id
stringlengths 7
10
| query
stringlengths 200
23.1k
| answer
stringlengths 80
25.4k
| text
stringlengths 80
23k
| src_lang
stringclasses 2
values | trg_lang
stringclasses 4
values |
|---|---|---|---|---|---|
DOLFIN5800 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Amounts due from/to members represent payables for shares purchased and receivables for shares sold that have been contracted for but not yet delivered by the end of the year.
-
## Distributions | Gli importi dovuti ai o dai soci rappresentano debiti per le azioni acquistate e crediti per le azioni vendute negoziate ma non ancora consegnate alla fine dell’esercizio.
-
## Distribuzioni | Amounts due from/to members represent payables for shares purchased and receivables for shares sold that have been contracted for but not yet delivered by the end of the year.
-
## Distributions | en | it |
DOLFIN5801 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Neuberger Berman US Multi Cap Opportunities Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return of the USD I Accumulating Class was 13.64%. Over the same period, the benchmark index, the S&P 500 Index (Total Return, Net of Tax, USD) (the “Index”) returned 15.00%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
During the reporting period, US equity markets were supported by strong economic growth and improving company fundamentals. The US economy benefitted from successful and ongoing vaccination efforts, additional fiscal stimulus, pent-up consumer demand, increased business activity, and a strengthening labour market. This has led to impressive and accelerating economic growth. US Real GDP is now anticipated to grow in excess of 6.5% in 2021 and an additional 4.1% in 2022. Progress toward the passage of an infrastructure bill in the US provides an additional potential catalyst for growth. This is creating what we believe is a favourable landscape for our fundamental and bottom-up approach. We believe our portfolio remains well positioned to navigate the current environment.
Year-to-date, strong stock selection within the Consumer Staples, Health Care, and Information Technology sectors benefitted relative performance. Selection within Communication Services, Financials and Materials detracted from performance. Overall, portfolio positioning benefitted relative performance for the six-month period. The Portfolio’s zero exposure to the Energy and Real Estate sectors detracted from performance. The Portfolio benefitted from an overweight position to Financials, and underweight positions to Health Care, Information Technology, and Utilities.
Performance over the trailing one-year period has been strong on an absolute and relative basis. During the period, the Portfolio returned 44.14% vs. 40.14% for the Index, outperforming by 400 basis points. The Portfolio added value in 10 of 11 sectors.
The portfolio finished the period with overweights in Consumer Discretionary, Financials, and Materials while being underweight Health Care and Information Technology, and having no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find what we believe are compelling opportunities across our three investment categories—Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
The combination of accelerating economic growth, fiscal and monetary stimulus, and individual stock price dislocations, provide a favourable environment for the US Multi Cap Opportunities Strategy. Pent-up demand selectively challenged supply chains, and ongoing shifts in consumer behaviour, have the potential to create a unique environment for businesses to differentiate themselves from peers. The depth of our storehouse of knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve.
We believe the opening of the US economy will progress in concert with the COVID-19 vaccine uptake, supporting US corporate earnings growth. We believe the portfolio is well-positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
We continue to apply disciplined fundamental research to help identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow clients’ assets through the disciplined application of our investment philosophy and process.
34 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | # Neuberger Berman US Multi Cap Opportunities Fund
## Bericht des Investment-Managers
Für den sechsmonatigen Berichtszeitraum zum 30. Juni 2021 betrug die Gesamtrendite für Anteile der Thesaurierenden Klasse USD I 13,64 %. Der als Benchmark dienende S&P 500 Index (Total Return, abzüglich Steuern, USD) (der „Index“) verzeichnete im selben Zeitraum ein Plus von 15,00 %. (Die zur Wertentwicklung gemachten Angaben beziehen sich auf die Wertentwicklung in der Vergangenheit und sind kein Hinweis auf künftige Ergebnisse. Die Angaben zur Gesamtrendite berücksichtigen eine Wiederanlage von etwaigen Dividenden und sonstigen Ausschüttungen.)
Während des Berichtszeitraums wurden die US-Aktienmärkte durch ein starkes Wirtschaftswachstum und sich verbessernde unternehmerische Fundamentaldaten unterstützt. Die US-Wirtschaft profitierte von erfolgreichen und anhaltenden Impfmaßnahmen, zusätzlichen fiskalischen Impulsen, einer aufgestauten Verbrauchernachfrage, erhöhter Unternehmenstätigkeit und einem sich festigenden Arbeitsmarkt. Dies hat zu einem beeindruckenden und sich beschleunigenden Wirtschaftswachstum geführt. Es wird nun erwartet, dass das reale BIP der USA im Jahr 2021 um mehr als 6,5 % und im Jahr 2022 um weitere 4,1 % wachsen wird. Die Fortschritte bei der Verabschiedung eines Infrastrukturprogramms in den USA sind ein zusätzlicher potenzieller Katalysator für das Wachstum. Dies schafft in unseren Augen ein günstiges Umfeld für unseren fundamentalen und Bottom-up-Ansatz. Wir sind der Ansicht, dass unser Portfolio weiterhin gut positioniert ist, um durch das aktuelle Umfeld zu navigieren.
Im bisherigen Jahresverlauf profitierte die relative Performance von einer starken Einzeltitelauswahl in den Sektoren Basiskonsumgüter, Gesundheit und IT. Die Einzeltitelauswahl in den Bereichen Kommunikationsdienste, Finanzen und Werkstoffe kam der relativen Performance zugute. Insgesamt profitierte die relative Performance von der Portfoliopositionierung im Sechsmonatszeitraum. Das fehlende Engagement des Portfolios in den Sektoren Energie und Immobilien schmälerte die Wertentwicklung. Das Portfolio profitierte von einer Übergewichtung von Finanzwerten und einer Untergewichtung der Sektoren Gesundheitswesen, Informationstechnologie und Versorger.
Die Performance über den vorausgegangenen Einjahreszeitraum war sowohl absolut als auch relativ gesehen stark. In diesem Berichtszeitraum erzielte das Portfolio eine Rendite von 44,14 % gegenüber 40,14 % für den Index, eine Outperformance von 400 Basispunkten. Das Portfolio erzielte in 10 von 11 Sektoren Wertzuwächse.
Das Portfolio beschloss den Berichtszeitraum mit einer Übergewichtung in den Sektoren Nicht-Basiskonsumgüter, Finanzen und Werkstoffe, einer Untergewichtung in den Sektoren Gesundheitswesen und Informationstechnologie sowie einer Nullgewichtung von Energie und Immobilien.
Die Zusammensetzung des Portfolios ist eine wichtige Komponente in unserem Anlageprozess, und wir finden nach wie vor unseres Erachtens attraktive Chancen in unseren drei Anlagekategorien – Special-Situation-, opportunistische und klassische Investments. Dieser ausgewogene Ansatz dient dazu, die Risiken zu mindern und gleichzeitig durch die Einzeltitelauswahl unter verschiedenen Marktbedingungen ein Renditepotenzial zu generieren.
Der Kern unseres Anlageprozesses ist ein konsequenter Fokus auf der Generierung eines freien Cashflows bei einem Unternehmen und seine Verwendung durch die Unternehmensleitung. Wir sind der Meinung, dass der freie Cashflow der bessere Maßstab für die Wertschöpfung als die Gewinn- und Verlustrechnung ist, die durch diverse Buchhaltungsmethoden beeinflusst werden kann. Unsere Analyse berücksichtigt die Stabilität und die Treiber des freien Cashflows sowie die Verwendungsmöglichkeiten für dieses Kapital. Dieser Anlageschwerpunkt gibt uns die Möglichkeit, Chancen in allen Sektoren, Marktkapitalisierungen und Risikoprofilen auszumachen, insbesondere in Phasen erhöhter Marktvolatilität.
Die Kombination aus einem sich beschleunigenden Wirtschaftswachstum, fiskal- und geldpolitischen Anreizen und einzelnen Aktienkursverzerrungen bietet ein günstiges Umfeld für die Strategie US Multi Cap Opportunities. Nachholbedarf, Lieferketten mit punktuellen Schwierigkeiten und laufende Veränderungen im Verbraucherverhalten haben das Potenzial, ein einzigartiges Umfeld für Unternehmen zu schaffen, die sich von ihren Mitbewerbern abheben. Die Tiefe unseres Wissensarchivs und Erfahrungsschatzes bleibt robust. Wir identifizieren weiterhin attraktive Anlagemöglichkeiten, während sich die Bedingungen am Aktienmarkt weiterentwickeln.
Wir sind der Auffassung, dass die Öffnung der US-Wirtschaft im Einklang mit der Einführung von COVID-19-Impfstoffen voranschreiten und das Gewinnwachstum der US-Unternehmen unterstützen wird. Wir glauben, dass das Portfolio gut positioniert ist, um von dem anhaltenden Wachstum der globalen Wirtschaftstätigkeit und dem zunehmenden Fokus der Anleger auf unternehmerische Fundamentaldaten zu profitieren.
Wir wenden weiterhin ein diszipliniertes fundamentales Research zur Unterstützung der Ermittlung qualitativ hochwertiger Geschäftsmodelle mit attraktiven freien Cashflow-Charakteristika, die zu überzeugenden Bewertungen gehandelt werden, an. Wir glauben, dass unsere Anlagestrategie fähig ist, langfristigen Wert für Kunden zu schaffen und wirksam das dynamische Marktumfeld zu meistern. Da wir sowohl potenzielle neue Portfoliopositionen als auch aktuelle Bestände bewerten, werden wir dies auch in Zukunft unter Berücksichtigung einer langfristigen Anlageperspektive tun. Unser Schwerpunkt liegt stets auf darauf, das Vermögen der Kunden durch die disziplinierte Anwendung unserer Anlagephilosophie und unseres Anlageverfahrens zu steigern.
34 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BILANZ HALBJAHRESABSCHLUSS | # Neuberger Berman US Multi Cap Opportunities Fund
## Investment Manager’s Report
For the six months ended 30 June 2021, the total return of the USD I Accumulating Class was 13.64%. Over the same period, the benchmark index, the S&P 500 Index (Total Return, Net of Tax, USD) (the “Index”) returned 15.00%. (Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
During the reporting period, US equity markets were supported by strong economic growth and improving company fundamentals. The US economy benefitted from successful and ongoing vaccination efforts, additional fiscal stimulus, pent-up consumer demand, increased business activity, and a strengthening labour market. This has led to impressive and accelerating economic growth. US Real GDP is now anticipated to grow in excess of 6.5% in 2021 and an additional 4.1% in 2022. Progress toward the passage of an infrastructure bill in the US provides an additional potential catalyst for growth. This is creating what we believe is a favourable landscape for our fundamental and bottom-up approach. We believe our portfolio remains well positioned to navigate the current environment.
Year-to-date, strong stock selection within the Consumer Staples, Health Care, and Information Technology sectors benefitted relative performance. Selection within Communication Services, Financials and Materials detracted from performance. Overall, portfolio positioning benefitted relative performance for the six-month period. The Portfolio’s zero exposure to the Energy and Real Estate sectors detracted from performance. The Portfolio benefitted from an overweight position to Financials, and underweight positions to Health Care, Information Technology, and Utilities.
Performance over the trailing one-year period has been strong on an absolute and relative basis. During the period, the Portfolio returned 44.14% vs. 40.14% for the Index, outperforming by 400 basis points. The Portfolio added value in 10 of 11 sectors.
The portfolio finished the period with overweights in Consumer Discretionary, Financials, and Materials while being underweight Health Care and Information Technology, and having no exposure to Energy or Real Estate.
Portfolio construction is an important component of our investment process, and we continue to find what we believe are compelling opportunities across our three investment categories—Special Situation, Opportunistic, and Classic investments. This balanced approach is designed to mitigate risk, while generating alpha through stock selection in various market environments.
The core of our investment process is an unwavering focus on a company’s generation of free cash flow and its use by management. We believe free cash flow is a cleaner measure of value creation than income statement earnings, which may be obfuscated by various accounting methods. Our analysis considers the stability and sources of free cash flow generation, as well as the potential uses of this capital. This investment focus enables us to look across sectors, market capitalisations, and risk profiles to find opportunities, particularly during periods of increased market volatility.
The combination of accelerating economic growth, fiscal and monetary stimulus, and individual stock price dislocations, provide a favourable environment for the US Multi Cap Opportunities Strategy. Pent-up demand selectively challenged supply chains, and ongoing shifts in consumer behaviour, have the potential to create a unique environment for businesses to differentiate themselves from peers. The depth of our storehouse of knowledge remains robust. We continue to identify attractive investment opportunities as equity market conditions evolve.
We believe the opening of the US economy will progress in concert with the COVID-19 vaccine uptake, supporting US corporate earnings growth. We believe the portfolio is well-positioned to benefit from the continued growth of global economic activity and increasing investor focus on company fundamentals.
We continue to apply disciplined fundamental research to help identify high quality business models with attractive free cash flow characteristics trading at compelling valuations. We believe our investment strategy has the ability to create long-term value for clients and effectively navigate the dynamic market environment. As we evaluate both potential new positions and current portfolio holdings, we will continue to do so with a long-term investment perspective in mind. As always, our focus is to grow clients’ assets through the disciplined application of our investment philosophy and process.
34 NEUBERGER BERMAN INVESTMENT FUNDS PLC
BALANCE SHEET FINANCIAL STATEMENTS | en | de |
DOLFIN5802 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Planning your Investment
Designed for Investors who plan to invest for the medium to long term.
The fund may appeal to investors who:
- are interested in a combination of income and investment growth
- are looking to diversify their investments, in particular existing investments in developed markets
- understand the risks and can accept the volatility associated with investing in emerging markets as well as the risks of using derivatives | #### Pianificazione degli investimenti
Concepito per Investitori con un orizzonte temporale di medio-lungo periodo.
Il comparto può attrarre investitori che:
- sono interessati a una combinazione di reddito e crescita degli investimenti
- desiderano diversificare i loro investimenti, in particolare gli investimenti esistenti nei mercati sviluppati
- comprendono i rischi e possono accettare la volatilità associata all'investimento nei mercati emergenti, nonché i rischi connessi all'utilizzo di derivati | #### Planning your Investment
Designed for Investors who plan to invest for the medium to long term.
The fund may appeal to investors who:
- are interested in a combination of income and investment growth
- are looking to diversify their investments, in particular existing investments in developed markets
- understand the risks and can accept the volatility associated with investing in emerging markets as well as the risks of using derivatives | en | it |
DOLFIN5803 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention minimum recommandée : 2 Ans Exemple d’investissement: 10 000 CHF |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 620 CHF | 6 760 CHF |
| | Rendement annuel moyen | - 53,78 % | - 17,76 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 630 CHF | 8 470 CHF |
| | Rendement annuel moyen | - 13,65% | - 7,95% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 150 CHF | 10 240 CHF |
| | Rendement annuel moyen | 1,46% | 1,17% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 720 CHF | 11 490 CHF |
| | Rendement annuel moyen | 17,21% | 7,17% | | | Período de mantenimiento mínimo recomendado: 2 Años Ejemplo de inversión: 10 000 CHF |
| --- |
| Escenarios | En caso de salida después de 1 Año | En caso de salida después de 2 Años (período de mantenimiento recomendado) |
| Mínimo: | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 4 620 CHF | 6 760 CHF |
| | Rendimiento medio cada año | - 53,78 % | - 17,76 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 630 CHF | 8 470 CHF |
| | Rendimiento medio cada año | - 13,65% | - 7,95% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 150 CHF | 10 240 CHF |
| | Rendimiento medio cada año | 1,46% | 1,17% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 720 CHF | 11 490 CHF |
| | Rendimiento medio cada año | 17,21% | 7,17% | | | Période de détention minimum recommandée : 2 Ans Exemple d’investissement: 10 000 CHF |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 620 CHF | 6 760 CHF |
| | Rendement annuel moyen | - 53,78 % | - 17,76 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 630 CHF | 8 470 CHF |
| | Rendement annuel moyen | - 13,65% | - 7,95% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 150 CHF | 10 240 CHF |
| | Rendement annuel moyen | 1,46% | 1,17% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 720 CHF | 11 490 CHF |
| | Rendement annuel moyen | 17,21% | 7,17% | | fr | es |
DOLFIN5804 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type : Ce fonds d’investissement est un compartiment de Legal & General UCITS ETF Plc (la « Société »), une société d’investissement à compartiments multiples à capital variable et responsabilité séparée entre les Fonds. Le Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Durée : Il n’y a pas de date d’échéance fixe.
Objectifs : Le Fonds est un Fonds négocié en bourse à gestion passive qui vise à répliquer la performance de l’indice Solactive Emerging Cyber Security Index (l’« Indice ») après déduction des frais courants et des autres coûts associés à l’exploitation du Fonds.Le Fonds promeut un ensemble de caractéristiques environnementales et sociales qu’il met en œuvre en répliquant l’Indice. Les Actions de cette Catégorie d’actions (les « Actions ») sont libellées en USD et peuvent être achetées et vendues en bourse par des investisseurs ordinaires au travers d’un intermédiaire (p. ex. un courtier). Dans des circonstances normales, seuls les Participants agréés peuvent acheter et vendre des Actions directement auprès de la Société. Les Participants agréés peuvent demander le rachat de leurs Actions conformément au « Calendrier des négociations » publié sur http://www.lgim.com.L’Indice est conçu pour fournir une exposition aux titres de participation de sociétés internationales activement engagées dans le secteur de la cybersécurité. L’Indice cherche à exclure les sociétés qui font partie de l’indice « ESG Exclusions Enhanced Index », y compris, mais sans s’y limiter, les sociétés qui (i) ne sont pas conformes au Pacte mondial des Nations unies, ainsi que les sociétés qui tirent un certain pourcentage de leurs revenus du fait (ii) d’une implication directe ou indirecte par le biais de la propriété de l’entreprise, dans des armes controversées, (iii) d’une implication dans des armes militaires ou des produits connexes, (iv) d’une implication dans la production ou la vente au détail de tabac, ou un autre produit/service connexe, et/ou (v) d’une implication dans la génération, la production ou l’augmentation de la capacité du pétrole et du gaz conventionnels, ou dans des produits/services de support. Ces exclusions sont déterminées par référence à la méthodologie de l’indice disponible sur https://www.solactive.com/indices/?index=DE000SL0F799.Le Fonds investit principalement et directement dans des titres qui composent l’Indice dans des proportions comparables à leur pondération dans l’Indice. Le Fonds peut aussi investir dans (1) des sociétés qui ne figurent pas dans l’Indice, mais qui présentent des caractéristiques de risque et de performance similaires à celles des sociétés figurant dans l’Indice et (2) des instruments financiers dérivés (c.-à-d. des investissements dont les cours sont fondés sur les sociétés incluses dans l’Indice et/ou d’autres sociétés similaires). Les ajustements apportés au portefeuille du Fonds, y compris après un rééquilibrage de l’Indice, génèrent des coûts de transaction.Il n’est pas prévu que cette Catégorie d’actions verse des dividendes. Tout revenu pouvant résulter des investissements du Fonds sera réinvesti dans celui-ci.
Investisseurs de détail visés :
Le Fonds est destiné aux investisseurs qui cherchent à accroître leur capital dans un investissement qui peut faire partie de leur portefeuille d’épargne existant. Bien que les investisseurs puissent retirer leur argent à tout moment, le Fonds peut ne pas convenir à ceux qui prévoient de retirer leur argent dans un délai de cinq ans. Le Fonds n’est pas destiné aux investisseurs qui ne peuvent pas se permettre de subir une perte supérieure à un minimum de leur investissement. | # ¿Qué es este producto?
Tipo: Este fondo de inversión es un subfondo de Legal & General UCITS ETF Plc (la "Sociedad"), sociedad de inversión tipo paraguas con capital variable y responsabilidad segregada entre Fondos. El Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda.
Plazo: No existe una fecha de vencimiento fija.
Objetivos: El Fondo es un fondo cotizado en bolsa gestionado de manera pasiva que tiene como objetivo reproducir la rentabilidad del índice Solactive Emerging Cyber Security (el "Índice"), con supeditación a la deducción de los gastos corrientes y demás costes asociados con el funcionamiento del Fondo.El Fondo promueve una variedad de características medioambientales y sociales que se cumplen al reproducir la rentabilidad del Índice. Las participaciones de esta Clase de Participaciones (las “Participaciones”) están denominadas en USD y los inversores no profesionales pueden comprarlas y venderlas en mercados de valores a través de un intermediario (p. ej., un agente de valores). En circunstancias normales, solo los Partícipes Autorizados pueden comprar y vender Participaciones directamente a través de la Sociedad. Los Partícipes Autorizados pueden solicitar el reembolso de sus Participaciones con arreglo a los “Plazos de Negociación” publicados en http://www.lgim.com.El Índice está diseñado para proporcionar exposición a valores de renta variable de empresas globales que participan activamente en el sector de la seguridad cibernética. El Índice procura excluir empresas que son componentes del "Índice mejorado de exclusiones ESG", incluidas, entre otras, empresas que (i) no cumplen el Pacto Mundial de las Naciones Unidas, así como empresas que obtienen un determinado porcentaje de sus ingresos de (ii) su participación directa, o su participación indirecta por razón de propiedad corporativa, en actividades relativas a armas controvertidas, (iii) su participación en la contratación militar de armas o productos relacionados, (iv) su participación en la producción o venta al por menor de tabaco, o de otro modo son un producto/servicio relacionado, y/o (v) su participación en la generación, producción o aumento de la capacidad de petróleo y gas convencional, o de otro modo en productos/servicios de apoyo. Estas exclusiones se determinan por referencia a la metodología del índice, disponible en https://www.solactive.com/indices/?index=DE000SL0F799.El Fondo invertirá principalmente de forma directa en los valores representados en el Índice en proporciones similares a su ponderación en el Índice. El Fondo también puede invertir en (1) empresas que no formen parte del Índice que presenten características de riesgo y rentabilidad similares a las de las empresas incluidas en el Índice y en (2) instrumentos financieros derivados (es decir, inversiones cuyos precios se basen en las empresas incluidas en el índice y/o tales otras empresas). Los ajustes en la cartera del Fondo, incluso como resultado de una reconstitución del Índice, generarán costes de transacción.Esta Clase de Participaciones no se propone pagar dividendos. Los ingresos que pudieran resultar de las inversiones del Fondo se reinvertirán en el Fondo.
Inversor minorista al que va dirigido
El Fondo está diseñado para inversores que desean hacer crecer su dinero con una inversión que pueda formar parte de su cartera de ahorro existente. Aunque los inversores pueden retirar su dinero en cualquier momento, es posible que el Fondo no sea adecuado para aquellos que tienen previsto retirar su dinero en un plazo de 5 años. El Fondo no está diseñado para inversores que no pueden permitirse más que una pérdida mínima de su inversión. | # En quoi consiste ce produit?
Type : Ce fonds d’investissement est un compartiment de Legal & General UCITS ETF Plc (la « Société »), une société d’investissement à compartiments multiples à capital variable et responsabilité séparée entre les Fonds. Le Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande.
Durée : Il n’y a pas de date d’échéance fixe.
Objectifs : Le Fonds est un Fonds négocié en bourse à gestion passive qui vise à répliquer la performance de l’indice Solactive Emerging Cyber Security Index (l’« Indice ») après déduction des frais courants et des autres coûts associés à l’exploitation du Fonds.Le Fonds promeut un ensemble de caractéristiques environnementales et sociales qu’il met en œuvre en répliquant l’Indice. Les Actions de cette Catégorie d’actions (les « Actions ») sont libellées en USD et peuvent être achetées et vendues en bourse par des investisseurs ordinaires au travers d’un intermédiaire (p. ex. un courtier). Dans des circonstances normales, seuls les Participants agréés peuvent acheter et vendre des Actions directement auprès de la Société. Les Participants agréés peuvent demander le rachat de leurs Actions conformément au « Calendrier des négociations » publié sur http://www.lgim.com.L’Indice est conçu pour fournir une exposition aux titres de participation de sociétés internationales activement engagées dans le secteur de la cybersécurité. L’Indice cherche à exclure les sociétés qui font partie de l’indice « ESG Exclusions Enhanced Index », y compris, mais sans s’y limiter, les sociétés qui (i) ne sont pas conformes au Pacte mondial des Nations unies, ainsi que les sociétés qui tirent un certain pourcentage de leurs revenus du fait (ii) d’une implication directe ou indirecte par le biais de la propriété de l’entreprise, dans des armes controversées, (iii) d’une implication dans des armes militaires ou des produits connexes, (iv) d’une implication dans la production ou la vente au détail de tabac, ou un autre produit/service connexe, et/ou (v) d’une implication dans la génération, la production ou l’augmentation de la capacité du pétrole et du gaz conventionnels, ou dans des produits/services de support. Ces exclusions sont déterminées par référence à la méthodologie de l’indice disponible sur https://www.solactive.com/indices/?index=DE000SL0F799.Le Fonds investit principalement et directement dans des titres qui composent l’Indice dans des proportions comparables à leur pondération dans l’Indice. Le Fonds peut aussi investir dans (1) des sociétés qui ne figurent pas dans l’Indice, mais qui présentent des caractéristiques de risque et de performance similaires à celles des sociétés figurant dans l’Indice et (2) des instruments financiers dérivés (c.-à-d. des investissements dont les cours sont fondés sur les sociétés incluses dans l’Indice et/ou d’autres sociétés similaires). Les ajustements apportés au portefeuille du Fonds, y compris après un rééquilibrage de l’Indice, génèrent des coûts de transaction.Il n’est pas prévu que cette Catégorie d’actions verse des dividendes. Tout revenu pouvant résulter des investissements du Fonds sera réinvesti dans celui-ci.
Investisseurs de détail visés :
Le Fonds est destiné aux investisseurs qui cherchent à accroître leur capital dans un investissement qui peut faire partie de leur portefeuille d’épargne existant. Bien que les investisseurs puissent retirer leur argent à tout moment, le Fonds peut ne pas convenir à ceux qui prévoient de retirer leur argent dans un délai de cinq ans. Le Fonds n’est pas destiné aux investisseurs qui ne peuvent pas se permettre de subir une perte supérieure à un minimum de leur investissement. | fr | es |
DOLFIN5805 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Factsheet as of 31 October 2022 Fund objective
The Fund primarily invests direct or indirect in asset-backed securities listed in euros or converted to euros, distributed over different issuers, collaterals, sectors and countries. The Fund invests primarily in RMBS (Residential Mortgage Backed Securities), CMBS (Commercial Mortgage Backed Securities), Consumer Loans, Car Loans, Credit Card loans, Whole Business (repackaging of companies / company divisions) and other assetbacked securities. The investment process is focused on the addition of value by means of an active selection policy for issuers, collaterals, sectors and countries. | # Scheda informativa al 31 Ottobre 2022 Obiettivo del fondo
Il fondo investe principalmente, anche in maniera indiretta, in titoli asset-backed (titoli garantitida attività o ABS) quotati in euro o convertiti in euro, di settori e Paesi diversi, distribuiti da variemittenti e con garanzie (collateral) differenti. Il fondo investe principalmente in RMBS (titoligarantiti da ipoteca su immobili residenziali), CMBS (titoli garantiti da ipoteca su immobilicommerciali), prestiti al consumo, finanziamenti per l'acquisto di automobili, prestiti su carte dicredito, Whole Business (riaccorpamento di società / divisioni di società) e ABS di altro tipo. Ilprocesso di investimento è mirato alla creazione di valore aggiunto per mezzo di una strategiadi selezione attiva di emittenti, garanzie, settori e Paesi. | # Factsheet as of 31 October 2022 Fund objective
The Fund primarily invests direct or indirect in asset-backed securities listed in euros or converted to euros, distributed over different issuers, collaterals, sectors and countries. The Fund invests primarily in RMBS (Residential Mortgage Backed Securities), CMBS (Commercial Mortgage Backed Securities), Consumer Loans, Car Loans, Credit Card loans, Whole Business (repackaging of companies / company divisions) and other assetbacked securities. The investment process is focused on the addition of value by means of an active selection policy for issuers, collaterals, sectors and countries. | en | it |
DOLFIN5806 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains or losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains or losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains or losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains or losses on translation are included in “Net realised gain/(loss) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on Forward currency exchange contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net realised gain/(loss) on Forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on Financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | Las plusvalías o minusvalías netas materializadas y latentes sobre operaciones con divisas representan: (i) las plusvalías o minusvalías por diferencias de cambio resultantes de la venta y tenencia de monedas extranjeras y equivalentes de efectivo en moneda extranjera; (ii) las plusvalías o minusvalías entre la fecha de negociación y la fecha de liquidación de operaciones con valores y contratos de divisas a plazo; y (iii) las plusvalías y minusvalías que resulten de la diferencia entre el importe contable de los intereses y dividendos y el importe efectivamente recibido.
Las plusvalías o minusvalías resultantes de la conversión se incluyen en la partida «Plusvalías/(minusvalías) netas materializadas sobre cambio de divisas» de la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales.
- Contratos de divisas a plazoLas plusvalías o minusvalías no materializadas sobre contratos de cambio de divisas a plazo en curso se valoran conforme a los tipos de cambio vigentes en la fecha de valoración pertinente. Las variaciones en dichas cantidades se incluyen en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales en la partida«Variación neta en la apreciación/(depreciación) no materializada sobre Contratos de cambio de divisas a plazo». Al cierre de un contrato, las plusvalías/(minusvalías) materializadas se registran en la partida «Plusvalías/(minusvalías) netas materializadas sobre Contratos de cambio de divisas a plazo» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. Las plusvalías o minusvalías no materializadas se registran en la partida «Plusvalías/(minusvalías) netas no materializadas sobre Contratos de cambio de divisas a plazo» en la Cuenta consolidada del patrimonio neto.
- Contratos de futuros financieros sobre valores e índices bursátilesLos contratos de futuros financieros reglamentados se valoran al precio de liquidación cotizado en bolsa. Los depósitos de margen iniciales se efectúan al celebrarse los contratos y pueden consistir en efectivo o valores. Durante el período en que están abiertos los contratos, los cambios en su valor se reconocen como plusvalías y minusvalías latentes mediante el ajuste al valor de mercado («marking-to-market») efectuado todos los días para reflejar el valor de mercado de los contratos al cierre de cada Día hábil. Se abonan o reciben pagos en concepto de margen de variación en función de si se producen plusvalías o minusvalías. La frecuencia de dichos pagos de margen puede diferir en función de la fecha en que se negoció el contrato. Cuando se cierra un contrato, la SICAV registra una plusvalía o minusvalía materializada equivalente a la diferencia entre el producto o el coste de la operación de cierre y el coste inicial del contrato en la partida «Plusvalías/(minusvalías) netas materializadas sobre Contratos de futuros financieros» en la Cuenta consolidada de pérdidas y ganancias y variaciones patrimoniales. | Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains or losses from the sale and holding of foreign currencies and foreign cash equivalents; (ii) gains or losses between trade date and settlement date on securities transactions and forward currency exchange contracts; and (iii) gains or losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains or losses on translation are included in “Net realised gain/(loss) on currency exchange” in the Combined Statement of Operations and Changes in Net Assets.
- Forward Currency Exchange ContractsUnrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on Forward currency exchange contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net realised gain/(loss) on Forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Net Assets.
- Financial Futures Contracts on Securities and IndicesRegulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net realised gain/(loss) on Financial futures contracts” in the Combined Statement of Operations and Changes in Net Assets. | en | es |
DOLFIN5807 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Investment objective
To provide a return primarily from a global portfolio of public securities of companies engaged in the property industry or whose value is largely derived from property assets. This may include REITs, Non-REIT real estate companies and similar structures or equity and debt securities of companies with at least 50% of their assets, income or profits derived from property related products or services at the time of investment. | # Obiettivo d’investimento
Per generare un rendimento investendo prevalentemente da un portafoglio di titoli globali quotati in borsa da società che operano nel settore immobiliare o il cui valore è determinato in larga misura da attivi immobiliari. Può includere società immobiliari REIT, Non-REIT e strutture simili o titoli azionari od obbligazionari di società i cui attivi o il cui reddito o utili derivino per almeno il 50% da prodotti o servizi legati al settore immobiliare al momento dell'investimento. | # Investment objective
To provide a return primarily from a global portfolio of public securities of companies engaged in the property industry or whose value is largely derived from property assets. This may include REITs, Non-REIT real estate companies and similar structures or equity and debt securities of companies with at least 50% of their assets, income or profits derived from property related products or services at the time of investment. | en | it |
DOLFIN5808 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund may reject any subscription in whole or in part, in that case, the subscription monies or the balance outstanding will be returned without delay to the subscriber by post or bank transfer at the subscriber's risk without any interest in accordance with and subject to applicable laws and regulations and the Board of Directors may, at any time and from time to time and in its absolute discretion without liability and without notice, discontinue the issue and sale of Shares of any Class in any one or more Sub-funds.
-
#### Money Laundering Prevention | Il Fondo può rifiutare, in toto o in parte, qualsiasi sottoscrizione; in tal caso, il controvalore in denaro della sottoscrizione o il saldo rimanente verranno tempestivamente restituiti al sottoscrittore per posta o bonifico bancario, a rischio del sottoscrittore, senza alcun interesse conformemente a, e ferme restando, le leggi e le normative in vigore; il Consiglio di Amministrazione può, in qualsiasi momento e di volta in volta a sua assoluta discrezione, senza assunzione di responsabilità e senza preavviso, interrompere l'emissione e la vendita di Azioni di qualsivoglia Classe in uno o più Comparti.
-
#### Prevenzione del riciclaggio di denaro | The Fund may reject any subscription in whole or in part, in that case, the subscription monies or the balance outstanding will be returned without delay to the subscriber by post or bank transfer at the subscriber's risk without any interest in accordance with and subject to applicable laws and regulations and the Board of Directors may, at any time and from time to time and in its absolute discretion without liability and without notice, discontinue the issue and sale of Shares of any Class in any one or more Sub-funds.
-
#### Money Laundering Prevention | en | it |
DOLFIN5809 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold your investment and how the fund performs. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario.
USD 10,000 investment | # Welche Kosten entstehen?
Die Person, die Ihnen dieses Produkt verkauft oder Sie dazu berät, kann Ihnen weitere Kosten berechnen. Sollte dies der Fall sein, teilt diese Person Ihnen diese Kosten mit und legt dar, wie sich diese Kosten auf Ihre Anlage auswirken werden.
Kosten im Zeitverlauf
In den Tabellen werden Beträge dargestellt, die zur Deckung verschiedener Kostenarten von Ihrer Anlage entnommen werden. Diese Beträge hängen davon ab, wie viel Sie anlegen, wie lange Sie Ihre Anlage halten und wie gut sich der Fonds entwickelt. Die hier dargestellten Beträge veranschaulichen einen beispielhaften Anlagebetrag und verschiedene mögliche Anlagezeiträume.
Wir haben folgende Annahme zugrunde gelegt: Im ersten Jahr würden Sie den angelegten Betrag zurückerhalten (0 % Jahresrendite). Für die anderen Halteperioden haben wir angenommen, dass sich der Fonds wie im mittleren Szenario dargestellt entwickelt.
USD 10.000 Anlage | # What are the costs?
The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment.
Costs over time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold your investment and how the fund performs. The amounts shown here are illustrations based on an example investment amount and different possible investment periods.
We have assumed, in the first year you would get back the amount that you invested (0 % annual return). For the other holding period, we have assumed the fund performs as shown in the moderate scenario.
USD 10,000 investment | en | de |
DOLFIN5810 | 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 investment objective of the sub-fund is to achieve long-term capital growth while maintaining an appropriate diversification of risk by investing primarily in equities and other equity securities of companies worldwide. The sub-fund is actively managed. The sub-fund uses the benchmark EURO STOXX NET RETURN EUR (SXXT INDEX) for the comparison of its assets, whereby as part of an active investment approach, no restriction is made to target investments received in this benchmark. The sub-fund's investment universe is not limited to the index components. The sub-fund is an equity fund.
At least 75% of the sub-fund's assets (excluding cash and cash equivalents) will be invested in equities and other equity securities of companies with their registered office in the eurozone. The investment focus can be on companies with large as well as small and medium market capitalisation.
The sub-fund may not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
The sub-fund does not promote sustainable features or have the objective of sustainable investment within the meaning of Article 8 or Article 9 of Regulation (EU) 2019/2088. In accordance with the provisions of Article 7 of Regulation (EU) 2020/852 (EU Taxonomy), attention is drawn to the following in this context: the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | # Objetivos y política de inversión
El objetivo de inversión del subfondo es lograr un crecimiento del capital a largo plazo, manteniendo al mismo tiempo una diversificación adecuada del riesgo, invirtiendo principalmente en acciones y otros valores de participación de empresas de todo el mundo. Es un subfondo de gestión activa. El subfondo utilizará el índice de referencia EURO STOXX NET RETURN EUR (ÍNDICE SXXT) para comparar sus activos, sin restricción alguna en cuanto a las inversiones objetivo recibidas en este índice de referencia como parte de un enfoque de inversión activa. El universo de inversión del subfondo no se limita a los componentes de este índice. Este subfondo es un fondo de acciones.
Al menos el 75 % de los activos del subfondo (sin tener en cuenta los medios líquidos) se invertirá en acciones y otros valores de participación de empresas domiciliadas en la eurozona. La inversión puede centrarse en empresas de gran, pequeña y mediana capitalización bursátil.
El subfondo no debe adquirir participaciones en fondos (OICVM u OIC), independientemente de su forma jurídica. Por lo tanto, el subfondo puede concebirse como fondo objetivo de conformidad con el artículo 41 (1) e) de la Ley de 2010.
El Subfondo no promueve características sostenibles ni tiene el objetivo de la inversión sostenible en el sentido del artículo 8 o el artículo 9 del Reglamento (UE) 2019/2088. De conformidad con lo dispuesto en el artículo 7 del Reglamento (UE) 2020/852 (Taxonomía de la UE), se hace mención expresa de la siguiente situación: las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles a nivel medioambiental.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores. | # Objectives and investment policy
The investment objective of the sub-fund is to achieve long-term capital growth while maintaining an appropriate diversification of risk by investing primarily in equities and other equity securities of companies worldwide. The sub-fund is actively managed. The sub-fund uses the benchmark EURO STOXX NET RETURN EUR (SXXT INDEX) for the comparison of its assets, whereby as part of an active investment approach, no restriction is made to target investments received in this benchmark. The sub-fund's investment universe is not limited to the index components. The sub-fund is an equity fund.
