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DOLFIN5400 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Other relevant information
The Depositary of the Fund is BNP Paribas S.A., Germany Branch.
The information relating to the responsible paying agents can be found on our website at www.la-francaise-systematic-am.com. This Fund distributes part of its profits to investors.
The Fund is subject to the German Investmentsteuergesetz (Investment Tax Act). This may affect how you are taxed on your income from the Fund.
The Sales Prospectus, the current reports, the current unit prices and further information on La Française Systematic Global Listed Real Estate (I) can be found free of charge in German on our website at www.la-francaise-systematic-am.com.
Information about the company's current remuneration policy is published on our website at www.la-francaise-systematic-am.com. This includes a description of the calculation methods used for remuneration and for gratuities that are paid to specific groups of employees as well as a statement of the persons who are responsible for the allocation. Upon request the information will be provided to you by the Company in hard copy free of charge.
This document refers to unit class (I) of La Française Systematic Global Listed Real Estate. Information about other unit classes of the Fund which are distributed can be found on the website, www.la-francaise-systematic-am.com.
La Française Systematic Asset Management GmbH may only be held liable on the basis of a statement contained in this document which is misleading, incorrect or inconsistent with the relevant parts of the Sales Prospectus.
This Fund is licensed in Germany and is regulated by the Federal Financial Supervisory Authority (BaFin).
La Française Systematic Asset Management GmbH is licensed in Germany and is regulated by BaFin. This Key Investor Information Document is accurate and reflects the position as at 02/05/2023.
La Française Systematic Global Listed Real Estate(I) - 02 May 2023
2 | # Sonstige zweckdienliche Angaben
Verwahrstelle des Fonds ist die BNP Paribas S.A., Niederlassung Deutschland.
Die Informationen zu den zuständigen Zahlstellen finden Sie auf unserer Homepage www.la-francaise-systematic-am.com. Dieser Fonds schüttet einen Teil seiner Erträge an den Anleger aus.
Der Fonds unterliegt dem deutschen Investmentsteuergesetz. Dies kann Auswirkungen darauf haben, wie Sie bzgl. Ihrer Einkünfte aus dem Fonds besteuert werden.
Der Verkaufsprospekt, die aktuellen Berichte, die aktuellen Anteilpreise sowie weitere Informationen zum La Française Systematic Global Listed Real Estate (I) finden Sie kostenlos in deutscher Sprache auf unserer Homepage unter www.la-francaise-systematic-am.com.
Informationen zur aktuellen Vergütungspolitik der Gesellschaft sind auf unserer Homepage unter www.la-francaise-systematic-am.com veröffentlicht. Hierzu zählen eine Beschreibung der Berechnungsmethoden für Vergütungen und Zuwendungen an bestimmte Mitarbeitergruppen sowie die Angabe der für die Zuteilung zuständigen Personen. Auf Verlangen werden Ihnen die Informationen von der Gesellschaft kostenlos in Papierform zur Verfügung gestellt.
Dieses Dokument bezieht sich auf die Anteilklasse (I) des La Française Systematic Global Listed Real Estate. Informationen über weitere Anteilklassen des Fonds, die vertrieben werden, finden Sie auf der Homepage www.la-francaise-systematic-am.com.
Die La Française Systematic Asset Management GmbH kann lediglich auf Grundlage einer in diesem Dokument enthaltenen Erklärung haftbar gemacht werden, die irreführend, unrichtig oder nicht mit den einschlägigen Teilen des Verkaufsprospekts vereinbar ist.
Dieser Fonds ist in Deutschland zugelassen und wird durch die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) reguliert.
Die La Française Systematic Asset Management GmbH ist in Deutschland zugelassen und wird durch die BaFin reguliert. Diese wesentlichen Informationen für den Anleger sind zutreffend und entsprechen dem Stand vom 02.05.2023. | # Other relevant information
The Depositary of the Fund is BNP Paribas S.A., Germany Branch.
The information relating to the responsible paying agents can be found on our website at www.la-francaise-systematic-am.com. This Fund distributes part of its profits to investors.
The Fund is subject to the German Investmentsteuergesetz (Investment Tax Act). This may affect how you are taxed on your income from the Fund.
The Sales Prospectus, the current reports, the current unit prices and further information on La Française Systematic Global Listed Real Estate (I) can be found free of charge in German on our website at www.la-francaise-systematic-am.com.
Information about the company's current remuneration policy is published on our website at www.la-francaise-systematic-am.com. This includes a description of the calculation methods used for remuneration and for gratuities that are paid to specific groups of employees as well as a statement of the persons who are responsible for the allocation. Upon request the information will be provided to you by the Company in hard copy free of charge.
This document refers to unit class (I) of La Française Systematic Global Listed Real Estate. Information about other unit classes of the Fund which are distributed can be found on the website, www.la-francaise-systematic-am.com.
La Française Systematic Asset Management GmbH may only be held liable on the basis of a statement contained in this document which is misleading, incorrect or inconsistent with the relevant parts of the Sales Prospectus.
This Fund is licensed in Germany and is regulated by the Federal Financial Supervisory Authority (BaFin).
La Française Systematic Asset Management GmbH is licensed in Germany and is regulated by BaFin. This Key Investor Information Document is accurate and reflects the position as at 02/05/2023.
La Française Systematic Global Listed Real Estate(I) - 02 May 2023
2 | en | de |
DOLFIN5401 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/05/2014-31/05/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,475
4.8%
USD 12,262
4.2% | # Questo tipo di scenario si è verificato per un investimento Swiss Re Cat Bond Index (TR) tra 31/05/2014-31/05/2019.
Scenario moderato
Quanto potreste ottenere al netto dei costi
Rendimento medio annuale
USD 10 475
4,8%
USD 12 262
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/05/2014-31/05/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,475
4.8%
USD 12,262
4.2% | en | it |
DOLFIN5402 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The suspension of a Sub-fund shall have no effect on the determination of the Net Asset Value per Unit or on the issue, redemption and conversion of Units of any other Sub-fund that is not suspended.
Any request for subscription, redemption or conversion shall be irrevocable except in the event of a suspension of the determination of the Net Asset Value per Unit.
Notice of the beginning and of the end of any period of suspension will be published in a Luxembourg daily newspaper and in any other newspaper(s) selected by the Management Company Board, as well as in the official publications specified for the respective countries in which Fund Units are sold. The Luxembourg regulatory authority, and the relevant authorities of any member states of the European Union in which Units of the Fund are marketed, will be informed of any such suspension. Notice will likewise be given to any subscriber or unitholder as the case may be applying for subscription, conversion or redemption of Units in the Sub-fund(s) concerned.
- AUDITORSThe auditor of the Fund is appointed by the Management Company and shall, with respect to the assets of the Fund, carry out the duties provided by the UCI Law.
- DIVIDENDSWhether accumulation or distribution Categories have been issued in relation to a given Sub-fund is indicated in Appendix C. | La sospensione di un Comparto non avrà alcun effetto sulla determinazione del Valore netto d’Inventario per Quota o sull'emissione, rimborso e conversione delle Quote di qualunque altro Comparto che non sia sospeso.
Qualunque richiesta di sottoscrizione, rimborso o conversione deve intendersi come irrevocabile, tranne nel caso di una sospensione della determinazione del Valore netto d’Inventario per Quota.
L'avviso relativo all'inizio e alla fine del periodo di sospensione sarà pubblicato su un quotidiano Lussemburghese e su qualunque altro giornale scelto dal Consiglio di amministrazione della Società di Gestione, nonché sulle pubblicazioni ufficiali dei rispettivi paesi in cui le Quote del Fondo sono state vendute. L'autorità di controllo Lussemburghese e le autorità competenti degli stati membri dell'Unione Europea in cui sono vendute le Quote del Fondo saranno informate in merito a tale sospensione. Allo stesso modo sarà data informazione a ogni sottoscrittore o titolare delle Quote a seconda che richiedano la sottoscrizione, conversione o rimborso delle Quote del Comparto(i) in questione.
- REVISORIIl revisore contabile del Fondo viene nominato dalla Società di gestione e, in relazione alle attività del Fondo, espleterà le funzioni determinate dalla Legge sugli UCI.
- DIVIDENDINell’Appendice C è indicato se, in relazione ad uno specifico Comparto, sono state emesse Categorie ad accumulo o a distribuzione. | The suspension of a Sub-fund shall have no effect on the determination of the Net Asset Value per Unit or on the issue, redemption and conversion of Units of any other Sub-fund that is not suspended.
Any request for subscription, redemption or conversion shall be irrevocable except in the event of a suspension of the determination of the Net Asset Value per Unit.
Notice of the beginning and of the end of any period of suspension will be published in a Luxembourg daily newspaper and in any other newspaper(s) selected by the Management Company Board, as well as in the official publications specified for the respective countries in which Fund Units are sold. The Luxembourg regulatory authority, and the relevant authorities of any member states of the European Union in which Units of the Fund are marketed, will be informed of any such suspension. Notice will likewise be given to any subscriber or unitholder as the case may be applying for subscription, conversion or redemption of Units in the Sub-fund(s) concerned.
- AUDITORSThe auditor of the Fund is appointed by the Management Company and shall, with respect to the assets of the Fund, carry out the duties provided by the UCI Law.
- DIVIDENDSWhether accumulation or distribution Categories have been issued in relation to a given Sub-fund is indicated in Appendix C. | en | it |
DOLFIN5403 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The partial tax exemptions under (ii) and (iii) with regard to Business Investors and Corporate Investors do not apply (i) to life and health insurance companies if the Fund Shares are attributable to their capital investments (Kapitalanlagen), (ii) to credit or financial services institutions if the Fund Shares are attributable to their trading assets (Handelsbestand) and (iii) to finance companies owned directly or indirectly to more than 50% by credit or financial services institutions if the Fund Shares are at the time of the acquisition attributable to the short-term assets (Umlaufvermögen). In these cases, the partial tax exemption for Private Investors (i.e. 30%) applies.
For Funds intending to qualify as Mixed Funds for German tax purposes, half of the aforementioned tax exemptions would apply to German investors of the respective Funds for German (corporate) income and trade tax purposes.
The respective partial tax exemptions apply with regard to any Investment Income received from the respective Fund.
Further, German investors may note that even if the respective investment conditions of a Fund did not contain any wording regarding the compliance with the minimum Equity Participation-ratios relevant for Equity Funds and Mixed Funds, then pursuant to sec. 20(4) GInvTA upon application of a German investor the partial tax exemptions of an Equity Fund or a Mixed Fund would nevertheless be applied within the individual assessment procedure of the German investor, provided that in reality the respective Fund has permanently throughout the Fund’s business year exceeded the Equity Participation-ratios required for the qualification as Equity Fund or Mixed Fund, respectively. According to a decree issued by the German tax administration in particular an inventory of assets and written confirmations of the fund manager would be suitable in order to provide the required form of evidence. The confirmations need to contain a list of the Equity Participation-ratio actually reached by the respective Fund for each business day of the Fund’s business year.
German investors should seek independent professional advice whether the partial tax exemption for Equity Funds or Mixed Funds could apply in their individual case in the respective calendar year.
Please note that this information is not exhaustive. No comment is made on the specific matters that must be taken into account in individual cases, and no specific statements can be made on the taxation of individual investors of the Funds. Given the complexity of German tax law and especially the GInvTA, (potential) investors of the Funds are strongly advised to consult their own tax advisors. | Les exonérations fiscales partielles prévues aux paragraphes (ii) et (iii) concernant les Investisseurs professionnels et les Investisseurs personnes morales ne s’appliquent pas (i) aux sociétés d’assurance vie et d’assurance santé si les Actions du Compartiment sont attribuables à leurs investissements en capital (Kapitalanlagen), (ii) aux établissements de crédit ou de services financiers si les Actions du Compartiment sont attribuables à leurs actifs de négociation (Handelsbestand) et (iii) aux sociétés de financement détenues directement ou indirectement à plus de 50 % par des établissements de crédit ou de services financiers si, au moment de l’acquisition, les Actions du Compartiment sont attribuables à leurs actifs à court terme (Umlaufvermögen). Dans ces cas, l’exonération fiscale partielle réservée aux Investisseurs privés (c’est-à-dire 30 %) s’applique.
Pour les Compartiments ayant l’intention d’obtenir le statut de « Fonds mixtes » aux fins de l’impôt allemand, la moitié des exonérations fiscales susmentionnées s’appliquerait aux investisseurs allemands des Compartiments respectifs aux fins de l’impôt sur le revenu (des sociétés) et de l’impôt commercial allemands.
Les exonérations fiscales partielles respectives s’appliquent à tout revenu d’investissement versé par le Compartiment concerné.
En outre, nous attirons l’attention des investisseurs allemands sur le fait que même si les conditions d’investissement respectives d’un Compartiment ne contiennent aucune disposition prévoyant le respect des ratios minimums de Participations en capitaux propres applicables aux Fonds d’actions et aux Fonds mixtes, les exonérations fiscales partielles d’un Fonds d’actions ou d’un Fonds mixte seront néanmoins appliquées dans le cadre de la procédure d’évaluation individuelle de l’investisseur allemand conformément à la section 20(4) de la GInvTA, sur demande d’un investisseur allemand, à condition que le Compartiment concerné ait véritablement dépassé de manière permanente, tout au long de l’exercice du Compartiment, les ratios de Participations en capitaux propres requis pour l’obtention du statut de Fonds d’actions ou de Fonds mixte, respectivement. Selon un décret publié par l’administration fiscale allemande, un inventaire des actifs et des confirmations écrites du gestionnaire de fonds seront appropriés pour fournir la forme de preuve requise. Les confirmations doivent contenir une liste du ratio de Participations en capitaux propres effectivement atteint par le Compartiment concerné pour chaque jour ouvrable de l’exercice du Compartiment.
Les investisseurs allemands doivent solliciter les conseils d’un professionnel indépendant pour déterminer si l’exonération fiscale partielle pour les Fonds d’actions ou les Fonds mixtes peut s’appliquer dans leur cas particulier au cours de l’année civile concernée.
Veuillez noter que ces informations ne sont pas exhaustives. Aucun commentaire n’est émis sur les questions spécifiques qui doivent être prises en compte dans les cas individuels et aucune déclaration spécifique ne peut être faite sur la fiscalité des investisseurs individuels des Compartiments. Compte tenu de la complexité du droit fiscal allemand et en particulier de la GInvTA, il est fortement recommandé aux investisseurs (potentiels) des Compartiments de consulter leurs propres conseillers fiscaux. | The partial tax exemptions under (ii) and (iii) with regard to Business Investors and Corporate Investors do not apply (i) to life and health insurance companies if the Fund Shares are attributable to their capital investments (Kapitalanlagen), (ii) to credit or financial services institutions if the Fund Shares are attributable to their trading assets (Handelsbestand) and (iii) to finance companies owned directly or indirectly to more than 50% by credit or financial services institutions if the Fund Shares are at the time of the acquisition attributable to the short-term assets (Umlaufvermögen). In these cases, the partial tax exemption for Private Investors (i.e. 30%) applies.
For Funds intending to qualify as Mixed Funds for German tax purposes, half of the aforementioned tax exemptions would apply to German investors of the respective Funds for German (corporate) income and trade tax purposes.
The respective partial tax exemptions apply with regard to any Investment Income received from the respective Fund.
Further, German investors may note that even if the respective investment conditions of a Fund did not contain any wording regarding the compliance with the minimum Equity Participation-ratios relevant for Equity Funds and Mixed Funds, then pursuant to sec. 20(4) GInvTA upon application of a German investor the partial tax exemptions of an Equity Fund or a Mixed Fund would nevertheless be applied within the individual assessment procedure of the German investor, provided that in reality the respective Fund has permanently throughout the Fund’s business year exceeded the Equity Participation-ratios required for the qualification as Equity Fund or Mixed Fund, respectively. According to a decree issued by the German tax administration in particular an inventory of assets and written confirmations of the fund manager would be suitable in order to provide the required form of evidence. The confirmations need to contain a list of the Equity Participation-ratio actually reached by the respective Fund for each business day of the Fund’s business year.
German investors should seek independent professional advice whether the partial tax exemption for Equity Funds or Mixed Funds could apply in their individual case in the respective calendar year.
Please note that this information is not exhaustive. No comment is made on the specific matters that must be taken into account in individual cases, and no specific statements can be made on the taxation of individual investors of the Funds. Given the complexity of German tax law and especially the GInvTA, (potential) investors of the Funds are strongly advised to consult their own tax advisors. | en | fr |
DOLFIN5404 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
ChinaClear has established a risk management framework and measures that are approved and supervised by the CSRC. Pursuant to the General Rules of CCASS, if ChinaClear (as the host central counterparty) defaults, HKSCC will, in good faith, seek recovery of the outstanding Stock Connect securities and monies from ChinaClear through available legal channels and through ChinaClear’s liquidation process, if applicable.
HKSCC will in turn distribute the Stock Connect securities and/or monies recovered to clearing participants on a pro-rata basis as prescribed by the relevant Stock Connect authorities. Although the likelihood of a default by ChinaClear is considered to be remote, the Sub-Fund should be aware of this arrangement and of this potential exposure before engaging in Northbound Trading.
-
##### Risk of HKSCC default | ChinaClear ha istituito un sistema e misure di gestione del rischio che sono approvate e controllate dalla CSRC. Ai sensi del Regolamento generale di CCASS, qualora ChinaClear (in qualità di controparte centrale ospite) sia insolvente, HKSCC cercherà in buona fede di recuperare i titoli Stock Connect in circolazione e il denaro da ChinaClear tramite i canali legali disponibili e tramite il processo di liquidazione di ChinaClear, ove applicabile.
A sua volta, HKSCC distribuirà in percentuale ai membri della stanza di compensazione i titoli Stock Connect e/o il denaro recuperati, come previsto dalle autorità Stock Connect pertinenti. Sebbene la probabilità di insolvenza di ChinaClear sia considerata remota, il Comparto deve essere consapevole di questa disposizione e di questa potenziale esposizione prima di effettuare negoziazioni sul collegamento Northbound Trading.
-
##### Rischio di insolvenza di HKSCC | ChinaClear has established a risk management framework and measures that are approved and supervised by the CSRC. Pursuant to the General Rules of CCASS, if ChinaClear (as the host central counterparty) defaults, HKSCC will, in good faith, seek recovery of the outstanding Stock Connect securities and monies from ChinaClear through available legal channels and through ChinaClear’s liquidation process, if applicable.
HKSCC will in turn distribute the Stock Connect securities and/or monies recovered to clearing participants on a pro-rata basis as prescribed by the relevant Stock Connect authorities. Although the likelihood of a default by ChinaClear is considered to be remote, the Sub-Fund should be aware of this arrangement and of this potential exposure before engaging in Northbound Trading.
-
##### Risk of HKSCC default | en | it |
DOLFIN5405 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should seek professional advice from your investment consultant, tax adviser and/or legal adviser as appropriate.
If you have sold or transferred all of your Shares in Jupiter Asset Management Series plc (the “Company”), please pass this document at once to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee as soon as possible.
The Directors of the Company accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
Unless the context otherwise requires and except as varied or otherwise specified in this Circular, capitalised terms used herein shall bear the same meaning as capitalised terms used in the prospectus for the Company dated 30 November 2022, as amended or supplemented. | Il presente documento è importante e richiede la Sua attenzione immediata. Per eventuali dubbi in merito alla procedura da seguire, La invitiamo a ottenere una consulenza professionale rivolgendosi al Suo consulente per gli investimenti, commercialista e/o legale, come appropriato.
Qualora abbia venduto o trasferito tutte le Sue azioni di Jupiter Asset Management Series plc (la “Società”), La preghiamo di trasmettere immediatamente il presente documento all’acquirente o al cessionario oppure all’agente di borsa, bancario o altro agente tramite il quale si è proceduto alla vendita o al trasferimento, affinché lo inoltri quanto prima all’acquirente o al cessionario.
Gli Amministratori della Società si assumono la responsabilità in ordine alle informazioni contenute nel presente documento. Per quanto a conoscenza degli Amministratori (che hanno svolto con ragionevole cura tutte le opportune verifiche per garantirlo) le informazioni contenute nel presente documento sono veritiere e non omettono particolari verosimilmente in grado di alterarne il significato.
Salvo altrimenti richiesto dal contesto ed eccettuato quanto modificato o altrimenti specificato nella presente Circolare, i termini con iniziale maiuscola usati nella Circolare medesima avranno lo stesso significato dei termini con iniziale maiuscola usati nel prospetto della Società datato 30 novembre 2022, come da modifica o integrazione. | This document is important and requires your immediate attention. If you are in any doubt as to the action you should take, you should seek professional advice from your investment consultant, tax adviser and/or legal adviser as appropriate.
If you have sold or transferred all of your Shares in Jupiter Asset Management Series plc (the “Company”), please pass this document at once to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee as soon as possible.
The Directors of the Company accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
Unless the context otherwise requires and except as varied or otherwise specified in this Circular, capitalised terms used herein shall bear the same meaning as capitalised terms used in the prospectus for the Company dated 30 November 2022, as amended or supplemented. | en | it |
DOLFIN5406 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Sub-Funds linked to a Reference Asset through OTC FDI
There is no assurance that any Reference Asset will continue to be calculated and published on the basis described in this Prospectus or the Relevant Supplement, or at all, or that it will not be amended significantly. Any change to a Reference Asset may adversely affect the value of Shares in the relevant Sub-Fund. The past performance of a Reference Asset is not necessarily a guide to its future performance.
In relation to each index, strategy or other Reference Asset sponsored by the Manager or its Affiliates, such sponsor may from time to time modify the relevant Reference Asset. By way of non limiting example it may incorporate different features or characteristics such as the use of different market sectors, weights, contracts, or other underlying assets, or different methods of calculation. A description of any such modified versions of the relevant Reference Asset will be made available to investors upon request to the Manager. In relation to each Reference Asset sponsored by the Manager or its Affiliates, such sponsor further reserves the right to take any such actions that it believes are necessary, appropriate or beneficial, in its sole discretion, in order to preserve or enhance the ability of the Reference Asset to achieve its objectives.
A Reference Asset may not be actively managed and the selection of the component indices, strategies assets or securities will be made in accordance with the relevant index or strategy composition rules and eligibility criteria and not by reference to any performance criteria or performance outlook. Accordingly, the composition of the Reference Asset is not designed to follow recommendations or research reports issued by the relevant sponsor, any of their affiliates or any other person. No Reference Asset sponsor has any obligation to take the needs of the relevant Sub-Fund or the investors into consideration in determining, composing or calculating any index or strategy used as a Reference Asset. | ## Compartiments liés à un Actif de Référence par l’intermédiaire d’IFD OTC
Il n'existe aucune garantie sur le fait qu'un Actif de Référence continuera à être calculé et publié en fonction des indications définies au présent Prospectus ou au Supplément Correspondant, et qu’il ne subira pas de modifications significatives. Tout changement apporté à un Actif de Référence peut affecter défavorablement la valeur des Actions du Compartiment concerné. La performance passée d'un Actif de Référence ne préjuge pas nécessairement de sa performance future.
Concernant chaque indice, stratégie ou autre Actif de Référence sponsorisé par le Gestionnaire ou ses Filiales, ce sponsor peut, le cas échéant, modifier l’Actif de Référence concerné. À titre illustratif, il peut intégrer différentes spécificités ou caractéristiques telles que l’utilisation de différents secteurs de marché, pondérations, contrats, ou autres actifs sous-jacents, ou différentes méthodes de calcul. Une description des éventuelles versions modifiées de l’Actif de Référence concerné sera mise à la disposition des investisseurs sur demande adressée au Gestionnaire. Relativement à chaque Actif de Référence sponsorisé par le Gestionnaire ou par ses Filiales, ce sponsor se réserve par ailleurs le droit de prendre les mesures qu’il juge nécessaires, appropriées ou bénéfiques, à sa discrétion exclusive, afin de préserver ou d’augmenter la capacité de l’Actif de Référence à parvenir à ses objectifs.
Un Actif de Référence ne sera pas géré activement et le choix des indices, des stratégies, des actifs ou des titres qui le composent sera fait en suivant les règles de composition de l’indice ou de la stratégie considéré(e) et les critères d'éligibilité, et non par référence à des critères de performance ou à des perspectives de performance. En conséquence, la composition de l’actif de Référence n'est pas destinée à suivre les recommandations ou les rapports de recherche émanant du sponsor concerné, de ses affiliés ou de toute autre personne. Un Ssonsor d’Indice de Référence n’a aucune obligation de prendre en considération les besoins du Compartiment concerné ou des investisseurs pour déterminer, composer ou calculer un indice ou une stratégie utilisé(e) comme Actif de Référence. | ## Sub-Funds linked to a Reference Asset through OTC FDI
There is no assurance that any Reference Asset will continue to be calculated and published on the basis described in this Prospectus or the Relevant Supplement, or at all, or that it will not be amended significantly. Any change to a Reference Asset may adversely affect the value of Shares in the relevant Sub-Fund. The past performance of a Reference Asset is not necessarily a guide to its future performance.
In relation to each index, strategy or other Reference Asset sponsored by the Manager or its Affiliates, such sponsor may from time to time modify the relevant Reference Asset. By way of non limiting example it may incorporate different features or characteristics such as the use of different market sectors, weights, contracts, or other underlying assets, or different methods of calculation. A description of any such modified versions of the relevant Reference Asset will be made available to investors upon request to the Manager. In relation to each Reference Asset sponsored by the Manager or its Affiliates, such sponsor further reserves the right to take any such actions that it believes are necessary, appropriate or beneficial, in its sole discretion, in order to preserve or enhance the ability of the Reference Asset to achieve its objectives.
A Reference Asset may not be actively managed and the selection of the component indices, strategies assets or securities will be made in accordance with the relevant index or strategy composition rules and eligibility criteria and not by reference to any performance criteria or performance outlook. Accordingly, the composition of the Reference Asset is not designed to follow recommendations or research reports issued by the relevant sponsor, any of their affiliates or any other person. No Reference Asset sponsor has any obligation to take the needs of the relevant Sub-Fund or the investors into consideration in determining, composing or calculating any index or strategy used as a Reference Asset. | en | fr |
DOLFIN5407 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,580 | EUR 2,360 |
| | Average return each year % | -74.20% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,880 | EUR 6,500 |
| | Average return each year % | -31.20% | -8.25% |
| Moderate scenario | What you might get back after costs | EUR 10,790 | EUR 13,800 |
| | Average return each year % | 7.90% | 6.65% |
| Favourable scenario | What you might get back after costs | EUR 15,540 | EUR 17,200 |
| | Average return each year % | 55.40% | 11.46% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.580 | EUR 2.360 |
| | Rendimiento medio cada año | -74,20% | -25,08% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.880 | EUR 6.500 |
| | Rendimiento medio cada año | -31,20% | -8,25% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.790 | EUR 13.800 |
| | Rendimiento medio cada año | 7,90% | 6,65% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 15.540 | EUR 17.200 |
| | Rendimiento medio cada año | 55,40% | 11,46% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,580 | EUR 2,360 |
| | Average return each year % | -74.20% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,880 | EUR 6,500 |
| | Average return each year % | -31.20% | -8.25% |
| Moderate scenario | What you might get back after costs | EUR 10,790 | EUR 13,800 |
| | Average return each year % | 7.90% | 6.65% |
| Favourable scenario | What you might get back after costs | EUR 15,540 | EUR 17,200 |
| | Average return each year % | 55.40% | 11.46% | | en | es |
DOLFIN5408 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This limit of 20% shall be raised to a maximum of 35% where that proves to be justified by exceptional market conditions (such as, but not limited to, disruptive market conditions or extremely volatile markets) in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to that limit shall be permitted only for a single issuer.
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##### As an exception to point 2., in accordance with the principle of risk-spreading, a sub-fund shall invest up to 100% of its assets in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a Third Country part of the OECD, Brazil, People’s Republic of China, India, Russia, Singapore and South Africa, or a public international body to which one or more Member States belong. | Cette limite de 20 % sera portée à un maximum de 35 % dans le cas où des conditions de marché exceptionnelles (telles que, sans toutefois s’y limiter, en cas de perturbation des marchés ou de marchés extrêmement volatils) le justifient, en particulier sur des marchés réglementés où certaines valeurs mobilières ou instruments du marché monétaire sont très dominants. L’investissement jusqu’à cette limite ne sera autorisé que pour un seul émetteur.
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##### Par dérogation au point 2 et dans le respect du principe de répartition des risques, un compartiment peut placer jusqu’à 100 % de ses actifs dans différentes valeurs mobilières et différents instruments du marché monétaire émis ou garantis par un État membre, par ses collectivités publiques territoriales, par un Pays tiers membre de l’OCDE, par le Brésil, par la République populaire de Chine, par l’Inde, par la Russie, par Singapour, par l’Afrique du Sud ou par des organismes internationaux à caractère public dont font partie un ou plusieurs États membres. | This limit of 20% shall be raised to a maximum of 35% where that proves to be justified by exceptional market conditions (such as, but not limited to, disruptive market conditions or extremely volatile markets) in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to that limit shall be permitted only for a single issuer.
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##### As an exception to point 2., in accordance with the principle of risk-spreading, a sub-fund shall invest up to 100% of its assets in different transferable securities and money market instruments issued or guaranteed by a Member State, one or more of its local authorities, a Third Country part of the OECD, Brazil, People’s Republic of China, India, Russia, Singapore and South Africa, or a public international body to which one or more Member States belong. | en | fr |
DOLFIN5409 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- issued by an undertaking any securities of which are dealt in on Regulated Markets, or
- issued or guaranteed by a credit institution which has its registered office in a country which is an OECD member state and a FATF State or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by Community Law, or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that set forth in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million euro (10,000,000 Euro) and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | - von einem Unternehmen begeben, dessen Wertpapiere auf geregelten Märkten gehandelt werden, oder
- von einem Kreditinstitut begeben oder garantiert werden, das seinen Sitz in einem OECD- Mitgliedstaat und FATF-Staat hat, oder von einer Institution, die nach Auffassung der CSSF mindestens ebenso strengen Regeln zur Sorgfaltspflicht unterliegt und diese einhält, wie die im Gemeinschaftsrecht festgelegten Regeln, oder
- von anderen Emittenten begeben, die einer Kategorie angehören, die von der CSSF zugelassen wurde, sofern für Anlagen in diesen Instrumenten Vorschriften für den Anlegerschutz gelten, der denen des ersten, des zweiten oder des dritten Gedankenstrichs gleichwertig ist und sofern es sich bei dem Emittenten entweder um ein Unternehmen mit einem Eigenkapital von mindestens 10 Millionen Euro, das seinen Jahresabschluss nach den Vorschriften der vierten Richtlinie 78/660/EWG erstellt und veröffentlicht, oder um einen Rechtsträger, der innerhalb einer eine ein oder mehrere börsennotierte Gesellschaften umfassende Unternehmensgruppe für die Finanzierung dieser Gruppe zuständig ist, oder um einen Rechtsträger handelt, der die wertpapiermäßige Unterlegung von Verbindlichkeiten durch Nutzung einer von einer Bank eingeräumten Kreditlinie finanzieren soll. | - issued by an undertaking any securities of which are dealt in on Regulated Markets, or
- issued or guaranteed by a credit institution which has its registered office in a country which is an OECD member state and a FATF State or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by Community Law, or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that set forth in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million euro (10,000,000 Euro) and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | en | de |
DOLFIN5410 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. | ### Il Fondo può utilizzare strumenti finanziari complessi con finalità di copertura del patrimonio e per trarre profitto da investimenti promettenti.
Il Fondo può investire direttamente in obbligazioni della Cina continentale, che siano quotate sulle borse cinesi ovvero negoziate sui mercati obbligazionari interbancari della Cina continentale. Per gli investimenti nella borsa cinese il Fondo investe tramite la quota RQFII (Renminbi Qualified Foreign Institutional Investor) del gestore degli investimenti.
Il Fondo viene gestito attivamente con riferimento a JPM GBI-EM Global Diversified Composite Index (l'"Indice di riferimento"), in quanto si avvale di quest'ultimo nella valuta pertinente a scopo di raffronto della performance. Tuttavia, l'Indice di riferimento non viene utilizzato né per determinare la composizione del portafoglio del Fondo né come obiettivo di performance, e il Fondo può essere investito esclusivamente in titoli che non sono rappresentati nell'Indice di riferimento. | ### The Fund may use complex financial instruments to hedge the Fund assets and to profit from promising investments.
The Fund may invest directly in mainland Chinese bonds that are listed on Chinese stock exchanges or traded on mainland Chinese interbank bond markets. The Fund invests in securities on Chinese exchanges as part of the asset manager's RQFII (Renminbi Qualified Foreign Institutional Investor) quota.
The Fund is actively managed with reference to the JPM GBI-EM Global Diversified Composite Index (the “benchmark”) by virtue of the fact that it uses the latter in the appropriate currency for performance comparison purposes. However, the benchmark is not used to determine the Fund's portfolio composition or as a performance target, and the Fund can only be invested in securities that are not represented in the benchmark. | en | it |
DOLFIN5411 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
We remain inclined to reduce exposure to cyclicals and segments exhibiting asymmetric risk/return characteristics, and to add exposure to more defensive sectors trading wide of historic norms. We are looking to trim our underweight in BBs and add to situations with durable free cash flow, particularly within high-margin, service-based segments with high recurring revenue. | # ATTIVITÀ DEL PORTAFOGLIO
Rimaniamo propensi a ridurre l’esposizione ai ciclici e ai segmenti che presentano caratteristiche di rischio/rendimento asimmetriche e ad aggiungere esposizione ai settori più difensivi che scambiano al di sotto delle norme storiche. Puntiamo a ridurre il sottopeso nelle emissioni BB e a incrementare l’esposizione ai segmenti con un’elevata disponibilità di free cash flow, soprattutto quelli che presentano margini elevati e sono basati sull’offerta di servizi con elevati ricavi ricorrenti. | # Portfolio Activity
We remain inclined to reduce exposure to cyclicals and segments exhibiting asymmetric risk/return characteristics, and to add exposure to more defensive sectors trading wide of historic norms. We are looking to trim our underweight in BBs and add to situations with durable free cash flow, particularly within high-margin, service-based segments with high recurring revenue. | en | it |
DOLFIN5412 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- subject to (c) and (d) below, government bonds with a minimum rating of AAA/Aaa from eitherMoody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s;
- bonds issued by the government of Japan may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least A+ by Standard & Poor’s or A1 by Moody’s.
| | - sous réserve du paragraphe (c) et (d) ci-dessous, les obligations d’État ayant une notationminimum de AAA/Aaa décernée par Moody’s ou Standard & Poor’s ;
- les obligations émises par les gouvernements des États-Unis d’Amérique, de la France, de l’Allemagne et du Royaume-Uni peuvent être acceptées dès lors que dans certaines circonstances elles n’atteignent pas la notation minimum spécifiée au point (b) ci-dessus, à condition toutefois que ces obligations soient notées au moins AA par Standard & Poor’s ou Aa3 par Moody’s.
- les obligations émises par le gouvernement du Japon peuvent être acceptées dès lors que dans certaines circonstances elles n’atteignent pas la notation minimum spécifiée au point (b) ci-dessus, à condition toutefois que ces obligations soient notées au moins A+ par Standard & Poor’s ou A1 par Moody’s.
| | - subject to (c) and (d) below, government bonds with a minimum rating of AAA/Aaa from eitherMoody’s or Standard & Poor’s;
- bonds issued by the governments of the United States of America, France, Germany and the United Kingdom may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least AA – by Standard & Poor’s or Aa3 by Moody’s;
- bonds issued by the government of Japan may be accepted in circumstances where they do not meet the minimum rating specified in (b) above provided however that such bonds are rated at least A+ by Standard & Poor’s or A1 by Moody’s.
| | en | fr |
DOLFIN5413 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A fund’s exposure to an individual counterparty shall not exceed 10% of the relevant fund’s net assets. Counterparty credit risk may be further mitigated through the use of collateral agreements. However, collateral arrangements are still subject to the insolvency risk and credit risk of the issuers or depositary of the collateral. Further, collateral thresholds exist below which collateral is not called for and timing differences between calculating the need for collateral and its receipt by the fund from the counterparty both mean that not all the current exposure will be collateralised.
- SettlementSettlement risk exists when derivatives are not settled in a timely manner, thereby increasing counterparty credit risk prior to settlement and potentially incurring funding costs that would otherwise not be experienced. If settlement never occurs the loss incurred by the fund will be the same as it is for any other such situation involving a security namely the difference between the price of the original contract and the price of the replacement contract, or, in the case where the contract is not replaced the absolute value of the contract at the time it is voided.
- LegalDerivative transactions are typically undertaken under separate legal arrangements. In the case of OTC derivatives, a standard ISDA agreement is used to govern the trade between a fund and the counterparty. The agreement covers situations such as a default of either party and also the delivery and receipt of collateral. As a result, there is a risk of loss to the fund where liabilities in those agreements are challenged in a court of law.
- Short PositionsA fund may take a position in which it expects to gain value in the event a particular asset loses value (‘shorting’) through the use of derivatives. The fund is therefore exposed to the risk that the asset will rise, rather than fall, in value. Further, as price rises are theoretically unlimited, the losses arising from such a position can theoretically be uncapped. However the Investment Manager actively manages these positions in order to limit the realised and potential losses.
- High Leverage RiskFunds with high leverage risk may have a net leverage exposure of more than 100% of their Net Asset Value. This will further magnify any potential negative impact of any change in the value of the underlying asset on the relevant funds and also increase the volatility of the relevant funds’ price and may lead to significant losses.
- Risks of Active Currency PositionsA fund may implement active currency positions which may not be correlated with the underlying securities positions held by the fund. This may result in the relevant funds suffering a significant or total loss even if there is no loss of the value of the underlying securities positions (e.g. equities, fixed income securities) being held by the relevant funds.
- Specific Derivative InstrumentsA non-exhaustive list of financial derivative instruments most commonly used by the relevant fund(s) is set out in Part I. For funds using one or a combination of the following instruments the following risks should be considered, as applicable: | L’exposition d’un Compartiment à une même contrepartie ne peut pas dépasser 10 % de son actif net. Le risque de contrepartie peut être davantage minimisé par le biais d’accords de garantie. Cependant, les accords de garantie sont toujours soumis au risque d’insolvabilité et au risque de crédit des émetteurs ou du dépositaire de la garantie. En outre, des seuils de garantie existent en dessous desquels une garantie n’est pas appelée, et des différences temporelles entre le calcul du besoin de garantie et sa réception par le Compartiment de la part de la contrepartie signifie que l’exposition actuelle ne sera pas entièrement garantie.
- RèglementLe risque de règlement existe lorsque les dérivés ne sont pas réglés en temps opportun, augmentant ainsi le risque de crédit avant le règlement et pouvant induire des coûts de financement qui n’auraient autrement pas lieu d’être. Si le règlement n’a jamais lieu, la perte supportée par le Compartiment sera la même que pour toute autre situation impliquant un titre, à savoir la différence entre le prix du contrat original et le prix du contrat de remplacement, ou, si le contrat n’est pas remplacé, la valeur absolue du contrat au moment de son annulation.
- Risque juridiqueLes transactions en dérivés font en général l’objet d’accords juridiques distincts. Dans le cas des dérivés de gré à gré, un accord standard ISDA est utilisé pour régir l’opération entre un Compartiment et la contrepartie. Cet accord couvre les cas tels que le défaut de l’une des parties, ainsi que la livraison et la réception de la garantie. Par conséquent, il existe un risque de perte pour le Compartiment lorsque les dettes liées à ces contrats sont remises en cause devant un tribunal.
- Positions courtesLe recours aux dérivés permet à un Compartiment d’adopter une position en vue de bénéficier de la baisse de valeur d’un actif particulier (« shorting »). Le Compartiment est donc exposé au risque que la valeur de l’actif grimpe, au lieu de chuter. De plus, comme la hausse des prix n’est théoriquement pas limitée, les pertes découlant d’une telle position peuvent théoriquement ne pas être plafonnées. Toutefois, le Gérant de Portefeuille gère activement ces positions afin de limiter les pertes potentielles et réalisées.
- Risque lié à un effet de levier importantLes Compartiments présentant un risque de levier important peuvent présenter un coefficient d’endettement net supérieur à 100 % de leur Valeur Liquidative. Toute répercussion potentiellement négative d’une variation de la valeur de l’actif sous- jacent sur le Compartiment concerné sera donc amplifiée et accentuera la volatilité du prix du Compartiment concerné, ce qui peut conduire à des pertes importantes.
- Risques liés à l’adoption de positions actives en devisesUn Compartiment peut adopter des positions actives en devises qui peuvent ne présenter aucune corrélation avec les positions sous-jacentes en titres du Compartiment. En conséquence, les Compartiments concernés peuvent subir une perte importante ou totale, même en l’absence d’une perte de valeur des positions sous-jacentes en titres (p. ex., actions, titres à revenu fixe) détenues par les Compartiments concernés.
- Instruments dérivés spécifiquesUne liste non exhaustive des instruments financiers dérivés les plus souvent utilisés par les Compartiments est reprise à la Section I. Lorsqu’un Compartiment utilise un ou plusieurs instruments suivants, les risques ci-après doivent être pris en compte, le cas échéant : | A fund’s exposure to an individual counterparty shall not exceed 10% of the relevant fund’s net assets. Counterparty credit risk may be further mitigated through the use of collateral agreements. However, collateral arrangements are still subject to the insolvency risk and credit risk of the issuers or depositary of the collateral. Further, collateral thresholds exist below which collateral is not called for and timing differences between calculating the need for collateral and its receipt by the fund from the counterparty both mean that not all the current exposure will be collateralised.
- SettlementSettlement risk exists when derivatives are not settled in a timely manner, thereby increasing counterparty credit risk prior to settlement and potentially incurring funding costs that would otherwise not be experienced. If settlement never occurs the loss incurred by the fund will be the same as it is for any other such situation involving a security namely the difference between the price of the original contract and the price of the replacement contract, or, in the case where the contract is not replaced the absolute value of the contract at the time it is voided.
- LegalDerivative transactions are typically undertaken under separate legal arrangements. In the case of OTC derivatives, a standard ISDA agreement is used to govern the trade between a fund and the counterparty. The agreement covers situations such as a default of either party and also the delivery and receipt of collateral. As a result, there is a risk of loss to the fund where liabilities in those agreements are challenged in a court of law.
- Short PositionsA fund may take a position in which it expects to gain value in the event a particular asset loses value (‘shorting’) through the use of derivatives. The fund is therefore exposed to the risk that the asset will rise, rather than fall, in value. Further, as price rises are theoretically unlimited, the losses arising from such a position can theoretically be uncapped. However the Investment Manager actively manages these positions in order to limit the realised and potential losses.
- High Leverage RiskFunds with high leverage risk may have a net leverage exposure of more than 100% of their Net Asset Value. This will further magnify any potential negative impact of any change in the value of the underlying asset on the relevant funds and also increase the volatility of the relevant funds’ price and may lead to significant losses.
- Risks of Active Currency PositionsA fund may implement active currency positions which may not be correlated with the underlying securities positions held by the fund. This may result in the relevant funds suffering a significant or total loss even if there is no loss of the value of the underlying securities positions (e.g. equities, fixed income securities) being held by the relevant funds.
- Specific Derivative InstrumentsA non-exhaustive list of financial derivative instruments most commonly used by the relevant fund(s) is set out in Part I. For funds using one or a combination of the following instruments the following risks should be considered, as applicable: | en | fr |
DOLFIN5414 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Déduction des charges du capital
Chaque Fonds paie normalement ses commissions de gestion et autres frais et charges sur ses revenus. Toutefois, lorsque le revenu disponible est insuffisant, la Société de Gestion peut payer une partie, voire la totalité, de ses commissions de gestion et autres frais et charges sur le capital ou encore sur les plus-values à la fois réalisées et latentes, minorées des moins-values réalisées et latentes. Lorsque les commissions de gestion et autres frais et charges sont déduits du capital d’un Compartiment plutôt que du revenu qu’il a généré, sa croissance peut en être restreinte, d’où une érosion du capital puisque la disponibilité du capital à des fins d’investissement futur ou de croissance du capital pourrait s’en trouver réduite, même si le résultat à distribuer sous forme de dividendes pourrait augmenter dans le même temps. Pour cette raison, lors du rachat de leur participation, les Détenteurs de Parts peuvent ne pas récupérer la totalité du montant investi. Parallèlement, la politique consistant à prélever les frais et charges sur le capital fait diminuer la valeur en capital de votre placement et limite le potentiel de croissance future de votre capital. Dans la mesure où tous les frais et charges peuvent être prélevés sur le capital, nous attirons l’attention des investisseurs sur le fait que le risque d’érosion du capital est plus important en raison du moindre potentiel de croissance du capital et que, en raison de ladite érosion du capital, la valeur des futurs rendements du Compartiment pourrait diminuer. Par conséquent, les dividendes distribués pendant la durée de validité du Fonds doivent s’envisager comme un remboursement de capital. Le prélèvement des frais et charges sur le capital se justifie par le fait que cela fait augmenter les revenus distribuables du Compartiment.
