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DOLFIN5600 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Important Information
The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. The use of financial derivative instruments may result in increased gains or losses within the fund. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The investment policy of this fund means it can be more than 35% invested in Government and public securities. These can be issued or guaranteed by other countries and Governments. For a full list please refer to the fund's prospectus. The fund promotes environmental and/or social characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. The sustainable characteristics of securities may change over time.
Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. | # Informations importantes
La valeur des investissements et de tout revenu qu’ils peuvent générer peut évoluer à la baisse comme à la hausse et un investisseur peut ne pas récupérer le montant investi. Le recours à des instruments financiers dérivés peut être à l'origine de gains ou de pertes accrus au sein du fonds. Il est possible que les émetteurs d’obligations ne puissent pas rembourser les fonds qu’ils ont empruntés ou verser les intérêts dus. Le cours des obligations chute quand les taux d’intérêt augmentent. L’augmentation des taux d’intérêt risque d’éroder la valeur de votre investissement. D'après la politique d'investissement de ce compartiment, il peut être investi à plus de 35 % dans des titres d'État et publics. Ceux-ci peuvent être émis ou garantis par d'autres pays et gouvernements. Pour obtenir une liste exhaustive, veuillez vous reporter au prospectus du compartiment. Le fonds met en avant des caractéristiques environnementales et/ou sociales. La priorité accordée par le gérant aux titres de sociétés qui jouissent d’une solide réputation en matière de développement durable peut impacter la performance du fonds de manière favorable ou défavorable par rapport à la performance de produits identiques sans ce même parti pris. Les caractéristiques durables d’un titre peuvent changer avec le temps.
Les résultats passés ne sont pas un indicateur fiable de performances futures. Les fluctuations des taux de change peuvent affecter les rendements du Compartiment. | # Important Information
The value of investments and any income from them may go down as well as up and an investor may not get back the amount invested. The use of financial derivative instruments may result in increased gains or losses within the fund. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. The investment policy of this fund means it can be more than 35% invested in Government and public securities. These can be issued or guaranteed by other countries and Governments. For a full list please refer to the fund's prospectus. The fund promotes environmental and/or social characteristics. The Investment Manager’s focus on securities of issuers which maintain sustainable characteristics may affect the fund’s investment performance favourably or unfavourably in comparison to similar funds without such focus. The sustainable characteristics of securities may change over time.
Past performance is not a reliable indicator of future results. The fund's returns can be affected by fluctuations in currency exchange rates. | en | fr |
DOLFIN5601 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The respective Investment Managers have direct responsibility for the decisions relating to the day-to- day running of the Funds which they manage and they
are accountable to the Directors for the investment performance of the Funds which they manage. The respective Investment Managers have internal controls and risk management processes in place to ensure that all applicable risks pertaining to their management of the Funds are identified, monitored and managed at all times and appropriate reporting is made to the Directors on a regular basis. The Investment Managers are regulated by and under the supervision of the regulator of their operating jurisdiction;
- The Manager has delegated its responsibility as Administrator, Registrar and Transfer Agent to the Administrator, which has responsibility for the day- to-day administration of the Company and the Funds including the calculation of the net asset values. The Administrator is regulated by and under the supervision of the Central Bank; and
- BNY Mellon Investment Management EMEA Limited and BNY Mellon Fund Management (Luxembourg) S.A. act as distributors for the Funds of the Company. | I rispettivi Gestori degli Investimenti sono direttamente responsabili delle decisioni relative al funzionamento giornaliero dei Fondi da essi gestiti e rispondono agli Amministratori dei risultati realizzati dagli investimenti dei Fondi da essi gestiti. I rispettivi Gestori degli Investimenti hanno in atto controlli interni e processi di gestione del rischio mirati ad assicurare che tutti gli eventuali rischi pertinenti alla loro gestione dei Fondi siano costantemente individuati, monitorati
e gestiti, e che gli Amministratori ne siano informati appropriatamente con regolarità. I Gestori degli Investimenti sono regolamentati dall’autorità di regolamentazione della loro giurisdizione operativa e operano sotto la sua supervisione;
- Il Gestore ha delegato la sua responsabilità di Amministratore e Agente incaricato della custodia del Registro e dei Trasferimenti all’Amministratore, che è responsabile dell’amministrazione giornaliera della Società e dei Fondi, compreso il calcolo dei valori patrimoniali netti. L’Amministratore è regolamentato dalla Banca Centrale e opera sotto la sua supervisione; e
- BNY Mellon Investment Management EMEA Limited e BNY Mellon Fund Management (Luxembourg) S.A. operano quali distributori dei Fondi della Società. | The respective Investment Managers have direct responsibility for the decisions relating to the day-to- day running of the Funds which they manage and they
are accountable to the Directors for the investment performance of the Funds which they manage. The respective Investment Managers have internal controls and risk management processes in place to ensure that all applicable risks pertaining to their management of the Funds are identified, monitored and managed at all times and appropriate reporting is made to the Directors on a regular basis. The Investment Managers are regulated by and under the supervision of the regulator of their operating jurisdiction;
- The Manager has delegated its responsibility as Administrator, Registrar and Transfer Agent to the Administrator, which has responsibility for the day- to-day administration of the Company and the Funds including the calculation of the net asset values. The Administrator is regulated by and under the supervision of the Central Bank; and
- BNY Mellon Investment Management EMEA Limited and BNY Mellon Fund Management (Luxembourg) S.A. act as distributors for the Funds of the Company. | en | it |
DOLFIN5602 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 3.59% | -6.23% | -7.89% | -7.28% | 2.05% | 2.43% | — | 2.00% |
| Benchmark | 1.09% | -6.23% | -7.89% | -7.19% | 2.10% | 2.50% | 1.26% | 2.09% | | | Performance** | 1 mese | Trimestre | Da inizio anno | 1 anno | 3 anni | 5 anni | 10 anni | Dal lancio |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo (Al netto delle spese ) | 3.59% | -6.23% | -7.89% | -7.28% | 2.05% | 2.43% | — | 2.00% |
| Indice di riferimento | 1.09% | -6.23% | -7.89% | -7.19% | 2.10% | 2.50% | 1.26% | 2.09% | | | Performance** | 1 month | Quarter | Year to date | 1 year | 3 years | 5 years | 10 years | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund (Net of expenses ) | 3.59% | -6.23% | -7.89% | -7.28% | 2.05% | 2.43% | — | 2.00% |
| Benchmark | 1.09% | -6.23% | -7.89% | -7.19% | 2.10% | 2.50% | 1.26% | 2.09% | | en | it |
DOLFIN5603 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.20% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| This fee amounted to 0.23% of average net assets at the end of the previous financial year | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Cero |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,20% del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30% anual del rendimiento a partir del registrado por el índice de referencia + 0,80% |
| Al cierre del ejercicio anterior, esta comisión representaba el 0,23% del activo neto medio. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.20% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| This fee amounted to 0.23% of average net assets at the end of the previous financial year | | en | es |
DOLFIN5604 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
Le dernier prospectus, les derniers documents d’informations périodiques réglementaires et toutes autres informations pratiques sont disponibles gratuitement sur simple demande écrite adressée à la Société de gestion, TOBAM, 49-53 Avenue des Champs Élysées, 75008 Paris, France, ainsi que sur le site internet www.tobam.fr.
Cette SICAV est constituée de compartiments ; son dernier rapport annuel consolidé est disponible auprès de la Société de gestion. Les actifs de chaque compartiment sont séparés de ceux des autres compartiments de la SICAV.
Les informations relatives aux autres catégories de parts existantes sont disponibles via les mêmes procédures. Le Fonds propose d’autres catégories de parts pour des catégories d’investisseurs définies dans son prospectus. Vous pouvez, sous certaines conditions, convertir l’intégralité ou une partie de vos parts d’un Fonds en parts d’un ou plusieurs autres Fonds. Les informations relatives à la procédure de conversion se trouvent dans le chapitre Conversion de Parts du prospectus.
La valeur liquidative sera fournie sur simple demande faite à la Société de gestion, ainsi que sur le site internet www.tobam.fr.
La Politique de rémunération de la Société de gestion, qui décrit la manière dont les rémunérations et les avantages sont calculés et octroyés, est disponible sur http://www.tobam.fr/legal/ ou sur demande auprès du siège social de la Société de gestion.
Le Fonds vise des objectifs environnementaux et sociaux.
Selon votre régime fiscal, les plus-values et revenus éventuels liés à la détention de parts du Fonds peuvent être soumis à taxation. Nous vous conseillons de vous renseigner à ce sujet auprès de votre conseiller financier.
La responsabilité de la Société de gestion, TOBAM, ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
Le Fonds est agréé au Luxembourg et surveillé par la Commission de Surveillance du Secteur Financier (CSSF).
La Société de gestion TOBAM est agréée en France et réglementée par l’Autorité des marchés financiers (AMF).
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 19 février 2020. | # Información práctica
Depositario: CACEIS Bank, Luxembourg Branch
El folleto y la documentación reglamentaria periódica más recientes, así como toda la demás información práctica, se encuentran disponibles de forma gratuita en el domicilio de la Sociedad gestora, en TOBAM, 49-53 Avenue des Champs Elysées, 75008 Paris, Francia y en la página web www.tobam.fr.
La SICAV está compuesta por subfondos y sus informes anuales consolidados más recientes se encuentran también disponibles a través de la Sociedad gestora. Los diferentes subfondos de la SICAV mantienen sus activos separados.
La información relativa a otras categorías de acciones existentes está disponible utilizando los mismos procedimientos. El Fondo ofrece otras clases de acciones para las categorías de inversores que se indican en su folleto. Si se cumplen determinadas condiciones, podrá convertir la totalidad o parte de sus acciones de un Fondo en acciones de uno o más Fondos. La información relativa al procedimiento de conversión a seguir se incluye en el capítulo Conversión de acciones del folleto.
El valor liquidativo se encuentra disponible bajo solicitud a la Sociedad gestora y en la página web www.tobam.fr.
La Política de remuneración de la Sociedad gestora, que describe cómo se determinan y adjudican la remuneración y los beneficios, está disponible en el sitio web http://www.tobam.fr/legal/ o previa solicitud en el domicilio social de la Sociedad gestora.
El Fondo tiene objetivos ambientales y sociales.
En función de su régimen fiscal, las plusvalías y los rendimientos derivados de la titularidad de las acciones del Fondo podrían estar sujetos a tributación. Le recomendamos que consulte a su asesor financiero para obtener más información sobre cuestiones fiscales.
La Sociedad gestora, TOBAM, únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El Fondo está autorizado en Luxemburgo y está sujeto a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
La Sociedad gestora, TOBAM, está autorizada en Francia y está regulada por la Autorité des Marchés Financiers (AMF).
Los presentes datos fundamentales para el inversor son exactos a 19 de febrero de 2020. | # Informations pratiques
Dépositaire : CACEIS Bank, Luxembourg Branch
Le dernier prospectus, les derniers documents d’informations périodiques réglementaires et toutes autres informations pratiques sont disponibles gratuitement sur simple demande écrite adressée à la Société de gestion, TOBAM, 49-53 Avenue des Champs Élysées, 75008 Paris, France, ainsi que sur le site internet www.tobam.fr.
Cette SICAV est constituée de compartiments ; son dernier rapport annuel consolidé est disponible auprès de la Société de gestion. Les actifs de chaque compartiment sont séparés de ceux des autres compartiments de la SICAV.
Les informations relatives aux autres catégories de parts existantes sont disponibles via les mêmes procédures. Le Fonds propose d’autres catégories de parts pour des catégories d’investisseurs définies dans son prospectus. Vous pouvez, sous certaines conditions, convertir l’intégralité ou une partie de vos parts d’un Fonds en parts d’un ou plusieurs autres Fonds. Les informations relatives à la procédure de conversion se trouvent dans le chapitre Conversion de Parts du prospectus.
La valeur liquidative sera fournie sur simple demande faite à la Société de gestion, ainsi que sur le site internet www.tobam.fr.
La Politique de rémunération de la Société de gestion, qui décrit la manière dont les rémunérations et les avantages sont calculés et octroyés, est disponible sur http://www.tobam.fr/legal/ ou sur demande auprès du siège social de la Société de gestion.
Le Fonds vise des objectifs environnementaux et sociaux.
Selon votre régime fiscal, les plus-values et revenus éventuels liés à la détention de parts du Fonds peuvent être soumis à taxation. Nous vous conseillons de vous renseigner à ce sujet auprès de votre conseiller financier.
La responsabilité de la Société de gestion, TOBAM, ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus du Fonds.
Le Fonds est agréé au Luxembourg et surveillé par la Commission de Surveillance du Secteur Financier (CSSF).
La Société de gestion TOBAM est agréée en France et réglementée par l’Autorité des marchés financiers (AMF).
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 19 février 2020. | fr | es |
DOLFIN5605 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
## Xtrackers MSCI Europe Value UCITS ETF
Share class: 1C, ISIN: LU0486851024, German Security Code: DBX0FK, Currency: EUR
a sub-fund of Xtrackers. The fund is a Luxembourg based UCITS. The management company is DWS Investment S.A. (the manufacturer), a member of DWS Group. Please refer to www.etf.dws.com or call +352 42101 - 860 for more information. The Competent Authority Commission de Surveillance du Secteur Financier is responsible for supervising Xtrackers in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. The management company DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. This key information is accurate as at 20.02.2023. | # Producto
## Xtrackers MSCI Europe Value UCITS ETF
Clase de acciones: 1C, ISIN: LU0486851024, Código del fondo Alemán: DBX0FK, Divisa: EUR
un subfondo de Xtrackers. El fondo es un OICVM domiciliado en Luxemburgo. La sociedad gestora es DWS Investment S.A. (productor), un miembro del grupo DWS. Si desea más información, entre en www.etf.dws.com o llame al +352 42101 - 860. La Commission de Surveillance du Secteur Financier es la autoridad competente responsable de supervisar a Xtrackers en lo que respecta a este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo. La sociedad gestora DWS Investment S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales son exactos a 20.02.2023. | # Product
## Xtrackers MSCI Europe Value UCITS ETF
Share class: 1C, ISIN: LU0486851024, German Security Code: DBX0FK, Currency: EUR
a sub-fund of Xtrackers. The fund is a Luxembourg based UCITS. The management company is DWS Investment S.A. (the manufacturer), a member of DWS Group. Please refer to www.etf.dws.com or call +352 42101 - 860 for more information. The Competent Authority Commission de Surveillance du Secteur Financier is responsible for supervising Xtrackers in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. The management company DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. This key information is accurate as at 20.02.2023. | en | es |
DOLFIN5606 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Fund objective
The Fund objective is to enable investors to participate in an actively managed portfolio of emerging market companies contributing to or benefiting from sustainable economic development. The Fund invests in companies demonstrating commitment to good governance and sustainability. Companies must meet standards, including board balance and independence, transparency and protecting shareholder rights. They must also demonstrate a clear commitment to sustainable environmental and social practices. | # Objectif du fonds
Le fonds a pour objectif de permettre aux investisseurs d’investir dans un portefeuille géré activement, composé d’entreprises émergentes qui contribuent au développement économique durable ou qui en bénéficient. Le fonds investit dans des entreprises qui démontrent un engagement en faveur de la bonne gouvernance et du développement durable. Les entreprises doivent respecter certaines normes, notamment en ce qui concerne l’équilibre et l’indépendance du conseil d’administration, la transparence et la protection des droits des actionnaires. Elles doivent également démontrer un engagement clair en faveur des pratiques environnementales et sociales durables. | # Fund objective
The Fund objective is to enable investors to participate in an actively managed portfolio of emerging market companies contributing to or benefiting from sustainable economic development. The Fund invests in companies demonstrating commitment to good governance and sustainability. Companies must meet standards, including board balance and independence, transparency and protecting shareholder rights. They must also demonstrate a clear commitment to sustainable environmental and social practices. | en | fr |
DOLFIN5607 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund may be subject to the Standard and its CRS as set out in the CRS Law.
Under the terms of the CRS Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution. As such, as of 30 June 2017 and without prejudice to other applicable data protection provisions as set out in the Fund’s documentation, the Fund will be required to annually report to the Luxembourg tax authority CRS Information related, inter alia, to the identification of, holdings by and payments made to (i) certain Reportable Persons and (ii) controlling persons of certain NFEs which are themselves Reportable Persons. The CRS Information will include personal data related to the Reportable Persons.
The Fund’s ability to satisfy its reporting obligations under the CRS Law will depend on each shareholder providing the Fund with the CRS Information, along with the required supporting documentary evidence. In this context, the shareholders are hereby informed that, as data controller, the Fund will process the CRS Information for the purposes as set out in the CRS Law. The shareholders undertake to inform their controlling persons, if applicable, of the processing of their CRS Information by the Fund.
The shareholders are further informed that the CRS Information related to Reportable Persons within the meaning of the CRS Law will be disclosed to the Luxembourg tax authority annually for the purposes set out in the CRS Law. In particular, Reportable Persons are informed that certain operations performed by them will be reported to them through the issuance of statements, and that part of this information will serve as a basis for the annual disclosure to the Luxembourg tax authority.
Similarly, the shareholders undertake to inform the Fund within thirty (30) days of receipt of these statements, should any included personal data be not accurate. The shareholders and prospective investors further undertake to inform the Fund of, and provide the Fund with all supporting documentary evidence of any changes related to the CRS Information after occurrence of such changes within thirty (30) days.
Any shareholder that fails to comply with the Fund’s CRS Information or documentation requests may be held liable for penalties imposed on the Fund and attributable to such investor’s failure to provide the CRS Information or subject to disclosure of the CRS Information by the Fund to the Luxembourg tax authority.
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# General information
-
### General points | La SICAV potrebbe essere soggetta alla Norma comune di dichiarazione e ai relativi requisiti come definiti nella Legge sulla NCD.
Ai sensi dei termini della Legge sulla NCD, è probabile che la SICAV sia trattata come un istituto finanziario soggetto all’obbligo di notifica lussemburghese. In quanto tale, a partire dal 30 giugno 2017 e senza pregiudizio per altre disposizioni applicabili in materia di protezione dei dati come definite nella documentazione della SICAV, la SICAV sarà tenuta a notificare con frequenza annuale all’autorità fiscale lussemburghese informazioni sulla NCD relative, tra gli altri aspetti, all’individuazione di, alle partecipazioni di e ai pagamenti effettuati a (i) determinate Persone soggette all’obbligo di notifica e (ii) a persone che detengono il controllo di determinati enti non finanziari (NFE) anch’essi Persone soggette all’obbligo di notifica. Le informazioni sulla NCD includeranno i dati personali delle Persone soggette all’obbligo di notifica.
La capacità della SICAV di soddisfare i propri obblighi di notifica ai sensi della Legge sulla NCD dipenderà da ciascun azionista chiamato a fornire alla SICAV le Informazioni sulla NCD, unitamente alla prova documentale richiesta. In tale contesto, con la presente gli azionisti sono informati che, in qualità di responsabile del trattamento dei dati, la SICAV elaborerà le Informazioni sulla NCD per le finalità descritte nella Legge sulla NCD. Gli azionisti si impegnano a informare le relative persone che detengono il controllo, se applicabile, dell’elaborazione delle Informazioni sulla NCD ad essi relative da parte della SICAV.
Gli azionisti sono informati altresì che le Informazioni sulla NCD relative alle Persone soggette all’obbligo di notifica, secondo la definizione indicata nella NCD, verranno trasmesse all’autorità fiscale lussemburghese con frequenza annuale per le finalità descritte nella Legge sulla NCD. In particolare si informano le Persone soggette all’obbligo di notifica che determinate operazioni
che svolgono verranno segnalate tramite l’emissione di dichiarazioni, e che parte di tali informazioni fungerà da base per la divulgazione annuale all’autorità fiscale lussemburghese.
Analogamente, gli azionisti si impegnano a informare la SICAV entro trenta (30) giorni dalla ricezione di tali dichiarazioni, qualora eventuali dati personali inclusi non fossero esatti. Gli azionisti e i potenziali investitori si impegnano inoltre a informare la SICAV di, e fornire alla SICAV tutte le prove documentali richieste, eventuali modifiche alle Informazioni sulla NCD entro trenta (30) giorni dal sopraggiungere delle suddette modifiche.
Qualsiasi azionista che non soddisfi le richieste di Informazioni sulla NCD o documentazione della SICAV può essere ritenuto responsabile di sanzioni imposte alla SICAV e attribuibili alla mancata presentazione da parte di tale investitore delle Informazioni sulla NCD o subordinatamente alla trasmissione delle Informazioni sulla NCD da parte della SICAV all’autorità fiscale lussemburghese.
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# Informazioni generali
-
### Generalità | The Fund may be subject to the Standard and its CRS as set out in the CRS Law.
Under the terms of the CRS Law, the Fund is likely to be treated as a Luxembourg Reporting Financial Institution. As such, as of 30 June 2017 and without prejudice to other applicable data protection provisions as set out in the Fund’s documentation, the Fund will be required to annually report to the Luxembourg tax authority CRS Information related, inter alia, to the identification of, holdings by and payments made to (i) certain Reportable Persons and (ii) controlling persons of certain NFEs which are themselves Reportable Persons. The CRS Information will include personal data related to the Reportable Persons.
The Fund’s ability to satisfy its reporting obligations under the CRS Law will depend on each shareholder providing the Fund with the CRS Information, along with the required supporting documentary evidence. In this context, the shareholders are hereby informed that, as data controller, the Fund will process the CRS Information for the purposes as set out in the CRS Law. The shareholders undertake to inform their controlling persons, if applicable, of the processing of their CRS Information by the Fund.
The shareholders are further informed that the CRS Information related to Reportable Persons within the meaning of the CRS Law will be disclosed to the Luxembourg tax authority annually for the purposes set out in the CRS Law. In particular, Reportable Persons are informed that certain operations performed by them will be reported to them through the issuance of statements, and that part of this information will serve as a basis for the annual disclosure to the Luxembourg tax authority.
Similarly, the shareholders undertake to inform the Fund within thirty (30) days of receipt of these statements, should any included personal data be not accurate. The shareholders and prospective investors further undertake to inform the Fund of, and provide the Fund with all supporting documentary evidence of any changes related to the CRS Information after occurrence of such changes within thirty (30) days.
Any shareholder that fails to comply with the Fund’s CRS Information or documentation requests may be held liable for penalties imposed on the Fund and attributable to such investor’s failure to provide the CRS Information or subject to disclosure of the CRS Information by the Fund to the Luxembourg tax authority.
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# General information
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### General points | en | it |
DOLFIN5608 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 5 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2 024,81 EUR | 1 942,76 EUR |
| Rendement annuel moyen | -79,8 % | -27,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 319,04 EUR | 4 659,85 EUR |
| Rendement annuel moyen | -16,8 % | -14,2 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 914,71 EUR | 14 147,56 EUR |
| Rendement annuel moyen | 9,1 % | 7,2 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 14 468,57 EUR | 19 683,37 EUR |
| Rendement annuel moyen | 44,7 % | 14,5 % | | | Período de mantenimiento recomendado : 5 años Inversión 10.000EUR En caso de salida después de 1 En caso de salida después de 5 Escenarios año años |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que puede recibir una vez deducidos los costes | 2.024,81 EUR | 1.942,76 EUR |
| Rendimento medio cada año | -79,8 % | -27,9 % |
| Desfavorable | Lo que puede recibir una vez deducidos los costes | 8.319,04 EUR | 4.659,85 EUR |
| Rendimento medio cada año | -16,8 % | -14,2 % |
| Moderado | Lo que puede recibir una vez deducidos los costes | 10.914,71 EUR | 14.147,56 EUR |
| Rendimento medio cada año | 9,1 % | 7,2 % |
| Favorable` | Lo que puede recibir una vez deducidos los costes | 14.468,57 EUR | 19.683,37 EUR |
| Rendimento medio cada año | 44,7 % | 14,5 % | | | Période de détention recommandée : 5 ans Investissement de 10 000 EUR Si vous sortez après 1 an Si vous sortez après 5 ans Scénarios |
| --- |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2 024,81 EUR | 1 942,76 EUR |
| Rendement annuel moyen | -79,8 % | -27,9 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 319,04 EUR | 4 659,85 EUR |
| Rendement annuel moyen | -16,8 % | -14,2 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 914,71 EUR | 14 147,56 EUR |
| Rendement annuel moyen | 9,1 % | 7,2 % |
| Favorable` | Ce que vous pourriez obtenir après déduction des coûts | 14 468,57 EUR | 19 683,37 EUR |
| Rendement annuel moyen | 44,7 % | 14,5 % | | fr | es |
DOLFIN5609 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Investment Manager aims to select companies which the Investment Manager believes will offer an attractive return profile over the long term, for example, companies whose core products and services align with any one or a combination of different Impact Themes, whose social and/or environmental impact is quantifiable and where fundamental analysis supports a long-term return.
The Investment Manager relies on a bottom-up process for identifying and analyzing potential companies for investment. This process, among other sources, relies on internal research, industry and thematic research, field research, industry and thematic conferences and discussions, news media, company meetings, filings, financials, sustainability reports and sell-side or other third-party subscription research. In defining the opportunity set, the Investment Manager takes into account both quantitative and qualitative considerations to fulfil each of the three impact criteria:
- Material: Impact activity must be central to the investee company.
- Additionality: The Investment Manager evaluates each company’s value proposition, the specific needs it addresses, competitor product and services, and the degree to which alternative solutions already exist.
- Measurable key performance indicators (KPIs): The impact case must be quantifiable. The Investment Manager uses company reports and proprietary models, to develop individualized KPIs to understand the nature of the impact generated by a portfolio company on an annual basis. | Der Anlageverwalter ist bestrebt, Unternehmen auszuwählen, von denen er glaubt, dass sie langfristig ein attraktives Renditeprofil bieten werden, z.B. Unternehmen, deren Kernprodukte und Dienstleistungen mit einem oder einer Kombination verschiedener Impact-Themen übereinstimmen, deren soziale und/oder ökologische Auswirkungen quantifizierbar sind und deren Fundamentalanalyse eine langfristige Rendite unterstützt.
Der Anlageverwalter stützt sich auf einen Bottom-up-Prozess zur Identifizierung und Analyse potenzieller Unternehmen für Investitionen. Dieser Prozess stützt sich unter anderem auf interne Forschung, Industrie- und Themenforschung, Feldforschung, Industrie- und Themenkonferenzen und Diskussionen, Nachrichtenmedien, Unternehmenssitzungen, Einreichungen, Finanzen, Nachhaltigkeitsberichte und verkaufsseitige oder sonstige Abonnementforschung von Drittanbietern. Bei der Definition des Opportunity-Sets berücksichtigt der Anlageverwalter sowohl quantitative als auch qualitative Überlegungen, um jedes der drei Wirkungskriterien zu erfüllen:
- Wesentlich: Die Wirkungstätigkeit muss für das Beteiligungsunternehmen von zentraler Bedeutung sein.
- Zusätzlich: Der Anlageverwalter bewertet das Wertversprechen jedes Unternehmens, die spezifischen Bedürfnisse, die es angeht, die Konkurrenzprodukte und -dienstleistungen und das Ausmaß, in dem bereits alternative Lösungen bestehen.
- Messbare Key Performance Indicators (KPIs): Der Impact-Case muss quantifizierbar sein. Der Anlageverwalter verwendet Unternehmensberichte und firmeneigene Modelle, um individualisierte KPIs zu entwickeln, um die Art der von einem Portfoliounternehmen auf jährlicher Basis erzeugten Wirkung zu verstehen. | The Investment Manager aims to select companies which the Investment Manager believes will offer an attractive return profile over the long term, for example, companies whose core products and services align with any one or a combination of different Impact Themes, whose social and/or environmental impact is quantifiable and where fundamental analysis supports a long-term return.
The Investment Manager relies on a bottom-up process for identifying and analyzing potential companies for investment. This process, among other sources, relies on internal research, industry and thematic research, field research, industry and thematic conferences and discussions, news media, company meetings, filings, financials, sustainability reports and sell-side or other third-party subscription research. In defining the opportunity set, the Investment Manager takes into account both quantitative and qualitative considerations to fulfil each of the three impact criteria:
- Material: Impact activity must be central to the investee company.
- Additionality: The Investment Manager evaluates each company’s value proposition, the specific needs it addresses, competitor product and services, and the degree to which alternative solutions already exist.
- Measurable key performance indicators (KPIs): The impact case must be quantifiable. The Investment Manager uses company reports and proprietary models, to develop individualized KPIs to understand the nature of the impact generated by a portfolio company on an annual basis. | en | de |
DOLFIN5610 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
This fund uses sustainability indicators derived from its three-pillar approach to measure the attainment of each of the environmental or social characteristics it promotes:
- Coverage rate of ESG analysis: ESG integration, through ESG rating via Carmignac’s proprietary “START” (System for Tracking and Analysis of a Responsible Trajectory) platform, is applied to at least 90% of securities (excluding cash and derivatives).
- Negative screening: separate negative screening is applied to the public and corporate bond universe on the one hand and to securitisation instruments on the other. | ### Quels sont les indicateurs de durabilité utilisés pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales promues par le produit financier ?
Ce fonds utilise les indicateurs de durabilité suivants de son approche à trois piliers pour mesurer la réalisation de chacune des caractéristiques environnementales ou sociales qu’il promeut :
- Taux de couverture de l'analyse ESG : L'intégration ESG, au travers de la notation ESG effectuée via la plateforme ESG propriétaire « START » (System for Tracking and Analysis of a Responsible Trajectory) de Carmignac est appliquée à au moins 90% des titres (hors liquidités et produits dérivés).
- Filtrage négatif : un filtrage négatif distinct est appliqué à l’univers obligations d’émetteurs publics et privés, d’une part, et aux instruments de titrisation, d’autre part. | ### What sustainability indicators are used to measure the attainment of each of the environmental or social characteristics promoted by this financial product?
This fund uses sustainability indicators derived from its three-pillar approach to measure the attainment of each of the environmental or social characteristics it promotes:
- Coverage rate of ESG analysis: ESG integration, through ESG rating via Carmignac’s proprietary “START” (System for Tracking and Analysis of a Responsible Trajectory) platform, is applied to at least 90% of securities (excluding cash and derivatives).
- Negative screening: separate negative screening is applied to the public and corporate bond universe on the one hand and to securitisation instruments on the other. | en | fr |
DOLFIN5611 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | £620 | £1,368 |
| Annual cost impact (*) | 7.5% | 4.1% each year | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- |
| Coûts totaux | £620 | £1 368 |
| Incidence des coûts annuels (*) | 7,5% | 4,1% chaque année | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | £620 | £1,368 |
| Annual cost impact (*) | 7.5% | 4.1% each year | | en | fr |
DOLFIN5612 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs d’investissement
La SICAV est composée de divers compartiments qui poursuivent chacun un objectif de gestion décrit dans les Fiches Techniques jointes au présent Prospectus. Chaque compartiment offre aux actionnaires la possibilité d’accéder à une gestion professionnelle et diversifiée des actifs.
Dans la poursuite de son objectif d’investissement, chaque compartiment est susceptible d’être exposé à différents facteurs de risque mentionnés dans les Fiches Techniques. Ces facteurs sont définis au point « Facteurs de risque » du présent Prospectus.
Compte tenu des fluctuations boursières et d’autres risques auxquels sont exposés les investissements en valeurs mobilières, instruments du marché monétaire et autres actifs financiers, la valeur des actions peut aussi bien augmenter que diminuer.
- | # Objetivos de inversión
La SICAV está constituida por varios subfondos, cada uno de los cuales tiene su propia estrategia de gestión explicada en las Fichas Técnicas adjuntas a este Folleto. Cada subfondo ofrece a los accionistas la posibilidad de acceder a una gestión de activos profesional y diversificada.
Para la consecución de su objetivo de inversión, cada subfondo puede verse expuesto a diversos factores de riesgo, que se mencionan en las Fichas Técnicas. Dichos factores de riesgo se explican en la cláusula «Factores de riesgo» de este Folleto.
A causa de las fluctuaciones de los mercados financieros internacionales y otros riesgos a los que están expuestas las inversiones en valores mobiliarios, los instrumentos del mercado monetario y otros activos financieros, el valor de las acciones puede aumentar o disminuir.
- | # Objectifs d’investissement
La SICAV est composée de divers compartiments qui poursuivent chacun un objectif de gestion décrit dans les Fiches Techniques jointes au présent Prospectus. Chaque compartiment offre aux actionnaires la possibilité d’accéder à une gestion professionnelle et diversifiée des actifs.
Dans la poursuite de son objectif d’investissement, chaque compartiment est susceptible d’être exposé à différents facteurs de risque mentionnés dans les Fiches Techniques. Ces facteurs sont définis au point « Facteurs de risque » du présent Prospectus.
Compte tenu des fluctuations boursières et d’autres risques auxquels sont exposés les investissements en valeurs mobilières, instruments du marché monétaire et autres actifs financiers, la valeur des actions peut aussi bien augmenter que diminuer.
- | fr | es |
DOLFIN5613 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The horizon over which performance is measured is a rolling period of up to five years (“Performance Reference Period”). The clawback mechanism may be partially reset at the end of this period. This means that after five years of cumulative underperformance over the Performance Reference Period, underperformance may be partially reset on a rolling annual basis, wiping out the first year of underperformance during the Performance Reference Period concerned. In relation to the Performance Reference Period concerned, underperformance in the first year may be offset by outperformance in the following years of the Performance Reference Period.
- Over a given Performance Reference Period, any past underperformance must be clawed back before performance fees become payable again.
- Where a performance fee is crystalised at the end of a Calculation Period (except when due to redemptions), a new Performance Reference Period begins.
| | - El horizonte temporal en el que se calcula la rentabilidad es un periodo móvil de una duración máxima de cinco años («Periodo de referencia de la rentabilidad»). Al final de dicho periodo, el mecanismo de compensación de las rentabilidades inferiores pasadas puede restablecerse parcialmente. Así, tras cinco años de rentabilidad inferior acumulada en el Periodo de referencia de la rentabilidad, las rentabilidades inferiores podrán restablecerse parcialmente sobre la base de un periodo móvil de un año, eliminando el primer año de rentabilidad inferior del Periodo de referencia de la rentabilidad en cuestión. En relación con el correspondiente Periodo de referencia de la rentabilidad, las rentabilidades inferiores del primer año pueden compensarse con las rentabilidades superiores obtenidas en los años siguientes del Periodo de referencia de la rentabilidad.
- En un Periodo de referencia de la rentabilidad determinado, toda rentabilidad inferior pasada deberá recuperarse antes de que puedan volver a cobrarse comisiones de rentabilidad.
- Cuando se cristalice una comisión de rentabilidad al final de un Periodo de cálculo (salvo en caso de cristalización debido a reembolsos), se iniciará un nuevo Periodo de referencia de la rentabilidad.
| | - The horizon over which performance is measured is a rolling period of up to five years (“Performance Reference Period”). The clawback mechanism may be partially reset at the end of this period. This means that after five years of cumulative underperformance over the Performance Reference Period, underperformance may be partially reset on a rolling annual basis, wiping out the first year of underperformance during the Performance Reference Period concerned. In relation to the Performance Reference Period concerned, underperformance in the first year may be offset by outperformance in the following years of the Performance Reference Period.
- Over a given Performance Reference Period, any past underperformance must be clawed back before performance fees become payable again.
- Where a performance fee is crystalised at the end of a Calculation Period (except when due to redemptions), a new Performance Reference Period begins.
| | en | es |
DOLFIN5614 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### The table below shows:
- the annual impact of the different types of costs on the return you could earn on your investment at the end of the recommended investment period;
- the meaning of the different cost categories. | ### Aus der nachfolgenden Tabelle geht Folgendes hervor:
- wie sich die verschiedenen Arten von Kosten jedes Jahr auf die Anlagerendite auswirken, die Sie am Ende der empfohlenen Haltedauer erhalten könnten;
- was die verschiedenen Kostenkategorien beinhalten. | ### The table below shows:
- the annual impact of the different types of costs on the return you could earn on your investment at the end of the recommended investment period;
- the meaning of the different cost categories. | en | de |
DOLFIN5615 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,220 | USD 1,640 |
| | Average return each year % | -77.80% | -30.34% |
| Unfavourable scenario | What you might get back after costs | USD 7,370 | USD 7,120 |
| | Average return each year % | -26.30% | -6.57% |
| Moderate scenario | What you might get back after costs | USD 10,800 | USD 13,320 |
| | Average return each year % | 8.00% | 5.90% |
| Favourable scenario | What you might get back after costs | USD 18,510 | USD 22,930 |
| | Average return each year % | 85.10% | 18.05% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 2.220 | USD 1.640 |
| | Rendimiento medio cada año | -77,80% | -30,34% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.370 | USD 7.120 |
| | Rendimiento medio cada año | -26,30% | -6,57% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.800 | USD 13.320 |
| | Rendimiento medio cada año | 8,00% | 5,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 18.510 | USD 22.930 |
| | Rendimiento medio cada año | 85,10% | 18,05% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,220 | USD 1,640 |
| | Average return each year % | -77.80% | -30.34% |
| Unfavourable scenario | What you might get back after costs | USD 7,370 | USD 7,120 |
| | Average return each year % | -26.30% | -6.57% |
| Moderate scenario | What you might get back after costs | USD 10,800 | USD 13,320 |
| | Average return each year % | 8.00% | 5.90% |
| Favourable scenario | What you might get back after costs | USD 18,510 | USD 22,930 |
| | Average return each year % | 85.10% | 18.05% | | en | es |
DOLFIN5616 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Investment example: €10,000 Scenarios | 1 year | 5 years (recommended holding period) |
| --- | --- | --- |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment |
| Stress scenario | What you could receive after costs are deducted | €5,200 | €4,310 |
| Annual average return | -48.02% | -15.51% |
| Pessimistic scenario | What you could receive after costs are deducted | €7,650 | €8,650 |
| Annual average return | -23.48% | -2.87% |
| Medium scenario | What you could receive after costs are deducted | €10,430 | €11,380 |
| Annual average return | 4.27% | 2.61% |
| Optimistic scenario | What you could receive after costs are deducted | €13,060 | €16,050 |
| Annual average return | 30.55% | 9.93% | | | Empfohlene Haltedauer: 5 Jahren Anlagebeispiel: 10 000 € Szenarien | 1 Jahr | 5 Jahren (empfohlene Haltedauer) |
| --- | --- | --- |
| Minimum | Es gibt keine garantierte Mindestrendite. Sie könnten Ihre Anlage ganz oder teilweise verlieren |
| Stressszenario | Was sie nach Abzug der Kosten erhalten könnten | 5 200 € | 4 310 € |
| Jährliche Durchschnittsrendite | -48,02 % | -15,51 % |
| Pessimistisches Szenario | Was sie nach Abzug der Kosten erhalten könnten | 7 650 € | 8 650 € |
| Jährliche Durchschnittsrendite | -23,48 % | -2,87 % |
| Mittleres Szenario | Was sie nach Abzug der Kosten erhalten könnten | 10 430 € | 11 380 € |
| Jährliche Durchschnittsrendite | 4,27 % | 2,61 % |
| Optimistisches Szenario | Was sie nach Abzug der Kosten erhalten könnten | 13 060 € | 16 050 € |
| Jährliche Durchschnittsrendite | 30,55 % | 9,93 % | | | Recommended holding period: 5 years Investment example: €10,000 Scenarios | 1 year | 5 years (recommended holding period) |
| --- | --- | --- |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment |
| Stress scenario | What you could receive after costs are deducted | €5,200 | €4,310 |
| Annual average return | -48.02% | -15.51% |
| Pessimistic scenario | What you could receive after costs are deducted | €7,650 | €8,650 |
| Annual average return | -23.48% | -2.87% |
| Medium scenario | What you could receive after costs are deducted | €10,430 | €11,380 |
| Annual average return | 4.27% | 2.61% |
| Optimistic scenario | What you could receive after costs are deducted | €13,060 | €16,050 |
| Annual average return | 30.55% | 9.93% | | en | de |
DOLFIN5617 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financials. | # Allocation sectorielle
Dans le cadre de notre gestion de portefeuille, nous tenons compte des pondérations ainsi que des spreads et des durations (DTS). Sur cette base, le fonds est surpondéré sur les financières et sous-pondéré sur les non financières. | # Sector allocation
In our portfolio management, we not only factor in weights, but also spreads and durations (DTS). On that basis, we are overweight in financials and underweight in non-financials. | en | fr |
DOLFIN5618 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les informations, en particulier les avis aux actionnaires, sont publiées sur le site Internet de la Société de gestion www.mainfirst-invest.com. En outre, dans les cas prévus par la législation du Grand-Duché de Luxembourg, les avis sont également publiés au RESA (Recueil électronique des sociétés et associations) et au Tageblatt ainsi que, le cas échéant, dans un autre quotidien à tirage suffisant.
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# Changement concernant les informations générales sur les frais susceptibles d’être imputés au Fonds | La información y, en particular, los avisos a los accionistas se publican en el sitio web de la sociedad gestora: www.mainfirst-invest.com. Además, en los casos previstos por la ley, para el Gran Ducado de Luxemburgo, los avisos se publican también el «RESA» y en Tageblatt y, en caso necesario, en otro diario de gran tirada.
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# Modificación relativa a la información sobre los gastos totales aplicables al fondo | Les informations, en particulier les avis aux actionnaires, sont publiées sur le site Internet de la Société de gestion www.mainfirst-invest.com. En outre, dans les cas prévus par la législation du Grand-Duché de Luxembourg, les avis sont également publiés au RESA (Recueil électronique des sociétés et associations) et au Tageblatt ainsi que, le cas échéant, dans un autre quotidien à tirage suffisant.
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# Changement concernant les informations générales sur les frais susceptibles d’être imputés au Fonds | fr | es |
DOLFIN5619 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The annual general meeting of Shareholders will be held in accordance with the Articles of Incorporation and Luxembourg law. Notices of all general meetings will be published to the extent required by Luxembourg law, and in such other newspaper as the Board of Directors shall determine and will be sent to the holders of registered Shares in accordance with Luxembourg Law. Such notices will include the agenda and will specify the time and place of the meeting and the conditions of admission. They will also refer to the rules of quorum and majorities required by Luxembourg law.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any General Meeting of Shareholders may provide that the quorum and the majority at this General Meeting shall be determined according to the Shares issued and outstanding at midnight the fifth day preceding the General Meeting (the “Record Date”), whereas the right of a Shareholder to attend a General Meeting of Shareholders and to exercise the voting rights attaching to his/her/its Shares shall be determined by reference to the Shares held by this Shareholder as at the Record Date.
Each Share confers the right to one vote. The vote on the payment of a dividend on a particular Class of Shares requires a separate majority of votes cast from the meeting of Shareholders of the Class of Shares concerned. Any change in the Articles of Incorporation affecting the rights of a Sub-Fund must be approved by a resolution of both the General Meeting of the Fund and the Shareholders of the Sub- Fund concerned by a simple majority of votes cast.
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#### Reports and Accounts | La junta general de Accionistas se llevará a cabo de conformidad con los Estatutos sociales y la legislación luxemburguesa. Las convocatorias de todas las juntas generales se publicarán con arreglo a los requisitos de la ley de Luxemburgo y en cualquier otro periódico que determine el Consejo de administración, y se enviarán a los titulares de Acciones nominativas, de conformidad con la legislación luxemburguesa. Dichas convocatorias incluirán el orden del día, y especificarán la hora y el lugar de la junta, así como las condiciones de admisión. También se referirán a las normas sobre cuórum y mayorías que exige la legislación luxemburguesa.
En virtud de las condiciones establecidas en la legislación y las normativas luxemburguesas, la notificación de cualquier Junta general de Accionistas podrá establecer que el cuórum y la mayoría en esa Junta General se determinen en función de las acciones emitidas y en circulación en la medianoche del quinto día anterior a la Junta General (la «Fecha de registro»), mientras que el derecho del Accionista a asistir a la Junta General de Accionistas y a ejercer los derechos de voto inherentes a sus Acciones se determinará por referencia a las Acciones que posea el Accionista en la Fecha de registro.