At least 75% of the sub-fund's assets (excluding cash and cash equivalents) will be invested in equities and other equity securities of companies with their registered office in the eurozone. The investment focus can be on companies with large as well as small and medium market capitalisation.
The sub-fund may not acquire units in funds (UCITS and/or UCIs), regardless of their legal form. The sub-fund is therefore eligible as a target fund as specified in Article 41(1)(e) of the Law of 2010.
The sub-fund does not promote sustainable features or have the objective of sustainable investment within the meaning of Article 8 or Article 9 of Regulation (EU) 2019/2088. In accordance with the provisions of Article 7 of Regulation (EU) 2020/852 (EU Taxonomy), attention is drawn to the following in this context: the investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. | en | es |
DOLFIN5811 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# For professional customers, qualified investors and accredited investors only www.newcapital.com
Sector Allocation (GSIND) Market Capitalisation
Biotechnology
Health Care Equipment
Life Sciences Tools & Services
Pharmaceuticals
Health Care Technology
Managed Health Care
Health Care Supplies
Health Care Services
Health Care Distributors
48.07%
14.55%
20.15%
15.32%
10.24%
10.60%
6.68%
39.84%
5.73%
0.50%
3.45%
9.87%
3.07%
2.67%
1.93%
3.97%
$100bn and over
$50bn to $100bn
$20bn to $50bn
$10bn to $20bn
Less than $10bn
Cash
- Fund2.67%11.42%33.29%13.54%38.40%0.68%1.62%Health Care FacilitiesCash1.06%0.68%
- Fund ■BenchmarkCash includes money market instruments, FX forwards and unsettled transactions. | # Exclusivement destiné aux clients professionnels, investisseurs qualifiés et investisseurs autorisés www.newcapital.com
Allocation Sectorielle Capitalisation Boursière (Milliards)
Biotechnologie
Matériel de soins de santé
Outils et services en sciences de la vie
Produits pharmaceutiques
Technologie de la santé
Soins de santé gérés
Produits de soins de santé
Services de soins de santé
Distributeurs de produits de santé
48,07%
14,55%
20,15%
15,32%
10,24%
10,60%
6,68%
39,84%
5,73%
0,50%
3,45%
9,87%
3,07%
2,67%
1,93%
3,97%
>$100md
$50md - $100md
$20md - $50md
$10md - $20md
<$10md
Liquidités
- Fonds2,67%11,42%33,29%13,54%38,40%0,68%1,62%Établissements de soins de santéLiquidités1,06%0,68%
- Fonds ■Indice de référenceLes liquidités incluent les instruments du marché monétaire, les contrats à terme sur le marché des changes et les transactions en suspens. | # For professional customers, qualified investors and accredited investors only www.newcapital.com
Sector Allocation (GSIND) Market Capitalisation
Biotechnology
Health Care Equipment
Life Sciences Tools & Services
Pharmaceuticals
Health Care Technology
Managed Health Care
Health Care Supplies
Health Care Services
Health Care Distributors
48.07%
14.55%
20.15%
15.32%
10.24%
10.60%
6.68%
39.84%
5.73%
0.50%
3.45%
9.87%
3.07%
2.67%
1.93%
3.97%
$100bn and over
$50bn to $100bn
$20bn to $50bn
$10bn to $20bn
Less than $10bn
Cash
- Fund2.67%11.42%33.29%13.54%38.40%0.68%1.62%Health Care FacilitiesCash1.06%0.68%
- Fund ■BenchmarkCash includes money market instruments, FX forwards and unsettled transactions. | en | fr |
DOLFIN5812 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 10 PRINCIPALES POSITIONS
| NOM DE L'ENTREPRISE | MARCHÉ | INDUSTRIE | % DES ACTIONS |
| --- | --- | --- | --- |
| Microsoft Corp | États-Unis | Multi-thème | 6,0 |
| UnitedHealth Group | États-Unis | Santé | 3,9 |
| Alphabet Inc | États-Unis | Multi-thème | 3,9 |
| Westinghouse Air | États-Unis | Efficacité des ressources | 3,6 |
| Unilever PLC | Royaume-Uni | Gestion des ressources | 3,5 |
| Novartis AG | Suisse | Santé | 3,2 |
| Nestle SA | Suisse | Agriculture durable et nutrition | 3,1 |
| Boston Scientific | États-Unis | Santé | 3,1 |
| Agilent Technologies | États-Unis | Santé | 3,0 |
| Danaher Corp | États-Unis | Santé | 2,9 |
| Total des 10 principales positions | | | 36,2 |
Les émetteurs individuels dont il est fait mention ne sauraient constituer une recommandation d’achat ou de vente. Les pondérations ne reflètent pas l’exposition obtenue par le biais d’instruments dérivés. Les positions varient et aucune garantie n’est faite que le Fonds détient actuellement tous ou certains des titres indiqués. Veuillez consulter les rapports annuel et semestriel pour la liste complète des positions.
Les notices d’offre du fonds, le KIID et le rapport annuel sont disponibles gratuitement auprès de l’Agent de transfert du Fonds ou auprès des entités suivantes :
| Italie | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italie, 20123 Milano |
| --- | --- | --- |
| Royaume-Uni | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Royaume-Uni, SW1E 5JL |
| Suisse | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suisse, CH - 8002 |
Agent de transfert du Fonds
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy, Luxembourg, L-1855
Les facilités pour les investisseurs, relatives à l’Article 92 (b-f) de la Directive 2009/65/CE (dans sa version modifiée par la Directive 2019/1160/CE), sont disponibles sur https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
Au Royaume-Uni, ce document est publié par Wellington Management International Limited, une société agréée et réglementée par la Financial Conduct Authority (Référence : 208573). Dans les pays de l’EEE où le Fonds est enregistré, ces documents sont fournis par Wellington Management Europe GmbH, une société agréée et réglementée par la German Federal Financial Supervisory Authority, (BaFin). | En Suisse, ces documents sont fournis par Wellington Management Switzerland GmbH qui est enregistré au registre de commerce du canton de Zurich sous le numéro CH 020.4.050.857 7. | ©2021 Wellington Management. Tous droits réservés. WELLINGTON MANAGEMENT FUNDS® est une marque de service déposée de Wellington Group Holdings LLP. | 383B | # 10 POSICIONES PRINCIPALES
| NOMBRE DE LA COMPAÑÍA | MERCADO | SECTOR | % DE RENTA VARIABLE |
| --- | --- | --- | --- |
| Microsoft Corp | Estados Unidos | Multitemático | 6,0 |
| UnitedHealth Group | Estados Unidos | Sanidad | 3,9 |
| Alphabet Inc | Estados Unidos | Multitemático | 3,9 |
| Westinghouse Air | Estados Unidos | Eficiencia de recursos | 3,6 |
| Unilever PLC | Reino Unido | Gestión de recursos | 3,5 |
| Novartis AG | Suiza | Sanidad | 3,2 |
| Nestle SA | Suiza | Agricultura y nutrición sostenibles | 3,1 |
| Boston Scientific | Estados Unidos | Sanidad | 3,1 |
| Agilent Technologies | Estados Unidos | Sanidad | 3,0 |
| Danaher Corp | Estados Unidos | Sanidad | 2,9 |
| Total de las 10 principales | | | 36,2 |
Los emisores individuales enumerados no deben considerarse una recomendación de compra o venta. Las ponderaciones no reflejan la exposición obtenida mediante el uso de derivados. Las posiciones son variables y no hay ninguna garantía de que el Fondo mantenga actualmente ninguno de los títulos enumerados. Consulte el informe anual y semestral para ver las posiciones completas.
El KIID, los documentos de oferta del fondo y el informe anual se pueden obtener gratuitamente del Agente de transmisión del Fondo (indicado a continuación) o de:
| Italia | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italia, 20123 Milano |
| --- | --- | --- |
| Reino Unido | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Reino Unido, SW1E 5JL |
| Suiza | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suiza, CH - 8002 |
Agente de transmisión
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy, Luxembourg, L-1855
Los servicios para los inversores, relacionados con los dispuestos en el artículo 92 (b-f) de la Directiva 2009/65/CE (modificada por la Directiva 2019/1160/CE), pueden consultarse en: https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
En el Reino Unido, este documento lo proporciona Wellington Management International Limited, una empresa autorizada y regulada por la Financial Conduct Authority (n.º de referencia: 208573). En los países del EEE donde el Fondo esté registrado, este documento lo proporciona Wellington Management Europe GmbH, una empresa autorizada y regulada por la Autoridad Federal de Supervisión Financiera de Alemania, (en alemán, Bundesanstalt für Finanzdienstleistungsaufsicht, más conocida por su acrónimo, BaFin). | En Suiza, este documento lo proporciona Wellington Management Switzerland GmbH, que figura en el registro mercantil del cantón de Zúrich con el número CH-020.4.050.857-7. | ©2021 Wellington Management. Todos los derechos reservados. WELLINGTON MANAGEMENT FUNDS® es una marca de servicio registrada de Wellington Group Holdings LLP. | 383B | # 10 PRINCIPALES POSITIONS
| NOM DE L'ENTREPRISE | MARCHÉ | INDUSTRIE | % DES ACTIONS |
| --- | --- | --- | --- |
| Microsoft Corp | États-Unis | Multi-thème | 6,0 |
| UnitedHealth Group | États-Unis | Santé | 3,9 |
| Alphabet Inc | États-Unis | Multi-thème | 3,9 |
| Westinghouse Air | États-Unis | Efficacité des ressources | 3,6 |
| Unilever PLC | Royaume-Uni | Gestion des ressources | 3,5 |
| Novartis AG | Suisse | Santé | 3,2 |
| Nestle SA | Suisse | Agriculture durable et nutrition | 3,1 |
| Boston Scientific | États-Unis | Santé | 3,1 |
| Agilent Technologies | États-Unis | Santé | 3,0 |
| Danaher Corp | États-Unis | Santé | 2,9 |
| Total des 10 principales positions | | | 36,2 |
Les émetteurs individuels dont il est fait mention ne sauraient constituer une recommandation d’achat ou de vente. Les pondérations ne reflètent pas l’exposition obtenue par le biais d’instruments dérivés. Les positions varient et aucune garantie n’est faite que le Fonds détient actuellement tous ou certains des titres indiqués. Veuillez consulter les rapports annuel et semestriel pour la liste complète des positions.
Les notices d’offre du fonds, le KIID et le rapport annuel sont disponibles gratuitement auprès de l’Agent de transfert du Fonds ou auprès des entités suivantes :
| Italie | ALLFUNDS BANK, S.A.U., Succursale di Milano | Via Bocchetto 6, Italie, 20123 Milano |
| --- | --- | --- |
| Royaume-Uni | Wellington Management International Ltd. | Cardinal Place, 80 Victoria Street, London, Royaume-Uni, SW1E 5JL |
| Suisse | BNP Paribas, Paris, Zurich Branch | Selnaustrasse 16, Zurich, Suisse, CH - 8002 |
Agent de transfert du Fonds
State Street Bank International GmbH, Luxembourg Branch
49, Avenue J.F. Kennedy, Luxembourg, L-1855
Les facilités pour les investisseurs, relatives à l’Article 92 (b-f) de la Directive 2009/65/CE (dans sa version modifiée par la Directive 2019/1160/CE), sont disponibles sur https://www.eifs.lu/wellingtonmanagementfunds [eifs.lu]
Au Royaume-Uni, ce document est publié par Wellington Management International Limited, une société agréée et réglementée par la Financial Conduct Authority (Référence : 208573). Dans les pays de l’EEE où le Fonds est enregistré, ces documents sont fournis par Wellington Management Europe GmbH, une société agréée et réglementée par la German Federal Financial Supervisory Authority, (BaFin). | En Suisse, ces documents sont fournis par Wellington Management Switzerland GmbH qui est enregistré au registre de commerce du canton de Zurich sous le numéro CH 020.4.050.857 7. | ©2021 Wellington Management. Tous droits réservés. WELLINGTON MANAGEMENT FUNDS® est une marque de service déposée de Wellington Group Holdings LLP. | 383B | fr | es |
DOLFIN5813 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The general meeting of the Shareholders may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- a New UCITS; or
- a new sub-fund thereof.
The merger decision shall be adopted by the general meeting of shareholders with (a) a presence quorum requirement of at least one half of the share capital of the Company; and (b) a majority requirement of at least two-thirds of the votes validly cast. | # L’assemblea generale degli azionisti può decidere di procedere alla fusione della Società, in veste di OICVM incorporante o incorporato, con:
- un Nuovo OICVM, o
- un nuovo comparto dello stesso.
La decisione della fusione dovrà essere approvata dall’assemblea generale degli azionisti con (a) un quorum costitutivo di almeno la metà del capitale sociale della Società e (b) una maggioranza di almeno i due terzi dei voti validamente espressi. | # The general meeting of the Shareholders may decide to proceed with a merger of the Company, either as receiving or absorbed UCITS, with:
- a New UCITS; or
- a new sub-fund thereof.
The merger decision shall be adopted by the general meeting of shareholders with (a) a presence quorum requirement of at least one half of the share capital of the Company; and (b) a majority requirement of at least two-thirds of the votes validly cast. | en | it |
DOLFIN5814 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Luxembourg resident Shareholders, and non-resident Shareholders having a permanent establishment or a permanent representative in Luxembourg to which the Shares are attributable, are subject to Luxembourg net wealth tax on such Shares, unless the Shareholder is (i) a resident or non-resident individual taxpayer, (ii) a UCI governed by the Law, (iii) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (iv) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (v) a specialised investment fund governed by the law of 13 February 2007, as amended, (vi) a professional pension institution governed by the amended law dated 13 July 2005, (vii) a family wealth management company governed by the amended law of 11 May 2007, or (viii) a reserved alternative investment fund governed by the law of 23 July 2016.
However, (i) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (ii) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (iii) a professional pension institution governed by the amended law dated 13 July 2005, and (iv) a reserved alternative investment fund treated as a venture capital governed by the law of 23 July 2016 remain subject to minimum net wealth tax.
-
## Value Added Tax | Les Actionnaires résidents au Luxembourg et les Actionnaires non-résidents ayant un établissement ou un représentant permanent au Luxembourg auquel les Actions sont imputables, sont assujettis à l’impôt sur le patrimoine net au Luxembourg sur lesdites Actions, à moins que l’Actionnaire soit (i) un contribuable individuel résident ou non résident, (ii) un OPC régi par la Loi, (iii) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (iv) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (v) un fonds d’investissement spécialisé régi par la Loi du 13 février 2007, telle qu’amendée, (vi) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, (vii) une société de gestion de patrimoine familiale régie par la Loi du 11 mai 2007, telle qu’amendée, ou (viii) un fonds d’investissement alternatif réservé régi par la Loi du 23 juillet 2016.
Toutefois, (i) une société de titrisation régie par la Loi 22 mars 2004 relative à la titrisation, telle qu’amendée, (ii) une société régie par la Loi du 15 juin 2004 relative aux sociétés d’investissement en capital à risque, telle qu’amendée, (iii) une institution de prévoyance professionnelle régie par la Loi datée du 13 juillet 2005, telle qu’amendée, et (iv) un fonds d’investissement alternatif réservé traité comme une société d’investissement en capital à risque et régi par la Loi du 23 juillet 2016 restent assujettis à un impôt minimum sur le patrimoine net.
-
## Taxe sur la valeur ajoutée | Luxembourg resident Shareholders, and non-resident Shareholders having a permanent establishment or a permanent representative in Luxembourg to which the Shares are attributable, are subject to Luxembourg net wealth tax on such Shares, unless the Shareholder is (i) a resident or non-resident individual taxpayer, (ii) a UCI governed by the Law, (iii) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (iv) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (v) a specialised investment fund governed by the law of 13 February 2007, as amended, (vi) a professional pension institution governed by the amended law dated 13 July 2005, (vii) a family wealth management company governed by the amended law of 11 May 2007, or (viii) a reserved alternative investment fund governed by the law of 23 July 2016.
However, (i) a securitisation company governed by the amended law of 22 March 2004 on securitisation, (ii) a company governed by the amended law of 15 June 2004 on venture capital vehicles, (iii) a professional pension institution governed by the amended law dated 13 July 2005, and (iv) a reserved alternative investment fund treated as a venture capital governed by the law of 23 July 2016 remain subject to minimum net wealth tax.
-
## Value Added Tax | en | fr |
DOLFIN5815 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition to the Committee, Legg Mason has established the Legg Mason North Atlantic Fund Valuation Committee, (the ‘‘Valuation Committee’’) to oversee the implementation of the valuation policies and procedures adopted by the Board of Directors (the ‘‘Board’’). The Valuation Committee, including the Chairperson, is comprised of no fewer than four members. Representatives of Legg Mason Legal and Compliance will serve the Valuation Committee in an advisory capacity. The Valuation Committee meets on a monthly basis to review all securities which are manually priced, broker priced, matrix priced, fair valued, illiquid or stale. A Valuation Committee meeting, however, may be called at any time to consider any question or issue that falls under their procedures. Valuation Committee meetings can be in person, or via email or other writing.
- Risk Exposure and Risk Management – (continued)
- Market Risk – (continued) | Oltre al Comitato, Legg Mason ha istituito il Legg Mason North Atlantic Fund Valuation Committee (il “Comitato di valutazione ”) per sovrintendere all’attuazione delle politiche e delle procedure di valutazione adottate dal Consiglio di amministrazione (il “Consiglio”). Il Comitato di valutazione, incluso il Presidente, è composto da non meno di quattro membri. I rappresentanti della divisione Legal and Compliance di Legg Mason assistono il Comitato di valutazione fornendo consulenza. Il Comitato di valutazione si riunisce mensilmente per riesaminare tutti i titoli la cui determinazione dei prezzi è effettuata manualmente, da broker o a matrice e che sono al valore equo, illiquidi od obsoleti. Una riunione del Comitato di valutazione può essere comunque indetta in qualsiasi momento per esaminare eventuali argomenti o problemi che ricadono nell’ambito delle sue mansioni. Le riunioni del Comitato di valutazione possono avvenire di persona, tramite e-mail o in altra forma scritta.
- Esposizione al rischio e gestione del rischio– (continua)
- Rischio di mercato – (continua) | In addition to the Committee, Legg Mason has established the Legg Mason North Atlantic Fund Valuation Committee, (the ‘‘Valuation Committee’’) to oversee the implementation of the valuation policies and procedures adopted by the Board of Directors (the ‘‘Board’’). The Valuation Committee, including the Chairperson, is comprised of no fewer than four members. Representatives of Legg Mason Legal and Compliance will serve the Valuation Committee in an advisory capacity. The Valuation Committee meets on a monthly basis to review all securities which are manually priced, broker priced, matrix priced, fair valued, illiquid or stale. A Valuation Committee meeting, however, may be called at any time to consider any question or issue that falls under their procedures. Valuation Committee meetings can be in person, or via email or other writing.
- Risk Exposure and Risk Management – (continued)
- Market Risk – (continued) | en | it |
DOLFIN5816 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TRANSFER AND TRANSMISSION OF SHARES
- All transfers of shares shall be effected by a transfer in writing in any usual or common form and every form of transfer shall state the full name and address of the transferor and transferee.
- The instrument of transfer of a share shall be signed by or on behalf of the transferor and need not be signed by the transferee. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof.
- Unless the Directors otherwise agree, a transfer of shares may not be registered if in consequence of such transfer the transferor or the transferee would hold a number of shares less than the Minimum Holding.
- The Directors may decline to register any transfer of shares unless the instrument of transfer is deposited at the registered office of the Company or at such other place as the Directors may reasonably require, with such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer.
- If the Directors decline to register a transfer of any share they shall, within one month after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.
- The registration of any transfers may be suspended at such times and for such periods as the Directors from time to time may determine, PROVIDED ALWAYS that such registration of transfers shall not be suspended for more than thirty days in any year.
- All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall (except in the case of fraud) be returned to the person depositing the same.
- In the case of the death of a Member, the survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased where he was a sole or surviving holder, shall be the only person recognised by the Company as having title to his interest in the shares, but nothing in this Article shall release the estate of the deceased holder whether sole or joint from any liability in respect of any share solely or jointly held by him.
- Any guardian of an infant Member and any guardian or other legal representative of a Member under legal disability and any person entitled to a share in consequence of the death, insolvency or bankruptcy of a Member shall, upon producing such evidence of his title as the Directors may require, have the right either to be registered himself as the holder of the share or to make such transfer thereof as the deceased or bankrupt Member could have made, but the Directors shall, in either case, have the same right to refuse or suspend registration as they would have had in the case of a transfer of the share by the infant or by the deceased, insolvent or bankrupt Member before the death, insolvency or bankruptcy of the Member under legal disability.
- A person so becoming entitled to a share in consequence of the death, insolvency or bankruptcy of a Member shall have the right to receive and may give a discharge for all monies payable or other advantages due on or in respect of the share, but he shall not be entitled to receive notice of or to attend or vote at meetings of the Company, nor save as aforesaid, to any of the rights or privileges of a Member unless and until he shall be registered as a Member in respect of the share PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share and if the notice is not complied with within ninety days the Directors may thereafter withhold all moneys payable or other advantages due in respect of the share until the requirements of the notice have been complied with.
- | # CESSION ET TRANSMISSION D'ACTIONS
- Toutes les cessions d'actions seront opérées en vertu d'un bordereau de transfert écrit, revêtant toute forme usuelle ou ordinaire, et tout bordereau de transfert devra indiquer les nom, prénoms et adresse du cédant et du cessionnaire.
- Le bordereau de transfert d'une action devra être signé par ou pour le compte du cédant, la signature du cessionnaire étant facultative. Le cédant sera réputé demeurer propriétaire de l'action cédée jusqu'à ce que le nom du cessionnaire soit inscrit dans le Registre en qualité de nouveau propriétaire de celle-ci.
- Sauf accord contraire des Administrateurs, la cession d'actions peut ne pas être enregistrée si cette cession aurait pour effet que le cédant ou le cessionnaire détienne un nombre d'actions inférieur à la Participation Minimum.
- Les Administrateurs peuvent refuser d'inscrire une cession d'actions, à moins que le bordereau de transfert ne soit déposé au siège social de la Société ou en un autre lieu que les Administrateurs peuvent raisonnablement choisir avec toute preuve que les Administrateurs peuvent raisonnablement exiger afin d'établir le droit de transfert du cédant.
- Si les Administrateurs refusent d'inscrire la cession d'une action au Registre, ils devront, dans un délai d'un mois après la date à laquelle la cession a été déposée auprès de la Société, adresser au cessionnaire un avis indiquant ce refus.
- L'enregistrement de toute cession peut être suspendu aux dates et pour les périodes occasionnellement fixées par les Administrateurs, À CONDITION TOUJOURS que cet enregistrement des cessions ne soit pas suspendu pendant plus de trente jours au cours d'une année donnée.
- Tous les bordereaux de transfert qui doivent être enregistrés seront conservés par la Société, mais tout bordereau de transfert que les Administrateurs refusent d'enregistrer sera retourné (sauf en cas de fraude) à la personne qui l'a déposé.
- En cas de décès d'un Membre, son ou ses survivants, s'il était codétenteur, et les exécuteurs testamentaires ou administrateurs successoraux du défunt, s'il était détenteur unique ou seul survivant, seront les seules personnes reconnues par la Société comme détenant un droit sur sa propriété des actions, mais rien dans le présent Article ne saurait libérer la succession du détenteur décédé, unique ou conjoint, de toute obligation au titre de toute action détenue par lui seul ou conjointement.
- Tout tuteur d'un Membre mineur et tout tuteur ou autre représentant légal d'un Membre dépourvu de capacité juridique et toute personne ayant droit à une action en raison du décès, de l'insolvabilité ou de la faillite d'un Membre, après avoir produit la preuve de son droit que les Administrateurs pourront demander, aura le droit soit de se faire enregistrer lui-même en qualité de détenteur de l'action, soit d'en effectuer la cession de la même manière que leMembre défunt ou failli aurait pu le faire, mais dans les deux cas, les Administrateurs ont le même droit de refuser ou de suspendre l'enregistrement qu'ils auraient eu dans le cas d'une cession de l'action par le Membre mineur, défunt, insolvable ou failli avant le décès, l'insolvabilité ou la faillite du Membre dépourvu de capacité juridique.
- Toute personne qui acquiert ainsi un droit sur une action par suite du décès, de l'insolvabilité ou de la faillite d'un Membre aura le droit de recevoir et pourra donner quitus de l'ensemble des montants à payer ou autres avantages dus sur l'action ou au titre de celle-ci, mais n'aura pas le droit de recevoir un avis de convocation, d'assister ni de voter à des assemblées de la Société ni, sauf comme indiqué ci-avant, ne pourra prétendre à aucun des droits ou privilèges d'un Membre si et tant qu'il n'est pas enregistré en qualité de Membre au titre de l'action en question, ÉTANT TOUJOURS ENTENDU que les Administrateurs peuvent à tout moment signifier un avis exigeant de cette personne qu'elle choisisse soit d'être enregistrée elle-même, soit de céder l'action et, si elle ne s'est pas conformée audit avis dans un délai de quatre-vingt-dix jours, les Administrateurs peuvent ensuite retenir tous les montants à payer ou autres avantages dus au titre de l'action jusqu'à ce que les exigences stipulées dans l'avis soient satisfaites.
- | # TRANSFER AND TRANSMISSION OF SHARES
- All transfers of shares shall be effected by a transfer in writing in any usual or common form and every form of transfer shall state the full name and address of the transferor and transferee.
- The instrument of transfer of a share shall be signed by or on behalf of the transferor and need not be signed by the transferee. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof.
- Unless the Directors otherwise agree, a transfer of shares may not be registered if in consequence of such transfer the transferor or the transferee would hold a number of shares less than the Minimum Holding.
- The Directors may decline to register any transfer of shares unless the instrument of transfer is deposited at the registered office of the Company or at such other place as the Directors may reasonably require, with such other evidence as the Directors may reasonably require to show the right of the transferor to make the transfer.
- If the Directors decline to register a transfer of any share they shall, within one month after the date on which the transfer was lodged with the Company, send to the transferee notice of the refusal.
- The registration of any transfers may be suspended at such times and for such periods as the Directors from time to time may determine, PROVIDED ALWAYS that such registration of transfers shall not be suspended for more than thirty days in any year.
- All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall (except in the case of fraud) be returned to the person depositing the same.
- In the case of the death of a Member, the survivors or survivor where the deceased was a joint holder, and the executors or administrators of the deceased where he was a sole or surviving holder, shall be the only person recognised by the Company as having title to his interest in the shares, but nothing in this Article shall release the estate of the deceased holder whether sole or joint from any liability in respect of any share solely or jointly held by him.
- Any guardian of an infant Member and any guardian or other legal representative of a Member under legal disability and any person entitled to a share in consequence of the death, insolvency or bankruptcy of a Member shall, upon producing such evidence of his title as the Directors may require, have the right either to be registered himself as the holder of the share or to make such transfer thereof as the deceased or bankrupt Member could have made, but the Directors shall, in either case, have the same right to refuse or suspend registration as they would have had in the case of a transfer of the share by the infant or by the deceased, insolvent or bankrupt Member before the death, insolvency or bankruptcy of the Member under legal disability.
- A person so becoming entitled to a share in consequence of the death, insolvency or bankruptcy of a Member shall have the right to receive and may give a discharge for all monies payable or other advantages due on or in respect of the share, but he shall not be entitled to receive notice of or to attend or vote at meetings of the Company, nor save as aforesaid, to any of the rights or privileges of a Member unless and until he shall be registered as a Member in respect of the share PROVIDED ALWAYS that the Directors may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share and if the notice is not complied with within ninety days the Directors may thereafter withhold all moneys payable or other advantages due in respect of the share until the requirements of the notice have been complied with.
- | en | fr |
DOLFIN5817 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As defined by IFRS 7 ‘Financial Instruments: Disclosures’, risk arising on financial instruments can be separated into the following components: Market Risk, Credit Risk and Liquidity Risk.
Invesco Capital Management LLC is the Investment Manager to the Commodity Funds. Assenagon Asset Management S.A. is the Sub-Investment Manager to the Commodity Funds. Assenagon Asset Management S.A is also the Investment Manager to all other Funds of the Company with the exception of the Commodity Funds.
Operationally, the day-to-day management of the Commodity Funds has been delegated to the Sub- Investment Manager. Moreover, the risk management for the Commodity Funds has been outsourced to the Sub- Investment Manager. Therefore, for purposes of Note 2 Financial risks, the term 'Investment Manager' is assimilated to Assenagon Asset Management S.A.
Each type of risk is discussed below and both qualitative and quantitative analyses are provided, where relevant, to give the reader an understanding of risk management methods used by the Investment Manager and reviewed by the Directors of the Company.
The main risks arising from the Funds' financial instruments and derivatives are market risk, liquidity risk and credit risk.
The Company's overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise any discrepancy between the performance of the Funds and the performance of the respective references.
The nature and extent of the financial instruments outstanding at the Statement of financial position date and the risk management policies employed by the Company are discussed below.
-
##### General | Wie in IFRS 7 ‚Finanzinstrumente: Angaben‘ beschrieben, können Risiken, die sich aus Finanzinstrumenten ergeben, wie folgt unterteilt werden: Marktrisiko, Ausfallrisiko (Kreditrisiko) und Liquiditätsrisiko.
Die Invesco Capital Management LLC ist der Anlageverwalter der Commodity Funds. Assenagon Asset Management S.A. ist der Unteranlageverwalter der Commodity Funds. Assenagon Asset Management S.A. ist der Anlageverwalter für alle anderen Fonds der Gesellschaft mit Ausnahme der Commodity Funds.
Operativ wurde die laufende Verwaltung der Commodity Funds an den Unteranlageverwalter delegiert. Darüber hinaus wurde das Risikomanagement für die Commodity Funds an den Unteranlageverwalter ausgelagert. Für die Zwecke von Anmerkung 2 Finanzrisiken steht daher der Begriff „Anlageverwalter“ synonym für die Assenagon Asset Management S.A.
Jeder Risikotyp wird nachstehend erörtert, und gegebenenfalls werden sowohl qualitative als auch quantitative Analysen bereitgestellt, um dem Leser die vom Anlageverwalter eingesetzten und vom Verwaltungsrat der Gesellschaft überprüften Risikomanagementmethoden verständlich zu machen.
Die Hauptrisiken, die sich aus den Finanzinstrumenten und Derivaten der Fonds ergeben, sind das Marktrisiko, das Liquiditätsrisiko und das Kreditrisiko.
Die allgemeine Risikomanagementpolitik der Gesellschaft konzentriert sich auf die Unberechenbarkeit von Finanzmärkten und versucht, Diskrepanzen zwischen der Performance der Fonds und der Performance der jeweiligen Referenzen.
Art und Umfang der zum Bilanzstichtag ausstehenden Finanzinstrumente sowie die von der Gesellschaft angewandten Risikomanagementstrategien werden weiter unten erörtert.
-
##### Allgemeines | As defined by IFRS 7 ‘Financial Instruments: Disclosures’, risk arising on financial instruments can be separated into the following components: Market Risk, Credit Risk and Liquidity Risk.
Invesco Capital Management LLC is the Investment Manager to the Commodity Funds. Assenagon Asset Management S.A. is the Sub-Investment Manager to the Commodity Funds. Assenagon Asset Management S.A is also the Investment Manager to all other Funds of the Company with the exception of the Commodity Funds.
Operationally, the day-to-day management of the Commodity Funds has been delegated to the Sub- Investment Manager. Moreover, the risk management for the Commodity Funds has been outsourced to the Sub- Investment Manager. Therefore, for purposes of Note 2 Financial risks, the term 'Investment Manager' is assimilated to Assenagon Asset Management S.A.
Each type of risk is discussed below and both qualitative and quantitative analyses are provided, where relevant, to give the reader an understanding of risk management methods used by the Investment Manager and reviewed by the Directors of the Company.
The main risks arising from the Funds' financial instruments and derivatives are market risk, liquidity risk and credit risk.
The Company's overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise any discrepancy between the performance of the Funds and the performance of the respective references.
The nature and extent of the financial instruments outstanding at the Statement of financial position date and the risk management policies employed by the Company are discussed below.
-
##### General | en | de |
DOLFIN5818 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Les actions de croissance peuvent être plus sensibles aux marchés, ainsi qu’aux évolutions économiques et politiques que d’autres actions, ce qui rend leurs cours plus volatils. Le Fonds peut investir dans des produits dérivés pouvant avoir une incidence importante sur sa performance.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.alger.com pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Los valores de crecimiento pueden ser más sensibles a la evolución del mercado, la economía y la política que los de otro tipo, lo que hace que sus precios sean más volátiles. El Fondo puede invertir en derivados, lo cual puede incidir en gran medida en la rentabilidad del Fondo.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Les actions de croissance peuvent être plus sensibles aux marchés, ainsi qu’aux évolutions économiques et politiques que d’autres actions, ce qui rend leurs cours plus volatils. Le Fonds peut investir dans des produits dérivés pouvant avoir une incidence importante sur sa performance.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.alger.com pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN5819 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €261 | €761 |
| Annual cost impact (*) | 2.6% | 2.6% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni |
| --- | --- | --- |
| Costi totali | €261 | €761 |
| Incidenza annuale dei costi (*) | 2.6% | 2.6% ogni anno | | | | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | €261 | €761 |
| Annual cost impact (*) | 2.6% | 2.6% each year | | en | it |
DOLFIN5820 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Japan
United States | ###### Titoli negoziabili e strumenti del mercato monetario ammessi alla quotazione ufficiale di una borsa valori e/o negoziati su un altro mercato regolamentato
Giappone
Stati Uniti | ##### Transferable securities and money market instruments admitted to an official stock exchange listing and/or dealt in on another regulated market
Japan
United States | en | it |
DOLFIN5821 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Additional important information:
The subfund's overall risk is monitored by applying the absolute Value at Risk (VaR) method.
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.72% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | # Otra información importante:
El riesgo total del subfondo se supervisa mediante el método de valor en riesgo (Value at Risk, VaR).
Recomendación sobre el periodo de tenencia: Este fondo es adecuado para inversores que tengan un horizonte de inversión a medio plazo (de tres a cinco años) o más largo plazo.
* La composición de la cartera figura en el folleto de venta.
riesgo bajo riesgo alto
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
bajo potencial de rendimiento alto potencial de rendimiento
Los datos históricos empleados para el cálculo de la categoría de riesgo y rendimiento no se pueden considerar una indicación fiable del perfil de riesgo futuro.
La categoría de riesgo y rendimiento indicada puede estar sujeta a cambios. La clasificación en una categoría puede cambiar con el tiempo.
La categoría de riesgo más baja no equivale a una inversión libre de riesgo.
Motivos para la clasificación en la categoría de riesgo y rentabilidad:
- Curva de tipos
- Subida de tipos
- Riesgos de tipo de cambioNo existen garantías de capital ni protección de capital.
Otros riesgos esenciales para el fondo no considerados en la medida adecuada en el indicador mencionado arriba:
- Riesgos de crédito en inversiones por un monto considerable en valores de renta fija cuyo reembolso se puede suspender.
- Riesgos operacionales relacionados con la custodia de activos y el uso de instrumentos derivados y otras técnicas financieras para gestionar la exposición al riesgo.
Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
| Gastos únicos antes y después de la inversión |
| --- |
| Comisión de suscripción (max.) | 3,00% |
| Gastos de reembolso (max.) | n/a |
| Gastos que se deducen del fondo en el transcurso del año |
| Gastos corrientes | 0,72% |
| Gastos que debe pagar el fondo en determinadas circunstancias |
| Comisiones vinculadas a la evolución de valor del fondo (max.) | n/a |
Todavía no se dispone de un historial suficiente que permita sacar conclusiones sobre la evolución del valor anterior.
Los gastos corrientes se refieren a los últimos doce meses. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto. | # Additional important information:
The subfund's overall risk is monitored by applying the absolute Value at Risk (VaR) method.
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Yield curve
- Interest-rate premium
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks, because substantial investments are made in interest-bearing securities where repayment default is possible.
- Operational risks in connection with the safekeeping of assets and the use of derivative financial instruments and other financial techniques for steering risk exposure.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.72% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | en | es |
DOLFIN5822 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
I EUR, K EUR, and N EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is particularly intended for investors who wish to maximise their bond investments through the active management of credit instruments denominated in euros with an analysis combining financial and non-financial criteria.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an
owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: more than 2 years
- Procedures for determining and allocating income | Oltre alle spese di gestione prelevate dalla società di gestione, ogni consulente finanziario o entità finanziaria regolamentata potrebbe addebitare spese di gestione o di consulenza agli investitori interessati. La società di gestione non partecipa a tali accordi.
Le azioni non sono iscritte per il collocamento in tutti i paesi. Esse quindi non sono disponibili alla sottoscrizione da parte di investitori privati in tutti gli ordinamenti.
Il soggetto responsabile di verificare il rispetto dei criteri relativi alla capacità dei sottoscrittori o acquirenti e che essi abbiano ricevuto le informazioni necessarie è lo stesso cui è stato affidato l'effettivo collocamento della SICAV. Azioni I EUR, K EUR e N EUR: persone giuridiche e investitori istituzionali per proprio conto o per conto terzi e tutti gli azionisti che hanno sottoscritto il Comparto prima del 12/02/2019.
Azioni R EUR: tutti i sottoscrittori, destinate in particolare a essere collocate da Distributori appositamente selezionati dalla società di gestione.
Il presente comparto si rivolge in particolar modo a investitori che desiderano ottimizzare i propri investimenti obbligazionari grazie a una gestione attiva di strumenti di credito denominati in euro con un'analisi che combina criteri finanziari ed extra-finanziari.
Si richiama l’attenzione degli investitori sui rischi inerenti a questo tipo di titoli, sulla base di quanto descritto nella sezione “profilo di rischio”.