Le montant distribué et la Valeur Nette d’Inventaire de la Classe couverte peuvent être négativement affectés par les différences de taux d’intérêt entre la Devise de référence de la Classe couverte et la Devise de référence du Compartiment, ce qui entraînerait alors une augmentation du montant de capital distribué et, par conséquent, une érosion plus importante du capital que pour les autres Classes non couvertes. | ### Comisiones deducidas del capital
Cada Fondo paga normalmente su comisión de gestión y otras comisiones y gastos con cargo a sus ingresos. No obstante, en caso de que no se disponga de ingresos suficientes, la Entidad gestora puede pagar una parte o la totalidad de su comisión de gestión y otras comisiones y gastos con cargo al capital y a las plusvalías realizadas y no realizadas menos las minusvalías realizadas y no realizadas. En caso de que la comisión de gestión y otras comisiones y gastos se deduzcan del capital de un Fondo en lugar de los ingresos generados por el Fondo correspondiente, esto puede limitar el crecimiento y podría erosionar el capital, ya que el capital del Fondo correspondiente disponible para inversiones futuras y para el crecimiento del capital puede verse reducido, aunque esto también podría provocar que los ingresos se incrementen para la distribución de dividendos. Por consiguiente, a la hora de amortizar sus participaciones, los Titulares de participaciones podrían recibir una cantidad inferior a la invertida inicialmente. La política de abonar las comisiones y los gastos con cargo al capital tendrá también el efecto de reducir el valor de su inversión en términos de capital, lo que limitará las posibilidades de crecimiento del capital en el futuro. Puesto que las comisiones y los gastos podrían cobrarse con cargo al capital, los inversores deben tener en cuenta que hay un mayor riesgo de disminución del capital en vista del menor potencial de crecimiento de este, lo que implica que el valor de las rentabilidades futuras del Fondo podría verse disminuido. De esa manera, la distribución de dividendos realizada durante la vigencia del Fondo deberá entenderse como una modalidad de reembolso de capital. La razón para que el cobro de comisiones y gastos se realice de la forma descrita es que tendrá el efecto de aumentar los ingresos distribuibles del Fondo.
El importe de distribución del Valor de activo neto de la Clase con cobertura podrá verse perjudicado por las diferencias de los tipos de interés de la divisa de referencia de la Clase con cobertura y la Divisa base del Fondo, lo que daría lugar a un aumento del importe de la distribución devengado del capital y, por tanto, una mayor erosión del capital que en el caso de otras Clases sin cobertura. | ### Déduction des charges du capital
Chaque Fonds paie normalement ses commissions de gestion et autres frais et charges sur ses revenus. Toutefois, lorsque le revenu disponible est insuffisant, la Société de Gestion peut payer une partie, voire la totalité, de ses commissions de gestion et autres frais et charges sur le capital ou encore sur les plus-values à la fois réalisées et latentes, minorées des moins-values réalisées et latentes. Lorsque les commissions de gestion et autres frais et charges sont déduits du capital d’un Compartiment plutôt que du revenu qu’il a généré, sa croissance peut en être restreinte, d’où une érosion du capital puisque la disponibilité du capital à des fins d’investissement futur ou de croissance du capital pourrait s’en trouver réduite, même si le résultat à distribuer sous forme de dividendes pourrait augmenter dans le même temps. Pour cette raison, lors du rachat de leur participation, les Détenteurs de Parts peuvent ne pas récupérer la totalité du montant investi. Parallèlement, la politique consistant à prélever les frais et charges sur le capital fait diminuer la valeur en capital de votre placement et limite le potentiel de croissance future de votre capital. Dans la mesure où tous les frais et charges peuvent être prélevés sur le capital, nous attirons l’attention des investisseurs sur le fait que le risque d’érosion du capital est plus important en raison du moindre potentiel de croissance du capital et que, en raison de ladite érosion du capital, la valeur des futurs rendements du Compartiment pourrait diminuer. Par conséquent, les dividendes distribués pendant la durée de validité du Fonds doivent s’envisager comme un remboursement de capital. Le prélèvement des frais et charges sur le capital se justifie par le fait que cela fait augmenter les revenus distribuables du Compartiment.
Le montant distribué et la Valeur Nette d’Inventaire de la Classe couverte peuvent être négativement affectés par les différences de taux d’intérêt entre la Devise de référence de la Classe couverte et la Devise de référence du Compartiment, ce qui entraînerait alors une augmentation du montant de capital distribué et, par conséquent, une érosion plus importante du capital que pour les autres Classes non couvertes. | fr | es |
DOLFIN5415 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The terms and conditions of such savings plans, especially with regard to fees, are based on the law of the country of distribution, and may be obtained from the relevant local Distributor, which offer such savings plans.
A Distributor is also authorised, taking into account the applicable national laws and rules and regulations i n th e country of distribution, to include Shares in a fund-linked life assurance as an investment component, and to offer Shares in such indirect form to the public. The legal relationship between the Company or Management Company, the Distributor/insurance company and the shareholders/policyholders is governed by the life assurance policy and the applicable laws.
The Distributors and SSB-LUX must at all times comply with the provisions of the Luxembourg law on the prevention of money laundering, and in particular the law of 7 July 1989, wh ich amends the law o f 19 February 1973 on the sale of drugs and the combating of drug dependency, the law of 12 November 2004 on th e c o mbat against money laundering and terrorist financing and of the law of 5 April 1993 on the financial sector, as amended, as well as other relevant laws passed by the government of Luxembourg or by supervisory authorities.
Subscribers of Shares must inter alia prove their identity to the Distributor and/or SSB-LUX or the Company, whichever accepts their subscription request. The Distributor and/or SSB-LUX or the Company must request from subscribers the following identity papers: in the case of natural persons a certi fied copy of the passport/identity card (certified by the Distributor or the local government administration); in the case of companies or other legal entities a certified copy of the certificate of incorporation, a certified copy of the ex trac t from the commercial register, a copy of the latest published annual accounts, the full name of the beneficial owner.
The Distributor must ensure that the aforementioned identification procedure is strictly applied. The Company and the Management Company may at any time require confirmation of compliance from the Distributor o r SSB- LUX. SSB-LUX checks compliance with the aforementioned rules in all subscription/redemption requests which it receives from Distributors in countries with non-equivalent money-laundering regulations. In case of doubt as to the identity of the party applying for subscription or redemption because of inadequate, inaccurate or lack of identification, SSB-LUX is authorised, without involving costs, to suspend or reject subscription/redemption requests for the reasons cited above. Distributors must additionally comply with all provisions for the prev en ti o n of money laundering which are in force in their own countries.
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# Co-management | Die Bedingungen und Konditionen solcher Sparpläne, insbesondere bezüglich Gebühren richten sich nach dem Recht des Vertriebslandes und sind bei den lokalen Vertriebsstellen, die solche Sparpläne anbieten, erhältlich.
Eine Vertriebsstelle ist auch berechtigt, unter Berücksichtigung der nationalen Gesetze und Usanzen im Vertriebsland Anteile als Anlageteil in eine fondsgebundene Lebensversicherung aufzunehmen und Anteile in dieser indirekten Form dem Publikum anzubieten. Die Rechtsbeziehungen zwischen der Gesellschaft bzw. der Verwaltungsgesellschaft, der Vertriebsstelle bzw. der Versicherung und den Aktionären bzw. Versicherungsnehmern werden durch die Lebensversicherungspolice und die hierauf anwendbaren Gesetze geregelt.
Die Vertriebsstellen und SSB-LUX müssen jederzeit die Vorschriften des luxemburgischen Gesetzes über die Verhinderung von Geldwäsche und insbesondere des Gesetzes vom 7. Juli 1989, welches das Gesetz vom 19. Februar 1973 über den Verkauf von Arzneimitteln und den Kampf gegen Drogenabhängigkeit geändert hat, des Gesetzes vom 12. November 2004 über die Bekämpfung der Geldwäsche und die Finanzierung des Terrorismus und des Gesetzes vom 5. April 1993 über den Finanzsektor, wie abgeändert, sowie sonstige einschlägige Vorschriften der luxemburgischen Regierung oder von Aufsichtsbehörden beachten.
Unter anderem müssen die Zeichner ihre Identität gegenüber der Vertriebsstelle bzw. SSB-LUX oder der Gesellschaft nachweisen, die ihre Zeichnung einzieht. Die Vertriebsstelle bzw. SSB-LUX oder die Gesellschaft müssen von den Zeichnern folgende Ausweispapiere verlangen: bei natürlichen Personen eine beglaubigte Kopie des Reisepasses/Personalausweises (beglaubigt durch die Vertriebs- oder Verkaufsstelle oder durch die lokale Verwaltungsbehörde); bei Gesellschaften oder sonstigen juristischen Personen eine beglaubigte Kopie der Gründungsurkunde, eine beglaubigte Kopie des Handelsregisterauszuges, eine Kopie des letzten veröffentlichten Jahresabschlusses, die vollständigen Namen der materiellen Rechtsinhaber (beneficial owner).
Die Vertriebsstelle hat sicherzustellen, dass das vorgenannte Ausweisverfahren strikt eingehalten wird. Die Gesellschaft und die Verwaltungsgesellschaft können jederzeit von der Vertriebsstelle bzw. der SSB-LUX die Zusicherung der Einhaltung verlangen. SSB-LUX kontrolliert die Einhaltung der vorgenannten Vorschriften bei allen Zeichnungs-/Rücknahmeanträgen, die sie von Vertriebsstellen aus Ländern mit nicht-äquivalenten Geldwäschebestimmungen erhält. SSB-LUX ist ohne Kostenfolge berechtigt, bei Zweifeln über die Identität des Zeichners/Rücknahmeantragstellers aufgrund ungenügender, unkorrekter oder fehlender Ausweisung, die Zeichnungs-/Rücknahmeanträge aus den genannten Gründen zu suspendieren oder zurückzuweisen. Darüber hinaus haben die Vertriebsstellen auch alle Vorschriften zur Verhinderung von Geldwäsche zu beachten, die in ihren jeweiligen Ländern in Kraft sind.
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# Gemeinsame Verwaltung (Co-Management) | The terms and conditions of such savings plans, especially with regard to fees, are based on the law of the country of distribution, and may be obtained from the relevant local Distributor, which offer such savings plans.
A Distributor is also authorised, taking into account the applicable national laws and rules and regulations i n th e country of distribution, to include Shares in a fund-linked life assurance as an investment component, and to offer Shares in such indirect form to the public. The legal relationship between the Company or Management Company, the Distributor/insurance company and the shareholders/policyholders is governed by the life assurance policy and the applicable laws.
The Distributors and SSB-LUX must at all times comply with the provisions of the Luxembourg law on the prevention of money laundering, and in particular the law of 7 July 1989, wh ich amends the law o f 19 February 1973 on the sale of drugs and the combating of drug dependency, the law of 12 November 2004 on th e c o mbat against money laundering and terrorist financing and of the law of 5 April 1993 on the financial sector, as amended, as well as other relevant laws passed by the government of Luxembourg or by supervisory authorities.
Subscribers of Shares must inter alia prove their identity to the Distributor and/or SSB-LUX or the Company, whichever accepts their subscription request. The Distributor and/or SSB-LUX or the Company must request from subscribers the following identity papers: in the case of natural persons a certi fied copy of the passport/identity card (certified by the Distributor or the local government administration); in the case of companies or other legal entities a certified copy of the certificate of incorporation, a certified copy of the ex trac t from the commercial register, a copy of the latest published annual accounts, the full name of the beneficial owner.
The Distributor must ensure that the aforementioned identification procedure is strictly applied. The Company and the Management Company may at any time require confirmation of compliance from the Distributor o r SSB- LUX. SSB-LUX checks compliance with the aforementioned rules in all subscription/redemption requests which it receives from Distributors in countries with non-equivalent money-laundering regulations. In case of doubt as to the identity of the party applying for subscription or redemption because of inadequate, inaccurate or lack of identification, SSB-LUX is authorised, without involving costs, to suspend or reject subscription/redemption requests for the reasons cited above. Distributors must additionally comply with all provisions for the prev en ti o n of money laundering which are in force in their own countries.
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# Co-management | en | de |
DOLFIN5416 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The limit laid down in the previous paragraph is raised to35% where that proves to be justified by exceptional market conditions, in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- A Subfund may acquire units of target funds as defined in section 5.1 (d) above, up to a maximum of 10% of its net asset value if no investments in target funds beyond this limit are permitted in the relevant Special Part of the Prospectus. However, if a Special Part of the Prospectus permits investments in target funds in an amount greater than 10% of the net asset value of a Subfund, the Subfund may not
- invest more than 20% of its net asset value in one and the same target fund; and
- invest more than 30% of its net asset value in units of target funds that are not UCITS. | Die im vorigen Absatz festgelegte Grenze beträgt 35%, sofern dies aufgrund aussergewöhnlicher Marktbedingungen gerechtfertigt ist, und zwar insbesondere auf geregelten Märkten, auf denen bestimmte Wertpapiere oder Geldmarktinstrumente stark dominieren. Eine Anlage bis zu dieser Obergrenze ist nur bei einem einzigen Emittenten möglich.
- Wenn keine darüber hinausgehenden Anlagen in Zielfonds im jeweiligen Besonderen Teil des Prospektes zugelassen werden, darf ein Subfonds für maximal 10% seines Nettoinventarwerts Anteile an Zielfonds im Sinne von Ziffer 5.1.(d) oben erwerben. Lässt ein Besonderer Teil des Prospektes Anlagen in Zielfonds für mehr als 10% des Nettoinventarwerts eines Subfonds zu, darf der Subfonds jedoch nicht
- mehr als 20% seines Nettoinventarwerts in ein und demselben Zielfonds anlegen; und
- mehr als 30% seines Nettoinventarwerts in Anteilen von Zielfonds anlegen, die nicht OGAW sind. | The limit laid down in the previous paragraph is raised to35% where that proves to be justified by exceptional market conditions, in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
- A Subfund may acquire units of target funds as defined in section 5.1 (d) above, up to a maximum of 10% of its net asset value if no investments in target funds beyond this limit are permitted in the relevant Special Part of the Prospectus. However, if a Special Part of the Prospectus permits investments in target funds in an amount greater than 10% of the net asset value of a Subfund, the Subfund may not
- invest more than 20% of its net asset value in one and the same target fund; and
- invest more than 30% of its net asset value in units of target funds that are not UCITS. | en | de |
DOLFIN5417 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- units of UCITS and/or of other UCI, whether situated in an EU member state or not, provided that:
- such other UCIs have been authorised under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU Law, and that cooperation between authorities is sufficiently ensured,
- the level of protection for Shareholders in such other UCIs is equivalent to that provided for Shareholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of transferable securities and Money Market Investments are equivalent to the requirements of the UCITS Directive,
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period,
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or | - Anteile von OGAW und/oder anderen OGA mit Sitz in einem EU-Mitgliedstaat oder einem Drittstaat, sofern:
- diese anderen OGA aufgrund von Gesetzen zugelassen wurden, wonach sie einer behördlichen Aufsicht unterstellt sind, die nach Auffassung der CSSF derjenigen nach EU-Recht gleichwertig ist, und ausreichende Gewähr für die Zusammenarbeit zwischen den Behörden besteht,
- der Schutzumfang der Anteilsinhaber der anderen OGA dem Schutzumfang der Anteilsinhaber eines OGAW gleichwertig ist und insbesondere die Vorschriften für die getrennte Verwahrung der Vermögenswerte, die Kreditaufnahme und Kreditgewährung sowie Leerverkäufe von übertragbaren Wertpapieren und Geldmarktanlagen den Anforderungen der OGAW-Richtlinie gleichwertig sind,
- die Geschäftstätigkeit der anderen OGA Gegenstand von Halbjahres- und Jahresberichten ist, die eine Bewertung des Vermögens und der Verbindlichkeiten, der Erträge und Transaktionen im Berichtszeitraum ermöglichen,
- gemäß den Gründungsdokumenten insgesamt höchstens 10 % der Vermögenswerte des OGAW oder des anderen OGA, deren Erwerb vorgesehen ist, in Anteilen anderer OGAW oder OGA angelegt werden dürfen, und/oder | - units of UCITS and/or of other UCI, whether situated in an EU member state or not, provided that:
- such other UCIs have been authorised under laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down in EU Law, and that cooperation between authorities is sufficiently ensured,
- the level of protection for Shareholders in such other UCIs is equivalent to that provided for Shareholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of transferable securities and Money Market Investments are equivalent to the requirements of the UCITS Directive,
- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period,
- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or | en | de |
DOLFIN5418 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Past performance
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 17.08% | 16.39% | 36.43% | 11.70% | 7.30% | 14.71% | 18.25% | 29.35% | 6.98% | 25.69% |
| 17.4% | 21.1% | 36.9% | 20.3% | 8.2% | 14.41% | 16.34% | 34.08% | 13.62% | 23.65% |
Please note that past performance is no guarantee of future performance.
The illustration shows annual performance, calculated as a percentage of the fund's net assets in the fund currency. In calculating previous performance, all costs and fees have been deducted, with the exception of the subscription and redemption fees.
The sub-fund was launched on September 28, 2009. This share class was launched on September 30, 2009. The base currency of the sub-fund is EUR. Past performance has been calculated in EUR. | # Frühere Wertentwicklung
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 17.08% | 16.39% | 36.43% | 11.70% | 7.30% | 14.71% | 18.25% | 29.35% | 6.98% | 25.69% |
| 17.4% | 21.1% | 36.9% | 20.3% | 8.2% | 14.41% | 16.34% | 34.08% | 13.62% | 23.65% |
Bitte beachten Sie, dass die Wertentwicklung in der Vergangenheit keine Garantie für zukünftige Entwicklungen darstellt.
Die Darstellung zeigt die jährliche Wertentwicklung berechnet in Prozenten des Nettovermögens des Fonds in dessen Fondswährung. Bei der Berechnung der früheren Wertentwicklung wurden sämtliche Kosten und Gebühren mit Ausnahme der Verkaufs- und Rücknahmegebühr abgezogen.
Der Teilfonds wurde am 28. September 2009 aufgelegt. Diese Anteilsklasse wurde am 30. September 2009 aufgelegt. Die Basiswährung des Teilfonds ist EUR. Die frühere Wertentwicklung wurde in EUR berechnet. | # Past performance
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 17.08% | 16.39% | 36.43% | 11.70% | 7.30% | 14.71% | 18.25% | 29.35% | 6.98% | 25.69% |
| 17.4% | 21.1% | 36.9% | 20.3% | 8.2% | 14.41% | 16.34% | 34.08% | 13.62% | 23.65% |
Please note that past performance is no guarantee of future performance.
The illustration shows annual performance, calculated as a percentage of the fund's net assets in the fund currency. In calculating previous performance, all costs and fees have been deducted, with the exception of the subscription and redemption fees.
The sub-fund was launched on September 28, 2009. This share class was launched on September 30, 2009. The base currency of the sub-fund is EUR. Past performance has been calculated in EUR. | en | de |
DOLFIN5419 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 2 Le Fonds investit dans des titres de créance exposés au risque que le débiteur ne puisse honorer ses obligations de paiement.
2 Le Fonds investit dans des instruments financiers complexes (par exemple des dérivés), dont la valeur est liée à des placements sous- jacents. Certains de ces instruments financiers peuvent présenter un effet de levier qui peut fortement influer sur la valeur d'inventaire nette du Fonds.
2 Les pays émergents présentent souvent un contexte politique, juridique et économique instable qui peut donner lieu à des changements rapides et imprévus. Ceux-ci peuvent avoir des répercussions négatives sur les investisseurs étrangers ainsi que sur les marchés des capitaux de ces pays. La performance de Fonds investissant dans ces pays peut s'en trouver pénalisée. | # 2 El Fondo invierte en títulos de renta fija que están expuestos al riesgo de que el emisor no pueda satisfacer sus obligaciones de pago.
2 El Fondo invierte en instrumentos financieros complejos (como derivados), cuyo valor depende del de los activos subyacentes. Algunos de estos instrumentos financieros pueden presentar un efecto de apalancamiento, que puede impactar significativamente el valor liquidativo del Fondo.
2 La situación política, jurídica y económica de los países emergentes suele ser inestable, pudiendo sufrir cambios rápidos e imprevistos. Esto puede repercutir negativamente en los inversores extranjeros y en los mercados de capitales de dichos países. En consecuencia, la evolución del valor de los Fondos que invierten en tales países puede verse influida negativamente. | # 2 Le Fonds investit dans des titres de créance exposés au risque que le débiteur ne puisse honorer ses obligations de paiement.
2 Le Fonds investit dans des instruments financiers complexes (par exemple des dérivés), dont la valeur est liée à des placements sous- jacents. Certains de ces instruments financiers peuvent présenter un effet de levier qui peut fortement influer sur la valeur d'inventaire nette du Fonds.
2 Les pays émergents présentent souvent un contexte politique, juridique et économique instable qui peut donner lieu à des changements rapides et imprévus. Ceux-ci peuvent avoir des répercussions négatives sur les investisseurs étrangers ainsi que sur les marchés des capitaux de ces pays. La performance de Fonds investissant dans ces pays peut s'en trouver pénalisée. | fr | es |
DOLFIN5420 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
First Eagle Global ex-US Value Fund (the "Fund")
First Eagle Global ex-US Value Fund A-EHC (the "Share Class")
## ISIN: IE00BKP84736
The Fund is a sub-fund of First Eagle Funds (Ireland) ICAV (the "ICAV"), authorised by the Central Bank of Ireland (the “CBI”). The ICAV is an Irish Collective Asset-management Vehicle with segregated liability between its sub-funds. The Fund is managed by IQ EQ Fund Management (Ireland) Limited (the “Manager"). The CBI has authorised, and is responsible for supervising, the Manager in relation to this Key Information Document. For more information on this product, please refer to www.firsteagle.com/funds/global-ex-us-value-fund#documents or call +353 1 673 5480.
Date of Production: 01 January 2023
You are advised to read the information provided here so you can make an informed decision about whether to invest in this Fund. | # Producto
First Eagle Global ex-US Value Fund (el «Fondo»)
First Eagle Global ex-US Value Fund A-EHC (la «Clase de acciones»)
## ISIN: IE00BKP84736
El Fondo es un subfondo de First Eagle Funds (Ireland) ICAV (el «ICAV»), autorizado por el Central Bank of Ireland (el «CBI»). El ICAV es un vehículo de gestión colectiva de activos irlandés con responsabilidad segregada entre sus subfondos. El Fondo es gestionado por IQ EQ Fund Management (Ireland) Limited (el «Gestor»). El CBI ha autorizado y es responsable de la supervisión del Gestor en relación con este documento de datos fundamentales. Para más información sobre este producto, consulte www.firsteagle.com/funds/global-ex-us-value-fund#documents o llame al +353 1 673 5480.
Fecha de elaboración: 01 enero 2023
Le aconsejamos que lea la información que aquí figura para poder tomar una decisión informada sobre la conveniencia de invertir en este Fondo. | # Product
First Eagle Global ex-US Value Fund (the "Fund")
First Eagle Global ex-US Value Fund A-EHC (the "Share Class")
## ISIN: IE00BKP84736
The Fund is a sub-fund of First Eagle Funds (Ireland) ICAV (the "ICAV"), authorised by the Central Bank of Ireland (the “CBI”). The ICAV is an Irish Collective Asset-management Vehicle with segregated liability between its sub-funds. The Fund is managed by IQ EQ Fund Management (Ireland) Limited (the “Manager"). The CBI has authorised, and is responsible for supervising, the Manager in relation to this Key Information Document. For more information on this product, please refer to www.firsteagle.com/funds/global-ex-us-value-fund#documents or call +353 1 673 5480.
Date of Production: 01 January 2023
You are advised to read the information provided here so you can make an informed decision about whether to invest in this Fund. | en | es |
DOLFIN5421 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Concernant les parts de distribution, la société de gestion de l'OPCVM peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
Concernant les parts mixtes, la société de gestion de l'OPCVM peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
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### Fréquence de distribution : | En lo relativo a las participaciones de distribución, la Sociedad gestora del OICVM puede decidir la distribución de uno o varios dividendos a cuenta en función de los estados certificados por el auditor.
En lo relativo a las participaciones mixtas, la Sociedad gestora del OICVM puede decidir la distribución de uno o varios dividendos a cuenta en función de los estados certificados por el auditor.
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### Frecuencia de distribución: | Concernant les parts de distribution, la société de gestion de l'OPCVM peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
Concernant les parts mixtes, la société de gestion de l'OPCVM peut décider la mise en distribution d'un ou plusieurs acomptes sur la base de situations attestées par le commissaire aux comptes.
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### Fréquence de distribution : | fr | es |
DOLFIN5422 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The majority of Funds are passively managed and hold securities included in the Reference Index which they track. As UCITS ETFs, any Reference Index is required to represent an adequate benchmark for the market to which it refers with a universe of index components selected on a basis that is clear to investors. Each Reference Index is created by a third-party index provider (the “
Index Provider
”) in accordance with this and as the strategy for the Funds that are passively managed is to track or replicate the Reference Index, changes to the portfolios of the Funds are driven by changes to the Reference Index in accordance with its published methodology rather than by an active selection of stocks by the Investment Manager. Accordingly, the Investment Manager does not exercise discretion to actively select/deselect stocks. Therefore, for passively managed Funds there is no integration of Sustainability Risks into the Investment Manager’s investment process. Even where the Fund is utilising a sampling strategy to replicate the index, ESG considerations are not incorporated into the sampling approach as the Fund’s objective is to achieve the performance of the relevant Reference Index and decisions driven by ESG factors could be less effective in achieving this goal.
To the extent that a passively managed Fund is promoting ESG characteristics (as further set out in section D below) or has sustainable investment as an objective, the relevant Index Provider’s methodology may include an assessment of individual companies/issuers against an ESG criteria, including consideration of Sustainability Risks. For further information on how Sustainability Risks are incorporated into the methodology and information on the Index Provider’s methodology, please refer to the section titled “General Description of the Reference Index” in the relevant Supplement.
When launching a new passively managed Fund, the Investment Manager’s product development process will take into account the rewards and benefits of tracking an ESG benchmark, along with, where possible, an assessment of Sustainability Risks of the proposed benchmark. Assessments of Sustainability Risks are not conclusive and do not necessarily mean that the Investment Manager will refrain from tracking a benchmark. Rather, Sustainability Risks are some of the considerations used by the Investment Manager in analysing the commercial viability of a new Fund.
- ACTIVELY MANAGED FUNDSAll actively managed Funds integrate a consideration of Sustainability Risks in the investment decision making process. The Investment Manager integrates Sustainability Risks by identifying environmental, social or governance related factors that could have a material financial impact on the performance of the security. | La majorité des Compartiments sont gérés passivement et détiennent des titres inclus dans l’Indice de référence qu’ils répliquent. En tant que ETF OPCVM, tout Indice de référence est tenu de représenter un indice de référence adéquat pour le marché auquel il se réfère, avec un univers de composantes indicielles sélectionnées sur une base claire pour les investisseurs. Chaque Indice de référence est créé par un fournisseur d’indice tiers (le «
Fournisseur d’indice
») conformément à ce qui suit et, dans la mesure où la stratégie des Compartiments gérés passivement consiste à suivre ou répliquer l’Indice de référence, les modifications apportées aux portefeuilles des Compartiments sont motivées par les modifications apportées à l’Indice de référence conformément à sa méthodologie publiée plutôt que par une sélection active d’actions par le Gestionnaire d’investissement. Le Gestionnaire d’investissement n’a donc pas le pouvoir discrétionnaire de sélectionner/désélectionner activement les titres. En conséquence, pour les Compartiments gérés passivement, il n’y a pas d’intégration des Risques liés au développement durable dans le processus d’investissement du Gestionnaire d’investissement. Même lorsque le Compartiment utilise une stratégie d’échantillonnage pour répliquer l’indice, les facteurs ESG ne sont pas intégrés dans l’approche d’échantillonnage, car l’objectif du Compartiment est d’atteindre la performance de l’Indice de référence concerné et les décisions guidées par des considérations ESG pourraient être moins efficaces pour atteindre cet objectif.
Dans la mesure où un Compartiment géré passivement favorise les caractéristiques ESG (comme indiqué plus en détail à la section D ci-dessous) ou a un objectif d’investissement durable, la méthodologie du Fournisseur d’indice concerné peut inclure une évaluation des sociétés/émetteurs individuels par rapport à des critères ESG, y compris la prise en compte des Risques liés au développement durable. Pour plus d’informations sur la manière dont les risques liés au développement durable sont intégrés à la méthodologie et sur la méthodologie du Fournisseur d’indice, veuillez vous reporter à la section intitulée
« Description générale de l’Indice de référence » du Supplément du concerné.
Lors du lancement d’un nouveau Compartiment géré passivement, le processus de développement de produits du Gestionnaire d’investissement tiendra compte des avantages et des bénéfices du suivi d’un indice de référence ESG, ainsi que, dans la mesure du possible, d’une évaluation des Risques liés au développement durable de l’indice de référence proposé. Les évaluations des Risques liés au développement durable ne sont pas décisives et ne signifient pas nécessairement que le Gestionnaire d’investissement s’abstiendra de suivre un indice de référence. Les Risques liés au développement durable font plutôt partie des considérations prises en compte par le Gestionnaire d’investissement pour analyser la viabilité commerciale d’un nouveau Compartiment.
- COMPARTIMENTS GÉRÉS ACTIVEMENTTous les Compartiments gérés activement intègrent les Risques liés au développement durable dans le processus de prise de décision d’investissement. Le Gestionnaire d’investissement intègre les Risques liés au développement durable en identifiant les facteurs environnementaux, sociaux ou de gouvernance qui pourraient avoir un impact financier important sur la performance du titre. | The majority of Funds are passively managed and hold securities included in the Reference Index which they track. As UCITS ETFs, any Reference Index is required to represent an adequate benchmark for the market to which it refers with a universe of index components selected on a basis that is clear to investors. Each Reference Index is created by a third-party index provider (the “
Index Provider
”) in accordance with this and as the strategy for the Funds that are passively managed is to track or replicate the Reference Index, changes to the portfolios of the Funds are driven by changes to the Reference Index in accordance with its published methodology rather than by an active selection of stocks by the Investment Manager. Accordingly, the Investment Manager does not exercise discretion to actively select/deselect stocks. Therefore, for passively managed Funds there is no integration of Sustainability Risks into the Investment Manager’s investment process. Even where the Fund is utilising a sampling strategy to replicate the index, ESG considerations are not incorporated into the sampling approach as the Fund’s objective is to achieve the performance of the relevant Reference Index and decisions driven by ESG factors could be less effective in achieving this goal.
To the extent that a passively managed Fund is promoting ESG characteristics (as further set out in section D below) or has sustainable investment as an objective, the relevant Index Provider’s methodology may include an assessment of individual companies/issuers against an ESG criteria, including consideration of Sustainability Risks. For further information on how Sustainability Risks are incorporated into the methodology and information on the Index Provider’s methodology, please refer to the section titled “General Description of the Reference Index” in the relevant Supplement.
When launching a new passively managed Fund, the Investment Manager’s product development process will take into account the rewards and benefits of tracking an ESG benchmark, along with, where possible, an assessment of Sustainability Risks of the proposed benchmark. Assessments of Sustainability Risks are not conclusive and do not necessarily mean that the Investment Manager will refrain from tracking a benchmark. Rather, Sustainability Risks are some of the considerations used by the Investment Manager in analysing the commercial viability of a new Fund.
- ACTIVELY MANAGED FUNDSAll actively managed Funds integrate a consideration of Sustainability Risks in the investment decision making process. The Investment Manager integrates Sustainability Risks by identifying environmental, social or governance related factors that could have a material financial impact on the performance of the security. | en | fr |
DOLFIN5423 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these instruments depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Equity risk: the net asset value of the fund may fall when equity markets either rise or fall. As there are fewer small and mid-cap stocks listed on stock exchanges, market falls are more pronounced and rapid than in the case of large cap stocks, and may cause the fund's net asset value to fall.
- Risk associated with market capitalisation: the fund is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced than in the case of large cap stocks. The net asset value of the fund may therefore be affected.
- Currency risk: Currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. The fluctuations of currencies in relation to the euro may have a positive or negative influence on the net asset value of the fund.
- Liquidity risk: The markets in which the fund participates may be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Credit risk: credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value.
- Emerging markets risk: Investors should note that the fund may be exposed to emerging markets, where operating and supervisory conditions may deviate from the standards of major international marketplaces. Price variations may also be high.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur.
- Risk associated with commodities indices: Changes in commodity prices and the volatility of this sector may cause the net asset value to fall.
- Counterparty risk: Counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to it through over-the-counter financial contracts agreed with various counterparties. In order to reduce the Fund’s exposure to counterparty risk, the Management Company may establish financial guarantees in favour of the Fund.
- Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The fund is exposed to this risk, particularly through derivative products with volatility or variance as the underlying instrument.
- Risks associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received.
- ESG risk: there is no guarantee that investments which factor environmental, social and governance criteria into the companies’selection will match or beat the performance of the reference market.
- Sustainability risk: refers to an event or an environmental, social or governance factor that, if it were to occur, could have a significant real or potential impact on the value of investments and, ultimately, on the net asset value of the fund (this risk is detailed above in paragraph (b) “Extra-financial characteristics” of the investment strategy).
- Incorporation of sustainability risk into investment decisionsThe fund’s investments are exposed to sustainability risks, representing a real or potential threat to maximising long-term risk-adjusted rewards. The management company has therefore incorporated the identification and assessment of sustainability risks into its investment decisions and risk management processes, through a three-step procedure:
- Exclusion: Investments in companies that the Management Company believes do not meet the Fund’s sustainability standards are excluded. The Management Company has established an exclusion policy that, amongst other things, provides for company exclusions and tolerance thresholds for business in fields such as controversial weapons, tobacco, adult entertainment, thermal coal production and electricity generation. For more information, please refer to the exclusion policy: https://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738
- Analysis: the Management Company incorporates an ESG analysis alongside a traditional financial analysis to identify sustainability risks from issuers in the investment universe, covering more than 90% of corporate bonds and equities. Carmignac’s proprietary research system, START, is used by the Management Company to assess sustainability risks. For more information, please refer to the ESG incorporation policy on the Carmignac website: https://www.carmignac.co.uk/en_GB/responsible-investment/template- hub-policies-reports-4528and information on the START system: https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692
- Engagement: The management company works with issuers on ESG-related matters to raise awareness and gain a better understanding of sustainability risks to portfolios. This engagement may concern a specific environmental, social or governance matter, a long-term impact, controversial behaviour or proxy voting decisions. For more information, please refer to the engagement policy: https://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738 and https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692Potential impact of sustainability risk on the fund’s returnsSustainability risks can have adverse effects on sustainability in terms of a significant real or potential negative impact on the value ofinvestments and net asset value of the Fund, and ultimately on investors’ return on investment.
## There are several ways in which the Management Company may monitor and assess the financial significance of sustainability risks on a
## company’s financial returns:
Environment: the Management Company believes that if a company does not take into account the environmental impact of its business and the production of its goods and services, then it may lose natural capital, incur environmental fines, or suffer lower demand for its goods and services. Where relevant, a company’s carbon footprint, water and waste management, and supply chain, are therefore all monitored.
Social: The Management Company believes that social indicators are important in monitoring a company’s long-term growth potential and financial stability. These policies on human capital, product safety checks and client data protection are just some of the important practices that are monitored.
Governance: The Management Company believes that poor corporate governance may present a financial risk. The independence of the board of directors, composition and skills of the executive committee, treatment of minority shareholders, and remuneration, are the key factors studied. Companies’ approach to accounting, tax and anti-corruption practices is also checked.
The principle of “do no significant harm” only applies to the underlying investments of the financial product that consider the European Union’s criteria regarding environmentally sustainable economic activities. The underlying investments of the remainder of this financial product do not consider the European Union’s criteria regarding environmentally sustainable economic activities.
- | # 6° PROFILO DI RISCHIO
## Il fondo è investito in strumenti finanziari e, ove opportuno, in OICR selezionati dalla società di gestione. Tali strumenti sono sensibili all'andamento e ai rischi del mercato.
I fattori di rischio esposti qui di seguito non sono esaustivi. È dovere di ogni investitore analizzare i rischi connessi a un tale investimento e farsi una propria opinione indipendentemente da CARMIGNAC GESTION, se necessario ricorrendo alla consulenza di specialisti in tali questioni, al fine di accertarsi dell'adeguatezza di questo investimento alla propria situazione finanziaria.
- Rischio connesso alla gestione discrezionale: la gestione discrezionale si basa sulla previsione dell'evoluzione dei mercati finanziari. La performance del fondo dipenderà dalle società selezionate e dall'asset allocation stabilita dalla società di gestione. Esiste il rischio che quest'ultima non selezioni le società con le migliori performance.
- Rischio di perdita in conto capitale: il portafoglio presenta una gestione di tipo discrezionale e non gode di alcuna garanzia o protezione del capitale investito. La perdita in conto capitale si produce al momento della vendita di una quota a un prezzo inferiore rispetto all'importo versato all'acquisto.
- Rischio azionario: in caso di oscillazione al rialzo o al ribasso dei mercati azionari, il valore patrimoniale netto del fondo può diminuire. Inoltre sui mercati delle piccole e medie capitalizzazioni il volume dei titoli quotati in borsa è ridotto, pertanto le oscillazioni al ribasso dei mercati sono più marcate e rapide rispetto a quelle delle società ad alta capitalizzazione, il che può causare una flessione del valore patrimoniale netto del fondo.
- Rischio legato alla capitalizzazione: il fondo è esposto prevalentemente a uno o più mercati azionari di società a media e bassa capitalizzazione. Essendo il volume di questi titoli quotati in borsa ridotto, le oscillazioni di mercato sono più marcate rispetto a quelle delle società ad alta capitalizzazione. Il valore patrimoniale netto del fondo può quindi risentirne.
- Rischio di cambio: il rischio di cambio è connesso all'esposizione a una valuta diversa da quella di valorizzazione del fondo, assunta tramite investimenti e operazioni su strumenti finanziari a termine. La fluttuazione delle valute rispetto all'euro può determinare un effetto positivo o negativo sul valore patrimoniale netto del fondo.
- Rischio di liquidità: i mercati in cui opera il fondo possono essere interessati da una temporanea mancanza di liquidità. Queste irregolarità del mercato possono ripercuotersi sulle condizioni di prezzo che inducono il fondo a liquidare, aprire o modificare le posizioni.
- Rischio di tasso d'interesse: il rischio di tasso si traduce in una diminuzione del valore patrimoniale netto in caso di oscillazione dei tassi. Quando la sensibilità del portafoglio è positiva, un rialzo dei tassi di interesse può comportare una svalutazione del portafoglio. Quando la sensibilità è negativa, un ribasso dei tassi d'interesse può comportare una svalutazione del portafoglio.
- Rischio di credito: il rischio di credito consiste nel rischio che l'emittente non sia in grado di onorare i suoi impegni. In caso di declassamento della qualità creditizia degli emittenti, per esempio della valutazione loro attribuita dalle agenzie di rating, il valore delle obbligazioni può diminuire, con una conseguente flessione del valore patrimoniale netto del fondo.
- Rischio connesso ai mercati emergenti: gli investitori devono considerare l'eventualità che il fondo possa essere esposto ai mercati emergenti, le cui modalità di funzionamento e controllo possono discostarsi dagli standard utilizzati in prevalenza sulle più importanti piazze internazionali. Inoltre, le oscillazioni delle quotazioni possono essere elevate.
- Rischio legato all'investimento in titoli speculativi: un titolo è classificato come "speculativo" se il suo rating è inferiore a "investment grade". Il valore delle obbligazioni classificate come "speculative" può ridursi in misura maggiore e più rapidamente rispetto alle altre obbligazioni e pregiudicare il valore patrimoniale netto del fondo, che può subire diminuzioni.
- Rischi legati all'investimento in obbligazioni contingent convertible (CoCo bond): rischio legato alla soglia di attivazione: questi titoli hanno caratteristiche specifiche. Il verificarsi di un evento imprevisto può determinare una conversione in azioni oppure la cancellazione temporanea o definitiva di tutto o di parte di un credito. L'entità del rischio di conversione può variare, ad esempio, in funzione della distanza che separa il coefficiente patrimoniale dell'emittente da una soglia stabilita nel prospetto dell'emissione. Rischio di perdita della cedola: per determinate tipologie di CoCo bond, il pagamento delle cedole è discrezionale e può essere annullato dall'emittente. Rischioconnesso alla complessità dello strumento: si tratta di titoli recenti, il cui comportamento nei periodi di crisi non è stato ancora del tutto verificato. Rischio connesso al differimento di rimborso e/o al mancato rimborso: le obbligazioni contingent convertible sono strumenti perenni, rimborsabili ai livelli predeterminati unicamente previa approvazione dell'autorità competente. Rischio connesso alla struttura patrimoniale: contrariamente a quanto vale per la struttura gerarchica classica del capitale, chi investe in questa tipologia di strumenti finanziari può subire una perdita di capitale, cosa che non vale per i detentori di azioni dello stesso emittente.
- Rischio connesso agli indici di materie prime: La variazione dei prezzi delle materie prime e la volatilità di questo settore possono provocare una diminuzione del valore patrimoniale netto.
- Rischio di controparte: il rischio di controparte misura la perdita potenziale nel caso in cui una controparte di contratti finanziari over- the-counter o di operazioni di acquisizione e cessione temporanea di titoli non onori i propri obblighi contrattuali. Il fondo è esposto a questo rischio tramite i contratti finanziari over-the-counter stipulati con le singole controparti. Al fine di ridurre l'esposizione del fondo al rischio di controparte, la società di gestione può costituire garanzie a beneficio del fondo stesso.
- Rischio di volatilità: l'aumento o la diminuzione della volatilità può provocare una flessione del valore patrimoniale netto. Il fondo è esposto a tale rischio, in particolare per il tramite dei prodotti derivati che hanno la volatilità o la varianza come sottostante.
- Rischi connessi alle operazioni di acquisizione e cessione temporanea di titoli: l'esecuzione di queste operazioni e la gestione delle relative garanzie finanziarie possono comportare alcuni rischi specifici quali rischi operativi o il rischio di custodia. Queste operazioni possono quindi avere ripercussioni negative sul valore patrimoniale netto del fondo.
- Rischio giuridico: si tratta del rischio di redazione inadeguata dei contratti stipulati con le controparti delle operazioni di acquisizione e cessione temporanea di titoli o con le controparti di strumenti finanziari derivati OTC.
- Rischio connesso al riutilizzo di garanzie finanziarie: il fondo non prevede di riutilizzare le garanzie finanziarie ricevute, ma se dovesse farlo, si tratta del rischio che il valore che ne deriva sia inferiore a quello inizialmente ricevuto.
- Rischio ESG: non vi è alcuna garanzia che gli investimenti che includono criteri ambientali, sociali e di governance nella selezione delle società evidenzieranno performance migliori o in linea con il mercato di riferimento.
- Rischio di sostenibilità: un evento o una condizione di tipo ambientale, sociale o di governance che, se si verifica, potrebbe provocare un significativo impatto negativo effettivo o potenziale sul valore degli investimenti e, in definitiva, sul valore patrimoniale netto del fondo (questo rischio è descritto in modo dettagliato sopra nel paragrafo (b) "Caratteristiche extra-finanziarie" della strategia di investimento).
- Integrazione del rischio di sostenibilità nelle decisioni di investimentoGli investimenti del fondo sono esposti a rischi di sostenibilità che rappresentano un rischio potenziale o effettivo significativo, per massimizzare i rendimenti corretti per il rischio nel lungo periodo. Di conseguenza, la società di gestione ha integrato l'individuazione e la valutazione dei rischi di sostenibilità nelle sue decisioni di investimento e nei processi di gestione del rischio attraverso un processo che si articola in tre fasi:
- Esclusione: gli investimenti in società che secondo la società di gestione non rispettano gli standard di sostenibilità del fondo sono esclusi. La società di gestione ha formulato una politica di esclusione che prevede, tra l'altro, l'esclusione di società e soglie di tolleranza per attività in settori quali armi controverse, tabacco, intrattenimento per adulti, produttori di carbone termico e società di produzione di energia elettrica. Per maggiori informazioni si rimanda alla politica di esclusione all'indirizzo https://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738
- Analisi: la società di gestione integra l'analisi ESG nell'analisi finanziaria tradizionale per individuare i rischi di sostenibilità delle società emittenti nell'universo di investimento, coprendo oltre il 90% delle obbligazioni societarie e delle azioni. La società di gestione utilizza START, il sistema di ricerca ESG proprietario di Carmignac, per valutare i rischi di sostenibilità. Per ulteriori informazioni, si rimanda alla politica di integrazione ESG all'indirizzo https://www.carmignac.it/it_IT/responsible-investment/politiche-di-investimento- responsabile-e-relazioni-4729e alle informazioni sul sistema START all'indirizzo https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692
- Engagement: la società di gestione collabora con gli emittenti su questioni legate ai fattori ESG per aumentare la consapevolezza e la comprensione dei rischi di sostenibilità all'interno dei portafogli. L'attività di engagement può riguardare una specifica questione ambientale, sociale o di governance, un impatto duraturo, comportamenti controversi o decisioni di voto per delega. Per maggiori informazioni si rimanda alla politica di engagement all'indirizzohttps://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738 e https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692Potenziali conseguenze del rischio di sostenibilità sui rendimenti del fondoI rischi di sostenibilità possono avere effetti sfavorevoli sulla sostenibilità in termini di un notevole impatto negativo reale o potenziale sul valore degli investimenti, sul valore patrimoniale netto del fondo e, in ultima analisi, sulla performance degli investimenti.
## La società di gestione può monitorare e valutare in diversi modi l'importanza dei rischi di sostenibilità per la performance finanziaria di una società in portafoglio:
Criteri ambientali: la società di gestione ritiene che una società che non tiene conto dell'impatto ambientale delle sue attività e della produzione dei suoi beni e servizi rischi un deterioramento del capitale naturale, multe ambientali o un calo della domanda dei suoi beni e servizi. Di conseguenza, vengono monitorati aspetti come l'impronta di carbonio, la gestione dell'acqua e dei rifiuti, l'approvvigionamento e i fornitori dell'azienda.