Cada Acción otorga derecho a un voto. La votación sobre el pago de un dividendo de una Clase de Acciones en particular exige una mayoría separada de los votos emitidos en la junta de Accionistas de la Clase de Acciones correspondiente. Cualquier cambio en los Estatutos sociales que afecte a los derechos de un Subfondo deberá ser aprobado por una resolución de la Junta general del Fondo y los Accionistas del Subfondo de que se trate, por mayoría simple de los votos emitidos.
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#### Informes y cuentas | The annual general meeting of Shareholders will be held in accordance with the Articles of Incorporation and Luxembourg law. Notices of all general meetings will be published to the extent required by Luxembourg law, and in such other newspaper as the Board of Directors shall determine and will be sent to the holders of registered Shares in accordance with Luxembourg Law. Such notices will include the agenda and will specify the time and place of the meeting and the conditions of admission. They will also refer to the rules of quorum and majorities required by Luxembourg law.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any General Meeting of Shareholders may provide that the quorum and the majority at this General Meeting shall be determined according to the Shares issued and outstanding at midnight the fifth day preceding the General Meeting (the “Record Date”), whereas the right of a Shareholder to attend a General Meeting of Shareholders and to exercise the voting rights attaching to his/her/its Shares shall be determined by reference to the Shares held by this Shareholder as at the Record Date.
Each Share confers the right to one vote. The vote on the payment of a dividend on a particular Class of Shares requires a separate majority of votes cast from the meeting of Shareholders of the Class of Shares concerned. Any change in the Articles of Incorporation affecting the rights of a Sub-Fund must be approved by a resolution of both the General Meeting of the Fund and the Shareholders of the Sub- Fund concerned by a simple majority of votes cast.
-
#### Reports and Accounts | en | es |
DOLFIN5620 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2070 | $2120 |
| Rendement annuel moyen | -79.30% | -26.67% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7180 | $8070 |
| Rendement annuel moyen | -28.20% | -4.20% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10050 | $13270 |
| Rendement annuel moyen | 0.50% | 5.82% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15590 | $16390 |
| Rendement annuel moyen | 55.90% | 10.39% | | | Periodo de mantenimiento recomendado: | 5 años |
| --- | --- |
| Ejemplo de inversión: | $10000 |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | $2070 | $2120 |
| Rendimiento medio cada año | -79.30% | -26.67% |
| Desfavorable | Lo que podría recibir tras deducir los costes | $7180 | $8070 |
| Rendimiento medio cada año | -28.20% | -4.20% |
| Moderado | Lo que podría recibir tras deducir los costes | $10050 | $13270 |
| Rendimiento medio cada año | 0.50% | 5.82% |
| Favorable | Lo que podría recibir tras deducir los costes | $15590 | $16390 |
| Rendimiento medio cada año | 55.90% | 10.39% | | | Période de détention recommandée: | 5 ans |
| --- | --- |
| Exemple d'investissement: | $10000 |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimal garanti si vous sortez avant 5 années. Vous pourriez perdre tout ou une partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | $2070 | $2120 |
| Rendement annuel moyen | -79.30% | -26.67% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | $7180 | $8070 |
| Rendement annuel moyen | -28.20% | -4.20% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | $10050 | $13270 |
| Rendement annuel moyen | 0.50% | 5.82% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | $15590 | $16390 |
| Rendement annuel moyen | 55.90% | 10.39% | | fr | es |
DOLFIN5621 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
1
See also specific risk factor under 2.16
- General RisksGeneral risks may become correlated in a harmful manner in particular when the Sub-Funds do not face normal market conditions. Therefore, in turbulent market times an increase of one of those risks may not only increase the Sub-Funds exposure to other general risks but may also trigger other risks.
- Credit RiskCredit risk is a general risk that applies to all investments. It is the risk of loss due a debtor’s non-payment of a loan or other obligation (either the principal or interest or both). For the Sub-Funds, the debtor may be either the issuer of an underlying security (the "issuer risk") or the counterparty to a transaction, such as an OTC derivative contract, a repurchase or reverse repurchase agreement or a loan of portfolio securities (the "counterparty risk"). The debtor may be a government (the "sovereign risk"). Credit risk is also the risk of loss due to a credit event, other than the debtor’s default of payment, such as, but not limited to, the downgrading of a debtor’s credit rating or the rescheduling of a debtor’s debt. | 1
Siehe auch Paragraph 2.16 zu den spezifischen Risiken
- Allgemeine RisikenDie allgemeinen Risiken können nachteilig korrelieren, namentlich unter für die Teilfonds unüblichen Marktbedingungen. Steigt in Zeiten turbulenter Märkte eines dieser Risiken, so kann dies nicht nur andere allgemeine Risiken für die Teilfonds erhöhen, sondern auch weitere Risiken hervorrufen.
- KreditrisikoDas Kreditrisiko ist ein allgemeines Risiko, dem alle Anlagen unterliegen. Es bezeichnet das Risiko eines Verlusts, falls ein Schuldner seine Zahlungs- oder eine anderweitige Verpflichtung (Kapital, Zins oder beides) im Rahmen einer Kreditvereinbarung nicht erfüllen kann. Für die Teilfonds kann der Schuldner entweder der Emittent von Basiswerten(das "Emittentenrisiko") oder die Gegenpartei einer Transaktion, z.B. eines OTC-Derivats, eines "Repo"-Geschäfts oder "Reverse Repos" oder einer Wertpapierleihe, sein (das "Gegenparteirisiko"). Der Schuldner kann auch eine Regierung sein (das "Länderrisiko"). Als Kreditrisiko wird auch das Risiko eines Verlusts aufgrund eines anderen Kreditereignisses als des Zahlungsversäumnisses eines Schuldners bezeichnet, wie die Bonitätsrückstufung oder Umschuldung eines Schuldners. | 1
See also specific risk factor under 2.16
- General RisksGeneral risks may become correlated in a harmful manner in particular when the Sub-Funds do not face normal market conditions. Therefore, in turbulent market times an increase of one of those risks may not only increase the Sub-Funds exposure to other general risks but may also trigger other risks.
- Credit RiskCredit risk is a general risk that applies to all investments. It is the risk of loss due a debtor’s non-payment of a loan or other obligation (either the principal or interest or both). For the Sub-Funds, the debtor may be either the issuer of an underlying security (the "issuer risk") or the counterparty to a transaction, such as an OTC derivative contract, a repurchase or reverse repurchase agreement or a loan of portfolio securities (the "counterparty risk"). The debtor may be a government (the "sovereign risk"). Credit risk is also the risk of loss due to a credit event, other than the debtor’s default of payment, such as, but not limited to, the downgrading of a debtor’s credit rating or the rescheduling of a debtor’s debt. | en | de |
DOLFIN5622 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
When the SICAV invests in the shares/units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company to which the Management Company is linked by common management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, that Management Company or other company may not charge any management fee nor any subscription or redemption fees on account of the SICAV’s investment in the shares/units of other UCITS and/or other UCIs. No investments in related parties as of December 31, 2021.
-
# Securities lending | Lorsqu’une SICAV investit en actions/parts d’autres OPCVM et/ou d’autres OPC qui sont gérés, directement ou par délégation, par la même Société de gestion ou par toute autre société à laquelle la Société de gestion est liée par une direction ou un contrôle commun(e) ou par une participation directe ou indirecte de plus de 10% du capital ou des droits de vote, cette Société de gestion ou cette autre société ne peut facturer de frais de gestion ni de frais de souscription ou de rachat sur les placements de la SICAV en actions/parts d’autres OPCVM et/ou d’autres OPC. Pas d’investissements dans des parties liées au 31 décembre 2021.
-
# Prêts de titres | When the SICAV invests in the shares/units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the same Management Company or by any other company to which the Management Company is linked by common management or control or by way of a direct or indirect stake of more than 10% of the capital or votes, that Management Company or other company may not charge any management fee nor any subscription or redemption fees on account of the SICAV’s investment in the shares/units of other UCITS and/or other UCIs. No investments in related parties as of December 31, 2021.
-
# Securities lending | en | fr |
DOLFIN5623 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- For the purposes of compliance with Article 42, paragraph (3) of the 2010 Law, the feeder-sub-fund shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure under Article 17.3 paragraph (ii) b) of these Articles of Incorporation with:
- either the master UCITS’ actual exposure to financial derivative instruments in proportion to the feeder-sub-fund investment into the master UCITS;
- or the master UCITS’ potential maximum global exposure to financial derivative instruments provided for in the master UCITS management regulations or instruments of incorporation in proportion to the feeder-sub-fund’s investment into the master UCITS. | - Um Artikel 42, Absatz 3 des Gesetzes von 2010 zu entsprechen, berechnet der Feeder-Teilfonds sein Gesamtengagement in derivativen Finanzinstrumenten, indem er sein eigenes Direktengagement gemäss Artikel 17.3, Absatz (ii) b) der vorliegenden Satzung addiert mit:
- entweder dem tatsächlichen Engagement des Master- OGAW in derivativen Finanzinstrumenten im Verhältnis zur Anlage des Feeder-Teilfonds im Master-OGAW oder
- dem potenziellen maximalen Gesamtengagement des Master-OGAW in derivativen Finanzinstrumenten, wie im Verwaltungsreglement oder der Satzung des Master-OGAW festgelegt, im Verhältnis zur Anlage des Feeder-Teilfonds im Master-OGAW. | - For the purposes of compliance with Article 42, paragraph (3) of the 2010 Law, the feeder-sub-fund shall calculate its global exposure related to financial derivative instruments by combining its own direct exposure under Article 17.3 paragraph (ii) b) of these Articles of Incorporation with:
- either the master UCITS’ actual exposure to financial derivative instruments in proportion to the feeder-sub-fund investment into the master UCITS;
- or the master UCITS’ potential maximum global exposure to financial derivative instruments provided for in the master UCITS management regulations or instruments of incorporation in proportion to the feeder-sub-fund’s investment into the master UCITS. | en | de |
DOLFIN5624 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Expected level of leverage N/A.
1
As of 3 August 2020, the index used to define the targeted market capitalisation range of the investment universe of Global Growth Equity Fund will change from MSCI All Country World Large Cap Index to MSCI All Country World Index.
Global Growth Equity Fund
– continued | Erwartete Hebelwirkung k. A.
1
Zum 3. August 2020 ändert sich der Index, der zur Festlegung der angestrebten Marktkapitalisierungsspanne des Anlageuniversums des Global Growth Equity Fund verwendet wird, vom MSCI All Country World Large Cap Index in den MSCI All Country World Index.
Global Growth Equity Fund
– Fortsetzung | Expected level of leverage N/A.
1
As of 3 August 2020, the index used to define the targeted market capitalisation range of the investment universe of Global Growth Equity Fund will change from MSCI All Country World Large Cap Index to MSCI All Country World Index.
Global Growth Equity Fund
– continued | en | de |
DOLFIN5625 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Manager Comment
Cumulative performance
1M YTD
### Market Review
Financial markets regained some footing in October amid some speculation around a softening in central banks’ stances, signs of stabilization in the UK and declining energy prices in Europe. Equity markets bounced up from their September lows, led by US value sectors and Eurozone, while Quality growth stocks, EM markets and especially China underperformed. Global bond markets had an overall negative month that hides disparities between government yields in USD, still under pressure from high inflation and a hawkish Fed on the one hand, and corporate spreads benefitting from an improvement in risk appetite on the other hand. The US dollar pulled back vs the EUR and the GBP but remained strong against Asian currencies and the CHF. Gold posted another negative monthly return.
### Fund Review
The fund posted a positive performance in October, led by the equity allocation while bonds also contributed positively.
The equity allocation was the main positive contributor, led by exposure to US and Eurozone indices, as well as global value stocks. Quality growth stocks and China equity exposure were detractors to the contribution of the equity portfolio. Downside hedges (put options on US indices) offset part of the positive contribution of the equity allocation. The fixed income allocation was a small contributor to the performance. The rise in USD short term interest rates weighed on short-dated high quality bonds but tighter credit spreads helped to mitigated somewhat the impact. Actively managed duration hedges were ultimately a small positive contributor to the performance. Gold was a marginal detractor, balanced by the positive contribution from the allocation to alternative strategies. Small unhedged FX exposure outside the USD was a marginal detractor to the performance.
The overall risk exposure of the portfolio was raised in October from its low level of end-September. Exposure to equity markets was increased toward 46% after the US inflation report, by taking partial profits on downside protections on US indices. The duration was also increased from close-to-0 toward 2, by a combination of partial profit taking on duration hedges and of a gradual build-up of positions in 10y future contracts. The allocation to credit was slightly reduced by selectively selling specific positions with limited perceived potential for the months ahead. A 3% exposure to a diversified portfolio of alternative strategies was introduced in the portfolio at the beginning of the month, while thee Gold exposure was trimmed. At the end of October, the portfolio remained generally cautiously positioned, with downside protections for the equity and bond allocations. But the selective increase in risk exposure allowed the fund to benefit from positive market developments.
### Outlook
High inflation and interest rate hikes remain the defining features of the investment landscape. While forcing a repricing of virtually all asset classes, they also raise uncertainties by proving to be much stickier than expected. However, some elements of uncertainty are gradually declining and might support more favorable market developments for the coming months: the “Truss experiment” in the UK poured cold water on the temptation of ever-larger fiscal support to face the cost-of-living crisis, thus removing some of the pressure for central banks to lean on the hawkish side. Slowing economic growth in Europe, and to a lesser extent in the US, also gradually increases the chances of a slowdown in inflation, again lowering the pressure for more rate hikes by central banks. As such, inflation and rising rates will continue to fuel volatility in the near future, thus warranting a still cautious portfolio positioning. But significant adjustments on rates, spreads and equity valuations have already happened and plead now for moderate exposures to selected segments of the market. | # Manager Comment
Cumulative performance
1M YTD
### Market Review
Los mercados financieros recuperaron algo de terreno en octubre ante una cierta especulación en torno a la moderación de la postura de los bancos centrales, los indicios de estabilización en el Reino Unido y el descenso de los precios de la energía en Europa. Los mercados de renta variable repuntaron desde sus mínimos de septiembre, liderados por los sectores de valor estadounidenses y la zona euro, mientras que las acciones de crecimiento de calidad, los mercados emergentes y especialmente China, quedaron rezagados. Los mercados de renta fija mundiales protagonizaron un mes negativo en términos generales que oculta las disparidades entre los rendimientos de la deuda pública en dólares estadounidenses, todavía bajo la presión de la elevada inflación y el endurecimiento monetario de la Fed, por un lado, y los diferenciales de la deuda corporativa se beneficiaron de una mejora de la predisposición al riesgo, por el otro. El dólar estadounidense retrocedió frente al EUR y la GBP, pero mantuvo su solidez frente a las monedas asiáticas y el CHF. El oro registró de nuevo una rentabilidad mensual negativa.
### Fund Review
El fondo registró una rentabilidad positiva en octubre, encabezada por la asignación a la renta variable, mientras que la renta fija también contribuyó positivamente.
La asignación a la renta variable fue la principal contribución positiva, liderada por la exposición a los índices de EE. UU. y la zona euro, así como a las acciones de valor mundiales. Los valores de crecimiento de calidad y la exposición a la renta variable china fueron perjudiciales para la contribución de la cartera de renta variable. Las coberturas frente a caídas (opciones de venta sobre índices estadounidenses) contrarrestaron parte de la contribución positiva de la asignación a la renta variable. La asignación a renta fija constituyó una pequeña contribución a la rentabilidad. La subida de los tipos de interés a corto plazo en USD lastró los bonos de alta calidad con vencimientos cortos, pero el estrechamiento de los diferenciales de crédito contribuyó a mitigar en cierta medida el impacto. Las coberturas de duración gestionadas de forma activa representaron, en última instancia, una pequeña contribución positiva a la rentabilidad. El oro registró un desempeño ligeramente negativo, lo que se compensó con la contribución positiva de la asignación a estrategias alternativas. La reducida exposición a divisas distintas al USD lastró ligeramente la rentabilidad. La exposición general al riesgo de la cartera se incrementó en octubre desde su reducido nivel de finales de septiembre. La exposición a los mercados de renta variable se incrementó hasta el 46 % tras el informe sobre la inflación estadounidense, recogiendo parcialmente beneficios en coberturas frente a caídas en los índices estadounidenses. La duración también se incrementó de casi 0 a 2, mediante una combinación de recogidas parciales de beneficios en coberturas de duración y de una acumulación gradual de posiciones en futuros a 10 años. La asignación a la deuda corporativa se redujo ligeramente mediante la venta selectiva de posiciones específicas con un escaso potencial para los próximos meses. A principios de mes se introdujo una exposición del 3 % a una cartera diversificada de estrategias alternativas, mientras que la exposición al oro se recortó. A finales de octubre, la cartera se mantuvo posicionada con prudencia en términos generales, con coberturas frente a caídas para las asignaciones a renta variable y renta fija. Sin embargo, el aumento selectivo de la exposición al riesgo permitió al fondo beneficiarse de los acontecimientos positivos del mercado.
### Outlook
La elevada inflación y las subidas de los tipos de interés siguen siendo las características determinantes del panorama de inversión. Si bien obligan a un reajuste de precios de prácticamente todas las clases de activos, también aumentan la incertidumbre al demostrar que son mucho más persistentes de lo esperado. No obstante, algunos elementos de incertidumbre están disminuyendo gradualmente y podrían respaldar acontecimientos de mercado más favorables en los próximos meses: el «experimento Truss» en el Reino Unido fue un jarro de agua fría ante la tentación de un apoyo fiscal cada vez mayor para hacer frente a la crisis del coste de la vida, eliminando así parte de la presión sobre el endurecimiento monetario de los bancos centrales. La desaceleración del crecimiento económico en Europa y, en menor medida, en EE. UU. también aumenta gradualmente las posibilidades de una desaceleración de la inflación, lo que vuelve a reducir la presión para que los bancos centrales suban más los tipos. Así, la inflación y la subida de los tipos seguirán alimentando la volatilidad a corto plazo, lo que justificará un posicionamiento de cartera aún prudente. No obstante, ya se han producido importantes ajustes en los tipos, los diferenciales y las valoraciones de la renta variable, que justifican ahora exposiciones moderadas a determinados segmentos del mercado. | # Manager Comment
Cumulative performance
1M YTD
### Market Review
Financial markets regained some footing in October amid some speculation around a softening in central banks’ stances, signs of stabilization in the UK and declining energy prices in Europe. Equity markets bounced up from their September lows, led by US value sectors and Eurozone, while Quality growth stocks, EM markets and especially China underperformed. Global bond markets had an overall negative month that hides disparities between government yields in USD, still under pressure from high inflation and a hawkish Fed on the one hand, and corporate spreads benefitting from an improvement in risk appetite on the other hand. The US dollar pulled back vs the EUR and the GBP but remained strong against Asian currencies and the CHF. Gold posted another negative monthly return.
### Fund Review
The fund posted a positive performance in October, led by the equity allocation while bonds also contributed positively.
The equity allocation was the main positive contributor, led by exposure to US and Eurozone indices, as well as global value stocks. Quality growth stocks and China equity exposure were detractors to the contribution of the equity portfolio. Downside hedges (put options on US indices) offset part of the positive contribution of the equity allocation. The fixed income allocation was a small contributor to the performance. The rise in USD short term interest rates weighed on short-dated high quality bonds but tighter credit spreads helped to mitigated somewhat the impact. Actively managed duration hedges were ultimately a small positive contributor to the performance. Gold was a marginal detractor, balanced by the positive contribution from the allocation to alternative strategies. Small unhedged FX exposure outside the USD was a marginal detractor to the performance.
The overall risk exposure of the portfolio was raised in October from its low level of end-September. Exposure to equity markets was increased toward 46% after the US inflation report, by taking partial profits on downside protections on US indices. The duration was also increased from close-to-0 toward 2, by a combination of partial profit taking on duration hedges and of a gradual build-up of positions in 10y future contracts. The allocation to credit was slightly reduced by selectively selling specific positions with limited perceived potential for the months ahead. A 3% exposure to a diversified portfolio of alternative strategies was introduced in the portfolio at the beginning of the month, while thee Gold exposure was trimmed. At the end of October, the portfolio remained generally cautiously positioned, with downside protections for the equity and bond allocations. But the selective increase in risk exposure allowed the fund to benefit from positive market developments.
### Outlook
High inflation and interest rate hikes remain the defining features of the investment landscape. While forcing a repricing of virtually all asset classes, they also raise uncertainties by proving to be much stickier than expected. However, some elements of uncertainty are gradually declining and might support more favorable market developments for the coming months: the “Truss experiment” in the UK poured cold water on the temptation of ever-larger fiscal support to face the cost-of-living crisis, thus removing some of the pressure for central banks to lean on the hawkish side. Slowing economic growth in Europe, and to a lesser extent in the US, also gradually increases the chances of a slowdown in inflation, again lowering the pressure for more rate hikes by central banks. As such, inflation and rising rates will continue to fuel volatility in the near future, thus warranting a still cautious portfolio positioning. But significant adjustments on rates, spreads and equity valuations have already happened and plead now for moderate exposures to selected segments of the market. | en | es |
DOLFIN5626 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The accompanying notes form an integral part of the financial statements.
482 NEUBERGER BERMAN INVESTMENT FUNDS PLC
STATEMENT OF CHANGES IN NET ASSETS FINANCIAL STATEMENTS | Le note integrative costituiscono parte integrante del bilancio.
482 NEUBERGER BERMAN INVESTMENT FUNDS PLC
PROSPETTO DELLE VARIAZIONI DEL PATRIMONIO NETTO BILANCIO | The accompanying notes form an integral part of the financial statements.
482 NEUBERGER BERMAN INVESTMENT FUNDS PLC
STATEMENT OF CHANGES IN NET ASSETS FINANCIAL STATEMENTS | en | it |
DOLFIN5627 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4280 EUR | 4720 EUR |
| Average return each year | -57.20% | -13.94% |
| Unfavourable | What you might get back after costs | 8020 EUR | 7250 EUR |
| Average return each year | -19.80% | -6.23% |
| Moderate | What you might get back after costs | 9790 EUR | 9280 EUR |
| Average return each year | -2.10% | -1.48% |
| Favourable | What you might get back after costs | 11000 EUR | 10320 EUR |
| Average return each year | 10.00% | 0.63% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10000 EUR Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | Il n'y a pas de rendement minimum garanti si vous retirez votre investissement avant 5 ans. Vous encourez le risque de perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4280 EUR | 4720 EUR |
| Rendement annuel moyen | -57.20% | -13.94% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8020 EUR | 7250 EUR |
| Rendement annuel moyen | -19.80% | -6.23% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9790 EUR | 9280 EUR |
| Rendement annuel moyen | -2.10% | -1.48% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 11000 EUR | 10320 EUR |
| Rendement annuel moyen | 10.00% | 0.63% | | | Recommended holding period: 5 years Example Investment: 10000 EUR If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4280 EUR | 4720 EUR |
| Average return each year | -57.20% | -13.94% |
| Unfavourable | What you might get back after costs | 8020 EUR | 7250 EUR |
| Average return each year | -19.80% | -6.23% |
| Moderate | What you might get back after costs | 9790 EUR | 9280 EUR |
| Average return each year | -2.10% | -1.48% |
| Favourable | What you might get back after costs | 11000 EUR | 10320 EUR |
| Average return each year | 10.00% | 0.63% | | en | fr |
DOLFIN5628 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Low Carbon 100 Europe PAB® (NTR) index (the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication).
When investing in a sample of shares the sub-fund’s tracking error may be higher.
The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index.
The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.euronext.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | # EN QUOI CONSISTE CE PRODUIT ?
## Type
Ce produit est un organisme de placement collectif en valeurs mobilières (OPCVM) qualifié de fonds indiciel coté (ETF). Il est constitué sous la forme d’un compartiment de BNP PARIBAS EASY, une société d’investissement à capital variable (SICAV) régies par les dispositions de la partie I de la loi luxembourgeoise du 17 décembre 2010 (la « Loi 2010 » ) relative aux organismes de placement collectif ainsi que par la directive OPCVM 2009/65.
## Durée
Ce Produit n’a pas de date d’échéance.
BNPP AM Luxembourg n’est pas autorisé à résilier le Produit unilatéralement. Le Conseil d’administration de la SICAV a le pouvoir de décider de la fusion, de la scission, de la liquidation ou de la clôture du compartiment. En outre, la SICAV peut être liquidée sur décision d’une assemblée générale extraordinaire des actionnaires.
## Objectifs
Le Fonds est un fonds indiciel géré passivement.
Le Fonds cherche à répliquer (avec un écart de suivi* maximum de 1 %) la performance de l’Indice Low Carbon 100 Europe PAB® (NTR) (l’Indice) en investissant dans les actions émises par des sociétés composant l’Indice, tout en respectant les pondérations de l’Indice (réplication totale), ou dans un échantillon d’actions émises par des sociétés composant l’Indice (réplication optimisée).
Lors d’un investissement dans un échantillon d’actions, l’écart de suivi du compartiment peut être plus élevé.
L’Indice est composé de sociétés européennes sélectionnées sur la base des opportunités et des risques liés à la transition climatique, tout en visant à respecter les objectifs du Paris Aligned Benchmark (PAB), à savoir réduire l’intensité carbone d’au moins 50 % par rapport à l’univers d’investissement initial et atteindre un objectif supplémentaire de décarbonisation de 7 % chaque année. Par conséquent, les activités liées aux combustibles fossiles sont exclues de l’Indice.
Le type d’approche mis en œuvre ici est « Best-in-Class » (l’approche Best-in-Class identifie les leaders dans chaque secteur en fonction des meilleures pratiques environnementales, sociales et de gouvernance (ESG), tout en évitant ceux qui présentent des niveaux de risque élevés et qui ne respectent pas les normes ESG minimales selon l’administrateur de l’indice et ses partenaires spécialisés). La stratégie extra-financière de l’Indice peut comporter des limites méthodologiques telles que le risque lié à l’investissement ESG ou le rebalancement de l’Indice. De plus amples informations sur l’Indice, sa composition, son calcul, sa méthodologie et les règles de contrôle et de rebalancement périodiques sont disponibles sur www.euronext.com.
* L’écart de suivi est un indicateur de risque qui mesure l’écart entre la performance d’un fonds et celle de son indice. Les revenus sont réinvestis de manière systématique.
Les investisseurs peuvent demander le rachat de leurs parts sur une base quotidienne (les jours ouvrés bancaires au Luxembourg), comme indiqué dans le prospectus.
## Investisseurs de détail visés
Ce Produit est conçu pour des investisseurs de détail qui n’ont ni expertise financière ni connaissance spécifique pour comprendre le Produit, mais peuvent néanmoins supporter une perte totale du capital. Il est approprié pour des clients cherchant à accroître leur capital. Les investisseurs potentiels devraient avoir un horizon de placement d’au moins 5 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS EASY. D’autres informations sur le compartiment figurent dans le prospectus et les rapports périodiques de la SICAV. En vertu de la Loi de 2010, l’actif et le passif des différents compartiments de la SICAV sont ségrégués.
De plus amples informations concernant le Produit, y compris les derniers prospectus, document d’informations clés, valeurs nettes d’inventaire ainsi que les derniers cours d’actions publiés, rapport annuel et description d’investissement, peuvent être obtenues, sans coûts, en anglais, auprès de BNPP AM Luxembourg ou en ligne sur le site https://www.bnpparibas-am.com. | # WHAT IS THIS PRODUCT?
## Type
This Product is an undertaking for collective investment in transferable securities (UCITS) qualfying as an exchange-traded fund (ETF). It is a sub-fund of BNP PARIBAS EASY, an open-ended investment company (société d’investissement à capital variable “SICAV”) governed by the provisions of Part I of the Luxembourg Law of 17 December 2010 (the “2010 Law”) relating to undertakings for collective investment as well as by UCITS Directive 2009/65.
## Term
This Product has no maturity date.
BNPP AM Luxembourg is not entitled to terminate the Product unilaterally. The board of directors of the SICAV has the authority to decide on the merger, split, liquidation or the closure of the sub-fund. Furthermore, the SICAV may be wound up by decision of an extraordinary general meeting of shareholders.
## Objectives
The Fund is an index-tracking passively managed fund.
The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the Low Carbon 100 Europe PAB® (NTR) index (the Index ) by investing in shares issued by companies included in the Index, respecting the Index's weightings (full replication), or in a sample of shares issued by companies included in the index (optimised replication).
When investing in a sample of shares the sub-fund’s tracking error may be higher.
The Index is composed of European companies selected on the basis of opportunities and risks associated with the climate transition while aiming to comply with the Paris Aligned Benchmark (PAB) targets of reducing carbon intensity by at least 50% relative to the initial investment universe and achieving an additional decarbonisation target of 7% each year. As a result, fossil-fuel activities are excluded from the Index.
The type of approach implemented here is Best-in-class (Best-in-class approach identifies leaders in each sector based on the best environmental, social and governance (ESG) practices, while avoiding those that present high levels of risk and do not comply with minimum ESG standards according to the index administrator and its specialized partners). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation, methodology and the rules for periodic monitoring and rebalancing can be found on www.euronext.com.
*The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested.
Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus.
## Intended retail investors
This Product is designed for retail investors who have neither financial expertise nor any specific knowledge to understand the Product but nevertheless may bear a total capital loss. It is suited for clients who seek growth of capital. Potential investors should have an investment horizon of at least 5 years.
## Practical Information
Depositary: BNP PARIBAS, Luxembourg Branch
This key information document is prepared for the aforementioned share class and describes a sub-fund of BNP PARIBAS EASY. Further information about the Product is contained in the prospectus and periodical reports which are issued at the level of the SICAV. Under the 2010 Law, there is segregated liability between sub-funds, meaning that the assets of the sub-fund will not be available to meet a claim of a creditor or another third-party made against another sub-fund.
Further information about the Product including the latest prospectus, key information document, net asset values, latest published prices of share(s), periodical report, investment description, may be obtained free of cost, in English, from BNPP AM Luxembourg or online at https://www.bnpparibas-am.com. | en | fr |
DOLFIN5629 | 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's objective is to achieve long term income and capital growth. The Fund will invest primarily in bonds issued or guaranteed by companies that are exposed directly or indirectly to emerging market countries. The Fund may also (i) invest in bonds issued or guaranteed by governments in emerging market countries,(ii) invest up to 10% of its assets in bonds of companies and governments which are not in emerging market countries and (iii) invest in bonds that are convertible into shares. Emerging market countries shall consist of all those countries which are included in the JPMorgan CEMBI Broad Diversified Total Return Index or JPMorgan Emerging Markets Bond Global Diversified Index at the time of the relevant investment.
Up to 10% of the Fund's assets may be invested in bonds of companies or governments which are experiencing financial or operational distress, default or may be in bankruptcy. These types of bonds are typically referred to as distressed bonds.
The Fund has the power to use derivative instruments for investment purposes. Derivatives allow the Investment Manager to track changes in the price of an item, for example a corporate bond or index, without actually owning it. Derivatives may be used to gain exposure to a number of different asset classes, including company shares, financial indices and currency exchange rates. The Fund may also use derivatives for hedging purposes. Investment in financial derivative instruments can introduce significant leverage risks and lead to high volatility.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Corporate Bond include the promotion of the transition to a low carbon economy and the upholding of responsibilities to people and planet. | # Objetivos y política de inversión
El objetivo del Fondo consiste en lograr ingresos y un crecimiento del capital a largo plazo. El Fondo invertirá principalmente en bonos emitidos o garantizados por empresas que están expuestas directa o indirectamente a países con mercados emergentes. El Fondo también podrá (i) invertir en bonos emitidos o garantizados por gobiernos de países con mercados emergentes, (ii) invertir hasta el 10% de sus activos en bonos de empresas y gobiernos que no se encuentran en países con mercados emergentes e (iii) invertir en bonos convertibles en acciones. Los mercados emergentes comprenderán todos los países incluidos en el índice JPMorgan CEMBI Broad Diversified Total Return o JPMorgan Emerging Markets Bond Global Diversified en el momento de la inversión pertinente.
El Fondo podrá invertir hasta un 10% de su patrimonio en bonos de empresas o gobiernos que atraviesen dificultades financieras u operativas, se encuentren en situación de impago o puedan haberse declarado en bancarrota. Estos tipos de bonos suelen conocerse como títulos de deuda «distressed».
El Fondo puede utilizar instrumentos derivados con fines de inversión. Los derivados permiten al Gestor de inversiones replicar los cambios de los precios de un producto, por ejemplo, un bono corporativo o un índice, sin haberlo adquirido realmente. Los derivados pueden utilizarse para adquirir exposición a una serie de clases de activos diferentes, como acciones de empresas, índices financieros y tipos de cambio. El Fondo también podrá recurrir a los derivados con fines de cobertura. La inversión en instrumentos financieros derivados puede acarrear significativos riesgos de apalancamiento y conllevar un elevado grado de volatilidad.
El Fondo promueve las características medioambientales y sociales de forma continua de conformidad con el artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Las características medioambientales y sociales seleccionadas por Jupiter Global Emerging Markets Corporate Bond incluyen la transición a una economía con bajas emisiones de carbono y el cumplimiento de las responsabilidades con las personas | # Objectives and investment policy
The Fund's objective is to achieve long term income and capital growth. The Fund will invest primarily in bonds issued or guaranteed by companies that are exposed directly or indirectly to emerging market countries. The Fund may also (i) invest in bonds issued or guaranteed by governments in emerging market countries,(ii) invest up to 10% of its assets in bonds of companies and governments which are not in emerging market countries and (iii) invest in bonds that are convertible into shares. Emerging market countries shall consist of all those countries which are included in the JPMorgan CEMBI Broad Diversified Total Return Index or JPMorgan Emerging Markets Bond Global Diversified Index at the time of the relevant investment.
Up to 10% of the Fund's assets may be invested in bonds of companies or governments which are experiencing financial or operational distress, default or may be in bankruptcy. These types of bonds are typically referred to as distressed bonds.
The Fund has the power to use derivative instruments for investment purposes. Derivatives allow the Investment Manager to track changes in the price of an item, for example a corporate bond or index, without actually owning it. Derivatives may be used to gain exposure to a number of different asset classes, including company shares, financial indices and currency exchange rates. The Fund may also use derivatives for hedging purposes. Investment in financial derivative instruments can introduce significant leverage risks and lead to high volatility.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Corporate Bond include the promotion of the transition to a low carbon economy and the upholding of responsibilities to people and planet. | en | es |
DOLFIN5630 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Pursuant to the “Notice about the tax policies related to the Shanghai-Hong Kong Stock Connect” (Caishui 2014 No. 81) (“Notice No. 81”) promulgated by the Ministry of Finance of Mainland China (“MOF”), the State Taxation Administration of Mainland China (“STA”) and the China Securities Regulatory Commission (“CSRC”) on 31 October 2014, the Fund is subject to WHT at 10% on dividends received from China A-Shares traded via Shanghai-Hong Kong Stock Connect, unless reduced under a double tax treaty with Mainland China upon application to and obtaining approval from the competent Mainland China authority.
Pursuant to the “Notice about the tax policies related to the Shenzhen-Hong Kong Stock Connect” (Caishui 2016 No. 127) (“Notice No. 127”) promulgated by the MOF, the STA and the CSRC on 5 November 2016, the Fund is subject to WHT at 10% on dividends received from China A-Shares traded via Shenzhen-Hong Kong Stock Connect, unless reduced under a double tax treaty with Mainland China upon application to and obtaining approval from the competent Mainland China authority.
Dividends from China A-Shares traded via the Stock Connect should not be subject to Value-added Tax (“VAT”) in Mainland China.
- Capital gainsPursuant to Notice No. 81 and Notice No. 127, Mainland China CIT will be temporarily exempted on capital gains derived by investors in the Hong Kong market (including the Fund) on the trading of China A-Shares through the Stock Connect. | Ai sensi dell’ “Avviso in tema di politiche fiscali collegate allo Shanghai-Hong Kong Stock Connect” (Caishui 2014 N. 81) (“Avviso n. 81”) emesso il 31 ottobre 2014 dal Ministero delle Finanze della Cina continentale (Ministry of Finance of Mainland China, “MOF”), dalle Autorità tributarie della Cina continentale (State Administration of Taxation of Mainland China, “SAT”) e dalla Commissione di Regolamentazione dei Valori Mobiliari in Cina (China Securities Regulatory Commission, “CSRC”), il Fondo è soggetto a una WHT del 10% sui dividendi ricevuti da Azioni di classe A cinesi negoziate attraverso lo Shanghai-Hong Kong Stock Connect, salvo eventuale riduzione in conformità con un trattato contro la doppia imposizione fiscale con la Cina continentale, previa richiesta e rilascio di autorizzazione dall’autorità competente della Cina continentale.
Ai sensi dell’ “Avviso in tema di politiche fiscali collegate alloShenzhen-Hong Kong Stock Connect” (Caishui 2016 N. 127) (“Avviso n. 127”) emesso il 5 novembre 2016 dal MOF, dalla SAT e dalla CSRC, il Fondo è soggetto a una WHT del 10% sui dividendi ricevuti dalle Azioni di classe A cinesi negoziate attraverso lo Shenzhen-Hong Kong Stock Connect, fatte salve eventuali riduzioni ai sensi di un trattato sulla doppia imposizione con la Cina continentale previa richiesta e ottenimento dell’approvazione da parte dell’autorità competente della Cina continentale.
I dividendi sulle Azioni di classe A cinesi negoziate tramite lo Stock Connect non sono soggetti all’Imposta sul valore aggiunto (“IVA”) nella Cina continentale.
- PlusvalenzeAi sensi dell’Avviso N. 81 e dell’Avviso N. 127, le plusvalenze ottenute dagli investitori del mercato di Hong Kong e stranieri (incluso il Fondo) sulla negoziazione di Azioni di classe A cinesi attraverso lo Stock Connect saranno temporaneamente esenti da CIT della Cina continentale. | Pursuant to the “Notice about the tax policies related to the Shanghai-Hong Kong Stock Connect” (Caishui 2014 No. 81) (“Notice No. 81”) promulgated by the Ministry of Finance of Mainland China (“MOF”), the State Taxation Administration of Mainland China (“STA”) and the China Securities Regulatory Commission (“CSRC”) on 31 October 2014, the Fund is subject to WHT at 10% on dividends received from China A-Shares traded via Shanghai-Hong Kong Stock Connect, unless reduced under a double tax treaty with Mainland China upon application to and obtaining approval from the competent Mainland China authority.
Pursuant to the “Notice about the tax policies related to the Shenzhen-Hong Kong Stock Connect” (Caishui 2016 No. 127) (“Notice No. 127”) promulgated by the MOF, the STA and the CSRC on 5 November 2016, the Fund is subject to WHT at 10% on dividends received from China A-Shares traded via Shenzhen-Hong Kong Stock Connect, unless reduced under a double tax treaty with Mainland China upon application to and obtaining approval from the competent Mainland China authority.
Dividends from China A-Shares traded via the Stock Connect should not be subject to Value-added Tax (“VAT”) in Mainland China.
- Capital gainsPursuant to Notice No. 81 and Notice No. 127, Mainland China CIT will be temporarily exempted on capital gains derived by investors in the Hong Kong market (including the Fund) on the trading of China A-Shares through the Stock Connect. | en | it |
DOLFIN5631 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La Société de gestion n’accorde pas de ristournes et ne paie pas de commissions pour toutes les catégories d’Actions ou dans toutes les juridictions, en fonction des lois et/ou réglementations applicables, et peut être tenue à des obligations d’information en vertu des lois et réglementations applicables. La sélection des intermédiaires habilités à recevoir des paiements se fait à la discrétion de la Société de gestion ou des Sous-distributeurs Invesco, étant toutefois entendu que, en condition à de telles
dispositions, la SICAV n’assume aucune obligation ou responsabilité à cet égard.
Le Groupe Invesco a établi et met en uvre une politique de conflits d’intérêts que la Société de gestion a adoptée. Les Administrateurs s’efforceront de s’assurer que les conflits d’intérêts éventuels liés aux relations avec un tiers sont résolus de manière équitable et dans l’intérêt de la SICAV.
- Politiques de rémunérationLa Société de gestion est soumise à des politiques, procédures et pratiques de rémunération (collectivement, la « Politique de rémunération ») qui sont cohérentes et promeuvent une gestion saine et efficace des risques. La Politique de rémunération s’applique aux membres du personnel dont les activités professionnelles ont une incidence majeure sur le profil de risque de la Société de gestion ou des Compartiments et vise à encourager une prise de risques conforme au profil de risque des Compartiments. La Politique de rémunération est conforme à la stratégie commerciale, aux objectifs, aux valeurs et aux intérêts de la Société de gestion, des Compartiments qu’elle gère et desActionnaires de ces Compartiments et prévoit des mesures visant à prévenir les conflits d’intérêts. L’évaluation de la performance s’inscrit dans un cadre pluriannuel et se fonde sur la performance à plus long terme des Compartiments. La Politique de rémunération établit un juste équilibre entre les composantes fixes et variables des rémunérations totales. | Los pagos de reembolsos y comisiones por parte de la Sociedad Gestora no están disponibles para todas las Clases de Acciones o en todas las jurisdicciones según la legislación local aplicable y pueden estar sujetos a obligaciones de divulgación en virtud de las leyes y regulaciones aplicables. La selección de intermediarios que pueden recibir pagos se realiza a discreción de la Sociedad Gestora o los Subdistribuidores de Invesco, salvo que, como condición de tales acuerdos, la SICAV no incurrirá en ninguna obligación ni responsabilidad.
El Grupo Invesco ha establecido y aplica una política de conflictos de intereses que la Sociedad Gestora ha adoptado. Los Administradores se esforzarán por garantizar que los posibles conflictos de intereses relacionados con el trato con terceros se resuelvan de forma justa y en el mejor interés de la SICAV.
- Políticas de remuneraciónLa Sociedad Gestora está sujeta a políticas, procedimientos y prácticas retributivas (en conjunto, la “Política de Remuneración”) que son coherentes y promueven una gestión de riesgos sólida y eficaz. La Política de Remuneración se aplica al personal cuyas actividades profesionales tienen un impacto significativo en el perfil de riesgo de la Sociedad Gestora o de los Fondos y está diseñado para no fomentar la toma de riesgos que es incompatible con el perfil de riesgo de los Fondos. La Política de Remuneración se ajusta a la estrategia de negocio, objetivos, valores e intereses de la Sociedad Gestora y de los Fondos que gestiona y de los Accionistas de dichos Fondos, e incluye medidas para evitar conflictos de intereses. La evaluación del rendimiento se establece en un marco plurianual y se basa en el rendimiento a muy largo plazo de los Fondos. La Política de Remuneración aporta el equilibrio adecuado entre componentes fijos y variables de la remuneración total. | La Société de gestion n’accorde pas de ristournes et ne paie pas de commissions pour toutes les catégories d’Actions ou dans toutes les juridictions, en fonction des lois et/ou réglementations applicables, et peut être tenue à des obligations d’information en vertu des lois et réglementations applicables. La sélection des intermédiaires habilités à recevoir des paiements se fait à la discrétion de la Société de gestion ou des Sous-distributeurs Invesco, étant toutefois entendu que, en condition à de telles
dispositions, la SICAV n’assume aucune obligation ou responsabilité à cet égard.
Le Groupe Invesco a établi et met en uvre une politique de conflits d’intérêts que la Société de gestion a adoptée. Les Administrateurs s’efforceront de s’assurer que les conflits d’intérêts éventuels liés aux relations avec un tiers sont résolus de manière équitable et dans l’intérêt de la SICAV.
