14 décembre 2018. Chaque Fonds proposait différentes classes d’actions à la fin de l’exercice. Des informations plus détaillées concernant les Fonds sont fournies dans les suppléments individuels au Prospectus complet.
## Dans le cadre des états financiers annuels, l’heure limite de réception des ordres et de valorisation était fixée à midi au 30 avril 2019, dernier jour ouvrable de l’année.
## Les Fonds suivants ont été approuvés par la Banque centrale d’Irlande :
| Fonds | Date de lancement du Fonds |
| --- | --- |
| Barings China Select Fund | 13/04/2008 |
| Baring Dynamic Absolute Return Fund (clôturé le 14 décembre 2018) | 23/06/2016 |
| Barings Europe Select Fund | 08/02/2019 |
| Barings European Opportunities Fund | 29/10/2013 |
| Barings Frontier Markets Fund | 24/04/2013 |
| Barings German Growth Fund | 08/02/2019 |
| Barings Global Dividend Champions Fund | 20/10/2016 |
| Barings Global Flexible Allocation Fund | 13/03/2013 |
Introduction (suite) | # Introduction
Barings Investment Funds Plc (“the Company”) is an open-ended umbrella investment company with segregated liability between funds and with variable capital incorporated in Ireland on 18 October 2004 under the Companies Act 2014. It is authorised by the Central Bank of Ireland (“the CBI”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“the UCITS Regulations”). The Company’s registration number is 392526 and is designed to give both individual and institutional investors the benefit of experienced professional portfolio management. The Company is also listed on Euronext Dublin (formerly known as the Irish Stock Exchange) Global Exchange Market.
The Company is an umbrella fund in that different funds may be issued from time to time by the Directors with the prior approval of the CBI. The assets of each Fund are invested in accordance with the investment objective and policy applicable to such Fund.
The Company has seven active Funds as at 30 April 2019, Barings China Select Fund, Barings Europe Select Fund (launched 8 February 2019), Barings European Opportunities Fund, Barings Frontier Markets Fund, Barings German Growth Fund (launched 8 February 2019), Barings Global Dividend Champions Fund and Barings Global Flexible Allocation Fund. Barings Dynamic Absolute Return Fund closed 14 December 2018. Each of the Funds had several classes of shares on offer at the year-end. Further details of the Funds are contained in individual supplements to the full Prospectus.
## The trade receipt and valuation deadline for the annual financial statements was 12pm on 30 April 2019, the last business day of the year.
## The following Funds have been approved by the CBI:
| Fund | Fund launch date |
| --- | --- |
| Barings China Select Fund | 13/04/2008 |
| Barings Dynamic Absolute Return Fund (closed 14 December 2018) | 23/06/2016 |
| Barings Europe Select Fund | 08/02/2019 |
| Barings European Opportunities Fund | 29/10/2013 |
| Barings Frontier Markets Fund | 24/04/2013 |
| Barings German Growth Fund | 08/02/2019 |
| Barings Global Dividend Champions Fund | 20/10/2016 |
| Barings Global Flexible Allocation Fund | 13/03/2013 |
Introduction (continued) | en | fr |
DOLFIN5197 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Net asset appreciation may be compared to the MSCI USA Net Total Return Index. Under normal market conditions, at least 90% of the Fund's assets are exposed to shares in companies listed on the US Stock Exchanges, including the small, mid and large-cap US equity markets.
For the purpose of diversification, the Fund may invest up to 20% of its assets in Real Estate Investment Trusts (REIT).
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk.
R units: these units are intended for "all investors” seeking a low initial investment and a “clean fee” structure. The R “clean fee” share class will not carry any fees payable to distributors.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | # Perfil de riesgo y remuneración
A menor riesgo, A mayor riesgo,
remuneración potencialmente menor remuneración potencialmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Este indicador representa la volatilidad histórica anual del Fondo durante un periodo de cinco años.
La categoría de riesgo 5 indica la volatilidad de los mercados de valores en los que invierte el Fondo con respecto a su estrategia de inversión.
Los datos históricos, tales como los utilizados para calcular el indicador sintético, no pueden considerarse como una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo asociada al Fondo no está garantizada y puede variar en el transcurso del tiempo.
La categoría más baja no significa que la inversión esté «libre de riesgo». Su inversión inicial no se beneficia de ninguna garantía.
La revalorización del patrimonio neto se comparará con el MSCI USA Net Total Return Index. En condiciones normales del mercado, al menos el 90% de los activos del Fondo estarán expuestos a las acciones de sociedades que cotizan en las Bolsas de valores estadounidenses, incluidos los mercados de gran, mediana y pequeña capitalización estadounidenses.
El Fondo, con fines de diversificación, podrá invertir hasta el 20% de sus activos en fondos de inversión inmobiliaria (REIT).
El Fondo también podrá recurrir a diferentes mercados o activos, incluidos los instrumentos derivados con el fin de cubrir y/o exponer la cartera al riesgo de renta variable y/o cubrir el riesgo de cambio.
Participaciones R: estas participaciones están destinadas a «todos los inversores» que buscan una inversión inicial baja y una estructura «sin comisión». La clase de acciones R «sin comisión» no llevará ninguna comisión pagadera a los distribuidores.