Le azioni di questo comparto non sono e non saranno registrate negli Stati Uniti in virtù dell'U.S. Securities Act del 1933 e successive modifiche (“Securities Act 1933”) né saranno ammesse in virtù di qualsivoglia legge degli Stati Uniti. Queste azioni non devono essere offerte, vendute o trasferite negli Stati Uniti (ivi compresi nei territori e possedimenti degli Stati Uniti) né produrre benefici, direttamente o indirettamente, per una Persona statunitense (conformemente al regolamento S del Securities Act del 1933).
Il comparto può sottoscrivere quote o azioni di altri fondi che possono partecipare a nuove emissioni di titoli statunitensi ("US IPO") o partecipare direttamente a delle quotazioni in borsa in USA ("US IPO"). La Financial Industry Regulatory Authority (FINRA), in conformità alle norme FINRA 5130 e 5131 (i Regolamenti), ha emanato dei divieti in merito all'idoneità di taluni soggetti a partecipare a US IPO, ove i beneficiari effettivi di tali conti siano professionisti del settore dei servizi finanziari (tra cui, tra l'altro, proprietari o dipendenti di una società membro della FINRA o gestori di fondi), detti Soggetti esclusi, ovvero dirigenti o amministratori di una società statunitense o non statunitense che potrebbe avere rapporti d'affari con una società membro della FINRA (Soggetti interessati). Il comparto non può essere offerto o venduto a o per conto di una "Persona statunitense" secondo la definizione del "Regolamento S", o a investitori considerati Soggetti esclusi o Soggetti interessati, ai sensi dei Regolamenti FINRA. In caso di dubbi in merito al suo status, l'investitore deve rivolgersi al proprio consulente legale.
L’importo che è ragionevole investire in questo comparto dipende dalla situazione personale dell’investitore. Per determinarlo si raccomanda all'azionista di avvalersi della consulenza di professionisti al fine di diversificare i suoi investimenti e di determinare la proporzione del portafoglio finanziario o del suo patrimonio da investire in questo comparto, in particolar modo per quanto concerne la durata dell’investimento raccomandata e l’esposizione ai rischi succitati, il suo patrimonio personale, le sue esigenze e i suoi obiettivi. In qualsiasi caso è obbligatorio per ciascun azionista diversificare a sufficienza il proprio portafoglio per non essere esposto unicamente ai rischi di questo comparto.
Durata consigliata dell'investimento: superiore a 2 anni
- Modalità di determinazione e di destinazione delle entrate | In addition to the management fees charged by the Management Company, each financial advisor or regulated financial entity may be liable to pay the management or advisory fees incurred by each investor. The Management Company is not party to such agreements.
Shares are not registered for marketing in all countries. They are therefore not open to subscription for retail investors in all jurisdictions.
The person in charge of checking compliance with the criteria on investor and purchaser capacity and ensuring that the latter have received the required information is the person tasked with the actual marketing of the SICAV.
I EUR, K EUR, and N EUR shares: Legal entities and institutional investors trading on their own behalf or on behalf of third parties as well as shareholders who subscribed to the Sub-fund before 12/02/2019.
R EUR shares: All subscribers; specifically intended to be marketed by the Distributors selected for this purpose by the Management Company.
This Sub-fund is particularly intended for investors who wish to maximise their bond investments through the active management of credit instruments denominated in euros with an analysis combining financial and non-financial criteria.
Investors’ attention is drawn to the risks inherent in this type of security, as described in the “Risk Profile” section.
The shares of this Sub-fund are not and will not be registered in the United States under the US Securities Act of 1933, as amended (“Securities Act 1933”), or under any other law of the United States. These shares may not be offered, sold or transferred to the United States (including its territories and possessions) or benefit, directly or indirectly, any US Person (as defined by Regulation S of the Securities Act 1933).
The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings for US securities (“US IPOs”) or directly participate in US initial public offerings (“US IPOs”). The Financial Industry Regulatory Authority (FINRA), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US IPOs when the effective beneficiary(-ies) of such accounts are professionals in the financial services sector (including, among others, an
owner or employee of a member of FINRA or a fund manager) (a “Restricted Person”) or an executive officer or director of a US or non-US company that may be in a business relationship with a member of FINRA (an “Associated Person”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person” as defined by “Regulation S” nor to investors considered as Restricted Persons or Associated Persons in relation to the FINRA Rules. Investors should consult their legal advisor if there are any doubts about their legal status.
The appropriate amount to invest in this sub-fund depends on your personal situation. To determine that amount, shareholders are encouraged to seek professional advice in order to diversify their investments and determine the proportion of their financial portfolio or assets to be invested in this Sub-fund, specifically in view of the recommended investment period and exposure to the aforementioned risks, and their personal wealth, needs and specific objectives. In all cases, shareholders must diversify their portfolio sufficiently to avoid being exposed solely to the risks of this Sub-fund.
Recommended investment period: more than 2 years
- Procedures for determining and allocating income | en | it |
DOLFIN5823 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Payments of dividends or of the redemption price to shareholders may be subject to withholding tax in accordance with the provisions of the European Council Directive 2003/48/EC of 3 June 2003 and the Savings Directive on the automatic exchange of information on the taxation of savings income in the form of interest payments (in accordance with the provisions of the European Directive 2003/48/EC (“the Directive”)). If such payments are subject to withholding tax, investors have the option of not paying the tax if they submit a certificate of exemption or an authorisation for exchange of information, in accordance with the options made available by the paying agent.
The Directive was transposed into Luxembourg legislation through the law of 21 June 2005 (“the Law”).
The dividends distributed by a sub-fund of the SICAV shall be subject to the Directive and the Law if more than 15% of the sub-fund’s assets are
invested in receivables as defined by the Law.
The capital gains that a shareholder earns upon the sale of shares of a sub-fund are subject to the Directive and the Law if more than 25% of the sub-fund’s assets are invested in receivables as defined by the Law. | Les paiements de dividendes ou du prix de remboursement en faveur des actionnaires peuvent être soumis au prélèvement d’une retenue conformément aux dispositions de la directive européenne 2003/48/CE du Conseil du 3 juin 2003 et de la directive « Savings » sur les échanges automatiques d’information, en matière de fiscalité des revenus de l’épargne sous forme de paiement d’intérêts (conformément aux dispositions de la Directive européenne 2003/48/CE (« la Directive »)). Au cas où un tel paiement serait soumis à la retenue à la source, l’investisseur a la faculté d’éviter cette retenue par la remise d’un certificat d’exemption ou d’un mandat pour procéder à l’échange d’information, selon les possibilités offertes par l’agent payeur.
La Directive a été transcrite dans la législation luxembourgeoise par la loi du 21 juin 2005 (« la Loi »).
Les dividendes distribués par un compartiment de la SICAV seront soumis à la Directive et à la Loi si plus de 15% des actifs du compartiment sont investis dans des créances telles que définies dans la Loi.
La plus-value qu’un actionnaire réalise lors de la cession des actions d’un compartiment est soumise à la Directive et à la Loi si plus de 25% des actifs du compartiment sont investis dans les créances telles que définies dans la Loi. | Payments of dividends or of the redemption price to shareholders may be subject to withholding tax in accordance with the provisions of the European Council Directive 2003/48/EC of 3 June 2003 and the Savings Directive on the automatic exchange of information on the taxation of savings income in the form of interest payments (in accordance with the provisions of the European Directive 2003/48/EC (“the Directive”)). If such payments are subject to withholding tax, investors have the option of not paying the tax if they submit a certificate of exemption or an authorisation for exchange of information, in accordance with the options made available by the paying agent.
The Directive was transposed into Luxembourg legislation through the law of 21 June 2005 (“the Law”).
The dividends distributed by a sub-fund of the SICAV shall be subject to the Directive and the Law if more than 15% of the sub-fund’s assets are
invested in receivables as defined by the Law.
The capital gains that a shareholder earns upon the sale of shares of a sub-fund are subject to the Directive and the Law if more than 25% of the sub-fund’s assets are invested in receivables as defined by the Law. | en | fr |
DOLFIN5824 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Data sources and processing
- Data SourcesThe Investment Manager uses a combination of external and internal data, research and ratings, that are both qualitative and quantitative in nature, to assist with the assessment, measurement and monitoring of the environmental and social characteristics promoted by the Sub-Fund. External primary data sources may include, but are not limited to, Bloomberg, CDP, FactSet, ISS Climate, MSCI, RepRisk, Sustainalytics, Vigeo Eiris.
- Data QualityThe Investment Manager has a dedicated Responsible Investment team that assesses environmental, social and governance data available from third party data providers. The Responsible Investment team identifies areas where there are data gaps or issues with data quality from certain providers. In the event of data gaps, this group will determine the appropriate course of action which may involve reviewing a combination of other externally sourced data and/or internal proprietary research to facilitate informed decision-making.
- Data ProcessingData used to attain each of the environmental or social characteristics promoted by the Sub-Fund is loaded into a dedicated database directly from vendors, mapped to companies through a security master and loaded into the Investment Manager’s research database where it feeds downstream systems. This process is overseen by the Investment Manager’s Responsible Investment team supported by the Investment Manager's technology team.
- Proportion of Data that is estimatedThe proportion of estimated data varies depending on the datapoint. Data from third party vendors is in some cases limited, for example for the principal adverse impact indicator relating to emissions to water. | # Sources et traitement des données
- Sources de donnéesLe Gestionnaire de portefeuille utilise une combinaison de données externes et internes, de recherches et de notations, qui sont à la fois de nature qualitative et quantitative, pour appuyer l’évaluation, la mesure et le suivi des caractéristiques environnementales et sociales promues par le Compartiment. Les sources de données primaires externes peuvent inclure, entre autres, Bloomberg, CDP, FactSet, ISS Climate, MSCI, RepRisk, Sustainalytics,Vigeo Eiris.
- Qualité des donnéesLe Gestionnaire de portefeuille dispose d’une cellule de travail dédiée Investissement responsable, chargée d’évaluer les données environnementales, sociales et de gouvernance disponibles auprès de fournisseurs de données tiers.
L’équipe Investissement responsable identifie les segments porteurs de lacunes ou d’enjeux concernant la qualité des données de certains prestataires. En cas de lacunes des données, cette cellule de travail déterminera les mesures appropriées, lesquelles peuvent impliquer l’examen d’une série d’autres données issues de sources externes et/ou de recherches internes exclusives afin de faciliter une prise de décision éclairée.
- Traitement des donnéesLes données utilisées pour atteindre les caractéristiques environnementales ou sociales promues par le Compartiment sont chargées dans une base de données dédiée directement auprès des fournisseurs, associées aux entreprises via un protocole sécurisé et chargées dans la base de données de recherche du Gestionnaire de portefeuille pour alimenter les systèmes en aval. Ce processus est supervisé par la cellule de travail Investissement responsable du Gestionnaire de portefeuille, assistée par l’équipe en charge de la technologie.
- Proportion des données estiméesLa proportion de données estimées varie en fonction du point de données. Les données de fournisseurs tiers sont dans certains cas limitées, par exemple pour l’indicateur de principales incidences négatives relatif aux émissions dans l’eau. | # Data sources and processing
- Data SourcesThe Investment Manager uses a combination of external and internal data, research and ratings, that are both qualitative and quantitative in nature, to assist with the assessment, measurement and monitoring of the environmental and social characteristics promoted by the Sub-Fund. External primary data sources may include, but are not limited to, Bloomberg, CDP, FactSet, ISS Climate, MSCI, RepRisk, Sustainalytics, Vigeo Eiris.
- Data QualityThe Investment Manager has a dedicated Responsible Investment team that assesses environmental, social and governance data available from third party data providers. The Responsible Investment team identifies areas where there are data gaps or issues with data quality from certain providers. In the event of data gaps, this group will determine the appropriate course of action which may involve reviewing a combination of other externally sourced data and/or internal proprietary research to facilitate informed decision-making.
- Data ProcessingData used to attain each of the environmental or social characteristics promoted by the Sub-Fund is loaded into a dedicated database directly from vendors, mapped to companies through a security master and loaded into the Investment Manager’s research database where it feeds downstream systems. This process is overseen by the Investment Manager’s Responsible Investment team supported by the Investment Manager's technology team.
- Proportion of Data that is estimatedThe proportion of estimated data varies depending on the datapoint. Data from third party vendors is in some cases limited, for example for the principal adverse impact indicator relating to emissions to water. | en | fr |
DOLFIN5825 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The amount which is reasonable to invest in this mutual fund depends on your personal situation. The holder is therefore advised to seek the advice of a professional in order to diversify his or her investments and to determine the proportion of the financial portfolio or his or her assets to invest in this mutual fund with regard to the recommended investment period and the exposure to the aforementioned risks, and his or her personal assets, needs and objectives.
The recommended minimum investment period is 1 year.
-
# Appropriation of distributable amounts: | Le montant qu’il est raisonnable d’investir dans ce FCP dépend de votre situation personnelle. Pour le déterminer, il est recommandé au porteur de s’enquérir des conseils d’un professionnel afin de diversifier ses placements et de déterminer la proportion du portefeuille financier ou de son patrimoine à investir dans ce FCP au regard plus spécifiquement de la durée de placement recommandée et de l’exposition aux risques précités, de son patrimoine personnel, de ses besoins et de ses objectifs propres.
La durée minimale de placement recommandée est de 1 an.
-
# Modalités d'affectation des sommes distribuables : | The amount which is reasonable to invest in this mutual fund depends on your personal situation. The holder is therefore advised to seek the advice of a professional in order to diversify his or her investments and to determine the proportion of the financial portfolio or his or her assets to invest in this mutual fund with regard to the recommended investment period and the exposure to the aforementioned risks, and his or her personal assets, needs and objectives.
The recommended minimum investment period is 1 year.
-
# Appropriation of distributable amounts: | en | fr |
DOLFIN5826 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# In light of the above, the FCA requires a transition from LIBOR to global ARRs (or EURIBOR where applicable) for all investment instruments before the end of 2021.
BlackRock published “The Endgame: Benchmark Reform and Transition from IBORs” on 30 June 2021 that provides further detail with respect to BlackRock’s IBOR transition process and global interest rate reform generally. The document is available at: https://www.blackrock.com/corporate/literature/whitepaper/libor-viewpoint-benchmark-reform-transition-from-ibors.pdf | # Alla luce di quanto suddetto, la FCA ha richiesto la transizione dal LIBOR agli ARR globali (o EURIBOR, ove applicabile) per tutti gli strumenti d’investimento entro la fine del 2021.
Il 30 giugno 2021, BlackRock ha pubblicato “The Endgame: Benchmark Reform and Transition from IBORs” per fornire ulteriori dettagli sul processo di transizione di BlackRock all’IBOR e sulla riforma globale dei tassi d’interesse in generale. Il documento è disponibile sul sito: https://www.blackrock.com/corporate/literature/whitepaper/libor-viewpoint-benchmark-reform-transition-from-ibors.pdf | # In light of the above, the FCA requires a transition from LIBOR to global ARRs (or EURIBOR where applicable) for all investment instruments before the end of 2021.
BlackRock published “The Endgame: Benchmark Reform and Transition from IBORs” on 30 June 2021 that provides further detail with respect to BlackRock’s IBOR transition process and global interest rate reform generally. The document is available at: https://www.blackrock.com/corporate/literature/whitepaper/libor-viewpoint-benchmark-reform-transition-from-ibors.pdf | en | it |
DOLFIN5827 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Prospectus for the
AXA ROSENBERG EQUITY ALPHA TRUST
Valid as at 13 July 2017
The Fund is a UCITS umbrella type open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the Regulations. The Directors of the Manager of the Fund, whose names appear in the section entitled “Management and Administration”, are the persons responsible for the information contained in this Prospectus and accept responsibility accordingly. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS, YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISERS.
- IMPORTANT INFORMATIONThis Prospectus comprises information relating to the Fund, AXA Rosenberg Equity Alpha Trust. The Fund is structured as an open-ended umbrella unit trust and is authorised in Ireland by the Central Bank as a UCITS for the purposes of the Regulations. The Fund may be divided into different Sub-Funds with one or more classes of Units. The creation of any Sub-Fund or any new Unit class will require the prior approval of the Central Bank. Capitalised terms are defined in section 2. | Folleto informativo para el
AXA ROSENBERG EQUITY ALPHA TRUST
Válido a fecha 13 de julio de 2017
El Fondo es un fondo de participaciones abierto de tipo “paraguas” que cumple las condiciones de OICVM autorizado por el Banco Central de Irlanda conforme a lo dispuesto en el Reglamento. Los Consejeros de la Sociedad Gestora del Fondo, cuyos nombres figuran en el apartado “Dirección y administración”, son las personas responsables de la información recogida en el presente Folleto y, en consecuencia, asumen cualquier responsabilidad derivada de ella. Según el leal saber y entender de los Consejeros (que han emprendido todas las medidas razonables para garantizar que así sea), la información contenida en este documento responde a la realidad y no omite nada que pueda afectar al sentido de dicha información.
IMPORTANTE: SI ALBERGA ALGUNA DUDA SOBRE EL CONTENIDO DEL PRESENTE FOLLETO, DEBE CONSULTAR CON SUS ASESORES PROFESIONALES.
- INFORMACIÓN IMPORTANTEEl presente Folleto contiene información sobre el Fondo, AXA Rosenberg Equity Alpha Trust. El Fondo está estructurado como un fondo de inversión variable tipo “paraguas” y está autorizado en Irlanda por el Banco Central como un OICVM a los efectos del Reglamento. El Fondo puede dividirse en diferentes Subfondos con una o más clases de Participaciones. Para crear un Subfondo o una nueva clase de Participaciones será necesaria la autorización previa del Banco Central. Los términos que empiezan por mayúscula se definen en el apartado 2. | Prospectus for the
AXA ROSENBERG EQUITY ALPHA TRUST
Valid as at 13 July 2017
The Fund is a UCITS umbrella type open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the Regulations. The Directors of the Manager of the Fund, whose names appear in the section entitled “Management and Administration”, are the persons responsible for the information contained in this Prospectus and accept responsibility accordingly. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.
IMPORTANT: IF YOU ARE IN ANY DOUBT ABOUT THE CONTENTS OF THIS PROSPECTUS, YOU SHOULD CONSULT YOUR PROFESSIONAL ADVISERS.
- IMPORTANT INFORMATIONThis Prospectus comprises information relating to the Fund, AXA Rosenberg Equity Alpha Trust. The Fund is structured as an open-ended umbrella unit trust and is authorised in Ireland by the Central Bank as a UCITS for the purposes of the Regulations. The Fund may be divided into different Sub-Funds with one or more classes of Units. The creation of any Sub-Fund or any new Unit class will require the prior approval of the Central Bank. Capitalised terms are defined in section 2. | en | es |
DOLFIN5828 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
AIFMA-9-3-i---
The governing bodies of the Investment Company are the general meeting of shareholders, the Board of Directors, the Management Board and the Certified Auditors.
- General meeting of shareholders Constitution and powersThe supreme governing body of the Investment Company is the general meeting of shareholders. It is made up of the shareholders with voting rights. It has the following powers:
- to elect the members of the Board of Directors and the Certified Auditors and to formally release them in respect of their actions;
- to formally accept the profit and loss account, the balance sheet and the annual report;
- to make resolutions concerning the appropriation of the Investment Company’s net profit and, in particular, the size of dividends;
- to make resolutions concerning the formal acceptance of the By-Laws and regarding dissolution of the Investment Company or structural measures (subject to any required approvals from the responsible supervisory authorities);
- to make resolutions on the amendment of the By-laws, such resolutions requiring only a simple majority (subject to any required approvals from the responsible supervisory authorities);
- to make resolutions concerning increases or decreases of the share capital;
- to make resolutions on motions proposed by the Board of Directors, the Certified Auditors and the founding shareholders, and further to conduct all business reserved to the general meeting of shareholders by law or these By-laws or referred to it by the Board of Directors. | AIFMG-9-3-i---
Die Organe der Investmentgesellschaft sind die Ge- neralversammlung, der Verwaltungsrat, die Ge- schäftsführung und der Wirtschaftsprüfer.
- GeneralversammlungZusammensetzung und BefugnisseOberstes Organ der Investmentgesellschaft ist die Generalversammlung. Sie setzt sich aus den stimm- berechtigten Aktionären zusammen. Ihr stehen fol- gende Befugnisse zu:
- die Wahl und die Entlastung des Verwaltungsra- tes und des Wirtschaftsprüfers
- die Abnahme der Erfolgsrechnung, der Bilanz und des Jahresberichts
- die Beschlussfassung über die Verwendung des Reingewinns der Investmentgesellschaft, insbe- sondere die Festsetzung der Dividenden
- die Beschlussfassung über die Annahme der Sat- zung, die Auflösung und Fusion der Investment- gesellschaft (vorbehaltlich allfällig notwendiger Genehmigungen durch die zuständigen Auf- sichtsbehörden)
- die Beschlussfassung über die Änderung der Satzung, wobei die einfache Mehrheit genügt (vorbehaltlich allfällig notwendiger Genehmigun- gen durch die zuständigen Aufsichtsbehörden)
- die Beschlussfassung über die Erhöhung oder Reduzierung des Aktienkapitals
- die Beschlussfassung über Anträge des Verwal- tungsrates, der Wirtschaftsprüfer und der Grün- deraktionäre, ferner Erledigung aller Geschäfte, welche ihr durch das Gesetz oder die Satzung vorbehalten sind oder ihr vom Verwaltungsrat vorgelegt werden. | AIFMA-9-3-i---
The governing bodies of the Investment Company are the general meeting of shareholders, the Board of Directors, the Management Board and the Certified Auditors.
- General meeting of shareholders Constitution and powersThe supreme governing body of the Investment Company is the general meeting of shareholders. It is made up of the shareholders with voting rights. It has the following powers:
- to elect the members of the Board of Directors and the Certified Auditors and to formally release them in respect of their actions;
- to formally accept the profit and loss account, the balance sheet and the annual report;
- to make resolutions concerning the appropriation of the Investment Company’s net profit and, in particular, the size of dividends;
- to make resolutions concerning the formal acceptance of the By-Laws and regarding dissolution of the Investment Company or structural measures (subject to any required approvals from the responsible supervisory authorities);
- to make resolutions on the amendment of the By-laws, such resolutions requiring only a simple majority (subject to any required approvals from the responsible supervisory authorities);
- to make resolutions concerning increases or decreases of the share capital;
- to make resolutions on motions proposed by the Board of Directors, the Certified Auditors and the founding shareholders, and further to conduct all business reserved to the general meeting of shareholders by law or these By-laws or referred to it by the Board of Directors. | en | de |
DOLFIN5829 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
If since the time of determination of the net asset value there has been a material change in the quotations in the markets on which a substantial portion of the investments attributable to the relevant Sub-Fund are dealt in or quoted, the Company ma, in order to safeguard the interest of the shareholders and the Company, cancel the first valuation and carry out a second valuation.
On any Valuation Day, the board of directors may determine to apply an alternative net asset value calculation method (to include such reasonable factors as they see fit) to the net asset value per share. This method of valuation is intended to pass the estimated costs of underlying investment activity of the Company to the active shareholders by adjusting the net asset value of the relevant share and thus to protect the Company’s long-term shareholders from costs associated with ongoing subscription and redemption activity.
This alternative net asset value calculation method may take account of trading spreads on the Company’s investments, the value of any duties and charges incurred as a result of trading and may include an allowance for market impact.
Where the board of directors, based on the prevailing market conditions and the level of subscriptions or redemptions requested by shareholders or potential shareholders in relation to the size of the relevant Sub-Fund, has determined for a particular Sub-Fund to apply an alternative net asset value calculation method, the Sub-Fund may be valued either on a bid or offer basis (which would include the factors referenced in the preceding paragraph).
The board of directors may determine to apply adjustments to the net asset value in order to counter the dilution effects of capital activity. The net asset value of one or several Sub-Fund(s) may therefore be calculated by using the “swing pricing” methodology to ensure a fair treatment between investors, according to the provisions of the Prospectus. | Qualora successivamente alla determinazione del Valore Patrimoniale Netto si verificasse una variazione significativa delle quotazioni sui mercati in cui sia trattata o quotata una parte sostanziale degli investimenti attribuibili a un Comparto, la Società, al fine di salvaguardare i propri interessi e quelli degli azionisti, potrà annullare la prima valutazione e procedere a una seconda valutazione.
In qualsiasi Giorno di Valutazione il Consiglio di Amministrazione può decidere di applicare un metodo alternativo per il calcolo del Valore Patrimoniale Netto per Azione (al fine di tenere conto dei ragionevoli fattori che riterrà opportuni). Tale metodo di valutazione ha lo scopo di addebitare il costo stimato dell’attività d’investimento sottostante della Società agli azionisti attivi mediante rettifica del Valore Patrimoniale Netto delle rispettive Azioni, proteggendo in tal modo gli azionisti della Società con un orizzonte temporale di lungo periodo dai costi connessi alle continue operazioni di sottoscrizione e di rimborso.
Tale metodo alternativo per il calcolo del Valore Patrimoniale Netto può tenere conto degli spread di negoziazione sugli investimenti della Società, del valore di eventuali oneri e imposte sostenuti in relazione all’attività di negoziazione, nonché del costo dell’impatto di mercato.
Laddove per uno specifico Comparto il Consiglio di Amministrazione, sulla base delle condizioni prevalenti sul mercato e del livello delle sottoscrizioni o dei rimborsi richiesti dagli azionisti o da potenziali azionisti rispetto alle dimensioni del Comparto in questione, abbia stabilito di applicare un metodo di calcolo del Valore Patrimoniale Netto alternativo, il Comparto potrà essere valutato in base al prezzo denaro o al prezzo lettera (includendo i fattori menzionati nel precedente paragrafo).
Il Consiglio di Amministrazione può decidere di rettificare il Valore Patrimoniale Netto per contrastare gli effetti della diluizione sull’attività di capitale. Pertanto, il Valore Patrimoniale Netto di uno o più Comparti può essere calcolato impiegando il meccanismo di “swing pricing” per garantire un trattamento equo tra gli investitori, in conformità alle disposizioni del Prospetto. | If since the time of determination of the net asset value there has been a material change in the quotations in the markets on which a substantial portion of the investments attributable to the relevant Sub-Fund are dealt in or quoted, the Company ma, in order to safeguard the interest of the shareholders and the Company, cancel the first valuation and carry out a second valuation.
On any Valuation Day, the board of directors may determine to apply an alternative net asset value calculation method (to include such reasonable factors as they see fit) to the net asset value per share. This method of valuation is intended to pass the estimated costs of underlying investment activity of the Company to the active shareholders by adjusting the net asset value of the relevant share and thus to protect the Company’s long-term shareholders from costs associated with ongoing subscription and redemption activity.
This alternative net asset value calculation method may take account of trading spreads on the Company’s investments, the value of any duties and charges incurred as a result of trading and may include an allowance for market impact.
Where the board of directors, based on the prevailing market conditions and the level of subscriptions or redemptions requested by shareholders or potential shareholders in relation to the size of the relevant Sub-Fund, has determined for a particular Sub-Fund to apply an alternative net asset value calculation method, the Sub-Fund may be valued either on a bid or offer basis (which would include the factors referenced in the preceding paragraph).
The board of directors may determine to apply adjustments to the net asset value in order to counter the dilution effects of capital activity. The net asset value of one or several Sub-Fund(s) may therefore be calculated by using the “swing pricing” methodology to ensure a fair treatment between investors, according to the provisions of the Prospectus. | en | it |
DOLFIN5830 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# TRANSACTIONS IN THE SECURITIES PORTFOLIO DURING THE PERIOD IN EUR
| Securities portfolio items | Transactions (amount) |
| --- | --- |
| Purchases | Sales |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 106,879,937.95 | 165,664,612.42 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market in a third country that is regulated, operates regularly and is recognised and open to the public, provided that said stock exchange or market does not appear on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority – AMF) or that the selection of said stock exchange or market is made in accordance with the law or the rules or articles of association of the undertaking for collective investment in transferable securities. | 14,504,757.07 | 15,644,826.66 |
| D) Newly issued eligible financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | 0.00 | 0.00 |
| E) Other assets. | 67,008,946.81 | 68,533,437.48 |
- DISTRIBUTION DURING THE PERIOD
| | Unit | Net unit amount EUR | Tax credit (1) EUR | Gross unit amount (2) EUR |
| --- | --- | --- | --- | --- |
| Dividends paid |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
| Dividends payable |
| --- |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
- The tax credit per unit will be determined on the distribution date, in accordance with the prevailing tax provisions.
- The gross unit amount will be determined on the distribution date, in accordance with the prevailing tax provisions.
- | # MOUVEMENTS DANS LE PORTEFEUILLE TITRES EN COURS DE PÉRIODE EN EUR
| Eléments du portefeuille titres | Mouvements (en montant) |
| --- | --- |
| Acquisitions | Cessions |
| A) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un marché réglementé au sens de l'article L. 422-1 du code monétaire et financier. Et B) Les titres financiers éligibles et les instruments du marché monétaire admis à la négociation sur un autre marché réglementé, en fonctionnement régulier, reconnu, ouvert au public et dont le siège est situé dans un Etat membre de l'Union européenne ou dans un autre Etat partie à l'accord sur l'Espace économique européen. | 106 879 937,95 | 165 664 612,42 |
| C) Les titres financiers éligibles et les instruments du marché monétaire admis à la cote officielle d'une bourse de valeurs d'un pays tiers ou négociés sur un autre marché d'un pays tiers, réglementé, en fonctionnement régulier, reconnu et ouvert au public, pour autant que cette bourse ou ce marché ne figure pas sur une liste établie par l'Autorité des marchés financiers ou que le choix de cette bourse ou de ce marché soit prévu par la loi ou par le règlement ou les statuts de l'organisme de placement collectif en valeurs mobilières. | 14 504 757,07 | 15 644 826,66 |
| D) Les titres financiers éligibles nouvellement émis mentionnés au 4° du I de l'article R. 214-11 du code monétaire et financier. | 0,00 | 0,00 |
| E) Les autres actifs. | 67 008 946,81 | 68 533 437,48 |
- DISTRIBUTION EN COURS DE PÉRIODE
| | Part | Montant net unitaire EUR | Crédit d'impôt (1) EUR | Montant brut unitaire (2) EUR |
| --- | --- | --- | --- | --- |
| Dividendes versés |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
| Dividendes à verser |
| --- |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
- Le crédit d'impôt unitaire ne sera déterminé qu'à la date de mise en distribution conformément aux dispositions fiscales en vigueur.
- Le montant brut unitaire ne sera déterminé qu'à la date de mise en distribution conformément aux dispositions fiscales en vigueur.
- | # TRANSACTIONS IN THE SECURITIES PORTFOLIO DURING THE PERIOD IN EUR
| Securities portfolio items | Transactions (amount) |
| --- | --- |
| Purchases | Sales |
| A) Eligible financial securities and money market instruments admitted to trading on a regulated market, within the meaning of Article L. 422-1 of the French Monetary and Financial Code. And B) Eligible financial securities and money market instruments admitted to trading on another regulated market that operates regularly, is recognised and open to the public and whose registered office is located in a Member State of the European Union or in another State party to the agreement on the European Economic Area. | 106,879,937.95 | 165,664,612.42 |
| C) Eligible financial securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another market in a third country that is regulated, operates regularly and is recognised and open to the public, provided that said stock exchange or market does not appear on a list drawn up by the Autorité des marchés financiers (French Financial Markets Authority – AMF) or that the selection of said stock exchange or market is made in accordance with the law or the rules or articles of association of the undertaking for collective investment in transferable securities. | 14,504,757.07 | 15,644,826.66 |
| D) Newly issued eligible financial securities referred to in paragraph 4, section I of Article R. 214-11 of the French Monetary and Financial Code. | 0.00 | 0.00 |
| E) Other assets. | 67,008,946.81 | 68,533,437.48 |
- DISTRIBUTION DURING THE PERIOD
| | Unit | Net unit amount EUR | Tax credit (1) EUR | Gross unit amount (2) EUR |
| --- | --- | --- | --- | --- |
| Dividends paid |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
| Dividends payable |
| --- |
| | Ostrum ISR OBLI CROSSOVER GP | | | |
| | Ostrum ISR OBLI CROSSOVER I | | | |
| | Ostrum ISR OBLI CROSSOVER L | | | |
- The tax credit per unit will be determined on the distribution date, in accordance with the prevailing tax provisions.
- The gross unit amount will be determined on the distribution date, in accordance with the prevailing tax provisions.
- | en | fr |
DOLFIN5831 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 5 ans Exemple d'investissement: 10,000 USD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2,400 USD | 2,360 USD |
| Rendement annuel moyen | -76.00% | -25.08% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,050 USD | 7,690 USD |
| Rendement annuel moyen | -19.50% | -5.12% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,710 USD | 16,190 USD |
| Rendement annuel moyen | 7.10% | 10.12% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 14,150 USD | 19,540 USD |
| Rendement annuel moyen | 41.50% | 14.34% | | | Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10,000 USD En caso de salida después de 1 año Escenarios | En caso de salida después de 5 años |
| --- | --- |
| Mínimo | No hay rentabilidad mínima garantizada. Podría perder una parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 2,400 USD | 2,360 USD |
| Rendimiento medio cada año | -76.00% | -25.08% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8,050 USD | 7,690 USD |
| Rendimiento medio cada año | -19.50% | -5.12% |
| Moderado | Lo que podría recibir tras deducir los costes | 10,710 USD | 16,190 USD |
| Rendimiento medio cada año | 7.10% | 10.12% |
| Favorable | Lo que podría recibir tras deducir los costes | 14,150 USD | 19,540 USD |
| Rendimiento medio cada año | 41.50% | 14.34% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10,000 USD Si vous sortez après 1 an Scénarios | Si vous sortez après 5 ans |
| --- | --- |
| Minimum | Il n'existe pas de performance minimum garantie. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2,400 USD | 2,360 USD |
| Rendement annuel moyen | -76.00% | -25.08% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,050 USD | 7,690 USD |
| Rendement annuel moyen | -19.50% | -5.12% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,710 USD | 16,190 USD |
| Rendement annuel moyen | 7.10% | 10.12% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 14,150 USD | 19,540 USD |
| Rendement annuel moyen | 41.50% | 14.34% | | fr | es |
DOLFIN5832 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The annual general meeting of Shareholders will be held at the registered office of the Company within six months of the Company’s financial year end. Notices of all general meetings will be sent to the holders of Shares in accordance with the Law of 10 August 1915 (as amended) of the Grand Duchy of Luxembourg (the “1915 Law”) at least eight days prior to the meeting at their addresses in the register of Shareholders. Such notices will set forth the agenda and specify the time and place of the meeting and the conditions of admission thereto and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at the meeting. The requirements as to attendance, quorum and majorities at all general meetings will be those laid down in the 1915 Law and in the Articles. If a general meeting required by law to have a specific presence quorum is not quorate, a second general meeting will be convened by such notices in the RESA and in national newspapers as are required by the jurisdictions in which the Company is authorised. Resolutions of meetings of Shareholders will apply to the Company as a whole and to all Shareholders, provided that any amendment affecting the rights of the holders of the Shares of any Fund or Class or sub- class vis-à-vis those of any other Fund or Class or sub-class shall be subject to the quorum and majority requirements stated in the Articles in respect of each such relevant Fund, Class or sub-class. Each Share regardless of its net asset value per Share is entitled to one vote.
-
### Liquidation of the Company | L'assemblea generale annuale degli Azionisti si terrà presso la sede legale della Società entro sei mesi dalla chiusura dell'esercizio della Società stessa. Le convocazioni di tutte le assemblee generali saranno inviate per posta a tutti i detentori di Azioni, in conformità alla Legge del 10 agosto 1915 (e successive modifiche) del Granducato del Lussemburgo (la “Legge del 1915”), agli indirizzi riportati nel registro degli Azionisti almeno otto giorni prima dell’assemblea. Tali convocazioni conterranno l’ordine del giorno e specificheranno l’ora, il luogo dell’assemblea e le condizioni di ammissione alla stessa, oltre ad accennare alle disposizioni della legge del Lussemburgo in materia di quorum e di maggioranze richieste all’interno dell’assemblea. I requisiti di partecipazione, i quorum e le maggioranze in tutte le assemblee generali sono quelli previsti dalla Legge del 1915 e dallo Statuto. Se non si raggiunge il numero legale ad un'assemblea generale per cui la legge preveda un quorum di presenza specifico, sarà convocata una seconda assemblea mediante avvisi pubblicati nel RESA e su quotidiani a tiratura nazionale, secondo quando richiesto dagli ordinamenti in cui la Società è autorizzata. Le delibere delle assemblee degli Azionisti avranno efficacia nei confronti della Società nel suo complesso e di tutti gli Azionisti, fermo restando che eventuali modifiche che condizionino i diritti dei detentori di Azioni di un Comparto, Classe o sottoclasse rispetto a quelli di un altro Comparto, Classe o sottoclasse saranno soggetti ai requisiti di quorum e di maggioranza previsti nello statuto in ordine a ciascun Comparto,
Classe o sottoclasse. Ciascuna Azione, a prescindere dal suo valore patrimoniale netto per Azione, darà diritto ad un voto.
-
### Liquidazione della Società | The annual general meeting of Shareholders will be held at the registered office of the Company within six months of the Company’s financial year end. Notices of all general meetings will be sent to the holders of Shares in accordance with the Law of 10 August 1915 (as amended) of the Grand Duchy of Luxembourg (the “1915 Law”) at least eight days prior to the meeting at their addresses in the register of Shareholders. Such notices will set forth the agenda and specify the time and place of the meeting and the conditions of admission thereto and will refer to the requirements of Luxembourg law with regard to the necessary quorum and majorities at the meeting. The requirements as to attendance, quorum and majorities at all general meetings will be those laid down in the 1915 Law and in the Articles. If a general meeting required by law to have a specific presence quorum is not quorate, a second general meeting will be convened by such notices in the RESA and in national newspapers as are required by the jurisdictions in which the Company is authorised. Resolutions of meetings of Shareholders will apply to the Company as a whole and to all Shareholders, provided that any amendment affecting the rights of the holders of the Shares of any Fund or Class or sub- class vis-à-vis those of any other Fund or Class or sub-class shall be subject to the quorum and majority requirements stated in the Articles in respect of each such relevant Fund, Class or sub-class. Each Share regardless of its net asset value per Share is entitled to one vote.