- Politiques de rémunérationLa Société de gestion est soumise à des politiques, procédures et pratiques de rémunération (collectivement, la « Politique de rémunération ») qui sont cohérentes et promeuvent une gestion saine et efficace des risques. La Politique de rémunération s’applique aux membres du personnel dont les activités professionnelles ont une incidence majeure sur le profil de risque de la Société de gestion ou des Compartiments et vise à encourager une prise de risques conforme au profil de risque des Compartiments. La Politique de rémunération est conforme à la stratégie commerciale, aux objectifs, aux valeurs et aux intérêts de la Société de gestion, des Compartiments qu’elle gère et desActionnaires de ces Compartiments et prévoit des mesures visant à prévenir les conflits d’intérêts. L’évaluation de la performance s’inscrit dans un cadre pluriannuel et se fonde sur la performance à plus long terme des Compartiments. La Politique de rémunération établit un juste équilibre entre les composantes fixes et variables des rémunérations totales. | fr | es |
DOLFIN5632 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Important legal information
Sources: Bloomberg, Rimes, GAM. Please note the important legal information at the end of this document. Before subscribing, read the prospectus and the KIID which are available at www.funds.gam.com or from your distributor.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Allocations and holdings are subject to change.
LafargeHolcim Ltd CH 1.65
| Apple Inc | US | 2.19 |
| --- | --- | --- |
| Taiwan Semicon Man Co Ltd | TW | 2.05 |
| The Swatch Group AG | CH | 1.80 |
| Swisscom AG | CH | 1.71 |
Cembra Money Bank AG CH 1.64
ABB Ltd CH 1.62
Total22.29 | # Disposizioni importanti di carattere legale
Fonti: Bloomberg, Rimes, GAM. Vi preghiamo di tenere conto delle disposizioni importanti di carattere legale riportate alla fine di questo documento. Prima dell'adesione leggere il Prospetto e il KIID, disponibili al sito: www.funds.gam.com e presso i soggetti collocatori.
Gli strumenti finanziari menzionati sono proposti solo a titolo illustrativo e non devono essere considerati come un’offerta diretta così come una raccomandazione o consulenza di investimento. Le allocazioni e i titoli sono soggetti a cambiamenti.
LafargeHolcim Ltd CH 1.65
| Apple Inc | US | 2.19 |
| --- | --- | --- |
| Taiwan Semicon Man Co Ltd | TW | 2.05 |
| The Swatch Group AG | CH | 1.80 |
| Swisscom AG | CH | 1.71 |
Cembra Money Bank AG CH 1.64
ABB Ltd CH 1.62
Totale22.29 | # Important legal information
Sources: Bloomberg, Rimes, GAM. Please note the important legal information at the end of this document. Before subscribing, read the prospectus and the KIID which are available at www.funds.gam.com or from your distributor.
The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. Allocations and holdings are subject to change.
LafargeHolcim Ltd CH 1.65
| Apple Inc | US | 2.19 |
| --- | --- | --- |
| Taiwan Semicon Man Co Ltd | TW | 2.05 |
| The Swatch Group AG | CH | 1.80 |
| Swisscom AG | CH | 1.71 |
Cembra Money Bank AG CH 1.64
ABB Ltd CH 1.62
Total22.29 | en | it |
DOLFIN5633 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Credit Default Swaps Risk
A credit default swap allows the transfer of default risk. This allows a Sub-Fund to effectively buy insurance on a reference obligation it holds (hedging the investment), or buy protection on a reference obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the Sub- Fund does not hold the underlying reference obligation, there may be a market risk as the Sub-Fund may need time to obtain the reference obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the Sub-Fund may not recover the full amount due to it from the counterparty. The market for credit default swaps may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction. | # Risiken durch Credit Default Swaps
Ein Credit Default Swap ermöglicht die Übertragung von Ausfallrisiken. Auf diese Weise kann ein Teilfonds effektiv die von ihm gehaltenen Referenzpositionen versichern (Absicherung der Investition) oder in der Erwartung, dass die Bonität sich verschlechtern wird, eine Absicherung für eine Referenzposition erwerben. Eine Partei, der Sicherungskäufer, leistet eine Reihe von Zahlungen an den Sicherungsverkäufer und eine Zahlung an den Käufer ist fällig, wenn ein Kreditereignis (eine Verschlechterung der Bonität, die vorab in der Vereinbarung der Parteien definiert wurde) eintritt. Falls das Kreditereignis nicht eintritt, zahlt der Käufer sämtliche erforderlichen Prämien und der Swap läuft bei Fälligkeit ohne weitere Zahlungen aus. Das Risiko des Käufers ist somit auf den Wert der gezahlten Prämien beschränkt. Außerdem kann, falls ein Kreditereignis eintritt und der Teilfonds die zugrunde liegende Referenzposition nicht hält, ein Marktrisiko bestehen, da der Teilfonds Zeit braucht, sich die Referenzposition zu verschaffen und sie der Gegenpartei zu liefern. Darüber hinaus kann dem Teilfonds im Falle einer Insolvenz der Gegenpartei möglicherweise nicht der volle Betrag erstattet werden, den die Gegenpartei ihm schuldet. Der Markt für Credit Default Swaps kann zeitweise eine noch schlechtere Liquidität aufweisen als die Rentenmärkte. Das Unternehmen begrenzt dieses Risiko, indem es die Nutzung dieser Transaktionsart angemessen überwacht. | # Credit Default Swaps Risk
A credit default swap allows the transfer of default risk. This allows a Sub-Fund to effectively buy insurance on a reference obligation it holds (hedging the investment), or buy protection on a reference obligation it does not physically own in the expectation that the credit will decline in quality. One party, the protection buyer, makes a stream of payments to the seller of the protection, and a payment is due to the buyer if there is a credit event (a decline in credit quality, which will be predefined in the agreement between the parties). If the credit event does not occur the buyer pays all the required premiums and the swap terminates on maturity with no further payments. The risk of the buyer is therefore limited to the value of the premiums paid. In addition, if there is a credit event and the Sub- Fund does not hold the underlying reference obligation, there may be a market risk as the Sub-Fund may need time to obtain the reference obligation and deliver it to the counterparty. Furthermore, if the counterparty becomes insolvent, the Sub-Fund may not recover the full amount due to it from the counterparty. The market for credit default swaps may sometimes be more illiquid than the bond markets. The Company will mitigate this risk by monitoring in an appropriate manner the use of this type of transaction. | en | de |
DOLFIN5634 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Food and Nutrition
- Affordable Housing and Other basics
| - Human Capital Development
- Digital Connectivity
- Infrastructure
| - Health and Wellness
- Productive Innovation
- Financial Engagement
| | - Lebensmittel und Ernährung
- Bezahlbarer Wohn- raum und andere Grundlagen
| - Entwicklung des Humankapitals
- Digitale Konnektivität
- Infrastruktur
| - Gesundheit & Wohlbefinden
- Produktive Innovation
- Finanzielles Engagement
| | - Food and Nutrition
- Affordable Housing and Other basics
| - Human Capital Development
- Digital Connectivity
- Infrastructure
| - Health and Wellness
- Productive Innovation
- Financial Engagement
| | en | de |
DOLFIN5635 | 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 CSIF (Lux) Equity Emerging Markets DB EUR between 30/11/2012-30/11/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,191
1.90%
EUR 14,245
5.20% | # Este tipo de escenario se produjo para una inversión CSIF (Lux) Equity Emerging Markets DB EUR entre 30/11/2012-30/11/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 191 EUR
1,90%
14 245 EUR
5,20% | # This type of scenario occurred for an investment CSIF (Lux) Equity Emerging Markets DB EUR between 30/11/2012-30/11/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,191
1.90%
EUR 14,245
5.20% | en | es |
DOLFIN5636 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### RISQUE DE PRIX
Le risque de prix est le risque que la juste valeur d’un instrument financier fluctue en raison de variations des prix du marché (autre que celles découlant du risque de taux d’intérêt et du risque de change), que ces variations soient causées par des facteurs propres aux instruments financiers concernés ou à d’autres facteurs affectant des instruments financiers similaires négociés sur le marché.
De nombreux Compartiments effectuent des opérations sur instruments financiers en prenant des positions sur des titres négociés sur les marchés d’actions et de produits dérivés d’actions. Les investissements des Compartiments sont sujets aux fluctuations des marchés et présentent un risque de perte de capital, dès lors qu’il ne saurait être possible de garantir une plus-value des investissements. | ##### RIESGO DE PRECIOS DE MERCADO
Es el riesgo de precios de mercado es el riesgo de que el valor razonable de un instrumento financiero fluctúe debido a cambios en los precios de mercado (que no sean los derivados del riesgo de tipos de interés y el riesgo de tipo de cambio), si dichos cambios son causados por factores específicos de cada uno de los instrumentos financieros o su emisor, u otros factores que afectan a instrumentos financieros similares negociados en el mercado.
Muchos de los Fondos negocian con instrumentos financieros, adoptando posiciones en valores negociados en los mercados de renta variable y mercados de derivados de renta variable. Las inversiones de los Fondos están sujetas a las fluctuaciones del mercado y no puede haber ninguna garantía de que las inversiones se revalorizarán y, por lo tanto, conllevan un riesgo de pérdida de capital. | ###### RISQUE DE PRIX
Le risque de prix est le risque que la juste valeur d’un instrument financier fluctue en raison de variations des prix du marché (autre que celles découlant du risque de taux d’intérêt et du risque de change), que ces variations soient causées par des facteurs propres aux instruments financiers concernés ou à d’autres facteurs affectant des instruments financiers similaires négociés sur le marché.
De nombreux Compartiments effectuent des opérations sur instruments financiers en prenant des positions sur des titres négociés sur les marchés d’actions et de produits dérivés d’actions. Les investissements des Compartiments sont sujets aux fluctuations des marchés et présentent un risque de perte de capital, dès lors qu’il ne saurait être possible de garantir une plus-value des investissements. | fr | es |
DOLFIN5637 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Interest Rate and Related Risks
Interest rates have an effect on the value of each Sub-Fund’s fixed income investments because the value of those investments will vary as interest rates fluctuate. Changes in interest rates in each of the countries in which a Sub-Fund may invest, as well as interest rates in more developed countries, may cause a decline in the market value of an investment. In a portfolio with bonds linked to multiple interest rate regimes, the duration of the portfolio is the weighted average of all the interest rate durations across all the interest rate regimes and does not indicate price sensitivity to changes on any one interest rate regime. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. The longer the effective maturity of a Sub-Fund’s securities, the more sensitive the Sub-Fund will be to interest rate changes. (As an approximation, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Duration is a measure of the average life of a fixed income security that was developed as a more precise alternative to the concepts of “term to maturity” or “average dollar weighted maturity” as measures of “volatility” or “risk”
associated with changes in interest rates. With respect to the composition of a fixed income portfolio, the longer the duration of the portfolio, generally the greater the anticipated potential for total return, with, however, greater attendant interest rate risk and price volatility than for a portfolio with a shorter duration.
Prepayment Risk—As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated. The issuers of callable corporate bonds and similar securities may, therefore, repay principal in advance. This forces a Sub-Fund to reinvest the proceeds from the principal prepayments at lower rates, which reduces the Sub-Fund’s income. In addition, changes in prepayment levels can increase the volatility of prices and yields on bonds and similar securities held by a Sub- Fund. If a Sub-Fund pays a premium (a price higher than the principal amount of the bond) for a security and that security is prepaid, the Sub-Fund may not recover the premium, resulting in a capital loss.
Extension Risk—Extension risk is the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates may cause prepayments to occur more slowly than expected, thereby lengthening the maturity of the securities held by a Sub-Fund and making their prices more sensitive to rate changes and more volatile.
Income Risk—A Sub-Fund’s income could decline during periods of falling interest rates. | #### Tipos de interés y riesgos asociados
Los tipos de interés afectan al valor de las inversiones de renta fija de cada Subfondo, ya que el valor de estas variará a medida que fluctúen los tipos de interés. Las variaciones que se producen en los tipos de interés en cada uno de los países en los que puede invertir un Subfondo, así como los tipos de interés de países más desarrollados, pueden provocar un descenso del valor de mercado de una inversión. En una cartera de bonos vinculados a distintos regímenes de tipos de interés, la duración de la cartera es la media ponderada de todas las duraciones de tipos de interés de todos los regímenes de tipos de interés, y no indica la sensibilidad de los precios ante los cambios que se producen en un régimen de tipos de interés concreto. Por lo general, los valores de renta fija verán reducido su valor cuando suban los tipos de interés y lo verán aumentado cuando bajen los tipos de interés. Cuanto a más largo plazo sea el vencimiento efectivo de los valores de un Subfondo, más sensible será el Subfondo a los cambios que se producen en los tipos de interés (a modo de aproximación, un aumento de los tipos de interés del 1% implica un descenso del 1% del valor por cada año de duración). La duración es una medida de la vida media de un valor de renta fija que se desarrolló como alternativa más exacta a los conceptos de
«vigencia hasta el vencimiento» o «vencimiento medio ponderado en dólares» como medidas de la
«volatilidad» o el «riesgo» asociadas a los cambios que experimentan los tipos de interés. Con respecto a la composición de una cartera de renta fija, cuanto mayor sea la duración de la cartera, por lo general mayor será el potencial previsto de rentabilidad total, sin embargo, llevará asociado un riesgo de tipos de interés y una volatilidad de los precios mayores que los de una cartera de duración más corta.
Riesgo de cancelación anticipada— A medida que descienden los tipos de interés, los emisores de deuda pueden amortizar o refinanciar sus préstamos u obligaciones antes de lo previsto. Por consiguiente, los emisores de bonos corporativos rescatables y valores similares pueden amortizar el principal de forma anticipada. Esto obliga al Subfondo a reinvertir el producto de los pagos anticipados de principal a tipos más bajos, lo cual reduce los ingresos del Subfondo. Por otra parte, los cambios que se producen en los niveles de pagos anticipados pueden aumentar la volatilidad de los precios, así como los rendimientos de los bonos y de valores similares incluidos en la cartera del Subfondo. Si un Subfondo abona una prima (un precio superior al importe del principal del bono) a cambio de un valor y dicho valor se abona de forma anticipada, es posible que el Subfondo no recupere la prima, lo cual generaría una minusvalía.
Riesgo de extensión—El riesgo de extensión consiste en que la amortización del principal no se produzca tan rápido como se había esperado, y provoque un aumento del plazo previsto hasta el vencimiento de un valor. Una subida rápida de los tipos de interés puede hacer que los pagos anticipados se produzcan más lentamente de lo previsto, con lo que se pospondría el vencimiento de los valores que mantiene un Subfondo y haría que sus precios se mostrasen más sensibles a los tipos de cambio y más volátiles.
Riesgo de ingresos—Los ingresos de un Subfondo podrían verse reducidos durante períodos de descenso de los tipos de interés. | #### Interest Rate and Related Risks
Interest rates have an effect on the value of each Sub-Fund’s fixed income investments because the value of those investments will vary as interest rates fluctuate. Changes in interest rates in each of the countries in which a Sub-Fund may invest, as well as interest rates in more developed countries, may cause a decline in the market value of an investment. In a portfolio with bonds linked to multiple interest rate regimes, the duration of the portfolio is the weighted average of all the interest rate durations across all the interest rate regimes and does not indicate price sensitivity to changes on any one interest rate regime. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. The longer the effective maturity of a Sub-Fund’s securities, the more sensitive the Sub-Fund will be to interest rate changes. (As an approximation, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Duration is a measure of the average life of a fixed income security that was developed as a more precise alternative to the concepts of “term to maturity” or “average dollar weighted maturity” as measures of “volatility” or “risk”
associated with changes in interest rates. With respect to the composition of a fixed income portfolio, the longer the duration of the portfolio, generally the greater the anticipated potential for total return, with, however, greater attendant interest rate risk and price volatility than for a portfolio with a shorter duration.
Prepayment Risk—As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated. The issuers of callable corporate bonds and similar securities may, therefore, repay principal in advance. This forces a Sub-Fund to reinvest the proceeds from the principal prepayments at lower rates, which reduces the Sub-Fund’s income. In addition, changes in prepayment levels can increase the volatility of prices and yields on bonds and similar securities held by a Sub- Fund. If a Sub-Fund pays a premium (a price higher than the principal amount of the bond) for a security and that security is prepaid, the Sub-Fund may not recover the premium, resulting in a capital loss.
Extension Risk—Extension risk is the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates may cause prepayments to occur more slowly than expected, thereby lengthening the maturity of the securities held by a Sub-Fund and making their prices more sensitive to rate changes and more volatile.
Income Risk—A Sub-Fund’s income could decline during periods of falling interest rates. | en | es |
DOLFIN5638 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The Global Distributor is:
- Deutsche Bank acting through its Frankfurt head office and London branch;
- whose Frankfurt head office is at Taunusanlage 12, 60325, Frankfurt am Main, Germany and whose London branch is registered as a branch in the Register of Companies for England and Wales with (i) registration number BR000005 and (ii) registered address at Winchester House, 1 Great Winchester Street, London EC2N 2DB, England; and
- authorised and regulated in the conduct of its business by the BaFin and Financial Conduct Authority. | ## Il Distributore globale è:
- Deutsche Bank che agisce attraverso la propria sede centrale di Francoforte e la filiale di Londra;
- la sede centrale di Francoforte è sita in Taunusanlage 12, 60325, Francoforte sul Meno, Germania e la filiale di Londra è registrata come succursale nel Register of Companies for England and Wales con (i) numero di registrazione BR000005 e (ii) indirizzo legale in Winchester House, 1 Great Winchester Street, Londra EC2N 2DB,Inghilterra; ed è
- autorizzata e regolamentata nello svolgimento propria attività dalla BaFin e dalla Financial Conduct Authority. | ## The Global Distributor is:
- Deutsche Bank acting through its Frankfurt head office and London branch;
- whose Frankfurt head office is at Taunusanlage 12, 60325, Frankfurt am Main, Germany and whose London branch is registered as a branch in the Register of Companies for England and Wales with (i) registration number BR000005 and (ii) registered address at Winchester House, 1 Great Winchester Street, London EC2N 2DB, England; and
- authorised and regulated in the conduct of its business by the BaFin and Financial Conduct Authority. | en | it |
DOLFIN5639 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to generate consistent long-term capit- al appreciation. The Fund will seek to achieve the investment ob- jective by investing primarily in a broad range of fixed income secur- ities, such as bonds (including, inter alia, inflation-linked or high-y- ield), treasuries and money market instruments (including certific- ates of deposit), floating rate notes and fixed or variable rate com- mercial paper and in cash, mainly denominated in Emerging Mar- kets or Frontier Markets currencies or otherwise linked or related to Emerging Markets or Frontier Markets. Notwithstanding that the Fund will typically focus on issuers in the public sector or suprana- tional issuers, the bonds held by the Fund can be government, cor- porate and/or supranational bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below in- vestment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency. “Emerging Markets” are countries that are in the process of developing into modern indus- trialised nations and therefore offer a high potential but also an el- evated risk. “Frontier Markets” are countries that are less estab- lished than Emerging Markets because they are smaller, carry high-
er inherent risk, or are more illiquid compared to an Emerging Mar- ket. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Environment- al, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively man- aged in reference to JPM GBI-EM Global Diversified (TR) Index (the "Benchmark"), by virtue of fact that it uses the Benchmark for per- formance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
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# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización coherente del capital a largo plazo. El Fondo tratará de alcanzar su objetivo de inversión invirtiendo principalmente en una amplia gama de valores de renta fija —como bonos (incluidos, entre otros, los bonos vincu- lados a la inflación o de alto rendimiento), bonos del Tesoro e ins- trumentos del mercado monetario (incluidos los certificados de de- pósito), obligaciones con interés variable, papeles comerciales con tipo fijo o variable y en efectivo— denominados principalmente en divisas de mercados emergentes o mercados fronterizos, o que es- tén vinculados o relacionados con dichos mercados. A pesar de que el Fondo normalmente se centrará en emisores del sector público o supranacionales, los bonos que posea el Fondo pueden ser estata- les, corporativos o supranacionales y pueden emitirse a tipo fijo o variable, según resulte apropiado, situándose en el nivel de grado de inversión o por debajo de este, según determine la agencia de calificación de riesgos Standard & Poor's o cualquier otra entidad calificadora que goce de reconocimiento similar. Los «mercados emergentes» son países que están en proceso de convertirse en paí- ses industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero también un elevado riesgo. Los «mercados fronterizos» son países que están menos consolidados que los mer-
cados emergentes porque son más pequeños, conllevan un mayor riesgo inherente o son más ilíquidos en comparación con los merca- dos emergentes. El Fondo podrá invertir en derivados (instrumentos financieros derivados de otros valores o activos) con fines de cober- tura, de gestión eficiente de la cartera y/o de inversión. Los aspectos ambientales, sociales y de gobernanza ("ESG") se consideran parte del proceso de inversión del Fondo. El fondo se gestiona de forma activa con relación a su valor de referencia, el JPM GBI-EM Global Diversified (TR) Índice (también denominado "Valor de referencia"), y lo utiliza para comparar la rentabilidad. Sin embargo, el Valor de referencia no se utiliza para definir la composición de la cartera del Fondo, que podrá invertirse íntegramente en valores que no sean componentes del Valor de referencia. El Fondo podrá tener posicio- nes en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamente. Se distribuyen todos los ingresos generados por el Fondo. Los costes de transacción de la cartera pueden tener un im- pacto importante en el rendimiento. El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 5 años.
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# Perfil de riesgo y beneficio | The objective of this Fund is to generate consistent long-term capit- al appreciation. The Fund will seek to achieve the investment ob- jective by investing primarily in a broad range of fixed income secur- ities, such as bonds (including, inter alia, inflation-linked or high-y- ield), treasuries and money market instruments (including certific- ates of deposit), floating rate notes and fixed or variable rate com- mercial paper and in cash, mainly denominated in Emerging Mar- kets or Frontier Markets currencies or otherwise linked or related to Emerging Markets or Frontier Markets. Notwithstanding that the Fund will typically focus on issuers in the public sector or suprana- tional issuers, the bonds held by the Fund can be government, cor- porate and/or supranational bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below in- vestment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency. “Emerging Markets” are countries that are in the process of developing into modern indus- trialised nations and therefore offer a high potential but also an el- evated risk. “Frontier Markets” are countries that are less estab- lished than Emerging Markets because they are smaller, carry high-
er inherent risk, or are more illiquid compared to an Emerging Mar- ket. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Environment- al, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively man- aged in reference to JPM GBI-EM Global Diversified (TR) Index (the "Benchmark"), by virtue of fact that it uses the Benchmark for per- formance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
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# Risk and Reward Profile | en | es |
DOLFIN5640 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Potential Implications of an Epidemic and/or a Pandemic
Events such as health pandemics or outbreaks of disease may lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. For example, beginning in late 2019, an outbreak of a highly contagious form of coronavirus disease, COVID- 19 or 2019-nCOV spread to numerous countries, prompting precautionary government-imposed closures and restrictions of certain travel and businesses in many countries. Epidemics and pandemics can seriously disrupt the global economy and markets. The outbreak of pandemics such as COVID-19, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on the economy and business activity in the countries in which the Company may invest and global commercial activity and thereby adversely affect the performance of the Company’s investments. Health pandemics or outbreaks could result in a general economic decline in a given region, or globally, particularly if the outbreak persists for an extended period of time or spreads globally. This could have an adverse impact on the Company’s investments, or the Company’s ability to source new investments or to realise its investments. Pandemics and similar events could also have an acute effect on individual
issuers or related groups of issuers and could adversely affect securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Company’s investments or the Principal Investment Manager’s/Investment Manager’s operations and the operations of the Principal Investment Manager’s /Investment Manager’s and the Unit Trust’s service providers. Any outbreak of disease epidemics may result in the closure of the Principal Investment Manager’s/Investment Manager’s and/or an investment’s offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to an investment’s business, (b) disruption of regional or global trade markets and/or the availability of capital or economic decline. Such outbreaks of disease may have an adverse impact on the Company’s value and/or the Company’s investments. | # Conséquences potentielles d’une épidémie et/ou d’une pandémie
Des événements tels que les pandémies ou les épidémies peuvent entraîner une volatilité accrue des marchés à court terme et avoir des effets néfastes à long terme sur les économies et les marchés mondiaux en général. Par exemple, à partir de la fin de l’année 2019, une forme très contagieuse de coronavirus, le 2019-nCOV (COVID-19), s’est répandue dans de nombreux pays. Face à cette épidémie, plusieurs gouvernements ont réagi en imposant des restrictions sur les voyages et l’activité économique, voire en annonçant la fermeture des frontières et de certaines entreprises. Les épidémies et les pandémies peuvent sérieusement perturber l’économie et les marchés mondiaux. L’émergence de pandémies telles que celle de la COVID-19, ainsi que les restrictions sur les voyages ou les quarantaines imposées, pourrait avoir un impact négatif sur l’économie et l’activité des entreprises dans les pays dans lesquels la Société peut investir et sur l’activité commerciale mondiale, ce qui pourrait nuire à la performance des investissements de la Société. Les pandémies ou les épidémies pourraient entraîner un déclin économique général dans une région donnée, ou sur l’ensemble du globe, en particulier si l’épidémie persiste pendant une période prolongée ou s’étend à l’échelle mondiale. Cela pourrait avoir un impact négatif sur les investissements de la Société ou sur sa capacité à trouver de nouveaux investissements ou à réaliser ses investissements. Les pandémies et événements similaires pourraient également avoir des conséquences graves sur des émetteurs individuels ou des groupes d’émetteurs apparentés et pourraient avoir un impact négatif sur les marchés de titres, les taux d’intérêt, les enchères, les négociations sur le marché secondaire, les notations, le risque de crédit, l’inflation, la déflation et tout autre facteur lié aux investissements de la Société ou aux opérations du Gestionnaire d’investissement principal/Gestionnaire d’investissement ainsi qu’aux opérations des prestataires de services du Gestionnaire d’investissement principal/Gestionnaire d’investissement et du fonds commun de placement. Toute épidémie peut entraîner la fermeture des bureaux du Gestionnaire d’investissement principal/Gestionnaire d’investissement et/ou de bureaux en charge des placements ou d’autres entreprises, y compris des immeubles de bureaux, des magasins de détail et d’autres établissements commerciaux, ce qui pourrait également entraîner (a) un manque de disponibilité ou la volatilité des prix des matières premières ou de composants nécessaires à l’activité d’un investissement, (b) la perturbation des marchés régionaux ou mondiaux et/ou de la disponibilité du capital ou un déclin économique. De telles épidémies peuvent avoir un impact négatif sur la valeur de la Société et/ou sur ses investissements. | # Potential Implications of an Epidemic and/or a Pandemic
Events such as health pandemics or outbreaks of disease may lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. For example, beginning in late 2019, an outbreak of a highly contagious form of coronavirus disease, COVID- 19 or 2019-nCOV spread to numerous countries, prompting precautionary government-imposed closures and restrictions of certain travel and businesses in many countries. Epidemics and pandemics can seriously disrupt the global economy and markets. The outbreak of pandemics such as COVID-19, together with any resulting restrictions on travel or quarantines imposed, could have a negative impact on the economy and business activity in the countries in which the Company may invest and global commercial activity and thereby adversely affect the performance of the Company’s investments. Health pandemics or outbreaks could result in a general economic decline in a given region, or globally, particularly if the outbreak persists for an extended period of time or spreads globally. This could have an adverse impact on the Company’s investments, or the Company’s ability to source new investments or to realise its investments. Pandemics and similar events could also have an acute effect on individual
issuers or related groups of issuers and could adversely affect securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Company’s investments or the Principal Investment Manager’s/Investment Manager’s operations and the operations of the Principal Investment Manager’s /Investment Manager’s and the Unit Trust’s service providers. Any outbreak of disease epidemics may result in the closure of the Principal Investment Manager’s/Investment Manager’s and/or an investment’s offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to an investment’s business, (b) disruption of regional or global trade markets and/or the availability of capital or economic decline. Such outbreaks of disease may have an adverse impact on the Company’s value and/or the Company’s investments. | en | fr |
DOLFIN5641 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
Threadneedle (Lux) is a UCITS under European Directive 2009/65/EC. It is established as an investment company with variable capital ("société d'investissement à capital variable" or "SICAV") under the laws of Luxembourg.
Depositary: Citibank Europe plc, Luxembourg branch. You can obtain further information about the Fund and the SICAV, its prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Manufacturer. These documents are available in English, French, German, Portuguese, Italian and Spanish. You can obtain other practical information, including current share prices, at www.columbiathreadneedle.com
## Term
There is no fixed maturity date. An investor can hold their investment for any time period but 3 year(s) is recommended. The Manufacturer can close the fund with notice.
## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term by investing in bonds that are considered to support or fund socially beneficial activities and development mainly in Europe. To achieve this objective, the Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) that are issued in Europe, including the UK, by companies, governments, voluntary organisations and/or charities. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The fund manager will select investments based on the Fund’s Social Rating Methodology. The social outcomes of the investments are reviewed by a Social Advisory Panel with half of its members nominated by INCO, an organisation specialising in impact investment. INCO produces an annual social performance report which is approved by the Social Advisory Panel and made available to investors. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com.
## Intended retail investor
This fund is aimed at Retail and Professional customers and Eligible Counterparties who should have at least a basic level of knowledge and experience of investing in funds. It is designed for investors looking for income and the possibility of some capital growth by investing in fixed income securities that are considered to support socially beneficial activities and who can invest their money for at least 3 years. Your capital is not guaranteed which means that investors could lose up to 100% of the amount invested. The fund invests in fixed income securities which tend to have a higher risk profile than money market securities due to higher company specific credit and interest rate risk but a lower risk profile than equity markets.
PAGE 1 OF 3 | # Um welche Art von Produkt handelt es sich?
## Art
Threadneedle (Lux) ist ein OGAW gemäß EU-Richtlinie 2009/65/EG. Er wurde nach luxemburgischem Recht als Investmentgesellschaft mit variablem Kapital („société d’investissement à capital variable“ oder „SICAV“) gegründet.
Verwahrstelle: Citibank Europe plc, Niederlassung Luxemburg. Weitere Informationen zum Fonds und der SICAV, den Prospekt, aktuelle Jahresberichte sowie anschließende Halbjahresberichte erhalten Sie kostenlos vom Hersteller. Diese Dokumente sind auf Englisch, Französisch, Deutsch, Portugiesisch, Italienisch und Spanisch erhältlich. Weitere praktische Informationen, darunter aktuelle Anteilspreise finden Sie unter www.columbiathreadneedle.com.
## Laufzeit
Es gibt kein festes Fälligkeitsdatum. Ein Anleger kann seine Anlage für einen beliebigen Zeitraum halten, wobei jedoch 3 Jahr(e) empfohlen werden. Der Hersteller kann den Fonds mit Vorankündigung schließen.
## Anlageziel und Anlagepolitik
Der Fonds zielt darauf ab, Erträge zu erzielen, die das Potenzial haben, den von Ihnen investierten Betrag mittelfristig zu erhöhen, indem er in Anleihen investiert, von denen angenommen wird, dass sie sozial vorteilhafte Aktivitäten und Entwicklungen vorwiegend in Europa unterstützen oder finanzieren. Um dieses Ziel zu erreichen, investiert der Fonds mindestens zwei Drittel seines Vermögens in Anleihen mit einem Rating von Investment Grade (die einem Darlehen ähnlich sind und einen festen oder variablen Zinssatz zahlen), die in Europa (einschließlich des Vereinigten Königreichs) von Unternehmen, Staaten, Freiwilligen- und/oder Wohltätigkeitsorganisationen begeben werden. Anleihen mit Investment Grade (gemäß den internationalen Agenturen, die diese Ratings vergeben) gelten als sicherer als Anleihen mit niedrigerem Rating, erbringen jedoch in der Regel geringere Erträge. Der Fondsmanager wird die Anlagen auf der Grundlage der Sozialrating-Methodik des Fonds auswählen. Die sozialen Auswirkungen der Anlagen werden von einem sozialen Beratungsausschuss überprüft, dessen Mitglieder zur Hälfte von INCO ernannt werden, einer auf Impact-Investment spezialisierten Organisation. INCO erstellt einen jährlichen Bericht über die soziale Performance, der vom sozialen Beratungsausschuss genehmigt und den Anlegern zur Verfügung gestellt wird. Der Fonds kann Derivate (komplexe Instrumente) zu Absicherungszwecken einsetzen und kann auch in andere als die oben genannten Anlageklassen und Instrumente investieren. Der Fonds wird aktiv in Bezug auf den ICE BofA Euro Non-Sovereign Index (50 %) und den ICE BofA Euro Corporate Euroland Issuers Index (50 %) verwaltet. Der Index ist im Großen und Ganzen repräsentativ für die Wertpapiere, in die der Fonds investiert, und bietet einen geeigneten Ziel-Referenzwert, an dem die Fondsperformance über einen bestimmten Zeitraum hinweg gemessen und bewertet wird. Der Index ist nicht darauf ausgelegt, speziell soziale Merkmale zu berücksichtigen. Es liegt im Ermessen des Fondsmanagers, Anlagen mit anderen Gewichtungen als denen im Index sowie nicht im Index enthaltene Anlagen zu wählen, wobei der Fonds erhebliche Abweichungen vom Index aufweisen kann. Der Fonds ist gemäß Artikel 8 der EU-Verordnung 2019/2088 über nachhaltigkeitsbezogene Offenlegungspflichten im Finanzdienstleistungssektor (SFDR) als ein Fonds klassifiziert, der ökologische oder soziale Merkmale fördert.
Die Erträge aus den Anlagen im Fonds werden zum Wert Ihrer Anteile hinzugerechnet.
Sie können die Anteile des Fonds an jedem Tag kaufen oder verkaufen, der in Luxemburg ein Geschäftstag ist, es sei denn, der Verwaltungsrat hat entschieden, dass nicht genügend Märkte geöffnet sind. Weitere Einzelheiten zum Anlageziel und zur Anlagepolitik des Fonds finden Sie im Verkaufsprospekt. Weitere Informationen zu den in diesem Dokument verwendeten Anlagebegriffen finden Sie im Glossar, das unter www.columbiathreadneedle.com verfügbar ist.
## Kleinanleger-Zielgruppe
Dieser Fonds richtet sich an Kleinanleger, professionelle Kunden und geeignete Gegenparteien, die mindestens grundlegende Kenntnisse und Erfahrung mit der Anlage in Fonds besitzen sollten. Er wurde für Anleger entwickelt, die Erträge und die Möglichkeit eines gewissen Kapitalwachstums durch Anlagen in festverzinsliche Wertpapiere anstreben, die für die Gesellschaft förderliche Aktivitäten unterstützen, und ihr Geld für mindestens drei Jahre anlegen können. Ihr Kapital ist nicht garantiert. Das heißt, Anleger können bis zu 100 % des investierten Kapitals verlieren. Der Fonds legt in festverzinsliche Wertpapiere an, die aufgrund des unternehmensspezifischen höheren Kredit- und Zinsrisikos in der Regel mit einem höheren Risikoprofil verknüpft sind als Geldmarktinstrumente, jedoch ein niedrigeres Risikoprofil aufweisen als Aktienmärkte.
SEITE 1 VON 3 | # What is this product?
## Type
Threadneedle (Lux) is a UCITS under European Directive 2009/65/EC. It is established as an investment company with variable capital ("société d'investissement à capital variable" or "SICAV") under the laws of Luxembourg.
Depositary: Citibank Europe plc, Luxembourg branch. You can obtain further information about the Fund and the SICAV, its prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Manufacturer. These documents are available in English, French, German, Portuguese, Italian and Spanish. You can obtain other practical information, including current share prices, at www.columbiathreadneedle.com
## Term
There is no fixed maturity date. An investor can hold their investment for any time period but 3 year(s) is recommended. The Manufacturer can close the fund with notice.
## Objective and Investment Policy
The Fund aims to provide income with the potential to grow the amount you invested over the medium term by investing in bonds that are considered to support or fund socially beneficial activities and development mainly in Europe. To achieve this objective, the Fund invests at least two-thirds of its assets in investment grade bonds (which are similar to a loan and pay a fixed or variable interest rate) that are issued in Europe, including the UK, by companies, governments, voluntary organisations and/or charities. Bonds rated as investment grade, as defined by international agencies that provide such ratings, are considered safer than lower rated bonds but typically pay a lower income. The fund manager will select investments based on the Fund’s Social Rating Methodology. The social outcomes of the investments are reviewed by a Social Advisory Panel with half of its members nominated by INCO, an organisation specialising in impact investment. INCO produces an annual social performance report which is approved by the Social Advisory Panel and made available to investors. The Fund may use derivatives (complex instruments) for hedging purposes and may also invest in asset classes and instruments different from those stated above. The Fund is actively managed in reference to the ICE BofA Euro Non-Sovereign Index (50%) and ICE BofA Euro Corporate Euroland Issuers Index (50%). The index is broadly representative of the securities in which the Fund invests, and provides a suitable target benchmark against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider social characteristics. The fund manager has discretion to select investments with weightings different to the index, and that are not in the index, and the Fund may display significant divergence from the index. The Fund is categorised as one that promotes environmental or social characteristics under Article 8 of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).
Income from investments in the Fund will be added to the value of your shares.
You can buy or sell shares in the Fund on any day which is a business day in Luxembourg unless the directors have decided that insufficient markets are open. You can find more detail on the investment objective and policy of the Fund in the prospectus. For more information on investment terms used in this document, please see the Glossary available at www.columbiathreadneedle.com.
## Intended retail investor
This fund is aimed at Retail and Professional customers and Eligible Counterparties who should have at least a basic level of knowledge and experience of investing in funds. It is designed for investors looking for income and the possibility of some capital growth by investing in fixed income securities that are considered to support socially beneficial activities and who can invest their money for at least 3 years. Your capital is not guaranteed which means that investors could lose up to 100% of the amount invested. The fund invests in fixed income securities which tend to have a higher risk profile than money market securities due to higher company specific credit and interest rate risk but a lower risk profile than equity markets.
PAGE 1 OF 3 | en | de |
DOLFIN5642 | 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 achieve a total return on your investment, through a combination of capital growth and income, which aims to out-perform the return of the FTSE Euro Government Bond Index, the Fund’s benchmark index.
The Fund has an enhanced index strategy which differs from a pure-index tracking strategy. Although both strategies invest in a similar range of fixed income (FI) securities (such as bonds), enhanced strategies aim to take overweight and/or underweight positions relative to the benchmark index in order to achieve some out- performance of the benchmark index.
The Fund invests predominantly in the FI securities, denominated in Euro, that make up the Fund's benchmark index.
The FI securities may be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade rated by Moody’s, Standard & Poor’s or Fitch Ratings (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
In those jurisdictions where the Fund may be liable to withholding taxes on investment in government FI securities, the Fund may invest in high quality institutions. These may include AAA rated FI securities issued by supranational and agency issuers (administrative divisions of a government or similar body) and are not likely to exceed 10 per cent of the Fund’s assets.
The benchmark index measures the performance of investment grade euro denominated FI securities issued by governments in EMU member states (including any new member states which are included in the benchmark index).
The Fund is designed to provide investors with a selected exposure to the Index as described in its objectives and policy, which may generate a modest tracking difference. The Fund is designed to provide investors with achievement of the investment objective by typically taking a low to conservative level of active risk relative to the Index, in order to seek a commensurate active return in excess of applicable management fees over the medium term (i.e. 3 years or more).
The investment manager may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) for efficient portfolio management purposes or to protect against exchange rate risk.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €500,000.
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 obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que supere la rentabilidad del Índice FTSE Euro Government Bond, el índice de referencia del Fondo.
El Fondo cuenta con una estrategia de índice mejorada, que se diferencia de una estrategia pura de seguimiento de un índice. Aunque ambas estrategias invierten en una gama similar de valores de renta fija (RF) (como bonos), las estrategias mejoradas tratan de sobreponderar y/o infraponderar posiciones en relación con el índice de referencia para tratar de superar en cierta medida la rentabilidad del índice de referencia.
El Fondo invierte principalmente en los valores de RF denominados en euros que componen el índice de referencia del Fondo.
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y tendrán la calificación de solvencia de categoría de inversión otorgada por Moody’s, Standard & Poor’s o Fitch Ratings (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
En aquellas jurisdicciones en las que el Fondo esté sujeto a retenciones fiscales por la inversión en valores de RF de Estados, el Fondo podrá invertir en instituciones de alta calidad. Estos podrán incluir valores de RF con calificación AAA, emitidos por emisores supranacionales y agencias (divisiones administrativas de un gobierno u organismo similar) y probablemente no superarán el 10% de los activos del Fondo.
El índice de referencia mide la rentabilidad de los valores de RF denominados en euros de categoría de inversión emitidos por gobiernos de los Estados miembros de la UEM (incluidos los nuevos Estados miembros que se incorporen al índice de referencia).
El Fondo está diseñado para ofrecer a los inversores una exposición seleccionada al Índice tal como se describe en sus objetivos y su política, que podría generar una diferencia moderada en el seguimiento. El Fondo está diseñado para ofrecer a los inversores la posibilidad de alcanzar el objetivo de inversión adoptando un nivel de riesgo activo entre bajo y conservador en relación con el Índice, con el fin de buscar una rentabilidad activa que supere las comisiones de gestión aplicables a medio plazo (es decir, con un horizonte igual o superior a tres años).
La gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio.
El Subfondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Subfondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión mínima inicial para esta clase de acciones es de 500 000 EUR.
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 achieve a total return on your investment, through a combination of capital growth and income, which aims to out-perform the return of the FTSE Euro Government Bond Index, the Fund’s benchmark index.
The Fund has an enhanced index strategy which differs from a pure-index tracking strategy. Although both strategies invest in a similar range of fixed income (FI) securities (such as bonds), enhanced strategies aim to take overweight and/or underweight positions relative to the benchmark index in order to achieve some out- performance of the benchmark index.
The Fund invests predominantly in the FI securities, denominated in Euro, that make up the Fund's benchmark index.
The FI securities may be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade rated by Moody’s, Standard & Poor’s or Fitch Ratings (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
In those jurisdictions where the Fund may be liable to withholding taxes on investment in government FI securities, the Fund may invest in high quality institutions. These may include AAA rated FI securities issued by supranational and agency issuers (administrative divisions of a government or similar body) and are not likely to exceed 10 per cent of the Fund’s assets.
The benchmark index measures the performance of investment grade euro denominated FI securities issued by governments in EMU member states (including any new member states which are included in the benchmark index).
The Fund is designed to provide investors with a selected exposure to the Index as described in its objectives and policy, which may generate a modest tracking difference. The Fund is designed to provide investors with achievement of the investment objective by typically taking a low to conservative level of active risk relative to the Index, in order to seek a commensurate active return in excess of applicable management fees over the medium term (i.e. 3 years or more).
The investment manager may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) for efficient portfolio management purposes or to protect against exchange rate risk.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €500,000.
