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DOLFIN5500 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# UBS (Lux) Bond SICAV – Emerging Europe (EUR)
| Most important figures | |
| --- | --- |
| | ISIN | 14.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR | | 47 349 844.72 | 65 978 619.98 | 83 700 787.56 |
| Class I-A3-dist 1 | LU0396346941 | | | |
| Shares outstanding | | - | 94 494.3280 | 128 294.3280 |
| Net asset value per share in EUR | | - | 117.37 | 118.83 |
| Issue and redemption price per share in EUR 2 | | - | 117.37 | 118.83 |
| Class P-4%-qdist | LU1669357508 | | | |
| Shares outstanding | | 8 464.2760 | 2 094.9920 | 100.0000 |
| Net asset value per share in EUR | | 95.71 | 91.71 | 93.56 |
| Issue and redemption price per share in EUR 2 | | 95.71 | 91.71 | 93.56 |
| Class P-acc | LU0214905043 | | | |
| Shares outstanding | | 87 226.1260 | 102 575.0590 | 121 745.4010 |
| Net asset value per share in EUR | | 212.24 | 199.32 | 195.34 |
| Issue and redemption price per share in EUR 2 | | 212.24 | 199.32 | 195.34 |
| Class P-dist | LU0214904665 | | | |
| Shares outstanding | | 181 312.2640 | 201 591.7040 | 232 757.0720 |
| Net asset value per share in EUR | | 122.59 | 118.50 | 119.86 |
| Issue and redemption price per share in EUR 2 | | 122.59 | 118.50 | 119.86 |
| Class Q-acc | LU1240773116 | | | |
| Shares outstanding | | 38 847.5150 | 73 147.5940 | 129 903.5930 |
| Net asset value per share in EUR | | 116.28 | 108.91 | 106.09 |
| Issue and redemption price per share in EUR 2 | | 116.28 | 108.91 | 106.09 |
| Class Q-dist | LU1240773207 | | | |
| Shares outstanding | | 12 909.5510 | 24 867.7340 | 30 603.9640 |
| Net asset value per share in EUR | | 99.41 | 96.37 | 97.52 |
| Issue and redemption price per share in EUR 2 | | 99.41 | 96.37 | 97.52 |
| 1 The share class I-A3-dist was in circulation until 8.11.2019 2 See note 1 | | | | |
## Structure of the Securities Portfolio
As the subfund UBS (Lux) Bond SICAV – Emerging Europe (EUR) was merged into UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) as at 14 November 2019 there is no securities portfolio or securities portfolio structure at the end of the reporting period. See note 9.
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019
| Statement of Operations | |
| --- | --- |
| | EUR |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 3 933.81 |
| Interest on securities | 1 101 586.29 |
| Income on securities lending (Note 13) | 10 422.10 |
| Other income (Note 4) | 19 555.25 |
| Total income | 1 135 497.45 |
| | |
| Expenses | |
| Flat fee (Note 2) | -316 729.31 |
| Taxe d’abonnement (Note 3) | -12 407.94 |
| Cost on securities lending (Note 13) | -4 168.84 |
| Other commissions and fees (Note 2) | -13 760.00 |
| Interest on cash and bank overdraft | -4 596.63 |
| Total expenses | -351 662.72 |
| | |
| Net income (loss) on investments | 783 834.73 |
| | |
| Realized gain (loss) (Note 1) | |
| Realized gain (loss) on market-priced securities without options | -201 654.72 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 1 425.50 |
| Realized gain (loss) on financial futures | -35 053.94 |
| Realized gain (loss) on forward foreign exchange contracts | -123 307.48 |
| Realized gain (loss) on foreign exchange | 2 058.75 |
| Total realized gain (loss) | -356 531.89 |
| | |
| Net realized gain (loss) of the period | 427 302.84 |
| | |
| Changes in unrealized appreciation (depreciation) (Note 1) | |
| Unrealized appreciation (depreciation) on market-priced securities without options | 3 803 707.88 |
| Unrealized appreciation (depreciation) on financial futures | 372.96 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 54 967.75 |
| Total changes in unrealized appreciation (depreciation) | 3 859 048.59 |
| | |
| Net increase (decrease) in net assets as a result of operations | 4 286 351.43 |
| Statement of Changes in Net Assets | |
| --- | --- |
| | EUR |
| | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period | 65 978 619.98 |
| Subscriptions | 3 172 254.22 |
| Redemptions | -72 206 551.71 |
| Total net subscriptions (redemptions) | -69 034 297.49 |
| Dividend paid | -1 230 673.92 |
| Net income (loss) on investments | 783 834.73 |
| Total realized gain (loss) | -356 531.89 |
| Total changes in unrealized appreciation (depreciation) | 3 859 048.59 |
| Net increase (decrease) in net assets as a result of operations | 4 286 351.43 |
| Net assets at the end of the period | 0.00 |
| Changes in the Number of Shares outstanding | |
| | 1.6.2019-30.11.2019 |
| Class | I-A3-dist |
| Number of shares outstanding at the beginning of the period | 94 494.3280 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -94 494.3280 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-4%-qdist |
| Number of shares outstanding at the beginning of the period | 2 094.9920 |
| Number of shares issued | 6 369.2840 |
| Number of shares redeemed | -8 464.2760 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 102 575.0590 |
| Number of shares issued | 3 967.4180 |
| Number of shares redeemed | -106 542.4770 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 201 591.7040 |
| Number of shares issued | 3 580.9180 |
| Number of shares redeemed | -205 172.6220 |
| Number of shares outstanding at the end of the period | 0.0000 |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019
| Class | | | Q-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the period | | | 73 147.5940 |
| Number of shares issued | | | 11 319.5080 |
| Number of shares redeemed | | | -84 467.1020 |
| Number of shares outstanding at the end of the period | | | 0.0000 |
| Class | | | Q-dist |
| Number of shares outstanding at the beginning of the period | | | 24 867.7340 |
| Number of shares issued | | | 262.7210 |
| Number of shares redeemed | | | -25 130.4550 |
| Number of shares outstanding at the end of the period | | | 0.0000 |
| Annual Distribution 1 | | | |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) Ex-Date | Pay-Date | Currency | Amount per share |
| I-A3-dist 1.8.2019 | 6.8.2019 | EUR | 4.61 |
| P-dist 1.8.2019 | 6.8.2019 | EUR | 3.53 |
| Q-dist 1.8.2019 | 6.8.2019 | EUR | 3.43 |
| Quarterly Distribution 1 | | | |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) Ex-Date | Pay-Date | Currency | Amount per share |
| P-4%-qdist 10.7.2019 | 15.7.2019 | EUR | 0.94 |
| P-4%-qdist 10.10.2019 | 15.10.2019 | EUR | 0.96 |
| 1 See note 5 | | | |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019 | # UBS (Lux) Bond SICAV – Emerging Europe (EUR)
| Données principales | |
| --- | --- |
| | ISIN | 14.11.2019 | 31.5.2019 | 31.5.2018 |
| Actif net en EUR | | 47 349 844.72 | 65 978 619.98 | 83 700 787.56 |
| Catégorie I-A3-dist 1 | LU0396346941 | | | |
| Actions en circulation | | - | 94 494.3280 | 128 294.3280 |
| Valeur nette d’inventaire par action en EUR | | - | 117.37 | 118.83 |
| Prix d’émission et de rachat par action en EUR 2 | | - | 117.37 | 118.83 |
| Catégorie P-4%-qdist | LU1669357508 | | | |
| Actions en circulation | | 8 464.2760 | 2 094.9920 | 100.0000 |
| Valeur nette d’inventaire par action en EUR | | 95.71 | 91.71 | 93.56 |
| Prix d’émission et de rachat par action en EUR 2 | | 95.71 | 91.71 | 93.56 |
| Catégorie P-acc | LU0214905043 | | | |
| Actions en circulation | | 87 226.1260 | 102 575.0590 | 121 745.4010 |
| Valeur nette d’inventaire par action en EUR | | 212.24 | 199.32 | 195.34 |
| Prix d’émission et de rachat par action en EUR 2 | | 212.24 | 199.32 | 195.34 |
| Catégorie P-dist | LU0214904665 | | | |
| Actions en circulation | | 181 312.2640 | 201 591.7040 | 232 757.0720 |
| Valeur nette d’inventaire par action en EUR | | 122.59 | 118.50 | 119.86 |
| Prix d’émission et de rachat par action en EUR 2 | | 122.59 | 118.50 | 119.86 |
| Catégorie Q-acc | LU1240773116 | | | |
| Actions en circulation | | 38 847.5150 | 73 147.5940 | 129 903.5930 |
| Valeur nette d’inventaire par action en EUR | | 116.28 | 108.91 | 106.09 |
| Prix d’émission et de rachat par action en EUR 2 | | 116.28 | 108.91 | 106.09 |
| Catégorie Q-dist | LU1240773207 | | | |
| Actions en circulation | | 12 909.5510 | 24 867.7340 | 30 603.9640 |
| Valeur nette d’inventaire par action en EUR | | 99.41 | 96.37 | 97.52 |
| Prix d’émission et de rachat par action en EUR 2 | | 99.41 | 96.37 | 97.52 |
| 1 La catégorie d’actions I-A3-dist était en circulation jusqu’au 8.11.2019 2 Voir note 1 | | | | |
## Structure du portefeuille-titres
Etant donné que le compartiment UBS (Lux) Bond SICAV – Emerging Europe (EUR) a été fusionné le 14 novembre 2019 avec le compartiment UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD), il n’y a ni portefeuille-titres ni structure du portefeuille-titres à la fin de la période sous revue. Voir note 9.
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Rapport semestriel au 30 novembre 2019
| Etat des opérations | |
| --- | --- |
| | EUR |
| Revenus | 1.6.2019-30.11.2019 |
| Revenus d’intérêts sur liquidités | 3 933.81 |
| Intérêts sur titres | 1 101 586.29 |
| Revenus sur prêts de titres (note 13) | 10 422.10 |
| Autres revenus (note 4) | 19 555.25 |
| Total des Revenus | 1 135 497.45 |
| | |
| Charges | |
| Commission de gestion forfaitaire (note 2) | -316 729.31 |
| Taxe d’abonnement (note 3) | -12 407.94 |
| Frais sur prêts de titres (note 13) | -4 168.84 |
| Autres commissions et frais (note 2) | -13 760.00 |
| Charges d’intérêts sur liquidités et crédit en compte courant | -4 596.63 |
| Total des Charges | -351 662.72 |
| | |
| Revenus/pertes net(te)s de placements | 783 834.73 |
| | |
| Bénéfices/(pertes) réalisé(e)s (note 1) | |
| Bénéfice/(perte) réalisé(e) sur titres évalués à la valeur de marché hors options | -201 654.72 |
| Bénéfice/(perte) réalisé(e) sur instruments du marché monétaire et titres évalués en fonction des rendements | 1 425.50 |
| Bénéfice/perte réalisé(e) sur contrats financiers à terme | -35 053.94 |
| Bénéfice/(perte) réalisé(e) sur contrats de change à terme | -123 307.48 |
| Bénéfice/(perte) de change réalisé(e) | 2 058.75 |
| Total des Bénéfices/(pertes) réalisé(e)s | -356 531.89 |
| | |
| Bénéfice/(perte) net(te) réalisé(e) au cours de la période | 427 302.84 |
| | |
| Fluctuations de la plus-/(moins)-value non réalisée (note 1) | |
| Plus-/(moins)-value non réalisée sur titres évalués à la valeur de marché hors options | 3 803 707.88 |
| Plus-/(moins)-value non réalisée sur contrats financiers à terme | 372.96 |
| Plus-/(moins)-value non réalisée sur contrats de change à terme | 54 967.75 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 3 859 048.59 |
| | |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 4 286 351.43 |
| Fluctuations de l’actif net | |
| --- | --- |
| | EUR |
| | 1.6.2019-30.11.2019 |
| Actif net au début de la période | 65 978 619.98 |
| Souscriptions | 3 172 254.22 |
| Rachats | -72 206 551.71 |
| Total des Entrées/(sorties) de capitaux | -69 034 297.49 |
| Dividendes versés | -1 230 673.92 |
| Revenus/pertes net(te)s de placements | 783 834.73 |
| Total des Bénéfices/(pertes) réalisé(e)s | -356 531.89 |
| Total des Fluctuations de la plus-/(moins)-value non réalisée | 3 859 048.59 |
| Augmentation/(diminution) nette de l’actif net issue de l’activité | 4 286 351.43 |
| Actif net à la fin de la période | 0.00 |
| Evolution des actions en circulation | |
| | 1.6.2019-30.11.2019 |
| Catégorie | I-A3-dist |
| Nombre d’actions en circulation au début de la période | 94 494.3280 |
| Nombre d’actions émises | 0.0000 |
| Nombre d’actions rachetées | -94 494.3280 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | P-4%-qdist |
| Nombre d’actions en circulation au début de la période | 2 094.9920 |
| Nombre d’actions émises | 6 369.2840 |
| Nombre d’actions rachetées | -8 464.2760 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | P-acc |
| Nombre d’actions en circulation au début de la période | 102 575.0590 |
| Nombre d’actions émises | 3 967.4180 |
| Nombre d’actions rachetées | -106 542.4770 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | P-dist |
| Nombre d’actions en circulation au début de la période | 201 591.7040 |
| Nombre d’actions émises | 3 580.9180 |
| Nombre d’actions rachetées | -205 172.6220 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Rapport semestriel au 30 novembre 2019
| Catégorie | Q-acc |
| --- | --- |
| Nombre d’actions en circulation au début de la période | 73 147.5940 |
| Nombre d’actions émises | 11 319.5080 |
| Nombre d’actions rachetées | -84 467.1020 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Catégorie | Q-dist |
| Nombre d’actions en circulation au début de la période | 24 867.7340 |
| Nombre d’actions émises | 262.7210 |
| Nombre d’actions rachetées | -25 130.4550 |
| Nombre d’actions en circulation à la fin de la période | 0.0000 |
| Distribution annuelle 1 | |
| --- | --- |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) | Date de détachement | Date de versement | Devise | Montant par action |
| I-A3-dist | 1.8.2019 | 6.8.2019 | EUR | 4.61 |
| P-dist | 1.8.2019 | 6.8.2019 | EUR | 3.53 |
| Q-dist | 1.8.2019 | 6.8.2019 | EUR | 3.43 |
| Distribution trimestrielle 1 | | | | |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) | Date de détachement | Date de versement | Devise | Montant par action |
| P-4%-qdist | 10.7.2019 | 15.7.2019 | EUR | 0.94 |
| P-4%-qdist | 10.10.2019 | 15.10.2019 | EUR | 0.96 |
| 1 Voir note 5 | | | | |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Rapport semestriel au 30 novembre 2019 | # UBS (Lux) Bond SICAV – Emerging Europe (EUR)
| Most important figures | |
| --- | --- |
| | ISIN | 14.11.2019 | 31.5.2019 | 31.5.2018 |
| Net assets in EUR | | 47 349 844.72 | 65 978 619.98 | 83 700 787.56 |
| Class I-A3-dist 1 | LU0396346941 | | | |
| Shares outstanding | | - | 94 494.3280 | 128 294.3280 |
| Net asset value per share in EUR | | - | 117.37 | 118.83 |
| Issue and redemption price per share in EUR 2 | | - | 117.37 | 118.83 |
| Class P-4%-qdist | LU1669357508 | | | |
| Shares outstanding | | 8 464.2760 | 2 094.9920 | 100.0000 |
| Net asset value per share in EUR | | 95.71 | 91.71 | 93.56 |
| Issue and redemption price per share in EUR 2 | | 95.71 | 91.71 | 93.56 |
| Class P-acc | LU0214905043 | | | |
| Shares outstanding | | 87 226.1260 | 102 575.0590 | 121 745.4010 |
| Net asset value per share in EUR | | 212.24 | 199.32 | 195.34 |
| Issue and redemption price per share in EUR 2 | | 212.24 | 199.32 | 195.34 |
| Class P-dist | LU0214904665 | | | |
| Shares outstanding | | 181 312.2640 | 201 591.7040 | 232 757.0720 |
| Net asset value per share in EUR | | 122.59 | 118.50 | 119.86 |
| Issue and redemption price per share in EUR 2 | | 122.59 | 118.50 | 119.86 |
| Class Q-acc | LU1240773116 | | | |
| Shares outstanding | | 38 847.5150 | 73 147.5940 | 129 903.5930 |
| Net asset value per share in EUR | | 116.28 | 108.91 | 106.09 |
| Issue and redemption price per share in EUR 2 | | 116.28 | 108.91 | 106.09 |
| Class Q-dist | LU1240773207 | | | |
| Shares outstanding | | 12 909.5510 | 24 867.7340 | 30 603.9640 |
| Net asset value per share in EUR | | 99.41 | 96.37 | 97.52 |
| Issue and redemption price per share in EUR 2 | | 99.41 | 96.37 | 97.52 |
| 1 The share class I-A3-dist was in circulation until 8.11.2019 2 See note 1 | | | | |
## Structure of the Securities Portfolio
As the subfund UBS (Lux) Bond SICAV – Emerging Europe (EUR) was merged into UBS (Lux) Bond SICAV – Emerging Economies Local Currency Bond (USD) as at 14 November 2019 there is no securities portfolio or securities portfolio structure at the end of the reporting period. See note 9.
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019
| Statement of Operations | |
| --- | --- |
| | EUR |
| Income | 1.6.2019-30.11.2019 |
| Interest on liquid assets | 3 933.81 |
| Interest on securities | 1 101 586.29 |
| Income on securities lending (Note 13) | 10 422.10 |
| Other income (Note 4) | 19 555.25 |
| Total income | 1 135 497.45 |
| | |
| Expenses | |
| Flat fee (Note 2) | -316 729.31 |
| Taxe d’abonnement (Note 3) | -12 407.94 |
| Cost on securities lending (Note 13) | -4 168.84 |
| Other commissions and fees (Note 2) | -13 760.00 |
| Interest on cash and bank overdraft | -4 596.63 |
| Total expenses | -351 662.72 |
| | |
| Net income (loss) on investments | 783 834.73 |
| | |
| Realized gain (loss) (Note 1) | |
| Realized gain (loss) on market-priced securities without options | -201 654.72 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 1 425.50 |
| Realized gain (loss) on financial futures | -35 053.94 |
| Realized gain (loss) on forward foreign exchange contracts | -123 307.48 |
| Realized gain (loss) on foreign exchange | 2 058.75 |
| Total realized gain (loss) | -356 531.89 |
| | |
| Net realized gain (loss) of the period | 427 302.84 |
| | |
| Changes in unrealized appreciation (depreciation) (Note 1) | |
| Unrealized appreciation (depreciation) on market-priced securities without options | 3 803 707.88 |
| Unrealized appreciation (depreciation) on financial futures | 372.96 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 54 967.75 |
| Total changes in unrealized appreciation (depreciation) | 3 859 048.59 |
| | |
| Net increase (decrease) in net assets as a result of operations | 4 286 351.43 |
| Statement of Changes in Net Assets | |
| --- | --- |
| | EUR |
| | 1.6.2019-30.11.2019 |
| Net assets at the beginning of the period | 65 978 619.98 |
| Subscriptions | 3 172 254.22 |
| Redemptions | -72 206 551.71 |
| Total net subscriptions (redemptions) | -69 034 297.49 |
| Dividend paid | -1 230 673.92 |
| Net income (loss) on investments | 783 834.73 |
| Total realized gain (loss) | -356 531.89 |
| Total changes in unrealized appreciation (depreciation) | 3 859 048.59 |
| Net increase (decrease) in net assets as a result of operations | 4 286 351.43 |
| Net assets at the end of the period | 0.00 |
| Changes in the Number of Shares outstanding | |
| | 1.6.2019-30.11.2019 |
| Class | I-A3-dist |
| Number of shares outstanding at the beginning of the period | 94 494.3280 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -94 494.3280 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-4%-qdist |
| Number of shares outstanding at the beginning of the period | 2 094.9920 |
| Number of shares issued | 6 369.2840 |
| Number of shares redeemed | -8 464.2760 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 102 575.0590 |
| Number of shares issued | 3 967.4180 |
| Number of shares redeemed | -106 542.4770 |
| Number of shares outstanding at the end of the period | 0.0000 |
| Class | P-dist |
| Number of shares outstanding at the beginning of the period | 201 591.7040 |
| Number of shares issued | 3 580.9180 |
| Number of shares redeemed | -205 172.6220 |
| Number of shares outstanding at the end of the period | 0.0000 |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019
| Class | | | Q-acc |
| --- | --- | --- | --- |
| Number of shares outstanding at the beginning of the period | | | 73 147.5940 |
| Number of shares issued | | | 11 319.5080 |
| Number of shares redeemed | | | -84 467.1020 |
| Number of shares outstanding at the end of the period | | | 0.0000 |
| Class | | | Q-dist |
| Number of shares outstanding at the beginning of the period | | | 24 867.7340 |
| Number of shares issued | | | 262.7210 |
| Number of shares redeemed | | | -25 130.4550 |
| Number of shares outstanding at the end of the period | | | 0.0000 |
| Annual Distribution 1 | | | |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) Ex-Date | Pay-Date | Currency | Amount per share |
| I-A3-dist 1.8.2019 | 6.8.2019 | EUR | 4.61 |
| P-dist 1.8.2019 | 6.8.2019 | EUR | 3.53 |
| Q-dist 1.8.2019 | 6.8.2019 | EUR | 3.43 |
| Quarterly Distribution 1 | | | |
| UBS (Lux) Bond SICAV – Emerging Europe (EUR) Ex-Date | Pay-Date | Currency | Amount per share |
| P-4%-qdist 10.7.2019 | 15.7.2019 | EUR | 0.94 |
| P-4%-qdist 10.10.2019 | 15.10.2019 | EUR | 0.96 |
| 1 See note 5 | | | |
UBS (Lux) Bond SICAV – Emerging Europe (EUR) Semi-Annual Report as of 30 November 2019 | en | fr |
DOLFIN5501 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Risks connected with the use of CoCos
A CoCo is a hybrid bond that, according to the relevant specific conditions, can either be converted into equity capital at a predetermined price, written off, or written down in value as soon as a predefined trigger event occurs.
The use of CoCos gives rise to structure-specific risks including liquidity risk and conversion risk. In some cases, the issuer may arrange to convert convertible securities into ordinary shares. If convertible securities are converted into ordinary shares, the Company may hold these ordinary shares in its portfolio, even if it does not usually invest in such shares.
CoCos are also subject to trigger level risk. These trigger levels vary and determine the degree of conversion risk, depending on the difference between the trigger level and the capital ratio. The Portfolio Manager of the sub-fund may find it difficult to foresee the triggers that would require the debt security to be converted into equity capital.
In addition, CoCos are subject to capital structure inversion risk. In the issuer’s capital structure, CoCos are generally classed as subordinate in relation to traditional convertible bonds. In some cases, investors in CoCos may suffer a capital loss, while shareholders are only affected later or not at all.
It should also be noted that the use of CoCos is subject to return or valuation risk. The valuation of CoCos is influenced by many unforeseeable factors, e.g. the creditworthiness of the issuer and fluctuations in their capital ratios, the supply and demand for CoCos, the general market conditions and the available liquidity, or economic, financial and political events that have an impact on the issuer, the market in which they operate, or the financial markets in general.
Furthermore, CoCos are subject to the risk of coupon payment suspensions. Coupon payments on CoCos are at the discretion of the issuer, who may suspend such payments at any time and for whatever reason, for an indefinite period. The arbitrary suspension of payments is not deemed as payment default. It is not possible to call for the reintroduction of coupon payments or the subsequent payment of suspended payments. Coupon payments may also be subject to approval by the supervisory authority of the issuer, and may be suspended if insufficient distributable reserves are available. As a result of the uncertainty regarding coupon payments, CoCos are volatile. A suspension of coupon payments may result in drastic price drops.
CoCos are also subject to a call extension risk. CoCos are perpetual instruments and may only be terminated on predetermined dates after approval by the competent supervisory authority. There is no guarantee that the capital that the sub-fund has invested in CoCos will be returned.
Finally, CoCos are subject to unknown risk, since these instruments are relatively new and, as a result, the market and the regulatory environment for these instruments are still evolving. It is therefore uncertain how the CoCo market overall would react to a trigger or a coupon suspension relating to an issuer. | ## Risques liés à l’utilisation de CoCos
Une CoCo est une obligation hybride qui, en fonction des conditions particulières qui s’appliquent, peut être soit convertie en capitaux propres à un cours défini au préalable, soit amortie, soit voir sa valeur nominale réduite dès que survient un élément déclencheur (« trigger ») déterminé à l’avance.
Le recours aux CoCos entraîne des risques structurels, notamment les risques de liquidité et de conversion. Dans certains cas, l'émetteur peut autoriser la conversion de titres convertibles en actions ordinaires. En cas de conversion de titres convertibles en actions ordinaires, la Société peut conserver ces dernières dans son portefeuille même si elle n'investit pas normalement dans de telles valeurs.
En outre, les CoCos sont soumises au risque lié au niveau de déclenchement. Elles sont différentes les unes des autres et déterminent le degré du risque de conversion selon l'écart entre le niveau de déclenchement et le taux de capital propre. Prévoir les déclencheurs nécessitant une conversion des titres de créance en capital propre pourrait s'avérer difficile pour le Gestionnaire de portefeuille du compartiment.
En outre, les CoCos sont soumises au risque lié à une inversion de la structure du capital. Elles sont généralement moins bien classées que les obligations convertibles traditionnelles dans la structure de capital de l'émetteur. Dans certains cas, les investisseurs en CoCos essuient une perte de capital alors que les actionnaires ne sont concernés que plus tard, voire pas du tout.
Il convient également de souligner le risque de rendement / de valorisation lors de l'utilisation de CoCos. Leur valorisation est influencée par de nombreux facteurs imprévisibles comme la solvabilité de l'émetteur et les fluctuations de ses taux de capital, l'offre et la demande de CoCos, les conditions de marché générales et la liquidité disponible, les événements économiques, financiers et politiques, les répercussions pour l'émetteur, le marché sur lequel il opère ou les marchés financiers en général.
En outre, les CoCos sont soumises au risque de suspension des paiements de coupons. Les paiements de coupons sont à la discrétion de l'émetteur et peuvent être suspendus à tout moment par ce dernier pour une durée indéterminée, pour quelque raison que ce soit. La suspension arbitraire des paiements de coupons ne vaut pas défaut de paiement. Il n'est pas possible d'exiger la réintroduction des paiements de coupons ou l'exécution ultérieure de paiements échus. Les paiements de coupons peuvent également être soumis à l'approbation de l'autorité de surveillance compétente pour l'émetteur et faire l'objet de suspensions si la Société ne dispose pas de réserves suffisantes. Les CoCos sont volatiles en raison de l'incertitude liée aux paiements de coupons. La suspension des paiements de coupons peut entraîner d'importantes baisses des cours.
En outre, les CoCos sont soumises à un risque de prolongation (prolongation de la date de remboursement). Les CoCos sont des instruments dont la durée n'est pas limitée dans le temps et qui ne sont remboursables qu'aux échéances préalablement définies après approbation de l'autorité de surveillance compétente. Il n'existe aucune garantie que le compartiment récupère le capital investi en CoCos.
Enfin, les CoCos sont soumises à un risque inconnu étant donné que ces instruments sont relativement nouveaux et que, par conséquent, le marché et leur cadre de surveillance sont encore en voie de développement. Il est dès lors impossible de prédire comment réagirait le marché des CoCos dans son ensemble à un déclencheur ou à une suspension des paiements de coupons d'un émetteur. | ## Risks connected with the use of CoCos
A CoCo is a hybrid bond that, according to the relevant specific conditions, can either be converted into equity capital at a predetermined price, written off, or written down in value as soon as a predefined trigger event occurs.
The use of CoCos gives rise to structure-specific risks including liquidity risk and conversion risk. In some cases, the issuer may arrange to convert convertible securities into ordinary shares. If convertible securities are converted into ordinary shares, the Company may hold these ordinary shares in its portfolio, even if it does not usually invest in such shares.
CoCos are also subject to trigger level risk. These trigger levels vary and determine the degree of conversion risk, depending on the difference between the trigger level and the capital ratio. The Portfolio Manager of the sub-fund may find it difficult to foresee the triggers that would require the debt security to be converted into equity capital.
In addition, CoCos are subject to capital structure inversion risk. In the issuer’s capital structure, CoCos are generally classed as subordinate in relation to traditional convertible bonds. In some cases, investors in CoCos may suffer a capital loss, while shareholders are only affected later or not at all.
It should also be noted that the use of CoCos is subject to return or valuation risk. The valuation of CoCos is influenced by many unforeseeable factors, e.g. the creditworthiness of the issuer and fluctuations in their capital ratios, the supply and demand for CoCos, the general market conditions and the available liquidity, or economic, financial and political events that have an impact on the issuer, the market in which they operate, or the financial markets in general.
Furthermore, CoCos are subject to the risk of coupon payment suspensions. Coupon payments on CoCos are at the discretion of the issuer, who may suspend such payments at any time and for whatever reason, for an indefinite period. The arbitrary suspension of payments is not deemed as payment default. It is not possible to call for the reintroduction of coupon payments or the subsequent payment of suspended payments. Coupon payments may also be subject to approval by the supervisory authority of the issuer, and may be suspended if insufficient distributable reserves are available. As a result of the uncertainty regarding coupon payments, CoCos are volatile. A suspension of coupon payments may result in drastic price drops.
CoCos are also subject to a call extension risk. CoCos are perpetual instruments and may only be terminated on predetermined dates after approval by the competent supervisory authority. There is no guarantee that the capital that the sub-fund has invested in CoCos will be returned.
Finally, CoCos are subject to unknown risk, since these instruments are relatively new and, as a result, the market and the regulatory environment for these instruments are still evolving. It is therefore uncertain how the CoCo market overall would react to a trigger or a coupon suspension relating to an issuer. | en | fr |
DOLFIN5502 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | Total EUR | Catégorie de parts A EUR | Catégorie de parts T EUR | Catégorie de parts SIA-A EUR |
| --- | --- | --- | --- | --- |
| Revenus |
| Intérêts sur les emprunts | 3.900.042,58 | 1.327.362,05 | 1.808.469,77 | 42.532,74 |
| Intérêts bancaires | -56.792,27 | -19.438,28 | -26.432,89 | -685,10 |
| Péréquation des revenus | 1.380,47 | -29.321,90 | -41.615,18 | -11.855,65 |
| Total des revenus | 3.844.630,78 | 1.278.601,87 | 1.740.421,70 | 29.991,99 |
| Charges |
| Charges d’intérêts | -16.175,23 | -5.498,69 | -7.505,74 | -162,81 |
| Commission de gestion | -1.644.285,31 | -591.104,68 | -805.385,99 | -12.931,16 |
| Taxe d’abonnement | -90.694,76 | -30.555,29 | -41.671,64 | -753,82 |
| Frais de publication et de révision | -69.634,80 | -23.767,31 | -32.374,44 | -893,44 |
| Frais de composition, d’impression et d’envoi des rapports annuels et semestriels | -8.458,97 | -2.846,95 | -3.883,96 | -69,37 |
| Rémunération de l’Agent de registre et de transfert | -14.355,44 | -4.903,70 | -6.684,02 | -131,66 |
| Taxes nationales | -9.159,27 | -3.118,10 | -4.257,02 | -109,56 |
| Autres charges 1) | -217.594,54 | -72.870,00 | -99.267,21 | -2.470,45 |
| Péréquation des charges | 9.623,79 | 16.909,92 | 24.174,33 | 5.134,85 |
| Total des charges | -2.060.734,53 | -717.754,80 | -976.855,69 | -12.387,42 |
| Résultat net ordinaire | 1.783.896,25 | 560.847,07 | 763.566,01 | 17.604,57 |
| |
| Total des frais sur encours (Total Expense Ratio) suisse hors commission de performance exprimé en pourcentage 2) | 1,14 | 1,14 | 0,83 |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) |
| |
| Total des frais sur encours (Total Expense Ratio) suisse avec commission de performance exprimé en pourcentage 2) | 1,14 | 1,14 | 0,83 |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) |
| |
| Commission de performance suisse exprimée en pourcentage 2) | | - | - | - |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) | | | | Total EUR | Clase de participaciones A EUR | Clase de participación T EUR | Clase de participaciones SIA-A EUR |
| --- | --- | --- | --- | --- |
| Ingresos |
| Intereses sobre préstamos | 3.900.042,58 | 1.327.362,05 | 1.808.469,77 | 42.532,74 |
| Intereses bancarios | -56.792,27 | -19.438,28 | -26.432,89 | -685,10 |
| Compensación de ingresos | 1.380,47 | -29.321,90 | -41.615,18 | -11.855,65 |
| Total Ingresos | 3.844.630,78 | 1.278.601,87 | 1.740.421,70 | 29.991,99 |
| Gastos |
| Gastos por intereses | -16.175,23 | -5.498,69 | -7.505,74 | -162,81 |
| Comisión de gestión | -1.644.285,31 | -591.104,68 | -805.385,99 | -12.931,16 |
| Taxe d’abonnement | -90.694,76 | -30.555,29 | -41.671,64 | -753,82 |
| Gastos de publicación y auditoría | -69.634,80 | -23.767,31 | -32.374,44 | -893,44 |
| Gastos de redacción, impresión y envío de los informes anuales y semestrales | -8.458,97 | -2.846,95 | -3.883,96 | -69,37 |
| Comisión del Agente de registro y transferencias | -14.355,44 | -4.903,70 | -6.684,02 | -131,66 |
| Tasas estatales | -9.159,27 | -3.118,10 | -4.257,02 | -109,56 |
| Otros gastos 1) | -217.594,54 | -72.870,00 | -99.267,21 | -2.470,45 |
| Compensación de gastos | 9.623,79 | 16.909,92 | 24.174,33 | 5.134,85 |
| Total Gastos | -2.060.734,53 | -717.754,80 | -976.855,69 | -12.387,42 |
| Ingresos netos ordinarios | 1.783.896,25 | 560.847,07 | 763.566,01 | 17.604,57 |
| |
| Ratio de gastos totales suizo sin la comisión de rentabilidad en porcentaje 2) | 1,14 | 1,14 | 0,83 |
| (para el periodo comprendido entre el 1 de julio de 2021 y el 30 de junio de 2022) |
| |
| Ratio de gastos totales suizo con la comisión de rentabilidad en porcentaje 2) | 1,14 | 1,14 | 0,83 |
| (para el periodo comprendido entre el 1 de julio de 2021 y el 30 de junio de 2022) |
| |
| Comisión de rentabilidad suiza en porcentaje 2) | | - | - | - |
| (para el periodo comprendido entre el 1 de julio de 2021 y el 30 de junio de 2022) | | | | Total EUR | Catégorie de parts A EUR | Catégorie de parts T EUR | Catégorie de parts SIA-A EUR |
| --- | --- | --- | --- | --- |
| Revenus |
| Intérêts sur les emprunts | 3.900.042,58 | 1.327.362,05 | 1.808.469,77 | 42.532,74 |
| Intérêts bancaires | -56.792,27 | -19.438,28 | -26.432,89 | -685,10 |
| Péréquation des revenus | 1.380,47 | -29.321,90 | -41.615,18 | -11.855,65 |
| Total des revenus | 3.844.630,78 | 1.278.601,87 | 1.740.421,70 | 29.991,99 |
| Charges |
| Charges d’intérêts | -16.175,23 | -5.498,69 | -7.505,74 | -162,81 |
| Commission de gestion | -1.644.285,31 | -591.104,68 | -805.385,99 | -12.931,16 |
| Taxe d’abonnement | -90.694,76 | -30.555,29 | -41.671,64 | -753,82 |
| Frais de publication et de révision | -69.634,80 | -23.767,31 | -32.374,44 | -893,44 |
| Frais de composition, d’impression et d’envoi des rapports annuels et semestriels | -8.458,97 | -2.846,95 | -3.883,96 | -69,37 |
| Rémunération de l’Agent de registre et de transfert | -14.355,44 | -4.903,70 | -6.684,02 | -131,66 |
| Taxes nationales | -9.159,27 | -3.118,10 | -4.257,02 | -109,56 |
| Autres charges 1) | -217.594,54 | -72.870,00 | -99.267,21 | -2.470,45 |
| Péréquation des charges | 9.623,79 | 16.909,92 | 24.174,33 | 5.134,85 |
| Total des charges | -2.060.734,53 | -717.754,80 | -976.855,69 | -12.387,42 |
| Résultat net ordinaire | 1.783.896,25 | 560.847,07 | 763.566,01 | 17.604,57 |
| |
| Total des frais sur encours (Total Expense Ratio) suisse hors commission de performance exprimé en pourcentage 2) | 1,14 | 1,14 | 0,83 |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) |
| |
| Total des frais sur encours (Total Expense Ratio) suisse avec commission de performance exprimé en pourcentage 2) | 1,14 | 1,14 | 0,83 |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) |
| |
| Commission de performance suisse exprimée en pourcentage 2) | | - | - | - |
| (pour la période allant du 1er juillet 2021 au 30 juin 2022) | | fr | es |
DOLFIN5503 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### INVESTMENT MANAGER
T. Rowe Price International Ltd
- Emerging markets
- Equities
- ESG
- Geographic concentration
- Investment fund
- Management
- Market
- Operational
- Small/mid cap | ##### GESTORE DEGLI INVESTIMENTI
T. Rowe Price International Ltd
- Mercati emergenti
- Azionario
- ESG
- Concentrazione geografica
- Fondi d'investimento
- Gestione
- Mercato
- Operativo
- Bassa/media capitalizzazione | ###### INVESTMENT MANAGER
T. Rowe Price International Ltd
- Emerging markets
- Equities
- ESG
- Geographic concentration
- Investment fund
- Management
- Market
- Operational
- Small/mid cap | en | it |
DOLFIN5504 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Futures Contracts: The Subfunds may purchase and sell various kinds of futures contracts, including interest rate, bond, currencies and indices in order to increase total return by exposure to, or, in order to hedge against changes in interest rates, securities prices, other investment prices or index prices. Any exposure obtained through futures shall be consistent with the applicable investment policy of the respective Subfund. Futures contracts are traded on regulated markets, involve brokerage costs and require margin deposits.
Contracts for Difference (CFD): The Subfunds may enter into contracts for difference (CFD). A CFD is a contract between two parties - the buyer and the seller - which stipulates that the seller will pay the buyer the difference between the current value of an asset (a security, instrument, basket of securities or an index) and its value at the time the contract is closed. If the difference is negative, the buyer owes the seller the (corresponding) payment. CFDs are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions.
Currency Forward Contracts: The Subfunds may enter into currency forward contracts. In a currency forward contract, the contract holder enters into an agreement to buy or sell the currency at a specified price, in a specified quantity and on a specified future date. Currency forward contracts are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions.
- S
- WAPSInterest-Rate Swaps and Cross Currency Swaps: The Subfunds may enter into interest-rate swap and cross currency swap transactions. In an interest-rate swap, one stream of future interest payments is exchanged for another based on a specified principal amount. In the case of interest-rate swaps, a fixed payment is often exchanged for a floating payment that is linked to an interest rate. In a cross currency swap, interest payments and a principal amount in one currency are exchanged for a principal amount and interest payments of an equal value in a different currency. Interest-rate and cross currency swaps are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions. | Contrats a terme: Les compartiments peuvent acheter et vendre différents types de contrats à terme, y compris des contrats sur taux d'intérêt, obligations, devises ou indices, afin d'augmenter le rendement global par un engagement sur des taux d'intérêts, cours de titres, cours d'autres investissements ou cours d'indices ou afin de se protéger contre l'évolution de taux d'intérêt, de cours de devises, de cours d'autres investissements ou de cours indiciels. Tout engagement pris via des contrats à terme doit être compatible avec la politique d'investissement du compartiment concerné. Les contrats à terme sont conclus sur des marchés réglementés, entraînent des frais de courtage et nécessitent des marges.
Contrats sur difference (CFD): Les compartiments peuvent conclure des contrats sur différence (CFD). Un CFD est un accord contractuel entre deux parties, l’acheteur et le vendeur, aux termes duquel le vendeur s’engage à payer à l’acheteur la différence entre la valeur courante d’un actif (titre, instrument, panier de titres ou indice) et sa valeur au moment de la conclusion du contrat. Si la différence est négative, l’acheteur verse au vendeur la somme correspondante. Les CFD sont négociés de gré à gré (OTC) et la contrepartie doit être un établissement financier de premier ordre spécialisé dans ce type d'opérations.
Contrats de change a terme: Les compartiments peuvent conclure des contrats de change à terme. Dans un contrat de change à terme, le titulaire du contrat s'engage à vendre ou à acheter la devise à un cours déterminé, en quantité déterminée et à une date future déterminée. Les contrats de change à terme sont négociés de gré à gré (OTC) et la contrepartie doit être un établissement financier de premier ordre spécialisé dans ce type d'opérations.
- S
- WAPSSwaps de taux d'interet ou swaps monetaires: Les compartiments peuvent procéder à des swaps de taux d'intérêt et à des swaps monétaires. Dans le cas d'un swap de taux d'intérêt, un flux de paiements d'intérêts futurs est échangé contre un autre sur la base d'un capital déterminé. Les swaps de taux d'intérêt consistentsouvent à échanger un paiement fixe contre un paiement variable lié à un taux d'intérêt. Dans le cas d'un swap monétaire, des paiements d'intérêts et un montant de capital dans une devise sont échangés contre un montant de capital et des paiements d'intérêt de même valeur dans une autre devise. Les swaps de taux d'intérêts et les swaps monétaires sont négociés de gré à gré (OTC) et la contrepartie doit être un établissement financier de premier ordre spécialisé dans ce type d'opérations. | Futures Contracts: The Subfunds may purchase and sell various kinds of futures contracts, including interest rate, bond, currencies and indices in order to increase total return by exposure to, or, in order to hedge against changes in interest rates, securities prices, other investment prices or index prices. Any exposure obtained through futures shall be consistent with the applicable investment policy of the respective Subfund. Futures contracts are traded on regulated markets, involve brokerage costs and require margin deposits.
Contracts for Difference (CFD): The Subfunds may enter into contracts for difference (CFD). A CFD is a contract between two parties - the buyer and the seller - which stipulates that the seller will pay the buyer the difference between the current value of an asset (a security, instrument, basket of securities or an index) and its value at the time the contract is closed. If the difference is negative, the buyer owes the seller the (corresponding) payment. CFDs are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions.
Currency Forward Contracts: The Subfunds may enter into currency forward contracts. In a currency forward contract, the contract holder enters into an agreement to buy or sell the currency at a specified price, in a specified quantity and on a specified future date. Currency forward contracts are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions.
- S
- WAPSInterest-Rate Swaps and Cross Currency Swaps: The Subfunds may enter into interest-rate swap and cross currency swap transactions. In an interest-rate swap, one stream of future interest payments is exchanged for another based on a specified principal amount. In the case of interest-rate swaps, a fixed payment is often exchanged for a floating payment that is linked to an interest rate. In a cross currency swap, interest payments and a principal amount in one currency are exchanged for a principal amount and interest payments of an equal value in a different currency. Interest-rate and cross currency swaps are traded over-the-counter (OTC) and the counterparty must be a first-class financial institution which specialises in such transactions. | en | fr |
DOLFIN5505 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Notes on the financial statements as at 31 December 2021 (continued)
###### Note 1 - General information (continued)
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL MICROCAP sub-fund is to provide investors with long-term growth from an actively managed portfolio consisting of listed shares selected from the universe of micro- and small-cap companies on global developed markets and to outperform the composite benchmark index 50% MSCI® Europe Microcap NR and 50% MSCI® Europe Microcap NR Ex UK.
The aim of the MANDARINE FUNDS – MANDARINE SMALL UNIQUE sub-fund (liquidated on 12 March 2021) was to provide investors with long-term capital growth from a diversified portfolio containing actively managed transferable securities, and to outperform the benchmark index MSCI® Europe Ex-UK Small Cap Index (Net Total Return) EUR (the “Index”).
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL TRANSITION sub-fund denominated in EUR (launched by merger-absorption on 31 March 2021) is to outperform the MSCI ACWI Net Total Return EUR Index (all countries world index) over the recommended investment period of five years, through a diversified portfolio made up of company shares of all capitalisations and from all geographic areas, and whose economic model, products or services respond, in accordance with the analysis of the Management Company, significantly and positively to the challenges of energy and ecological transition.
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL SPORT sub-fund is to provide investors with long-term capital growth from a diversified portfolio made up of company shares of all capitalisations and from all geographical areas, whose economic model, products or services participate in or offer solutions in sports-related themes (sports infrastructure, sports equipment, sports equipment, sports economics, performance measurement and medical support, eSport, sports nutrition) and to outperform the MSCI ACWI Net Total Return EUR Index (all countries world index) NR (the “Index”).
###### Note 2 - SICAV shares
The SICAV's shares are capitalisation and distribution shares. The SICAV may issue shares in the following categories:
MANDARINE FUNDS – MANDARINE UNIQUE SMALL & MID CAPS EUROPE
| | Minimum value of initial subscription | Investor |
| --- | --- | --- |
| Z category shares | 50 EUR | reserved for individual investors, subscribing directly with the SICAV |
| R, R (USD), R (d), R (CHFH) and R (USDH) category shares | 50 EUR/USD/CHF | reserved for institutional investors |
| F, F (d) and F (CHFH) category shares | 50 EUR/USD/CHF | reserved for all types of investor |
| I, I (USD), I (USDH) (until 25 November 2021) and I (CHFH) category shares | 500,000 EUR/USD/CHF | reserved for institutional investors |
| G category shares | 500,000 EUR | reserved for institutional investors under German and Austrian law: legal entities subject to German tax law and legislation |
| S category shares | 250,000 EUR | primarily reserved for Spanish and Italian institutional investors |
| M category shares | 20,000,000 EUR | reserved for institutional investors |
| L category shares | 20,000,000 EUR | reserved for institutional investors |
| L (d) category shares | 20,000,000 EUR | reserved for institutional investors |
| L (GBPd) category shares | 15,000,000 GBP | reserved for institutional investors |
| L (GBP) category shares (until 31 March 2021) | 15,000,000 GBP | reserved for institutional investors |
| B1 (GBP) category shares | 15,000,000 GBP | reserved for institutional investors |
| B2 (GBPH) category shares | 15,000,000 GBP | reserved for institutional investors |
| B3 (GBP) category shares | 1,000 GBP | reserved for institutional investors |
| B4 (GBPH) category shares | 1,000 GBP | reserved for institutional investors |
| MG category shares | 1,000 EUR | reserved for Mandarine Gestion and entities of its group |
For I (USDH), B2 (GBPH), B4 (GBPH), R (USDH), R (CHFH), F (CHFH) and I (CHFH) shares, currency hedging is implemented, aimed at limiting the impact of changes in the EUR/USD, EUR/GBP and EUR/CHF exchange rate on performance and to hedge against the USD/EUR, GBP/EUR and CHF/EUR exchange rate risk as far as possible. | # Notes aux états financiers au 31 décembre 2021 (suite)
##### Note 1 - Informations générales (suite)
Le compartiment MANDARINE FUNDS - MANDARINE GLOBAL MICROCAP a pour objectif de fournir aux investisseurs une croissance à long terme, provenant d’un portefeuille géré de façon active composé d’actions cotées sélectionnées dans l’univers des sociétés de micro et petite capitalisations sur les marchés développés au niveau mondial et de réaliser une performance supérieure à celle de l’indice de référence composite 50% MSCI® Europe Microcap NR et 50% MSCI® Europe Microcap NR Ex UK.
Le compartiment MANDARINE FUNDS - MANDARINE SMALL UNIQUE (liquidé le 12 mars 2021) avait pour objectif de fournir aux investisseurs une croissance du capital à long terme, provenant d’un portefeuille diversifié dont les valeurs mobilières étaient gérées activement et de réaliser une performance supérieure à celle de l’indice de référence MSCI ® Europe Ex-UK Small Cap Index (Net Total Return) EUR (« Indice »).
Le compartiment MANDARINE FUNDS - MANDARINE GLOBAL TRANSITION libellé en EUR (lancement par fusion - absorption en date du 31 mars 2021) a pour objectif réaliser une performance nette supérieure à MSCI ACWI Net Total Return EUR Index (all countries world index), sur la durée de placement recommandée de 5 ans, au travers d’un portefeuille diversifié composé d’actions d’entreprises, de toutes tailles de capitalisation et de toutes zones géographiques, dont le modèle économique, les produits ou services répondent, selon l'analyse de la société de gestion, significativement et positivement aux défis de la transition énergétique et écologique.
Le compartiment MANDARINE FUNDS - MANDARINE GLOBAL SPORT a pour objectif de fournir aux investisseurs une croissance du capital à long terme provenant d’un portefeuille diversifié composé d’actions d’entreprises, de toutes tailles de capitalisation et de toutes zones géographiques, dont le modèle économique, les produits ou services participent ou offrent des solutions dans des thématiques liées au Sport (infrastructures sportives, équipements sportifs, matériel sportif, économie du sport, mesure de la performance et accompagnement médical, eSport, nutrition du sportif) et de réaliser une performance nette supérieure à MSCI ACWI Net Total Return EUR Index (all countries world index) NR (l’« Indice »).
##### Note 2 - Actions de la SICAV
Les actions de la SICAV sont des actions de capitalisation et de distribution. La SICAV peut émettre des actions des catégories suivantes :
MANDARINE FUNDS - MANDARINE UNIQUE SMALL & MID CAPS EUROPE
| | Montant minimum de souscription initiale | Investisseur |
| --- | --- | --- |
| Actions de la catégorie Z | 50 EUR | réservées aux investisseurs particuliers, souscrivant directement auprès de la SICAV |
| Actions de la catégorie R, R (USD), R (d), R (CHFH) et R (USDH) | 50 EUR/USD/CHF | réservées aux investisseurs institutionnels |
| Actions de la catégorie F, F (d) et F (CHFH) | 50 EUR/USD/CHF | réservées à tout investisseur |
| Actions de la catégorie I, I (USD), I (USDH) (jusqu’au 25 novembre 2021) et I (CHFH) | 500,000 EUR/USD/CHF | réservées aux investisseurs institutionnels |
| Actions de la catégorie G | 500,000 EUR | réservées aux investisseurs institutionnels de droit allemand et autrichien: personnes morales soumises aux règles fiscales et légales allemandes |
| Actions de la catégorie S | 250,000 EUR | réservées principalement aux investisseurs institutionnels espagnols et italiens |
| Actions de la catégorie M | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (d) | 20,000,000 EUR | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (GBPd) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie L (GBP) (jusqu’au 31 mars 2021) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B1 (GBP) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B2 (GBPH) | 15,000,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B3 (GBP) | 1,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie B4 (GBPH) | 1,000 GBP | réservées aux investisseurs institutionnels |
| Actions de la catégorie MG | 1,000 EUR | réservées à Mandarine Gestion et aux entités de son groupe |
Pour les actions I (USDH), B2 (GBPH), B4 (GBPH), R (USDH), R (CHFH), F (CHFH) et I (CHFH) une couverture de change est mise en place qui a pour objectif de limiter respectivement l’impact de l’évolution du taux de change EUR/USD, EUR/GBP et EUR/CHF sur la performance et de couvrir au mieux le risque de change USD/EUR, GBP/EUR et CHF/EUR. | # Notes on the financial statements as at 31 December 2021 (continued)
###### Note 1 - General information (continued)
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL MICROCAP sub-fund is to provide investors with long-term growth from an actively managed portfolio consisting of listed shares selected from the universe of micro- and small-cap companies on global developed markets and to outperform the composite benchmark index 50% MSCI® Europe Microcap NR and 50% MSCI® Europe Microcap NR Ex UK.
The aim of the MANDARINE FUNDS – MANDARINE SMALL UNIQUE sub-fund (liquidated on 12 March 2021) was to provide investors with long-term capital growth from a diversified portfolio containing actively managed transferable securities, and to outperform the benchmark index MSCI® Europe Ex-UK Small Cap Index (Net Total Return) EUR (the “Index”).
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL TRANSITION sub-fund denominated in EUR (launched by merger-absorption on 31 March 2021) is to outperform the MSCI ACWI Net Total Return EUR Index (all countries world index) over the recommended investment period of five years, through a diversified portfolio made up of company shares of all capitalisations and from all geographic areas, and whose economic model, products or services respond, in accordance with the analysis of the Management Company, significantly and positively to the challenges of energy and ecological transition.
The aim of the MANDARINE FUNDS – MANDARINE GLOBAL SPORT sub-fund is to provide investors with long-term capital growth from a diversified portfolio made up of company shares of all capitalisations and from all geographical areas, whose economic model, products or services participate in or offer solutions in sports-related themes (sports infrastructure, sports equipment, sports equipment, sports economics, performance measurement and medical support, eSport, sports nutrition) and to outperform the MSCI ACWI Net Total Return EUR Index (all countries world index) NR (the “Index”).