Criteri sociali: La società di gestione ritiene che gli indicatori sociali siano importanti per monitorare il potenziale di crescita a lungo termine e la stabilità finanziaria di una società. Queste politiche in materia di capitale umano, i controlli di sicurezza dei prodotti e la protezione dei dati dei clienti sono alcune delle pratiche rilevanti che vengono monitorate.
Criteri di governance: La società di gestione ritiene che una corporate governance inefficace possa comportare un rischio finanziario. Di conseguenza, l'indipendenza del consiglio di amministrazione, la composizione e le competenze del comitato direttivo, il trattamento degli azionisti di minoranza e la retribuzione figurano tra i principali fattori analizzati. Inoltre, viene verificato il comportamento delle società per quanto riguarda le prassi contabili, fiscali e anticorruzione.
Il principio "non arrecare un danno significativo" si applica solo agli investimenti sottostanti il prodotto finanziario che tengono conto dei criteri dell'UE per le attività economiche ecosostenibili. Gli investimenti sottostanti la parte restante del presente prodotto finanziario non tengono conto dei criteri dell'UE per le attività economiche ecosostenibili. | # RISK PROFILE
The fund invests in financial instruments and, where applicable, funds selected by the management company. The performance of these instruments depends on the evolution and fluctuations of the market.
The risk factors described below are not exhaustive. It is up to each investor to analyse the risk associated with such an investment and to form his/her own opinion independent of CARMIGNAC GESTION, where necessary seeking the opinion of any advisers specialised in such matters in order to ensure that this investment is appropriate in relation to his/her financial situation.
- Risk associated with discretionary management: discretionary management is based on the expected evolution of the financial markets. The fund’s performance will depend on the companies selected and asset allocation chosen by the management company. There is a risk that the management company may not invest in the best performing companies.
- Risk of capital loss: the portfolio is managed on a discretionary basis and does not guarantee or protect the capital invested. A capital loss occurs when a unit is sold at a lower price than that paid at the time of purchase.
- Equity risk: the net asset value of the fund may fall when equity markets either rise or fall. As there are fewer small and mid-cap stocks listed on stock exchanges, market falls are more pronounced and rapid than in the case of large cap stocks, and may cause the fund's net asset value to fall.
- Risk associated with market capitalisation: the fund is mainly exposed to one or more equity markets of small and medium cap stocks. As there are fewer small and mid-cap stocks listed on stock exchanges, market movements are more pronounced than in the case of large cap stocks. The net asset value of the fund may therefore be affected.
- Currency risk: Currency risk is linked to exposure – through investments and the use of forward financial instruments – to a currency other than the fund’s valuation currency. The fluctuations of currencies in relation to the euro may have a positive or negative influence on the net asset value of the fund.
- Liquidity risk: The markets in which the fund participates may be subject to temporary illiquidity. These market distortions could have an impact on the pricing conditions under which the fund may be caused to liquidate, initiate or modify its positions.
- Interest rate risk: Interest rate risk is the risk that the net asset value may fall in the event of a change in interest rates. When the modified duration of the portfolio is positive, a rise in interest rates may lead to a reduction in the value of the portfolio. When the modified duration of the portfolio is negative, a fall in interest rates may lead to a reduction in the value of the portfolio.
- Credit risk: credit risk is the risk that the issuer may default. Should the quality of issuers decline, for example in the event of a downgrade in their rating by the financial rating agencies, the value of the bonds may drop and lead to a fall in the fund's net asset value.
- Emerging markets risk: Investors should note that the fund may be exposed to emerging markets, where operating and supervisory conditions may deviate from the standards of major international marketplaces. Price variations may also be high.
- Risk associated with high yield bonds: a bond is considered a high-yield bond when its credit rating is below “investment grade”. The value of high yield bonds may fall more substantially and more rapidly than other bonds and negatively impact the net asset value of the fund which may decrease as a result.
- Risks associated with investment in contingent convertible bonds (CoCos): Risk related to the trigger threshold: these securities have characteristics specific to them. The occurrence of the contingent event may result in a conversion into shares or even a temporary or definitive writing off of all or part of the debt. The level of conversion risk may vary, for example depending on the distance between the issuer's capital ratio and a threshold defined in the issuance prospectus. Risk of loss of coupon: with certain types of CoCo, payment of coupons is discretionary and may be cancelled by the issuer. Risk linked to the complexity of the instrument: as these securities are recent, their performance in periods of stress has not been established beyond doubt. Risk linked to late or non repayment: contingent convertible bonds are perpetual instruments repayable only at predetermined levels with the approval of the relevant authority. Capital structure risk: unlike with the standard capital hierarchy, investors in this type of instrument may suffer a capital loss, which holders of shares in the same issuer would not incur.
- Risk associated with commodities indices: Changes in commodity prices and the volatility of this sector may cause the net asset value to fall.
- Counterparty risk: Counterparty risk measures the potential loss in the event of a counterparty defaulting on over-the-counter financial contracts or failing to meet its contractual obligations on temporary purchases or sales of securities. The fund is exposed to it through over-the-counter financial contracts agreed with various counterparties. In order to reduce the Fund’s exposure to counterparty risk, the Management Company may establish financial guarantees in favour of the Fund.
- Volatility risk: The increase or decrease in volatility may lead to a fall in net asset value. The fund is exposed to this risk, particularly through derivative products with volatility or variance as the underlying instrument.
- Risks associated with temporary purchases and sales of securities: the use of these transactions and management of their collateral may carry certain specific risks, such as operational risks and custody risk. Use of these transactions may therefore have a negative effect on the fund's net asset value.
- Legal risk: This is the risk that contracts agreed with counterparties to temporary purchases/sales of securities, or over-the-counter forward financial instruments, may be drafted inappropriately.
- Risk associated with the reinvestment of collateral: the fund does not intend to reinvest collateral received, but if it does, there would be a risk of the resultant value being lower than the value initially received.
- ESG risk: there is no guarantee that investments which factor environmental, social and governance criteria into the companies’selection will match or beat the performance of the reference market.
- Sustainability risk: refers to an event or an environmental, social or governance factor that, if it were to occur, could have a significant real or potential impact on the value of investments and, ultimately, on the net asset value of the fund (this risk is detailed above in paragraph (b) “Extra-financial characteristics” of the investment strategy).
- Incorporation of sustainability risk into investment decisionsThe fund’s investments are exposed to sustainability risks, representing a real or potential threat to maximising long-term risk-adjusted rewards. The management company has therefore incorporated the identification and assessment of sustainability risks into its investment decisions and risk management processes, through a three-step procedure:
- Exclusion: Investments in companies that the Management Company believes do not meet the Fund’s sustainability standards are excluded. The Management Company has established an exclusion policy that, amongst other things, provides for company exclusions and tolerance thresholds for business in fields such as controversial weapons, tobacco, adult entertainment, thermal coal production and electricity generation. For more information, please refer to the exclusion policy: https://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738
- Analysis: the Management Company incorporates an ESG analysis alongside a traditional financial analysis to identify sustainability risks from issuers in the investment universe, covering more than 90% of corporate bonds and equities. Carmignac’s proprietary research system, START, is used by the Management Company to assess sustainability risks. For more information, please refer to the ESG incorporation policy on the Carmignac website: https://www.carmignac.co.uk/en_GB/responsible-investment/template- hub-policies-reports-4528and information on the START system: https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692
- Engagement: The management company works with issuers on ESG-related matters to raise awareness and gain a better understanding of sustainability risks to portfolios. This engagement may concern a specific environmental, social or governance matter, a long-term impact, controversial behaviour or proxy voting decisions. For more information, please refer to the engagement policy: https://www.carmignac.fr/fr_FR/responsible-investment/politiques-et-rapports-d-investissement-responsable-4738 and https://www.carmignac.fr/fr_FR/responsible-investment/en-pratique-4692Potential impact of sustainability risk on the fund’s returnsSustainability risks can have adverse effects on sustainability in terms of a significant real or potential negative impact on the value ofinvestments and net asset value of the Fund, and ultimately on investors’ return on investment.
## There are several ways in which the Management Company may monitor and assess the financial significance of sustainability risks on a
## company’s financial returns:
Environment: the Management Company believes that if a company does not take into account the environmental impact of its business and the production of its goods and services, then it may lose natural capital, incur environmental fines, or suffer lower demand for its goods and services. Where relevant, a company’s carbon footprint, water and waste management, and supply chain, are therefore all monitored.
Social: The Management Company believes that social indicators are important in monitoring a company’s long-term growth potential and financial stability. These policies on human capital, product safety checks and client data protection are just some of the important practices that are monitored.
Governance: The Management Company believes that poor corporate governance may present a financial risk. The independence of the board of directors, composition and skills of the executive committee, treatment of minority shareholders, and remuneration, are the key factors studied. Companies’ approach to accounting, tax and anti-corruption practices is also checked.
The principle of “do no significant harm” only applies to the underlying investments of the financial product that consider the European Union’s criteria regarding environmentally sustainable economic activities. The underlying investments of the remainder of this financial product do not consider the European Union’s criteria regarding environmentally sustainable economic activities.
- | en | it |
DOLFIN5424 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Median market capitalisation EUR 14.91 bn
Source: *Invesco. Costs may increase or decrease as result of currency and exchange rate fluctuations. Consult the legal documents for further information on costs. Portfolio weightings and allocations are subject to change. The weightings for each breakdown are rounded to the nearest tenth or hundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. The top 10 overweight and underweight positions represent the largest weighting differences between the fund and the benchmark.
-2/3- | 1,08%
Fonte: *Invesco. I costi possono aumentare o diminuire in funzione della fluttuazione delle valute e dei tassi di cambio. Si prega di consultare la documentazione legale d'offerta per ulteriori informazioni sui costi. I pesi e le allocazioni di portafoglio sono soggetti a variazioni. Le ponderazioni per ciascuna ripartizione sono arrotondate al decimo o al centesimo di punto percentuale più prossimo; pertanto, i pesi aggregati per ciascuna ripartizione potrebbero non corrispondere al 100%. Le prime 10 posizioni sovraponderate e sottopesate rappresentano le maggiori differenze di ponderazione tra il fondo e il parametro di riferimento.
-2/3- | Median market capitalisation EUR 14.91 bn
Source: *Invesco. Costs may increase or decrease as result of currency and exchange rate fluctuations. Consult the legal documents for further information on costs. Portfolio weightings and allocations are subject to change. The weightings for each breakdown are rounded to the nearest tenth or hundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. The top 10 overweight and underweight positions represent the largest weighting differences between the fund and the benchmark.
-2/3- | en | it |
DOLFIN5425 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
1 Institutional investors as defined for the purposes of the Law and by the administrative practice of the CSSF. The eligibility of these investors must be proved by the investors concerned, who will in particular have to complete a specific subscription form and provide proof of their status of institutional investor.
2
Amount to be converted into the currency of the concerned Class when applicable.
3
The Fund reserves the right, at any time, to redeem all Shares of any investor whose aggregated holdings in one or various Sub- funds are that low that the maintenance costs exposed are disproportionate compared to such aggregate holdings. The aggregated amount of holdings in one or various Sub-funds by any one investor shall be of at least USD 100 (or equivalent amounts in alternative currencies), or such a higher amount if provided by the Invariable Characteristic of the relevant Class(es).
4
Please refer to the annex of the concerned Sub-fund for the maximum rate per year of management fee effectively applicable.
Investors of certain Classes will have to comply with the minimum initial subscription requirements, in respect of the corresponding Sub-fund. The Board of Directors, respectively the Management Company, also reserves the right to accept subscriptions lower than the above-mentioned minimum amounts for subscription, subject to compliance with the principle of equal treatment between shareholders of the Fund. | 1 Investitori istituzionali come definiti ai sensi della Legge e secondo la prassi amministrativa adottata dalla CSSF. Il possesso dei requisiti necessari dovrà essere dimostrato dagli investitori stessi, tenuti in particolare a compilare un modulo di sottoscrizione specifico e a produrre la prova della loro qualità di investitori istituzionali.
2
Importo da convertire nella valuta della Classe interessata, se del caso.
3
La SICAV si riserva il diritto di riscattare, in qualsiasi momento, tutte le Azioni di qualunque investitore le cui partecipazioni aggregate in uno o più Comparti siano talmente basse da rendere i costi di gestione sproporzionati rispetto a tali partecipazioni aggregate. L’importo aggregato delle partecipazioni in uno o più Comparti da parte di un qualunque investitore dovrà essere pari ad almeno USD 100 (o importo equivalente in valute alternative), o altro importo superiore qualora stabilito dalle Caratteristiche invariabili della Classe o delle Classi di appartenenza.
4
Si rimanda all’allegato del Comparto interessato per la percentuale annua massima della commissione di gestione effettivamente applicabile.
Gli investitori di alcune Classi dovranno conformarsi ai requisiti in materia di importo minimo di sottoscrizione iniziale applicabili al corrispondente Comparto. Il Consiglio di Amministrazione, o la Società di Gestione, si riserva il diritto di accettare sottoscrizioni inferiori ai suddetti importi minimi, fatto salvo il rispetto del principio della parità di trattamento degli azionisti della SICAV. | 1 Institutional investors as defined for the purposes of the Law and by the administrative practice of the CSSF. The eligibility of these investors must be proved by the investors concerned, who will in particular have to complete a specific subscription form and provide proof of their status of institutional investor.
2
Amount to be converted into the currency of the concerned Class when applicable.
3
The Fund reserves the right, at any time, to redeem all Shares of any investor whose aggregated holdings in one or various Sub- funds are that low that the maintenance costs exposed are disproportionate compared to such aggregate holdings. The aggregated amount of holdings in one or various Sub-funds by any one investor shall be of at least USD 100 (or equivalent amounts in alternative currencies), or such a higher amount if provided by the Invariable Characteristic of the relevant Class(es).
4
Please refer to the annex of the concerned Sub-fund for the maximum rate per year of management fee effectively applicable.
Investors of certain Classes will have to comply with the minimum initial subscription requirements, in respect of the corresponding Sub-fund. The Board of Directors, respectively the Management Company, also reserves the right to accept subscriptions lower than the above-mentioned minimum amounts for subscription, subject to compliance with the principle of equal treatment between shareholders of the Fund. | en | it |
DOLFIN5426 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## All these securities must meet the socially responsible investment (SRI) selection criteria.
The securities held by the Fund will all be of high quality. The Investment Manager will ensure that this is the case thanks to an internal assessment process that takes into account in particular the credit quality of the instrument, the nature of the asset class, the rating and the liquidity profile. In the event of a deterioration in the quality of a money market instrument, the security or securities concerned will be sold under the best possible conditions in the interests of the unitholders. Any operating and counterparty risks inherent to the structure of the investment are subject to the Investment Manager’s own evaluation process.
The Investment Manager will carry out its own analysis of the risk/reward profile of the securities (return, credit rating, liquidity, maturity). As a result, the decision to buy, hold or sell a security (particularly where the rating has changed) is not solely based on the rating criteria, but also reflects an internal analysis of the credit risks and market conditions carried out by the management company. | ## Tutti questi titoli devono soddisfare i criteri di selezione connessi all'Investimento socialmente responsabile (ISR).
I titoli detenuti dal Fondo saranno tutti di qualità elevata. Il Gestore degli investimenti se ne assicura attraverso un processo di valutazione interno che prende in considerazione, in particolare, la qualità creditizia dello strumento, la natura della classe di attività, il rating e il profilo di liquidità. In caso di declassamento della qualità creditizia di uno strumento del mercato monetario, la cessione del titolo o dei titoli interessati sarà effettuata alle migliori condizioni compatibili con l'interesse dei partecipanti. I rischi operativi e i rischi di controparte eventualmente relativi alla struttura dell'investimento sono oggetto di un processo di valutazione specifico del Gestore degli investimenti.
Il Gestore degli investimenti conduce la propria analisi del profilo di rischio/rendimento dei titoli (redditività, merito di credito, liquidità, scadenza). Pertanto, l'acquisizione, la conservazione o la cessione di un titolo (in particolare in caso di variazione del rating del titolo) non si basano esclusivamente su criteri di rating, ma anche su un'analisi interna a cura della società di gestione sui rischi di credito e sulle condizioni di mercato. | ## All these securities must meet the socially responsible investment (SRI) selection criteria.
The securities held by the Fund will all be of high quality. The Investment Manager will ensure that this is the case thanks to an internal assessment process that takes into account in particular the credit quality of the instrument, the nature of the asset class, the rating and the liquidity profile. In the event of a deterioration in the quality of a money market instrument, the security or securities concerned will be sold under the best possible conditions in the interests of the unitholders. Any operating and counterparty risks inherent to the structure of the investment are subject to the Investment Manager’s own evaluation process.
The Investment Manager will carry out its own analysis of the risk/reward profile of the securities (return, credit rating, liquidity, maturity). As a result, the decision to buy, hold or sell a security (particularly where the rating has changed) is not solely based on the rating criteria, but also reflects an internal analysis of the credit risks and market conditions carried out by the management company. | en | it |
DOLFIN5427 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Le calcul des performances passées prenden compte les frais et commissions, mais pas les frais d’entrée et de sortie.
- Ce Compartiment a été lancé en 2006.
- Cette catégorie d’actions a été lancée en 2008.
- Les performances passées sont calculées en EUR.
| | - Se ha incluido el impacto delos gastos y comisiones en la rentabilidad histórica, pero no están incluidos los gastos de entrada y salida.
- Este Subfondo fue lanzado en el año 2006.
- Esta clase de acciones se lanzó en 2008.
- La rentabilidad histórica se calcula en EUR.
| | - Le calcul des performances passées prenden compte les frais et commissions, mais pas les frais d’entrée et de sortie.
- Ce Compartiment a été lancé en 2006.
- Cette catégorie d’actions a été lancée en 2008.
- Les performances passées sont calculées en EUR.
| | fr | es |
DOLFIN5428 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Proprietary sustainability rating of the asset manager
To support the integration of ESG factors into a wider range of asset classes and product offerings, the asset manager's proprietary sustainability rating takes into account key sustainability aspects or ecological and social characteristics and offers a holistic scoring concept with modular sub-categories that provides investors with a simple overview and a possibility of an in-depth analysis.
The sustainability rating is calculated according to the values of the collective assets and individual securities contained in the portfolio and is divided into seven sustainability classes ranging from A (highest level) to G (lowest level). To calculate the rating, companies and states are assessed according to the four pillars of the in-house sustainability research:
- Sustainable management (ESG score):How sustainably is the company or state run? For details on ESG score methodology, see 5.1 ESG integration.
- Carbon intensity (climate score):How large is the negative impact of the company or state on the environment with regard to CO2e emissions? The climate score measures the CO2e intensity of a company or state. For details on the methodology for measuring CO2intensity, see 5.3 Climate – CO2e reduction.
- Controversial business activities (controversy score):To what extent do controversial business areas, questionable business practices or violations of international standards exist? The controversy score methodology takes into account the exclusions described in section Appli- cation of exclusion criteria 5.2.
- Impact (impact score):What impact do companies and/or states have on society and the environment in terms of achieving the 17 UN Sustainable Development Goals?
Source: Swisscanto Invest, own presentation
The asset manager uses four pillars to provide a holistic assessment of the issuer. The ESG score considers operational excellence; the climate score evaluates the extent to which a company or a state impacts the environment with its greenhouse gas emissions, while goods and services are assessed separately for controversy and sustainable impacts are assessed in relation to the UN Sustainable Development Goals.
The asset manager obtains the raw data from independent third parties. The proprietary sustainability rating is published in the fund fact sheets of the management company and the asset manager's sustainability report.
- | # Proprietäres Sustainability-Rating des Vermögensverwalters
Um die Integration von ESG-Faktoren in eine breitere Palette von Anlageklassen und Produktangeboten zu unterstützen, berücksichtigt das proprietäre Sustainability Rating des Vermögensverwalters zentrale Nachhaltigkeitsaspekte bzw. ökologische und soziale Merkmale und bietet ein ganzheitliches Scoring-Konzept mit modularen Subkategorien, das Anlegern einen einfachen Überblick und die Möglichkeit einer tiefgreifenden Analyse verschaffen soll.
Das Sustainability Rating wird aus den Werten der im Portfolio enthaltenen Kollektivvermögen und Einzeltitel berechnet und in sieben Nachhaltigkeitsklassen von A (höchste Stufe) bis G (niedrigste Stufe) eingeteilt. Für die Berechnung des Ratings werden Unternehmungen und Staaten auf den vier Säulen des hauseigenen Nachhaltigkeitsresearch beurteilt:
- Nachhaltige Geschäftsführung (ESG-Score):Wie nachhaltig ist die Unternehmung bzw. der Staat geführt? Details zur Methodik des ESG-Score siehe 5.1 ESG- Integration
- Kohlenstoffintensität (Climate Score):Wie stark belastet das Unternehmung bzw. der Staat die Umwelt hinsichtlich CO2e-Emissionen? Der Climate Score misst die CO2e-Intensität einer Unternehmung oder Staates. Details der Methodik zur Messung der CO2e-Intensiät siehe 5.3 Klima – CO2e-Reduktion
- Kontroverse Geschäftstätigkeiten (Controversy Score):In welchem Umfang liegen umstrittene Geschäftsfelder, fragwürdige Unternehmenspraktiken oder Verletzungen internationaler Normen vor? Die Methodik des Conroversy Score berücksichtigt die im Abschnitt 5.2 beschriebenen Ausschlüsse.
- Wirkung (Impact Score):Welchen Impact haben Unternehmungen bzw. Staaten auf Gesellschaft und Umwelt hinsichtlich der Erreichung der 17 UN-Ziele für eine nachhaltige Entwicklung?
Quelle: Swisscanto Invest, eigene Darstellung
Anhand von vier Grundpfeilern erstellt der Vermögensverwalter eine ganzheitliche Bewertung der Emittenten. Der ESG-Score betrachtet die operative Exzellenz; der Climate Score bewertet, wie stark eine Unternehmung oder ein Staat mit den Treibhausgasemissionen die Umwelt belastet, während Waren und Dienstleistungen separat auf Kontroversität und nachhaltige Auswirkungen entlang der Ziele für nachhaltige Entwicklung der UNO beurteilt werden. Die Rohdaten beziehet der Vermögensverwalter von unabhängigen Drittanbietern. Das proprietäre Sustainability Rating wird auf den Fonds-Factsheets der Verwaltungsgesellschaft und im Sustainability Report des Vermögensverwalters publiziert.
- | # Proprietary sustainability rating of the asset manager
To support the integration of ESG factors into a wider range of asset classes and product offerings, the asset manager's proprietary sustainability rating takes into account key sustainability aspects or ecological and social characteristics and offers a holistic scoring concept with modular sub-categories that provides investors with a simple overview and a possibility of an in-depth analysis.
The sustainability rating is calculated according to the values of the collective assets and individual securities contained in the portfolio and is divided into seven sustainability classes ranging from A (highest level) to G (lowest level). To calculate the rating, companies and states are assessed according to the four pillars of the in-house sustainability research:
- Sustainable management (ESG score):How sustainably is the company or state run? For details on ESG score methodology, see 5.1 ESG integration.
- Carbon intensity (climate score):How large is the negative impact of the company or state on the environment with regard to CO2e emissions? The climate score measures the CO2e intensity of a company or state. For details on the methodology for measuring CO2intensity, see 5.3 Climate – CO2e reduction.
- Controversial business activities (controversy score):To what extent do controversial business areas, questionable business practices or violations of international standards exist? The controversy score methodology takes into account the exclusions described in section Appli- cation of exclusion criteria 5.2.
- Impact (impact score):What impact do companies and/or states have on society and the environment in terms of achieving the 17 UN Sustainable Development Goals?
Source: Swisscanto Invest, own presentation
The asset manager uses four pillars to provide a holistic assessment of the issuer. The ESG score considers operational excellence; the climate score evaluates the extent to which a company or a state impacts the environment with its greenhouse gas emissions, while goods and services are assessed separately for controversy and sustainable impacts are assessed in relation to the UN Sustainable Development Goals.
The asset manager obtains the raw data from independent third parties. The proprietary sustainability rating is published in the fund fact sheets of the management company and the asset manager's sustainability report.
- | en | de |
DOLFIN5429 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCE SCENARIOS
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years.Markets could develop very differently in the future.
Recommended holding period: 3 years
Example Investment: 10000 USD
| If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Unfavourable | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Moderate | What you might get back after costs | 10290 USD | 10500 USD |
| Average return each year | 2.90% | 1.64% |
| Favourable | What you might get back after costs | 11580 USD | 12010 USD |
| Average return each year | 15.80% | 6.30% |
| Amount invested over time | 10000 USD | |
This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000,00 USD. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
The stress scenario shows what you could get in extreme market situations, and does not take into account if we cannot pay you. Your maximum loss would be that you will lose all your investment.
- The unfavourable scenario occurred for an investment between 2021 and 2022.
- The moderate scenario occurred for an investment between 2012 and 2015.
- The favourable scenario occurred for an investment between 2018 and 2021. | # ESCENARIOS DE RENTABILIDAD
Las cifras presentadas incluyen todos los costes del producto en sí, pero pueden no incluir todos los costes que deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
Periodo de mantenimiento recomendado: 3 años
Ejemplo de inversión: 10000 USD
| En caso de salida después de 1 En caso de salida después de 3 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8750 USD | 6690 USD |
| Rendimiento medio cada año | -12.50% | -12.54% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8750 USD | 6690 USD |
| Rendimiento medio cada año | -12.50% | -12.54% |
| Moderado | Lo que podría recibir tras deducir los costes | 10290 USD | 10500 USD |
| Rendimiento medio cada año | 2.90% | 1.64% |
| Favorable | Lo que podría recibir tras deducir los costes | 11580 USD | 12010 USD |
| Rendimiento medio cada año | 15.80% | 6.30% |
| Importe invertido a lo largo del tiempo | 10000 USD | |
Este cuadro muestra el dinero que usted podría recibir a lo largo de los próximos 3 años, en función de los distintos escenarios, suponiendo que invierta 10 000,00 USD. Los escenarios presentados ilustran la rentabilidad que podría tener su inversión. Puede compararlos con los escenarios de otros productos.
Los escenarios presentados son una estimación de la rentabilidad futura basada en datos del pasado y no constituyen un indicador exacto. Lo que recibirá variará en función de la evolución del mercado y del tiempo que mantenga la inversión o el producto.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados, y no tiene en cuenta una situación en la que no podamos pagarle. Su pérdida máxima sería la de toda su inversión.
- El escenario desfavorable se produjo para una inversión entre 2021 y 2022.
- El escenario moderado se produjo para una inversión entre 2012 y 2015.
- El escenario favorable se produjo para una inversión entre 2018 y 2021. | # PERFORMANCE SCENARIOS
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years.Markets could develop very differently in the future.
Recommended holding period: 3 years
Example Investment: 10000 USD
| If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Unfavourable | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Moderate | What you might get back after costs | 10290 USD | 10500 USD |
| Average return each year | 2.90% | 1.64% |
| Favourable | What you might get back after costs | 11580 USD | 12010 USD |
| Average return each year | 15.80% | 6.30% |
| Amount invested over time | 10000 USD | |
This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000,00 USD. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
The stress scenario shows what you could get in extreme market situations, and does not take into account if we cannot pay you. Your maximum loss would be that you will lose all your investment.
- The unfavourable scenario occurred for an investment between 2021 and 2022.
- The moderate scenario occurred for an investment between 2012 and 2015.
- The favourable scenario occurred for an investment between 2018 and 2021. | en | es |
DOLFIN5430 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the securities are economically linked to cur- rencies of such countries. “Emerging Markets” are countries that are in the process of developing into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with positive macroeconomic indicators, particu- larly with regard to budget deficits. The Fund may invest in derivat- ives (financial instruments derived from other securities or assets)
for hedging purposes, efficient portfolio management and / or in- vestment purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 4 years.
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# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización razonable del capital. El Fondo tratará de alcanzar su objetivo de inversión in- virtiendo principalmente en valores de deuda que devengan intere- ses o en valores equivalentes. La política de inversión no prevé la protección del capital. El emisor es una entidad de mercados emer- gentes, la moneda es una moneda de mercados emergentes o los valores están vinculados económicamente a las monedas de dichos países. Los «Mercados emergentes» son países que están en proce- so de convertirse en países industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero también un elevado riesgo. El objetivo principal lo constituyen los emisores con indicadores ma- croeconómicos positivos, especialmente en lo que se refiere a los déficits presupuestarios. El Fondo podrá invertir en derivados (ins-
trumentos financieros derivados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. Los aspectos ambientales, sociales y de gobernanza ("ESG") se conside- ran parte del proceso de inversión del Fondo. La cartera del Fondo se gestiona de forma activa. El Fondo no se gestiona con relación a ningún índice de referencia. El Fondo podrá tener posiciones en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamen- te. Todos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones. Los costes de tran- sacción de la cartera pueden tener un impacto importante en el rendimiento. El Fondo puede no resultar adecuado para aquellos in- versores que planeen retirar su dinero en menos de 4 años.
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# Perfil de riesgo y beneficio | The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the securities are economically linked to cur- rencies of such countries. “Emerging Markets” are countries that are in the process of developing into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with positive macroeconomic indicators, particu- larly with regard to budget deficits. The Fund may invest in derivat- ives (financial instruments derived from other securities or assets)
for hedging purposes, efficient portfolio management and / or in- vestment purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases the value of the shares. The portfolio transaction costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 4 years.
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# Risk and Reward Profile | en | es |
DOLFIN5431 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Objectifs
Le Fonds vise à fournir une croissance du capital sur le long terme. Objectif de performance: Surperformer par rapport à l'indice FTSE World Europe Index, après déduction des charges, sur une période quelconque de cinq ans. Le Fonds investit au moins 75% de ses actifs dans un portefeuille concentré d'actions (titres de participation) et de titres assimilés de sociétés, toutes tailles et tous secteurs confondus, sises dans l'EEE ou au Royaume-Uni. Les sociétés auront leur siège social dans l'EEE ou au Royaume-Uni. Le Fonds peut également investir dans d'autres actifs, y compris des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des dérivés (instruments financiers complexes) pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon
active en se référant à l'indice FTSE World Europe Index, qui est largement représentatif des sociétés dans lesquelles celui-ci est susceptible d'investir, dans la mesure où cet indice constitue la base de l'objectif de performance du Fonds et le niveau au-dessus duquel des commissions de performance peuvent être imputées (le cas échéant). Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg. | ### Objetivos
El Fondo tiene como objetivo proporcionar un crecimiento de capital a largo plazo. Objetivo de rendimiento: Superar el FTSE World Europe Index después de la deducción de los gastos, en cualquier período de cinco años. El Fondo invierte al menos el 75% de sus activos en una cartera concentrada de acciones (valores de renta variable) y valores vinculados a la renta variable de sociedades, de cualquier tamaño, en cualquier sector, del EEE o del Reino Unido. Las sociedades tendrán su domicilio social en el EEE o en el Reino Unido. El Fondo también podrá invertir en otros activos, incluido el efectivo y los instrumentos del mercado monetario. El gestor de inversiones podrá utilizar derivados
(instrumentos financieros complejos) para reducir el riesgo o gestionar el Fondo de forma más eficiente. El Fondo se gestiona de manera activa con referencia al FTSE World Europe Index, que es ampliamente representativo de las sociedades en las que puede invertir, ya que constituye la base del objetivo de rendimiento del Fondo y el nivel por encima del cual se pueden cobrar comisiones de rendimiento (si procede). El gestor de inversiones tiene la discreción de elegir inversiones para el Fondo con ponderaciones diferentes al índice o que no estén en el índice, pero en ocasiones el Fondo puede tener inversiones similares al índice. Esta clase de acciones acumula ingresos que son retenidos en el precio de la clase de acciones. Puede comprar, vender o canjear acciones del Fondo en cualquier día de negociación, tal y como se expone en el folleto de la Sociedad. El Depositario del Fondo es BNP Paribas Securities Services, sucursal de Luxemburgo. | ### Objectifs
Le Fonds vise à fournir une croissance du capital sur le long terme. Objectif de performance: Surperformer par rapport à l'indice FTSE World Europe Index, après déduction des charges, sur une période quelconque de cinq ans. Le Fonds investit au moins 75% de ses actifs dans un portefeuille concentré d'actions (titres de participation) et de titres assimilés de sociétés, toutes tailles et tous secteurs confondus, sises dans l'EEE ou au Royaume-Uni. Les sociétés auront leur siège social dans l'EEE ou au Royaume-Uni. Le Fonds peut également investir dans d'autres actifs, y compris des liquidités et des instruments du marché monétaire. Le gestionnaire d'investissement peut avoir recours à des dérivés (instruments financiers complexes) pour réduire le risque ou pour gérer le Fonds plus efficacement. Le Fonds est géré de façon
active en se référant à l'indice FTSE World Europe Index, qui est largement représentatif des sociétés dans lesquelles celui-ci est susceptible d'investir, dans la mesure où cet indice constitue la base de l'objectif de performance du Fonds et le niveau au-dessus duquel des commissions de performance peuvent être imputées (le cas échéant). Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice. Cette catégorie d'actions accumule le revenu compris dans le prix de la catégorie d'actions. Vous pouvez acheter, vendre ou échanger des actions du Fonds lors de n'importe quel jour de négociation, tel que défini dans le Prospectus de la Société. Le dépositaire du Fonds est BNP Paribas Securities Services, succursale de Luxembourg. | fr | es |
DOLFIN5432 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take my money out early?
### Recommended holding period: 7 Years
Recommendation: This sub-fund may not be appropriate for investors who plan to withdraw their money within a period of less than 7 years. No costs or fees will be incurred for returns. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Período de mantenimiento recomendado: 7 Años
Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de menos de 7 años. No hay costes ni tasas de devolución. | # How long should I hold it and can I take my money out early?
### Recommended holding period: 7 Years
Recommendation: This sub-fund may not be appropriate for investors who plan to withdraw their money within a period of less than 7 years. No costs or fees will be incurred for returns. | en | es |
DOLFIN5433 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 240 EUR | 592 EUR |
| Incidence des coûts annuels (*) | 2,4 % | 1,79 % | | | Ejemplo de inversión 10 000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 240 EUR | 592 EUR |
| Incidencia anual de los costes (*) | 2,4 % | 1,79 % | | | Exemple d’investissement 10 000 EUR | Si vous sortez après 1 an | Si vous sortez après 3 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | 240 EUR | 592 EUR |
| Incidence des coûts annuels (*) | 2,4 % | 1,79 % | | fr | es |
DOLFIN5434 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund invests primarily in debt securities issued by corporations worldwide with maturities less than 5 years and rated below investment grade.
The Fund invests at least two-thirds of its total assets in corporate debt securities with maturities of less than 5 years and rated below investment grade. Below investment grade fixed income securities are securities rated less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. In the instance of a split-rated issuer, the lower of the ratings will apply. Such securities are issued by corporations having their registered offices in member states of the OECD, including emerging markets member countries. These securities may have fixed- or floating-rate coupons. The Fund may invest any portion of its total assets in eligible securities which are denominated in U.S. dollars, Euros, Great British pounds and Swiss francs.
The Fund may invest up to one-third of its total assets in cash, money market instruments or securities other than those described above, such as securities maturing between 5 and 7 years and securities denominated in other currencies than those listed above.
The Fund may not invest more than 10% of its total assets in securities issued by corporations whose registered offices are not in member states of the OECD. The Fund may not invest more than 10% of its total assets in securities rated other than BB or B by Standard & Poor’s, Ba or B by Moody’s or an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. The Fund may invest up to 10% of its net assets in undertakings for collective investment. | # El fondo invierte principalmente en títulos de deuda emitidos por empresas de todo el mundo con vencimientos inferiores a 5 años y con calificación por debajo de grado de inversión.
El fondo invierte al menos dos tercios de su patrimonio total en títulos de deuda corporativa de todo el mundo con vencimientos inferiores a 5 años y con calificación por debajo de grado de inversión. Los títulos de renta fija por debajo de grado de inversión son valores cuya calificación es inferior a BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere equivalente. Cuando el emisor recibe más de una calificación, se aplica la más baja. Estos títulos son emitidos por empresas cuyo domicilio social se encuentra en Estados miembros de la OCDE, incluidos países miembros de mercados emergentes. Los títulos pueden pagar cupones de tipo fijo o variable. El fondo podrá invertir cualquier parte de su patrimonio total en valores elegibles denominados en dólares estadounidenses, euros, libras esterlinas o francos suizos.
El fondo puede invertir hasta un tercio de su patrimonio total en efectivo, instrumentos del mercado monetario o títulos distintos de los indicados anteriormente, como valores con vencimiento a 5-7 años y títulos denominados en divisas distintas de las mencionadas.
El fondo no podrá invertir más del 10% de su patrimonio total en valores emitidos por empresas cuyo domicilio social no se encuentre en Estados miembros de la OCDE. El fondo no podrá invertir más del 10% de su patrimonio total en valores cuya calificación no sea BB o B de Standard & Poor’s, Ba o B de Moody’s, o una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere equivalente. El fondo puede invertir hasta un 10% de su patrimonio neto en organismos de inversión colectiva. | # The Fund invests primarily in debt securities issued by corporations worldwide with maturities less than 5 years and rated below investment grade.
The Fund invests at least two-thirds of its total assets in corporate debt securities with maturities of less than 5 years and rated below investment grade. Below investment grade fixed income securities are securities rated less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. In the instance of a split-rated issuer, the lower of the ratings will apply. Such securities are issued by corporations having their registered offices in member states of the OECD, including emerging markets member countries. These securities may have fixed- or floating-rate coupons. The Fund may invest any portion of its total assets in eligible securities which are denominated in U.S. dollars, Euros, Great British pounds and Swiss francs.
The Fund may invest up to one-third of its total assets in cash, money market instruments or securities other than those described above, such as securities maturing between 5 and 7 years and securities denominated in other currencies than those listed above.
The Fund may not invest more than 10% of its total assets in securities issued by corporations whose registered offices are not in member states of the OECD. The Fund may not invest more than 10% of its total assets in securities rated other than BB or B by Standard & Poor’s, Ba or B by Moody’s or an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. The Fund may invest up to 10% of its net assets in undertakings for collective investment. | en | es |
DOLFIN5435 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### RELIANCE ON THIS PROSPECTUS
Shares in the Company are offered only on the basis of the information contained in this Prospectus, any Supplement and the latest audited annual accounts and any subsequent half-yearly report of the Company. Any further information or representations given or made by any dealer, broker or other person should be disregarded and accordingly, should not be relied upon. No person has been authorised to give any information or to make any representation in connection with the offering of Shares in the Company other than those contained in this Prospectus, any Supplement and in any subsequent half-yearly or annual report for the Company and, if given or made, such information or representations must not be relied on as having been authorised by the Company, the Directors, the Manager, the Investment Adviser, the Administrator or the Depositary.
Statements in this Prospectus are based on the law and practice currently in force in Ireland at the date hereof and are subject to change. Neither the delivery of this Prospectus nor the issue of Shares shall under any circumstances, create any implication or constitute any representation that the affairs of the Company have not changed since the date hereof. | ### VERTRAUEN IN DIESEN PROSPEKT
Anteile an der Gesellschaft werden nur auf der Grundlage der in diesem Prospekt, einer etwaigen Ergänzung und dem letzten geprüften Jahresabschluss und einem etwaigen späteren Halbjahresbericht der Gesellschaft enthaltenen Informationen angeboten. Alle weiteren Informationen oder Erklärungen, die von einem Händler, Makler oder einer anderen Person gegeben oder abgegeben werden, sollten ignoriert und dementsprechend nicht als zuverlässig angesehen werden. Keine Person wurde ermächtigt, im Zusammenhang mit dem Angebot von Anteilen an der Gesellschaft andere Informationen oder Darstellungen als die in diesem Prospekt, in einer Ergänzung und in einem späteren Halbjahres- oder Jahresbericht für die Gesellschaft abzugeben, und wenn solche Informationen oder Darstellungen vorgelegt oder abgegeben werden, dürfen sie nicht als von der Gesellschaft, den Verwaltungsratsmitgliedern, dem Fondsmanager, dem Anlageberater, dem Verwalter oder dem Depositar genehmigt angesehen werden.
Die Angaben in diesem Prospekt basieren auf den zum Zeitpunkt der Veröffentlichung geltenden Gesetzen und Gepflogenheiten in Irland und können sich ändern. Weder die Ausgabe dieses Prospekts noch die Ausgabe von Anteilen darf unter irgendwelchen Umständen den Eindruck erwecken oder als eine Zusicherung betrachtet werden, dass sich die Angelegenheiten der Gesellschaft seit dem Datum dieses Prospekts nicht geändert haben. | ### RELIANCE ON THIS PROSPECTUS
Shares in the Company are offered only on the basis of the information contained in this Prospectus, any Supplement and the latest audited annual accounts and any subsequent half-yearly report of the Company. Any further information or representations given or made by any dealer, broker or other person should be disregarded and accordingly, should not be relied upon. No person has been authorised to give any information or to make any representation in connection with the offering of Shares in the Company other than those contained in this Prospectus, any Supplement and in any subsequent half-yearly or annual report for the Company and, if given or made, such information or representations must not be relied on as having been authorised by the Company, the Directors, the Manager, the Investment Adviser, the Administrator or the Depositary.
Statements in this Prospectus are based on the law and practice currently in force in Ireland at the date hereof and are subject to change. Neither the delivery of this Prospectus nor the issue of Shares shall under any circumstances, create any implication or constitute any representation that the affairs of the Company have not changed since the date hereof. | en | de |
DOLFIN5436 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### RQFII : investisseur institutionnel étranger qualifié en Renminbi tel qu’approuvé en vertu et sous réserve des réglementations chinoises applicables.
Opération de financement sur titres (ou « OFT ») : une opération de financement sur titres telle que la définit le Règlement (UE) 2015/2365 qui peut être ponctuellement modifié et complété. Les OFT sélectionnées par le Conseil d’administration sont les opérations de prise et de mise en pension et de prêt de titres.
Opération de prêt de titres : une opération par laquelle un Compartiment transfère des titres sous réserve d’un engagement de l’emprunteur à restituer des titres équivalents à une date ultérieure ou à la demande du cédant. | ##### RQFII:Inversor Institucional Extranjero Calificado en Renminbi según lo aprobado de conformidad y con sujeción a las normativas chinas.
Operación de financiación de valores (o «SFT», por sus siglas en inglés): Una operación de financiación de valores según lo que se estipula en el Reglamento (UE) 2015/2365, oportunamente modificado y completado. Las SFT seleccionadas por el Consejo de administración son las operaciones de recompra, las operaciones de recompra inversa y las operaciones de préstamo de valores.
Operación de préstamo de valores: Una transacción mediante la cual el Subfondo transfiere valores sujetos a un compromiso de que el prestatario devolverá valores equivalentes en una fecha futura o cuando el cedente lo solicite. | ##### RQFII : investisseur institutionnel étranger qualifié en Renminbi tel qu’approuvé en vertu et sous réserve des réglementations chinoises applicables.
Opération de financement sur titres (ou « OFT ») : une opération de financement sur titres telle que la définit le Règlement (UE) 2015/2365 qui peut être ponctuellement modifié et complété. Les OFT sélectionnées par le Conseil d’administration sont les opérations de prise et de mise en pension et de prêt de titres.