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 |
DOLFIN5643 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### On 17 May 2021, an updated Main Prospectus was issued by the Company and noted by the Central Bank. The significant amendments included:
- Updating of investment policies of Legg Mason Western Asset Short Duration High Income Bond Fund, Legg Mason Western Asset Emerging Markets Total Return Bond Fund, Legg Mason Western Asset Global Core Plus Bond Fund, Legg Mason Brandywine Global Income Optimiser, Legg Mason Brandywine Global Credit Opportunities Fund and Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund;
- Benchmark changes for Legg Mason Western Asset Emerging Markets Corporate Bond Fund, Legg Mason Royce US Small Cap Opportunity Fund and Legg Mason ClearBridge Value Fund;
- Addition of new currencies, HUF and CZK, to certain supplements;
- Removal of shell fund – Legg Mason Western Asset US Dollar Liquidity Fund;
- Correction of replacing RARE with ClearBridge in the Company’s Specialist Prospectus;
- Correction of the dealing deadline to 4pm EST on Legg Mason Martin Currie European Select Absolute Alpha Fund (not launched to date); and
- Clarification that the borrowing prohibition does not prevent an overdraft facility on Legg Mason Western Asset US Government Liquidity Fund. Effective 20 May 2021, Jane Trust was appointed as Director to the Board of Directors of FTIS. | #### Il 17 maggio 2021, la Società ha emesso un Prospetto principale aggiornato, annotato dalla Banca Centrale. Tra le modifiche significative figurano:
- Aggiornamento delle politiche di investimento di Legg Mason Western Asset Short Duration High Income Bond Fund, Legg Mason Western Asset Emerging Markets Total Return Bond Fund, LeggMason Western Asset Global Core Plus Bond Fund, Legg Mason Brandywine Global Income Optimiser, Legg Mason Brandywine Global Credit Opportunities Fund e Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund;
- Modifiche di benchmark per Legg Mason Western Asset Emerging Markets Corporate Bond Fund, Legg Mason Royce US Small Cap Opportunity Fund e Legg Mason ClearBridge Value Fund;
- Aggiunta di nuove valute, HUF e CZK, ad alcuni supplementi;
- Rimozione del fondo shell – Legg Mason Western Asset US Dollar Liquidity Fund;
- Correzione della sostituzione di RARE con ClearBridge nel Prospetto specialistico della Società;
- Correzione del termine di negoziazione fino alle 16:00 EST su Legg Mason Martin Currie European Select Absolute Alpha Fund (non lanciato ad oggi); e
- Chiarimento che il divieto di prestito non impedisce una linea di scoperto su Legg Mason Western Asset US Government Liquidity Fund. A partire dal 20 maggio 2021, Jane Trust è stata nominata Direttore del Consiglio di amministrazione di FTIS. | ##### On 17 May 2021, an updated Main Prospectus was issued by the Company and noted by the Central Bank. The significant amendments included:
- Updating of investment policies of Legg Mason Western Asset Short Duration High Income Bond Fund, Legg Mason Western Asset Emerging Markets Total Return Bond Fund, Legg Mason Western Asset Global Core Plus Bond Fund, Legg Mason Brandywine Global Income Optimiser, Legg Mason Brandywine Global Credit Opportunities Fund and Legg Mason Martin Currie Asia Pacific Ex Japan Real Income Fund;
- Benchmark changes for Legg Mason Western Asset Emerging Markets Corporate Bond Fund, Legg Mason Royce US Small Cap Opportunity Fund and Legg Mason ClearBridge Value Fund;
- Addition of new currencies, HUF and CZK, to certain supplements;
- Removal of shell fund – Legg Mason Western Asset US Dollar Liquidity Fund;
- Correction of replacing RARE with ClearBridge in the Company’s Specialist Prospectus;
- Correction of the dealing deadline to 4pm EST on Legg Mason Martin Currie European Select Absolute Alpha Fund (not launched to date); and
- Clarification that the borrowing prohibition does not prevent an overdraft facility on Legg Mason Western Asset US Government Liquidity Fund. Effective 20 May 2021, Jane Trust was appointed as Director to the Board of Directors of FTIS. | en | it |
DOLFIN5644 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## We advise investors in Luxembourg to consult with their relevant advisor with respect to any taxation issues which may arise as a result of investing in Shares of the ICAV.
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## Singapore | ## Nous invitons les investisseurs au Luxembourg à consulter leur conseiller compétent sur toute question de fiscalité pouvant survenir en lien avec un investissement en Actions de l’ICAV.
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## Singapour | ## We advise investors in Luxembourg to consult with their relevant advisor with respect to any taxation issues which may arise as a result of investing in Shares of the ICAV.
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## Singapore | en | fr |
DOLFIN5645 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### means:
- an Intermediary within the meaning of Section 739B;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or Section 785 of the Taxes Act applies;
- a company carrying on life business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a qualifying management company within the meaning of Section 734(1) of the Taxes Act;
- a specified company within the meaning of Section 734(1) of the Taxes Act;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the Units held are assets of an approved retirement fund or an approved minimum retirement fund;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the Units are assets of a Personal Retirement Savings Account;
- a credit union within the meaning of Section 2 of the Credit Union Act, 1997;
- a company that is or will be within the charge to corporation tax in accordance with Section 110(2) of the Taxes Act in respect of payments made to it by the Fund and is a person referred to in Section 739D(6)(m) of the Taxes Act;
- an Irish Resident company investing in a money market fund being a person referred to in Section 739D(6)(k) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(6)(ka) of the Taxes Act;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of Section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for | #### indica:
- un Intermediario ai sensi dell'Articolo 739B;
- un piano pensionistico avente lo status di "exempt approved scheme" ai sensi dell'Articolo 774 del Taxes Act oppure un "retirement annuity contract" o un "trust scheme" cui si applica l'Articolo 784 o l'Articolo 785 del Taxes Act;
- una compagnia assicurativa attiva nel ramo vita ai sensi dell'Articolo 706 del Taxes Act;
- un organismo d'investimento ai sensi dell'Articolo 739B(1) del Taxes Act;
- un'investment limited partnership ai sensi dell'Articolo 739J del Taxes Act;
- uno "special investment scheme" ai sensi dell'Articolo 737 del Taxes Act;
- un fondo d'investimento cui si applica l'Articolo 731(5)(a) del Taxes Act;
- una società di gestione qualificata ai sensi dell'Articolo734(1) del Taxes Act;
- una società specificata ai sensi dell'Articolo 734(1) delTaxes Act;
- un ente benefico che rientra tra i soggetti di cui all'Articolo 739D(6)(f)(i) del Taxes Act;
- un soggetto che ha diritto all'esenzione dall'imposta sul reddito e da quella sulle plusvalenze ai sensi dell'Artico lo 784A(2) del Taxes Act, se le Quote detenute sono attività di un fondo pensione approvato o di un fondo pensione minimo approvato;
- un soggetto che ha diritto all'esenzione dall'imposta sul reddito e da quella sulle plusvalenze in virtù dell'Artico lo 787I del Taxes Act, se le Quote sono attività di un Personal Retirement Savings Account;
- una "credit union" ai sensi dell'Articolo 2 del Credit Union Act del 1997;
- una società che è o sarà soggetta all'imposta sulle società ai sensi dell'Articolo 110(2) del Taxes Act in relazione ai pagamenti ricevuti dal Fondo e che rientra tra i soggetti di cui all'Articolo 739D(6)(k) del Taxes Act;
- una società Residente in Irlanda che investe in un fondo monetario che rientra tra i soggetti di cui all'Artico lo 739D(6)(k) del Taxes Act;
- la National Asset Management Agency, cui si fa riferimento nell'Articolo 739D(6)(ka) del Taxes Act;
- la National Treasury Management Agency o un veicolo d'investimento (ai sensi della Sezione 37 del National Treasury Management Agency (Amendment) Act 2014) di cui il Ministro delle | #### means:
- an Intermediary within the meaning of Section 739B;
- a pension scheme which is an exempt approved scheme within the meaning of Section 774 of the Taxes Act or a retirement annuity contract or a trust scheme to which Section 784 or Section 785 of the Taxes Act applies;
- a company carrying on life business within the meaning of Section 706 of the Taxes Act;
- an investment undertaking within the meaning of Section 739B(1) of the Taxes Act;
- an investment limited partnership within the meaning of Section 739J of the Taxes Act;
- a special investment scheme within the meaning of Section 737 of the Taxes Act;
- a unit trust to which Section 731(5)(a) of the Taxes Act applies;
- a qualifying management company within the meaning of Section 734(1) of the Taxes Act;
- a specified company within the meaning of Section 734(1) of the Taxes Act;
- a charity being a person referred to in Section 739D(6)(f)(i) of the Taxes Act;
- a person who is entitled to exemption from income tax and capital gains tax under Section 784A(2) of the Taxes Act where the Units held are assets of an approved retirement fund or an approved minimum retirement fund;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of Section 787I of the Taxes Act and the Units are assets of a Personal Retirement Savings Account;
- a credit union within the meaning of Section 2 of the Credit Union Act, 1997;
- a company that is or will be within the charge to corporation tax in accordance with Section 110(2) of the Taxes Act in respect of payments made to it by the Fund and is a person referred to in Section 739D(6)(m) of the Taxes Act;
- an Irish Resident company investing in a money market fund being a person referred to in Section 739D(6)(k) of the Taxes Act;
- the National Asset Management Agency being a person referred to in Section 739D(6)(ka) of the Taxes Act;
- the National Treasury Management Agency or a Fund investment vehicle (within the meaning of Section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for | en | it |
DOLFIN5646 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In addition, the Eleva Leaders Small & Mid-Cap Europe Fund will also be allowed to invest up to 25% of its Net Assets Value in money market instruments or debt securities (eligible securities pursuant to article 41 of the Law of 2010, such as negotiable debt securities (“NDS”) and Euro Medium Term Notes (“EMTN”) and all other types of eligible bonds or money market securities.
In order to comply with the reformed German Investment Tax Act 2018, the Eleva Leaders Small & Mid- Cap Europe Fund will invest a minimum of 75% of its gross assets in equity participations (as defined in the German Investment Tax Act 2018).
The Eleva Leaders Small & Mid-Cap Europe Fund is actively managed with reference to the Relevant Benchmark. However, the Management Company is not constrained by the Relevant Benchmark in its investment decisions; it is free to select securities which are part, or not, of the Relevant Benchmark. The Sub-Fund’s holdings and the weightings of securities in the portfolio will consequently deviate from the composition of the Relevant Benchmark. The Relevant Benchmark has been internally chosen for
performance comparison (incl. the calculation of the performance fees – see point 13 below) and risk measurement purposes. The Relevant Benchmark is not consistent with the ESG factors taken into consideration by the Eleva Leaders Small & Mid-Cap Europe Fund. The investment strategy can generate sectorial biases compared to the Relevant Benchmark (overweights or underweights of some sectors). The Relevant Benchmark’s provider is authorised by the ESMA. The Relevant Benchmark is a fixed component index designated to provide a reprensetation of small capitalisation companies in Europe.
The Eleva Leaders Small & Mid-Cap Europe Fund will not enter into Securities Financing Transactions.
In managing the Eleva Leaders Small & Mid-Cap Europe Fund, the Management Company may invest in FDIs such as index or sector futures, options on securities (including but not limited to options on equity and bonds) and potentially CFDs (including but not limited to CFDs on actions and stocks), for hedging purposes. This must not have the consequence of significantly or lastingly distorting the Sub- Fund’s ESG policy (i.e. temporary use). Derivative on agricultural commodities are not allowed
The Eleva Leaders Small & Mid-Cap Europe Fund may enter into FDIs with brokers and/or other counterparties (each a “Trading Counterparty”). Trading Counterparties may be entitled to receive a fee or commission in respect of any FDI executed by the Eleva Leaders Small & Mid-Cap Europe Fund, which may be reflected in the economics of the relevant transaction.
The Eleva Leaders Small & Mid-Cap Europe Fund’s collateral and asset re-use arrangements may vary between Trading Counterparties. The Eleva Leaders Small & Mid-Cap Europe Fund may be required to deliver collateral from time to time to its Trading Counterparties under the terms of the relevant trading agreements, by posting initial margin and/or variation margin and on a daily mark-to-market basis. The Eleva Leaders Small & Mid-Cap Europe Fund may also deposit collateral as security with a Trading Counterparty as broker. The treatment of such collateral varies according to the type of transaction and where it is traded. Under transfer of title or re-use arrangements, the cash, securities and other assets deposited as collateral will generally become the absolute property of the Trading Counterparty, when the collateral is deposited or, as the case may be, at the time of re-use and the Eleva Leaders Small & Mid-Cap Europe Fund will have a right to the return of equivalent assets. There are generally no restrictions on the re-use of collateral by such Trading Counterparties.
A right to the return of equivalent assets will normally be unsecured and the collateral will be at risk in the event of the insolvency of the Trading Counterparty. Collateral may also be held by the Eleva Leaders Small & Mid-Cap Europe Fund subject to a security interest given in favour of the Trading Counterparty and, in some cases, other members of the Trading Counterparty’s group. Where collateral is held on a security interest basis, the Eleva Leaders Small & Mid-Cap Europe Fund will retain a residual interest in the collateral subject to a charge in favour of the Trading Counterparty and, where applicable, other members of its group as security for the Eleva Leaders Small & Mid-Cap Europe Fund’s obligations to the Trading Counterparty (and, where applicable, other members of its group). Generally, on the insolvency of the Trading Counterparty, while the Eleva Leaders Small & Mid-Cap Europe Fund will retain its residual interest in the collateral, this may be subject to stays of action, delays and/or additional charges as part of the insolvency process.
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# Dividend Policy | En outre, le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund sera habilité à investir jusqu’à 25 % de sa Valeur nette d’inventaire dans des instruments du marché monétaire ou des titres de créance (titres éligibles en vertu de l’article 41 de la Loi de 2010, tels que des titres de créance négociables (« TCN ») et des Euro Medium Term Notes (« EMTN ») ainsi que d’autres types d’obligations ou titres du marché monétaire éligibles).
Afin de se conformer à la réforme de la Loi allemande sur la fiscalité de l’investissement de 2018, le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund investira au moins 75 % de son actif brut en actions (tel que défini dans la Loi allemande sur la fiscalité des investissements, 2018).
Le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund fait l’objet d’une gestion active et sa performance est comparée à l’Indice de référence. Néanmoins, la Société de gestion est libre de sélectionner des titres indépendamment de leur appartenance à l’Indice de référence, ce qui lui laisse toute latitude dans ses décisions d’investissement. En conséquence, les positions du Compartiment et la
pondération des titres dans le portefeuille s’écarteront de la composition de l’Indice de référence. L’Indice de référence a été choisi en interne à des fins de comparaison de performance (en incluant le calcul des commissions de performance — se reporter au point 13 ci-dessous) et d’évaluation du risque. L’Indice de référence n’intègre pas les facteurs ESG pris en compte par le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund. La stratégie d’investissement peut induire des biais sectoriels par rapport à l’Indice de référence (surpondération ou sous-pondération de certains secteurs). Le fournisseur de l’Indice de référence est agréé par l’ESMA. L’Indice de référence est un indice à composantes fixes créé pour fournir une représentation des entreprises de petite capitalisation en Europe.
Le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund ne souscrira pas d’Opérations de financement sur titres.
Pour la gestion du Compartiment Eleva Leaders Small & Mid-Cap Europe Fund, la Société de gestion pourra investir en IFD tels que des Futures sur indice ou sectoriels, en options sur titres (y compris, entre autres, des options sur actions et sur obligations) et éventuellement en CFD (y compris, notamment, des CFD sur actions) à des fins de couverture. Cela ne doit impérativement pas avoir d’effet de distorsion de manière significative ou durable sur la politique ESG du Compartiment (utilisation temporaire). Les produits dérivés sur matières premières agricoles ne sont pas autorisés.
Le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund peut utiliser des IFD avec des courtiers et/ou d’autres contreparties (individuellement une « Contrepartie »). Les contreparties peuvent être en droit de percevoir une commission au titre de toute transaction sur IFD effectuée par le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund ; cette commission est susceptible d’être reflétée dans les aspects économiques de l’opération en question.
Le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund peut conclure des accords de réutilisation des garanties et des actifs différents selon les Contreparties. En vertu de ces accords, le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund peut de temps à autre devoir livrer une garantie à ses Contreparties, en leur remettant une marge initiale et/ou un appel de marge calculé(e)(s) quotidiennement sur la base du prix du marché. Il peut en outre déposer une garantie à titre de garantie auprès d’une Contrepartie agissant en qualité de courtier. Une telle garantie fera l’objet d’un traitement différent selon le type de transaction et le lieu de négociation. Dans le cadre de contrats de transfert de titres ou de réutilisation, les liquidités, les titres et les autres actifs donnés en garantie deviendront généralement la propriété absolue de la Contrepartie lors du dépôt de la garantie ou, le cas échéant, au moment de sa réutilisation ; le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund disposera alors d’un droit à restitution d’actifs équivalents. En général, il n’existe aucune restriction sur la réutilisation des garanties affectant ces Contreparties.
D’ordinaire, le droit à restitution d’actifs équivalents n’est pas garanti et la garantie pourrait être compromise en cas d’insolvabilité de la Contrepartie. La garantie peut également être conservée par le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund dans la mesure où elle est grevée d’une garantie au profit de la Contrepartie et, dans certains cas, d’autres sociétés du groupe de la Contrepartie. Lorsqu’une garantie est détenue à titre de garantie, le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund conservera un intérêt résiduel dans la garantie grevée au profit de la Contrepartie et, le cas échéant, des autres sociétés de son groupe, en garantie de ses obligations vis-à-vis de cette dernière (et, le cas échéant, des autres sociétés de son groupe). De manière générale, en cas d’insolvabilité de la Contrepartie, le Compartiment Eleva Leaders Small & Mid-Cap Europe Fund conservera son intérêt résiduel dans la garantie, avec le risque de suspensions de poursuites, de retards et/ou de frais supplémentaires encourus dans le cadre de la procédure d’insolvabilité.
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# Politique de dividendes | In addition, the Eleva Leaders Small & Mid-Cap Europe Fund will also be allowed to invest up to 25% of its Net Assets Value in money market instruments or debt securities (eligible securities pursuant to article 41 of the Law of 2010, such as negotiable debt securities (“NDS”) and Euro Medium Term Notes (“EMTN”) and all other types of eligible bonds or money market securities.
In order to comply with the reformed German Investment Tax Act 2018, the Eleva Leaders Small & Mid- Cap Europe Fund will invest a minimum of 75% of its gross assets in equity participations (as defined in the German Investment Tax Act 2018).
The Eleva Leaders Small & Mid-Cap Europe Fund is actively managed with reference to the Relevant Benchmark. However, the Management Company is not constrained by the Relevant Benchmark in its investment decisions; it is free to select securities which are part, or not, of the Relevant Benchmark. The Sub-Fund’s holdings and the weightings of securities in the portfolio will consequently deviate from the composition of the Relevant Benchmark. The Relevant Benchmark has been internally chosen for
performance comparison (incl. the calculation of the performance fees – see point 13 below) and risk measurement purposes. The Relevant Benchmark is not consistent with the ESG factors taken into consideration by the Eleva Leaders Small & Mid-Cap Europe Fund. The investment strategy can generate sectorial biases compared to the Relevant Benchmark (overweights or underweights of some sectors). The Relevant Benchmark’s provider is authorised by the ESMA. The Relevant Benchmark is a fixed component index designated to provide a reprensetation of small capitalisation companies in Europe.
The Eleva Leaders Small & Mid-Cap Europe Fund will not enter into Securities Financing Transactions.
In managing the Eleva Leaders Small & Mid-Cap Europe Fund, the Management Company may invest in FDIs such as index or sector futures, options on securities (including but not limited to options on equity and bonds) and potentially CFDs (including but not limited to CFDs on actions and stocks), for hedging purposes. This must not have the consequence of significantly or lastingly distorting the Sub- Fund’s ESG policy (i.e. temporary use). Derivative on agricultural commodities are not allowed
The Eleva Leaders Small & Mid-Cap Europe Fund may enter into FDIs with brokers and/or other counterparties (each a “Trading Counterparty”). Trading Counterparties may be entitled to receive a fee or commission in respect of any FDI executed by the Eleva Leaders Small & Mid-Cap Europe Fund, which may be reflected in the economics of the relevant transaction.
The Eleva Leaders Small & Mid-Cap Europe Fund’s collateral and asset re-use arrangements may vary between Trading Counterparties. The Eleva Leaders Small & Mid-Cap Europe Fund may be required to deliver collateral from time to time to its Trading Counterparties under the terms of the relevant trading agreements, by posting initial margin and/or variation margin and on a daily mark-to-market basis. The Eleva Leaders Small & Mid-Cap Europe Fund may also deposit collateral as security with a Trading Counterparty as broker. The treatment of such collateral varies according to the type of transaction and where it is traded. Under transfer of title or re-use arrangements, the cash, securities and other assets deposited as collateral will generally become the absolute property of the Trading Counterparty, when the collateral is deposited or, as the case may be, at the time of re-use and the Eleva Leaders Small & Mid-Cap Europe Fund will have a right to the return of equivalent assets. There are generally no restrictions on the re-use of collateral by such Trading Counterparties.
A right to the return of equivalent assets will normally be unsecured and the collateral will be at risk in the event of the insolvency of the Trading Counterparty. Collateral may also be held by the Eleva Leaders Small & Mid-Cap Europe Fund subject to a security interest given in favour of the Trading Counterparty and, in some cases, other members of the Trading Counterparty’s group. Where collateral is held on a security interest basis, the Eleva Leaders Small & Mid-Cap Europe Fund will retain a residual interest in the collateral subject to a charge in favour of the Trading Counterparty and, where applicable, other members of its group as security for the Eleva Leaders Small & Mid-Cap Europe Fund’s obligations to the Trading Counterparty (and, where applicable, other members of its group). Generally, on the insolvency of the Trading Counterparty, while the Eleva Leaders Small & Mid-Cap Europe Fund will retain its residual interest in the collateral, this may be subject to stays of action, delays and/or additional charges as part of the insolvency process.
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# Dividend Policy | en | fr |
DOLFIN5647 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This includes ownership by any investor ineligible to own them or whose ownership might be detrimental to the SICAV or its shareholders. The following examples apply to both existing and prospective shareholders and to both direct and beneficial ownership of shares:
- requiring investors to provide any information we consider necessary for determining the identity and eligibility of a shareholder
- forcibly selling (and returning the proceeds in the share class currency) or exchanging, free of any redemption fee, any shares we believe are being held in whole or in part by or for an investor who is, or appears likely tobecome, ineligible to own those shares, or who has failed to provide any requested information or declaration within one month of being requested to do so, or whose ownership the SICAV has determined might be detrimental to its interests or those of shareholders
- preventing investors from acquiring shares if we believe it is in the interests of existing shareholders to do soWe may take any of these measures to ensure the SICAV’s compliance with law and regulation; to avoid the adverse regulatory, tax, administrative, or financial consequences for the SICAV (such as tax charges); to remedy the ownership of shares by a US person or any other investor whose ownership of shares is not permitted by the investor’s jurisdiction; or for any other reason, including the avoidance of any local registration or filing requirements with which the Management Company or the SICAV would not otherwise be required to comply. The SICAV will not be liable for any gain or loss associated with the above actions.
- TEMPORARILY SUSPEND THE CALCULATION OF NAVS ORTRANSACTIONS IN A FUND’S SHARES when any of the following is true:
- the principal stock exchanges or markets associated with a substantial portion of the fund’s investments are closed during a time when they normally would be open, or their trading is restricted or suspended, and we believe these conditions have a material effect on the value of assets the fund holds
- a disruption of communication systems, normally employed in determining the price of any of the SICAV's investments has made it impractical to value fund assets in a timely and reliable way
- a state of emergency exists (not created or controllable by the management company) that makes it impracticable to value or liquidate assets
- any other reason exists to make the fund unable to promptly and accurate obtain prices for any investments to which it is exposed
- the fund is unable to repatriate monies needed to pay out redemption proceeds, or is unable to liquidate assets or exchange monies needed for operations or redemptions at what the Board considers to be a normal price or exchange rate
- circumstances exist under which we believe it would be impractical or unfair to shareholders to continue dealing in fund shares, or would carry undue risk to do so
- the NAV of one or more investment funds in which the fund invests a substantial part of its assets is suspended
- the fund or SICAV is being liquidated or mergedA suspension could apply to any share class and fund, or to all, and to any type of request (buy, switch, sell). | Dies schließt das Eigentum eines Anlegers ein, der nicht zum Eigentum berechtigt ist oder dessen Eigentum der SICAV oder ihren Anteilinhabern schaden könnte. Die folgenden Beispiele gelten sowohl für bestehende als auch für potenzielle Anteilinhaber sowie für das direkte und wirtschaftliche Eigentum an Anteilen:
- von Anlegern verlangen, alle Informationen bereitzustellen, die wir für die Feststellung der Identität und Berechtigung eines Anteilinhabers für erforderlich halten
- erzwungener Verkauf (und Rückerstattung des Erlöses in der Währung der Anteilsklasse) oder Umtausch, ohne Rücknahmegebühr, von Anteilen, von denen wir glauben, dass sie ganz oder teilweise von oder für einen Anleger gehalten werden, der nicht zum Besitz dieser Anteile berechtigt ist oder zu werden droht, oder der angeforderte Informationen oder Erklärungen nicht innerhalb eines Monats nach Aufforderung vorgelegt hat, oder dessen Eigentum die SICAV als nachteilig für ihre eigenen Interessen oder die der Anteilinhaber eingestuft hat
- Verhinderung des Erwerbs von Anteilen durch Investoren, wenn wir der Ansicht sind, dass dies im Interesse der bestehenden Anteilinhaber liegtWir können diese Maßnahmen ergreifen, um die Einhaltung der Gesetze und Vorschriften durch die SICAV sicherzustellen; um die nachteiligen regulatorischen, steuerlichen, administrativen oder finanziellen Konsequenzen für die SICAV (wie Steuerbelastungen) zu vermeiden; um das Eigentum an Anteilen durch eine US- Person oder einen anderen Investor zu beheben, dessen Eigentum in dem Hoheitsgebiet des Investors verboten ist; oder aus einem anderen Grund, einschließlich der Vermeidung von lokalen Registrierungs- oder Anmeldeanforderungen, die die Verwaltungsgesellschaft oder die SICAV ansonsten nicht erfüllen müssten. Die SICAV haftet nicht für Gewinne oder Verluste im Zusammenhang mit den oben genannten Maßnahmen.
- BERECHNUNG DER NAVS ODER TRANSAKTIONEN MIT DENANTEILEN EINES TEILFONDS VORÜBERGEHEND AUSSETZEN,wenn einer der folgenden Punkte zutrifft:
- Die wichtigsten Börsen oder Märkte, die mit einem wesentlichen Teil der Anlagen des Teilfonds verbunden sind, sind während einer Zeit geschlossen, in der sie normalerweise offen wären oder ihr Handel wird eingeschränkt oder ausgesetzt, und wir glauben, dass diese Bedingungen einen wesentlichen Einfluss auf den Wert der Vermögenswerte des Teilfonds haben
- eine Unterbrechung der Kommunikationssysteme, die normalerweise zur Bestimmung des Preises der Anlagen der SICAV verwendet werden, hat es unmöglich gemacht, das Teilfondsvermögen zeitgerecht und zuverlässig zu bewerten
- Ein (von der Verwaltungsgesellschaft nicht geschaffener oder kontrollierbarer) Ausnahmezustand liegt vor, der die Bewertung oder Liquidation von Vermögenswerten undurchführbar macht
- Ein anderer Grund verhindert, dass der Teilfonds nicht in die Lage ist, Preise für alle Anlagen, in die er investiert ist, unverzüglich und präzise zu erhalten
- Der Teilfonds ist nicht in der Lage, Gelder zurückzuführen, die zur Auszahlung von Rücknahmeerlösen erforderlich sind, oder er ist nicht in der Lage, Vermögenswerte zu liquidieren oder Gelder umzutauschen, die für Transaktionen oder Rücknahmen zu dem vom Verwaltungsrat als normal erachteten Preis oder Wechselkurs erforderlich sind
- Es liegen Umstände vor, unter denen wir glauben, dass es für die Anteilinhaber unpraktisch oder unfair wäre, den Handel mit Teilfondsanteilen fortzusetzen, oder dass dies ein unangemessenes Risiko birgt
- Die Berechnung des NAV eines oder mehrerer Investmentfonds, in den der Teilfonds einen wesentlichen Teil seines Vermögens investiert, ist ausgesetzt
- der Teilfonds oder die SICAV wird liquidiert oder verschmolzen. Eine Aussetzung kann für eine Anteilsklasse und einen Teilfonds oder für beide sowie für jede Art von Auftrag (Kauf, Umtausch, Verkauf) erfolgen. | This includes ownership by any investor ineligible to own them or whose ownership might be detrimental to the SICAV or its shareholders. The following examples apply to both existing and prospective shareholders and to both direct and beneficial ownership of shares:
- requiring investors to provide any information we consider necessary for determining the identity and eligibility of a shareholder
- forcibly selling (and returning the proceeds in the share class currency) or exchanging, free of any redemption fee, any shares we believe are being held in whole or in part by or for an investor who is, or appears likely tobecome, ineligible to own those shares, or who has failed to provide any requested information or declaration within one month of being requested to do so, or whose ownership the SICAV has determined might be detrimental to its interests or those of shareholders
- preventing investors from acquiring shares if we believe it is in the interests of existing shareholders to do soWe may take any of these measures to ensure the SICAV’s compliance with law and regulation; to avoid the adverse regulatory, tax, administrative, or financial consequences for the SICAV (such as tax charges); to remedy the ownership of shares by a US person or any other investor whose ownership of shares is not permitted by the investor’s jurisdiction; or for any other reason, including the avoidance of any local registration or filing requirements with which the Management Company or the SICAV would not otherwise be required to comply. The SICAV will not be liable for any gain or loss associated with the above actions.
- TEMPORARILY SUSPEND THE CALCULATION OF NAVS ORTRANSACTIONS IN A FUND’S SHARES when any of the following is true:
- the principal stock exchanges or markets associated with a substantial portion of the fund’s investments are closed during a time when they normally would be open, or their trading is restricted or suspended, and we believe these conditions have a material effect on the value of assets the fund holds
- a disruption of communication systems, normally employed in determining the price of any of the SICAV's investments has made it impractical to value fund assets in a timely and reliable way
- a state of emergency exists (not created or controllable by the management company) that makes it impracticable to value or liquidate assets
- any other reason exists to make the fund unable to promptly and accurate obtain prices for any investments to which it is exposed
- the fund is unable to repatriate monies needed to pay out redemption proceeds, or is unable to liquidate assets or exchange monies needed for operations or redemptions at what the Board considers to be a normal price or exchange rate
- circumstances exist under which we believe it would be impractical or unfair to shareholders to continue dealing in fund shares, or would carry undue risk to do so
- the NAV of one or more investment funds in which the fund invests a substantial part of its assets is suspended
- the fund or SICAV is being liquidated or mergedA suspension could apply to any share class and fund, or to all, and to any type of request (buy, switch, sell). | en | de |
DOLFIN5648 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The ESG rating of issuers in the portfolio must always be equal to 95%.
This rating may be lowered if significant controversy arises. The minimum ESG rating is set at 5.5/10.
If a company’s rating falls below the minimum required by the management company for the subfund/fund, the position in the issuer would be sold in the best interests of the unitholders/ shareholders.
This ESG approach results in a selectivity rate (reduction of the investment universe) of at least 20%.
Methodological limits
The SRI analysis approach for companies put in place by La Financière de l’Echiquier is based on a qualitative analysis of these players’ environmental, social and governance practices. A number of limitations may be identified, in connection with the management company’s methodology but also more broadly with the quality of the information available on these issues.
Analysis is largely based on qualitative and quantitative data communicated by the companies themselves, and is therefore dependent on the quality of this information. Although constantly improving, companies’ ESG reports still remain fragmented and heterogeneous.
In order to make the analysis as relevant as possible, La Financière de l'Echiquier focuses on the points most likely to have a concrete impact on the companies surveyed and on society as a whole. These key issues are defined on a case-by-case basis, and are by definition not exhaustive.
Finally, although the management company’s analysis methodology is intended to incorporate forward-looking elements that assure it of the environmental and social quality of the companies in which it invests, it is difficult to anticipate when controversies will arise, and these may prompt the management company to review its opinion on the ESG quality of an issuer in the portfolio ex-post.
In addition, the “best in universe” approach is based on a subjective analysis of ESG criteria. Thus, the management company’s opinion of issuers may vary over time. Furthermore, the "best efforts” approach, which consists of selecting issuers with an improving momentum in their ESG practices, may have limits; certain issuers may not show sufficient progress relative to expectations.
For more detailed information on the rating methodology used for the subfund and its limits, investors should refer to the Transparency Code of La Financière de l’Echiquier available on www.lfde.com.
- Assets used (excluding derivatives)
- Equities:Between 0% and 50% of ECHIQUIER ARTY SRI’s assets are invested in equities. The subfund will invest mainly in mid-cap and large-cap stocks without excluding small-caps. Small caps (capitalisation below 1 billion euros) may represent 10% of net assets. | Le taux de notation ESG des émetteurs en portefeuille devra toujours être supérieur à 95%.
Cette note peut être réduite en cas de controverse significative. La note ESG minimale est fixée à 5.5/10.
Dans le cas où une entreprise verrait sa notation baisser en dessous du minimum requis par la société de gestion pour le compartiment/fonds, la position sur l’émetteur serait cédée dans le meilleur intérêt des porteurs de parts/ actionnaires.
Cette approche ESG aboutit à un taux de sélectivité (réduction de l’univers d’investissement de départ) d’au moins 20%.
Limites méthodologiques
L’approche en matière d’analyse ISR d’entreprises mise en œuvre par La Financière de l’Echiquier repose sur une analyse qualitative des pratiques environnementales, sociales et de la gouvernance de ces acteurs. Plusieurs limites peuvent être identifiées, en lien avec la méthodologie de la société de gestion mais aussi plus largement avec la qualité de l’information disponible sur ces sujets.
En effet, l’analyse se fonde en grande partie sur des données qualitatives et quantitatives communiquées par les entreprises elles-mêmes et est donc dépendante de la qualité de cette information. Bien qu’en amélioration constante, les reportings ESG des entreprises restent encore parcellaires et hétérogènes.
Afin de rendre son analyse la plus pertinente possible, la Financière de l'Echiquier se concentre sur les points les plus susceptibles d’avoir un impact concret sur les entreprises étudiées et sur la société dans son ensemble. Ces enjeux clés sont définis au cas par cas et ne sont, par définition, pas exhaustifs.
Enfin, bien que la méthodologie d’analyse de la société de gestion ait pour objectif d’intégrer des éléments prospectifs permettant de l’assurer de la qualité environnementale et sociale des entreprises dans lesquelles il investit, l’anticipation de la survenue de controverses reste un exercice difficile à prévoir, et peuvent l’amener à revoir a posteriori son opinion sur la qualité ESG d’un émetteur en portefeuille.
Par ailleurs, l’approche « best in universe » se base sur une analyse subjective des critères ESG. Ainsi, l’avis de la société de gestion sur les émetteurs peut varier dans le temps. De plus, l’approche « best effort », qui consiste à sélectionner les émetteurs étant dans une dynamique d’amélioration de leurs pratiques ESG, peut présenter des limites ; il est possible que certains émetteurs ne présentent pas des progrès suffisant par rapport aux attentes.
Pour une information plus détaillée sur la méthodologie de notation mise en œuvre dans le compartiment et ses limites, l’investisseur est invité à se référer au Code de Transparence de La Financière de l’Echiquier disponible sur le site internet www.lfde.com.
- Les actifs (hors dérivés)
- Les actions :ECHIQUIER ARTY SRI investit sur les actions entre 0% et 50% de son actif net. Le compartiment investira majoritairement sur des moyennes et grandes valeurs sans exclure le recours à des petites valeurs. Les petites valeurs (capitalisation inférieure à 1 milliard d'euros) pourront représenter 10% de l'actif net. | The ESG rating of issuers in the portfolio must always be equal to 95%.
This rating may be lowered if significant controversy arises. The minimum ESG rating is set at 5.5/10.
If a company’s rating falls below the minimum required by the management company for the subfund/fund, the position in the issuer would be sold in the best interests of the unitholders/ shareholders.
This ESG approach results in a selectivity rate (reduction of the investment universe) of at least 20%.
Methodological limits
The SRI analysis approach for companies put in place by La Financière de l’Echiquier is based on a qualitative analysis of these players’ environmental, social and governance practices. A number of limitations may be identified, in connection with the management company’s methodology but also more broadly with the quality of the information available on these issues.
Analysis is largely based on qualitative and quantitative data communicated by the companies themselves, and is therefore dependent on the quality of this information. Although constantly improving, companies’ ESG reports still remain fragmented and heterogeneous.
In order to make the analysis as relevant as possible, La Financière de l'Echiquier focuses on the points most likely to have a concrete impact on the companies surveyed and on society as a whole. These key issues are defined on a case-by-case basis, and are by definition not exhaustive.
Finally, although the management company’s analysis methodology is intended to incorporate forward-looking elements that assure it of the environmental and social quality of the companies in which it invests, it is difficult to anticipate when controversies will arise, and these may prompt the management company to review its opinion on the ESG quality of an issuer in the portfolio ex-post.
In addition, the “best in universe” approach is based on a subjective analysis of ESG criteria. Thus, the management company’s opinion of issuers may vary over time. Furthermore, the "best efforts” approach, which consists of selecting issuers with an improving momentum in their ESG practices, may have limits; certain issuers may not show sufficient progress relative to expectations.
For more detailed information on the rating methodology used for the subfund and its limits, investors should refer to the Transparency Code of La Financière de l’Echiquier available on www.lfde.com.
- Assets used (excluding derivatives)
- Equities:Between 0% and 50% of ECHIQUIER ARTY SRI’s assets are invested in equities. The subfund will invest mainly in mid-cap and large-cap stocks without excluding small-caps. Small caps (capitalisation below 1 billion euros) may represent 10% of net assets. | en | fr |
DOLFIN5649 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Portfolio rules
Since each of the Cash funds qualifies as a Short-Term Variable Net Asset Value Money Market Funds, it shall also comply on an ongoing basis with all of the following requirements:
- its portfolio is to have a WAM of no more than 60 days; and
- its portfolio is to have a WAL of no more than 120 days.
- at least 7,5 % of the total net assets of a Cash Fund are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day.
- at least 15 % of its total net assets of a Cash Fund are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. For the purpose of such calculation, money market instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets of the relevant Cash Fund up to a limit of 7,5 % of its total net assets provided they are able to be redeemed and settled within five working days. | Règles relatives au portefeuille
Puisque chaque Compartiment Monétaire est admis comme un Fonds du Marché Monétaire à valeur liquidative variable à court terme, il doit satisfaire à toutes les exigences suivantes sur une base continue :
- la WAM de son portefeuille ne dépasse pas 60 jours, et
- la WAL de son portefeuille ne dépasse pas 120 jours.
- au moins 7,5 % de l’actif net total du Compartiment Monétaire est à échéance journalière ou est constitué d’accords de prise en pension auxquels il peut être mis fin moyennant un préavis d’un jour ouvrable ou de liquidités dont le retrait peut être effectué moyennant un préavis d’un jour ouvrable.
- au moins 15 % de l’actif net total du Compartiment Monétaire est à échéance hebdomadaire ou est constitué d’accords de prise en pension auxquels il peut être mis fin moyennant un préavis de cinq jours ouvrables ou de liquidités dont le retrait peut être effectué moyennant un préavis de cinq jours ouvrables. Aux fins du calcul, les Instruments du marché monétaire ou les parts ou actions d’autres Fonds du Marché Monétaire peuvent être inclus dans les actifs à échéance hebdomadaire d’un Compartiment Monétaire dans la limite de 7,5 % à condition qu’ils puissent être vendus et réglés dans les cinq jours ouvrables. | Portfolio rules
Since each of the Cash funds qualifies as a Short-Term Variable Net Asset Value Money Market Funds, it shall also comply on an ongoing basis with all of the following requirements:
- its portfolio is to have a WAM of no more than 60 days; and
- its portfolio is to have a WAL of no more than 120 days.
- at least 7,5 % of the total net assets of a Cash Fund are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day.
- at least 15 % of its total net assets of a Cash Fund are to be comprised of weekly maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of five working days, or cash which is able to be withdrawn by giving prior notice of five working days. For the purpose of such calculation, money market instruments or units or shares of other Money Market Funds may be included within the weekly maturing assets of the relevant Cash Fund up to a limit of 7,5 % of its total net assets provided they are able to be redeemed and settled within five working days. | en | fr |
DOLFIN5650 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de grado especulativo de alta rentabilidad de emisores o en bonos de alta rentabilidad de emisores de grado especulativo, todos ellos con sus actividades principales en Asia.
- Esta región incluye países considerados mercados emergentes.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN5651 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## In principle, the counterparties are not affiliated companies of the Management Company.
The use of derivatives must not, under any circumstances, cause the Fund to deviate from its investment policy as described in this Sales Prospectus, or expose the Fund to additional significant risks that are not outlined herein.
The Fund may reinvest cash which it receives as collateral in connection with the use of techniques and instruments for efficient portfolio management, pursuant to the provisions of the applicable laws and regulations, including CSSF- Circular 08/356, as amended by CSSF- Circular 11/512, CSSF- Circular 13/559, supplemented by CSSF- Circular 14/592 and the ESMA Guidelines.
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# Notes concerning risks | ## Bei den Gegenparteien handelt es sich in der Regel nicht um verbundene Unternehmen der Verwaltungsgesellschaft.
In keinem Fall darf der Einsatz von Derivaten dazu führen, dass der Fonds von seiner Anlagepolitik, wie in diesem Verkaufsprospekt beschrieben, abweicht, oder den Fonds zusätzlichen erheblichen Risiken aussetzen, die nicht in diesem Verkaufsprospekt dargestellt sind.
Der Fonds kann Barmittel, die er als Sicherheit im Zusammenhang mit der Verwendung von Techniken und Instrumenten zur effizienten Verwaltung des Portfolios erhält, gemäß den Be- stimmungen der anwendbaren Gesetze und Verordnungen, einschließlich dem CSSF- Rundschreiben 08/356, abgeändert durch CSSF-Rundschreiben 11/512, dem CSSF- Rundschreiben 13/559, ergänzt durch das CSSF-Rundschreiben 14/592 und den ESMA-Richtlinien wieder investieren.
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# Hinweise zu Risiken | ## In principle, the counterparties are not affiliated companies of the Management Company.
The use of derivatives must not, under any circumstances, cause the Fund to deviate from its investment policy as described in this Sales Prospectus, or expose the Fund to additional significant risks that are not outlined herein.
The Fund may reinvest cash which it receives as collateral in connection with the use of techniques and instruments for efficient portfolio management, pursuant to the provisions of the applicable laws and regulations, including CSSF- Circular 08/356, as amended by CSSF- Circular 11/512, CSSF- Circular 13/559, supplemented by CSSF- Circular 14/592 and the ESMA Guidelines.
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# Notes concerning risks | en | de |
DOLFIN5652 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- Since the instruments held by the Sub-Fund may be denominated in currencies other than the Base Currency, the Sub-Fund may be affected unfavourably by exchange control regulations or fluctuations in currency rates. For this reason, changes in currency exchange rates can affect the value of the Sub-Fund's portfolio and may impact the value of the Shares.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 6 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones alto.
generales del mercado, en ocasiones de forma rápida o impredecible. Si una empresa se declara en quiebra o se somete a otro procedimiento de reestructuración financiera similar, sus acciones en circulación suelen perder la mayor parte o la totalidad de su valor.