-
### Liquidation of the Company | en | it |
DOLFIN5833 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Circumstances or relationships that may give rise to conflicts of interest include in particular:
- incentive systems for the Company’s employees,
- employee trades,
- benefits granted to the Company’s employees,
- acquisition of products issued by affiliates or in whose issue an affiliate was involved,
- reallocations within the Fund,
- window-dressing of fund performance at the year-end,
- transactions between the Company and investment funds or personal portfolios under the Company’smanagement, or
- transactions between investment funds or personal portfolios under the Company’s management,
- aggregation of multiple orders (block trades),
- hiring of affiliates and related persons,
- large individual investments,
- where, following the oversubscription of a share issue, the Company has subscribed for shares on behalf of severalinvestment funds or personal portfolios (“IPO allotments”),
- late trading, i.e. transactions made after the close of trading at the known closing price for the day,
- exercise of voting rights. | Umstände oder Beziehungen, die Interessenkonflikte begründen können, umfassen insbesondere:
- Anreizsysteme für Mitarbeiter der Gesellschaft,
- Mitarbeitergeschäfte,
- Zuwendungen an Mitarbeiter der Gesellschaft,
- Erwerb von Produkten, die verbundene Unternehmen ausgegeben haben oder an deren Emission ein verbundenes Unternehmen beteiligt war,
- Umschichtungen im Fonds,
- Stichtagsbezogene Aufbesserung der Fondsperformance („window dressing“),
- Geschäfte zwischen der Gesellschaft und den von ihr verwalteten Investmentvermögen oder Individualportfolios bzw.
- Geschäfte zwischen von der Gesellschaft verwalteten Investmentvermögen und/oder Individualportfolios,
- Zusammenfassung mehrerer Orders („block trades“),
- Beauftragung von verbundenen Unternehmen und Personen,
- Einzelanlagen von erheblichem Umfang,
- Wenn nach einer Überzeichnung im Rahmen einer Aktienemission die Gesellschaft die Papiere für mehrere Invest-mentvermögen oder Individualportfolios gezeichnet hat („IPO-Zuteilungen“),
- Transaktionen nach Handelsschluss zum bereits bekannten Schlusskurs des laufenden Tages, sogenanntes Late Tra- ding,
- Stimmrechtsausübung. | Circumstances or relationships that may give rise to conflicts of interest include in particular:
- incentive systems for the Company’s employees,
- employee trades,
- benefits granted to the Company’s employees,
- acquisition of products issued by affiliates or in whose issue an affiliate was involved,
- reallocations within the Fund,
- window-dressing of fund performance at the year-end,
- transactions between the Company and investment funds or personal portfolios under the Company’smanagement, or
- transactions between investment funds or personal portfolios under the Company’s management,
- aggregation of multiple orders (block trades),
- hiring of affiliates and related persons,
- large individual investments,
- where, following the oversubscription of a share issue, the Company has subscribed for shares on behalf of severalinvestment funds or personal portfolios (“IPO allotments”),
- late trading, i.e. transactions made after the close of trading at the known closing price for the day,
- exercise of voting rights. | en | de |
DOLFIN5834 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
* Refer to f) of the asset position
** Refer to d) of the asset position
DISTRIBUTION OF THE ASSETS OF A), B), C) AND D) OF THE SECURITIES PORTFOLIO, BY ISSUER'S COUNTRY OF RESIDENCE | * Se reporter au f) de l’état du patrimoine
** Se reporter au d) de l’état du patrimoine
REPARTITION DES ACTIFS DU A), B), C) ET D) DU PORTEFEUILLE TITRES, PAR PAYS DE RESIDENCE DE L'EMETTEUR | * Refer to f) of the asset position
** Refer to d) of the asset position
DISTRIBUTION OF THE ASSETS OF A), B), C) AND D) OF THE SECURITIES PORTFOLIO, BY ISSUER'S COUNTRY OF RESIDENCE | en | fr |
DOLFIN5835 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As per the stock lending agreement with the Bank of New York Mellon, the Bank is authorised and directed to invest and re-invest all or substantially all of the collateral received in any Approved Investment. All Approved Investments shall be for the account and risk of the lender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of collateral available to return to a borrower, the lender agrees to pay the Bank on demand cash in amount equal to such deficiency. As at 31 December 2019, there was no collateral re-invested as it is held by tri-party custodian.
-
##### Significant events during the financial year | Gemäß dem Wertpapierleihvertrag mit der Bank of New York Mellon ist die Bank ermächtigt und angewiesen, alle oder im Wesentlichen alle erhaltenen Sicherheiten in eine zulässige Anlage zu investieren und zu reinvestieren. Alle zulässigen Anlagen erfolgen auf Rechnung und Risiko des Ausleihers. Sofern ein aus zulässigen Anlagen entstehender Verlust zu einem Defizit in der Höhe der zur Rückgabe an einen Entleiher zur Verfügung stehenden Sicherheit führt, verpflichtet sich der Ausleiher, der Bank auf Anforderung Barmittel in einer diesem Defizit entsprechenden Höhe zu zahlen. Zum 31. Dezember 2019 gab es keine wiederangelegten Sicherheiten, da diese bei einer Tri-Party-Depotbank gehalten werden.
-
##### Wesentliche Ereignisse im Geschäftsjahr | As per the stock lending agreement with the Bank of New York Mellon, the Bank is authorised and directed to invest and re-invest all or substantially all of the collateral received in any Approved Investment. All Approved Investments shall be for the account and risk of the lender. To the extent any loss arising out of Approved Investments results in a deficiency in the amount of collateral available to return to a borrower, the lender agrees to pay the Bank on demand cash in amount equal to such deficiency. As at 31 December 2019, there was no collateral re-invested as it is held by tri-party custodian.
-
##### Significant events during the financial year | en | de |
DOLFIN5836 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Nous vous informons par la présente que l’Agent de traitement des données de la Société, International Financial Data Services (Luxembourg) S.A, a soumis d’autres données à son centre de données canadien (à IFDS Canada), ce qui comprend notamment des Données à caractère personnel collectées pour le compte de la Société.
Nous vous rappelons qu’en souscrivant ou en achetant des Actions d’Aberdeen Standard SICAV I, vous reconnaissez et acceptez que vos Données à caractère personnel soient traitées aux fins des Services d’investissement et des Obligations de conformité décrits dans le prospectus de la Société et, en particulier, que vos Données à caractère personnel peuvent être divulguées et transférées à des Sous-traitants situés dans des pays en dehors de l’Union européenne, ne faisant pas l’objet d’une décision d’adéquation de la Commission européenne et dont la législation peut ne pas assurer un niveau de protection adéquat en ce qui concerne le traitement des données à caractère personnel.
Pour de plus amples informations sur le traitement des Données à caractère personnel, nous vous invitons à lire les dispositions énoncées dans la rubrique Confidentialité et protection des données du Prospectus. | Por la presente, le informamos de que el Agente de tratamiento de datos de la Sociedad, International Financial Data Services (Luxembourg) S.A., ha enviado más datos a su centro de datos canadiense (en IFDS Canada), incluidos los Datos personales recopilados en nombre de la Sociedad.
Le recordamos que, al suscribir o adquirir Acciones de la Aberdeen Standard SICAV I, reconoce y acepta que sus Datos personales podrán ser tratados a efectos de los Servicios de inversión y las Obligaciones de cumplimiento, según se describe en el Folleto de la Sociedad; y, en concreto, reconoce y acepta que sus Datos personales se podrán divulgar y transferir a Encargados de tratamiento ubicados en países fuera de la Unión Europea, los cuales no se someten a una decisión de adecuación de la Comisión Europea y cuya legislación puede no garantizar un nivel adecuado de protección en lo relativo al tratamiento de los datos personales.
Para obtener más información sobre el procesamiento y el tratamiento de Datos personales, consulte las disposiciones establecidas en la sección titulada Confidencialidad y Protección de datos del Folleto. | Nous vous informons par la présente que l’Agent de traitement des données de la Société, International Financial Data Services (Luxembourg) S.A, a soumis d’autres données à son centre de données canadien (à IFDS Canada), ce qui comprend notamment des Données à caractère personnel collectées pour le compte de la Société.
Nous vous rappelons qu’en souscrivant ou en achetant des Actions d’Aberdeen Standard SICAV I, vous reconnaissez et acceptez que vos Données à caractère personnel soient traitées aux fins des Services d’investissement et des Obligations de conformité décrits dans le prospectus de la Société et, en particulier, que vos Données à caractère personnel peuvent être divulguées et transférées à des Sous-traitants situés dans des pays en dehors de l’Union européenne, ne faisant pas l’objet d’une décision d’adéquation de la Commission européenne et dont la législation peut ne pas assurer un niveau de protection adéquat en ce qui concerne le traitement des données à caractère personnel.
Pour de plus amples informations sur le traitement des Données à caractère personnel, nous vous invitons à lire les dispositions énoncées dans la rubrique Confidentialité et protection des données du Prospectus. | fr | es |
DOLFIN5837 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DOCUMENTS AVAILABLE
Any investor may obtain a copy of any of the following documents at:
CACEIS Bank, Luxembourg Branch 5, Allée Scheffer
L-2520 Luxembourg
between 10h00 and 16h00 Luxembourg time on any day that Luxembourg banks are open for regular business.
- The SICAV’s Articles of Incorporation;
- The management company services agreement between the SICAV and the Management Company;
- The administrative agency, registrar and transfer agency and listing agency agreements between the SICAV, the Management Company and CACEIS Bank, Luxembourg Branch;
- The depositary, paying agency and domiciliary agency agreements between the SICAV and CACEIS Bank Luxembourg;
- The SICAV’s Prospectus and Key Investor Information Document(s);
- The most recent annual and semi-annual financial statements of the SICAV;
- The net asset value of a Share of each Share Class of any Sub-Fund for any day that the Shares’ net asset values were calculated;
- The subscription and redemption prices of a Share of each Share Class of any Sub-Fund for any day that the Shares’ net asset values were calculated; and
- Luxembourg Law of December 17, 2010 on undertakings for collective investment, as amended.
The Management Company will publish on its website (www.im.natixis.com), if appropriate, any Shareholder notices of the SICAV required by Luxembourg law or as provided in the Articles of Incorporation. | # DOCUMENTS DISPONIBLES
Tout investisseur peut obtenir une copie de l’un des documents suivants :
CACEIS Bank Luxembourg Branch 5, Allée Scheffer
L-2520 Luxembourg
entre 10 h 00 et 16 h 00, heure de Luxembourg, tous les jours ouvrables bancaires au Luxembourg.
- Les Statuts de la SICAV ;
- La convention de services de la société de gestion conclue entre la SICAV et la Société de Gestion ;
- Les accords d’agence administrative, d’agence de registre et de transfert et d’agence de cotation conclus entre la SICAV, la Société de Gestion et CACEIS Bank, Luxembourg Branch ;
- Les accords de dépositaire, d’organisme payeur et d’agence domiciliataire conclus entre la SICAV et CACEIS Bank Luxembourg ;
- Le Prospectus de la SICAV et le(s) Document(s) d’Informations Clés destiné(s) aux Investisseurs ;
- Les états financiers annuels et semi-annuels les plus récents de la SICAV ;
- La valeur nette d’inventaire des Actions de chaque Catégorie d’Actions de tous les Compartiments disponible pour tous les jours où la valeur nette d’inventaire des Actions a été calculée ;
- Les prix de souscription et de rachat des Actions de chaque Catégorie d’Actions de tous les Compartiments disponibles pour tous les jours où la valeur nette d’inventaire des Actions a été calculée ; et
- La Loi luxembourgeoise du 17 décembre 2010 sur les organismes de placement collectif, telle que modifiée.
La Société de Gestion publiera sur son site Web (www.im.natixis.com), le cas échéant, tous les avis de la SICAV destinés aux Actionnaires, tel que requis par la loi luxembourgeoise, ou tel que prévu dans les Statuts. | # DOCUMENTS AVAILABLE
Any investor may obtain a copy of any of the following documents at:
CACEIS Bank, Luxembourg Branch 5, Allée Scheffer
L-2520 Luxembourg
between 10h00 and 16h00 Luxembourg time on any day that Luxembourg banks are open for regular business.
- The SICAV’s Articles of Incorporation;
- The management company services agreement between the SICAV and the Management Company;
- The administrative agency, registrar and transfer agency and listing agency agreements between the SICAV, the Management Company and CACEIS Bank, Luxembourg Branch;
- The depositary, paying agency and domiciliary agency agreements between the SICAV and CACEIS Bank Luxembourg;
- The SICAV’s Prospectus and Key Investor Information Document(s);
- The most recent annual and semi-annual financial statements of the SICAV;
- The net asset value of a Share of each Share Class of any Sub-Fund for any day that the Shares’ net asset values were calculated;
- The subscription and redemption prices of a Share of each Share Class of any Sub-Fund for any day that the Shares’ net asset values were calculated; and
- Luxembourg Law of December 17, 2010 on undertakings for collective investment, as amended.
The Management Company will publish on its website (www.im.natixis.com), if appropriate, any Shareholder notices of the SICAV required by Luxembourg law or as provided in the Articles of Incorporation. | en | fr |
DOLFIN5838 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which has ‘sustainable investment’ as one of its objectives for the purposes of article 9 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI World SMID Cap TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El subfondo invierte en renta variable y títulos relacionados con renta variable emitidos por empresas de todo el mundo (incluidos mercados emergentes) cuyo crecimiento se beneficiará de regulaciones, innovaciones, servicios o productos que favorezcan la transición a una economía más circular y a una economía que valore el capital natural. El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Como parte de su exposición a mercados emergentes, el subfondo puede invertir hasta un 20 % de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El
gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión. El subfondo es un producto que tiene la «inversión sostenible» como uno de sus objetivos con los fines del Artículo 9 del Reglamento sobre la divulgación de información financiera relativa a la sostenibilidad. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI World SMID Cap TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests in equity and equity related securities issued by companies worldwide (including Emerging Markets) whose growth will benefit from regulations, innovations, services or products favoring the transition to a more circular economy and to an economy that values natural capital. The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in shares issued by mainland China-incorporated companies (including China A-Shares). The
Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy. The Sub-Fund is a product which has ‘sustainable investment’ as one of its objectives for the purposes of article 9 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN5839 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Liquidation of the Fund shall take place under the conditions provided for by law.
Should the share capital of the Fund fall below two thirds of the minimum capital, the Directors must submit the question of winding up the Fund to the general meeting of Shareholders, deliberating without any quorum conditions and deciding by a simple majority of the votes cast at the meeting.
If the share capital of the Fund falls below one quarter of the minimum capital, the Directors must submit the question of winding up the Fund to the general meeting deliberating without any quorum conditions: winding-up may be decided by shareholders owning one quarter of the Shares represented at the meeting.
The meeting must be convened in such a way that it is held within forty days of the date on which it was ascertained that the net assets fell below two thirds or one quarter respectively of the minimum capital.
Furthermore the Fund may be wound up by a decision of a general meeting, ruling according to the relevant provisions of the articles of association.
The decisions of the general meeting concerning the winding up and liquidation of the Fund shall be published in the RESA. This publication is effected at the request of the liquidator or liquidators.
In the event of the Fund being wound up, liquidation shall be carried out by one or more liquidators appointed in accordance with the articles of association of the Fund and with the Law. The net proceeds of liquidation shall be distributed to the shareholders in proportion to the number of Shares that they hold. Amounts which have not been claimed by the shareholders upon completion of liquidation shall be deposited with the Caisse de Consignation in Luxembourg.
The amounts deposited will no longer be able to be withdrawn if they are not claimed prior to expiry of the period of statutory limitation (30 years).
-
### Liquidation - Winding up of Sub-funds and/or of Classes | La liquidazione della SICAV avviene secondo le disposizioni previste dalla Legge.
Nel caso in cui il capitale sociale della SICAV sia inferiore ai due terzi del capitale minimo, gli Amministratori devono sottoporre la decisione di scioglimento della SICAV all’assemblea generale che delibera senza condizioni di presenza e decide a maggioranza semplice dei voti espressi in assemblea.
Se il capitale sociale della SICAV fosse inferiore ad un quarto del capitale minimo, gli Amministratori devono sottoporre la decisione di scioglimento della SICAV all’assemblea generale, la quale delibera senza condizioni di quorum; lo scioglimento potrà essere pronunciato dagli Azionisti in possesso di un quarto delle Azioni rappresentate in assemblea.
La convocazione dovrà avvenire in modo che l’assemblea abbia luogo entro l’arco di quaranta giorni dalla data di constatazione che gli attivi netti sono divenuti inferiore ai due terzi o rispettivamente ad un quarto del capitale minimo.
Peraltro, la SICAV potrà essere sciolta per decisione di un’assemblea generale deliberante secondo le disposizioni statutarie in materia.
Le deliberazioni dell’assemblea generale che si pronuncia sullo scioglimento e sulla liquidazione della SICAV sono pubblicate nella RESA. Questa pubblicazione avviene su iniziativa del o dei liquidatore/i.
In caso di scioglimento della SICAV, si procederà alla liquidazione tramite uno o più liquidatori nominati conformemente allo statuto della SICAV e alla Legge. I ricavi risultanti dalla liquidazione saranno distribuiti ai detentori di Azioni in proporzione al numero delle stesse da loro detenute. Le somme che non verranno reclamate dagli azionisti al momento della chiusura della liquidazione saranno depositate presso la Caisse de Consignation in Lussemburgo.
Allo scadere del periodo di prescrizione (30 anni), le somme depositate non vengono reclamate non potranno più essere ritirate.
-
### Liquidazione – Scioglimento di Comparti e/o di Classi | Liquidation of the Fund shall take place under the conditions provided for by law.
Should the share capital of the Fund fall below two thirds of the minimum capital, the Directors must submit the question of winding up the Fund to the general meeting of Shareholders, deliberating without any quorum conditions and deciding by a simple majority of the votes cast at the meeting.
If the share capital of the Fund falls below one quarter of the minimum capital, the Directors must submit the question of winding up the Fund to the general meeting deliberating without any quorum conditions: winding-up may be decided by shareholders owning one quarter of the Shares represented at the meeting.
The meeting must be convened in such a way that it is held within forty days of the date on which it was ascertained that the net assets fell below two thirds or one quarter respectively of the minimum capital.
Furthermore the Fund may be wound up by a decision of a general meeting, ruling according to the relevant provisions of the articles of association.
The decisions of the general meeting concerning the winding up and liquidation of the Fund shall be published in the RESA. This publication is effected at the request of the liquidator or liquidators.
In the event of the Fund being wound up, liquidation shall be carried out by one or more liquidators appointed in accordance with the articles of association of the Fund and with the Law. The net proceeds of liquidation shall be distributed to the shareholders in proportion to the number of Shares that they hold. Amounts which have not been claimed by the shareholders upon completion of liquidation shall be deposited with the Caisse de Consignation in Luxembourg.
The amounts deposited will no longer be able to be withdrawn if they are not claimed prior to expiry of the period of statutory limitation (30 years).
-
### Liquidation - Winding up of Sub-funds and/or of Classes | en | it |
DOLFIN5840 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les accords de péréquation des revenus sont appliqués à toutes les Catégories d’Actions de tous les Compartiments. Ils visent à assurer que le revenu par action distribué lors d’un exercice annuel n’est pas affecté par l’évolution du nombre d’actions émises pendant cet exercice. Le calcul de la péréquation se fonde sur le revenu d’investissement net.
-
# Distributions de dividendes | Se aplican acuerdos de compensación de ingresos a todas las clases de Acciones de todos los subfondos. Estos acuerdos tienen por objeto que los beneficios por Acción distribuidos en relación con un ejercicio de distribución no se vean afectados por los cambios en el número de Acciones emitidas durante ese ejercicio. El cálculo de la compensación se basa en los beneficios netos de inversión.
-
# Pago de dividendos | Les accords de péréquation des revenus sont appliqués à toutes les Catégories d’Actions de tous les Compartiments. Ils visent à assurer que le revenu par action distribué lors d’un exercice annuel n’est pas affecté par l’évolution du nombre d’actions émises pendant cet exercice. Le calcul de la péréquation se fonde sur le revenu d’investissement net.
-
# Distributions de dividendes | fr | es |
DOLFIN5841 | 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 Compartiment cherche à générer des revenus et une croissance en investissant principalement dans des titres de créance à haut rendement de notation inférieure à investment-grade, d'émetteurs basés dans les pays de l'OCDE. Le Compartiment peut également investir dans des titres de notation investment-grade.
## Le gestionnaire d'investissement sélectionnera, achètera et vendra activement des titres dans le but d'atteindre les objectifs d'investissement du Compartiment.
Le Compartiment investira principalement dans des titres de créance émis par des sociétés situées dans des États membres de l'OCDE mais peut également investir dans des titres de créance émis par des États, des organismes publics et des émetteurs supranationaux basés en Europe et aux États-Unis.
## Le Compartiment peut utiliser des instruments dérivés dans le but de gérer plus efficacement le risque de taux d'intérêt et de change.
Le Compartiment peut également utiliser des instruments dérivés à des fins de couverture et pour prendre des positions d'investissement. Ces dernières peuvent comprendre des positions courtes où le Compartiment cherche à tirer avantage de la vente d'un actif qu'il ne détient pas physiquement. Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leurs capitaux dans les 12 mois.
## Vos actions sont des actions de capitalisation, à savoir que les revenus et les plus- values du Compartiment seront réinvestis pour augmenter la valeur du Compartiment.
Vos actions sont libellées en USD, la devise de référence du Compartiment. En général, les actifs détenus par le Compartiment qui sont libellés dans une devise autre que la devise de référence peuvent être couverts ou substantiellement couverts par rapport à la devise de référence. | # Objetivos y política de inversión
El objetivo del Fondo es obtener ingresos y crecimiento a través de la inversión principalmente en valores de deuda de alta rentabilidad por debajo del grado de inversión, de emisores ubicados en países de la OCDE. El Fondo también puede invertir en valores de grado de inversión.
## El gestor de inversiones seleccionará, comprará y venderá activamente valores con el propósito de cumplir los objetivos de inversión del Fondo.
El Fondo invertirá principalmente en valores de deuda emitidos por corporaciones ubicadas en los Estados miembros de la OCDE, pero también puede invertir en valores de deuda emitidos por gobiernos, agencias gubernamentales y supranacionales de Europa y los Estados Unidos.
## El Fondo puede utilizar derivados con el propósito de gestionar mejor los riesgos de los tipos de interés y divisas.
El Fondo puede utilizar también derivados con fines de cobertura y para asumir posiciones de inversión. Estas pueden incluir posiciones cortas cuando el Fondo pretenda beneficiarse de la venta de un activo que no tiene físicamente. Recomendación: este Fondo puede no ser apropiado para los inversores que tengan intención de retirar su dinero en un plazo de 12 meses.
## Sus acciones son acumulativas, lo que significa que las rentas y ganancias del Fondo se reinvertirán para aumentar el valor del Fondo.
Sus acciones se denominan en USD, la divisa base del Fondo. Normalmente, los activos mantenidos por el Fondo que estén denominados en una divisa distinta de la divisa base pueden estar cubiertos o cubiertos sustancialmente en la divisa base. | # Objectifs et politique d’investissement
Le Compartiment cherche à générer des revenus et une croissance en investissant principalement dans des titres de créance à haut rendement de notation inférieure à investment-grade, d'émetteurs basés dans les pays de l'OCDE. Le Compartiment peut également investir dans des titres de notation investment-grade.
## Le gestionnaire d'investissement sélectionnera, achètera et vendra activement des titres dans le but d'atteindre les objectifs d'investissement du Compartiment.
Le Compartiment investira principalement dans des titres de créance émis par des sociétés situées dans des États membres de l'OCDE mais peut également investir dans des titres de créance émis par des États, des organismes publics et des émetteurs supranationaux basés en Europe et aux États-Unis.
## Le Compartiment peut utiliser des instruments dérivés dans le but de gérer plus efficacement le risque de taux d'intérêt et de change.
Le Compartiment peut également utiliser des instruments dérivés à des fins de couverture et pour prendre des positions d'investissement. Ces dernières peuvent comprendre des positions courtes où le Compartiment cherche à tirer avantage de la vente d'un actif qu'il ne détient pas physiquement. Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leurs capitaux dans les 12 mois.
## Vos actions sont des actions de capitalisation, à savoir que les revenus et les plus- values du Compartiment seront réinvestis pour augmenter la valeur du Compartiment.
Vos actions sont libellées en USD, la devise de référence du Compartiment. En général, les actifs détenus par le Compartiment qui sont libellés dans une devise autre que la devise de référence peuvent être couverts ou substantiellement couverts par rapport à la devise de référence. | fr | es |
DOLFIN5842 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund Performance disclosed in this table is the performance of the reference share class in base currency of the Fund.
Where Class A distribution “A (dis)” Shares are disclosed, the performance is calculated with all the income reinvested (total return). Information on other share classes is available on request.
1
The launch date is for the Fund, however the reference share class launched at a later date.
2
Fund performance prior to September 1996 excluded from calculation because a different portfolio allocation strategy was in use.
Information on other share classes is available on request. This report shall not constitute an offer or a solicitation of an offer to buy shares. Subscriptions are to be made on the basis of the current prospectus, where available the relevant KIDs/KIIDs, a copy of the latest available audited annual report and, if published thereafter, the latest unaudit- ed semi-annual report. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. Currency fluctuations may affect the value of investments.
Data source: Performance – Franklin Templeton and JPMorgan | Les performances des compartiments indiquées dans ce tableau représentent la performance de la catégorie d’actions de référence dans la devise de référence du compar- timent.
Dans le cas des Actions de Catégorie A distribution « A (dis) », les performances sont calculées avec les revenus réinvestis (rendement total). Les informations sur les autres catégories d’actions sont disponibles sur demande.
1
La date de lancement concerne le compartiment ; la catégorie d’actions de référence a été lancée à une date ultérieure.
2
Les performances du compartiment antérieures à septembre 1996 sont exclues du calcul, car la stratégie d’allocation du portefeuille était alors différente.
Les informations sur les autres catégories d’actions sont disponibles sur demande. Le présent rapport ne constitue pas une offre ni la sollicitation d’une offre d’achat d’actions. Les souscriptions doivent être faites sur la base du prospectus en cours de validité, le cas échéant du DIC/DICI correspondant, d’un exemplaire du dernier rapport annuel audité disponible et, s’il a déjà été publié, du dernier rapport semestriel non audité. Les cours des actions et les revenus qui en découlent sont susceptibles de varier à la hausse comme à la baisse, et les investisseurs ne sont pas assurés de recouvrer l’intégralité des sommes investies. Les performances passées ne préjugent pas des performances futures. Les fluctuations de change peuvent influer sur la valeur des investissements.
Source des données : Performance – Franklin Templeton et JPMorgan | The Fund Performance disclosed in this table is the performance of the reference share class in base currency of the Fund.
Where Class A distribution “A (dis)” Shares are disclosed, the performance is calculated with all the income reinvested (total return). Information on other share classes is available on request.
1
The launch date is for the Fund, however the reference share class launched at a later date.
2
Fund performance prior to September 1996 excluded from calculation because a different portfolio allocation strategy was in use.
Information on other share classes is available on request. This report shall not constitute an offer or a solicitation of an offer to buy shares. Subscriptions are to be made on the basis of the current prospectus, where available the relevant KIDs/KIIDs, a copy of the latest available audited annual report and, if published thereafter, the latest unaudit- ed semi-annual report. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. Currency fluctuations may affect the value of investments.
Data source: Performance – Franklin Templeton and JPMorgan | en | fr |
DOLFIN5843 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Impact of the Russian invasion of Ukraine:
Although energy prices have fallen compared with the start of the conflict, the European economy remains fragile due to its overdependence on gas and oil. Further rises in commodity prices cannot be ruled out. Energy prices remain one of the main channels for transmitting risk in the global economy, notably through inflation. Although inflation has peaked in both Europe and the United States, it could remain persistently higher than in the last two decades. As a result, central banks have raised interest rates sharply, but the hikes may not be over yet. This is a difficult balancing act for central banks, as it can be dangerous to tighten monetary policy too much to contain inflation and push the economy into recession at the same time.
Russia has isolated itself from Western economies, and the negative effects of economic sanctions could begin to be felt in Russia over the coming months. We can't rule out a consequent hardening of the conflict, which could produce further negative effects.
It is virtually impossible for Russia to regain its former position in equity or bond indices. This war will leave its mark for a long time to come, but it's impossible to predict a short- or medium-term scenario. The informed investor will take all these uncertainties into account when considering his investments. | ## Impact de l’invasion russe en Ukraine :
Même si les prix énergétiques ont diminué par rapport au début du conflit, l’économie européenne reste fragile à cause de sa trop grande dépendance au gaz et au pétrole. De nouvelles hausses des prix des matières premières ne peuvent être exclues. Les prix de l’énergie restent un des premiers canaux de transmission de risque dans l’économie mondiale, notamment au travers de l’inflation. Bien qu’elle ait atteint un pic tant en Europe qu’aux Etats-Unis, l’inflation pourrait rester durablement plus élevée qu’au cours des deux dernières décennies. En conséquence les banques centrales ont fortement relevé les taux d’intérêt mais les hausses ne sont peut-être pas terminées. L’équilibre est difficile pour les banques centrales car il peut être dangereux de trop resserrer la politique monétaire pour contenir l’inflation et pousser en même temps l’économie en récession.
La Russie s’est isolée des économies occidentales et les effets négatifs des sanctions économiques pourraient commencer à se faire sentir en Russie dans les mois à venir. On ne peut exclure un durcissement du conflit en conséquence, ce qui pourrait produire de nouveaux effets négatifs.
Il est pratiquement impossible que la Russie retrouve la position qui était la sienne dans les indices d’actions ou dans les indices obligataires. Cette guerre laissera des traces pour une longue période mais il est impossible de prévoir un scénario à court ou moyen terme. L’investisseur averti tiendra compte de l’ensemble de ces incertitudes pour considérer ses investissements. | ## Impact of the Russian invasion of Ukraine:
Although energy prices have fallen compared with the start of the conflict, the European economy remains fragile due to its overdependence on gas and oil. Further rises in commodity prices cannot be ruled out. Energy prices remain one of the main channels for transmitting risk in the global economy, notably through inflation. Although inflation has peaked in both Europe and the United States, it could remain persistently higher than in the last two decades. As a result, central banks have raised interest rates sharply, but the hikes may not be over yet. This is a difficult balancing act for central banks, as it can be dangerous to tighten monetary policy too much to contain inflation and push the economy into recession at the same time.
Russia has isolated itself from Western economies, and the negative effects of economic sanctions could begin to be felt in Russia over the coming months. We can't rule out a consequent hardening of the conflict, which could produce further negative effects.
It is virtually impossible for Russia to regain its former position in equity or bond indices. This war will leave its mark for a long time to come, but it's impossible to predict a short- or medium-term scenario. The informed investor will take all these uncertainties into account when considering his investments. | en | fr |
DOLFIN5844 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The first half of 2022 was marked by a strong shift in economic momentum and the anticipations thereof. Coming out of 2021 with strong expected tailwinds from re-opening economies after the pandemic crisis, the situation turned for the worse with rising energy and commodity prices and increasing difficulties on supply side of the economy. The Russian invasion in Ukraine exacerbated the situation and made consumer confidence drop in fast pace. In response to the clouding of the macro-economic backdrop, we de-risked the portfolio on several occasions during H1 of 2022 and kept the barbell approach intact.
January was marked by a strong rotation in the equity market from growth stocks to value due to the Regime Shift from central banks. Higher rate expectations put pressure on valuations of long duration. Investors preferred immediate cash generation above distant cash-flows. Given the persistence of inflation, we believed that rates could support the movement going further. Nevertheless, the market remained convinced that the economic growth, notwithstanding the challenges, would remain above trend in 2022 and that at some point the accumulated wealth of the households during the pandemic and the high corporate cash levels would kick-start the consumption and capex boom. Following the correction and available risk budget we gradually and selectively increased the weight of equities while respecting the fund’s balance between value and growth style. Given looming uncertainties we refrained from consuming the enlarged risk budget allowed in the fund.
On top of the impact from the Regime Shift, in February, we also got confronted with a war on our doorstep. At the heat of the crisis we refrained to change much to the portfolio as the positions are well selected on a fundamental basis and therefore we were not eager to follow the short term movements in the market. We kept our LT focus on Quality Growth stocks which demonstrate durable growth combined with a sound financial management and able to sustain/grow its margins even in challenging times. We selectively altered the positioning by taking profits on sectors sensitive to consumer sentiment. We reduced in Consumer Discretionary and added more to value by means of Food Staples, Banks, Energy.
In March, the likelihood of a short-term solution to the conflict in Europe shrank significantly. Political actions using sanction increased the pressure on Russia and resulted in energy prices being pushed up even further. We decided to strengthen the value positioning in the fund by adding Adyen, Amplifon, Cellnex, Hyloris, Ross Stores and Ariston. In April we decided to restructure the portfolio and add more defensive exposure like utilities and reducing exposure to economic sensitive sectors like Consumer Discretionary and Technology.
With yields further increasing globally the market witnessed its fastest multiple contraction since the last 30 years. But although valuations had considerably corrected we do not think we are at the brink of a market recovery. Earnings expectations are revised upwards. And with a number of data pointing at a weakening consumer we guess earnings downgrades are still to come. And when that happens the market will further correct downwards. Therefore, in May and June, although maintaining our low equity weight vs allowed risk budget, we added selectively in Banks, Healthcare, Consumer non-cyclicals and Energy. Selectively we also seized opportunities to add to positions banking on the decarbonization trend. Hence the portfolio shows a strengthened barbell towards value and defensive position although keeping the upward potential in case the market enjoys bear market rally’s.
In terms of bonds we kept our underweight stance in duration and kept our positioning in credit as IG performed better than government bonds. Within government bonds we sold our inflation linked exposure when we expected inflation figures had peaked.
-
## Future policy | Le premier semestre de 2022 s'est caractérisé par un changement marqué de la dynamique économique et des attentes qu'elle engendre. En sortant de l'année 2021, alors que l'on s'attendait à d'importantes répercussions positives suite à la réouverture des économies après la pandémie, la situation s'est au contraire dégradée du fait d'une hausse des prix de l'énergie et des matières premières combinée à des difficultés d'approvisionnement croissantes. L'invasion russe en Ukraine a exacerbé la situation et fait plonger la confiance du consommateur. En réponse à la détérioration du contexte macro-économique, nous avons réduit le risque du portefeuille à plusieurs reprises au cours du premier semestre, sans toucher à notre approche en haltère.
Sur le marché des actions, janvier a été marqué par une importante rotation, des valeurs de croissance vers le rendement, du fait du changement de régime décidé par les banques centrales. Les attentes plus élevées en matière de taux pèsent sur les valorisations de la duration longue. Les investisseurs privilégient les liquidités immédiates à des flux de trésorerie lointains. Compte tenu de la persistance de l'inflation, nous avons estimé que les taux pourraient soutenir le mouvement dans l'avenir. Néanmoins, le marché reste convaincu que malgré les défis, la croissance économique restera supérieure à la tendance en 2022 et qu'il viendra un moment où la richesse accumulée par les ménages pendant la pandémie ainsi que les niveaux élevés de liquidités des entreprises relanceront la consommation et le boom des investissements. Suite à la correction et au budget de risque disponible, nous avons augmenté la pondération des actions de façon progressive et sélective, tout en respectant l'équilibre du compartiment entre le style valeur et croissance. Compte tenu des incertitudes qui nous guettent, nous nous sommes abstenus de consommer le budget de risque élargi autorisé dans le compartiment.
En plus de l'impact du changement de régime, en février, nous avons également été confrontés à une guerre à nos portes. Au plus fort de la crise, nous nous sommes abstenus de modifier sensiblement le portefeuille, car les positions sont bien sélectionnées sur une base de fondamentaux et nous n'étions donc pas enclins à suivre les mouvements à court terme du marché. Nous sommes restés concentrés sur les valeurs de croissance de qualité combinant croissance durable et gestion financière saine, et capables de maintenir voire d'accroître leurs marges, même en période difficile. Nous nous sommes repositionnés de manière sélective en prenant des bénéfices sur les secteurs sensibles au sentiment du consommateur. Nous avons réduit la consommation discrétionnaire et ajouté de la valeur par le biais des produits alimentaires de base, des banques et de l'énergie.
En mars, la probabilité de voir le conflit en Europe se résoudre rapidement s'est considérablement amenuisée. Les sanctions politiques ont accru la pression sur la Russie, contribuant à aggraver la hausse des prix de l'énergie. Nous avons décidé de renforcer le positionnement valeur du compartiment en ajoutant Adyen, Amplifon, Cellnex, Hyloris, Ross Stores et Ariston. En avril, nous avons décidé de restructurer le portefeuille et d'ajouter une exposition plus défensive, comme les services aux collectivités, tout en réduisant l'exposition aux secteurs sensibles à l'économie, comme la consommation discrétionnaire et la technologie.
Avec la poursuite de la hausse des rendements au niveau mondial, le marché a connu la contraction multiple la plus rapide de ces 30 dernières années. Mais bien que les valorisations aient considérablement corrigé, nous ne pensons pas qu'une reprise du marché soit imminente. Les attentes en matière de bénéfices sont revues à la hausse. Et comme un certain nombre de données montrent que le consommateur marque le pas, nous pensons qu'il faut encore s'attendre à des révisions à la baisse des bénéfices. Lorsque cela se produira, le marché poursuivra sa correction à la baisse. Par conséquent, en mai et juin, tout en maintenant notre faible pondération en actions par rapport au budget de risque autorisé, nous avons ajouté sélectivement des actions dans les secteurs des banques, de la santé, des biens de consommation non cycliques et de l'énergie. Toujours de manière sélective, nous avons saisi plusieurs opportunités de manière à compléter des positions misant sur la tendance à la décarbonation. Par conséquent, le portefeuille montre un renforcement de l'haltère (« barbell ») vers la valeur et la position défensive, tout en conservant le potentiel de hausse au cas où le marché connaîtrait des rallyes baissiers.