###### Note 2 - SICAV shares
The SICAV's shares are capitalisation and distribution shares. The SICAV may issue shares in the following categories:
MANDARINE FUNDS – MANDARINE UNIQUE SMALL & MID CAPS EUROPE
| | Minimum value of initial subscription | Investor |
| --- | --- | --- |
| Z category shares | 50 EUR | reserved for individual investors, subscribing directly with the SICAV |
| R, R (USD), R (d), R (CHFH) and R (USDH) category shares | 50 EUR/USD/CHF | reserved for institutional investors |
| F, F (d) and F (CHFH) category shares | 50 EUR/USD/CHF | reserved for all types of investor |
| I, I (USD), I (USDH) (until 25 November 2021) and I (CHFH) category shares | 500,000 EUR/USD/CHF | reserved for institutional investors |
| G category shares | 500,000 EUR | reserved for institutional investors under German and Austrian law: legal entities subject to German tax law and legislation |
| S category shares | 250,000 EUR | primarily reserved for Spanish and Italian institutional investors |
| M category shares | 20,000,000 EUR | reserved for institutional investors |
| L category shares | 20,000,000 EUR | reserved for institutional investors |
| L (d) category shares | 20,000,000 EUR | reserved for institutional investors |
| L (GBPd) category shares | 15,000,000 GBP | reserved for institutional investors |
| L (GBP) category shares (until 31 March 2021) | 15,000,000 GBP | reserved for institutional investors |
| B1 (GBP) category shares | 15,000,000 GBP | reserved for institutional investors |
| B2 (GBPH) category shares | 15,000,000 GBP | reserved for institutional investors |
| B3 (GBP) category shares | 1,000 GBP | reserved for institutional investors |
| B4 (GBPH) category shares | 1,000 GBP | reserved for institutional investors |
| MG category shares | 1,000 EUR | reserved for Mandarine Gestion and entities of its group |
For I (USDH), B2 (GBPH), B4 (GBPH), R (USDH), R (CHFH), F (CHFH) and I (CHFH) shares, currency hedging is implemented, aimed at limiting the impact of changes in the EUR/USD, EUR/GBP and EUR/CHF exchange rate on performance and to hedge against the USD/EUR, GBP/EUR and CHF/EUR exchange rate risk as far as possible. | en | fr |
DOLFIN5506 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 159 EUR |
| Transaction costs | 0.26% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 26 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | A performance fee was payable on this share class of the Fund until the 2nd of October 2023. It is no longer applicable. | 0 EUR | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | Fino al 5.00% dell'importo versato alla sottoscrizione dell'investimento. | Fino a 500 EUR |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma il soggetto che vende il prodotto può farlo. | 0 EUR |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1.59% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 159 EUR |
| Costi di transazione | 0.26% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 26 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | A questa categoria di azioni del Fondo era dovuta una commissione di performance fino al 2 ottobre 2023. Tale commissione non è più applicabile. | 0 EUR | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 EUR |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.59% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 159 EUR |
| Transaction costs | 0.26% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 26 EUR |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | A performance fee was payable on this share class of the Fund until the 2nd of October 2023. It is no longer applicable. | 0 EUR | | en | it |
DOLFIN5507 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Administration Agreement
The Administration Agreement can be terminated by either party on one hundred and eighty (180) days' notice in writing or immediately if either party (i) commits any breach of the Administration Agreement which is either incapable of remedy or has not been remedied within 30 days of the other party serving notice upon the defaulting party requiring it to remedy the breach; (ii) is unable to pay its debts as they fall due or otherwise becomes insolvent or enters into any composition or arrangement with or for the benefit of its creditors; (iii) is the subject of a petition for the appointment of an examiner or similar officer; (iv) has a receiver appointed over all or a substantial part of its undertakings, assets or revenues; (v) is the subject of an effective resolution for its winding up except in relation to a voluntary winding up for the purposes of reconstruction or amalgamation upon terms previously approved in writing by the other party; or (vi) is the subject of a court order for its winding up.
In the absence of negligence, wilful default or fraud the Administrator will not be liable to the Company for any loss incurred by it as a result of the proper performance of its obligations and duties under the Administration Agreement.
Under the Administration Agreement the ICAV shall indemnify and hold harmless the Administrator against all liabilities, damages and claims which may be incurred or asserted or made against the Administrator or any of its shareholders, directors, officers, servants, employees and agents arising out of or in connection with the performance of the Administrator's duties (otherwise than by reason of the negligence, wilful default or fraud of the Administrator in the performance of its duties). | ## Contrato de administración
El Contrato de administración podrá ser rescindido por cualquiera de las partes con una notificación por escrito con ciento ochenta (180) días de antelación o inmediatamente si cualquiera de las partes (i) incumple el Contrato de administración sin que ello pueda ser subsanado o sin que haya sido subsanado en el plazo de 30 días desde que la otra parte haya notificado a la parte responsable del incumplimiento que debe subsanarlo; (ii) es incapaz de pagar sus deudas a su vencimiento o se convierte en insolvente o llega a un acuerdo o convenio con sus acreedores o en su beneficio; (iii) es objeto de una petición para el nombramiento de un examinador o funcionario similar; (iv) es objeto del nombramiento de un administrador judicial sobre la totalidad o una parte sustancial de sus empresas, activos o ingresos; (v) es objeto de una resolución efectiva para su liquidación, excepto en relación con una liquidación voluntaria con fines de reconstrucción o fusión según unos términos previamente aprobados por escrito por la otra parte; o (vi) es objeto de una orden judicial para su liquidación.
En ausencia de negligencia, incumplimiento deliberado o fraude, el Administrador no será responsable ante la Sociedad de ninguna pérdida en la que haya incurrido como resultado del correcto cumplimiento de sus obligaciones y deberes en virtud del Contrato de administración.
En virtud del Contrato de administración, el ICAV indemnizará y defenderá al Administrador frente a todas las responsabilidades, daños y perjuicios y reclamaciones que puedan incurrirse o declararse contra el Administrador o cualquiera de sus accionistas, consejeros, funcionarios, empleados y agentes que surjan o estén relacionados con el desarrollo de las funciones del Administrador (que no sea por negligencia, incumplimiento deliberado o fraude del Administrador en el desarrollo de sus funciones). | ## Administration Agreement
The Administration Agreement can be terminated by either party on one hundred and eighty (180) days' notice in writing or immediately if either party (i) commits any breach of the Administration Agreement which is either incapable of remedy or has not been remedied within 30 days of the other party serving notice upon the defaulting party requiring it to remedy the breach; (ii) is unable to pay its debts as they fall due or otherwise becomes insolvent or enters into any composition or arrangement with or for the benefit of its creditors; (iii) is the subject of a petition for the appointment of an examiner or similar officer; (iv) has a receiver appointed over all or a substantial part of its undertakings, assets or revenues; (v) is the subject of an effective resolution for its winding up except in relation to a voluntary winding up for the purposes of reconstruction or amalgamation upon terms previously approved in writing by the other party; or (vi) is the subject of a court order for its winding up.
In the absence of negligence, wilful default or fraud the Administrator will not be liable to the Company for any loss incurred by it as a result of the proper performance of its obligations and duties under the Administration Agreement.
Under the Administration Agreement the ICAV shall indemnify and hold harmless the Administrator against all liabilities, damages and claims which may be incurred or asserted or made against the Administrator or any of its shareholders, directors, officers, servants, employees and agents arising out of or in connection with the performance of the Administrator's duties (otherwise than by reason of the negligence, wilful default or fraud of the Administrator in the performance of its duties). | en | es |
DOLFIN5508 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### If the value of the benchmark index were to be negative, then the value of the benchmark index used for the calculation would be 0.
When the class is valued, if the shares in circulation - defined as the net book assets after performance fees on redemptions but excluding provision for performance fees corresponding to the shares still in circulation- are worth more than the reference asset, then an outperformance is ascertained (an underperformance in the opposite case). The provision for the performance fee on the shares in circulation is adjusted to 15% until January 31, 2018 then to 10% from February 1, 2018 of the amount of this new outperformance by allocation or writeback of the provision, before calculating the net asset value. Provision writebacks are capped at the amount of the allocations.
In the event of redemption, the last reference asset calculated and the cumulative total of the subscriptions received as at the last valuation are first reduced in proportion to the number of shares redeemed. Similarly, a share of the provision for the performance fee on the shares in circulation as recorded in the accounts at the last valuation is definitively allocated, in proportion to the number of shares redeemed, to a specific personal account. This share of performance fees is payable to the Manager as of redemption. | ### Dans l’hypothèse où la valeur de l’indice de référence serait négative, alors la valeur de l’indice de référence utilisée pour le calcul serait de 0.
Lors de la valorisation de la classe, si l'encours, défini comme l'actif net comptable après commissions de performance sur rachats mais hors provision pour commissions de performance correspondant aux parts encore en circulation, est supérieur à l'actif de référence, alors on constate une sur- performance (sous performance dans le cas inverse). La provision de la commission de performance sur l'encours est ajustée à 15 % jusqu'au 31 janvier 2018 puis 10 % à partir du 1er février 2018 du montant de cette nouvelle sur-performance par dotation ou reprise de provision, avant le calcul de la valeur nette d’inventaire. Les reprises sur provision sont plafonnées à hauteur des dotations.
En cas de rachat, le dernier actif de référence calculé et l’ensemble cumulé des souscriptions reçues lors de la dernière valorisation sont préalablement réduits proportionnellement au nombre de parts rachetées. De même, une quote-part de la provision de la commission de performance sur l'encours constatée comptablement lors de la dernière valorisation est, au prorata du nombre de parts rachetées, affectée définitivement à un compte de tiers spécifique. Cette quote-part de commissions de performance est acquise au Gestionnaire dès le rachat. | ### If the value of the benchmark index were to be negative, then the value of the benchmark index used for the calculation would be 0.
When the class is valued, if the shares in circulation - defined as the net book assets after performance fees on redemptions but excluding provision for performance fees corresponding to the shares still in circulation- are worth more than the reference asset, then an outperformance is ascertained (an underperformance in the opposite case). The provision for the performance fee on the shares in circulation is adjusted to 15% until January 31, 2018 then to 10% from February 1, 2018 of the amount of this new outperformance by allocation or writeback of the provision, before calculating the net asset value. Provision writebacks are capped at the amount of the allocations.
In the event of redemption, the last reference asset calculated and the cumulative total of the subscriptions received as at the last valuation are first reduced in proportion to the number of shares redeemed. Similarly, a share of the provision for the performance fee on the shares in circulation as recorded in the accounts at the last valuation is definitively allocated, in proportion to the number of shares redeemed, to a specific personal account. This share of performance fees is payable to the Manager as of redemption. | en | fr |
DOLFIN5509 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A Fund may use financial derivative instruments to implement synthetic short positions. If the price of the instrument or market which the Fund has taken a short position on increases, then the Fund will incur a loss in relation to the increase in price from the time that the short position was entered into plus any premiums and interest paid to a counterparty. Therefore, taking short positions involves the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
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###### RMB Hedged Share Classes Risk | Ein Fonds kann derivative Finanzinstrumente einsetzen, um synthetische Short-Positionen aufzubauen. Wenn der Kurs des Instruments oder des Marktes, in dem der Fonds eine Short-Position aufgebaut hat, steigt, entsteht dem Fonds ein Verlust in Bezug auf diesen Kursanstieg ab dem Zeitpunkt, zu dem die Short-Position aufgebaut wurde, zuzüglich aller an einen Kontrahenten gezahlten Prämien und Zinsen. Daher ist der Aufbau von Short-Positionen mit dem Risiko verbunden, dass Verluste überhöht werden, sodass eventuell ein über die tatsächlichen Kosten der Anlage hinausgehender Betrag verloren wird.
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###### Risiko von in RMB abgesicherten Anteilsklassen | A Fund may use financial derivative instruments to implement synthetic short positions. If the price of the instrument or market which the Fund has taken a short position on increases, then the Fund will incur a loss in relation to the increase in price from the time that the short position was entered into plus any premiums and interest paid to a counterparty. Therefore, taking short positions involves the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.
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###### RMB Hedged Share Classes Risk | en | de |
DOLFIN5510 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Si l’un des principes d’évaluation susmentionnés ne reflète pas la méthode de valorisation habituellement utilisée sur des marchés spécifiques ou si ces principes d’évaluation ne semblent pas appropriés pour déterminer la valeur des actifs de la SICAV, le Conseil ou son délégué peut adopter d’autres principes d’évaluation en toute bonne foi et conformément aux principes et procédures d’évaluation généralement admis.
Par exemple, si un marché sur lequel la SICAV investit est fermé à la date d’évaluation de la SICAV, les derniers cours de marché disponibles peuvent ne pas refléter précisément la juste valeur des participations de la SICAV. Cette situation peut se produire si d’autres marchés qui sont ouverts à la date d’évaluation de la SICAV et qui présentent une forte corrélation avec le marché fermé ont subi des fluctuations des cours (après l’heure de fermeture du marché sur lequel la SICAV a investi). D’autres facteurs peuvent également intervenir lors de la prise en compte de la juste valeur des participations sur un marché qui est fermé. Le non-ajustement de ces cours de fermeture aux justes valeurs pourrait être exploité par certains investisseurs au détriment des actionnaires à long terme dans le cadre d’une activité appelée market timing.
En conséquence, Conseil ou ses délégués peuvent ajuster le dernier cours de marché disponible pour prendre en compte les phénomènes de marché et autres événements qui se produisent entre la fermeture du marché concerné et la date d’évaluation de la SICAV. Ces ajustements sont effectués conformément à une politique convenue et à un ensemble de procédures transparent vis-à-vis du dépositaire et des commissaires aux comptes de la SICAV. Tout ajustement est appliqué systématiquement à tous les Compartiments et Catégories d’Actions.
D’autres situations, notamment lorsqu’une participation a été suspendue, n’a pas fait l’objet de négociations depuis un certain temps ou pour laquelle aucun cours de marché actualisé n’est disponible, seront soumises à un processus d’ajustement similaire. Les investisseurs sont informés du fait que certains paiements à recevoir par un Compartiment, tels qu’au titre d’une procédure de recours collectif, peuvent ne pas être pris en compte dans la Valeur liquidative d’un Compartiment jusqu’à leur perception effective compte tenu de l’incertitude inhérente à ces formes de paiement.
La valeur de tout actif ou passif qui n’est pas exprimé dans la Devise de référence d’un Compartiment ou dans la Principale devise de transaction d’une catégorie sera convertie dans la Devise de référence dudit Compartiment ou dans la Principale devise de transaction d’une catégorie aux taux dernièrement cotés par toute banque importante. Si de telles cotations ne sont pas disponibles, le taux de change à appliquer sera déterminé de bonne foi par le Conseil ou selon les règles de procédure qu’il indiquera.
Les actifs relatifs à un Compartiment individuel représentent l’actif affecté à ce Compartiment moins son passif et, dans les cas où un quelconque élément d’actif ou de passif de la SICAV ne peut être considéré comme affecté au Compartiment concerné, il sera alors réparti entre les éléments d’actif et de passif de l’ensemble des compartiments de Fidelity Funds ou à l’ensemble des Compartiments concernés, au prorata de leurs Valeurs liquidatives respectives. Les éléments du passif n’engagent que le Compartiment concerné, mais, dans des circonstances exceptionnelles, le Conseil peut devoir s’acquitter d’obligations conjointes et de plusieurs autres obligations qui peuvent engager plusieurs Compartiments ou tous les Compartiments si les intérêts des Actionnaires concernés sont en jeu.
La Société de gestion procède au calcul de la Valeur liquidative au nom de la SICAV, en général conformément aux principes généraux de comptabilité. Si aucun acte de mauvaise foi, aucune négligence, aucune erreur manifeste d’appréciation ne sont décelés, toute Valeur liquidative calculée par la Société de gestion est réputée définitive et s’impose à la SICAV et à ses Actionnaires passés, présents et à venir.
- Politique d’Ajustement des Prix (technique du swing pricing)Les transactions importantes d’achat ou de vente au sein d’un Compartiment peuvent créer une « dilution » des actifs d’un Compartiment, car le prix auquel un investisseur achète ou vend des Actions d’un Compartiment peut ne pas refléter totalement les frais de transaction et autres coûts qui peuvent survenir lorsque le Gérant de portefeuille doit négocier des titres afin de répondre à d’importantes entrées ou sorties de trésorerie. Afin de contrer cet effet de dilution et d’élargir la protection des Actionnaires existants, le Conseil et/ou la Société de gestion ont adopté une politique d’ajustement des prix pour contrer l’impact des frais de transaction et autres coûts lorsqu’ils sont jugés importants et permettre des ajustements des prix dans le cadre du processus d’évaluation quotidien normal. La politique fait l’objet d’un examen annuel. | Si alguno de los métodos de valoración anteriormente citados no reflejara el sistema de valoración empleado habitualmente en mercados concretos, o si no resultara adecuado a efectos de determinar el valor de los activos del Fondo, el Consejo o su delegado podrán adoptar principios de valoración diferentes, para lo cual actuarán de buena fe y de acuerdo con los principios y procedimientos de valoración generalmente adoptados.
Por ejemplo, si un mercado en el que invierte el Fondo está cerrado en el momento en que se lleva a cabo la valoración del Fondo, los últimos precios de mercado disponibles no podrán reflejar de forma precisa el valor razonable de las tenencias del Fondo. Esto podría suceder si otros mercados que estén abiertos en el momento de valoración del Fondo, y que guarden una alta correlación con el mercado cerrado, experimentan movimientos en los precios (después de haberse cerrado el mercado en el que haya invertido el Fondo). Asimismo, es necesario tener en cuenta otros factores a la hora de considerar el valor razonable de los activos en un mercado cerrado. Si no se ajustan dichos precios de cierre a los valores razonables, algunos inversores podrían aprovecharse de ello en detrimento de los accionistas a largo plazo, actividad conocida como sincronización con el mercado (market timing).
En consecuencia, el Consejo o sus delegados podrán ajustar el último precio de mercado disponible a fin de tener en cuenta los acontecimientos del mercado y de otra índole que tengan lugar entre el correspondiente cierre del mercado y el momento de valoración del Fondo. Dichos ajustes se efectúan de acuerdo con una política y una serie de procedimientos acordados que son transparentes para los auditores y el depositario del Fondo. Todo ajuste se aplica de manera coherente en todos los Subfondos y clases de acciones.
Otras situaciones, como la suspensión de un activo, o su falta de cotización durante algún tiempo, o la ausencia de un precio de mercado actualizado, estarán sujetas a procesos de ajuste similares. Los inversores deberían tener en cuenta que cabe la posibilidad de que los pagos que hayan de efectuarse a un Subfondo, como los destinados a una clase, no se incluyan en el Valor liquidativo de dicho Subfondo hasta que se hayan recibido los importes, dada la incertidumbre inherente a dichos pagos.
El valor de todos los activos y pasivos no expresados en la Divisa de referencia de un Subfondo o en la Divisa principal de negociación de una clase se convertirán a la Divisa de referencia de dicho Subfondo o a la Divisa principal de negociación de dicha clase aplicando los últimos tipos de cambio ofrecidos por una entidad bancaria de primera clase. En caso de no disponerse de dichos tipos de cambio, el Consejo determinará el tipo de cambio de buena fe o con arreglo a los procedimientos que él mismo establezca.
Por patrimonio de un Subfondo se entenderá los activos que se atribuyan a dicho Subfondo menos los pasivos correspondientes al mismo, y cuando no pueda atribuirse algún activo o pasivo del Fondo a un Subfondo, dicho activo o pasivo se asignará a los activos o pasivos del conjunto de Subfondos o de los Subfondos pertinentes de manera proporcional a sus Valores liquidativos. Sin embargo, en circunstancias excepcionales el Consejo puede asumir obligaciones de forma solidaria, las cuales podrán vincular a algunos o la totalidad de los Subfondos, si ello redunda en el interés de los Accionistas implicados.
La Sociedad Gestora, en nombre del Fondo, se encargará del cálculo del Valor liquidativo de las Acciones, el cual se realizará, normalmente, de conformidad con los principios de contabilidad generalmente aceptados. Salvo en caso de mala fe, negligencia o error manifiesto, toda decisión adoptada por la Sociedad Gestora en relación con el cálculo de los Valores liquidativos de las Acciones será definitiva y vinculante para el Fondo y para los Accionistas actuales, pasados y futuros.
- Política de ajuste de precios (swing pricing)Las operaciones de gran volumen que tienen lugar dentro o fuera de un Subfondo pueden generar una «dilución» de los activos de un Subfondo debido a que el precio al que un inversor compra o vende Acciones en un Subfondo puede no reflejar completamente los costes de negociación y de otro tipo que surgen cuando el gestor de la cartera tiene que negociar con valores para dar cabida a grandes entradas o salidas de efectivo. Para paliar este efecto y proteger mejor a los Accionistas existentes, el Consejo y/o la Sociedad Gestora ha adoptado una política de ajuste del precio con el fin de contrarrestar el efecto que puedan tener los costes de negociación y de otro tipo en ocasiones en las que se considere que alcanzan una magnitud importante, y permitir el ajuste de los precios como parte del proceso de valoración que se efectúa cada día. Esta política se revisa anualmente. | Si l’un des principes d’évaluation susmentionnés ne reflète pas la méthode de valorisation habituellement utilisée sur des marchés spécifiques ou si ces principes d’évaluation ne semblent pas appropriés pour déterminer la valeur des actifs de la SICAV, le Conseil ou son délégué peut adopter d’autres principes d’évaluation en toute bonne foi et conformément aux principes et procédures d’évaluation généralement admis.
Par exemple, si un marché sur lequel la SICAV investit est fermé à la date d’évaluation de la SICAV, les derniers cours de marché disponibles peuvent ne pas refléter précisément la juste valeur des participations de la SICAV. Cette situation peut se produire si d’autres marchés qui sont ouverts à la date d’évaluation de la SICAV et qui présentent une forte corrélation avec le marché fermé ont subi des fluctuations des cours (après l’heure de fermeture du marché sur lequel la SICAV a investi). D’autres facteurs peuvent également intervenir lors de la prise en compte de la juste valeur des participations sur un marché qui est fermé. Le non-ajustement de ces cours de fermeture aux justes valeurs pourrait être exploité par certains investisseurs au détriment des actionnaires à long terme dans le cadre d’une activité appelée market timing.
En conséquence, Conseil ou ses délégués peuvent ajuster le dernier cours de marché disponible pour prendre en compte les phénomènes de marché et autres événements qui se produisent entre la fermeture du marché concerné et la date d’évaluation de la SICAV. Ces ajustements sont effectués conformément à une politique convenue et à un ensemble de procédures transparent vis-à-vis du dépositaire et des commissaires aux comptes de la SICAV. Tout ajustement est appliqué systématiquement à tous les Compartiments et Catégories d’Actions.
D’autres situations, notamment lorsqu’une participation a été suspendue, n’a pas fait l’objet de négociations depuis un certain temps ou pour laquelle aucun cours de marché actualisé n’est disponible, seront soumises à un processus d’ajustement similaire. Les investisseurs sont informés du fait que certains paiements à recevoir par un Compartiment, tels qu’au titre d’une procédure de recours collectif, peuvent ne pas être pris en compte dans la Valeur liquidative d’un Compartiment jusqu’à leur perception effective compte tenu de l’incertitude inhérente à ces formes de paiement.
La valeur de tout actif ou passif qui n’est pas exprimé dans la Devise de référence d’un Compartiment ou dans la Principale devise de transaction d’une catégorie sera convertie dans la Devise de référence dudit Compartiment ou dans la Principale devise de transaction d’une catégorie aux taux dernièrement cotés par toute banque importante. Si de telles cotations ne sont pas disponibles, le taux de change à appliquer sera déterminé de bonne foi par le Conseil ou selon les règles de procédure qu’il indiquera.
Les actifs relatifs à un Compartiment individuel représentent l’actif affecté à ce Compartiment moins son passif et, dans les cas où un quelconque élément d’actif ou de passif de la SICAV ne peut être considéré comme affecté au Compartiment concerné, il sera alors réparti entre les éléments d’actif et de passif de l’ensemble des compartiments de Fidelity Funds ou à l’ensemble des Compartiments concernés, au prorata de leurs Valeurs liquidatives respectives. Les éléments du passif n’engagent que le Compartiment concerné, mais, dans des circonstances exceptionnelles, le Conseil peut devoir s’acquitter d’obligations conjointes et de plusieurs autres obligations qui peuvent engager plusieurs Compartiments ou tous les Compartiments si les intérêts des Actionnaires concernés sont en jeu.
La Société de gestion procède au calcul de la Valeur liquidative au nom de la SICAV, en général conformément aux principes généraux de comptabilité. Si aucun acte de mauvaise foi, aucune négligence, aucune erreur manifeste d’appréciation ne sont décelés, toute Valeur liquidative calculée par la Société de gestion est réputée définitive et s’impose à la SICAV et à ses Actionnaires passés, présents et à venir.
- Politique d’Ajustement des Prix (technique du swing pricing)Les transactions importantes d’achat ou de vente au sein d’un Compartiment peuvent créer une « dilution » des actifs d’un Compartiment, car le prix auquel un investisseur achète ou vend des Actions d’un Compartiment peut ne pas refléter totalement les frais de transaction et autres coûts qui peuvent survenir lorsque le Gérant de portefeuille doit négocier des titres afin de répondre à d’importantes entrées ou sorties de trésorerie. Afin de contrer cet effet de dilution et d’élargir la protection des Actionnaires existants, le Conseil et/ou la Société de gestion ont adopté une politique d’ajustement des prix pour contrer l’impact des frais de transaction et autres coûts lorsqu’ils sont jugés importants et permettre des ajustements des prix dans le cadre du processus d’évaluation quotidien normal. La politique fait l’objet d’un examen annuel. | fr | es |
DOLFIN5511 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Contact
CREDIT SUISSE AG
Investment Solutions & Products – Wealth Funds Kalanderplatz 1, 8045 Zürich, Switzerland
e-mail: [email protected]
## Data sources as of October 29, 2021: Credit Suisse, otherwise specified.
This document was prepared by Credit Suisse AG and/or its affiliates (hereinafter "Credit Suisse") with the due diligence of a prudent businessman. The opinions expressed in this document are those of CS at the time of writing and may be subject to change at any time and without notice. Unless otherwise indicated, all figures have been checked to ensure plausibility only but not verified in detail. This document is provided for informational purposes only and is for the exclusive use of the recipient. It constitutes neither an offer nor a recommendation to buy or sell financial instruments or to accept banking transactions or financial services and does not release the recipient from making his or her own judgment. The recipient is, in particular, advised to check that the information provided is in line with his/her own circumstances, including with regard to any regulatory or tax-related impact, if necessary with the help of a professional advisor. This document may not be reproduced, either in part or in full, without the written permission of Credit Suisse. This document is intended for investors in Germany only. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States or to any US person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). Every investment involves risk – especially with regard to fluctuations in value and return.
Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical performance and financial market scenarios are not reliable indicators of current or future performance. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or surpassed. In connection with this investment product, Credit Suisse AG and/or its affiliates may make payments to third parties or receive compensation from third parties, including in the form of one-time or recurring payments (e.g. issuing premiums, placement commissions, or marketing commissions). These so-called benefits may represent a conflict of interest. For more information, please contact your client advisor, who will disclose to you the precise amounts of such benefits, provided they are already binding at the time of your request. In addition, conflicts of interest may be created with respect to the investment product. Please contact your client advisor for more information about them as well. The investment fund under Luxembourg law referred to in this publication is an undertaking for collective investment in transferable securities (UCITS) under EU Directive 2009/65/EC, as amended. Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, Germany, is the paying and information agent for the fund in Germany. Credit Suisse (Deutschland) AG, Taunustor 1, 60310 Frankfurt am Main, Germany, is another information agent for the fund in Germany. Subscriptions are only valid on the basis of the current sales prospectus, key investor information, and the latest annual report (or semi-annual report, if more recent). These documents, along with the contractual terms and/or articles of association in German, may be obtained in German or English free of charge from Credit Suisse (Deutschland) Aktiengesellschaft, Taunustor 1, 60310 Frankfurt am Main, Germany or where available via http://www.fundinfo.com/. The alternative investment fund manager or the management company, as applicable, may decide to terminate local arrangements for the marketing of the shares/units of a fund, including terminating registrations or notifications with the local supervisory authority. A summary of investor rights for investing in Luxembourg can be obtained via https://www.cssf.lu/en/consumer/, local laws relating to investor rights may apply. This document constitutes marketing material that is published solely for advertising purposes. It should not be construed as an independent securities analysis.
## Copyright © 2021 Credit Suisse Group AG and/or its affiliates. All rights reserved.
## 2 / 2 | # Kontakt
CREDIT SUISSE AG
Investment Solutions & Products – Wealth Funds Kalanderplatz 1, 8045 Zürich, Schweiz
e-mail: [email protected]
## Datenquellen ab 29. Oktober 2021: Credit Suisse, sofern nicht anders angegeben.
Dieses Dokument wurde von der Credit Suisse AG und / oder mit ihr verbundenen Unternehmen (nachfolgend «CS») mit der Sorgfalt eines ordentlichen Kaufmanns erstellt. Die in diesem Dokument geäußerten Meinungen sind diejenigen der CS zum Zeitpunkt der Erstellung und können sich jederzeit und ohne Mitteilung ändern. Ist nichts Anderes vermerkt, sind alle Zahlen lediglich auf Plausibilität, jedoch nicht im Detail geprüft. Das Dokument dient ausschließlich Informationszwecken und der Nutzung durch den Empfänger. Es stellt weder ein Angebot, noch eine Empfehlung zum Erwerb oder Verkauf von Finanzinstrumenten oder der Inanspruchnahme von Bankgeschäften oder Finanzdienstleistungen dar und entbindet den Empfänger nicht von seiner eigenen Beurteilung. Insbesondere ist dem Empfänger empfohlen, gegebenenfalls unter Einschaltung eines Beraters, die Informationen in Bezug auf die Vereinbarkeit mit seinen eigenen Verhältnissen, auf u.a. rechtliche und steuerliche Auswirkungen zu prüfen. Dieses Dokument darf ohne schriftliche Genehmigung der CS weder auszugsweise noch vollständig vervielfältigt werden. Das vorliegende Dokument ist ausschließlich für Anleger in Deutschland bestimmt. Es richtet sich ausdrücklich nicht an Personen, deren Nationalität oder Wohnsitz den Zugang zu solchen Informationen aufgrund der geltenden Gesetzgebung verbieten. Weder das vorliegende Dokument noch Kopien davon dürfen in die Vereinigten Staaten versandt oder dahin mitgenommen werden oder in den Vereinigten Staaten oder an eine US-Person abgegeben werden (im Sinne von Regulation S des US Securities Act von 1933 in dessen jeweils gültigen Fassung). Mit jeder Anlage sind Risiken, insbesondere diejenigen von Wert- und Ertragsschwankungen verbunden. Bei Fremdwährungen besteht zusätzlich das Risiko, dass die Fremdwährung gegenüber der Referenzwährung des Anlegers an Wert verliert. Historische Wertentwicklungen und Finanzmarktszenarien sind kein verlässlicher Indikator für laufende und zukünftige Ergebnisse. Es kann außerdem nicht garantiert werden, dass die Wertentwicklung des Vergleichsindex erreicht oder übertroffen wird. In Zusammenhang mit diesem Anlageprodukt bezahlt die Credit Suisse AG und/oder mit ihr verbundene Unternehmen unter Umständen Dritten oder erhält von Dritten als Teil ihres Entgelts oder sonst wie eine einmalige oder wiederkehrende Vergütung (z.B. Ausgabeaufschläge, Platzierungsprovisionen oder Vertriebsfolgeprovisionen). Diese sogenannten Zuwendungen können einen Interessenkonflikt darstellen. Für nähere Informationen dazu wenden Sie sich bitte an Ihren Kundenberater, der Ihnen die die genaue Höhe der Zuwendungen offenlegen wird, soweit diese zum Zeitpunkt der Anfrage bereits verbindlich feststehen. Zudem können im Hinblick auf das Anlageprodukt weitere Interessenkonflikte bestehen. Auch hierzu gehen Sie bitte für nähere Informationen auf Ihren Kundenberater zu. Der in diesem Dokument erwähnte Anlagefonds luxemburgischen Rechts ist ein Organismus für gemeinsame Anlagen in Wertpapieren (OGAW) gemäß Richtlinie 2009/65/EG, in der geänderten Fassung. Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main ist Zahl- und Informationsstelle des Fonds in Deutschland. Credit Suisse (Deutschland) AG, Taunustor 1, D−60310 Frankfurt am Main ist eine weitere Informationsstelle des Fonds in Deutschland. Zeichnungen sind nur auf Basis des aktuellen Verkaufsprospekts, der wesentlichen Anlegerinformationen und des letzten Jahresberichts (bzw.
Halbjahresberichts, falls dieser aktueller ist) gültig. Diese Unterlagen sowie die Vertragsbedingungen und/oder Statuten sind kostenlos in deutscher Sprache bei Credit Suisse (Deutschland) Aktiengesellschaft, Taunustor 1, 60310 Frankfurt am Main, Deutschland oder gegebenenfalls über http://www.fundinfo.com/ erhältlich. Der Manager des alternativen Investmentfonds bzw. die Verwaltungsgesellschaft kann beschliessen, lokale Vereinbarungen über die Vermarktung der Aktien/Anteile eines Fonds zu kündigen und Registrierungen oder den Versand von Mitteilungen an die lokale Aufsichtsbehörde einzustellen. Eine Zusammenfassung der Anlegerrechte bei Anlagen in Luxemburg ist unter https://www.cssf.lu/en/consumer/ abrufbar; gegebenenfalls gelten lokale Gesetze über Anlegerrechte. Bei diesem Dokument handelt es sich um Marketingmaterial, das ausschließlich zu Werbezwecken verbreitet wird. Es darf nicht als unabhängige Wertpapieranalyse gelesen werden.
## Copyright © 2021 Credit Suisse Group AG und/oder mit ihr verbundene Unternehmen. Alle Rechte vorbehalten.
## 2 / 2 | # Contact
CREDIT SUISSE AG
Investment Solutions & Products – Wealth Funds Kalanderplatz 1, 8045 Zürich, Switzerland
e-mail: [email protected]
## Data sources as of October 29, 2021: Credit Suisse, otherwise specified.
This document was prepared by Credit Suisse AG and/or its affiliates (hereinafter "Credit Suisse") with the due diligence of a prudent businessman. The opinions expressed in this document are those of CS at the time of writing and may be subject to change at any time and without notice. Unless otherwise indicated, all figures have been checked to ensure plausibility only but not verified in detail. This document is provided for informational purposes only and is for the exclusive use of the recipient. It constitutes neither an offer nor a recommendation to buy or sell financial instruments or to accept banking transactions or financial services and does not release the recipient from making his or her own judgment. The recipient is, in particular, advised to check that the information provided is in line with his/her own circumstances, including with regard to any regulatory or tax-related impact, if necessary with the help of a professional advisor. This document may not be reproduced, either in part or in full, without the written permission of Credit Suisse. This document is intended for investors in Germany only. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into, or distributed in the United States or to any US person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). Every investment involves risk – especially with regard to fluctuations in value and return.
Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical performance and financial market scenarios are not reliable indicators of current or future performance. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or surpassed. In connection with this investment product, Credit Suisse AG and/or its affiliates may make payments to third parties or receive compensation from third parties, including in the form of one-time or recurring payments (e.g. issuing premiums, placement commissions, or marketing commissions). These so-called benefits may represent a conflict of interest. For more information, please contact your client advisor, who will disclose to you the precise amounts of such benefits, provided they are already binding at the time of your request. In addition, conflicts of interest may be created with respect to the investment product. Please contact your client advisor for more information about them as well. The investment fund under Luxembourg law referred to in this publication is an undertaking for collective investment in transferable securities (UCITS) under EU Directive 2009/65/EC, as amended. Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, Germany, is the paying and information agent for the fund in Germany. Credit Suisse (Deutschland) AG, Taunustor 1, 60310 Frankfurt am Main, Germany, is another information agent for the fund in Germany. Subscriptions are only valid on the basis of the current sales prospectus, key investor information, and the latest annual report (or semi-annual report, if more recent). These documents, along with the contractual terms and/or articles of association in German, may be obtained in German or English free of charge from Credit Suisse (Deutschland) Aktiengesellschaft, Taunustor 1, 60310 Frankfurt am Main, Germany or where available via http://www.fundinfo.com/. The alternative investment fund manager or the management company, as applicable, may decide to terminate local arrangements for the marketing of the shares/units of a fund, including terminating registrations or notifications with the local supervisory authority. A summary of investor rights for investing in Luxembourg can be obtained via https://www.cssf.lu/en/consumer/, local laws relating to investor rights may apply. This document constitutes marketing material that is published solely for advertising purposes. It should not be construed as an independent securities analysis.
## Copyright © 2021 Credit Suisse Group AG and/or its affiliates. All rights reserved.
## 2 / 2 | en | de |
DOLFIN5512 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds that are denominated in euro.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities denominated in euro. The fund may also invest in debt securities issued by Eurozone governments and government agencies, and in securities denominated in other currencies than the euro. Portfolio debt securities can include fixed and floating rate bonds as well as preferred shares and other transferable debt securities of any type, including high yield securities. The fund may invest up to 25% in convertible bonds (including, to a limited extent, in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. However, as at the date of this prospectus, the fund does not expect to invest in any other eligible securities, on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | ##### TITOLI IN PORTAFOGLIO
Il comparto è a gestione attiva e investe principalmente in un portafoglio diversificato di obbligazioni societarie denominate in euro.
Sebbene il comparto non abbia come obiettivo l'investimento sostenibile, la promozione delle caratteristiche ambientali e sociali viene conseguita attraverso l'esclusione da parte del gestore degli investimenti di settori o aziende le cui attività possono essere considerate dannose per l'ambiente e/o la società applicando il suo filtro proprietario di responsabilità sociale (lista di esclusioni). Di conseguenza, sono escluse specifiche aziende le cui attività commerciali riguardano armi controverse (munizioni a grappolo, mine antiuomo, armi incendiarie, chimiche, biologiche e nucleari), produzione di tabacco, produzione di carbone, armi d'assalto per uso civile, intrattenimento per adulti, attività dirette di gioco d'azzardo e altre imprese sulla base di criteri relativi alla condotta.
Per ulteriori dettagli si veda la sezione Lista di esclusioni basata sulla responsabilità di T. Rowe Price a pagina 119.
Il comparto investe principalmente in titoli di debito denominati in euro. Può inoltre investire in titoli di debito emessi da governi e agenzie governative dell'area euro e in titoli denominati in valute diverse dall'euro. I titoli di debito in portafoglio possono includere obbligazioni a tasso fisso e variabile, azioni privilegiate e altri titoli di debito trasferibili di qualsiasi tipo, compresi i titoli ad alto rendimento. Il comparto può investire fino al 25% in obbligazioni convertibili (inclusi, in misura limitata, contingent convertible bond).
Per realizzare il proprio obiettivo d'investimento, il comparto può anche investire, in via accessoria, in altri titoli idonei descritti nella sezione "Politiche e restrizioni agli investimenti generali" a partire da pagina 115. Tuttavia, alla data del presente prospetto, il comparto prevede di investire in via accessoria in altri titoli idonei in misura solo marginale.
Gli investimenti sottostanti questo fondo non tengono conto dei criteri UE per le attività economiche ecosostenibili ai sensi del Regolamento sulla Tassonomia. Pertanto, anche il principio del "non arrecare un danno significativo" non è attualmente applicabile. | ###### PORTFOLIO SECURITIES
The fund is actively managed and invests mainly in a diversified portfolio of corporate bonds that are denominated in euro.
Although the fund does not have sustainable investment as an objective, the promotion of environmental and social characteristics is achieved through the investment manager’s avoidance of sectors or companies, whose activities may be considered harmful to the environment and/or society through the application of its proprietary socially responsible screen (exclusion list). As a consequence, specific companies whose business activities involve controversial weapons (cluster munitions, anti-personnel mines, incendiary, chemical, biological and nuclear weapons), tobacco production, coal production, assault- style weapons for civilian use, adult entertainment, direct gambling operations and certain conduct-based criteria are excluded.
For further details see the T. Rowe Price Responsible Exclusion List section on page 118.
The fund invests primarily in debt securities denominated in euro. The fund may also invest in debt securities issued by Eurozone governments and government agencies, and in securities denominated in other currencies than the euro. Portfolio debt securities can include fixed and floating rate bonds as well as preferred shares and other transferable debt securities of any type, including high yield securities. The fund may invest up to 25% in convertible bonds (including, to a limited extent, in contingent convertible bonds).
In seeking to achieve the fund’s objective the fund may also invest, on an ancillary basis, in other eligible securities as described in the ‘General Investment Powers and Restrictions’ section commencing on page 113. However, as at the date of this prospectus, the fund does not expect to invest in any other eligible securities, on an ancillary basis, to more than a limited extent.
The investments underlying this fund do not take into account the EU criteria for environmentally sustainable economic activities under the Taxonomy Regulation. Therefore, the “do no significant harm” principle is currently also not applicable. | en | it |
DOLFIN5513 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### RISK PROFILE
Your money will be invested primarily in financial instruments selected by the financial manager. These instruments will be subject to market fluctuations and risks. The SICAV is classified as a "Eurozone equities" fund.
It mainly carries risks associated with its investments in the equity markets in the eurozone and, to a much lesser extent, those associated with its investments in money markets. Investments are made in compliance with the following maximum exposure limits to the following risks:
- Equity market risk mainly: The minimum equity market exposure is 90%. Fluctuations in share prices may have a negative impact on the SICAV's net asset value. During periods of declining equity markets, the net asset value may be expected to fall. | ##### PROFIL DE RISQUE
Votre argent sera principalement investi dans des instruments financiers sélectionnés par le gestionnaire financier. Ces instruments connaîtront les évolutions et aléas des marchés. La SICAV a pour classification "Actions de pays de la zone euro ".
Elle comporte principalement des risques liés à ses investissements sur les marchés d’actions de la zone euro, et dans une très faible mesure des risques liés à ses investissements sur les marchés monétaires. Les investissements sont réalisés dans le respect des limites d’exposition maximale suivantes aux risques de :
- de marché actions principalement : L’exposition minimum au marché actions est de 90%. En effet, la variation du cours des actions peut avoir un impact négatif sur la valeur liquidative de la SICAV. En période de baisse du marché des actions, la valeur liquidative pourra être amenée à baisser. | #### RISK PROFILE
Your money will be invested primarily in financial instruments selected by the financial manager. These instruments will be subject to market fluctuations and risks. The SICAV is classified as a "Eurozone equities" fund.
It mainly carries risks associated with its investments in the equity markets in the eurozone and, to a much lesser extent, those associated with its investments in money markets. Investments are made in compliance with the following maximum exposure limits to the following risks:
- Equity market risk mainly: The minimum equity market exposure is 90%. Fluctuations in share prices may have a negative impact on the SICAV's net asset value. During periods of declining equity markets, the net asset value may be expected to fall. | en | fr |
DOLFIN5514 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities are denominated in various currencies and may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may invest up to 50% of its total assets in asset-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). For further details please see the prospectus.
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 70% de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de renta fija estarán denominados en distintas divisas y podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo).
El Fondo podrá invertir en una gama completa de valores de renta fija, que podrían incluir inversiones con una calificación de solvencia relativamente baja, o que carecen de calificación.
El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos).
El Fondo podrá invertir hasta el 50% de sus activos totales en valores de titulización de activos y valores de titulización de hipotecas (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda). Para más detalles véase el folleto.
El Fondo se gestiona de forma activa. El AI tiene la potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital.
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en dólares de Hong Kong. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y la moneda base del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities are denominated in various currencies and may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may invest up to 50% of its total assets in asset-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). For further details please see the prospectus.
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth.
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Hong Kong Dollar. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the base currency of the Fund. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN5515 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- Forward foreign exchange contractsForward foreign exchange contracts are valued at the forward rate applicable at the “Statement of Net Assets” date for the remaining period, until maturity. Gains or losses resulting from forward foreign exchange contracts are recognised in the “Statement of Operations and Changes in Net Assets”.
- Financial future contractsThe Company may enter into financial future contracts to gain exposure to market changes. A financial future contract is an agreement between two parties to buy or sell a security for a set price on a future date. Required initial margin deposits of cash or securities are maintained by a broker in a segregated account. Subsequent payments, known as variation margin, are made or received by the Company depending on the fluctuations in the value of the underlying securities. Such variation margin is accounted for as unrealised gains or losses until the contract is closed, at which time the gains or losses are reclassified to realised gains or losses. Realised and unrealised gains and losses are included in the “Statement of Operations and Changes in Net Assets”.
- Interest rate swap contractsInterest rate swap contracts are used to hedge the risk of changes in interest rates and are agreements between two parties to exchange cash flows based on a notional principal amount. The net interest received or paid on interest rate swap contract agreements is accrued daily as interest income/expense. | - Contratti a termine in valutaI contratti a termine in valuta sono valutati in base al cambio a termine applicabile alla data del ‘‘Prospetto del patrimonio netto’’ per il periodo residuo fino alla scadenza. Gli utili o le perdite risultanti da contratti di cambio a termine esteri sono rilevati nel “Prospetto delle operazioni e delle variazioni del patrimonio netto”.
- Contratti finanziari futureLa Società può stipulare contratti finanziari su futures per trarre vantaggio dall’esposizione a variazioni di mercato. Un contratto finanziario su futures è un accordo fra due parti per acquistare o vendere un titolo ad un determinato prezzo ad una data futura. I necessari depositi in contanti o titoli per il margine iniziale sono detenuti da un broker su un conto vincolato. I pagamenti successivi, denominati margine di variazione, sono eseguiti o ricevuti dalla Società in base alle fluttuazioni di valore dei titoli sottostanti. Tali margini di variazione sono rilevati come utili o perdite non realizzati fino alla data di chiusura del contratto, quando gli utili o le perdite sono riclassificati come realizzati. Gli utili e le perdite realizzati e non realizzati sono inclusi nel “Prospetto delle operazioni e delle variazioni del patrimonio netto”.
- Contratti swap su tassi d’interesseI contratti swap su tassi d’interesse sono usati per coprire il rischio di modifiche nei tassi d’interesse e sono contratti tra due parti per scambiare flussi di contanti in base a un importo principale teorico. L’interesse netto ricevuto o versato su tali accordi di contratti matura giornalmente come interesse attivo/passivo. | - Forward foreign exchange contractsForward foreign exchange contracts are valued at the forward rate applicable at the “Statement of Net Assets” date for the remaining period, until maturity. Gains or losses resulting from forward foreign exchange contracts are recognised in the “Statement of Operations and Changes in Net Assets”.
- Financial future contractsThe Company may enter into financial future contracts to gain exposure to market changes. A financial future contract is an agreement between two parties to buy or sell a security for a set price on a future date. Required initial margin deposits of cash or securities are maintained by a broker in a segregated account. Subsequent payments, known as variation margin, are made or received by the Company depending on the fluctuations in the value of the underlying securities. Such variation margin is accounted for as unrealised gains or losses until the contract is closed, at which time the gains or losses are reclassified to realised gains or losses. Realised and unrealised gains and losses are included in the “Statement of Operations and Changes in Net Assets”.
- Interest rate swap contractsInterest rate swap contracts are used to hedge the risk of changes in interest rates and are agreements between two parties to exchange cash flows based on a notional principal amount. The net interest received or paid on interest rate swap contract agreements is accrued daily as interest income/expense. | en | it |
DOLFIN5516 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
For the purposes of this Article, any instrument in electronic form to which the seal is required to beaffixed shall be sealed by means of an Advanced Electronic Signature based on a QualifiedCertificate of a Director and the Secretary or of a second Director or by some other person appointedby the Directors for the purpose.
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## Article 28 (b) of the Articles of Association shall be amended as follows: | Ai fini del presente Articolo, qualsiasi strumento in formato elettronico che richieda l’affissione del sigillo sarà convalidato da una Firma elettronica avanzata basata su un Certificato qualificato di un Amministratore e del Segretario o di un secondo Amministratore o di altra persona nominata a tal fine dagli Amministratori.
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## Si modifica l’articolo 28 (b) dello Statuto come segue: | For the purposes of this Article, any instrument in electronic form to which the seal is required to beaffixed shall be sealed by means of an Advanced Electronic Signature based on a QualifiedCertificate of a Director and the Secretary or of a second Director or by some other person appointedby the Directors for the purpose.
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## Article 28 (b) of the Articles of Association shall be amended as follows: | en | it |
DOLFIN5517 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-Fund may invest up to 10% of its net assets in units and/or shares of UCITS and/or other UCIs.
The Sub-Fund will use all types of eligible derivatives instruments traded on regulated or OTC markets when these contracts are better suited to the management objective or offer lower trading costs. These instruments may include, but are not restricted to: futures, options, swaps, CDS on indices, CDS. The Sub-fund may invest in securities denominated in any currency. The non-base currency exposure may be hedged back to the base currency to moderate the currency exchange risks which will not represent more than 30% of the total assets of the Sub-Fund.
The Sub-Fund is actively managed and uses the benchmark for the calculation of the performance fee and performance comparison purposes. This means the Management Company is taking investment decisions with the intention of achieving the Sub-Fund’s investment objective; this may include decisions regarding asset selection and overall level of exposure to the market. The Management Company is not in any way constrained by the benchmark in its portfolio positioning. The deviation from the benchmark may be complete or significant. | Il Comparto può investire fino al 10% del patrimonio netto in quote e/o azioni di OICVM e/o altri OICR.
Il Comparto utilizzerà tutti i tipi di strumenti derivati idonei negoziati sui mercati regolamentati o OTC, qualora tali contratti siano più adatti all'obiettivo di gestione o offrano costi di negoziazione inferiori. Questi strumenti possono includere, a titolo esemplificativo e non esaustivo, futures, opzioni, swap, CDS su indici e CDS. Il comparto può investire in titoli denominati in qualsiasi valuta. L'esposizione valutaria non di base può essere coperta con la valuta di base al fine di moderare i rischi di cambio, che non rappresenteranno più del 30% del patrimonio totale del Comparto.
Il Comparto è gestito attivamente e utilizza il benchmark ai fini del calcolo della commissione di performance e del confronto della performance. Ciò significa che la Società di gestione prende decisioni di investimento con l'intento di raggiungere l'obiettivo di investimento del Comparto; tali decisioni possono riguardare la selezione delle attività e il livello complessivo di esposizione al mercato. La Società di gestione non è in alcun modo vincolata dal benchmark nel posizionamento del portafoglio. La deviazione dal benchmark può essere completa o significativa. | The Sub-Fund may invest up to 10% of its net assets in units and/or shares of UCITS and/or other UCIs.
The Sub-Fund will use all types of eligible derivatives instruments traded on regulated or OTC markets when these contracts are better suited to the management objective or offer lower trading costs. These instruments may include, but are not restricted to: futures, options, swaps, CDS on indices, CDS. The Sub-fund may invest in securities denominated in any currency. The non-base currency exposure may be hedged back to the base currency to moderate the currency exchange risks which will not represent more than 30% of the total assets of the Sub-Fund.
The Sub-Fund is actively managed and uses the benchmark for the calculation of the performance fee and performance comparison purposes. This means the Management Company is taking investment decisions with the intention of achieving the Sub-Fund’s investment objective; this may include decisions regarding asset selection and overall level of exposure to the market. The Management Company is not in any way constrained by the benchmark in its portfolio positioning. The deviation from the benchmark may be complete or significant. | en | it |
DOLFIN5518 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | 300 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.41% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 141 EUR |
| Transaction costs | 0.33% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 33 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 3,00% dell'importo versato al momento dell'investimento. | 300 EUR |
| Costi di uscita | 0,50% del vostro investimento prima che vi venga versato. | 50 EUR |
| Costi correnti registrati ogni anno | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,41% del valore del vostro investimento all'anno. Esso include una commissione legata al prestito titoli. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 141 EUR |
| Costi di transazione | 0,33% del valore del vostro investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti al prodotto. L'importo effettivo dipenderà dal volume degli acquisti e delle vendite effettuati. | 33 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non è prevista una commissione di performance per questo prodotto. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | 300 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.41% of the value of your investment per year. This includes a stock lending fee. This is an estimate based on actual costs over the last year. | 141 EUR |
| Transaction costs | 0.33% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 33 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | it |
DOLFIN5519 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If the total net assets of the Company fall below one-fourth of the minimum capital prescribed by law, the Board must submit the question of the Company's dissolution to a general meeting of Shareholders for which no quorum is prescribed. A resolution dissolving the Company may be passed by Shareholders holding one-fourth of the voting rights represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from the date of ascertainment that the net assets have fallen below two-thirds or one-fourth of the legal minimum, as the case may be.
If the Company is dissolved, the liquidation will be carried out by one or several liquidators appointed in accordance with the provisions of the 2010 Act. The decision to dissolve the Company will be published in the Luxembourg Official Gazette and two newspapers with adequate circulation, one of which must be a Luxembourg newspaper. The liquidator(s) will realise each Sub-fund's assets in the best interests of the Shareholders and apportion the proceeds of the liquidation, after deduction of liquidation costs, amongst the Shareholders of the relevant Sub-fund according to their respective prorata entitlement. Any amounts unclaimed by the Investors at the closing of the liquidation and, at the latest, at the expiration of a period of nine (9) months following the decision to liquidate the Company will be deposited with the Caisse de Consignation in Luxembourg for a duration of thirty
(30) years. If amounts deposited remain unclaimed beyond the prescribed time limit, they will be forfeited.
As soon as the decision to wind up the Company is made, the issue, redemption or conversion of Shares in all Sub-funds will be prohibited and will be deemed void.