- Puesto que los instrumentos mantenidos por el Subfondo pueden estar denominados en divisas distintas de la Moneda base, el Subfondo podrá verse perjudicado por los reglamentos de control cambiario o las fluctuaciones de los tipos de cambio. Por este motivo, las variaciones de los tipos de cambio pueden repercutir en el valor de la cartera del Subfondo, así como afectar el valor de las Acciones.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- Since the instruments held by the Sub-Fund may be denominated in currencies other than the Base Currency, the Sub-Fund may be affected unfavourably by exchange control regulations or fluctuations in currency rates. For this reason, changes in currency exchange rates can affect the value of the Sub-Fund's portfolio and may impact the value of the Shares.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN5653 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Under its oversight duties, the Depositary is required to:
- ensure that the sale, issue, repurchase, redemption and cancellation of shares effected on behalf of the Fund are carried out in accordance with the law and/or the Fund’s Articles of Association;
- ensure that the value of shares is calculated in accordance with the law and the Fund’s Articles of Association,
- carry out the instructions of the Fund or the Management Company acting on behalf of the Fund, unless they conflict with the law or the Fund’s Articles of Association,
- ensure that in transactions involving the Fund's assets, the consideration is remitted to the Fund within the usual time lim- its;
- ensure that the income of the Fund is applied in accordance with the Law or the Fund's Articles of Association. | #### Gemäss ihren Überwachungspflichten ist die Verwahrstelle dafür verantwortlich:
- sicherzustellen, dass der Verkauf, die Ausgabe, die Rückgabe, Rücknahme und Annullierung von Anteilen, ausgeführt im Namen des Fonds im Einklang mit dem Gesetz und der Satzung des Fonds durchgeführt werden;
- sicherzustellen, dass der Wert der Anteile im Einklang mit dem Gesetz und der Satzung des Fonds berechnet wird;
- die Instruktionen des Fonds oder der Verwaltungsgesellschaft handelnd im Namen des Fonds auszuführen, sofern sie nicht in Widerspruch zum Gesetz oder der Satzung des Fonds stehen;
- sicherzustellen, dass in Geschäftsvorgängen, die die Vermögenswerte des Fonds betreffen, jegliche Entgelte innerhalb der üblichen zeitlichen Beschränkungen den Fonds ausgehändigt / weitergeleitet werden;
- sicherstellen, dass die Einnahmen des Fonds in Einklang mit dem Gesetz oder der Satzung des Fonds verwendet werden. | #### Under its oversight duties, the Depositary is required to:
- ensure that the sale, issue, repurchase, redemption and cancellation of shares effected on behalf of the Fund are carried out in accordance with the law and/or the Fund’s Articles of Association;
- ensure that the value of shares is calculated in accordance with the law and the Fund’s Articles of Association,
- carry out the instructions of the Fund or the Management Company acting on behalf of the Fund, unless they conflict with the law or the Fund’s Articles of Association,
- ensure that in transactions involving the Fund's assets, the consideration is remitted to the Fund within the usual time lim- its;
- ensure that the income of the Fund is applied in accordance with the Law or the Fund's Articles of Association. | en | de |
DOLFIN5654 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Equity investments pursuant to § 2 paragraph 8 of the Investment Tax Act are:
- Shares in a corporation admitted to official trading on a stock exchange or listed on an organised market,
- Shares in a capital company that is not a real estate company and that is
- is resident in a member state of the EU or the EEA and is subject to income taxation for corporations there and is not exempt from it, or
- is a resident of a third country and is subject to and not exempt from corporate income taxation there at a rate of at least 15%, | ## Kapitalbeteiligungen gemäß § 2 Absatz 8 Investmentsteuergesetz sind:
- Zum amtlichen Handel an einer Börse zugelassene oder auf einem organisierten Markt notierte Anteile an einer Kapitalgesellschaft,
- Anteile an einer Kapitalgesellschaft, die keine Immobilien-Gesellschaft ist und die
- in einem Mitgliedstaat der EU oder dem EWR ansässig ist und dort der Ertragsbesteuerung für Kapitalgesellschaften unterliegt und nicht von ihr befreit ist, oder
- in einem Drittstaat ansässig ist und dort einer Ertragsbesteuerung für Kapitalgesellschaften in Höhe von mindestens 15 % unterliegt und nicht von ihr befreit ist, | ## Equity investments pursuant to § 2 paragraph 8 of the Investment Tax Act are:
- Shares in a corporation admitted to official trading on a stock exchange or listed on an organised market,
- Shares in a capital company that is not a real estate company and that is
- is resident in a member state of the EU or the EEA and is subject to income taxation for corporations there and is not exempt from it, or
- is a resident of a third country and is subject to and not exempt from corporate income taxation there at a rate of at least 15%, | en | de |
DOLFIN5655 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# DOCUMENTS MIS À DISPOSITION POUR EXAMEN
## Les documents suivants sont mis à disposition pour examen au siège social de la Société :
- les Statuts ;
- le plus récent Prospectus ;
- les plus récents Documents d’informations clés pour l’investisseur ;
- les contrats importants susmentionnés ;
- les plus récents Rapports annuel et semestriel ;
- la Politique de meilleure exécution ;
- la Politique relative aux conflits d’intérêts ;
- la Politique de vote par procuration ; et
- la Politique relative aux plaintes.
## Vous pouvez obtenir gratuitement un exemplaire des Statuts, du plus récent Prospectus, des plus récents Documents d’informations clés pour l’investisseur et des derniers rapports. | # DOCUMENTOS DISPONIBLES PARA SU INSPECCIÓN
## En el domicilio social de la Sociedad se pueden consultar los siguientes documentos:
- los Estatutos;
- el Folleto más reciente;
- los Documentos de datos fundamentales para el inversor más recientes;
- los contratos relevantes (citados anteriormente);
- los Informes anual y semestral más recientes;
- la Política de Mejor Ejecución;
- la Política de Conflictos de Intereses;
- la Política de Votos por Representación; y
- la Política de Reclamaciones.
## Se puede obtener una copia de los Estatutos, el Folleto más reciente, los Documentos de datos fundamentales para el inversor más recientes y los últimos informes de manera gratuita. | # DOCUMENTS MIS À DISPOSITION POUR EXAMEN
## Les documents suivants sont mis à disposition pour examen au siège social de la Société :
- les Statuts ;
- le plus récent Prospectus ;
- les plus récents Documents d’informations clés pour l’investisseur ;
- les contrats importants susmentionnés ;
- les plus récents Rapports annuel et semestriel ;
- la Politique de meilleure exécution ;
- la Politique relative aux conflits d’intérêts ;
- la Politique de vote par procuration ; et
- la Politique relative aux plaintes.
## Vous pouvez obtenir gratuitement un exemplaire des Statuts, du plus récent Prospectus, des plus récents Documents d’informations clés pour l’investisseur et des derniers rapports. | fr | es |
DOLFIN5656 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The term “person from the United States of America”, as used in these articles of incorporation means any expatriate, citizen or resident of the United States of America or of one of the territories or possessions under its jurisdiction, or persons who normally reside there (including the succession of any persons or companies or associations established or organised there). This definition may be amended if necessary by the board of directors and specified in the Prospectus.
If the board of directors is aware or reasonably suspects that a shareholder owns shares and does not meet the required conditions for ownership stipulated for the sub-fund or the class of shares in question, the Company may:
- either execute a forced redemption of the shares in question in accordance with the procedure for redemption described above;
- or execute forced conversion of shares to shares in another class within the same sub-fund for which the shareholder in question meets the conditions of ownership (provided that a class exists with similar characteristics concerning, inter alia, the investment objective, the investment policy, the currency, the frequency of calculation of the net asset value, the distribution policy). The Company will inform the shareholder in question on this conversion. | L’expression « ressortissant des Etats-Unis d'Amérique » tel qu'elle est utilisée dans les présents statuts désigne tout ressortissant, citoyen ou résident des Etats-Unis d'Amérique ou d'un des territoires ou possessions sous leur juridiction, ou les personnes qui y résident normalement (y inclus la succession de toutes personnes ou sociétés ou associations y établies ou organisées). Cette définition pourra être modifiée si nécessaire par le conseil d'administration et précisée dans le Prospectus.
Si le conseil d'administration apprend ou soupçonne de manière justifiée qu'un actionnaire détient des actions alors qu'il ne remplit pas les conditions de propriété prévues pour le compartiment ou la classe d'actions en question, la Société peut :
- soit procéder au rachat forcé des actions en question, conformément à la procédure de rachat décrite ci-dessus ;
- soit procéder à la conversion forcée des actions en actions d'une autre classe au sein du même compartiment, pour laquelle l'actionnaire concerné remplit les conditions de propriété (pour autant qu'il existe une telle classe avec des caractéristiques similaires en ce qui concerne, notamment,l'objectif d'investissement, la politique d'investissement, la devise, la fréquence de calcul de la valeur nette d'inventaire, la politique de distribution). La Société informera l’actionnaire concerné de cette conversion. | The term “person from the United States of America”, as used in these articles of incorporation means any expatriate, citizen or resident of the United States of America or of one of the territories or possessions under its jurisdiction, or persons who normally reside there (including the succession of any persons or companies or associations established or organised there). This definition may be amended if necessary by the board of directors and specified in the Prospectus.
If the board of directors is aware or reasonably suspects that a shareholder owns shares and does not meet the required conditions for ownership stipulated for the sub-fund or the class of shares in question, the Company may:
- either execute a forced redemption of the shares in question in accordance with the procedure for redemption described above;
- or execute forced conversion of shares to shares in another class within the same sub-fund for which the shareholder in question meets the conditions of ownership (provided that a class exists with similar characteristics concerning, inter alia, the investment objective, the investment policy, the currency, the frequency of calculation of the net asset value, the distribution policy). The Company will inform the shareholder in question on this conversion. | en | fr |
DOLFIN5657 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY?
RECOMMENDED HOLDING PERIOD: 5 years. It is based on our assessment of the risk and reward characteristics and costs of the Sub-Fund. You can sell and redeem shares at the frequency as set out in the section “What is this product?”. Cashing in before the recommended holding period will increase the risk of lower investment returns. | # COMBIEN DE TEMPS DOIS-JE LE CONSERVER ET PUIS-JE RETIRER L’ARGENT DE FAÇON ANTICIPEE ?
PERIODE DE DETENTION RECOMMANDEE : 5 ans. Elle est basée sur notre évaluation des caractéristiques de risque et de rémunération ainsi que des coûts du Compartiment.
Vous pouvez vendre et racheter les Actions à la fréquence indiquée dans la section "En quoi consiste ce produit ?".
Un rachat avant la fin de la période de détention recommandée augmentera le risque d'une baisse du rendement des investissements. | # HOW LONG SHOULD I HOLD IT AND CAN I TAKE MY MONEY OUT EARLY?
RECOMMENDED HOLDING PERIOD: 5 years. It is based on our assessment of the risk and reward characteristics and costs of the Sub-Fund. You can sell and redeem shares at the frequency as set out in the section “What is this product?”. Cashing in before the recommended holding period will increase the risk of lower investment returns. | en | fr |
DOLFIN5658 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 4cd498da-b991-4f69-a93b-2be67216dd7c
Document d’informations clés
Objectif
Ce document vous fournit des informations clés sur ce produit d’investissement. Il ne s’agit pas d’un support de marketing. Ces informations sont exigées par la loi pour vous aider à comprendre la nature, les risques, les coûts ainsi que les gains et pertes potentiels de ce produit, et pour vous aider à le comparer à d’autres produits.
Produit
Nom du produit/ISIN CSIF (Lux) Equity Emerging Markets - classe d’actions DB EUR (le Produit); ISIN LU0828707843; une classe d’actions de CSIF (Lux) Equity Emerging Markets (le Compartiment)
un Compartiment de Credit Suisse Index Fund (Lux) (la Société à compartiments / la Société d’investissement)
Le produit est un compartiment OPCVM constitué au Luxembourg. Il est géré par Credit Suisse Fund Management S.A. (la Société de gestion).
Fabricant du Produit Credit Suisse Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxembourg. Pour en savoir plus, veuillez appeler +352 43 61 61 436 ou consulter www.credit-suisse.com/fundsearch.
Autorité compétente Commission de Surveillance du Secteur Financier (CSSF) – est responsable de la surveillance de Credit Suisse Fund Management S.A. concernant le présent document d’informations clés | # 69936c14-6e61-4c74-bae6-f379e80f1268
Documento de datos fundamentales
Finalidad
Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos.
Producto
Nombre del producto/ISIN CSIF (Lux) Equity Emerging Markets - clase de acciones DB EUR (el producto); ISIN LU0828707843; una clase de acciones de CSIF (Lux) Equity Emerging Markets (el subfondo)
un subfondo de Credit Suisse Index Fund (Lux) (el fondo paraguas / la sociedad de inversión)
El producto es un subfondo OICVM establecido en Luxemburgo. Está gestionado por Credit Suisse Fund Management S.A. (la Sociedad Gestora).
Fabricante del producto Credit Suisse Fund Management S.A., miembro del Credit Suisse Group; 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxemburgo.
Llame al +352 43 61 61 436 o visite www.credit-suisse.com/fundsearch para más información.
Autoridad competente La Commission de Surveillance du Secteur Financier (CSSF) es responsable de la supervisión de Credit Suisse Fund Management S.A. en relación con este documento de datos fundamentales | # 4cd498da-b991-4f69-a93b-2be67216dd7c
Document d’informations clés
Objectif
Ce document vous fournit des informations clés sur ce produit d’investissement. Il ne s’agit pas d’un support de marketing. Ces informations sont exigées par la loi pour vous aider à comprendre la nature, les risques, les coûts ainsi que les gains et pertes potentiels de ce produit, et pour vous aider à le comparer à d’autres produits.
Produit
Nom du produit/ISIN CSIF (Lux) Equity Emerging Markets - classe d’actions DB EUR (le Produit); ISIN LU0828707843; une classe d’actions de CSIF (Lux) Equity Emerging Markets (le Compartiment)
un Compartiment de Credit Suisse Index Fund (Lux) (la Société à compartiments / la Société d’investissement)
Le produit est un compartiment OPCVM constitué au Luxembourg. Il est géré par Credit Suisse Fund Management S.A. (la Société de gestion).
Fabricant du Produit Credit Suisse Fund Management S.A., member of Credit Suisse Group; 5, rue Jean Monnet, P.O. Box 369, L-2013 Luxembourg. Pour en savoir plus, veuillez appeler +352 43 61 61 436 ou consulter www.credit-suisse.com/fundsearch.
Autorité compétente Commission de Surveillance du Secteur Financier (CSSF) – est responsable de la surveillance de Credit Suisse Fund Management S.A. concernant le présent document d’informations clés | fr | es |
DOLFIN5659 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### General
Investing in shares of funds involves risks. These risks can include interest rates, commodities, currencies, credits, liquidity and counterparty risks as well as volatility risks or political risks, or be associated with it. Each of these risks can also occur together with other risks. Some of these risks are listed below. This is not to be understood as an exhaustive list of the risk factors associated with investments in the Fund. Potential investors should have previous experience with the instruments that are used in the specified investment policy. Also investors should fully understand the risks associated with the investment in shares and only make investment decisions if they match the advice given by their own legal, tax and financial advisers, accountants or other advisers in regards to the suitability of an investment in shares, taking into account their personal financial or tax situation and other circumstances and the advice in this prospectus as well as the investment policy of this Fund.
It should be noted that investments in funds offer opportunities as well as risks. The value of the Fund’s shares is determined by price fluctuations of the Fund’s assets, so the share value can rise or fall accordingly below the purchase price.
No warranty can therefore be given that the investment objective of a sub-fund will be achieved or that the investments in the Fund will gain value. Past performance is not a reliable indicator of future results. | ### Allgemeines
Eine Anlage in die Anteile des Fonds ist mit Risiken verbunden. Die Risiken können u. a. Aktien-, Zins-, Rohstoff-, Währungs-, Kredit-, Liquiditäts- und Kontrahentenrisiken sowie Volatilitätsrisiken oder politische Risiken umfassen bzw. damit verbunden sein. Jedes dieser Risiken kann auch zusammen mit anderen Risiken auftreten. Auf einige dieser Risiken wird nachstehend kurz eingegangen. Die aufgeführten Risikofaktoren stellen keine abschliessende Aufstellung der mit Anlagen in den Fonds verbundenen Risiken dar. Potenzielle Anleger sollten über Erfahrung mit Anlagen in den Instrumenten verfügen, die im Rahmen der vorgesehenen Anlagepolitik eingesetzt werden. Auch sollten sich Anleger über die mit einer Anlage in die Anteile verbundenen Risiken im Klaren sein und erst dann eine Anlageentscheidung treffen, wenn sie sich von ihren Rechts-, Steuer- und Finanzberatern, Wirtschaftsprüfern oder sonstigen Beratern umfassend über die Eignung einer Anlage in die Fondsanteile unter Berücksichtigung ihrer persönlichen Finanz- bzw. Steuersituation und sonstiger Umstände sowie die im vorliegenden Verkaufsprospekt enthaltenen Informationen und die Anlagepolitik des Fonds haben beraten lassen.
Es ist zu beachten, dass Anlagen in Anteile des Fonds neben den Chancen auf Kurssteigerungen auch Risiken enthalten. Der Wert der Anteile des Fonds wird durch Kursschwankungen der im Fonds enthaltenen Vermögenswerte bestimmt und kann dementsprechend gegenüber dem Einstandspreis steigen oder fallen.
Es kann daher keine Zusicherung gegeben werden, dass das Anlageziel eines Teilfonds erreicht wird oder es zu einem Wertzuwachs der Anlagen im Fonds kommen wird. Die Wertentwicklung in der Vergangenheit ist kein verlässlicher Indikator für zukünftige Ergebnisse. | ### General
Investing in shares of funds involves risks. These risks can include interest rates, commodities, currencies, credits, liquidity and counterparty risks as well as volatility risks or political risks, or be associated with it. Each of these risks can also occur together with other risks. Some of these risks are listed below. This is not to be understood as an exhaustive list of the risk factors associated with investments in the Fund. Potential investors should have previous experience with the instruments that are used in the specified investment policy. Also investors should fully understand the risks associated with the investment in shares and only make investment decisions if they match the advice given by their own legal, tax and financial advisers, accountants or other advisers in regards to the suitability of an investment in shares, taking into account their personal financial or tax situation and other circumstances and the advice in this prospectus as well as the investment policy of this Fund.
It should be noted that investments in funds offer opportunities as well as risks. The value of the Fund’s shares is determined by price fluctuations of the Fund’s assets, so the share value can rise or fall accordingly below the purchase price.
No warranty can therefore be given that the investment objective of a sub-fund will be achieved or that the investments in the Fund will gain value. Past performance is not a reliable indicator of future results. | en | de |
DOLFIN5660 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Compartiment | Nouvelles divulgations |
| --- | --- |
| | Pour de plus amples informations, veuillez consulter le site Internet du fournisseur d’indices à l’adresse https://www.bloomberg.com/company/press/bloomberg-completes-fixed-income-indices-rebrand/ Évaluation et négociation Les négociations des actions du Compartiment BlackRock ESG Euro Corporate Bond Fund peuvent normalement être effectuées quotidiennement. Les ordres de souscription, de rachat et de conversion d´Actions doivent être reçus par l’Agent de Transfert ou l’équipe locale de Services aux Investisseurs avant 12 h 00, heure de Luxembourg, le Jour de Négociation choisi (l’« Heure Limite ») et les prix appliqués seront ceux calculés l’après-midi de ce même jour. Les ordres de négociation reçus par l’Agent de Transfert ou l’équipe locale de Services aux Investisseurs après l’Heure Limite, seront traités le Jour de Négociation suivant. Voir la section « Négociation des Actions de la Société ». |
| BlackRock ESG Euro Short Duration Bond Fund | Objectif d’investissement Le Compartiment BlackRock ESG Euro Short Duration Bond Fund vise à maximiser le rendement total en conformité avec les principes d’un investissement focalisé sur des critères environnementaux, sociaux et de gouvernance (« ESG »). Le Compartiment cherchera à investir au moins 80 % du total de son actif dans des titres négociables à revenu fixe investment grade et des titres liés à des titres à revenu fixe (y compris des instruments dérivés). Le cas échéant, le Compartiment investira également dans des liquidités et des quasi-liquidités. Les titres à revenu fixe seront émis par, ou exposeront à, des sociétés, des gouvernements et des agences domiciliés dans le monde entier. 90 % du total de l’actif du Compartiment sera investi conformément à la Politique en matière d’ESG décrite ci-dessous au moment de l’achat. Le risque de change est géré de manière flexible. Au moins 70 % du total de l’actif du Compartiment seront investis dans des titres à revenu fixe négociables libellés en euros, dont l’échéance est inférieure à cinq ans. L’échéance moyenne ne sera pas supérieure à trois ans. Pour réaliser l’objectif et la politique d’investissement, le Compartiment investira dans une variété de stratégies d’investissement et d’instruments. Le Compartiment entend tirer pleinement profit de la possibilité d’investir dans des instruments dérivés (y compris des swaps sur rendement total qui ont pour actifs sous-jacents des titres négociables à revenu fixe et des titres liés à des titres à revenu fixe) afin d’optimiser les rendements. Tout critère ESG ou analysementionné ci-dessus ne s’appliquera qu’aux titres sous-jacents aux instruments dérivés utilisés par le Compartiment. L’exposition du Compartiment à des ABS et des MBS ne peut dépasser 20 % de sa Valeur Liquidative. L’exposition du Compartiment aux obligations convertibles contingentes est limitée à 10 % de sa Valeur Liquidative. L’exposition du Compartiment aux Titres en difficulté est limitée à 10 % du total de sa Valeur Liquidative. Politique ESG Les critères ESG suivants seront appliqués au moment de l’achat : (i) une notation BB ou supérieure telle que définie par les notations de la valeur incorporelle ESG de MSCI ou les notations souveraines gouvernementales ESG de MSCI, selon le cas ; (ii) pour les émissions de sociétés une note de un ou plus, telle que définie par le score de controverse ESG de MSCI, ou leurs équivalents tels que déterminés par le Gestionnaire Financier par délégation de temps à autre (pour de plus amples informations sur les critères de notation de MSCI veuillez consulter le site Internet de MSCI à l’adresse www.msci.com) ; et (iii) l’exclusion de tous les émetteurs de titres qui tirent plus qu’un revenu limité des secteurs comprenant (mais de façon non limitative) les armes controversées (nucléaires, à sous-munitions, biologiques- chimiques, mines antipersonnel, uranium appauvri ou armes incendiaires), les armes à feu pour les civils, les sables pétrolifères, l’extraction et la production de charbon thermique, les jeux de hasard, les divertissements pour adultes et le tabac. Le Gestionnaire Financier par délégation a également l’intention d’exclure les émetteurs de titres réputés avoir violé un ou plusieurs des dix principes du Pacte mondial des Nations unies, qui couvrent les droits de l’homme, les normes du travail, l’environnement et la lutte contre la corruption. Le Pacte mondial des Nations unies est une initiative des Nations unies visant à appliquer des principes universels de durabilité. Le Gestionnaire Financier par délégation peut utiliser d’autres fournisseurs de données et critères pour évaluer les références ESG et l’adéquation des actifs titrisés tels que les ABS et les MBS. Le Compartiment adopte une approche « best in class » de l’investissement durable. Ceci signifie que le Compartiment sélectionne les meilleurs émetteurs (d’un point de vue ESG) pour chaque secteur d’activités concerné (sans exclure aucun secteur d’activités). Plus de 90 % des émetteurs de titres dans lesquels le Compartiment investit sont notés ESG ou ont été analysés aux fins des critères ESG. En appliquant sa Politique ESG, le Compartiment a réduit son allocation en titres souverains d’au moins 20 % par rapport à l’indice FTSE World Government Bond Index et à l’indice JP Morgan EMBI Global Diversified Index. Le Compartiment n’investira pas dans le quintile inférieur des émetteurs souverains selon une évaluation ESG de l’univers souverain mondial. Pour mener cette analyse, le Gestionnaire Financier par délégation pourra utiliser des données fournies par des Prestataires ESG externes, des modèles propriétaires et des sources locales. Il pourra également effectuer des visites sur site. Le Compartiment peut acquérir une exposition indirecte limitée (y compris, sans s’y limiter, par le biais d’instruments dérivés, de liquidités et quasi-liquidités, d’actions ou parts d’OPC et de titres à revenu fixe négociables [égalementappelés titres de créance]) à des émetteurs dont l’exposition ne répond pas aux critères ESG décrits ci-dessus. | | | Fondo | Nuevas divulgaciones |
| --- | --- |
| | Valoración y negociación Normalmente, las operaciones con acciones del BlackRock ESG Euro Corporate Bond Fund se pueden realizar a diario. Las órdenes de suscripción, reembolso y canje de Acciones deberán ser recibidas por el Agente de Transferencias o por el equipo local de Servicios al Inversor antes de las 12:00 de Luxemburgo de cualquier Día de Negociación (el «Punto de Cierre»), y los precios aplicados serán los calculados durante la tarde de ese día. Todas las órdenes de negociación recibidas por el Agente de Transferencias o por el equipo local de Servicios al Inversor después del Punto de Cierre se tramitarán el siguiente Día de Negociación. Consulte el apartado «Operaciones con acciones del Fondo». |
| BlackRock ESG Euro Short Duration Bond Fund | Objetivo de inversión El BlackRock ESG Euro Short Duration Bond Fund pretende maximizar la rentabilidad total de forma coherente con los principios de inversión centrada en criterios medioambientales, sociales y de gobierno corporativo («ESG»). El Fondo procurará invertir al menos el 80 % de sus activos totales en valores mobiliarios de renta fija y valores relacionados con renta fija con categoría de inversión (incluidos derivados). Cuando se considere oportuno, el Fondo también invertirá en efectivo e instrumentos asimilables a efectivo. Los valores de renta fija serán emitidos por empresas, Gobiernos y agencias domiciliadas en todo el mundo, o tendrán exposición a los mismos. El 90 % de los activos totales del Fondo se invertirá con arreglo a lo establecido en la Política ESG descrita más adelante en el momento de la compra. La exposición al tipo de cambio se gestiona de forma flexible. Al menos el 70 % de los activos totales se invertirá en valores mobiliarios de renta fija denominados en euros con una duración inferior a cinco años. La duración media no es superior a tres años. Para alcanzar el objetivo y la política de inversión, el Fondo invertirá en diferentes estrategias e instrumentos de inversión. El Fondo pretende aprovechar al máximo la capacidad de invertir en derivados (incluidos swaps de rentabilidad total que tengan como activos subyacentes valores mobiliarios de renta fija y valores relacionados con renta fija) con el objetivo de maximizar la rentabilidad. Cualquier criterio ESG al que se haga referencia a continuación seaplicará únicamente a los valores subyacentes de los derivados utilizados por el Fondo. La exposición del Fondo a los ABS y MBS no podrá superar el 20 % de su Valor Liquidativo. La exposición del Fondo a los bonos convertibles contingentes se limita al 10 % de su Valor Liquidativo. La exposición del Fondo a Valores en dificultades se limita al 10 % de su Valor Liquidativo. Política de ESG Los criterios ESG se aplicarán a las emisiones en el momento de la compra, y consisten en: (i) una calificación de BB o superior, según la definición establecida en las Calificaciones de Evaluación de Valores Intangibles ESG de MSCI o en las Calificaciones de Gobiernos Soberanos ESG de MSCI, según corresponda; (ii) para las emisiones corporativas, una puntuación de uno o superior, según la definición de Puntuación de Controversias ESG de MSCI, o sus equivalentes según determine oportunamente el Asesor de Inversiones (encontrará más información sobre los criterios de calificación de MSCI en el sitio web de MSCI: www.msci.com); y (iii) la exclusión de todos los emisores de valores que obtengan más de un determinado nivel de ingresos de sectores como, entre otros, armas controvertidas (es decir, armas nucleares, municiones de racimo, armas biológicas-químicas, minas terrestres, uranio empobrecido o armas incendiarias), armas de fuego de uso civil, arenas bituminosas, extracción y generación de carbón térmico, juegos de azar, entretenimiento para adultos y tabaco. El Asesor de Inversiones también pretende excluir a emisores de valores que se considere que han incumplido uno o más de los diez Principios del Pacto Mundial de las Naciones Unidas, que cubren los derechos humanos, las normativas laborales, el medioambiente y la lucha contra la corrupción. El Pacto Mundial de las Naciones Unidas es una iniciativa de las Naciones Unidas para implementar principios universales de sostenibilidad. El Asesor de Inversiones podrá utilizar otros proveedores de datos y criterios para evaluar lascredenciales ESG y la idoneidad de los activos titulizados, como ABS y MBS. El Fondo adopta un enfoque de inversión sostenible de máxima calidad. Esto significa que el Fondo selecciona a los mejores emisores (desde una perspectiva ESG) para cada sector de actividad relevante (sin excluir ningún sector de actividad). Más del 90 % de los emisores de valores en los que invierte el Fondo tendrán una calificación ESG o se han analizado con fines ESG. Al aplicar su Política ESG, el Fondo redujo su asignación a valores soberanos en comparación con el FTSE World Government Bond Index y el JP Morgan EMBI Global Diversified Index en al menos un 20 %. El Fondo no invertirá en el quintil inferior de emisores soberanos de acuerdo con una evaluación ESG del universo mundial de valores soberanos. Para realizar este análisis, el Asesor de Inversiones podrá utilizar datos facilitados por Proveedores de ESG externos, modelos patentados e información local, así como realizar visitas a instalaciones. El Fondo podrá obtener una exposición indirecta limitada (entre otros, vía derivados, efectivo e instrumentos asimilablesa efectivo, acciones o participaciones de OIC y valores mobiliarios de renta fija —conocidos también como valores dedeuda—) a emisores con exposiciones que no cumplan los criterios ESG descritos anteriormente. Divisa base Euro (EUR) Tipo de Fondo Bonos, rentabilidad total | | | Compartiment | Nouvelles divulgations |
| --- | --- |
| | Pour de plus amples informations, veuillez consulter le site Internet du fournisseur d’indices à l’adresse https://www.bloomberg.com/company/press/bloomberg-completes-fixed-income-indices-rebrand/ Évaluation et négociation Les négociations des actions du Compartiment BlackRock ESG Euro Corporate Bond Fund peuvent normalement être effectuées quotidiennement. Les ordres de souscription, de rachat et de conversion d´Actions doivent être reçus par l’Agent de Transfert ou l’équipe locale de Services aux Investisseurs avant 12 h 00, heure de Luxembourg, le Jour de Négociation choisi (l’« Heure Limite ») et les prix appliqués seront ceux calculés l’après-midi de ce même jour. Les ordres de négociation reçus par l’Agent de Transfert ou l’équipe locale de Services aux Investisseurs après l’Heure Limite, seront traités le Jour de Négociation suivant. Voir la section « Négociation des Actions de la Société ». |
| BlackRock ESG Euro Short Duration Bond Fund | Objectif d’investissement Le Compartiment BlackRock ESG Euro Short Duration Bond Fund vise à maximiser le rendement total en conformité avec les principes d’un investissement focalisé sur des critères environnementaux, sociaux et de gouvernance (« ESG »). Le Compartiment cherchera à investir au moins 80 % du total de son actif dans des titres négociables à revenu fixe investment grade et des titres liés à des titres à revenu fixe (y compris des instruments dérivés). Le cas échéant, le Compartiment investira également dans des liquidités et des quasi-liquidités. Les titres à revenu fixe seront émis par, ou exposeront à, des sociétés, des gouvernements et des agences domiciliés dans le monde entier. 90 % du total de l’actif du Compartiment sera investi conformément à la Politique en matière d’ESG décrite ci-dessous au moment de l’achat. Le risque de change est géré de manière flexible. Au moins 70 % du total de l’actif du Compartiment seront investis dans des titres à revenu fixe négociables libellés en euros, dont l’échéance est inférieure à cinq ans. L’échéance moyenne ne sera pas supérieure à trois ans. Pour réaliser l’objectif et la politique d’investissement, le Compartiment investira dans une variété de stratégies d’investissement et d’instruments. Le Compartiment entend tirer pleinement profit de la possibilité d’investir dans des instruments dérivés (y compris des swaps sur rendement total qui ont pour actifs sous-jacents des titres négociables à revenu fixe et des titres liés à des titres à revenu fixe) afin d’optimiser les rendements. Tout critère ESG ou analysementionné ci-dessus ne s’appliquera qu’aux titres sous-jacents aux instruments dérivés utilisés par le Compartiment. L’exposition du Compartiment à des ABS et des MBS ne peut dépasser 20 % de sa Valeur Liquidative. L’exposition du Compartiment aux obligations convertibles contingentes est limitée à 10 % de sa Valeur Liquidative. L’exposition du Compartiment aux Titres en difficulté est limitée à 10 % du total de sa Valeur Liquidative. Politique ESG Les critères ESG suivants seront appliqués au moment de l’achat : (i) une notation BB ou supérieure telle que définie par les notations de la valeur incorporelle ESG de MSCI ou les notations souveraines gouvernementales ESG de MSCI, selon le cas ; (ii) pour les émissions de sociétés une note de un ou plus, telle que définie par le score de controverse ESG de MSCI, ou leurs équivalents tels que déterminés par le Gestionnaire Financier par délégation de temps à autre (pour de plus amples informations sur les critères de notation de MSCI veuillez consulter le site Internet de MSCI à l’adresse www.msci.com) ; et (iii) l’exclusion de tous les émetteurs de titres qui tirent plus qu’un revenu limité des secteurs comprenant (mais de façon non limitative) les armes controversées (nucléaires, à sous-munitions, biologiques- chimiques, mines antipersonnel, uranium appauvri ou armes incendiaires), les armes à feu pour les civils, les sables pétrolifères, l’extraction et la production de charbon thermique, les jeux de hasard, les divertissements pour adultes et le tabac. Le Gestionnaire Financier par délégation a également l’intention d’exclure les émetteurs de titres réputés avoir violé un ou plusieurs des dix principes du Pacte mondial des Nations unies, qui couvrent les droits de l’homme, les normes du travail, l’environnement et la lutte contre la corruption. Le Pacte mondial des Nations unies est une initiative des Nations unies visant à appliquer des principes universels de durabilité. Le Gestionnaire Financier par délégation peut utiliser d’autres fournisseurs de données et critères pour évaluer les références ESG et l’adéquation des actifs titrisés tels que les ABS et les MBS. Le Compartiment adopte une approche « best in class » de l’investissement durable. Ceci signifie que le Compartiment sélectionne les meilleurs émetteurs (d’un point de vue ESG) pour chaque secteur d’activités concerné (sans exclure aucun secteur d’activités). Plus de 90 % des émetteurs de titres dans lesquels le Compartiment investit sont notés ESG ou ont été analysés aux fins des critères ESG. En appliquant sa Politique ESG, le Compartiment a réduit son allocation en titres souverains d’au moins 20 % par rapport à l’indice FTSE World Government Bond Index et à l’indice JP Morgan EMBI Global Diversified Index. Le Compartiment n’investira pas dans le quintile inférieur des émetteurs souverains selon une évaluation ESG de l’univers souverain mondial. Pour mener cette analyse, le Gestionnaire Financier par délégation pourra utiliser des données fournies par des Prestataires ESG externes, des modèles propriétaires et des sources locales. Il pourra également effectuer des visites sur site. Le Compartiment peut acquérir une exposition indirecte limitée (y compris, sans s’y limiter, par le biais d’instruments dérivés, de liquidités et quasi-liquidités, d’actions ou parts d’OPC et de titres à revenu fixe négociables [égalementappelés titres de créance]) à des émetteurs dont l’exposition ne répond pas aux critères ESG décrits ci-dessus. | | fr | es |
DOLFIN5661 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
15%
10%
5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en USD.
15%
10%
5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in USD.
15%
10%
5%
0% | en | es |
DOLFIN5662 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Performance
Based on transaction prices, the fund's return was -4.75%.
From a regional perspective, continental Europe underperformed as the region's leverage ratio of 12x net debt/EBITDA is more than twice the global average. The banking crisis and recession fears also impacted subindustry performance, with office REITs and diversified REITs underperforming. Self-storage and data center REITs outperformed the broader sector, as underlying fundamentals and structural growth trends are seen as more defensive. Public Storage offered to acquire the company last month, while Life Storage rejected the offer pointing to its better growth profile. In March, it was rumored that Extra Space Storage was also considering a takeover bid | # Rentabilidad
Según los precios de negociación, el rendimiento del fondo fue del -4,75%.
Desde una perspectiva regional, Europa continental obtuvo peores resultados, ya que el ratio de apalancamiento de la región, de 12 veces la deuda neta/EBITDA, es más del doble de la media mundial. La crisis bancaria y los temores de recesión también repercutieron en la rentabilidad de los subsectores; los REIT de oficinas y los REIT diversificados obtuvieron peores resultados. Los REIT de autoalmacenamiento y centros de datos obtuvieron mejores resultados que el sector en general, ya que los fundamentales subyacentes y las tendencias de crecimiento estructural se consideran más defensivos. Public Storage ofreció adquirir la empresa el mes pasado, mientras que Life Storage rechazó la oferta alegando su mejor perfil de crecimiento. En marzo, se rumoreó que Extra Space Storage también estaba considerando una oferta pública de adquisición de Life Storage. | # Performance
Based on transaction prices, the fund's return was -4.75%.
From a regional perspective, continental Europe underperformed as the region's leverage ratio of 12x net debt/EBITDA is more than twice the global average. The banking crisis and recession fears also impacted subindustry performance, with office REITs and diversified REITs underperforming. Self-storage and data center REITs outperformed the broader sector, as underlying fundamentals and structural growth trends are seen as more defensive. Public Storage offered to acquire the company last month, while Life Storage rejected the offer pointing to its better growth profile. In March, it was rumored that Extra Space Storage was also considering a takeover bid | en | es |
DOLFIN5663 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 1 de octubre de 2015. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | ### Launch Date and Currency
Sub-Fund's launch date: October 1, 2015.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
4%
2%
0%
-2%
-4%
-6%
-8% | en | es |
DOLFIN5664 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Notre approche ISR s'articule autour de trois axes complémentaires afin de garantir une évaluation complète des fondamentaux et du profil ESG des valeurs dans la gestion de l’OPCVM, de la définition de l'univers d'investissement à la construction du portefeuille.
La stratégie de l’OPCVM consiste à gérer de manière active soit en direct soit par l’utilisation d’instruments financiers à terme, mais à titre de couverture uniquement, un portefeuille de produits de taux libellés en euros ou dans une autre devise (le risque de devise est alors couvert).
Le portefeuille sera investi de manière discrétionnaire, dans les conditions définies dans la documentation réglementaire, sans contrainte particulière additionnelle en termes d’univers d’investissement par rapport à un éventuel indice de marché. Il est précisé que la volatilité de l’OPCVM et de l’indicateur de référence ou tout autre indice ne devraient pas s’éloigner de manière significative.
Ce type de gestion a donc pour but la sélection d’instruments financiers alliant la performance des marchés monétaires et de taux (positionnements possibles sur la courbe de taux) et la mise en œuvre d’une politique d’investissement responsable. | Nuestro enfoque ISR se articula alrededor de tres ejes complementarios con el fin de garantizar una evaluación completa de los fundamentales y del perfil ESG de los valores en la gestión del OICVM, desde la definición del universo de inversión hasta la construcción de la cartera.
La estrategia del OICVM consiste en gestionar de manera activa, ya sea directamente o mediante la utilización de instrumentos financieros a plazo, pero únicamente con fines de cobertura, una cartera de productos de tipos de interés denominados en euros o en otra divisa (cubriendo en tal caso el riesgo de divisa).
La cartera se invertirá de forma discrecional, según las condiciones definidas en la documentación reglamentaria, sin ningún tipo de restricción particular adicional por lo que respecta a un universo de inversión en comparación con un posible índice de mercado. Se precisa que la volatilidad del OICVM y del índice de referencia o cualquier otro índice no deberían alejarse significativamente.
El objetivo de este tipo de inversión es pues seleccionar instrumentos financieros que aúnen el comportamiento de los mercados monetarios y de los tipos de interés (posibles posicionamientos en la curva de tipos) con la puesta en marcha de una política de inversión responsable. | Notre approche ISR s'articule autour de trois axes complémentaires afin de garantir une évaluation complète des fondamentaux et du profil ESG des valeurs dans la gestion de l’OPCVM, de la définition de l'univers d'investissement à la construction du portefeuille.
La stratégie de l’OPCVM consiste à gérer de manière active soit en direct soit par l’utilisation d’instruments financiers à terme, mais à titre de couverture uniquement, un portefeuille de produits de taux libellés en euros ou dans une autre devise (le risque de devise est alors couvert).
Le portefeuille sera investi de manière discrétionnaire, dans les conditions définies dans la documentation réglementaire, sans contrainte particulière additionnelle en termes d’univers d’investissement par rapport à un éventuel indice de marché. Il est précisé que la volatilité de l’OPCVM et de l’indicateur de référence ou tout autre indice ne devraient pas s’éloigner de manière significative.
Ce type de gestion a donc pour but la sélection d’instruments financiers alliant la performance des marchés monétaires et de taux (positionnements possibles sur la courbe de taux) et la mise en œuvre d’une politique d’investissement responsable. | fr | es |
DOLFIN5665 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Index Providers
The Manager will enter into licensing agreements with Index Providers in relation to relevant Fund(s) and, where the Company is not already included in the scope of any such licensing agreement and as may be required by any Index Provider, will grant to the Company a sub-licence in respect of each relevant Fund.
The Company is working with the benchmark administrators providing the Indices to obtain confirmation that they are either authorised or registered on the public register maintained by ESMA under the Benchmark Regulation or intend to apply for such authorisation or registration. | ###### Indexanbieter
Die Verwaltungsgesellschaft schliesst mit den Indexanbietern die Lizenzverträge in Bezug auf den (die) betreffenden Fonds und erteilt der Gesellschaft eine Unterlizenz für jeden betreffenden Fonds, falls die Gesellschaft nicht bereits im jeweiligen Lizenzvertrag eingeschlossen ist und sofern dies von einem Indexanbieter verlangt wird.
Die Gesellschaft arbeitet mit den Bechmarkverwaltern, die die Indizes bereitstellen, zusammen, um eine Bestätigung darüber einzuholen, dass sie entweder dazu befugt oder in dem von ESMA betriebenen öffentlichen Register gemäss der Benchmark-Verordnung registriert sind oder beabsichtigen, sich um eine solche Befugnis oder Registrierung zu bewerben. | #### Index Providers
The Manager will enter into licensing agreements with Index Providers in relation to relevant Fund(s) and, where the Company is not already included in the scope of any such licensing agreement and as may be required by any Index Provider, will grant to the Company a sub-licence in respect of each relevant Fund.
The Company is working with the benchmark administrators providing the Indices to obtain confirmation that they are either authorised or registered on the public register maintained by ESMA under the Benchmark Regulation or intend to apply for such authorisation or registration. | en | de |
DOLFIN5666 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Liquidity, in particular as regards over-the-counter markets, may sometimes be limited. In particular, in turbulent market conditions, the prices of portfolio securities may be subject to important fluctuations. It may be sometimes difficult to close certain positions under favourable terms over several consecutive days.
It cannot be guaranteed that the liquidity of financial instruments and assets of the Master Fund will always be sufficient. The assets of the Master Fund may indeed be subject to unfavourable fluctuation on the markets, which may make more difficult the possibility to adjust positions under favourable terms.
- Risk related to a change of tax regime: Yes. | La liquidité, notamment sur les marchés de gré à gré, peut se révéler parfois limitée. En particulier dans des conditions de marché agitées, les cours des titres en portefeuille peuvent être exposés à d’importantes fluctuations. Il peut se révéler parfois difficile de clôturer certaines positions dans des conditions favorables au cours de plusieurs journées consécutives.
Rien ne garantit que la liquidité des instruments financiers et des actifs du Fonds maître sera toujours suffisante. Les actifs du Fonds maître peuvent par conséquent être soumis à des fluctuations défavorables sur les marchés, ce qui peut rendre plus difficile d’ajuster les positions dans des conditions favorables.
- Risque lié à un changement de régime d’imposition : Oui. | Liquidity, in particular as regards over-the-counter markets, may sometimes be limited. In particular, in turbulent market conditions, the prices of portfolio securities may be subject to important fluctuations. It may be sometimes difficult to close certain positions under favourable terms over several consecutive days.
It cannot be guaranteed that the liquidity of financial instruments and assets of the Master Fund will always be sufficient. The assets of the Master Fund may indeed be subject to unfavourable fluctuation on the markets, which may make more difficult the possibility to adjust positions under favourable terms.
- Risk related to a change of tax regime: Yes. | en | fr |
DOLFIN5667 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Late trading
Late trading occurs when an order is accepted after the close of the relevant acceptance dead- lines on the respective valuation date, but is executed at that same day’s price based on the net asset value. The practice of late trading is not
permitted as it violates the conditions of the Sales Prospectus of the Investment Company, under which the price at which an order placed after the order acceptance deadline is executed is based on the next valid net asset value per share. | ### Late Trading
L’expression Late Trading, en français « opération hors délai », s’entend de l’acceptation d’un ordre, le jour d’évaluation concerné, après l’expiration du délai d’acceptation fixé, ainsi que de l’exécution d’un tel ordre au cours applicable ce même jour calculé sur la base de la valeur liquidative. La pratique du Late Trading, n’est pas autorisée car
elle contrevient aux conditions du prospectus de vente de la société d’investissement, aux termes desquelles le prix auquel un ordre passé après l’expiration du délai d’acceptation des ordres est exécuté prend pour base la valeur liquidative valide suivante par action. | ### Late trading
Late trading occurs when an order is accepted after the close of the relevant acceptance dead- lines on the respective valuation date, but is executed at that same day’s price based on the net asset value. The practice of late trading is not
permitted as it violates the conditions of the Sales Prospectus of the Investment Company, under which the price at which an order placed after the order acceptance deadline is executed is based on the next valid net asset value per share. | en | fr |
DOLFIN5668 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
1
Amundi Funds Equity Euro a été renommé Amundi Funds Equity Euro Concentrated le 24 avril 2017.