Opération de prêt de titres : une opération par laquelle un Compartiment transfère des titres sous réserve d’un engagement de l’emprunteur à restituer des titres équivalents à une date ultérieure ou à la demande du cédant. | fr | es |
DOLFIN5437 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Schedule 2
Other Fees and Expenses include, but are not limited to:
- Depositary fees and customary transaction fees and charges charged by the Depositary and its agents (including free payments and receipts and any reasonable out-of-pocket expenses, i.e. stamp taxes, registration costs, scrip fees, special transportation costs, etc.). The depositary fee is calculated at a rate determined by the territory or country in which the Sub-fund assets are held;
- dilution levy or adjustment, brokerage charges, asset spreads and margins on the purchase or sale of portfolio assets (including the forward and spot foreign exchange transactions used for the hedging of Hedged Share Classes), non-custody related transactions and any other disbursements which are necessarily incurred in effecting transactions. For the avoidance of doubt, no cost or expense related to investment research will be paid out the assets of a Sub-fund;
- costs of examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties;
- Luxembourg annual subscription tax (taxe d’abonnement) - referred to in the "Taxation" section of this Prospectus;
- the full amount of any current and future tax, levy, duty or similar charge which may be due on the assets and/or on the income of the Company, the Sub-funds or their assets;
- any amount payable by the Company under any indemnity provisions contained in the instrument of incorporation or any agreement binding upon the Company;
- all charges and expenses incurred in connection with the collection of income and collateral management services;
- correspondent and other banking charges;
- extraordinary expenses (i.e. expenses that would not be considered ordinary expenses) including but not limited to: litigation expenses, exceptional measures, particularly legal, business or tax expert appraisals or legal proceedings undertaken to protect Shareholders’ interests, any expense linked to non-routine arrangements made by the Domiciliary Agent and the Registrar & Transfer Agent in the interests of the investors and all similar charges and expenses;
- in the case of a Sub-fund investing in another UCITS or UCI: any double charging of fees and expenses, in particular the duplication of the fees payable to the depositary (s), transfer agent(s), investment manager(s) and other agents and also subscription and redemption charges, which are generated both at the level of the Sub-fund and of the target funds in which the Sub-fund invests;
- interest on and other charges relating to permitted borrowings;
- benchmark licence fees and royalty fees incurred for the use of any index names; and
- any Value-added tax (VAT), Goods and Services Tax (GST) or similar taxes that might apply in any jurisdiction applicable to any of the costs, charges, fees and expenses listed above. | # Anexo 2
Otras comisiones y gastos incluyen, entre otros:
- comisiones del Depositario y comisiones y gastos habituales de transacción aplicados por el Depositario y sus agentes (incluidos los pagos y recibos gratuitos y todos los gastos de bolsillo razonables, es decir, impuestos de timbre, gastos de registro, comisiones de bonos, gastos especiales de transporte, etc.). La comisión del Depositario se calcula a un tipo determinado por el territorio o país en el que se mantienen los activos del Subfondo;
- gravamen o ajuste de dilución, comisiones de corretaje, diferenciales de activos y márgenes sobre la compra o la venta de activos de la cartera (incluidas las operaciones de divisas a plazo y al contado empleadas para la cobertura de las Clases de acciones cubiertas), sobre las operaciones no relacionadas con la custodia y cualquier otro desembolso en que se incurra necesariamente para efectuar las transacciones. Para evitar cualquier duda, no se pagará ningún coste o gasto relacionado con la investigación de inversiones con cargo a los activos de un Subfondo;
- costes de examen, imposición y ejecución de cualquier reclamación de reducción, compensación o devolución de retenciones u otros impuestos o derechos fiscales;
- impuesto de suscripción anual de Luxemburgo (taxe d’ abonnement), mencionado en el apartado«Fiscalidad» de este Folleto;
- el importe íntegro de cualquier impuesto, tasa, derecho o gravamen similar, actual o futuro, que pueda devengarse sobre los activos y/o los ingresos de la Sociedad, los Subfondos o sus activos;
- cualquier cantidad pagadera por la Sociedad en virtud de cualquier disposición de indemnización contenida en los documentos constitutivos o cualquier acuerdo vinculante para la Sociedad;
- todas las comisiones y gastos relacionados con la recaudación de ingresos y los servicios de gestión de garantías;
- comisiones del corresponsal y otros gastos bancarios;
- gastos extraordinarios (es decir, gastos que no se considerarían gastos ordinarios), incluidos, entre otros: gastos de litigios, medidas extraordinarias, en particular peritajes jurídicos, comerciales o fiscales o procedimientos judiciales emprendidos para proteger los intereses de los Accionistas, gastos vinculados a acuerdos no rutinarios celebrados por el Agente domiciliario y el Registrador y del Agente de transferencias en interés de los inversores y todas las comisiones y gastos similares;
- en el caso de un Subfondo que invierta en otro OICVM u OIC: el doble cobro de comisiones y gastos, en particular la duplicación de las comisiones a pagar al o a los depositarios, agentes de transferencias, gestores de inversiones y otros agentes, y también las comisiones de suscripción y reembolso, que se generan tanto al nivel del Subfondo como al de los fondos objetivo en los que invierte el Subfondo;
- intereses y otras comisiones relacionados con préstamos permitidos;
- derechos de licencia de uso del índice de referencia y cánones devengados por el uso de cualquier nombre de índice; y
- cualquier impuesto sobre el valor añadido (IVA), impuesto sobre bienes y servicios o impuestos similares que puedan aplicarse en cualquier jurisdicción a cualquiera de los costes, comisiones, tasas y gastos enumerados anteriormente. | # Schedule 2
Other Fees and Expenses include, but are not limited to:
- Depositary fees and customary transaction fees and charges charged by the Depositary and its agents (including free payments and receipts and any reasonable out-of-pocket expenses, i.e. stamp taxes, registration costs, scrip fees, special transportation costs, etc.). The depositary fee is calculated at a rate determined by the territory or country in which the Sub-fund assets are held;
- dilution levy or adjustment, brokerage charges, asset spreads and margins on the purchase or sale of portfolio assets (including the forward and spot foreign exchange transactions used for the hedging of Hedged Share Classes), non-custody related transactions and any other disbursements which are necessarily incurred in effecting transactions. For the avoidance of doubt, no cost or expense related to investment research will be paid out the assets of a Sub-fund;
- costs of examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties;
- Luxembourg annual subscription tax (taxe d’abonnement) - referred to in the "Taxation" section of this Prospectus;
- the full amount of any current and future tax, levy, duty or similar charge which may be due on the assets and/or on the income of the Company, the Sub-funds or their assets;
- any amount payable by the Company under any indemnity provisions contained in the instrument of incorporation or any agreement binding upon the Company;
- all charges and expenses incurred in connection with the collection of income and collateral management services;
- correspondent and other banking charges;
- extraordinary expenses (i.e. expenses that would not be considered ordinary expenses) including but not limited to: litigation expenses, exceptional measures, particularly legal, business or tax expert appraisals or legal proceedings undertaken to protect Shareholders’ interests, any expense linked to non-routine arrangements made by the Domiciliary Agent and the Registrar & Transfer Agent in the interests of the investors and all similar charges and expenses;
- in the case of a Sub-fund investing in another UCITS or UCI: any double charging of fees and expenses, in particular the duplication of the fees payable to the depositary (s), transfer agent(s), investment manager(s) and other agents and also subscription and redemption charges, which are generated both at the level of the Sub-fund and of the target funds in which the Sub-fund invests;
- interest on and other charges relating to permitted borrowings;
- benchmark licence fees and royalty fees incurred for the use of any index names; and
- any Value-added tax (VAT), Goods and Services Tax (GST) or similar taxes that might apply in any jurisdiction applicable to any of the costs, charges, fees and expenses listed above. | en | es |
DOLFIN5438 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN USD)
180
160
140
(%)
120
100
80
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -21,13 | 10,63 | 7,70 | 0,13 | -16,69 | -1,05 | 20,60 | 36,47 | 24,82 |
| INDICE DE RÉFÉRENCE | -14,51 | 6,95 | 3,98 | -1,77 | -10,86 | 8,56 | 24,32 | 42,38 | 42,58 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 19,99 | 23,14 | 25,68 | -15,20 | 25,01 | 9,70 | -3,80 | -5,10 | 29,20 | 19,30 |
| INDICE DE RÉFÉRENCE | 21,82 | 15,90 | 27,67 | -8,71 | 22,40 | 7,50 | -0,90 | 4,90 | 26,70 | 15,80 |
(1) Tous les chiffres sont nets de frais (en USD). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. Source : BNP Paribas Asset Management
Page 1 sur 5 | # RENDIMIENTO (ACUMULADO A 5 AÑOS) (USD)
180
160
140
(%)
120
100
80
60
20182019202020212022
Rendimiento Acumulado a 30.11.2022 (en %)
| Año en curso | 1 Mes | 3 Meses | 6 Meses | 1 Año | 2 Años | 3 Años | 4 Años | 5 Años |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | -21,13 | 10,63 | 7,70 | 0,13 | -16,69 | -1,05 | 20,60 | 36,47 | 24,82 |
| INDICE DE REFERENCIA | -14,51 | 6,95 | 3,98 | -1,77 | -10,86 | 8,56 | 24,32 | 42,38 | 42,58 |
Rendimiento Anual a 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDO | 19,99 | 23,14 | 25,68 | -15,20 | 25,01 | 9,70 | -3,80 | -5,10 | 29,20 | 19,30 |
| INDICE DE REFERENCIA | 21,82 | 15,90 | 27,67 | -8,71 | 22,40 | 7,50 | -0,90 | 4,90 | 26,70 | 15,80 |
(1) Todos los datos son netos de comisiones (en USD en Classic USD, Capitalización).La rentabilidad histórica o el logro no es indicativo de los resultados actuales o futuros. Fuente: BNP Paribas Asset Management
Página 1 de 5 | # PERFORMANCES (CUMULÉES SUR UNE PÉRIODE DE 5 ANS EN USD)
180
160
140
(%)
120
100
80
60
20182019202020212022
Performances cumulées au 30.11.2022 (en %)
| YTD | 1 mois | 3 mois | 6 mois | 1 an | 2 ans | 3 ans | 4 ans | 5 ans |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | -21,13 | 10,63 | 7,70 | 0,13 | -16,69 | -1,05 | 20,60 | 36,47 | 24,82 |
| INDICE DE RÉFÉRENCE | -14,51 | 6,95 | 3,98 | -1,77 | -10,86 | 8,56 | 24,32 | 42,38 | 42,58 |
Performances calendaires au 30.11.2022 (en %)
| | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FONDS | 19,99 | 23,14 | 25,68 | -15,20 | 25,01 | 9,70 | -3,80 | -5,10 | 29,20 | 19,30 |
| INDICE DE RÉFÉRENCE | 21,82 | 15,90 | 27,67 | -8,71 | 22,40 | 7,50 | -0,90 | 4,90 | 26,70 | 15,80 |
(1) Tous les chiffres sont nets de frais (en USD). Les performances ou réalisations du passé ne sont pas indicatives des performances futures. Source : BNP Paribas Asset Management
Page 1 sur 5 | fr | es |
DOLFIN5439 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Remuneration policy The Management Company has a remuneration policy that complies with the following principles:
- the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or Articles;
- it is in line with the business strategy, objectives, values and interests of the Management Company and the Fund and of the Shareholders, and includes measures to avoid conflicts of interest;
- if and to the extent applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the Sub-Funds in order to ensure that the assessment process is based on the longer-term performance of the Sub-Funds and their investment risks and that the actual payment of performance- based components of remuneration is spread over the same period; and
- fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of thetotal remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component. | ### Vergütungspolitik: Die Vergütungspolitik der Verwaltungsgesellschaft entspricht den folgenden Grundsätzen:
- Die Vergütungspolitik ist mit einem soliden und effektiven Risikomanagement vereinbar und diesem förderlich und enthält keine Anreize zur Übernahme von Risiken, die mit den Risikoprofilen, den Bestimmungen oder der Satzung unvereinbar sind;
- sie steht im Einklang mit der Geschäftsstrategie, den Zielen, Werten und Interessen der Verwaltungsgesellschaft und des Fonds und der Anteilsinhaber und umfasst Maßnahmen zur Vermeidung von Interessenkonflikten;
- falls und insoweit anwendbar, erfolgt die Beurteilung der Wertentwicklung in einem mehrjährigen Rahmen, der der Haltedauer, die den Anlegern der Teilfonds empfohlen wurde, angemessen ist, damit sichergestellt ist, dass der Beurteilungsprozess auf der längerfristigen Wertentwicklung der Teilfonds und ihren Anlagerisiken beruht, und dass die tatsächliche Zahlung der erfolgsabhängigen Teile der Vergütung über diesen Zeitraum verteilt wird; und
- feste und variable Komponenten der Gesamtvergütung werden in geeigneter Weise kombiniert, und der Anteil der festen Komponente an der Gesamtvergütung ist hoch genug, um eine vollkommen flexible Handhabung der variablen Komponente zu erlauben, einschließlich der Möglichkeit, keine variable Vergütungskomponente zu zahlen. | ### Remuneration policy The Management Company has a remuneration policy that complies with the following principles:
- the remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or Articles;
- it is in line with the business strategy, objectives, values and interests of the Management Company and the Fund and of the Shareholders, and includes measures to avoid conflicts of interest;
- if and to the extent applicable, the assessment of performance is set in a multi-year framework appropriate to the holding period recommended to the investors of the Sub-Funds in order to ensure that the assessment process is based on the longer-term performance of the Sub-Funds and their investment risks and that the actual payment of performance- based components of remuneration is spread over the same period; and
- fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of thetotal remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component. | en | de |
DOLFIN5440 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs EUR | 760 EUR | 1,580 EUR |
| Annual cost impact (*) | 7.6% | 5.0% per year | | | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| --- | --- |
| Coûts totaux EUR | 760 EUR | 1 580 EUR |
| Incidence des coûts annuels (*) | 7,6 % | 5,0 % par an | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- |
| Total costs EUR | 760 EUR | 1,580 EUR |
| Annual cost impact (*) | 7.6% | 5.0% per year | | en | fr |
DOLFIN5441 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## MEETINGS
In accordance with the ICAV Act, the Directors may convene extraordinary general meetings of the ICAV at any time. The Directors shall convene an annual general meeting within six months of the end of each Accounting Period where required. However it is intended that the ICAV will dispense with the holding of an annual general meeting as permitted pursuant to, and in accordance with the requirements of, the ICAV Act.
Not less than 21 days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to Shareholders and 14 days’ notice must be given in the case of any other general meeting.
Two Members present either in person or by proxy shall be a quorum for a general meeting provided that the quorum for a general meeting convened to consider any alteration to the rights of Shares in a Fund or Class shall be two Shareholders holding or representing by proxy Shares of the relevant Fund or Class. If within half an hour after the time appointed for a meeting a quorum is not present the meeting, if convened on the requisition of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned to the same time, day and place in the next week or to such other day and at such other time and place as the Directors may determine and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the Members present shall be a quorum and in the case of a meeting of a Fund or Class convened to consider the variation of rights of Shareholders in such Fund or Class the quorum shall be one Shareholder holding Shares of the relevant Fund or Class in question or his proxy. All general meetings will be held in Ireland.
The foregoing provisions with respect to the convening and conduct of meetings shall, save as otherwise specified with respect to meetings of Funds or Classes and subject to the ICAV Act, have effect with respect to separate meetings of each Fund or Class at which a resolution varying the rights of Shareholders in such Class is tabled. | ## ASSEMBLEES
Conformément à la Loi sur les ICAV, les Administrateurs peuvent convoquer des assemblées générales extraordinaires de l'ICAV à tout moment. Les Administrateurs doivent convoquer une assemblée générale annuelle dans les six mois suivant la fin de chaque Période comptable, lorsque cela est nécessaire. Toutefois, il est prévu que l'ICAV renonce à la tenue d'une assemblée générale annuelle, comme le permet la Loi sur les ICAV et conformément aux exigences de celle-ci.
Un préavis d'au moins 21 jours doit être donné aux Actionnaires pour chaque assemblée générale annuelle et toute assemblée convoquée en vue de l'adoption d'une résolution spéciale et un préavis de 14 jours doit être donné dans le cas de toute autre assemblée générale.
Deux Membres présents en personne ou par procuration constituent le quorum d'une assemblée générale, à condition que le quorum d'une assemblée générale convoquée pour examiner toute modification des droits des Actions d'un Compartiment ou d'une Classe soit fixé à deux Actionnaires détenant ou représentant par procuration des Actions du Compartiment ou de la Classe en question. Si, dans la demi-heure qui suit l'heure fixée pour l'assemblée, le quorum n'est pas atteint, l'assemblée, si elle est convoquée à la demande des Actionnaires, sera dissoute. Dans tout autre cas, elle sera ajournée d'une semaine, à la même heure, au même jour et au même endroit, ou à tout autre jour, toute autre heure et tout autre endroit que les Administrateurs pourront déterminer. Lors de la réunion ajournée, si le quorum n'est pas atteint dans la demi-heure suivant l'heure désignée pour l'assemblée, les Membres présents constitueront le quorum et, dans le cas d'une assemblée d'un Compartiment ou d'une Classe convoquée pour examiner la modification des droits des Actionnaires de ce Compartiment ou de cette Classe, le quorum sera fixé à un Actionnaire détenant des Actions du Compartiment ou de la Classe en question (ou son mandataire). Toutes les assemblées générales se tiendront en Irlande.
Les dispositions précédentes relatives à la convocation et à la conduite des assemblées s'appliquent, sauf indication contraire concernant les assemblées de Compartiments ou de Classes et sous réserve de la Loi sur les ICAV, aux assemblées distinctes de chaque Compartiment ou Classe au cours desquelles une résolution modifiant les droits des Actionnaires de cette Classe est présentée. | ## MEETINGS
In accordance with the ICAV Act, the Directors may convene extraordinary general meetings of the ICAV at any time. The Directors shall convene an annual general meeting within six months of the end of each Accounting Period where required. However it is intended that the ICAV will dispense with the holding of an annual general meeting as permitted pursuant to, and in accordance with the requirements of, the ICAV Act.
Not less than 21 days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to Shareholders and 14 days’ notice must be given in the case of any other general meeting.
Two Members present either in person or by proxy shall be a quorum for a general meeting provided that the quorum for a general meeting convened to consider any alteration to the rights of Shares in a Fund or Class shall be two Shareholders holding or representing by proxy Shares of the relevant Fund or Class. If within half an hour after the time appointed for a meeting a quorum is not present the meeting, if convened on the requisition of or by Shareholders, shall be dissolved. In any other case it shall stand adjourned to the same time, day and place in the next week or to such other day and at such other time and place as the Directors may determine and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the Members present shall be a quorum and in the case of a meeting of a Fund or Class convened to consider the variation of rights of Shareholders in such Fund or Class the quorum shall be one Shareholder holding Shares of the relevant Fund or Class in question or his proxy. All general meetings will be held in Ireland.
The foregoing provisions with respect to the convening and conduct of meetings shall, save as otherwise specified with respect to meetings of Funds or Classes and subject to the ICAV Act, have effect with respect to separate meetings of each Fund or Class at which a resolution varying the rights of Shareholders in such Class is tabled. | en | fr |
DOLFIN5442 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Past Performance
The entry and exit charges shown are the maximum you will need to pay. In some cases you might pay less - you can find out the actual entry and exit charges from your financial adviser or distributor.
The ongoing charges figure shown here is an estimate of the charges based on a projection of the expenses of the Fund for the first twelve months of operation of the Fund. This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid by the fund when buying or selling units/shares in another collective investment undertaking (if any).
A switching charge of up to a maximum of 1.00% of the NAV may be applied.
You will find more details about the calculation of the charges by checking the respective part of the prospectus and of the relevant supplement.
The Fund does not yet have performance data for one complete year. Therefore a useful indication of past performance cannot be provided. The Fund was launched in April 2021.
The share class was launched in April 2021. | # Performances passées
Les frais d’entrée et de sortie indiqués correspondent au montant maximum que vous serez tenus d’acquitter. Ils peuvent parfois être inférieurs - veuillez vous adresser à votre conseiller financier ou à votre distributeur pour connaître les frais d’entrée et de sortie réels.
Le montant des frais courants indiqué ici est une estimation des charges reposant sur une projection des dépenses du Fonds sur les douze premiers mois d’exploitation du Fonds. Ce chiffre peut varier d’une année sur l’autre. Il ne comprend pas les coûts de transaction du portefeuille, sauf dans le cas des frais d’entrée/de sortie payés par le fonds au dépositaire lors de l’achat ou de la vente de parts/d’actions d’un autre organisme de placement collectif (le cas échéant).
Une commission de conversion peut être imputée à concurrence maximale de 1,00% de la VNI.
De plus amples détails sur le calcul des frais figurent dans la partie correspondante du prospectus et du supplément correspondant.
Le Fonds ne dispose pas encore de données de performance pour une année complète. Il n'est donc pas possible de fournir une indication utile des performances passées.
Le Fonds a été lancé en avril 2021.
La catégorie d’actions a été lancée en avril 2021. | # Past Performance
The entry and exit charges shown are the maximum you will need to pay. In some cases you might pay less - you can find out the actual entry and exit charges from your financial adviser or distributor.
The ongoing charges figure shown here is an estimate of the charges based on a projection of the expenses of the Fund for the first twelve months of operation of the Fund. This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid by the fund when buying or selling units/shares in another collective investment undertaking (if any).
A switching charge of up to a maximum of 1.00% of the NAV may be applied.
You will find more details about the calculation of the charges by checking the respective part of the prospectus and of the relevant supplement.
The Fund does not yet have performance data for one complete year. Therefore a useful indication of past performance cannot be provided. The Fund was launched in April 2021.
The share class was launched in April 2021. | en | fr |
DOLFIN5443 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Article 3 Purpose
The exclusive purpose of the Investment Company is to invest in securities and/or other permissible assets according to the principle of risk diversification pursuant to Part I of the Law of 17 December 2010 relating to undertakings for collective investment (the “Law of 17 December 2010”), with the aim of achieving a reasonable performance for the benefit of its shareholders by following a specific investment policy.
Taking into consideration the provisions laid down in the Law of 17 December 2010 and the Law of 10 August 1915 on commercial companies, as amended (the “Law of 10 August 1915”), the Investment Company may take any measures that serve or are useful for its purpose. | # Articolo 3 Oggetto sociale
Oggetto della Società di investimento è esclusivamente quello di investire in titoli e/o altre attività consentite secondo il principio di diversificazione del rischio definito nella Parte I della Legge del 17 dicembre 2010 sugli organismi di investimento collettivo (“Legge del 17 dicembre 2010”), con l'obiettivo di raggiungere una congrua performance a beneficio degli azionisti definendo una politica d'investimento specifica.
La Società di investimento può adottare tutte le misure che servono o sono utili al suo scopo, fatte salve le disposizioni previste dalla Legge del 17 dicembre 2010 e dalla Legge del 10 agosto 1915 sulle società commerciali (incluse le successive modifiche e integrazioni) (“Legge del 10 agosto 1915”). | # Article 3 Purpose
The exclusive purpose of the Investment Company is to invest in securities and/or other permissible assets according to the principle of risk diversification pursuant to Part I of the Law of 17 December 2010 relating to undertakings for collective investment (the “Law of 17 December 2010”), with the aim of achieving a reasonable performance for the benefit of its shareholders by following a specific investment policy.
Taking into consideration the provisions laid down in the Law of 17 December 2010 and the Law of 10 August 1915 on commercial companies, as amended (the “Law of 10 August 1915”), the Investment Company may take any measures that serve or are useful for its purpose. | en | it |
DOLFIN5444 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The performance fee is payable even if the share’s performance over the observation period is negative, provided that the share outperforms the reference assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
15 % .
10
5
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
The SICAV was launched on 28 February 1980 and its R class on 30 November 2017.
0.7%
The reference currency is the euro (EUR).
4.3%
14.8%
7.9%
0.7%
2.9%
0
-2.5%
-5.7%
-5
-10
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | # La commission de surperformance est perçue même si la performance de l'action sur la période d’observation est négative, tout en restant supérieure à la performance de l’actif de référence.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión" del folleto de este OICVM, disponible previa solicitud del interesado en la sociedad gestora.
15 % .
10
5
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por la SICAV.
La SICAV se creó el 28 de febrero de 1980 y su clase R el 30 de noviembre de 2017.
0,7%
La divisa de referencia es el euro (EUR).
4,3%
14,8%
7,9%
0,7%
2,9%
0
-2,5%
-5,7%
-5
-10
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank. | # The performance fee is payable even if the share’s performance over the observation period is negative, provided that the share outperforms the reference assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
15 % .
10
5
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
The SICAV was launched on 28 February 1980 and its R class on 30 November 2017.
0.7%
The reference currency is the euro (EUR).
4.3%
14.8%
7.9%
0.7%
2.9%
0
-2.5%
-5.7%
-5
-10
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank. | en | es |
DOLFIN5445 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Benchmark Regulation
Regulation (EU) 2016/1011 of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the "Benchmark Regulation") came into full effect on 1 January 2018. The Benchmark Regulation introduces a new requirement for all benchmark administrators providing indices which are used or intended to be used as benchmarks in the EU to be authorized or registered by the competent authority. In respect of the Funds, the Benchmark Regulation prohibits the use of benchmarks unless they are produced by an EU administrator authorized or registered by the European Securities and Markets Authority ("ESMA") or are non-EU benchmarks that are included in ESMA's public register under the Benchmark Regulation's third country regime.
The benchmarks used by the Funds are, as at the date of this Prospectus, provided by benchmark administrators who are registered on the public register of administrators and benchmarks maintained by ESMA pursuant to Article 36 of the Benchmark Regulation. These administrators are:
- MSCI Limited;
- ICE Benchmark Administration Limited (for the LIBOR);
- IHS Markit Benchmark Administration Limited; and
- Morningstar, Inc.
The Management Company is a benchmark user for the purpose of the Benchmark Regulation and makes available a written plan setting out the actions that will be taken in the event of the benchmarks materially changing or ceasing to be provided, on request and free of charges at its registered office in Luxembourg. | # Règlement relatif aux indices de référence
Le Règlement (UE) 2016/1011 du 8 juin 2016 concernant les indices utilisés comme indices de référence dans le cadre d'instruments et de contrats financiers ou pour mesurer la performance de fonds d'investissement (le « Règlement relatif aux indices de référence ») est entré en vigueur le 1er janvier 2018. Le Règlement relatif aux indices de référence introduit une nouvelle exigence d’agrément et d'enregistrement par l’autorité compétente pour les administrateurs d’indices qui proposent des indices utilisés ou qui sont destinés à être utilisés comme des indices de référence dans l’UE. En ce qui concerne les Compartiments, le Règlement relatif aux indices de référence interdit l’utilisation d’indices de référence à moins qu'ils ne soient produits par un administrateur de l’UE agréé et enregistré par l’Autorité européenne des marchés financiers (« AEMF ») ou ne soient des indices de référence hors UE inclus dans le registre public de l’AEMF sous le statut de pays tiers au sens du Règlement relatif aux indices de référence.
Les indices de référence utilisés par les Compartiments sont fournis, à la date de ce Prospectus, par des administrateurs d’indice qui sont enregistrés dans le registre public des administrateurs et des indices de référence géré par l’AEMF conformément à l'Article 36 du Règlement relatif aux indices de référence. Ces administrateurs sont :
- MSCI Limited ;
- ICE Benchmark Administration Limited (pour le LIBOR) ;
- IHS Markit Benchmark Administration Limited ; et
- Morningstar, Inc.
La Société de gestion est un utilisateur d’indices de référence au sens du Règlement relatif aux indices de référence et met à disposition, gratuitement et sur demande auprès de son siège social au Luxembourg, un plan écrit des actions à mettre en œuvre en cas de changement important au niveau de l'indice de référence ou si celui-ci n'est plus mis à disposition. | # Benchmark Regulation
Regulation (EU) 2016/1011 of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the "Benchmark Regulation") came into full effect on 1 January 2018. The Benchmark Regulation introduces a new requirement for all benchmark administrators providing indices which are used or intended to be used as benchmarks in the EU to be authorized or registered by the competent authority. In respect of the Funds, the Benchmark Regulation prohibits the use of benchmarks unless they are produced by an EU administrator authorized or registered by the European Securities and Markets Authority ("ESMA") or are non-EU benchmarks that are included in ESMA's public register under the Benchmark Regulation's third country regime.
The benchmarks used by the Funds are, as at the date of this Prospectus, provided by benchmark administrators who are registered on the public register of administrators and benchmarks maintained by ESMA pursuant to Article 36 of the Benchmark Regulation. These administrators are:
- MSCI Limited;
- ICE Benchmark Administration Limited (for the LIBOR);
- IHS Markit Benchmark Administration Limited; and
- Morningstar, Inc.
The Management Company is a benchmark user for the purpose of the Benchmark Regulation and makes available a written plan setting out the actions that will be taken in the event of the benchmarks materially changing or ceasing to be provided, on request and free of charges at its registered office in Luxembourg. | en | fr |
DOLFIN5446 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company includes in this category:
- Equity instruments
- Debt instruments. These include investments that are held under a business model to manage them on a fair value basis for investment income and fair value gains.
- Instruments held for trading. This category includes equity instruments and debt instruments which are acquired principally for the purpose of generating a profit from short-term fluctuations in price. This category also includes derivative contracts in an asset position. | Die Gesellschaft erfasst in dieser Kategorie:
- Eigenkapitalinstrumente
- Schuldinstrumente. Dazu gehören Anlagen, die im Rahmen eines Geschäftsmodells gehalten werden, um sie auf Grundlage des beizulegenden Zeitwerts zu verwalten und Anlageerträge und Marktwertgewinne zu erzielen.
- Zu Handelszwecken gehaltene Instrumente. Diese Kategorie umfasst Eigenkapital-und Schuldinstrumente, die überwiegend zu dem Zweck erworben werden, Gewinne aus kurzzeitigen Preisschwankungen zu erzielen. Zu dieser Kategorie gehören auch Derivatkontrakte in einer Vermögensposition. | The Company includes in this category:
- Equity instruments
- Debt instruments. These include investments that are held under a business model to manage them on a fair value basis for investment income and fair value gains.
- Instruments held for trading. This category includes equity instruments and debt instruments which are acquired principally for the purpose of generating a profit from short-term fluctuations in price. This category also includes derivative contracts in an asset position. | en | de |
DOLFIN5447 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Data management
Within the management company’s sustainability process, the ESG assessment is based on internal and external research sources. In addition to internal research, a combination of two external research partners is applied.
The management company’s sustainability team focuses on the high-quality, qualitative growth of companies during its research. A potential added-value of the companies for environmental and social criteria is analyzed and the subject is brought up with them in the course of dialogues (engagement process).
Both external research partners contribute differing ESG research approaches and input variables to the analysis.
The first approach – applied by the research provider Institutional Shareholder Services – is based on a comprehensive stakeholder and sustainability analysis of the respective company by using a method that is based on the Frankfurt- Hohenheim Guidelines.
The second approach – used by the research provider MSCI ESG Research Inc. – analyzes in particular the aspects of the ESG risk and the related risk management of the respective company on the basis of sustainability indicators/key performance indicators (KPIs).
The assessment is adjusted to each sector so that the companies are comparable with one another, and it includes items that are relevant to each company.
A certain minimum level of sustainability is required in both analyses. If the values are below the established threshold, the respective company does not qualify to be included in the investible universe.
-
## Techniques and instruments of investment policy | #### Datenmanagement
Die ESG-Bewertung im Nachhaltigkeitsprozess der Verwaltungsgesellschaft basiert auf internen und externen Researchquellen. Zum hauseigenen Research tritt eine Kombination von zwei externen Researchpartnern.
Der Research-Input des Nachhaltigkeitsteams der Verwaltungsgesellschaft weist einen Fokus auf hochwertiges, qualitatives Wachstum von Unternehmen auf. Ein potenzieller Mehrwert der Unternehmen für Umwelt und Gesellschaft wird analysiert und auch im Rahmen von Engagement-Gesprächen thematisiert.
Die beiden externen Researchpartner bringen sich ergänzende ESG-Research-Ansätze und eigene Inputvariablen in die Analyse ein.
Der erste Ansatz – angewandt vom Researchprovider Institutional Shareholder Services – basiert auf einer vollumfänglichen Stakeholder- bzw. Nachhaltigkeitsanalyse des jeweiligen Unternehmens anhand einer Methodik, die auf dem Frankfurt-Hohenheimer Leitfaden beruht.
Der zweite Ansatz – angewandt vom Researchprovider MSCI ESG Research Inc. – analysiert im Besonderen Aspekte des ESG Risikos und das damit verbundene Risikomanagement des jeweiligen Unternehmens anhand von nachhaltigen (Schlüssel-)Indikatoren/Key Performance Indikatoren (KPIs).
Die Bewertung erfolgt branchenadjustiert, damit die Unternehmen vergleichbar gemacht werden können und die für jedes Unternehmen relevanten Punkte einfließen.
Bei beiden Analysen ist ein bestimmtes Mindest-Nachhaltigkeitslevel erforderlich. Liegen die Werte unterhalb der festgelegten Grenze, so qualifiziert sich das Unternehmen nicht für das investierbare Universum.
-
## Techniken und Instrumente der Anlagepolitik | #### Data management
Within the management company’s sustainability process, the ESG assessment is based on internal and external research sources. In addition to internal research, a combination of two external research partners is applied.
The management company’s sustainability team focuses on the high-quality, qualitative growth of companies during its research. A potential added-value of the companies for environmental and social criteria is analyzed and the subject is brought up with them in the course of dialogues (engagement process).
Both external research partners contribute differing ESG research approaches and input variables to the analysis.
The first approach – applied by the research provider Institutional Shareholder Services – is based on a comprehensive stakeholder and sustainability analysis of the respective company by using a method that is based on the Frankfurt- Hohenheim Guidelines.
The second approach – used by the research provider MSCI ESG Research Inc. – analyzes in particular the aspects of the ESG risk and the related risk management of the respective company on the basis of sustainability indicators/key performance indicators (KPIs).
The assessment is adjusted to each sector so that the companies are comparable with one another, and it includes items that are relevant to each company.
A certain minimum level of sustainability is required in both analyses. If the values are below the established threshold, the respective company does not qualify to be included in the investible universe.
-
## Techniques and instruments of investment policy | en | de |
DOLFIN5448 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Bonded loans that may be assigned at least twice after acqui- sition for the Fund and were granted by one of the following institutions:
- the German Federal Government, a special fund (Son- dervermögen) of the German Federal Government,a German Federal State, the EU or a member state of the OECD,
- another German government authority or a regional government or local authority of another Member State of the EU or another signatory state to the EEA Agree- ment, provided that, under the regulation on prudential requirements for credit institutions and investment firms, the claim can be treated in the same manner as a claim against the central state in whose territory the regional government or local authority is located,
- other public-law corporations or institutions located in Germany or in another Member State of the EU or another signatory state to the EEA Agreement,
- companies that have issued securities which are admit- ted to trading on an organised market within the EEA or which are admitted to trading on another regulated market that meets the basic requirements for “regulated markets” according to the Directive on markets in finan- cial instruments, as last amended, or
- other debtors, provided that one of the entities in a) to c) guarantee the payment of interest and repayment. | - Schuldscheindarlehen, die nach dem Erwerb für den Fonds mindestens zweimal abgetreten werden können und von einer der folgenden Einrichtungen gewährt wurden:
- dem Bund, einem Sondervermögen des Bundes, einem Land, der EU oder einem Mitgliedstaat der OECD,
- einer anderen inländischen Gebietskörperschaft oder einer Regionalregierung oder örtlichen Gebietskörper- schaft eines anderen Mitgliedstaates der EU oder eines anderen Vertragsstaats des Abkommens über den EWR, sofern die Forderung nach der Verordnung über Auf- sichtsanforderungen an Kreditinstitute und Wertpapier- firmen in derselben Weise behandelt werden kann wie eine Forderung an den Zentralstaat, auf dessen Hoheits- gebiet die Regionalregierung oder die Gebietskörper- schaft ansässig ist,
- sonstigen Körperschaften oder Anstalten des öffentlichen Rechts mit Sitz im Inland oder in einem anderen Mit- gliedstaat der EU oder einem anderen Vertragsstaat des Abkommens über den EWR,
- Unternehmen, die Wertpapiere ausgegeben haben, die an einem organisierten Markt innerhalb des EWR zum Handel zugelassen sind oder die an einem sonstigen geregelten Markt, der die wesentlichen Anforderungen an geregelte Märkte im Sinne der Richtlinie über Märkte für Finanzinstrumente in der jeweils geltenden Fassung erfüllt, zum Handel zugelassen sind, oder
- anderen Schuldnern, sofern eine der in Buchstabe a) bisc) bezeichneten Stellen die Gewährleistung für die Ver- zinsung und Rückzahlung übernommen hat. | - Bonded loans that may be assigned at least twice after acqui- sition for the Fund and were granted by one of the following institutions:
- the German Federal Government, a special fund (Son- dervermögen) of the German Federal Government,a German Federal State, the EU or a member state of the OECD,
- another German government authority or a regional government or local authority of another Member State of the EU or another signatory state to the EEA Agree- ment, provided that, under the regulation on prudential requirements for credit institutions and investment firms, the claim can be treated in the same manner as a claim against the central state in whose territory the regional government or local authority is located,
- other public-law corporations or institutions located in Germany or in another Member State of the EU or another signatory state to the EEA Agreement,
- companies that have issued securities which are admit- ted to trading on an organised market within the EEA or which are admitted to trading on another regulated market that meets the basic requirements for “regulated markets” according to the Directive on markets in finan- cial instruments, as last amended, or
- other debtors, provided that one of the entities in a) to c) guarantee the payment of interest and repayment. | en | de |
DOLFIN5449 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Le Compartiment vise à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant en Australie.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total, à tout moment, dans des actions et des titres de participation de sociétés constituées en Australie, ou qui exercent la majeure partie de leurs activités économiques en Australie ou qui sont cotées ou négociées sur les places boursières d’Australie. Une description des titres assimilés à des actions figure à la rubrique « Politique d’investissement - Généralités ». À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Le Compartiment peut aussi investir jusqu’à 30 % de son actif total, soit directement, soit par le biais de certificats de dépôt, dans des actions et titres assimilés à des actions de sociétés qui sont (i) constituées dans, (ii) exercent l’essentiel de leurs activités économiques sur ou (iii) sont cotées ou négociées sur les bourses de valeurs (a) d’autres marchés que l’Australie dans la région Asie-Pacifique ou (b) d’autres marchés dont la Société de Gestion estime qu’ils sont susceptibles de bénéficier de la croissance et du développement économiques de la région Asie-Pacifique, quand et s’il le juge opportun. | ### El objetivo de inversión del Fondo es conseguir una revalorización del capital a largo plazo en el valor de los activos mediante la inversión en Australia.
Al objeto de alcanzar su objetivo de inversión, el Fondo tendrá invertido en todo momento, como mínimo, el 70% del total de sus activos en títulos de renta variable y valores vinculados con renta variable de sociedades constituidas en Australia o que realicen la mayor parte de su actividad económica en Australia, o cuyos títulos coticen o se negocien en los mercados de valores de Australia. Se detalla una descripción de valores relacionados con la renta variable en la sección titulada “Política de inversión: Generalidades”. A tales efectos, en el activo total no se incluye el efectivo ni los activos líquidos accesorios.
Asimismo, el Fondo podrá invertir hasta un 30% de su activo total, tanto directamente como mediante certificados de depósito, en valores de renta variable y valores relacionados con la renta variable de empresas que estén (i) constituidas, o (ii) que ejerzan una parte predominante de su actividad económica o (iii) que coticen o se negocien en bolsas de valores, en (a) mercados distintos a Australia en la región Asia-Pacífico o (b) otros mercados que la Entidad gestora considere que tienen el potencial para beneficiarse del desarrollo y crecimiento económico de la región Asia- Pacífico, en el momento que consideren adecuado y en caso de considerarlo apropiado. | ### Le Compartiment vise à dégager des plus-values en capital sur ses actifs, sur le long terme, en investissant en Australie.
Le Compartiment compte réaliser son objectif d'investissement en plaçant au moins 70 % de son actif total, à tout moment, dans des actions et des titres de participation de sociétés constituées en Australie, ou qui exercent la majeure partie de leurs activités économiques en Australie ou qui sont cotées ou négociées sur les places boursières d’Australie. Une description des titres assimilés à des actions figure à la rubrique « Politique d’investissement - Généralités ». À ces fins, le terme « actif total » exclut les liquidités et les actifs liquides accessoires.
Le Compartiment peut aussi investir jusqu’à 30 % de son actif total, soit directement, soit par le biais de certificats de dépôt, dans des actions et titres assimilés à des actions de sociétés qui sont (i) constituées dans, (ii) exercent l’essentiel de leurs activités économiques sur ou (iii) sont cotées ou négociées sur les bourses de valeurs (a) d’autres marchés que l’Australie dans la région Asie-Pacifique ou (b) d’autres marchés dont la Société de Gestion estime qu’ils sont susceptibles de bénéficier de la croissance et du développement économiques de la région Asie-Pacifique, quand et s’il le juge opportun. | fr | es |
DOLFIN5450 | 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 | 4,910 USD -50.86% | 4,030 USD -16.63% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,620 USD -23.82% | 7,690 USD -5.12% |
| Moderate² | What you might get back after costs Average return each year | 10,880 USD 8.77% | 14,810 USD 8.16% |
| Favourable³ | What you might get back after costs Average return each year | 15,040 USD 50.40% | 23,120 USD 18.24% | | | 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 | 4.910 USD -50,86% | 4.030 USD -16,63% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.620 USD -23,82% | 7.690 USD -5,12% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.880 USD 8,77% | 14.810 USD 8,16% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.040 USD 50,40% | 23.120 USD 18,24% | | | 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 | 4,910 USD -50.86% | 4,030 USD -16.63% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,620 USD -23.82% | 7,690 USD -5.12% |
| Moderate² | What you might get back after costs Average return each year | 10,880 USD 8.77% | 14,810 USD 8.16% |
| Favourable³ | What you might get back after costs Average return each year | 15,040 USD 50.40% | 23,120 USD 18.24% | | en | es |
DOLFIN5451 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Single year performance (10 years)
Performance over 10 years
110.0
Indexed to 100
105.0
100.0
95.0
90.0
85.0
Oct 17 Dec 18 Dec 19 Dec 20 Dec 21 Oct 22
Euro A Accumulation (86,9)
ICE BofA Merrill Lynch Euro Corporate Index (90,4)
Past performance is not a guide to future performance.
The benchmark is a comparator against which the fund’s performance can be measured. The index has been chosen as the fund’s benchmark as it best reflects the scope of the fund’s investment policy. The benchmark is used solely to measure the fund’s performance and does not constrain the fund's portfolio construction.
The fund is actively managed. The investment manager has complete freedom in choosing which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s constituents.
Fund performance prior to 9 November 2018 is that of the EUR Class A Accumulation of the M&G European Corporate Bond Fund (a UK-authorised OEIC), which merged into this fund on 7 December 2018. Tax rates and charges may differ. Benchmark performance is shown from the start of manager's tenure of the OEIC, which was 30 March 2007.
Source: Morningstar, Inc and M&G, as at 31 October 2022. Returns are calculated on a price to price basis with income reinvested. Benchmark returns stated in EUR terms.
Performance charts © 2022 Morningstar Inc., All Rights Reserved. The information contained within: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
221114134242 IT C1 EUCO EUR A EN PE 0005 0000 | # Rendimento annuale (10 anni)
Performance su 10 anni
110.0
Indicizzato a 100
105.0
100.0
95.0
90.0
85.0
ott 17 dic 18 dic 19 dic 20 dic 21 ott 22
Euro A accumulazione (86,9)
ICE BofA Merrill Lynch Euro Corporate Index (90,4)
Le performance registrate in passato non costituiscono necessariamente un'indicazione di analoghe performance future.
Il benchmark è un comparatore rispetto al quale è possibile misurare la performance del fondo. L’indice è stato scelto come benchmark del fondo in quanto riflette al meglio l’ambito della sua politica d’investimento. Il benchmark viene utilizzato esclusivamente per misurare le performance del fondo e non vincola la costruzione del portafoglio.
Il fondo viene gestito attivamente. Il gestore degli investimenti ha la completa libertà di scegliere quali investimenti acquistare, detenere e vendere nel fondo. Le partecipazioni del fondo possono discostarsi in misura significativa dagli elementi costitutivi del benchmark. I risultati ottenuti prima del 9 novembre 2018 sono quelli della Classe A in EUR di M&G European Corporate Bond Fund (OEIC autorizzato nel Regno Unito), confluito in questo fondo in data 9 novembre 2018. Le spese e le aliquote fiscali potrebbero essere diverse.
Le performance del benchmark vengono mostrate dall’inizio del mandato del gestore dell’OEIC, ossia il 30 marzo 2007.
Fonte: Morningstar, Inc e M&G, al 31 ottobre 2022. I rendimenti sono calcolati su base price-to-price con reddito reinvestito. I rendimenti dell’indice di riferimento sono riportati in EUR.
Grafici di rendimento © 2022 Morningstar Inc., Tutti i diritti sono riservati. Le informazioni contenute nel presente documento: (1) sono di proprietà di Morningstar e/o dei suoi fornitori di contenuti; (2) non possono essere copiate o distribuite e (3) non può essere fornita alcuna garanzia che siano accurate, complete o tempestive. Morningstar o i suoi fornitori di contenuti non sono responsabili di eventuali danni o perdite derivanti dall'utilizzo di queste informazioni.
221114134358 IT C1 EUCO EUR A IT PE 0005 0000 | # Single year performance (10 years)
Performance over 10 years
110.0
Indexed to 100
105.0
100.0
95.0
90.0
85.0
Oct 17 Dec 18 Dec 19 Dec 20 Dec 21 Oct 22
Euro A Accumulation (86,9)
ICE BofA Merrill Lynch Euro Corporate Index (90,4)
Past performance is not a guide to future performance.
The benchmark is a comparator against which the fund’s performance can be measured. The index has been chosen as the fund’s benchmark as it best reflects the scope of the fund’s investment policy. The benchmark is used solely to measure the fund’s performance and does not constrain the fund's portfolio construction.
The fund is actively managed. The investment manager has complete freedom in choosing which investments to buy, hold and sell in the fund. The fund’s holdings may deviate significantly from the benchmark’s constituents.
Fund performance prior to 9 November 2018 is that of the EUR Class A Accumulation of the M&G European Corporate Bond Fund (a UK-authorised OEIC), which merged into this fund on 7 December 2018. Tax rates and charges may differ. Benchmark performance is shown from the start of manager's tenure of the OEIC, which was 30 March 2007.
Source: Morningstar, Inc and M&G, as at 31 October 2022. Returns are calculated on a price to price basis with income reinvested. Benchmark returns stated in EUR terms.
Performance charts © 2022 Morningstar Inc., All Rights Reserved. The information contained within: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
221114134242 IT C1 EUCO EUR A EN PE 0005 0000 | en | it |
DOLFIN5452 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# TRANSFER AND TRANSMISSION OF SHARES
- The transfer of Shares shall be effected in such denomination as the Directors may from time to time decide in accordance with the following provisions.
- No transfer of Management Shares may be effected without the prior written consent of the Company.