El horizonte de inversión mínimo recomendado es de más de cinco años. La suscripción mínima inicial por accionista es de una acción. El Fondo capitaliza sus ingresos. Los inversores podrán solicitar el reembolso de sus acciones con una frecuencia diaria, de acuerdo con el procedimiento descrito en el folleto del Fondo.
Entre los riesgos significativos para el Fondo que no recoge este indicador cabe destacar los siguientes:
Riesgos vinculados a la gestión discrecional: la Sociedad gestora ha puesto en práctica las estrategias de inversión descritas anteriormente con el fin de crear un Fondo bien diversificado. Por lo tanto, no se puede excluir que la Sociedad gestora no elija los activos más rentables.
Riesgo cambiario: El Fondo invierte en mercados extranjeros. Puede verse afectado por variaciones en los tipos de cambio que pueden provocar que el valor de la inversión disminuya o aumente.
Riesgo de contraparte: el Fondo puede incurrir en una pérdida en caso de impago de la contraparte con la que haya realizado determinadas operaciones, lo que conduce a la disminución del valor liquidativo del Fondo. | # Risk and reward profile
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
This indicator represents the annual historical volatility of the Fund over a 5-year period.
The risk indicator of level 5 reflects the volatility of the stock markets in which the Fund invests with respect to its investment strategy.
Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile.
The risk category associated with the Fund is not guaranteed and may change over time.
The lowest risk category does not mean "risk free". Your initial investment is not guaranteed.
Net asset appreciation may be compared to the MSCI USA Net Total Return Index. Under normal market conditions, at least 90% of the Fund's assets are exposed to shares in companies listed on the US Stock Exchanges, including the small, mid and large-cap US equity markets.
For the purpose of diversification, the Fund may invest up to 20% of its assets in Real Estate Investment Trusts (REIT).
The Fund may also use different markets or assets, including derivative instruments to hedge and/or expose the portfolio to equity risk and/or hedge currency risk.
R units: these units are intended for "all investors” seeking a low initial investment and a “clean fee” structure. The R “clean fee” share class will not carry any fees payable to distributors.
The recommended minimum investment horizon is more than five years. The minimum initial subscription per shareholder stands at one share. The Fund capitalizes its income. Investors may request redemptions of shares held daily, in line with the procedure described in the Fund's prospectus.
Significant risk(s) for the Fund not taken into account in this indicator include the following:
Risks associated with discretionary management: The Management Company has implemented the investment strategies described above to create a well-diversified Fund. It can therefore not be excluded that the Management Company does not choose the most profitable assets.
Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Counterparty risk: The Fund may incur a loss in the event of the default of a counterparty with which certain transactions were conducted, leading to a decline in the Fund's net asset value. | en | es |
DOLFIN5198 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### What is the policy to assess good governance practices of the investee companies?
Good governance practices are evaluated as part of the Investment Adviser’s eligibility process. Such practices are assessed through a monitoring process. Where relevant, fundamental analysis of a range of metrics that cover auditing practices, board composition and executive compensation, among others, is also conducted.The Investment Adviser also engages in regular dialogue with companies on corporate governance issues and exercises its proxy voting rights for the entities in which the Fund invests. Capital Group expects companies to recognize the need for constructive relationships with those stakeholders that are most important to the company’s specific business – whether it is the workforce, customers, regulators and policymakers, or others in the communities and the environment in which the company operates.
120 | Prospectus Capital International Fund
Companies that understand how stakeholders relationships affect their reputation can be better equipped to create long-term value. Transparency and accountability are key. Capital Group expects companies to disclose data and insights on areas of stakeholder focus, including aspirational goals, quantitative targets and strategy setting. Capital Group also expects the board to set the tone at the top and provide effective independent oversight.
Capital Group's ESG Policy Statement provides additional detail on Capital Group’s ESG philosophy, integration, governance, support and processes, including proxy voting procedures and principles, as well as views on specific ESG issues, including ethical conduct, disclosures and corporate governance. Information on Capital Group’s corporate governance principles can be found in its Proxy Voting Procedures and Principles as well as in the ESG Policy Statement. | #### Quelle est la politique suivie pour évaluer les pratiques de bonne gouvernance des sociétés bénéficiaires des investissements ?
Les pratiques de bonne gouvernance sont évaluées dans le cadre du processus d’éligibilité du Conseiller en Investissement. Ces pratiques sont évaluées par le biais d’un processus de suivi. Le cas échéant, une analyse fondamentale d’une gamme d’indicateurs couvrant les pratiques d’audit, la composition du conseil d’administration et la rémunération des dirigeants, entre autres, est également menée. Le Conseiller en Investissement entre également régulièrement en dialogue avec les sociétés à propos des questions de gouvernance d’entreprise et exerce ses droits de vote par procuration pour les entités dans lesquelles le Fonds investit. Capital Group attend des entreprises qu’elles reconnaissent le besoin de relations constructives avec les parties prenantes qui sont les plus importantes pour l’activité spécifique de l’entreprise, qu’il s’agisse de la main-d'œuvre, des clients, des régulateurs et des décideurs politiques, ou d’autres personnes dans les communautés et l’environnement dans lesquels l’entreprise opère. Les entreprises qui comprennent comment les relations avec les parties prenantes affectent leur réputation sont plus aptes à créer de la valeur à long terme. Transparence et responsabilité sont la clé. Capital Group attend des entreprises qu’elles divulguent des données et des informations sur les domaines d’intérêt des parties prenantes, y compris les objectifs ambitieux, les objectifs quantitatifs et la définition de la stratégie. Capital Group s’attend également à ce que le conseil d'administration donne le ton et offre une supervision indépendante efficace.