2
Amundi Funds Equity US Concentrated Core a été renommé Amundi Funds Wells Fargo US Mid Cap le 3 mai 2017.
3
Amundi Funds Equity Global Gold Mines a été renommé Amundi Funds CPR Global Gold Mines le 13 mars 2017.
4
Amundi Funds Equity Global Resources a été renommé Amundi Funds CPR Global Resources le 13 mars 2017.
5
Ce compartiment a été lancé le 20 mars 2017.
6
Amundi Funds Equity India a été renommé Amundi Funds SBI FM Equity India le 13 mars 2017.
7
Amundi Funds Equity India Select a été renommé Amundi Funds SBI FM Equity India Select le 24 avril 2017.
8
Amundi Funds Multi Asset Global a été renommé Amundi Funds Multi Asset Conservative le 28 avril 2017.
9
Amundi Funds Patrimoine a été renommé Amundi Funds Global Perspectives le 24 mai 2017.
10
Ce compartiment a été lancé le 21 mars 2017.
11
Amundi Funds Index Equity Emerging Markets a fusionné dans Amundi Index Solutions - Amundi Index MSCI Emerging Markets le 20 avril 2017 sur la base d’une VNI datant du 19 avril 2017.
12
Amundi Funds Index Equity Euro a fusionné dans Amundi Index Solutions - Amundi Index MSCI EMU le 31
octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
13
Amundi Funds Index Equity Europe a fusionné dans Amundi Index Solutions - Amundi Index MSCI Europe le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
14
Amundi Funds Index Equity Japan a fusionné dans Amundi Index Solutions - Amundi Index MSCI Japan le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
15
Amundi Funds Index Equity North America a fusionné dans Amundi Index Solutions - Amundi Index MSCI North America le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
16
Amundi Funds Index Equity Pacific Ex Japan a fusionné dans Amundi Index Solutions - Amundi Index MSCI Pacific Ex Japan le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
17
Amundi Funds Index Equity USA a fusionné dans Amundi Index Solutions - Amundi Index S&P 500 le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
18
Amundi Funds Index Equity World a fusionné dans Amundi Index Solutions - Amundi Index MSCI World le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
19
Amundi Funds Index Equity World Real Estate a fusionné dans Amundi Index Solutions - Amundi Index FTSE EPRA NAREIT Global le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
20
Amundi Funds Index Bond Euro Corporate a fusionné dans Amundi Index Solutions - Amundi Index Barclays Euro AGG Corporate le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
21
Amundi Funds Index Bond Euro Govies a fusionné dans Amundi Index Solutions - Amundi Index Bofa Merrill Lynch Euro Govies 1-10 le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
22
Amundi Funds Index Global Bond (EUR) Hedged a été renommé Amundi Funds Index Global Bond le 8 juillet 2016. Amundi Funds Index Global Bond a fusionné dans Amundi Index Solutions - Amundi Index J.P. Morgan GBI Global Govies le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
23
Ce compartiment a été lancé le 16 juin 2017.
24
Amundi Funds Global Macro Forex Strategic a fusionné dans Amundi Funds Global Macro Forex le 12 mai 2017 sur la base d’une VNI datant du 11 mai 2017.
* Dans certains cas (lorsqu’un compartiment a été repris, liquidé ou lancé dans les 12 derniers mois, lorsqu’une classe d’actions a été lancée ou liquidée dans les 12 derniers mois, lorsque les actifs sous gestion pour une classe d’actions ont augmenté ou baissé dans une large mesure au cours des 12 derniers mois, ou lorsqu’il n’existe que peu d’actifs sous gestion pour une classe particulière), le ratio du coût total calculé annuellement (période de référence de 12 mois) peut ne pas être représentatif de la valeur réelle.
DONNÉES HISTORIQUES
(exprimées dans les devises des classes d’actions)
Ci-après sont présentés les prix d’émission les plus hauts et les prix de rachat les plus bas enregistrés sur les 12 dernières années, ou si le compartiment n’a pas été en existence pendant l’intégralité de la période, sur l’intégralité de la période pendant laquelle il a été en existence.
Une variation importante peut apparaître dans la valeur d’une catégorie d’actions, suite à un évènement survenu dans la société. | 1
El subfondo Amundi Funds Equity Euro pasó a denominarse Amundi Funds Equity Euro Concentrated el 24 de abril de 2017.
2
El subfondo Amundi Funds Equity US Concentrated Core pasó a denominarse Amundi Funds Wells Fargo US Mid Cap el 3 de mayo de 2017.
3
El subfondo Amundi Funds Equity Global Gold Mines pasó a denominarse Amundi Funds CPR Global Gold Mines el 13 de marzo de 2017.
4
El subfondo Amundi Funds Equity Global Resources pasó a denominarse Amundi Funds CPR Global Resources el 13 de marzo de 2017.
5
Este subfondo se lanzó el 20 de marzo de 2017.
6
El subfondo Amundi Funds Equity India pasó a denominarse Amundi Funds SBI FM Equity India el 13 de marzo de 2017.
7
El subfondo Amundi Funds Equity India Select pasó a denominarse Amundi Funds SBI FM Equity India Select el 24 de abril de 2017.
8
El subfondo Amundi Funds Multi Asset Global pasó a denominarse Amundi Funds Multi Asset Conservative el 28 de abril de 2017.
9
El subfondo Amundi Funds Patrimoine pasó a denominarse Amundi Funds Global Perspectives el 24 de mayo de 2017.
10
Este subfondo se lanzó el 21 de marzo de 2017.
11
Amundi Funds Index Equity Emerging Markets se fusionó con Amundi Index Solutions - Amundi Index MSCI Emerging Markets el 20 de abril de 2017 sobre la base de su VL con fecha de 19 de abril de 2017.
12
Amundi Funds Index Equity Euro se fusionó con Amundi Index Solutions - Amundi Index MSCI EMU el 31 de
octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
13
Amundi Funds Index Equity Europe se fusionó con Amundi Index Solutions - Amundi Index MSCI Europe el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
14
Amundi Funds Index Equity Japan se fusionó con Amundi Index Solutions - Amundi Index MSCI Japan el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
15
Amundi Funds Index Equity North America se fusionó con Amundi Index Solutions - Amundi Index MSCI North America el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
16
Amundi Funds Index Equity Pacific Ex Japan se fusionó con Amundi Index Solutions - Amundi Index MSCI Pacific Ex Japan el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
17
Amundi Funds Index Equity USA se fusionó con Amundi Index Solutions - Amundi Index S&P 500 el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
18
Amundi Funds Index Equity World se fusionó con Amundi Index Solutions - Amundi Index MSCI World el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
19
Amundi Funds Index Equity World Real Estate se fusionó con Amundi Index Solutions - Amundi Index FTSE EPRA NAREIT Global el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
20
Amundi Funds Index Bond Euro Corporate se fusionó con Amundi Index Solutions - Amundi Index Barclays Euro AGG Corporate el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
21
Amundi Funds Index Bond Euro Govies se fusionó con Amundi Index Solutions - Amundi Index Bofa Merrill Lynch Euro Govies 1-10 el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
22
Amundi Funds Index Global Bond (EUR) Hedged pasó a denominarse Amundi Funds Index Global Bond el 8 de julio de 2016. Amundi Funds Index Global Bond se fusionó con Amundi Index Solutions - Amundi Index J.P. Morgan GBI Global Govies el 31 de octubre de 2016 sobre la base de su VL con fecha de 28 de octubre de 2016.
23
Este subfondo se lanzó el 16 de junio de 2017.
24
Amundi Funds Global Macro Forex Strategic se fusionó con Amundi Funds Global Macro Forex el 12 de mayo de 2017 sobre la base de su VL con fecha de 11 de mayo de 2017.
* En determinados casos (cuando se haya resuelto, liquidado o lanzado un subfondo en los últimos 12 meses, cuando se haya lanzado o liquidado cualquier clase de acciones en los últimos 12 meses, cuando se hayan incrementado o reducido significativamente los activos gestionados de cualquier clase de acciones en los últimos 12 meses, o cuando haya muy pocos activos gestionados respecto de cualquier clase), los Ratios de Gastos Totales calculados con carácter anual (periodo de referencia de 12 meses) podrán no ser indicativos del valor real.
DATOS HISTÓRICOS
(expresados en las divisas de las clases)
A continuación se presentan los precios de emisión más elevados y los precios de reembolso más bajos de las acciones durante los últimos 12 ejercicios financieros o, si el subfondo no ha existido durante todo este periodo, aquellos relativos a la totalidad de su existencia.
Puede producirse una importante variación del valor de una clase de acciones a lo largo del tiempo, como consecuencia de una acción corporativa. | 1
Amundi Funds Equity Euro a été renommé Amundi Funds Equity Euro Concentrated le 24 avril 2017.
2
Amundi Funds Equity US Concentrated Core a été renommé Amundi Funds Wells Fargo US Mid Cap le 3 mai 2017.
3
Amundi Funds Equity Global Gold Mines a été renommé Amundi Funds CPR Global Gold Mines le 13 mars 2017.
4
Amundi Funds Equity Global Resources a été renommé Amundi Funds CPR Global Resources le 13 mars 2017.
5
Ce compartiment a été lancé le 20 mars 2017.
6
Amundi Funds Equity India a été renommé Amundi Funds SBI FM Equity India le 13 mars 2017.
7
Amundi Funds Equity India Select a été renommé Amundi Funds SBI FM Equity India Select le 24 avril 2017.
8
Amundi Funds Multi Asset Global a été renommé Amundi Funds Multi Asset Conservative le 28 avril 2017.
9
Amundi Funds Patrimoine a été renommé Amundi Funds Global Perspectives le 24 mai 2017.
10
Ce compartiment a été lancé le 21 mars 2017.
11
Amundi Funds Index Equity Emerging Markets a fusionné dans Amundi Index Solutions - Amundi Index MSCI Emerging Markets le 20 avril 2017 sur la base d’une VNI datant du 19 avril 2017.
12
Amundi Funds Index Equity Euro a fusionné dans Amundi Index Solutions - Amundi Index MSCI EMU le 31
octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
13
Amundi Funds Index Equity Europe a fusionné dans Amundi Index Solutions - Amundi Index MSCI Europe le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
14
Amundi Funds Index Equity Japan a fusionné dans Amundi Index Solutions - Amundi Index MSCI Japan le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
15
Amundi Funds Index Equity North America a fusionné dans Amundi Index Solutions - Amundi Index MSCI North America le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
16
Amundi Funds Index Equity Pacific Ex Japan a fusionné dans Amundi Index Solutions - Amundi Index MSCI Pacific Ex Japan le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
17
Amundi Funds Index Equity USA a fusionné dans Amundi Index Solutions - Amundi Index S&P 500 le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
18
Amundi Funds Index Equity World a fusionné dans Amundi Index Solutions - Amundi Index MSCI World le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
19
Amundi Funds Index Equity World Real Estate a fusionné dans Amundi Index Solutions - Amundi Index FTSE EPRA NAREIT Global le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
20
Amundi Funds Index Bond Euro Corporate a fusionné dans Amundi Index Solutions - Amundi Index Barclays Euro AGG Corporate le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
21
Amundi Funds Index Bond Euro Govies a fusionné dans Amundi Index Solutions - Amundi Index Bofa Merrill Lynch Euro Govies 1-10 le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
22
Amundi Funds Index Global Bond (EUR) Hedged a été renommé Amundi Funds Index Global Bond le 8 juillet 2016. Amundi Funds Index Global Bond a fusionné dans Amundi Index Solutions - Amundi Index J.P. Morgan GBI Global Govies le 31 octobre 2016 sur la base d’une VNI datant du 28 octobre 2016.
23
Ce compartiment a été lancé le 16 juin 2017.
24
Amundi Funds Global Macro Forex Strategic a fusionné dans Amundi Funds Global Macro Forex le 12 mai 2017 sur la base d’une VNI datant du 11 mai 2017.
* Dans certains cas (lorsqu’un compartiment a été repris, liquidé ou lancé dans les 12 derniers mois, lorsqu’une classe d’actions a été lancée ou liquidée dans les 12 derniers mois, lorsque les actifs sous gestion pour une classe d’actions ont augmenté ou baissé dans une large mesure au cours des 12 derniers mois, ou lorsqu’il n’existe que peu d’actifs sous gestion pour une classe particulière), le ratio du coût total calculé annuellement (période de référence de 12 mois) peut ne pas être représentatif de la valeur réelle.
DONNÉES HISTORIQUES
(exprimées dans les devises des classes d’actions)
Ci-après sont présentés les prix d’émission les plus hauts et les prix de rachat les plus bas enregistrés sur les 12 dernières années, ou si le compartiment n’a pas été en existence pendant l’intégralité de la période, sur l’intégralité de la période pendant laquelle il a été en existence.
Une variation importante peut apparaître dans la valeur d’une catégorie d’actions, suite à un évènement survenu dans la société. | fr | es |
DOLFIN5669 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TOTAL REPURCHASE
- With the sanction of an Ordinary Resolution of the Members or Members of a fund or class, the Company may repurchase all of the shares of the Company, class or fund at the Net Asset Value for such shares.
- If so determined by the Directors provided that not less than twenty one days written notice has been given to the Members, the Company may repurchase all (but not some) of the shares of the Company or representing any fund (other than any of the Subscriber Shares then in issue).
- If all of the shares in the Company, class or fund are to be repurchased as aforesaid the Company, with the approval of the Members by Ordinary Resolution, may divide amongst the Members in specie all or part of the assets of the Company, class or fund according to the value of the shares then held by each Member as determined in accordance with Article 12 hereof.
- If all of the shares are to be repurchased as aforesaid and the whole or any part of the business or property of the Company, fund or class or any of the assets of the Company, fund or class, is proposed to be transferred or sold to another company (hereinafter called “the Transferee”) the Company, fund or class may, with the sanction of a Special Resolution conferring either a general authority on the Directors or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer or sale, shares, units, policies or other like interests or property in or of the Transferee for distribution among the Members, or may enter into any other arrangement whereby any Member may in lieu of receiving cash or property, or in addition thereto, participate in the profits of, or receive, any other benefit from the Transferee.
- Where a repurchase of shares pursuant to Article 11 (a) or (b) would result in the number of Members falling below seven or such other minimum number of members as the Act may stipulate as the legal minimum number of members in a public limited company or would result in the issued share capital of the Company falling below such minimum amount as the Company may be obliged to maintain as the Act may stipulate, the Company may defer the repurchase of such shares the repurchase of which would result in such number or amount not being satisfied until the Company is wound up or until the Company procures the issue of sufficient shares to ensure that the aforesaid number and amount are satisfied. The Company shall be entitled to select the shares for such deferred repurchase in such manner as it may deem to be fair and reasonable and as may be approved by the Depositary.
- | # RACHAT TOTAL
- Avec la sanction d'une Résolution Ordinaire des Membres ou des Membres d'un compartiment ou d'une catégorie, la Société peut procéder au rachat de l'ensemble des actions de la Société, d'une catégorie ou d'un compartiment, à la Valeur Liquidative de ces actions.
- Si les Administrateurs en décident ainsi, et à condition qu'un préavis écrit d'au moins vingt-et-un jours en ait été donné aux Membres, la Société peut racheter la totalité (mais pas une partie) des actions de la Société ou représentant tout compartiment (à l'exclusion de toute Action de Souscripteur alors en circulation).
- Si l'ensemble des actions de la Société, d'une catégorie ou d'un compartiment doit être racheté comme indiqué ci-dessus, la Société, avec l'approbation des Membres par une Résolution Ordinaire, peut répartir entre les Membres, en nature, tout ou partie des actifs de la Société, de la catégorie ou du compartiment, en fonction de la valeur des actions alors détenues par chaque Membre, telle que calculée conformément à l'Article 12 des présentes.
- Si l'ensemble des actions doit être racheté comme indiqué ci-dessus et s'il est envisagé de céder ou de vendre à une autre société (ci-après le« Cessionnaire ») tout ou partie de l'activité ou des biens de la Société, du compartiment ou de la catégorie ou tout actif de la Société, du compartiment ou de la catégorie, la Société, le compartiment ou la catégorie peut, avec la sanction d'une Résolution Extraordinaire conférant aux Administrateurs un pouvoir général ou un pouvoir limité à un arrangement spécifique, recevoir en contrepartie ou en contrepartie partielle de la cession ou de la vente, des actions, parts, polices ou autres intérêts ou biens assimilés du Cessionnaire, pour distribution aux Membres, ou peut contracter tout autre arrangement par lequel tout Membre peut, au lieu de recevoir un montant en numéraire ou des biens, ou en plus de ceux-ci, participer aux bénéfices du Cessionnaire ou recevoir tout autre avantage de ce dernier.
- Si un rachat d'actions conformément à l'Article 11 (a) ou (b) a pour effet que le nombre de Membres passe en deçà de sept ou de tout autre minimum prévu par la Loi comme le nombre minimum légal de membres d'une société anonyme de droit public ou s'il a pour effet que le capital social émis de laSociété passe en deçà du montant minimum que la Société est tenue de maintenir en vertu de la Loi, la Société peut différer le rachat des actions qui aurait pour effet que ce nombre ou ce montant ne serait plus respecté jusqu'à la liquidation de la Société ou jusqu'à ce que la Société organise l'émission d'un nombre d'actions suffisant pour garantir le maintien des nombre et montant précités. La Société sera en droit de sélectionner les actions concernées par ce report de rachat de la manière qu'elle juge équitable et raisonnable et selon ce qui pourra être approuvé par le Dépositaire.
- | # TOTAL REPURCHASE
- With the sanction of an Ordinary Resolution of the Members or Members of a fund or class, the Company may repurchase all of the shares of the Company, class or fund at the Net Asset Value for such shares.
- If so determined by the Directors provided that not less than twenty one days written notice has been given to the Members, the Company may repurchase all (but not some) of the shares of the Company or representing any fund (other than any of the Subscriber Shares then in issue).
- If all of the shares in the Company, class or fund are to be repurchased as aforesaid the Company, with the approval of the Members by Ordinary Resolution, may divide amongst the Members in specie all or part of the assets of the Company, class or fund according to the value of the shares then held by each Member as determined in accordance with Article 12 hereof.
- If all of the shares are to be repurchased as aforesaid and the whole or any part of the business or property of the Company, fund or class or any of the assets of the Company, fund or class, is proposed to be transferred or sold to another company (hereinafter called “the Transferee”) the Company, fund or class may, with the sanction of a Special Resolution conferring either a general authority on the Directors or an authority in respect of any particular arrangement, receive in compensation or part compensation for the transfer or sale, shares, units, policies or other like interests or property in or of the Transferee for distribution among the Members, or may enter into any other arrangement whereby any Member may in lieu of receiving cash or property, or in addition thereto, participate in the profits of, or receive, any other benefit from the Transferee.
- Where a repurchase of shares pursuant to Article 11 (a) or (b) would result in the number of Members falling below seven or such other minimum number of members as the Act may stipulate as the legal minimum number of members in a public limited company or would result in the issued share capital of the Company falling below such minimum amount as the Company may be obliged to maintain as the Act may stipulate, the Company may defer the repurchase of such shares the repurchase of which would result in such number or amount not being satisfied until the Company is wound up or until the Company procures the issue of sufficient shares to ensure that the aforesaid number and amount are satisfied. The Company shall be entitled to select the shares for such deferred repurchase in such manner as it may deem to be fair and reasonable and as may be approved by the Depositary.
- | en | fr |
DOLFIN5670 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
Risque plus faible Risque plus élevé
Rendement typiquement plus faible Rendement typiquement plus élevé
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Les données historiques pourraient ne pas constituer une indication fiable pour le futur.
- La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps.
- La catégorie la plus faible ne correspond pas à un investissement « sans risque ».
- Le profil de risque et de rendement est classé selon le degré de volatilité historique des Valeurs liquidatives de la Catégorie d’Actions. Il est reflété par une échelle numérique où 1 - 2 indique une volatilité historique basse, 3 - 5 une volatilité moyenne et 6 - 7 une volatilité élevée.
- La valeur de votre investissement peut évoluer à la baisse comme à la hausse et vous êtes susceptible de ne pas récupérer l’intégralité des montants investis au départ.
- Le Compartiment peut investir dans des instruments libellés dans des devises autres que sa devise de référence. Les fluctuations des taux de change peuvent donc affecter la valeur de votre investissement.
- La couverture de change peut être utilisée pour atténuer les effets de ces fluctuations, sans pour autant les éliminer totalement dans la mesure où on pourrait s’y attendre.
- L'utilisation d'instruments dérivés peut donner lieu à un « effet de levier », à savoir un niveau d'exposition qui pourrait soumettre le Compartiment à des gains ou pertes potentiels supérieurs à la normale.
- Il existe un risque que les émetteurs d'obligations puissent ne pas être en mesure de rembourser le montant emprunté ou d'effectuer les paiements d'intérêts. Tandis que nous visons à atténuer ce risque, le Compartiment pourrait être exposé à un risque de perte financière s'il investit dans un instrument émis par une entité qui, par la suite, ne rembourse pas ses emprunts. Des pertes pourraient également être encourues si une entité à laquelle le Compartiment est exposé cesse d'effectuer les paiements d'intérêts sur une période ou indéfiniment. Les cours des obligations ont une relation inverse avec les taux d'intérêt de sorte que lorsque les taux d'intérêt augmentent, la valeur des obligations est susceptible de baisser. La hausse des taux d'intérêt peut faire baisser la valeur de votre investissement.
- La liquidité désigne le degré de facilité avec lequel un investissement peut être converti en espèces. Dans certaines conditions de marché, les actifs peuvent être plus difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du Compartiment à honorer les demandes de rachat en temps opportun.
- Les marchés émergents peuvent être plus volatils et il pourrait s'avérer plus difficile de vendre ou négocier des titres. La supervision et la réglementation peuvent s'avérer moindres et les procédures moins bien définies que dans des pays plus développés. Les marchés émergents peuvent être sensibles à une instabilité politique, qui peut se traduire par une volatilité et des incertitudes accrues, ce qui expose le fonds à un risque de pertes.
Informations clés pour l’investisseur Fidelity Funds - Asian High Yield Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Existe el riesgo de que los emisores de bonos no puedan reintegrar el importe prestado, o que no puedan cumplir con los pagos de intereses. Aunque intentamos mitigarlo, el Subfondo puede estar expuesto al riesgo de sufrir pérdidas económicas si invierte en un instrumento emitido por una institución que después incurra en el impago de sus préstamos. También se pueden materializar pérdidas si una entidad a la que el Subfondo se encuentre expuesto deja de pagar los intereses durante un tiempo o de forma indefinida. El precio de los bonos se relaciona de forma inversa con los tipos de interés, de forma que cuando los tipos de interés suben, el valor de los bonos puede disminuir. El incremento en los tipos de interés puede provocar una caída en el valor de su inversión.
- La liquidez es una medida del grado de convertibilidad de una inversión en efectivo. En determinadas condiciones del mercado, puede haber dificultades para valorar o vender activos al precio deseado. Esto podría afectar la capacidad del Subfondo para atender oportunamente los reembolsos.
- Los mercados emergentes pueden ser más volátiles y presentar más trabas para la venta o negociación de valores. Es posible que cuenten con menos supervisión y normativas, y que los procedimientos no estén tan bien definidos como en los países más desarrollados. Los mercados emergentes pueden verse afectados por la inestabilidad política, lo que puede generar más volatilidad e incertidumbre y someter al Subfondo al riesgo de pérdidas.
Datos fundamentales para el inversor Fidelity Funds - Asian High Yield Fund | # Profil de risque et de rendement
Risque plus faible Risque plus élevé
Rendement typiquement plus faible Rendement typiquement plus élevé
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Les données historiques pourraient ne pas constituer une indication fiable pour le futur.
- La catégorie de risque indiquée n’est pas garantie et peut évoluer au fil du temps.
- La catégorie la plus faible ne correspond pas à un investissement « sans risque ».
- Le profil de risque et de rendement est classé selon le degré de volatilité historique des Valeurs liquidatives de la Catégorie d’Actions. Il est reflété par une échelle numérique où 1 - 2 indique une volatilité historique basse, 3 - 5 une volatilité moyenne et 6 - 7 une volatilité élevée.
- La valeur de votre investissement peut évoluer à la baisse comme à la hausse et vous êtes susceptible de ne pas récupérer l’intégralité des montants investis au départ.
- Le Compartiment peut investir dans des instruments libellés dans des devises autres que sa devise de référence. Les fluctuations des taux de change peuvent donc affecter la valeur de votre investissement.
- La couverture de change peut être utilisée pour atténuer les effets de ces fluctuations, sans pour autant les éliminer totalement dans la mesure où on pourrait s’y attendre.
- L'utilisation d'instruments dérivés peut donner lieu à un « effet de levier », à savoir un niveau d'exposition qui pourrait soumettre le Compartiment à des gains ou pertes potentiels supérieurs à la normale.
- Il existe un risque que les émetteurs d'obligations puissent ne pas être en mesure de rembourser le montant emprunté ou d'effectuer les paiements d'intérêts. Tandis que nous visons à atténuer ce risque, le Compartiment pourrait être exposé à un risque de perte financière s'il investit dans un instrument émis par une entité qui, par la suite, ne rembourse pas ses emprunts. Des pertes pourraient également être encourues si une entité à laquelle le Compartiment est exposé cesse d'effectuer les paiements d'intérêts sur une période ou indéfiniment. Les cours des obligations ont une relation inverse avec les taux d'intérêt de sorte que lorsque les taux d'intérêt augmentent, la valeur des obligations est susceptible de baisser. La hausse des taux d'intérêt peut faire baisser la valeur de votre investissement.
- La liquidité désigne le degré de facilité avec lequel un investissement peut être converti en espèces. Dans certaines conditions de marché, les actifs peuvent être plus difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du Compartiment à honorer les demandes de rachat en temps opportun.
- Les marchés émergents peuvent être plus volatils et il pourrait s'avérer plus difficile de vendre ou négocier des titres. La supervision et la réglementation peuvent s'avérer moindres et les procédures moins bien définies que dans des pays plus développés. Les marchés émergents peuvent être sensibles à une instabilité politique, qui peut se traduire par une volatilité et des incertitudes accrues, ce qui expose le fonds à un risque de pertes.
Informations clés pour l’investisseur Fidelity Funds - Asian High Yield Fund | fr | es |
DOLFIN5671 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Eleva Global Bonds Opportunities Fund is actively managed with no reference to a benchmark.
The Eleva Global Bonds Opportunities Fund may enter into Securities Financing Transactions in pursuit of the Eleva Global Bonds Opportunities Fund’s investment strategy.
As at the date of this Prospectus, the maximum proportion and expected proportion of the Net Asset Value of the Eleva Global Bonds Opportunities Fund which will be invested in each type of Securities Financing Transactions and TRS are as follows: | Der Eleva Global Bonds Opportunities Fund wird ohne Bezug zu einer Benchmark aktiv verwaltet.
Der Eleva Global Bonds Opportunities Fund kann zur Verfolgung der Anlagestrategie des Eleva Global Bonds Opportunities Fund Wertpapierfinanzierungsgeschäfte tätigen.
Zum Datum dieses Verkaufsprospekts lauten die maximalen und die zu erwartenden Anteile des Nettoinventarwerts des Eleva Global Bonds Opportunities Fund, die in die jeweiligen Arten von Wertpapierfinanzierungsgeschäften und TRS investiert werden, wie folgt: | The Eleva Global Bonds Opportunities Fund is actively managed with no reference to a benchmark.
The Eleva Global Bonds Opportunities Fund may enter into Securities Financing Transactions in pursuit of the Eleva Global Bonds Opportunities Fund’s investment strategy.
As at the date of this Prospectus, the maximum proportion and expected proportion of the Net Asset Value of the Eleva Global Bonds Opportunities Fund which will be invested in each type of Securities Financing Transactions and TRS are as follows: | en | de |
DOLFIN5672 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Produit
## DWS Invest Chinese Equities
Classe d’actions: LC, ISIN: LU0273157635, Code valeur allemand: DWS0BJ, Devise: EUR
un compartiment du DWS Invest. Le fonds est un OPCVM de droit luxembourgeois. La société de gestion est DWS Investment S.A. (l’initiateur), membre du groupe DWS Group. Consultez le site www.dws.com/fundinformation/ ou contactez le +352 4 21 01-2 pour de plus amples informations. L'autorité compétente, la Commission de Surveillance du Secteur Financier, est chargée de superviser DWS Invest en lien avec le présent Document d’informations clés. Ce PRIIP est autorisé au Luxembourg. La société de gestion DWS Investment
### S.A. est autorisée au Luxembourg et est réglementée par Commission de Surveillance du Secteur Financier. Ces informations clés sont exactes à la date du 01.01.2023. | # Producto
## DWS Invest Chinese Equities
Clase de acciones: LC, ISIN: LU0273157635, Código del fondo Alemán: DWS0BJ, Divisa: EUR
un subfondo de DWS Invest. El fondo es un OICVM domiciliado en Luxemburgo. La sociedad gestora es DWS Investment S.A. (productor), un miembro del grupo DWS. 'Si desea más información, entre en www.dws.com/fundinformation/ o llame al +352 4 21 01-2. La Commission de Surveillance du Secteur Financier es la autoridad competente responsable de supervisar a DWS Invest en lo que respecta a este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo. La sociedad gestora DWS Investment
### S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales son exactos a 01.01.2023. | # Produit
## DWS Invest Chinese Equities
Classe d’actions: LC, ISIN: LU0273157635, Code valeur allemand: DWS0BJ, Devise: EUR
un compartiment du DWS Invest. Le fonds est un OPCVM de droit luxembourgeois. La société de gestion est DWS Investment S.A. (l’initiateur), membre du groupe DWS Group. Consultez le site www.dws.com/fundinformation/ ou contactez le +352 4 21 01-2 pour de plus amples informations. L'autorité compétente, la Commission de Surveillance du Secteur Financier, est chargée de superviser DWS Invest en lien avec le présent Document d’informations clés. Ce PRIIP est autorisé au Luxembourg. La société de gestion DWS Investment
### S.A. est autorisée au Luxembourg et est réglementée par Commission de Surveillance du Secteur Financier. Ces informations clés sont exactes à la date du 01.01.2023. | fr | es |
DOLFIN5673 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of Overnight SOFR +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.
The Fund invests primarily in a diverse portfolio of bonds (contracts to repay borrowed money which pay interest at fixed or times), deposits or derivatives. These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries).
Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund may invest in other assets such as cash, derivatives, money market instruments (tradable securities where money can be invested for short periods) and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Fund cannot replicate the target benchmark index. The benchmark index is not investable and therefore cannot be replicated. The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Income Allocation: On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar rentabilidad total a largo plazo (mediante una combinación de ingresos y crecimiento del capital). El Fondo trata de lograr una rentabilidad superior al tipo SOFR a un día +4%, sin descontar las comisiones, durante un ciclo de crédito completo (las fases de acceso al crédito por los prestatarios). Los ciclos de crédito pueden tener distintas duraciones, normalmente comprendidas entre 3 y 7 años. Aunque el Fondo
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
tratará de lograr una rentabilidad positiva y su objetivo de rentabilidad, no es posible garantizar que vayan a alcanzarse a lo largo del ciclo de crédito completo ni en ningún otro periodo de tiempo. No es posible garantizar que vaya a reembolsarse la totalidad del capital invertido en el Fondo.
El Fondo invierte principalmente en una cartera diversa de bonos (contratos para reembolsar dinero tomado en préstamo que pagan intereses en momentos predeterminados), depósitos o derivados. Estos valores están emitidos por gobiernos, instituciones o empresas de todo el mundo, incluidos los mercados emergentes (países menos desarrollados económicamente que los principales países occidentales).
Las inversiones denominadas en monedas distintas del dólar estadounidense tendrán cobertura (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) en dólares estadounidenses.
El Fondo podrá invertir en otros activos como el efectivo, derivados, instrumentos del mercado monetario (valores mobiliarios en los que se puede invertir dinero durante periodos breves) y otros fondos.
El Fondo promueve características medioambientales y sociales alineadas con el Artículo 8 del Reglamento de Divulgación Financiera Sostenible (SFDR) de la UE.
El Fondo no invertirá en determinados sectores o instrumentos financieros. Con el tiempo, el Gestor de inversiones, de conformidad con la política de inversión del Fondo, podrá aplicar exclusiones adicionales que se publicarán en el sitio web a medida que se implementen.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Gestor de inversiones utiliza una estrategia de cobertura de divisas (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) cuyo objetivo es que la rentabilidad en la moneda de esta clase de acciones sea similar a la rentabilidad obtenida en la moneda en que están valoradas las inversiones del Fondo.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El Fondo no puede replicar el índice de referencia objetivo. El índice de referencia no es apto para la inversión y, por tanto, no puede replicarse. El Gestor de inversiones tiene libertad para escoger las inversiones del Fondo, que no se asemejarán a los componentes del índice de referencia.
Todo ingreso generado por su inversión se refleja en el valor de sus acciones, en lugar de distribuirse.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Mercados emergentes (incluida China): Estos mercados conllevan un riesgo mayor de pérdida financiera que los mercados más desarrollados, ya que pueden tener sistemas jurídicos, políticos, económicos o de otro tipo menos desarrollados.
Asignación de ingresos: En algunas inversiones (por ejemplo, el rendimiento implícito de contratos de derivados de divisas a plazo), las plusvalías pueden asignarse a los ingresos y no a la cuenta de capital. Esto puede causar mayores fluctuaciones en el valor del capital del Fondo. Los ingresos pueden ser tributables.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Liquidez: Es posible que no haya suficientes compradores o vendedores de una inversión concreta, lo que puede causar retrasos en la negociación y la liquidación, así como mayores fluctuaciones del valor. Esto puede causar mayores pérdidas financieras de las previstas.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide long-term total returns (through a combination of income and capital growth). The Fund targets a return in excess of Overnight SOFR +4% gross of fees over a full credit cycle (the phases of access to credit by borrowers). Credit cycles can vary in length and typically last between 3 and 7 years. While the Fund aims to achieve a positive return and
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
its performance target, there is no guarantee that either will be achieved over the full credit cycle, or over any period of time. There is no guarantee that all capital invested in the Fund will be returned.
The Fund invests primarily in a diverse portfolio of bonds (contracts to repay borrowed money which pay interest at fixed or times), deposits or derivatives. These securities are issued by governments, institutions or companies from around the world including emerging markets (countries that are in economic terms less developed than the major Western countries).
Investments priced in currencies other than US dollars will be hedged (an investment technique which aims to protect the value of an investment against currency movements) back into US dollars.
The Fund may invest in other assets such as cash, derivatives, money market instruments (tradable securities where money can be invested for short periods) and other funds.
The Fund promotes environmental and social characteristics in line with Article 8 of the EU Sustainable Finance Disclosure Regulation (SFDR).
The Fund will not invest in certain sectors or investments. Over time, the Investment Manager may, in accordance with the Fund’s investment policy, apply additional exclusions to be disclosed on the website, as they are implemented.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The Fund cannot replicate the target benchmark index. The benchmark index is not investable and therefore cannot be replicated. The Investment Manager is free to choose the investments of the Fund and these will not resemble the components of the benchmark index.
Any income due from your investment is reflected in the value of your shares rather than being paid out.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator: Default: There is a risk that the issuers of fixed income investments (e.g.
bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.
Income Allocation: On some investments (e.g. the Implied Yield from Forward Foreign Exchange derivative contracts) any gains may be allocated to income rather than the capital account. This may cause greater fluctuations in the capital value of the fund. Income may be taxable.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Liquidity: There may be insufficient buyers or sellers of particular investments giving rise to delays in trading and being able to make settlements, and/or large fluctuations in value. This may lead to larger financial losses than might be anticipated.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN5674 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
L'indicateur de risque sommaire permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L'indicateur de risque se fonde sur l'hypothèse que vous conservez le produit pendant au moins 5 ans. Le risque réel peut varier considérablement si vous demandez le remboursement de votre apport au tout début de la période de détention et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
Nous avons classé ce produit dans la catégorie 5 sur une échelle de 7, ce qui correspond à la catégorie présentant un risque moyen à élevé.
Cet indicateur évalue les pertes potentielles de performances futures à un niveau moyen à élevé, et il est probable que des mauvaises conditions du marché aient un impact sur la capacité de Baillie Gifford Investment Management (Europe) Limited à rembourser votre apport.
Ayez à l'esprit le risque de change. Vous percevrez des paiements dans une devise différente, si bien que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
Le portefeuille concentré du Fonds et l'exposition aux devises étrangères peuvent augmenter le risque.
Ce produit ne comportant aucune protection contre les performances futures du marché, vous pourriez par là-même perdre une partie ou la totalité de votre investissement. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a los movimientos en los mercados o porque no podamos pagarle.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Riesgo más bajo Riesgo más alto
El indicador de riesgo asume que va a mantener el producto durante 5 años. El riesgo real puede variar significativamente si usted sale anticipadamente y podría recibir una cantidad inferior.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto.
Este indicador evalúa las pérdidas potenciales del rendimiento futuro en un nivel medio alto, y es probable que las malas condiciones del mercado afecten a la capacidad de Baillie Gifford Investment Management (Europe) Limited para pagarle.
Tenga en cuenta el riesgo de divisas. Usted recibirá los pagos en una divisa diferente, por lo que la cantidad final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se ha tenido en cuenta en el indicador anterior.
La cartera concentrada del Fondo y la exposición a divisas extranjeras pueden aumentar el riesgo.
Este producto no incluye ninguna protección contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
Indicateur de risque
L'indicateur de risque sommaire permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque le plus faible Risque le plus élevé
L'indicateur de risque se fonde sur l'hypothèse que vous conservez le produit pendant au moins 5 ans. Le risque réel peut varier considérablement si vous demandez le remboursement de votre apport au tout début de la période de détention et vous courez le risque de ne pas récupérer le montant que vous avez initialement investi.
Nous avons classé ce produit dans la catégorie 5 sur une échelle de 7, ce qui correspond à la catégorie présentant un risque moyen à élevé.
Cet indicateur évalue les pertes potentielles de performances futures à un niveau moyen à élevé, et il est probable que des mauvaises conditions du marché aient un impact sur la capacité de Baillie Gifford Investment Management (Europe) Limited à rembourser votre apport.
Ayez à l'esprit le risque de change. Vous percevrez des paiements dans une devise différente, si bien que le rendement final que vous obtiendrez dépendra du taux de change entre les deux devises. Ce risque n'est pas pris en compte dans l'indicateur présenté ci-dessus.
Le portefeuille concentré du Fonds et l'exposition aux devises étrangères peuvent augmenter le risque.
Ce produit ne comportant aucune protection contre les performances futures du marché, vous pourriez par là-même perdre une partie ou la totalité de votre investissement. | fr | es |
DOLFIN5675 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# General Information
The Fund is authorised as a “Fonds Commun de Placement” whose prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined in Directive 2014/91/EU of 23 July 2014). The Fund was established on 25 September 1992.
The information that is included in this report refers to the period under review from 1 February 2021 to 31 January 2022. This should not be taken as an indication of the future development of the Fund.
This report does not constitute an offer or an invitation to purchase units of the Fund. Subscriptions are only valid if made on the basis of the current prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available.
The prospectus, the management regulations, the Key Investor Information, as well as the respective annual and semi-annual reports, can be obtained without charge from the Management Company, the Depositary or from any Paying and Information Agent.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Frankfurt/Main Internet: https://de.allianzgi.com Email: [email protected]
Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com Email: [email protected] | # Informazioni generali
Il Fondo descritto nella presente relazione è costituito come “Fonds Commun de Placement”: il Prospetto informativo di offerta e il Regolamento di gestione rientrano nel campo di applicazione della Parte I della Legge lussemburghese del 17 dicembre 2010 in materia di Organismi di Investimento Collettivo (OICVM ai sensi della Direttiva 2014/91/UE del 23 luglio 2014). Il Fondo è stato costituito in data 25 settembre 1992.
I dati riportati nella presente relazione si riferiscono al periodo contabile compreso tra il 1 febbraio 2021 e il 31 gennaio 2022. Non si possono ritenere indicativi del futuro andamento del Fondo.
La presente relazione non rappresenta un’offerta, né un invito all’acquisto di quote del Fondo. L’acquisto di quote del Fondo deve essere effettuato sulla base del corrente Prospetto informativo di offerta, delle Informazioni chiave per gli investitori e del Regolamento di gestione, corredati dalla più recente relazione annuale certificata. Qualora la data di pubblicazione di quest’ultima sia antecedente di oltre otto mesi, all’investitore dovrà essere consegnata anche l’ultima relazione semestrale pubblicata.
Il Prospetto informativo di offerta, il Regolamento di gestione, le Informazioni chiave per gli investitori, nonché le relazioni annuali e semestrali possono essere richiesti gratuitamente presso la Società di gestione, il Depositario e qualsiasi Agente di pagamento e per le informazioni.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Francoforte sul Meno Internet: https://de.allianzgi.com E-mail: [email protected]
Allianz Global Investors GmbH svolge la funzione di agente amministrativo centrale tramite la propria filiale in Lussemburgo:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com E-mail: [email protected] | # General Information
The Fund is authorised as a “Fonds Commun de Placement” whose prospectus and management regulations fall within the scope of Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended (UCITS as defined in Directive 2014/91/EU of 23 July 2014). The Fund was established on 25 September 1992.
The information that is included in this report refers to the period under review from 1 February 2021 to 31 January 2022. This should not be taken as an indication of the future development of the Fund.
This report does not constitute an offer or an invitation to purchase units of the Fund. Subscriptions are only valid if made on the basis of the current prospectus, the Key Investor Information and the management regulations, supplemented by the latest available audited annual report. If the latest annual report was published more than eight months ago, then the semi-annual report must also be made available.
The prospectus, the management regulations, the Key Investor Information, as well as the respective annual and semi-annual reports, can be obtained without charge from the Management Company, the Depositary or from any Paying and Information Agent.
Allianz Global Investors GmbH
Bockenheimer Landstraße 42-44 D-60323 Frankfurt/Main Internet: https://de.allianzgi.com Email: [email protected]
Allianz Global Investors GmbH acts through its Luxembourg branch in order to carry out its function as Central Administration Agent:
6A, route de Trèves
L-2633 Senningerberg
Internet: https://lu.allianzgi.com Email: [email protected] | en | it |
DOLFIN5676 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 286 USD | 1,633 USD |
| Annual cost impact (*) | 2.9% | 2.9% | | | Investimento: 10.000 USD | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- | --- |
| Costi totali | 286 USD | 1.633 USD |
| Incidenza annuale dei costi (*) | 2,9% | 2,9% | | | Investment: USD 10,000 | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 286 USD | 1,633 USD |
| Annual cost impact (*) | 2.9% | 2.9% | | en | it |
DOLFIN5677 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI EM Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity securities in emerging markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones pertenece a un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleja la rentabilidad del MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice pretende reflejar las características de rentabilidad de un subconjunto de valores de renta variable que forman parte del MSCI EM Index (el Índice Matriz) con un perfil de volatilidad mínimo, cumpliendo con ciertas restricciones de exposición en términos de diversificación del riesgo y reducción del carbono, además de con los criterios medioambientales, sociales y de gobierno corporativo (ESG) del proveedor del índice.