Concernant les obligations, nous sommes restés sous-pondérés en duration et avons maintenu notre positionnement en crédit, car l'investment grade a mieux performé que les obligations d'État. Dans les obligations d'État, nous avons vendu notre exposition liée à l'inflation lorsque nous avons estimé que les chiffres de cette dernière avaient atteint un sommet.
-
## Politique future | The first half of 2022 was marked by a strong shift in economic momentum and the anticipations thereof. Coming out of 2021 with strong expected tailwinds from re-opening economies after the pandemic crisis, the situation turned for the worse with rising energy and commodity prices and increasing difficulties on supply side of the economy. The Russian invasion in Ukraine exacerbated the situation and made consumer confidence drop in fast pace. In response to the clouding of the macro-economic backdrop, we de-risked the portfolio on several occasions during H1 of 2022 and kept the barbell approach intact.
January was marked by a strong rotation in the equity market from growth stocks to value due to the Regime Shift from central banks. Higher rate expectations put pressure on valuations of long duration. Investors preferred immediate cash generation above distant cash-flows. Given the persistence of inflation, we believed that rates could support the movement going further. Nevertheless, the market remained convinced that the economic growth, notwithstanding the challenges, would remain above trend in 2022 and that at some point the accumulated wealth of the households during the pandemic and the high corporate cash levels would kick-start the consumption and capex boom. Following the correction and available risk budget we gradually and selectively increased the weight of equities while respecting the fund’s balance between value and growth style. Given looming uncertainties we refrained from consuming the enlarged risk budget allowed in the fund.
On top of the impact from the Regime Shift, in February, we also got confronted with a war on our doorstep. At the heat of the crisis we refrained to change much to the portfolio as the positions are well selected on a fundamental basis and therefore we were not eager to follow the short term movements in the market. We kept our LT focus on Quality Growth stocks which demonstrate durable growth combined with a sound financial management and able to sustain/grow its margins even in challenging times. We selectively altered the positioning by taking profits on sectors sensitive to consumer sentiment. We reduced in Consumer Discretionary and added more to value by means of Food Staples, Banks, Energy.
In March, the likelihood of a short-term solution to the conflict in Europe shrank significantly. Political actions using sanction increased the pressure on Russia and resulted in energy prices being pushed up even further. We decided to strengthen the value positioning in the fund by adding Adyen, Amplifon, Cellnex, Hyloris, Ross Stores and Ariston. In April we decided to restructure the portfolio and add more defensive exposure like utilities and reducing exposure to economic sensitive sectors like Consumer Discretionary and Technology.
With yields further increasing globally the market witnessed its fastest multiple contraction since the last 30 years. But although valuations had considerably corrected we do not think we are at the brink of a market recovery. Earnings expectations are revised upwards. And with a number of data pointing at a weakening consumer we guess earnings downgrades are still to come. And when that happens the market will further correct downwards. Therefore, in May and June, although maintaining our low equity weight vs allowed risk budget, we added selectively in Banks, Healthcare, Consumer non-cyclicals and Energy. Selectively we also seized opportunities to add to positions banking on the decarbonization trend. Hence the portfolio shows a strengthened barbell towards value and defensive position although keeping the upward potential in case the market enjoys bear market rally’s.
In terms of bonds we kept our underweight stance in duration and kept our positioning in credit as IG performed better than government bonds. Within government bonds we sold our inflation linked exposure when we expected inflation figures had peaked.
-
## Future policy | en | fr |
DOLFIN5845 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
When calculating the Performance Fee payable to the Management Company certain Sub- funds are using benchmarks within the meaning of the Benchmarks Regulation. As a result, the Fund has adopted written plans setting out actions, which it will take with respect to the Sub-Funds listed in the table below in the event that any of the benchmarks listed in the table below materially changes or ceases to be provided (the “Contingency Plan”), as required by article 28(2) of the Benchmarks Regulation. Investors may access the Contingency Plan free of charge upon request at the registered office of the Fund, as indicated in section 10.6. “Documents Available for Inspection”.
The benchmarks listed in the table below are being provided by the entity specified next to the name of each benchmark, in its capacity as administrator, as defined in the Benchmarks Regulation. The status of each benchmark’s administrator in relation to the register referred to in article 36 of the Benchmarks Regulation as of the date of this visa-stamped Prospectus is set out next to the name of the relevant Benchmark administrator in the table below.
Should the status of the administrator change after the date of this visa-stamped Prospectus, this Prospectus will be updated accordingly as part of its next update. | Lors du calcul de la Commission de performance due à la Société de gestion, certains Compartiments utilisent des indices de référence au sens du Règlement sur les Indices de référence. Par conséquent, le Fonds a adopté des plans écrits définissant les actions qu'il prendra à l'égard des Compartiments énumérés dans le tableau ci-dessous au cas où l'un des indices de référence énumérés dans le tableau ci-dessous changerait de manière significative ou cesserait d'être fourni (le « Plan de continuité d’activité »), tel que requis par l'article 28(2) du Règlement sur les indices de référence. Les investisseurs peuvent accéder gratuitement au Plan de continuité d’activité sur demande adressée au siège social du Fonds, tel qu’indiqué à la section 10.6. « Documents disponibles pour consultation ».
Les indices de référence énumérés dans le tableau ci-dessous sont fournis par l'entité indiquée à côté du nom de chaque indice de référence, en sa qualité d'administrateur, tel que défini dans le Règlement sur les indices de référence. Le statut de l'administrateur de chaque indice de référence concernant le registre mentionné à l'article 36 du Règlement sur les indices de référence à la date du présent Prospectus visé est indiqué à côté du nom de l'administrateur de l'Indice de référence concerné, dans le tableau ci-dessous.
Si le statut de l'administrateur change après la date du présent Prospectus visé, ce dernier sera adapté en conséquence lors de sa prochaine mise à jour. | When calculating the Performance Fee payable to the Management Company certain Sub- funds are using benchmarks within the meaning of the Benchmarks Regulation. As a result, the Fund has adopted written plans setting out actions, which it will take with respect to the Sub-Funds listed in the table below in the event that any of the benchmarks listed in the table below materially changes or ceases to be provided (the “Contingency Plan”), as required by article 28(2) of the Benchmarks Regulation. Investors may access the Contingency Plan free of charge upon request at the registered office of the Fund, as indicated in section 10.6. “Documents Available for Inspection”.
The benchmarks listed in the table below are being provided by the entity specified next to the name of each benchmark, in its capacity as administrator, as defined in the Benchmarks Regulation. The status of each benchmark’s administrator in relation to the register referred to in article 36 of the Benchmarks Regulation as of the date of this visa-stamped Prospectus is set out next to the name of the relevant Benchmark administrator in the table below.
Should the status of the administrator change after the date of this visa-stamped Prospectus, this Prospectus will be updated accordingly as part of its next update. | en | fr |
DOLFIN5846 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Transaction costs
0.0% of the value of your investment per year (0.0% of total commitments). This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. This is an estimate based on a peer group of similar, already existing products.
23 USD
Incidental costs taken under specific conditions
Performance fees and carried interest
The actual amount will vary depending on how well your investment performs. The aggregate cost estimation is based on the applicable fee terms in the Prospectus, adjusted for the expected performance of the Sub-Fund. We take these when the investment outperforms the relevant criteria as defined in the constituent documents.
2’373 USD | Transaktionskosten
0.0% des Werts Ihrer Anlage pro Jahr (0.0% des Gesamtengagements). Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für das Produkt kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. Hierbei handelt es sich um eine Schätzung auf Grundlage einer Vergleichsgruppe aus ähnlichen, bereits vorhandenen Produkten.
23 USD
Zusätzliche Kosten unter bestimmten Bedingungen
Erfolgsgebühren und Carried Interest
Der tatsächliche Betrag hängt davon ab, wie gut sich Ihre Anlage entwickelt. Die Schätzung der kumulierten Kosten basiert auf den im Prospekt festgelegten Gebühren, bereinigt um die erwartete Performance des Teilfonds. Wir entnehmen diese, wenn die Anlage die relevanten Kriterien übertrifft, die in den Gründungsdokumenten definiert sind.
2’373 USD | Transaction costs
0.0% of the value of your investment per year (0.0% of total commitments). This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. This is an estimate based on a peer group of similar, already existing products.
23 USD
Incidental costs taken under specific conditions
Performance fees and carried interest
The actual amount will vary depending on how well your investment performs. The aggregate cost estimation is based on the applicable fee terms in the Prospectus, adjusted for the expected performance of the Sub-Fund. We take these when the investment outperforms the relevant criteria as defined in the constituent documents.
2’373 USD | en | de |
DOLFIN5847 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Exemple d’investissement € 10.000 | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | € 864 | € 2.335 |
| Incidence des coûts annuels* | 8,6 % | 4,3 % | | | Ejemplo de inversión € 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | € 864 | € 2.335 |
| Incidencia anual de los costes* | 8,6% | 4,3% | | | Exemple d’investissement € 10.000 | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| --- | --- | --- |
| Coûts totaux | € 864 | € 2.335 |
| Incidence des coûts annuels* | 8,6 % | 4,3 % | | fr | es |
DOLFIN5848 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Disclaimer
This document contains information concerning collective investment schemes (hereinafter "funds") that are only available for distribution in the countries where these funds have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intend ed for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or shares, or to invest in any other financial instrument. The information contained in this document has been drawn from sources deemed reliable. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estimates. Past performance is not indicative or a guarantee of future returns. Performance figures are calculated on a NAV basis, taking into account dividends, if any, but not subscription and redemption fees that might be levied. Fund values can rise as well as fall, and investor losses may equal or exceed original investment. Before investing in any fund mentioned in this document, the investo r should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds. Moreover every investor is recommended to seek legal and fiscal advice before taking any investment decision. The Prospectus, the Articles of Association as well as the Annual and Semi-Annual Reports of the Fund may be obtained free of charge with the Representative Agent in Switzerland - Mirabaud Asset Management (Switzerland) Ltd, 29, boulevard Georges-Favon, 1204 Geneva.
Source for all data and charts (if not indicated otherwise): Mirabaud Asset Management. Source for ratings (if displayed): Citywire, Morningstar and Lipper (as at the end of the previous month). The ratings displayed may refer to another share class of the fund. | # Disclaimer
Il presente documento contiene informazioni relative agli organismi d'investimento collettivo del risparmio (di seguito “Oicr ”) distribuibili esclusivamente nei paesi in cui sono stati autorizzati. Il presente documento è riservato unicamente al soggetto destinatario e non può essere copiato o divulgato a terzi. Inoltre, esso non è rivolto a cittadini o residenti in giurisdizioni in cui la pubblicazione, la distribuzione o l'uso delle informazioni in esso contenute sarebbe sottoposta a restrizioni o limitazioni. Il contenuto del presente documento ha uno scopo puramente informativo e non va inteso come un'offerta o una raccomandazione di sottoscrizione di quote o azioni di Oicr o come una sollecitazione all'investimento in qualsiasi altro strumento finanziario. Le informazioni contenute nel presente documento provengono da fonti ritenute attendibili. Tuttavia, non è possibile garantirne l'accuratezza o la completezza; alcuni dei dati forniti, inoltre, sono solo stime. I rendimenti passati non sono un indicatore né una garanzia dei risultati futuri. Le performance sono calcolate sulla base del NAV, tenendo conto degli eventuali dividendi ed escluse le commissioni di sottoscrizione e rimborso eventualmente applicate. Il valore dell'Oicr è soggetto a possibili variazioni e l'investitore può subire perdite pari o superiori all'importo originariamente investito. Prima di investire in uno o più degli Oicr menzionati nel presente documento, l'investitore è tenuto a consultare le ultime versioni dei corrispondenti documenti legali, in particolare il prospetto, che descrive i rischi relativi agli Oicr. Inoltre, si raccomanda ai potenziali investitori di sentire il parere di un consulente legale e fiscale prima di prendere qualsiasi decisione d'investimento. Il Prospetto, lo Statuto, il rendiconto annuale e la relazione semestrale dell'Oicr sono disponibili gratuitamente su richiesta all'Agente rappresentante per la Svizzera - Mirabaud Asset Management (Switzerland) Ltd, 29, boulevard Georges-Favon, 1204 Ginevra.
Fonte di dati e grafici: Mirabaud Asset Management. Fonte dei ratings (se mostrati): Citywire, Morningstar e Lipper (alla fine del mese precedente). I ratings visualizzati possono riferirsi ad un'altra classe di azioni del comparto. | # Disclaimer
This document contains information concerning collective investment schemes (hereinafter "funds") that are only available for distribution in the countries where these funds have been registered. This document is for the exclusive use of the individual to whom it has been given and may not be either copied or transferred to third parties. In addition, this document is not intend ed for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions or limitations. The contents of this document are for information purposes only and shall not be construed as an offer or a recommendation to subscribe fund units or shares, or to invest in any other financial instrument. The information contained in this document has been drawn from sources deemed reliable. However, the accuracy or completeness of the information contained in this document cannot be guaranteed, and some figures are only estimates. Past performance is not indicative or a guarantee of future returns. Performance figures are calculated on a NAV basis, taking into account dividends, if any, but not subscription and redemption fees that might be levied. Fund values can rise as well as fall, and investor losses may equal or exceed original investment. Before investing in any fund mentioned in this document, the investo r should consult the latest versions of the legal documents pertaining to such funds and in particular the prospectus, which describes the risks related to the funds. Moreover every investor is recommended to seek legal and fiscal advice before taking any investment decision. The Prospectus, the Articles of Association as well as the Annual and Semi-Annual Reports of the Fund may be obtained free of charge with the Representative Agent in Switzerland - Mirabaud Asset Management (Switzerland) Ltd, 29, boulevard Georges-Favon, 1204 Geneva.
Source for all data and charts (if not indicated otherwise): Mirabaud Asset Management. Source for ratings (if displayed): Citywire, Morningstar and Lipper (as at the end of the previous month). The ratings displayed may refer to another share class of the fund. | en | it |
DOLFIN5849 | 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 d’investissement de réaliser une performance supérieure ajustée du risque à l’aide d’un portefeuille diversifié composé d’actions, d’obligations de qualité « investment grade » et d’obligations à haut rendement.
- Le Fonds investit dans un portefeuille d’actions et d’obligations du monde entier. Les actions représentent 0 à 40 %. Les sociétés des actions en portefeuille émanent de plusieurs régions, pays et secteurs. Entre 40 et 80 % du portefeuille sont investis en obligations de qualité « investment grade » émises par des marchés émergents et développés. Le Fonds investit également jusqu’à 20 % en obligations d’État des marchés émergents à haut rendement, ainsi qu’en obligations d’entreprises des marchés émergents et développés.
- Le Fonds peut couvrir le risque de change contre l’USD.
- Le Fonds est sous gestion active, sans référence à un indice de référence.
- Le Fonds peut également, provisoirement et à titre accessoire, investir dans des dépôts à terme, des liquidités et autres instruments du marché monétaire. Le Fonds ne peut investir plus de 10 % de ses actifs en Valeurs mobilières ou en Instruments du marché monétaire autres que ceux visés à l’article 41, paragraphe 1, de la Loi de 2010.
- Le Fonds peut investir jusqu’à 15 % de ses actifs dans d’autres OPCVM et OPC. | # Objetivos y política de inversión
- El objetivo de inversión del Fondo es lograr un nivel superior de rentabilidades ajustadas al riesgo con una cartera diversificada de renta variable, bonos investment grade y bonos high yield.
- El Fondo invierte en una cartera de renta variable y renta fija global. La renta variable supone entre el 0% y 40%. Las sociedades de la cartera de renta variable serán de diferentes regiones, países y sectores. Entre el 40% y el 80% de la cartera se invierte en bonos investment grade emitidos por mercados tanto emergentes como desarrollados. Hasta el 20% se invierte también en deuda pública high yield de mercados emergentes, así como en bonos corporativos tanto de mercados emergentes como desarrollados.
- El Fondo podrá cubrir el riesgo de divisas frente al dólar estadounidense (USD).
- El Fondo se gestiona de forma activa, sin compararse con un índice de referencia.
- De manera temporal y con carácter accesorio, el Fondo también podrá invertir en depósitos a plazo, liquidez y otros instrumentos del mercado monetario. Hasta un máximo del 10% de los activos del Fondo podrán invertirse en valores mobiliarios o instrumentos del mercado monetario distintos de los contemplados en el artículo 41, apartado 1, de la Ley de 2010.
- El Fondo podrá invertir hasta un 15% de sus activos en otros OICVM y OIC.
4 | # Objectifs et politique d’investissement
- Le Fonds a pour objectif d’investissement de réaliser une performance supérieure ajustée du risque à l’aide d’un portefeuille diversifié composé d’actions, d’obligations de qualité « investment grade » et d’obligations à haut rendement.
- Le Fonds investit dans un portefeuille d’actions et d’obligations du monde entier. Les actions représentent 0 à 40 %. Les sociétés des actions en portefeuille émanent de plusieurs régions, pays et secteurs. Entre 40 et 80 % du portefeuille sont investis en obligations de qualité « investment grade » émises par des marchés émergents et développés. Le Fonds investit également jusqu’à 20 % en obligations d’État des marchés émergents à haut rendement, ainsi qu’en obligations d’entreprises des marchés émergents et développés.
- Le Fonds peut couvrir le risque de change contre l’USD.
- Le Fonds est sous gestion active, sans référence à un indice de référence.
- Le Fonds peut également, provisoirement et à titre accessoire, investir dans des dépôts à terme, des liquidités et autres instruments du marché monétaire. Le Fonds ne peut investir plus de 10 % de ses actifs en Valeurs mobilières ou en Instruments du marché monétaire autres que ceux visés à l’article 41, paragraphe 1, de la Loi de 2010.
- Le Fonds peut investir jusqu’à 15 % de ses actifs dans d’autres OPCVM et OPC. | fr | es |
DOLFIN5850 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities of issuers that the Investment Manager believes are Diversity Champions. These issuers may be of any market capitalisation and from any country, including emerging market countries.
The Investment Manager uses fundamental research to build a relatively concentrated, high conviction portfolio of equity securities of issuers that the Investment Manager believes offer attractive returns because, inter alia, they capture the benefits of Diversity, Equity and Inclusion ("DEI"). These issuers are leaders with respect to DEI policies and practices for attracting and retaining diverse talent and may provide products and/or services that seek to solve social DEI issues ("Diversity Champions"). The Fund does not seek to have an investment bias towards any investment style, economic sector, country or capitalisation.
To identify Diversity Champions, the Investment Manager first, creates the investable universe of issuers that it believes align with UN Sustainable Development Goals (UNSDGs) with respect to DEI (e.g. Gender Equality, Decent Work and Economic Growth, and Reduced Inequalities) and then focuses on pillars such as: issuers approach to diversity, recruiting practices, talent development, benefits and policies linked to DEI, culture and leveraging diversity to increase productivity and innovation.
For China-A Shares, the Fund may invest in all markets on which these Shares are traded, such as China Connect Scheme markets. The Fund may also invest in equities of Chinese companies traded in Hong Kong or other offshore markets. The Fund may also invest in China through the QFI scheme.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and for other investment purposes. | ## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta variable de emisores que el gestor de inversiones considere líderes en materia de diversidad. Estos emisores pueden tener cualquier capitalización de mercado y estar ubicados en cualquier país, incluso en aquellos pertenecientes a mercados emergentes.
El gestor de inversiones emplea el análisis fundamental para construir una cartera de títulos de renta variable relativamente concentrada y de alta convicción de emisores que el gestor de inversiones cree que ofrecen una rentabilidad atractiva debido, entre otras cosas, a que captan las ventajas de la diversidad, la equidad y la inclusión ("DEI"). Estos emisores son líderes en políticas y prácticas DEI para atraer y retener a un talento diverso, y pueden ofrecer productos o servicios que tratan de resolver problemas sociales de diversidad, equidad e inclusión ("líderes en materia de diversidad"). El Fondo no pretende tener sesgos hacia ningún estilo de inversión sector económico, país o capitalización.
Para identificar a los líderes en materia de diversidad, el gestor de inversiones crea en primer lugar el universo de inversión compuesto por emisores que, en su opinión, están alineados con Objetivos de Desarrollo Sostenible de la ONU (ODS ONU) relativos a cuestiones DEI (p. ej., igualdad de género, trabajo decente y crecimiento económico, y reducción de las desigualdades), y, posteriormente, se centra en pilares como los siguientes: enfoque de los emisores respecto a la diversidad, prácticas de contratación, desarrollo profesional, prestaciones y políticas vinculadas a DEI, cultura y potenciación de la diversidad para incrementar la productividad y la innovación.
En cuanto a las acciones A de China, el Fondo puede invertir en todos los mercados en los que se negocien, como en los del sistema China Connect. El Fondo también puede invertir en acciones de empresas chinas negociadas en Hong Kong u otros mercados fuera de China continental. El Fondo también puede invertir en China a través del sistema QFI.
El Fondo puede tener exposición a cualquier moneda.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión. | ## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities of issuers that the Investment Manager believes are Diversity Champions. These issuers may be of any market capitalisation and from any country, including emerging market countries.
The Investment Manager uses fundamental research to build a relatively concentrated, high conviction portfolio of equity securities of issuers that the Investment Manager believes offer attractive returns because, inter alia, they capture the benefits of Diversity, Equity and Inclusion ("DEI"). These issuers are leaders with respect to DEI policies and practices for attracting and retaining diverse talent and may provide products and/or services that seek to solve social DEI issues ("Diversity Champions"). The Fund does not seek to have an investment bias towards any investment style, economic sector, country or capitalisation.
To identify Diversity Champions, the Investment Manager first, creates the investable universe of issuers that it believes align with UN Sustainable Development Goals (UNSDGs) with respect to DEI (e.g. Gender Equality, Decent Work and Economic Growth, and Reduced Inequalities) and then focuses on pillars such as: issuers approach to diversity, recruiting practices, talent development, benefits and policies linked to DEI, culture and leveraging diversity to increase productivity and innovation.
For China-A Shares, the Fund may invest in all markets on which these Shares are traded, such as China Connect Scheme markets. The Fund may also invest in equities of Chinese companies traded in Hong Kong or other offshore markets. The Fund may also invest in China through the QFI scheme.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and for other investment purposes. | en | es |
DOLFIN5851 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Underlying exposure through derivative financial instruments: 2 367 822 826,67
- Currency forwards: 1 790 651 163,15
- Futures: 577 171 663,52
- Options:
- Swap: | - Exposición subyacente alcanzada a travis de instrumentos financieros derivados: 2.367.822.826,67
- Contratos a plazo sobre divisas: 1.790.651.163,15
- Futuros: 577.171.663,52
- Opciones:
- Swap: | - Underlying exposure through derivative financial instruments: 2 367 822 826,67
- Currency forwards: 1 790 651 163,15
- Futures: 577 171 663,52
- Options:
- Swap: | en | es |
DOLFIN5852 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Les données de performance citées dans ce rapport représentent les performances passées, supposent que toutes les distributions de dividendes et de plus-values ont été réinvesties et ne garantissent en rien les résultats futurs. Les données relatives à la performance ne prennent pas en compte les commissions et les coûts afférents à l’émission et au rachat des parts du Fonds. En raison des variations de rendement et de valeur des montants investis, la valeur des parts peut être, au moment de leur rédemption, supérieure ou inférieure à leur coût original. La performance actuelle peut être supérieure ou inférieure à ce qui est indiqué. Les ratios de frais généraux d’exploitation peuvent varier au cours des années à venir.
Le calcul de la performance du Fonds est effectué conformément aux instructions de la Swiss Funds & Asset Management Association (la « SFAMA »).
*Le rendement depuis la création est calculé depuis le 10 avril 1995.
Le Davis Global Fund a réalisé des performances inférieures à celles de l’Indice Morgan Stanley Capital International All Country World Index (« MSCI », ou « Indice ») pour la période de six mois clôturée le 31 janvier 2022 (la « Période »). Les actions du Fonds de Catégorie A et de Catégorie I ont généré un rendement total sur la valeur nette d’inventaire de –5,59 % et de –5,09 % respectivement, comparativement à un rendement de –0,32 % pour le MSCI. Les secteurs1 du MSCI qui ont enregistré la meilleure performance sont l’Énergie (+ 28 %), les Sociétés financières (+ 7 %) et les Services publics (+ 4 %). Les secteurs du MSCI qui ont enregistré la plus mauvaise performance sont les Services de communication (– 9 %), les Produits de consommation non essentiels (– 5 %) et les Matériaux (– 4 %). | ## Los datos de rendimiento citados en este informe representan el rendimiento pasado, asume que todas las distribuciones de dividendos y ganancias de capital se reinvirtieron y no es una garantía de resultados futuros. Los datos de rendimiento no tienen en cuenta las comisiones y costos incurridos en la emisión y rescate de unidades. El retorno de la inversión y el valor del capital principal fluctuarán de modo que las acciones pueden valer más o menos que su costo original al momento del rescate. El rendimiento actual puede ser mayor o menor que los datos de rendimiento citados. Las relaciones entre gastos e ingresos operativos pueden variar en los próximos años.
El cálculo del rendimiento del Fondo cumple con las pautas de la Swiss Funds & Asset Management Association (“SFAMA”).
*El retorno desde el inicio es desde el 10 de abril de 1995.
Davis Global Fund tuvo un rendimiento inferior al Índice Morgan Stanley Capital International All Country World Index (“MSCI” o el “Índice”) durante el período de seis meses que finalizó el 31 de enero de 2022 (el “período”). El Fondo tuvo un retorno total sobre el valor de activo neto de -5,59% para las acciones de Clase A y -5,09% para las acciones de Clase I, frente a un retorno de -0,32% para el MSCI. Los sectores1 dentro del MSCI que presentaron el mejor rendimiento fueron Energía (suba de 28%), Finanzas (suba de 7%) y Servicios Públicos (suba de 4%). Los sectores dentro del MSCI que presentaron el peor rendimiento fueron Servicios de Comunicación (baja de 9%), Consumo Discrecional (baja de 5%) y Materiales (baja de 4%). | ## Les données de performance citées dans ce rapport représentent les performances passées, supposent que toutes les distributions de dividendes et de plus-values ont été réinvesties et ne garantissent en rien les résultats futurs. Les données relatives à la performance ne prennent pas en compte les commissions et les coûts afférents à l’émission et au rachat des parts du Fonds. En raison des variations de rendement et de valeur des montants investis, la valeur des parts peut être, au moment de leur rédemption, supérieure ou inférieure à leur coût original. La performance actuelle peut être supérieure ou inférieure à ce qui est indiqué. Les ratios de frais généraux d’exploitation peuvent varier au cours des années à venir.
Le calcul de la performance du Fonds est effectué conformément aux instructions de la Swiss Funds & Asset Management Association (la « SFAMA »).
*Le rendement depuis la création est calculé depuis le 10 avril 1995.
Le Davis Global Fund a réalisé des performances inférieures à celles de l’Indice Morgan Stanley Capital International All Country World Index (« MSCI », ou « Indice ») pour la période de six mois clôturée le 31 janvier 2022 (la « Période »). Les actions du Fonds de Catégorie A et de Catégorie I ont généré un rendement total sur la valeur nette d’inventaire de –5,59 % et de –5,09 % respectivement, comparativement à un rendement de –0,32 % pour le MSCI. Les secteurs1 du MSCI qui ont enregistré la meilleure performance sont l’Énergie (+ 28 %), les Sociétés financières (+ 7 %) et les Services publics (+ 4 %). Les secteurs du MSCI qui ont enregistré la plus mauvaise performance sont les Services de communication (– 9 %), les Produits de consommation non essentiels (– 5 %) et les Matériaux (– 4 %). | fr | es |
DOLFIN5853 | 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 MSCI World (TR) between 30/09/2012-30/09/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 11,137
11.4%
USD 19,844
10.3% | # Este tipo de escenario se produjo para una inversión MSCI World (TR) entre 30/09/2012-30/09/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 137 USD
11,4%
19 844 USD
10,3% | # This type of scenario occurred for an investment MSCI World (TR) between 30/09/2012-30/09/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 11,137
11.4%
USD 19,844
10.3% | en | es |
DOLFIN5854 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# RISK AND REWARD PROFILE
weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.
## Distributions
## Income will not be distributed to shareholders but reflected in the assets of the fund.
## Redeeming Shares
## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.
## Terms to Understand
## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.
## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.
This rating system is based on how much the returns of the class have varied over the past 5 years. Where 5 years' performance history is not available the data consists of historical returns representative of the fund, benchmark returns or returns for another class with the same currency as appropriate. Past returns may not be a reliable indicator of the future risk and reward profile of the class, and the rating may change over time based on the more recent returns. A fund in the lowest category does not mean a risk-free investment.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | # PERFIL DE RIESGO Y REMUNERACIÓN
Aunque las inversiones del fondo generalmente estarán representadas en el índice de referencia (MSCI World Index (net div)), es probable que los componentes estén ponderados de forma diferente al índice de referencia y que el fondo invierta fuera del mismo para aprovechar oportunidades de inversión atractivas. El fondo está gestionado activamente dentro de sus objetivos y la estrategia de inversión no restringirá el grado de desviación de los valores de la cartera con respecto al índice de referencia. Se espera que la desviación del fondo del índice de referencia sea significativa.
## Repartos
## Los rendimientos no se distribuirán a los accionistas, sino que se acumularán en los activos del fondo.
## Reembolso de acciones
## Usted podrá vender sus acciones cada día hábil en que los bancos de Luxemburgo estén abiertos para sus operaciones normales y la Bolsa de Nueva York esté abierta a la negociación.
## Términos
## Los títulos de renta variable representan una participación accionarial, o el derecho a adquirir dicha participación, en una empresa u otro emisor.
## Los derivados son contratos financieros cuyo valor se basa en el valor de uno o más indicadores subyacentes o la diferencia entre distintos indicadores subyacentes.
Este sistema de calificación se basa en determinar cuánto han variado los rendimientos de la clase durante los últimos 5 años. Cuando no se dispone del historial de rentabilidad de cinco años se emplean datos consistentes en rentabilidades históricas representativas del fondo, rentabilidades del índice de referencia o aquellas que genera otra clase con la misma divisa, según corresponda. Los rendimientos pasados puede que no sean un indicador fiable del futuro perfil de riesgo y rentabilidad de esa clase y es posible que la calificación cambie con el tiempo, en función de los rendimientos más recientes generados. El hecho de que un fondo se clasifique en la categoría más baja no significa que la inversión esté exenta de riesgo.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | # RISK AND REWARD PROFILE
weighted differently from the benchmark and the fund is likely to invest outside of the benchmark to take advantage of attractive investment opportunities. The fund is actively managed within its objectives and the investment strategy will not restrict the extent to which portfolio holdings may deviate from the benchmark. It is expected that the fund's deviation from the benchmark will be significant.
## Distributions
## Income will not be distributed to shareholders but reflected in the assets of the fund.
## Redeeming Shares
## You may sell your shares on each business day when banks in Luxembourg are open for normal business and the New York Stock Exchange is open for trading.
## Terms to Understand
## Equity securities represent an ownership interest, or the right to acquire an ownership interest, in a company or other issuer.
## Derivatives are financial contracts whose value is based on the value of one or more underlying indicators or the difference between underlying indicators.
This rating system is based on how much the returns of the class have varied over the past 5 years. Where 5 years' performance history is not available the data consists of historical returns representative of the fund, benchmark returns or returns for another class with the same currency as appropriate. Past returns may not be a reliable indicator of the future risk and reward profile of the class, and the rating may change over time based on the more recent returns. A fund in the lowest category does not mean a risk-free investment.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- | | en | es |
DOLFIN5855 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The following is a general discussion of important risk factors and issues concerning the use of FDIs that investors should understand before investing in a Sub-Fund.
- Market RiskThis is a general risk that applies to all investments, including FDIs, meaning that the value of a particular FDI may go down as well as up in response to changes in market factors. A Sub-Fund may also use FDIs to short exposure to some investments. Should the value of such investments increase rather than fall, the use of FDIs for shortingpurposes will have a negative effect on the Sub-Fund’s value and in extreme market conditions may, theoretically, give rise to unlimited losses for the Sub-Fund. Should such extreme market conditions occur, investors could, in certain circumstances, therefore face minimal or no returns, or may even suffer a loss on their investment in that particular Sub-Fund.
- Liquidity RiskLiquidity risk exists when a particular instrument is difficult to purchase or sell. If a FDI transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous price (however, the Fund will only enter into OTC FDIs if it is allowed to liquidate such transactions at any time at fair value).
- Counterparty RiskThe Sub-Funds may enter into transactions in OTC markets, which will expose the Sub-Funds to the credit risk of their counterparties and their ability to satisfy the terms of such contracts. In the event of a bankruptcy or insolvency of a counterparty, the Sub-Funds could experience delays in liquidating the position and significant losses, including declines in the value of its investment during the period in which the Fund seeks to enforce its rights, inability to realise any gains on its investment during such period and fees and expenses incurred in enforcing its rights. There is also a possibility that these arrangements may be terminated due, for instance, to bankruptcy, supervening illegality or change in the tax or accounting laws relative to those at the time the agreement was originated.
- Legal riskThere is a possibility that the agreements governing the derivative transactions may be terminated due, for instance, to supervening illegality or change in the tax or accounting laws relative to those at the time the agreement was originated. There is also a risk if such arrangements are not legally enforceable or if the derivative transactions are not documented correctly.
- Other RisksOther risks in using FDIs include the inability of FDIs to correlate perfectly with underlying securities, rates and indices. Many FDIs, in particular OTC FDIs, are complex and the valuation can only be provided by a limited number of market professionals who often are acting as counterparties to the transaction to be valued. | Der folgende Abschnitt enthält eine Liste wichtiger Risikofaktoren und Probleme beim Einsatz von DFI, die ein Anleger kennen sollte, bevor er eine Anlage in einen Teilfonds tätigt.
- MarktrisikoHierbei handelt es sich um ein allgemeines Risiko, das bei allen Anlagen einschließlich DFI besteht und bedeutet, dass der Wert eines bestimmten DFI in Folge von Änderungen der Marktfaktoren sowohl sinken als auch steigen kann. Ein Teilfonds kann DFI auch zum Zwecke der Reduzierung des Risikos aus bestimmten Anlagen einsetzen. Sollte der Wert einer solchen Anlage eher steigen als fallen, wird der Einsatz von DFI zum Zwecke der Risikoreduzierung eine negative Auswirkung auf den Wert des Teilfonds haben, und unter extremen Marktbedingungen kann dies theoretisch zu unbeschränkten Verlusten des Teilfonds führen. Sollten solche extremen Marktbedingungen eintreten, müssen Anleger unter bestimmten Umständen mit geringen oder gar keinen Erträgen rechnen oder können sogar Verluste im Rahmen ihrer in diesem bestimmten Teilfonds getätigten Investition erleiden.
- LiquiditätsrisikoEin Liquiditätsrisiko besteht immer dann, wenn ein bestimmtes Finanzinstrument nicht problemlos gekauft bzw. verkauft werden kann. Weist eine DFI-Transaktion ein besonders hohes Volumen auf oder ist der betreffende Markt illiquide, ist es unter bestimmten Umständen nicht möglich, eine Transaktion zu tätigen oder eine Position zu einem vorteilhaften Preis glattzustellen (der Fonds wird jedoch OTC-DFI- Transaktionen nur dann tätigen, wenn er berechtigt ist, eine solche Position jederzeit zum Zeitwert zu liquidieren).
- KontrahentenrisikoBei auf OTC-Märkten getätigten Transaktionen sind die Teilfonds dem Bonitätsrisiko ihrer Kontrahenten und deren Fähigkeit, die Bedingungen dieser Verträge zu erfüllen, ausgesetzt. Im Falle der Insolvenz eines Kontrahenten kann es für die Teilfonds zu Verzögerungen bei der Glattstellung von Positionen und zu erheblichen Verlusten kommen, die unter anderem daraus resultieren können, dass die Anlage während des Zeitraums, in dem der Fonds versucht, seine Ansprüche geltend zu machen, an Wert verliert, der Fonds während dieses Zeitraums Gewinne im Zusammenhang mit der Anlage nicht realisieren kann und dem Fonds im Zusammenhang mit der Geltendmachung seiner Ansprüche Gebühren und Kosten entstehen. Ferner besteht die Möglichkeit, dass diese Vereinbarungen z. B. aufgrund von Insolvenz, nachträglicher Rechtswidrigkeit oder in Folge einer Änderung der gesetzlichen Besteuerungs- oder Rechnungslegungsvorschriften gegenüber den zum Zeitpunkt des Abschlusses des Vertrags geltenden Vorschriften beendet werden.
- Rechtliche RisikenEs besteht die Möglichkeit, dass die Verträge über die Derivate-Transaktionen beispielsweise aufgrund nachträglicher Rechtswidrigkeit oder Änderungen der gesetzlichen Steuer- bzw. Rechnungslegungsvorschriften gegenüber den zum Zeitpunkt des Abschlusses der Verträge geltenden Vorschriften beendet werden. Ferner können Risiken im Zusammenhang damit entstehen, dass solche Vereinbarungen rechtlich nicht durchsetzbar oder die Derivate-Transaktionen nicht richtig dokumentiert sind.
- Sonstige RisikenEin weiteres Risiko beim Einsatz von DFI birgt die Tatsache, dass DFI nicht vollkommen mit den zugrunde liegenden Wertpapieren, Zinssätzen und Indizes korrelieren. Viele DFI, insbesondere OTC-DFI, sindkomplexer Natur und können häufig nur von einer begrenzten Anzahl von Marktteilnehmern bewertet werden, die oftmals gleichzeitig als Kontrahenten in der zu bewertenden Transaktion auftreten. | The following is a general discussion of important risk factors and issues concerning the use of FDIs that investors should understand before investing in a Sub-Fund.