La Déclaration de politique ESG de Capital Group fournit des détails supplémentaires sur la philosophie, l’intégration, la gouvernance, le soutien et les processus ESG de Capital Group, y compris les procédures et principes de vote par procuration, ainsi que des opinions sur des questions ESG spécifiques, y compris la conduite éthique, les communications et la gouvernance d’entreprise. Des informations sur les principes de gouvernance d’entreprise de Capital Group sont disponibles dans ses Procédures et Principes de vote par procuration, ainsi que dans la Déclaration de politique ESG. | #### What is the policy to assess good governance practices of the investee companies?
Good governance practices are evaluated as part of the Investment Adviser’s eligibility process. Such practices are assessed through a monitoring process. Where relevant, fundamental analysis of a range of metrics that cover auditing practices, board composition and executive compensation, among others, is also conducted.The Investment Adviser also engages in regular dialogue with companies on corporate governance issues and exercises its proxy voting rights for the entities in which the Fund invests. Capital Group expects companies to recognize the need for constructive relationships with those stakeholders that are most important to the company’s specific business – whether it is the workforce, customers, regulators and policymakers, or others in the communities and the environment in which the company operates.
120 | Prospectus Capital International Fund
Companies that understand how stakeholders relationships affect their reputation can be better equipped to create long-term value. Transparency and accountability are key. Capital Group expects companies to disclose data and insights on areas of stakeholder focus, including aspirational goals, quantitative targets and strategy setting. Capital Group also expects the board to set the tone at the top and provide effective independent oversight.
Capital Group's ESG Policy Statement provides additional detail on Capital Group’s ESG philosophy, integration, governance, support and processes, including proxy voting procedures and principles, as well as views on specific ESG issues, including ethical conduct, disclosures and corporate governance. Information on Capital Group’s corporate governance principles can be found in its Proxy Voting Procedures and Principles as well as in the ESG Policy Statement. | en | fr |
DOLFIN5199 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Fund Polaris Moderate F is a feeder fund of the ODDO BHF Polaris Moderate (hereafter the “Master Fund”) and shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on ancillary basis.
The Sub-Fund Polaris Balanced F is a feeder fund of the ODDO BHF Exklusiv: Polaris Balanced (hereafter the “Master Fund”), the Master Fund being a sub-fund of ODDO BHF Exklusiv. The Sub-Fund shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on an ancillary basis.
The Sub-Fund Polaris Flexible F is a feeder fund of the ODDO BHF Polaris Flexible (hereafter the “Master Fund”) and shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on an ancillary basis.
The feeder compartments invest in the ID classes of their respective master funds as follows, as of 31 October 2021. | Il Comparto Polaris Moderate F è un fondo feeder di ODDO BHF Polaris Moderate (di seguito il “Fondo Master”) e investirà permanentemente dall’85% al 100% del suo patrimonio netto in quote del Fondo Master e fino al 15% in liquidità su base accessoria.
Il Comparto Polaris Balanced F è un fondo feeder di ODDO BHF Exklusiv: Polaris Balanced (di seguito “Fondo Master”) è un comparto di ODDO BHF Exklusiv. Il Comparto investirà permanentemente dall’85% al 100% del suo patrimonio netto in quote del Fondo Master e fino al 15% in liquidità su base accessoria.
Il Comparto Polaris Flexible F è un fondo feeder di ODDO BHF Polaris Flexible (di seguito il “Fondo Master”) e investirà permanentemente dall’85% al 100% del suo patrimonio netto in quote del Fondo Master e fino al 15% in liquidità su base accessoria.
I comparti feeder investono nelle classi ID dei rispettivi fondi master come segue, al 31 ottobre 2021. | The Sub-Fund Polaris Moderate F is a feeder fund of the ODDO BHF Polaris Moderate (hereafter the “Master Fund”) and shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on ancillary basis.
The Sub-Fund Polaris Balanced F is a feeder fund of the ODDO BHF Exklusiv: Polaris Balanced (hereafter the “Master Fund”), the Master Fund being a sub-fund of ODDO BHF Exklusiv. The Sub-Fund shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on an ancillary basis.
The Sub-Fund Polaris Flexible F is a feeder fund of the ODDO BHF Polaris Flexible (hereafter the “Master Fund”) and shall permanently invest from 85% to 100% of its net assets in units of the Master Fund and up to 15% in cash on an ancillary basis.
The feeder compartments invest in the ID classes of their respective master funds as follows, as of 31 October 2021. | en | it |
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