- Liquidation of Sub-funds or ClassesIf, for any reason, the net assets of a Sub-fund or of any Class fall below the equivalent of the Minimum Net Asset Value, or if a change in the economic or political environment of the relevant Sub-fund or Class may have material adverse consequences on the Sub-fund or Class's investments, or if an economic rationalisation so requires, the Board may decide on a compulsory redemption of all Shares outstanding in such Sub-fund or Class on the basis of the Net Asset Value per Share (after taking account of current realisation prices of the investments as well as realisation expenses), calculated as of the day the decision becomes effective. The Company will serve a notice to the holders of the relevant Shares at the latest on the effective date for the compulsory redemption, which will indicate the reasons of and the procedure for the redemption operations. Registered Shareholders will be notified in writing. Unless the Board decides otherwise in the interests of, or in order to keep equal treatment between the Shareholders, the Shareholders of the Sub-fund or Class concerned may continue to request redemption or conversion of their Shares free of redemption or conversion charge. However, the liquidation costs will be taken into account in the redemption and conversion price. Any amounts unclaimed by the Investors at the closing of the liquidation will be deposited with the Caisse de Consignation in Luxembourg for a duration of thirty (30) years. If amounts deposited remain unclaimed beyond the prescribed time limit, they will be forfeited. | Sollten die gesamten Nettoinventarwerte der Gesellschaft unter ein Viertel des gesetzlich vorgeschriebenen Mindestkapitals fallen, muss der Verwaltungsrat die Frage zur Auflösung der Gesellschaft bei einer Hauptversammlung der Aktionäre vorlegen, bei der keine beschlussfähige Mehrheit vorgeschrieben ist. Ein Beschluss zur Auflösung der Gesellschaft kann durch die Aktionäre verabschiedet werden, die ein Viertel der Stimmrechte bei der Versammlung vertreten.
Die Versammlung muss so einberufen werden, dass sie innerhalb einer Frist von 40 Tagen ab dem Datum der Ermittlung des Absinkens des Nettovermögens unter zwei Drittel oder ein Viertel des gesetzlichen Minimums abgehalten werden kann.
Falls die Gesellschaft aufgelöst wird, soll die Abwicklung durch einen oder mehrere Liquidatoren vorgenommen werden, die in Übereinstimmung mit den Bestimmungen des Gesetzes von 2010 ernannt werden. Die Entscheidung, die Gesellschaft aufzulösen, wird im Amtsblatt des Großherzogtums Luxemburg und zwei Zeitungen mit angemessener Auflagenhöhe veröffentlicht, von denen eine eine Luxemburger Zeitung sein muss. Der/die Liquidator(en) wird/werden die Vermögenswerte jedes Teilfonds im besten Interesse der Aktionäre verwerten und die Erlöse aus der Abwicklung nach Abzug der Abwicklungskosten unter den Aktionären des entsprechenden Teilfonds gemäß ihrer jeweiligen Aktien aufteilen. Alle zum Abschluss der Abwicklung bzw. spätestens neun
(9) Monate nach dem Liquidationsbeschluss von den Anlegern nicht beanspruchten Beträge werden bei der Caisse de Consignation in Luxemburg für die Dauer von dreißig (30) Jahren aufbewahrt. Falls die verwahrten Beträge innerhalb der vorgeschriebenen Frist nicht eingefordert werden, verfällt der entsprechende Anspruch.
Sobald die Entscheidung zur Abwicklung der Gesellschaft getroffen wurde, ist die Emission, Rücknahme oder der Umtausch von Aktien in allen Teilfonds untersagt und wird als ungültig angesehen.
- Liquidation des Teilfonds oder KlassenFalls aus irgendeinem Grund das Nettovermögen eines Teilfonds oder einer Klasse unter das Äquivalent des minimalen Nettoinventarwertes fällt, falls eine Veränderung der wirtschaftlichen oder politischen Rahmenbedingungen des jeweiligen Teilfonds oder der jeweiligen Klasse erhebliche nachteilige Folgen auf die Anlagen des Teilfonds oder der Klassen hat oder falls eine wirtschaftliche Rationalisierung es erfordert, darf der Verwaltungsrat eine zwangsweise Rücknahme aller Aktien, die in diesem Teilfonds oder dieser Klasse emittiert wurden, auf Grundlage des Nettoinventarwertes pro Aktie beschließen (nach Berücksichtigung der aktuellen Verkaufspreise der Anlagen sowie der Verkaufskosten), der an dem Tag berechnet wird, an dem dieser Beschluss in Kraft tritt. Die Gesellschaft wird spätestens am Stichtag der zwangsweisen Rücknahme eine rechtskräftige Mitteilung hierüber an die Inhaber der jeweiligen Aktien zustellen, welche die Gründe und das Verfahren der Rücknahmetransaktionen nennt. Eingetragene Aktionäre werden schriftlich benachrichtigt. Sofern der Verwaltungsrat im Interesse der Aktionäre, oder um die gleiche Behandlung zwischen Aktionären sicherzustellen, nichts anderes beschließt, können die Aktionäre des betroffenen Teilfonds oder der betroffenen Klasse weiterhin die Rücknahme oder den Umtausch ihrer Aktien frei von Rücknahme- oder Umtauschgebühren beantragen. Allerdings werden die Abwicklungskosten im Rücknahme- und Umtauschpreis berücksichtigt. Alle zum Abschluss der Abwicklung von den Anlegern nicht beanspruchten Beträge werden bei der Caisse de Consignation in Luxemburg für dreißig (30) Jahren verwahrt. Falls die verwahrten Beträge innerhalb der vorgeschriebenen Frist nicht eingefordert werden, verfällt der entsprechende Anspruch. | If the total net assets of the Company fall below one-fourth of the minimum capital prescribed by law, the Board must submit the question of the Company's dissolution to a general meeting of Shareholders for which no quorum is prescribed. A resolution dissolving the Company may be passed by Shareholders holding one-fourth of the voting rights represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from the date of ascertainment that the net assets have fallen below two-thirds or one-fourth of the legal minimum, as the case may be.
If the Company is dissolved, the liquidation will be carried out by one or several liquidators appointed in accordance with the provisions of the 2010 Act. The decision to dissolve the Company will be published in the Luxembourg Official Gazette and two newspapers with adequate circulation, one of which must be a Luxembourg newspaper. The liquidator(s) will realise each Sub-fund's assets in the best interests of the Shareholders and apportion the proceeds of the liquidation, after deduction of liquidation costs, amongst the Shareholders of the relevant Sub-fund according to their respective prorata entitlement. Any amounts unclaimed by the Investors at the closing of the liquidation and, at the latest, at the expiration of a period of nine (9) months following the decision to liquidate the Company will be deposited with the Caisse de Consignation in Luxembourg for a duration of thirty
(30) years. If amounts deposited remain unclaimed beyond the prescribed time limit, they will be forfeited.
As soon as the decision to wind up the Company is made, the issue, redemption or conversion of Shares in all Sub-funds will be prohibited and will be deemed void.
- Liquidation of Sub-funds or ClassesIf, for any reason, the net assets of a Sub-fund or of any Class fall below the equivalent of the Minimum Net Asset Value, or if a change in the economic or political environment of the relevant Sub-fund or Class may have material adverse consequences on the Sub-fund or Class's investments, or if an economic rationalisation so requires, the Board may decide on a compulsory redemption of all Shares outstanding in such Sub-fund or Class on the basis of the Net Asset Value per Share (after taking account of current realisation prices of the investments as well as realisation expenses), calculated as of the day the decision becomes effective. The Company will serve a notice to the holders of the relevant Shares at the latest on the effective date for the compulsory redemption, which will indicate the reasons of and the procedure for the redemption operations. Registered Shareholders will be notified in writing. Unless the Board decides otherwise in the interests of, or in order to keep equal treatment between the Shareholders, the Shareholders of the Sub-fund or Class concerned may continue to request redemption or conversion of their Shares free of redemption or conversion charge. However, the liquidation costs will be taken into account in the redemption and conversion price. Any amounts unclaimed by the Investors at the closing of the liquidation will be deposited with the Caisse de Consignation in Luxembourg for a duration of thirty (30) years. If amounts deposited remain unclaimed beyond the prescribed time limit, they will be forfeited. | en | de |
DOLFIN5520 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Interest Rate Risk
Interest rate risk is the risk that fixed income securities, dividend-paying equity securities and other instruments in a Fund’s portfolio will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of Fixed Income Securities, dividend-paying equity securities and other instruments held by a Fund is likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. A Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. Inflation-indexed securities decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.
Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates. Inflation-indexed bonds decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.
Dividend-paying equity securities, particularly those whose market price is closely related to their yield, may be more sensitive to changes in interest rates. During periods of rising interest rates, the values of such securities may decline, which may result in losses to the Fund.
A wide variety of factors can cause interest rates to rise (e.g., monetary policies, inflation rates, general economic conditions, etc.). This is especially true under economic conditions where interest rates are at low levels. Thus, Funds that invest in fixed income securities may face a heightened level of interest rate risk.
Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates.
Measures such as average duration may not accurately reflect the true interest rate sensitivity of a Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, a Fund with an average duration that suggests a certain level of interest rate risk may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives in connection with the management of the Fund. | #### Rischio di tasso di interesse
Il rischio di tasso d’interesse è il rischio che i titoli a reddito fisso, i titoli azionari che distribuiscono dividendi e altri strumenti detenuti nel portafoglio di un Comparto subiscano un calo di valore a causa di un aumento dei tassi d’interesse. Quando i tassi d’interesse nominali salgono, il valore dei Titoli a reddito fisso, dei titoli azionari che distribuiscono dividendi e altri strumenti detenuti da un Comparto tende a diminuire. I titoli con durate finanziarie maggiori tendono a essere più sensibili alle variazioni nei tassi d’interesse, la qual cosa li rende più volatili dei titoli con durate finanziarie inferiori. Un tasso d’interesse nominale può essere inteso come la somma di un tasso d’interesse reale e un tasso d’inflazione atteso. Le variazioni dei tassi d’interesse possono essere improvvise e imprevedibili e il Comparto può subire perdite a causa delle fluttuazioni dei tassi d’interesse. Un Comparto potrebbe non essere in grado di coprirsi contro le variazioni dei tassi d’interesse o decidere di non farlo a causa del costo o di altri motivi. Inoltre, le eventuali coperture potrebbero non funzionare nel modo previsto. Il valore dei titoli indicizzati all’inflazione scende allorché i tassi d’interesse reali salgono. In alcuni contesti di evoluzione dei tassi d’interesse, per esempio quando i tassi d’interesse reali salgono più rapidamente dei tassi d’interesse nominali, i titoli indicizzati all’inflazione possono registrare perdite maggiori rispetto ad altri Titoli a reddito fisso con durate finanziarie simili.
I titoli a reddito fisso con duration superiori tendono a essere più sensibili alle variazioni nei tassi d’interesse, la qual cosa li rende più volatili dei titoli con duration inferiori. I valori dei titoli azionari e altri titoli a reddito non fisso possono inoltre diminuire a causa di fluttuazioni dei tassi d’interesse. Il valore delle obbligazioni indicizzate all’inflazione scende allorché i tassi d’interesse reali salgono. In alcuni contesti di evoluzione dei tassi d’interesse, per esempio quando i tassi d’interesse reali salgono più rapidamente dei tassi d’interesse nominali, le obbligazioni indicizzate all’inflazione possono registrare perdite maggiori rispetto ad altri titoli a reddito fisso con duration simili.
I titoli a tasso variabile e fluttuante sono di norma meno sensibili alle variazioni dei tassi d’interesse, ma possono subire cali di valore se i loro tassi d’interesse non salgono nella stessa misura o con la stessa velocità dei tassi d’interesse in generale. Per contro, i titoli a tasso fluttuante solitamente non registrano un aumento di valore in caso di flessione dei tassi d’interesse. I titoli a tasso fluttuante inverso possono subire un calo di valore qualora i tassi d’interesse aumentino. I titoli a tasso fluttuante inverso possono inoltre presentare una volatilità di prezzo più elevata rispetto a un’obbligazione a tasso fisso con qualità di credito analoga. Quando un Comparto detiene titoli a tasso variabile o fluttuante, una diminuzione (oppure, nel caso dei titoli a tasso fluttuante inverso, un aumento) dei tassi d’interesse di mercato inciderà negativamente sul reddito derivante da tali titoli e sul valore patrimoniale netto delle azioni del Comparto.
I titoli azionari che distribuiscono dividendi, in particolare quelli che hanno un prezzo di mercato strettamente legato al rispettivo rendimento, possono essere più sensibili alle variazioni nei tassi d’interesse. Durante le fasi di aumento dei tassi d’interesse, il valore di tali titoli può diminuire, con conseguenti potenziali perdite per il Comparto.
Gli aumenti dei tassi d’interesse possono essere causati da un’ampia gamma di fattori (es. politiche monetarie, tassi d’inflazione, condizioni economiche generali, ecc.). Ciò si verifica soprattutto in condizioni economiche in cui i tassi d’interesse sono a bassi livelli. I Comparti che investono in titoli a reddito fisso possono pertanto essere esposti a un livello maggiore di rischio di tasso d’interesse.
I tassi d’interesse molto bassi o negativi possono amplificare il rischio di tasso d’interesse. Le variazioni dei tassi d’interesse, incluso il calo dei tassi al di sotto di zero, possono avere effetti imprevedibili sui mercati, provocare un’accentuata volatilità di mercato e incidere negativamente sulla performance di un Comparto nella misura in cui il Comparto in questione è esposto a tali tassi d’interesse.
Misure come la duration media potrebbero non riflettere accuratamente la reale sensibilità di un Comparto ai tassi d’interesse. Ciò vale particolarmente nel caso in cui il Comparto detenga titoli con duration estremamente diverse. Di conseguenza, un Comparto con una duration media indicante un certo livello di rischio di tasso d’interesse potrebbe in effetti essere esposto a un rischio di tasso d’interesse maggiore di quanto indicato dalla duration media. Tale rischio risulta più elevato nella misura in cui il Comparto faccia ricorso a leva finanziaria o a derivati per la propria gestione. | #### Interest Rate Risk
Interest rate risk is the risk that fixed income securities, dividend-paying equity securities and other instruments in a Fund’s portfolio will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of Fixed Income Securities, dividend-paying equity securities and other instruments held by a Fund is likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and the Fund may lose money as a result of movements in interest rates. A Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. Inflation-indexed securities decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.
Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The values of equity and other non-fixed income securities may also decline due to fluctuations in interest rates. Inflation-indexed bonds decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.
Dividend-paying equity securities, particularly those whose market price is closely related to their yield, may be more sensitive to changes in interest rates. During periods of rising interest rates, the values of such securities may decline, which may result in losses to the Fund.
A wide variety of factors can cause interest rates to rise (e.g., monetary policies, inflation rates, general economic conditions, etc.). This is especially true under economic conditions where interest rates are at low levels. Thus, Funds that invest in fixed income securities may face a heightened level of interest rate risk.
Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent a Fund is exposed to such interest rates.
Measures such as average duration may not accurately reflect the true interest rate sensitivity of a Fund. This is especially the case if the Fund consists of securities with widely varying durations. Therefore, a Fund with an average duration that suggests a certain level of interest rate risk may in fact be subject to greater interest rate risk than the average would suggest. This risk is greater to the extent the Fund uses leverage or derivatives in connection with the management of the Fund. | en | it |
DOLFIN5521 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity.
Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/depreciation is disclosed in the Statement of net assets under “Net Unrealised gain/(loss) on financial instruments”. Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of operations and changes in net assets respectively under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
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##### Income | Un Swap sur rendement total (TRS) est un accord bilatéral selon lequel chaque partie convient d'échanger, contre un taux fixe ou variable, des paiements basés sur la performance d'un instrument sous-jacent représenté par un titre, une matière première, un panier de titres ou un indice. L'une des parties paie le rendement total d'un actif de référence spécifique et reçoit des paiements réguliers en échange. La performance totale inclut les gains et les pertes sur le sous-jacent, ainsi que tout intérêt ou dividende généré sur la durée du contrat en fonction du type de sous-jacent. Les flux de trésorerie à échanger sont calculés en référence à un montant ou à une quantité notionnels convenus.
Les TRS sont évalués au prix du marché à chaque date de calcul de la VNI. L'appréciation/dépréciation non réalisée est indiquée dans l'Etat des actifs nets à la rubrique « Plus-value/(moins-value) nette non réalisée sur instruments financiers ». Les plus-values/(moins-values) réalisées et les variations de l'appréciation/la dépréciation non réalisée qui en découlent sont incluses dans l’Etat des opérations et des changements des actifs nets, respectivement sous « Résultat net réalisé sur instruments financiers » et « Variation de la plus-value/(moins-value) nette non réalisée sur instruments financiers ».
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##### Revenus | A Total Return Swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the performance of an underlying instrument represented by a security, commodity, basket or index thereof for a fixed or variable rate. One party pays out the total return of a specific reference asset, and in return, receives a regular stream of payments. The total performance will include gains and losses on the underlying, as well as any interest or dividends during the contract period according to the type of underlying. The cash flows to be exchanged are calculated by reference to an agreed upon notional amount or quantity.
Total return swaps are marked to market at each NAV calculation date. The unrealised appreciation/depreciation is disclosed in the Statement of net assets under “Net Unrealised gain/(loss) on financial instruments”. Realised gains/(losses) and change in unrealised appreciation/depreciation as a result thereof are included in the Statement of operations and changes in net assets respectively under “Net realised result on Financial instruments” and “Movement on net unrealised gain/(loss) on Financial instruments”.
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##### Income | en | fr |
DOLFIN5522 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Redemptions
Please refer to the Relevant Supplement for additional information regarding redemptions. Except as disclosed in this Prospectus, the Sub-Funds do not impose any restrictions on the frequency of redemptions.
Shareholders may request the ICAV to redeem their Shares on any Dealing Day at the Net Asset Value per Share in respect of the relevant Dealing Day in accordance with the following redemption procedures and as specified in the Relevant Supplement. The Administrator, the Manager or the Directors may refuse to process the payment of redemption proceeds until proper information, such as the original Application Form and all requested supporting anti-money laundering documentation, has been provided. Any blocked proceeds resulting from such redemptions will be held in a Collection Account pending receipt, to the satisfaction of the Administrator, of the requisite documentation and/or information. Shareholders should refer to the risk statement “Collection Account Risk” in the section of this Prospectus headed “Risk Factors” for an understanding of their position vis-a-vis monies held in a Collection Account. | ## Rimborsi
Si prega di fare riferimento alla Nota integrativa pertinente per ulteriori informazioni sui rimborsi. Ad eccezione di quanto indicato nel presente Prospetto, i Comparti non impongono alcuna restrizione sulla frequenza dei rimborsi.
Gli azionisti possono richiedere all'ICAV di riscattare le loro azioni in qualsiasi Giorno di negoziazione al Valore patrimoniale netto per Azione in relazione al relativo Giorno di negoziazione in conformità alle seguenti procedure di rimborso e come specificato nella Nota integrativa pertinente. L'Agente amministrativo, il Gestore o gli Amministratori possono rifiutarsi di elaborare il pagamento dei proventi del rimborso fino a quando non siano state fornite informazioni adeguate, come il Modulo di domanda originale e tutta la documentazione antiriciclaggio richiesta. Tutti i proventi bloccati risultanti da tali rimborsi saranno tenuti in un Conto di raccolta in attesa di ricevere, a soddisfazione dell'Agente amministrativo, la documentazione e/o le informazioni richieste. Si rimandano gli Azionisti alla dichiarazione sul rischio "Rischio del conto di raccolta" nella sezione del presente Prospetto intitolata "Fattori di rischio" per una spiegazione della loro posizione nei confronti degli importi detenuti in un Conto di raccolta. | ## Redemptions
Please refer to the Relevant Supplement for additional information regarding redemptions. Except as disclosed in this Prospectus, the Sub-Funds do not impose any restrictions on the frequency of redemptions.
Shareholders may request the ICAV to redeem their Shares on any Dealing Day at the Net Asset Value per Share in respect of the relevant Dealing Day in accordance with the following redemption procedures and as specified in the Relevant Supplement. The Administrator, the Manager or the Directors may refuse to process the payment of redemption proceeds until proper information, such as the original Application Form and all requested supporting anti-money laundering documentation, has been provided. Any blocked proceeds resulting from such redemptions will be held in a Collection Account pending receipt, to the satisfaction of the Administrator, of the requisite documentation and/or information. Shareholders should refer to the risk statement “Collection Account Risk” in the section of this Prospectus headed “Risk Factors” for an understanding of their position vis-a-vis monies held in a Collection Account. | en | it |
DOLFIN5523 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Conflicts of interest
The Company, the depositary, distributors and companies to which the Company has outsourced certain duties, or service providers, may possibly be acting in the same or a similar capacity for other funds that pursue investment objectives similar to this fund, or otherwise be involved in such funds. For this reason it is certainly possible that one of them, when performing business-related activities, could get into a potential conflict of interests in relation to the fund. In a situation of this type, therefore, each of them must always ensure that they fulfil their duties in accordance with their contractual obligations, and must make every effort to find an appropriate solution to these conflicts of interest. The Company has laid down principles to ensure that a reasonable attempt is made in all transactions to avoid conflicts of interest and, if they cannot be avoided, to regulate them such that the fund and its investors are treated fairly.
In addition, the above-mentioned transactions may be conducted with the fund in its own name or on a representative basis, provided these transactions are conducted on standard market conditions and in the best interests of the investors.
Transactions are regarded as conducted under normal business conditions if:
- a certified valuation of the transaction was obtained from a person recognised by the depositary as independent and competent,
- the transaction was executed under the best conditions at an organised stock exchange in accordance with the rules applicable at that exchange, or
- if 1. and 2. are not feasible, the transaction was executed under conditions that the depositary believes were negotiated under normal business conditions and are customary for the industry. | ## Interessenkonflikte
Die Gesellschaft, die Verwahrstelle, Vertriebsstellen sowie Unternehmen, auf die die Gesellschaft bestimmte Aufgaben ausgelagert hat, oder Dienstleister können gegebenenfalls auch in selber oder ähnlicher Funktion für andere Fonds, die ähnliche Anlageziele verfolgen wie dieser Fonds, tätig werden oder in sonstiger Weise an solchen Fonds beteiligt sein. Es ist daher durchaus möglich, dass einer von ihnen in der Ausübung seiner geschäftlichen Tätigkeit in einen potenziellen Interessenkonflikt in Bezug auf den Fonds gerät. Sie haben deshalb individuell in einem solchen Fall stets darauf zu achten, dass sie ihre Verpflichtungen jeweils gemäß ihrer vertraglichen Verpflichtungen erfüllen, und sich zu bemühen, für diese Konflikte eine angemessene Lösung zu finden. Die Gesellschaft hat Grundsätze festgelegt, um sicherzustellen, dass bei allen Transaktionen in angemessener Weise versucht wird, Interessenkonflikte zu vermeiden und, falls diese nicht vermieden werden können, Interessenkonflikte solchermaßen zu regeln, dass die Fonds und ihre Anleger gerecht behandelt werden.
Überdies können die vorstehend benannten Transaktionen mit dem Fonds im eigenen Namen oder in Vertretung durchgeführt werden, sofern diese Transaktionen zu marktüblichen Bedingungen erfolgen und im besten Interesse der Anleger liegen.
Transaktionen gelten dann als unter gewöhnlichen geschäftlichen Bedingungen durchgeführt, wenn:
- eine beglaubigte Bewertung der Transaktion von einer Person eingeholt wurde, die von der Verwahrstelle als unabhängig und kompetent anerkannt wurde,
- die Ausführung zu den besten Bedingungen an einer organisierten Börse nach den dort geltenden Regeln erfolgt oder
- wenn 1. und 2. nicht durchführbar sind, die Ausführung zu Konditionen erfolgt, die nach Überzeugung der Verwahrstelle unter gewöhnlichen geschäftlichen Bedingungen ausgehandelt wurden und marktüblich sind. | ## Conflicts of interest
The Company, the depositary, distributors and companies to which the Company has outsourced certain duties, or service providers, may possibly be acting in the same or a similar capacity for other funds that pursue investment objectives similar to this fund, or otherwise be involved in such funds. For this reason it is certainly possible that one of them, when performing business-related activities, could get into a potential conflict of interests in relation to the fund. In a situation of this type, therefore, each of them must always ensure that they fulfil their duties in accordance with their contractual obligations, and must make every effort to find an appropriate solution to these conflicts of interest. The Company has laid down principles to ensure that a reasonable attempt is made in all transactions to avoid conflicts of interest and, if they cannot be avoided, to regulate them such that the fund and its investors are treated fairly.
In addition, the above-mentioned transactions may be conducted with the fund in its own name or on a representative basis, provided these transactions are conducted on standard market conditions and in the best interests of the investors.
Transactions are regarded as conducted under normal business conditions if:
- a certified valuation of the transaction was obtained from a person recognised by the depositary as independent and competent,
- the transaction was executed under the best conditions at an organised stock exchange in accordance with the rules applicable at that exchange, or
- if 1. and 2. are not feasible, the transaction was executed under conditions that the depositary believes were negotiated under normal business conditions and are customary for the industry. | en | de |
DOLFIN5524 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Notes to the financial statements for the financial year ended 31 July 2021 (continued)
- Risk associated with financial instruments (continued) Market risk (continued)
- Market price risk (continued)The following table demonstrates the sensitivity of the relevant Sub-Funds profit or loss to the effect of a reasonably possible 5% change, with all other variables held constant, in the prices of the equity securities the Reference Portfolio Leg of the open total return swaps are exposed to: | # Anmerkungen zum Jahresabschluss für das Geschäftsjahr zum 31. Juli 2021 (Fortsetzung)
- Risiken in Verbindung mit Finanzinstrumenten (Fortsetzung) Marktrisiko (Fortsetzung)
- Marktpreisrisiko (Fortsetzung)In der folgenden Tabelle ist die Sensitivität der Gewinne oder Verluste der betreffenden Teilfonds gegenüber den Auswirkungen einer nach vernünftigem Ermessen möglichen Änderung der Kurse der Aktienwerte, denen das Reference Portfolio Leg der offenen Total Return Swaps ausgesetzt ist, um 5 % bei ansonsten konstant gehaltenen Variablen angegeben: | # Notes to the financial statements for the financial year ended 31 July 2021 (continued)
- Risk associated with financial instruments (continued) Market risk (continued)
- Market price risk (continued)The following table demonstrates the sensitivity of the relevant Sub-Funds profit or loss to the effect of a reasonably possible 5% change, with all other variables held constant, in the prices of the equity securities the Reference Portfolio Leg of the open total return swaps are exposed to: | en | de |
DOLFIN5525 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les souscriptions d'Actions d'un Compartiment peuvent être effectuées chaque Jour de valorisation du Compartiment concerné. Les demandes de souscription doivent être adressées à la Société de gestion.
La date de lancement ou la période d'offre initiale de chaque Classe ou Compartiment nouvellement créé(e) ou activé(e) sera déterminée par le Conseil d'administration et indiquée dans le dernier rapport annuel de la SICAV. Le Formulaire de souscription sera mis à jour au fur et à mesure que de nouvelles Classes ou de nouveaux Compartiments seront créés. Le Conseil d'administration pourra fixer des seuils minimums de souscription pour chaque Classe, auquel cas ils seront indiqués ci-avant à la section
« Montants minimums de souscription initiale et de participation et éligibilité à la souscription d'Actions ». La Société de Gestion, à laquelle le Conseil d'administration a délégué ce pouvoir, se réserve le droit de supprimer ou réduire de temps à autre les montants minimums de souscription. Le montant minimum de souscription ne s'applique pas lorsque les Actions sont souscrites par des sociétés de JPMorgan Chase & Co. agissant en qualité de gestionnaire financier ou par des gestionnaires financiers tiers agréés par JPMorgan Chase & Co. et qui souscrivent pour le compte de leurs clients. | Las suscripciones de Acciones de cada Subfondo pueden realizarse cualquier día que constituya un Día de valoración para el Subfondo pertinente. Las solicitudes de suscripción de Acciones deberán enviarse a la Sociedad gestora.
El Consejo de administración determinará la fecha de lanzamiento inicial o el periodo de oferta inicial para cada Clase de Acciones o Subfondo de reciente creación o activación, información que se publicará en el último informe anual del Fondo. El formulario de solicitud se actualizará a medida que nuevas Clases o Subfondos estén disponibles. El Consejo de administración podrá establecer importes mínimos de suscripción para cada Clase de Acciones que figuran, si procede, en el anterior epígrafe
«Requisitos de admisibilidad e importes mínimos de suscripción inicial y tenencia de Acciones». La Sociedad gestora, en virtud de la autoridad que le ha otorgado el Consejo de administración, está facultada para renunciar oportunamente a la aplicación de cualesquiera importes mínimos de suscripción pertinentes. El importe mínimo de suscripción pertinente no se aplicará en aquellos casos
en que las Acciones sean suscritas por entidades de JPMorgan Chase & Co. que actúen como gestores de inversiones o por gestores de inversiones terceros autorizados por JPMorgan Chase & Co. que suscriban Acciones en nombre de sus clientes. | Les souscriptions d'Actions d'un Compartiment peuvent être effectuées chaque Jour de valorisation du Compartiment concerné. Les demandes de souscription doivent être adressées à la Société de gestion.
La date de lancement ou la période d'offre initiale de chaque Classe ou Compartiment nouvellement créé(e) ou activé(e) sera déterminée par le Conseil d'administration et indiquée dans le dernier rapport annuel de la SICAV. Le Formulaire de souscription sera mis à jour au fur et à mesure que de nouvelles Classes ou de nouveaux Compartiments seront créés. Le Conseil d'administration pourra fixer des seuils minimums de souscription pour chaque Classe, auquel cas ils seront indiqués ci-avant à la section
« Montants minimums de souscription initiale et de participation et éligibilité à la souscription d'Actions ». La Société de Gestion, à laquelle le Conseil d'administration a délégué ce pouvoir, se réserve le droit de supprimer ou réduire de temps à autre les montants minimums de souscription. Le montant minimum de souscription ne s'applique pas lorsque les Actions sont souscrites par des sociétés de JPMorgan Chase & Co. agissant en qualité de gestionnaire financier ou par des gestionnaires financiers tiers agréés par JPMorgan Chase & Co. et qui souscrivent pour le compte de leurs clients. | fr | es |
DOLFIN5526 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The legislative framework in Developing Markets for the purchase and sale of investments and in relation to the beneficial interests in those investments may be relatively new and untested and there can be no assurance regarding how the courts or agencies of Developing Markets will react to questions arising from a Fund’s investments in such countries and arrangements contemplated in relation thereto.
Laws, orders, rules, regulations and other legislation currently regulating investment in an Developing Market may be altered, in whole or in part, and a court or other authority of an Developing Market may interpret any relevant or existing legislation in such a way that the investment contemplated is rendered illegal, null or void, retroactively or otherwise or in such a way that the investment of a Fund is adversely affected.
Legislation regarding companies in Developing Markets, specifically those laws in respect of the fiduciary responsibility of administrators and disclosure may be in a state of evolution and may be of a considerably less stringent nature than corresponding laws in more developed countries.
- Market Risk. Certain markets, particularly those of Developing Markets, may be less liquid and more volatile than developed country markets. Such markets may require payment for securities before delivery and delays may be encountered in settling securities transactions. There may be limited legal recourse against an issuer in the event of a default on a debt instrument.
- Custodial Risk. A Fund may invest in markets where custodial and/or settlement systems are not fully developed. There is no guarantee that any arrangements made, or agreement entered into, between the Depositary and any sub-custodian in such markets will be upheld by a court of any Developing Market or that judgement obtained by the Depositary or the Company against any such sub-custodians in a court of any competent jurisdiction will be enforced by a court of an Developing Market.
- Exchange Control Repatriation Risk. It may not be possible for a Fund to repatriate capital, dividends, interest and other income from a country in which an investment has been made or governmental consents may be required to do so. This can occur in the case of investments in Developing Markets. A Fund could be adversely affected by delays in obtaining or the inability to obtain required governmental consents for the repatriation of funds or by any official intervention affecting the process of settlement transactions. Economic or political conditions can lead to the revocation or variation of a consent granted prior to an investment being made in any particular country or to the imposition of new restrictions. | In Entwicklungsmärkten ist der gesetzliche Rahmen für den Kauf und Verkauf von Anlagen und in Bezug auf den materiellen Eigentumsanspruch an diesen Anlagen unter Umständen relativ neu und unerprobt, und es gibt keine Zusicherung dafür, wie die Gerichte oder Behörden in Ländern mit Entwicklungsmärkten auf Fragen reagieren, die sich aus den Anlagen eines Fonds in solchen Ländern und diesbezüglichen Vereinbarungen ergeben.
Gesetze, Verordnungen, Regeln, Bestimmungen und sonstige Gesetzgebung, welche das Anlagengeschäft in Entwicklungsmärkten derzeit regeln, können völlig oder teilweise geändert werden, und ein Gericht oder eine andere Behörde eines Entwicklungsmarktes kann eine relevante oder bestehende Gesetzgebung so auslegen, dass die beabsichtigte Anlage im Nachhinein oder in sonstiger Weise ungesetzlich oder ungültig wird, sodass die Anlage eines Fonds nachteilig beeinflusst wird.
In Entwicklungsmärkten befindet sich die Gesetzgebung in Bezug auf Unternehmen, insbesondere im Zusammenhang mit der treuhänderischen Verantwortung von Verwaltungsgesellschaften und der Offenlegung, möglicherweise in einem Entwicklungsstadium und ist unter Umständen wesentlich weniger streng als die entsprechenden Gesetze in stärker industrialisierten Ländern.
- Marktrisiko. Märkte, insbesondere die Entwicklungsmärkte, können weniger liquide und volatiler sein als die Märkte der Industrieländer. An derartigen Märkten wird unter Umständen Zahlung vor Lieferung der Wertpapiere verlangt, und bei der Abrechnung von Wertpapiergeschäften können sich Verzögerungen ergeben. Im Fall eines Zahlungsverzugs bei einer Schuldverschreibung kann unter Umständen auch nur beschränkt Regress gegen den Emittenten erhoben werden.
- Verwahrrisiko. Ein Fonds kann in Märkten investieren, in denen die Verwahrungs- und/oder Abwicklungssysteme nicht vollständig entwickelt sind. Es gibt keine Garantie dafür, dass Vereinbarungen oder Verträge zwischen der Verwahrstelle und Unterverwahrstellen in solchen Märkten von Gerichten von Entwicklungsmärkten bestätigt werden, oder dafür, dass von Gerichten der zuständigen Rechtsordnung erlassene Urteile zugunsten der Verwahrstelle oder der Gesellschaft gegen solche Unterverwahrstellen durch ein Gericht eines Entwicklungsmarktes durchgesetzt wird.
- Rückführungsrisiko auf Grund von Devisenregulierung. Unter Umständen kann ein Fonds Kapital, Dividenden, Zinsen oder sonstiges Einkommen aus einem Land, in dem eine Anlage getätigt wurde, nicht rückführen, oder es bedarf dafür einer staatlichen Genehmigung. Dies kann im Falle von Investitionen in Entwicklungsmärkten der Fall sein. Ein Fonds könnte durch Verzögerungen oder Erfolglosigkeit bei der Einholung der erforderlichen staatlichen Genehmigungen zur Rückführung von finanziellen Mitteln oder durch eine Intervention seitens offizieller Stellen, welche die Abwicklungsverfahren beeinträchtigt, negativ beeinflusst werden. Wirtschaftliche oder politische Gegebenheiten können zum Widerruf oder zur Abänderung einer vor der Investition in einem bestimmten Land erteilten Genehmigung oder zur Auferlegung neuer Beschränkungen führen. | The legislative framework in Developing Markets for the purchase and sale of investments and in relation to the beneficial interests in those investments may be relatively new and untested and there can be no assurance regarding how the courts or agencies of Developing Markets will react to questions arising from a Fund’s investments in such countries and arrangements contemplated in relation thereto.
Laws, orders, rules, regulations and other legislation currently regulating investment in an Developing Market may be altered, in whole or in part, and a court or other authority of an Developing Market may interpret any relevant or existing legislation in such a way that the investment contemplated is rendered illegal, null or void, retroactively or otherwise or in such a way that the investment of a Fund is adversely affected.
Legislation regarding companies in Developing Markets, specifically those laws in respect of the fiduciary responsibility of administrators and disclosure may be in a state of evolution and may be of a considerably less stringent nature than corresponding laws in more developed countries.
- Market Risk. Certain markets, particularly those of Developing Markets, may be less liquid and more volatile than developed country markets. Such markets may require payment for securities before delivery and delays may be encountered in settling securities transactions. There may be limited legal recourse against an issuer in the event of a default on a debt instrument.
- Custodial Risk. A Fund may invest in markets where custodial and/or settlement systems are not fully developed. There is no guarantee that any arrangements made, or agreement entered into, between the Depositary and any sub-custodian in such markets will be upheld by a court of any Developing Market or that judgement obtained by the Depositary or the Company against any such sub-custodians in a court of any competent jurisdiction will be enforced by a court of an Developing Market.
- Exchange Control Repatriation Risk. It may not be possible for a Fund to repatriate capital, dividends, interest and other income from a country in which an investment has been made or governmental consents may be required to do so. This can occur in the case of investments in Developing Markets. A Fund could be adversely affected by delays in obtaining or the inability to obtain required governmental consents for the repatriation of funds or by any official intervention affecting the process of settlement transactions. Economic or political conditions can lead to the revocation or variation of a consent granted prior to an investment being made in any particular country or to the imposition of new restrictions. | en | de |
DOLFIN5527 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Business Involvement (%)
| ESG Screen | Fund | Investment Universe |
| --- | --- | --- |
| Adult entertainment | 0,0 | 0,0 |
Alcohol 0,0 0,2
Tobacco 0,0 0,4
Gambling 0,0 2,4
Weapons 0,8 1,7
Thermal coal 0,7 2,0
Nuclear Power 0,0 1,3
Conventional oil & gas 0,7 19,4
GMO 0,0 0,3
Animal Welfare 0,0 0,0
221114134153 IT C1 ESGHY USD A EN PE 0005 0000 | # Coinvolgimento delle imprese (%)
| Analisi criteri ESG | Fondo | Investment Universe |
| --- | --- | --- |
| Intrattenimento per adulti | 0,0 | 0,0 |
Alcol 0,0 0,2
Tabacchi 0,0 0,4
Scommesse 0,0 2,4
Armi 0,8 1,7
Carbone termico 0,7 2,0
Energia nucleare 0,0 1,3
Estrazione di gas e petrolio – convenzionale 0,7 19,4
OGM 0,0 0,3
Protezione degli animali 0,0 0,0
221114134322 IT C1 ESGHY USD A IT PE 0005 0000 | # Business Involvement (%)
| ESG Screen | Fund | Investment Universe |
| --- | --- | --- |
| Adult entertainment | 0,0 | 0,0 |
Alcohol 0,0 0,2
Tobacco 0,0 0,4
Gambling 0,0 2,4
Weapons 0,8 1,7
Thermal coal 0,7 2,0
Nuclear Power 0,0 1,3
Conventional oil & gas 0,7 19,4
GMO 0,0 0,3
Animal Welfare 0,0 0,0
221114134153 IT C1 ESGHY USD A EN PE 0005 0000 | en | it |
DOLFIN5528 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances
fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas
intentará replicar el índice comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas podrían desempeñar distintas funciones con respecto al fondo, como comercializador y sociedad gestora, lo que podría ocasionar conflictos de interés. El fondo no está garantizado y su inversión está en riesgo. El valor de su inversión podría subir o bajar. El fondo está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. El fondo podría emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, y podría provocar mayores fluctuaciones en el valor del fondo. Lo que podría afectar negativamente al valor del mismo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances
fund will attempt to replicate the index by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN5529 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
A risque plus faible, A risque plus élevé,
rendement potentiellement plus faible rendement potentiellement plus élevé
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Cet indicateur représente la volatilité historique annuelle du Fonds sur une période de 5 ans.
L’indicateur de risque de niveau 5 reflète, par rapport à sa stratégie de placement, la volatilité des marchés sur lesquels le Fonds investit.
Les données historiques telles que celles utilisées pour calculer l’indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur du Fonds.
La catégorie de risque associée à ce Fonds n’est pas garantie et pourra évoluer dans le temps.
La catégorie la plus faible ne signifie pas « sans risque ». Le capital investi initialement n’est pas garanti.
Le Fonds pourra investir jusqu’à 100 % de son actif dans des Contrats de différences (CFD) mono-sous-jacents, si les conditions de marché le justifient. Les CFD sont des contrats à terme passés avec une contrepartie et réglés par des versements en numéraire plutôt que par livraison physique d’instruments financiers.
Dans un objectif de diversification, le Fonds pourra investir jusqu’à 20 % de son actif dans des fonds de placement immobilier (REIT). Pour cadrer en permanence et de manière optimale avec le modèle, le Fonds pourra renforcer son exposition par le biais de Certificats américains de dépôt (ADR) et de Certificats internationaux de dépôt (GDR) à hauteur maximale de 100 % de son actif net, et/ou par le biais d’autres contrats de gré à gré visant à mieux maîtriser les risques et à minimiser les coûts d’intervention.
Il pourra également recourir à des marchés ou actifs différents, et notamment à des instruments dérivés, afin de couvrir et/ou d’exposer le portefeuille par rapport au risque action et/ou de couvrir le risque de change.
Parts R : ces parts sont destinées à « tous les investisseurs » qui recherchent un investissement initial peu élevé et une structure « clean fee ». La catégorie d’actions R « clean fee » n’entraînera aucuns frais payables aux distributeurs.
L’horizon de placement minimum recommandé est de plus de cinq ans. Le minimum de souscription initiale par actionnaire est d’une part. Le Fonds capitalise ses revenus. L’investisseur peut demander à tout moment un rachat de parts, selon les modalités décrites dans le prospectus du Fonds.
Risque(s) important(s) pour le Fonds non pris en compte dans cet indicateur :
Risques liés aux marchés d’actions émergents : Les actions de pays émergents peuvent être moins liquides que des actions de pays développés. Par conséquent, détenir ces actions peut accroître le niveau de risque de portefeuille. Par exemple, les baisses sur les marchés peuvent être plus importantes et plus rapides que celles sur les marchés des pays développés. La valeur liquidative du Fonds est donc susceptible de baisser davantage et plus rapidement.
Risques liés à la gestion discrétionnaire : La Société de gestion applique les stratégies d’investissement ci-dessus à des fins de diversification du Fonds. Elle ne choisit donc pas nécessairement les actifs les plus rentables.
Risque de devise : le Fonds étant exposé aux marchés étrangers, Les variations du taux de change, qui peuvent entraîner des hausses ou des baisses de la valeur de votre investissement, peuvent avoir un impact sur celui-ci.
Risque de contrepartie : Le Fonds peut subir une perte en cas de défaillance d’une contrepartie avec laquelle certaines transactions auraient été effectuées, ce qui déboucherait sur une baisse de sa valeur liquidative. | # Perfil de riesgo y remuneración
A menor riesgo, A mayor riesgo,
remuneración potencialmente menor remuneración potencialmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Este indicador representa la volatilidad histórica anual del Fondo durante un periodo de cinco años.
La categoría de riesgo 5 indica la volatilidad de los mercados de valores en los que invierte el Fondo con respecto a su estrategia de inversión.
Los datos históricos, tales como los utilizados para calcular el indicador sintético, no pueden considerarse como una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo asociada al Fondo no está garantizada y puede variar en el transcurso del tiempo.
La categoría más baja no significa que la inversión esté «libre de riesgo». Su inversión inicial no se beneficia de ninguna garantía.
El Fondo se reserva la posibilidad de invertir hasta el 100% de sus activos en un único contrato por diferencias (CFD) subyacente, si las condiciones del mercado así lo justifican. Los CFD son contratos de futuros celebrados con una contraparte cuya liquidación se efectúa mediante pagos en efectivo en lugar de mediante la entrega física de instrumentos financieros.
El Fondo, con fines de diversificación, podrá invertir hasta el 20% de sus activos en fondos de inversión inmobiliaria (REIT). Con el fin de estar expuesto de manera continua y lo más fielmente posible al resultado del modelo, el Fondo podrá crear o aumentar su exposición a través de
«American Depository Receipts» (ADR) y «Global Depository Receipts» (GDR), hasta el 100% de su patrimonio neto, y/o a través de otros contratos OTC con el fin de mejorar el control de riesgos y minimizar los costes de transacción.
El Fondo también podrá recurrir a diferentes mercados o activos, incluidos los instrumentos derivados con el fin de cubrir y/o exponer la cartera al riesgo de renta variable y/o cubrir el riesgo de cambio.
Participaciones R: estas participaciones están destinadas a «todos los inversores» que buscan una inversión inicial baja y una estructura «sin comisión». La clase de acciones R «sin comisión» no llevará ninguna comisión pagadera a los distribuidores.
El horizonte de inversión mínimo recomendado es de más de cinco años. La suscripción mínima inicial por accionista es de una acción. El Fondo capitaliza sus ingresos. Los inversores podrán solicitar el reembolso de sus acciones con una frecuencia diaria, de acuerdo con el procedimiento descrito en el folleto del Fondo.
Entre los riesgos significativos para el Fondo que no recoge este indicador cabe destacar los siguientes:
Riesgo vinculado a la renta variable de mercados emergentes: los valores de renta variable de los países emergentes pueden ser menos líquidos que los de los países desarrollados. Por consiguiente, la inversión en dichos valores puede aumentar el nivel de riesgo de la cartera. Por ejemplo, las caídas del mercado pueden ser mayores y más rápidas que en los países desarrollados, por lo que el valor liquidativo del Fondo puede disminuir de una manera más brusca y rápida.
Riesgos vinculados a la gestión discrecional: la Sociedad gestora ha puesto en práctica las estrategias de inversión descritas anteriormente con el fin de crear un Fondo bien diversificado. Por lo tanto, no se puede excluir que la Sociedad gestora no elija los activos más rentables.
Riesgo cambiario: El Fondo invierte en mercados extranjeros. Puede verse afectado por variaciones en los tipos de cambio que pueden provocar que el valor de la inversión disminuya o aumente.
Riesgo de contraparte: el Fondo puede incurrir en una pérdida en caso de impago de la contraparte con la que haya realizado determinadas operaciones, lo que conduce a la disminución del valor liquidativo del Fondo. | # Profil de risque et de rendement
A risque plus faible, A risque plus élevé,
rendement potentiellement plus faible rendement potentiellement plus élevé
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Cet indicateur représente la volatilité historique annuelle du Fonds sur une période de 5 ans.
L’indicateur de risque de niveau 5 reflète, par rapport à sa stratégie de placement, la volatilité des marchés sur lesquels le Fonds investit.
Les données historiques telles que celles utilisées pour calculer l’indicateur synthétique pourraient ne pas constituer une indication fiable du profil de risque futur du Fonds.
La catégorie de risque associée à ce Fonds n’est pas garantie et pourra évoluer dans le temps.
La catégorie la plus faible ne signifie pas « sans risque ». Le capital investi initialement n’est pas garanti.
Le Fonds pourra investir jusqu’à 100 % de son actif dans des Contrats de différences (CFD) mono-sous-jacents, si les conditions de marché le justifient. Les CFD sont des contrats à terme passés avec une contrepartie et réglés par des versements en numéraire plutôt que par livraison physique d’instruments financiers.
Dans un objectif de diversification, le Fonds pourra investir jusqu’à 20 % de son actif dans des fonds de placement immobilier (REIT). Pour cadrer en permanence et de manière optimale avec le modèle, le Fonds pourra renforcer son exposition par le biais de Certificats américains de dépôt (ADR) et de Certificats internationaux de dépôt (GDR) à hauteur maximale de 100 % de son actif net, et/ou par le biais d’autres contrats de gré à gré visant à mieux maîtriser les risques et à minimiser les coûts d’intervention.
Il pourra également recourir à des marchés ou actifs différents, et notamment à des instruments dérivés, afin de couvrir et/ou d’exposer le portefeuille par rapport au risque action et/ou de couvrir le risque de change.
Parts R : ces parts sont destinées à « tous les investisseurs » qui recherchent un investissement initial peu élevé et une structure « clean fee ». La catégorie d’actions R « clean fee » n’entraînera aucuns frais payables aux distributeurs.
L’horizon de placement minimum recommandé est de plus de cinq ans. Le minimum de souscription initiale par actionnaire est d’une part. Le Fonds capitalise ses revenus. L’investisseur peut demander à tout moment un rachat de parts, selon les modalités décrites dans le prospectus du Fonds.
Risque(s) important(s) pour le Fonds non pris en compte dans cet indicateur :
Risques liés aux marchés d’actions émergents : Les actions de pays émergents peuvent être moins liquides que des actions de pays développés. Par conséquent, détenir ces actions peut accroître le niveau de risque de portefeuille. Par exemple, les baisses sur les marchés peuvent être plus importantes et plus rapides que celles sur les marchés des pays développés. La valeur liquidative du Fonds est donc susceptible de baisser davantage et plus rapidement.
Risques liés à la gestion discrétionnaire : La Société de gestion applique les stratégies d’investissement ci-dessus à des fins de diversification du Fonds. Elle ne choisit donc pas nécessairement les actifs les plus rentables.
Risque de devise : le Fonds étant exposé aux marchés étrangers, Les variations du taux de change, qui peuvent entraîner des hausses ou des baisses de la valeur de votre investissement, peuvent avoir un impact sur celui-ci.
Risque de contrepartie : Le Fonds peut subir une perte en cas de défaillance d’une contrepartie avec laquelle certaines transactions auraient été effectuées, ce qui déboucherait sur une baisse de sa valeur liquidative. | fr | es |
DOLFIN5530 | 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 Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/05/2016-31/05/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,939
9.4%
EUR 14,965
7.0% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 31/05/2016-31/05/2022.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 939 EUR
9,4%
14 965 EUR
7,0% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/05/2016-31/05/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,939
9.4%
EUR 14,965
7.0% | en | es |
DOLFIN5531 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
MSCI’s methodology and calculation methods mean that the number of stocks making up the MSCI Europe Banks Index varies. On 28.11.2014*, the MSCI Europe Banks Index consisted of 35 components from the following 15 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom.
* Source: MSCI.
The full methodology for the construction of the MSCI Europe Banks Index is available on the MSCI website: mscibarra.com.
The performance tracked is the closing price of the MSCI Europe Banks Index. | La metodologia MSCI e il suo metodo di calcolo implicano un numero variabile delle società che costituiscono l'Indice MSCI Europe Banks. Al 28.11.2014* l’Indice MSCI Europe Banks deteneva 35 costituenti, emessi dai seguenti 15 paesi europei: Germania, Austria, Belgio, Danimarca, Spagna, Finlandia, Francia, Irlanda, Italia, Norvegia, Paesi Bassi, Portogallo, Regno Unito, Svezia e Svizzera.
* Fonte MSCI
La metodologia completa di costruzione dell'Indice MSCI Europe Banks è disponibile sul sito Internet di MSCI: mscibarra.com.
La performance seguita è quella dei valori di chiusura dell’Indice MSCI Europe Banks. | MSCI’s methodology and calculation methods mean that the number of stocks making up the MSCI Europe Banks Index varies. On 28.11.2014*, the MSCI Europe Banks Index consisted of 35 components from the following 15 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and United Kingdom.
* Source: MSCI.
The full methodology for the construction of the MSCI Europe Banks Index is available on the MSCI website: mscibarra.com.
The performance tracked is the closing price of the MSCI Europe Banks Index. | en | it |
DOLFIN5532 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Risque lié aux actions chinoises : le portefeuille investit sur les marchés des actions par le biais du programme China Connect et est donc soumis aux
risques de dépositaire, d'exécution, d'infrastructure et de liquidité associés aux placements en actions via ce programme nouvellement établi. Le Fonds peut investir en Chine par le biais d'un quota « QFI » et est donc soumis aux risques de liquidité associés à l'investissement au titre d'un système de quota régi par l'Etat.
Risque lié au marché chinois : le portfefeuille investira principalement dans les actions locales d'émetteurs situés en Chine et sera donc directement affecté par la volatilité des marchés des valeurs mobilières en Chine et par l'évolution générale du climat économique et politique en Chine. Il est possible que le cadre juridique et réglementaire du marché des capitaux en Chine ne soit pas aussi élaboré que ceux de pays développés, ce qui implique des risques supplémentaires. | ### Riesgo de los títulos de renta variable de China: La cartera invierte en mercados bursátiles a través del sistema China Connect, por lo que se
encuentra sujeta a los riesgos de custodia, ejecución, infraestructura y liquidez propios de invertir en valores a través de este programa de mercado de reciente creación. La cartera podrá invertir en China a través del sistema de inversores institucionales extranjeros cualificados (QFI) y, por tanto, está expuesta a los riesgos de liquidez relativos a la inversión conforme a un sistema de cuotas supervisado por el Estado.
Riesgo de mercado en China: La cartera invertirá principalmente en títulos nacionales de emisores ubicados en China, por lo que se verá directamente afectada por la volatilidad de los mercados bursátiles en China y por los cambios en el entorno económico y político general en China. Puede que el marco legal y normativo correspondiente a los mercados de capitales en China no esté tan consolidado como los de países desarrollados y puede que conlleve otros riesgos. | ### Risque lié aux actions chinoises : le portefeuille investit sur les marchés des actions par le biais du programme China Connect et est donc soumis aux
risques de dépositaire, d'exécution, d'infrastructure et de liquidité associés aux placements en actions via ce programme nouvellement établi. Le Fonds peut investir en Chine par le biais d'un quota « QFI » et est donc soumis aux risques de liquidité associés à l'investissement au titre d'un système de quota régi par l'Etat.