- The Directors may at any time direct that any Management Shares shall be compulsorily purchased from the holder thereof at the price stated in paragraph (b) hereof in the following manner:
- The Directors shall serve a notice (hereinafter called a "Purchase Notice") upon the person appearing in the Register as the holder of the Management Shares to be purchased ("the Vendor") specifying the Management Shares to be purchased as aforesaid, the price to be paid for such shares, the person in whose favour such holder must execute a transfer of such shares and the64place at which the purchase price in respect of such shares is payable. Any Purchase Notice may be served upon the Vendor by mailing the same in a pre-paid registered envelope addressed to the Vendor at his address shown in the Register. The Vendor shall thereupon forthwith be obliged to deliver to the Company within 10 days from the date of the Purchase Notice a duly executed transfer of the shares specified in the Purchase Notice in favour of the person specified in the Purchase Notice.
- The price payable for each Management Share transferred pursuant to this Article shall be €1.00.
- In the event of the Vendor failing to carry out the sale of any Management Shares which he shall have become bound to transfer as aforesaid, the Directors may authorise some person to execute a transfer of any such share(s) in accordance with the direction of the Directors and may give a good receipt for the purchase price of such shares, and may register the transferee or transferees as holder or holders thereof and thereupon the transferee or transferees shall become indefeasibly entitled thereto.
- All transfers of Shares shall be effected by transfer in writing in any usual or common form and every form of transfer shall state the full name and address of the transferor and transferee.
- The instrument of transfer of a Share shall be signed by or on behalf of the transferor and need not be signed by the transferee. The transferor shall be deemed to remain the holder of the Share until the name of the transferee is entered in the Register in respect thereof.
- The Directors may decline to register any transfer of Shares which is made in contravention of any restriction imposed pursuant to Article 9.01 or in circumstances in which any liability to taxation or withholding tax, including any interest or penalties65payable thereon, which has arisen as a result of the transferor's holding or beneficial ownership including, without limitation, transfer of Shares has not been discharged in full by either the transferor or transferee.
- The Directors may decline to register any transfer of Shares unless the instrument of transfer is deposited at the Office or such other place as the Directors may reasonably require, accompanied by the certificate for the Shares to which it relates, and such other evidence as the Directors may reasonably require to slow the right of the transferor to make the transfer.
- If the Directors decline to register a transfer of any Share they shall, within one month after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.
- The registration of transfers may be suspended at such times and for such periods as the Directors may from time to time determine, PROVIDED ALWAYS that such registration of transfers shall not be suspended for more than thirty days in any year.
- All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall (except in the case of fraud) be returned to the person depositing the same.
- In the case of the death of a Member, the survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased where he was a sole or surviving holder, shall be the only person recognised by the Company as having title to his interest in the Shares and/or Management Shares, but nothing in this Article shall release the estate of the deceased holder whether sole or joint from any liability in respect of any Share and/or Management Share solely or jointly held by him.
- Any guardian of an infant Member and any guardian or other legal representative of a Member under legal disability and any person entitled to a Share and/or Management66Share in consequence of the death, insolvency or bankruptcy of a Member shall, upon producing such evidence of his title as the Directors may require, have the right either to be registered himself as the holder of the Share and/or Management Share or to make such transfer thereof as the deceased or bankrupt Member could have made, but the Directors shall, in either case, have the same right to refuse or suspend registration as they would have had in the case of a transfer of the Share and/or Management Share by the infant or by the deceased insolvent or bankrupt Member before the death, insolvency or bankruptcy or by the Member under legal disability before such disability.
- A person so becoming entitled to a Share and/or Management Share in consequence of the death, insolvency or bankruptcy of a Member shall have the right to receive and may give a discharge for all monies payable or other advantages due on or in respect of the Share and/or Management Share, but he shall not be entitled to receive notice of or to attend or vote at meetings of the Company, nor, save as aforesaid, to any of the rights or privileges of a Member unless and until he shall be registered as a Member in respect of the Share and/or Management Share PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the Share and/or Management Share and if the notice is not complied with within ninety days the Directors may thereafter withhold all monies payable or other advantages due in respect of the Share and/or Management Share until the requirements of the notice have been complied with.
- No person whatsoever shall be entitled to be registered on the Register until such person has provided the Directors with such relevant information as they may reasonably require.
- | # TRASFERIMENTO E TRASMISSIONE DI AZIONI
- Il trasferimento di Azioni verrà effettuato al valore che gli Amministratori possono decidere di volta in volta in conformità con le seguenti disposizioni.
- Non può essere effettuato alcun trasferimento di Azioni del Management senza il previo consenso scritto della Società.
- Gli Amministratori possono in ogni momento ordinare che le Azioni del Management vengano obbligatoriamente acquistate dal possessore di queste al prezzo stabilito nel paragrafo (b) del presente Atto nel modo seguente:
- Gli Amministratori effettuano una notifica (in seguito indicata come “Notifica di Acquisto”) alla persona che risulti nel registro il possessore delle Azioni del Management da acquistare (il “Venditore”), specificando le Azioni da acquistare come anticipato, il prezzo da pagare per tali66azioni, la persona a favore della quale tale possessore deve eseguire un trasferimento di tali azioni ed il luogo nel quale si debba pagare il prezzo di acquisto riguardo a tali azioni. La Notifica di Acquisto può essere effettuata presso il Venditore mediante spedizione della stessa in una busta registrata prepagata indirizzata al Venditore al suo indirizzo risultante dal Registro. Il Venditore, di conseguenza, sarà immediatamente obbligato a consegnare alla Società entro 10 giorni dalla data della Notifica di Acquisto un trasferimento debitamente eseguito delle azioni specificate nella Notifica di Acquisto in favore della persona specificata nella Notifica di Acquisto.
- Il prezzo dovuto per ogni Azione del Management trasferita secondo il presente Articolo sarà €1.00.
- Nel caso in cui il Venditore non concluda la vendita di Azioni del Management che siano diventate vincolate al trasferimento come sopra detto, gli Amministratori possono autorizzare alcune persone ad eseguire il trasferimento di tale(i) Azion(e)i in conformità alle istruzioni degli Amministratori e possono rilasciare una ricevuta valida per il prezzo di acquisto di tali azioni, e possono registrare il o i cessionario come possessore/i delle medesime e di conseguenza il cessionario o i cessionari diventeranno definitivamente autorizzati a ciò.
- Tutti i trasferimenti di Azioni verranno effettuati per iscritto nella forma usuale o comune ed ogni forma di trasferimento indicherà il completo nome ed indirizzo del trasferente e del cessionario.
- Lo strumento di trasferimento di un’Azione verrà firmato da o per conto del cedente e non è necessaria la firma del cessionario. Il cedente verrà considerato il possessore dell’Azione fino a quando il nome del cessionario non venga inserito nel Registro.
- Gli Amministratori possono rifiutare la registrazione di trasferimenti di Azioni effettuati contravvenendo alle restrizioni imposte in base all’Articolo 9.01 o in67circostanze in cui non siano state interamente pagate tasse o ritenute, inclusi interessi o penali da pagare al riguardo, maturati in conseguenza della detenzione o dal possesso beneficiario incluso, senza limitazione, il trasferimento di Azioni da parte del cedente o del cessionario.
- Gli Amministratori possono rifiutare la registrazione del trasferimento di Azioni a meno che lo strumento del trasferimento non venga depositato presso la Sede od altro posto ragionevolmente richiesto dagli Amministratori, accompagnato dal certificato delle Azioni a cui si riferisce, ed altre prove che gli Amministratori possano ragionevolmente richiedere per rallentare il diritto del trasferente ad effettuare il trasferimento.
- Qualora gli Amministratori rifiutino la registrazione di un trasferimento di Azioni essi, entro un mese dalla data in cui il trasferimento sia stato depositato presso la Società, mandano al cedente avviso del rifiuto.
- La registrazione dei trasferimenti può essere sospesa nei momenti e per i periodi che gli Amministratori possano di volta in volta individuare, SEMPRE A CONDIZIONE che tale registrazione di trasferimenti non sia sospesa per più di trenta giorni in un anno.
- Tutti gli strumenti di trasferimento che verranno registrati vengono trattenuti dalla Società, ma uno strumento di trasferimento che gli Amministratori rifiutino di registrare viene restituito (tranne in caso di frode) alla persona che ha depositato lo stesso.
- Nel caso di morte di un Socio, i discendenti o il discendente nel caso in cui il defunto fosse un possessore congiunto, e gli esecutori od amministratori qualora egli fosse un detentore unico o superstite, saranno le uniche persone riconosciute dalla Società quali aventi diritto ad un interesse nelle sue Azioni e/o Azioni del Management, ma nulla nel presente Articolo esonererà la proprietà del defunto unico o congiunto da qualsiasi forma di responsabilità relativa alle Azioni e/o Azioni del Management da lui detenute da solo o congiuntamente.
- Il tutore di un Socio minorenne ed il tutore o altro legale rappresentante di un Socio legalmente incapace e la persona avente diritto ad un’Azione e/o Azione del68Management a causa di morte, insolvenza o fallimento di un Socio, fornendo la prova del proprio diritto come richiesto dagli Amministratori, hanno il diritto di essere registrati essi stessi come possessori dell’Azione e/o dell’Azione del Management o di effettuare tale trasferimento come il Socio defunto o fallito avrebbe potuto fare, ma gli Amministratori, in entrambi i casi, avranno lo stesso diritto di rifiutare o sospendere la registrazione come avrebbero potuto fare nel caso di trasferimento dell’Azione e/o dell’Azione del Management da parte del Socio minore o defunto, insolvente o fallito prima della morte, insolvenza o fallimento o da parte del Socio legalmente incapace prima della dichiarazione di incapacità.
- Una persona in tal modo avente diritto ad un’Azione e/o Azione del Management a causa di morte, insolvenza o fallimento di un Socio avrà il diritto di ricevere e può dare quietanza per tutti gli importi da pagare o per altri vantaggi dovuti in relazione all’Azione e/o Azione del Management, ma egli non avrà diritto a ricevere avviso o essere presente o votare alle assemblee della Società, né, salvo quanto detto sopra, a diritti o privilegi di un Socio a meno che e finché egli sarà registrato come Socio in relazione all’Azione e/o Azione del Management SEMPRE A CONDIZIONE che gli Amministratori ne possano in ogni momento dare avviso richiedendo a tale persona di registrarsi o di trasferire l’Azione e/o Azione del Management e qualora ciò non sia fatto entro novanta giorni gli Amministratori possono in seguito trattenere tutti gli importi da pagare od altri vantaggi dovuti in base all’Azione e/o Azione del Management finché le istruzioni dell’avviso non siano state osservate.
- Nessuna persona qualunque avrà diritto ad essere iscritta nel Registro finché tale persona non abbia fornito agli Amministratori le suddette informazioni che essi possano ragionevolmente richiedere.
- | # TRANSFER AND TRANSMISSION OF SHARES
- The transfer of Shares shall be effected in such denomination as the Directors may from time to time decide in accordance with the following provisions.
- No transfer of Management Shares may be effected without the prior written consent of the Company.
- The Directors may at any time direct that any Management Shares shall be compulsorily purchased from the holder thereof at the price stated in paragraph (b) hereof in the following manner:
- The Directors shall serve a notice (hereinafter called a "Purchase Notice") upon the person appearing in the Register as the holder of the Management Shares to be purchased ("the Vendor") specifying the Management Shares to be purchased as aforesaid, the price to be paid for such shares, the person in whose favour such holder must execute a transfer of such shares and the64place at which the purchase price in respect of such shares is payable. Any Purchase Notice may be served upon the Vendor by mailing the same in a pre-paid registered envelope addressed to the Vendor at his address shown in the Register. The Vendor shall thereupon forthwith be obliged to deliver to the Company within 10 days from the date of the Purchase Notice a duly executed transfer of the shares specified in the Purchase Notice in favour of the person specified in the Purchase Notice.
- The price payable for each Management Share transferred pursuant to this Article shall be €1.00.
- In the event of the Vendor failing to carry out the sale of any Management Shares which he shall have become bound to transfer as aforesaid, the Directors may authorise some person to execute a transfer of any such share(s) in accordance with the direction of the Directors and may give a good receipt for the purchase price of such shares, and may register the transferee or transferees as holder or holders thereof and thereupon the transferee or transferees shall become indefeasibly entitled thereto.
- All transfers of Shares shall be effected by transfer in writing in any usual or common form and every form of transfer shall state the full name and address of the transferor and transferee.
- The instrument of transfer of a Share shall be signed by or on behalf of the transferor and need not be signed by the transferee. The transferor shall be deemed to remain the holder of the Share until the name of the transferee is entered in the Register in respect thereof.
- The Directors may decline to register any transfer of Shares which is made in contravention of any restriction imposed pursuant to Article 9.01 or in circumstances in which any liability to taxation or withholding tax, including any interest or penalties65payable thereon, which has arisen as a result of the transferor's holding or beneficial ownership including, without limitation, transfer of Shares has not been discharged in full by either the transferor or transferee.
- The Directors may decline to register any transfer of Shares unless the instrument of transfer is deposited at the Office or such other place as the Directors may reasonably require, accompanied by the certificate for the Shares to which it relates, and such other evidence as the Directors may reasonably require to slow the right of the transferor to make the transfer.
- If the Directors decline to register a transfer of any Share they shall, within one month after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.
- The registration of transfers may be suspended at such times and for such periods as the Directors may from time to time determine, PROVIDED ALWAYS that such registration of transfers shall not be suspended for more than thirty days in any year.
- All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall (except in the case of fraud) be returned to the person depositing the same.
- In the case of the death of a Member, the survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased where he was a sole or surviving holder, shall be the only person recognised by the Company as having title to his interest in the Shares and/or Management Shares, but nothing in this Article shall release the estate of the deceased holder whether sole or joint from any liability in respect of any Share and/or Management Share solely or jointly held by him.
- Any guardian of an infant Member and any guardian or other legal representative of a Member under legal disability and any person entitled to a Share and/or Management66Share in consequence of the death, insolvency or bankruptcy of a Member shall, upon producing such evidence of his title as the Directors may require, have the right either to be registered himself as the holder of the Share and/or Management Share or to make such transfer thereof as the deceased or bankrupt Member could have made, but the Directors shall, in either case, have the same right to refuse or suspend registration as they would have had in the case of a transfer of the Share and/or Management Share by the infant or by the deceased insolvent or bankrupt Member before the death, insolvency or bankruptcy or by the Member under legal disability before such disability.
- A person so becoming entitled to a Share and/or Management Share in consequence of the death, insolvency or bankruptcy of a Member shall have the right to receive and may give a discharge for all monies payable or other advantages due on or in respect of the Share and/or Management Share, but he shall not be entitled to receive notice of or to attend or vote at meetings of the Company, nor, save as aforesaid, to any of the rights or privileges of a Member unless and until he shall be registered as a Member in respect of the Share and/or Management Share PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the Share and/or Management Share and if the notice is not complied with within ninety days the Directors may thereafter withhold all monies payable or other advantages due in respect of the Share and/or Management Share until the requirements of the notice have been complied with.
- No person whatsoever shall be entitled to be registered on the Register until such person has provided the Directors with such relevant information as they may reasonably require.
- | en | it |
DOLFIN5453 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# WHAT IMPACT DO THESE CHANGES HAVE ON YOUR INVESTMENT’S RISK/RETURN PROFILE?
- Change to risk/return profile: NO
- Risk/return profile increase: NO
- Potential fee increase: NO | # QUEL EST L'IMPACT DE CES MODIFICATIONS SUR LE PROFIL DE RENDEMENT/RISQUE DE VOTRE INVESTISSEMENT ?
- Modification du profil rendement / risque : NON
- Augmentation du profil rendement / risque : NON
- Augmentation potentielle des frais : NON | # WHAT IMPACT DO THESE CHANGES HAVE ON YOUR INVESTMENT’S RISK/RETURN PROFILE?
- Change to risk/return profile: NO
- Risk/return profile increase: NO
- Potential fee increase: NO | en | fr |
DOLFIN5454 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Comgest Growth China - Change to Investment Policies
The Investment Policies section will be updated for Comgest Growth China, to reflect that the sub-fund can gain exposure to companies through Market Access Products (as defined in the Prospectus). The update does not reflect a change to the sub-fund's investment strategy but is being made for additional clarification. Market Access Products, if invested in, will be used to gain exposure to securities where direct ownership is not allowed, is restricted or is more costly. Market Access Products are an important ancillary investment flexibility to facilitate the Investment Manager in managing the portfolio in the best interests of Shareholders.
- | # Comgest Growth Cina - Modifica alle politiche d'investimento
La sezione Politiche d'investimento sarà aggiornata relativamente a Comgest Growth China, al fine di tenere conto del fatto che il comparto può acquisire esposizione alle società attraverso i Prodotti di Accesso al Mercato (come definiti nel Prospetto). L'aggiornamento non riflette una modifica alla strategia d'investimento del comparto, ma viene effettuato per ulteriori chiarimenti. I Prodotti di Accesso al Mercato, se investiti, saranno utilizzati per acquisire esposizione a titoli in cui la proprietà diretta non è consentita, è limitata o è più costosa. I Prodotti di Accesso al Mercato rappresentano un'importante flessibilità d'investimento accessoria per agevolare il Gestore degli investimenti nella gestione del portafoglio nel migliore interesse degli Azionisti.
- | # Comgest Growth China - Change to Investment Policies
The Investment Policies section will be updated for Comgest Growth China, to reflect that the sub-fund can gain exposure to companies through Market Access Products (as defined in the Prospectus). The update does not reflect a change to the sub-fund's investment strategy but is being made for additional clarification. Market Access Products, if invested in, will be used to gain exposure to securities where direct ownership is not allowed, is restricted or is more costly. Market Access Products are an important ancillary investment flexibility to facilitate the Investment Manager in managing the portfolio in the best interests of Shareholders.
- | en | it |
DOLFIN5455 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or a committee of Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material or a duty which conflicts or may conflict with the interests of the Company. Unless otherwise resolved by the Directors, a Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled (in the absence of some other material interest than is indicated below) to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its Subsidiary orAssociated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its Subsidiary or Associated companies; or | - Sauf dispositions contraires des présents Statuts, un Administrateur ne participera pas, lors d’une réunion du Conseil d’Administration ou d'un comité du Conseil d’Administration, au vote de toute résolution concernant un point au sujet duquel il a, directement ou indirectement, un intérêt important ou une obligation contraire ou susceptible d’être contraire aux intérêts de la Société. Sauf décision contraire des Administrateurs, un Administrateur ne sera pas comptabilisé dans le quorum présent d'une réunion concernant une telle résolution sur laquelle il n’est pas habilité à voter.
- Un Administrateur sera habilité (en l'absence d'intérêts importants autres que ceux indiqués ci-dessous) à voter (et être comptabilisé dans le quorum) concernant toute résolution portant sur l’un des points suivants :
- l’octroi de toute sûreté, toute garantie ou tout cautionnement en sa faveur, au titre de fonds qu’il a prêtés à la Société ou à l’une quelconque de ses Filiales ou Sociétés Associées ou de dépenses qu'il a engagées à la demande ou en faveur de la Société ou de l’une quelconque de ses Filiales ou Sociétés Associées ; ou
- l’octroi de toute sûreté, toute garantie ou tout cautionnement à un tiers au titre d'une dette ou d'un engagement de la Société ou de l’une quelconque de ses Filiales ou Sociétés Associées dont il assume lui-même la responsabilité en totalité ou en partie en vertu d'une garantie ou d'un cautionnement ou par l’octroi d’une sûreté ; ou | - Save as otherwise provided by these Articles, a Director shall not vote at a meeting of the Directors or a committee of Directors on any resolution concerning a matter in which he has, directly or indirectly, an interest which is material or a duty which conflicts or may conflict with the interests of the Company. Unless otherwise resolved by the Directors, a Director shall not be counted in the quorum present at a meeting in relation to any such resolution on which he is not entitled to vote.
- A Director shall be entitled (in the absence of some other material interest than is indicated below) to vote (and be counted in the quorum) in respect of any resolution concerning any of the following matters, namely:-
- the giving of any security, guarantee or indemnity to him in respect of money lent by him to the Company or any of its Subsidiary orAssociated companies or obligations incurred by him at the request of or for the benefit of the Company or any of its Subsidiary or Associated companies; or | en | fr |
DOLFIN5456 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| | companies are, for example, reviewed for set climate targets and progress is monitored on the basis of certain sustainability indicators. The following environmental and social characteristics are promoted as part of the investment strategy: Flossbach von Storch – Global Quality implements exclusion criteria with social and environmental characteristics. This means, for example, excluding investments in companies with certain business models. This includes, for example, controversial weapons. In addition, a participation policy is implemented as part of the investment strategy in order to be able to work towards a positive development in the event of particularly severe negative impacts on certain sustainability factors in investments. This could be, but is not limited to, the topic area of greenhouse gas emissions and social issues/employment. |
| --- | --- |
| Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained. | What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product? In order to achieve the environmental and social characteristics promoted by Flossbach von Storch – Global Quality, the following sustainability indicators are considered. The exclusions are applied based on turnover thresholds. Investments are excluded in companies that generate |
| | - >0% of their turnover from controversial weapons, | | | Nachhaltigkeitsindikatoren überwacht. Folgende ökologische und soziale Merkmale werden dabei als Teil der Investmentstrategie beworben: Der Flossbach von Storch – Global Quality setzt Ausschlusskriterien mit sozialen und ökologischen Merkmalen um. Dies umfasst den Ausschluss von Investitionen in Unternehmen mit bestimmten Ge- schäftsmodellen. Dazu zählen unter anderem kontroverse Waffen. Zudem wird im Rahmen der Anlagestrategie eine Mitwirkungspolitik implementiert, um auf eine posi- tive Entwicklung im Falle besonders schwerer negativer Auswirkungen auf bestimmte Nachhaltigkeits- faktoren bei Investitionen hinwirken zu können. Dies umfasst unter anderem die Themenbereiche: Treibhausgasemissionen und Soziales/Beschäftigung. |
| --- | --- |
| Mit Nachhaltigkeits- indikatoren wird ge- messen, inwieweit die mit dem Finanzpro- dukt beworbenen ökologischen oder so- zialen Merkmale er- reicht werden. | Welche Nachhaltigkeitsindikatoren werden zur Messung der Erreichung der einzelnen ökologischen oder sozialen Merkmale, die durch dieses Fi- nanzprodukt beworben werden, herangezogen? Zur Erreichung der vom Flossbach von Storch – Global Quality beworbenen ökologischen und sozialen Merkmale werden folgende Nachhaltigkeitsindikatoren berücksichtigt. Die Erfüllung der angewandten Ausschlüsse basiert auf Umsatzschwellen. Ausgeschlossen werden Investitionen in Unternehmen, die |
| | - >0% ihres Umsatzes mit kontroversen Waffen, | | | companies are, for example, reviewed for set climate targets and progress is monitored on the basis of certain sustainability indicators. The following environmental and social characteristics are promoted as part of the investment strategy: Flossbach von Storch – Global Quality implements exclusion criteria with social and environmental characteristics. This means, for example, excluding investments in companies with certain business models. This includes, for example, controversial weapons. In addition, a participation policy is implemented as part of the investment strategy in order to be able to work towards a positive development in the event of particularly severe negative impacts on certain sustainability factors in investments. This could be, but is not limited to, the topic area of greenhouse gas emissions and social issues/employment. |
| --- | --- |
| Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained. | What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product? In order to achieve the environmental and social characteristics promoted by Flossbach von Storch – Global Quality, the following sustainability indicators are considered. The exclusions are applied based on turnover thresholds. Investments are excluded in companies that generate |
| | - >0% of their turnover from controversial weapons, | en | de |
DOLFIN5457 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le risque de change n’est pas systématiquement couvert.
- Risque de contrepartie :L’OPCVM a recours à des opérations de cessions temporaires de titres et/ou à des dérivés négociés de gré à gré. Ces opérations, conclues avec une contrepartie, exposent l’OPCVM à un risque de défaillance et/ou de non- exécution du contrat d’échange de la part de celle-ci, qui pourront avoir un impact significatif sur la valeur liquidative de l’OPCVM. Ce risque pourrait ne pas être, le cas échéant, compensé par les garanties financières reçues.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres et/ou contrats d’échange sur rendement global (TRS) :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’une contrepartie d’opérations d’acquisitions et cessions temporaires de titre et/ou contrats d’échange sur rendement global (TRS). | No se realiza la cobertura sistemática del riesgo de cambio.
- Riesgo de contraparte:El OICVM ha recurrido a operaciones de cesiones temporales de valores y/o derivados negociados en mercados extrabursátiles. Estas operaciones, cerradas con una contraparte, exponen al OICVM a un riesgo de fallo y/o incumplimiento de la permuta de cobertura de la participación, lo que podría tener un gran impacto en el valor liquidativo del OICVM. En tal caso, este riesgo no podría verse compensado por las garantías financieras recibidas.
- Riesgo de liquidez vinculado a las adquisiciones y cesiones temporales de valores y/o contratos de permuta de rentabilidad total (TRS):El Fondo de inversión puede estar expuesto a dificultades de negociación o a una imposibilidad temporal de negociación de determinados títulos en los que ha invertido o de los recibidos en garantía, en caso de incumplimiento de las operaciones de adquisiciones y cesiones temporales de títulos y/o contratos de permuta de rentabilidad total (TRS) por parte de una contrapartida. | Le risque de change n’est pas systématiquement couvert.
- Risque de contrepartie :L’OPCVM a recours à des opérations de cessions temporaires de titres et/ou à des dérivés négociés de gré à gré. Ces opérations, conclues avec une contrepartie, exposent l’OPCVM à un risque de défaillance et/ou de non- exécution du contrat d’échange de la part de celle-ci, qui pourront avoir un impact significatif sur la valeur liquidative de l’OPCVM. Ce risque pourrait ne pas être, le cas échéant, compensé par les garanties financières reçues.
- Risque de liquidité lié aux acquisitions et cessions temporaires de titres et/ou contrats d’échange sur rendement global (TRS) :Le FCP peut être exposé à des difficultés de négociation ou une impossibilité momentanée de négociation de certains titres dans lesquels le FCP investit ou de ceux reçus en garantie, en cas de défaillance d’une contrepartie d’opérations d’acquisitions et cessions temporaires de titre et/ou contrats d’échange sur rendement global (TRS). | fr | es |
DOLFIN5458 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager derives an internal ESG risk score in percentage. This ESG scoring is then rounded to 0 or 1, and carries an equal weight (25%) as the other criteria (Quality, Trading Risk and Management) considered in weighing each stock. While the review of the ESG criteria permanently cover at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development.
In order to measure the effectiveness of the ESG approach implemented, the Investment Manager ensures that the Fund permanently has a better ESG rating than its Reference index after eliminating at least 20% of the worst-rated securities of the latter. The Investment Manager relies on the data from third party providers to monitor this rating upgrade approach.
For additional information, please refer to the “ESG Policy” of the Investment Manager available on its website. ESG risk assessments remain subjective and dependent on the quality of the available information due to a lack of a standardized methodology on ESG reporting. | El gestor de inversiones obtiene una puntuación interna de riesgo ESG que se expresa mediante un porcentaje. Posteriormente, esta puntuación se redondea a 0 o 1 y se le otorga una ponderación igual (25 %) a la de los restantes criterios (calidad, riesgo de negociación y gestión) que se tienen en cuenta a la hora de ponderar cada valor. Pese a que la revisión de los criterios ESG comprende en todos los casos al menos el 90 % del patrimonio neto del Fondo, una baja puntuación ESG no provoca la exclusión de un valor de la cartera, pero limitará el tamaño de la posición. Estos análisis en profundidad permiten seleccionar empresas que han sido evaluadas para aplicar una buena gobernanza y cuyas actividades no perjudican de forma significativa al logro del desarrollo sostenible.
A fin de valorar la eficacia del enfoque ESG aplicado, el gestor de inversiones se asegura de que el Fondo mantenga de forma permanente una calificación ESG mejor que su índice de referencia, una vez eliminado al menos el 20 % de los valores con peor calificación de este último. El gestor de inversiones se basa en datos de proveedores terceros para supervisar este enfoque de mejora de la calificación.
Para obtener más información consulte la «ESG Policy» (Política en materia ESG) del gestor de inversiones, disponible en su sitio web. Las evaluaciones de riesgos en materia ESG siguen siendo subjetivas y dependen de la calidad de la información disponible, debido a la ausencia de una metodología estandarizada para la comunicación de información en materia ESG. | The Investment Manager derives an internal ESG risk score in percentage. This ESG scoring is then rounded to 0 or 1, and carries an equal weight (25%) as the other criteria (Quality, Trading Risk and Management) considered in weighing each stock. While the review of the ESG criteria permanently cover at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development.
In order to measure the effectiveness of the ESG approach implemented, the Investment Manager ensures that the Fund permanently has a better ESG rating than its Reference index after eliminating at least 20% of the worst-rated securities of the latter. The Investment Manager relies on the data from third party providers to monitor this rating upgrade approach.
For additional information, please refer to the “ESG Policy” of the Investment Manager available on its website. ESG risk assessments remain subjective and dependent on the quality of the available information due to a lack of a standardized methodology on ESG reporting. | en | es |
DOLFIN5459 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Geographical breakdown (%)
United States Mainland China South Korea Indonesia Singapore
Hong Kong SAR India
Japan Thailand Philippines Mongolia
United Kingdom Others
57,7
10,5
8,8
7,4
6,3
4,4
2,2
1,9
1,1
0,8
0,8
0,4
-2,2
0% 10% 20% 30% 40% 50% 60%
Fund
Please note: Others stated in the ratings breakdown may include Unit Trusts, Cash and Derivatives. | # Ripartizione geografica (%)
Stati Uniti Mainland China Corea del Sud Singapore
Hong Kong SAR Indonesia Malaysia Giappone Thailandia Mongolia Filippine
Regno Unito
Altri
57,7
10,5
8,8
7,4
6,3
4,4
2,2
1,9
1,1
0,8
0,8
0,4
-2,2
0% 10% 20% 30% 40% 50% 60%
Fondo
Nota: la categoria Altri nel dettaglio dei rating può includere fondi comuni, liquidità e strumenti derivati. | # Geographical breakdown (%)
United States Mainland China South Korea Indonesia Singapore
Hong Kong SAR India
Japan Thailand Philippines Mongolia
United Kingdom Others
57,7
10,5
8,8
7,4
6,3
4,4
2,2
1,9
1,1
0,8
0,8
0,4
-2,2
0% 10% 20% 30% 40% 50% 60%
Fund
Please note: Others stated in the ratings breakdown may include Unit Trusts, Cash and Derivatives. | en | it |
DOLFIN5460 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Chaque Compartiment qui investit dans des titres libellés dans des devises autres que sa Devise de référence peut être soumis à un risque de change. Comme les actifs de chaque Compartiment sont évalués dans sa Devise de référence, les fluctuations de la valeur de la Devise de référence par rapport aux autres devises auront un effet sur la valeur, dans la Devise de référence, des titres libellés dans ces autres devises. L’exposition de change peut augmenter la volatilité des investissements par rapport aux investissements libellés dans la Devise de référence. Conformément à son objectif et à sa politique d’investissement, un Compartiment peut essayer de couvrir ou réduire le risque de change, généralement par l’utilisation de produits dérivés. Toutefois, il n’est pas toujours possible de couvrir ou réduire ce risque.
En outre, une Classe d’Actions libellée dans une Devise de référence autre que celle du Compartiment expose l’investisseur au risque de fluctuations entre la Devise de référence de la Classe d’Actions et celle du Compartiment. Les Classes d’Actions couvertes visent à limiter l’impact de ces fluctuations par le biais d’opérations de couverture de change. Toutefois, il ne peut être garanti que la politique de couverture de change sera performante à chaque fois. Cette exposition s’ajoute au risque de change, le cas échéant, encouru par le Compartiment eu égard à des investissements libellés dans d’autres devises que sa Devise de référence, tel que décrit ci-dessus.
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## Risque de crédit | Todos los Subfondos que invierten en títulos denominados en monedas distintas de su Moneda de referencia pueden estar sujetos al riesgo de divisas. Dado que los activos de cada Subfondo se valoran en su Moneda de referencia, las fluctuaciones del valor de la Moneda de referencia en comparación con otras monedas afectarán al valor, en la Moneda de referencia, de todos los títulos denominados en esas otras monedas. La exposición a divisas puede aumentar la volatilidad de las inversiones con respecto a las inversiones denominadas en la Moneda de referencia. De acuerdo con su objetivo y política de inversión, un Subfondo podrá intentar cubrir o reducir el riesgo de divisas, por lo general mediante el uso de derivados. Sin embargo, puede que no resulte factible o práctico cubrir o reducir este riesgo en todo momento.
Por otra parte, una Clase de Acciones que está denominada en una Moneda de referencia distinta de la Moneda de referencia de un Subfondo expone al inversor al riesgo de fluctuaciones entre la Moneda de referencia de la Clase de Acciones y la del Subfondo. Las Clases de Acciones con cobertura de divisas pretenden limitar el impacto de tales fluctuaciones a través de operaciones de cobertura de divisas. Sin embargo, no es posible garantizar que la política de cobertura de divisas vaya a alcanzar su objetivo en todo momento. Esta exposición es adicional al riesgo de divisas, si lo hubiere, en el que incurre el Subfondo con respecto a las inversiones denominadas en monedas distintas de su Moneda de referencia, tal y como se ha descrito anteriormente.
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## Riesgo de crédito | Chaque Compartiment qui investit dans des titres libellés dans des devises autres que sa Devise de référence peut être soumis à un risque de change. Comme les actifs de chaque Compartiment sont évalués dans sa Devise de référence, les fluctuations de la valeur de la Devise de référence par rapport aux autres devises auront un effet sur la valeur, dans la Devise de référence, des titres libellés dans ces autres devises. L’exposition de change peut augmenter la volatilité des investissements par rapport aux investissements libellés dans la Devise de référence. Conformément à son objectif et à sa politique d’investissement, un Compartiment peut essayer de couvrir ou réduire le risque de change, généralement par l’utilisation de produits dérivés. Toutefois, il n’est pas toujours possible de couvrir ou réduire ce risque.
En outre, une Classe d’Actions libellée dans une Devise de référence autre que celle du Compartiment expose l’investisseur au risque de fluctuations entre la Devise de référence de la Classe d’Actions et celle du Compartiment. Les Classes d’Actions couvertes visent à limiter l’impact de ces fluctuations par le biais d’opérations de couverture de change. Toutefois, il ne peut être garanti que la politique de couverture de change sera performante à chaque fois. Cette exposition s’ajoute au risque de change, le cas échéant, encouru par le Compartiment eu égard à des investissements libellés dans d’autres devises que sa Devise de référence, tel que décrit ci-dessus.
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## Risque de crédit | fr | es |
DOLFIN5461 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Depending on the type of share class currency hedging, a Sub-Fund may enter into currency exchange transactions to hedge against:
- A change in currency exchange rates that would cause a decline in the value of a Class denominated in a currency other than the Reference Currency of the Sub-Fund. To do this, the Sub-Fund would enter into a forward contract to sell the Reference Currency of the Sub-Fund in exchange for the currency in which the Class is denominated; or
- A change in currency exchange rates that would cause a decline in the value of a Class exposed to currencies in the benchmark of the relevant Sub-Fund other than the Class currency. To do this, the Sub-Fund would enter into forward contracts to sell the non-Class currencies of the Sub-Fund’s benchmark in exchange for the currency in which the Class is denominated. This applies in respect of the BHedged Classes as described in 7.3 “Class Descriptions, Eligibility for Shares, Minimum Subscription and Holding Amounts”. | ## In base alla tipologia della copertura valutaria della classe azionaria, un Comparto può effettuare operazioni di cambio valutario a copertura di:
- variazioni dei tassi di cambio valutari in grado di determinare un calo del valore di una Classe denominata in una valuta diversa dalla Valuta di riferimento di quel Comparto. A tal fine, il Comparto stipula un contratto a termine di vendita della Valuta di riferimento del Comparto, in cambio della valuta di denominazione della Classe; o
- un cambiamento dei tassi di cambio valutario in grado di causare un ribasso del valore di una Classe con esposizione alle valute nel benchmark del Comparto pertinente, diverse dalla valuta della Classe. A tal fine, il Comparto stipulerà contratti forward per vendere le valute non relative alla Classe del benchmark del Comparto scambiandole con la valuta in cui è denominata la Classe. Ciò vale per le classi BHedged descritte nella sezione 7.3 “Descrizione delle classi, requisiti di ammissibilità previsti per le Azioni, importi minimi di sottoscrizione e di partecipazione”. | ## Depending on the type of share class currency hedging, a Sub-Fund may enter into currency exchange transactions to hedge against:
- A change in currency exchange rates that would cause a decline in the value of a Class denominated in a currency other than the Reference Currency of the Sub-Fund. To do this, the Sub-Fund would enter into a forward contract to sell the Reference Currency of the Sub-Fund in exchange for the currency in which the Class is denominated; or
- A change in currency exchange rates that would cause a decline in the value of a Class exposed to currencies in the benchmark of the relevant Sub-Fund other than the Class currency. To do this, the Sub-Fund would enter into forward contracts to sell the non-Class currencies of the Sub-Fund’s benchmark in exchange for the currency in which the Class is denominated. This applies in respect of the BHedged Classes as described in 7.3 “Class Descriptions, Eligibility for Shares, Minimum Subscription and Holding Amounts”. | en | it |
DOLFIN5462 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### ESG and Sustainability Risk
The Manager has adopted the Investment Manager’s policy on the integration of sustainability risks in its investment decision-making process. A sustainability risk is an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment. A summary of the Investment Manager’s policy can be found in the section titled “Investment Objectives and Policy of the Funds – Sustainable Finance Disclosures Regulation” above.
As part of its broader risk assessment for each Fund, the Investment Manager will selectively consider the potential sustainability risks that would likely impact on the performance of a Fund. These risks are monitored on an ongoing basis as part of the Investment Manager’s active portfolio management strategy.
The Manager will assess the impact of sustainability risks on the returns of a Fund by relying on the Investment Manager to monitor sustainability risks on an ongoing basis as part of its portfolio management of such Fund. The Investment Manager believes that ESG risks are material to the ability of a company to grow in the long-term and therefore are directly related to the ability of the Funds to achieve strong risk- adjusted returns. The likely impacts of sustainability risks on the returns of a Fund will depend on the Fund’s exposure to investments that are vulnerable to sustainability risks and the materiality of the sustainability risks. The negative impacts of sustainability risks on a Fund should be mitigated by the Investment Manager’s approach to integrating sustainability risks in its investment decision-making as described in the section titled “Investment Objectives and Policy of the Funds – Sustainable Finance Disclosures Regulation” above. However, there is no guarantee that these measures will mitigate or prevent sustainability risks from materialising in respect of a Fund.
The likely impact on the returns of a Fund from an actual or potential material decline in the value of an investment due to an ESG event or condition will vary and depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence of any mitigating factors.
The ESG information used to determine whether companies are managed and behave responsibly may be provided by third-party sources and is based on backward-looking analysis. The subjective nature of non- financial ESG criteria means a wide variety of outcomes are possible. The data may not adequately address material sustainability factors. The analysis is also dependent on companies disclosing relevant data and the availability of this data can be limited. These limitations are mitigated through the use of a variety of data sources and the Investment Manager’s own in-house research.
Further information on the Manager’s approach to sustainability (acting in respect of the Funds through the Investment Manager as its delegate) is available on its website at https://www.seilernfunds.com/. | #### Risque ESG et de durabilité
Le Gestionnaire a adopté la politique du Gestionnaire d’investissement concernant l’intégration des risques de durabilité dans son processus de prise de décision en matière d’investissement. Un risque de durabilité est un événement ou une condition ESG qui, s’il se produit, pourrait entraîner un impact négatif significatif réel ou potentiel sur la valeur d’un investissement. Un résumé de la politique du Gestionnaire figure à la section intitulée « Objectifs et politique d’investissement des Compartiments - Règlement relatif à la publication d’informations en matière de finance durable » ci-dessus.
Dans le cadre de son évaluation plus large des risques pour chaque Compartiment, le Gestionnaire d’investissement examinera de manière sélective les risques potentiels de durabilité susceptibles d’avoir un impact probable sur la performance d’un Compartiment. Ces risques sont suivis en permanence dans le cadre de la stratégie de gestion de portefeuille active du Gestionnaire d’investissement.
Le Gestionnaire évaluera l’impact des risques de durabilité sur les rendements d’un Compartiment en s’appuyant sur le Gestionnaire d’investissement pour surveiller en permanence les risques de durabilité dans le cadre de sa gestion du portefeuille de ce Compartiment. Le Gestionnaire d'investissement estime que les risques ESG sont importants pour la capacité d'une entreprise à se développer à long terme et sont donc directement liés à la capacité des Fonds à obtenir de solides rendements ajustés du risque. Les impacts probables des risques de durabilité sur le rendement d’un Compartiment dépendront de son exposition aux investissements qui sont vulnérables face aux risques de durabilité et du caractère significatif des risques de durabilité. Les impacts négatifs des risques de durabilité sur un Compartiment doivent être réduits par l’approche du Gestionnaire d’investissement visant à intégrer les risques de durabilité dans sa prise de décision en matière d’investissement, comme décrit à la section intitulée « Objectifs et politique d’investissement des Compartiments - Règlement relatif à la publication d’informations en matière de finance durable » ci-dessus. Toutefois, rien ne garantit que ces mesures réduiront ou empêcheront la matérialisation des risques de durabilité concernant un Compartiment.
L’impact probable sur le rendement d’un Compartiment provenant d’une baisse significative réelle ou potentielle de la valeur d’un investissement suite à un événement ou à une condition ESG variera et dépendra de plusieurs facteurs, dont notamment le type, l’étendue, la complexité et la durée de l’événement ou de la condition, les conditions prévalant sur le marché et l’existence de toute circonstance atténuante.
Les informations ESG utilisées pour déterminer si les sociétés sont gérées et se comportent de manière responsable peuvent être fournies par des sources tierces et sont basées sur une analyse rétrospective. La nature subjective des critères ESG non financiers offre une grande variété de résultats. Les données peuvent ne pas traiter de manière adéquate les facteurs de durabilité significatifs. L’analyse dépend également de la communication de données pertinentes de la part des sociétés, et la disponibilité de ces données peut être limitée. Ces limites sont réduites par l’utilisation de différentes sources de données et par les recherches internes du Gestionnaire d’investissement.
De plus amples informations sur l’approche de développement durable du Gestionnaire (agissant à l’égard des Fonds par l’intermédiaire du Gestionnaire d’investissement en tant que délégué) sont disponibles sur son site Internet à l’adresse https://www.seilernfunds.com/. | #### ESG and Sustainability Risk
The Manager has adopted the Investment Manager’s policy on the integration of sustainability risks in its investment decision-making process. A sustainability risk is an ESG event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment. A summary of the Investment Manager’s policy can be found in the section titled “Investment Objectives and Policy of the Funds – Sustainable Finance Disclosures Regulation” above.
As part of its broader risk assessment for each Fund, the Investment Manager will selectively consider the potential sustainability risks that would likely impact on the performance of a Fund. These risks are monitored on an ongoing basis as part of the Investment Manager’s active portfolio management strategy.
The Manager will assess the impact of sustainability risks on the returns of a Fund by relying on the Investment Manager to monitor sustainability risks on an ongoing basis as part of its portfolio management of such Fund. The Investment Manager believes that ESG risks are material to the ability of a company to grow in the long-term and therefore are directly related to the ability of the Funds to achieve strong risk- adjusted returns. The likely impacts of sustainability risks on the returns of a Fund will depend on the Fund’s exposure to investments that are vulnerable to sustainability risks and the materiality of the sustainability risks. The negative impacts of sustainability risks on a Fund should be mitigated by the Investment Manager’s approach to integrating sustainability risks in its investment decision-making as described in the section titled “Investment Objectives and Policy of the Funds – Sustainable Finance Disclosures Regulation” above. However, there is no guarantee that these measures will mitigate or prevent sustainability risks from materialising in respect of a Fund.
The likely impact on the returns of a Fund from an actual or potential material decline in the value of an investment due to an ESG event or condition will vary and depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence of any mitigating factors.
The ESG information used to determine whether companies are managed and behave responsibly may be provided by third-party sources and is based on backward-looking analysis. The subjective nature of non- financial ESG criteria means a wide variety of outcomes are possible. The data may not adequately address material sustainability factors. The analysis is also dependent on companies disclosing relevant data and the availability of this data can be limited. These limitations are mitigated through the use of a variety of data sources and the Investment Manager’s own in-house research.
Further information on the Manager’s approach to sustainability (acting in respect of the Funds through the Investment Manager as its delegate) is available on its website at https://www.seilernfunds.com/. | en | fr |
DOLFIN5463 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### TITLE II MANAGEMENT OF THE FUND
The Fund is managed by the Management Company in accordance with the Fund’s investment objectives.
the Management Company shall act in all circumstances in the exclusive interest of the unitholders and shall have the exclusive right to exercise the voting rights attached to the securities held in the Fund.
Article 5 a - Operating rules
The instruments and deposits in which the assets of the UCITS may be invested as well as the investment rules are described in the prospectus.
Article 5 ter – Listing for trading on a regulated market and/or a multilateral trading system
Units may be listed for trading on a regulated market and/or a multilateral trading system in accordance with the regulations in force. If the Fund whose units are listed for trading on a regulated market has an index-based management objective, the Fund must have implemented a system to ensure that the price of its units does not deviate significantly from its net asset value.
Article 6 - The Custodian
The custodian shall perform the tasks entrusted to it by the legal and regulatory provisions in force, as well as those contractually entrusted to it by the Management Company. It must ensure that the decisions taken by the portfolio management company are lawful. Where applicable, it must take all protective measures that it deems necessary. In the event of a dispute with the Management Company, it must inform the AMF.