El Índice excluye a empresas del Índice Matriz sobre la base de los criterios ESG del proveedor del índice que se recogen en la descripción del índice de referencia del Fondo, en el folleto del Fondo.
Tras la aplicación de los criterios ESG, los componentes del Índice se seleccionan utilizando una estrategia de volatilidad mínima, por la que se eligen valores del Índice Matriz a partir de estimaciones del perfil de riesgo y la volatilidad esperada de cada componente, y la correlación entre todos los componentes del Índice Matriz. Este proceso de selección está sujeto a ciertas restricciones de exposición en términos de diversificación de riesgos, reducción del carbono y mejora de la puntuación ESG, en relación con el Índice Matriz.
El Índice Matriz mide la rentabilidad de valores de renta variable de mercados emergentes. Las empresas se incluyen en el Índice Matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de Acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros aptos, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EM Minimum Volatility ESG Reduced Carbon Target Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund, is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of securities within the MSCI EM Index (Parent Index) with a minimum volatility profile, subject to certain risk diversification and carbon reduction exposure constraints, and which comply with the index provider’s environmental, social and governance (ESG) criteria.
The Index excludes companies from the Parent Index based on the index provider’s ESG criteria as outlined in the benchmark index description of the Fund in the Fund's prospectus.
Following the application of the ESG criteria, the constituents of the Index are selected, using a minimum volatility strategy, from the Parent Index based on estimates of the risk profile and expected volatility of each constituent, and the correlation between all constituents in the Parent Index. This selection process is subject to certain risk diversification, carbon reduction exposure and ESG score improvement constraints, relative to the Parent Index.
The Parent Index measures the performance of equity securities in emerging markets. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN5678 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A Shareholder who is considered a "non-US Person" under Regulation S and a "Non-United States person" under Rule 4.7 may nevertheless be generally subject to income tax under US federal income tax laws, depending on the Shareholder's particular circumstances. Any such person should consult his or her tax adviser regarding an investment in the Fund, and Shareholders will generally be asked to certify that they are not US persons for US federal tax purposes.
If it comes to the attention of the Fund at any time that a United States Person unauthorised by the Fund, either alone or in conjunction with any other person, owns Shares, the Fund may compulsorily redeem such Shares.
This Prospectus may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Prospectus. To the extent that there is any inconsistency between the English language Prospectus and the Prospectus in another language, the English language will prevail, except to the extent (but only to the extent) required by the laws of any jurisdiction including the regulations or requirements of the financial regulator of such jurisdiction where the shares are sold, that in any action based upon disclosure in the Prospectus in a language other than English, the language of the Prospectus on which such action is based shall prevail. | Un Azionista che sia considerato “Soggetto non statunitense” ai sensi del Regulation S e “Soggetto non statunitense” conformemente alla Rule 4.7, può comunque essere generalmente assoggettato a imposta sul reddito in conformità alle leggi sulle imposte federali statunitensi sul reddito, in funzione delle situazioni specifiche per l’Azionista in questione. Siffatto soggetto deve rivolgersi al proprio consulente fiscale per quanto attiene all’investimento nel Fondo; inoltre, agli Azionisti sarà generalmente richiesto di certificare di non essere Soggetti statunitensi ai fini delle imposte federali statunitensi.
Qualora il Fondo rilevasse in qualsiasi momento che un Soggetto statunitense da esso non autorizzato detenga Azioni, sia solo sia insieme a qualunque altro soggetto, potrà procedere al rimborso forzoso delle Azioni in questione.
Il presente Prospetto può essere tradotto in altre lingue. Tali traduzioni dovranno riportare esclusivamente le stesse informazioni e avere lo stesso significato del Prospetto originale in lingua inglese. Ove si presentino discrepanze tra il Prospetto in lingua inglese e quelli tradotti in un’altra lingua, fa fede la versione in lingua inglese, salvo (ed esclusivamente) nella misura in cui le leggi di una giurisdizione – inclusi i regolamenti o i requisiti del regolatore finanziario della giurisdizione in cui
sono vendute le azioni – prevedano che nell’eventualità di un’azione legale basata su informazioni riportate nel Prospetto in una lingua diversa dall’inglese, faccia fede la lingua del Prospetto su cui si basa tale azione. | A Shareholder who is considered a "non-US Person" under Regulation S and a "Non-United States person" under Rule 4.7 may nevertheless be generally subject to income tax under US federal income tax laws, depending on the Shareholder's particular circumstances. Any such person should consult his or her tax adviser regarding an investment in the Fund, and Shareholders will generally be asked to certify that they are not US persons for US federal tax purposes.
If it comes to the attention of the Fund at any time that a United States Person unauthorised by the Fund, either alone or in conjunction with any other person, owns Shares, the Fund may compulsorily redeem such Shares.
This Prospectus may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Prospectus. To the extent that there is any inconsistency between the English language Prospectus and the Prospectus in another language, the English language will prevail, except to the extent (but only to the extent) required by the laws of any jurisdiction including the regulations or requirements of the financial regulator of such jurisdiction where the shares are sold, that in any action based upon disclosure in the Prospectus in a language other than English, the language of the Prospectus on which such action is based shall prevail. | en | it |
DOLFIN5679 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In addition to the factors and general principles referred to above, warnings and indicators may be taken into account
when determining the credit quality of a money market instrument within the meaning of section 2.3.2(g) of this Sales Prospectus.
Credit quality is assessed on the basis of the above-mentioned criteria. An asset is given a positive assessment once (1) the categories of issuer have been analysed, whereby the depth of the analysis may vary depending on the borrower, (2) qualitative indicators such as the financial market situation and sovereign risk have been taken into account, (3) a credit recommendation has been formulated at asset class level (e.g. money market instruments, derivatives or deposits with credit institutions), (4) this recommendation has been documented, and (5) this recommendation has undergone the internal quality assurance procedure and been ratified so that a positive assessment can be given for the asset in question.
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# Investment objective and investment policy
- Investment objectiveThe Fund’s primary investment objective is to achieve a positive performance while taking into account the security of the Fund's assets. For this purpose, the assets of each sub-fund shall be invested in money market instruments issued or guaranteed by borrowers with good credit ratings, and in demand deposits and time deposits in accordance with the principle of risk diversification and pursuant to the MMFs Regulation. | Zusätzlich den vorangehend genannten Faktoren und allgemeinen Grundsätzen kann bei der Bewertung der Kreditqualität eines Geldmarktinstruments im Sinne der Ziffer
2.3.2 g) dieses Verkaufsprospekts Warnungen und Indikatoren Rechnung getragen werden.
Die Kreditqualität wird auf der Grundlage der o.g. Kriterien bewertet. Diese Bewertung fällt positiv aus, nachdem (1) die Emittentenkategorien analysiert worden sind, wobei die Tiefe der Analyse je nach Schuldner variieren kann, (2) qualitative Indikatoren wie die Situation des Finanzmärkte oder Länderrisiken berücksichtigt worden sind, (3) eine Kreditempfehlung auf Stufe der Vermögenswertklasse (z.B. Geldmarktinstrumente, Derivate oder Einlagen bei Kreditinstituten) formuliert, (4) diese Empfehlung dokumentiert worden ist und (5) den internen Qualitätssicherungsprozess durchlaufen hat, welcher zur Ratifizierung der Empfehlung und damit positiven Auswertung für den betreffenden Vermögenswert geführt hat.
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# Anlageziel und Anlagepolitik
- AnlagezielDas Anlageziel des Fonds besteht hauptsächlich darin, eine positive Performance, unter Berücksichtigung der Sicherheit des Fondsvermögens, zu erwirtschaften. Zu diesem Zweck werden die Vermögenswerte eines jeden Teilfonds nach dem Grundsatz der Risikoverteilung in Geldmarktinstrumente im Einklang mit der Geldmarktfondsverordnung investiert, die von Schuldnernmit guter Bonität ausgegeben oder garantiert werden, sowie in Sicht- und Termineinlagen. | In addition to the factors and general principles referred to above, warnings and indicators may be taken into account
when determining the credit quality of a money market instrument within the meaning of section 2.3.2(g) of this Sales Prospectus.
Credit quality is assessed on the basis of the above-mentioned criteria. An asset is given a positive assessment once (1) the categories of issuer have been analysed, whereby the depth of the analysis may vary depending on the borrower, (2) qualitative indicators such as the financial market situation and sovereign risk have been taken into account, (3) a credit recommendation has been formulated at asset class level (e.g. money market instruments, derivatives or deposits with credit institutions), (4) this recommendation has been documented, and (5) this recommendation has undergone the internal quality assurance procedure and been ratified so that a positive assessment can be given for the asset in question.
-
# Investment objective and investment policy
- Investment objectiveThe Fund’s primary investment objective is to achieve a positive performance while taking into account the security of the Fund's assets. For this purpose, the assets of each sub-fund shall be invested in money market instruments issued or guaranteed by borrowers with good credit ratings, and in demand deposits and time deposits in accordance with the principle of risk diversification and pursuant to the MMFs Regulation. | en | de |
DOLFIN5680 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# COMBIEN DE TEMPS DOIS-JE LE CONSERVER, ET PUIS-JE RETIRER DE L’ARGENT DE FAÇON ANTICIPÉE ?
Période de détention minimum recommandée : 5 année(s). Recommandation : Le Fonds convient aux investisseurs en quête d’une appréciation du capital à long terme mais prêts à accepter ponctuellement un niveau de volatilité moyen. Le Fonds n’est pas conçu pour les investisseurs ayant besoin de revenus courants. Les souscriptions et les rachats d’actions peuvent s’effectuer chaque jour ouvrable en Irlande et au Royaume-Uni, jusqu’à 14h00 (heure d’Irlande), ainsi que les jours où la Bourse de New York est ouverte. De plus amples informations sur l’objectif et la politique d’investissement du Fonds figurent dans le prospectus du Fonds. | # ¿CUÁNTO TIEMPO DEBO MANTENER LA INVERSIÓN, Y PUEDO RETIRAR DINERO DE MANERA ANTICIPADA?
Período de mantenimiento mínimo recomendado: 5 año(s). Recomendación: El Fondo es adecuado para inversores que buscan una revalorización de capital a largo plazo, pero que están preparados para aceptar un nivel de volatilidad medio de vez en cuando. El Fondo no está diseñado para los inversores que necesitan ingresos corrientes. La suscripción y los reembolsos de acciones pueden llevarse a cabo antes de las 14:00 (hora de Irlanda) todos los días hábiles en Irlanda y el Reino Unido, y los días en que la Bolsa de Nueva York esté abierta para negociación. Para más información sobre el objetivo y la política de inversión del Fondo, consulte el Folleto del Fondo. | # COMBIEN DE TEMPS DOIS-JE LE CONSERVER, ET PUIS-JE RETIRER DE L’ARGENT DE FAÇON ANTICIPÉE ?
Période de détention minimum recommandée : 5 année(s). Recommandation : Le Fonds convient aux investisseurs en quête d’une appréciation du capital à long terme mais prêts à accepter ponctuellement un niveau de volatilité moyen. Le Fonds n’est pas conçu pour les investisseurs ayant besoin de revenus courants. Les souscriptions et les rachats d’actions peuvent s’effectuer chaque jour ouvrable en Irlande et au Royaume-Uni, jusqu’à 14h00 (heure d’Irlande), ainsi que les jours où la Bourse de New York est ouverte. De plus amples informations sur l’objectif et la politique d’investissement du Fonds figurent dans le prospectus du Fonds. | fr | es |
DOLFIN5681 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Glossary
## ITD Inception-to-date
## The calculation of the ongoing charge is based on the Committee of European Securities Regulators/10-674 Directive. For a maximum of 12 months from December
## Ongoing Charges
31, 2020, the ongoing charges figure is based on estimated expenses. From December 2021, the ongoing charges figure is based on last year’s expenses for the year ending December 2021. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment undertaking | # Glossario
## ITD Dal lancio
## Il calcolo delle spese correnti si basa sulla Direttiva Committee of European Securities Regulators/10-674. Per un periodo massimo di 12 mesi dal dicembre 31,
## Spese correnti
2020, i dati relativi alle spese correnti si basano su costi stimati. Dal mese di Dicembre 2021, tale dato si basa sulle spese dell'anno precedente per l'anno conclusosi a Dicembre 2021. Sono esclusi commissioni di performance e costi di transazione del portafoglio, eccetto nel caso di commissioni di entrata / uscita sostenute dal fondo al momento dell'acquisto o della cessione di quote / unità in un altro organismo d'investimento collettivo | # Glossary
## ITD Inception-to-date
## The calculation of the ongoing charge is based on the Committee of European Securities Regulators/10-674 Directive. For a maximum of 12 months from December
## Ongoing Charges
31, 2020, the ongoing charges figure is based on estimated expenses. From December 2021, the ongoing charges figure is based on last year’s expenses for the year ending December 2021. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment undertaking | en | it |
DOLFIN5682 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 5.58 | 4.55 | | Information Technology | 23.45 | 20.89 | | United States | 66.92 | 63.03 |
| Microsoft | 3.56 | 3.02 | | Financials | 15.83 | 14.77 | | Japan | 4.65 | 5.22 |
| Walt Disney | 2.39 | 0.36 | | Health Care | 14.39 | 13.23 | | Switzerland | 3.95 | 2.48 |
| Hess | 2.24 | 0.07 | | Consumer Discretionary | 9.54 | 10.82 | | United Kingdom | 3.06 | 3.70 |
| The Travelers Companies | 2.15 | 0.08 | | Communication Services | 8.38 | 6.89 | | Norway | 2.65 | 0.20 |
| Amazon | 2.08 | 1.72 | | Industrials | 8.14 | 9.83 | | Netherlands | 2.24 | 0.98 |
| Alphabet A | 2.01 | 1.04 | | Consumer Staples | 7.22 | 7.56 | | Denmark | 1.95 | 0.65 |
| Novo Nordisk | 1.95 | 0.33 | | Materials | 4.42 | 4.63 | | Korea | 1.95 | 1.21 |
| M&T Bank | 1.81 | 0.06 | | Energy | 3.67 | 5.80 | | China | 1.88 | 2.74 |
| Bank of America | 1.79 | 0.48 | | Real Estate | 2.73 | 2.53 | | Italy | 1.44 | 0.56 |
| | | | | Utilities | 1.85 | 3.03 | | | | | | | | Fondo | Benchmark | | | Fondo | Benchmark | | | Fondo | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 5,58 | 4,55 | | Informatica | 23,45 | 20,89 | | Stati Uniti | 66,92 | 63,03 |
| Microsoft | 3,56 | 3,02 | | Finanza | 15,83 | 14,77 | | Giappone | 4,65 | 5,22 |
| Walt Disney | 2,39 | 0,36 | | Sanità | 14,39 | 13,23 | | Svizzera | 3,95 | 2,48 |
| Hess | 2,24 | 0,07 | | Beni voluttuari | 9,54 | 10,82 | | Regno Unito | 3,06 | 3,70 |
| The Travelers Companies | 2,15 | 0,08 | | Servizi di Comunicazione | 8,38 | 6,89 | | Norvegia | 2,65 | 0,20 |
| Amazon | 2,08 | 1,72 | | Industria | 8,14 | 9,83 | | Paesi Bassi | 2,24 | 0,98 |
| Alphabet A | 2,01 | 1,04 | | Beni di prima necessità | 7,22 | 7,56 | | Danimarca | 1,95 | 0,65 |
| Novo Nordisk | 1,95 | 0,33 | | Materiali | 4,42 | 4,63 | | Corea | 1,95 | 1,21 |
| M&T Bank | 1,81 | 0,06 | | Energia | 3,67 | 5,80 | | Cina | 1,88 | 2,74 |
| Bank of America | 1,79 | 0,48 | | Beni immobili | 2,73 | 2,53 | | Italia | 1,44 | 0,56 |
| | | | | Servizi di pubblica utilità | 1,85 | 3,03 | | | | | | | | Fund | Benchmark | | | Fund | Benchmark | | | Fund | Benchmark |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | 5.58 | 4.55 | | Information Technology | 23.45 | 20.89 | | United States | 66.92 | 63.03 |
| Microsoft | 3.56 | 3.02 | | Financials | 15.83 | 14.77 | | Japan | 4.65 | 5.22 |
| Walt Disney | 2.39 | 0.36 | | Health Care | 14.39 | 13.23 | | Switzerland | 3.95 | 2.48 |
| Hess | 2.24 | 0.07 | | Consumer Discretionary | 9.54 | 10.82 | | United Kingdom | 3.06 | 3.70 |
| The Travelers Companies | 2.15 | 0.08 | | Communication Services | 8.38 | 6.89 | | Norway | 2.65 | 0.20 |
| Amazon | 2.08 | 1.72 | | Industrials | 8.14 | 9.83 | | Netherlands | 2.24 | 0.98 |
| Alphabet A | 2.01 | 1.04 | | Consumer Staples | 7.22 | 7.56 | | Denmark | 1.95 | 0.65 |
| Novo Nordisk | 1.95 | 0.33 | | Materials | 4.42 | 4.63 | | Korea | 1.95 | 1.21 |
| M&T Bank | 1.81 | 0.06 | | Energy | 3.67 | 5.80 | | China | 1.88 | 2.74 |
| Bank of America | 1.79 | 0.48 | | Real Estate | 2.73 | 2.53 | | Italy | 1.44 | 0.56 |
| | | | | Utilities | 1.85 | 3.03 | | | | | | en | it |
DOLFIN5683 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les émetteurs en mettant particulièrement l'accent sur leur capacité à se conformer aux normes environnementales, sociales et de gouvernance d'entreprise en vigueur à l'échelle internationale et à offrir des perspectives de croissance et des caractéristiques d'investissement supérieures. Le fonds investit en partie dans des investissements durables. Les PIN sont pris en compte dans le cadre du processus d'investissement.
De plus, le fonds applique un filtrage négatif supplémentaire pour exclure certaines sociétés ou certains secteurs sur la base de critères environnementaux, sociaux et de gouvernance (ESG).
Le fonds investit principalement dans des obligations à haut rendement et des credit default swaps. Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance à haut rendement, des credit default swaps et d'autres titres de créance, y compris des obligations de type « contingent convertible », qui sont libellés en devises européennes ou émis par des sociétés (ou leur société mère) domiciliées ou exerçant la majeure partie de leur activité en Europe.
Le fonds peut investir dans, ou s'exposer à, des titres adossés à des actifs à concurrence de 20% de ses actifs totaux.
La majeure partie de l'exposition en devises du fonds est couverte dans la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | # Objetivos y política de inversión
El fondo tiene por objetivo proporcionar a los accionistas un crecimiento de la inversión a medio y largo plazo.
Al gestionar activamente la cartera del fondo, el equipo de gestión selecciona los emisores en función de su capacidad para respetar las normas ambientales, sociales y de gobierno corporativo a escala internacional, y que parecen ofrecer perspectivas de crecimiento y características de inversión superiores. El fondo invierte en parte en inversiones sostenibles. El análisis de las PIAS forma parte del proceso de inversión.
Asimismo, el fondo aplica un filtro negativo adicional con el objeto de excluir determinados sectores o empresas sobre la base de criterios ambientales, sociales y de gobierno corporativo (ASG).
El fondo invierte principalmente en bonos de alto rendimiento y permutas de riesgo de crédito (CDS). En concreto, el fondo invierte al menos dos tercios de su patrimonio total en bonos de alto rendimiento, permutas de riesgo de crédito (CDS) y otros títulos de deuda, incluidos bonos convertibles contingentes, denominados en divisas europeas o emitidos por empresas (o sus sociedades matrices) que estén domiciliadas o realicen la mayor parte de su actividad en Europa.
El fondo podrá invertir o mantener una exposición de hasta un 20% de su patrimonio total en bonos de titulización de activos.
La principal exposición cambiaria del fondo está cubierta en la moneda base, aunque el fondo también podrá estar expuesto (mediante inversiones o efectivo) a otras divisas.
El fondo podrá utilizar derivados y otras técnicas con fines de cobertura (reducción de riesgos), a efectos de lograr una gestión eficaz de la cartera y obtener ganancias de inversión. Un derivado es un instrumento financiero cuyo valor se deriva del valor de un activo subyacente. El uso de derivados no está exento de costes o riesgos. | # Objectifs et politique d'investissement
Le fonds a pour objectif de faire croître l'investissement des actionnaires sur le moyen à long terme.
Dans le cadre de la gestion active du portefeuille du fonds, l'équipe de gestion sélectionne les émetteurs en mettant particulièrement l'accent sur leur capacité à se conformer aux normes environnementales, sociales et de gouvernance d'entreprise en vigueur à l'échelle internationale et à offrir des perspectives de croissance et des caractéristiques d'investissement supérieures. Le fonds investit en partie dans des investissements durables. Les PIN sont pris en compte dans le cadre du processus d'investissement.
De plus, le fonds applique un filtrage négatif supplémentaire pour exclure certaines sociétés ou certains secteurs sur la base de critères environnementaux, sociaux et de gouvernance (ESG).
Le fonds investit principalement dans des obligations à haut rendement et des credit default swaps. Plus précisément, le fonds investit au moins deux tiers de ses actifs totaux dans des titres de créance à haut rendement, des credit default swaps et d'autres titres de créance, y compris des obligations de type « contingent convertible », qui sont libellés en devises européennes ou émis par des sociétés (ou leur société mère) domiciliées ou exerçant la majeure partie de leur activité en Europe.
Le fonds peut investir dans, ou s'exposer à, des titres adossés à des actifs à concurrence de 20% de ses actifs totaux.
La majeure partie de l'exposition en devises du fonds est couverte dans la devise de référence, même s'il peut également être exposé (par le biais d'investissements ou de positions en liquidités) à d'autres devises.
Le fonds peut avoir recours aux instruments dérivés et à d'autres techniques à des fins de couverture (réduction des risques), de gestion efficace de portefeuille et pour réaliser des plus-values. Un instrument dérivé est un instrument financier dont la valeur dépend de celle d'un actif sous-jacent. L'utilisation d'instruments dérivés n'est pas sans coût ni sans risque. | fr | es |
DOLFIN5684 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Type
The Fund is a Société d'Investissement à Capital Variable (SICAV) - an open-ended collective investment scheme that derives its value by the number of parti- cipating investors (more investors means more available capital), registered under Part II of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment. The Fund qualifies as an alternative investment fund ("AIF") within the meaning of the Alternative Investment Fund Managers and amending Directives ("AIFMD").
The Fund is an evergreen structure, i.e. it has no maturity date. The liquidation of the Fund requires a decision taken by the shareholders (investors) of the Fund and is subject to quorum and majority requirements as stipulated in the Fund's Prospectus. The Manufacturer is not entitled to terminate the Fund uni- laterally. | ## Tipo
Il Fondo è una Société d'Investissement à Capital Variable (SICAV) - un organismo d'investimento collettivo di tipo aperto il cui valore dipende dal numero di investitori partecipanti (più investitori, più capitale disponibile) - registrata ai sensi della Parte II della Legge del Lussemburgo del 17 dicembre 2010 relativa agli organismi d'investimento collettivo. Il Fondo si qualifica in quanto fondo d'investimento alternativo ("FIA") secondo la definizione della Direttiva sui gestori di fondi d'investimento alternativi e direttive di modifica ("AIFMD").
Il Fondo ha una struttura cosiddetta "evergreen", ossia non ha una data di scadenza. La liquidazione del Fondo richiede una decisione in questo senso da parte degli azionisti (investitori) del Fondo ed è soggetta ai requisiti di quorum e maggioranza indicati nel Prospetto del Fondo. La Società creatrice del Fondo non ha diritto di cessare il Fondo per decisione unilaterale. | ## Type
The Fund is a Société d'Investissement à Capital Variable (SICAV) - an open-ended collective investment scheme that derives its value by the number of parti- cipating investors (more investors means more available capital), registered under Part II of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment. The Fund qualifies as an alternative investment fund ("AIF") within the meaning of the Alternative Investment Fund Managers and amending Directives ("AIFMD").
The Fund is an evergreen structure, i.e. it has no maturity date. The liquidation of the Fund requires a decision taken by the shareholders (investors) of the Fund and is subject to quorum and majority requirements as stipulated in the Fund's Prospectus. The Manufacturer is not entitled to terminate the Fund uni- laterally. | en | it |
DOLFIN5685 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 2,380 USD -76.18% | 2,220 USD -26.01% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,410 USD -25.95% | 7,230 USD -6.28% |
| Moderate² | What you might get back after costs Average return each year | 10,430 USD 4.30% | 12,670 USD 4.84% |
| Favourable³ | What you might get back after costs Average return each year | 16,350 USD 63.46% | 22,950 USD 18.07% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 2.380 USD -76,18% | 2.220 USD -26,01% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.410 USD -25,95% | 7.230 USD -6,28% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.430 USD 4,30% | 12.670 USD 4,84% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.350 USD 63,46% | 22.950 USD 18,07% | | | Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 2,380 USD -76.18% | 2,220 USD -26.01% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,410 USD -25.95% | 7,230 USD -6.28% |
| Moderate² | What you might get back after costs Average return each year | 10,430 USD 4.30% | 12,670 USD 4.84% |
| Favourable³ | What you might get back after costs Average return each year | 16,350 USD 63.46% | 22,950 USD 18.07% | | en | es |
DOLFIN5686 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The Company may not invest more than 20% of the net assets of each Sub-Fund in deposits placed with the same entity.
- The Company's counterparty risk in an OTC Derivatives transaction may not exceed 10% of its assets when the counterparty is one of the credit institutions referred to in point (A) (6) below or 5% in other cases.
- Notwithstanding the individual limits determined in item (1), (2) and the Counterparty Risk Limit a Sub-Fund may not combine: | - Die Gesellschaft darf höchstens 20 % des Nettovermögens eines Teilfonds in Einlagen bei ein und derselben Einrichtung anlegen.
- Das Kontrahentenrisiko der Gesellschaft bei einem OTC-Derivategeschäft darf 10 % ihrer Vermögenswerte nicht übersteigen, wenn es sich bei dem Kontrahenten um eines der nachfolgend unter Punkt (A) (6) genannten Kreditinstitute handelt; in anderen Fällen gilt eine Grenze von 5 %.
- Ungeachtet der individuellen Grenzen der Punkte (1) und (2) und des Gegenpartei-Risikolimits darf ein Teilfonds Folgendes nicht kombinieren: | - The Company may not invest more than 20% of the net assets of each Sub-Fund in deposits placed with the same entity.
- The Company's counterparty risk in an OTC Derivatives transaction may not exceed 10% of its assets when the counterparty is one of the credit institutions referred to in point (A) (6) below or 5% in other cases.
- Notwithstanding the individual limits determined in item (1), (2) and the Counterparty Risk Limit a Sub-Fund may not combine: | en | de |
DOLFIN5687 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# An Absolute Approach to Risk
We manage risk first and foremost at the company level, aiming to avoid companies where any form of franchise, regulatory or management risk could result in diminishing returns. ESG considerations are integrated into our risk assessment process, since any material weakness in ESG areas could potentially threaten the direction and sustainability of returns. We do not worry about relative risk (tracking error), shortterm macro noise, or the latest fad. | # Un approccio assoluto al rischio
Per noi la gestione del rischio avviene prioritariamente a livello delle singole aziende, cercando di evitare quelle società in cui ogni tipo di rischio normativo, gestionale o legato al marchio potrebbe comprometterne i rendimenti. I fattori ESG sono integrati nel nostro processo di valutazione del rischio, in quanto qualsiasi sostanziale punto di debolezza in relazione ad aspetti ESG può potenzialmente minacciare la direzione e la sostenibilità dei rendimenti. Non ci preoccupiamo del rischio relativo (tracking error), delle speculazioni macro di breve termine o delle tendenze più in voga. | # An Absolute Approach to Risk
We manage risk first and foremost at the company level, aiming to avoid companies where any form of franchise, regulatory or management risk could result in diminishing returns. ESG considerations are integrated into our risk assessment process, since any material weakness in ESG areas could potentially threaten the direction and sustainability of returns. We do not worry about relative risk (tracking error), shortterm macro noise, or the latest fad. | en | it |
DOLFIN5688 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 0.52% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the ICE BofAML Euro Currency 3-Month Deposit Bid Rate Index (L3EC). Any underperformance of the Fund compared to the benchmark is made good before UII receive another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | | Gastos no recurrentes percibidos con anterioridad y con posterioridad a la inversión |
| --- |
| Gastos de entrada Gastos de salida | 5,00% 2,00% |
| Es la cantidad máxima que puede detraerse de su capital antes de la inversión o antes de distribuirse las ganancias de la inversión. |
| Gastos detraídos del Fondo a lo largo de un año: |
| Gastos corrientes | 0,52% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de canje/ conversión: Comisión de rentabilidad | Ninguno 15,00% anual de toda diferencia positiva de rentabilidad que el Fondo logre con respecto al índice de referencia a efectos de estas comisiones, el ICE BofAML Euro Currency 3- Month Deposit Bid Rate Index (L3EC). Si el Fondo genera una rentabilidad inferior a la del índice de referencia, deberá recuperarla antes de que UII perciba otra comisión de rentabilidad. No se cobró ninguna comisión de rentabilidad al Fondo en el último ejercicio fiscal. | | | One-off charges taken before and after you invest: |
| --- |
| Entry Charge Exit Charge | 5.00% 2.00% |
| This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. |
| Charges taken from the Fund over a year: |
| Ongoing Charges | 0.52% |
| Charges taken from the Fund under certain specific conditions |
| Switching/ Conversion fee Performance fee | None 15.00% a year of any returns the Fund achieves above the benchmark for these fees, the ICE BofAML Euro Currency 3-Month Deposit Bid Rate Index (L3EC). Any underperformance of the Fund compared to the benchmark is made good before UII receive another performance fee. No performance fee was charged to the Fund for the last fiscal year. | | en | es |
DOLFIN5689 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Appendix II (continued)
Fund Performance Data (continued)
1 Launched on 5 January 2018.
2 Launched on 9 January 2018.
3 Launched on 18 September 2017 subsequently fully redeemed on 14 December 2017 and relaunched on 11 January 2018.
4 Launched on 16 October 2017 subsequently fully redeemed on 28 November 2017 and relaunched on 23 January 2018.
5 Launched on 24 January 2018.
6 Launched on 30 January 2018.
7 Launched on 26 February 2018.
8 Launched on 14 May 2018.
9 Launched on 21 March 2018.
10 Launched on 17 April 2018.
11 Launched on 15 March 2018.
12 Launched on 17 May 2018.
13 Launched on 28 May 2018.
14 Launched on 26 July 2018.
15 Launched on 30 July 2018.
16 Launched on 18 September 2018.
17 Launched on 25 October 2018.
18 Launched on 18 December 2018.
19 Launched on 16 January 2019.
20 Launched on 23 January 2019.
21 Launched on 21 March 2019.
22 Launched on 3 July 2019.
23 Launched on 9 July 2019.
24 Launched on 12 July 2019.
25 Launched on 16 July 2019.
26 Launched on 7 August 2019.
27 Launched on 19 September 2019.
28 Launched on 31 October 2019.
29 Launched on 23 December 2019.
30 Launched on 24 December 2019.
31 Launched on 7 January 2020.
32 Launched on 8 January 2020.
33 Launched on 14 January 2020.
34 Launched on 24 January 2020.
35 Launched on 20 January 2020.
36 Launched on 29 January 2020.
37 Launched on 3 February 2020.
38 Launched on 16 April 2020.
39 Launched on 17 April 2020.
40 Launched on 12 May 2020.
41 Launched on 16 June 2020.
42 Launched on 17 June 2020.
43 Launched on 11 October 2017 subsequently fully redeemed on 11 March 2020 and relaunched on 17 April 2020.
Note: Past performance is no indication of current or future performance. The performance data above does not take into account commissions and costs incurred on the redemption of units. The performance data is based upon the published dealing Net Asset Values per unit, in the currency that is attributable to that class.
Comgest Asset Management International Limited (the "Investment Manager") does not use benchmarks when analysing portfolio returns on a Fund. The Investment Manager’s investment policy in the portfolio construction is meant to be flexible and the choice of stocks is independent of any benchmark. A strong bias towards absolute performance has priority. Securities are purchased based on their intrinsic quality and merit, with the largest positions reflecting the best combination of growth, risk and valuation.
Appendix III
Cybersecurity Risk
With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Company) and their service providers (including the Investment Manager, Administrator and Depositary) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects.
Cyber-attacks include, among others, gaining unauthorised access to digital systems for the purposes of misappropriating assets or sensitive information, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorisation and causing operational disruption or various other forms of cyber security breaches. Successful cyber-attacks against, or security breakdowns of, the Company or the Company’s third party service providers including, but not limited to the Investment Manager, a Sub-Investment Manager, the Depositary, the Administrator or other affiliated or third-party service providers (each a “Service Provider” and collectively the “Service Providers”), may adversely affect the Company or its Shareholders.
For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Company’s ability to calculate the Net Asset Value of one or more Funds, cause the release of private Shareholder information or confidential information relating to the Company or any one or more Funds, impede trading, cause reputational damage, cause disruptions and impact business operations, potentially resulting in financial losses, cause violations of applicable data protection and other laws, and subject the Company to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of assets and transactions of a Fund, Shareholder ownership of Shares, and other data integral to the functioning of the Company inaccessible, inaccurate or incomplete.
The Company may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. While each Service Provider has established business continuity plans and systems designed to minimise the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified given the evolving nature of the threat of cyber-attacks.
The Company relies on its third-party Service Providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those Service Providers will be ineffective to protect the Company from cyber-attack. Similar types of cyber security risks also are present for issuers of securities in which each Fund invests and for the markets and exchanges on which those securities may be listed or traded which could result in material adverse consequences for such issuers, markets and exchanges and which may cause a Fund’s investment in such securities to lose value. The Company cannot control the cyber security plans and systems put in place by issuers in which a Fund invests or by such markets and exchanges.
Appendix IV
Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) will be required on all report and accounts published after 13 January 2017. During the financial period ended 30 June 2020, none of the Funds entered into any Securities Financing Transactions.
CRS Data Protection Information Notice
The Company hereby provides the following data protection information notice to all Shareholders in the Company either as at 31 December 2015 or at any point of time since this date.
For the avoidance of doubt, this notice applies equally to any Shareholders that have ceased to hold shares in the Company since January 1, 2016. Furthermore, it should be noted that this notice may be applicable to Controlling Persons of certain Shareholders.
The Company hereby confirms that it intends to take such steps as may be required to satisfy any obligations imposed by
(i) the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters (“the Standard”), which therein contains the Common Reporting Standard (“CRS”), as applied in Ireland by means of the relevant international legal framework and Irish tax legislation and (ii) EU Council Directive 2014/107/EU, amending Directive 2011/16/EU as regards mandatory automatic exchange information in the field of taxation (“DAC2”), as applied in Ireland by means of the relevant Irish tax legislation, so as to ensure compliance or deemed compliance (as the case may be) with the Standard/CRS and the DAC2 from 1 January 2016.
In this regard, the Company is obliged under Section 891F and Section 891G of the Irish Taxes Consolidation Act, 1997 (as amended) and regulations made pursuant to those sections to collect certain information about each Shareholder’s tax arrangements (and also collect information in relation to relevant Controlling Persons of specific Shareholders).
In certain circumstances, the Company may be legally obliged to share this information and other financial information with respect to a Shareholder’s interests in the Company with the Irish Revenue Commissioners (and, in particular situations, also share information in relation to relevant Controlling Persons of specific Shareholders). In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account.
In particular, information that may be reported in respect of a Shareholder (and relevant Controlling Persons, if applicable) includes name, address, date of birth, place of birth, account number, account balance or value at year end (or, if the account was closed during such year, the balance or value at the date of closure of the account), any payments (including redemption and dividend/interest payments) made with respect to the account during the calendar year, tax residency(ies) and tax identification number(s). | Annexe II (suite)
Performance des Compartiments (suite)
1 Lancée le 5 janvier 2018.
2 Lancée le 9 janvier 2018.
3 Lancée le 18 septembre 2017, rachetée en totalité le 14 décembre 2017 et relancée le 11 janvier 2018.
4 Lancée le 16 octobre 2017, rachetée en totalité le 28 novembre 2017 et relancée le 23 janvier 2018.
5 Lancée le 24 janvier 2018.
6 Lancée le 30 janvier 2018.
7 Lancée le 26 février 2018.
8 Lancée le 14 mai 2018.
9 Lancée le 21 mars 2018.
10 Lancée le 17 avril 2018.
11 Lancée le 15 mars 2018.
12 Lancée le 17 mai 2018.
13 Lancée le 28 mai 2018.
14 Lancée le 26 juillet 2018.
15 Lancée le 30 juillet 2018.
16 Lancée le 18 septembre 2018.
17 Lancée le 25 octobre 2018.
18 Lancée le 18 décembre 2018.
19 Lancée le 16 janvier 2019.
20 Lancée le 23 janvier 2019.
21 Lancée le 21 mars 2019.
22 Lancée le 3 juillet 2019.
23 Lancée le 9 juillet 2019.
24 Lancée le 12 juillet 2019.
25 Lancée le 16 juillet 2019.
26 Lancée le 7 août 2019.
27 Lancée le 19 septembre 2019.
28 Lancée le 31 octobre 2019.
29 Lancée le 23 décembre 2019.
30 Lancée le 24 décembre 2019.
31 Lancée le 7 janvier 2020.
32 Lancée le 8 janvier 2020.
33 Lancée le 14 janvier 2020.
34 Lancée le 24 janvier 2020.
35 Lancée le 20 janvier 2020.
36 Lancée le 29 janvier 2020.
37 Lancée le 3 février 2020.
38 Lancée le 16 avril 2020.
39 Lancée le 17 avril 2020.
40 Lancée le 12 mai 2020.
41 Lancée le 16 juin 2020.
42 Lancée le 17 juin 2020.
43 Lancée le 11 octobre 2017, rachetée en totalité le 11 mars 2020 et relancée le 17 avril 2020.
Remarque : les performances passées ne préjugent pas des performances actuelles ou futures. Les performances indiquées ci-dessus ne tiennent pas compte des frais et commissions encourus lors du rachat des actions. Les performances reposent sur la Valeur nette d’inventaire par Action publiée, dans la devise de la Catégorie.
Comgest Asset Management International Limited (la « Société de gestion ») n’utilise pas d’indice de référence pour l’analyse des rendements des portefeuilles des Compartiments. La politique d’investissement de la Société de gestion vise à constituer un portefeuille de manière flexible et à sélectionner des actions sans tenir compte d’un indice de référence. La priorité est de rechercher la performance absolue. Les titres sont achetés en fonction de leur mérite et de leur qualité intrinsèques et les plus grandes positions reflètent le meilleur rapport entre croissance, risque et valorisation.
Annexe III
Risque de sécurité numérique
Compte tenu du recours accru aux technologies comme Internet et de la dépendance vis-à-vis des systèmes informatiques pour assurer les fonctions opérationnelles et commerciales, les sociétés de placement (telles que la Société) et leurs prestataires de service (dont la Société de gestion, l’Agent administratif et le Dépositaire) peuvent être soumis aux risques de sécurité opérationnelle et en matière d’informations à la suite de cyberattaques et de dysfonctionnements technologiques. Les cyberattaques sont généralement délibérées mais des événements non intentionnels peuvent avoir des effets similaires.
Les cyberattaques comprennent, entre autres, le fait d'accéder de façon non autorisée à des systèmes numériques aux fin de détournement d'actifs ou d'informations sensibles, de voler ou corrompre des données stockées en ligne ou sur support numérique, d'empêcher des utilisateurs autorisés d'accéder aux informations ou services d'un site Internet, de publier des informations confidentielles sans autorisation et de causer des interruptions de l'activité ou toute autre forme de faille de sécurité numérique. Les cyberattaques réussies, ou les problèmes de sécurité, à l’encontre de la Société ou de ses prestataires de services tiers, y compris, mais sans s’y limiter, la Société de gestion, une Société de gestion par délégation, le Dépositaire, l’Agent administratif ou tout autre prestataire de services tiers ou affilié (chacun étant un « Prestataire de services » et tous « Prestataires de services »), peuvent nuire à la Société ou à ses Actionnaires.
Par exemple, les cyberattaques peuvent perturber le traitement des transactions des Actionnaires, affecter la capacité de la Société à calculer la Valeur nette d’inventaire d’un ou de plusieurs Compartiments, causer la divulgation des données privées des Actionnaires ou des renseignements confidentiels relatifs à la Société ou à un ou plusieurs Compartiments, gêner les négociations, porter atteinte à la réputation, interrompre et affecter les opérations commerciales pouvant provoquer des pertes financières, enfreindre les lois sur la protection des données et les autres lois applicables, ainsi qu'exposer la Société à des amendes réglementaires, des pénalités ou des pertes financières, à des remboursements ou autres coûts d’indemnisation, et à des coûts de conformité supplémentaires. Des cyberattaques peuvent avoir pour conséquence que les registres des actifs et des opérations d'un Fonds, des Actions détenues par les Actionnaires et d'autres données associées au fonctionnement de la Société soient inaccessibles, inexacts ou incomplets.
La Société peut également s'exposer à des coûts importants en raison de la gestion du risque de sécurité numérique afin d'empêcher des incidents numériques à l'avenir. Bien que chaque Fournisseur de services ait mis en place des plans et des systèmes de continuité des activités conçus pour minimiser le risque de cyberattaque au moyen de technologies, procédures et contrôles, ces plans et systèmes comportent des limites, y compris la possibilité que certains risques n'aient pas été identifiés compte tenu de la nature évolutive de la menace de cyberattaque.
La Société délègue à ses Prestataires de services tiers de nombreuses opérations quotidiennes et sera soumise au risque que les protections et protocoles mis en œuvre par ces Prestataires de services soient inefficaces pour protéger la Société contre les cyberattaques. Des types similaires de risques liés à la cybersécurité concernent également les émetteurs de titres dans lesquels chaque Compartiment investit et les marchés et Bourses sur lesquels ces titres peuvent être cotés ou négociés, ce qui pourrait avoir des conséquences substantiellement défavorables pour ces émetteurs, marchés et Bourses et entraîner la dévaluation de l’investissement d’un Compartiment dans ces titres. La Société ne peut pas contrôler les plans et systèmes de sécurité numérique mis en place par les émetteurs dans lesquels un Fonds investit ou par ces marchés ou bourses.
Annexe IV
Règlement relatif à la transparence des opérations de financement sur titres
Le Règlement relatif à la transparence des opérations de financement sur titres publié par l’Autorité européenne des marchés financiers vise à améliorer la transparence des marchés des opérations de financement sur titres. Les informations relatives à l’exposition aux opérations de financement sur titres (OFT) devront figurer dans tous les rapports et comptes publiés après le 13 janvier 2017. Au cours de la période financière close le 30 juin 2020, aucun des Compartiments ne s’est engagé dans des Opérations de financement sur titres.
Avis de protection des données à caractère personnel de la NCD
La Société adresse par la présente l’avis de protection des données suivant à l’ensemble des Actionnaires de la Société au 31 décembre 2015 ou à tout moment après cette date.
Afin de lever toute ambiguïté, le présent avis s’applique de la même façon à tous les Actionnaires qui ne détiennent plus d’actions de la Société depuis le 1er janvier 2016. En outre, il convient de noter que le présent avis est susceptible de s’appliquer aux Personnes exerçant un contrôle sur certains Actionnaires.
La Société confirme par la présente qu’elle a l’intention de prendre toutes les mesures pouvant être nécessaires pour satisfaire aux obligations imposées par (i) la norme d’échange automatique de renseignements relatifs aux comptes financiers en matière fiscale (« la Norme ») de l’OCDE, qui contient la norme commune de déclaration (Common reporting standard, « CRS »), mise en application en Irlande par le biais du cadre législatif international et de la législation fiscale irlandaise, et (ii) la Directive 2014/107/UE du Conseil européen modifiant la Directive 2011/16/UE en ce qui concerne l’échange automatique et obligatoire d’informations dans le domaine fiscal (« DAC2 ») mise en application en Irlande par le biais de la législation fiscale irlandaise applicable, en vue de garantir que la Norme/la CRS et la DAC2 sont respectées ou réputées respectées (selon le cas) à compter du 1er janvier 2016.