Risque lié au marché chinois : le portfefeuille investira principalement dans les actions locales d'émetteurs situés en Chine et sera donc directement affecté par la volatilité des marchés des valeurs mobilières en Chine et par l'évolution générale du climat économique et politique en Chine. Il est possible que le cadre juridique et réglementaire du marché des capitaux en Chine ne soit pas aussi élaboré que ceux de pays développés, ce qui implique des risques supplémentaires. | fr | es |
DOLFIN5533 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - American Select
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AD | 16.1001 1 | 14.0643 1 | 9.5986 1 |
| --- | --- | --- | --- |
| Class AEH | 43.2612 2 | 40.4315 2 | 26.0234 2 |
| Class AN | 16.2724 3 | 14.6605 3 | 11.4489 3 |
| Class AU | 39.9888 | 36.9044 | 23.4327 |
| Class DEH | 29.3649 2 | 27.6535 2 | 17.9318 2 |
| Class DU | 34.9947 | 32.5387 | 20.8155 |
| Class ID | 16.4501 1 | 14.2588 1 | 9.6523 1 |
| Class IE | 16.5155 2 | 14.3186 2 | 9.6644 2 |
| Class IEH | 46.2659 2 | 42.8992 2 | 27.3895 2 |
| Class IN | 16.6107 3 | 14.8493 3 | 11.5094 3 |
| Class W | 42.3137 | 39.0305 | 24.7704 |
| Class ZEH | 15.5785 2 | 14.4664 2 | 9.2429 2 |
| Class ZU | 16.9458 | 15.5296 | 9.7922 |
| Class 1E | 6.1787 2 | 5.3911 2 | 3.6619 2 |
| Class 1EH | 4.5896 2 | 4.2840 2 | 2.7534 2 |
| Class 1EP | 5.9576 2 | 5.2548 2 | 3.5938 2 |
| Class 1U | 6.8745 | 6.3360 | 4.0179 |
| Class 2EH | 16.1111 2 | 14.9450 2 | 9.5434 2 |
| Class 2U | 17.2032 | 15.7585 | 9.9304 |
| Class 3E | 5.0705 2 | 4.3890 2 | 2.9575 2 |
| Class 3U | 5.6415 | 5.1582 | 3.2451 |
| Class 8EH | 4.0452 2 | 3.7559 2 | 2.4004 2 |
| Class 8U | 7.9480 | 7.2838 | 4.5928 |
| Class 9E | 17.7121 2 | 15.3150 2 | 10.3117 2 |
| Class 9U | 17.3500 | 15.8570 | 9.9683 |
1
Class is denominated in DKK. The base currency of the Portfolio is USD.
2
Class is denominated in EUR. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 317,052,344 Income Dividends, net 2 2,876,072 Bank interest 2 596 Total income 2,876,668 Expenses Asset management fees 5 (4,024,509) Bank interest 2 (53) Operating expenses 3, 5 (554,391 Total expenses (4,578,953) Net (loss) from investments (1,702,285) Net realised gain on sales of investments 43,364,588 Net realised (loss) on forward currency exchange contracts (1,119,296) Net realised gain on foreign exchange 8,651 Net realised gain 42,253,943 Change in net unrealised (loss) on investments (37,199,775) Change in net unrealised gain on forward currency exchange contracts 173,761 Net change in unrealised (loss) (37,026,014 Net increase in net assets as a result of operations 3,525,644 Movements in capital Subscriptions of shares 140,996,526 Redemptions of shares (124,970,358) Dividends 7 (238,798) Total movements in capital 15,787,370 Net assets at the end of the year 336,365,358 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts Other assets | 2 2 2, 9 | 334,512,584 1,797,188 171,596 238,521 28,296 158,026 213 |
| Total assets | | 336,906,424 |
| Liabilities Redemptions payable Asset management fees payable Other liabilities | 5 | (164,934) (329,365) (46,767) |
| Total liabilities | | (541,066) |
| Total net assets | | 336,365,358 |
| NUMBER OF SHARES OUTSTANDING Class AEH 140,088.752 Class AU 29,665.968 Class DEH 25,620.198 Class DU 63,591.422 Class IE 1,204,957.367 Class IU 649,471.862 Class ZU 8,531.509 Class 1E 640,959.194 Class 1EP 1,024,064.250 Class 1U 6,728,679.099 Class 2U 1,591,530.857 Class 3EH 576,674.863 Class 3U 1,048,042.443 Class 8U 1,285,290.649 Class 9EH 35,041.179 Class 9U 3,273,503.110 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 USD 336,365,358 317,052,344 172,396,358 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AEH 16.5581 1 16.6368 1 8.2252 1 Class AU 17.7793 17.6124 8.5873 Class DEH 16.2757 1 16.4357 1 8.1660 1 Class DU 17.4841 17.4069 8.5270 Class IE 17.1002 1 15.9009 1 8.2360 1 Class IU 18.3099 17.9845 8.6950 Class ZU 18.2631 17.9572 8.6865 Class 1E 18.4235 1 17.2570 1 8.9994 1 Class 1EP 17.4744 1 16.5639 1 8.7169 1 Class 1U 17.8692 17.6803 8.6079 Class 2U 18.2483 17.9455 8.6842 Class 3EH 17.0721 1 17.0018 1 8.3303 1 Class 3U 18.3319 18.0025 8.6996 Class 8U 18.2318 17.9365 8.6833 Class 9EH 17.1199 1 17.0449 1 8.3502 1 Class 9U 18.3630 18.0258 8.7074 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. | | | # Threadneedle (Lux) - American Select
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AD | 16,1001 1 | 14,0643 1 | 9,5986 1 |
| --- | --- | --- | --- |
| Clase AEH | 43,2612 2 | 40,4315 2 | 26,0234 2 |
| Clase AN | 16,2724 3 | 14,6605 3 | 11,4489 3 |
| Clase AU | 39,9888 | 36,9044 | 23,4327 |
| Clase DEH | 29,3649 2 | 27,6535 2 | 17,9318 2 |
| Clase DU | 34,9947 | 32,5387 | 20,8155 |
| Clase ID | 16,4501 1 | 14,2588 1 | 9,6523 1 |
| Clase IE | 16,5155 2 | 14,3186 2 | 9,6644 2 |
| Clase IEH | 46,2659 2 | 42,8992 2 | 27,3895 2 |
| Clase IN | 16,6107 3 | 14,8493 3 | 11,5094 3 |
| Clase W | 42,3137 | 39,0305 | 24,7704 |
| Clase ZEH | 15,5785 2 | 14,4664 2 | 9,2429 2 |
| Clase ZU | 16,9458 | 15,5296 | 9,7922 |
| Clase 1E | 6,1787 2 | 5,3911 2 | 3,6619 2 |
| Clase 1EH | 4,5896 2 | 4,2840 2 | 2,7534 2 |
| Clase 1EP | 5,9576 2 | 5,2548 2 | 3,5938 2 |
| Clase 1U | 6,8745 | 6,3360 | 4,0179 |
| Clase 2EH | 16,1111 2 | 14,9450 2 | 9,5434 2 |
| Clase 2U | 17,2032 | 15,7585 | 9,9304 |
| Clase 3E | 5,0705 2 | 4,3890 2 | 2,9575 2 |
| Clase 3U | 5,6415 | 5,1582 | 3,2451 |
| Clase 8EH | 4,0452 2 | 3,7559 2 | 2,4004 2 |
| Clase 8U | 7,9480 | 7,2838 | 4,5928 |
| Clase 9E | 17,7121 2 | 15,3150 2 | 10,3117 2 |
| Clase 9U | 17,3500 | 15,8570 | 9,9683 |
1
La clase está denominada en DKK. La divisa base de la Cartera es el USD.
2
La clase está denominada en EUR. La divisa base de la Cartera es el USD.
3
La clase está denominada en NOK. La divisa base de la Cartera es el USD.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas USD Patrimonio neto al inicio del ejercicio 317.052.344 Ingresos Dividendos, neto 2 2.876.072 Interés bancario 2 596 Total de ingresos 2.876.668 Gastos Comisiones de gestión de activos 5 (4.024.509 Interés bancario 2 (53 Gastos operativos 3, 5 (554.391 Total de gastos (4.578.953 (Pérdida) neta de inversiones (1.702.285 Ganancia neta realizada en ventas de inversiones 43.364.588 (Pérdida) neta realizada en contratos de divisas a plazo (1.119.296 Ganancia neta realizada de cambio de divisas 8.651 Ganancia neta realizada 42.253.943 Cambio en la (pérdida) neta no realizada en inversiones (37.199.775 Cambio en la ganancia neta no realizada en contratos de divisas a plazo 173.761 Cambio neto en (pérdida) no realizada (37.026.014 Aumento neto en el patrimonio neto como resultado de operaciones 3.525.644 Movimientos de capital Suscripciones de acciones 140.996.526 Reembolsos de acciones (124.970.358 Dividendos 7 (238.798 Total de movimientos de capital 15.787.370 Patrimonio neto al final del ejercicio 336.365.358 |
| --- | --- | --- | --- |
| | Notas | 2022 USD |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Por cobrar para la venta de inversiones Suscripciones por cobrar Interés y dividendos por cobrar, neto Ganancia neta no realizada en contratos de divisas a plazo Otros activos | 2 2 2, 9 | 334.512.584 1.797.188 171.596 238.521 28.296 158.026 213 |
| Total de activos | | 336.906.424 |
| Pasivos Reembolsos pagaderos Comisiones de gestión de activos pagaderas Otros pasivos | 5 | (164.934) (329.365) (46.767) |
| Total de pasivos | | (541.066) |
| Total de patrimonio neto | | 336.365.358 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AEH 140.088,752 Clase AU 29.665,968 Clase DEH 25.620,198 Clase DU 63.591,422 Clase IE 1.204.957,367 Clase IU 649.471,862 Clase ZU 8.531,509 Clase 1E 640.959,194 Clase 1EP 1.024.064,250 Clase 1U 6.728.679,099 Clase 2U 1.591.530,857 Clase 3EH 576.674,863 Clase 3U 1.048.042,443 Clase 8U 1.285.290,649 Clase 9EH 35.041,179 Clase 9U 3.273.503,110 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 USD 336.365.358 317.052.344 172.396.358 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 Clase AEH 16,5581 1 16,6368 1 8,2252 1 Clase AU 17,7793 17,6124 8,5873 Clase DEH 16,2757 1 16,4357 1 8,1660 1 Clase DU 17,4841 17,4069 8,5270 Clase IE 17,1002 1 15,9009 1 8,2360 1 Clase IU 18,3099 17,9845 8,6950 Clase ZU 18,2631 17,9572 8,6865 Clase 1E 18,4235 1 17,2570 1 8,9994 1 Clase 1EP 17,4744 1 16,5639 1 8,7169 1 Clase 1U 17,8692 17,6803 8,6079 Clase 2U 18,2483 17,9455 8,6842 Clase 3EH 17,0721 1 17,0018 1 8,3303 1 Clase 3U 18,3319 18,0025 8,6996 Clase 8U 18,2318 17,9365 8,6833 Clase 9EH 17,1199 1 17,0449 1 8,3502 1 Clase 9U 18,3630 18,0258 8,7074 | |
| 1 La clase está denominada en EUR. La divisa base de la Cartera es el USD. | | | # Threadneedle (Lux) - American Select
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AD | 16.1001 1 | 14.0643 1 | 9.5986 1 |
| --- | --- | --- | --- |
| Class AEH | 43.2612 2 | 40.4315 2 | 26.0234 2 |
| Class AN | 16.2724 3 | 14.6605 3 | 11.4489 3 |
| Class AU | 39.9888 | 36.9044 | 23.4327 |
| Class DEH | 29.3649 2 | 27.6535 2 | 17.9318 2 |
| Class DU | 34.9947 | 32.5387 | 20.8155 |
| Class ID | 16.4501 1 | 14.2588 1 | 9.6523 1 |
| Class IE | 16.5155 2 | 14.3186 2 | 9.6644 2 |
| Class IEH | 46.2659 2 | 42.8992 2 | 27.3895 2 |
| Class IN | 16.6107 3 | 14.8493 3 | 11.5094 3 |
| Class W | 42.3137 | 39.0305 | 24.7704 |
| Class ZEH | 15.5785 2 | 14.4664 2 | 9.2429 2 |
| Class ZU | 16.9458 | 15.5296 | 9.7922 |
| Class 1E | 6.1787 2 | 5.3911 2 | 3.6619 2 |
| Class 1EH | 4.5896 2 | 4.2840 2 | 2.7534 2 |
| Class 1EP | 5.9576 2 | 5.2548 2 | 3.5938 2 |
| Class 1U | 6.8745 | 6.3360 | 4.0179 |
| Class 2EH | 16.1111 2 | 14.9450 2 | 9.5434 2 |
| Class 2U | 17.2032 | 15.7585 | 9.9304 |
| Class 3E | 5.0705 2 | 4.3890 2 | 2.9575 2 |
| Class 3U | 5.6415 | 5.1582 | 3.2451 |
| Class 8EH | 4.0452 2 | 3.7559 2 | 2.4004 2 |
| Class 8U | 7.9480 | 7.2838 | 4.5928 |
| Class 9E | 17.7121 2 | 15.3150 2 | 10.3117 2 |
| Class 9U | 17.3500 | 15.8570 | 9.9683 |
1
Class is denominated in DKK. The base currency of the Portfolio is USD.
2
Class is denominated in EUR. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 317,052,344 Income Dividends, net 2 2,876,072 Bank interest 2 596 Total income 2,876,668 Expenses Asset management fees 5 (4,024,509) Bank interest 2 (53) Operating expenses 3, 5 (554,391 Total expenses (4,578,953) Net (loss) from investments (1,702,285) Net realised gain on sales of investments 43,364,588 Net realised (loss) on forward currency exchange contracts (1,119,296) Net realised gain on foreign exchange 8,651 Net realised gain 42,253,943 Change in net unrealised (loss) on investments (37,199,775) Change in net unrealised gain on forward currency exchange contracts 173,761 Net change in unrealised (loss) (37,026,014 Net increase in net assets as a result of operations 3,525,644 Movements in capital Subscriptions of shares 140,996,526 Redemptions of shares (124,970,358) Dividends 7 (238,798) Total movements in capital 15,787,370 Net assets at the end of the year 336,365,358 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts Other assets | 2 2 2, 9 | 334,512,584 1,797,188 171,596 238,521 28,296 158,026 213 |
| Total assets | | 336,906,424 |
| Liabilities Redemptions payable Asset management fees payable Other liabilities | 5 | (164,934) (329,365) (46,767) |
| Total liabilities | | (541,066) |
| Total net assets | | 336,365,358 |
| NUMBER OF SHARES OUTSTANDING Class AEH 140,088.752 Class AU 29,665.968 Class DEH 25,620.198 Class DU 63,591.422 Class IE 1,204,957.367 Class IU 649,471.862 Class ZU 8,531.509 Class 1E 640,959.194 Class 1EP 1,024,064.250 Class 1U 6,728,679.099 Class 2U 1,591,530.857 Class 3EH 576,674.863 Class 3U 1,048,042.443 Class 8U 1,285,290.649 Class 9EH 35,041.179 Class 9U 3,273,503.110 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 USD 336,365,358 317,052,344 172,396,358 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AEH 16.5581 1 16.6368 1 8.2252 1 Class AU 17.7793 17.6124 8.5873 Class DEH 16.2757 1 16.4357 1 8.1660 1 Class DU 17.4841 17.4069 8.5270 Class IE 17.1002 1 15.9009 1 8.2360 1 Class IU 18.3099 17.9845 8.6950 Class ZU 18.2631 17.9572 8.6865 Class 1E 18.4235 1 17.2570 1 8.9994 1 Class 1EP 17.4744 1 16.5639 1 8.7169 1 Class 1U 17.8692 17.6803 8.6079 Class 2U 18.2483 17.9455 8.6842 Class 3EH 17.0721 1 17.0018 1 8.3303 1 Class 3U 18.3319 18.0025 8.6996 Class 8U 18.2318 17.9365 8.6833 Class 9EH 17.1199 1 17.0449 1 8.3502 1 Class 9U 18.3630 18.0258 8.7074 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. | | | en | es |
DOLFIN5534 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective is to generate performance by predominantly selecting North-American securities that are likely to reduce their discount relative to their business sector or the market on which they are listed.
Benchmark index: The benchmark index is will be the Russell 1000 Value Index, calculated with net dividends reinvested
The benchmark index of the Product serves only for comparison purposes and as a basis for determining the environmental, social and governance (ESG) investment universe of the Product. The Product is actively managed.
Investment policy: The Investment Manager implements a discretionary strategy which aims to expose between 75% and 110% of the Product’s net assets to North American equities (greater than USD 1 billion) covering all North American listed markets and sectors. The equities selected will be denominated in US dollars or Canadian dollars, thereby exposing the Product to currency risk of up to 110% of the net assets.
The Investment Manager will systematically include ESG factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. The Product will have an ESG rating that is greater than that of its benchmark.
The security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website.
The Product classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Income allocation: Accumulation
## Intended retail investor
The Product is suitable for institutional investors, for companies and individuals capable of understanding the specific risks in the Product and who wish to increase the value of their savings due to a vehicle, which in particular targets stocks in North America. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | # ¿Qué es este producto?
## Tipo
El producto es un subfondo de EDMOND DE ROTHSCHILD FUND, una sociedad anónima constituida como «société d'investissement à capital variable» de conformidad con la Parte I de la Ley luxemburguesa de 17 de diciembre de 2010 relativa a organismos de inversión colectiva y por la que se modifica la Ley sobre organismos de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
La duración de este producto es ilimitada.
## Objetivos
Objetivo: El objetivo de inversión del producto es generar rentabilidad seleccionando principalmente valores norteamericanos susceptibles de reducir su descuento con respecto a su sector de actividad o al mercado en el que cotizan.
Valor de referencia: El valor de referencia será el Russell 1000 Value Index, calculado con los dividendos netos reinvertidos
El valor de referencia del producto sirve únicamente a efectos comparativos y como base para determinar el universo de inversión medioambiental, social y de gobernanza (ESG) del producto. El producto se gestiona de forma activa.
Política de inversión: El Gestor de inversiones implementa una estrategia discrecional cuyo objetivo es exponer entre el 75% y el 110% del patrimonio neto del producto a valores de renta variable norteamericanos (superiores a 1.000 millones de USD) que representen la totalidad de los mercados y sectores cotizados de Norteamérica. Los valores de renta variable seleccionados se denominarán en dólares estadounidenses o canadienses, exponiendo así al producto a un riesgo de cambio de hasta el 110% del patrimonio neto.
El Gestor de inversiones incluirá sistemáticamente factores ESG en su análisis financiero con el fin de seleccionar las empresas mejor valoradas.
Como mínimo el 90% de las empresas en cartera tendrán una calificación ESG. El producto tendrá una calificación ESG superior a la de su valor de referencia.
El proceso de selección de valores incluye un filtro negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, de conformidad con los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de conformidad con la política de exclusión del Grupo Edmond de Rothschild, disponible en su sitio web.
El producto cumple los requisitos del apartado 1 del artículo 8 del SFDR, en la medida en que promueve una combinación de características ESG, si bien no se ha designado ningún valor de referencia a efectos de alcanzar dichas características medioambientales o sociales.
Teniendo en cuenta su estrategia ESG, el producto promueve características medioambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental, en el contexto del Reglamento de Taxonomía.
A efectos de gestión de efectivo, el producto podrá invertir hasta el 25% de su patrimonio neto en títulos de crédito negociables, instrumentos del mercado monetario y fondos del mercado monetario.
El producto podrá utilizar instrumentos financieros derivados para alcanzar su objetivo de inversión.
Dentro del límite del 10% de su patrimonio neto, el producto podrá invertir en participaciones o acciones de OICVM u otros fondos de inversión.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental.
Asignación de ingresos: Acumulación
## Inversor minorista al que va dirigido
El producto es adecuado para inversores institucionales, para empresas y personas físicas capaces de comprender los riesgos específicos del producto y que deseen aumentar el valor de sus ahorros gracias a un vehículo que, en particular, se centra en valores norteamericanos. Esta acción está destinada a inversores minoristas y empresas.
## Información práctica
Depositario: Edmond de Rothschild (Europe)
Si desea obtener información más detallada sobre Edmond de Rothschild Fund, los subfondos y las clases de acciones disponibles, así como el folleto y los informes anuales y semestrales, puede solicitarla gratuitamente, en inglés, en el domicilio social de Edmond de Rothschild Asset Management (Luxembourg) en: 4 Rue Robert Stumper, L-2557 Luxemburgo. | # What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective is to generate performance by predominantly selecting North-American securities that are likely to reduce their discount relative to their business sector or the market on which they are listed.
Benchmark index: The benchmark index is will be the Russell 1000 Value Index, calculated with net dividends reinvested
The benchmark index of the Product serves only for comparison purposes and as a basis for determining the environmental, social and governance (ESG) investment universe of the Product. The Product is actively managed.
Investment policy: The Investment Manager implements a discretionary strategy which aims to expose between 75% and 110% of the Product’s net assets to North American equities (greater than USD 1 billion) covering all North American listed markets and sectors. The equities selected will be denominated in US dollars or Canadian dollars, thereby exposing the Product to currency risk of up to 110% of the net assets.
The Investment Manager will systematically include ESG factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. The Product will have an ESG rating that is greater than that of its benchmark.
The security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website.
The Product classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Income allocation: Accumulation
## Intended retail investor
The Product is suitable for institutional investors, for companies and individuals capable of understanding the specific risks in the Product and who wish to increase the value of their savings due to a vehicle, which in particular targets stocks in North America. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | en | es |
DOLFIN5535 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
The summary risk indicator (the “SRI”) 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.
Lower risk Higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk indicator assumes you keep the product for 5 years.
We have classified this product as 5 out of 7, which is a medium-high risk class. | # Quali sono i rischi e qual è il potenziale rendimento?
L'indicatore sintetico di rischio (l'"ISR») segnala il livello di rischiosità di questo prodotto rispetto ad altri. Indica la probabilità che il prodotto subisca perdite a causa delle turbolenze dei mercati o di una nostra insolvenza.
Rischio più basso Rischio più alto
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
L'indicatore di rischio presuppone che il prodotto venga detenuto 5 per anni.
Abbiamo classificato questo prodotto al livello 5 su 7, che corrisponde a una classe di rischio medio-alto. | # What are the risks and what could I get in return?
The summary risk indicator (the “SRI”) 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.
Lower risk Higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The risk indicator assumes you keep the product for 5 years.
We have classified this product as 5 out of 7, which is a medium-high risk class. | en | it |
DOLFIN5536 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Investment Policy
The Fund will invest at least two-thirds of its net assets in equities or equity-related instruments of:
- companies having their registered office in Europe (including the United Kingdom),
- companies that do not have their registered office in Europe but either (i) carry out a predominant proportion of their business activity in Europe (including the United Kingdom), or (ii) are holding companies which predominantly own companies with registered offices in Europe (including the United Kingdom). | ### Politica d’investimento
Il Comparto investirà almeno due terzi del patrimonio netto in azioni o strumenti correlati alle azioni di:
- -società aventi la propria sede legale in Europa (compreso il Regno Unito),
- -società che non hanno la propria sede legale in Europa ma che (i) svolgono una parte predominante della propria attività in Europa (compreso il Regno Unito), oppure (ii) sono società controllanti che possiedono prevalentemente società aventi la propria sede legale in Europa (compreso il Regno Unito). | ### Investment Policy
The Fund will invest at least two-thirds of its net assets in equities or equity-related instruments of:
- companies having their registered office in Europe (including the United Kingdom),
- companies that do not have their registered office in Europe but either (i) carry out a predominant proportion of their business activity in Europe (including the United Kingdom), or (ii) are holding companies which predominantly own companies with registered offices in Europe (including the United Kingdom). | en | it |
DOLFIN5537 | 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 SI3 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,334
2.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI3 USD Acc entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 717 USD
-2,8%
11 334 USD
2,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI3 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,334
2.5% | en | es |
DOLFIN5538 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The capital of the SICAV is represented by the assets of the various sub-funds of the SICAV. Subscriptions are invested in the assets of the respective sub-fund.
All shares of the SICAV must be fully paid up. Their issue is not limited in number.
The shares of each sub-fund must have no indication of nominal value, and do not benefit from any preferential subscription rights during the issue of new shares. The rights attached to shares are those set out in the Law of 1915, unless exempted by the Law 2010. Each full share confers the right to one vote at General Meetings of Shareholders, regardless of its net asset value.
The SICAV is a sole and single legal entity. However, the assets of a given sub-fund only cover the debts, liabilities and commitments of that sub-fund. With regard to relations between shareholders, each sub-fund is treated as a separate entity.
For each sub-fund, the Board of Directors may decide at any time to issue different share classes, which can also be subdivided into different share categories (capitalisation shares or distribution shares).
In principle, distribution shares give their owners the possibility of receiving cash dividends, taken from the quota of net assets of the sub-fund or class attributable to the distribution shares in that sub-fund or that class (in this regard, see the "Distributions” chapter).
Capitalisation shares do not confer the possibility of receiving dividends. Following each annual or interim cash distribution of dividends on the distribution shares, the quota of net assets in the sub-fund or class attributed to all the distribution shares will be reduced by an amount equal to the amount of dividends distributed, and this will therefore reduce the percentage of net assets in the sub-fund or class attributable to all the distribution shares; while the quota of net assets in the sub-fund or class attributable to all the capitalisation shares will remain the same, thus leading to an increase in the percentage of net assets of the sub-fund or class attributable to all the capitalisation shares.
The breakdown of the value of net assets in a sub-fund or class, between all the distribution shares on the one hand and all the capitalisation shares on the other, is carried out in accordance with the SICAV’s Articles of Association.
The net value of a share thus depends on the value of the net assets in the sub-fund or class for which that share was issued and, within the same sub-fund or the same share class, its net value may vary depending on whether it is a distribution share or an accumulation share.
The Board of Directors will create a separate pool of net assets for each sub-fund. With regard to relations between shareholders, this pool will be attributed only to the shares issued for the sub-fund concerned, taking into account, if applicable, the breakdown of that pool between the classes and the distribution shares and accumulation shares in that sub-fund.
The Board of Directors is authorised to split or consolidate shares.
In accordance with the specifics given in the appendices describing the sub-funds, shares may be issued in either registered or paperless form.
Registered shares are registered in the register of shares of the SICAV. A confirmation of registration will be provided to the shareholder. No registered certificate will be issued to the shareholders.
Transfer documents for transfers of registered shares are available at the registered office of the SICAV or from the Transfer Agent and Registrar.
Paperless shares are represented by an entry in a securities account in the name of their owner or holder, with an approved account holder or settlement body.
The entry in the securities account will apply in the absence of specific instructions.
Registered shares may be converted into paperless shares and vice versa at the request and expense of the shareholder.
Fractions of shares may be issued, up to 3 decimal places. Fractions of shares do not have the right to vote at General Meetings. Conversely, fractions of shares have the right to dividends or other distributions that may be paid out.
Since the SICAV has issued bearer shares prior to this prospectus, and in accordance with article 42 of the law of 10 August 1915 on commercial companies, as amended, the SICAV has named Banque Degroof Luxembourg S.A. as Custodian of the SICAV’s bearer shares, within the meaning provided by said article 42 (hereinafter the “Custodian”).
The holders of bearer shares of the SICAV were required to deposit these bearer shares with the Custodian by 18 February 2016.
The precise identification of each holder of bearer shares, the number of bearer shares held and the date of deposit are recorded in a register kept at the Custodian Bank.
Any bearer share not deposited with the Custodian by 18 February 2016 at the latest has been purchased according to the terms of the prospectus and the purchase price has been recorded with the Caisse de consignation.
The rights attaching to bearer shares may be exercised only if such shares have been deposited with the Custodian in accordance with article 42 of the law of 10 August 1915 on commercial companies, as amended.
-
## DESCRIPTION OF THE SHARES | Le capital de la SICAV est représenté par les actifs des différents compartiments de la SICAV. Les souscriptions sont investies dans les avoirs du compartiment concerné.
Toutes les actions de la SICAV doivent être entièrement libérées. Leur émission n'est pas limitée en nombre.
Les actions de chaque compartiment sont sans mention de valeur et ne donnent aucun droit préférentiel de souscription lors de l'émission d'actions nouvelles. Les droits attachés aux actions sont ceux énoncés dans la Loi de 1915 pour autant qu'il n'y soit pas dérogé par la Loi de 2010. Toute action entière donne droit à une voix lors des Assemblées Générales des Actionnaires quelle que soit sa valeur nette d'inventaire.
La SICAV constitue une seule et même entité juridique. Toutefois, les actifs d’un compartiment déterminé ne répondent que des dettes, engagements et obligations qui concernent ce compartiment. Dans les relations des actionnaires entre eux, chaque compartiment est traité comme une entité à part.
Pour chaque compartiment, le Conseil d’Administration pourra décider à tout moment l’émission de classes d’actions différentes, lesquelles pourront elles-mêmes être subdivisées en catégories d’actions (actions de capitalisation ou actions de distribution).
Les actions de distribution confèrent, en principe, à leurs propriétaires la possibilité d’octroi de dividendes en espèces, prélevés sur la quotité des avoirs nets du compartiment ou de la classe attribuable aux actions de distribution de ce compartiment ou de cette classe (consulter à ce propos le chapitre « Distributions »).
Les actions de capitalisation ne confèrent pas de possibilité d’octroi de dividendes. A la suite de chaque distribution de dividendes en espèces - annuels ou intérimaires - aux actions de distribution, la quotité des avoirs nets du compartiment ou de la classe à attribuer à l'ensemble des actions de distribution subira une réduction égale aux montants des dividendes distribués, entraînant ainsi une diminution du pourcentage des avoirs nets du compartiment ou de la classe attribuable à l'ensemble des actions de distribution, tandis que la quotité des avoirs nets du compartiment ou de la classe attribuable à l'ensemble des actions de capitalisation restera la même, entraînant ainsi une augmentation du pourcentage des avoirs nets du compartiment ou de la classe attribuable à l'ensemble des actions de capitalisation.
La ventilation de la valeur des avoirs nets d'un compartiment ou d’une classe donné entre l'ensemble des actions de distribution d'une part, et l'ensemble des actions de capitalisation d'autre part, se fait conformément aux Statuts de la SICAV.
La valeur nette d'inventaire d'une action est fonction, dès lors, de la valeur des avoirs nets du compartiment ou de la classe au titre duquel cette action est émise, et, à l'intérieur d'un même compartiment ou d’une même classe, sa valeur nette d'inventaire peut varier selon qu'il s'agit d'une action de distribution ou d'une action de capitalisation.
Le Conseil d'Administration établira pour chaque compartiment une masse distincte d'avoirs nets. Dans les relations des actionnaires entre eux, cette masse sera attribuée aux seules actions émises au titre du compartiment concerné compte tenu, s'il y a lieu, de la ventilation de cette masse entre les classes et les actions de distribution et les actions de capitalisation de ce compartiment.
Le Conseil d'Administration est autorisé à procéder à des divisions ou des consolidations d’actions.
Suivant les précisions décrites au sein des annexes dédiées auxdits compartiments, les actions pourront être émises sous forme nominative ou dématérialisée.
Les actions nominatives font l’objet d’une inscription dans le registre des actionnaires de la SICAV. Une confirmation de l’inscription sera remise à l’actionnaire. Aucun certificat nominatif ne sera délivré aux actionnaires.
Les documents de cession pour les transferts d’actions nominatives sont disponibles au siège social de la SICAV ou auprès de l’Agent de Transfert et Teneur de Registre.
Les actions dématérialisées seront représentées par une inscription en compte-titres, au nom de leur propriétaire ou détenteur, auprès d'un teneur de comptes agréé ou d'un organisme de liquidation.
L’inscription en compte-titres s’appliquera à défaut d’instructions particulières.
Les actions nominatives pourront être converties en actions dématérialisées et inversement à la demande et aux frais de l’actionnaire.
Des fractions d’actions peuvent être émises jusqu’à trois décimales. Les fractions d’actions n’ont pas de droit de vote aux Assemblées Générales. Par contre, les fractions d’actions ont droit aux dividendes ou autres distributions éventuellement mis en paiement.
Vu que la SICAV a émis des actions au porteur préalablement au présent prospectus et conformément à l’article 42 de la loi du 10 août 1915 concernant les sociétés commerciales, telle que modifiée, la SICAV a nommé Banque Degroof Petercam Luxembourg S.A. en tant que dépositaire au sens prévu par ledit article 42 des actions au porteur de la SICAV (ci-après le
« dépositaire »).
Les détenteurs d’actions au porteur de la SICAV étaient tenus de déposer ces actions au porteur auprès du dépositaire jusqu’au 18 février 2016.
La désignation précise de chaque actionnaire détenteur d’actions au porteur ainsi que l’indication du nombre d’actions au porteur détenues et la date du dépôt sont tenus au sein d’un registre auprès du dépositaire.
Toute action au porteur qui n’a pas été déposée auprès du dépositaire au 18 février 2016 au plus tard a été rachetée suivant les termes du prospectus et le prix de rachat a été déposé auprès de la Caisse de consignation.
Les droits attachés aux actions au porteur ne pourront être exercés qu’en cas de dépôt de l’action au porteur auprès du dépositaire conformément à l’article 42 de la loi du 10 août 1915 concernant les sociétés commerciales, telle que modifiée.
-
## DESCRIPTION DES ACTIONS | The capital of the SICAV is represented by the assets of the various sub-funds of the SICAV. Subscriptions are invested in the assets of the respective sub-fund.
All shares of the SICAV must be fully paid up. Their issue is not limited in number.
The shares of each sub-fund must have no indication of nominal value, and do not benefit from any preferential subscription rights during the issue of new shares. The rights attached to shares are those set out in the Law of 1915, unless exempted by the Law 2010. Each full share confers the right to one vote at General Meetings of Shareholders, regardless of its net asset value.
The SICAV is a sole and single legal entity. However, the assets of a given sub-fund only cover the debts, liabilities and commitments of that sub-fund. With regard to relations between shareholders, each sub-fund is treated as a separate entity.
For each sub-fund, the Board of Directors may decide at any time to issue different share classes, which can also be subdivided into different share categories (capitalisation shares or distribution shares).
In principle, distribution shares give their owners the possibility of receiving cash dividends, taken from the quota of net assets of the sub-fund or class attributable to the distribution shares in that sub-fund or that class (in this regard, see the "Distributions” chapter).
Capitalisation shares do not confer the possibility of receiving dividends. Following each annual or interim cash distribution of dividends on the distribution shares, the quota of net assets in the sub-fund or class attributed to all the distribution shares will be reduced by an amount equal to the amount of dividends distributed, and this will therefore reduce the percentage of net assets in the sub-fund or class attributable to all the distribution shares; while the quota of net assets in the sub-fund or class attributable to all the capitalisation shares will remain the same, thus leading to an increase in the percentage of net assets of the sub-fund or class attributable to all the capitalisation shares.
The breakdown of the value of net assets in a sub-fund or class, between all the distribution shares on the one hand and all the capitalisation shares on the other, is carried out in accordance with the SICAV’s Articles of Association.
The net value of a share thus depends on the value of the net assets in the sub-fund or class for which that share was issued and, within the same sub-fund or the same share class, its net value may vary depending on whether it is a distribution share or an accumulation share.
The Board of Directors will create a separate pool of net assets for each sub-fund. With regard to relations between shareholders, this pool will be attributed only to the shares issued for the sub-fund concerned, taking into account, if applicable, the breakdown of that pool between the classes and the distribution shares and accumulation shares in that sub-fund.
The Board of Directors is authorised to split or consolidate shares.
In accordance with the specifics given in the appendices describing the sub-funds, shares may be issued in either registered or paperless form.
Registered shares are registered in the register of shares of the SICAV. A confirmation of registration will be provided to the shareholder. No registered certificate will be issued to the shareholders.
Transfer documents for transfers of registered shares are available at the registered office of the SICAV or from the Transfer Agent and Registrar.
Paperless shares are represented by an entry in a securities account in the name of their owner or holder, with an approved account holder or settlement body.
The entry in the securities account will apply in the absence of specific instructions.
Registered shares may be converted into paperless shares and vice versa at the request and expense of the shareholder.
Fractions of shares may be issued, up to 3 decimal places. Fractions of shares do not have the right to vote at General Meetings. Conversely, fractions of shares have the right to dividends or other distributions that may be paid out.
Since the SICAV has issued bearer shares prior to this prospectus, and in accordance with article 42 of the law of 10 August 1915 on commercial companies, as amended, the SICAV has named Banque Degroof Luxembourg S.A. as Custodian of the SICAV’s bearer shares, within the meaning provided by said article 42 (hereinafter the “Custodian”).
The holders of bearer shares of the SICAV were required to deposit these bearer shares with the Custodian by 18 February 2016.
The precise identification of each holder of bearer shares, the number of bearer shares held and the date of deposit are recorded in a register kept at the Custodian Bank.
Any bearer share not deposited with the Custodian by 18 February 2016 at the latest has been purchased according to the terms of the prospectus and the purchase price has been recorded with the Caisse de consignation.
The rights attaching to bearer shares may be exercised only if such shares have been deposited with the Custodian in accordance with article 42 of the law of 10 August 1915 on commercial companies, as amended.
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## DESCRIPTION OF THE SHARES | en | fr |
DOLFIN5539 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Pan European Equity Dividend
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 12.2899 | 12.2123 | 8.4207 |
| --- | --- | --- | --- |
| Class AEP | 10.7997 | 11.1512 | 7.9601 |
| Class AUP | 10.9127 1 | 11.9099 1 | 7.9466 1 |
| Class DE | 12.1356 | 12.1020 | 8.3747 |
| Class DEP | 10.6571 | 11.0429 | 7.9168 |
| Class IE | 12.6707 | 12.4632 | 8.5228 |
| Class IEP | 11.1344 | 11.3788 | 8.0572 |
| Class ZE | 12.6183 | 12.4458 | 8.5167 |
| Class ZEP | 11.0767 | 11.3507 | 8.0497 |
| Class 1E | 2.0062 | 1.9917 | 1.3718 |
| Class 1EP | 1.0714 | 1.1057 | 0.7893 |
| Class 1G | 1.6952 2 | 1.6964 2 | 1.2138 2 |
| Class 1GP | 0.9066 2 | 0.9428 2 | 0.6989 2 |
| Class 2E | 12.5994 | 12.4322 | 8.5107 |
| Class 2EP | 11.0904 | 11.3572 | 8.0536 |
| Class 2G | 12.1240 2 | 12.0502 2 | 8.5638 2 |
| Class 2GP | 10.6484 2 | 10.9938 2 | 8.0970 2 |
| Class 3EP | 1.7509 | 1.7928 | 1.2698 |
| Class 3G | 1.6454 2 | 1.6343 2 | 1.1606 2 |
| Class 3GP | 1.4708 2 | 1.5182 2 | 1.1214 2 |
| Class 4GP | 1.3081 2 | 1.3394 2 | 0.9796 2 |
| Class 8E | 2.2182 | 2.1897 | 1.4996 |
| Class 8EP | 1.1693 | 1.1990 | 0.8512 |
| Class 8G | 1.8760 2 | 1.8667 2 | 1.3280 2 |
| Class 8GP | 0.9875 2 | 1.0208 2 | 0.7528 2 |
| Class 9EP | 11.1480 | 11.4256 | 8.0816 |
| Class 9G | 12.1739 2 | 12.0857 2 | 8.5782 2 |
| Class 9GP | 10.6983 2 | 11.0352 2 | 8.1121 2 |
1
Class is denominated in USD. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 967,772,792 Income Dividends, net 2 10,932,899 Bank interest 2 7,232 Total income 10,940,131 Expenses Asset management fees 5 (12,007,090) Bank interest 2 (26,515) Operating expenses 3, 5 (3,128,669) Total expenses (15,162,274) Net (loss) from investments (4,222,143) Net realised gain on sales of investments 54,814,360 Net realised gain on forward currency exchange contracts 1,559,020 Net realised gain on foreign exchange 620,014 Net realised gain on tax reclaim 136 Net realised gain 56,993,530 Change in net unrealised (loss) on investments (86,593,775) Change in net unrealised (loss) on forward currency exchange contracts (331,978) Net change in unrealised (loss) (86,925,753 Net (decrease) in net assets as a result of operations (34,154,366) Movements in capital Subscriptions of shares 274,055,250 Redemptions of shares (534,075,728) Total movements in capital (260,020,478) Net assets at the end of the year 673,597,948 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Interest and dividends receivable, net Other assets | 2 2 | 673,161,083 2,059,536 366,836 457,608 541,350 |
| Total assets | | 676,586,413 |
| Liabilities Redemptions payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (2,043,478) (24,556) (739,786) (180,645) |
| Total liabilities | | (2,988,465) |
| Total net assets | | 673,597,948 |
| NUMBER OF SHARES OUTSTANDING Class AE 6,710,995.772 Class ASH 489,065.793 Class AUH 14,504.457 Class DE 1,269,184.850 Class DUH 1,177.000 Class IE 3,325,935.046 Class W 9,912.171 Class XE 88.000 Class ZE 4,170,201.128 Class ZFH 2,681.004 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AE 50.4135 53.6034 34.7061 Class ASH 34.6658 1 36.5279 1 23.5023 1 Class AUH 13.4075 2 14.0753 2 9.0044 2 Class DE 45.0490 48.3327 31.5752 Class DUH 12.9610 2 13.7346 2 8.8604 2 Class IE 63.8189 67.3496 43.2819 Class W 84.2877 89.6657 58.0840 Class XE # 10.4050 – – Class ZE 12.8349 13.5449 8.7046 Class ZFH 12.3467 3 13.0545 3 8.4083 3 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 673,597,948 967,772,792 435,284,977 |
| 1 Class is denominated in SGD. The base currency of the Portfolio is EUR. 2 Class is denominated in USD. The base currency of the Portfolio is EUR. 3 Class is denominated in CHF. The base currency of the Portfolio is EUR. # See note 1. | | | # Threadneedle (Lux) - Pan European Equity Dividend
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AE | 12,2899 | 12,2123 | 8,4207 |
| --- | --- | --- | --- |
| Clase AEP | 10,7997 | 11,1512 | 7,9601 |
| Clase AUP | 10,9127 1 | 11,9099 1 | 7,9466 1 |
| Clase DE | 12,1356 | 12,1020 | 8,3747 |
| Clase DEP | 10,6571 | 11,0429 | 7,9168 |
| Clase IE | 12,6707 | 12,4632 | 8,5228 |
| Clase IEP | 11,1344 | 11,3788 | 8,0572 |
| Clase ZE | 12,6183 | 12,4458 | 8,5167 |
| Clase ZEP | 11,0767 | 11,3507 | 8,0497 |
| Clase 1E | 2,0062 | 1,9917 | 1,3718 |
| Clase 1EP | 1,0714 | 1,1057 | 0,7893 |
| Clase 1G | 1,6952 2 | 1,6964 2 | 1,2138 2 |
| Clase 1GP | 0,9066 2 | 0,9428 2 | 0,6989 2 |
| Clase 2E | 12,5994 | 12,4322 | 8,5107 |
| Clase 2EP | 11,0904 | 11,3572 | 8,0536 |
| Clase 2G | 12,1240 2 | 12,0502 2 | 8,5638 2 |
| Clase 2GP | 10,6484 2 | 10,9938 2 | 8,0970 2 |
| Clase 3EP | 1,7509 | 1,7928 | 1,2698 |
| Clase 3G | 1,6454 2 | 1,6343 2 | 1,1606 2 |
| Clase 3GP | 1,4708 2 | 1,5182 2 | 1,1214 2 |
| Clase 4GP | 1,3081 2 | 1,3394 2 | 0,9796 2 |
| Clase 8E | 2,2182 | 2,1897 | 1,4996 |
| Clase 8EP | 1,1693 | 1,1990 | 0,8512 |
| Clase 8G | 1,8760 2 | 1,8667 2 | 1,3280 2 |
| Clase 8GP | 0,9875 2 | 1,0208 2 | 0,7528 2 |
| Clase 9EP | 11,1480 | 11,4256 | 8,0816 |
| Clase 9G | 12,1739 2 | 12,0857 2 | 8,5782 2 |
| Clase 9GP | 10,6983 2 | 11,0352 2 | 8,1121 2 |
1
La clase está denominada en USD. La divisa base de la Cartera es el EUR.
2
La clase está denominada en GBP. La divisa base de la Cartera es el EUR.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas EUR Patrimonio neto al inicio del ejercicio 967.772.792 Ingresos Dividendos, neto 2 10.932.899 Interés bancario 2 7.232 Total de ingresos 10.940.131 Gastos Comisiones de gestión de activos 5 (12.007.090 Interés bancario 2 (26.515 Gastos operativos 3, 5 (3.128.669 Total de gastos (15.162.274 (Pérdida) neta de inversiones (4.222.143 Ganancia neta realizada en ventas de inversiones 54.814.360 Ganancia neta realizada en contratos de divisas a plazo 1.559.020 Ganancia neta realizada de cambio de divisas 620.014 Ganancia neta realizada en reembolso de impuestos 136 Ganancia neta realizada 56.993.530 Cambio en la (pérdida) neta no realizada en inversiones (86.593.775 Cambio en la (pérdida) neta no realizada en contratos de divisas a plazo (331.978 Cambio neto en (pérdida) no realizada (86.925.753 (Disminución) neta en el patrimonio neto como resultado de operaciones (34.154.366 Movimientos de capital Suscripciones de acciones 274.055.250 Reembolsos de acciones (534.075.728 Total de movimientos de capital (260.020.478 Patrimonio neto al final del ejercicio 673.597.948 |
| --- | --- | --- | --- |
| | Notas | 2022 EUR |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Suscripciones por cobrar Interés y dividendos por cobrar, neto Otros activos | 2 2 | 673.161.083 2.059.536 366.836 457.608 541.350 |
| Total de activos | | 676.586.413 |
| Pasivos Reembolsos pagaderos (Pérdida) neta no realizada en contratos de divisas a plazo Comisiones de gestión de activos pagaderas Otros pasivos | 2, 9 5 | (2.043.478) (24.556) (739.786) (180.645) |
| Total de pasivos | | (2.988.465) |
| Total de patrimonio neto | | 673.597.948 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AE 6.710.995,772 Clase ASH 489.065,793 Clase AUH 14.504,457 Clase DE 1.269.184,850 Clase DUH 1.177,000 Clase IE 3.325.935,046 Clase W 9.912,171 Clase XE 88,000 Clase ZE 4.170.201,128 Clase ZFH 2.681,004 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 Clase AE 50,4135 53,6034 34,7061 Clase ASH 34,6658 1 36,5279 1 23,5023 1 Clase AUH 13,4075 2 14,0753 2 9,0044 2 Clase DE 45,0490 48,3327 31,5752 Clase DUH 12,9610 2 13,7346 2 8,8604 2 Clase IE 63,8189 67,3496 43,2819 Clase W 84,2877 89,6657 58,0840 Clase XE # 10,4050 – – Clase ZE 12,8349 13,5449 8,7046 Clase ZFH 12,3467 3 13,0545 3 8,4083 3 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 EUR 673.597.948 967.772.792 435.284.977 |
| 1 La clase está denominada en SGD. La divisa base de la Cartera es el EUR. 2 La clase está denominada en USD. La divisa base de la Cartera es el EUR. 3 La clase está denominada en CHF. La divisa base de la Cartera es el EUR. # Consulte la nota 1. | | | # Threadneedle (Lux) - Pan European Equity Dividend
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 12.2899 | 12.2123 | 8.4207 |
| --- | --- | --- | --- |
| Class AEP | 10.7997 | 11.1512 | 7.9601 |
| Class AUP | 10.9127 1 | 11.9099 1 | 7.9466 1 |
| Class DE | 12.1356 | 12.1020 | 8.3747 |
| Class DEP | 10.6571 | 11.0429 | 7.9168 |
| Class IE | 12.6707 | 12.4632 | 8.5228 |
| Class IEP | 11.1344 | 11.3788 | 8.0572 |
| Class ZE | 12.6183 | 12.4458 | 8.5167 |
| Class ZEP | 11.0767 | 11.3507 | 8.0497 |
| Class 1E | 2.0062 | 1.9917 | 1.3718 |
| Class 1EP | 1.0714 | 1.1057 | 0.7893 |
| Class 1G | 1.6952 2 | 1.6964 2 | 1.2138 2 |
| Class 1GP | 0.9066 2 | 0.9428 2 | 0.6989 2 |
| Class 2E | 12.5994 | 12.4322 | 8.5107 |
| Class 2EP | 11.0904 | 11.3572 | 8.0536 |
| Class 2G | 12.1240 2 | 12.0502 2 | 8.5638 2 |
| Class 2GP | 10.6484 2 | 10.9938 2 | 8.0970 2 |
| Class 3EP | 1.7509 | 1.7928 | 1.2698 |
| Class 3G | 1.6454 2 | 1.6343 2 | 1.1606 2 |
| Class 3GP | 1.4708 2 | 1.5182 2 | 1.1214 2 |
| Class 4GP | 1.3081 2 | 1.3394 2 | 0.9796 2 |
| Class 8E | 2.2182 | 2.1897 | 1.4996 |
| Class 8EP | 1.1693 | 1.1990 | 0.8512 |
| Class 8G | 1.8760 2 | 1.8667 2 | 1.3280 2 |
| Class 8GP | 0.9875 2 | 1.0208 2 | 0.7528 2 |
| Class 9EP | 11.1480 | 11.4256 | 8.0816 |
| Class 9G | 12.1739 2 | 12.0857 2 | 8.5782 2 |
| Class 9GP | 10.6983 2 | 11.0352 2 | 8.1121 2 |
1
Class is denominated in USD. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 967,772,792 Income Dividends, net 2 10,932,899 Bank interest 2 7,232 Total income 10,940,131 Expenses Asset management fees 5 (12,007,090) Bank interest 2 (26,515) Operating expenses 3, 5 (3,128,669) Total expenses (15,162,274) Net (loss) from investments (4,222,143) Net realised gain on sales of investments 54,814,360 Net realised gain on forward currency exchange contracts 1,559,020 Net realised gain on foreign exchange 620,014 Net realised gain on tax reclaim 136 Net realised gain 56,993,530 Change in net unrealised (loss) on investments (86,593,775) Change in net unrealised (loss) on forward currency exchange contracts (331,978) Net change in unrealised (loss) (86,925,753 Net (decrease) in net assets as a result of operations (34,154,366) Movements in capital Subscriptions of shares 274,055,250 Redemptions of shares (534,075,728) Total movements in capital (260,020,478) Net assets at the end of the year 673,597,948 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Interest and dividends receivable, net Other assets | 2 2 | 673,161,083 2,059,536 366,836 457,608 541,350 |
| Total assets | | 676,586,413 |
| Liabilities Redemptions payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (2,043,478) (24,556) (739,786) (180,645) |
| Total liabilities | | (2,988,465) |
| Total net assets | | 673,597,948 |
| NUMBER OF SHARES OUTSTANDING Class AE 6,710,995.772 Class ASH 489,065.793 Class AUH 14,504.457 Class DE 1,269,184.850 Class DUH 1,177.000 Class IE 3,325,935.046 Class W 9,912.171 Class XE 88.000 Class ZE 4,170,201.128 Class ZFH 2,681.004 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AE 50.4135 53.6034 34.7061 Class ASH 34.6658 1 36.5279 1 23.5023 1 Class AUH 13.4075 2 14.0753 2 9.0044 2 Class DE 45.0490 48.3327 31.5752 Class DUH 12.9610 2 13.7346 2 8.8604 2 Class IE 63.8189 67.3496 43.2819 Class W 84.2877 89.6657 58.0840 Class XE # 10.4050 – – Class ZE 12.8349 13.5449 8.7046 Class ZFH 12.3467 3 13.0545 3 8.4083 3 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 673,597,948 967,772,792 435,284,977 |
| 1 Class is denominated in SGD. The base currency of the Portfolio is EUR. 2 Class is denominated in USD. The base currency of the Portfolio is EUR. 3 Class is denominated in CHF. The base currency of the Portfolio is EUR. # See note 1. | | | en | es |
DOLFIN5540 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
S&P DJI Netherlands B.V. S&P 500.
Tokyo Stock Exchange Inc. TOPIX Net Total Return Index
®
(non enregistré auprès de l’AEMF). | S&P DJI Netherlands B.V. S&P 500.
Tokyo Stock Exchange Inc. TOPIX Net Total Return Index
®
(no registrado en la AEVM). | S&P DJI Netherlands B.V. S&P 500.
Tokyo Stock Exchange Inc. TOPIX Net Total Return Index
®
(non enregistré auprès de l’AEMF). | fr | es |
DOLFIN5541 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
30%
20%
10%
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Tailored benchmark index | Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
Los gastos corrientes se refieren a los últimos doce meses. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto.
30 %
20 %
10 %
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Índice de referencia personalizado | The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
30%
20%
10%
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Tailored benchmark index | en | es |
DOLFIN5542 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Toutes autres informations sur l’opération de fusion peuvent être obtenues à l’adresse mail suivante : [email protected].
Un exemplaire des différents rapports relatifs à la fusion, à savoir le rapport du contrôleur légal des comptes indépendant et/ou du dépositaire visés à l’article 172 de l’Arrêté Royal 2012, pourront être demandés à l’adresse email ci-dessus dès qu’ils seront disponibles.