Article 7 - The Statutory Auditor
A Statutory Auditor is appointed by the Management Company’s governing body for six financial years, following the approval of the AMF.
They shall certify the accuracy and truthfulness of accounts. The Auditor’s mandate may be renewed.
The Statutory Auditor must inform the AMF as soon as possible of any fact or decision concerning the undertaking for collective investment in transferable securities of which he/she becomes aware during the course of his/her work, that may:
1° Constitute a violation of the legislative or regulatory provisions applicable to the Fund and likely to have a significant impact on the financial position, earnings or assets;
2° Affect the conditions or the continuity of its operations;
3° Lead to the expression of reservations or the refusal to certify the financial statements.
The Statutory Auditor shall supervise the valuation of the assets and determine the exchange ratios used in the event of a conversion, merger or split.
They shall assess any contribution or redemption in kind within the scope of their responsibility, with the exception of ETF redemptions in kind on the primary market.
They shall check the composition of assets and other items prior to publication.
The Statutory Auditor’s fees are determined by mutual agreement between the auditor and the Board of Directors or Management Board of the Management Company on the basis of a schedule of work indicating all of the duties deemed necessary.
The Auditor shall certify the financial statements that serve as the basis for the payment of interim dividends. Their fees are included in the management fees.
Article 8 - The financial statements and the management report
At the end of each financial year, the Management Company prepares the financial statements and draws up a report on the management of the Fund (and each sub-fund, if applicable) during the previous financial year.
the Management Company draws up, at least every six months and under the supervision of the custodian, an inventory of the Fund’s assets.
the Management Company shall make these documents available to unitholders within four months following the end of the financial year and shall inform them of the income to which they are entitled: these documents are either sent by post at the specific request of unitholders or made available to them at premises of the Management Company. | ### TITRE II FONCTIONNEMENT DU FONDS
La gestion du fonds est assurée par la société de gestion conformément à l'orientation définie pour le fonds.
La société de gestion agit en toutes circonstances dans l'intérêt exclusif des porteurs de parts et peut seule exercer les droits de vote attachés aux titres compris dans le fonds.
Article 5 bis - Règles de fonctionnement
Les instruments et dépôts éligibles à l’actif de l’OPCVM ainsi que les règles d’investissement sont décrits dans le prospectus.
Article 5 ter - Admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation
Les parts peuvent faire l’objet d’une admission à la négociation sur un marché réglementé et/ou un système multilatéral de négociation selon la réglementation en vigueur. Dans le cas où le FCP dont les parts sont admises aux négociations sur un marché réglementé a un objectif de gestion fondé sur un indice, le fonds devra avoir mis en place un dispositif permettant de s’assurer que le cours de ses parts ne s’écarte pas sensiblement de sa valeur liquidative.
Article 6 - Le dépositaire
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement par la société de gestion confiées. Il doit notamment s'assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit, le cas échéant, prendre toutes mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers.
Article 7 - Le commissaire aux comptes
Un commissaire aux comptes est désigné pour six exercices, après accord de l’Autorité des marchés financiers, par l’organe de gouvernance de la société de gestion.
Il certifie la régularité et la sincérité des comptes. Il peut être renouvelé dans ses fonctions.
Le commissaire aux comptes est tenu de signaler dans les meilleurs délais à l'Autorité des marchés financiers tout fait ou toute décision concernant l'organisme de placement collectif en valeurs mobilières dont il a eu connaissance dans l'exercice de sa mission, de nature :
1° A constituer une violation des dispositions législatives ou réglementaires applicables à cet organisme et susceptible d'avoir des effets significatifs sur la situation financière, le résultat ou le patrimoine ;
2° A porter atteinte aux conditions ou à la continuité de son exploitation ;
3° A entraîner l'émission de réserves ou le refus de la certification des comptes.
Les évaluations des actifs et la détermination des parités d’échange dans les opérations de transformation, fusion ou scission sont effectuées sous le contrôle du commissaire aux comptes.
Il apprécie tout apport ou rachat en nature sous sa responsabilité, hormis dans le cadre de rachats en nature pour un ETF sur le marché primaire.
Il contrôle la composition de l’actif et des autres éléments avant publication.
Les honoraires du commissaire aux comptes sont fixés d’un commun accord entre celui-ci et le conseil d’administration ou le directoire de la société de gestion au vu d’un programme de travail précisant les diligences estimées nécessaires.
Il atteste les situations servant de base à la distribution d’acomptes. Ses honoraires sont compris dans les frais de gestion.
Article 8 - Les comptes et le rapport de gestion
À la clôture de chaque exercice, la société de gestion établit les documents de synthèse et établit un rapport sur la gestion du fonds (le cas échéant, relatif à chaque compartiment) pendant l’exercice écoulé.
La société de gestion établit, au minimum de façon semestrielle et sous contrôle du dépositaire, l’inventaire des actifs de l'OPC.
La société de gestion tient ces documents à la disposition des porteurs de parts dans les quatre mois suivant la clôture de l'exercice et les informe du montant des revenus auxquels ils ont droit : ces documents sont, soit transmis par courrier à la demande expresse des porteurs de parts, soit mis à leur disposition à la société de gestion. | ### TITLE II MANAGEMENT OF THE FUND
The Fund is managed by the Management Company in accordance with the Fund’s investment objectives.
the Management Company shall act in all circumstances in the exclusive interest of the unitholders and shall have the exclusive right to exercise the voting rights attached to the securities held in the Fund.
Article 5 a - Operating rules
The instruments and deposits in which the assets of the UCITS may be invested as well as the investment rules are described in the prospectus.
Article 5 ter – Listing for trading on a regulated market and/or a multilateral trading system
Units may be listed for trading on a regulated market and/or a multilateral trading system in accordance with the regulations in force. If the Fund whose units are listed for trading on a regulated market has an index-based management objective, the Fund must have implemented a system to ensure that the price of its units does not deviate significantly from its net asset value.
Article 6 - The Custodian
The custodian shall perform the tasks entrusted to it by the legal and regulatory provisions in force, as well as those contractually entrusted to it by the Management Company. It must ensure that the decisions taken by the portfolio management company are lawful. Where applicable, it must take all protective measures that it deems necessary. In the event of a dispute with the Management Company, it must inform the AMF.
Article 7 - The Statutory Auditor
A Statutory Auditor is appointed by the Management Company’s governing body for six financial years, following the approval of the AMF.
They shall certify the accuracy and truthfulness of accounts. The Auditor’s mandate may be renewed.
The Statutory Auditor must inform the AMF as soon as possible of any fact or decision concerning the undertaking for collective investment in transferable securities of which he/she becomes aware during the course of his/her work, that may:
1° Constitute a violation of the legislative or regulatory provisions applicable to the Fund and likely to have a significant impact on the financial position, earnings or assets;
2° Affect the conditions or the continuity of its operations;
3° Lead to the expression of reservations or the refusal to certify the financial statements.
The Statutory Auditor shall supervise the valuation of the assets and determine the exchange ratios used in the event of a conversion, merger or split.
They shall assess any contribution or redemption in kind within the scope of their responsibility, with the exception of ETF redemptions in kind on the primary market.
They shall check the composition of assets and other items prior to publication.
The Statutory Auditor’s fees are determined by mutual agreement between the auditor and the Board of Directors or Management Board of the Management Company on the basis of a schedule of work indicating all of the duties deemed necessary.
The Auditor shall certify the financial statements that serve as the basis for the payment of interim dividends. Their fees are included in the management fees.
Article 8 - The financial statements and the management report
At the end of each financial year, the Management Company prepares the financial statements and draws up a report on the management of the Fund (and each sub-fund, if applicable) during the previous financial year.
the Management Company draws up, at least every six months and under the supervision of the custodian, an inventory of the Fund’s assets.
the Management Company shall make these documents available to unitholders within four months following the end of the financial year and shall inform them of the income to which they are entitled: these documents are either sent by post at the specific request of unitholders or made available to them at premises of the Management Company. | en | fr |
DOLFIN5464 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of large and mid capitalisation companies in developed countries worldwide. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Index, el índice de referencia del Fondo (el «Índice»). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta variable (p. ej., acciones) que integran el Índice, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide la rentabilidad de empresas de elevada y mediana capitalización de países desarrollados de todo el mundo. Las empresas se incluyen en el Índice en función de su ponderación por capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones disponibles para inversores internacionales, en vez de todas las acciones emitidas por una empresa. La capitalización bursátil ajustada a flotación libre se obtiene multiplicando la cotización bursátil de una empresa por el número de acciones disponibles para inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (trimestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of large and mid capitalisation companies in developed countries worldwide. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares quarterly).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN5465 | 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 a été constitué sous la forme d'une société anonyme, un fonds à capital variable formé en vertu de la loi modifiée du 17 décembre 2010 concernant les organismes de placement collectif. Il s'agit d'un fonds à compartiments multiples, dont le Compartiment fait partie. Les actions sont une catégorie de parts du Compartiment.
OBJECTIFS
Ce compartiment à gestion active vise à obtenir une croissance du capital aussi élevée que possible. Il relève de l'article 8 du Règlement sur la publication d'informations sur la durabilité dans le secteur financier.
Le compartiment investit au moins deux tiers de son actif dans des actions et des instruments assimilés aux actions. Il peut également détenir des liquidités à hauteur de 20% de son actif net.
Type d'approche: Le compartiment investit dans des titres de sociétés cotées en bourse opérant principalement dans le domaine des technologies médicales (recherche, développement, fabrication et distribution). Le compartiment réalise ses analyses et ses investissements dans le monde entier. Le Compartiment promeut les aspects environnementaux et sociaux en appliquant des approches d'intégration et d'exclusion à l'investissement dans des sociétés de technologie médicale assorties de profils ESG (environnemental, social et de gouvernance) solides selon l'analyse du Gestionnaire d'investissements. Les entreprises doivent avoir un profil ESG minimum basé sur le cadre ESG du Gestionnaire d'investissements. La mise en œuvre des critères de sélection de la durabilité conduit à l'exclusion d'au moins 20% de l'univers d'investissement initial, lequel se compose de toutes les entreprises de technologie médicale à travers le monde. Seuil: les critères de sélection basés sur la durabilité s'appliquent à au moins 95% des titres du Compartiment. Le Compartiment investit dans des participations directes afin de répondre aux critères environnementaux ou sociaux promus. Principales limites méthodologiques: incohérence potentielle, inexactitude ou indisponibilité des données ESG fournies par des prestataires externes. De plus amples détails à ce sujet sont disponibles dans le prospectus.
Le compartiment peut utiliser des instruments dérivés à des fins de couverture.
La monnaie de cette classe de parts n'est PAS couverte par rapport à la monnaie principale du compartiment. L'investisseur supporte donc la totalité du risque de change.
Rachat d'actions: quotidiennement lorsque les banques sont ouvertes au Luxembourg (cf. prospectus pour détails et exceptions). Les revenus générés seront réinvestis et inclus dans la valeur de vos parts.
Le compartiment n'est pas géré par rapport à un indice de référence. Le gestionnaire dispose d'une liberté totale dans le cadre des limites de placement prédéfinies.
Les parts N3 sont réservées aux investisseurs au Royaume-Uni et aux Pays-Bas ainsi qu'aux investisseurs agissant pour leur propre compte ou pour le compte de leurs propres clients et qui ont conclu un accord distinct avec leurs clients. Les parts ne donnent droit à aucune remise ou rétrocession aux investisseurs.
Compte tenu de la période de détention minimale recommandée, le rendement dépendra de la performance des investissements sous-jacents. Le dépositaire du fonds est RBC Investor Services Bank S.A.
Ce compartiment fait partie d'un fonds à compartiments multiples. Les différents compartiments ne répondent pas les uns des autres, c'est-à- dire que seuls les gains et les pertes de ce compartiment vous concernent en tant qu'investisseur. Vous pouvez demander la conversion de tout ou partie de vos parts du compartiment conformément aux règles énoncées dans le prospectus de vente. La conversion n'est possible qu'entre les parts des compartiments pour lesquels Bank Vontobel AG a été choisie comme gestionnaire d'investissement.
Le prospectus de vente, les derniers rapports semestriels et annuels, le cours des actions ainsi que d'autres informations pratiques sur le fonds sont disponibles gratuitement sur le site www.mivglobalmedtech.ch en anglais et en allemand.
INVESTISSEURS PARTICULIERS VISÉS
Le compartiment est destiné aux investisseurs particuliers ayant une connaissance et/ou une expérience de ce type de produits, ayant obtenu un conseil en investissement approprié, disposant d'un horizon d'investissement à moyen ou long terme et ayant la capacité de supporter des pertes à hauteur du montant qu'ils ont investi dans le compartiment.
DURÉE
Les Parts n'ont pas de date d'échéance. L'initiateur du PRIIP peut mettre fin aux Parts de façon unilatérale. Les Parts, le Compartiment et le Fonds peuvent être dissous de manière anticipée et liquidés dans les cas prévus par le prospectus et les statuts du Fonds. | # ¿Qué es este producto?
TIPO
El Fondo se constituyó como société anonyme, un fondo abierto creado con arreglo a la ley modificada de 17 de diciembre de 2010 sobre organismos de inversión colectiva. Es un fondo paraguas con múltiples compartimentos, siendo el Compartimento uno de ellos. Las Acciones son una clase de acciones del Compartimento.
OBJETIVOS
Este compartimento de gestión activa tiene como objetivo lograr el mayor crecimiento del capital posible. Se enmarca en el artículo 8 del SFDR. El compartimento invierte al menos dos tercios de sus activos en acciones e instrumentos similares. También puede mantener hasta un 20 % de su patrimonio neto en efectivo.
Tipo de enfoque: El compartimento invierte en valores de empresas cotizadas que operan principalmente en el ámbito de la tecnología médica (investigación, desarrollo, fabricación y distribución). El compartimento realiza sus análisis e inversiones en todo el mundo. El compartimento promueve características medioambientales y sociales siguiendo enfoques de integración y exclusión invirtiendo en empresas de tecnología médica con buenos perfiles medioambientales, sociales y de gobierno corporativo (ESG) según el análisis del gestor de inversiones. Las empresas deben tener un perfil ESG mínimo según el marco ESG del gestor de inversiones. La aplicación de los criterios de selección de sostenibilidad se traduce en la exclusión, al menos, del 20 % del universo de inversión inicial, que consiste en todas las empresas de tecnología médica del mundo. Umbral: Se han aplicado criterios de selección de sostenibilidad, al menos, al 95 % de los valores del compartimento. El compartimento invierte en participaciones directas para cumplir las características medioambientales o sociales que promueve. Principales límites metodológicos: posibles incoherencias, imprecisiones o falta de disponibilidad de datos ESG emitidos por proveedores terceros externos. Puede obtener más información al respecto en el folleto.
El compartimento puede utilizar derivados con fines de cobertura.
La moneda de esta clase NO está cubierta frente a la moneda principal del compartimento. En consecuencia, el inversor asume todo el riesgo de cambio.
Reembolso de participaciones: todos los días en que los bancos se encuentren abiertos en Luxemburgo para el desempeño normal de su actividad (consulte el folleto para obtener información detallada y excepciones).
Los ingresos generados se reinvertirán y se incluirán en el valor de sus acciones.
El compartimento no se gestiona en relación con un índice de referencia. El gestor de carteras dispone de plena discrecionalidad de inversión dentro de los límites específicos definidos.
N3 shares may be subscribed only by investors in the United Kingdom and the Netherlands and by investors acting on their own behalf or on behalf of their own clients and who have concluded a separate agreement with their clients. The shares do not grant any rebates or retrocessions to the investors.
Teniendo en cuenta el periodo de mantenimiento mínimo recomendado, la rentabilidad dependerá de la evolución de las inversiones subyacentes.
El depositario del fondo es RBC Investor Services Bank S.A.
Este compartimento forma parte de un fondo paraguas. Los distintos compartimentos no son responsables unos de otros, es decir, solo las ganancias y pérdidas de este compartimento tienen relevancia para usted como inversor. Los inversores pueden solicitar la conversión de sus participaciones, en su totalidad o en parte, de conformidad con las normas establecidas en el folleto de venta. La conversión solo es posible entre las acciones de los compartimentos en los que Bank Vontobel AG ha sido nombrado gestor de inversiones.
Encontrará el folleto de venta, los informes semestrales y anuales actualizados, los precios de las acciones, así como otra información práctica sobre el fondo en inglés y alemán de forma gratuita en: www.mivglobalmedtech.ch.
INVERSOR MINORISTA AL QUE VA DIRIGIDO
El compartimento está destinado a inversores minoristas con conocimientos y/o experiencia en este tipo de productos, que hayan obtenido un asesoramiento de inversión adecuado, que tengan un horizonte de inversión de medio a largo plazo y capacidad para soportar pérdidas hasta el importe que hayan invertido en el compartimento.
PLAZO
Las Acciones no tienen fecha de vencimiento. El productor del PRIIP puede rescindir las Acciones unilateralmente. Las Acciones, el Compartimento y el Fondo pueden rescindirse anticipadamente y liquidarse en los casos previstos en el folleto y los estatutos del Fondo. | # En quoi consiste ce produit?
TYPE
Le Fonds a été constitué sous la forme d'une société anonyme, un fonds à capital variable formé en vertu de la loi modifiée du 17 décembre 2010 concernant les organismes de placement collectif. Il s'agit d'un fonds à compartiments multiples, dont le Compartiment fait partie. Les actions sont une catégorie de parts du Compartiment.
OBJECTIFS
Ce compartiment à gestion active vise à obtenir une croissance du capital aussi élevée que possible. Il relève de l'article 8 du Règlement sur la publication d'informations sur la durabilité dans le secteur financier.
Le compartiment investit au moins deux tiers de son actif dans des actions et des instruments assimilés aux actions. Il peut également détenir des liquidités à hauteur de 20% de son actif net.
Type d'approche: Le compartiment investit dans des titres de sociétés cotées en bourse opérant principalement dans le domaine des technologies médicales (recherche, développement, fabrication et distribution). Le compartiment réalise ses analyses et ses investissements dans le monde entier. Le Compartiment promeut les aspects environnementaux et sociaux en appliquant des approches d'intégration et d'exclusion à l'investissement dans des sociétés de technologie médicale assorties de profils ESG (environnemental, social et de gouvernance) solides selon l'analyse du Gestionnaire d'investissements. Les entreprises doivent avoir un profil ESG minimum basé sur le cadre ESG du Gestionnaire d'investissements. La mise en œuvre des critères de sélection de la durabilité conduit à l'exclusion d'au moins 20% de l'univers d'investissement initial, lequel se compose de toutes les entreprises de technologie médicale à travers le monde. Seuil: les critères de sélection basés sur la durabilité s'appliquent à au moins 95% des titres du Compartiment. Le Compartiment investit dans des participations directes afin de répondre aux critères environnementaux ou sociaux promus. Principales limites méthodologiques: incohérence potentielle, inexactitude ou indisponibilité des données ESG fournies par des prestataires externes. De plus amples détails à ce sujet sont disponibles dans le prospectus.
Le compartiment peut utiliser des instruments dérivés à des fins de couverture.
La monnaie de cette classe de parts n'est PAS couverte par rapport à la monnaie principale du compartiment. L'investisseur supporte donc la totalité du risque de change.
Rachat d'actions: quotidiennement lorsque les banques sont ouvertes au Luxembourg (cf. prospectus pour détails et exceptions). Les revenus générés seront réinvestis et inclus dans la valeur de vos parts.
Le compartiment n'est pas géré par rapport à un indice de référence. Le gestionnaire dispose d'une liberté totale dans le cadre des limites de placement prédéfinies.
Les parts N3 sont réservées aux investisseurs au Royaume-Uni et aux Pays-Bas ainsi qu'aux investisseurs agissant pour leur propre compte ou pour le compte de leurs propres clients et qui ont conclu un accord distinct avec leurs clients. Les parts ne donnent droit à aucune remise ou rétrocession aux investisseurs.
Compte tenu de la période de détention minimale recommandée, le rendement dépendra de la performance des investissements sous-jacents. Le dépositaire du fonds est RBC Investor Services Bank S.A.
Ce compartiment fait partie d'un fonds à compartiments multiples. Les différents compartiments ne répondent pas les uns des autres, c'est-à- dire que seuls les gains et les pertes de ce compartiment vous concernent en tant qu'investisseur. Vous pouvez demander la conversion de tout ou partie de vos parts du compartiment conformément aux règles énoncées dans le prospectus de vente. La conversion n'est possible qu'entre les parts des compartiments pour lesquels Bank Vontobel AG a été choisie comme gestionnaire d'investissement.
Le prospectus de vente, les derniers rapports semestriels et annuels, le cours des actions ainsi que d'autres informations pratiques sur le fonds sont disponibles gratuitement sur le site www.mivglobalmedtech.ch en anglais et en allemand.
INVESTISSEURS PARTICULIERS VISÉS
Le compartiment est destiné aux investisseurs particuliers ayant une connaissance et/ou une expérience de ce type de produits, ayant obtenu un conseil en investissement approprié, disposant d'un horizon d'investissement à moyen ou long terme et ayant la capacité de supporter des pertes à hauteur du montant qu'ils ont investi dans le compartiment.
DURÉE
Les Parts n'ont pas de date d'échéance. L'initiateur du PRIIP peut mettre fin aux Parts de façon unilatérale. Les Parts, le Compartiment et le Fonds peuvent être dissous de manière anticipée et liquidés dans les cas prévus par le prospectus et les statuts du Fonds. | fr | es |
DOLFIN5466 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For the purposes of clarification, any fair value adjustment will not be taken into account in the Share Price when calculating a Performance Fee for those Funds that have a Performance Fee.
- Significant Switches or Redemptions: If total requests for redemptions (including switches) on any Dealing Day is equal to or more than 10% of the total assets of a Fund, the Company is entitled to limit redemptions (including switches), so that the 10% level is not exceeded.
- Suspension of dealing: In exceptional circumstances, and in the interests of investors, all subscriptions and redemptions in the Funds may be suspended. Investors will not be able to deal in their Shares when this procedure is in place. | Onde evitare dubbi, eventuali rettifiche del valore equo non saranno considerate nel prezzo dell'Azione al momento del calcolo della Commissione di performance per i Comparti che la prevedono.
- Conversioni o rimborsi significativi: Se le richieste totali di rimborso (ivi incluse le richieste di conversione) in qualsiasi Giorno di negoziazione sono pari o superiori al 10% del patrimonio totale di un Comparto, la Società ha il diritto di limitare i rimborsi (incluse le conversioni), in modo che non venga superata tale soglia del 10%.
- Sospensione delle negoziazioni: In casi eccezionali e nell'interesse degli investitori, tutte le sottoscrizioni e tutti i rimborsi dei Comparti possono essere sospesi. Gli investitori non potranno negoziare le proprie Azioni quando è in vigore questa procedura. | For the purposes of clarification, any fair value adjustment will not be taken into account in the Share Price when calculating a Performance Fee for those Funds that have a Performance Fee.
- Significant Switches or Redemptions: If total requests for redemptions (including switches) on any Dealing Day is equal to or more than 10% of the total assets of a Fund, the Company is entitled to limit redemptions (including switches), so that the 10% level is not exceeded.
- Suspension of dealing: In exceptional circumstances, and in the interests of investors, all subscriptions and redemptions in the Funds may be suspended. Investors will not be able to deal in their Shares when this procedure is in place. | en | it |
DOLFIN5467 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2310 | €2070 |
| Average return each year | -76.90% | -27.02% |
| Unfavourable | What you might get back after costs | €6280 | €6020 |
| Average return each year | -37.20% | -9.65% |
| Moderate | What you might get back after costs | €10860 | €16680 |
| Average return each year | 8.60% | 10.77% |
| Favourable | What you might get back after costs | €16700 | €27360 |
| Average return each year | 67.00% | 22.30% | | | Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 3 años |
| --- | --- |
| Mínimo | No hay una rentabilidad mínima garantizada. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2310 | €2070 |
| Rendimiento medio cada año | -76.90% | -27.02% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €6280 | €6020 |
| Rendimiento medio cada año | -37.20% | -9.65% |
| Moderado | Lo que podría recibir tras deducir los costes | €10860 | €16680 |
| Rendimiento medio cada año | 8.60% | 10.77% |
| Favorable | Lo que podría recibir tras deducir los costes | €16700 | €27360 |
| Rendimiento medio cada año | 67.00% | 22.30% | | | Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2310 | €2070 |
| Average return each year | -76.90% | -27.02% |
| Unfavourable | What you might get back after costs | €6280 | €6020 |
| Average return each year | -37.20% | -9.65% |
| Moderate | What you might get back after costs | €10860 | €16680 |
| Average return each year | 8.60% | 10.77% |
| Favourable | What you might get back after costs | €16700 | €27360 |
| Average return each year | 67.00% | 22.30% | | en | es |
DOLFIN5468 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Société d’investissement à capital variable
Established in Luxembourg RCS Luxembourg B 102 944
This audited Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available audited Annual Report of the Company and any subsequently published unaudited Semi-Annual Report. Copies of the current Prospectus, latest audited Annual and unaudited Semi- Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active STrategy.
Fidelity Active STrategy | Société d’investissement à capital variable
constituée au Luxembourg RCS Luxembourg B 102 944
Ce Rapport annuel audité de la Société ne constitue pas une offre d’Actions. Les Actions sont offertes sur la base des informations contenues dans le Prospectus en vigueur (et dans les documents qui y sont mentionnés) ainsi que dans le dernier Rapport annuel audité de la Société et dans tout Rapport semestriel non audité publié après ce dernier. Des exemplaires du Prospectus en vigueur, des derniers Rapports annuel audité et semestriel non audité et des rapports sur les modifications du portefeuille de la Société sont disponibles gratuitement au siège social de la Société ou auprès de toutes les sociétés enregistrées comme distributeurs de Fidelity Active STrategy.
Fidelity Active STrategy | Société d’investissement à capital variable
Established in Luxembourg RCS Luxembourg B 102 944
This audited Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available audited Annual Report of the Company and any subsequently published unaudited Semi-Annual Report. Copies of the current Prospectus, latest audited Annual and unaudited Semi- Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active STrategy.
Fidelity Active STrategy | en | fr |
DOLFIN5469 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The same quorum and majority requirements shall apply in case of merger of the Corporation, if as a result of such merger the Corporation will cease to exist.
Whenever the share capital falls below two-thirds of the minimum capital indicated in Article 5 hereof, the question of the dissolution of the Corporation shall be referred to the general meeting by the Board. The general meeting, for which no quorum shall be required, shall decide by simple majority of the validly cast votes.
The question of the dissolution of the Corporation shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital set by Article 5 hereof; in such an event, the general meeting shall be held without any quorum requirements and the dissolution may be decided by shareholders holding one-fourth of the votes of the Shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Corporation have fallen below two-thirds or one-fourth of the legal minimum, as the case may be. | # Les mêmes conditions de quorum et de majorité s’appliqueront dans le cas d’une fusion de la Société, si en conséquence d’une telle fusion la Société cesse d’exister.
Si le capital social passe en dessous des deux tiers du capital minimum indiqué à l’article 5 ci-dessus, la question de la dissolution de la Société sera soumise par le Conseil aux actionnaires réunis en assemblée générale. L’assemblée générale, qui ne sera soumise à aucune condition de quorum, prendra sa décision à la majorité simple des votes valablement exprimés.
La question de la dissolution de la Société sera également soumise à l’assemblée générale si le capital social tombe en dessous d’un quart du capital minimum fixé à l’Article 5 des présents Statuts ; dans ce cas, l’assemblée générale se tiendra sans condition de quorum et la dissolution pourra être décidée par les actionnaires détenant un quart des voix des actionnaires présents ou représentés à l’assemblée.
L’assemblée sera convoquée de telle manière qu’elle soit tenue dans un délai de quarante jours à compter de la date à laquelle il a été établi que l’actif net de la Société est tombé sous le seuil de deux tiers ou d’un quart du minimum légal, selon le cas. | # The same quorum and majority requirements shall apply in case of merger of the Corporation, if as a result of such merger the Corporation will cease to exist.
Whenever the share capital falls below two-thirds of the minimum capital indicated in Article 5 hereof, the question of the dissolution of the Corporation shall be referred to the general meeting by the Board. The general meeting, for which no quorum shall be required, shall decide by simple majority of the validly cast votes.
The question of the dissolution of the Corporation shall further be referred to the general meeting whenever the share capital falls below one-fourth of the minimum capital set by Article 5 hereof; in such an event, the general meeting shall be held without any quorum requirements and the dissolution may be decided by shareholders holding one-fourth of the votes of the Shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Corporation have fallen below two-thirds or one-fourth of the legal minimum, as the case may be. | en | fr |
DOLFIN5470 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 5 out of 7, which is a medium-high risk class.
This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The concentrated portfolio, and exposure to emerging markets and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a los movimientos en los mercados o porque no podamos pagarle.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Riesgo más bajo Riesgo más alto
El indicador de riesgo asume que va a mantener el producto durante 5 años. El riesgo real puede variar significativamente si usted sale anticipadamente y podría recibir una cantidad inferior.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto.
Este indicador evalúa las pérdidas potenciales del rendimiento futuro en un nivel medio alto, y es probable que las malas condiciones del mercado afecten a la capacidad de Baillie Gifford Investment Management (Europe) Limited para pagarle.
Tenga en cuenta el riesgo de divisas. Usted recibirá los pagos en una divisa diferente, por lo que la cantidad final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se ha tenido en cuenta en el indicador anterior.
Una cartera concentrada y la exposición a mercados emergentes y a divisas extranjeras pueden aumentar el riesgo. Los gastos se detraen de los ingresos; si los gastos exceden los ingresos, el valor del capital disminuye.
Este producto no incluye ninguna protección contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
We have classified this product as 5 out of 7, which is a medium-high risk class.
This rates the potential losses from future performance at a medium-high level, and poor market conditions will likely impact the capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The concentrated portfolio, and exposure to emerging markets and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN5471 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This decision of the Board of Directors will be published as described in 25.2 below.
The net liquidation proceeds of each sub-fund will be distributed to the shareholders of each sub-fund proportionate to their holding.
The liquidation proceeds attributable to securities whose holders do not present themselves by the time the sub-fund closure procedure is complete will remain on deposit with the Caisse de Consignation in Luxembourg for the relevant beneficiary.
- Merger of sub-funds, share classes or share types
-
##### Merger of share classes or share types | Pareille décision du Conseil d’Administration sera publiée conformément aux informations reprises au chapitre 25.2 ci-dessous.
Le produit net de la liquidation de chaque compartiment sera distribué aux actionnaires de chaque compartiment au prorata de leur participation.
Le produit de dissolution revenant à des titres dont les détenteurs ne se seraient pas présentés lors de la clôture des opérations de suppression d’un compartiment sera déposé à la Caisse de Consignation à Luxembourg au profit de qui il appartiendra.
- Fusion de compartiments, classes ou types d’actions
-
#### Fusion de classes ou types d’actions | This decision of the Board of Directors will be published as described in 25.2 below.
The net liquidation proceeds of each sub-fund will be distributed to the shareholders of each sub-fund proportionate to their holding.
The liquidation proceeds attributable to securities whose holders do not present themselves by the time the sub-fund closure procedure is complete will remain on deposit with the Caisse de Consignation in Luxembourg for the relevant beneficiary.
- Merger of sub-funds, share classes or share types
-
##### Merger of share classes or share types | en | fr |
DOLFIN5472 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## RAM (LUX) TACTICAL FUNDS II - ASIA BOND TOTAL RETURN FUND 11
Statement of net assets11
Statement of operations and other changes in net assets12
Statistical information13
Statement of investments and other net assets15
Industrial and geographical classification of investments18 | ## RAM (LUX) TACTICAL FUNDS II - ASIA BOND TOTAL RETURN FUND 12
Etat du patrimoine 12
Etat des opérations et des autres variations de l'actif net 13
Statistiques 14
Etat du portefeuille-titres et des autres actifs nets 16
Répartition économique et géographique du portefeuille-titres 19 | ## RAM (LUX) TACTICAL FUNDS II - ASIA BOND TOTAL RETURN FUND 11
Statement of net assets11
Statement of operations and other changes in net assets12
Statistical information13
Statement of investments and other net assets15
Industrial and geographical classification of investments18 | en | fr |
DOLFIN5473 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Si vous sortez après Si vous sortez après Exemple d’investissement : 10 000 EUR 1 an 5 ans |
| --- |
| Scénarios |
| Minimum Ce Produit n’inclut aucune garantie, vous pourriez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 170 EUR | 7 720 EUR |
| Rendement annuel moyen | -18,3 % | -5,0 % |
| Défavorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 280 EUR | 9 170 EUR |
| Rendement annuel moyen | -7,2 % | -1,7 % |
| Intermédiaire (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 670 EUR | 9 590 EUR |
| Rendement annuel moyen | -3,3 % | -0,8 % |
| Favorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 710 EUR | 9 670 EUR |
| Rendement annuel moyen | -2,9 % | -0,7 % | | | Período de mantenimiento recomendado: 5 años En caso de salida En caso de salida Ejemplo de inversión: 10 000 EUR después de 1 año después de 5 años |
| --- |
| Escenarios |
| Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8170 EUR | 7720 EUR |
| Rendimiento medio cada año | -18,3 % | -5,0 % |
| Desfavorable (*) | Lo que podría recibir tras deducir los costes | 9280 EUR | 9170 EUR |
| Rendimiento medio cada año | -7,2 % | -1,7 % |
| Moderado (*) | Lo que podría recibir tras deducir los costes | 9670 EUR | 9590 EUR |
| Rendimiento medio cada año | -3,3 % | -0,8 % |
| Favorable (*) | Lo que podría recibir tras deducir los costes | 9710 EUR | 9670 EUR |
| Rendimiento medio cada año | -2,9 % | -0,7 % | | | Période de détention recommandée : 5 ans Si vous sortez après Si vous sortez après Exemple d’investissement : 10 000 EUR 1 an 5 ans |
| --- |
| Scénarios |
| Minimum Ce Produit n’inclut aucune garantie, vous pourriez donc perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 8 170 EUR | 7 720 EUR |
| Rendement annuel moyen | -18,3 % | -5,0 % |
| Défavorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 280 EUR | 9 170 EUR |
| Rendement annuel moyen | -7,2 % | -1,7 % |
| Intermédiaire (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 670 EUR | 9 590 EUR |
| Rendement annuel moyen | -3,3 % | -0,8 % |
| Favorable (*) | Ce que vous pourriez obtenir après déduction des coûts | 9 710 EUR | 9 670 EUR |
| Rendement annuel moyen | -2,9 % | -0,7 % | | fr | es |
DOLFIN5474 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In addition, certain Sub-Funds promote, among other characteristics, ESG characteristics and have been classified by the Management Company as financial products subject to Article 8 of SFDR.
Other Sub-Funds have sustainable investment as their investment objective and have been classified by the Management Company as financial products subject to Article 9 of SFDR.
The classification of the Sub-Fund under SFDR, the manner in which the Investment Managers integrate sustainability risks into their investment decisions in respect of the Sub-Funds and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Funds are set out in the SFDR Annex.
In respect of Sub-Funds which either promote, among other characteristics, ESG characteristics (subject to Article 8 of SFDR) or have sustainable investment as their investment objective (subject to Article 9 of SFDR), the SFDR Annex contains:
- a description of the ESG characteristics or the sustainable objective; and
- information on the methodologies used to assess, measure and monitor the ESG characteristics or the impact of the sustainable investments selected for the Sub-Fund, including its data sources, screening criteria for the underlying assets and the relevant SFDR Focused Sustainability Indicators used to measure the ESG characteristics or the overall sustainable impact of the Sub-Fund. | Zudem bewerben bestimmte Teilfonds neben anderen Merkmalen auch ESG-Merkmale und wurden von der Verwaltungsgesellschaft als Finanzprodukte eingestuft, die Artikel 8 der SFDR unterstehen.
Andere Teilfonds haben nachhaltige Investitionen als Anlageziel und wurden von der Verwaltungsgesellschaft als Finanzprodukte eingestuft, die Artikel 9 der SFDR unterstehen.
Die Einstufung des Teilfonds gemäss SFDR, die Art und Weise, in der die Fondsmanager Nachhaltigkeitsrisiken in ihre Anlageentscheidungen in Bezug auf die Teilfonds einbeziehen, sowie die Ergebnisse der Bewertung der wahrscheinlichen Auswirkungen von Nachhaltigkeitsrisiken auf die Renditen der Teilfonds sind im SFDR-Anhang dargelegt.
In Bezug auf Teilfonds, die entweder neben anderen Merkmalen ESG-Merkmale bewerben (Artikel 8 der SFDR unterstehend) oder nachhaltige Investitionen als Anlageziel haben (Artikel 9 der SFDR unterstehend), enthält der SFDR-Anhang:
- eine Beschreibung der ESG-Merkmale oder des Nachhaltigkeitsziels; sowie
- Informationen über die Methoden zur Bewertung, Messung und Überwachung der ESG-Merkmale oder der Auswirkungen der für den Teilfonds ausgewählten nachhaltigen Investitionen, einschliesslich der entsprechenden Datenquellen, der Screening-Kriterien für die zugrunde liegenden Vermögenswerte und der relevanten SFDR- fokussierten Nachhaltigkeitsindikatoren, die zur Messung der ESG-Merkmale oder der Gesamtnachhaltigkeitswirkung des Teilfonds verwendet werden. | In addition, certain Sub-Funds promote, among other characteristics, ESG characteristics and have been classified by the Management Company as financial products subject to Article 8 of SFDR.
Other Sub-Funds have sustainable investment as their investment objective and have been classified by the Management Company as financial products subject to Article 9 of SFDR.
The classification of the Sub-Fund under SFDR, the manner in which the Investment Managers integrate sustainability risks into their investment decisions in respect of the Sub-Funds and the results of the assessment of the likely impacts of sustainability risks on the returns of the Sub-Funds are set out in the SFDR Annex.
In respect of Sub-Funds which either promote, among other characteristics, ESG characteristics (subject to Article 8 of SFDR) or have sustainable investment as their investment objective (subject to Article 9 of SFDR), the SFDR Annex contains:
- a description of the ESG characteristics or the sustainable objective; and
- information on the methodologies used to assess, measure and monitor the ESG characteristics or the impact of the sustainable investments selected for the Sub-Fund, including its data sources, screening criteria for the underlying assets and the relevant SFDR Focused Sustainability Indicators used to measure the ESG characteristics or the overall sustainable impact of the Sub-Fund. | en | de |
DOLFIN5475 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Overall risk assessment
Each Sub-Fund of the SICAV must ensure that its overall exposure to derivatives does not exceed the total net value of its portfolio.
Overall exposure is a management designed to limit the leverage generated for each Sub-Fund by using derivatives. The method used to calculate overall exposure for each Sub-Fund within the SICAV is the “commitment method”. The commitment method involves converting positons on derivatives into equivalent positons on underlying assets and then aggregating the market value of these equivalent positions.
According to the commitment methodology, the maximum level of derivatives leverage is 100%. | ###### Valutazione complessiva del rischio
Ciascun Comparto della SICAV deve garantire che la sua esposizione complessiva ai derivati superi il valore netto totale del suo portafoglio.
L'esposizione complessiva è una gestione progettata per limitare la leva generata per ciascun Comparto utilizzando derivati. Il metodo utilizzato per calcolare l'esposizione complessiva per ciascun Comparto all'interno della SICAV è il “metodo di impegno”. Il metodo di impegno prevede la conversione di positoni su derivati in positoni equivalenti su attività sottostanti e quindi l'aggregazione del valore di mercato di tali posizioni equivalenti.
Secondo la metodologia di impegno, il livello massimo di leva finanziaria sui derivati è del 100%. | ##### Overall risk assessment
Each Sub-Fund of the SICAV must ensure that its overall exposure to derivatives does not exceed the total net value of its portfolio.
Overall exposure is a management designed to limit the leverage generated for each Sub-Fund by using derivatives. The method used to calculate overall exposure for each Sub-Fund within the SICAV is the “commitment method”. The commitment method involves converting positons on derivatives into equivalent positons on underlying assets and then aggregating the market value of these equivalent positions.
According to the commitment methodology, the maximum level of derivatives leverage is 100%. | en | it |
DOLFIN5476 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Futures contracts
The Management Company may conclude futures contracts on the account of the sub-funds within the framework of the investment principles on the securities and money market instruments that may be acquired for the sub-funds as well as on financial indices within the meaning of Art. 9 Para. 1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies. Futures contracts constitute unconditional binding agreements for both contracting parties to buy or to sell on a specific date, the due date, or within a specific period, a specific quantity of a specific underlying security at a price determined in advance. | # Terminkontrakte
Die Verwaltungsgesellschaft darf für Rechnung der Teilfonds im Rahmen der Anlagegrundsätze Terminkontrakte auf für die Teilfonds erwerbbare Wertpapiere und Geldmarktinstrumente sowie auf Finanzindizes im Sinne des Artikels 9 Absatz 1 der Richtlinie 2007/16/EG, Zinssätze, Wechselkurse oder Währungen abschliessen. Terminkontrakte sind für beide Vertragspartner unbedingt verpflichtende Vereinbarungen, zu einem bestimmten Zeitpunkt, dem Fälligkeitsdatum, oder innerhalb eines bestimmten Zeitraumes eine bestimmte Menge eines bestimmten Basiswertes zu einem im Voraus be- stimmten Preis zu kaufen bzw. zu verkaufen. | # Futures contracts
The Management Company may conclude futures contracts on the account of the sub-funds within the framework of the investment principles on the securities and money market instruments that may be acquired for the sub-funds as well as on financial indices within the meaning of Art. 9 Para. 1 of the Directive 2007/16/EC, interest rates, exchange rates or currencies. Futures contracts constitute unconditional binding agreements for both contracting parties to buy or to sell on a specific date, the due date, or within a specific period, a specific quantity of a specific underlying security at a price determined in advance. | en | de |
DOLFIN5477 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,742
-2.6%
USD 11,409
2.7% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 742 USD
-2,6%
11 409 USD
2,7% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,742
-2.6%
USD 11,409
2.7% | en | es |
DOLFIN5478 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Opportunities
The fund invests in a broadly diversified bond universe and seeks various opportunities for returns.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are attractive and could generate positive opportunities for investors. | # Opportunità
Il Fondo investe in un universo obbligazionario ampiamente diversificato e cerca di cogliere le opportunità di rendimento ovunque si presentino.
Il Fondo è gestito attivamente da gestori esperti e altamente qualificati, che utilizzano un approccio basato su valutazioni fondamentali, con l'obiettivo di individuare, sulla base delle valutazioni dei gestori del portafoglio, gli investimenti potenzialmente più interessanti e generare opportunità di rendimento allettanti per gli investitori. | # Opportunities
The fund invests in a broadly diversified bond universe and seeks various opportunities for returns.
A highly qualified and experienced management actively manages the fund on the basis of a fundamental valuation approach. The objective is to identify the potential investments that, in the Investment manager's opinion, are attractive and could generate positive opportunities for investors. | en | it |
DOLFIN5479 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### TRANSFERS
Any Shareholder may transfer all or any of his Shares by an instrument of transfer in any usual or common form or in any other form which the Directors may approve. The instrument of transfer must be executed by or on behalf of the transferor and the transferor is deemed to remain the holder until the transferee’s name is entered in the register.
The Directors may only decline to register any transfer of Shares to a person where in the sole and conclusive opinion of the Directors, such transfer, either alone or together with others may (i) cause a breach of any applicable law or regulation in any jurisdiction, (ii) prejudice the tax status or residence of the Company or its Shareholders as a whole, (iii) cause the Company or its Shareholders as a whole to suffer any pecuniary, fiscal, legal or regulatory disadvantage, (iv) cause the Company to be required to comply with any registration or filing requirements in any jurisdiction with which it would not otherwise be required to comply, (v) cause Shares to be held by a U.S. Person. The Directors may also decline to register a transfer of Shares in circumstances where the Company is required to redeem appropriate or cancel such number of Shares as are required to meet the appropriate tax of the Shareholder on such transfer.
The Directors may require a transferor to certify that the proposed sale is not being made directly or indirectly in the United States and require a proposed transferee to certify that it is not a U.S. Person and that it is not, nor is it acquiring Shares on behalf or for the benefit of a U.S. Person. In the event that the Company does not receive a valid Declaration in respect of the transferee, the Company will be required to deduct appropriate tax in respect of any payment to the transferee or any sale, transfer, cancellation, redemption, repurchase or other payment in respect of the Shares as described in the section headed “Taxation” below.
Registrations of transfers may be suspended at such times and for such periods (not exceeding 30 days in any year) as the Directors (in consultation with the Administrator) may determine. | ### TRANSFERS
Jeder Aktionär kann alle oder einen Teil seiner Anteile durch eine Übertragungsurkunde in einer üblichen oder gemeinsamen Form oder in einer anderen Form, die die Direktoren genehmigen können, übertragen. Die Übertragungsurkunde muss von oder im Namen des Übertragenden ausgefertigt werden, und der Übertragende gilt als Inhaber, bis der Name des Empfängers in das Register eingetragen ist.