- Market RiskThis is a general risk that applies to all investments, including FDIs, meaning that the value of a particular FDI may go down as well as up in response to changes in market factors. A Sub-Fund may also use FDIs to short exposure to some investments. Should the value of such investments increase rather than fall, the use of FDIs for shortingpurposes will have a negative effect on the Sub-Fund’s value and in extreme market conditions may, theoretically, give rise to unlimited losses for the Sub-Fund. Should such extreme market conditions occur, investors could, in certain circumstances, therefore face minimal or no returns, or may even suffer a loss on their investment in that particular Sub-Fund.
- Liquidity RiskLiquidity risk exists when a particular instrument is difficult to purchase or sell. If a FDI transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous price (however, the Fund will only enter into OTC FDIs if it is allowed to liquidate such transactions at any time at fair value).
- Counterparty RiskThe Sub-Funds may enter into transactions in OTC markets, which will expose the Sub-Funds to the credit risk of their counterparties and their ability to satisfy the terms of such contracts. In the event of a bankruptcy or insolvency of a counterparty, the Sub-Funds could experience delays in liquidating the position and significant losses, including declines in the value of its investment during the period in which the Fund seeks to enforce its rights, inability to realise any gains on its investment during such period and fees and expenses incurred in enforcing its rights. There is also a possibility that these arrangements may be terminated due, for instance, to bankruptcy, supervening illegality or change in the tax or accounting laws relative to those at the time the agreement was originated.
- Legal riskThere is a possibility that the agreements governing the derivative transactions may be terminated due, for instance, to supervening illegality or change in the tax or accounting laws relative to those at the time the agreement was originated. There is also a risk if such arrangements are not legally enforceable or if the derivative transactions are not documented correctly.
- Other RisksOther risks in using FDIs include the inability of FDIs to correlate perfectly with underlying securities, rates and indices. Many FDIs, in particular OTC FDIs, are complex and the valuation can only be provided by a limited number of market professionals who often are acting as counterparties to the transaction to be valued. | en | de |
DOLFIN5856 | 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 inférieur Risque supérieur
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Rendement inférieur Rendement supérieur
L'indicateur de risque est basé sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Compartiment.
La catégorie de risque indiquée n'est pas garantie et peut évoluer sur la durée. La catégorie la plus faible ne veut pas dire que votre investissement est « sans risque ».
Le Compartiment est noté 4 en raison du niveau moyen de risque compte tenu de la nature de ses investissements dans des titres de créance. Les facteurs de risque suivants peuvent entraîner une volatilité de la performance et peuvent exposer le Compartiment à des pertes : (i) la valeur du Compartiment augmentera lorsque les rendements obligataires baissent dans leur ensemble mais diminuera dans le cas où les rendements obligataires augmentent dans leur ensemble ; (ii) l'évolution de la solvabilité perçue des émetteurs obligataires contribuera à la volatilité de la performance. Une diminution de la solvabilité entraînera généralement une baisse de la valeur du Compartiment et vice versa ; et (iii) les actifs détenus par le Compartiment qui sont libellés dans une devise autre que la devise de référence peuvent être détenus avec ou sans couverture, et les risques de change ne seront par conséquent pas éliminés.
Vos actions sont des actions de capitalisation, à savoir que les revenus et les plus- values du Compartiment seront réinvestis pour augmenter la valeur du Compartiment.
Vos actions sont libellées en USD, la devise de référence du Compartiment.
Les actions peuvent normalement être achetées et vendues n'importe quel jour ouvrable, étant un jour où les banques sont ouvertes en Irlande, au Royaume-Uni et aux États-Unis.
L'impact des frais de transaction du portefeuille est susceptible d'être substantiel en raison de la stratégie adoptée par le Compartiment. Lesdits coûts sont payés sur les actifs du Compartiment en sus des frais courants énoncés ci-dessous.
Le Compartiment est activement géré en référence à l’Indice. L'Indice est utilisé (i) comme univers au sein duquel des titres sont sélectionnés ou détenus ; et (ii) pour mesurer la performance du Compartiment. Le gestionnaire d'investissement jouit d'un pouvoir discrétionnaire sur la composition du portefeuille du Compartiment et peut sélectionner des titres qui ne figurent pas dans l'Indice. Toutefois, dans une conjoncture normale de marché, bien qu'il soit attendu qu'une proportion significative des composantes du Compartiment soit également des composantes de l'Indice, les écarts par rapport à l'Indice peuvent être substantiels. Alors que le gestionnaire d'investissement n'emploie pas de stratégie définie pour s'aligner sur un indice de référence au cours des périodes de volatilité, il prendra en compte l'environnement de marché et les risques perçus à tout moment donné et exercera son pouvoir discrétionnaire d'investissement ainsi qu'il est décrit dans la politique d'investissement en conséquence.
Pour obtenir de plus amples informations sur la politique d'investissement du Compartiment, veuillez consulter la section du prospectus intitulée « Objectifs et politiques d'investissement ».
Parmi les risques substantiels non dûment pris en compte par l'indicateur de risque figurent :
Risque de contrepartie : L'insolvabilité de tout établissement fournissant des services tels que des services de garde ou agissant en qualité de contrepartie à toute transaction peut exposer le Compartiment à une perte financière, y compris les contreparties à des opérations sur instruments dérivés et sur devises.
Risque de crédit : Un émetteur peut ne pas rembourser les revenus ou le capital en intégralité, entraînant une perte financière pour le Compartiment.
Risque de liquidité : Dans certaines circonstances, la capacité à vendre certains actifs à peu de frais sera entravée.
Risque afférent aux instruments dérivés : Les gains et pertes découlant de l'utilisation d'instruments dérivés peuvent être supérieurs à ceux enregistrés lorsque l'investissement sous-jacent est acheté directement par le Compartiment.
Risque afférent aux marchés émergents : Les économies émergentes peuvent afficher des niveaux de risque d'investissement supérieurs.
Risque opérationnel : Il peut exister des risques associés à la garde des actifs par le Dépositaire et les sous-dépositaires.
## Pour obtenir de plus amples informations sur les risques, veuillez consulter la section du prospectus intitulée « Avertissement relatif au risque ».
Payden & Rygel Global Limited, le gestionnaire d'investissement du Compartiment, est autorisé et réglementé par la Financial Conduct Authority du Royaume-Uni. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Menor remuneración Mayor remuneración
Este indicador de riesgo se basa en datos históricos y puede no ser un indicador fiable del perfil de riesgo futuro del Fondo.
La categoría de riesgo mostrada no está garantizada y puede variar con el paso del tiempo. La categoría más baja no significa que su inversión esté ‘exenta de riesgos’.
El Fondo es de categoría 4 debido a la naturaleza del riesgo de nivel medio de sus inversiones en instrumentos de deuda. Los siguientes factores de riesgo pueden generar volatilidad en la rentabilidad y pueden exponer al Fondo a pérdidas: (i) el valor del Fondo aumentará a medida que la rentabilidad de los bonos disminuyan en general, pero disminuirá en caso de que la rentabilidad de los bonos aumente en general; (ii) los cambios en la percepción de la solvencia crediticia de los emisores de bonos contribuirán a la volatilidad de la rentabilidad. Un descenso en la solvencia crediticia conllevará normalmente la caída del valor del Fondo y viceversa; y (iii) los activos mantenidos por el Fondo denominados en una divisa distinta de la divisa base pueden estar cubiertos o no, por tanto los riesgos derivados de las divisas no están eliminados.
se reinvertirán para aumentar el valor del Fondo.
Sus acciones se denominan en USD, la divisa base del Fondo.
Las acciones normalmente pueden comprarse y venderse en cualquier día laborable, siendo un día en el cual los bancos están abiertos para negocios en Irlanda, R.U y EE.UU.
El impacto de los gastos de transacción de la cartera puede ser importante debido a la estrategia adoptada por el Fondo. Estos costes se pagan de los activos del Fondo, además de los gastos corrientes que se indican a continuación.
El Fondo se gestiona de forma activa con referencia al Índice. El Índice se utiliza (i) como un universo del que seleccionar o mantener valores; y (ii) para medir el rendimiento del Fondo. El gestor de inversiones tiene discreción sobre la composición de la cartera del Fondo y puede seleccionar valores no incluidos en el Índice. Sin embargo, en circunstancias de mercado normales, aunque se prevé que una parte significativa de los constituyentes del Fondo sean también componentes del Índice, las desviaciones del Índice pueden ser importantes. Aunque el gestor de inversiones no emplea una estrategia definida para alinearse con un referente durante los períodos de volatilidad, tendrá en cuenta el entorno de mercado y los riesgos percibidos en un momento determinado y actuará a su discreción en materia de inversión tal como se describe en la política de inversión.
Para más información sobre la política de inversión del Fondo, consulte la sección del folleto titulada "Objetivos y políticas de inversión".
Los riesgos materiales no adecuadamente captados por el indicador de riesgo incluyen:
Riesgo de contraparte: La insolvencia de cualquier entidad que preste servicios como custodio o que actúe como contraparte en cualquier transacción puede exponer al Fondo a pérdidas financieras, incluyendo las contrapartes en derivados y operaciones de divisas.
Riesgo de crédito: Un emisor puede no reembolsar la totalidad de los ingresos o del capital, conllevando una pérdida financiera para el Fondo.
Riesgo de liquidez: Se pueden dar algunas circunstancias en las cuales la capacidad de vender determinados activos a bajo coste se vea afectada.
Riesgo de derivados: Las pérdidas y ganancias derivadas del uso de derivados pueden ser mayores que cuando la inversión subyacente es adquirida directamente por el Fondo.
Riesgo de mercados emergentes: Las economías emergentes pueden presentar mayores niveles de riesgo de inversión.
Riesgo operativo: Puede haber riesgos asociados con la custodia de los activos por parte del Depositario y los sub-custodios.
## Para más información sobre riesgos, consulte la sección del folleto titulada "Advertencias sobre riesgos".
Payden & Rygel Global Limited, el gestor de inversiones del Fondo, está autorizado y regulado por la Autoridad de Conducta Financiera del Reino Unido. | # Profil de risque et de rendement
Risque inférieur Risque supérieur
| |
| --- |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Rendement inférieur Rendement supérieur
L'indicateur de risque est basé sur des données historiques et peut ne pas constituer une indication fiable du profil de risque futur du Compartiment.
La catégorie de risque indiquée n'est pas garantie et peut évoluer sur la durée. La catégorie la plus faible ne veut pas dire que votre investissement est « sans risque ».
Le Compartiment est noté 4 en raison du niveau moyen de risque compte tenu de la nature de ses investissements dans des titres de créance. Les facteurs de risque suivants peuvent entraîner une volatilité de la performance et peuvent exposer le Compartiment à des pertes : (i) la valeur du Compartiment augmentera lorsque les rendements obligataires baissent dans leur ensemble mais diminuera dans le cas où les rendements obligataires augmentent dans leur ensemble ; (ii) l'évolution de la solvabilité perçue des émetteurs obligataires contribuera à la volatilité de la performance. Une diminution de la solvabilité entraînera généralement une baisse de la valeur du Compartiment et vice versa ; et (iii) les actifs détenus par le Compartiment qui sont libellés dans une devise autre que la devise de référence peuvent être détenus avec ou sans couverture, et les risques de change ne seront par conséquent pas éliminés.
Vos actions sont des actions de capitalisation, à savoir que les revenus et les plus- values du Compartiment seront réinvestis pour augmenter la valeur du Compartiment.
Vos actions sont libellées en USD, la devise de référence du Compartiment.
Les actions peuvent normalement être achetées et vendues n'importe quel jour ouvrable, étant un jour où les banques sont ouvertes en Irlande, au Royaume-Uni et aux États-Unis.
L'impact des frais de transaction du portefeuille est susceptible d'être substantiel en raison de la stratégie adoptée par le Compartiment. Lesdits coûts sont payés sur les actifs du Compartiment en sus des frais courants énoncés ci-dessous.
Le Compartiment est activement géré en référence à l’Indice. L'Indice est utilisé (i) comme univers au sein duquel des titres sont sélectionnés ou détenus ; et (ii) pour mesurer la performance du Compartiment. Le gestionnaire d'investissement jouit d'un pouvoir discrétionnaire sur la composition du portefeuille du Compartiment et peut sélectionner des titres qui ne figurent pas dans l'Indice. Toutefois, dans une conjoncture normale de marché, bien qu'il soit attendu qu'une proportion significative des composantes du Compartiment soit également des composantes de l'Indice, les écarts par rapport à l'Indice peuvent être substantiels. Alors que le gestionnaire d'investissement n'emploie pas de stratégie définie pour s'aligner sur un indice de référence au cours des périodes de volatilité, il prendra en compte l'environnement de marché et les risques perçus à tout moment donné et exercera son pouvoir discrétionnaire d'investissement ainsi qu'il est décrit dans la politique d'investissement en conséquence.
Pour obtenir de plus amples informations sur la politique d'investissement du Compartiment, veuillez consulter la section du prospectus intitulée « Objectifs et politiques d'investissement ».
Parmi les risques substantiels non dûment pris en compte par l'indicateur de risque figurent :
Risque de contrepartie : L'insolvabilité de tout établissement fournissant des services tels que des services de garde ou agissant en qualité de contrepartie à toute transaction peut exposer le Compartiment à une perte financière, y compris les contreparties à des opérations sur instruments dérivés et sur devises.
Risque de crédit : Un émetteur peut ne pas rembourser les revenus ou le capital en intégralité, entraînant une perte financière pour le Compartiment.
Risque de liquidité : Dans certaines circonstances, la capacité à vendre certains actifs à peu de frais sera entravée.
Risque afférent aux instruments dérivés : Les gains et pertes découlant de l'utilisation d'instruments dérivés peuvent être supérieurs à ceux enregistrés lorsque l'investissement sous-jacent est acheté directement par le Compartiment.
Risque afférent aux marchés émergents : Les économies émergentes peuvent afficher des niveaux de risque d'investissement supérieurs.
Risque opérationnel : Il peut exister des risques associés à la garde des actifs par le Dépositaire et les sous-dépositaires.
## Pour obtenir de plus amples informations sur les risques, veuillez consulter la section du prospectus intitulée « Avertissement relatif au risque ».
Payden & Rygel Global Limited, le gestionnaire d'investissement du Compartiment, est autorisé et réglementé par la Financial Conduct Authority du Royaume-Uni. | fr | es |
DOLFIN5857 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investors are reminded that the information that follows only constitutes a general overview of the French tax regime applicable to investments in a French fund according to current French legislation. Investors are therefore advised to assess their personal situation with their usual tax adviser.
At fund level
Due to their co-ownership structure, FCPs are not subject to corporation tax in France; they therefore enjoy a certain level of transparency. Therefore, income received and earned by the fund in the course of its investment activities is not taxable at this level.
Abroad (in the investment countries of the fund), gains realised on the sale of foreign transferable securities and foreign income received by the fund in connection with its investment activities may in some cases be taxable (generally in the form of withholding tax). Foreign taxes may, in limited cases, be reduced or waived if any tax treaties apply.
At unitholder level:
- Unitholders resident in FranceGains or losses realised by the fund, income distributed by the fund as well as gains or losses recorded by the unitholder are subject to the applicable tax regime.
- Unitholders resident outside FranceSubject to tax treaties, taxes imposed in article 150-0 A of the Code Général des Impôts (CGI), the French General Tax Code, do not apply to gains realised at the time of the redemption or sale of units of the fund by persons who are not resident in France for tax purposes within the meaning of article 4 B of the CGI, or whose registered office is located outside France, provided that these persons have not directly or indirectly held more than 25% of the units at any time in the five years prior to the redemption or sale of their units (CGI, article 244 bis C). | Anleger werden darauf hingewiesen, dass die folgenden Informationen lediglich eine allgemeine Zusammenfassung der französischen Steuerbestimmungen, die nach der in Frankreich herrschenden Rechtslage für Investitionen in einen französischen FCP gelten, darstellen. Den Anlegern wird daher empfohlen, ihre eigene steuerliche Situation mit ihrem Steuerberater zu klären.
Auf der Ebene des Fonds
Aufgrund des Merkmals der Miteigentümerschaft fallen FCP in Frankreich nicht in den Geltungsbereich der Körperschaftsteuer; sie genießen also naturgemäß eine gewisse Transparenz. Die vom Fonds im Rahmen seiner Verwaltung vereinnahmten und realisierten Erträge unterliegen somit auf Fondsebene keiner Steuer.
Im Ausland (in den Anlageländern des Fonds) unterliegen die realisierten Gewinne aus der Veräußerung von ausländischen Wertpapieren und die Erträge aus ausländischer Quelle, die der Fonds im Rahmen seiner Verwaltung vereinnahmt, gegebenenfalls einer Besteuerung (im Allgemeinen in Form einer Quellensteuer). Die Besteuerung im Ausland kann sich in einigen begrenzten Fällen aufgrund bestehender Besteuerungsabkommen verringern oder entfallen.
Auf der Ebene der Anteilsinhaber des Fonds:
- In Frankreich ansässige AnteilsinhaberDie vom Fonds realisierten Gewinne oder Verluste, die vom Fonds ausgeschütteten Erträge und die vom Anteilsinhaber verbuchten Gewinne oder Verluste unterliegen dem geltenden Steuerrecht.
- In einem Land außerhalb Frankreichs ansässige AnteilsinhaberVorbehaltlich der Steuerabkommen gilt die in Artikel 150-0 A des französischen Steuergesetzes Code général des impôts (CGI) vorgesehene Besteuerung nicht für Gewinne, die beim Rückkauf oder beim Verkauf von Anteilen des Fonds durch Personen realisiert werden, die nicht in Frankreich steuerlich ansässig im Sinne von Artikel 4 B des CGI sind oder deren Geschäftssitz außerhalb Frankreichs liegt, unter der Bedingung, dass diese Personen zu keinem Zeitpunkt im Laufe der fünf Jahre vor dem Rückkauf oder dem Verkauf ihrer Anteile nicht mehr als 25% der Anteile direkt oder indirekt gehalten haben (CGI, Artikel 244 bis C). | Investors are reminded that the information that follows only constitutes a general overview of the French tax regime applicable to investments in a French fund according to current French legislation. Investors are therefore advised to assess their personal situation with their usual tax adviser.
At fund level
Due to their co-ownership structure, FCPs are not subject to corporation tax in France; they therefore enjoy a certain level of transparency. Therefore, income received and earned by the fund in the course of its investment activities is not taxable at this level.
Abroad (in the investment countries of the fund), gains realised on the sale of foreign transferable securities and foreign income received by the fund in connection with its investment activities may in some cases be taxable (generally in the form of withholding tax). Foreign taxes may, in limited cases, be reduced or waived if any tax treaties apply.
At unitholder level:
- Unitholders resident in FranceGains or losses realised by the fund, income distributed by the fund as well as gains or losses recorded by the unitholder are subject to the applicable tax regime.
- Unitholders resident outside FranceSubject to tax treaties, taxes imposed in article 150-0 A of the Code Général des Impôts (CGI), the French General Tax Code, do not apply to gains realised at the time of the redemption or sale of units of the fund by persons who are not resident in France for tax purposes within the meaning of article 4 B of the CGI, or whose registered office is located outside France, provided that these persons have not directly or indirectly held more than 25% of the units at any time in the five years prior to the redemption or sale of their units (CGI, article 244 bis C). | en | de |
DOLFIN5858 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Operation of the Subscription And Redemption Collection Account
The Company has established collection accounts at umbrella level in the name of the Company (the “Umbrella Cash Collection Accounts”), and has not established such accounts at Fund level. All subscriptions into and redemptions and distributions due from the Funds will be paid into the Umbrella Cash Collection Accounts. Monies in the Umbrella Cash Collection Accounts, including early subscription monies received in respect of a Fund, do not qualify for the protections afforded by the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 (as may be amended from time to time) for fund service providers.
Pending the issue of Shares, and pending payment of redemption proceeds or distributions, the relevant investor will be an unsecured creditor of the relevant Fund in respect of amounts paid by or due to it.
All subscriptions (including subscriptions received in advance of the issue of Shares) attributable to, and all redemptions, dividends or cash distributions payable from, a Fund will be channelled and managed through the Umbrella Cash Collection Accounts. Subscriptions amounts paid into the Umbrella Cash Collection Accounts will be paid into an account in the name of the Depositary on behalf of the relevant Fund. Redemptions and distributions, including blocked redemptions or distributions, will be held in the Umbrella Cash Collection Accounts until the payment due date (or such later date as blocked payments are permitted to be paid), and will then be paid to the relevant redeeming Shareholder.
The Depositary will be responsible for safe-keeping and oversight of the monies in the Umbrella Cash Collection Accounts, and for ensuring that relevant amounts in the Umbrella Cash Collection Accounts are attributable to the appropriate Funds.
The Company and the Depositary have agreed an operating procedure in respect of the Umbrella Cash Collection Accounts, which identifies the participating Funds, the procedures and protocols to be followed in order to transfer monies from the Umbrella Cash Collection Accounts, the daily reconciliation processes, and the procedures to be followed where there are shortfalls in respect of a Fund due to late payment of subscriptions, and/or transfers to a Fund of moneys attributable to another Fund due to timing differences.
Where subscription monies are received in the Umbrella Cash Collection Accounts without sufficient documentation to identify the investor or the relevant Fund, such monies shall be returned to the relevant investor within five Business Days. Failure to provide the necessary complete and accurate documentation is at the investor’s risk. | ##### Fonctionnement du Compte de caisse des souscriptions et des rachats
La Société a établi des comptes de caisse au niveau de la structure à compartiments multiples au nom de la Société (les « Comptes de caisse de la structure parapluie »), et n’a pas établi ce type de comptes au niveau des Compartiments. Toutes les souscriptions dans et les rachats et distributions dus par les Compartiments seront versés sur les Comptes de caisse de la structure parapluie. Les montants figurant dans les Comptes de caisse de la structure parapluie, y compris les premiers montants de souscription reçus au titre d’un Compartiment, ne bénéficient pas des protections accordées par les Réglementations sur l’argent des investisseurs de 2015 du Central Bank (Supervision And Enforcement) Act 2013 (Section 48(1)), (telles que modifiées le cas échéant) pour les prestataires de services de compartiments.
Jusqu’à ce que l’émission des Actions et le paiement des produits de rachat ou des distributions soient effectivement exécutés, l’investisseur concerné sera un créancier non garanti du Compartiment concerné eu égard aux montants qu’il a payés ou qui lui sont dus.
Toutes les souscriptions (y compris les souscriptions reçues avant l’émission des Actions) attribuables à, et tous les rachats, dividendes ou distributions au comptant payables par, un Compartiment doivent être transférés et gérés par l’intermédiaire des Comptes de caisse de la structure parapluie. Les montants des souscriptions payés sur les Comptes de caisse de la structure parapluie seront versés sur un compte au nom du Dépositaire pour le compte du Compartiment concerné. Les rachats et distributions, y compris les rachats ou les distributions bloqués, seront détenus dans les Comptes de caisse de la structure parapluie jusqu’à la date d’échéance du paiement (ou toute date ultérieure à laquelle les paiements bloqués peuvent être versés), et seront ensuite versés à l’Actionnaire concerné.
Le Dépositaire sera chargé de la conservation et de la surveillance des fonds dans les Comptes de caisse de la structure parapluie, et tenu de garantir que les montants concernés dans les Comptes de caisse de la structure parapluie sont attribuables aux Compartiments appropriés.
La Société et le Dépositaire ont convenu d’une procédure opérationnelle concernant les Comptes de caisse de la structure parapluie, laquelle identifie les Compartiments participants, les procédures et les protocoles à suivre afin de transférer les fonds des Comptes de caisse de la structure parapluie, les processus de réconciliation quotidienne, et les procédures à suivre en cas d’insuffisances d’un Compartiment du fait de retards de paiements des souscriptions, et/ou de transferts à un Compartiment des fonds attribuables à un autre Compartiment en raison de décalages temporels.
Lorsque les montants des souscriptions sont reçus sur les Comptes de caisse de la structure parapluie sans documentation suffisante pour identifier l’investisseur ou le Compartiment concerné, ces sommes doivent être restituées à l’investisseur concerné dans les cinq jours ouvrables. Manquer de fournir la documentation nécessaire complète et rigoureuse est aux risques de l’investisseur. | #### Operation of the Subscription And Redemption Collection Account
The Company has established collection accounts at umbrella level in the name of the Company (the “Umbrella Cash Collection Accounts”), and has not established such accounts at Fund level. All subscriptions into and redemptions and distributions due from the Funds will be paid into the Umbrella Cash Collection Accounts. Monies in the Umbrella Cash Collection Accounts, including early subscription monies received in respect of a Fund, do not qualify for the protections afforded by the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Investor Money Regulations 2015 (as may be amended from time to time) for fund service providers.
Pending the issue of Shares, and pending payment of redemption proceeds or distributions, the relevant investor will be an unsecured creditor of the relevant Fund in respect of amounts paid by or due to it.
All subscriptions (including subscriptions received in advance of the issue of Shares) attributable to, and all redemptions, dividends or cash distributions payable from, a Fund will be channelled and managed through the Umbrella Cash Collection Accounts. Subscriptions amounts paid into the Umbrella Cash Collection Accounts will be paid into an account in the name of the Depositary on behalf of the relevant Fund. Redemptions and distributions, including blocked redemptions or distributions, will be held in the Umbrella Cash Collection Accounts until the payment due date (or such later date as blocked payments are permitted to be paid), and will then be paid to the relevant redeeming Shareholder.
The Depositary will be responsible for safe-keeping and oversight of the monies in the Umbrella Cash Collection Accounts, and for ensuring that relevant amounts in the Umbrella Cash Collection Accounts are attributable to the appropriate Funds.
The Company and the Depositary have agreed an operating procedure in respect of the Umbrella Cash Collection Accounts, which identifies the participating Funds, the procedures and protocols to be followed in order to transfer monies from the Umbrella Cash Collection Accounts, the daily reconciliation processes, and the procedures to be followed where there are shortfalls in respect of a Fund due to late payment of subscriptions, and/or transfers to a Fund of moneys attributable to another Fund due to timing differences.
Where subscription monies are received in the Umbrella Cash Collection Accounts without sufficient documentation to identify the investor or the relevant Fund, such monies shall be returned to the relevant investor within five Business Days. Failure to provide the necessary complete and accurate documentation is at the investor’s risk. | en | fr |
DOLFIN5859 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,10% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.10% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN5860 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 836 | € 2,097 |
| Annual cost impact* | 8.4% | 4.0% | | | Ejemplo de inversión € 10.000 | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | € 836 | € 2.097 |
| Incidencia anual de los costes* | 8,4% | 4,0% | | | Example Investment € 10,000 | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| --- | --- | --- |
| Total Costs | € 836 | € 2,097 |
| Annual cost impact* | 8.4% | 4.0% | | en | es |
DOLFIN5861 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Municipal Securities Risk
A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single locality. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer’s locality or municipal sector events. In addition, a significant restructuring of national tax rates or even serious discussion on the topic in a relevant legislative body could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of tax-exempt income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. Similarly, changes to regulations tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market.
Municipal securities are also subject to interest rate, credit, and liquidity risk.
Interest Rate risk: The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise.
Credit Risk: The risk that a borrower may be unable to make interest or principal payments when they are due. Funds that invest in municipal securities rely on the ability of the issuer to service its debt. This subjects a Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near-to mid-term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. A Fund that invests in lower quality or high yield municipal securities may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues.
Liquidity risk: The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and Funds that primarily invest in municipal securities may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. These adverse developments sometimes cause a Fund to endure higher redemption rates. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments.
In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality’s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities.
Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid.
Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond.
Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a “moral obligation” instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default.
Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. | #### Rischio dei titoli municipali
Un Comparto può essere più sensibile a sviluppi economici, commerciali o politici sfavorevoli qualora investa una percentuale consistente delle proprie attività nelle obbligazioni di progetti simili (come per esempio quelli nel campo dell’istruzione, della salute, dell’edilizia, dei trasporti e dei servizi di pubblica utilità), in obbligazioni di sviluppo industriale, oppure obbligazioni a garanzia generica, soprattutto laddove vi sia una notevole concentrazione di emittenti in una singola località. Ciò perché il valore dei titoli municipali può risentire in misura significativa delle realtà politiche, economiche, legali e legislative della località di un particolare emittente o degli eventi del settore municipale. Una ristrutturazione profonda delle aliquote fiscali nazionali, o anche una seria discussione in materia all’interno di un organismo legislativo pertinente, potrebbe inoltre causare un calo dei prezzi delle obbligazioni municipali. La domanda di titoli municipali è notevolmente influenzata dal valore del reddito esentasse per gli investitori. Aliquote di imposte sul reddito più basse potrebbero ridurre il vantaggio derivante dal possesso di titoli municipali. Analogamente,
modifiche alle regolamentazioni legate a un particolare settore, come per esempio quello ospedaliero, potrebbero avere un impatto sul flusso dei ricavi per un determinato segmento del mercato.
I titoli municipali sono inoltre soggetti ai rischi di tasso d’interesse, credito e liquidità.
Rischio di tasso di interesse: il valore dei titoli municipali, analogamente ad altri titoli a reddito fisso, è destinato a calare in caso di aumento dei tassi d’interesse nel mercato in generale. Per contro, quando i tassi scendono, i prezzi delle obbligazioni salgono.
Rischio di credito: il rischio che un emittente non sia in grado di effettuare i pagamenti di interessi o capitale alle rispettive scadenze. I Comparti che investono in titoli municipali fanno affidamento sulla capacità dell’emittente di servire il debito e sono pertanto esposti al rischio di credito, in quanto l’emittente municipale potrebbe essere fiscalmente instabile o esposto a notevoli passività in grado di comprometterne la capacità di adempiere ai suoi obblighi. Particolarmente a rischio sono gli emittenti municipali con elevati fabbisogni in termini di servizio del debito nel breve - medio termine, gli emittenti privi di rating e quelli con minori livelli di capitali e liquidità per assorbire ulteriori spese. Un Comparto che investe in titoli municipali di qualità inferiore o ad alto rendimento può essere più sensibile a eventi di credito sfavorevoli sul mercato dei titoli municipali. Il trattamento delle municipalità in caso di fallimento è più incerto e potenzialmente più sfavorevole per i detentori del debito, rispetto alle emissioni societarie.
Rischio di liquidità: il rischio che gli investitori possano avere difficoltà a trovare un acquirente quando intendono vendere e si trovino pertanto costretti a vendere a sconto rispetto al valore di mercato. Sul mercato dei titoli municipali, la liquidità può essere talvolta compromessa e i Comparti che investono principalmente in tali titoli possono avere difficoltà ad acquistarli o venderli nei momenti opportuni. La liquidità può risultare ridotta a causa di preoccupazioni per i tassi d’interesse, di eventi di credito oppure di generali squilibri del rapporto domanda-offerta. Questi sviluppi sfavorevoli possono talvolta comportare per un Comparto percentuali di rimborso più elevate. I titoli municipali possono essere considerati investimenti più volatili in funzione di un particolare emittente o delle condizioni economiche correnti.
Oltre ai generali rischi del mercato dei titoli municipali, è possibile che settori diversi di tale mercato siano esposti a rischi differenti. Per esempio, le obbligazioni a garanzia generica sono garantite dalla buona fede, dal credito e dalla capacità di tassazione della municipalità che emette l’obbligazione specifica. La puntualità dei pagamenti dipende pertanto dalla capacità della municipalità di aumentare il gettito fiscale e mantenere un bilancio fiscalmente solido. La puntualità dei pagamenti può inoltre risentire di eventuali passività pensionistiche non coperte o altre passività di piani di benefici successivi alla cessazione del rapporto di lavoro (OPEB).
Le obbligazioni a redditività sono garantite da speciali entrate fiscali o altre fonti di ricavi. Se i ricavi specifici non si concretizzano, le obbligazioni potrebbero non essere rimborsate.
Le obbligazioni per progetti privati sono ancora un altro tipo di titolo municipale che viene usato dalle municipalità per finanziare lo sviluppo di infrastrutture industriali destinate a essere usate da imprese private. I pagamenti di capitale e interessi devono essere effettuati dalle imprese private che beneficiano del progetto di sviluppo, il che significa che il detentore dell’obbligazione è esposto al rischio che l’emittente privato possa non adempiere all’obbligazione.
Le obbligazioni a garanzia morale sono solitamente emesse da entità pubbliche con finalità specifiche; in caso d’insolvenza di tali entità, il rimborso diventa un “obbligo morale” anziché legale. La mancanza di un diritto, giuridicamente efficace, al pagamento in caso d’insolvenza comporta un particolare rischio per il detentore dell’obbligazione, data l’inesistente o scarsa capacità di fare ricorso nell’eventualità di un’insolvenza.
Le notes municipali sono simili alle obbligazioni municipali a garanzia generica, ma di norma hanno termini più brevi. Le notes municipali possono essere usate per fornire un finanziamento temporaneo e non sono rimborsabili qualora i ricavi attesi non vengano realizzati. | #### Municipal Securities Risk
A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in general obligation bonds, particularly if there is a large concentration from issuers in a single locality. This is because the value of municipal securities can be significantly affected by the political, economic, legal, and legislative realities of the particular issuer’s locality or municipal sector events. In addition, a significant restructuring of national tax rates or even serious discussion on the topic in a relevant legislative body could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of tax-exempt income to investors. Lower income tax rates could reduce the advantage of owning municipal securities. Similarly, changes to regulations tied to a specific sector, such as the hospital sector, could have an impact on the revenue stream for a given subset of the market.
Municipal securities are also subject to interest rate, credit, and liquidity risk.
Interest Rate risk: The value of municipal securities, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise.
Credit Risk: The risk that a borrower may be unable to make interest or principal payments when they are due. Funds that invest in municipal securities rely on the ability of the issuer to service its debt. This subjects a Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near-to mid-term; unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. A Fund that invests in lower quality or high yield municipal securities may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues.
Liquidity risk: The risk that investors may have difficulty finding a buyer when they seek to sell, and therefore, may be forced to sell at a discount to the market value. Liquidity may sometimes be impaired in the municipal market and Funds that primarily invest in municipal securities may find it difficult to purchase or sell such securities at opportune times. Liquidity can be impaired due to interest rate concerns, credit events, or general supply and demand imbalances. These adverse developments sometimes cause a Fund to endure higher redemption rates. Depending on the particular issuer and current economic conditions, municipal securities could be deemed more volatile investments.
In addition to general municipal market risks, different municipal sectors may face different risks. For instance, general obligation bonds are secured by the full faith, credit, and taxing power of the municipality issuing the obligation. As such, timely payment depends on the municipality’s ability to raise tax revenue and maintain a fiscally sound budget. The timely payments may also be influenced by any unfunded pension liabilities or other post-employee benefit plan (OPEB) liabilities.
Revenue bonds are secured by special tax revenues or other revenue sources. If the specified revenues do not materialize, then the bonds may not be repaid.
Private activity bonds are yet another type of municipal security. Municipalities use private activity bonds to finance the development of industrial facilities for use by private enterprise. Principal and interest payments are to be made by the private enterprise benefitting from the development, which means that the holder of the bond is exposed to the risk that the private issuer may default on the bond.
Moral obligation bonds are usually issued by special purpose public entities. If the public entity defaults, repayment becomes a “moral obligation” instead of a legal one. The lack of a legally enforceable right to payment in the event of default poses a special risk for a holder of the bond because it has little or no ability to seek recourse in the event of default.
Municipal notes are similar to general municipal debt obligations, but they generally possess shorter terms. Municipal notes can be used to provide interim financing and may not be repaid if anticipated revenues are not realized. | en | it |
DOLFIN5862 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Credit Derivatives, in particular Credit Default Swaps
Derivative instruments may further be used to hedge against various credit events associated with a third party (e.g. its default, downgrade, change in a credit spread) or apply return enhancement strategies resulting from such credit events. These, so-called, credit derivatives (in particular, credit default swaps, CDS) are designed in a way that one party (protection seller) sells a protection to another party (protection buyer) with an underlying being a security or a basket of securities issued by one or several third parties in return for receipt of a recurring premium from the protection buyer. The Sub-Fund may act as protection buyer or seller, so that credit derivatives may be used by Sub-Funds for hedging (long position) or investment (short position) purposes.
When selling credit default swap protection, the Sub-Fund incurs a level of credit risk comparable to the direct purchase of the security or basket of securities or directly entering into a position being the underlying of the CDS. In case of the occurrence of the relevant credit event (e.g. default of the reference party), the protection seller delivers the underlying security or the basket of securities to the protection buyer or pays to it a pre-determined amount of money. | ## Kreditderivate, insbesondere Credit Default Swaps
Mithilfe von Derivaten kann man sich auch gegen verschiedene mit einer Drittpartei verbundene Kreditereignisse (z.B. Ausfall, Herabstufung, Spread-Änderung) absichern oder Renditesteigerungsstrategien anwenden, die sich aus solchen Kreditereignissen ergeben. Diese sogenannten Kreditderivate (insbesondere Credit Default Swaps, CDS), deren Basiswert ein Wertpapier oder ein von einer oder mehreren Drittparteien emittierter Wertpapierkorb ist, sind so gestaltet, dass eine Partei (Sicherungsgeber) einer anderen Partei (Sicherungsnehmer) eine Absicherung verkauft und dafür vom Sicherungsnehmer eine periodisch wiederkehrende Prämie erhält. Der Teilfonds kann als Sicherungsnehmer oder Sicherungsgeber auftreten, sodass Kreditderivate von Teilfonds zu Absicherungszwecken (Long-Position) oder Anlagezwecken (Short-Position) eingesetzt werden können.
Beim Verkauf einer Credit-Default-Swap-Protektion geht der Teilfonds ein ähnliches Kreditrisiko ein wie beim direkten Kauf des Wertpapiers oder Wertpapierkorbs oder bei der direkten Eröffnung einer Position im Basiswert des CDS. Wenn das relevante Kreditereignis eintritt (z.B. Ausfall der Referenzpartei), liefert der Sicherungsgeber dem Sicherungsnehmer das zugrunde liegende Wertpapier beziehungsweise den zugrunde liegenden Wertpapierkorb oder zahlt ihm einen im Voraus festgelegten Geldbetrag. | ## Credit Derivatives, in particular Credit Default Swaps
Derivative instruments may further be used to hedge against various credit events associated with a third party (e.g. its default, downgrade, change in a credit spread) or apply return enhancement strategies resulting from such credit events. These, so-called, credit derivatives (in particular, credit default swaps, CDS) are designed in a way that one party (protection seller) sells a protection to another party (protection buyer) with an underlying being a security or a basket of securities issued by one or several third parties in return for receipt of a recurring premium from the protection buyer. The Sub-Fund may act as protection buyer or seller, so that credit derivatives may be used by Sub-Funds for hedging (long position) or investment (short position) purposes.