Le présent avis aux actionnaires de convocation à l’assemblée générale et contenant les informations aux actionnaires est disponible sur les sites www.dpamfunds.com, www.beama.be,www.fundinfo.com, et www.bundesanzeiger.de. | # Puede obtenerse más información sobre la operación de fusión en la siguiente dirección de correo electrónico: [email protected].
En cuanto estén disponibles, se podrán solicitar copias de los distintos informes relativos a la fusión, es decir, el informe del auditor independiente y/o del depositario a que se refiere el artículo 172 del Real Decreto 2012, en la dirección de correo electrónico mencionada anteriormente.
El presente aviso a los accionistas de convocatoria a la junta general que contiene información para los accionistas está disponible en los sitios web www.dpamfunds.com, www.beama.be,www.fundinfo.com y www.bundesanzeiger.de. | # Toutes autres informations sur l’opération de fusion peuvent être obtenues à l’adresse mail suivante : [email protected].
Un exemplaire des différents rapports relatifs à la fusion, à savoir le rapport du contrôleur légal des comptes indépendant et/ou du dépositaire visés à l’article 172 de l’Arrêté Royal 2012, pourront être demandés à l’adresse email ci-dessus dès qu’ils seront disponibles.
Le présent avis aux actionnaires de convocation à l’assemblée générale et contenant les informations aux actionnaires est disponible sur les sites www.dpamfunds.com, www.beama.be,www.fundinfo.com, et www.bundesanzeiger.de. | fr | es |
DOLFIN5543 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Company may employ techniques and instruments, as further described under the sections below, for investment purposes, the reduction of risk, or for managing the relevant Fund more efficiently.
When these operations concern the use of financial derivative instruments, these conditions and limits shall conform to the provisions laid down in the Law.
Under no circumstances shall these operations cause a Fund to diverge from its investment objectives as laid down in this Prospectus.
The risks associated with the below-mentioned instruments and techniques are described further in the section “Investment and Risks Considerations” in this Prospectus.
-
### Transparency of Securities Financing Transactions and of Reuse (SFTR) | La Société peut employer des techniques et des instruments décrits de manière plus détaillée dans les sections ci-dessous, à des fins d'investissement, de gestion du risque ou de gestion efficace du Compartiment concerné.
Si ces opérations portent sur l’utilisation d’instruments financiers dérivés, ces conditions et limites doivent respecter les dispositions de la Loi.
Ces opérations ne doivent en aucun cas faire s’écarter un Compartiment de ses objectifs d’investissement indiqués dans le présent Prospectus.
Les risques associés aux instruments et techniques mentionnés ci-dessous sont décrits plus en détail dans la section « Considérations relatives aux Investissements et aux Risques » du présent Prospectus.
-
### Transparence des opérations de financement sur titres et de la réutilisation (SFTR) | The Company may employ techniques and instruments, as further described under the sections below, for investment purposes, the reduction of risk, or for managing the relevant Fund more efficiently.
When these operations concern the use of financial derivative instruments, these conditions and limits shall conform to the provisions laid down in the Law.
Under no circumstances shall these operations cause a Fund to diverge from its investment objectives as laid down in this Prospectus.
The risks associated with the below-mentioned instruments and techniques are described further in the section “Investment and Risks Considerations” in this Prospectus.
-
### Transparency of Securities Financing Transactions and of Reuse (SFTR) | en | fr |
DOLFIN5544 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Reporting
Pursuant to Section 891C of the TCA and the Return of Values (Investment Undertakings) Regulations 2013, the Company is obliged to report certain details in relation to Shares held by investors to the Revenue Commissioners on an annual basis. The details to be reported include the name, address and date of birth if on record of, and the value of the Shares held by, a Shareholder. In respect of Shares acquired on or after 1 January 2014, the details to be reported also include the tax reference number of the Shareholder (being an Irish tax reference number or VAT registration number, or in the case of an individual, the individual’s PPS number) or, in the absence of a tax reference number, a marker indicating that this was not provided. No details are to be reported in respect of Shareholders who are;
- Exempt Irish Investors (as defined above);
- Shareholders who are neither Irish Resident nor Ordinarily Resident in Ireland (provided the relevant declaration has been made); or
- Shareholders whose Shares are held in a Recognised Clearing System. | ##### Meldepflichten
Gemäß Paragraph 891C des TCA und der Return of Values (Investment Undertakings) Regulations 2013 ist die Gesellschaft verpflichtet, den Revenue Commissioners jährlich bestimmte Angaben in Bezug auf die von Anlegern gehaltenen Anteile zu machen. Zu den zu meldenden Angaben gehören Namen, Anschrift und Geburtsdatum, sofern erfasst, des Anteilsinhabers sowie der Wert der von diesem gehaltenen Anteile. In Bezug auf ab dem 1. Januar 2014 erworbene Anteile umfassen die zu meldenden Angaben außerdem die Steuernummer des Anteilsinhabers (und zwar die irische Steuernummer oder Umsatzsteuernummer bzw. im Falle einer natürlichen Person die PPS-Nummer dieser Person) bzw. in Ermangelung einer Steuernummer ein Hinweis darauf, dass diese nicht angegeben wurde. Es sind keine Angaben zu melden in Bezug auf Anteilsinhaber, die:
- Steuerbefreite irische Anleger sind (wie oben definiert);
- Anteilsinhaber, die in Irland weder ihren Sitz noch ihren gewöhnlichen Aufenthalt haben (sofern die entsprechende Erklärung vorliegt); oder
- Anteilsinhaber, deren Anteile in einem anerkannten Clearing-System gehalten werden. | #### Reporting
Pursuant to Section 891C of the TCA and the Return of Values (Investment Undertakings) Regulations 2013, the Company is obliged to report certain details in relation to Shares held by investors to the Revenue Commissioners on an annual basis. The details to be reported include the name, address and date of birth if on record of, and the value of the Shares held by, a Shareholder. In respect of Shares acquired on or after 1 January 2014, the details to be reported also include the tax reference number of the Shareholder (being an Irish tax reference number or VAT registration number, or in the case of an individual, the individual’s PPS number) or, in the absence of a tax reference number, a marker indicating that this was not provided. No details are to be reported in respect of Shareholders who are;
- Exempt Irish Investors (as defined above);
- Shareholders who are neither Irish Resident nor Ordinarily Resident in Ireland (provided the relevant declaration has been made); or
- Shareholders whose Shares are held in a Recognised Clearing System. | en | de |
DOLFIN5545 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# CHARGES
## Ongoing charges
## Class A - BE0171618250: 0.36 %
## Class B - BE0171619266: 0.44 %
## The ongoing charges were calculated in accordance with the provisions of European Commission Regulation 583/2010 of 1 July 2010.
These charges include transaction fees incurred by the sub-fund when it subscribes to and/or sells units of another fund, but do not include either (i) the fees incurred by the sub-fund when it makes investments other than subscriptions/sales of units of funds or, where applicable, (ii) the performance fee
## These charges are based on the fees charged in fund accounting for one year prior to the end of the period under review.
In the event of a change in the cost structure during the financial year or if the share class is issued during the financial year, the amount of the reported current expenses is calculated on the basis of an estimate based on the expected total amount of the annual expenses (which could be determined by comparison with a similar class).
## Fee sharing
## As of 30 June 2021, 0.01% of the remuneration due to the manager has been retroceded to other distributors, third parties and Bank Degroof Petercam or one of its subsidiaries.
- | # FRAIS
## Frais courants
## Classe A - BE0171618250: 0,36 %
## Classe B - BE0171619266: 0,44 %
## Le montant des frais courants communiqué est calculé conformément aux dispositions du Règlement 583/2010 de la Commission Européenne du 1er juillet 2010.
Ces frais incluent les frais de transaction pris en charge par le compartiment lorsqu'il souscrit et/ou vend des parts d'un autre fonds mais n'incluent ni (i) les frais supportés par le compartiment lorsqu'il effectue des placements autres que souscriptions/ventes de parts de fonds ni, le cas échéant, (ii) la commission de performance.
## Ces frais se basent sur les frais imputés dans la comptabilité des fonds durant un an avant la fin de la période sous revue.
En cas de changement de la structure de coût en cours d'exercice ou lorsque la classe d'action est émise pendant l'exercice comptable, le montant des frais courants communiqué est calculé sur base d'une estimation fondée sur le montant total attendu des frais annuels (lequel pourrait être déterminé par comparaison avec une classe similaire).
## Fee sharing
## Au 30 juin 2021, 0,01 % de la rémunération due au gestionnaire a été rétrocédée à d'autres distributeurs, des tierces parties et Banque Degroof Petercam ou l'une de ses filiales.
- | # CHARGES
## Ongoing charges
## Class A - BE0171618250: 0.36 %
## Class B - BE0171619266: 0.44 %
## The ongoing charges were calculated in accordance with the provisions of European Commission Regulation 583/2010 of 1 July 2010.
These charges include transaction fees incurred by the sub-fund when it subscribes to and/or sells units of another fund, but do not include either (i) the fees incurred by the sub-fund when it makes investments other than subscriptions/sales of units of funds or, where applicable, (ii) the performance fee
## These charges are based on the fees charged in fund accounting for one year prior to the end of the period under review.
In the event of a change in the cost structure during the financial year or if the share class is issued during the financial year, the amount of the reported current expenses is calculated on the basis of an estimate based on the expected total amount of the annual expenses (which could be determined by comparison with a similar class).
## Fee sharing
## As of 30 June 2021, 0.01% of the remuneration due to the manager has been retroceded to other distributors, third parties and Bank Degroof Petercam or one of its subsidiaries.
- | en | fr |
DOLFIN5546 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in European emerging market countries including Russia (the "Emerging European Countries").
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo fundamentalmente en compañías de los mercados emergentes europeos, incluida Rusia (los «Países europeos emergentes»).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
Índice de referencia de la Clase de Acciones MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes. | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in European emerging market countries including Russia (the "Emerging European Countries").
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different. | en | es |
DOLFIN5547 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
An up-to-date version of the KIIDs will be made available on nordea.lu, and, depending on the local language(s) of the countries where the Company, a fund or a Share Class are registered for public offering, on the local Nordea websites ending with the international country codes of such relevant countries. As an exception, KIIDs in Portuguese will be made available on nordea.lu only.
The following documents may be consulted at the registered office of the Company or the Management Company during their respective business days:
- the Management Company Agreement between the Company and Nordea Investment Funds S.A.;
- the Global Custody Agreement between the Company and J.P. Morgan Bank Luxembourg S.A. | Une version mise à jour des DICI sera disponible sur le site nordea.lu et, en fonction de la(des) langue(s) locale(s) des pays où la Société, un fonds ou une Catégorie d’Actions sont enregistrés aux fins d'une offre publique, sur les sites Internet locaux de Nordea, dont l'adresse se termine par les codes internationaux correspondant aux pays concernés. Exceptionnellement, les versions portugaises des DICI seront disponibles uniquement sur le site nordea.lu.
Les documents suivants peuvent être consultés au siège social de la Société ou auprès de la Société de gestion durant les jours ouvrables respectifs de ces entités :
- le Contrat de gestion conclu entre la Société et Nordea Investment Funds S.A. ;
- le Contrat global de dépôt conclu entre la Société et J.P. Morgan Bank Luxembourg S.A. | An up-to-date version of the KIIDs will be made available on nordea.lu, and, depending on the local language(s) of the countries where the Company, a fund or a Share Class are registered for public offering, on the local Nordea websites ending with the international country codes of such relevant countries. As an exception, KIIDs in Portuguese will be made available on nordea.lu only.
The following documents may be consulted at the registered office of the Company or the Management Company during their respective business days:
- the Management Company Agreement between the Company and Nordea Investment Funds S.A.;
- the Global Custody Agreement between the Company and J.P. Morgan Bank Luxembourg S.A. | en | fr |
DOLFIN5548 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Profil de risque
A risque plus faible A risque plus élevé
des placements en private equity. Le compartiment ne peut pas investir plus de 10% de ses actifs dans d’autres fonds. À des fins de couverture ou pour accroître les actifs, le compartiment peut également utiliser des instruments financiers dont la valeur dépend des cours futurs d’autres actifs («produits dérivés»). En principe, les investisseurs peuvent obtenir le remboursement de leurs parts n’importe quel jour ouvrable au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat d’actions peut être suspendu dans les cas exceptionnels où cela est jugé nécessaire dans l’intérêt des investisseurs. Le fonds réinvestit, mais il ne verse pas de rendement aux investisseurs. | ## Perfil de riesgo
Riesgo inferior a la media Riesgo superior a la media
inversiones de private equity. El subfondo no podrá invertir más del 10% de sus activos en otros fondos. A efectos de cobertura o para aumentar los activos, el subfondo puede también hacer uso de instrumentos financieros, cuyo valor depende de los precios futuros de otros activos («instrumentos derivados»). En principio, los inversores pueden rescatar sus acciones cualquier día hábil bancario en Luxemburgo, con excepción del 24 y 31 de diciembre. El rescate de acciones puede quedar suspendido en circunstancias extraordinarias si esto se estima necesario en interés de los inversores. El fondo reinvierte pero no paga primas a los inversores. | ## Profil de risque
A risque plus faible A risque plus élevé
des placements en private equity. Le compartiment ne peut pas investir plus de 10% de ses actifs dans d’autres fonds. À des fins de couverture ou pour accroître les actifs, le compartiment peut également utiliser des instruments financiers dont la valeur dépend des cours futurs d’autres actifs («produits dérivés»). En principe, les investisseurs peuvent obtenir le remboursement de leurs parts n’importe quel jour ouvrable au Luxembourg, à l’exception des 24 et 31 décembre. Le rachat d’actions peut être suspendu dans les cas exceptionnels où cela est jugé nécessaire dans l’intérêt des investisseurs. Le fonds réinvestit, mais il ne verse pas de rendement aux investisseurs. | fr | es |
DOLFIN5549 | 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 |
| --- | --- | --- |
| Total costs | 379 EUR | 874 EUR |
| Annual cost impact* | 3.79 % | 1.36 % | | | | Si vende su inversión después de 1 año | Si vende su inversión después de 5 años |
| --- | --- | --- |
| Costes totales | 379 EUR | 874 EUR |
| Incidencia anual de los costes* | 3,79 % | 1,36 % | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 379 EUR | 874 EUR |
| Annual cost impact* | 3.79 % | 1.36 % | | en | es |
DOLFIN5550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary of the UCITS is Edmond de Rothschild (France).
The Sub-fund prospectus, its latest annual report and any subsequent interim report (in French and English) are available free of charge upon written request sent to Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - France, telephone: +33 1 40 17 25 25, email: [email protected]. The price of the shares and, where applicable, information about other share classes are available online at www.edram.fr. Detailed information on the remuneration policy established by the management company, including a description of the method used to calculate remuneration and benefits, is available online at
http://www.edmond-de-rothschild.com/site/France/en/asset-management. A written copy of the policy is available free of charge from the management company upon request.
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
Ongoing charges are estimated on the basis of the expected total charges for the current financial year. This figure may vary from year to year.
It excludes performance fees and intermediary fees except for entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in USD, with net dividends reinvested. EdR SICAV – Financial Bonds was launched on 12.02.2019
Unit launch date: 11.2021
Benchmark index: 80% ICE BofA Euro Financial (USD hedged) + 20% ICE BofA Contingent Capital (USD hedged), coupons reinvested
French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 12.07.2022. | # Información práctica
El banco depositario del OICVM es Edmond de Rothschild (France).
El folleto del subfondo, su informe anual más reciente y todo informe semestral posterior (en francés e inglés) se facilitan gratuitamente, previa solicitud por escrito enviada a Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - Francia, teléfono: 00 33 1 40 17 25 25, correo electrónico: [email protected]. El precio de las acciones y, en su caso, los datos relativos a las otras categorías de acciones están disponibles en el sitio web www.edram.fr. La información detallada acerca de la política de remuneración establecida por la Sociedad Gestora, incluida la descripción del método de determinación de la remuneración y los beneficios, se encuentra disponible en el sitio web:
http://www.edmond-de-rothschild.com/site/France/fr/asset-management. También puede obtenerse de forma gratuita una copia por escrito de la política mediante solicitud dirigida a la Sociedad Gestora.
Los gastos y las comisiones se utilizan para cubrir los costes operativos del subfondo, incluidas la comercialización y la distribución de acciones. Estos gastos reducen el potencial de crecimiento de su inversión.
Los gastos de entrada y de salida que se indican en este documento constituyen un límite máximo, es decir, el inversor podrá pagar una cantidad inferior en determinados casos.
El inversor podrá obtener de su asesor o de su distribuidor financiero la información relativa al importe efectivo de los gastos de entrada y de salida.
Los gastos corrientes son objeto de una estimación basada en la cantidad total de gastos previstos durante el ejercicio en curso. Esta cifra puede variar de un ejercicio a otro.
No se incluyen las comisiones de rentabilidad ni los gastos de intermediación, salvo los gastos de entrada y de salida pagados por el subfondo cuando compra o vende participaciones y/o acciones de otro OIC y fondos de inversión.
Puede encontrar información más detallada acerca de los gastos y las comisiones en el folleto del subfondo y en el sitio web www.edram.fr.
La rentabilidad histórica no es indicativa de rendimientos futuros. No son constantes en el tiempo.
Los gastos corrientes, los gastos de intermediación y las comisiones de rentabilidad que se puedan detraer se incluyen en el cálculo de la rentabilidad. Se excluyen las comisiones de entrada y de salida.
La rentabilidad histórica se ha calculado en USD, dividendos netos reinvertidos. EdR SICAV- Financial Bonds se lanzó el 12.02.2019
Fecha de lanzamiento de la participación: 11.2021
Índice de referencia: Compuesto en un 80% por el ICE BofA Euro Financial (cubierto en USD) y en un 20% por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos.
La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del subfondo.
Las acciones de este subfondo no están ni estarán registradas en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El subfondo no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico.
Este OICVM está autorizado en Francia y regulado por la Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (332 652 536 Registro Mercantil de París) está autorizada en Francia con el número GP-04000015 y está regulada por la AMF. Los presentes datos fundamentales para el inversor son exactos a 12 de julio de 2022. | # Practical information
The depositary of the UCITS is Edmond de Rothschild (France).
The Sub-fund prospectus, its latest annual report and any subsequent interim report (in French and English) are available free of charge upon written request sent to Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - France, telephone: +33 1 40 17 25 25, email: [email protected]. The price of the shares and, where applicable, information about other share classes are available online at www.edram.fr. Detailed information on the remuneration policy established by the management company, including a description of the method used to calculate remuneration and benefits, is available online at
http://www.edmond-de-rothschild.com/site/France/en/asset-management. A written copy of the policy is available free of charge from the management company upon request.
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
Ongoing charges are estimated on the basis of the expected total charges for the current financial year. This figure may vary from year to year.
It excludes performance fees and intermediary fees except for entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in USD, with net dividends reinvested. EdR SICAV – Financial Bonds was launched on 12.02.2019
Unit launch date: 11.2021
Benchmark index: 80% ICE BofA Euro Financial (USD hedged) + 20% ICE BofA Contingent Capital (USD hedged), coupons reinvested
French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 12.07.2022. | en | es |
DOLFIN5551 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# CDP / Carbon Disclosure Project
The CDP is a non-profit international organisation that manages the leading environmental reporting platform. Over the years, the CDP has become the principal voluntary questionnaire used to assess and compare that energy and carbon performances of companies. The CDP now integrates the SBT concept in its ratings. | # CDP / Carbon Disclosure Project
Il CDP è un’organizzazione internazionale senza scopo di lucro che gestisce la più grande piattaforma di reportistica ambientale al mondo. Negli anni, il CDP è diventato il principale questionario volontario per valutare e confrontare le prestazioni energetiche e carboniche delle aziende. Nel suo rating tiene ormai conto del concetto di SBT. | # CDP / Carbon Disclosure Project
The CDP is a non-profit international organisation that manages the leading environmental reporting platform. Over the years, the CDP has become the principal voluntary questionnaire used to assess and compare that energy and carbon performances of companies. The CDP now integrates the SBT concept in its ratings. | en | it |
DOLFIN5552 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Transfer of Ownership of Shares
Shares in each Fund will be transferable by sending instruction in writing to the Manager c/o the Administrator. Such instruction should be signed by (or, in the case of a transfer by a body corporate, signed on behalf of or sealed by) the transferor provided that the transfer does not result in the transferor or the transferee holding a number of Shares of a value which is less than the Minimum Holding for that Fund. The Minimum Holding requirement for a transfer may be waived at the discretion of the Directors. The Company will not register the transfer of Shares or acknowledge the fact that a transfer has been made until such time as the transferor and the transferee have completed the Account Opening Form, have provided the Manager and the Company with such evidence of their identities as the Manager and Company may require for the purpose of complying with applicable money laundering prevention checks and the relevant documentation has been received by the Company or its delegate. In the case of the death of one of joint Shareholders, the survivor or survivors will be the only person or persons recognised by the Company and the Manager as having any title to or interest in the Shares registered in the names of such joint Shareholders. The Directors may decline any request for a transfer of Shares if they are aware or reasonably believe the transfer would result in the beneficial ownership of such Shares by a person in contravention of any restrictions on ownership imposed by the Directors or might result in legal, regulatory, pecuniary, taxation or material administrative disadvantage to the relevant Fund or Class or Shareholders as a whole.
Irish Resident Shareholders other than Exempt Investors must notify the Company in advance of any proposed transfer of Shares. | # Transfert de la propriété d'Actions
Les Actions de chaque Compartiment sont cessibles au moyen d'une instruction écrite adressée à la Société de gestion, à l'attention de l'Agent administratif. Cette instruction doit être signée par le cédant (ou, dans le cas d'une cession par une société, signée pour le compte ou sous le sceau du cédant), sous réserve qu'à l'issue de l'opération, le cédant ou le cessionnaire ne détienne pas un nombre d'Actions dont la valeur serait inférieure à la Participation minimum prévue pour le Compartiment concerné. Les Administrateurs peuvent, à leur discrétion, résilier le critère de Participation minimum. La Société n'enregistrera pas la cession d'Actions ou ne reconnaîtra pas officiellement le fait qu'une cession a bien eu lieu tant que le cédant et le cessionnaire n'auront pas complété le Formulaire d'Ouverture de Compte, qu'ils n'auront pas prouvé leur identité à la Société de gestion et à la Société afin de se conformer aux contrôles préventifs de lutte contre le blanchiment de capitaux, et que la Société ou ses représentants n'auront pas reçu les documents appropriés à cet effet. En cas de décès de l'un des Actionnaires conjoints, le ou les survivants sera (seront) la (les) seule(s) personne(s) reconnue(s) par la Société et la Société de gestion comme ayant un droit ou un intérêt sur les Actions enregistrées au nom des Actionnaires conjoints. Le Conseil d’administration peut refuser une demande de cession d’Actions s’ils savent ou ont des raisons de penser que, suite à cette cession, le titulaire du titre de propriété bénéficiaire des Actions sera contraire aux restrictions imposées par les Administrateurs sur la détention d’Actions ou engendrera des désavantages juridiques, réglementaires, pécuniaires, fiscaux ou administratifs importants pour le Compartiment, la Classe ou les Actionnaires dans leur ensemble.
Les Actionnaires qui sont des Résident Irlandais mais qui ne sont pas des Investisseurs Exonérés doivent faire connaître à l'avance à la Société tout projet de cession d'Actions. | # Transfer of Ownership of Shares
Shares in each Fund will be transferable by sending instruction in writing to the Manager c/o the Administrator. Such instruction should be signed by (or, in the case of a transfer by a body corporate, signed on behalf of or sealed by) the transferor provided that the transfer does not result in the transferor or the transferee holding a number of Shares of a value which is less than the Minimum Holding for that Fund. The Minimum Holding requirement for a transfer may be waived at the discretion of the Directors. The Company will not register the transfer of Shares or acknowledge the fact that a transfer has been made until such time as the transferor and the transferee have completed the Account Opening Form, have provided the Manager and the Company with such evidence of their identities as the Manager and Company may require for the purpose of complying with applicable money laundering prevention checks and the relevant documentation has been received by the Company or its delegate. In the case of the death of one of joint Shareholders, the survivor or survivors will be the only person or persons recognised by the Company and the Manager as having any title to or interest in the Shares registered in the names of such joint Shareholders. The Directors may decline any request for a transfer of Shares if they are aware or reasonably believe the transfer would result in the beneficial ownership of such Shares by a person in contravention of any restrictions on ownership imposed by the Directors or might result in legal, regulatory, pecuniary, taxation or material administrative disadvantage to the relevant Fund or Class or Shareholders as a whole.
Irish Resident Shareholders other than Exempt Investors must notify the Company in advance of any proposed transfer of Shares. | en | fr |
DOLFIN5553 | 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
Ce Compartiment vise à obtenir des revenus et, dans une moindre mesure, des plus-values à long terme en investissant dans un portefeuille diversifié de titres de sociétés et autres entités opérant dans le secteur de l’immobilier dans le monde entier.
Le Compartiment cherche à atteindre son objectif en investissant principalement dans des actions, titres de fonds propres et/ou de créance émis par des sociétés et autres entités tirant leurs recettes de façon prédominante d’activités liées à l’immobilier qui sont exercées dans le monde entier, y compris les sociétés d’investissement immobilier (REIT), les sociétés s’apparentant à des REIT et toutes autres sociétés d’exploitation immobilière dans le monde entier.
Le Compartiment peut investir jusqu’à 70 % de sa VL dans des ABS et MBS, pouvant inclure des actifs et crédits adossés à de l’immobilier commercial (CMBS) et autres ABS liés au secteur immobilier.
L’exposition aux MBS peut être assurée via des agences (émission par des entreprises soutenues par l’État, comme Fannie Mae, Freddie Mac ou Ginnie Mae) mais sera principalement effectuée hors agence (émission classique par une banque d’investissement).
En outre, l’exposition aux ABS/MBS peut être assurée via des tranches de rangs inférieur et supérieur.
Ce Compartiment peut investir moins de 30 % de sa VL dans des titres de créance qui ne sont pas notés et/ou dont la note de crédit est trop basse pour qu’ils soient considérés comme des placements sans risque.
Ce Compartiment peut investir jusqu’à 30 % de sa VL dans des Instruments du marché monétaire ou dans des actions et titres de fonds propres ou de créance émis par des sociétés ou autres entités (y compris des États) ne remplissant pas les critères ci- dessus.
Le Compartiment peut investir jusqu’à 5 % de sa VL dans des titres qui, de l’avis de la SICAV, sont en défaut ou qui ont de fortes chances d’être en défaut (« Titres en détresse »). | #### Objetivo y política de inversión
El objetivo del Fondo es generar rendimientos y, en menor medida, conseguir una revalorización a largo plazo del capital mediante la inversión en una cartera diversificada de valores de empresas y otras entidades dedicadas al sector inmobiliario en todo el mundo.
Para alcanzar este objetivo, el Fondo invertirá principalmente en acciones, valores vinculados a renta variable y/o instrumentos de deuda emitidos por empresas y otras entidades que obtengan una parte predominante de sus ingresos a través de actividades relacionadas con el sector inmobiliario en todo el mundo, incluidas sociedades y fondos de inversión inmobiliaria (REIT), sociedades análogas a REIT u otras empresas presentes en el sector inmobiliario de todo el mundo.
El Fondo podrá invertir hasta un 70% de su valor liquidativo en ABS y MBS, que pueden incluir valores con garantía hipotecaria comercial (CMBS) y otros ABS relacionados con el sector inmobiliario.
La exposición a MBS puede obtenerse a través de agencias (emitida por empresas patrocinadas por el Gobierno, tales como Fannie Mae, Freddie Mac o Ginnie Mae), pero será predominantemente no por medio de agencias (tradicionalmente emitida por un banco de inversión).
Además, la exposición a ABS/MBS puede hacerse a través de tramos principales y subordinados.
El Fondo no podrá invertir menos de un 30% del total de sus activos en valores de deuda sin calificación de solvencia o con calificaciones inferiores al grado de inversión.
Hasta un 30% del valor liquidativo del Fondo podrá estar invertido en Instrumentos del Mercado Monetario, acciones e instrumentos vinculados a renta variable e instrumentos de deuda emitidos por sociedades u otras entidades (incluidos Gobiernos) que no cumplan los requisitos anteriormente expuestos.
El Fondo puede invertir hasta un 5% de su valor liquidativo en valores que se encuentren en incumplimiento o se considere que están en alto riesgo de incumplimiento según lo determinado por la SICAV (“valores con dificultades”). | ###### Objectifs et politique d’investissement
Ce Compartiment vise à obtenir des revenus et, dans une moindre mesure, des plus-values à long terme en investissant dans un portefeuille diversifié de titres de sociétés et autres entités opérant dans le secteur de l’immobilier dans le monde entier.
Le Compartiment cherche à atteindre son objectif en investissant principalement dans des actions, titres de fonds propres et/ou de créance émis par des sociétés et autres entités tirant leurs recettes de façon prédominante d’activités liées à l’immobilier qui sont exercées dans le monde entier, y compris les sociétés d’investissement immobilier (REIT), les sociétés s’apparentant à des REIT et toutes autres sociétés d’exploitation immobilière dans le monde entier.
Le Compartiment peut investir jusqu’à 70 % de sa VL dans des ABS et MBS, pouvant inclure des actifs et crédits adossés à de l’immobilier commercial (CMBS) et autres ABS liés au secteur immobilier.
L’exposition aux MBS peut être assurée via des agences (émission par des entreprises soutenues par l’État, comme Fannie Mae, Freddie Mac ou Ginnie Mae) mais sera principalement effectuée hors agence (émission classique par une banque d’investissement).
En outre, l’exposition aux ABS/MBS peut être assurée via des tranches de rangs inférieur et supérieur.
Ce Compartiment peut investir moins de 30 % de sa VL dans des titres de créance qui ne sont pas notés et/ou dont la note de crédit est trop basse pour qu’ils soient considérés comme des placements sans risque.
Ce Compartiment peut investir jusqu’à 30 % de sa VL dans des Instruments du marché monétaire ou dans des actions et titres de fonds propres ou de créance émis par des sociétés ou autres entités (y compris des États) ne remplissant pas les critères ci- dessus.
Le Compartiment peut investir jusqu’à 5 % de sa VL dans des titres qui, de l’avis de la SICAV, sont en défaut ou qui ont de fortes chances d’être en défaut (« Titres en détresse »). | fr | es |
DOLFIN5554 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As at 30 June 2022
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Equities (continued)
South Africa
AngloGold Ashanti Ltd. ZAR 83 1,253 0.01
Bidvest Group Ltd. (The) ZAR 114 1,458 0.01
Clicks Group Ltd. ZAR 180 3,022 0.03
Kumba Iron Ore Ltd. ZAR 38 1,206 0.01
Naspers Ltd. 'N' ZAR 61 8,742 0.09
NEPI Rockcastle S.A. ZAR 150 797 0.01
Sanlam Ltd. ZAR 514 1,660 0.02
Sibanye Stillwater Ltd. ZAR 287 713 0.01
Standard Bank Group Ltd. ZAR 221 2,097 0.02
Vodacom Group Ltd. ZAR 679 5,398 0.06
26,346 0.27
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Equities (continued)
Sweden (continued)
Kinnevik AB 'B' SEK 112 1,788 0.02
Nibe Industrier AB 'B' SEK 220 1,626 0.02
Skandinaviska Enskilda Banken AB 'A' SEK 182 1,772 0.02
SKF AB 'B' SEK 119 1,723 0.02
Svenska Cellulosa AB SCA 'B' SEK 130 1,929 0.02
Svenska Handelsbanken AB 'A' SEK 210 1,787 0.02
Swedbank AB 'A' SEK 169 2,119 0.02
Tele2 AB 'B' SEK 252 2,843 0.03
Telefonaktiebolaget LM Ericsson 'B' SEK 248 1,834 0.02
Volvo AB 'A' SEK 94 1,484 0.01
Volvo AB 'B' SEK 163 2,487 0.03
39,396 0.41 | Al 30 giugno 2022
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato
Azioni (seguito)
Sudafrica
AngloGold Ashanti Ltd. ZAR 83 1.253 0,01
Bidvest Group Ltd. (The) ZAR 114 1.458 0,01
Clicks Group Ltd. ZAR 180 3.022 0,03
Kumba Iron Ore Ltd. ZAR 38 1.206 0,01
Naspers Ltd. 'N' ZAR 61 8.742 0,09
NEPI Rockcastle S.A. ZAR 150 797 0,01
Sanlam Ltd. ZAR 514 1.660 0,02
Sibanye Stillwater Ltd. ZAR 287 713 0,01
Standard Bank Group Ltd. ZAR 221 2.097 0,02
Vodacom Group Ltd. ZAR 679 5.398 0,06
26.346 0,27
Valori mobiliari e strumenti del mercato monetario ammessi al
listino ufficiale o negoziati su un altro mercato regolamentato
Azioni (seguito)
Svezia (seguito)
Kinnevik AB 'B' SEK 112 1.788 0,02
Nibe Industrier AB 'B' SEK 220 1.626 0,02
Skandinaviska Enskilda Banken AB 'A' SEK 182 1.772 0,02
SKF AB 'B' SEK 119 1.723 0,02
Svenska Cellulosa AB SCA 'B' SEK 130 1.929 0,02
Svenska Handelsbanken AB 'A' SEK 210 1.787 0,02
Swedbank AB 'A' SEK 169 2.119 0,02
Tele2 AB 'B' SEK 252 2.843 0,03
Telefonaktiebolaget LM Ericsson 'B' SEK 248 1.834 0,02
Volvo AB 'A' SEK 94 1.484 0,01
Volvo AB 'B' SEK 163 2.487 0,03
39.396 0,41 | As at 30 June 2022
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Equities (continued)
South Africa
AngloGold Ashanti Ltd. ZAR 83 1,253 0.01
Bidvest Group Ltd. (The) ZAR 114 1,458 0.01
Clicks Group Ltd. ZAR 180 3,022 0.03
Kumba Iron Ore Ltd. ZAR 38 1,206 0.01
Naspers Ltd. 'N' ZAR 61 8,742 0.09
NEPI Rockcastle S.A. ZAR 150 797 0.01
Sanlam Ltd. ZAR 514 1,660 0.02
Sibanye Stillwater Ltd. ZAR 287 713 0.01
Standard Bank Group Ltd. ZAR 221 2,097 0.02
Vodacom Group Ltd. ZAR 679 5,398 0.06
26,346 0.27
Transferable securities and money market instruments admitted to
official exchange listing or dealt in on another regulated market
Equities (continued)
Sweden (continued)
Kinnevik AB 'B' SEK 112 1,788 0.02
Nibe Industrier AB 'B' SEK 220 1,626 0.02
Skandinaviska Enskilda Banken AB 'A' SEK 182 1,772 0.02
SKF AB 'B' SEK 119 1,723 0.02
Svenska Cellulosa AB SCA 'B' SEK 130 1,929 0.02
Svenska Handelsbanken AB 'A' SEK 210 1,787 0.02
Swedbank AB 'A' SEK 169 2,119 0.02
Tele2 AB 'B' SEK 252 2,843 0.03
Telefonaktiebolaget LM Ericsson 'B' SEK 248 1,834 0.02
Volvo AB 'A' SEK 94 1,484 0.01
Volvo AB 'B' SEK 163 2,487 0.03
39,396 0.41 | en | it |
DOLFIN5555 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
For the purpose of all credit ratings and unless stated otherwise in the Sub-Fund appendix, in instances where 1) two different credit
ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of these ratings shall be decisive, and
2) where three ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of the top two ratings shall be decisive.
The Sub-Funds may invest in unrated securities whose creditworthiness is, in the opinion of the Investment Manager, of comparable quality to other securities eligible for inclusion in the relevant Sub-Fund’s portfolio and/or the constituents of the relevant benchmark index of such Sub-Fund. The internal rating assigned to such securities by the Investment Manager will be used for the purpose of calculating the specified thresholds within each Sub-Fund’s investment policy.
Ancillary liquid assets are excluded from net assets for the purposes of calculating all minimum investment thresholds detailed below. Ancillary liquid assets are included within net assets for the purposes of calculating all maximum investment thresholds detailed below. Ancillary liquid assets are those assets invested outside the main investment strategy of a Sub-Fund including, but not limited to, Cash and assets linked to repurchase agreements as part of a treasury management strategy.
For each investment policy detailed below, all references to investment shall include both direct and indirect investment, unless otherwise stated.
For each investment policy detailed below, an entity’s country of domicile may be determined by the Investment Manager to be the country in which, in the Investment Manager’s reasonable opinion, such entity carries out its significant business operations.
Where valuation of the net asset value per Share occurs weekly, the Valuation Day shall be (i) each Tuesday which is a Business Day or, for each Tuesday which is not a Business Day, the following Business Day and (ii) the last Business Day of each month.
Where valuation of the net asset value per Share occurs daily, each Business Day shall be a Valuation Day.
The Investment Manager may manage the currency allocation of each Sub-Fund.
The method used for the determination of the level of leverage of each Sub-Fund is the “sum-of-notionals” approach.
Investment in the Sub-Funds may not be suitable for all investors. Investors should review this Prospectus in its entirety, and consult with their professional advisors, before making an application for Shares.
For all Sub-Funds categorised as Article 8 or Article 9 according to SFDR, Investors should refer to Section 5 and online at www.bluebay.com/en/investment-expertise/esg/approach/ for more information on the approach and ESG Exclusions / Screening implemented by such Sub-Funds. | Für den Zweck aller Kredit-Ratings, und sofern der Anhang für den Teilfonds keine abweichenden Angaben enthält, ist in Fällen, in denen 1) zwei unterschiedliche Kredit-Ratings von Standards & Poor’s, Fitch oder Moody’s für ein bestimmtes Wertpapier veröffentlicht werden, das niedrigere dieser Ratings entscheidend, und 2) wenn drei oder mehr Ratings von Standards & Poor’s, Fitch oder Moody’s für ein bestimmtes Wertpapier veröffentlicht werden, ist das niedrigere der zwei besten Ratings entscheidend.
Die Teilfonds können in Wertpapiere ohne Rating investieren, deren Bonität nach Ansicht des Anlageverwalters mit der Qualität anderer Wertpapiere vergleichbar ist, die für eine Einbeziehung in das Portfolio des betreffenden Teilfonds infrage kommen und/oder im jeweiligen Vergleichsindex dieses Teilfonds vertreten sind. Das diesen Wertpapieren vom Anlageverwalter zugewiesene interne Rating wird für den Zweck der Berechnung der spezifischen Höchstgrenzen im Rahmen der Anlagepolitik jedes Teilfonds herangezogen.
Zusätzliche liquide Mittel werden für die Zwecke der Berechnung aller nachstehend angeführten Mindestanlagegrenzen vom Nettovermögen ausgeschlossen. Für die Zwecke der Berechnung aller nachstehend angeführten Höchstanlagegrenzen werden sie in das Nettovermögen einbezogen. Zusätzliche liquide Mittel sind Vermögenswerte, die außerhalb der Hauptanlagestrategie eines Teilfonds investiert werden, darunter u. a. Barmittel und mit Repogeschäften verbundene Mittel als Teil einer Treasury-Management- Strategie.
In Bezug auf jede nachstehend ausgeführte Anlagepolitik umfassen alle Verweise auf Investitionen sowohl direkte als auch indirekte Kapitalanlagen, soweit nichts anderes angegeben ist.
In Bezug auf jede nachstehend beschriebene Anlagepolitik kann das Land der Ansässigkeit einer Körperschaft vom Anlageverwalter als das Land festgelegt werden, in dem diese Körperschaft nach dessen angemessener Ansicht den Großteil ihrer Geschäfte tätigt.
Erfolgt die Bewertung des Nettoanlagewerts je Anteil auf wöchentlicher Basis, ist der Bewertungstag (i) jeder Dienstag, sofern es sich um einen Geschäftstag handelt, oder anstelle jedes Dienstags, der kein Geschäftstag ist, der darauf folgende Geschäftstag und (ii) der letzte Geschäftstag eines jeden Monats.
Wenn die Bewertung des Nettoinventarwerts auf täglicher Basis erfolgt, ist jeder Geschäftstag ein Bewertungstag. Der Anlageverwalter kann die Währungsallokation jedes Teilfonds managen.
Bei der Feststellung des Verschuldungsgrads jedes Teilfonds wird als Methode der „Summe der Nominalwerte-Ansatz“ verwendet.
Eine Kapitalanlage in die Teilfonds ist möglicherweise nicht für alle Anleger geeignet. Anleger sollten diesen Prospekt vollständig lesen, und vor der Zeichnung von Anteilen ihre Fachberater konsultieren.
Für alle Teilfonds, die als Artikel 8 oder 9 der SFDR kategorisiert wurden, sollten sich Anleger Absatz 5 online unter www.bluebay.com/en/investment-expertise/esg/approach/ für mehr Informationen zum Ansatz und ESG-Ausschlüsse/Screenings, die von solchen Teilfonds angewandt werden, ansehen. | For the purpose of all credit ratings and unless stated otherwise in the Sub-Fund appendix, in instances where 1) two different credit
ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of these ratings shall be decisive, and
2) where three ratings are published by Standards & Poor’s, Fitch or Moody’s for a specific security, the lower of the top two ratings shall be decisive.
The Sub-Funds may invest in unrated securities whose creditworthiness is, in the opinion of the Investment Manager, of comparable quality to other securities eligible for inclusion in the relevant Sub-Fund’s portfolio and/or the constituents of the relevant benchmark index of such Sub-Fund. The internal rating assigned to such securities by the Investment Manager will be used for the purpose of calculating the specified thresholds within each Sub-Fund’s investment policy.
Ancillary liquid assets are excluded from net assets for the purposes of calculating all minimum investment thresholds detailed below. Ancillary liquid assets are included within net assets for the purposes of calculating all maximum investment thresholds detailed below. Ancillary liquid assets are those assets invested outside the main investment strategy of a Sub-Fund including, but not limited to, Cash and assets linked to repurchase agreements as part of a treasury management strategy.
For each investment policy detailed below, all references to investment shall include both direct and indirect investment, unless otherwise stated.
For each investment policy detailed below, an entity’s country of domicile may be determined by the Investment Manager to be the country in which, in the Investment Manager’s reasonable opinion, such entity carries out its significant business operations.
Where valuation of the net asset value per Share occurs weekly, the Valuation Day shall be (i) each Tuesday which is a Business Day or, for each Tuesday which is not a Business Day, the following Business Day and (ii) the last Business Day of each month.
Where valuation of the net asset value per Share occurs daily, each Business Day shall be a Valuation Day.
The Investment Manager may manage the currency allocation of each Sub-Fund.
The method used for the determination of the level of leverage of each Sub-Fund is the “sum-of-notionals” approach.
Investment in the Sub-Funds may not be suitable for all investors. Investors should review this Prospectus in its entirety, and consult with their professional advisors, before making an application for Shares.
For all Sub-Funds categorised as Article 8 or Article 9 according to SFDR, Investors should refer to Section 5 and online at www.bluebay.com/en/investment-expertise/esg/approach/ for more information on the approach and ESG Exclusions / Screening implemented by such Sub-Funds. | en | de |
DOLFIN5556 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Manager shall reinvest any such monies in accordance with the provisions of the investment objective and the investment policy of the relevant Fund in the same or similar investments at such rate and in such amounts as the Manager shall deem appropriate under the circumstances provided that such investment shall be within the restrictions applicable to the particular Fund.
In addition, please note the following in relation to the investment objectives and policies of the Funds:
- any Fund, the name of which contains a reference to a specific type of security, country or region will invest at least two thirds of its non‑liquid assets in that specific type of security, country or region;
- any Fund, the name of which contains a specific reference to a specific currency, will invest at least two thirds of its non‑liquid assets in securities denominated in that specific currency;
- where the investment policy of a Fund states that investments are made “primarily” in a specific type of security, country or region, that Fund will invest either directly or indirectly (through the use of financial derivative instruments) at least two thirds of its non‑liquid assets in that specific type of security, country or region;
- where the investment policy of a Fund refers to investments in companies of a specific country or region, this means (in the absence of any other definition) that these companies will have their registered office in the specific country or region stated, notwithstanding their being listed on any stock exchange mentioned in the investment policy of the Fund. | Le Gestionnaire réinvestira ces sommes, conformément aux objectifs et politiques d’investissement du Fonds concerné, dans des investissements identiques ou semblables, à un taux et pour des montants que le Gestionnaire estimera adaptés aux circonstances. Il est précisé que cet investissement devra respecter les limites applicables au Fonds en question.
De plus, veuillez noter eu égard aux objectifs et politiques d’investissement des Fonds que :
- tout Fonds dont le nom fait référence à un type de titres, à une région ou à un pays particulier investira au moins les deux tiers de ses actifs non liquides dans ce type de titres, cette région ou ce pays spécifique ;
- tout Fonds, dont le nom fait spécifiquement référence à une devise particulière, investira au moins les deux tiers de ses actifs non liquides dans des valeurs mobilières libellées dans cette même devise ;
- lorsque la politique d’investissement d’un Fonds prévoit que les investissements seront « principalement » réalisés dans un type de titres, une région ou un pays spécifique, ce Fonds investira (directement ou indirectement au moyen d’instruments financiers dérivés) au moins les deux tiers de ses actifs non liquides dans ce type de titres, cette région ou ce pays spécifique ;
- lorsque la politique d’investissement d’un Fonds mentionne les investissements dans les entreprises d’une région spécifique, cela signifie (en l’absence de toute autre définition) que le siège social de ces entreprises se trouve dans la région ou dans le pays en question, nonobstant leur cotation à toute bourse mentionnée dans la politique d’investissement du Fonds. | The Manager shall reinvest any such monies in accordance with the provisions of the investment objective and the investment policy of the relevant Fund in the same or similar investments at such rate and in such amounts as the Manager shall deem appropriate under the circumstances provided that such investment shall be within the restrictions applicable to the particular Fund.
In addition, please note the following in relation to the investment objectives and policies of the Funds:
- any Fund, the name of which contains a reference to a specific type of security, country or region will invest at least two thirds of its non‑liquid assets in that specific type of security, country or region;
- any Fund, the name of which contains a specific reference to a specific currency, will invest at least two thirds of its non‑liquid assets in securities denominated in that specific currency;
- where the investment policy of a Fund states that investments are made “primarily” in a specific type of security, country or region, that Fund will invest either directly or indirectly (through the use of financial derivative instruments) at least two thirds of its non‑liquid assets in that specific type of security, country or region;
- where the investment policy of a Fund refers to investments in companies of a specific country or region, this means (in the absence of any other definition) that these companies will have their registered office in the specific country or region stated, notwithstanding their being listed on any stock exchange mentioned in the investment policy of the Fund. | en | fr |
DOLFIN5557 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Augmenter la valeur des investissements des actionnaires principalement à travers la croissance du capital.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds investit principalement en actions de sociétés cotées, ayant leur siège social ou exerçant une part prépondérante de leur activité économique aux États- Unis.
- Les actions des sociétés indiquées à continuation (détenues directement ou indirectement par le biais de dérivés) seront automatiquement exclues :
- Tabac : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de la production de tabac ;
- Armes : sociétés :
- impliquées dans la production d’armes controversées (y compris les armes à sous- munitions, les mines et les armes biologiques ou chimiques) ; ou
- qui réalisent plus de 10 % de leur chiffre d’affaires dans le secteur des armes conventionnelles ou nucléaires et des composants et systèmes y associés ; ou
- qui tirent plus de 10 % de leur chiffre d’affaires de la fabrication ou la vente d’armes à feu civiles ou de munitions ;
- Charbon : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de l’extraction ou de la vente de charbon thermique ;
- Des sociétés, qui selon le Gestionnaire d’investissement, ne respectent pas les principes du Pacte mondial des Nations Unies relatifs aux droits de l’homme, aux droits du travail, à l’environnement et à la lutte contre la corruption.
- Le fonds promeut des caractéristiques environnementales et/ou sociales au sens de l’article 8 du SFDR. Le Gestionnaire d’investissement cherche à réduire l’exposition au risque associé au changement climatique et à bénéficier des avantages liés à la transition vers l’objectif de zéro émission nette, en investissant dans des sociétés qui gèrent activement leur exposition aux émissions carbone et se fixent des objectifs pertinents à cet égard. De plus amples informations sontfournies dans la méthodologie décrite sur le site web d’Artemis : www.artemisfunds.com/methodology-statement.
- Le Gestionnaire d’investissement évalue les facteurs environnementaux, sociaux et de gouvernance à partir des informations recueillies auprès des sociétés (par exemple celles figurant dans les rapports d’entreprise sur la durabilité) et de fournisseurs tiers (comme les différents scores et indicateurs) qu’il juge être d’intérêt.
- Pour de plus amples informations relatives aux caractéristiques environnementales ou sociales concernant ce fonds, veuillez vous reporter au prospectus du fonds et consulter les informations précontractuelles pour les produits financiers visées à l’Article 8 du SFDR.
- Il est prévu que le fonds investisse son portefeuille en actions de 35 à 65 sociétés différentes.
- Le fonds peut recourir à des instruments dérivés et autres techniques à des fins de couverture et de gestion efficace de portefeuille. Les instruments dérivés du fonds peuvent comprendre, sans toutefois s’y limiter, des contrats à terme et des contrats de change à terme de gré à gré.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables.
Indice de référence : S&P 500 TR
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
L’indice de référence ne tient pas compte des caractéristiques environnementales et/ou sociales promues par le fonds.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | # ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
Aumentar el valor de las inversiones de los accionistas, principalmente mediante el crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo invierte principalmente en acciones de empresas que coticen, tengan su sede o ejerzan la mayor parte de su actividad económica en los EE. UU.
- Se excluyen automáticamente las acciones de los siguientes tipos de sociedades (que se mantengan directa o indirectamente mediante derivados):
- Tabaco: empresas que obtengan ingresos superiores al 5% de la producción de tabaco;
- Armas: empresas que:
- participen en la producción de armas controvertidas (incluidas municiones de racimo, minas terrestres, armas biológicas y químicas); o que
- obtengan más del 10% de sus ingresos de armas convencionales o nucleares, componentes y sistemas conexos; o que
- obtengan más del 10% de sus ingresos de la fabricación o venta de armas de fuego o municiones civiles;
- Carbón: empresas que obtengan más de un 5% de sus ingresos de la minería o la venta de carbón térmico;
- Empresas que el Gestor de inversiones determine que incumplen los principios del Pacto Mundial de las Naciones Unidas sobre derechos humanos, derechos laborales, medio ambiente y anticorrupción.
- El fondo promueve características ambientales o sociales con arreglo al significado del artículo 8 del SFDR. El Gestor de inversiones pretende reducir la exposición del fondo al riesgo climático y aprovechar las oportunidades asociadas a latransición hacia una economía neutra en emisiones de carbono mediante la inversión en empresas que gestionan activamente su exposición al carbono y el establecimiento de objetivos significativos. En el sitio web de Artemis, dentro del apartado www.artemisfunds.com/methodology-statement, se incluye una declaración de la metodología que contiene más información.
- El Gestor de inversiones determina la evaluación de los factores ambientales, sociales y de gobernanza empleando la información facilitada por las empresas (por ejemplo, los informes de sostenibilidad) y datos de terceros, centrándose en las puntuaciones y las métricas que este considera pertinentes.
- Puede obtener más información sobre las características ambientales o sociales de este fondo en la información precontractual relativa a los productos financieros a que se refiere el artículo 8 del SFDR que figura en el folleto.
- Se espera que la cartera del fondo invierta en acciones de entre 35 y 65 empresas distintas.
- El fondo puede emplear derivados y otras técnicas con fines de cobertura y de gestión eficiente de la cartera. Los derivados del fondo pueden incluir, entre otros, contratos de futuros y de divisas a plazo.
- Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado.
Valor de referencia: S&P 500 TR
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada al valor de referencia.
El valor de referencia no tiene en cuenta las características ambientales o sociales que promueve el fondo.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a largo plazo y que prevén mantener su inversión durante al menos 5 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial. | # En quoi consiste ce produit ?
## Type
Ce produit est un fonds OPCVM (organisme de placement collectif en valeurs mobilières).
## Durée
Le produit est un fonds de type ouvert et ne comporte pas de date d’échéance. Toutefois, Artemis se réserve le droit de clôturer le produit, si une raison commerciale l’impose.
## Objectifs
Augmenter la valeur des investissements des actionnaires principalement à travers la croissance du capital.
Politique d’investissement :
- Le fonds fait l’objet d’une gestion active.
- Le fonds investit principalement en actions de sociétés cotées, ayant leur siège social ou exerçant une part prépondérante de leur activité économique aux États- Unis.
- Les actions des sociétés indiquées à continuation (détenues directement ou indirectement par le biais de dérivés) seront automatiquement exclues :
- Tabac : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de la production de tabac ;
- Armes : sociétés :
- impliquées dans la production d’armes controversées (y compris les armes à sous- munitions, les mines et les armes biologiques ou chimiques) ; ou
- qui réalisent plus de 10 % de leur chiffre d’affaires dans le secteur des armes conventionnelles ou nucléaires et des composants et systèmes y associés ; ou
- qui tirent plus de 10 % de leur chiffre d’affaires de la fabrication ou la vente d’armes à feu civiles ou de munitions ;
- Charbon : sociétés qui tirent plus de 5 % de leur chiffre d’affaires de l’extraction ou de la vente de charbon thermique ;
- Des sociétés, qui selon le Gestionnaire d’investissement, ne respectent pas les principes du Pacte mondial des Nations Unies relatifs aux droits de l’homme, aux droits du travail, à l’environnement et à la lutte contre la corruption.