Die Verwaltungsratsmitglieder können die Registrierung einer Übertragung von Anteilen an eine Person nur ablehnen, wenn nach der alleinigen und abschliessenden Meinung der Verwaltungsratsmitglieder eine solche Übertragung allein oder zusammen mit anderen (i) zu einem Verstoss gegen geltende Gesetze oder Vorschriften in einer Gerichtsbarkeit führen kann, (ii) den Steuerstatus oder Wohnsitz der Gesellschaft oder ihrer Aktionäre insgesamt beeinträchtigt, (iii) die Gesellschaft oder ihre Anteilseigner als Ganzes in irgendeiner Weise finanziell, steuerlich, rechtlich oder regulatorisch benachteiligt werden, (iv) die Gesellschaft dazu veranlasst, Registrierungs- oder Einreichungsanforderungen in einer Rechtsordnung zu erfüllen, die sie sonst nicht erfüllen müsste, (v) dazu führt, dass die Anteile in den Besitz einer US-Person gelangen. Die Verwaltungsratsmitglieder können es auch ablehnen, eine Übertragung von Anteilen zu registrieren, wenn die Gesellschaft verpflichtet ist, eine angemessene Rücknahme oder Aufhebung derjenigen Anzahl von Anteilen vorzunehmen, die erforderlich sind, um die angemessene Steuer des Aktionärs auf diese Übertragung zu zahlen.
Die Verwaltungsratsmitglieder können von einem Überträger verlangen, zu bestätigen, dass der geplante Verkauf nicht direkt oder indirekt in den Vereinigten Staaten durchgeführt wird, und von einem vorgeschlagenen Übertragungsempfänger verlangen, zu bestätigen, dass er keine US-Person ist und dass er keine Anteile im Namen oder zu Gunsten einer US-Person erwirbt. Für den Fall, dass die Gesellschaft keine gültige Erklärung in Bezug auf den Übertragungsempfänger erhält, ist die Gesellschaft verpflichtet, eine angemessene Steuer in Bezug auf jede Zahlung an den Übertragungsempfänger oder jede Veräusserung, Übertragung, Annullierung, Rücknahme oder sonstige Zahlung in Bezug auf die Anteile, wie im Abschnitt „Besteuerung“ unten beschrieben, abzuziehen.
Die Eintragung von Übertragungen kann zu diesen Zeiten und für die Zeiträume (höchstens 30 Tage im Jahr) ausgesetzt werden, die die Verwaltungsratsmitglieder (in Absprache mit dem Verwalter) festlegen können. | ### TRANSFERS
Any Shareholder may transfer all or any of his Shares by an instrument of transfer in any usual or common form or in any other form which the Directors may approve. The instrument of transfer must be executed by or on behalf of the transferor and the transferor is deemed to remain the holder until the transferee’s name is entered in the register.
The Directors may only decline to register any transfer of Shares to a person where in the sole and conclusive opinion of the Directors, such transfer, either alone or together with others may (i) cause a breach of any applicable law or regulation in any jurisdiction, (ii) prejudice the tax status or residence of the Company or its Shareholders as a whole, (iii) cause the Company or its Shareholders as a whole to suffer any pecuniary, fiscal, legal or regulatory disadvantage, (iv) cause the Company to be required to comply with any registration or filing requirements in any jurisdiction with which it would not otherwise be required to comply, (v) cause Shares to be held by a U.S. Person. The Directors may also decline to register a transfer of Shares in circumstances where the Company is required to redeem appropriate or cancel such number of Shares as are required to meet the appropriate tax of the Shareholder on such transfer.
The Directors may require a transferor to certify that the proposed sale is not being made directly or indirectly in the United States and require a proposed transferee to certify that it is not a U.S. Person and that it is not, nor is it acquiring Shares on behalf or for the benefit of a U.S. Person. In the event that the Company does not receive a valid Declaration in respect of the transferee, the Company will be required to deduct appropriate tax in respect of any payment to the transferee or any sale, transfer, cancellation, redemption, repurchase or other payment in respect of the Shares as described in the section headed “Taxation” below.
Registrations of transfers may be suspended at such times and for such periods (not exceeding 30 days in any year) as the Directors (in consultation with the Administrator) may determine. | en | de |
DOLFIN5480 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Procédures d'évaluation interne de la qualité de crédit
Conformément aux dispositions du Règlement sur les fonds monétaires et des actes délégués le complétant, la Société de gestion a établi des procédures personnalisées d’évaluation interne de la qualité de crédit (les « Procédures d’évaluation interne de la qualité de crédit »), en tenant compte de l’émetteur et des caractéristiques de l’instrument lui-même pour déterminer la qualité de crédit des instruments détenus dans le portefeuille du Compartiment.
Les Procédures d'évaluation interne de la qualité de crédit sont gérées par une équipe d’analystes crédit dédiée sous la responsabilité de la Société de gestion.
La Société de gestion contrôle les Procédures d'évaluation interne de la qualité de crédit en permanence afin de s’assurer qu’elles sont appropriées et continuent de représenter de façon adéquate la qualité de crédit des instruments dans lesquels chaque Compartiment peut investir. Les Procédures d'évaluation interne de la qualité de crédit sont conçues de façon à pouvoir s’adapter aux changements d’importance relative des critères d’évaluation, qui peuvent évoluer de temps à autre.
Les analystes crédit effectuent des recherches fondamentales sur les secteurs dans lesquels chaque Compartiment investit et sur les entreprises au sein de ces secteurs. Les analystes se concentrent sur les tendances qui peuvent avoir une influence sur chaque secteur, région ou type de produit et cherchent à appréhender la façon dont les nouvelles réglementations, les politiques et les tendances politiques et économiques peuvent affecter la qualité de crédit des instruments dans lesquels chaque Compartiment peut investir.
A travers la mise en œuvre des Procédures d’évaluation interne de la qualité de crédit, les analystes crédit créent une « liste approuvée » des instruments évalués favorablement et dans lesquels une Classe d’Actions peut investir. Afin d’établir la liste des instruments approuvés, les analystes crédit attribuent une note interne à chaque émetteur (ou à chaque garant, selon le cas) d’instruments et tiennent compte de leurs caractéristiques. La note interne illustre la qualité de crédit de l’émetteur et des instruments en termes relatifs ; en d’autres termes, elle représente la meilleure estimation des analystes concernant la qualité de crédit sous-jacente des titres et des instruments de chaque émetteur. La note interne est attribuée en fonction de nombreux facteurs quantitatifs et qualitatifs, plus amplement décrits ci-après, et intègre l’évaluation des facteurs actuels ainsi que des hypothèses sur les différents scénarios envisageables pour l’émetteur à court et à moyen terme.
Conformément aux Procédures d'évaluation interne de la qualité de crédit, la note interne attribuée à chaque émetteur et à chaque instrument doit être revue annuellement (ou plus fréquemment si les facteurs de marché l’exigent). En présence d’un changement important susceptible d’avoir un effet sur l’évaluation existante de l’instrument tel que décrit à l’Article 19 (4) (d) du Règlement sur les fonds monétaires, par exemple si la qualité de crédit d’un émetteur devient incertaine ou « attire l’attention des médias » (par exemple, en raison d’un événement financier négatif important ou d’un abaissement significatif de la note de crédit), la qualité de crédit de l’émetteur sera immédiatement réévaluée et des mesures appropriées pourront être prises au regard de tout instrument spécifique de l’émetteur concerné au sein du Compartiment. Selon les caractéristiques spécifiques de l’instrument, ces mesures peuvent inclure la vente des positions sous-jacentes ou la conservation des positions jusqu’à échéance. Dans les deux cas, la décision prise servira au mieux l’intérêt des actionnaires du Compartiment.
Les notes internes attribuées dans le cadre des Procédures d’évaluation interne de la qualité de crédit servent à définir les restrictions appropriées en termes de niveau d’exposition d’un Compartiment à un émetteur, en ce compris les limites monétaires, les échéances et les concentrations de compte. Ainsi, les restrictions appliquées au niveau des Compartiments peuvent être plus prudentes que celles prévues en la matière par le Règlement sur les fonds monétaires. Les révisions des notations internes attribuées par les analystes crédit peuvent également
entraîner la modification de ces restrictions.
Afin de déterminer le risque de crédit des émetteurs et des instruments, les analystes crédit s’attachent à évaluer la capacité de l’émetteur ou du garant à rembourser ses dettes ainsi que les caractéristiques particulières d’un instrument, compte tenu du fait que les instruments peuvent réagir différemment en cas de défaillance. L’évaluation du crédit procède d’une analyse à la fois quantitative et qualitative.
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## Analyse quantitative | ### Procedimientos internos de crédito
De conformidad con lo dispuesto en el Reglamento sobre FMM y en los actos delegados pertinentes que completan el Reglamento sobre FMM, la Sociedad gestora ha adoptado procedimientos internos personalizados de evaluación de la calidad crediticia (los «Procedimientos internos de crédito»), que tienen en cuenta el emisor del instrumento y las características del propio instrumento con el fin de determinar la calidad crediticia de los instrumentos mantenidos en la cartera del Subfondo.
Los Procedimientos internos de crédito son gestionados por un equipo especializado de analistas de crédito bajo la responsabilidad de la Sociedad gestora.
La Sociedad gestora supervisa de forma permanente los Procedimientos internos de crédito, en particular para garantizar que los procedimientos sean adecuados y sigan proporcionando una representación exacta de la calidad crediticia de los instrumentos en los que pueden invertir los diferentes Subfondos. Los Procedimientos internos de crédito han sido diseñados con la flexibilidad necesaria para adaptarse a los cambios en la importancia relativa de los criterios de evaluación, ya que pueden variar puntualmente.
Los analistas de crédito realizan estudios fundamentales sobre los sectores en los que invierte cada uno de los Subfondos y sobre las empresas de dichos sectores. Los analistas se centran en las tendencias que afectan a cada industria, región o tipo de producto, así como en la forma en que las nuevas normativas, políticas y tendencias políticas y económicas pueden afectar a la calidad crediticia de los instrumentos en los que invierta cada Subfondo.
Mediante la aplicación de los Procedimientos internos de crédito, los analistas de crédito crean una «lista aprobada» de instrumentos con evaluación favorable en los que una Clase de Acciones puede invertir. Para elaborar la lista aprobada de instrumentos que reciben una evaluación de la calidad crediticia favorable, los analistas de crédito asignan una calificación interna a cada emisor (o garante, según proceda) de instrumentos y tienen en cuenta las características de estos. La calificación interna ilustra la calidad crediticia relativa del emisor y de los instrumentos, es decir, representa la mejor estimación de la solidez crediticia subyacente de los valores e instrumentos de cada emisor realizada por los analistas de crédito. La calificación interna se asigna sobre la base de numerosos factores cuantitativos y cualitativos, como se describe más adelante, e incluye la evaluación de los factores existentes, combinados con supuestos sobre escenarios que podrían presentarse para el emisor en un horizonte temporal a corto/medio plazo.
De conformidad con los Procedimientos internos de crédito, la calificación interna asignada a cada emisor e instrumento debe revisarse anualmente (o con mayor frecuencia si así lo dictan los factores del mercado). En caso de que se produzca un cambio importante que pueda afectar a la evaluación del instrumento a que se refiere el artículo 19, apartado 4, letra d), del Reglamento sobre FMM, por ejemplo, si la calidad crediticia de un emisor se vuelve incierta o de «interés periodístico» (por ejemplo, debido a un acontecimiento en materia financiera significativamente negativo o a una rebaja considerable de la calificación crediticia por parte de una agencia de calificación), la solvencia del emisor se reevaluará inmediatamente y podrán adoptarse medidas apropiadas para cualquier instrumento específico del emisor en cuestión en el Subfondo. Dichas medidas podrán incluir la venta de las posiciones subyacentes o el mantenimiento de las posiciones hasta su vencimiento en función de las características específicas del instrumento. En cualquier caso, la decisión se basará en lo que más convenga a los intereses de los accionistas del Subfondo.
Las calificaciones internas establecidas en aplicación de los Procedimientos internos de crédito se utilizan para establecer las restricciones adecuadas en cuanto al nivel de exposición que un
Subfondo puede asumir frente a un emisor, incluidos los límites monetarios, los plazos y las concentraciones de cuentas. En consecuencia, las restricciones aplicadas en el Subfondo pueden ser más conservadoras que las restricciones pertinentes establecidas en el Reglamento sobre FMM. Los cambios en las calificaciones internas asignadas por los analistas de crédito también pueden provocar modificaciones en estas restricciones.
A la hora de determinar el riesgo de crédito del emisor y del instrumento, los analistas de crédito se centran en la evaluación de la capacidad del emisor o del garante para reembolsar sus obligaciones de deuda y las características de un instrumento específico, ya que los instrumentos pueden reaccionar de forma diferente en un escenario de impago. La evaluación del crédito incluye un análisis tanto cuantitativo como cualitativo.
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## Análisis cuantitativo | ### Procédures d'évaluation interne de la qualité de crédit
Conformément aux dispositions du Règlement sur les fonds monétaires et des actes délégués le complétant, la Société de gestion a établi des procédures personnalisées d’évaluation interne de la qualité de crédit (les « Procédures d’évaluation interne de la qualité de crédit »), en tenant compte de l’émetteur et des caractéristiques de l’instrument lui-même pour déterminer la qualité de crédit des instruments détenus dans le portefeuille du Compartiment.
Les Procédures d'évaluation interne de la qualité de crédit sont gérées par une équipe d’analystes crédit dédiée sous la responsabilité de la Société de gestion.
La Société de gestion contrôle les Procédures d'évaluation interne de la qualité de crédit en permanence afin de s’assurer qu’elles sont appropriées et continuent de représenter de façon adéquate la qualité de crédit des instruments dans lesquels chaque Compartiment peut investir. Les Procédures d'évaluation interne de la qualité de crédit sont conçues de façon à pouvoir s’adapter aux changements d’importance relative des critères d’évaluation, qui peuvent évoluer de temps à autre.
Les analystes crédit effectuent des recherches fondamentales sur les secteurs dans lesquels chaque Compartiment investit et sur les entreprises au sein de ces secteurs. Les analystes se concentrent sur les tendances qui peuvent avoir une influence sur chaque secteur, région ou type de produit et cherchent à appréhender la façon dont les nouvelles réglementations, les politiques et les tendances politiques et économiques peuvent affecter la qualité de crédit des instruments dans lesquels chaque Compartiment peut investir.
A travers la mise en œuvre des Procédures d’évaluation interne de la qualité de crédit, les analystes crédit créent une « liste approuvée » des instruments évalués favorablement et dans lesquels une Classe d’Actions peut investir. Afin d’établir la liste des instruments approuvés, les analystes crédit attribuent une note interne à chaque émetteur (ou à chaque garant, selon le cas) d’instruments et tiennent compte de leurs caractéristiques. La note interne illustre la qualité de crédit de l’émetteur et des instruments en termes relatifs ; en d’autres termes, elle représente la meilleure estimation des analystes concernant la qualité de crédit sous-jacente des titres et des instruments de chaque émetteur. La note interne est attribuée en fonction de nombreux facteurs quantitatifs et qualitatifs, plus amplement décrits ci-après, et intègre l’évaluation des facteurs actuels ainsi que des hypothèses sur les différents scénarios envisageables pour l’émetteur à court et à moyen terme.
Conformément aux Procédures d'évaluation interne de la qualité de crédit, la note interne attribuée à chaque émetteur et à chaque instrument doit être revue annuellement (ou plus fréquemment si les facteurs de marché l’exigent). En présence d’un changement important susceptible d’avoir un effet sur l’évaluation existante de l’instrument tel que décrit à l’Article 19 (4) (d) du Règlement sur les fonds monétaires, par exemple si la qualité de crédit d’un émetteur devient incertaine ou « attire l’attention des médias » (par exemple, en raison d’un événement financier négatif important ou d’un abaissement significatif de la note de crédit), la qualité de crédit de l’émetteur sera immédiatement réévaluée et des mesures appropriées pourront être prises au regard de tout instrument spécifique de l’émetteur concerné au sein du Compartiment. Selon les caractéristiques spécifiques de l’instrument, ces mesures peuvent inclure la vente des positions sous-jacentes ou la conservation des positions jusqu’à échéance. Dans les deux cas, la décision prise servira au mieux l’intérêt des actionnaires du Compartiment.
Les notes internes attribuées dans le cadre des Procédures d’évaluation interne de la qualité de crédit servent à définir les restrictions appropriées en termes de niveau d’exposition d’un Compartiment à un émetteur, en ce compris les limites monétaires, les échéances et les concentrations de compte. Ainsi, les restrictions appliquées au niveau des Compartiments peuvent être plus prudentes que celles prévues en la matière par le Règlement sur les fonds monétaires. Les révisions des notations internes attribuées par les analystes crédit peuvent également
entraîner la modification de ces restrictions.
Afin de déterminer le risque de crédit des émetteurs et des instruments, les analystes crédit s’attachent à évaluer la capacité de l’émetteur ou du garant à rembourser ses dettes ainsi que les caractéristiques particulières d’un instrument, compte tenu du fait que les instruments peuvent réagir différemment en cas de défaillance. L’évaluation du crédit procède d’une analyse à la fois quantitative et qualitative.
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## Analyse quantitative | fr | es |
DOLFIN5481 | 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 | 1,270 USD -87.33% | 980 USD -37.11% |
| Unfavourable¹ | What you might get back after costs Average return each year | 4,800 USD -52.05% | 4,640 USD -14.25% |
| Moderate² | What you might get back after costs Average return each year | 10,480 USD 4.85% | 17,350 USD 11.65% |
| Favourable³ | What you might get back after costs Average return each year | 15,240 USD 52.45% | 33,080 USD 27.04% | | | 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 | 1.270 USD -87,33% | 980 USD -37,11% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.800 USD -52,05% | 4.640 USD -14,25% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.480 USD 4,85% | 17.350 USD 11,65% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.240 USD 52,45% | 33.080 USD 27,04% | | | 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 | 1,270 USD -87.33% | 980 USD -37.11% |
| Unfavourable¹ | What you might get back after costs Average return each year | 4,800 USD -52.05% | 4,640 USD -14.25% |
| Moderate² | What you might get back after costs Average return each year | 10,480 USD 4.85% | 17,350 USD 11.65% |
| Favourable³ | What you might get back after costs Average return each year | 15,240 USD 52.45% | 33,080 USD 27.04% | | en | es |
DOLFIN5482 | 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 6 car il investit essentiellement dans des titres de capital japonais. Les marchés japonais peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes 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 de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque opérationnel, le risque politique, le risque juridique, les risques associés au Japon ainsi que les risques associés aux plus petites entreprises. 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 6 debido a que invierte principalmente en valores de renta variable japoneses. Los mercados japoneses pueden experimentar fuertes cambios en su valoración («volatilidad»). En general, los cambios pronunciados en la valoración generan cambios similares 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 cambiario, riesgo de liquidación, riesgo de valoración, riesgo de crédito, riesgo de contraparte, riesgo de liquidez, riesgo de cumplimiento, riesgo de custodia, riesgo operativo, riesgo político, riesgo jurídico, riesgos asociados con Japón y riesgos relacionados con la inversión en pequeñas empresas. 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 6 car il investit essentiellement dans des titres de capital japonais. Les marchés japonais peuvent connaître d'importantes variations de valeur (« volatilité »). Les variations de valeur marquées peuvent entraîner d'importantes 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 de change, le risque de règlement, le risque de valorisation, le risque de crédit, le risque de contrepartie, le risque de liquidité, le risque de conformité, le risque de garde, le risque opérationnel, le risque politique, le risque juridique, les risques associés au Japon ainsi que les risques associés aux plus petites entreprises. 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 |
DOLFIN5483 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Emerging Markets Value EUR I
ISIN LU0760184134
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in emerging markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in emerging markets convertible securities and/or warrants on transferable securities.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund does not use derivatives. The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography,
military equipment, oil sands and thermal coal, and also to compliance with international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 7 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Emerging market risk: A fund which invests in emerging markets rather than more developed countries may encounter difficulties when buying and selling investments. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
- Risks related to the dealing in China A-Shares: the Fund may invest in and have direct access to eligible China A-Shares via China-Hong Kong Stock Connect. The relevant regulations are untested and subject to change which could adversely affect the Fund. There are specific legal/beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries. There are quota limitations which may restrict the Fund’s ability to invest in China A-Shares on a timely basis. The Fund will not benefit from local investor compensation schemes.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | # Dokument mit den wesentlichen Informationen für den Anleger
Gegenstand dieses Dokuments sind wesentliche Informationen für den Anleger über diesen Fonds. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen die Wesensart dieses Fonds und die Risiken einer Anlage in ihn zu erläutern. Wir raten Ihnen zur Lektüre dieses Dokuments, so dass Sie eine fundierte Anlageentscheidung treffen können.
Sparinvest SICAV - Ethical Emerging Markets Value EUR I
ISIN LU0760184134
Dieser Fonds wird verwaltet von Sparinvest S.A., einer Tochtergesellschaft von Sparinvest Holdings SE.
## Ziele und Anlagepolitik
Der Fonds ist bestrebt, durch Anwendung des Value-Ansatzes bei der Auswahl von Aktien, langfristig eine positive Rendite zu erzielen.
Der Fonds investiert mindestens 2/3 seines Gesamtnettovermögens in Aktien und/oder aktienähnlichen Wertpapieren (z.B. ADR/GDR) in Emerging Markets und bis zu 1/3 seines Gesamtnettovermögens in wandelbare Wertpapiere und/oder Optionsscheine auf übertragbare Wertpapiere.
Der Teilfonds kann über die China-Hong Kong Stock Connect bis zu 10 % seines Gesamtnettovermögens in China A-Aktien investieren.
Der Fonds verwendet keine Derivate.
Der Fonds kann bis zu 15% in Barmittelbeständen halten.
Der Fonds führt eine Ethikprüfung durch, in dem bestimmte Unternehmen oder Wertpapiere von der Anlage ausgeschlossen werden. Die Kriterien für die Ethikprüfung beziehen sich auf die Beteiligung an der Produktion und/ oder dem Vertrieb von bestimmten Waren oder Dienstleistungen, beispielsweise Alkohol, Glücksspiele, Tabak, Pornografie, militärisches
Gerät, Ölsande oder Kraftwerkskohle, und außerdem auf die Einhaltung internationaler Vorschriften für Menschenrechte, Umwelt, Arbeitsnormen und Korruptionsbekämpfung.
Es gibt keine Einschränkungen hinsichtlich der Währung von Anlagen.
Die Referenzwährung des Fonds ist der EUR. Die Währung der Anteilsklasse ist EUR.
Die Anteilsklasse ist thesaurierend, alle vom Fonds generierten Erträge werden reinvestiert, um den Wert Ihrer Anlagen zu steigern.
Der Fonds wird aktiv verwaltet.
Empfehlung: Dieser Fonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von 7 Jahren aus dem Fonds wieder zurückziehen wollen.
Sie können Anteile an jedem vollen Luxemburger Bankgeschäftstag kaufen und verkaufen.
## Risiko- und Ertragsprofil
Niedrige Risiken Hohe Risiken
Üblicherweise niedrigere Erträge Üblicherweise höhere Erträge
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Der Risiko-/Ertragsindikator (SRRI zeigt das Verhältnis zwischen Risiko und Rendite an. Kategorie 1 stellt keine risikolose Anlage dar.
Die Einstufung auf der Skala wird anhand der Wertschwankungen des Fonds über die letzten 5 Jahre ermittelt. Große Schwankungen führen zu einem hohen Risiko und einer Einstufung rechts auf der Skala. Kleine Schwankungen führen zu einem niedrigeren Risiko und einer Einstufung links auf der Skala.
Der Fonds wurde in die Kategorie 6 eingestuft. Der Fonds ist aufgrund der Art seiner Investionen in dieser Kategorie eingestuft, d.h. dass die historischen Renditen, auf denen das SRRI basiert, eine Volatilität von über 15%, aber unter 25% verzeichneten.
Die Risikokategorie ist nicht garantiert und kann sich im Laufe der Zeit ändern, da historische Daten nicht unbedingt einen zuverlässigen Hinweis auf das zukünftige Risikoprofil des Fonds geben.
Bei einer Anlage in diesen Fonds müssen Sie folgende Risikofaktoren berücksichtigen:
- Aktienmarktrisiko: Die Aktienmärkte schwanken stark und werden von den innerbetrieblichen Angelegenheiten der Gesellschaften und den Branchen beeinflusst, in die die Gesellschaften investieren. Schwankungen können auch durch den politischen, regulativen und wirtschaftlichen Zustand der Länder verursacht werden, die im Portfolio vertreten sind.
- Schwellenmarktrisiko: Ein Fonds, der eher in Schwellenländern als in höher entwickelten Ländern investiert, kann beim Kauf und Verkauf von Anlagen auf Schwierigkeiten stoßen. Die Wahrscheinlichkeit des Eintretens politischer Unsicherheiten ist ebenfalls höher, und in diesen Ländern gehaltene Anlagen weisen möglicherweise nicht denselben Schutz auf wie Anlagen, die in höher entwickelten Ländern gehalten werden.
*Risiken im Zusammenhang mit dem Handel von chinesischen A-Aktien: Der Fonds kann über die China-Hong Kong Stock Connect in zulässige chinesische A-Aktien investieren und direkten Zugang zu diesen haben. Die entsprechenden Vorschriften sind ungeprüft und können sich ändern, was sich nachteilig auf den Fonds auswirken könnte. Es bestehen spezifische rechtliche/eigentumsrechtliche Risiken im Zusammenhang mit den obligatorischen Anforderungen der lokalen zentralen Wertpapierverwahrungsstellen. Es gibt Quotenbeschränkungen, die die Fähigkeit des Fonds einschränken können, zeitnah in chinesische A-Aktien zu investieren. Der Fonds profitiert nicht von lokalen Anlegerentschädigungsprogrammen.
*Unternehmensspezifisches Risiko: Bedingt durch Währungs- und Sektorengagements, aber auch durch die Geschäftsführung der Gesellschaften etc. können die Schwankungen mancher Aktien stärker als die allgemeinen Schwankungen des Marktes sein.
Die vorstehende Liste der Risikofaktoren ist nicht erschöpfend. Andere Faktoren können die Preisermittlung der zugrunde liegenden Wertpapiere und damit diesen Fonds beeinflussen. Weitere Informationen über Risiken, denen der Fonds ausgesetzt ist, entnehmen Sie bitte Abschnitt 5.III
„Risikofaktoren“ des Prospekts.
Seite 1/2 | # Key Investor Information Document
This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of this Fund. You are advised to read it so you can make an informed decision about whether to invest.
Sparinvest SICAV - Ethical Emerging Markets Value EUR I
ISIN LU0760184134
This Fund is managed by Sparinvest S.A., a subsidiary of Sparinvest Holdings SE.
## Objectives & Investment Policy
The Fund, by using the value approach for stock selection, aims at providing a positive return over the long term.
The Fund invests at least 2/3 of its total net assets in emerging markets equity securities and/or equity-equivalent securities (such as ADR/GDR) and up to 1/3 of its total net assets in emerging markets convertible securities and/or warrants on transferable securities.
The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund does not use derivatives. The Fund can hold up to 15% in cash.
The Fund applies an ethical screening, which may exclude certain companies or securities from investment. Screening criteria have reference to involvement in the production and/or distribution of certain goods or services, such as for example alcohol, gambling, tobacco, pornography,
military equipment, oil sands and thermal coal, and also to compliance with international norms for human rights, the environment, labour standards and anti-corruption.
There is no limitation in terms of currency of investments.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 7 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
## Risk and Reward Profile
Lower Risk Higher Risk
Typically lower Rewards Typically Higher Rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk/reward indicator shows the relation between risk and return. Category 1 does not mean a risk free investment.
The ranking on the scale is determined by the fluctuations in the value of the Fund over the past five years. Large fluctuations result in higher risk and a ranking to the right on the scale. Small fluctuations result in lower risk and a ranking to the left on the scale.
The Fund is rated 6. The Fund is in this specific category due to the nature of its investments, meaning that the historical returns the SRRI is based on, has shown a level of volatility higher than 15% but less than 25%.
The risk category is not guaranteed and may change over time as historical data does not necessarily give a reliable indication of the future risk profile of the Fund.
When investing in this Fund you need to take the following risk factors into account:
- Stock market risk: The stock markets fluctuate widely and are influenced by companies' internal affairs and the industries the companies invest in. Fluctuations can also be caused by the political, regulative and economical state of the countries that are represented in the portfolio.
- Emerging market risk: A fund which invests in emerging markets rather than more developed countries may encounter difficulties when buying and selling investments. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
- Risks related to the dealing in China A-Shares: the Fund may invest in and have direct access to eligible China A-Shares via China-Hong Kong Stock Connect. The relevant regulations are untested and subject to change which could adversely affect the Fund. There are specific legal/beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries. There are quota limitations which may restrict the Fund’s ability to invest in China A-Shares on a timely basis. The Fund will not benefit from local investor compensation schemes.
- Company specific risk: Some stocks may fluctuate widely from the general fluctuations of the market due to currency and sector exposure, but also due to the managerial affairs in the company, etc.
The above mentioned list of risk factors is not exhaustive. Other factors may influence the pricing of the underlying securities and therefore the value of the Fund’s investments. For more information on risks the Fund is exposed to, please refer to the section 5.III “Risk factors” of the Prospectus.
Page 1/2 | en | de |
DOLFIN5484 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
After the brutal shock of the 2020 COVID-19 pandemic, 2021 was a year of strong economic growth thanks to very accommodative monetary and fiscal policies all around the world, as well as the gradual reopening of economies and a strong recovery in consumption and, to a lesser degree, in investment. However, despite this favourable backdrop, not everything has gone in the right direction this year. Firstly, the COVID-19 epidemic has not disappeared; even if vaccination has considerably improved the situation, the world has had to deal with variants of greater or lesser danger that have sometimes led to new restrictions. Secondly, the health situation coupled with a strong recovery in consumption has led to supply problems of greater or less significance depending on the sectors of activity: this ranges from delays linked to bottlenecks in the supply chain to real disruptions such as those in the automotive sector, which is failing to produce due to a shortage of electronic chips. Finally, and this is the striking phenomenon of 2021, inflation has been particularly strong everywhere in the world (around +7% in the USA and +5% in Europe for example). The main central banks initially considered it to be temporary and therefore not to require any specific intervention, but at the end of the year their views changed radically. More restrictive monetary policies are therefore being put in place (actual or future rate hikes, reduction of asset purchase programmes) and could ultimately weigh on the financial markets.
Although the fixed-income markets were destabilised by the rise in inflation and then the change in central bank rhetoric, the equity markets recorded an excellent annual performance. In detail, the picture is a little more contrasted with very strong performances for American equities closely followed by European equities and more contrasting results for emerging markets (penalised by the rate-inflation-currency triptych) or even downright negative for the Chinese market, victim of a pronounced economic deceleration and of the strong interventionism of the State on these large listed companies.
The good performance of the equity markets in Europe and the United States was also accompanied by very low volatility and a few rare periods of very limited consolidation in their scope compared to historical standards. The differences in performance between the management styles, on the other hand, were very pronounced with violent rotations between growth and value. Finally, inflows were very strong throughout the year on equities with nearly 1,000 billion dollars in 2021, a record. Although global and American funds clearly benefited, inflows remained very modest for European equities.
-
###### Performance of the sub-fund: | Après le choc brutal en 2020 lié à la pandémie du COVID-19, 2021 a été une année de forte croissance économique grâce aux politiques monétaires et fiscales très accommodantes partout dans le monde ainsi qu’à la réouverture progressive des économies et une forte reprise de la consommation et dans une moindre mesure de l’investissement. Cependant, malgré cette toile de fond favorable tout n’a pas été dans le bon sens cette année. D’abord, l’épidémie de COVID-19 n’a pas disparu et même si la vaccination a considérablement amélioré la situation, le monde a dû faire face à des variants plus ou moins dangereux qui ont parfois conduit à de nouvelles restrictions. Ensuite, la situation sanitaire couplée à une forte reprise de la consommation a conduit à des problèmes d’approvisionnement plus ou moins importants selon les secteurs d’activité : cela va de retards liés à des goulots d’étranglement dans la chaîne logistique à de vraies disruptions comme dans le secteur automobile qui ne parvient pas à produire en raison d’une pénurie de puces électronique. Enfin, et c’est là le phénomène marquant de 2021, l’inflation a été particulièrement forte partout dans le monde (de l’ordre de +7% aux USA et +5% en Europe par exemple). Les principales banques centrales l’ont d’abord jugée temporaire et ne nécessitant donc pas d’intervention spécifique mais en fin d’année leur discours a radicalement changé. Des politiques monétaires plus restrictives se mettent donc en place (hausse de taux effectives ou à venir, réduction des programmes d’achat d’actifs) et pourraient in-fine peser sur les marchés financiers.
Si les marchés de taux ont été déstabilisés par la montée de l’inflation puis l’inflexion du discours des banques centrales, les marchés d’actions eux ont enregistré une excellente performance annuelle. Dans le détail, le tableau est un peu plus contrasté avec des performances très fortes pour les actions américaines suivies de près par les actions européennes et des résultats plus contrastés pour les marchés émergents (pénalisés par le triptyque taux- inflation-devise) voire franchement négatif pour le marché chinois, victime d’une décélération économique prononcée et du fort interventionnisme de l’Etat sur ces grandes entreprises cotées.
La belle performance des marchés actions en Europe et aux Etats-Unis s’est en outre accompagnée d’une volatilité très faible et de quelques rares périodes de consolidation très limitée dans leur ampleur par rapport aux normes historiques. Les écarts de performance entre les styles de gestion ont en revanche été très prononcés avec des rotations violentes entre la croissance et la value. Enfin, la collecte a été très forte tout au long de l’année sur les actions avec près de 1000 milliards de dollar en 2021, un record. Si les fonds globaux et américains en ont clairement profité, la collecte est restée cependant très modeste pour les actions européennes.
-
##### Performance du compartiment : | After the brutal shock of the 2020 COVID-19 pandemic, 2021 was a year of strong economic growth thanks to very accommodative monetary and fiscal policies all around the world, as well as the gradual reopening of economies and a strong recovery in consumption and, to a lesser degree, in investment. However, despite this favourable backdrop, not everything has gone in the right direction this year. Firstly, the COVID-19 epidemic has not disappeared; even if vaccination has considerably improved the situation, the world has had to deal with variants of greater or lesser danger that have sometimes led to new restrictions. Secondly, the health situation coupled with a strong recovery in consumption has led to supply problems of greater or less significance depending on the sectors of activity: this ranges from delays linked to bottlenecks in the supply chain to real disruptions such as those in the automotive sector, which is failing to produce due to a shortage of electronic chips. Finally, and this is the striking phenomenon of 2021, inflation has been particularly strong everywhere in the world (around +7% in the USA and +5% in Europe for example). The main central banks initially considered it to be temporary and therefore not to require any specific intervention, but at the end of the year their views changed radically. More restrictive monetary policies are therefore being put in place (actual or future rate hikes, reduction of asset purchase programmes) and could ultimately weigh on the financial markets.
Although the fixed-income markets were destabilised by the rise in inflation and then the change in central bank rhetoric, the equity markets recorded an excellent annual performance. In detail, the picture is a little more contrasted with very strong performances for American equities closely followed by European equities and more contrasting results for emerging markets (penalised by the rate-inflation-currency triptych) or even downright negative for the Chinese market, victim of a pronounced economic deceleration and of the strong interventionism of the State on these large listed companies.
The good performance of the equity markets in Europe and the United States was also accompanied by very low volatility and a few rare periods of very limited consolidation in their scope compared to historical standards. The differences in performance between the management styles, on the other hand, were very pronounced with violent rotations between growth and value. Finally, inflows were very strong throughout the year on equities with nearly 1,000 billion dollars in 2021, a record. Although global and American funds clearly benefited, inflows remained very modest for European equities.
-
###### Performance of the sub-fund: | en | fr |
DOLFIN5485 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. 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. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The investment policy of this fund means it can be more than 35% invested in Government and public securities. These can be issued or guaranteed by other countries and Governments. For a full list please refer to the fund's prospectus.
Past performance does not predict future returns. The fund's returns may increase or decrease as a result of currency fluctuations. The investment which is promoted concerns the acquisition of units or shares in a fund, and not in a given underlying asset owned by the fund. | # Informazioni importanti
Il valore dell’investimento può diminuire ed aumentare e l’investitore potrebbe realizzare un importo inferiore a quello originariamente investito. L'uso di strumenti derivati finanziari può comportare un aumento dei guadagni o delle perdite nel comparto. Questo comparto investe in mercati emergenti che possono essere più volatili rispetto ad altri mercati più sviluppati. La liquidità è una misura della facilità con cui un investimento può essere convertito in contanti. In determinate condizioni di mercato gli attivi possono risultare difficili da valutare o vendere al prezzo desiderato. Ciò potrebbe influire sulla capacità del comparto di effettuare rimborsi a tempo debito. Sussiste il rischio che gli emittenti di obbligazioni possano non essere in grado di rimborsare il denaro che hanno preso a prestito o di pagare gli interessi. Quando i tassi d'interesse salgono, le obbligazioni possono perdere di valore. L'aumento dei tassi d'interesse può comportare la perdita di valore dell'investimento. La politica di investimento del presente comparto, prevede che più del 35% possa essere investito in titoli di stato e pubblici. Essi possono essere emessi o garantiti da altri paesi o governi. Per un elenco completo si prega di fare riferimento al prospetto informativo del comparto.
Le performance passate non sono indicative di risultati futuri. I rendimenti del comparto possono aumentare o diminuire a seguito delle fluttuazioni della valuta. L'investimento promosso riguarda l'acquisizione di quote o azioni di un comparto e non di determinati attivi sottostanti di proprietà del comparto. | # Important Information
The value of your investment may fall as well as rise and you may get back less than you originally invested. The use of financial derivative instruments may result in increased gains or losses within the fund. This fund invests in emerging markets which can be more volatile than other more developed markets. 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. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The investment policy of this fund means it can be more than 35% invested in Government and public securities. These can be issued or guaranteed by other countries and Governments. For a full list please refer to the fund's prospectus.
Past performance does not predict future returns. The fund's returns may increase or decrease as a result of currency fluctuations. The investment which is promoted concerns the acquisition of units or shares in a fund, and not in a given underlying asset owned by the fund. | en | it |
DOLFIN5486 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- a person acting in his capacity as the trustee of any trust, the principal beneficiaries of which are the Director, his spouse or any of his children or any body corporate which he controls; or
- a partner of that Director.
A company will be deemed to be connected with a Director if it is controlled by that Director. | | - une personne agissant en sa qualité de Dépositaire d’une fiducie, dont les principaux bénéficiaires sont l’Administrateur, son épouse ou ses enfants ou toute personne morale qu’il contrôle ; ou
- un partenaire de cet Administrateur.
Une société sera réputée liée à un Administrateur dès lors qu’elle est contrôlée par cet Administrateur. | | - a person acting in his capacity as the trustee of any trust, the principal beneficiaries of which are the Director, his spouse or any of his children or any body corporate which he controls; or
- a partner of that Director.
A company will be deemed to be connected with a Director if it is controlled by that Director. | | en | fr |
DOLFIN5487 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Money Market Instruments other than those dealt in on an Eligible Market, if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are:
- issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, a non-Member State or, in case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or
- issued by an undertaking any securities of which are dealt in on Regulated Markets, or
- issued or guaranteed by a credit institution which has its registered office in a country which is an OECD member state and a FATF State or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by Community Law, or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that set forth in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million euro (10,000,000 Euro) and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | - Geldmarktinstrumenten, die nicht auf einem qualifizierten Markt gehandelt werden, sofern die Emission oder der Emittent dieser Instrumente bereits Vorschriften über den Einlagen- und den Anlegerschutz unterliegt, und vorausgesetzt, sie werden
- von einer zentralstaatlichen, regionalen oder lokalen Körperschaft oder der Zentralbank eines Mitgliedstaats, der Europäischen Zentralbank, der Europäischen Union oder der Europäischen Investitionsbank, einem Drittstaat oder, sofern dieser ein Bundesstaat ist, einem Gliedstaat der Föderation oder von einer internationalen Einrichtung öffentlich- rechtlichen Charakters, der mindestens ein Mitgliedstaat angehört, begeben oder garantiert oder
- von einem Unternehmen begeben, dessen Wertpapiere auf geregelten Märkten gehandelt werden, oder
- von einem Kreditinstitut begeben oder garantiert werden, das seinen Sitz in einem OECD-Mitgliedstaat und FATF-Staat hat, oder von einer Institution, die nach Auffassung der CSSF mindestens ebenso strengen Regeln zur Sorgfaltspflicht unterliegt und diese einhält, wie die im Gemeinschaftsrecht festgelegten Regeln, oder
- von anderen Emittenten begeben, die einer Kategorie angehören, die von der CSSF zugelassen wurde, sofern für Anlagen in diesen Instrumenten Vorschriften für den Anlegerschutz gelten, der denen des ersten, des zweiten oder des dritten Gedankenstrichs gleichwertig ist und sofern es sich bei dem Emittenten entweder um ein Unternehmen mit einem Eigenkapital von mindestens 10 Millionen Euro, das seinen Jahresabschluss nach den Vorschriften der vierten Richtlinie 78/660/EWG erstellt und veröffentlicht, oder um einen Rechtsträger, der innerhalb einer eine ein oder mehrere börsennotierte Gesellschaften umfassende Unternehmensgruppe für die Finanzierung dieser Gruppe zuständig ist, oder um einen Rechtsträger handelt, der die wertpapiermäßige Unterlegungvon Verbindlichkeiten durch Nutzung einer von einer Bank eingeräumten Kreditlinie finanzieren soll. | - Money Market Instruments other than those dealt in on an Eligible Market, if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are:
- issued or guaranteed by a central, regional or local authority or by a central bank of a Member State, the European Central Bank, the EU or the European Investment Bank, a non-Member State or, in case of a Federal State, by one of the members making up the federation, or by a public international body to which one or more Member States belong, or
- issued by an undertaking any securities of which are dealt in on Regulated Markets, or
- issued or guaranteed by a credit institution which has its registered office in a country which is an OECD member state and a FATF State or by an establishment which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by Community Law, or
- issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that set forth in the first, the second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least ten million euro (10,000,000 Euro) and which presents and publishes its annual accounts in accordance with the fourth directive 78/660/EEC, is an entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. | en | de |
DOLFIN5488 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## les investissements dans les actions et les obligations tout en dégageant un rendement positif sur une période de 3 à 5 ans.
Afin d’englober plusieurs ARP, le Compartiment Alternative Risk Premia Fund prendra des positions longues dans des actions et des positions synthétiques à la fois longues et courtes dans des actions, titres à revenu fixe, devises et, à titre auxiliaire, dans des matières premières. Les participations en instruments dérivés incluront des contrats à terme standardisés, des contrats à terme de gré à gré et des swaps (y compris des swaps sur rendement total sur des indices financiers admissibles auprès d’institutions financières de premier ordre et des paniers de titres éligibles). Les participations en actions sont diversifiées à travers des actions cotées sur des marchés développés mondiaux de toute capitalisation boursière ou des instruments dérivés liés. Afin de conserver une garantie pour les positions sur des dérivés, une part importante des actifs du Compartiment Alternative Risk Premia Fund pourra être investie dans des liquidités ou investissements équivalant à des liquidités, y compris, notamment, des fonds d’investissement à court terme et/ou des titres d’État américains. Outre les titres à revenu fixe que le Compartiment Alternative Risk Premia Fund détiendra directement afin de converser une garantie, les positions à revenu fixe du Compartiment seront principalement établies par le biais de bons du Trésor et contrats à terme standardisés sur taux d’intérêt.
Les Conseillers par délégation appliqueront une approche dynamique pour maintenir une approche équilibrée de l’allocation du risque afin d’établir les expositions du Fonds aux ARP, en investissant généralement dans une combinaison des stratégies suivantes :
- Value - définie comme l’achat d’actifs assortis de faibles valorisations et la vente d’actifs dont les valorisations sont plus élevées. Les valorisations associent les cours de marché à certaines mesures financières qui s’appliquent à une catégorie d’actifs. Par exemple, l’achat d’actions assorties de ratios cours/valeurs comptables ou cours/capitaux propres plus faibles et la vente d’actifs assortis de ratios cours/valeurs comptables ou cours/capitaux propres plus élevés. Les primes de value peuvent être dégagées sur plusieurs catégories d’actifs, dont les actions, titres à revenu fixe, devises et matières premières.
- Momentum - définie comme l’achat d’actifs assortis d’une performance solide récente et la vente d’actifs dont la performance récente a été faible. Les primes de momentum peuvent être dégagées sur plusieurs catégories d’actifs, dont les actions, titres à revenu fixe, devises et matières premières.
- Carry – définies comme les stratégies qui visent à saisir la tendance d’actifs à rendement plus élevés afin de fournir des rendements totaux supérieurs par rapport à des actifs à rendement plus faible. Par exemple, l’achat de devises à rendement plus élevé contre la vente de devises à rendement plus faible. Les stratégies de carry peuvent être appliquées sur plusieurs catégories d’actifs, dont les titres à revenu fixe, devises et matières premières. | ## las inversiones en acciones y bonos, a la vez que produce una rentabilidad positiva en un período de 3 a 5 años.
Con el fin de captar varias ARP, el Alternative Risk Premia Fund establecerá posiciones largas en renta variable, así como posiciones sintéticas largas y cortas en renta variable, renta fija, divisas y, de manera accesoria, en materias primas. Las tenencias de derivados incluirán futuros, contratos a plazos y permutas (incluidas las permutas de rentabilidad total sobre índices financieros elegibles con instituciones financieras de primera clase y sobre cestas de valores elegibles). Las tenencias de renta variable se diversifican a través de acciones cotizadas en los mercados desarrollados mundiales de cualquier capitalización bursátil o derivados relacionados. A efectos de mantener la garantía de las posiciones en derivados, una parte significativa de los activos del Alternative Risk Premia Fund puede mantenerse en efectivo o en inversiones equivalentes al efectivo, incluidos, entre otros, los fondos de inversión a corto plazo y/o los títulos del gobierno de los Estados Unidos. Además de los títulos de renta fija que el Alternative Risk Premia Fund mantendrá directamente con el fin de mantener la garantía, las posiciones de renta fija de este fondo se establecerán principalmente a través de futuros de tesorería y de tipos de interés.