When selling credit default swap protection, the Sub-Fund incurs a level of credit risk comparable to the direct purchase of the security or basket of securities or directly entering into a position being the underlying of the CDS. In case of the occurrence of the relevant credit event (e.g. default of the reference party), the protection seller delivers the underlying security or the basket of securities to the protection buyer or pays to it a pre-determined amount of money. | en | de |
DOLFIN5863 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Total costs | 262 CHF | 1001 CHF |
| Annual cost impact (*) | 2.6% | 2.6% each year | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 4 anni |
| --- | --- | --- |
| Costi totali | 262 CHF | 1001 CHF |
| Incidenza annuale dei costi (*) | 2.6% | 2.6% ogni anno | | | | If you exit after 1 year | If you exit after 4 years |
| --- | --- | --- |
| Total costs | 262 CHF | 1001 CHF |
| Annual cost impact (*) | 2.6% | 2.6% each year | | en | it |
DOLFIN5864 | 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 | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.25% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Over the last accounting year, a performance fee of 0.41% was charged. | | | Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión |
| --- |
| Gastos de entrada | 4,50% |
| Gastos de salida | Ninguno |
| Gastos de conversión | 1,00% |
| Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,25% |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,41%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 4.50% |
| Exit charge | None |
| Conversion charge | 1.00% |
| This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. |
| Charges taken from the Sub-Fund over a year |
| Ongoing charges | 1.25% |
| Charges taken from the Sub-Fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Sub-Fund achieves above 50% JP MORGAN ELMI PLUS + 50% JPM EMBI GLOBAL DIVERSIFIED HEDGED EURO. |
| Over the last accounting year, a performance fee of 0.41% was charged. | | en | es |
DOLFIN5865 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Additional Information regarding the use of Reverse Repurchase Agreements
Reverse Repurchase Agreements will be continuously used as part of the Sub-Funds’ investment policies. The proportion of NAV subject to reverse repurchase transactions may vary depending the extent of daily and weekly maturing assets in the relevant Sub-Fund. The “Liquidity Risk and Portfolio Risk Limitation Rules” section of the Prospectus sets out the specific rules in relation to the levels of daily and weekly maturing assets that need to be held in the Sub-Funds. In addition to utilising instruments such as Time Deposits, Reverse Repurchase Agreements may be used to invest, manage and diversify the daily and weekly maturing asset minimum levels. Reverse Repurchase Agreements allow the relevant Sub-Funds to access regular supply in required short dated investments, benefitting from the secured nature of the instrument and the underlying collateral, and potentially earning a return above cash while not incurring any material additional risk.
Collateral management fees may apply to the services relating to tri-party service arrangements entered into between the Fund, the counterparties and the collateral manager, and which are required to ensure optimal transfer of collateral between the Fund and its counterparties. The collateral management fees (if any) are part of the Operating and Administrative Expenses. Currently, the Fund has appointed Euroclear Bank, The Bank of New York Mellon, State Street Bank and Trust Company and JPMCB as collateral managers. JPMCB is an affiliate of the Management Company. The entire revenue related to the Reverse Repurchase Agreements is received by the Sub-Funds and is specified in the Fund’s semi-annual and annual reports.
Where a Sub-Fund is actually engaged in Reverse Repurchase Agreements in accordance with its investment policy, the maximum and the expected proportion of assets under management of the Sub-Fund that could be subject to Reverse Repurchase Agreements will be set out in "Appendix III – Sub-Fund Details".
Use of the aforesaid techniques and instruments involves certain risks including potential risks of the reinvestment of cash (See "Appendix V – Risk Factors") and there can be no assurance that the objective sought to be obtained from such use will be achieved. | # Ulteriori informazioni sull'utilizzo dei Contratti di Pronti Contro Termine Attivi
Si farà uso su base continuativa di Contratti di Pronti Contro Termine Attivi nell'ambito delle politiche di investimento dei Comparti. La quota massima del NAV che può essere impiegata in contratti di pronti contro termine attivi può variare in base all'entità degli attivi con scadenza giornaliera e settimanale detenuti dal rispettivo Comparto. La sezione del Prospetto intitolata "Limitazioni relative al Rischio di Liquidità e ai Rischi di Portafoglio" stabilisce le norme specifiche relative ai livelli degli attivi con scadenza giornaliera e settimanale che i Comparti sono tenuti a detenere. Oltre a strumenti come i Depositi a Termine, si può fare ricorso a Contratti di Pronti Contro Termine Attivi per investire, gestire e diversificare i livelli minimi degli attivi con scadenza giornaliera e settimanale. I Contratti di Pronti Contro Termine Attivi consentono ai Comparti di accedere regolarmente agli investimenti a breve scadenza di cui hanno bisogno, beneficiando della natura sicura dello strumento e del collaterale sottostante, e ottenendo un rendimento potenzialmente superiore a quello della liquidità senza esporsi ad alcun rischio aggiuntivo rilevante.
Ai servizi relativi agli accordi di servizio trilaterali ("triparty") stipulati tra il Fondo, le controparti e il gestore del collaterale e necessari per assicurare l'ottimale trasferimento di collaterale tra il Fondo e le sue controparti possono essere applicate commissioni di gestione del collaterale. Le eventuali commissioni di gestione del collaterale rientrano negli Oneri Amministrativi e di Esercizio. Il Fondo ha attualmente designato Euroclear Bank, Bank of New York Mellon, State Street Bank and Trust Company e JPMCB quali gestori del collaterale. JPMCB è un'affiliata della Società di Gestione. I Comparti percepiscono la totalità dei proventi derivanti dai Contratti di Pronti Contro Termine Attivi, il cui valore viene specificato nelle relazioni annuali e semestrali del Fondo.
Laddove un Comparto abbia in essere Contratti di Pronti Contro Termine Attivi conformemente alla propria politica d'investimento, la percentuale massima e quella attesa di masse in gestione che potrebbero essere oggetto di tali contratti saranno indicate nella "Appendice III – Informazioni sui Comparti".
Il ricorso alle tecniche e agli strumenti summenzionati comporta determinati rischi, tra cui potenziali rischi associati al reinvestimento del cash, (cfr. la "Appendice V – Fattori di Rischio") e non vi è alcuna garanzia che il loro utilizzo consentirà di raggiungere l'obiettivo perseguito. | # Additional Information regarding the use of Reverse Repurchase Agreements
Reverse Repurchase Agreements will be continuously used as part of the Sub-Funds’ investment policies. The proportion of NAV subject to reverse repurchase transactions may vary depending the extent of daily and weekly maturing assets in the relevant Sub-Fund. The “Liquidity Risk and Portfolio Risk Limitation Rules” section of the Prospectus sets out the specific rules in relation to the levels of daily and weekly maturing assets that need to be held in the Sub-Funds. In addition to utilising instruments such as Time Deposits, Reverse Repurchase Agreements may be used to invest, manage and diversify the daily and weekly maturing asset minimum levels. Reverse Repurchase Agreements allow the relevant Sub-Funds to access regular supply in required short dated investments, benefitting from the secured nature of the instrument and the underlying collateral, and potentially earning a return above cash while not incurring any material additional risk.
Collateral management fees may apply to the services relating to tri-party service arrangements entered into between the Fund, the counterparties and the collateral manager, and which are required to ensure optimal transfer of collateral between the Fund and its counterparties. The collateral management fees (if any) are part of the Operating and Administrative Expenses. Currently, the Fund has appointed Euroclear Bank, The Bank of New York Mellon, State Street Bank and Trust Company and JPMCB as collateral managers. JPMCB is an affiliate of the Management Company. The entire revenue related to the Reverse Repurchase Agreements is received by the Sub-Funds and is specified in the Fund’s semi-annual and annual reports.
Where a Sub-Fund is actually engaged in Reverse Repurchase Agreements in accordance with its investment policy, the maximum and the expected proportion of assets under management of the Sub-Fund that could be subject to Reverse Repurchase Agreements will be set out in "Appendix III – Sub-Fund Details".
Use of the aforesaid techniques and instruments involves certain risks including potential risks of the reinvestment of cash (See "Appendix V – Risk Factors") and there can be no assurance that the objective sought to be obtained from such use will be achieved. | en | it |
DOLFIN5866 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Hedged Share Classes
The Investment Manager shall arrange the hedging of currency exposure of the Hedged Share Classes in relation to the base currency of the relevant Fund, with the exception of BRL Hedged Share Classes which are denominated in the relevant Fund’s base currency. Where such hedging is undertaken, the Investment Manager may use instruments such as forward currency contracts to hedge currency exposure to the currency of the relevant Hedged Share Class. While the Investment Manager or its authorised agent may attempt to hedge currency risks in a Hedged Share Class, there can be no guarantee that currency risk will be eliminated and it may result in mismatches between the currency position of the Fund and the value of the Hedged Share Class.
In addition, it should be noted that hedging transactions may be entered into whether or not the currency of a Hedged Share Class is declining or increasing in value relative to the base currency of the Fund. Consequently, where such hedging is undertaken, it may protect investors in the relevant class against a decrease in the value of the currency being hedged but it may also preclude investors from benefiting from an increase in the value of the currency.
All gains, losses or expenses arising from hedging transactions will normally be borne by the Shareholders of the respective Hedged Share Classes. Given that there is no segregation of liabilities between Share Classes, there is a remote risk that, under certain circumstances, currency hedging transactions in relation to one Hedged Share Class could result in liabilities which might affect the net asset value of the other Share Classes of the same Fund.
As further described in “Hedged Share Classes” section in the Prospectus, BRL Hedged Shares Classes are denominated in the relevant Fund’s base currency and the net asset value will fluctuate in line with the exchange rate between BRL and the relevant Fund’s base currency. As a result, performance may vary significantly from other Share Classes of the same Fund.
In addition to the risks relating to Hedged Share Classes set out in this section, investors should note the specific risks set out in ‘OTC Derivatives’ above. | ### Classi di Azioni oggetto di copertura
Il Gestore degli investimenti provvederà a strutturare la copertura dell'esposizione valutaria delle Classi di Azioni oggetto di copertura in relazione alla valuta di base del Comparto in questione, con la sola eccezione delle Classi di azioni con copertura del rischio in BRL, che sono denominate nella Valuta di base del relativo Comparto. Laddove venga utilizzata tale copertura, il Gestore degli investimenti farà ricorso a strumenti quali contratti a termine in valuta al fine di coprire l’esposizione valutaria rispetto alla valuta della relativa Classe di azioni oggetto di Copertura. Sebbene il Gestore degli investimenti o il suo agente autorizzato possano tentare di coprire i rischi valutari in una Classe di azioni oggetto di Copertura, non può esservi alcuna garanzia circa il fatto che il rischio valutario venga eliminato, e ciò potrebbe comportare disallineamenti tra la posizione valutaria del Comparto e il valore della Classe di azioni oggetto di Copertura.
Inoltre, va segnalato che le transazioni di copertura possono essere stipulate indipendentemente dal fatto che la valuta di una Classe di azioni oggetto di Copertura si stia apprezzando o svalutando rispetto alla valuta di base del Comparto. Di conseguenza, quando si implementa tale copertura, questa può proteggere gli investitori della relativa classe contro una flessione della valuta coperta, ma può anche comportare per gli investitori l’impossibilità di beneficiare di un apprezzamento del valore della valuta.
Tutti gli utili, le perdite o le spese derivanti dalle transazioni di copertura sono normalmente a carico degli Azionisti delle rispettive Classi di Azioni oggetto di copertura. Dato che non vi è alcuna separazione delle passività tra le Classi di Azioni, sussiste il rischio remoto che, in determinate circostanze, le transazioni di copertura valutaria relative a una Classe di azioni oggetto di Copertura possano comportare passività che influiscono anche sul Valore patrimoniale netto delle altre Classi di Azioni del medesimo Comparto.
Come descritto in maggiore dettaglio nella sezione “Classi di azioni con copertura del rischio” del Prospetto informativo, le Classi di azioni con copertura del rischio in BRL sono denominate nella Valuta di riferimento
del Comparto pertinente e il valore patrimoniale netto fluttuerà in linea con il tasso di cambio tra il BRL e la Valuta di riferimento del Comparto pertinente. Pertanto, la performance può variare in modo significativo rispetto alle altre Classi di azioni dello stesso Comparto.
In aggiunta ai rischi relativi alle Classi di Azioni oggetto di copertura riportati nella presente sezione, si ricordano agli investitori i rischi specifici indicati nella precedente sezione “Derivati OTC”. | ### Hedged Share Classes
The Investment Manager shall arrange the hedging of currency exposure of the Hedged Share Classes in relation to the base currency of the relevant Fund, with the exception of BRL Hedged Share Classes which are denominated in the relevant Fund’s base currency. Where such hedging is undertaken, the Investment Manager may use instruments such as forward currency contracts to hedge currency exposure to the currency of the relevant Hedged Share Class. While the Investment Manager or its authorised agent may attempt to hedge currency risks in a Hedged Share Class, there can be no guarantee that currency risk will be eliminated and it may result in mismatches between the currency position of the Fund and the value of the Hedged Share Class.
In addition, it should be noted that hedging transactions may be entered into whether or not the currency of a Hedged Share Class is declining or increasing in value relative to the base currency of the Fund. Consequently, where such hedging is undertaken, it may protect investors in the relevant class against a decrease in the value of the currency being hedged but it may also preclude investors from benefiting from an increase in the value of the currency.
All gains, losses or expenses arising from hedging transactions will normally be borne by the Shareholders of the respective Hedged Share Classes. Given that there is no segregation of liabilities between Share Classes, there is a remote risk that, under certain circumstances, currency hedging transactions in relation to one Hedged Share Class could result in liabilities which might affect the net asset value of the other Share Classes of the same Fund.
As further described in “Hedged Share Classes” section in the Prospectus, BRL Hedged Shares Classes are denominated in the relevant Fund’s base currency and the net asset value will fluctuate in line with the exchange rate between BRL and the relevant Fund’s base currency. As a result, performance may vary significantly from other Share Classes of the same Fund.
In addition to the risks relating to Hedged Share Classes set out in this section, investors should note the specific risks set out in ‘OTC Derivatives’ above. | en | it |
DOLFIN5867 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SUBSCRIPTION OF SHARES
Initial subscriptions
The initial subscription period and related procedures for all new Sub-Funds are specified for each Sub-Fund in the relevant Supplement.
The Subscription Price per share will be the total of (i) the Net Asset Value per share of each Class of the relevant Sub-Fund plus (ii) any subscription fees as stated for each Class of Shares in the relevant Supplement.
The minimum initial investment requirements are set out for each Sub-Fund or Class of Shares in the relevant Supplement. | # SOUSCRIPTION D’ACTIONS
Souscriptions initiales
La période de souscription initiale et les procédures y afférentes pour tous les nouveaux Compartiments sont définies pour chaque Compartiment dans le Supplément correspondant.
Le Prix de souscription par action sera la somme (i) de la Valeur nette d’inventaire par action de chaque Catégorie du Compartiment concerné (ii) des frais de souscription éventuels définis pour chaque Catégorie d’Actions dans le Supplément concerné.
Les exigences en matière d’investissement initial minimal sont définies pour chaque Compartiment ou chaque Catégorie d’Actions dans le Supplément concerné. | # SUBSCRIPTION OF SHARES
Initial subscriptions
The initial subscription period and related procedures for all new Sub-Funds are specified for each Sub-Fund in the relevant Supplement.
The Subscription Price per share will be the total of (i) the Net Asset Value per share of each Class of the relevant Sub-Fund plus (ii) any subscription fees as stated for each Class of Shares in the relevant Supplement.
The minimum initial investment requirements are set out for each Sub-Fund or Class of Shares in the relevant Supplement. | en | fr |
DOLFIN5868 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- In addition, an investor’s units may be compulsorily redeemed at the prevailing redemption price by the fund management company in collaboration with the custodian bank if:
- the investor’s participation in a sub-fund may materially af- fect the economic interests of the other investors, particu- larly if his or her participation may result in tax disad- vantages for the umbrella fund or a sub-fund in Switzerland or abroad;
- investors have acquired or hold units in breach of the provi- sions of domestic or foreign legislation or provisions of this fund contract or prospectus applicable to them;
- the economic interests of investors are jeopardised particu- larly in cases in which individual investors attempt to acquire benefits for their portfolio by systematically subscribing and immediately thereafter redeeming units, exploiting time dif- ferences between the setting of closing prices and the val- uation of the sub-fund’s assets (market timing). | - Zusätzlich können die Anteile eines Anlegers durch die Fonds- leitung in Zusammenarbeit mit der Depotbank zum jeweiligen Rücknahmepreis zwangsweise zurückgenommen werden, wenn:
- die Beteiligung des Anlegers an einem Teilvermögen geeignet ist, die wirtschaftlichen Interessen der übrigen Anleger massgeblich zu beeinträchtigen, insbesondere wenn die Beteiligung steuerliche Nachteile für den Umbrel- la-Fonds bzw. ein Teilvermögen im In- oder Ausland zeiti- gen kann;
- Anleger ihre Anteile in Verletzung von Bestimmungen eines auf sie anwendbaren in- oder ausländischen Geset- zes, dieses Fondsvertrags oder des Prospekts erworben haben oder halten;
- die wirtschaftlichen Interessen der Anleger beeinträchtigt werden, insbesondere in Fällen, wo einzelne Anleger durch systematische Zeichnungen und unmittelbar darauf folgende Rücknahmen Vermögensvorteile zu erzielen ver- suchen, indem sie Zeitunterschiede zwischen der Festle- gung der Schlusskurse und der Bewertung des Vermö- gens der Teilvermögen ausnutzen (Market Timing). | - In addition, an investor’s units may be compulsorily redeemed at the prevailing redemption price by the fund management company in collaboration with the custodian bank if:
- the investor’s participation in a sub-fund may materially af- fect the economic interests of the other investors, particu- larly if his or her participation may result in tax disad- vantages for the umbrella fund or a sub-fund in Switzerland or abroad;
- investors have acquired or hold units in breach of the provi- sions of domestic or foreign legislation or provisions of this fund contract or prospectus applicable to them;
- the economic interests of investors are jeopardised particu- larly in cases in which individual investors attempt to acquire benefits for their portfolio by systematically subscribing and immediately thereafter redeeming units, exploiting time dif- ferences between the setting of closing prices and the val- uation of the sub-fund’s assets (market timing). | en | de |
DOLFIN5869 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# What is this product?
Typ The fund is an AIF established in Liechtenstein under Liechtenstein law in the legal form of an investment company.
Term The fund was created for an indefinite term. The AIFM is entitled to unilaterally terminate the management of the PRIIP.
### Objectives
Intended retail investor
The fund is part of the umbrella fund LGT Portfolio Management SICAV. Each sub-fund pursues its own investment policy. However, periodic reports are generated at the level of the umbrella fund. The assets of the fund are strictly separated from the assets of the other parts of the umbrella fund. The Investor has the right to exchange his investment in units of one subfund for units of another subfund.
Information about how to exercise that right can be obtained in the constituting documents of the (sub-)fund.
The fund's investment objective is to achieve the highest possible capital appreciation. The fund is actively managed without reference to a benchmark.
The Sub-Fund is a feeder AIF, which permanently invests at least 85% of its net asset value in the Master Fund (LGT CP Premium Strategy GIM, a sub-fund of LGT CP Portfolio Management SICAV) and up to 15% of its assets in liquid assets or other eligible assets. The Sub-Fund aims to ensure that its performance is as similar as possible to that of the Master Fund, although there may be differences, inter alia, due to deviating fee structures. The investment objective of the Sub-Fund is for the Sub-Fund investors to participate in the performance of the Master Fund. The investment objective of the Master Fund is to generate long-term capital appreciation. The Master Fund will seek to achieve the investment objective by investing directly or indirectly in various asset classes, including those pursuing an alternative investment strategy, such as hedge funds or private equity. A significant portion of the investments are made indirectly through other investment companies, profit sharing certificates, certificates and structured products.
Derivatives may be used to offset asset price movements (hedging), to exploit price differences between two or more markets (arbitrage) or to increase profit opportunities (leverage). The profit remains in this unit class and increases the value of the units. In principle, investors may request the redemption of units from the AIFM once per month. The AIFM may, however, suspend the redemption if extraordinary circumstances make this appear necessary, while taking into account the interests of the investors. Please be aware of the notice period of 97 days. The fund meets the criteria of a financial product within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (SFDR) and promotes, among other characteristics, environmental or social characteristics or a combination of these characteristics. The constituting documents, the current reports, the current unit prices as well as further information on the fund and, if applicable, other unit classes of the fund can be found either on the website https://www.lafv.li/ or can be requested free of charge from LGT PB Fund Solutions AG, Herrengasse 12, 9490 Vaduz.
The fund is suitable for investors seeking a balance between growth and preservation of invested capital. The investor should be prepared to accept moderate fluctuations in the net asset value of the units. The fund is aimed at investors who have appropriate knowledge of or experience with financial products. The Company's assessment does not constitute investment advice, but is intended to provide the investor with an initial indication of whether the fund corresponds to his investment experience, his risk tolerance and his investment horizon. The minimum investment is AUD 250.000. | # Um welche Art von Produkt handelt es sich?
Art Der Fonds ist ein in Liechtenstein aufgelegter AIF nach liechtensteinischem Recht in der Rechtsform einer Investmentgesellschaft.
Laufzeit Der Fonds wurde für eine unbestimmte Laufzeit aufgelegt. Dem AIFM steht das Recht zu, die Verwaltung des PRIIPs einseitig zu kündigen.
### Ziele
Kleinanleger- Zielgruppe
Der Fonds ist Teil des Umbrellafonds LGT Portfolio Management SICAV. Jeder Teilfonds verfolgt dabei seine eigene Anlagepolitik. Periodische Reports werden jedoch auf Ebene des Umbrellafonds erzeugt. Die Vermögenswerte des Fonds werden strikt getrennt von den Vermögenswerten der anderen Teile des Umbrellafonds. Der Anleger hat das Recht, seine Anlage in Anteilen eines Teilfonds in Anteile eines anderen Teilfonds umzuwandeln. Informationen über den Anteiltausch sind in den konstituierenden Dokumenten des (Teil-)Fonds verfügbar.
Der Fonds strebt als Anlageziel einen möglichst hohen Wertzuwachs an. Der Fonds wird aktiv und ohne Bezugnahme auf eine Benchmark verwaltet.
Der Teilfonds ist ein Feeder-AIF, der dauerhaft mindestens 85% seines Nettoinventarwerts in den Master-Fonds (LGT CP Premium Strategy GIM, ein Teilfonds der LGT CP Portfolio Management SICAV) und bis zu 15% seiner Vermögenswerte in liquide Mittel und andere zulässige Anlagen investiert. Der Teilfonds strebt an, eine möglichst ähnliche Wertentwicklung zu der des Master-Fonds sicherzustellen, wobei es unter anderem aufgrund abweichender Gebührenstrukturen zu Unterschieden kommen kann. Das Anlageziel des Teilfonds besteht darin, dass die Anleger des Teilfonds an der Wertentwicklung des Master-Fonds teilhaben. Das Anlageziel des Master-Fonds besteht darin, einen langfristigen Kapitalzuwachs zu erwirtschaften. Der Master-Fonds strebt an, das Anlageziel zu erreichen, indem er direkt oder indirekt in verschiedene Anlageklassen, auch in solche, die eine alternative Anlagestrategie verfolgen, wie z.B. Hedgefonds oder Private Equity. Ein wesentlicher Teil der Anlagen erfolgt indirekt über andere Investmentgesellschaften, Gewinnbeteiligungszertifikate, Zertifikate und strukturierte Produkte. Derivate können zum Ausgleich von Preisbewegungen der Vermögenswerte (Absicherung), zur Ausnutzung von Preisdifferenzen zwischen zwei oder mehr Märkten (Arbitrage) oder zur Vermehrung von Gewinnchancen (Leverage) eingesetzt werden. Die Erträge verbleiben in dieser Anteilklasse und erhöhen den Wert der Anteile. Die Anleger können die Rücknahme der Anteile grundsätzlich monatlich vom AIFM verlangen. Der AIFM kann jedoch die Rücknahme aussetzen, wenn aussergewöhnliche Umstände dies unter Berücksichtigung der Anlegerinteressen erforderlich erscheinen lassen. Bitte beachten Sie die Kündigungsfrist von 97 Tagen. Der Fonds erfüllt die Kriterien eines Finanzprodukts im Sinne von Art. 8 (1) der Verordnung (EU) 2019/2088 (SFDR) und fördert neben anderen Merkmalen auch ökologische oder soziale Merkmale oder eine Kombination dieser Merkmale. Die konstituierenden Dokumente des Fonds, die aktuellen Berichte, die aktuellen Anteilspreise sowie weitere Informationen zum Fonds und ggf. weiteren Anteilsklassen des Fonds finden Sie entweder auf der Seite https://www.lafv.li/ oder können Sie bei der LGT PB Fund Solutions AG , Herrengasse 12, 9490 Vaduz, kostenlos anfordern.
Der Fonds eignet sich für Anleger, die ein ausgewogenes Verhältnis zwischen Wachstum und Sicherung des angelegten Kapitals anstreben. Der Anleger sollte bereit sein, moderate Schwankungen des Nettoinventarwertes der Anteile in Kauf zu nehmen. Der Fonds richtet sich an Anleger die entsprechende Kenntnisse über bzw. Erfahrung mit Finanzprodukten besitzen. Die Einschätzung des AIFM stellt keine Anlageberatung dar, sondern soll dem Anleger einen ersten Anhaltspunkt geben, ob der Fonds seiner Anlageerfahrung,
seiner Risikoneigung und seinem Anlagehorizont entspricht. Das Minimalinvestment beträgt AUD 250.000. | # What is this product?
Typ The fund is an AIF established in Liechtenstein under Liechtenstein law in the legal form of an investment company.
Term The fund was created for an indefinite term. The AIFM is entitled to unilaterally terminate the management of the PRIIP.
### Objectives
Intended retail investor
The fund is part of the umbrella fund LGT Portfolio Management SICAV. Each sub-fund pursues its own investment policy. However, periodic reports are generated at the level of the umbrella fund. The assets of the fund are strictly separated from the assets of the other parts of the umbrella fund. The Investor has the right to exchange his investment in units of one subfund for units of another subfund.
Information about how to exercise that right can be obtained in the constituting documents of the (sub-)fund.
The fund's investment objective is to achieve the highest possible capital appreciation. The fund is actively managed without reference to a benchmark.
The Sub-Fund is a feeder AIF, which permanently invests at least 85% of its net asset value in the Master Fund (LGT CP Premium Strategy GIM, a sub-fund of LGT CP Portfolio Management SICAV) and up to 15% of its assets in liquid assets or other eligible assets. The Sub-Fund aims to ensure that its performance is as similar as possible to that of the Master Fund, although there may be differences, inter alia, due to deviating fee structures. The investment objective of the Sub-Fund is for the Sub-Fund investors to participate in the performance of the Master Fund. The investment objective of the Master Fund is to generate long-term capital appreciation. The Master Fund will seek to achieve the investment objective by investing directly or indirectly in various asset classes, including those pursuing an alternative investment strategy, such as hedge funds or private equity. A significant portion of the investments are made indirectly through other investment companies, profit sharing certificates, certificates and structured products.
Derivatives may be used to offset asset price movements (hedging), to exploit price differences between two or more markets (arbitrage) or to increase profit opportunities (leverage). The profit remains in this unit class and increases the value of the units. In principle, investors may request the redemption of units from the AIFM once per month. The AIFM may, however, suspend the redemption if extraordinary circumstances make this appear necessary, while taking into account the interests of the investors. Please be aware of the notice period of 97 days. The fund meets the criteria of a financial product within the meaning of Article 8 (1) of Regulation (EU) 2019/2088 (SFDR) and promotes, among other characteristics, environmental or social characteristics or a combination of these characteristics. The constituting documents, the current reports, the current unit prices as well as further information on the fund and, if applicable, other unit classes of the fund can be found either on the website https://www.lafv.li/ or can be requested free of charge from LGT PB Fund Solutions AG, Herrengasse 12, 9490 Vaduz.
The fund is suitable for investors seeking a balance between growth and preservation of invested capital. The investor should be prepared to accept moderate fluctuations in the net asset value of the units. The fund is aimed at investors who have appropriate knowledge of or experience with financial products. The Company's assessment does not constitute investment advice, but is intended to provide the investor with an initial indication of whether the fund corresponds to his investment experience, his risk tolerance and his investment horizon. The minimum investment is AUD 250.000. | en | de |
DOLFIN5870 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be
administered by FTSE Fixed Income LLC. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 1, dado que su precio por acción, por lo general, no sufre prácticamente fluctuaciones y, por ello, tanto las oportunidades de pérdidas como las de ganancias deberían ser reducidas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente
administra el índice, que se revisa y reajusta mensualmente. Para lograr el objetivo, el fondo intentará replicar el índice comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El fondo podría invertir en bonos que estén expuestos a riesgos de crédito y de tipo de interés. Por riesgo de crédito se entiende el riesgo de que el emisor de un bono sea incapaz de pagar los intereses o amortizar el principal, lo cual ocasionaría pérdidas en su inversión. Por riesgo de tipo de interés se entiende que, si suben los tipos de interés, normalmente el valor del bono descenderá, lo cual podría a su vez afectar al valor de su inversión. El fondo podría emplear derivados para (i) tratar de gestionar sus inversiones de una forma más eficiente; y (ii) tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los activos del fondo y la moneda de las acciones del fondo. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 1 because its share price generally hardly fluctuates at all and the likelihood of both losses and gains should therefore be relatively low. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be
administered by FTSE Fixed Income LLC. To achieve the aim, the fund will attempt to replicate the index by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The fund may invest in bonds which are exposed to credit risk and interest rate risk. Credit risk means that there is a risk that the bond issuer may be unable to pay interest or repay the bond principal, resulting in your investment suffering a loss. Interest rate risk means that if interest rates rise, typically the value of the bond will fall, which could also affect the value of your investment. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN5871 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Performance % | A2 (Net) | Index | Sector | A2 (Gross) | Target (Gross) |
| --- | --- | --- | --- | --- | --- |
| 1 month | 1.6 | 1.9 | 2.0 | - | - |
| YTD | -15.6 | -14.2 | -14.9 | - | - |
| 1 year | -15.7 | -13.8 | -14.8 | - | - |
| 3 years (annualised) | -2.7 | -1.2 | -2.1 | - | - |
| 5 years (annualised) | 0.8 | 1.1 | -0.1 | 2.0 | 2.9 |
| Since inception 19 Nov 2013 (annualised) | 3.6 | 3.4 | 1.4 | 4.9 | 5.2 | | | Performance % | A2 (Netta) | Indice | Settore | A2 (Lordo) | Obiettivo (Lordo) |
| --- | --- | --- | --- | --- | --- |
| 1 mese | 1.6 | 1.9 | 2.0 | - | - |
| Da inizio anno | -15.6 | -14.2 | -14.9 | - | - |
| 1 anno | -15.7 | -13.8 | -14.8 | - | - |
| 3 anni (annualizzato) | -2.7 | -1.2 | -2.1 | - | - |
| 5 anni (annualizzato) | 0.8 | 1.1 | -0.1 | 2.0 | 2.9 |
| Dal lancio 19 nov 2013 (su base annualizzata) | 3.6 | 3.4 | 1.4 | 4.9 | 5.2 | | | Performance % | A2 (Net) | Index | Sector | A2 (Gross) | Target (Gross) |
| --- | --- | --- | --- | --- | --- |
| 1 month | 1.6 | 1.9 | 2.0 | - | - |
| YTD | -15.6 | -14.2 | -14.9 | - | - |
| 1 year | -15.7 | -13.8 | -14.8 | - | - |
| 3 years (annualised) | -2.7 | -1.2 | -2.1 | - | - |
| 5 years (annualised) | 0.8 | 1.1 | -0.1 | 2.0 | 2.9 |
| Since inception 19 Nov 2013 (annualised) | 3.6 | 3.4 | 1.4 | 4.9 | 5.2 | | en | it |
DOLFIN5872 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Conflicts of Interest
The Directors, the Investment Manager, the Management Company, the Administrator and the Depositary and their respective affiliates, officers, directors and shareholders, employees and agents (collectively the "Parties") are or may be involved in other financial, investment and professional activities which may on occasion cause a conflict of interest with the management of the Company and/or their respective roles with respect to the Company. These activities may include managing or advising other funds, including other Underlying Funds, purchases and sales of securities, investment management services, brokerage services, valuation of unlisted securities (in circumstances in which fees may increase as the value of assets increases) and serving as directors, officers, advisers or agents of other funds or companies, including funds or companies in which the Company may invest.
In particular, the Investment Manager may be involved in advising or managing other investment funds, including other Underlying Funds, which have similar or overlapping investment objectives to or with the Company or Funds. Each of the Parties will use its reasonable endeavours to ensure that the performance of their respective duties will not be impaired by any such involvement they may have and that any conflicts which may arise will be resolved fairly and in the best interests of Shareholders. The Investment Manager will endeavour to ensure a fair allocation of investments among each of its clients. The Investment Manager acknowledges that there may be some situations where the organisational or administrative arrangements in place for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the Company or its Shareholders will be prevented. Should any such situations arise the Investment Manager will, as a last resort if the conflict cannot be avoided, disclose these to Shareholders. Further details of the Investment Manager's Conflicts of Interest policy are available on its website at: www.jupiteram.com, specifically the institutional/professional websites. | # Interessenkonflikte
Die Verwaltungsratsmitglieder, der Anlageverwalter, die Verwaltungsgesellschaft, die Verwaltungsstelle und die Depotbank sowie deren jeweilige verbundene Gesellschaften, Führungskräfte, Verwaltungsratsmitglieder und Anteilinhaber, Mitarbeiter sowie Vertreter (zusammen die „Parteien“) sind (unter Umständen) in andere Finanz-, Anlage- und Berufstätigkeiten involviert, die gelegentlich zu Interessenkonflikten mit der Verwaltung der Gesellschaft und/oder ihren jeweiligen Rollen in Bezug auf die Gesellschaft führen können. Zu diesen Tätigkeiten kann Folgendes gehören: die Verwaltung oder Beratung anderer Fonds, einschließlich anderer Zielfonds, der Kauf und Verkauf von Wertpapieren, Anlageverwaltungsdienste, Maklerdienste, die Bewertung nicht börsennotierter Wertpapiere (unter Umständen können die Gebühren mit dem Wert der Vermögenswerte steigen) und die Tätigkeit als Verwaltungsratsmitglied, leitender Angestellter, Berater oder Beauftragter anderer Fonds oder Unternehmen, einschließlich Fonds oder Unternehmen, in die die Gesellschaft investieren kann.
Insbesondere kann der Anlageverwalter an der Beratung oder Verwaltung anderer Investmentfonds, einschließlich anderer zugrunde liegender Fonds, beteiligt sein, die ähnliche oder sich überschneidende Anlageziele wie die Gesellschaft oder die Fonds verfolgen. Jede der Parteien wird angemessene Maßnahmen ergreifen, um zu gewährleisten, dass die Ausübung ihrer jeweiligen Aufgaben nicht durch eine derartige Beteiligung behindert wird und dass mögliche entstehende Interessenkonflikte auf faire Weise und im Interesse der Anteilinhaber beigelegt werden. Der Anlageverwalter wird sich bemühen, eine faire Aufteilung der Anlagen auf alle seine Kunden zu gewährleisten. Der Anlageverwalter erkennt an, dass in manchen Situationen die gegebenen organisatorischen oder administrativen Regelungen für die Handhabung von Interessenkonflikten nicht ausreichen, um nach vernünftigem Ermessen zu gewährleisten, dass die Risiken einer Schädigung der Interessen des Unternehmens oder seiner Anteilinhaber vermieden wird. Sollte es zu solchen Situationen kommen, wird der Anlageverwalter als letztes Mittel, wenn der Konflikt nicht vermieden werden kann, die Anteilinhaber darüber informieren. Weitere Einzelheiten zu den Richtlinien des Anlageverwalters zu Interessenkonflikten finden Sie auf seiner Website unter: www.jupiteram.com, insbesondere auf den Websites für institutionelle/professionelle Anleger. | # Conflicts of Interest
The Directors, the Investment Manager, the Management Company, the Administrator and the Depositary and their respective affiliates, officers, directors and shareholders, employees and agents (collectively the "Parties") are or may be involved in other financial, investment and professional activities which may on occasion cause a conflict of interest with the management of the Company and/or their respective roles with respect to the Company. These activities may include managing or advising other funds, including other Underlying Funds, purchases and sales of securities, investment management services, brokerage services, valuation of unlisted securities (in circumstances in which fees may increase as the value of assets increases) and serving as directors, officers, advisers or agents of other funds or companies, including funds or companies in which the Company may invest.
In particular, the Investment Manager may be involved in advising or managing other investment funds, including other Underlying Funds, which have similar or overlapping investment objectives to or with the Company or Funds. Each of the Parties will use its reasonable endeavours to ensure that the performance of their respective duties will not be impaired by any such involvement they may have and that any conflicts which may arise will be resolved fairly and in the best interests of Shareholders. The Investment Manager will endeavour to ensure a fair allocation of investments among each of its clients. The Investment Manager acknowledges that there may be some situations where the organisational or administrative arrangements in place for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the Company or its Shareholders will be prevented. Should any such situations arise the Investment Manager will, as a last resort if the conflict cannot be avoided, disclose these to Shareholders. Further details of the Investment Manager's Conflicts of Interest policy are available on its website at: www.jupiteram.com, specifically the institutional/professional websites. | en | de |
DOLFIN5873 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Placement fees amount to up to 2.10%. The Placement fee will be calculated on the first Valuation Day and shall serve as a compensation for the initial distribution activity of the Class R. The Placement fee is paid once at the initial Valuation Day and is amortised over the life of the Class R until the end of the Initial Investment Period (From December 17, 2021 to December 17, 2024). Amortisation of placement fees is included in other expenses in Statement of Operations and Changes in Net Assets. Placement fees are only applicable for Investimenti Sostenibili sub fund.