- Le fonds promeut des caractéristiques environnementales et/ou sociales au sens de l’article 8 du SFDR. Le Gestionnaire d’investissement cherche à réduire l’exposition au risque associé au changement climatique et à bénéficier des avantages liés à la transition vers l’objectif de zéro émission nette, en investissant dans des sociétés qui gèrent activement leur exposition aux émissions carbone et se fixent des objectifs pertinents à cet égard. De plus amples informations sontfournies dans la méthodologie décrite sur le site web d’Artemis : www.artemisfunds.com/methodology-statement.
- Le Gestionnaire d’investissement évalue les facteurs environnementaux, sociaux et de gouvernance à partir des informations recueillies auprès des sociétés (par exemple celles figurant dans les rapports d’entreprise sur la durabilité) et de fournisseurs tiers (comme les différents scores et indicateurs) qu’il juge être d’intérêt.
- Pour de plus amples informations relatives aux caractéristiques environnementales ou sociales concernant ce fonds, veuillez vous reporter au prospectus du fonds et consulter les informations précontractuelles pour les produits financiers visées à l’Article 8 du SFDR.
- Il est prévu que le fonds investisse son portefeuille en actions de 35 à 65 sociétés différentes.
- Le fonds peut recourir à des instruments dérivés et autres techniques à des fins de couverture et de gestion efficace de portefeuille. Les instruments dérivés du fonds peuvent comprendre, sans toutefois s’y limiter, des contrats à terme et des contrats de change à terme de gré à gré.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut également détenir, à titre accessoire, des actifs liquides à des fins de trésorerie.
- Sous réserve des limites énoncées dans la section « Investment Restrictions » de son prospectus, le fonds peut investir dans des dépôts bancaires ainsi que dans des instruments et fonds du marché monétaire afin d’atteindre ses objectifs d’investissement, d’obtenir de la trésorerie ou en cas de conditions de marché défavorables.
Indice de référence : S&P 500 TR
L’indice de référence constitue un point de référence par rapport auquel la performance du fonds peut être mesurée. La gestion du fonds n’est pas limitée par cet indice de référence. La composition du portefeuille du fonds peut sensiblement ou complètement différer de celle de l’indice de référence et la déviation entre les deux peut être significative.
L’indice de référence ne tient pas compte des caractéristiques environnementales et/ou sociales promues par le fonds.
## Investisseurs de détail visés
Ce produit est conçu pour les investisseurs qui souhaitent investir sur le long terme et envisagent de rester investis pendant au moins 5 ans. Les investisseurs doivent être prêts à encourir un niveau de risque de perte relativement important par rapport à leur capital initial en vue d’obtenir un rendement potentiel plus élevé. | fr | es |
DOLFIN5558 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire - Brown Brothers Harriman Trustee Services (Ireland) Limited
De plus amples informations sur le Compartiment, ainsi que des copies du prospectus et des derniers rapports annuels et semestriels de la Société, sont disponibles en anglais, gratuitement, à https://www.payden.com/ucitsReportsAndForms.aspx
Le présent document décrit un seul compartiment de la Société. Les présentes informations sont également disponibles dans d'autres langues ainsi qu'il est indiqué sur le site Internet. Le prospectus et les rapports annuels et semestriels sont préparés pour la Société dans son ensemble.
Les derniers cours des actions sont disponibles sur www.payden.com, www.ise.ie et sur Bloomberg.
La Société est constituée en vertu du droit irlandais sous la forme d'un fonds à compartiments multiples avec séparation des engagements entre les compartiments. Cela veut dire que les participations du Compartiment sont tenues séparées de celles des autres compartiments et que votre investissement dans le Compartiment ne peut pas être utilisé pour acquitter les passifs des autres compartiments.
Le Compartiment est assujetti aux lois et réglementations fiscales en Irlande. Il convient aux investisseurs de noter que la législation fiscale qui s'applique au Compartiment peut avoir un impact sur votre situation fiscale personnelle.
Le Gestionnaire peut être tenu responsable exclusivement sur la base de toute
déclaration contenue dans le présent document qui s'avère trompeuse, inexacte ou incohérente par rapport aux parties pertinentes du prospectus du Compartiment.
La Catégorie USD (IE0030928885) a été sélectionnée comme la catégorie représentative pour la Catégorie USD Distribution (IE00B59JVC17).
Des informations concernant ces catégories d'actions et d'autres catégories d'actions du Compartiment qui sont commercialisées au sein de diverses juridictions sont disponibles à www.payden.com
Sous réserve des conditions du Prospectus, vous pouvez convertir vos actions en actions d'une catégorie d'actions différente du Compartiment ou d'un autre compartiment de la Société. De plus amples informations sur la conversion figurent à la section du prospectus intitulée « Modalités de conversion d'Actions entre différents Compartiments ou au sein d'un même Compartiment ».
La politique de rémunération du Gestionnaire est disponible dans sa version détaillée à l'adresse www.kbassociates.ie. Une copie papier peut être obtenue gratuitement sur demande.
Le Compartiment est autorisé en Irlande et réglementé par la Banque centrale d’Irlande. Le Gestionnaire est autorisé en Irlande et réglementé par la Banque centrale d’Irlande.
Les informations clés pour l’investisseur sont exactes au 21 février 2022.
Informations clés pour l'investisseur Payden Global Emerging Markets Bond Fund
2 | # Información práctica
Depositario - Brown Brothers Harriman Trustee Services (Ireland) Limited
La información adicional sobre el Fondo, así como las copias de los folletos y los últimos informes semestrales y anuales de la Sociedad, están disponibles en inglés, gratuitamente en https://www.payden.com/ucitsReportsAndForms.aspx
Este documento describe un fondo individual de la Sociedad. Esta información también está disponible en los demás idiomas reflejados en el sitio web. Los folletos y los informes semestrales y anuales son elaborados por la Sociedad en su integridad.
Los últimos precios de las acciones están disponibles en www.payden.com,www.ise.ie y en Bloomberg.
La Sociedad está constituida según la ley irlandesa como un fondo paraguas con responsabilidad segregada entre fondos. Esto significa que los activos del Fondo se mantienen separados de otros fondos y su inversión en el Fondo no se utilizará para pagar los pasivos de otros fondos.
El Fondo está sujeto a las leyes y reglamentos fiscales de Irlanda. Los inversores deben considerar que la legislación fiscal que se aplica al Fondo puede influir en su situación fiscal personal.
El Gestor solo incurrirá en responsabilidad por las declaraciones contenidas en
el presente documento que resulten engañosas, inexactas o incoherentes en relación con las correspondientes partes del folleto del Fondo.
La Clase USD (IE0030928885) ha sido seleccionada como la clase representativa de la Clase USD Distribución (IE00B59JVC17).
La información relativa a estas clases de acciones y otras clases de acciones del Fondo que se comercializan en distintas jurisdicciones están disponibles en www.payden.com
Sujeto a las condiciones del Folleto puede cambiar sus acciones por una clase diferente de acciones del Fondo u otro fondo de la Sociedad. Más información sobre el cambio en la sección del folleto titulada "Cómo cambiar entre Fondos o dentro de un Fondo".
Toda la información detallada sobre la política remunerativa del Gestor puede consultarse en www.kbassociates.ie. Se puede obtener gratuitamente un ejemplar en papel de dicha política previa petición.
El Fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda. El Gestor está autorizado en Irlanda y está regulado por el Banco Central de Irlanda.
Los presentes datos fundamentales para el inversor son exactos a 21 de febrero de 2022.
Datos fundamentales para el inversor Payden Global Emerging Markets Fund
2 | # Informations pratiques
Dépositaire - Brown Brothers Harriman Trustee Services (Ireland) Limited
De plus amples informations sur le Compartiment, ainsi que des copies du prospectus et des derniers rapports annuels et semestriels de la Société, sont disponibles en anglais, gratuitement, à https://www.payden.com/ucitsReportsAndForms.aspx
Le présent document décrit un seul compartiment de la Société. Les présentes informations sont également disponibles dans d'autres langues ainsi qu'il est indiqué sur le site Internet. Le prospectus et les rapports annuels et semestriels sont préparés pour la Société dans son ensemble.
Les derniers cours des actions sont disponibles sur www.payden.com, www.ise.ie et sur Bloomberg.
La Société est constituée en vertu du droit irlandais sous la forme d'un fonds à compartiments multiples avec séparation des engagements entre les compartiments. Cela veut dire que les participations du Compartiment sont tenues séparées de celles des autres compartiments et que votre investissement dans le Compartiment ne peut pas être utilisé pour acquitter les passifs des autres compartiments.
Le Compartiment est assujetti aux lois et réglementations fiscales en Irlande. Il convient aux investisseurs de noter que la législation fiscale qui s'applique au Compartiment peut avoir un impact sur votre situation fiscale personnelle.
Le Gestionnaire peut être tenu responsable exclusivement sur la base de toute
déclaration contenue dans le présent document qui s'avère trompeuse, inexacte ou incohérente par rapport aux parties pertinentes du prospectus du Compartiment.
La Catégorie USD (IE0030928885) a été sélectionnée comme la catégorie représentative pour la Catégorie USD Distribution (IE00B59JVC17).
Des informations concernant ces catégories d'actions et d'autres catégories d'actions du Compartiment qui sont commercialisées au sein de diverses juridictions sont disponibles à www.payden.com
Sous réserve des conditions du Prospectus, vous pouvez convertir vos actions en actions d'une catégorie d'actions différente du Compartiment ou d'un autre compartiment de la Société. De plus amples informations sur la conversion figurent à la section du prospectus intitulée « Modalités de conversion d'Actions entre différents Compartiments ou au sein d'un même Compartiment ».
La politique de rémunération du Gestionnaire est disponible dans sa version détaillée à l'adresse www.kbassociates.ie. Une copie papier peut être obtenue gratuitement sur demande.
Le Compartiment est autorisé en Irlande et réglementé par la Banque centrale d’Irlande. Le Gestionnaire est autorisé en Irlande et réglementé par la Banque centrale d’Irlande.
Les informations clés pour l’investisseur sont exactes au 21 février 2022.
Informations clés pour l'investisseur Payden Global Emerging Markets Bond Fund
2 | fr | es |
DOLFIN5559 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 GBP |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.84% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 84 GBP |
| Transaction costs | 0.26% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 26 GBP |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 GBP | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | Fino al 5.00% dell'importo versato alla sottoscrizione dell'investimento. | Fino a 500 GBP |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma il soggetto che vende il prodotto può farlo. | 0 GBP |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0.84% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 84 GBP |
| Costi di transazione | 0.26% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 26 GBP |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | L'importo effettivo varierà a seconda dell'andamento dell'investimento. La stima aggregata dei costi sopra riportata include la media degli ultimi 5 anni. | 0 GBP | | | One-off costs upon entry or exit | If you exit after 1 year |
| --- | --- |
| Entry costs | Up to 5.00% of the amount you pay in when entering this investment. | Up to 500 GBP |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 0.84% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 84 GBP |
| Transaction costs | 0.26% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 26 GBP |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | The actual amount will vary depending on how well your investment performs. The aggregated cost estimation above includes the average over the last 5 years. | 0 GBP | | en | it |
DOLFIN5560 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Depositary – Segregation, sub-custodians and insolvency risk
Where securities are held with a sub-custodian or by a securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Company may have to share that shortfall on a pro-rata basis. Securities may be deposited with clearing brokers which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability. There may be circumstances where the Depositary is relieved from liability for the acts or defaults of its appointed sub-custodians provided that the Depositary has complied with its duties.
The Company is at risk of the Depositary or a sub-custodian entering into an insolvency procedure. During such a procedure (which may last many years) the use by the Company of assets held by or on behalf of the Depositary or the relevant sub-custodian, as the case may be, may be restricted and accordingly (a) the ability of the Investment Manager to fulfil the investment objective of each Fund may be severely constrained, (b) the Funds may be required to suspend the calculation of the Net Asset Value and as a result subscriptions for and redemptions of Shares, and/or (c) the Net Asset Value may be otherwise affected. During such a procedure, the Company is likely to be an unsecured creditor in relation to certain assets and accordingly the Company may be unable to recover such assets from the insolvent estate of the Depositary or the relevant sub-custodian, as the case may be, in full, or at all. | ###### Dépositaire – risque de ségrégation, risque lié aux sous-dépositaires et risque d’insolvabilité
Lorsque les titres sont détenus auprès d’un sous-dépositaire, un dépositaire de titres ou une chambre de compensation, ils peuvent être détenus par ces entités sur des comptes clients collectifs et, en cas de défaut d’une telle entité, lorsqu’il existe un déficit inconciliable de ces titres, la Société peut avoir à partager ce déficit de manière proportionnelle. Les titres peuvent être déposés auprès d’agents de compensation que le Dépositaire n’est pas tenu de nommer comme ses sous-dépositaires et eu égard aux actes ou aux défauts dans lesquels le Dépositaire n’aura aucune responsabilité. Dans certains cas, le Dépositaire est dégagé de toute responsabilité pour les actes ou les défauts de ses sous-dépositaires nommés, sous réserve que le Dépositaire ait rempli ses obligations.
La Société est exposée au risque qu’une procédure d’insolvabilité soit ouverte à l’encontre du Dépositaire ou d’un sous- dépositaire. Au cours d’une telle procédure (qui peut durer de nombreuses années), l’utilisation par la Société des actifs détenus par ou au nom du Dépositaire ou du sous-dépositaire concerné, le cas échéant, peut être restreinte et, en conséquence, (a) la capacité du Gestionnaire des Investissements à atteindre l’objectif d’investissement de chaque Fonds peut être sérieusement limitée, (b) les Fonds peuvent être tenus de suspendre le calcul de la Valeur liquidative et, en conséquence, les souscriptions et les rachats d’Actions, et/ou (c) la Valeur liquidative peut être affectée autrement. Au cours d’une telle procédure, la Société est susceptible d’être un créancier non garanti en ce qui concerne certains actifs et, par conséquent, elle peut ne pas être en mesure de recouvrer lesdits actifs sur le patrimoine du Dépositaire ou du sous-dépositaire concerné, le cas échéant, que ce soit en partie ou dans leur totalité. | ##### Depositary – Segregation, sub-custodians and insolvency risk
Where securities are held with a sub-custodian or by a securities depositary or clearing system, such securities may be held by such entities in client omnibus accounts and in the event of a default by any such entity, where there is an irreconcilable shortfall of such securities, the Company may have to share that shortfall on a pro-rata basis. Securities may be deposited with clearing brokers which the Depositary is not obliged to appoint as its sub-custodians and in respect of the acts or defaults of which the Depositary shall have no liability. There may be circumstances where the Depositary is relieved from liability for the acts or defaults of its appointed sub-custodians provided that the Depositary has complied with its duties.
The Company is at risk of the Depositary or a sub-custodian entering into an insolvency procedure. During such a procedure (which may last many years) the use by the Company of assets held by or on behalf of the Depositary or the relevant sub-custodian, as the case may be, may be restricted and accordingly (a) the ability of the Investment Manager to fulfil the investment objective of each Fund may be severely constrained, (b) the Funds may be required to suspend the calculation of the Net Asset Value and as a result subscriptions for and redemptions of Shares, and/or (c) the Net Asset Value may be otherwise affected. During such a procedure, the Company is likely to be an unsecured creditor in relation to certain assets and accordingly the Company may be unable to recover such assets from the insolvent estate of the Depositary or the relevant sub-custodian, as the case may be, in full, or at all. | en | fr |
DOLFIN5561 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus. | # Rischi di investimento
A causa delle fluttuazioni dei mercati azionari e valutari, il valore dei vostri investimenti e il conseguente rendimento possono diminuire così come aumentare e potreste non recuperare quanto originariamente investito. Un investimento comporta l’acquisto di quote o azioni di un fondo, e non implica l’acquisto di attività sottostanti come edifici o azioni di una società, essendo queste ultime le attività sottostanti di proprietà del fondo. Prima di prendere qualsiasi decisione di investimento nel fondo oggetto della presente comunicazione promozionale gli investitori devono inoltre tenere conto di tutte le caratteristiche o obiettivi del fondo oggetto della comunicazione promozionale come descritti nel Prospetto. L’elenco completo dei rischi rilevanti è riportato nel KIID e nel prospetto. | # Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus. | en | it |
DOLFIN5562 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Accordingly, after having excluded the most controversial issuers from our investment universe through the exclusion policies implemented (discussed above), the investment teams systematically assess, for each underlying issuer, whether the so-called non-financial factors have an impact on the issuer’s development and sustainability in terms of both risk and opportunity, and where applicable, the probability of occurrence of material events.
ESG factors are thus systematically incorporated into the risk assessment and the fundamental analysis of issuers.
Each management team is called upon to determine the most appropriate way of incorporating these factors, by assessing the material nature of specific criteria and their impact on the overall assessment of issuers. The systematic and specific incorporation ensures that our approach is appropriate.
ESG IN FIXED INCOME
We incorporate ESG criteria into all our main bond investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers.
- AS REGARDS CREDIT ISSUERSWe incorporate ESG criteria into all our main investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers. The ESG incorporation process is based on our belief that material ESG factors, just like any other material factor, can have an impact on an issuer’s credit risk and can accordingly influence its fundamental rating. | Por lo tanto, tras excluir a los emisores más controvertidos de nuestro universo de inversión gracias a las políticas de exclusión implementadas (explicadas anteriormente), los equipos de inversión evalúan sistemáticamente, para cada emisor subyacente, si las dimensiones extrafinancieras tienen un impacto en el desarrollo y la sostenibilidad del emisor, tanto en lo que respecta al riesgo como a la oportunidad, y, cuando corresponda, la probabilidad de que se produzcan hechos importantes.
Por lo tanto, las dimensiones ESG se integran sistemáticamente en la evaluación de riesgos y en el análisis fundamental de los emisores.
Cada equipo de gestión define la integración más relevante de estos elementos, evaluando la importancia de criterios específicos y su impacto en la evaluación general de los emisores. La integración sistemática y específica garantiza la pertinencia de nuestro enfoque.
ESG EN EL MARCO DE LA RENTA FIJA
Los criterios ESG se integran en todos los principales procesos de inversión en renta fija, mediante la revisión de los criterios ESG pertinentes en el análisis fundamental de los emisores.
- EMISORES DE CRÉDITOLos criterios ESG se integran en todos los principales procesos de inversión, mediante la revisión de los criterios ESG pertinentes en el análisis fundamental de los emisores. El proceso de integración de ESG se basa en nuestra creencia de que los elementos ESG relevantes, como cualquier otro elemento relevante, pueden repercutir en el riesgo de créditode un emisor y, por lo tanto, pueden influir en su calificación principal. | Accordingly, after having excluded the most controversial issuers from our investment universe through the exclusion policies implemented (discussed above), the investment teams systematically assess, for each underlying issuer, whether the so-called non-financial factors have an impact on the issuer’s development and sustainability in terms of both risk and opportunity, and where applicable, the probability of occurrence of material events.
ESG factors are thus systematically incorporated into the risk assessment and the fundamental analysis of issuers.
Each management team is called upon to determine the most appropriate way of incorporating these factors, by assessing the material nature of specific criteria and their impact on the overall assessment of issuers. The systematic and specific incorporation ensures that our approach is appropriate.
ESG IN FIXED INCOME
We incorporate ESG criteria into all our main bond investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers.
- AS REGARDS CREDIT ISSUERSWe incorporate ESG criteria into all our main investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers. The ESG incorporation process is based on our belief that material ESG factors, just like any other material factor, can have an impact on an issuer’s credit risk and can accordingly influence its fundamental rating. | en | es |
DOLFIN5563 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Par conséquent, le Portefeuille sera rééquilibré. Il en résultera que les frais de transaction associés à la cession et/ou à l’achat de titres et d’instruments financiers seront supportés par le Portefeuille et qu’ils auront ainsi un impact sur les Actionnaires du Portefeuille.
La section « Politiques d’investissement » du Portefeuille sera également mise à jour afin de préciser que le niveau maximum de swaps de rendement total que le Portefeuille peut conclure est réduit de 20 % à 10 %. Ce changement ne constitue pas une modification de la stratégie d’investissement ou du profil de risque du Portefeuille.
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# Goldman Sachs Global Future Real Estate and Infrastructure Equity Portfolio (Supplément I) | En consecuencia, se reajustará la cartera. Esto tendrá como resultado costes de transacción asociados con la venta o la compra de valores e instrumentos financieros que serán asumidos por la Cartera y, por lo tanto, afectarán a los Accionistas de la Cartera.
La sección “Políticas de inversión” de la Cartera también se actualizará para aclarar que el nivel máximo de swaps de rentabilidad total que la Cartera puede suscribir se reduce del 20 % al 10 %. Este cambio no representa un cambio en la estrategia de inversión ni en el perfil de riesgo de la Cartera.
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# Goldman Sachs Global Future Real Estate and Infrastructure Equity Portfolio (Suplemento I) | Par conséquent, le Portefeuille sera rééquilibré. Il en résultera que les frais de transaction associés à la cession et/ou à l’achat de titres et d’instruments financiers seront supportés par le Portefeuille et qu’ils auront ainsi un impact sur les Actionnaires du Portefeuille.
La section « Politiques d’investissement » du Portefeuille sera également mise à jour afin de préciser que le niveau maximum de swaps de rendement total que le Portefeuille peut conclure est réduit de 20 % à 10 %. Ce changement ne constitue pas une modification de la stratégie d’investissement ou du profil de risque du Portefeuille.
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# Goldman Sachs Global Future Real Estate and Infrastructure Equity Portfolio (Supplément I) | fr | es |
DOLFIN5564 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Perspectives
Nous sommes légèrement plus optimistes quant aux valorisations, les spreads américains s’étant élargis et le rendement du marché semblant attrayant. En revanche, nous sommes devenus plus pessimistes concernant l’Europe en raison des valorisations qui ne semblent pas prendre en compte le risque élevé de récession à court terme. Au niveau technique, alors que nous constatons une surabondance temporaire de l’offre de rachats par endettement, nous nous attendons à ce que les nouvelles émissions se tarissent.
Nous considérons que la récession, de nouvelles erreurs de politique des banques centrales, la géopolitique, la volatilité des taux et l’inflation persistante constituent les principaux risques de baisse.
À la fin du trimestre, le fonds affichait une surpondération des obligations en livres sterling, mais une sous-pondération des obligations en dollars américains et en euros. Au niveau de la qualité de crédit, le fonds affichait une surpondération des obligations de qualité « investment grade » et notées B et une sous-pondération des obligations notées BB et CCC. | # Visión de futuro
Nuestra perspectiva sobre las valoraciones es ligeramente más positiva, ya que los diferenciales estadounidenses se han ampliado y los rendimientos del mercado parecen atractivos. Sin embargo, hemos adoptado una visión más bajista sobre Europa, donde las valoraciones no parecen reflejar el alto riesgo de recesión a corto plazo. Aunque en términos técnicos prevemos un exceso temporal en la oferta de operaciones de compra apalancada, creemos que las nuevas emisiones terminarán por agotarse.
Desde nuestro punto de vista, los principales riesgos bajistas son la recesión, posibles errores monetarios adicionales por parte los bancos centrales, la geopolítica, la volatilidad de los tipos y el imparable avance de la inflación.
Por divisas, el fondo se encontraba sobreponderado en libras esterlinas e infraponderado en dólares estadounidenses y euros al cierre del trimestre. En términos de calidad crediticia, la cartera mantenía una sobreponderación en las categorías de grado de inversión y B y una infraponderación en BB y CCC. | # Perspectives
Nous sommes légèrement plus optimistes quant aux valorisations, les spreads américains s’étant élargis et le rendement du marché semblant attrayant. En revanche, nous sommes devenus plus pessimistes concernant l’Europe en raison des valorisations qui ne semblent pas prendre en compte le risque élevé de récession à court terme. Au niveau technique, alors que nous constatons une surabondance temporaire de l’offre de rachats par endettement, nous nous attendons à ce que les nouvelles émissions se tarissent.
Nous considérons que la récession, de nouvelles erreurs de politique des banques centrales, la géopolitique, la volatilité des taux et l’inflation persistante constituent les principaux risques de baisse.
À la fin du trimestre, le fonds affichait une surpondération des obligations en livres sterling, mais une sous-pondération des obligations en dollars américains et en euros. Au niveau de la qualité de crédit, le fonds affichait une surpondération des obligations de qualité « investment grade » et notées B et une sous-pondération des obligations notées BB et CCC. | fr | es |
DOLFIN5565 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Throughout this section and other sections that refer to derivatives, privately negotiated or non-exchange traded derivatives are referred to as being ‘over the counter’, which is abbreviated to OTC.
Investors may wish to consult their independent financial adviser about the suitability of a particular fund for their investment needs bearing in mind its powers with regard to the use of derivatives.
While the judicious use of derivative instruments by experienced investment advisers such as the Investment Manager can be beneficial, derivative instruments also involve risks different from, and, in certain cases, greater than, the risks associated with more traditional investments. The use of derivatives may give rise to a form of leverage, which may result in a loss significantly greater than the amount invested in financial derivateive Instruments and cause the Net Asset values of these funds to be more volatile and/or change by greater amounts than if they had not been leveraged. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the respective funds’ portfolio securities and other instruments.
The following are important risk factors and issues concerning the use of derivative instruments that investors should understand before investing in these funds.
- Market Risk - This is the general risk applicable to all investments that the value of a particular investment may fluctuate. Where the value of the underlying asset (either security or reference benchmark) of a derivative instrument changes, the value of the instrument will become positive or negative, depending on the performance of the underlying asset. For non-option derivatives the absolute size of the fluctuation in value of a derivative will be very similar to the fluctuation in value of the underlying security or reference benchmark. In the case of options, the absolute change in value of an option will not necessarily be similar to the change in value of the underlying because, as explained further below, changes in options values are dependent on a number of other variables.
- Liquidity Risk - Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative instrument transaction is particularly large or if the relevant market is illiquid (as can be the case with OTC derivative instruments), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.
- Counterparty Credit Risk - This is the risk that a loss may be sustained by a fund as a result of the failure of the other party to a derivative instrument (usually referred to as a ‘counterparty’) to comply with the terms of the derivative instrument contract. The counterparty credit risk for exchange-traded derivative instruments is generally less than for OTC derivative instruments, since the clearing firm, which is the issuer or counterparty to each exchange-traded derivative instrument, provides a guarantee of clearing. This guarantee is supported by a daily payment system (i.e. margin requirements) operated by the clearing firm in order to reduce overall counterparty credit risk. Assets deposited as margin with the brokers and/or exchanges may not be held in segregated accounts by these counterparties and may therefore become available to the creditors of such counterparties in the event of default by them. For privately negotiated OTC derivative instruments, there is no similar clearing firm guarantee. Therefore, the Investment Manager adopts a counterparty risk management framework which measures, monitors and manages counterparty credit risk, taking into account both current and potential future credit exposure, through the use of internal credit assessments and external credit agency ratings. Privately negotiated OTC derivative instruments are not standardised. They are an agreement between two parties and can therefore be tailored to the requirements of the parties involved. The documentation risk is reduced by adhering to standard ISDA documentation. | In diesem Abschnitt und in anderen Abschnitten, die auf Derivate Bezug nehmen, werden frei ausgehandelte oder nicht börsengehandelte Derivate als im Freiverkehr (Over The Counter) gehandelte Derivate bzw. abgekürzt OTC-Derivate bezeichnet.
Anlegern wird empfohlen, die Angemessenheit eines bestimmten Teilfonds für ihre individuellen Anlagebedürfnisse mit ihrem unabhängigen Finanzberater zu besprechen und dabei die Befugnisse des Teilfonds im Hinblick auf den Einsatz von Derivaten zu berücksichtigen.
Obwohl der umsichtige Einsatz derivativer Instrumente durch erfahrene Anlageberater wie beispielsweise den Investmentmanager von Vorteil sein kann, sind derivative Instrumente aber auch mit anderen – und in bestimmten Fällen – größeren Risiken als traditionellere Kapitalanlagen verbunden. Der Einsatz von Derivaten kann eine Hebelwirkung auslösen, die zu einem Verlust führen kann, der deutlich höher ist als der in derivative Finanzinstrumente investierte Betrag und die zur Folge haben kann, dass der Nettoinventarwert dieser Teilfonds schwankungsanfälliger ist und/oder stärkeren Änderungen unterliegt als ohne diese Hebelwirkung. Dies ist darauf zurückzuführen, dass die Hebelwirkung die Auswirkung einer etwaigen Wertsteigerung oder -minderung der Wertpapiere und anderen Instrumente im Portfolio des jeweiligen Teilfonds verstärkt.
Es folgen wichtige Risikofaktoren und Punkte hinsichtlich des Einsatzes derivativer Instrumente, die Anleger verstehen sollten, bevor sie eine Anlage in diese Teilfonds tätigen.
- Marktrisiko – Dies ist das allgemeine, allen Kapitalanlagen innewohnende Risiko, dass der Wert einer bestimmten Anlage schwanken kann. Wenn sich der Wert des Basiswerts (entweder ein Wertpapier oder eine Referenz-Benchmark) eines derivativen Instrumentes ändert, wird der Wert des Instrumentes in Abhängigkeit von der Wertentwicklung des Basiswerts positiv oder negativ. Bei Derivaten, bei denen es sich nicht um Optionen handelt, entspricht die absolute Größe der Wertschwankung eines Derivats weitgehend der Wertschwankung des zugrunde liegenden Wertpapiers bzw. der zugrunde liegenden Referenz-Benchmark. Bei Optionen entspricht die absolute Änderung des Werts einer Option nicht unbedingt der Änderung des Werts des Basiswerts, weil Änderungen des Werts von Optionen, wie nachstehend ausführlicher erläutert, von vielen anderen Faktoren abhängen.
- Liquiditätsrisiko – Ein Liquiditätsrisiko liegt vor, wenn ein bestimmtes Instrument schwer handelbar ist. Wenn eine derivative Transaktion besonders umfangreich ist oder wenn der betreffende Markt illiquide ist (wie es bei OTC- Derivaten der Fall sein kann), ist es unter Umständen nicht möglich, eine Transaktion einzuleiten oder eine Position zu einem günstigen Preis glattzustellen.
- Kontrahenten-Kreditrisiko – Dies ist das Risiko, dass einem Teilfonds ein Verlust infolge der Nichteinhaltung der Bedingungen des derivativen Kontraktes durch eine andere Partei eines derivativen Instrumentes (in der Regel als„Kontrahent“ bzw. Gegenpartei bezeichnet) entsteht. Das Kontrahenten-Kreditrisiko ist bei börsengehandelten derivativen Instrumenten im Allgemeinen niedriger als bei OTC-Derivaten, da die Clearingstelle, die als Emittent oder Kontrahent jedes börsengehandelten derivativen Instrumentes fungiert, eine Clearinggarantie abgibt. Diese Garantie wird durch ein tägliches Zahlungssystem (d.h. Einschusspflichten) unterlegt, das von der Clearingstelle zur Verringerung des gesamten Kontrahenten-Kreditrisikos betrieben wird. Vermögenswerte, die bei Maklern und/oder Börsen als Einschuss hinterlegt werden, werden von diesen Kontrahenten möglicherweise nicht auf separaten Konten gehalten und können daher bei ihrer Zahlungsunfähigkeit den Gläubigern dieser Kontrahenten zur Verfügung stehen. Bei frei ausgehandelten OTC-Derivaten gibt es keine vergleichbare Garantie einer Clearingstelle. Daher wendet der Investmentmanager ein Regelwerk für das Kontrahentenrisiko an, welches das Kontrahentenrisiko durch den Einsatz interner Bonitätsbeurteilungen und externer Bonitätsbeurteilungen durch Ratingagenturen misst, überwacht und steuert. Frei ausgehandelte OTC-Derivate sind nicht standardisiert. Es handelt sich dabei um einen Vertrag zwischen zwei Parteien, der daher auf die Bedürfnisse der beteiligten Parteien zugeschnitten werden kann. Das Dokumentationsrisiko wird durch Einhaltung der ISDA-Standarddokumentation verringert. | Throughout this section and other sections that refer to derivatives, privately negotiated or non-exchange traded derivatives are referred to as being ‘over the counter’, which is abbreviated to OTC.
Investors may wish to consult their independent financial adviser about the suitability of a particular fund for their investment needs bearing in mind its powers with regard to the use of derivatives.
While the judicious use of derivative instruments by experienced investment advisers such as the Investment Manager can be beneficial, derivative instruments also involve risks different from, and, in certain cases, greater than, the risks associated with more traditional investments. The use of derivatives may give rise to a form of leverage, which may result in a loss significantly greater than the amount invested in financial derivateive Instruments and cause the Net Asset values of these funds to be more volatile and/or change by greater amounts than if they had not been leveraged. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the respective funds’ portfolio securities and other instruments.
The following are important risk factors and issues concerning the use of derivative instruments that investors should understand before investing in these funds.
- Market Risk - This is the general risk applicable to all investments that the value of a particular investment may fluctuate. Where the value of the underlying asset (either security or reference benchmark) of a derivative instrument changes, the value of the instrument will become positive or negative, depending on the performance of the underlying asset. For non-option derivatives the absolute size of the fluctuation in value of a derivative will be very similar to the fluctuation in value of the underlying security or reference benchmark. In the case of options, the absolute change in value of an option will not necessarily be similar to the change in value of the underlying because, as explained further below, changes in options values are dependent on a number of other variables.
- Liquidity Risk - Liquidity risk exists when a particular instrument is difficult to purchase or sell. If a derivative instrument transaction is particularly large or if the relevant market is illiquid (as can be the case with OTC derivative instruments), it may not be possible to initiate a transaction or liquidate a position at an advantageous price.
- Counterparty Credit Risk - This is the risk that a loss may be sustained by a fund as a result of the failure of the other party to a derivative instrument (usually referred to as a ‘counterparty’) to comply with the terms of the derivative instrument contract. The counterparty credit risk for exchange-traded derivative instruments is generally less than for OTC derivative instruments, since the clearing firm, which is the issuer or counterparty to each exchange-traded derivative instrument, provides a guarantee of clearing. This guarantee is supported by a daily payment system (i.e. margin requirements) operated by the clearing firm in order to reduce overall counterparty credit risk. Assets deposited as margin with the brokers and/or exchanges may not be held in segregated accounts by these counterparties and may therefore become available to the creditors of such counterparties in the event of default by them. For privately negotiated OTC derivative instruments, there is no similar clearing firm guarantee. Therefore, the Investment Manager adopts a counterparty risk management framework which measures, monitors and manages counterparty credit risk, taking into account both current and potential future credit exposure, through the use of internal credit assessments and external credit agency ratings. Privately negotiated OTC derivative instruments are not standardised. They are an agreement between two parties and can therefore be tailored to the requirements of the parties involved. The documentation risk is reduced by adhering to standard ISDA documentation. | en | de |
DOLFIN5566 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R EUR H of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R EUR H of the Absorbed Sub-Fund. | ## Índice de referencia: JP Morgan EMBI Global Index, cubierto en EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R EUR (H) del fondo francés Edmond de Rothschild EMERGING BONDS (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R EUR (H) del Subfondo absorbido. | ## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R EUR H of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R EUR H of the Absorbed Sub-Fund. | en | es |
DOLFIN5567 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Investment Policy
The Sub-Fund promotes environmental and/or social characteristics, as described in Article 8 of the SFDR (subject to regulatory approval, see pre notice 28-6-2022). The fund uses active management and aims for a risk-return profile in line with its benchmark, the MSCI Emerging Markets (NR), while at the same time applying ESG screening criteria focusing on positive selection based on a risk analysis of environmental and governance aspects, to enhance the fund’s sustainability profile compared to the benchmark. It targets companies that combine respect for social principles (e.g. human rights, non-discrimination, the issue of child labour) and environmental principles with a financial performance. The benchmark represents our investment universe.
MULTI ASSET
The fund may not include investments into securities that are not part of the benchmark universe. We also do not invest in companies involved in activities including but not limited to, the development, production, maintenance or trade of controversial weapons, the production of tobacco products, thermal coal mining and/or oil sands production. Further, more stringent restrictions are applicable for investments in companies involved in activities related to gambling, weapons, adult entertainment, fur & specialty leather, Arctic drilling and shale oil & gas. Due to the exclusion of companies that do not qualify as a result of our sustainability policy, there will be differences between the composition of the fund's portfolio and the composition of the benchmark. An optimisation methodology is used to construct the portfolio with an aim to achieve a risk and return profile in line with that of the Index. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.
STRUCTURED
* The entire investment policy was taken from the Key Investor Information Document (KIID). The capital and/or return are not guaranteed, nor are they protected. | ## Politica di investimento
MULTI ASSET
Il Comparto promuove caratteristiche ambientali e/o sociali, come descritto nell'articolo 8 dell'SFDR (previa approvazione normativa, cfr. avviso di preinformazione 28-6-2022). Il fondo adotta una gestione attiva e punta ad avere un profilo di rischio/rendimento in linea con quello del benchmark, l'indice MSCI Emerging Markets (NR), applicando al tempo stesso i criteri di selezione ESG, concentrandosi sulla selezione positiva basata sull'analisi dei rischi degli aspetti ambientali e di governance, per potenziare il profilo di sostenibilità del fondo rispetto al benchmark. Mira alle società che conciliano il rispetto dei principi sociali (quali i diritti umani, la non discriminazione, la lotta contro il lavoro minorile) e dei requisiti ambientali con un rendimento finanziario. Il benchmark rappresenta il nostro universo d'investimento. Il fondo non può investire in titoli che non fanno parte dell'universo del benchmark. Inoltre, non investiamo in società coinvolte in attività quali, a titolo esemplificativo ma non esaustivo, lo sviluppo, la produzione, la manutenzione o il commercio di armi controverse, la produzione di prodotti del tabacco, l'estrazione di carbone termico e/o la produzione di sabbie bituminose. Inoltre, sono previste maggiori restrizioni per gli investimenti in società coinvolte in attività legate al gioco d'azzardo, alle armi, all'intrattenimento per adulti, alla lavorazione specializzata di pelli e pellicce, alla perforazione artica e all'olio e al gas di scisto. A causa dell'esclusione delle società che non rispondono ai criteri della politica di sostenibilità, è probabile che vi siano delle discrepanze tra la composizione del portafoglio del fondo e quella del benchmark. Si fa ricorso a una metodologia di ottimizzazione per strutturare il portafoglio con l'obiettivo di ottenere un profilo di rischio/rendimento in linea con quello dell'indice. Gli investitori possono vendere la propria partecipazione in qualsiasi giorno (lavorativo) in cui viene calcolato il valore delle quote, cioè giornalmente nel caso di questo fondo. Il fondo non punta a distribuire dividendi. Tutti i guadagni saranno reinvestiti.
STRUCTURED
* L'intera politica d'investimento è stata riportata dal Documento contenente le informazioni chiave per gli investitori (KIID). Il capitale e/o il rendimento non sono garantiti, né sono protetti. | ## Investment Policy
The Sub-Fund promotes environmental and/or social characteristics, as described in Article 8 of the SFDR (subject to regulatory approval, see pre notice 28-6-2022). The fund uses active management and aims for a risk-return profile in line with its benchmark, the MSCI Emerging Markets (NR), while at the same time applying ESG screening criteria focusing on positive selection based on a risk analysis of environmental and governance aspects, to enhance the fund’s sustainability profile compared to the benchmark. It targets companies that combine respect for social principles (e.g. human rights, non-discrimination, the issue of child labour) and environmental principles with a financial performance. The benchmark represents our investment universe.
MULTI ASSET
The fund may not include investments into securities that are not part of the benchmark universe. We also do not invest in companies involved in activities including but not limited to, the development, production, maintenance or trade of controversial weapons, the production of tobacco products, thermal coal mining and/or oil sands production. Further, more stringent restrictions are applicable for investments in companies involved in activities related to gambling, weapons, adult entertainment, fur & specialty leather, Arctic drilling and shale oil & gas. Due to the exclusion of companies that do not qualify as a result of our sustainability policy, there will be differences between the composition of the fund's portfolio and the composition of the benchmark. An optimisation methodology is used to construct the portfolio with an aim to achieve a risk and return profile in line with that of the Index. You can sell your participation in this fund on each (working) day on which the value of the units is calculated, which for this fund occurs daily. The fund does not aim to provide you with a dividend. It will reinvest all earnings.
STRUCTURED
* The entire investment policy was taken from the Key Investor Information Document (KIID). The capital and/or return are not guaranteed, nor are they protected. | en | it |
DOLFIN5568 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
* the number of shares issued and outstanding at the end of the financial year takes into account the 15/12/2020 split in the ratio of 83/1 (share class B).
** the Net Asset Value takes into account the 15/12/2020 split.
*** the number of shares redeemed and outstanding at the end of the financial year takes into account the reverse split on 15/12/2020 in the ratio of 1/5 (share class BI).
**** the Net Asset Value takes into account the 15/12/2020 reverse split.
***** the number of shares issued and outstanding at the end of the financial year takes into account the 20/07/2021 split in the ratio of : 92/1 (share class BM).
****** the Net Asset Value takes into account the 20/07/2021 split.
Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV. | * die Anzahl der ausgegebenen und am Ende des Geschäftsjahres im Umlauf befindlichen Anteile berücksichtigt den Split vom 15.12.2020 im Verhältnis von 83/1(Anteilklasse B).
** der Nettoinventarwert berücksichtigt den Split am 15.12.2020.
*** die Anzahl der zurückgenommenen und am Ende des Geschäftsjahres im Umlauf befindlichen Anteile berücksichtigt die Zusammenlegung am 15.12.2020 im Verhältnis von 1/5 (Anteilklasse BI).
**** der Nettoinventarwert berücksichtigt die Zusammenlegung am 15.12.2020.
***** die Anzahl der ausgegebenen und am Ende des Geschäftsjahres im Umlauf befindlichen Anteile berücksichtigt den Split vom 20.07.2021 im Verhältnis von 92/1 (Anteilklasse BM).
****** der Nettoinventarwert berücksichtigt den Split am 20.07.2021.
Die jährliche Performance wurde für die letzten 3 Geschäftsjahre berechnet. Für die während des Geschäftsjahres aufgelegten oder liquidierten Teilfonds / Anteilklassen, wurde die jeweilige jährliche Performance nicht berechnet.
Die bisherige Wertentwicklung gibt keinen Hinweis auf die zukünftige Wertentwicklung. Die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten werden bei der Performance nicht berücksichtigt. | * the number of shares issued and outstanding at the end of the financial year takes into account the 15/12/2020 split in the ratio of 83/1 (share class B).
** the Net Asset Value takes into account the 15/12/2020 split.
*** the number of shares redeemed and outstanding at the end of the financial year takes into account the reverse split on 15/12/2020 in the ratio of 1/5 (share class BI).
**** the Net Asset Value takes into account the 15/12/2020 reverse split.
***** the number of shares issued and outstanding at the end of the financial year takes into account the 20/07/2021 split in the ratio of : 92/1 (share class BM).
****** the Net Asset Value takes into account the 20/07/2021 split.
Annual returns were calculated for the last 3 consecutive financial years. For sub-funds / share types launched or liquidated during the financial year, the corresponding annual return has not been calculated.
The historical performance is not an indication of future results. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares of the SICAV. | en | de |
DOLFIN5569 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund’s management is index-linked and aims to replicate the performance of the DAX NET RETURN Index using a method that directly replicates the DAX NET RETURN Index, which consists of investing in the financial securities that make up the Index in proportions extremely close to those of the Index.
The Management Company may decide to use the so-called “sampling” technique, which consists of investing in a selection of representative securities comprising the Index (rather than all its securities), in different proportions to those of the Index, or even investing in securities that do not make up the Index.
The Fund may use forward financial instruments and/or temporary acquisitions and sales of securities for hedging and/or exposure.
The Fund shall observe the investment rules stipulated in Articles R214-21, R214-22 and R214-23 of the French Monetary and Financial Code.
The Fund’s assets, comprising directly held assets described in the “Assets used” section, comply with the provisions of Article R214-21 of the French Monetary and Financial Code (CMF).
The Fund’s exposure to the index may benefit from special ratios applicable to indexed UCITS as stipulated in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as on regulated markets where some marketable securities or some money-market instruments are largely dominant.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
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## Assets used (except embedded derivatives): | Il Fondo è oggetto di una gestione indicizzata il cui obiettivo è replicare l'evolvere della performance dell'Indice DAX NET RETURN secondo un metodo di replica diretta dell'Indice DAX NET RETURN, che consiste nell'investire in titoli finanziari che rientrano nella composizione dell'Indice, in percentuali estremamente simili a quelle dell'Indice.
La Società di Gestione può decidere di usare la tecnica detta di "campionamento", che consiste nell'investire in una selezione di titoli rappresentativi che compongono l'Indice (e non tutti i titoli), in proporzioni diverse da quelle dell'Indice, o anche nell'investire in titoli che non rientrano nell'Indice.
Il Fondo potrà ricorrere a strumenti finanziari a termine e/o acquisizioni e cessioni temporanee di titoli, utilizzati a scopo di copertura e/o di esposizione.
Il Fondo rispetterà le regole d'investimento dettate dagli articoli R214-21, R214-22 e R214-23 del CMF.
Il patrimonio del Fondo composto dalle attività direttamente detenute e descritte al paragrafo "Attivi utilizzati" è conforme alle disposizioni dell'articolo R 214-21 del CMF.
L’esposizione del Fondo all’indice può beneficiare dei coefficienti derogatori applicabili agli OICVM indicizzati menzionati nell’articolo R214-22 del CMF. Secondo le disposizioni dell’articolo succitato, l’indice può essere composto fino al 20% al massimo di azioni o titoli di credito emessi da una stessa entità, potendo tale limite essere portato al 35% al massimo per una sola entità emittente qualora fosse giustificato da condizioni eccezionali del mercato, in particolare su mercati regolamentati dove siano ampiamente dominanti alcuni valori mobiliari o alcuni strumenti del mercato monetario.
L’OICR non tiene conto delle attività economiche ecosostenibili ai sensi del Regolamento sulla tassonomia e non tiene pertanto conto dei criteri dell’Unione europea in materia.
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## Attivi utilizzati (eccetto derivati integrati): | The Fund’s management is index-linked and aims to replicate the performance of the DAX NET RETURN Index using a method that directly replicates the DAX NET RETURN Index, which consists of investing in the financial securities that make up the Index in proportions extremely close to those of the Index.
The Management Company may decide to use the so-called “sampling” technique, which consists of investing in a selection of representative securities comprising the Index (rather than all its securities), in different proportions to those of the Index, or even investing in securities that do not make up the Index.
The Fund may use forward financial instruments and/or temporary acquisitions and sales of securities for hedging and/or exposure.
The Fund shall observe the investment rules stipulated in Articles R214-21, R214-22 and R214-23 of the French Monetary and Financial Code.
The Fund’s assets, comprising directly held assets described in the “Assets used” section, comply with the provisions of Article R214-21 of the French Monetary and Financial Code (CMF).
The Fund’s exposure to the index may benefit from special ratios applicable to indexed UCITS as stipulated in Article R214-22 of the French Monetary and Financial Code (CMF). That Article stipulates that an index may comprise up to 20% equities or debt securities issued by the same entity; this limit may be raised to 35% maximum for a single issuing entity, when such increase is justified by special market circumstances such as on regulated markets where some marketable securities or some money-market instruments are largely dominant.
The UCI does not take into account environmentally sustainable economic activities as defined by the Taxonomy Regulation and it does not, therefore, take into account the European Union criteria in this regard.
-
## Assets used (except embedded derivatives): | en | it |
DOLFIN5570 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Summary of fund objective
The Fund is actively managed.
The Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in equities of listed real estate (including Real Estate Investment Trusts (“REITs”)) and infrastructure companies, which meet the Fund’s environmental, social and governance (ESG) criteria as further detailed below. For the full objectives and investment policy please consult the current prospectus. | ### Sintesi degli obiettivi e delle politiche di investimento
Il fondo è gestito attivamente.
L’obiettivo del fondo è conseguire una crescita del capitale nel lungo termine. Il fondo si propone di raggiungere il suo obiettivo investendo principalmente in azioni di società immobiliari quotate (compresi i Real Estate Investment Trust (“REIT”)) e di società di infrastrutture, che soddisfano i criteri ambientali, sociali e di governance (ESG) del fondo, come descritto più avanti. Per gli obiettivi e la politica d’investimento completi, si rimanda al Prospetto corrente. | ### Summary of fund objective
The Fund is actively managed.
The Fund aims to achieve long-term capital growth. The Fund seeks to achieve its objective by investing primarily in equities of listed real estate (including Real Estate Investment Trusts (“REITs”)) and infrastructure companies, which meet the Fund’s environmental, social and governance (ESG) criteria as further detailed below. For the full objectives and investment policy please consult the current prospectus. | en | it |
DOLFIN5571 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### General Risks
The Funds will primarily be investing in assets selected by the Sub-Investment Manager in accordance with their respective investment objectives and policies. The investments of a Fund in securities and derivatives are subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. The value of investments and the income from them, and therefore the value of, and income from, Shares relating to each Fund can go down as well as up and an investor may not get back the amount s/he invests.
Any loss incurred by the Company or a Fund due to the late or non-payment of subscription proceeds in respect of subscription applications received shall be borne by the relevant investor or if not practical to recover such losses from the relevant investor, by the relevant Fund. | ### Riesgos de carácter general
Los Subfondos invertirán principalmente en los activos por los que opte la Gestora delegada de inversiones de acuerdo con sus respectivos objetivos y políticas de inversión. Las inversiones del Subfondo en valores mobiliarios y derivados están sujetas a las fluctuaciones normales del mercado y a otros riesgos inherentes a la inversión en valores y derivados. El valor de las inversiones y los ingresos generados por estas, y por lo tanto el valor y los ingresos procedentes de las Acciones relativas a cada Subfondo pueden bajar o subir, y es posible que los inversores no recuperen el importe de su inversión.
Toda pérdida en la que incurra la Sociedad o un Subfondo debido al pago atrasado o al incumplimiento de pago de los ingresos de la suscripción respecto a las solicitudes de suscripción recibidas correrá a cargo del inversor en cuestión o, en el caso de que no resulte factible recuperar tales pérdidas del inversor en cuestión, del Subfondo correspondiente. | ### General Risks
The Funds will primarily be investing in assets selected by the Sub-Investment Manager in accordance with their respective investment objectives and policies. The investments of a Fund in securities and derivatives are subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. The value of investments and the income from them, and therefore the value of, and income from, Shares relating to each Fund can go down as well as up and an investor may not get back the amount s/he invests.
Any loss incurred by the Company or a Fund due to the late or non-payment of subscription proceeds in respect of subscription applications received shall be borne by the relevant investor or if not practical to recover such losses from the relevant investor, by the relevant Fund. | en | es |
DOLFIN5572 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Notwithstanding the powers of the Board described in paragraph (1) above, the general meeting of Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case may be) (i) with another Sub-Fund of the Company, (ii) with another Share Class of the same Sub-Fund, (iii) with another UCITS or (iv) with another sub-fund or share class of such an UCITS. There are no quorum requirements for this action, and the merger may be decided upon by a simple majority of the Shares present or represented at the meeting. Such decision of the general meeting of Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert their Shares within the period of thirty days mentioned in paragraph (1) above.
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## Fight Against Money Laundering and Terrorist Financing | - Sin perjuicio de las facultades del Consejo descritas en el párrafo (1) anterior, la junta general de Accionistas de un Compartimento o de la(s) Clase(s) de Acciones en cuestión del Compartimento correspondiente podrá decidir fusionar los activos y pasivos de este Compartimento (o de la(s) Clase(s) de Acciones correspondiente(s), según sea el caso) (i) con otro Compartimento de la Sociedad, (ii) con otra Clase de Acciones del mismo Compartimento, (iii) con otro OICVM o (iv) con otro compartimento o clase de acciones de dicho OICVM. Para ello, no será necesario quórum, y la fusión podrá determinarse por mayoría simple de las Acciones presentes o representadas en la junta. La decisión que tome la junta general de Accionistas es vinculante para todos los Accionistas que no hagan uso de su derecho a reembolsar o canjear sus Acciones dentro del periodo de treinta días mencionado anteriormente en el párrafo (1).
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## Lucha contra el blanqueo de dinero y la financiación del terrorismo | - Notwithstanding the powers of the Board described in paragraph (1) above, the general meeting of Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case may be) (i) with another Sub-Fund of the Company, (ii) with another Share Class of the same Sub-Fund, (iii) with another UCITS or (iv) with another sub-fund or share class of such an UCITS. There are no quorum requirements for this action, and the merger may be decided upon by a simple majority of the Shares present or represented at the meeting. Such decision of the general meeting of Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert their Shares within the period of thirty days mentioned in paragraph (1) above.