À cet égard, la Société est tenue, en vertu de la section 891F et 891G de la loi de consolidation fiscale de 1997 (dans sa version modifiée) et de la réglementation adoptée conformément à ces sections, de recueillir certaines informations concernant les régimes fiscaux de chacun des Actionnaires (et de recueillir des informations concernant les Personnes exerçant un contrôle sur certains Actionnaires).
Dans certaines circonstances, la Société peut être légalement tenue de transmettre ces informations et d’autres informations financières concernant la participation d’un Actionnaire dans la Société aux Irish Revenue Commissioners (et, dans certaines circonstances particulières, de transmettre également des informations aux Personnes exerçant un contrôle sur certains Actionnaires concernées). En conséquence, et dans la mesure où un compte a été identifié comme un Compte à déclarer, les Irish Revenue Commissioners transmettront ces informations avec le pays de résidence de la (ou des) Personne(s) tenue(s) de produire une déclaration concernant ce Compte à déclarer.
En particulier, les informations qui peuvent être déclarées concernant un Actionnaire (et les Personnes exerçant un contrôle concernées, le cas échéant) incluent le nom, l’adresse, la date et le lieu de naissance, le numéro de compte, le solde du compte ou la valeur en fin d’année (ou, si le compte a été clôturé au cours de l’année, le solde ou la valeur à la date de clôture du compte), tout versement (y compris les versements au titre de rachats ou les versements de dividendes/d’intérêts) sur le compte au cours de l’année civile, la (ou les) résidence(s) fiscale(s) et le(s) numéro(s) d’identification fiscale. | Appendix II (continued)
Fund Performance Data (continued)
1 Launched on 5 January 2018.
2 Launched on 9 January 2018.
3 Launched on 18 September 2017 subsequently fully redeemed on 14 December 2017 and relaunched on 11 January 2018.
4 Launched on 16 October 2017 subsequently fully redeemed on 28 November 2017 and relaunched on 23 January 2018.
5 Launched on 24 January 2018.
6 Launched on 30 January 2018.
7 Launched on 26 February 2018.
8 Launched on 14 May 2018.
9 Launched on 21 March 2018.
10 Launched on 17 April 2018.
11 Launched on 15 March 2018.
12 Launched on 17 May 2018.
13 Launched on 28 May 2018.
14 Launched on 26 July 2018.
15 Launched on 30 July 2018.
16 Launched on 18 September 2018.
17 Launched on 25 October 2018.
18 Launched on 18 December 2018.
19 Launched on 16 January 2019.
20 Launched on 23 January 2019.
21 Launched on 21 March 2019.
22 Launched on 3 July 2019.
23 Launched on 9 July 2019.
24 Launched on 12 July 2019.
25 Launched on 16 July 2019.
26 Launched on 7 August 2019.
27 Launched on 19 September 2019.
28 Launched on 31 October 2019.
29 Launched on 23 December 2019.
30 Launched on 24 December 2019.
31 Launched on 7 January 2020.
32 Launched on 8 January 2020.
33 Launched on 14 January 2020.
34 Launched on 24 January 2020.
35 Launched on 20 January 2020.
36 Launched on 29 January 2020.
37 Launched on 3 February 2020.
38 Launched on 16 April 2020.
39 Launched on 17 April 2020.
40 Launched on 12 May 2020.
41 Launched on 16 June 2020.
42 Launched on 17 June 2020.
43 Launched on 11 October 2017 subsequently fully redeemed on 11 March 2020 and relaunched on 17 April 2020.
Note: Past performance is no indication of current or future performance. The performance data above does not take into account commissions and costs incurred on the redemption of units. The performance data is based upon the published dealing Net Asset Values per unit, in the currency that is attributable to that class.
Comgest Asset Management International Limited (the "Investment Manager") does not use benchmarks when analysing portfolio returns on a Fund. The Investment Manager’s investment policy in the portfolio construction is meant to be flexible and the choice of stocks is independent of any benchmark. A strong bias towards absolute performance has priority. Securities are purchased based on their intrinsic quality and merit, with the largest positions reflecting the best combination of growth, risk and valuation.
Appendix III
Cybersecurity Risk
With the increased use of technologies such as the Internet and the dependence on computer systems to perform business and operational functions, investment companies (such as the Company) and their service providers (including the Investment Manager, Administrator and Depositary) may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. In general, cyber-attacks are deliberate, but unintentional events may have similar effects.
Cyber-attacks include, among others, gaining unauthorised access to digital systems for the purposes of misappropriating assets or sensitive information, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorisation and causing operational disruption or various other forms of cyber security breaches. Successful cyber-attacks against, or security breakdowns of, the Company or the Company’s third party service providers including, but not limited to the Investment Manager, a Sub-Investment Manager, the Depositary, the Administrator or other affiliated or third-party service providers (each a “Service Provider” and collectively the “Service Providers”), may adversely affect the Company or its Shareholders.
For instance, cyber-attacks may interfere with the processing of Shareholder transactions, affect the Company’s ability to calculate the Net Asset Value of one or more Funds, cause the release of private Shareholder information or confidential information relating to the Company or any one or more Funds, impede trading, cause reputational damage, cause disruptions and impact business operations, potentially resulting in financial losses, cause violations of applicable data protection and other laws, and subject the Company to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. Cyber-attacks may render records of assets and transactions of a Fund, Shareholder ownership of Shares, and other data integral to the functioning of the Company inaccessible, inaccurate or incomplete.
The Company may also incur substantial costs for cyber security risk management in order to prevent cyber incidents in the future. While each Service Provider has established business continuity plans and systems designed to minimise the risk of cyber-attacks through the use of technology, processes and controls, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified given the evolving nature of the threat of cyber-attacks.
The Company relies on its third-party Service Providers for many of its day-to-day operations, and will be subject to the risk that the protections and protocols implemented by those Service Providers will be ineffective to protect the Company from cyber-attack. Similar types of cyber security risks also are present for issuers of securities in which each Fund invests and for the markets and exchanges on which those securities may be listed or traded which could result in material adverse consequences for such issuers, markets and exchanges and which may cause a Fund’s investment in such securities to lose value. The Company cannot control the cyber security plans and systems put in place by issuers in which a Fund invests or by such markets and exchanges.
Appendix IV
Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) will be required on all report and accounts published after 13 January 2017. During the financial period ended 30 June 2020, none of the Funds entered into any Securities Financing Transactions.
CRS Data Protection Information Notice
The Company hereby provides the following data protection information notice to all Shareholders in the Company either as at 31 December 2015 or at any point of time since this date.
For the avoidance of doubt, this notice applies equally to any Shareholders that have ceased to hold shares in the Company since January 1, 2016. Furthermore, it should be noted that this notice may be applicable to Controlling Persons of certain Shareholders.
The Company hereby confirms that it intends to take such steps as may be required to satisfy any obligations imposed by
(i) the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters (“the Standard”), which therein contains the Common Reporting Standard (“CRS”), as applied in Ireland by means of the relevant international legal framework and Irish tax legislation and (ii) EU Council Directive 2014/107/EU, amending Directive 2011/16/EU as regards mandatory automatic exchange information in the field of taxation (“DAC2”), as applied in Ireland by means of the relevant Irish tax legislation, so as to ensure compliance or deemed compliance (as the case may be) with the Standard/CRS and the DAC2 from 1 January 2016.
In this regard, the Company is obliged under Section 891F and Section 891G of the Irish Taxes Consolidation Act, 1997 (as amended) and regulations made pursuant to those sections to collect certain information about each Shareholder’s tax arrangements (and also collect information in relation to relevant Controlling Persons of specific Shareholders).
In certain circumstances, the Company may be legally obliged to share this information and other financial information with respect to a Shareholder’s interests in the Company with the Irish Revenue Commissioners (and, in particular situations, also share information in relation to relevant Controlling Persons of specific Shareholders). In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account.
In particular, information that may be reported in respect of a Shareholder (and relevant Controlling Persons, if applicable) includes name, address, date of birth, place of birth, account number, account balance or value at year end (or, if the account was closed during such year, the balance or value at the date of closure of the account), any payments (including redemption and dividend/interest payments) made with respect to the account during the calendar year, tax residency(ies) and tax identification number(s). | en | fr |
DOLFIN5690 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### ☒ Yes
- NoAll principal adverse impacts on sustainability factors (PAIs) are taken into account within the Investment Manager’s SPECTRUM® process. This process is underpinned by fundamental analysis on a case-by-case basis and incorporates PAIs depending on materiality and relevance. These are considered at two levels:
- adverse impacts that are associated with the use of proceeds of the bond; and
- adverse impacts associated with the issuer of the bond, but not necessarily coming from the stated use of proceeds. The ‘responsible issuer’ criteria within the SPECTRUM® analysis focuses on the issuer itself and whether it meets the Investment Manager’s standards from an ESG perspective. This includes environmental, social and employee matters, respect for human rights, anticorruption and antibribery. | ### ☒ Ja
- NeinAlle wichtigsten nachteiligen Auswirkungen auf Nachhaltigkeitsfaktoren (Principle Adverse Impacts, PAIs) werden im Rahmen des SPECTRUM®-Prozesses des Fondsmanagers berücksichtigt. Dieser Prozess wird durch eine am Einzelfall orientierte fundamentale Analyse untermauert und berücksichtigt PAIs je nach ihrer Wesentlichkeit und Relevanz. Sie werden auf zwei Ebenen betrachtet:
- nachteilige Auswirkungen, die mit der Verwendung der Erlöse der Anleihe verbunden sind, und
- nachteilige Auswirkungen, die mit dem Emittenten der Anleihe verbunden sind, sich aber nicht notwendigerweise aus der angegebenen Verwendung der Erlöse ergeben. Das Kriterium "verantwortungsvoller Emittent" innerhalb der SPECTRUM®-Analyse konzentriert sich auf den Emittenten selbst und darauf, ob er die Standards des Fondsmanagers aus ESG-Sicht erfüllt. Dazu gehören Umwelt-, Sozial- und Arbeitnehmerbelange, die Achtung der Menschenrechte sowie die Korruptions- und Bestechungsbekämpfung. | ### ☒ Yes
- NoAll principal adverse impacts on sustainability factors (PAIs) are taken into account within the Investment Manager’s SPECTRUM® process. This process is underpinned by fundamental analysis on a case-by-case basis and incorporates PAIs depending on materiality and relevance. These are considered at two levels:
- adverse impacts that are associated with the use of proceeds of the bond; and
- adverse impacts associated with the issuer of the bond, but not necessarily coming from the stated use of proceeds. The ‘responsible issuer’ criteria within the SPECTRUM® analysis focuses on the issuer itself and whether it meets the Investment Manager’s standards from an ESG perspective. This includes environmental, social and employee matters, respect for human rights, anticorruption and antibribery. | en | de |
DOLFIN5691 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Legal notices
No offer
The information contained in this publication does not con- stitute a solicitation, offer, or recommendation to acquire or sell investment instruments, conduct other transactions or to enter into any form of legal transaction. The information in this publication shall not represent any guidance for de- cisions. Please consult a qualified expert be-fore making any investment decisions.
Sales restrictions
The content of this publication is not intended for persons subject to a legal system which forbids the publication of or access to the investment funds listed (due to the nationality of the affected person, their place of domicile or other rea- sons). Persons in possession of this publication should in- form themselves of any potential restrictions and comply with these. In particular, the units of the investment funds described in this publication have not been registered in ac- cordance with the United States Securities Act of 1933; ac- cordingly, fund units may not be offered, sold, resold or transferred, directly or indirectly, in or into the United States of America, nor to or for the account or benefit of citizens in the United States or persons residing in the Unit-ed States, corporations or other legal entities organised or adminis- tered under the laws of the United States, except in combi- nation with a transaction that does not violate this law. The term “United States” comprises the United States of Amer- ica, all of its state, territories and possessions, as well as all areas subject to its jurisdiction.
Risk warning
Please note that the value of an investment can both in- crease and decrease. Past performance is no indication of the future performance of investments. Foreign currency in- vestments are subject to addition-al currency fluctuations. High-volatility investments can be subject to extreme mar- ket fluctuations. These market fluctuations may amount to the value of the invested amount or even surpass this. The preservation of invested capital therefore cannot be guar- anteed.
Fund documents
The acquisition of investment funds should take place after carefully reviewing the corresponding sales prospectus and previous annual report (and semi-annual report if this is up to date) along with the usual legally applicable documents (regulations and contract conditions, statues and simplified prospectus if applicable). These documents can be obtained free of charge for the investment funds in Liechtenstein listed in this publication from the IFM, Independent Fund Management AG, Landstrasse 30, 9494 Schaan or from Bo- nafide Wealth Management AG, Höfle 30, 9496 Balzers.
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All information provided by Bonafide Wealth Management AG is com-piled with the greatest care. The information and opinions published are provided by Bonafide Wealth Man- agement AG from reliable sources. Nevertheless, Bonafide Wealth Management AG accepts no liability for the
accuracy, completeness and relevance of the information contained in this publication. The content is subject to change at any time, with Bonafide Wealth Management AG under no obligation to update previously published infor- mation.
Disclaimer
To the extent permitted by law, Bonafide Wealth Manage- ment AG shall not be liable for any losses or damages (both direct and indirect damages and consequential damages) of any nature that arise in connection to the use of this pub- lication.
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Responsible for the creation of this publication
Bonafide Wealth Management AG, Höfle 30, 9496 Balzers, Liech- tenstein
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- The supervisory authority in Austria is the Austrian Financial Market Authority (FMA), Otto-Wagner-Platz 5 Vienna, www.fma.gv.at | # Rechtliche Hinweise
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Der Inhalt dieser Publikation ist nicht für Personen bestimmt, die einer Rechtsordnung unterstehen, welche den Vertrieb der Publika- tion bzw. der darin aufgeführten Anlagefonds verbietet (aufgrund der Nationalität der betreffenden Person, ihres Wohnsitzes oder aus anderen Gründen). Personen, die in den Besitz dieser Publika- tion gelangen, müssen sich über etwaige Beschränkungen infor- mieren und diese einhalten. Die Anteile der in dieser Publikation be- schriebenen Anlagefonds wurden insbesondere nicht nach dem United States Securities Act 1933 registriert und dürfen, ausser in Verbindung mit einem Geschäft, welches dieses Gesetz nicht ver- letzt, weder direkt noch indirekt in den Vereinigten Staaten, d. h. von Staatsangehörigen oder Personen mit Wohnsitz in den Verei- nigten Staaten, Kapitalgesellschaften oder anderen Rechtsgebil- den, die nach dem Recht der Vereinigten Staaten errichtet wurden oder verwaltet werden, angeboten, an diese veräussert, weiterver- äussert oder ausgeliefert werden. Der Begriff «Vereinigte Staaten» umfasst die Vereinigten Staaten von Amerika, alle ihre Gliedstaa- ten, Territorien und Besitzungen (Possessions) sowie alle Gebiete, die ihrer Rechtshoheit unterstehen.
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Der Erwerb von Anlagefonds sollte auf jeden Fall erst nach dem ausführlichen Studium des entsprechenden Verkaufsprospektes sowie des letzten Jahresberichts (bzw. Halbjahresberichts, falls die- ser aktueller ist) und der übrigen rechtlich relevanten Dokumente (Reglement bzw. Vertragsbedingungen bzw. Statuten und ggf. Ver- einfachter Prospekt) erfolgen. Diese Dokumente können für die in dieser Publikation aufgeführten Anlagefonds in Liechtenstein bei der IFM, Independent Fund Management AG, Landstrasse 30, 9494 Schaan oder bei der Bonafide Wealth Management AG, Höfle 30, 9496 Balzers kostenlos bezogen werden.
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Für die Erstellung dieser Publikation verantwortlich
Bonafide Wealth Management AG, Höfle 30, 9496 Balzers, Liechtenstein
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- Zuständige Aufsichtsbehörde im Fürstentum Liechtenstein FMA Finanzmarktaufsicht Liechtenstein, Landstrasse 109, Postfach 279, 9490 Vaduz, www.fma-li.li
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- Zuständige Aufsichtsbehörde in Österreich, Österreichische Finanzmarktaufsicht FMA, Otto-Wagner-Platz 5, A-1090 Wien, www.fma.gv.at | # Legal notices
No offer
The information contained in this publication does not con- stitute a solicitation, offer, or recommendation to acquire or sell investment instruments, conduct other transactions or to enter into any form of legal transaction. The information in this publication shall not represent any guidance for de- cisions. Please consult a qualified expert be-fore making any investment decisions.
Sales restrictions
The content of this publication is not intended for persons subject to a legal system which forbids the publication of or access to the investment funds listed (due to the nationality of the affected person, their place of domicile or other rea- sons). Persons in possession of this publication should in- form themselves of any potential restrictions and comply with these. In particular, the units of the investment funds described in this publication have not been registered in ac- cordance with the United States Securities Act of 1933; ac- cordingly, fund units may not be offered, sold, resold or transferred, directly or indirectly, in or into the United States of America, nor to or for the account or benefit of citizens in the United States or persons residing in the Unit-ed States, corporations or other legal entities organised or adminis- tered under the laws of the United States, except in combi- nation with a transaction that does not violate this law. The term “United States” comprises the United States of Amer- ica, all of its state, territories and possessions, as well as all areas subject to its jurisdiction.
Risk warning
Please note that the value of an investment can both in- crease and decrease. Past performance is no indication of the future performance of investments. Foreign currency in- vestments are subject to addition-al currency fluctuations. High-volatility investments can be subject to extreme mar- ket fluctuations. These market fluctuations may amount to the value of the invested amount or even surpass this. The preservation of invested capital therefore cannot be guar- anteed.
Fund documents
The acquisition of investment funds should take place after carefully reviewing the corresponding sales prospectus and previous annual report (and semi-annual report if this is up to date) along with the usual legally applicable documents (regulations and contract conditions, statues and simplified prospectus if applicable). These documents can be obtained free of charge for the investment funds in Liechtenstein listed in this publication from the IFM, Independent Fund Management AG, Landstrasse 30, 9494 Schaan or from Bo- nafide Wealth Management AG, Höfle 30, 9496 Balzers.
No insurance or guarantee
All information provided by Bonafide Wealth Management AG is com-piled with the greatest care. The information and opinions published are provided by Bonafide Wealth Man- agement AG from reliable sources. Nevertheless, Bonafide Wealth Management AG accepts no liability for the
accuracy, completeness and relevance of the information contained in this publication. The content is subject to change at any time, with Bonafide Wealth Management AG under no obligation to update previously published infor- mation.
Disclaimer
To the extent permitted by law, Bonafide Wealth Manage- ment AG shall not be liable for any losses or damages (both direct and indirect damages and consequential damages) of any nature that arise in connection to the use of this pub- lication.
Additional information
Additional information about our publications is available at http://www.bonafide-ltd.com/en. We will also be happy to pro- vide additional information free of charge in paper format.
Responsible for the creation of this publication
Bonafide Wealth Management AG, Höfle 30, 9496 Balzers, Liech- tenstein
Supervisory authorities
- The supervisory authority in the Principality of Liechtenstein is the Financial Market Authority (FMA Finanzmarktaufsicht Liechtenstein) Landstrasse 109, PO Box 279, 9490 Vaduz, www.fma-li.li
- The supervisory authority in Switzerland is the Swiss FinancialMarket Supervisory Authority (FINMA), Laupenstrasse 27, 3003 Bern, www.finma.ch
- The supervisory authority in Austria is the Austrian Financial Market Authority (FMA), Otto-Wagner-Platz 5 Vienna, www.fma.gv.at | en | de |
DOLFIN5692 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- China
- Counterparty and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
| - Investment fund
- Leverage
- Liquidity
- Market
- Operational
| | - China
- Gegenparteien und Sicherheiten
- Währung
- Derivate
- Schwellenländer
- Aktien
- Absicherung
| - Investmentfonds
- Hebelwirkung
- Liquidität
- Marktrisiko
- Operatives Risiko
| | - China
- Counterparty and collateral
- Currency
- Derivatives
- Emerging markets
- Equities
- Hedging
| - Investment fund
- Leverage
- Liquidity
- Market
- Operational
| | en | de |
DOLFIN5693 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The risk indicator assumes you keep the product for 7 years.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. | # L'indicatore di rischio presuppone che l'investitore mantenga l’investimento nel prodotto per 7 anni.
L'indicatore di rischio sintetico serve a valutare il livello di rischio di questo prodotto rispetto ad altri prodotti. Indica la probabilità che il prodotto subisca perdite di denaro a causa delle oscillazioni dei mercati o perché non siamo in grado di corrispondere gli importi dovuti agli investitori. | # The risk indicator assumes you keep the product for 7 years.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. | en | it |
DOLFIN5694 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Directors reserves the right to authorise at any time and without notice the issue and sale of Shares for Funds that were previously closed for further subscriptions. Such decisions will be taken by the Directors with due regard to the interest of the existing Shareholders.
The Directors may determine to restrict the purchase of shares when it is in the interest of the Company or its Shareholders to do so, including when the Company or any Fund reaches a size that could impact the ability to find suitable investments for the Company or the relevant Fund. Information on the status of the Funds can be obtained at any time at the registered office and at www.janushenderson.com. In addition, Shareholders wishing to subscribe in a Fund closed for subscriptions will be informed of such closure at the time of application.
Applicants should also note that the issue of the Shares subscribed for is conditional upon the Company’s receipt of the due payment for such by the Settlement Day and that, should payment for the Shares subscribed for not be received in cleared funds by the Settlement Day, the Company reserves the right to cancel the subscription and rescind the allotment of the Shares applied for.
In case of doubt about instructions received from an investor, the Company may contact such investor to confirm a deal. If the investor confirms different details from those provided on the original written application and/or dealing form, the amended trade will be accepted. However, no assurance can be given that an investor will not incur a loss, where a deal has been amended.
The Company may elect, at its discretion, to accept in certain cases subscriptions in kind by contribution of transferable portfolio securities and any associated transfer costs may be charged to the Shareholder, provided that these are suitable assets in respect of the relevant Fund’s investment objective and investment restrictions and that their market value on the relevant Dealing Date has been verified by a special report of the Auditor at the expense of the contributing Shareholder(s).
Once Shares have been bought, and subject to any provision to the contrary applicable in the jurisdictions where the Shares are sold, the applicant has no right to cancel the deal. However, a Shareholder can request the redemption of their Shares at any time (for which the applicable subscription fees have been fully paid) provided such rights of redemption have not been suspended or deferred and subject to any applicable conditions set out in this Prospectus. | Gli Amministratori si riservano la facoltà di autorizzare in qualsiasi momento e senza preavviso l’emissione di Azioni per i Comparti precedentemente chiusi per effettuare ulteriori sottoscrizioni. Tali decisioni saranno prese dagli Amministratori nell’interesse degli azionisti esistenti.
Gli Amministratori possono decidere di limitare l’acquisto di azioni quando è opportuno farlo nell’interesse della Società o degli azionisti, ivi compresa l’eventualità che la Società o il Comparto raggiunga una dimensione tale da incidere negativamente sulla capacità di trovare investimenti idonei per la Società o per il Comparto interessato. È possibile reperire informazioni sull’andamento dei Comparti in qualsiasi momento presso la sede legale e sul sito www.janushenderson.com. Gli azionisti che desiderano sottoscrivere un Comparto con sottoscrizioni chiuse saranno informati di tale chiusura in occasione della presentazione della domanda di sottoscrizione.
I richiedenti devono altresì notare che l’emissione di Azioni sottoscritte è condizionata al ricevimento da parte della Società, del pagamento dovuto per la stessa entro la data prevista per il pagamento e che, se il pagamento per le Azioni sottoscritte non dovesse essere effettivamente incassato entro la relativa data di pagamento, la Società si riserva il diritto di annullare la sottoscrizione e l’assegnazione delle Azioni richieste.
In caso di dubbio sulle indicazioni fornite da un investitore, la Società può contattare tale investitore per confermare una negoziazione. Qualora l’investitore confermi dati diversi da quelli forniti sulla richiesta scritta originale e/o sul modulo di negoziazione, si accetterà l’operazione modificata. In tal caso, non è comunque possibile garantire all’investitore che non subirà nessuna perdita.
La Società, a sua discrezione, potrà scegliere di accettare in taluni casi sottoscrizioni in natura mediante il conferimento di titoli di portafogli trasferibili e gli eventuali relativi costi di trasferimento potranno essere addebitati all’Azionista, a condizione che tali sottoscrizioni in natura siano rappresentate da attività compatibili con l’obiettivo d’investimento e le restrizioni agli investimenti del relativo Comparto e che il loro valore di mercato alla data di negoziazione pertinente sia stato verificato da una speciale relazione del revisore redatta a spese dell’Azionista o degli Azionisti che effettuano il conferimento in natura.
Una volta acquistate le azioni e fatta salva qualsiasi disposizione contraria applicabile nelle giurisdizioni in cui vengono vendute le azioni, il sottoscrittore non ha diritto ad annullare l’operazione. Un Azionista può comunque richiedere il rimborso delle sue Azioni (le cui spese di sottoscrizione siano state interamente versate) purché tali diritti di rimborso non siano stati sospesi o derogati e subordinatamente alle condizioni applicabili riportate nel presente Prospetto informativo. | The Directors reserves the right to authorise at any time and without notice the issue and sale of Shares for Funds that were previously closed for further subscriptions. Such decisions will be taken by the Directors with due regard to the interest of the existing Shareholders.
The Directors may determine to restrict the purchase of shares when it is in the interest of the Company or its Shareholders to do so, including when the Company or any Fund reaches a size that could impact the ability to find suitable investments for the Company or the relevant Fund. Information on the status of the Funds can be obtained at any time at the registered office and at www.janushenderson.com. In addition, Shareholders wishing to subscribe in a Fund closed for subscriptions will be informed of such closure at the time of application.
Applicants should also note that the issue of the Shares subscribed for is conditional upon the Company’s receipt of the due payment for such by the Settlement Day and that, should payment for the Shares subscribed for not be received in cleared funds by the Settlement Day, the Company reserves the right to cancel the subscription and rescind the allotment of the Shares applied for.
In case of doubt about instructions received from an investor, the Company may contact such investor to confirm a deal. If the investor confirms different details from those provided on the original written application and/or dealing form, the amended trade will be accepted. However, no assurance can be given that an investor will not incur a loss, where a deal has been amended.
The Company may elect, at its discretion, to accept in certain cases subscriptions in kind by contribution of transferable portfolio securities and any associated transfer costs may be charged to the Shareholder, provided that these are suitable assets in respect of the relevant Fund’s investment objective and investment restrictions and that their market value on the relevant Dealing Date has been verified by a special report of the Auditor at the expense of the contributing Shareholder(s).
Once Shares have been bought, and subject to any provision to the contrary applicable in the jurisdictions where the Shares are sold, the applicant has no right to cancel the deal. However, a Shareholder can request the redemption of their Shares at any time (for which the applicable subscription fees have been fully paid) provided such rights of redemption have not been suspended or deferred and subject to any applicable conditions set out in this Prospectus. | en | it |
DOLFIN5695 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
To date, Quinn Emanuel (acting on behalf of the Bondholders, including the Impacted Funds) has, inter alia, taken the following actions:
- appointed (i) Andersen Tax and Legal and (ii) SLJ Abogados to advise the Bondholders with respect to their rights under Spanish law;
- retained experts to assess, inter alia, the value of Banco Popular at the time of the Resolution, and allegations of improper conduct at or involving Banco Popular prior to the Resolution;
- filed multiple applications to access critical documents from the SRB, the European Central Bank and the European Commission (“EC”), and Santander;
- filed actions for annulment against both the SRB and the EC before the General Court of the European Union challenging the Resolution;
- filed an administrative claim in Spain challenging the conduct of the Spanish National Resolution Authority (the Fondo de reestructuración ordenada bancaria) in giving effect to the Resolution in Spain;
- filed writs joining the Bondholders as “aggrieved parties” in ongoing criminal proceedings in Spain concerning allegations of improper conduct at and involving Banco Popular prior to the Resolution;
- filed written submissions challenging the SRB’s preliminary decision not to grant affected creditors of Banco Popular (including the Bondholders) compensation pursuant to the “no creditor worse off” principle; and filed an action for annulment against the SRB’s subsequent, final decision not to grant such compensation; and
- filed an action for annulment against the SRB before the General Court of the European Union challenging its failure to commission definitive, ex-post versions of the valuations it was required to conduct/commission prior to adopting the Resolution, and subsequently appealed the decision of the General Court, which found the application inadmissible, before the Court of Justice. | Ad oggi, Quinn Emanuel (che agisce per conto degli Obbligazionisti, compresi i Comparti Interessati) ha adottato le seguenti misure:
- (i) Andersen Tax and Legal e (ii) SLJ Abogados sono stati nominati al fine di fornire agli Obbligazionisti consulenze in merito ai loro diritti ai sensi della legislazione spagnola;
- sono stati ingaggiati esperti per valutare, tra gli altri, il valore di Banco Popular alla data della Risoluzione e la presunta condotta scorretta di, o che ha coinvolto, Banco Popular prima della Risoluzione;
- sono state presentate più richieste di accesso a documenti critici al SRB, alla Banca Centrale Europea e alla Commissione Europea, nonché a Santander;
- sono state depositate domande di annullamento contro il SRB e la Commissione Europea innanzi alla Corte di Giustizia dell’Unione europea avverso la Risoluzione;
- è stato depositato un ricorso amministrativo in Spagna contro la condotta dell’Autorità spagnola per la risoluzione (Fondo de reestructuración ordenada bancaria) nell’implementazione della Risoluzione in Spagna;
- sono stati depositati atti che includono gli Obbligazionisti tra le “parti lese” nei procedimenti in corso in Spagna relativi alla presunta condotta scorretta di, o che ha coinvolto, Banco Popular prima della Risoluzione;
- sono state presentate osservazioni scritte che contestano la decisione preliminare del SRB di non concedere ai creditori di Banco Popular (compresi gli Obbligazionisti) alcun risarcimento in conformità al principio secondo cui nessun creditore può essere svantaggiato ed è stato presentato un ricorso per annullamento avverso la successiva decisione definitiva del SRB di non concedere alcun risarcimento; e
- è stato presentato un ricorso in annullamento avverso il SRB innanzi il Tribunale dell’Unione europea relativo alla mancata predisposizione delle versioni finali ex-post delle valutazioni che avrebbe dovuto svolgere/commissionare prima dell’adozione della Risoluzione e, successivamente, è stata impugnata la decisione del suddetto Tribunale, che ha dichiarato il ricorso irricevibile, dinanzi alla Corte di giustizia. | To date, Quinn Emanuel (acting on behalf of the Bondholders, including the Impacted Funds) has, inter alia, taken the following actions:
- appointed (i) Andersen Tax and Legal and (ii) SLJ Abogados to advise the Bondholders with respect to their rights under Spanish law;
- retained experts to assess, inter alia, the value of Banco Popular at the time of the Resolution, and allegations of improper conduct at or involving Banco Popular prior to the Resolution;
- filed multiple applications to access critical documents from the SRB, the European Central Bank and the European Commission (“EC”), and Santander;
- filed actions for annulment against both the SRB and the EC before the General Court of the European Union challenging the Resolution;
- filed an administrative claim in Spain challenging the conduct of the Spanish National Resolution Authority (the Fondo de reestructuración ordenada bancaria) in giving effect to the Resolution in Spain;
- filed writs joining the Bondholders as “aggrieved parties” in ongoing criminal proceedings in Spain concerning allegations of improper conduct at and involving Banco Popular prior to the Resolution;
- filed written submissions challenging the SRB’s preliminary decision not to grant affected creditors of Banco Popular (including the Bondholders) compensation pursuant to the “no creditor worse off” principle; and filed an action for annulment against the SRB’s subsequent, final decision not to grant such compensation; and
- filed an action for annulment against the SRB before the General Court of the European Union challenging its failure to commission definitive, ex-post versions of the valuations it was required to conduct/commission prior to adopting the Resolution, and subsequently appealed the decision of the General Court, which found the application inadmissible, before the Court of Justice. | en | it |
DOLFIN5696 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Benchmark MSCI Europe Net Index. The fund is managed within the targeted sector and individual security limits relative to the benchmark index. Although the investment manager has freedom to invest in securities that do not form part of the benchmark and not own all benchmark securities, its ability to deviate from it is somewhat limited. As a consequence of its investment strategy, at times, the fund’s performance may be relatively closely aligned with that of the benchmark
Benchmark use
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class.
- portfolio constructionPortfolio reference currency EUR. | Indice de référence Indice MSCI Europe Net. Le fonds est géré par rapport à l'indice de référence, en respectant les limites sectorielles et de titres individuels ciblées. Bien que le gestionnaire d'investissement soit libre d'investir dans des titres qui ne font pas partie de l'indice de référence et qu'il ne détienne pas tous les titres qui composent ce dernier, sa capacité à s'en écarter est quelque peu limitée. En raison de sa stratégie d'investissement, la performance du fonds peut parfois être relativement proche de celle de l'indice de référence
Utilisation de l'indice de référence
- comparaison de la performance. En ce qui concerne les catégories d'actions couvertes contre le risque de change, l'indice de référence peut être couvert dans la devise de la catégorie concernée.
- construction du portefeuilleDevise de référence du portefeuille EUR. | Benchmark MSCI Europe Net Index. The fund is managed within the targeted sector and individual security limits relative to the benchmark index. Although the investment manager has freedom to invest in securities that do not form part of the benchmark and not own all benchmark securities, its ability to deviate from it is somewhat limited. As a consequence of its investment strategy, at times, the fund’s performance may be relatively closely aligned with that of the benchmark
Benchmark use
- performance comparison. For currency hedged share classes, the benchmark index may be hedged to the currency of that share class.
- portfolio constructionPortfolio reference currency EUR. | en | fr |
DOLFIN5697 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Its portfolio is to have at all times a weighted average life of no more than 12 months;
›
At least 7.5% of its assets are to be comprised of daily maturing assets, Reverse Repurchase Agreements which can be terminated by giving prior notice of one working day or cash which is able to be withdrawn by giving prior notice of one working day.
›
At least 15% of its assets are to be comprised of weekly maturing assets, Reverse Repurchase Agreements which can be terminated by giving prior notice of five working days or cash which is able to be withdrawn by giving prior notice of five working days. Money market instruments and units or shares of other money market funds may be included within the weekly maturing assets up to a limit of 7.5% of its assets provided they are able to be redeemed and settled within five working days.
If those limits are exceeded for reasons beyond the control of the Fund, or as a result of the exercise of subscription or redemption rights, the Fund shall adopt as a priority objective the correction of that situation, taking due account of the interests of its Shareholders. | ###### Die gewichtete durchschnittliche Restlaufzeit (Weighted Average Life, WAL) ihrer Portfolios darf 12 Monate nicht überschreiten;
›
Mindestens 7,5 % der Vermögenswerte müssen aus täglich fälligen Aktiva, umgekehrten Pensionsgeschäften, die unter Wahrung einer Frist von einem Geschäftstag gekündigt werden können, bzw. aus Barmitteln beste- hen, die unter Wahrung einer Frist von einem Geschäftstag entnommen werden können.
›
Mindestens 15 % der Vermögenswerte müssen aus wöchentlich fälligen Aktiva, umgekehrten Pensionsge- schäften, die unter Wahrung einer Frist von fünf Geschäftstagen gekündigt werden können, bzw. aus Barmit- teln bestehen, die unter Wahrung einer Frist von fünf Geschäftstagen entnommen werden können. Geld- marktinstrumente und Anteile oder Aktien anderer Geldmarktfonds können bis zu 7,5 % der Vermögenswerte in die wöchentlich fälligen Aktiva einbezogen sein, sofern sie innerhalb von fünf Geschäftstagen zurückgenom- men und abgerechnet werden können.
Werden diese Grenzen aus Gründen überschritten, die sich der Kontrolle durch den Fonds entziehen, oder infolge der Ausübung von Zeichnungs- und Rücknahmerechten, muss es oberstes Ziel des Fonds sein, dieser Situation Abhilfe zu leisten, wobei die Interessen der Aktionäre angemessen zu berücksichtigen sind. | ###### Its portfolio is to have at all times a weighted average life of no more than 12 months;
›
At least 7.5% of its assets are to be comprised of daily maturing assets, Reverse Repurchase Agreements which can be terminated by giving prior notice of one working day or cash which is able to be withdrawn by giving prior notice of one working day.
›
At least 15% of its assets are to be comprised of weekly maturing assets, Reverse Repurchase Agreements which can be terminated by giving prior notice of five working days or cash which is able to be withdrawn by giving prior notice of five working days. Money market instruments and units or shares of other money market funds may be included within the weekly maturing assets up to a limit of 7.5% of its assets provided they are able to be redeemed and settled within five working days.
If those limits are exceeded for reasons beyond the control of the Fund, or as a result of the exercise of subscription or redemption rights, the Fund shall adopt as a priority objective the correction of that situation, taking due account of the interests of its Shareholders. | en | de |
DOLFIN5698 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives
The aim of the sub-fund is to invest at least 50% in stocks, equity ETFs, futures & options on equity indices as well as units of UCITS and/or UCIs which mainly invest in equity securities of companies traded in global capital markets and/or in equity securities of companies deriving a significant income portion in global equity markets. It may hold liquid assets as well as invest in bonds instruments, including fixed or floating rates, zero-coupons, government & treasury bonds, AND/OR convertible bonds, options & warrants as well as units of UCITS and/or UCIs that invest in bank deposits, money market instruments and transferable debt securities. Companies are selected via an analytical approach with a medium/long-term investment perspective. Investments may also be made via UCIs and UCITS up to a maximum of 10% of net assets. On regular basis techniques and financial derivative instruments are used to meet the investment objective as well as to hedge currency, market and interest rate risk. Investments are made in those currencies which best benefit the sub-fund`s performance. It may, while observing its investment principles, buy and sell futures & options on financial instruments or conduct transactions for non-hedging purposes involving options on transferable securities. The sub-fund is actively managed and does not refer to any benchmark. A portfolio of Equity indices is disclosed for performance reporting purposes only. Sustainability risks are not systematically integrated on the basis of the investment strategy and the type of underlying investments. | # Obiettivi
L'obiettivo del Comparto è investire almeno il 50% in azioni, ETF su azioni, futures e opzioni su indici azionari, nonché in quote di OICVM e/o OIC che investono principalmente in titoli azionari di società negoziate sui mercati globali dei capitali e/o in titoli azionari di società che generano una quota significativa di reddito sui mercati azionari globali. Può detenere attività liquide e investire in strumenti obbligazionari, tra cui quelli a tassi fissi o variabili, zero coupon, titoli di Stato e del tesoro, E/O obbligazioni convertibili, opzioni e warrant, nonché in quote di OICVM e/o OIC che investono in depositi bancari, strumenti del mercato monetario e titoli di debito trasferibili. Le società vengono selezionate con un approccio analitico e una prospettiva di investimento a medio-lungo termine. Gli investimenti possono essere effettuati anche tramite OIC e OICVM fino a un massimo del 10% del patrimonio netto.
Ricorre regolarmente a tecniche e strumenti finanziari derivati per raggiungere l'obiettivo d'investimento e per coprire il rischio valutario, di mercato e di tasso d'interesse. Gli investimenti vengono effettuati nelle valute che favoriscono maggiormente la performance del Comparto. Nel rispetto dei suoi principi d'investimento, il Comparto può acquistare e vendere futures e opzioni su strumenti finanziari o effettuare transazioni a fini non di copertura con opzioni su valori mobiliari. Il Comparto è gestito attivamente senza fare riferimento ad alcun benchmark. Viene presentato un portafoglio di indici azionari solo ai fini della rendicontazione della performance. I rischi di sostenibilità non sono sistematicamente integrati in base alla strategia d'investimento e al tipo di investimenti sottostanti. | # Objectives
The aim of the sub-fund is to invest at least 50% in stocks, equity ETFs, futures & options on equity indices as well as units of UCITS and/or UCIs which mainly invest in equity securities of companies traded in global capital markets and/or in equity securities of companies deriving a significant income portion in global equity markets. It may hold liquid assets as well as invest in bonds instruments, including fixed or floating rates, zero-coupons, government & treasury bonds, AND/OR convertible bonds, options & warrants as well as units of UCITS and/or UCIs that invest in bank deposits, money market instruments and transferable debt securities. Companies are selected via an analytical approach with a medium/long-term investment perspective. Investments may also be made via UCIs and UCITS up to a maximum of 10% of net assets. On regular basis techniques and financial derivative instruments are used to meet the investment objective as well as to hedge currency, market and interest rate risk. Investments are made in those currencies which best benefit the sub-fund`s performance. It may, while observing its investment principles, buy and sell futures & options on financial instruments or conduct transactions for non-hedging purposes involving options on transferable securities. The sub-fund is actively managed and does not refer to any benchmark. A portfolio of Equity indices is disclosed for performance reporting purposes only. Sustainability risks are not systematically integrated on the basis of the investment strategy and the type of underlying investments. | en | it |
DOLFIN5699 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Deferred processing of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Suspension of net asset value calculation and issue, redemption and conversion of shares" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first Bank Business Day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to the Transfer Agent, provided this notice reaches the Transfer Agent before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given Valuation Date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the SICAV to defer all or some of these orders exceeding this threshold of 10% for as long as it takes to restore the necessary liquidity to honour these orders, although not in principle more than ten (10) Bank Business Days for each pending redemption. | ### Aplazamiento de la tramitación de reembolsos
El derecho de cualquier accionista a solicitar a la SICAV el reembolso quedará suspendido durante todo el periodo de suspensión del cálculo del valor liquidativo por acción por la SICAV, en virtud de las facultades mencionadas en el apartado «Suspensión del cálculo del valor liquidativo y de la emisión, el reembolso y las conversiones de acciones» del Folleto. Los accionistas que presenten acciones para su reembolso serán avisados de dicha suspensión y del final de la misma. Las acciones en cuestión serán reembolsadas el primer Día Hábil en Luxemburgo después del cese de la suspensión.
Si la suspensión se prolonga durante más de un mes tras la notificación de la solicitud de reembolso, ésta podrá cancelarse mediante aviso escrito enviado al Agente de Transferencias, siempre y cuando dicho aviso se reciba antes del cese de la suspensión.
Si el total de las solicitudes de reembolso(*) recibidas para un subfondo un Día de Valoración determinado supera el 10% del patrimonio neto total del subfondo en cuestión, el Consejo de Administración o la Sociedad Gestora, en nombre de la SICAV, pueden decidir posponer la totalidad o una parte de las solicitudes que superen dicho umbral del 10% mientras la liquidez necesaria para satisfacer tales solicitudes no se haya restablecido; no obstante, en principio dicho periodo no superará los diez (10) Días Hábiles para cada reembolso suspendido. | ### Deferred processing of redemptions
The right of any shareholder to apply for redemptions from the SICAV will be suspended during any period in which the calculation of the net asset value per share is suspended by the SICAV by virtue of the powers described in the section entitled "Suspension of net asset value calculation and issue, redemption and conversion of shares" in the Prospectus. Any shareholders offering shares for redemption will be notified of this suspension and the end of the suspension. The shares in question will be redeemed on the first Bank Business Day in Luxembourg following the lifting of the suspension.
If the suspension continues for more than one month from the notification of the redemption application, the application may be cancelled by giving written notice to the Transfer Agent, provided this notice reaches the Transfer Agent before the end of the suspension.
If the total redemption orders* received for a sub-fund on a given Valuation Date concern more than 10% of the total net assets of the sub-fund in question, the Board of Directors or Management Company may decide on behalf of the SICAV to defer all or some of these orders exceeding this threshold of 10% for as long as it takes to restore the necessary liquidity to honour these orders, although not in principle more than ten (10) Bank Business Days for each pending redemption. | en | es |
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