Los Subasesores utilizarán un enfoque dinámico para mantener un enfoque equilibrado de asignación de riesgos a fin de establecer la exposición del Fondo a las ARP, invirtiendo normalmente en una combinación de las siguientes estrategias:
- Valor: definido como la compra de activos con valoraciones más bajas y la venta de activos con valoraciones más altas. Las valoraciones relacionan los precios de mercado con parámetros financieros relevantes para una clase de activos. Por ejemplo, la compra de renta variable con ratios de valor contable-precio o de renta variable-precio y la venta de estos mismos activos con ratios de valor más altas. Las primas de valor pueden captarse en múltiples clases de activos, incluyendo renta variable, renta fija, divisas y materias primas.
- Impulso: definido como la compra de activos con un rendimiento reciente sólido y la venta de activos con un rendimiento reciente débil. Las primas de impulso pueden captarse en múltiples clases de activos, incluyendo renta variable, renta fija, divisas y materias primas.
- Carry: aquellas estrategias que buscan captar la tendencia de los activos de mayor rendimiento para proporcionar mayor rentabilidad total en comparación con los activos de menor rendimiento. Un ejemplo consiste en comprar divisas de mayor rendimiento y vender divisas de menor rendimiento. Las estrategias carry pueden emplearse en múltiples clases de activos, incluyendo renta fija, divisas y materias primas. | ## les investissements dans les actions et les obligations tout en dégageant un rendement positif sur une période de 3 à 5 ans.
Afin d’englober plusieurs ARP, le Compartiment Alternative Risk Premia Fund prendra des positions longues dans des actions et des positions synthétiques à la fois longues et courtes dans des actions, titres à revenu fixe, devises et, à titre auxiliaire, dans des matières premières. Les participations en instruments dérivés incluront des contrats à terme standardisés, des contrats à terme de gré à gré et des swaps (y compris des swaps sur rendement total sur des indices financiers admissibles auprès d’institutions financières de premier ordre et des paniers de titres éligibles). Les participations en actions sont diversifiées à travers des actions cotées sur des marchés développés mondiaux de toute capitalisation boursière ou des instruments dérivés liés. Afin de conserver une garantie pour les positions sur des dérivés, une part importante des actifs du Compartiment Alternative Risk Premia Fund pourra être investie dans des liquidités ou investissements équivalant à des liquidités, y compris, notamment, des fonds d’investissement à court terme et/ou des titres d’État américains. Outre les titres à revenu fixe que le Compartiment Alternative Risk Premia Fund détiendra directement afin de converser une garantie, les positions à revenu fixe du Compartiment seront principalement établies par le biais de bons du Trésor et contrats à terme standardisés sur taux d’intérêt.
Les Conseillers par délégation appliqueront une approche dynamique pour maintenir une approche équilibrée de l’allocation du risque afin d’établir les expositions du Fonds aux ARP, en investissant généralement dans une combinaison des stratégies suivantes :
- Value - définie comme l’achat d’actifs assortis de faibles valorisations et la vente d’actifs dont les valorisations sont plus élevées. Les valorisations associent les cours de marché à certaines mesures financières qui s’appliquent à une catégorie d’actifs. Par exemple, l’achat d’actions assorties de ratios cours/valeurs comptables ou cours/capitaux propres plus faibles et la vente d’actifs assortis de ratios cours/valeurs comptables ou cours/capitaux propres plus élevés. Les primes de value peuvent être dégagées sur plusieurs catégories d’actifs, dont les actions, titres à revenu fixe, devises et matières premières.
- Momentum - définie comme l’achat d’actifs assortis d’une performance solide récente et la vente d’actifs dont la performance récente a été faible. Les primes de momentum peuvent être dégagées sur plusieurs catégories d’actifs, dont les actions, titres à revenu fixe, devises et matières premières.
- Carry – définies comme les stratégies qui visent à saisir la tendance d’actifs à rendement plus élevés afin de fournir des rendements totaux supérieurs par rapport à des actifs à rendement plus faible. Par exemple, l’achat de devises à rendement plus élevé contre la vente de devises à rendement plus faible. Les stratégies de carry peuvent être appliquées sur plusieurs catégories d’actifs, dont les titres à revenu fixe, devises et matières premières. | fr | es |
DOLFIN5489 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Exemple d'investissement : 10 000 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 120 € | 5 120 € |
| Rendement annuel moyen | -48,8% | -12,5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 910 € | 5 120 € |
| Rendement annuel moyen | -20,9% | -12,5% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 580 € | 15 360 € |
| Rendement annuel moyen | 5,8% | 9,0% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 220 € | 20 550 € |
| Rendement annuel moyen | 32,2% | 15,5% | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10.000 € |
| --- |
| Escenarios | Si sale después de 1 año | Si sale después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 5.120 € | 5.120 € |
| Rendimiento medio cada año | -48,8% | -12,5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.910 € | 5.120 € |
| Rendimiento medio cada año | -20,9% | -12,5% |
| Moderado | Lo que podría recibir tras deducir los costes | 10.580 € | 15.360 € |
| Rendimiento medio cada año | 5,8% | 9,0% |
| Favorable | Lo que podría recibir tras deducir los costes | 13.220 € | 20.550 € |
| Rendimiento medio cada año | 32,2% | 15,5% | | | Période de détention recommandée : 5 ans Exemple d'investissement : 10 000 € |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tension | Ce que vous pourriez obtenir après déduction des coûts | 5 120 € | 5 120 € |
| Rendement annuel moyen | -48,8% | -12,5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 910 € | 5 120 € |
| Rendement annuel moyen | -20,9% | -12,5% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 580 € | 15 360 € |
| Rendement annuel moyen | 5,8% | 9,0% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 220 € | 20 550 € |
| Rendement annuel moyen | 32,2% | 15,5% | | fr | es |
DOLFIN5490 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Contact us
UK/Europe
Ninety One
Telephone: +44 (0)20 3938 1800
If calling within the UK: +44 (0) 800
389 2299
: [email protected]
North America
Ninety One North America, Inc. US toll free: +1 800 434 5623
: [email protected]
Telephone calls may be recorded for training, monitoring and regulatory purposes and to confirm investors’ instructions.
South Africa
Ninety One Fund Managers SA (RF) (Pty) Ltd
Telephone: 0860 500 900
: utclientservicessa@ninetyone. com | # Contattaci
Regno Unito/Europa
Ninety One
Telefono: +44 (0)20 3938 1800
Per chiamate dal Regno Unito: +44
(0) 800 389 2299
: [email protected]
Nord America
Ninety One North America, Inc. Numero verde negli Stati Uniti: +1 800 434 5623
: [email protected]
Le telefonate potrebbero essere registrate per scopi didattici, di monitoraggio e regolatori e per confermare le istruzioni degli investitori.
Sudafrica
Ninety One Fund Managers SA (RF) (Pty) Ltd
Telefono: 0860 500 900
: utclientservicessa@ninetyone. com | # Contact us
UK/Europe
Ninety One
Telephone: +44 (0)20 3938 1800
If calling within the UK: +44 (0) 800
389 2299
: [email protected]
North America
Ninety One North America, Inc. US toll free: +1 800 434 5623
: [email protected]
Telephone calls may be recorded for training, monitoring and regulatory purposes and to confirm investors’ instructions.
South Africa
Ninety One Fund Managers SA (RF) (Pty) Ltd
Telephone: 0860 500 900
: utclientservicessa@ninetyone. com | en | it |
DOLFIN5491 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario,
- 10,000 GBP is invested. | ### Nous avons supposé :
- qu’au cours de la première année, vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Pour les autres périodes de détention, nous avons supposé que le produit évolue de la manière indiquée dans le scénario intermédiaire.
- 10.000 GBP sont investis. | ### We have assumed:
- in the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario,
- 10,000 GBP is invested. | en | fr |
DOLFIN5492 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The amount of US$18,899,146 (31 December 2019: (US$(13,203,151) included in the Aggregate Statement of Changes in Net Assets reflects the foreign exchange adjustment arising as a result of the method of translation used to combine the financial information of each Sub-Fund into Fund information on an aggregated basis, as required for presentation purposes. This foreign exchange translation adjustment does not impact on the NAVs of each Sub-Fund as these are determined on a Sub-Fund basis.
- Critical accounting judgements and estimates Management may make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of income and expenses during the financial year. The resulting accounting estimates will, by definition, seldom equal the actual results. Revisions to accounting estimates are recognised in the period in which an estimate is revised.
- Distribution PolicyThe constitution of the Fund (the "Constitution") empowers the Directors to declare dividends in respect of any redeemable participating shares out of net income (including interest and dividend income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Fund. Net realised and unrealised capital gains of the Sub-Funds attributable to the Redeemable Participating Shares are expected to be retained by the relevant Sub- Fund. Distributions for the year are included within finance costs in the Statement of Comprehensive Income.
- EqualisationSub-Funds maintain equalisation accounts with the view of ensuring that the level of dividends payable on distributing redeemable Participating shares and reportable income for classes of redeemable participating shares with UK Reporting Fund status are not affected by the issue and redemption of such shares during an accounting period. | In dem Betrag von USD 18.899.146 (31. Dezember 2019: (USD (13.203.151)), der in der konsolidierten Aufstellung der Veränderungen des Nettovermögens enthalten ist, ist die Währungsumrechnungsdifferenz berücksichtigt, die sich aus der Umrechnungsmethode ergibt, die zur zu Darstellungszwecken erforderlichen Konsolidierung der Finanzdaten der einzelnen Teilfonds zu Gesamtdaten des Fonds angewandt wurde. Diese Währungsumrechnungsdifferenz wirkt sich nicht auf die NIW der einzelnen Teilfonds aus, da diese auf Teilfondsbasis ermittelt werden.
- Kritische Beurteilungen und Schätzungen im Rahmen der RechnungslegungDas Management kann Bewertungen, Schätzungen und Annahmen anstellen, welche die berichteten Beträge der Vermögenswerte und Verbindlichkeiten und die Offenlegung von Eventualvermögen und - verbindlichkeiten zum Stichtag des Abschlusses und die berichteten Beträge von Umsätzen und Aufwendungen im Geschäftsjahr beeinträchtigen. Die daraus resultierenden Schätzungen für die Rechnungslegung entsprechen definitionsgemäß selten den tatsächlichen Ergebnissen. Korrekturen der buchhalterischen Schätzungen werden in dem Berichtszeitraum ausgewiesen, in dem die Schätzung korrigiert wird.
- AusschüttungspolitikDie Satzung des Fonds (die „Satzung“) berechtigt den Verwaltungsrat, Dividenden auf rückzahlbare gewinnberechtigte Anteile aus den Nettoerträgen (einschließlich Erträgen in Form von Zinsen und Dividenden) und/oder den realisierten und nicht realisierten Kapitalgewinnen nach Abzug der realisierten und nicht realisierten Kapitalverluste aus Anlagen des Fonds festzusetzen. Die netto realisierten und nicht realisierten Kapitalgewinne der Teilfonds, die auf die rückzahlbaren gewinnberechtigten Anteile entfallen, werden vom betreffenden Teilfonds voraussichtlich thesauriert. Die Ausschüttungen im Geschäftsjahr sind unter Finanzaufwendungen in der Gesamtergebnisrechnung erfasst.
- ErtragsausgleichDie Teilfonds verfügen über Ausgleichskonten, um zu gewährleisten, dass die Höhe der auf ausschüttende rückzahlbare gewinnberechtigte Anteile zu zahlenden Dividenden und meldepflichtige Erträge für Klassen rückzahlbarer gewinnberechtigter Anteile von britischen berichtenden Fonds nicht durch die Ausgabe oder Rücknahme solcher Anteile während einer Rechnungsperiode beeinträchtigt werden. | The amount of US$18,899,146 (31 December 2019: (US$(13,203,151) included in the Aggregate Statement of Changes in Net Assets reflects the foreign exchange adjustment arising as a result of the method of translation used to combine the financial information of each Sub-Fund into Fund information on an aggregated basis, as required for presentation purposes. This foreign exchange translation adjustment does not impact on the NAVs of each Sub-Fund as these are determined on a Sub-Fund basis.
- Critical accounting judgements and estimates Management may make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of income and expenses during the financial year. The resulting accounting estimates will, by definition, seldom equal the actual results. Revisions to accounting estimates are recognised in the period in which an estimate is revised.
- Distribution PolicyThe constitution of the Fund (the "Constitution") empowers the Directors to declare dividends in respect of any redeemable participating shares out of net income (including interest and dividend income) and/or the excess of realised and unrealised capital gains over realised and unrealised losses in respect of investments of the Fund. Net realised and unrealised capital gains of the Sub-Funds attributable to the Redeemable Participating Shares are expected to be retained by the relevant Sub- Fund. Distributions for the year are included within finance costs in the Statement of Comprehensive Income.
- EqualisationSub-Funds maintain equalisation accounts with the view of ensuring that the level of dividends payable on distributing redeemable Participating shares and reportable income for classes of redeemable participating shares with UK Reporting Fund status are not affected by the issue and redemption of such shares during an accounting period. | en | de |
DOLFIN5493 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Remuneration Policy
The Directors have put in place a remuneration policy (the Remuneration Policy) which is designed to ensure that any relevant conflicts of interest can be managed appropriately at all times, taking into consideration the need to align risks in terms of risk management and exposure to risk, including the integration of sustainability risks, and for the policies to be in line with the business strategy, objectives and interests of the Company. Details of the Remuneration Policy can be found at www.mori-capital.com and a paper copy of the policy will be made available free of charge upon request.
The Directors consider the Remuneration Policy to be consistent with and promote sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profile of the Company or the Sub-Funds. The Remuneration Policy applies to those categories of staff (including senior management) whose professional activities have a material impact on the risk profile of the Company or the Sub-Funds. In this regard, none of the Directors will have a performance based variable component to their remuneration. | # Vergütungspolitik
Der Verwaltungsrat hat eine Vergütungspolitik beschlossen (die Vergütungspolitik), die konzipiert ist, um: sicherzustellen, dass relevante Interessenkonflikte jederzeit geeignet gesteuert werden können, unter Berücksichtigung der Notwendigkeit, Risiken in Bezug auf das Risikomanagement und die Risikoexposition, darunter die Einbindung von Nachhaltigkeitsrisiken, abzustimmen und die Fondspolitik mit der Geschäftsstrategie, den Zielen und Interessen der Gesellschaft abzustimmen. Einzelheiten der Vergütungspolitik sind unter www.mori-capital.com einsehbar und auf Antrag wird die Vergütungspolitik als Papierdokument kostenlos zur Verfügung gestellt.
Der Verwaltungsrat ist davon überzeugt, dass die Vergütungspolitik den Anforderungen eines soliden und effektiven Risikomanagements entspricht und dieses fördert, und keine Anreize für das Eingehen von Risiken setzt, die nicht zum Risikoprofil des Fonds oder der Teilfonds passen. Die Vergütungspolitik ist für die Personalkategorien anwendbar (einschließlich des leitenden Managements), deren professionelle Aktivitäten erheblichen Einfluss auf das Risikoprofil der Gesellschaft oder der Teilfonds haben. Diesbezüglich wird die Vergütung für Mitglieder des Verwaltungsrats keine erfolgsabhängigen, variablen Komponenten umfassen | # Remuneration Policy
The Directors have put in place a remuneration policy (the Remuneration Policy) which is designed to ensure that any relevant conflicts of interest can be managed appropriately at all times, taking into consideration the need to align risks in terms of risk management and exposure to risk, including the integration of sustainability risks, and for the policies to be in line with the business strategy, objectives and interests of the Company. Details of the Remuneration Policy can be found at www.mori-capital.com and a paper copy of the policy will be made available free of charge upon request.
The Directors consider the Remuneration Policy to be consistent with and promote sound and effective risk management and does not encourage risk-taking which is inconsistent with the risk profile of the Company or the Sub-Funds. The Remuneration Policy applies to those categories of staff (including senior management) whose professional activities have a material impact on the risk profile of the Company or the Sub-Funds. In this regard, none of the Directors will have a performance based variable component to their remuneration. | en | de |
DOLFIN5494 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Next Generation Mobility Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the USD I Accumulating Class was 13.33%. Over the same period, the MSCI All-Country World Index (ACWI) (Total Return, Net of Tax, USD) (the “Index”) returned 12.30%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Stock selection in the Information Technology sector was the primary positive contributor to relative performance while sector allocation to Financials was the biggest detractor. The biggest positive performance contributors among the Portfolio’s holdings during the first half of 2021 were ASML Holding, Deere, and Trimble. Conversely, the biggest detractors were Murata, Verisk, and JD.com.
Equity markets continued their upward ascent during the first half of 2021, propelled by strong corporate earnings, the COVID-19 vaccine rollout, and a continuation of the global economic recovery. During the month of May there was a rotation into higher growth and Technology companies as interest rates eased off of their highs. This trend continued throughout June as the market’s perception was that most of the inflationary pressures which have been in place for the better part of this year were “transitory” or related more to the re-opening of the global economy than anything structural. On the policy front, the market received welcome news as US President Biden and a group of 10 senators announced a framework for an approximate $579 billion in new spending on physical infrastructure, including roads, public transit, and electric vehicle infrastructure.
Thematically, strong growth in the primary pillars underpinning the Next Generation Mobility theme continues apace. Accordingly, we see compelling opportunities across the investable universe as the global transportation industry continues its evolution, for which recent examples provide concrete evidence.
On the Autonomous front, active safety trends continue to advance and notable developments transpired in the robotaxi industry. GM’s Cruise Automation received approval to carry members of the public in its fully driverless robotaxis in San Francisco. Relatedly, Cruise and Google’s Waymo requested a permit to begin charging for AV-related services in California. Both steps mark important progress towards commercialization. Moreover, Waymo completed its second external funding round, the CEO of Argo AI noted that the company may pursue an IPO within the next year, and Cruise secured a line of credit from GM Financial. These developments suggest that some of the industry leaders may have sufficient capital with which to begin ramping up commercial operations.
On the Electrification front, accelerating EV investments, further product rollouts, and combustion engine bans continue to proliferate. General Motors increased its targeted global spending on electric vehicles by 30% to $35 billion through 2025 and BMW set a target for all-electric vehicles to account for 50% of global sales by 2030. Honda issued plans to halt the sale of internal combustion engine vehicles by 2040 (and to equip all its vehicles with advanced driver assistance systems by 2030). Similarly, Canada declared a ban on the sale of new vehicles with combustion engines starting in 2035.
Further reflecting the shift towards EVs, the Shanghai Auto Show featured an abundance of new product introductions, many of which were all-electric. VW revealed its ID.6 all-electric family for the China market, Volvo showcased its first all-electric vehicle, and Toyota announced 15 new EV models.
INTERIM REPORT 2021 725
FINANCIAL STATEMENTS BALANCE SHEET | # Neuberger Berman Next Generation Mobility Fund
## Relazione del Gestore degli investimenti
Per il periodo di sei mesi chiuso il 30 giugno 2021, il rendimento totale della Classe ad Accumulazione USD I è stato pari al 13,33%. Nello stesso periodo, l’MSCI All-Country World Index (ACWI) (Total Return, Net of Tax, USD) (l’“Indice”) ha ottenuto un rendimento del 12,30%. (i dati relativi alla performance citati si riferiscono ai risultati passati e non sono indicativi di quelli futuri. I rendimenti complessivi mostrati riflettono il reinvestimento del reddito da dividendi e di altre eventuali distribuzioni).
La selezione titoli nel settore IT ha offerto il contributo principale alla performance relativa, mentre l’allocazione settoriale nel settore finanziario ha generato il peggior risultato. Nel primo semestre del 2021 i contributi più positivi alla performance del Portafoglio sono venuti da ASML Holding, Deere e Trimble. Per contro, Murata, Verisk e JD.com sono le posizioni che più hanno penalizzato il risultato.
Nella prima parte del 2021 i mercati azionari hanno continuato la loro ascesa, trainati dai robusti utili aziendali, dalla campagna vaccinale contro il COVID- 19 e dalla continuazione della ripresa economica globale. Nel mese di maggio è intervenuta una rotazione verso le società tecnologiche e a crescita più elevata, poiché i tassi d’interesse sono scesi dai loro massimi. Questo trend è proseguito per tutto giugno, poiché il mercato ha percepito le pressioni inflazionistiche in atto per la maggior parte di quest’anno come prevalentemente “transitorie” o come legate alla riapertura dell’economia globale più che a fattori strutturali. Sul fronte delle politiche, il nuovo programma di spese da 579 miliardi di USD per infrastrutture fisiche tra cui strade, trasporti pubblici e infrastrutture per veicoli elettrici, annunciato dal presidente USA Biden e da un gruppo di 10 senatori, ha ricevuto un’accoglienza positiva dal mercato.
A livello di temi, la forte crescita dei pilastri portanti del tema Next Generation Mobility è proseguita a ritmo sostenuto. Di conseguenza, osserviamo opportunità interessanti in tutto l’universo d’investimento mentre il comparto dei trasporti globali continua a crescere, come concretamente dimostrato da esempi recenti.
Sul fronte dell’autonomia, i temi della sicurezza attiva continuano a rafforzarsi e sviluppi notevoli sono intervenuti nel settore dei robotaxi. Cruise Automation di GM ha ricevuto l’autorizzazione per il trasporto del pubblico nei suoi robotaxi completamente senza conducente a San Francisco. Analogamente, Cruise e Waymo di Google hanno richiesto un’autorizzazione per iniziare a far pagare i servizi AV in California. Entrambe queste tappe segnano un importante progresso verso la commercializzazione. Inoltre, Waymo ha concluso il suo secondo ciclo di finanziamenti esterni, il CEO di Argo AI ha dichiarato che la società potrebbe lanciare un’IPO entro il prossimo anno e Cruise, infine, si è assicurata una linea di credito da GM Financial. Questi sviluppi suggeriscono che alcuni magnati industriali dispongono di capitali sufficienti per iniziare a rafforzare le operazioni commerciali.
Sul fronte dell’elettrificazione, l’accelerazione degli investimenti nei VE, i lanci di nuovi prodotti e i divieti ai motori a combustione continuano a moltiplicarsi. General Motors ha aumentato del 30% la sua spesa globale mirata per i veicoli elettrici, che raggiungerà i 35 miliardi di USD entro il 2025, e BMW si è prefissata di raggiungere entro il 2030 una quota del 50% delle sue vendite globali in veicoli esclusivamente elettrici. Honda ha stilato piani per fermare la vendita di veicoli con motore a combustione interna entro il 2040 (e per equipaggiare tutti i suoi veicoli con sistemi avanzati di assistenza alla guida entro il 2030). Analogamente, il Canada ha emanato un divieto di vendita di nuovi veicoli con motore a combustione a partire dal 2035. A ulteriore riprova della migrazione verso i VE, Shanghai Auto Show ha presentato una ricca gamma di nuovi prodotti e molti di essi sono versioni totalmente elettriche. VW ha svelato la sua gamma ID.6 totalmente elettrica per il mercato cinese; Volto ha presentato il suo primo veicolo interamente elettrico; Toyota, infine, ha annunciato 15 nuovi modelli di VE.
RELAZIONE SEMESTRALE 2021 725
BILANCIO STATO PATRIMONIALE | # Neuberger Berman Next Generation Mobility Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return for the USD I Accumulating Class was 13.33%. Over the same period, the MSCI All-Country World Index (ACWI) (Total Return, Net of Tax, USD) (the “Index”) returned 12.30%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Stock selection in the Information Technology sector was the primary positive contributor to relative performance while sector allocation to Financials was the biggest detractor. The biggest positive performance contributors among the Portfolio’s holdings during the first half of 2021 were ASML Holding, Deere, and Trimble. Conversely, the biggest detractors were Murata, Verisk, and JD.com.
Equity markets continued their upward ascent during the first half of 2021, propelled by strong corporate earnings, the COVID-19 vaccine rollout, and a continuation of the global economic recovery. During the month of May there was a rotation into higher growth and Technology companies as interest rates eased off of their highs. This trend continued throughout June as the market’s perception was that most of the inflationary pressures which have been in place for the better part of this year were “transitory” or related more to the re-opening of the global economy than anything structural. On the policy front, the market received welcome news as US President Biden and a group of 10 senators announced a framework for an approximate $579 billion in new spending on physical infrastructure, including roads, public transit, and electric vehicle infrastructure.
Thematically, strong growth in the primary pillars underpinning the Next Generation Mobility theme continues apace. Accordingly, we see compelling opportunities across the investable universe as the global transportation industry continues its evolution, for which recent examples provide concrete evidence.
On the Autonomous front, active safety trends continue to advance and notable developments transpired in the robotaxi industry. GM’s Cruise Automation received approval to carry members of the public in its fully driverless robotaxis in San Francisco. Relatedly, Cruise and Google’s Waymo requested a permit to begin charging for AV-related services in California. Both steps mark important progress towards commercialization. Moreover, Waymo completed its second external funding round, the CEO of Argo AI noted that the company may pursue an IPO within the next year, and Cruise secured a line of credit from GM Financial. These developments suggest that some of the industry leaders may have sufficient capital with which to begin ramping up commercial operations.
On the Electrification front, accelerating EV investments, further product rollouts, and combustion engine bans continue to proliferate. General Motors increased its targeted global spending on electric vehicles by 30% to $35 billion through 2025 and BMW set a target for all-electric vehicles to account for 50% of global sales by 2030. Honda issued plans to halt the sale of internal combustion engine vehicles by 2040 (and to equip all its vehicles with advanced driver assistance systems by 2030). Similarly, Canada declared a ban on the sale of new vehicles with combustion engines starting in 2035.
Further reflecting the shift towards EVs, the Shanghai Auto Show featured an abundance of new product introductions, many of which were all-electric. VW revealed its ID.6 all-electric family for the China market, Volvo showcased its first all-electric vehicle, and Toyota announced 15 new EV models.
INTERIM REPORT 2021 725
FINANCIAL STATEMENTS BALANCE SHEET | en | it |
DOLFIN5495 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Management Company and/or the Fund may suspend the determination of the Net Asset Value of Shares of any fund, the issue of such Shares, the switching of such Shares and the redemption of such Shares:
- during any period (other than ordinary holidays or customary weekend closings) when any market or stock exchange is closed on which a significant portion of the Fund’s investments relating to that fund is quoted and which is the main market or stock exchange for such investments, provided that the closing of such exchange or market affects the valuation of the investments quoted thereon; or during any period when dealings on such market or stock exchange are substantially restricted or suspended, provided such restriction or suspension affects the valuation of the investments of the Fund relating to that fund quoted thereon;
- during any period when an emergency exists as a result of which disposal by the Fund of investments relating to that fund which constitute a substantial portion of the assets of the fund is not practically feasible or would be seriously prejudicial to the Shareholders;
- during any breakdown in the means of communication normally employed in determining the price of any of the Fund’s investments relating to that fund or of current prices on any market or stock exchange;
- when for any other reason the prices of any investments owned by the Fund relating to that fund cannot promptly or accurately be ascertained;
- during any period when remittance of monies which will or may be involved in the realisation of or in the payment for any of the Fund’s investments relating to that fund cannot, in the opinion of the Management Company, be carried out at normal rates of exchange;
- while the value of the investments held through any subsidiary of the Fund may not be determined accurately;
- during any period when in the opinion of the Board or the Management Company unusual circumstances exist where it would be impractical or unfair towards the Shareholders to continue dealing in the Shares of the Fund or of any fund, or circumstances where a failure to do so might result in the Shareholders of the Fund or a fund incurring any liability to taxation or suffering other pecuniary disadvantage or other detriment which the Shareholders of the Fund, or a fund might not otherwise have suffered, or any other circumstances;
- if the Fund, or a fund is being or may be wound-up, on or following the date on which such decision is taken by the Board or notice is given to Shareholders of a general meeting of Shareholders at which a resolution to wind- up the Fund, or a fund is to be proposed;
- in the case of a merger, if the Board and/or the Management deems this to be justified for the protection of Shareholders; or
- in the case of a suspension of the calculation of the Net Asset Value of one or several underlying investment funds in which a fund has invested a substantial portion of assets. | Die Verwaltungsgesellschaft und/oder der Fonds können die Bestimmung des Nettoinventarwerts von Anteilen eines Teilfonds und die Ausgabe, Umschichtung und Rücknahme dieser Anteile aussetzen:
- wenn Märkte oder Börsen geschlossen sind (mit Ausnahme von Feiertagen oder der üblichen Schließung an Wochenenden), an denen ein erheblicher Teil der Anlagen des Fonds in Bezug auf diesen Teilfonds notiert sind und die der Hauptmarkt oder die Hauptbörse für diese Anlagen sind, vorausgesetzt die Schließung der Börse oder des Markts betrifft die Bewertung der dort notierten Anlagen, oder wenn der Handel an einem solchen Markt oder einer solchen Börse erheblich eingeschränkt oder ausgesetzt ist, vorausgesetzt diese Einschränkung oder Aussetzung betrifft die Bewertung der Anlage des Fonds in Bezug auf den dort notierten Teilfonds;
- wenn ein Notfall besteht, aufgrund dessen die Veräußerung der Anlagen durch den Fonds in Bezug auf diesen Teilfonds, die einen erheblichen Teil der Vermögenswerte des Teilfonds darstellen, praktisch nicht durchführbar ist oder für die Anteilinhaber von erheblichem Nachteil wäre;
- bei einem Ausfall der Kommunikationsmittel, die normalerweise für die Feststellung des Kurses von Anlagen des Teilfonds in Bezug auf diesen Teilfonds oder des aktuellen Kurses an einem Markt oder einer Börse genutzt werden;
- wenn aus irgendeinem Grund die Kurse von Anlagen im Eigentum des Fonds in Bezug auf diesen Teilfonds nicht umgehend oder genau bestimmt werden können;
- wenn die Überweisung von Geldern, die zur Veräußerung oder Bezahlung für Anlagen des Fonds in Bezug auf diesen Teilfonds nötig sind, nach Meinung der Verwaltungsgesellschaft nicht zu normalen Wechselkursen erfolgen kann;
- wenn der Wert der über eine Tochtergesellschaft des Fonds gehaltenen Anlagen nicht genau bestimmt werden kann;
- während eines Zeitraums, in dem nach Ansicht des Verwaltungsrats oder der Verwaltungsgesellschaft außergewöhnliche Umstände vorliegen, in denen der fortgesetzte Handel mit Anteilen des Fonds oder eines Teilfonds nicht praktikabel oder gegenüber den Anteilinhabern ungerecht wäre, oder Umstände vorliegen, unter denen die Unterlassung dazu führen könnte, dass den Anteilinhabern des Fonds oder eines Teilfonds eine Steuerlast oder ein sonstiger geldwerter oder anderer Nachteil entsteht, der ihnen andernfalls nicht entstanden wäre, oder in dem sonstige Umstände vorliegen;
- wenn der Fonds oder ein Teilfonds aufgelöst wird oder aufgelöst werden könnte, an oder nach dem Tag, an dem die betreffende Entscheidung vom Verwaltungsrat getroffen wird, oder an oder nach dem Tag der Mitteilung einer Hauptversammlung der Anteilinhaber, auf der ein Beschluss zur Auflösung des Fonds oder eines Teilfonds eingebracht wird;
- im Fall einer Verschmelzung, wenn dies nach Ansicht des Verwaltungsrats und/oder der Verwaltungsgesellschaft zum Schutze der Anteilinhaber gerechtfertigt erscheint; oder
- wenn die Berechnung des Nettoinventarwerts eines oder mehrerer zugrunde liegender Investmentfonds, in die ein Teilfonds einen beträchtlichen Anteil seiner Vermögenswerte investiert hat, ausgesetzt wird. | The Management Company and/or the Fund may suspend the determination of the Net Asset Value of Shares of any fund, the issue of such Shares, the switching of such Shares and the redemption of such Shares:
- during any period (other than ordinary holidays or customary weekend closings) when any market or stock exchange is closed on which a significant portion of the Fund’s investments relating to that fund is quoted and which is the main market or stock exchange for such investments, provided that the closing of such exchange or market affects the valuation of the investments quoted thereon; or during any period when dealings on such market or stock exchange are substantially restricted or suspended, provided such restriction or suspension affects the valuation of the investments of the Fund relating to that fund quoted thereon;
- during any period when an emergency exists as a result of which disposal by the Fund of investments relating to that fund which constitute a substantial portion of the assets of the fund is not practically feasible or would be seriously prejudicial to the Shareholders;
- during any breakdown in the means of communication normally employed in determining the price of any of the Fund’s investments relating to that fund or of current prices on any market or stock exchange;
- when for any other reason the prices of any investments owned by the Fund relating to that fund cannot promptly or accurately be ascertained;
- during any period when remittance of monies which will or may be involved in the realisation of or in the payment for any of the Fund’s investments relating to that fund cannot, in the opinion of the Management Company, be carried out at normal rates of exchange;
- while the value of the investments held through any subsidiary of the Fund may not be determined accurately;
- during any period when in the opinion of the Board or the Management Company unusual circumstances exist where it would be impractical or unfair towards the Shareholders to continue dealing in the Shares of the Fund or of any fund, or circumstances where a failure to do so might result in the Shareholders of the Fund or a fund incurring any liability to taxation or suffering other pecuniary disadvantage or other detriment which the Shareholders of the Fund, or a fund might not otherwise have suffered, or any other circumstances;
- if the Fund, or a fund is being or may be wound-up, on or following the date on which such decision is taken by the Board or notice is given to Shareholders of a general meeting of Shareholders at which a resolution to wind- up the Fund, or a fund is to be proposed;
- in the case of a merger, if the Board and/or the Management deems this to be justified for the protection of Shareholders; or
- in the case of a suspension of the calculation of the Net Asset Value of one or several underlying investment funds in which a fund has invested a substantial portion of assets. | en | de |
DOLFIN5496 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
Période de détention recommandée : 5 ans
Ce produit ne comprend pas de période de détention minimale requise mais est conçu pour un investissement à long terme; vous devriez avoir un horizon
d'investissement d'au moins 5 années.
La Société de gestion rachètera les actions de ce Fonds au prix de rachat à chaque jour de transaction. Les rachats du Fonds applicable seront effectués au moment de l'évaluation le jour de transaction concerné. Le prix est basé sur la valeur nette des actifs par action de chaque catégorie déterminée au moment de l'évaluation. Les demandes de rachat reçues après la date limite de transaction seront traitées comme ayant été reçues avant la date limite de transaction suivante, sauf disposition contraire convenue par la Société de gestion.
Veuillez communiquer avec votre courtier, votre conseiller financier ou votre distributeur pour obtenir des renseignements sur les coûts et les frais liés à la vente des actions. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
Período de mantenimiento recomendado: 5 años
Este producto no tiene un período de mantenimiento mínimo exigido, pero está concebido para una inversión a largo plazo; su horizonte de inversión debería ser de, al
menos, 5 años.
La Sociedad de Gestión reembolsará las participaciones de este Fondo al precio de rescate en cada día de negociación. Los rescates del Fondo aplicable se efectuarán al punto de valoración del día de negociación pertinente. El precio se basa en el valor liquidativo por participación de cada clase, el cual se determina al punto de valoración. Las solicitudes de rescate recibidas una vez transcurrido el plazo de negociación se considerarán como recibidas antes del siguiente plazo de negociación, a menos que la Sociedad de Gestión determine lo contrario.
Póngase en contacto con su corredor de bolsa, asesor financiero o distribuidor para obtener información sobre cualesquiera costes y gastos asociados a la venta de participaciones. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
Période de détention recommandée : 5 ans
Ce produit ne comprend pas de période de détention minimale requise mais est conçu pour un investissement à long terme; vous devriez avoir un horizon
d'investissement d'au moins 5 années.
La Société de gestion rachètera les actions de ce Fonds au prix de rachat à chaque jour de transaction. Les rachats du Fonds applicable seront effectués au moment de l'évaluation le jour de transaction concerné. Le prix est basé sur la valeur nette des actifs par action de chaque catégorie déterminée au moment de l'évaluation. Les demandes de rachat reçues après la date limite de transaction seront traitées comme ayant été reçues avant la date limite de transaction suivante, sauf disposition contraire convenue par la Société de gestion.
Veuillez communiquer avec votre courtier, votre conseiller financier ou votre distributeur pour obtenir des renseignements sur les coûts et les frais liés à la vente des actions. | fr | es |
DOLFIN5497 | 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
Le Fonds vise une croissance de votre capital et la génération d'un revenu en investissant principalement dans tous types d'obligations, d'instruments du marché monétaire, dérivés sur titres à revenu fixe et dérivés de change.
### La date d'échéance du Fonds est fixée au 22 décembre 2025, sauf si les conditions sont modifiées avant cette date.
### En raison de la date d'échéance, la rotation du portefeuille sera relativement faible.
### Le Fonds est autorisé à investir sans limite dans des devises autres que sa devise de base (dollar américain). Le risque de change par rapport au dollar américain sera largement couvert.
### Le Fonds n'est pas géré par rapport à un indice de référence. Le Fonds peut investir jusqu'à :
- 100 % de ses actifs nets dans des titres à haut rendement ;
- 45% de ses actifs nets dans des marchés émergents ;
- 20 % de ses actifs nets dans des obligations contingentes convertibles (CoCo).
### La valeur du Fonds est calculée toutes les semaines et exprimée en Dollars américains.
### Le risque de change par rapport à la devise de base USD est principalement couvert.
### Les investisseurs du Fonds peuvent demander le rachat de leur part chaque jour ouvrable au Luxembourg sauf les jours où les marchés principaux sont fermés : États-Unis (US), Royaume-Uni (UK)
### Les jours de fermeture sont disponibles sur ce lien : https://www.ubp.com/fr/our-offices/ubp-asset-management-europe-sa. La période de détention recommandée correspond à l'échéance du fonds.
### Tous les revenus perçus par le Fonds sont réinvestis (classe d'action de capitalisation). | # Objetivos y política de inversión
El objetivo del Fondo es lograr el crecimiento de su capital y generar ingresos principalmente mediante la inversión en cualquier tipo de bonos, instrumentos del mercado monetario, valores de renta fija y derivados sobre divisas.
### El Fondo tiene una fecha de vencimiento del 22 de diciembre de 2025 a menos que se modifiquen los términos antes de la fecha de vencimiento.
### Debido a la fecha de vencimiento, la rotación de la cartera será relativamente baja.
### El Fondo está autorizado a invertir sin límites en divisas distintas a su divisa base (dólares estadounidenses). El riesgo cambiario frente al dólar estadounidense se cubrirá en su mayor parte.
### El Fondo no se gestiona en referencia a un índice de referencia. El Fondo podrá invertir hasta:
- el 100 % del patrimonio neto en alto rendimiento;
- el 45% del patrimonio neto en mercados emergentes;
- el 20 % del patrimonio neto en bonos de capital contingente convertible (CoCo).
### El valor del Fondo se calcula semanalmente y se expresa en dólares estadounidenses.
### El riesgo de cambio de la acción correspondiente a la moneda base USD está principalmente cubierto.
### Los inversores en el Fondo pueden reembolsar participaciones en cualquier día hábil en Luxemburgo, excepto días en que se cierren los mercados decisivos: Estados Unidos (US), Reino Unido (UK)
### Los detalles de los días de cierre están disponibles en: https://www.ubp.com/en/our-offices/ubp-asset-management-europe-sa. El periodo de tenencia recomendado es al vencimiento del fondo.
### Todos los ingresos recibidos por el Fondo se reinvierten (clase de acciones de capitalización). | # Objectifs et politique d'investissement
Le Fonds vise une croissance de votre capital et la génération d'un revenu en investissant principalement dans tous types d'obligations, d'instruments du marché monétaire, dérivés sur titres à revenu fixe et dérivés de change.
### La date d'échéance du Fonds est fixée au 22 décembre 2025, sauf si les conditions sont modifiées avant cette date.
### En raison de la date d'échéance, la rotation du portefeuille sera relativement faible.
### Le Fonds est autorisé à investir sans limite dans des devises autres que sa devise de base (dollar américain). Le risque de change par rapport au dollar américain sera largement couvert.
### Le Fonds n'est pas géré par rapport à un indice de référence. Le Fonds peut investir jusqu'à :
- 100 % de ses actifs nets dans des titres à haut rendement ;
- 45% de ses actifs nets dans des marchés émergents ;
- 20 % de ses actifs nets dans des obligations contingentes convertibles (CoCo).
### La valeur du Fonds est calculée toutes les semaines et exprimée en Dollars américains.
### Le risque de change par rapport à la devise de base USD est principalement couvert.
### Les investisseurs du Fonds peuvent demander le rachat de leur part chaque jour ouvrable au Luxembourg sauf les jours où les marchés principaux sont fermés : États-Unis (US), Royaume-Uni (UK)
### Les jours de fermeture sont disponibles sur ce lien : https://www.ubp.com/fr/our-offices/ubp-asset-management-europe-sa. La période de détention recommandée correspond à l'échéance du fonds.
### Tous les revenus perçus par le Fonds sont réinvestis (classe d'action de capitalisation). | fr | es |
DOLFIN5498 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important features:
The fund invests at least two thirds of its assets in the equities of companies whose registered office or predominant business activities are in emerging markets. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the MSCI® Emerging Markets Index TR Net. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | # Caratteristiche salienti:
Il fondo investe almeno due terzi del suo patrimonio in titoli di partecipazione di società che hanno sede o svolgono una parte prevalente delle loro attività economiche nei mercati emergenti. La selezione degli investimenti tiene conto dei principi dell'economia sostenibile (criteri ESG: ambientali, sociali e di governance).
I titoli sono selezionati in modo discrezionale sulla base di un processo di investimento coerente («gestione attiva»). Ai fini della composizione del portafoglio, la selezione e la ponderazione dei titoli si concentrano sulle società incluse nell'indice MSCI® Emerging Markets Index TR Net. La deviazione dall'indice di riferimento può essere notevole.
La politica d'investimento si orienta a tale indice di riferimento e mira a sovraperformarlo. In funzione delle condizioni di mercato e della valutazione del rischio, il gestore può discostarsi dall'indice di riferimento in qualsiasi momento
tramite la sovraponderazione e la sottoponderazione attiva dei singoli titoli e settori, in modo più o meno significativo, positivo o negativo.
Per il conseguimento dell'obiettivo d'investimento possono essere impiegati strumenti derivati.
Le quote del fondo vengono emesse o rimborsate di principio tutti i giorni lavorativi bancari secondo il calendario del Lussemburgo.
Utili e proventi della classe di quote distribuiti bensì reinvestiti. | # Important features:
The fund invests at least two thirds of its assets in the equities of companies whose registered office or predominant business activities are in emerging markets. Business sustainability criteria are considered in the investment selection process (ESG criteria: Environment, Social, Governance).
The securities are selected on a discretionary basis using a consistent investment process (“active management”). With regard to portfolio composition, the selection of stocks and the associated weightings are focused on companies from the MSCI® Emerging Markets Index TR Net. The portfolio composition may deviate considerably from this benchmark index.
The investment policy is to outperform the benchmark index. The Asset Manager may at any time deviate – significantly or insignificantly, positively or negatively – from the benchmark
index by actively overweighting or underweighting individual securities and sectors based on market conditions and risk assessments.
Derivatives may be used for achieving the investment objective.
Fund units will be issued or redeemed basically on any bank business day in Luxembourg.
Earnings and profits of the unit class are not distributed, but reinvested. | en | it |
DOLFIN5499 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This Fund's risk category primarily reflects the market risk of the European stocks in which it is invested.
The initial capital invested is not guaranteed.
Historical data such as that used to calculate the synthetic indicator may not be a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may evolve over time.
The lowest category does not mean “risk free.”
Particular risks for the Fund not included in these indicator are:
Counterparty risk: this is the risk of default by a market operator, including a total return swap counterparty, that prevents it from honouring its obligations to the Fund.
The occurrence of one of these risks may decrease the net asset value of your portfolio. | El nivel de riesgo de este Fondo de inversión refleja principalmente el riesgo del mercado de acciones europeas en el que se invierte.
El capital invertido inicialmente no posee ninguna garantía.
Los datos históricos, que han sido utilizados para calcular el índice sintético, podrían no constituir una indicación fiable del perfil de riesgo futuro del OICV. La categoría de riesgo asociado a este fondo no está garantizada y podrá evolucionar en el tiempo.
Una categoría menos arriesgada no es sinónimo de inversión exenta de riesgo.
Los riesgos importantes para la IIC que no se toman en cuenta en el indicador son:
Riesgo de contraparte: representa el riesgo de incumplimiento de un actor del mercado que le impide cumplir sus compromisos con respecto a su cartera.
El acaecimiento de uno de estos riesgos puede hacer bajar el valor liquidativo de su cartera. | This Fund's risk category primarily reflects the market risk of the European stocks in which it is invested.
The initial capital invested is not guaranteed.
Historical data such as that used to calculate the synthetic indicator may not be a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may evolve over time.
The lowest category does not mean “risk free.”
Particular risks for the Fund not included in these indicator are:
Counterparty risk: this is the risk of default by a market operator, including a total return swap counterparty, that prevents it from honouring its obligations to the Fund.
The occurrence of one of these risks may decrease the net asset value of your portfolio. | en | es |
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