-
## Fight Against Money Laundering and Terrorist Financing | en | es |
DOLFIN5573 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Le Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 3 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif est de dégager des rendements élevés pour la valeur de votre investissement. À cette fin, le Fonds investit dans des obligations convertibles (obligations qui peuvent être converties en une quantité prédéfinie d’actions de la société à certains moments de sa vie, généralement à la discrétion du détenteur des obligations). Au moins deux tiers de l’actif du Fonds sera investi dans des obligations convertibles émises par des sociétés en Europe, aux États-Unis, au Japon et en Asie. Le Fonds détient normalement au moins 51 % de ses actifs en obligations convertibles que le Gestionnaire considère de premier ordre, sous réserve que le marché des obligations convertibles offre suffisamment d’opportunités d’investissement de premier ordre équilibrées pour assurer la diversité du portefeuille. Un titre convertible équilibré est un titre qui ne se négocie pas trop au-dessus de la valeur de rachat de l’obligation et/ou qui ne se négocie pas avec une prime de conversion trop élevée. Le Fonds peut conclure des contrats à terme sur instruments financiers (y compris des contrats sur indices d’actions, sur taux d’intérêt et sur devises) afin de le protéger des mouvements défavorables des marchés boursiers, des taux d’intérêt ou des taux de change. Le Fonds est activement géré en fonction de l’Indice Refinitiv Global Focus Basket. L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 3 ans.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 3 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des obligations convertibles (des obligations qui peuvent être converties à certains moments en une quantité prédéfinie d’actions de la société). Les cours de ces obligations tendent à moins fluctuer que ceux d’autres catégories d’actifs comme les actions, qui permettent de participer directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
El Fondo es un subfondo de un organismo de inversión colectiva en valores mobiliarios (OICVM) en virtud de la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Es una sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: State Street Bank (Luxembourg) S.A. Puede obtener información adicional sobre el Fondo, incluidas copias del folleto (disponible en inglés y alemán), de los informes y las cuentas anuales y semestrales (disponibles en inglés), gratuitamente a través del agente administrativo, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxemburgo (Gran Ducado de Luxemburgo).
Correo electrónico: [email protected]. Teléfono: 00352 4640 107460
Los precios más recientes de las acciones, así como otra información práctica, también están disponibles a través del agente administrativo.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 3 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El objetivo es lograr un rendimiento alto del valor de su inversión. El Fondo pretende conseguir este objetivo invirtiendo en bonos convertibles (bonos y obligaciones que se pueden convertir en una cantidad predeterminada del patrimonio de la empresa en determinados momentos de su vida útil, normalmente a discreción del tenedor de los bonos y obligaciones). Al menos dos tercios de los activos del Fondo se invertirán en bonos convertibles emitidos por empresas de Europa, Estados Unidos, Japón y Asia. Normalmente el Fondo mantiene al menos el 51 % de sus activos en bonos convertibles que el Gestor considera que tienen una calidad de grado de inversión, con sujeción a que el mercado de bonos convertibles ofrezca suficientes oportunidades de inversión de grado de inversión «equilibradas» para gestionar una cartera diversificada. Un bono convertible equilibrado es aquel que no se negocia muy por encima del valor de reembolso del bono y/o que no se negocia con una prima de conversión demasiado alta. El Fondo podrá participar en contratos de futuros financieros (incluidos contratos sobre índices de renta variable, tipos de interés y monedas), para protegerse frente a movimientos adversos en los mercados de renta variable, tipos de interés o tipos de cambio de monedas. El Fondo se gestiona de forma activa con referencia al Refinitiv Global Focus Basket Index. El índice es ampliamente representativo de los valores en los que invierte el Fondo y proporciona un valor de referencia de comparación adecuado, con el que se medirá y evaluará la rentabilidad del Fondo a lo largo del tiempo. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo. No existe un período de mantenimiento mínimo para este Fondo. Sin embargo, puede no ser apropiado para los inversores que tengan previsto retirar su dinero en un plazo inferior a 3 años.
Usted recibirá los ingresos que genere el Fondo, salvo que haya optado por su reinversión.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan un crecimiento del capital y puedan invertir su dinero durante al menos 3 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El Fondo invierte en bonos convertibles (bonos y obligaciones que se pueden convertir en una cantidad predeterminada del patrimonio de la empresa en determinados momentos) cuyos precios tienden a fluctuar menos que los de otras clases de activos, como los valores de renta variable, que participan directamente en empresas subyacentes y en sus pérdidas y beneficios.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Le Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 3 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif est de dégager des rendements élevés pour la valeur de votre investissement. À cette fin, le Fonds investit dans des obligations convertibles (obligations qui peuvent être converties en une quantité prédéfinie d’actions de la société à certains moments de sa vie, généralement à la discrétion du détenteur des obligations). Au moins deux tiers de l’actif du Fonds sera investi dans des obligations convertibles émises par des sociétés en Europe, aux États-Unis, au Japon et en Asie. Le Fonds détient normalement au moins 51 % de ses actifs en obligations convertibles que le Gestionnaire considère de premier ordre, sous réserve que le marché des obligations convertibles offre suffisamment d’opportunités d’investissement de premier ordre équilibrées pour assurer la diversité du portefeuille. Un titre convertible équilibré est un titre qui ne se négocie pas trop au-dessus de la valeur de rachat de l’obligation et/ou qui ne se négocie pas avec une prime de conversion trop élevée. Le Fonds peut conclure des contrats à terme sur instruments financiers (y compris des contrats sur indices d’actions, sur taux d’intérêt et sur devises) afin de le protéger des mouvements défavorables des marchés boursiers, des taux d’intérêt ou des taux de change. Le Fonds est activement géré en fonction de l’Indice Refinitiv Global Focus Basket. L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 3 ans.
Les revenus générés par le Fonds vous seront versés, sauf si vous avez choisi de le réinvestir.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 3 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des obligations convertibles (des obligations qui peuvent être converties à certains moments en une quantité prédéfinie d’actions de la société). Les cours de ces obligations tendent à moins fluctuer que ceux d’autres catégories d’actifs comme les actions, qui permettent de participer directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | fr | es |
DOLFIN5574 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| | Merging Fund | Receiving Sub-Fund |
| --- | --- | --- |
| Fund and Share Classes | Fund – Sub-fund | Unit Class | ISIN | Fund – Sub-fund | Share Class | ISIN |
| GAIPARE ACTION | C et/ou D (EUR) | FR0007013206 | Allianz Global Investors Fund - Allianz Europe Equity Growth Select | GAIPARE CROISSANCE EUROPE AT (EUR) | LU2399975890 |
| IC (USD) | FR0014003FZ4 | GAIPARE CROISSANCE EUROPE WT (EUR) | LU2399975973 |
| Scheduled Merger Date | 27 April 2022 | | | | Eingebrachter Fonds | Aufnehmender Teilfonds |
| --- | --- | --- |
| Fonds und Anteilklassen | Fonds - Teilfonds | Anteilklasse | ISIN | Fonds - Teilfonds | Aktienklasse | ISIN |
| GAIPARE ACTION | C und/oder D (EUR) | FR0007013206 | Allianz Global Investors Fund - Allianz Europe Equity Growth Select | GAIPARE CROISSANCE EUROPE AT (EUR) | LU2399975890 |
| IC (USD) | FR0014003FZ4 | GAIPARE CROISSANCE EUROPE WT (EUR) | LU2399975973 |
| Geplanter Verschmelzungsstichtag | 27.04.2022 | | | | Merging Fund | Receiving Sub-Fund |
| --- | --- | --- |
| Fund and Share Classes | Fund – Sub-fund | Unit Class | ISIN | Fund – Sub-fund | Share Class | ISIN |
| GAIPARE ACTION | C et/ou D (EUR) | FR0007013206 | Allianz Global Investors Fund - Allianz Europe Equity Growth Select | GAIPARE CROISSANCE EUROPE AT (EUR) | LU2399975890 |
| IC (USD) | FR0014003FZ4 | GAIPARE CROISSANCE EUROPE WT (EUR) | LU2399975973 |
| Scheduled Merger Date | 27 April 2022 | | en | de |
DOLFIN5575 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### For the share classes launched during the period, the TER is annualised.
Note 16 - Global Credit facility
Effective February 4, 2022, the Company together with other European and U.S. registered investment funds managed by Franklin Templeton Investments (individually, “Borrower”; collectively, “Borrowers”), entered into a joint syndicated senior unsecured credit facility totalling USD 2,675 million (Global Credit Facility) to provide a source of funds to the Borrowers for temporary and emergency purposes, including the ability, to meet future unanticipated or unusually large redemption requests.
Under the terms of the Global Credit Facility, the Company will, in addition to interest charged on any borrowings made by the company and other costs incurred by the Company, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee based upon the unused portion of the Global Credit Facility. | #### Per le classi di azioni lanciate nel corso del periodo, il TER viene annualizzato.
Nota 16 - Linea di credito globale
A decorrere dal 4 febbraio 2022, la Società, insieme ad altri fondi di investimento registrati in Europa e negli Stati Uniti e gestiti da Franklin Templeton Investments (singolarmente ʺMutuatarioʺ, collettivamente ʺMutuatariʺ), ha sottoscritto una linea di credito senior non garantito sindacato in compartecipazione per un totale di 2.675 milioni di dollari statunitensi (linea di credito globale) allo scopo di fornire una fonte di finanziamenti ai Mutuatari per finalità temporanee e di emergenza, inclusa la capacità di far fronte a future richieste di rimborsi imprevisti o insolitamente consistenti.
Ai sensi dei termini della linea di credito globale, la Società, oltre agli interessi addebitati a qualsiasi finanziamento da essa concesso e altri costi da essa sostenuti, pagherà la propria percentuale di commissioni e spese sostenute in relazione all’attuazione e al mantenimento della linea di credito globale, in base alla propria percentuale relativa del patrimonio netto complessivo di tutti i Mutuatari, inclusa una commissione di mandato annua basata sulla componente inutilizzata della linea di credito globale. | #### For the share classes launched during the period, the TER is annualised.
Note 16 - Global Credit facility
Effective February 4, 2022, the Company together with other European and U.S. registered investment funds managed by Franklin Templeton Investments (individually, “Borrower”; collectively, “Borrowers”), entered into a joint syndicated senior unsecured credit facility totalling USD 2,675 million (Global Credit Facility) to provide a source of funds to the Borrowers for temporary and emergency purposes, including the ability, to meet future unanticipated or unusually large redemption requests.
Under the terms of the Global Credit Facility, the Company will, in addition to interest charged on any borrowings made by the company and other costs incurred by the Company, pay its share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon its relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee based upon the unused portion of the Global Credit Facility. | en | it |
DOLFIN5576 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a modest level of risk due to its policy of investing in euro-denominated debt securities of which the majority are convertible bonds or bonds exchangeable into shares. The Fund is managed on the basis of maintaining a sensitivity to equities of less than 0.4.
## Material risks to the Fund that are not taken into account in the indicator:
Credit risk: this is the risk of a downgrading of an issuer's credit rating or the risk of an issuer's insolvency.
Liquidity risk: the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Impact of financial techniques:taking into account the use of derivatives in particular, the Fund’s maximum exposure to individual asset classes may exceed its net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Fund is exposed.
If one of these risks were to materialise, the Fund’s net asset value may fall. | # RISIKO- UND ERTRAGSPROFIL
Die zur Berechnung des synthetischen Indikators verwendeten historischen Daten können nicht als verlässlicher Hinweis auf das künftige Risikoprofil des Fonds herangezogen werden.
Das Risikoprofil ist nicht konstant und kann sich im Laufe der Zeit verändern. Die niedrigste Kategorie kann nicht mit einer risikofreien Anlage gleichgesetzt werden.
Es besteht keine Garantie für das ursprünglich angelegte Kapital.
Niedrige Risiken Hohe Risiken
Potenziell niedrigere Erträge Potenziell höhere Erträge
## Gründe für die Einstufung des Fonds in Kategorie 4:
Der Fonds ist mit einem moderaten Risiko verbunden, da er in auf Euro lautende Schuldtitel anlegt, bei denen es sich überwiegend um Wandelanleihen oder in Aktien umtauschbare Anleihen handelt. Der Fonds wird so verwaltet, dass die Aktiensensitivität weniger als 0,4 beträgt.
## Wesentliche Risiken für den Fonds, die nicht im Indikator berücksichtigt sind:
Kreditrisiko:Dies ist das Risiko einer Verschlechterung der Bonität eines Emittenten oder seines Ausfalls.
Liquiditätsrisiko:Der Fonds investiert an Märkten, die von einem Liquiditätsrückgang beeinflusst sein können. Das schwache Handelsvolumen an diesen Märkten kann die Preise beeinflussen, zu denen der Fondsmanager Positionen aufbaut oder liquidiert.
Ausfallrisiko:Risiko der Zahlungsunfähigkeit einer Gegenpartei und eines daraus resultierenden Zahlungsausfalls. Der Fonds kann diesem Risiko aufgrund des Einsatzes von im Freihandel mit einem Kreditinstitut abgeschlossenen Finanztermingeschäften oder befristeten Käufen und Abtretungen von Wertpapieren ausgesetzt sein, wenn letzteres seinen Verpflichtungen nicht nachkommen kann.
Auswirkung der Finanztechniken:Insbesondere aufgrund des Einsatzes von Derivaten kann das maximale Engagement in verschiedenen Klassen von Vermögenswerten das Nettovermögen des Fonds übersteigen. Im Falle einer ungünstigen Entwicklung der verwendeten Strategien kann der Nettoinventarwert stärker fallen als die Märkte, in denen der Fonds engagiert ist.
Das Eintreten eines dieser Risiken kann einen Rückgang des Nettoinventarwertes des Fonds nach sich ziehen. | # RISK AND REWARD PROFILE
Historical data, such as is used to calculate the synthetic indicator, may not be a reliable indication of the future risk profile of the Fund.
The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Fund placed in category 4?
The Fund presents a modest level of risk due to its policy of investing in euro-denominated debt securities of which the majority are convertible bonds or bonds exchangeable into shares. The Fund is managed on the basis of maintaining a sensitivity to equities of less than 0.4.
## Material risks to the Fund that are not taken into account in the indicator:
Credit risk: this is the risk of a downgrading of an issuer's credit rating or the risk of an issuer's insolvency.
Liquidity risk: the Fund invests in markets which may be affected by declines in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions.
Counterparty risk: the risk of a counterparty’s collapse, causing it to default on payment. The Fund may be exposed to this risk resulting from the use of forward financial instruments or temporary purchases and sales of securities contracts negotiated over-the-counter with a credit institution if the latter is unable to honour its commitments.
Impact of financial techniques:taking into account the use of derivatives in particular, the Fund’s maximum exposure to individual asset classes may exceed its net assets. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Fund is exposed.
If one of these risks were to materialise, the Fund’s net asset value may fall. | en | de |
DOLFIN5577 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DEPOSITARY, MANAGER, ADMINISTRATOR AND INVESTMENT MANAGER
- The Company shall forthwith after its incorporation and before the issue of any shares (other than the Subscriber Shares) appoint:-
- a person, firm or corporation to act as Depositary with responsibility for the safe custody of all of the assets of the Company; and
- (A) a person, firm or corporation to act as Manager; or(B) (I) a person, firm or corporation to act as Administrator; and(II) a person, firm or corporation to act as Investment Manager of the Company’s investments and clients;and the Directors may entrust to and confer upon the Depositary, Manager, Administrator and Investment Manager (as applicable) so appointed any of the powers, duties, discretions and/or functions exercisable by them as Directors, upon such terms and conditions including the right to remuneration payable by the Company and with such powers of delegation and such restrictions as they think fit.
- The terms of appointment of any Depositary may authorise such Depositary to appoint (with powers of sub-delegation) sub-custodians, nominees, agents or delegates at the expense of the Company or otherwise and to delegate any of its custodial/depositary functions and duties to any person or persons so appointed, provided that such appointment shall first have been notified to the Company and provided further that any such appointment, insofar as it relates to an appointment in relation to the assets of the Company, shall terminate forthwith on termination of the appointment of the Depositary.
- The terms of appointment of any Manager may authorise such Manager, subject to the approval of the Central Bank, to appoint one or more sub- managers, administrators, investment managers, investment advisers, distributors or other agents at the expense of the Manager and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Manager.
- The terms of appointment of any Administrator may authorise such Administrator, in accordance with the requirements of the Central Bank, to appoint one or more sub-managers, administrators, distributors or other agents at the expense of the Administrator and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Administrator.
- In accordance with the requirements of the Central Bank, the appointment of the Investment Manager may be terminated and a replacement Investment Manager may be appointed and the terms of appointment of an Investment Manager from time to time may be varied and may authorise such Investment Manager to appoint one or more investment advisers or other agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Investment Manager. The Investment Manager may also be appointed as a distributor of the shares with the power to appoint sales agents.
- The appointment of the Depositary, the Manager, the Administrator and the Investment Manager (as applicable), shall in each case be subject to the prior approval of the Central Bank and the agreements appointing the Depositary, the Manager, the Administrator and the Investment Manager (as applicable) in each case shall be submitted to the Central Bank for prior approval and the Central Bank shall have the power to replace the Depositary, the Manager, the Administrator and the Investment Manager (as applicable) at any time.
- In the event of the Depositary desiring to retire or being removed from office the Company shall use its best endeavours to find a corporation willing to act as Depositary who must be approved by the Central Bank to act as Depositary and upon so doing the Company shall appoint such corporation to be Depositary in place of the former Depositary. In the event that the Depositary’s appointment as Depositary of the Company terminates for any reason without the Company having appointed a replacement Depositary, the Directors shall convene an Extraordinary General Meeting of the Company at which there shall be proposed a Special Resolution to wind up the Company and appoint a liquidator who shall distribute the assets of the Company in accordance with Article 32 and the Depositary’s appointment shall not terminate until the Central Bank has revoked its authorisation of the Company.
- In the event of the Manager desiring to retire or being removed from office the Directors shall use their best endeavours to find a person, firm or corporation willing to act as manager who must be approved by the Central Bank and upon doing so the Directors shall appoint such person, firm or corporation to be Manager in place of the former Manager.
- | # DÉPOSITAIRE, GESTIONNAIRE, AGENT ADMINISTRATIF ET GESTIONNAIRE DE PORTEFEUILLE
- Immédiatement après sa constitution et avant l'émission de toute action (à l'exception des Actions de Souscripteur), la Société nommera :
- une personne physique ou morale pour agir en qualité de Dépositaire, chargé de la bonne garde de l'ensemble des actifs de la Société ; et
- (A) une personne physique ou morale pour agir en qualité de Gestionnaire ; ou(B) (I) une personne physique ou morale pour agir en qualité d'Agent Administratif ; et(II) une personne physique ou morale pour agir en qualité de Gestionnaire de Portefeuille pour les investissements de la Société et ses clients ;et les Administrateurs peuvent confier et déléguer au Dépositaire, au Gestionnaire, à l'Agent Administratif et au Gestionnaire de Portefeuille ainsi nommé (selon le cas) tout pouvoir, tâche, pouvoir discrétionnaire et/ou fonction susceptible d'être exercé par eux en leur qualité d'Administrateurs, aux conditions et selon les modalités, notamment concernant le droit à rémunération due par la Société, et avec les pouvoirs et restrictions qu'ils jugent appropriés en matière de délégation.
- Les conditions de nomination de tout Dépositaire peuvent autoriser ce dernier à nommer (avec pouvoir de délégation) des dépositaires par délégation, personnes interposées, mandataires ou délégués aux frais de la Société ou autrement, et à déléguer toute fonction et obligation de garde/dépôt lui incombant à la ou aux personne(s) ainsi nommée(s), à condition que cette nomination ait préalablement été notifiée à la Société et à condition en outre que cette nomination, dès lors qu'elle est liée aux actifs de la Société, prenne fin immédiatement lors de la révocation du mandat du Dépositaire.
- Les conditions de nomination de tout Gestionnaire peuvent autoriser ce dernier, sous réserve de l'agrément de la Banque Centrale, à nommer un ou plusieurs gestionnaires par délégation, agents administratifs, gestionnaires de portefeuille, conseillers en investissement, distributeurs ou autres agents aux frais du Gestionnaire, et à déléguer toute fonction et obligation lui incombant à la ou aux personne(s) ainsi nommée(s), à condition que cette nomination ait préalablement été approuvée par la Société et à condition en outre que cettenomination prenne fin immédiatement lors de la révocation du mandat du Gestionnaire.
- Les conditions de nomination de tout Agent Administratif peuvent autoriser ce dernier, conformément aux exigences de la Banque Centrale, à nommer un ou plusieurs gestionnaires par délégation, agents administratifs, distributeurs ou autres agents aux frais de l'Agent Administratif, et à déléguer toute fonction et obligation lui incombant à la ou aux personne(s) ainsi nommée(s), à condition que cette nomination ait préalablement été approuvée par la Société et à condition en outre que cette nomination prenne fin immédiatement lors de la révocation du mandat de l'Agent Administratif.
- Conformément aux exigences de la Banque Centrale, le mandat du Gestionnaire de Portefeuille peut être révoqué et un Gestionnaire de Portefeuille remplaçant peut être nommé, dont les conditions de nomination peuvent être modifiées occasionnellement et autoriser ce Gestionnaire de Portefeuille à nommer un ou plusieurs conseillers en investissement ou autres agents et à déléguer toute fonction et obligation lui incombant à la ou aux personne(s) ainsi nommée(s), à condition que cette nomination ait préalablement été approuvée par la Société et à condition en outre que cette nomination prenne fin immédiatement lors de la révocation du mandat du Gestionnaire de Portefeuille. Le Gestionnaire de Portefeuille peut aussi être nommé en qualité de distributeur des actions, avec le pouvoir de nommer des agents commerciaux.
- La nomination du Dépositaire, du Gestionnaire, de l'Agent Administratif et du Gestionnaire de Portefeuille (selon le cas) sera dans chaque cas soumise à l'agrément préalable de la Banque Centrale et les conventions nommant le Dépositaire, le Gestionnaire, l'Agent Administratif et le Gestionnaire de Portefeuille (selon le cas) seront dans chaque cas soumises à la Banque Centrale pour agrément préalable, cette dernière ayant le pouvoir de remplacer à tout moment le Dépositaire, le Gestionnaire, l'Agent Administratif et le Gestionnaire de Portefeuille (selon le cas).
- Si le Dépositaire exprime le souhait de quitter ses fonctions ou voit son mandat révoqué, la Société s'efforcera de trouver une société disposée à agir en qualité de Dépositaire qui doit impérativement être approuvée par la Banque Centrale pour agir en qualité de Dépositaire, après quoi la Société nommera cette société pour agir en qualité de Dépositaire en lieu et place de l'ancien Dépositaire. Si le mandat du Dépositaire, nommé en qualité de Dépositaire de la Société, prend fin, quelle qu'en soit la raison, et sans que la Société n'ait nommé de Dépositaire remplaçant, les Administrateurs convoqueront une Assemblée Générale Extraordinaire de la Société à laquelle sera proposée une Résolution Extraordinaire visant la liquidation de la Société et nommant un liquidateur pour répartir les actifs de la Société conformément à l'Article 32 ; le mandat du Dépositaire ne prendra fin qu'après que la Banque Centrale aura révoqué son agrément de la Société.
- Si le Gestionnaire exprime le souhait de quitter ses fonctions ou voit son mandat révoqué, les Administrateurs s'efforceront de trouver une personne physique ou morale disposée à agir en qualité de gestionnaire qui doitimpérativement être approuvée par la Banque Centrale, après quoi les Administrateurs nommeront ladite personne physique ou morale pour agir en qualité de Gestionnaire en lieu et place de l'ancien Gestionnaire.
- | # DEPOSITARY, MANAGER, ADMINISTRATOR AND INVESTMENT MANAGER
- The Company shall forthwith after its incorporation and before the issue of any shares (other than the Subscriber Shares) appoint:-
- a person, firm or corporation to act as Depositary with responsibility for the safe custody of all of the assets of the Company; and
- (A) a person, firm or corporation to act as Manager; or(B) (I) a person, firm or corporation to act as Administrator; and(II) a person, firm or corporation to act as Investment Manager of the Company’s investments and clients;and the Directors may entrust to and confer upon the Depositary, Manager, Administrator and Investment Manager (as applicable) so appointed any of the powers, duties, discretions and/or functions exercisable by them as Directors, upon such terms and conditions including the right to remuneration payable by the Company and with such powers of delegation and such restrictions as they think fit.
- The terms of appointment of any Depositary may authorise such Depositary to appoint (with powers of sub-delegation) sub-custodians, nominees, agents or delegates at the expense of the Company or otherwise and to delegate any of its custodial/depositary functions and duties to any person or persons so appointed, provided that such appointment shall first have been notified to the Company and provided further that any such appointment, insofar as it relates to an appointment in relation to the assets of the Company, shall terminate forthwith on termination of the appointment of the Depositary.
- The terms of appointment of any Manager may authorise such Manager, subject to the approval of the Central Bank, to appoint one or more sub- managers, administrators, investment managers, investment advisers, distributors or other agents at the expense of the Manager and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Manager.
- The terms of appointment of any Administrator may authorise such Administrator, in accordance with the requirements of the Central Bank, to appoint one or more sub-managers, administrators, distributors or other agents at the expense of the Administrator and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Administrator.
- In accordance with the requirements of the Central Bank, the appointment of the Investment Manager may be terminated and a replacement Investment Manager may be appointed and the terms of appointment of an Investment Manager from time to time may be varied and may authorise such Investment Manager to appoint one or more investment advisers or other agents and to delegate any of its functions and duties to any person or persons so appointed, provided that such appointment or appointments shall first have been approved by the Company and provided further that any such appointment shall terminate forthwith on termination of the appointment of the Investment Manager. The Investment Manager may also be appointed as a distributor of the shares with the power to appoint sales agents.
- The appointment of the Depositary, the Manager, the Administrator and the Investment Manager (as applicable), shall in each case be subject to the prior approval of the Central Bank and the agreements appointing the Depositary, the Manager, the Administrator and the Investment Manager (as applicable) in each case shall be submitted to the Central Bank for prior approval and the Central Bank shall have the power to replace the Depositary, the Manager, the Administrator and the Investment Manager (as applicable) at any time.
- In the event of the Depositary desiring to retire or being removed from office the Company shall use its best endeavours to find a corporation willing to act as Depositary who must be approved by the Central Bank to act as Depositary and upon so doing the Company shall appoint such corporation to be Depositary in place of the former Depositary. In the event that the Depositary’s appointment as Depositary of the Company terminates for any reason without the Company having appointed a replacement Depositary, the Directors shall convene an Extraordinary General Meeting of the Company at which there shall be proposed a Special Resolution to wind up the Company and appoint a liquidator who shall distribute the assets of the Company in accordance with Article 32 and the Depositary’s appointment shall not terminate until the Central Bank has revoked its authorisation of the Company.
- In the event of the Manager desiring to retire or being removed from office the Directors shall use their best endeavours to find a person, firm or corporation willing to act as manager who must be approved by the Central Bank and upon doing so the Directors shall appoint such person, firm or corporation to be Manager in place of the former Manager.
- | en | fr |
DOLFIN5578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The management company informs the AMF by letter of the dissolution date and procedure selected. It then sends the Statutory Auditor's report to the AMF.
The extension of a fund may be decided by the management company in consultation with the depositary. Its decision must be made at least 3 months before the expiry of the term specified for the fund, and notified to the unitholders and to the AMF.
## Article 12 Liquidation
In the event of dissolution, the management company or the depositary will assume the duties of liquidator. Failing this, the liquidator is appointed by the courts at the request of any interested party. For this purpose, the liquidator is vested with the broadest powers to liquidate the assets, pay any creditors and distribute the available balance between the unitholders in cash or securities. | # La sociedad gestora informará por correo a la Autorité des Marchés Financiers de la fecha y del procedimiento que vaya a seguirse. A continuación, le enviará el informe del Auditor.
La sociedad gestora podrá decidir la prórroga de un fondo de común acuerdo con el depositario. Deberá tomar su decisión con una antelación mínima de tres meses al vencimiento de la duración prevista del fondo y comunicarse a los partícipes y a la Autorité des Marchés Financiers.
## Artículo 12 - Liquidación
En caso de disolución, la sociedad gestora o el depositario asumirán las funciones de liquidador. En su defecto, los tribunales podrán designar a un liquidador a petición de cualquier interesada. A estos efectos, gozarán de las más amplias facultades para realizar los activos, pagar a los acreedores eventuales y repartir el saldo disponible entre los partícipes, en efectivo o en valores. | # The management company informs the AMF by letter of the dissolution date and procedure selected. It then sends the Statutory Auditor's report to the AMF.
The extension of a fund may be decided by the management company in consultation with the depositary. Its decision must be made at least 3 months before the expiry of the term specified for the fund, and notified to the unitholders and to the AMF.
## Article 12 Liquidation
In the event of dissolution, the management company or the depositary will assume the duties of liquidator. Failing this, the liquidator is appointed by the courts at the request of any interested party. For this purpose, the liquidator is vested with the broadest powers to liquidate the assets, pay any creditors and distribute the available balance between the unitholders in cash or securities. | en | es |
DOLFIN5579 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Administrative charges may be deducted by the relevant CPF administrators. Shareholders should check with their CPF administrators for details of the arrangement.
Investors in F Shares will not be permitted to switch the holding of such Shares into other Share Classes, nor will they be permitted to switch into Shares of other Funds.
No Annual Distribution Charge will be payable by an Investor on the acquisition of F Shares of any Fund. Initial charge for F Shares will be up to 1.5% of the total subscription price (equivalent to 1.52284% of the Net Asset Value per Share). No initial fee will be payable from 1 October 2020.
The Annual Management Charge for F Shares will be up to 1.5% per annum.
I Shares
I Shares will only be offered to Investors:
- who, at the time the relevant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients' investments in such Shares, and
- who are institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. | Von den jeweiligen CPF-Verwaltern können Verwaltungsgebühren abgezogen werden. Anteilsinhaber sollten sich bei ihren CPF-Verwaltern nach den Details der Vereinbarung erkundigen.
Anleger, die in F-Anteile investieren, können den Bestand an diesen Anteilen nicht in andere Anteilsklassen oder Anteile anderer Fonds umtauschen.
Beim Kauf von F-Anteilen eines Fonds zahlt der Anleger keine jährliche Vertriebsgebühr. Der Ausgabeaufschlag für F-Anteile beträgt bis zu 1,5 % des gesamten Zeichnungspreises (entspricht 1,52284 % des Nettoinventarwerts je Anteil). Ab dem 1. Oktober 2020 ist kein Ausgabeaufschlag zu zahlen.
Die jährlichen Managementgebühren für F-Anteile betragen bis zu 1,5 % p.a.
I-Anteile
I-Anteile werden nur solchen Anlegern angeboten,
- die zum Zeitpunkt des Eingangs des jeweiligen Zeichnungsantrags Kunden von Schroders sind und einen Vertrag über die Kostenstruktur geschlossen haben, der auf die Anlagen der Kunden in diesen Anteilen Anwendung findet, und
- bei denen es sich um institutionelle Anleger gemäß der jeweiligen Definition in den Richtlinien oder Empfehlungen der CSSF handelt. | Administrative charges may be deducted by the relevant CPF administrators. Shareholders should check with their CPF administrators for details of the arrangement.
Investors in F Shares will not be permitted to switch the holding of such Shares into other Share Classes, nor will they be permitted to switch into Shares of other Funds.
No Annual Distribution Charge will be payable by an Investor on the acquisition of F Shares of any Fund. Initial charge for F Shares will be up to 1.5% of the total subscription price (equivalent to 1.52284% of the Net Asset Value per Share). No initial fee will be payable from 1 October 2020.
The Annual Management Charge for F Shares will be up to 1.5% per annum.
I Shares
I Shares will only be offered to Investors:
- who, at the time the relevant subscription order is received, are clients of Schroders with an agreement covering the charging structure relevant to the clients' investments in such Shares, and
- who are institutional investors, as may be defined from time to time by the guidelines or recommendations issued by the CSSF. | en | de |
DOLFIN5580 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
¹ This type of scenario occurred for an investment between August 2021 and September 2022.
² This type of scenario occurred for an investment between July 2013 and July 2015.
³ This type of scenario occurred for an investment between December 2018 and December 2020.
What happens if NBAMIL is unable to pay out?
Investors may face financial losses as a result of the default of the Fund, NBIF, NBAMIL or any of the service providers appointed to the Fund, including the sub-investment managers (or their affiliates), the Administrator, the Depositary, or a trading counterparty. Any such losses are not covered by any investor compensation or guarantee scheme. | ¹ Ce type de scénario s’est produit pour un investissement entre août 2021 et septembre 2022.
² Ce type de scénario s’est produit pour un investissement entre juillet 2013 et juillet 2015.
³ Ce type de scénario s’est produit pour un investissement entre décembre 2018 et décembre 2020.
Que se passe-t-il si NBAMIL n’est pas en mesure d’effectuer les versements ?
Les investisseurs peuvent subir des pertes financières en cas de défaut du Fonds, de NBIF, de NBAMIL ou de tout prestataire de services désigné pour le Fonds, en ce compris les gestionnaires d’investissement délégués (ou leurs affiliés), l’Agent administratif, le Dépositaire, ou une contrepartie de transaction. Ces pertes ne sont pas couvertes par un système d’indemnisation des investisseurs ou de garantie. | ¹ This type of scenario occurred for an investment between August 2021 and September 2022.
² This type of scenario occurred for an investment between July 2013 and July 2015.
³ This type of scenario occurred for an investment between December 2018 and December 2020.
What happens if NBAMIL is unable to pay out?
Investors may face financial losses as a result of the default of the Fund, NBIF, NBAMIL or any of the service providers appointed to the Fund, including the sub-investment managers (or their affiliates), the Administrator, the Depositary, or a trading counterparty. Any such losses are not covered by any investor compensation or guarantee scheme. | en | fr |
DOLFIN5581 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL MARKET NEUTRAL EQUITY
a sub-fund of RAM (LUX) SYSTEMATIC FUNDS
class E
H
- LU1520759108 | Document d’informations clés
Objectif
Le présent document contient des informations essentielles sur le produit d’investissement. Il ne s’agit pas d’un document à caractère commercial. Ces informations vous sont fournies conformément à une obligation légale, afin de vous aider à comprendre en quoi consiste ce produit et quels risques, coûts, gains et pertes potentiels y sont associés, et de vous aider à le comparer à d’autres produits.
Produit
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL MARKET NEUTRAL EQUITY
un compartiment de RAM (LUX) SYSTEMATIC FUNDS
classe E
H
- LU1520759108 | Key Information Document
Purpose
This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Product
RAM (LUX) SYSTEMATIC FUNDS - GLOBAL MARKET NEUTRAL EQUITY
a sub-fund of RAM (LUX) SYSTEMATIC FUNDS
class E
H
- LU1520759108 | en | fr |
DOLFIN5582 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
- PrivilEdge – H2O High Conviction BondsClassification of the Sub-Fund under SFDRThe Sub-Fund is not a financial product subject to Article 8 or Article 9 of SFDR. | Indice di riferimento
Il Comparto non fa riferimento a un indice di riferimento che sia un indice di riferimento allineato ai Fattori ESG.
- PrivilEdge – H2O High Conviction BondsClassificazione del Comparto ai sensi dell'SFDRIl Comparto non è un prodotto finanziario soggetto all'articolo 8 o all'articolo 9 dell'SFDR. | Reference benchmark
The Sub-Fund is not referenced to a benchmark which is an ESG aligned benchmark.
- PrivilEdge – H2O High Conviction BondsClassification of the Sub-Fund under SFDRThe Sub-Fund is not a financial product subject to Article 8 or Article 9 of SFDR. | en | it |
DOLFIN5583 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes and at least 70% of its assets in debt securities that are rated below Investment Grade. These securities are from issuers that are organised, have substantial business activities, or are impacted by developments, in Europe. These securities may be from issuers anywhere in the world, including emerging market countries.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Fund may invest in, or be exposed up to (i) 20% in emerging market sovereign debt securities (ii) 20% in structured products such as asset- backed and mortgage-back securities and (iii) 10% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to EUR is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Euro High Yield 2% Issuer Constrained Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión a lo largo del tiempo aumentando la rentabilidad total, para lo que utiliza una combinación de ingresos y crecimiento del capital a través de inversiones sostenibles.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de su patrimonio en títulos de renta fija, incluida deuda pública, de emisores que el gestor de inversiones considere que están alineados de forma positiva con temas de inversión sostenible y, como mínimo, un 70% de su patrimonio en títulos de renta fija con una calificación inferior al grado de inversión. Estos valores son de emisores constituidos en Europa, con una importante actividad en esa región o que se vean afectados por los acontecimientos que se desarrollen en Europa.
Los emisores de estos valores pueden ser de cualquier lugar del mundo, incluidos países de mercados emergentes.
El gestor de inversiones invierte en valores que considera que están relacionados con temas de inversión sostenible orientados al medioambiente o al ámbito social y derivados de los Objetivos de Desarrollo Sostenible de la ONU.
El Fondo puede invertir o tener una exposición de hasta (i) el 20% en títulos de deuda soberana de los mercados emergentes, (ii) el 20% en productos estructurados como bonos de titulización de deuda y bonos de titulización hipotecaria y (iii) el 10% en bonos convertibles contingentes (CoCo).
El gestor de inversiones hace hincapié en la selección positiva, en particular analizando la exposición a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) de cada título o emisor, en vez de con filtrados negativos o excluyentes, para evaluar la exposición de un emisor a dichos factores ESG.
La exposición del Fondo a estructuras de bonos ESG es de, al menos, el 15%.
La exposición del Fondo al EUR es de, al menos, el 90%.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
Bloomberg Euro High Yield 2% Issuer Constrained Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es EUR.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Valores respaldados por activos: Valores de deuda que representan un una participación en una cartera de deuda de consumo, como saldos de tarjetas de crédito o préstamos de automóviles.
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Bonos convertibles contingentes (CoCo): Los CoCo son un tipo de título contingente emitido por instituciones financieras internacionales. Suelen ser subordinados y se convierten en acciones del emisor o sufren una quita si se produce un evento prefijado.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Estructuras de bonos ESG: Títulos de renta fija de emisores corporativos o soberanos diseñados para fomentar la sostenibilidad.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Valores relacionados con hipotecas: Valores de deuda representativos de una participación en una cartera de hipotecas.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Temas de inversión sostenible: temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento, e instituciones dedicadas a la deuda soberana. Los temas de inversión sostenible pueden cambiar con el tiempo.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes and at least 70% of its assets in debt securities that are rated below Investment Grade. These securities are from issuers that are organised, have substantial business activities, or are impacted by developments, in Europe. These securities may be from issuers anywhere in the world, including emerging market countries.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Fund may invest in, or be exposed up to (i) 20% in emerging market sovereign debt securities (ii) 20% in structured products such as asset- backed and mortgage-back securities and (iii) 10% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to EUR is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Euro High Yield 2% Issuer Constrained Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion. | en | es |
DOLFIN5584 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## REPURCHASE AND REVERSE REPURCHASE AGREEMENTS
When the Company enters into a repurchase agreement, it “sells” securities to a broker-dealer or financial institution, and agrees to repurchase such securities for the price paid by the broker-dealer or financial institution, plus interest at a negotiated rate. In a reverse repurchase transaction, the Company “buys” securities from a broker-dealer or financial institution, subject to the obligation of the broker-dealer or financial institution to repurchase such securities at the price paid by the Company, plus interest at a negotiated rate. The use of repurchase and reverse repurchase agreements by the Company involves certain risks. For example, if the seller of securities to the Company under a reverse repurchase agreement defaults on its obligation to repurchase the underlying securities, as a result of its bankruptcy or otherwise, the Company will seek to dispose of such securities, which action could involve procedural costs or delays. In addition, the seller may default in its obligations regarding delivery of eligible collateral.
Additionally, the Company may suffer a loss if the value
of the collateral which may be sold following a counterparty default is less than the value of the reverse repurchase agreement. In a default if the counterparty was a significant participant in the repurchase market there could be market disruptions as other secured parties looked to sell their collateral at the same time as the Company. This could lead to further delays and possible costs to the Company. The Company is reliant on the custodial or sub-custodial bank to ensure the proper pricing of the collateral and that the agreed upon collateral is in fact delivered by the counterparty. Any mispricing or assignment of improper collateral could subject the Company to costs or losses should the counterparty default. There is also the risk that in a default, legal proceedings could delay or challenge the Company’s right to the collateral which could cause further losses. | ## ACCORDS DE MISE EN PENSION ET DE MISE EN PENSION INVERSE
Lorsque la Société conclut un contrat de pension livrée, elle « vend » des titres à un courtier ou à un établissement financier et s'engage à racheter ces titres au prix payé par le courtier ou l'établissement financier, plus des intérêts à un taux négocié. Lorsque la Société conclut un contrat de prise en pension, elle « achète » des titres à un courtier ou à un établissement financier, sous réserve de l'obligation pour le courtier ou l'établissement financier de racheter ces titres au prix payé par la Société, plus des intérêts à un taux négocié. L'utilisation de contrats de pension livrée et de prise en pension de titres par la Société implique certains risques. Par exemple, si l'entité qui vend des titres à la Société dans le cadre d'un contrat de prise en pension de titres faillit à son obligation de rachat des titres sous-jacents, pour cause de faillite ou autrement, la Société devra chercher à se défaire de ces titres, ce qui peut impliquer des coûts de procédure ou des retards. De plus, l'entité vendeuse peut faillir à son obligation relative à la fourniture de garantie admissible. De plus, la Société
peut subir une perte si la valeur de la garantie qui peut être vendue suite à un défaut de contrepartie est inférieure à la valeur du contrat de prise en pension. En cas de défaut, si la participation de la contrepartie dans le marché des pensions était importante, il existe un risque de perturbation du marché, les autres parties garanties cherchant à vendre leur garantie en même temps que la Société. Ceci peut provoquer des retards supplémentaires et des frais éventuels pour la Société. La Société dépend de la banque dépositaire ou Sous- dépositaire pour la détermination du prix adéquat de la garantie et pour la remise effective de la garantie convenue par la contrepartie. Toute erreur de détermination de prix ou toute affectation de garantie inadéquate peut faire subir des frais ou des pertes à la Société en cas de défaut de la contrepartie. En cas de défaut, il existe également un risque que des procédures juridiques retardent ou mettent en danger les droits de la Société sur la garantie, ce qui peut provoquer des pertes ultérieures. | ## REPURCHASE AND REVERSE REPURCHASE AGREEMENTS
When the Company enters into a repurchase agreement, it “sells” securities to a broker-dealer or financial institution, and agrees to repurchase such securities for the price paid by the broker-dealer or financial institution, plus interest at a negotiated rate. In a reverse repurchase transaction, the Company “buys” securities from a broker-dealer or financial institution, subject to the obligation of the broker-dealer or financial institution to repurchase such securities at the price paid by the Company, plus interest at a negotiated rate. The use of repurchase and reverse repurchase agreements by the Company involves certain risks. For example, if the seller of securities to the Company under a reverse repurchase agreement defaults on its obligation to repurchase the underlying securities, as a result of its bankruptcy or otherwise, the Company will seek to dispose of such securities, which action could involve procedural costs or delays. In addition, the seller may default in its obligations regarding delivery of eligible collateral.
Additionally, the Company may suffer a loss if the value
of the collateral which may be sold following a counterparty default is less than the value of the reverse repurchase agreement. In a default if the counterparty was a significant participant in the repurchase market there could be market disruptions as other secured parties looked to sell their collateral at the same time as the Company. This could lead to further delays and possible costs to the Company. The Company is reliant on the custodial or sub-custodial bank to ensure the proper pricing of the collateral and that the agreed upon collateral is in fact delivered by the counterparty. Any mispricing or assignment of improper collateral could subject the Company to costs or losses should the counterparty default. There is also the risk that in a default, legal proceedings could delay or challenge the Company’s right to the collateral which could cause further losses. | en | fr |
DOLFIN5585 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## 7.G Risk management
The Management Company use a basic model to calculate the risks arising out of the investment instru- ments, in particular in relation to derivative financial instruments, thereby applying generally accepted calculation methods. It must ensure that the risk arising from derivative financial instruments at no time exceeds the total value of the portfolio and, in particular, that no positions are taken that represent an unlimited risk for the assets. When calculating the overall risk, both the credit default risk and the leverage effect achieved with derivative financial instruments must also be considered. Combinations of derivative financial instruments and securities must also fulfil these criteria at all times.
The Management Company may in particular use the following derivative financial instruments, meth- ods and instruments for the respective sub-funds:
-
## Derivative financial instruments | ## 7.G Risikomanagementverfahren
Die Verwaltungsgesellschaft verwendet ein Basismodell zur Berechnung der Risiken aus den Anlagein- strumenten, insbesondere in Bezug auf derivative Finanzinstrumente, und verwendet hierbei allgemein anerkannte Berechnungsmethoden. Sie hat sicherzustellen, dass zu keinem Zeitpunkt das Risiko aus derivativen Finanzinstrumenten den Gesamtwert des Portfolios übersteigt und insbesondere keine Po- sitionen eingegangen werden, die ein für das Vermögen unlimitiertes Risiko darstellen. Bei der Bemes- sung des Gesamtrisikos müssen sowohl sein Ausfallrisiko als auch die mit derivativen Finanzinstrumen- ten erzielte Hebelwirkung berücksichtigt werden. Kombinationen aus derivativen Finanzinstrumenten und Wertpapieren müssen diese Vorschriften ebenfalls zu jedem Zeitpunkt erfüllen.
Die Verwaltungsgesellschaft kann sich für den jeweiligen Teilfonds insbesondere folgender derivativen Finanzinstrumente, Techniken und Instrumente bedienen:
-
## Derivative Finanzinstrumente | ## 7.G Risk management
The Management Company use a basic model to calculate the risks arising out of the investment instru- ments, in particular in relation to derivative financial instruments, thereby applying generally accepted calculation methods. It must ensure that the risk arising from derivative financial instruments at no time exceeds the total value of the portfolio and, in particular, that no positions are taken that represent an unlimited risk for the assets. When calculating the overall risk, both the credit default risk and the leverage effect achieved with derivative financial instruments must also be considered. Combinations of derivative financial instruments and securities must also fulfil these criteria at all times.
The Management Company may in particular use the following derivative financial instruments, meth- ods and instruments for the respective sub-funds:
-
## Derivative financial instruments | en | de |
DOLFIN5586 | 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
Il s'agit d'une société d'investissement irlandaise agréée par la Banque centrale irlandaise en tant qu'OPCVM à compartiments multiples à capital variable avec séparation des passifs entre les compartiments.
## Durée
Ce produit n'a pas de durée déterminée. Le produit peut être liquidé dans des circonstances bien définies détaillées dans le prospectus.
## Objectifs
Tout revenu généré par le fonds vous sera versé ou peut être réinvesti dans d'autres actions pour augmenter la valeur de votre investissement.
Le fonds vise à obtenir un revenu et une croissance du capital en investissant principalement dans un portefeuille d'obligations diversifié à l'échelle mondiale (qui sont des emprunts pouvant rapporter un taux d'intérêt fixe ou variable).
Les obligations sont émises principalement par des sociétés, des États et d'autres institutions financières du monde entier. Jusqu'à 30 % du fonds peut être investi dans des obligations d'entreprises, gouvernements et autres institutions financières émises sur les marchés émergents. Le gestionnaire d'investissement a tout pouvoir de décider du type d'investissements à détenir dans le fonds mais achètera principalement des obligations auxquelles ont été attribué une notation par au moins une agence de notation (Standard & Poors ou Moody's). Le fonds peut acheter jusqu'à 30 % de sa Valeur d'Actif Net dans des titres sans notation (qui n'affichent pas de notation attribuée par une agence de notation) si le gestionnaire d'investissement détermine que le titre présente une qualité
comparable à celle d'un titre affichant une notation que le fonds peut acheter. Nous pouvons avoir recours à des instruments dérivés à des fins d'investissement (par exemple dans le but de réaliser une performance plus élevée) ou pour gérer l'effet des variations des taux d'intérêt et réduire certains des risques de marché. Les instruments dérivés sont liés à la hausse et à la chute d'autres actifs. En d'autres termes, leur cours est dérivé d'un autre actif. Elles peuvent générer des rendements lorsque les cours des actions et/ou les indices chutent.
Le fonds est géré de manière active sans référence à un quelconque indice, ce qui signifie que la composition du portefeuille du fonds est laissée à l'entière discrétion du gestionnaire d'investissement, sous réserve des objectifs et politiques d'investissement du fonds.
## Investisseur de détail visé
Le fonds est destiné aux investisseurs de détail et aux investisseurs institutionnels. Le fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport d'ici cinq ans.
Le fonds convient aux investisseurs en quête de potentiel de revenu et de croissance au fil du temps et qui peuvent accepter les risques associés aux investissements dans des titres à revenu fixe, ainsi que ceux associés à l'utilisation accrue d'instruments dérivés.
Pour des informations détaillées sur les objectifs et la politique d'investissement, nous vous invitons à consulter le prospectus.
## Autres informations
Les investisseurs peuvent convertir leur investissement en actions ou autres fonds sur demande ; de plus amples informations sont disponibles dans le prospectus. Les investisseurs peuvent racheter leur investissement tous les jours ouvrables du fonds. | # ¿Qué es este producto?
## Tipo
Se trata de una sociedad de inversión de capital variable OICVM irlandesa, de tipo paraguas y con responsabilidad segregada entre subfondos, autorizada por el Banco Central de Irlanda.
## Plazo
Este producto no tiene plazo fijo. El producto puede liquidarse en determinadas circunstancias, tal como se detalla en el folleto.
## Objetivos
Los ingresos generados por el fondo podrán serle abonados o podrán reinvertirse en acciones adicionales para aumentar el valor de su inversión.
El fondo pretende conseguir ingresos y crecimiento del capital, invirtiendo principalmente en una cartera de bonos (que son como préstamos que pueden pagar un tipo de interés fijo o variable) diversificada a escala mundial.
Los bonos son emitidos principalmente por empresas, gobiernos y otras instituciones financieras de todo el mundo. Hasta el 30% del fondo puede invertirse en bonos de empresas, gobiernos y otras instituciones financieras emitidos en mercados emergentes. El gestor de inversiones tiene plena discrecionalidad a la hora de decidir qué inversiones debe mantener el fondo, pero principalmente comprará bonos que hayan sido calificados por al menos una agencia de calificación crediticia (Standard & Poors o Moody's). El fondo puede comprar hasta el 30% de su Valor Liquidativo en valores no calificados (que no están calificados por una agencia de calificación) si el gestor de inversiones determina que el valor es de calidad
comparable a un valor calificado que el fondo pueda comprar. El fondo puede utilizar derivados con fines de inversión (como tratar de conseguir mayores rendimientos) o para gestionar el efecto de las variaciones de los tipos de interés y reducir algunos de los riesgos de mercado. Los derivados están vinculados a la subida y bajada de otros activos. En otras palabras, derivan su precio de otro activo. Pueden generar rendimientos cuando caen los precios de las acciones y/o los índices.
El fondo se gestiona activamente sin referencia a ningún índice, lo que significa que el gestor de inversiones tiene plena discreción sobre la composición de la cartera del fondo, con sujeción a los objetivos y políticas de inversión declarados del fondo.
## Inversor minorista al que va dirigido
El fondo está destinado a inversores minoristas e institucionales. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 5 años.
El fondo es adecuado para inversores que busquen un potencial de ingresos y crecimiento a lo largo del tiempo y puedan aceptar los riesgos asociados a las inversiones en valores de renta fija, así como los asociados a un mayor uso de instrumentos derivados.
Para consultar todos los detalles de los objetivos y la política de inversión, consulte el folleto.
## Información adicional
Los inversores podrán canjear su inversión por participaciones de otros fondos si lo solicitan; en el folleto puede encontrarse información más detallada. Los inversores pueden obtener el reembolso de su inversión en cada día hábil del fondo. | # En quoi consiste ce produit?
## Type
Il s'agit d'une société d'investissement irlandaise agréée par la Banque centrale irlandaise en tant qu'OPCVM à compartiments multiples à capital variable avec séparation des passifs entre les compartiments.
## Durée
Ce produit n'a pas de durée déterminée. Le produit peut être liquidé dans des circonstances bien définies détaillées dans le prospectus.
## Objectifs
Tout revenu généré par le fonds vous sera versé ou peut être réinvesti dans d'autres actions pour augmenter la valeur de votre investissement.
Le fonds vise à obtenir un revenu et une croissance du capital en investissant principalement dans un portefeuille d'obligations diversifié à l'échelle mondiale (qui sont des emprunts pouvant rapporter un taux d'intérêt fixe ou variable).
Les obligations sont émises principalement par des sociétés, des États et d'autres institutions financières du monde entier. Jusqu'à 30 % du fonds peut être investi dans des obligations d'entreprises, gouvernements et autres institutions financières émises sur les marchés émergents. Le gestionnaire d'investissement a tout pouvoir de décider du type d'investissements à détenir dans le fonds mais achètera principalement des obligations auxquelles ont été attribué une notation par au moins une agence de notation (Standard & Poors ou Moody's). Le fonds peut acheter jusqu'à 30 % de sa Valeur d'Actif Net dans des titres sans notation (qui n'affichent pas de notation attribuée par une agence de notation) si le gestionnaire d'investissement détermine que le titre présente une qualité
comparable à celle d'un titre affichant une notation que le fonds peut acheter. Nous pouvons avoir recours à des instruments dérivés à des fins d'investissement (par exemple dans le but de réaliser une performance plus élevée) ou pour gérer l'effet des variations des taux d'intérêt et réduire certains des risques de marché. Les instruments dérivés sont liés à la hausse et à la chute d'autres actifs. En d'autres termes, leur cours est dérivé d'un autre actif. Elles peuvent générer des rendements lorsque les cours des actions et/ou les indices chutent.
Le fonds est géré de manière active sans référence à un quelconque indice, ce qui signifie que la composition du portefeuille du fonds est laissée à l'entière discrétion du gestionnaire d'investissement, sous réserve des objectifs et politiques d'investissement du fonds.
## Investisseur de détail visé
Le fonds est destiné aux investisseurs de détail et aux investisseurs institutionnels. Le fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport d'ici cinq ans.
Le fonds convient aux investisseurs en quête de potentiel de revenu et de croissance au fil du temps et qui peuvent accepter les risques associés aux investissements dans des titres à revenu fixe, ainsi que ceux associés à l'utilisation accrue d'instruments dérivés.
Pour des informations détaillées sur les objectifs et la politique d'investissement, nous vous invitons à consulter le prospectus.
## Autres informations
Les investisseurs peuvent convertir leur investissement en actions ou autres fonds sur demande ; de plus amples informations sont disponibles dans le prospectus. Les investisseurs peuvent racheter leur investissement tous les jours ouvrables du fonds. | fr | es |
DOLFIN5587 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo.
pérdidas importantes y una mayor volatilidad en condiciones del mercado adversas, tales como la quiebra de participantes en el mercado. El uso de derivados puede tener como consecuencia que el fondo se apalanque (es decir, que la exposición al mercado y, por tanto, el potencial de pérdida del fondo superen el importe que ha invertido) y, en esas condiciones del mercado, el apalancamiento incrementaría las pérdidas.
Todas las inversiones entrañan riesgos. Este fondo no ofrece ninguna garantía contra pérdidas ni con respecto a la consecución de los objetivos del fondo.
El precio de los activos y los ingresos que estos generan pueden disminuir o aumentar y no se pueden garantizar; es posible que un inversor recupere un importe menor que el invertido originalmente. La inflación reduce el poder adquisitivo de su inversión y sus ingresos. El valor de los activos mantenidos en el fondo puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio.
El fondo podría perder dinero si una entidad (contraparte) con la que hace negocios se niega o no puede satisfacer sus obligaciones frente al fondo.
En condiciones extremas del mercado puede resultar difícil vender ciertos valores, o venderlos al precio deseado. Esto podría afectar la capacidad del fondo de satisfacer los reembolsos oportunamente. El fondo podría perder dinero a consecuencia de una interrupción o retraso de los procesos y sistemas operativos, incluidas, sin carácter limitativo, la quiebra de proveedores externos o su declaración de suspensión de pagos.
Cuando la clase de participaciones se describe como "cubierta", ello significa que se emplean técnicas de cobertura de divisas, las cuales reducen, pero no eliminan, el riesgo de tipos de cambio. En particular, la divisa que se cubre no está necesariamente relacionada con las divisas del fondo. Tales técnicas también dan lugar a riesgos y costes adicionales. | Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun. Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui permet de réduire, mais pas d'éliminer, le risque de change. En particulier, la devise couverte n'est pas nécessairement liée aux devises du Fonds. De telles techniques engendrent également des risques et des coûts supplémentaires. | fr | es |
DOLFIN5588 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Government regulation
Certain Emerging Markets lack uniform accounting, auditing and financial reporting and disclosure standards, may have often less governmental supervision of financial markets than in developed countries, and may not in many case honor legal rights or protections enjoyed by investors in developed countries. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some Emerging Markets. While the relevant Fund will only invest in markets where these restrictions are considered acceptable by the Investment Adviser(s), a country could impose new or additional repatriation restrictions after the Fund’s investment. If this happened, the Fund’s response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the Fund’s liquidity needs and other factors. Further, some attractive equity securities may not be available to the Fund if foreign investors already hold the maximum amount legally permissible.
While government involvement in the private sector varies in degree among Emerging Markets, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any Emerging Markets, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the Fund’s investments. | ### Staatliche Regulierung
Bestimmte Schwellenmärkte haben keine einheitlichen Standards für Rechnungslegung, Wirtschaftsprüfung, Finanzberichterstattung und Offenlegung sowie eine geringere staatliche Aufsicht der Finanzmärkte und in vielen Fällen weniger ausgeprägte rechtsstaatliche Prinzipien oder Schutzvorkehrungen als Industrieländer. Bestimmte Regierungen sind weniger stabil und bringen größere Risiken von Verstaatlichungen oder Eigentumsbeschränkungen für Ausländer bezüglich lokaler Unternehmen mit sich. Die Rückführung von Anlageerträgen, Kapital und Verkaufserlösen durch ausländische Anleger erfordert in manchen Schwellenländermärkten unter Umständen eine staatliche Registrierung und/oder Genehmigung. Der betreffende Fonds investiert zwar nur in Märkte, in denen diese Beschränkungen laut Anlageberater(n) ein akzeptables Maß haben, es ist aber möglich, dass ein Land nach der Anlage des Fonds neue oder zusätzliche Rückführungsbeschränkungen verhängt. In einem solchen Fall kann der Fonds unter anderem reagieren, indem die zuständigen Behörden um einen Verzicht auf die entsprechenden Beschränkungen gebeten werden oder indem Transaktionen an anderen Märkten vorgenommen werden, die darauf abzielen, die Risiken einer Verschlechterung in diesem Land auszugleichen. Solche Beschränkungen werden beim Liquiditätsbedarf des Fonds und weiteren Faktoren berücksichtigt. Weiterhin sind einige attraktive Eigenkapitalinstrumente eventuell nicht für den Fonds verfügbar, wenn ausländische Anleger bereits den rechtlich maximal zulässigen Betrag halten.
Der staatliche Einfluss auf den privaten Sektor variiert zwar zwischen den Schwellenländermärkten, er kann in manchen Fällen aber bedeuten, dass die Unternehmen bestimmter Branchen in Staatsbesitz sind und dass Lohn- und Preiskontrollen, Handelsschranken und weitere protektionistische Maßnahmen greifen. Im Zusammenhang mit Schwellenländermärkten gibt es keine Garantie, dass nicht eine künftige wirtschaftliche oder politische Krise zu Preiskontrollen, erzwungenen Unternehmensfusionen, Enteignungen oder der Schaffung von Staatsmonopolen führt, zum möglichen Schaden der Anlagen des Fonds. | ### Government regulation
Certain Emerging Markets lack uniform accounting, auditing and financial reporting and disclosure standards, may have often less governmental supervision of financial markets than in developed countries, and may not in many case honor legal rights or protections enjoyed by investors in developed countries. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some Emerging Markets. While the relevant Fund will only invest in markets where these restrictions are considered acceptable by the Investment Adviser(s), a country could impose new or additional repatriation restrictions after the Fund’s investment. If this happened, the Fund’s response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to the Fund’s liquidity needs and other factors. Further, some attractive equity securities may not be available to the Fund if foreign investors already hold the maximum amount legally permissible.
While government involvement in the private sector varies in degree among Emerging Markets, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any Emerging Markets, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of the Fund’s investments. | en | de |
DOLFIN5589 | 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 money out early?
## Recommended holding period: 3 years
This product has no required minimum holding period but is designed for long-term investment; you should have an investment horizon of at least 3 years. You may buy or sell shares in the product, without penalty, on any normal business day by submitting a subscription or redemption request in the manner set out in the Prospectus. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this will increase the risk of lower investment returns or a loss. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
## Periodo de mantenimiento recomendado: 3 años
Este producto no tiene un periodo de mantenimiento mínimo obligatorio, pero está diseñado para la inversión a largo plazo; debe tener un horizonte de inversión de al menos 3 años. Puede comprar o vender acciones del producto, sin penalización, en cualquier día hábil normal mediante el envío de una solicitud de suscripción o reembolso de la forma establecida en el Folleto. Póngase en contacto con su agente de bolsa, asesor financiero o distribuidor para obtener información sobre los costes y gastos relacionados con la venta de las acciones. Si usted realiza una liquidación en una etapa temprana, aumentará el riesgo de una menor rentabilidad de la inversión o de una pérdida. | # How long should I hold it and can I take money out early?
## Recommended holding period: 3 years
This product has no required minimum holding period but is designed for long-term investment; you should have an investment horizon of at least 3 years. You may buy or sell shares in the product, without penalty, on any normal business day by submitting a subscription or redemption request in the manner set out in the Prospectus. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this will increase the risk of lower investment returns or a loss. | en | es |
DOLFIN5590 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
2 The aim of the sub-fund ("Fund") is to achieve long-term capital growth. For this purpose, the Fund invests worldwide in selected shares of companies with established brands offering products and services in the luxury goods sector.
2 The Fund invests at least 2/3 of its assets in companies in the luxury goods sector. The Fund selects leading luxury goods providers with outstanding brands and high-quality products which also strive constantly to innovate.
2 Through the link between the Shanghai, Shenzhen and Hong Kong stock exchanges (Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect), the Fund can invest directly in Chinese A shares. In addition, investments in Chinese B and H shares can be built up.
The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed in reference to the MSCI World (ACWI) Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark in the appropriate currency for performance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund or as performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark.
2 Investors may buy or sell the Fund on any bank working day in Luxembourg.
2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
2 Income in the share class is distributed annually to investors.
2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Ziele und Anlagepolitik
2 Das Ziel des Subfonds ("Fonds") ist es, einen langfristigen Kapitalzuwachs zu erreichen. Zu diesem Zweck investiert der Fonds weltweit in ausgewählte Aktien von Unternehmen mit etablierten Marken, die Produkte und Dienstleistungen im Luxusgütersektor anbieten.
2 Der Fonds investiert mindestens 2/3 des Vermögens in Unternehmen aus dem Luxusgütersektor. Der Fonds wählt führende Luxusunternehmen mit herausragenden Marken und qualitativ hochwertigen Produkten aus, die zudem kontinuierlich um Innovation bemüht sind.
2 Der Fonds kann über die Verbindung der Börsenplätze Shanghai, Shenzhen und Hongkong (Shanghai-Hong Kong Stock Connect Programms bzw. Shenzhen Hong Kong Stock Connect Programm) direkt in chinesiche A- Aktien investieren. Ferner können Anlagen in chinesische B- und H Aktien aufgebaut werden.
Der Fonds weist für den Anleger folgende weitere relevante Eigenschaften auf:
2 Der Fonds wird unter Bezugnahme auf den MSCI World (ACWI) Index (der „Vergleichsindex“) aktiv verwaltet, da er diesen in der entsprechenden Währung für den Vergleich der Wertentwicklung heranzieht. Der Vergleichsindex wird jedoch weder zur Festlegung der Portfoliozusammensetzung des Fonds noch als Performanceziel verwendet, und der Fonds kann ausschließlich in Wertpapieren investiert sein, die nicht im Vergleichsindex vertreten sind.
2 Anleger können den Fonds an jedem Bankarbeitstag in Luxemburg kaufen oder verkaufen.
2 Der Fonds verfügt über verschiedene Anteilsklassen. Diese können sich hinsichtlich der Kommissionshöhe, der Mindesteinlage, der Verwendung der Erträge und der Anlegerqualifikation unterscheiden.
2 Erträge der Anteilsklasse werden jährlich an die Anleger ausgeschüttet.
2 Empfehlung: Dieser Fonds ist unter Umständen für Anleger nicht geeignet, die ihr Geld innerhalb eines Zeitraums von fünf Jahren aus dem Fonds wieder zurückziehen wollen. | # Objectives and investment policy
2 The aim of the sub-fund ("Fund") is to achieve long-term capital growth. For this purpose, the Fund invests worldwide in selected shares of companies with established brands offering products and services in the luxury goods sector.
2 The Fund invests at least 2/3 of its assets in companies in the luxury goods sector. The Fund selects leading luxury goods providers with outstanding brands and high-quality products which also strive constantly to innovate.
2 Through the link between the Shanghai, Shenzhen and Hong Kong stock exchanges (Shanghai-Hong Kong Stock Connect and Shenzhen- Hong Kong Stock Connect), the Fund can invest directly in Chinese A shares. In addition, investments in Chinese B and H shares can be built up.
The Fund also has the following characteristics of importance to investors:
2 The Fund is actively managed in reference to the MSCI World (ACWI) Index (the “Benchmark”) by virtue of the fact that it uses the Benchmark in the appropriate currency for performance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund or as performance target and the Fund may be wholly invested in securities which are not constituents of the Benchmark.
2 Investors may buy or sell the Fund on any bank working day in Luxembourg.
2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
2 Income in the share class is distributed annually to investors.
2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | de |
DOLFIN5591 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator.
Percentage | Los gastos de entrada, salida y conversión que se muestran representan el importe máximo aplicable y se abonan al distribuidor. Podrán aplicarse comisiones más bajas en algunos casos; póngase en contacto son su asesor financiero o al distribuidor si desea saber el importe real.
Los gastos corrientes se basan en los gastos correspondientes al último ejercicio cerrado el 31 de diciembre de 2021. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 1 de enero de 2022 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia.
Porcentaje | Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator.
Percentage | en | es |
DOLFIN5592 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All sums recoverable by the Company shall be credited against any concurrent liability pursuant to the implied terms set out in (i) to (iii) above.
Any asset or sum recovered by the Company shall, after the deduction or payment of any costs of recovery, be applied so as to compensate the relevant Fund.
In the event that assets attributable to a Fund are taken in execution of a liability not attributable to that Fund, and in so far as such assets or compensation in respect thereof cannot otherwise be restored to the Fund affected, the Directors, with the consent of the Depositary, shall certify or cause to be certified, the value of the assets lost to the Fund affected and transfer or pay from the assets of the Fund or Funds to which the liability was attributable, in priority to all other claims against such Fund or Funds, assets or sums sufficient to restore to the Fund affected, the value of the assets or sums lost to it.
A Fund is not a legal person separate from the Company but the Company may sue and be sued in respect of a particular Fund and may exercise the same rights of set-off, if any, as between its Funds as apply at law in respect of companies and the property of a Fund is subject to orders of the court as it would have been if the Fund were a separate legal person.
Separate records shall be maintained in respect of each Fund. | Sämtliche durch die Gesellschaft zurück erlangbaren Beträge sind mit gleichrangigen Verbindlichkeiten gemäß den stillschweigend vereinbarten Bedingungen wie vorstehend unter (i) bis (iii) beschrieben zu verrechnen.
Etwaige von der Gesellschaft zurückerlangten Vermögensgegenstände oder Beträge sind, nach Abzug der Zahlung von Kosten für das Zurückerlangen, gutzuschreiben, um den betreffenden Fonds zu entschädigen.
Für den Fall, dass Vermögensgegenstände, die einem Fonds zuzuordnen sind, zum Ausführen einer Verbindlichkeit verwendet werden, die nicht diesem Fonds zuzuordnen sind, und insoweit als diese Vermögensgegenstände oder betreffenden Entschädigungen dafür nicht anderweitig dem betreffenden Fonds wieder zuzuleiten sind, bestätigt der Verwaltungsrat oder veranlasst die Bestätigung des Werts der Vermögensgegenstände, die dem betroffenen Fonds abhandengekommen sind, mit Zustimmung der Verwahrstelle und überträgt oder zahlt aus den Vermögensgegenständen des Fonds oder der Fonds, denen die Verbindlichkeit zuweisbar war, vorrangig vor allen anderen Ansprüchen gegenüber diesem Fonds oder dieser Fonds, die Vermögensgegenstände oder Beträge, die ausreichen, um dem betroffenen Fonds den Wert der Vermögensgegenstände oder Beträge, die ihm abhandengekommen sind, wiederherzustellen.
Ein Fonds ist keine von der Gesellschaft unabhängige juristische Person; die Gesellschaft darf jedoch in Bezug auf einen bestimmten Fonds klagen oder verklagt werden und darf dieselben Aufrechnungsrechte, so vorhanden, wie zwischen ihren Fonds, die nach dem Recht in Bezug auf Gesellschaften anwendbar sind, ausüben und das Eigentum eines Fonds unterliegt den Gerichtsbeschlüssen, so als ob der Fonds eine gesonderte juristische Person wäre.
Für die einzelnen Fonds sind gesonderte Aufzeichnungen zu führen. | All sums recoverable by the Company shall be credited against any concurrent liability pursuant to the implied terms set out in (i) to (iii) above.
Any asset or sum recovered by the Company shall, after the deduction or payment of any costs of recovery, be applied so as to compensate the relevant Fund.
In the event that assets attributable to a Fund are taken in execution of a liability not attributable to that Fund, and in so far as such assets or compensation in respect thereof cannot otherwise be restored to the Fund affected, the Directors, with the consent of the Depositary, shall certify or cause to be certified, the value of the assets lost to the Fund affected and transfer or pay from the assets of the Fund or Funds to which the liability was attributable, in priority to all other claims against such Fund or Funds, assets or sums sufficient to restore to the Fund affected, the value of the assets or sums lost to it.
A Fund is not a legal person separate from the Company but the Company may sue and be sued in respect of a particular Fund and may exercise the same rights of set-off, if any, as between its Funds as apply at law in respect of companies and the property of a Fund is subject to orders of the court as it would have been if the Fund were a separate legal person.
Separate records shall be maintained in respect of each Fund. | en | de |
DOLFIN5593 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Each Sub-Fund may invest in financial derivative instruments that are traded “over-the-counter” (“OTC”) including, without limitation, total return swaps or other financialderivative instruments with similar characteristics, in accordance with the conditions set outin this section and the investment objective and policy of the Sub-Fund as detailed in therelevant Appendix.
When using OTC derivatives and/or efficient portfolio management techniques, assets provided as collateral by the counterparties to such transactions may take the form of the assets listed above and shall always comply with the criteria provided by the CSSF Circular 14/592 or any applicable laws or regulations. When exposure arising from OTC financial derivative transactions and efficient portfolio management techniques exceeds 10% of the net assets of a Sub-Fund, the level of collateral received shall at all times equal at least 100% (taking into account any haircut) of the exceeding counterparty exposure.
Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure should comply with the following criteria at all times:
- liquidity: any collateral received other than cash should be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing;
- valuation: collateral received should be valued on at least a daily basis and assets that exhibit high price volatility should not be accepted as collateral unless suitability conservative haircuts are in place;
- issuer credit quality: collateral received should be of high quality;
- correlation: the collateral received by the Sub-Fund should be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;
- collateral diversification: any collateral received other than cash should not represent more than 20% of the Sub-Fund’s net asset value, even if the Sub-Fund is exposed to different counterparties; and
- safe-keeping: Collateral must be held by the Depositary or its delegate. | Cada Subfondo podrá invertir en instrumentos financieros derivados negociados en mercadosextrabursátiles (OTC), así como en permutas de rendimiento total u otros instrumentosfinancieros derivados con características similares, entre otros, de conformidad con lascondiciones que se recogen en esta sección y el objetivo y la política de inversión delSubfondo, tal como se detalla en el Anexo correspondiente.
Cuando se utilicen derivados OTC o técnicas para una gestión eficaz de la cartera, los activos entregados como garantía por las contrapartes de dichas transacciones podrán adoptar la forma de los activos enumerados anteriormente y deberán cumplir en todo momento los criterios fijados por la Circular 14/592 de la CSSF o cualquier ley o reglamento aplicable. Cuando la exposición derivada de operaciones con derivados financieros OTC y técnicas para una gestión eficaz de la cartera supere el 10% del patrimonio neto de un Subfondo, el nivel de la garantía recibida deberá equivaler en todo momento como mínimo al 100% (teniendo en cuenta cualquier reducción del valor) de la exposición a las contrapartes por encima de dicho 10%.
Si un Subfondo realiza operaciones con derivados financieros OTC y participa en técnicas de gestión eficiente de cartera, toda garantía utilizada a fin de reducir la exposición al riesgo de contraparte deberá adaptarse en todo momento a los criterios expuestos a continuación:
- liquidez: toda garantía obtenida que no sea efectivo deberá ser muy líquida y negociarse en un mercado regulado o en un sistema de negociación multilateral en el que los precios se determinen de forma transparente;
- valoración: las garantías obtenidas deberán valorarse al menos a diario y no deberán aceptarse como garantía aquellos activos cuyos precios presenten unaelevada volatilidad, salvo que se establezcan descuentos conservadores adecuados;
- calidad crediticia del emisor: las garantías obtenidas deberán ser de gran calidad;
- correlación: la garantía recibida por el Subfondo deberá ser emitida por una entidad independiente de la contraparte y cabe esperar que no tenga una elevada correlación con la rentabilidad de la contraparte;
- diversificación de las garantías: toda garantía obtenida que no se haya recibido en efectivo no deberá suponer más del 20% del Valor liquidativo del Subfondo, incluso si el Subfondo tiene exposición a distintas contrapartes; y
- custodia: el Depositario o la persona en la que este delegue debe mantener la garantía. | Each Sub-Fund may invest in financial derivative instruments that are traded “over-the-counter” (“OTC”) including, without limitation, total return swaps or other financialderivative instruments with similar characteristics, in accordance with the conditions set outin this section and the investment objective and policy of the Sub-Fund as detailed in therelevant Appendix.
When using OTC derivatives and/or efficient portfolio management techniques, assets provided as collateral by the counterparties to such transactions may take the form of the assets listed above and shall always comply with the criteria provided by the CSSF Circular 14/592 or any applicable laws or regulations. When exposure arising from OTC financial derivative transactions and efficient portfolio management techniques exceeds 10% of the net assets of a Sub-Fund, the level of collateral received shall at all times equal at least 100% (taking into account any haircut) of the exceeding counterparty exposure.
Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure should comply with the following criteria at all times:
- liquidity: any collateral received other than cash should be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing;
- valuation: collateral received should be valued on at least a daily basis and assets that exhibit high price volatility should not be accepted as collateral unless suitability conservative haircuts are in place;
- issuer credit quality: collateral received should be of high quality;
- correlation: the collateral received by the Sub-Fund should be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;
- collateral diversification: any collateral received other than cash should not represent more than 20% of the Sub-Fund’s net asset value, even if the Sub-Fund is exposed to different counterparties; and
- safe-keeping: Collateral must be held by the Depositary or its delegate. | en | es |
DOLFIN5594 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# 2 The aim of the sub-fund ("Fund") is to achieve a maximum return. For this purpose, the Fund invests in the debt securities and shares of issuers from Danube countries.
2 The Fund invests at least 2/3 of its assets directly in debt securities and shares of issuers from Romania, Slovakia, Hungary, Croatia, Germany, Austria, Serbia, Moldova and Ukraine. It may also invest in these markets indirectly using complex financial instruments (e.g. structured products). | # 2 Das Ziel des Subfonds ("Fonds") ist es, einen maximalen Ertrag zu erwirtschaften. Zu diesem Zweck investiert der Fonds in Schuldverschreibungen und Aktien von Emittenten aus Donauländern.
2 Der Fonds investiert mindestens 2/3 des Vermögens direkt in Schuldverschreibungen und Aktien von Emittenten aus Rumänien, Slowakei, Ungarn, Kroatien, Deutschland, Österreich, Serbien, Modawien und der Ukraine. Er kann weiter auch indirekt mittels komplexer Finanzinstrumente (z.B. strukturierte Produkte) in diesen Märkten anlegen. | # 2 The aim of the sub-fund ("Fund") is to achieve a maximum return. For this purpose, the Fund invests in the debt securities and shares of issuers from Danube countries.
2 The Fund invests at least 2/3 of its assets directly in debt securities and shares of issuers from Romania, Slovakia, Hungary, Croatia, Germany, Austria, Serbia, Moldova and Ukraine. It may also invest in these markets indirectly using complex financial instruments (e.g. structured products). | en | de |
DOLFIN5595 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For the avoidance of doubt, the fees covered under items xii and xiii above are distinct from the Distribution Fee or the Initial Charge.
Other fees mentioned in paragraph 10.5.4 below such as transaction costs, stock lending charges, interest on bank overdraft and any other extraordinary fees and expenses are distinct from the Direct Costs and the Fund Servicing Costs.
To cover the Operational Costs, the Company pays to the Management Company a fixed rate of Operational Costs ("FROC") as an annual percentage of the Net Asset Value of the relevant class of Shares for each Sub-Fund.
The purpose of the FROC is to set a fixed rate of fees covering the Direct Costs and the Fund Servicing Costs which may be subject to fluctuation overtime. The FROC ensures that the Company is protected from expenses fluctuation which would not be the case had the Company chosen to pay directly such charges.
The FROC effectively paid to the Management Company (the "Effective FROC") cannot exceed the maximum FROC (the "Maximum FROC") as disclosed in the relevant Annex.
The Effective FROC for the relevant classes of Shares for each Sub-Fund is disclosed in the semi-annual and annual reports.
Within the Maximum FROC mentioned in the relevant Annex, the Directors reserve the right to adjust the Effective FROC from time to time. Any increase to the Maximum FROC is considered a material change and will be notified to the shareholders according to the procedure set forth in the preamble of the Prospectus. It should be noted that foreign jurisdictions where the Company may be registered might impose restrictions or additional requirements in case of a FROC increase.
In the event that the amount of the actual Operational Costs exceeds the Effective FROC for any class of Shares of any Sub-Fund, the Management Company bears the excess Operational Costs. Conversely, should the actual Operational Costs be lower than the Effective FROC for any class of Shares of any Sub-Fund, the Management Company is entitled to retain such difference.
- Other FeesIn addition to the Operational Costs described in paragraph 10.5.3 above, each class of Shares bears (i) the costs relating to certain transactions such as the costs of buying and selling underlying securities, costs charged by any financial institution or organisation in relation to swap agreements or OTC transactions, correspondent bank charges relating to delivery, receipt of securities or to foreign exchange transactions, fees relating to collateral management (including delivery or receipt of collateral) and (ii) the periodic charges related to research as mentioned in paragraph 10.5.5 below. | Afin de dissiper tout doute, les frais couverts aux points xii et xiii ci-dessus sont distincts de la Commission de distribution ou de la Commission de souscription.
Les autres commissions mentionnées au paragraphe 10.5.4 ci-dessous telles que les frais de transaction, les frais de prêt de titres, les intérêts sur découverts et les commissions et frais extraordinaires sont distincts des Coûts directs et des Coûts des services au fonds.
Pour couvrir les Coûts opérationnels, la Société verse à la Société de gestion un taux fixe du coût opérationnel ("FROC"), en pourcentage annuel de la Valeur nette d’inventaire de la classe d’Actions concernée pour chaque Compartiment.
Le FROC a pour but d’établir un taux fixe de commissions couvrant les Coûts directs et les Coûts des services au fonds, susceptible de fluctuer dans le temps. Le FROC permet à la Société de se prémunir contre les variations des dépenses, ce qui ne serait pas possible si la Société avait choisi de s’acquitter directement de ces frais.
Le FROC réellement versé à la Société de gestion (ci-après le "FROC réel") ne peut pas dépasser le FROC maximum (ci-après le "FROC maximum") tel qu’indiqué dans l’Annexe correspondante.
Le FROC réel pour les classes d’Actions concernées pour chaque Compartiment est publié dans les rapports semestriels et annuels.
Dans la limite du FROC maximum stipulé dans l’Annexe correspondante, les Administrateurs se réservent le droit d’ajuster le FROC réel de temps à autre. Toute hausse du FROC maximum est considérée comme un changement important et sera notifiée aux actionnaires conformément à la procédure décrite dans le préambule du Prospectus. A noter que les juridictions étrangères où la Société peut être enregistrée peuvent imposer des restrictions ou des exigences supplémentaires en cas de hausse du FROC.
Si les Coûts opérationnels réels sont supérieurs au FROC réel pour toute classe d’Actions d’un Compartiment, la Société de gestion prend en charge les Coûts opérationnels supplémentaires. Inversement, si les Coûts opérationnels réels sont inférieurs au FROC réel pour toute classe d’Actions de n’importe quel Compartiment, la Société de gestion est autorisée à conserver la différence.
- Autres commissionsOutre les coûts opérationnels décrits au paragraphe 10.5.3 ci-dessus, chaque classe d’Actions prend en charge (i) les coûts associés à certaines transactions tels que les coûts d’achat et de vente des valeurs sous-jacentes, les commissions prélevées par les établissements financiers ou organisations en relation avec les contrats de swap ou les transactions OTC, les frais de banque correspondante pour la livraison/réception des titres ou les transactions en devises, les commissions de gestion des garanties(y compris la livraison et réception des garanties) et (ii) les charges périodiques liées aux analyses financières, tel qu’exposé au paragraphe 10.5.5 ci-après. | For the avoidance of doubt, the fees covered under items xii and xiii above are distinct from the Distribution Fee or the Initial Charge.
Other fees mentioned in paragraph 10.5.4 below such as transaction costs, stock lending charges, interest on bank overdraft and any other extraordinary fees and expenses are distinct from the Direct Costs and the Fund Servicing Costs.
To cover the Operational Costs, the Company pays to the Management Company a fixed rate of Operational Costs ("FROC") as an annual percentage of the Net Asset Value of the relevant class of Shares for each Sub-Fund.
The purpose of the FROC is to set a fixed rate of fees covering the Direct Costs and the Fund Servicing Costs which may be subject to fluctuation overtime. The FROC ensures that the Company is protected from expenses fluctuation which would not be the case had the Company chosen to pay directly such charges.
The FROC effectively paid to the Management Company (the "Effective FROC") cannot exceed the maximum FROC (the "Maximum FROC") as disclosed in the relevant Annex.
The Effective FROC for the relevant classes of Shares for each Sub-Fund is disclosed in the semi-annual and annual reports.
Within the Maximum FROC mentioned in the relevant Annex, the Directors reserve the right to adjust the Effective FROC from time to time. Any increase to the Maximum FROC is considered a material change and will be notified to the shareholders according to the procedure set forth in the preamble of the Prospectus. It should be noted that foreign jurisdictions where the Company may be registered might impose restrictions or additional requirements in case of a FROC increase.
In the event that the amount of the actual Operational Costs exceeds the Effective FROC for any class of Shares of any Sub-Fund, the Management Company bears the excess Operational Costs. Conversely, should the actual Operational Costs be lower than the Effective FROC for any class of Shares of any Sub-Fund, the Management Company is entitled to retain such difference.
- Other FeesIn addition to the Operational Costs described in paragraph 10.5.3 above, each class of Shares bears (i) the costs relating to certain transactions such as the costs of buying and selling underlying securities, costs charged by any financial institution or organisation in relation to swap agreements or OTC transactions, correspondent bank charges relating to delivery, receipt of securities or to foreign exchange transactions, fees relating to collateral management (including delivery or receipt of collateral) and (ii) the periodic charges related to research as mentioned in paragraph 10.5.5 below. | en | fr |
DOLFIN5596 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Fund holders whose orders have not been executed will be specifically informed as soon as possible.
- Processing of non-executed orders:These orders will automatically be carried over to the next net asset value and will not have priority over new redemption orders placed for execution on the next net asset value. In any event, unexecuted and automatically deferred redemption orders may not be revoked by the Fund holders concerned.
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##### Fees and commissions | S’agissant des porteurs du Fonds dont les ordres n’auraient pas été exécutés, ces derniers seront informés, de manière particulière, dans les plus brefs délais.
- Traitement des ordres non exécutés :Ces derniers seront automatiquement reportés sur la valeur liquidative suivante et ne seront pas prioritaires sur les nouveaux ordres de rachat passés pour exécution sur la valeur liquidative suivante. En tout état de cause, les ordres de rachat non exécutés et automatiquement reportés ne pourront faire l’objet d’une révocation de la part des porteurs du Fonds concernés.
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##### Frais et commissions | Fund holders whose orders have not been executed will be specifically informed as soon as possible.
- Processing of non-executed orders:These orders will automatically be carried over to the next net asset value and will not have priority over new redemption orders placed for execution on the next net asset value. In any event, unexecuted and automatically deferred redemption orders may not be revoked by the Fund holders concerned.
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##### Fees and commissions | en | fr |
DOLFIN5597 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The collateral management policy will set appropriate levels of collateral required to cover counterparty risk in respect of derivatives and other EPM transactions. The ACD, through the Investment Manager, will also employ a clear haircut policy (i.e. a policy in which a pre-determined percentage will be subtracted from the market value of an asset that is being used as collateral) for each Class of assets received as collateral taking account of the characteristics of the assets received as collateral such as the credit standing or the price volatility and the outcome of any liquidity s tress testing policy.
Where cash collateral, is received, if it is reinvested, it will be diversified in accordance with the requirements of ESMA’s Guidelines on ETFs and other UCITS issues (ESMA/2014/937EN). Where cash collateral is reinvested in one or more permitted types of investment, there is a risk that the investment will earn less than the interest that is due to the counterparty in respect of that cash and that it will return less than the amount of cash that was invested. Non -cash collateral will not be sold, reinvested or pledged.
Appendix A – Details of the Funds Barings Global Agriculture Fund
Investment Objectives and Policy
The investment objective of the Fund is to achieve capital growth by investing in the agricultural sector.
The Fund will seek to achieve its investment objective by investing at least 70% of its total assets directly and indirectly in equities and equity-related securities in any company, including those in developed and emerging markets, where the majority of earnings of issuers or holding companies are derived from activities related to any commodities which are grown or raised, commonly known as agricultural or soft commodities.
These companies are likely to encompass, without being limited to: fertiliser, agricultural machinery, animal feed, seed and crop protection manufacturers, agricultural producers including farms, plantations and aquaculture, crop processors, grain and edible oil handlers and distributors, timber, pulp and paper, food ingredient companies, food manufacturers and food retailers.
For the remainder of its total assets, the Fund may invest directly and indirectly in equities and equity related securities of companies outside of the agricultural sector as well as in fixed income and cash.
In order to implement the investment policy, the Fund may gain indirect exposure through American depositary receipts, global depositary receipts and other equity related securities including participation notes, structured notes, equity-linked notes and debt securities convertible into equities. The Fund may also obtain indirect exposure through investments in collective investment schemes (including collective investment schemes managed by the ACD or an associate of the ACD) and other transferable securities. It may also use derivatives including futures, options, swaps, warrants and forward contracts for efficient portfolio management and for investment purposes.
Investment Strategy
The Investment Manager considers that equity markets are inefficient and looks to exploit this inefficiency through fundamental analysis. Equity investment teams at the Investment Manager share a common investment approach, best described as Growth at a Reasonable Price (GARP).
The Investment Manager considers that long term earnings growth is the driver of stock market performance and that structured fundamental research and a disciplined investment process combining growth, upside/valuation and quality disciplines can identify attractively priced, growth companies. The Investment Manager also considers that the best way of finding unrecognised growth is to identify quality companies with visibility of earnings over a longer time period of three to five years especially as market consensus data tends to be only available for shorter term periods.
The Investment Manager’s strategy favours companies with well-established business franchises, strong management and improving balance sheets. We regard these companies as higher quality as they provide transparency and allow our investment professionals to forecast earnings with greater confidence. This should facilitate the construction of funds which exhibit lower volatility over time.
“Bottom up” investment analysis is therefore central to the Investment Manager’s investment thesis. However, macro concerns are integral to the Investment Manager’s company analysis and country and other macro factors are incorporated in the Investment Manager’s analysis through the use of an appropriate Cost of Equity to arrive at price targets for the equities of companies held by the Fund or which the Investment Manager is considering purchasing.
The Fund adheres to the investment restrictions required to qualify as an "equity fund" pursuant to section 2 paragraph 6 GITA and continuously invests more than 50% of its net asset value in equity participations within the meaning of section 2 paragraph 8 GITA.
Performance Comparator
The Fund is not managed to a benchmark, however the ACD uses the DAXglobal® Agribusiness (Total Gross Return) Index to assess the Fund’s performance.
The ACD considers the performance comparator to be an appropriate assessment tool because it tracks the performance of large global agricultural companies.
Global Exposure – Commitment Approach
The Fund will employ a risk-management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the portfolio; it will employ a process for accurate and independent assessment of the value of OTC derivative instruments. The Fund uses the commitment approach to measure the risks associated with its investment policy.
The “commitment method” takes into account netting and hedging arrangements and is defined as the ratio between the Fund’s net investment exposure (not excluding cash and cash equivalents) and the NAV. The standard commitment approach calculation converts the financial derivative position into the market value of an equivalent position in the underlying asset of that derivative. The Fund shall ensure that its global exposure to financial derivative instruments computed on a commitment basis does not exceed 100% of its total net assets. The Fund shall, at all times, comply with the limits on levels of market risk measured through the use of the commitment approach as set out above.
General
The ACD may utilise the property of the Fund to enter into derivative and forward transactions for the purposes of achieving the Fund’s investment objective. However, derivatives will not be used extensively for investment purposes.
Cash and near cash will be held as necessary to enable the pursuit of the Fund’s investment objectives, redemption of Shares, the efficient management of the Fund in accordance with its investment objectives, or for a purpose which may be regarded as ancillary to the investment objectives of the Fund. The investment policies of the Fund may mean that at times, where it is considered appropriate, the property of each Fund will not be fully invested and that prudent levels of liquidity will be maintained.
The investment powers and limits of the Funds are those set out in Appendix C and in certain cases are more restrictive than the investment powers available under FCA Rules. The current eligible securities and derivative markets are set out in Appendix B.
Any significant change in the investment objective or policies of the Fund may normally be made only with the approval of the FCA and the approval of the Shareholders of the Company or, as the case may be, the Fund by extraordinary resolution passed at a duly convened meeting.
The ACD may from time to time, with the approval of the FCA, decide to create further Funds.
Available Share Classes | La politique de gestion des garanties définira les niveaux de garantie appropriés requis pour couvrir le risque de contrepartie relativement aux transactions sur instruments dérivés et autres opérations de gestion efficace de portefeuille. L’ACD, par l’intermédiaire de la Société d’Investissement, appliquera également une politique de décote claire (à savoir une politique en vertu de laquelle un pourcentage prédéterminé sera déduit de la valeur de marché d'un actif utilisé comme garantie) pour chaque Classe d'actifs reçue comme garantie, en tenant compte des caractéristiques des actifs reçus comme garantie, telles que la qualité de crédit ou la volatilité du prix et le résultat d'une éventuelle politique de test de résistance de la liquidité.
Lorsqu’une garantie en numéraire est reçue, si elle est investie, elle doit être diversifiée conformément aux exigences des Orientations sur les fonds indiciels cotés (ETF) et autres questions liées aux OPCVM de l’AEMF (AEMF/2014/937FR). Si une garantie en espèces est réinvestie dans un ou plusieurs types d’investissement autorisés, il existe un risque que l’investissement génère un produit inférieur à l’intérêt dû à la contrepartie au titre de ces espèces et qu’il dégage un revenu inférieur aux liquidités investies. Les garanties non liquides ne seront pas vendues, ni réinvesties ou nanties.
Annexe A – Descriptions détaillées des Compartiments Barings Global Agriculture Fund
Objectifs et politique d’investissement
L’objectif d’investissement du Compartiment est de générer une croissance du capital en investissant dans le secteur agricole.
Le Compartiment cherche à réaliser son objectif d’investissement en investissant au moins 70 % de son actif total directement et indirectement dans des actions et titres assimilés aux actions de sociétés domiciliées aussi bien dans des pays développés que dans des pays émergents, où les émetteurs ou les sociétés holding réalisent la majeure partie de leur chiffre d’affaires dans le secteur des matières premières cultivées, habituellement appelées matières premières agricoles ou matières premières organiques.
Ces entreprises peuvent comprendre, entre autres, des fabricants d’engrais, de machines agricoles, d’aliments pour le bétail, de semences et de pesticides, des producteurs agricoles dont des fermes, des plantations et des aquaculteurs, des transformateurs de récoltes, des distributeurs et des transformateurs de céréales et d’huiles alimentaires, des sociétés spécialisées dans le bois, la pâte à papier et le papier, les ingrédients alimentaires, des entreprises spécialisées dans la fabrication et le commerce de détail d’aliments.
Pour le reste de son actif total, le Compartiment peut investir, de manière directe et indirecte, dans des actions et des titres rattachés à des actions de sociétés non agricoles, ainsi que dans des titres à revenu fixe et des liquidités.
Pour mettre en œuvre la politique d’investissement, le Compartiment peut acquérir une exposition indirecte par le biais de certificats de dépôt américains (ADR), de certificats de dépôt internationaux et d’autres titres rattachés à des actions, tels que des obligations participantes (« P-notes »), des obligations structurées, des obligations indexées sur actions et des titres de créance convertibles en actions. Le Compartiment peut également acquérir une exposition indirecte par le biais d’investissements dans des organismes de placement collectif (y compris ceux qui sont gérés par l’ACD ou un associé de l’ACD) et d’autres valeurs mobilières. Il peut également utiliser des dérivés tels que des contrats à terme normalisés, des options, des swaps, des warrants et des contrats à terme de gré à gré à des fins d’investissement et de gestion efficace du portefeuille.
Stratégie d’investissement
La Société d'Investissement considère que les marchés des actions sont inefficaces et cherche à exploiter les failles par le biais d’une analyse fondamentale. Les équipes de gérants spécialisés dans les actions de la Société d'Investissement partagent la même approche d’investissement, désignée sous le nom de Growth at a Reasonable Price ou GARP (croissance à bon marché).
La Société d'Investissement considère que la croissance des bénéfices à long terme constitue le facteur déterminant dans l’évolution des rendements des actions et qu’une recherche fondamentale structurée et un processus d’investissement méthodique qui associe croissance/potentiel de hausse/valorisation et qualité permettent d’identifier les entreprises sous-évaluées et dynamiques. La Société d'Investissement considère par ailleurs que la meilleure façon d’identifier une croissance inexploitée consiste à repérer les entreprises de qualité dont les résultats financiers sont stables sur un horizon de trois à cinq ans, sachant que les données de consensus du marché ne sont généralement disponibles que pour des périodes plus courtes.
La stratégie de la Société d'investissement cible les entreprises qui disposent de marques réputées, d’une équipe de direction compétente et d’un bilan solide. Ces entreprises sont de meilleure qualité à nos yeux car elles font preuve de transparence et permettent à nos analystes financiers de prédire l’évolution des bénéfices avec une plus grande fiabilité. Cela doit faciliter la construction de compartiments qui sont moins volatils sur la durée.
L’analyse d’investissement ascendante occupe par conséquent une place fondamentale dans la thèse d’investissement de la Société d'investissement. Les préoccupations macroéconomiques sont toutefois au cœur de l’analyse des entreprises de la Société d'investissement et les facteurs géographiques et d’autres facteurs macro sont intégrés dans l’analyse par l’utilisation d’un coût des fonds propres approprié pour déterminer les objectifs de cours pour les actions d’entreprises détenues par le Compartiment ou que la Société d'investissement envisage d’acheter.
Le Compartiment respecte les restrictions d’investissement requises pour être qualifié de « fonds actions » conformément à la section 2 paragraphe 6 de la LAFI et investit de manière continue plus de 50 % de son actif net dans des participations en actions au sens de la section 2 paragraphe 8 de la LAFI.
Comparateur de performances
Le Compartiment n’est pas géré par rapport à un indice de référence, mais l’ACD utilise l’indice DAXglobal® Agribusiness (Total Gross Return) pour évaluer sa performance.
L’ACD estime que le comparateur de performances est un outil d’évaluation efficace, car il suit la performance de grandes entreprises agricoles internationales.
Exposition globale – Approche par les engagements
Le Compartiment utilisera un processus de gestion des risques lui permettant de surveiller et de mesurer à tout moment les risques liés à ses positions et leur contribution au profil de risque global du portefeuille ; il utilisera un processus permettant d’évaluer avec précision et de manière indépendante les instruments dérivés de gré à gré. Le Compartiment utilise l’approche par les engagements pour mesurer les risques liés à sa politique d’investissement.
L’« approche par les engagements » tient compte des accords de compensation et de couverture et se fonde sur le rapport entre l’exposition nette du Compartiment (hors liquidités et quasi-liquidités) et sa VNI. L’approche par les engagements standard consiste à convertir une position sur un instrument dérivé dans la valeur de marché d’une position équivalente sur l’actif sous-jacent de cet instrument. Le Compartiment s’assurera que son exposition globale aux instruments financiers dérivés calculée selon l’approche par les engagements n’excède pas 100 % de son actif net total. Le Compartiment respectera à tout moment les limites imposées en matière de risque de marché, tel qu’évalué selon l’approche par les engagements susmentionnée.
Généralités
L’ACD peut utiliser les biens du Fonds pour conclure des opérations sur instruments dérivés et des opérations à terme de gré à gré afin de réaliser l’objectif d’investissement du Fonds. Cependant, les instruments dérivés ne seront pas utilisés intensivement à des fins d’investissement.
Des liquidités et des quasi-liquidités peuvent être utilisées, selon les besoins, afin de réaliser l’objectif d’investissement du Compartiment, de couvrir les rachats d’Actions, d’assurer une gestion efficace du Compartiment conformément à son objectif d’investissement ou de réaliser un objectif considéré comme accessoire à l’objectif d’investissement du Compartiment. Selon les politiques d’investissement du Compartiment, il est possible que les biens du Compartiment ne soient pas toujours entièrement investis, selon la situation, et que des niveaux de liquidités prudents soient maintenus.
Les pouvoirs et limites d’investissement des Compartiments sont stipulés à l’Annexe C et sont, dans certains cas, plus restrictifs que les pouvoirs d’investissement prévus par les Règles de la FCA. Les marchés de valeurs mobilières et d’instruments dérivés admissibles actuels sont indiqués à l’Annexe B.
L’objectif et la politique d’investissement du Compartiment ne peuvent généralement pas être modifiés sans l’approbation de la FCA, l’approbation des Actionnaires de la Société et, selon le cas, l’approbation du Compartiment par résolution extraordinaire adoptée lors d’une assemblée dûment convoquée.
L’ACD peut, sur approbation de la FCA, lancer des Compartiments supplémentaires.
Classes d’Actions disponibles | The collateral management policy will set appropriate levels of collateral required to cover counterparty risk in respect of derivatives and other EPM transactions. The ACD, through the Investment Manager, will also employ a clear haircut policy (i.e. a policy in which a pre-determined percentage will be subtracted from the market value of an asset that is being used as collateral) for each Class of assets received as collateral taking account of the characteristics of the assets received as collateral such as the credit standing or the price volatility and the outcome of any liquidity s tress testing policy.
Where cash collateral, is received, if it is reinvested, it will be diversified in accordance with the requirements of ESMA’s Guidelines on ETFs and other UCITS issues (ESMA/2014/937EN). Where cash collateral is reinvested in one or more permitted types of investment, there is a risk that the investment will earn less than the interest that is due to the counterparty in respect of that cash and that it will return less than the amount of cash that was invested. Non -cash collateral will not be sold, reinvested or pledged.
Appendix A – Details of the Funds Barings Global Agriculture Fund
Investment Objectives and Policy
The investment objective of the Fund is to achieve capital growth by investing in the agricultural sector.
The Fund will seek to achieve its investment objective by investing at least 70% of its total assets directly and indirectly in equities and equity-related securities in any company, including those in developed and emerging markets, where the majority of earnings of issuers or holding companies are derived from activities related to any commodities which are grown or raised, commonly known as agricultural or soft commodities.
These companies are likely to encompass, without being limited to: fertiliser, agricultural machinery, animal feed, seed and crop protection manufacturers, agricultural producers including farms, plantations and aquaculture, crop processors, grain and edible oil handlers and distributors, timber, pulp and paper, food ingredient companies, food manufacturers and food retailers.
For the remainder of its total assets, the Fund may invest directly and indirectly in equities and equity related securities of companies outside of the agricultural sector as well as in fixed income and cash.
In order to implement the investment policy, the Fund may gain indirect exposure through American depositary receipts, global depositary receipts and other equity related securities including participation notes, structured notes, equity-linked notes and debt securities convertible into equities. The Fund may also obtain indirect exposure through investments in collective investment schemes (including collective investment schemes managed by the ACD or an associate of the ACD) and other transferable securities. It may also use derivatives including futures, options, swaps, warrants and forward contracts for efficient portfolio management and for investment purposes.
Investment Strategy
The Investment Manager considers that equity markets are inefficient and looks to exploit this inefficiency through fundamental analysis. Equity investment teams at the Investment Manager share a common investment approach, best described as Growth at a Reasonable Price (GARP).
The Investment Manager considers that long term earnings growth is the driver of stock market performance and that structured fundamental research and a disciplined investment process combining growth, upside/valuation and quality disciplines can identify attractively priced, growth companies. The Investment Manager also considers that the best way of finding unrecognised growth is to identify quality companies with visibility of earnings over a longer time period of three to five years especially as market consensus data tends to be only available for shorter term periods.
The Investment Manager’s strategy favours companies with well-established business franchises, strong management and improving balance sheets. We regard these companies as higher quality as they provide transparency and allow our investment professionals to forecast earnings with greater confidence. This should facilitate the construction of funds which exhibit lower volatility over time.
“Bottom up” investment analysis is therefore central to the Investment Manager’s investment thesis. However, macro concerns are integral to the Investment Manager’s company analysis and country and other macro factors are incorporated in the Investment Manager’s analysis through the use of an appropriate Cost of Equity to arrive at price targets for the equities of companies held by the Fund or which the Investment Manager is considering purchasing.
The Fund adheres to the investment restrictions required to qualify as an "equity fund" pursuant to section 2 paragraph 6 GITA and continuously invests more than 50% of its net asset value in equity participations within the meaning of section 2 paragraph 8 GITA.
Performance Comparator
The Fund is not managed to a benchmark, however the ACD uses the DAXglobal® Agribusiness (Total Gross Return) Index to assess the Fund’s performance.
The ACD considers the performance comparator to be an appropriate assessment tool because it tracks the performance of large global agricultural companies.
Global Exposure – Commitment Approach
The Fund will employ a risk-management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of the portfolio; it will employ a process for accurate and independent assessment of the value of OTC derivative instruments. The Fund uses the commitment approach to measure the risks associated with its investment policy.
The “commitment method” takes into account netting and hedging arrangements and is defined as the ratio between the Fund’s net investment exposure (not excluding cash and cash equivalents) and the NAV. The standard commitment approach calculation converts the financial derivative position into the market value of an equivalent position in the underlying asset of that derivative. The Fund shall ensure that its global exposure to financial derivative instruments computed on a commitment basis does not exceed 100% of its total net assets. The Fund shall, at all times, comply with the limits on levels of market risk measured through the use of the commitment approach as set out above.
General
The ACD may utilise the property of the Fund to enter into derivative and forward transactions for the purposes of achieving the Fund’s investment objective. However, derivatives will not be used extensively for investment purposes.
Cash and near cash will be held as necessary to enable the pursuit of the Fund’s investment objectives, redemption of Shares, the efficient management of the Fund in accordance with its investment objectives, or for a purpose which may be regarded as ancillary to the investment objectives of the Fund. The investment policies of the Fund may mean that at times, where it is considered appropriate, the property of each Fund will not be fully invested and that prudent levels of liquidity will be maintained.
The investment powers and limits of the Funds are those set out in Appendix C and in certain cases are more restrictive than the investment powers available under FCA Rules. The current eligible securities and derivative markets are set out in Appendix B.
Any significant change in the investment objective or policies of the Fund may normally be made only with the approval of the FCA and the approval of the Shareholders of the Company or, as the case may be, the Fund by extraordinary resolution passed at a duly convened meeting.
The ACD may from time to time, with the approval of the FCA, decide to create further Funds.
Available Share Classes | en | fr |
DOLFIN5598 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Market Review
Asia ex Japan equities declined in a volatile trading environment characterised by a broad sell-off driven by macroeconomic and geopolitical uncertainty. Central banks raised interest rates in response to elevated inflation. Geopolitical risk also continued to weigh on markets as Russian military operations in Ukraine entered their eighth month.2 All sectors declined, led lower by the communication services, consumer discretionary, real estate, health care and information technology sectors, while consumer staples, utilities, energy, materials and financials outperformed the MSCI AC Asia ex Japan Index. | # RASSEGNA DEL MERCATO
L’azionario Asia Giappone escluso ha perso quota in un contesto segnato dalla volatilità, caratterizzato da una generalizzata ondata di vendite innescata dalle incertezze macroeconomiche e geopolitiche. Le banche centrali hanno innalzato i tassi d’interesse in risposta ai livelli elevati di inflazione. Anche il rischio geopolitico ha continuato a pesare sui mercati poiché l’intervento militare russo in Ucraina è entrato ormai nell’ottavo mese.2 Tutti i settori hanno perso terreno, trascinati al ribasso dai settori dei servizi di comunicazione, dei beni di consumo discrezionali, degli immobili, della sanità e dell’informatica, mentre beni di consumo primari, utility, energia, materiali e finanziari hanno sovraperformato l’indice MSCI AC Asia ex Japan. | # Market Review
Asia ex Japan equities declined in a volatile trading environment characterised by a broad sell-off driven by macroeconomic and geopolitical uncertainty. Central banks raised interest rates in response to elevated inflation. Geopolitical risk also continued to weigh on markets as Russian military operations in Ukraine entered their eighth month.2 All sectors declined, led lower by the communication services, consumer discretionary, real estate, health care and information technology sectors, while consumer staples, utilities, energy, materials and financials outperformed the MSCI AC Asia ex Japan Index. | en | it |
DOLFIN5599 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
For Deloitte Audit, Cabinet de révision agréé
Virginie Ng Wing Lit-Boulot, Réviseur d’entreprises agréé
Partner
29th April 2022 | Comunichiamo con i responsabili della governance in merito, tra l'altro, all'ambito e alla tempistica pianificati dell'attività di revisione e ai risultati significativi della revisione, comprese eventuali carenze significative nel controllo interno individuate durante l'attività di revisione.
Per Deloitte Audit, Cabinet de révision agréé
Virginie Ng Wing Lit-Boulot, Réviseur d’entreprises agréé
Partner
29 aprile 2022 | We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
For Deloitte Audit, Cabinet de révision agréé
Virginie Ng Wing Lit-Boulot, Réviseur d’entreprises agréé
Partner
29th April 2022 | en | it |
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