-
## Anti-dilution fees | Le commissioni di collocamento ammontano fino al 2,10%. La commissione di collocamento sarà calcolata il primo Giorno di valutazione e servirà a compensare l'attività di distribuzione iniziale della Classe R. La commissione di collocamento viene pagata una sola volta nel Giorno di valutazione iniziale e viene ammortizzata nel corso della vita della Classe R fino alla fine del Periodo di investimento iniziale (dal 17 dicembre 2021 al 17 dicembre 2024). L'ammortamento delle commissioni di collocamento è incluso tra le altre spese nel Prospetto delle operazioni e variazioni del patrimonio netto. Le commissioni di collocamento sono applicabili solo al comparto Investimenti Sostenibili.
-
## Commissioni antidiluizione | Placement fees amount to up to 2.10%. The Placement fee will be calculated on the first Valuation Day and shall serve as a compensation for the initial distribution activity of the Class R. The Placement fee is paid once at the initial Valuation Day and is amortised over the life of the Class R until the end of the Initial Investment Period (From December 17, 2021 to December 17, 2024). Amortisation of placement fees is included in other expenses in Statement of Operations and Changes in Net Assets. Placement fees are only applicable for Investimenti Sostenibili sub fund.
-
## Anti-dilution fees | en | it |
DOLFIN5874 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Any Shareholder may apply for redemption of its Shares in part or in whole on any Valuation Day. For redemptions from any Sub- Fund, valid written redemption applications should be received in good order by the Registrar and Transfer Agent no later than 12:00 CET on the relevant Valuation Day.
Redemptions shall be effected at the net asset value per Share of the relevant Class determined on the applicable Valuation Day. Redemption payments will be made in the Reference Currency of the relevant Class and the Depositary will issue payment instructions to its correspondent bank for payment normally no later than three Business Days after the relevant Valuation Day. The Board of Directors reserves the right to extend the period for payment of redemption proceeds to such period, not exceeding 10 Business Days, as shall be necessary to repatriate proceeds of the sale of investments in the event of impediments due to exchange control regulations or similar constraints in the market in which a substantial part of the assets of a Sub-Fund are invested or in exceptional circumstances where a Sub-Fund is unable to meet a redemption request within three Business Days after the relevant Valuation Day.
If, as a result of a redemption, the value of a Shareholder’s holding falls below the relevant minimum subscription amount, that Shareholder may be deemed (if the Board of Directors so decides) to have requested redemption of all of its Shares.
When there is insufficient market liquidity to transact as determined by the Board of Directors at its discretion or in other exceptional circumstances, the Board of Directors reserves the right to postpone the payment of redemption proceeds.
Additionally, with respect to any given Valuation Day, if requests for redemption exceed a certain percentage of the net asset value of a Sub-Fund or a Class of Shares as determined by the Board of Directors, the Board of Directors may decide that part or all of such requests for redemption shall be deferred for a period and in a manner that the Board of Directors considers to be in the best interests of the Fund and its Shareholders. The deferral of redemptions is to allow for the orderly disposal of assets by the relevant Sub-Fund in order to realise the proceeds required to meet such requests. Deferred redemptions shall be paid out on a pro rata basis with respect to the aggregate redemptions received on a particular Valuation Day in the relevant Sub-Fund taking into account any deferred redemptions from previous Valuation Day(s). Redemption requests which have not been dealt with because of such deferral will be given priority over requests subsequently received. Deferred redemptions shall be effected at the net asset value per share of the Valuation Day redemptions are paid out rather than the net asset value per share of when the relevant redemption requests were made.
If with respect to any given Valuation Day, redemption requests amount to the total number of Shares in issue in any Class(es) of Shares or Sub-Funds or if the remaining number of Shares in issue in that Sub-Fund or Class of Shares after such redemptions would represent a total net asset value below the minimum level of assets under management required for such Sub-Fund or Class of Shares to be operated in an efficient manner, the Board of Directors may decide to terminate and liquidate the Sub-Fund or Class of Shares in accordance with the provisions in the Articles of Incorporation. For the purpose of determining the redemption price, the calculation of the net asset value per share of the relevant Sub-Funds or class(es) of shares shall take into consideration all liabilities that will be incurred in terminating and liquidating said class(es) of shares or Sub-Funds.
Redemption of Shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per Share of such Sub-Fund is suspended by the Fund (see Section 4.7. “Temporary Suspension of the calculation of net asset value, Issues, Redemptions and Conversions”).
The Fund shall have the right, if the Board of Directors so determines, to satisfy in kind the payment of the redemption price to any shareholder who agrees by allocating to the shareholder investments from the portfolio of assets of the Fund or the relevant Sub- Fund(s) equal to the value of the shares to be redeemed. The assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other shareholders of the Fund or the relevant Sub-Fund(s) and the valuation used shall be confirmed by a special report of an independent auditor save as otherwise provided for under applicable laws. All costs associated with a redemption in kind shall be borne by the shareholder requesting the redemption or by such other party as agreed by the Fund or in any other way which the Board of Directors considers fair to all shareholders of the Sub-Fund.
Shareholders are required to notify the Registrar and Transfer Agent immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US Persons or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund. If the Board of Directors becomes aware that a Shareholder (a) is a US Person or is holding Shares for the account of a US Person, (b) is holding Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund, the Board of Directors may redeem the Shares in accordance with the provisions of the Articles of Incorporation.
From time to time it may be necessary for the Fund to borrow on a temporary basis to fund redemptions. For restrictions applicable to the Fund’s ability to borrow, see Section 10.1. “Investment Restrictions”. | Tout Actionnaire peut demander le rachat de ses Actions en totalité ou en partie chaque Jour d’évaluation. Pour les rachats à partir de tout Compartiment, des demandes de rachat écrites valides doivent être reçues en bon ordre par l’Agent de tenue de registres et de transfert au plus tard à 12h00 HEC le Jour d’évaluation concerné.
Les rachats seront effectués à la valeur liquidative par Action de la Catégorie pertinente déterminée le Jour d’évaluation applicable. Les paiements de rachats seront effectués dans la Devise de référence de la Catégorie pertinente et le Dépositaire émettra des instructions de paiement à sa banque correspondante pour un paiement devant normalement intervenir au plus tard trois Jours ouvrés après le Jour d’évaluation pertinent. Le Conseil d’administration se réserve le droit de prolonger le délai de paiement du produit des rachats à concurrence d’un maximum de 10 Jours ouvrés, si cela est nécessaire pour rapatrier le produit de la cession d’investissements en cas d’entraves dues à la réglementation en matière de contrôle des changes ou de contraintes similaires sur le marché sur lequel une part importante des actifs d’un Compartiment est investie ou dans des circonstances exceptionnelles où un Compartiment n’est pas capable de satisfaire une demande de rachat dans les trois Jours ouvrés suivant le Jour d’évaluation pertinent.
Si, par suite d’un rachat, la valeur de la participation détenue par un Actionnaire passe en deçà de la souscription minimale pertinente, cet Actionnaire pourra être réputé (si le Conseil d’administration le décide) avoir demandé le rachat de la totalité de ses Actions.
En cas de liquidité insuffisante du marché pour effectuer les transactions décidées par le Conseil d’administration à sa discrétion ou dans toutes autres circonstances exceptionnelles, le Conseil d’administration se réserve le droit de reporter le paiement du produit du rachat.
En outre, par rapport à un Jour d’évaluation donnée, si les demandes de rachat excèdent un certain pourcentage de la Valeur liquidative d’un Compartiment ou d’une Catégorie d’Action tel qu’établi par le Conseil d’administration, celui-ci peut décider de reporter les demandes de rachat en tout ou en partie pour une durée ou d’une manière que le conseil d’administration estime être dans le meilleur intérêt des Actionnaires. L’objectif du report des remboursements consiste à permettre la cession ordonnée des actifs par le Compartiment concerné, afin de réaliser le produit nécessaire pour répondre à ladite demande. Les remboursements différés seront versés au prorata des remboursements totaux perçus lors d’un Jour d’évaluation spécifique dans le Compartiment concerné, en tenant compte de tout rachat différé à compter du/des Jour(s) d’évaluation précédent(s). Les demandes de remboursement qui n’ont pas été traitées en raison de ce report prévaudront sur les demandes reçues ultérieurement. Les remboursements différés seront effectués à la Valeur liquidative par action du Jour d’évaluation au cours duquel les remboursements sont versés, et non à la Valeur liquidative par action correspondant au jour au cours duquel les demandes de rachat en question sont formulées.
Si, pour un jour d’évaluation donné, les demandes de rachat correspondent au nombre d’Actions émises dans une/des Catégorie(s) d’Actions ou de Compartiments ou si le nombre restant d’Actions émises dans ce Compartiment ou Catégorie d’Actions après ce rachat représente une Valeur liquidative inférieure au niveau minimum d’actifs sous gestion requis pour que le Compartiment ou la Catégorie d’Actions puisse être géré efficacement, le Conseil d’Administration peut décider de clôturer ou de liquider le Compartiment ou la Catégorie d’Actions conformément aux dispositions des Statuts. En ce qui concerne le prix de remboursement, le calcul de la Valeur liquidative par action des Compartiments ou de la/des catégorie(s) d’actions concernés prendra en considération tous les passifs qui découleront de la clôture et de la liquidation de ladite/desdites catégorie(s)d’actions ou dudit/desdits Compartiment(s).
Le remboursement des Actions d’un Compartiment donné sera suspendu chaque fois que le Fonds suspendra la détermination de la Valeur liquidative par Action de ce compartiment (voir Section 4.7. « Suspension temporaire du calcul de la Valeur liquidative, des émissions, remboursements et conversions »).
Le Fonds aura le droit, si le Conseil d’administration le spécifie, de satisfaire en nature le paiement du prix de rachat à tout actionnaire qui l’accepte en allouant à l’actionnaire des investissements du portefeuille d’actifs du Fonds ou du/des Compartiment(s) concerné(s) équivalents à la valeur des actions à racheter. Les actifs à transférer dans un tel cas seront déterminés de manière juste et raisonnable et sans porter préjudice aux intérêts des autres actionnaires du Fonds ou du/des Compartiment(s) concerné(s) et l’évaluation utilisée sera confirmée dans un rapport spécial établi par un réviseur d’entreprise indépendant sauf disposition contraire aux lois en vigueur. Tous les coûts associés au remboursement en nature seront supportés par l’actionnaire requérant le rachat ou par tout autre tiers tel que convenu par le Fonds ou de toute autre manière que le Conseil d’administration aura estimée équitable pour tous les actionnaires du Compartiment.
Les Actionnaires sont tenus d’informer immédiatement l’Agent de tenue de registres et de transfert s’ils sont ou deviennent des Personnes américaines (US Persons) ou s’ils détiennent des Actions pour le compte ou au bénéfice de Personnes américaines ou détiennent autrement des Actions en infraction à toute loi ou réglementation ou autrement dans des circonstances ayant ou susceptibles d’avoir des conséquences réglementaires ou fiscales défavorables pour le Fonds ou aux Actionnaires ou susceptibles d’être autrement préjudiciables aux intérêts du Fonds. Si le Conseil d’administration apprend qu’un Actionnaire (a) est une Personne américaine ou détient des Actions pour le compte d’une Personne américaine, (b) détient des Actions en infraction à toute loi ou réglementation ou autrement dans des circonstances ayant ou susceptibles d’avoir des conséquences réglementaires ou fiscales défavorables pour le Fonds ou les Actionnaires ou autrement susceptibles de porter préjudice aux intérêts du Fonds, le Conseil d’administration pourra racheter les Actions conformément aux dispositions des Statuts.
Il peut occasionnellement s’avérer nécessaire pour le Fonds d’emprunter à titre temporaire pour financer les rachats. Pour les restrictions applicables à la capacité d’emprunter du Fonds, se reporter à la Section 10.1. intitulée « Restrictions d’investissement ». | Any Shareholder may apply for redemption of its Shares in part or in whole on any Valuation Day. For redemptions from any Sub- Fund, valid written redemption applications should be received in good order by the Registrar and Transfer Agent no later than 12:00 CET on the relevant Valuation Day.
Redemptions shall be effected at the net asset value per Share of the relevant Class determined on the applicable Valuation Day. Redemption payments will be made in the Reference Currency of the relevant Class and the Depositary will issue payment instructions to its correspondent bank for payment normally no later than three Business Days after the relevant Valuation Day. The Board of Directors reserves the right to extend the period for payment of redemption proceeds to such period, not exceeding 10 Business Days, as shall be necessary to repatriate proceeds of the sale of investments in the event of impediments due to exchange control regulations or similar constraints in the market in which a substantial part of the assets of a Sub-Fund are invested or in exceptional circumstances where a Sub-Fund is unable to meet a redemption request within three Business Days after the relevant Valuation Day.
If, as a result of a redemption, the value of a Shareholder’s holding falls below the relevant minimum subscription amount, that Shareholder may be deemed (if the Board of Directors so decides) to have requested redemption of all of its Shares.
When there is insufficient market liquidity to transact as determined by the Board of Directors at its discretion or in other exceptional circumstances, the Board of Directors reserves the right to postpone the payment of redemption proceeds.
Additionally, with respect to any given Valuation Day, if requests for redemption exceed a certain percentage of the net asset value of a Sub-Fund or a Class of Shares as determined by the Board of Directors, the Board of Directors may decide that part or all of such requests for redemption shall be deferred for a period and in a manner that the Board of Directors considers to be in the best interests of the Fund and its Shareholders. The deferral of redemptions is to allow for the orderly disposal of assets by the relevant Sub-Fund in order to realise the proceeds required to meet such requests. Deferred redemptions shall be paid out on a pro rata basis with respect to the aggregate redemptions received on a particular Valuation Day in the relevant Sub-Fund taking into account any deferred redemptions from previous Valuation Day(s). Redemption requests which have not been dealt with because of such deferral will be given priority over requests subsequently received. Deferred redemptions shall be effected at the net asset value per share of the Valuation Day redemptions are paid out rather than the net asset value per share of when the relevant redemption requests were made.
If with respect to any given Valuation Day, redemption requests amount to the total number of Shares in issue in any Class(es) of Shares or Sub-Funds or if the remaining number of Shares in issue in that Sub-Fund or Class of Shares after such redemptions would represent a total net asset value below the minimum level of assets under management required for such Sub-Fund or Class of Shares to be operated in an efficient manner, the Board of Directors may decide to terminate and liquidate the Sub-Fund or Class of Shares in accordance with the provisions in the Articles of Incorporation. For the purpose of determining the redemption price, the calculation of the net asset value per share of the relevant Sub-Funds or class(es) of shares shall take into consideration all liabilities that will be incurred in terminating and liquidating said class(es) of shares or Sub-Funds.
Redemption of Shares of a given Sub-Fund shall be suspended whenever the determination of the net asset value per Share of such Sub-Fund is suspended by the Fund (see Section 4.7. “Temporary Suspension of the calculation of net asset value, Issues, Redemptions and Conversions”).
The Fund shall have the right, if the Board of Directors so determines, to satisfy in kind the payment of the redemption price to any shareholder who agrees by allocating to the shareholder investments from the portfolio of assets of the Fund or the relevant Sub- Fund(s) equal to the value of the shares to be redeemed. The assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other shareholders of the Fund or the relevant Sub-Fund(s) and the valuation used shall be confirmed by a special report of an independent auditor save as otherwise provided for under applicable laws. All costs associated with a redemption in kind shall be borne by the shareholder requesting the redemption or by such other party as agreed by the Fund or in any other way which the Board of Directors considers fair to all shareholders of the Sub-Fund.
Shareholders are required to notify the Registrar and Transfer Agent immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US Persons or otherwise hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund. If the Board of Directors becomes aware that a Shareholder (a) is a US Person or is holding Shares for the account of a US Person, (b) is holding Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or which may otherwise be detrimental to the interests of the Fund, the Board of Directors may redeem the Shares in accordance with the provisions of the Articles of Incorporation.
From time to time it may be necessary for the Fund to borrow on a temporary basis to fund redemptions. For restrictions applicable to the Fund’s ability to borrow, see Section 10.1. “Investment Restrictions”. | en | fr |
DOLFIN5875 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | Le risque réel peut varier considérablement si vous sortez du produit avant échéance et il se pourrait que vous obteniez un rendement moindre.
L’indicateur synthétique de risque permet d’apprécier le niveau de risque de ce produit par rapport à d’autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d’une impossibilité de notre part de vous payer.
Nous avons classé ce produit dans la classe de risque 5 sur 7, qui est une classe de risque entre moyenne et élevée. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et élevé et, si la situation venait à se détériorer sur les marchés, il est probable que la valeur de votre investissement en soit affectée.
Les titres de sociétés de petites capitalisations boursières peuvent s’avérer plus sensibles aux variations du marché et faire l’objet de fluctuations de prix plus soudaines ou irrégulières que les valeurs des plus grandes entreprises. Les actions de croissance peuvent être plus sensibles aux marchés, ainsi qu’aux évolutions économiques et politiques que d’autres actions, ce qui rend leurs cours plus volatils.
Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Veuillez consulter le Rapport annuel ou le Prospectus du produit disponible sur le site web www.alger.com pour en savoir plus sur les autres risques matériellement pertinents du produit qui ne sont pas repris dans l’indicateur synthétique de risque.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Small capitalization companies may be more sensitive to market changes and may be subject to more abrupt or erratic price monements than the securities of large companies. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | fr |
DOLFIN5876 | 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
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The objective of the Product is to outperform its benchmark by investing on international capital markets and through the selection of, among others, companies involved in technology sectors or related to advanced analytics technologies.
Benchmark index: The benchmark index of the Product is the MSCI World Index, calculated with net dividends reinvested. The benchmark index will be expressed in the Class currency.
The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. At the end of this process, the Product will have an ESG rating that is greater than that of its investment universe. Furthermore, the security selection process also includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx, more specifically on the Product’s transparency code.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
The Product invests at least 51% of its net assets in securities issued by companies involved in technology sectors or related to advanced analytics technologies. Between 75% and 110% of the Product's net assets will be exposed (directly or indirectly) to the international equity markets and other assimilated securities.
The Product may invest, up to 30% of its net assets, in China A Shares via the Shanghai Hong Kong Stock Connect program.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Income allocation: Distribution
## Intended retail investor
The Product is intended for investors who wish to receive a better return on their savings through exposure to the international markets for shares of companies that are active in the technology sectors or that have a connection to advanced analytics technologies —Big Data.
This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | # En quoi consiste ce Produit ?
## Type
Le Produit est un sous-fonds de EDMOND DE ROTHSCHILD FUND, une société anonyme, constituée en société d’investissement à capital variable en vertu de la partie I de la loi luxembourgeoise du 17 décembre 2010 relative aux entreprises de placement collectif et qualifiant d’entreprise de placement collectif en valeurs mobilières (OPCVM).
## Durée
La durée de vie de ce Produit n’est pas limitée.
## Objectifs
Objectif : L’objectif du produit consiste à dégager une performance supérieure à celle de l’indice de référence, en investissant sur les marchés de capitaux internationaux et par la sélection, entre autres, de sociétés du secteur technologique ou liées aux technologies d’analyse de pointe.
Indice de référence : L’indice de référence du produit est le MSCI World Index, calculé avec des dividendes nets réinvestis. L’indice de référence sera exprimé dans la devise de la catégorie.
L’indice de référence sert uniquement à des fins de comparaison. Le produit se veut dynamique.
Politique d’investissement : Le gestionnaire inclura systématiquement des facteurs environnementaux, sociaux et de gouvernance (ESG) dans son analyse financière afin de sélectionner les sociétés les mieux notées.
Au moins 90 % des sociétés du portefeuille auront une notation ESG. A la fin de ce processus, le Produit aura une notation ESG supérieure à celle de son univers d’investissement.
En outre, le processus de sélection des titres comprend également un filtre d’exclusion visant les sociétés qui contribuent à la production d’armes controversées, conformément aux conventions internationales en la matière, ainsi que les sociétés exposées à des activités liées au charbon thermique ou au tabac, conformément à la politique d’exclusion du Groupe Edmond de Rothschild, disponible sur son site Internet : https://www.edmond-de-rothschild.com/fr/Pages/Responsible-investment.aspx, plus précisément sur le code de transparence du produit.
Le produit relève de l’article 8(1) du règlement SFDR, dans la mesure où il promeut une combinaison de critères ESG, bien qu’aucun indice de référence n’ait été désigné aux fins d’atteindre les critères environnementaux ou sociaux.
Au regard de sa stratégie ESG, le produit promeut les critères environnementaux, mais n’investit pas dans des activités économiques durables sur le plan environnemental. Les investissements sous-jacents à ce produit financier ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables, dans le cadre de la réglementation sur la taxonomie.
Le produit investit au moins 51 % de ses actifs nets dans des titres émis par des sociétés du secteur technologique ou liées aux technologies d’analyse de pointe. Le produit sera exposé (directement ou indirectement), à hauteur de 75 à 110 % de ses actifs nets, aux marchés boursiers internationaux et autres titres assimilés. Le produit peut investir jusqu’à 30 % de ses actifs nets, dans des actions chinoises de catégorie A via le programme Shanghai Hong Kong Stock Connect.
À des fins de gestion de trésorerie, le produit peut investir jusqu’à 25 % de ses actifs nets dans des titres de créance transférables, des instruments du marché monétaire et des fonds monétaires.
Le Produit peut utiliser des instruments financiers dérivés pour atteindre son objectif d’investissement.
Répartition des revenus : Distribution
## Investisseurs de détail visés
Le produit est destiné aux investisseurs qui souhaitent obtenir un meilleur rendement de leur épargne en s’exposant aux marchés boursiers internationaux de sociétés actives dans les secteurs technologiques ou ayant un lien avec les technologies d’analyse de point (Big Data).
Cette action est destinée aux investisseurs de détail et d’entreprise.
## Informations pratiques
Dépositaire : Edmond de Rothschild (Europe)
Des informations plus détaillées sur le Edmond de Rothschild Fund, les sous-fonds disponibles et les catégories d’actions, telles que le prospectus et les rapports annuels et semestriels, peuvent être obtenues gratuitement, en anglais, auprès du siège social d’Edmond de Rothschild Asset Management (Luxembourg) à l’adresse : 4 Rue Robert Stumper, L-2557 Luxembourg. | # What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The objective of the Product is to outperform its benchmark by investing on international capital markets and through the selection of, among others, companies involved in technology sectors or related to advanced analytics technologies.
Benchmark index: The benchmark index of the Product is the MSCI World Index, calculated with net dividends reinvested. The benchmark index will be expressed in the Class currency.
The benchmark index serves only for comparison purposes. The Product is actively managed.
Investment policy: The Investment Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. At the end of this process, the Product will have an ESG rating that is greater than that of its investment universe. Furthermore, the security selection process also includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website: https://www.edmond-de-rothschild.com/en/Pages/Responsible-investment.aspx, more specifically on the Product’s transparency code.
The Product Classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
The Product invests at least 51% of its net assets in securities issued by companies involved in technology sectors or related to advanced analytics technologies. Between 75% and 110% of the Product's net assets will be exposed (directly or indirectly) to the international equity markets and other assimilated securities.
The Product may invest, up to 30% of its net assets, in China A Shares via the Shanghai Hong Kong Stock Connect program.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Income allocation: Distribution
## Intended retail investor
The Product is intended for investors who wish to receive a better return on their savings through exposure to the international markets for shares of companies that are active in the technology sectors or that have a connection to advanced analytics technologies —Big Data.
This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg. | en | fr |
DOLFIN5877 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In no event shall Redemption Proceeds be paid until such papers as may be required by the Directors have been received from the investor and all of the necessary anti-money laundering checks have been carried out, verified and received in original form. In such circumstances, the Redemptions Proceeds will be held by the relevant Fund and the redeemed investor will be a general creditor of the relevant Fund.
Amendments to a Shareholder’s registration details and payment instructions will only be made following receipt of written instructions and appropriate documentation from the relevant Shareholder.
- Currency of PaymentShareholders will normally be repaid in the denominated currency of the relevant Class. If however, a Shareholder requests to be repaid in any other freely convertible currency, the necessary foreign exchange transaction may be arranged by the Administrator (at its discretion) at prevailing exchange rates on behalf of and for the account, risk and expense of the Shareholder. | I Proventi di rimborso non saranno in alcun caso corrisposti fino a che l'investitore non abbia ricevuto i documenti richiesti dagli Amministratori e tutti i necessari controlli antiriciclaggio siano stati svolti, verificati e ricevuti in forma originale. In tali circostanze, i Proventi di rimborso saranno detenuti dal relativo Fondo e l'investitore rimborsato sarà un creditore generico dello stesso.
I dettagli di registrazione e le istruzioni di pagamento degli Azionisti potranno essere modificati esclusivamente previa ricezione delle istruzioni scritte e dell'adeguata documentazione da parte degli Azionisti interessati.
- Valuta del pagamentoGli Azionisti saranno di norma rimborsati nella valuta di denominazione della relativa Classe. Laddove tuttavia un Azionista richieda di essere rimborsato in un'altra valuta liberamente convertibile, la necessaria operazione di cambio potrà essere predisposta dall'Agente amministrativo (secondo la propria discrezione) secondo i tassi di cambio in vigore a nome e per conto dell'Azionista, nonché a suo rischio e a suo carico. | In no event shall Redemption Proceeds be paid until such papers as may be required by the Directors have been received from the investor and all of the necessary anti-money laundering checks have been carried out, verified and received in original form. In such circumstances, the Redemptions Proceeds will be held by the relevant Fund and the redeemed investor will be a general creditor of the relevant Fund.
Amendments to a Shareholder’s registration details and payment instructions will only be made following receipt of written instructions and appropriate documentation from the relevant Shareholder.
- Currency of PaymentShareholders will normally be repaid in the denominated currency of the relevant Class. If however, a Shareholder requests to be repaid in any other freely convertible currency, the necessary foreign exchange transaction may be arranged by the Administrator (at its discretion) at prevailing exchange rates on behalf of and for the account, risk and expense of the Shareholder. | en | it |
DOLFIN5878 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Derivatives and Securities Financing Transactions Risk
General: The use of derivatives and Securities Financing Transactions may result in greater returns but may entail greater risk for your investment. Derivatives may be used as a means of gaining indirect exposure to a specific asset, rate or index and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. Use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.
Investing in a derivative instrument could cause the relevant Fund to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that such Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.
The prices of derivative instruments are highly volatile. Price movements of derivative contracts are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programmes and policies of governments, national and international political and economic events, changes in local laws and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly markets in currencies and interest rate related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The use of derivatives also involves certain special risks, including (1) dependence on the ability to predict movements in the prices of securities being hedged and movements in interest rates; (2) imperfect correlation between the hedging instruments and the securities or market sectors being hedged; (3) the fact that skills needed to use these instruments are different from those needed to select a Fund’s securities; and (4) the possible absence of a liquid market for any particular instrument at any particular time.
Securities Financing Transactions create several risks for the Company and its investors, including counterparty risk if the counterparty to a Securities Financing Transaction defaults on its obligation to return assets equivalent to the ones provided to it by the relevant Fund and liquidity risk if such Fund is unable to liquidate collateral provided to it to cover a counterparty default.
Securities Lending Risk: As with any extensions of credit, there are risks of delay and recovery. Should the borrower of securities fail financially or default in any of its obligations under any securities lending transaction, the collateral provided in connection with such transaction will be called upon. A securities lending transaction will involve the receipt of collateral. However there is a risk that the value of the collateral may fall and the relevant Fund suffer loss as a result.
Repurchase Agreements: A Fund may enter into repurchase arrangements. Accordingly, such Fund will bear a risk of loss in the event that the other party to the transaction defaults on its obligation and the Fund is delayed or prevented from exercising its rights to dispose of the underlying securities. Such Fund will, in particular, be subject to the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or a part of the income from the agreement.
Collateral Risk: Collateral or margin may be passed by a Fund to a counterparty or broker in respect of OTC FDI transactions or Securities Financing Transactions. Assets deposited as collateral or margin with brokers may not be held in segregated accounts by the brokers and may therefore become available to the creditors of such brokers in the event of their insolvency or bankruptcy. Where collateral is posted to a counterparty or broker by way of title transfer, the collateral may be re-used by such counterparty or broker for their own purpose, thus exposing the relevant Fund to additional risk.
Risks related to a counterparty's right of re-use of any collateral include that, upon the exercise of such right of re-use, such assets will no longer belong to the relevant Fund and such Fund will only have a contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the relevant Fund shall rank as an unsecured creditor and may not recover its assets from the counterparty. More broadly, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the relevant Fund or its delegates will not have any visibility or control.
Portfolio Turnover Risk: Portfolio turnover generally involves a number of direct and indirect costs and expenses to the relevant Fund, including, for example, brokerage commissions, dealer mark-ups and bid/offer spreads, and transaction costs on the sale of securities and reinvestment in other securities. Nonetheless, a Fund may engage in frequent trading of investments in furtherance of its investment objective. The costs related to increased portfolio turnover have the effect of reducing a Fund’s investment return, and the sale of securities by a Fund may result in the realisation of taxable capital gains, including short-term capital gains.
Listing: There can be no certainty that a listing on any stock exchange applied for by the Company will be achieved and/or maintained or that the conditions of listing will not change. Further, trading in Shares on a Relevant Stock Exchange may be halted pursuant to that Relevant Stock Exchange’s rules due to market conditions and investors may not be able to sell their Shares until trading resumes.
Nominee Arrangements: Where an investor holds Shares via an Authorised Participant or other nominee or intermediary such Shareholder will typically not appear on the Register of the Company and may not therefore be able to exercise voting or other rights available to those persons appearing on the Register.
Political Factors, Emerging Market and Non-OECD Member State Assets: The performance of the Shares and/or the possibility to purchase, sell, or repurchase the Shares may be affected by changes in general economic conditions and uncertainties such as political developments, changes in government policies, the imposition of restrictions on the transfer of capital and changes in regulatory requirements. Such risks can be heightened in investments in, or relating to, emerging markets or non-OECD member states. In addition, local custody services remain underdeveloped in many non-OECD and emerging market countries and there is a transaction and custody risk involved in dealing in such markets. In certain circumstances, a Fund may not be able to recover or may encounter delays in the recovery of some of its assets. Furthermore, the legal infrastructure and accounting, auditing and reporting standards in emerging markets or non-OECD member states, may not provide the same degree of investor information or protection as would generally apply to major markets.
Fund Expenses: Returns on Shares will be net of all fees and expenses incurred in the establishment and ongoing running of the relevant Fund and may not be directly comparable to the yields which could be earned if any investment were instead made directly in the assets of the relevant Fund or the constituents of the Reference Index or directly in the Reference Asset.
Delivery Failure: In some securities markets, deliveries of securities and other Fund Assets and payments therefor may not be or are not customarily made simultaneously. Further due to the nature of the investment policy and structuring of transactions involving the Fund Assets the deliveries of securities and payments may not be made simultaneously. The Depositary or a sub-custodian may make or accept payment for or delivery of Fund Assets in such form and manner and
shall not be contrary to the customs prevailing in the relevant market or among securities dealers or in accordance with the terms of the Depositary Agreement. The Company shall bear the risk that:-(i) the recipient of Fund Assets delivered by the Depositary or any sub-custodian may fail to make payment, for or return such Fund Assets or hold such Fund Assets or the proceeds of their sale in trust for the Depositary or the Company; and (ii) the recipient of payment for Fund Assets made by the Depositary or any sub-custodian including without limitation amounts paid as premium or margin on derivatives contracts may fail to deliver the Fund Assets (such failure to include, without limitation, delivery of forged or stolen Fund Assets) or to return such payment, or hold such payment in trust for the Depositary or the Company in each case whether such failure is total or partial or merely a failure to perform on a timely basis. Neither the Depositary nor any sub-custodian shall be liable to the Company for any loss resulting from any of the foregoing events or from the liquidation, insolvency or bankruptcy of such recipient.
Securities Lending Arrangements and Repurchase Transactions: The Company may engage in securities lending or repurchase/reverse repurchase agreements over a period of time with one or more counterparties (as further described in the section above headed "Repurchase/Reverse Repurchase Agreements and Securities Lending"). Collateral which meets the requirements of the Collateral Policy will be posted by the relevant counterparty. A default by the counterparty to such a securities lending arrangement or repurchase/reverse repurchase agreements, or a fall in the value of the collateral posted in connection with such transactions below that of the value of the securities lent or the cash leg of the repurchase/reverse repurchase agreements may result in a reduction in the value of the relevant Fund and the Fund may suffer loss as a result. The Company will use reasonable endeavours to ensure that any Collateral transferred to it in connection with such transactions will be segregated from the bankruptcy estate of the counterparty and not available to the creditors of the counterparty. Shareholders are advised, however, that third parties may seek to challenge such segregation which, if successful, would result in a total loss of both the collateral and the assets of the Fund that were lent or otherwise transferred. In the case of cash collateral, as a matter of applicable law, such cash Collateral might not be held in a segregated manner in favour of the Company, which may result in a total loss of cash Collateral upon insolvency of the relevant counterparty.
Reinvestment of Cash Collateral Risk: As a Fund may reinvest cash Collateral received, subject to the conditions and within the limits laid down by the Central Bank, a Fund reinvesting cash Collateral will be exposed to the risk associated with such investments, such as failure or default of the issuer of the relevant security.
Short Selling Risk: UCITS are permitted to create synthetic short positions through the use of FDIs. A short sale means any sale of a security which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the security for delivery at settlement. The seller sells the borrowed or agreed to be borrowed securities in anticipation of a decline in price of the relevant security. The benefit to the seller where the value of the security declines is the difference between the price at which the security is sold and the cost of repurchasing the borrowed security in order to return it to the person from whom it was borrowed. A synthetic short position allows a Fund to achieve a similar economic outcome without short selling the physical securities. Synthetic short selling may be achieved through the use of a variety of FDIs including contracts for differences, futures and options. Please refer to Appendix III for further details in relation to the risks attached to trading each of these FDIs. | ## Risques liés aux dérivés et aux Opérations de financement sur titres
Généralités : L’utilisation de dérivés et d’Opérations de financement sur titres peut aboutir à des rendements plus élevés mais peut impliquer un risque accru pour votre investissement. Des instruments dérivés peuvent être utilisés afin de construire une exposition indirecte à un indice, un taux ou un actif spécifique, et/ou dans le cadre d’une stratégie conçue pour réduire l’exposition à d’autres risques, tels que le risque de change ou de taux d’intérêt. L’utilisation d’instruments dérivés comporte des risques différents et potentiellement plus élevés que ceux associés aux investissements dans des titres directement ou à d’autres investissements. Ils comportent également un risque de prix erroné ou d’évaluation incorrecte, et le risque que les variations de valeur des instruments dérivés ne soient pas en parfaite corrélation avec l’indice, le taux ou l’actif sous-jacent.
Les investissements dans les instruments dérivés peuvent occasionner pour le Fonds concerné une perte supérieure au montant du capital investi. De plus, les opérations utilisant des instruments dérivés adaptés peuvent ne pas être disponibles dans tous les cas, et il ne peut être garanti que ledit Fonds effectuera de telles opérations pour réduire l’exposition à d’autres risques au moment où cela serait bénéfique.
Les cours des instruments dérivés sont très volatils. Les fluctuations de prix des contrats de dérivés sont influencées notamment par les taux d’intérêt, l’évolution des relations entre l’offre et la demande, les politiques et programmes gouvernementaux dans le domaine commercial, fiscal et monétaire et concernant le contrôle des changes, les évènements économiques et politiques à l’échelle nationale et internationale, ainsi que les modifications des lois et des politiques locales. De plus, les gouvernements interviennent le cas échéant sur certains marchés, directement et sous forme de réglementation, en particulier sur les marchés des devises et des contrats d’options et de futures liés aux taux d’intérêt. De telles interventions ont souvent pour vocation d’influencer les prix directement et elles peuvent, en association à d’autres facteurs, provoquer une évolution rapide de ces marchés dans le même sens, notamment en raison des fluctuations des taux d’intérêt. L’utilisation d’instruments dérivés peut aussi comporter certains risques spéciaux, comme (1) la dépendance sur la capacité à prévoir les fluctuations du prix des titres couverts et les fluctuations des taux d’intérêt ; (2) une corrélation imparfaite entre les instruments de couverture et les titres ou secteurs de marché couverts ; (3) le fait que les compétences nécessaires pour utiliser ces instruments sont différentes de celles requises pour sélectionner les titres d’un Fonds ; et (4) l’absence éventuelle d’un marché liquide pour un instrument particulier à un moment donné.
Les Opérations de financement sur titres créent plusieurs risques pour la Société et ses investisseurs, y compris le risque de contrepartie si la contrepartie à une Opération de financement sur titres manque à son obligation de restituer des actifs équivalents à ceux qui lui sont fournis par le Fonds correspondant, et le risque de liquidité si un tel Fonds n’est pas en mesure de liquider la garantie qui lui est fournie pour couvrir le manquement de la contrepartie.
Risque associé au prêt de titres : Comme pour toute extension de crédit, des risques de retard et de difficulté de recouvrement existent. Si l’emprunteur des titres connaît une défaillance financière ou s’il ne s’acquitte pas de ses obligations dans le cadre de toute opération de prêt de titres, la garantie fournie en lien avec ladite opération sera appelée. Une opération de prêt de titres implique la réception d’une garantie. Toutefois, il existe un risque que la valeur de la garantie baisse et que le Fonds subisse une perte en résultant.
Contrats de mise en pension : Un Fonds peut souscrire des contrats de mise en pension. Par conséquent, un tel Fonds sera exposé à un risque de perte si l’autre partie à la transaction manque à ses obligations et si l’exercice des droits d’un Fonds eu égard à la cession des titres sous-jacents est retardé ou empêché. En particulier, ce Fonds sera exposé à un risque de baisse éventuelle de la valeur des titres sous-jacents, au cours de la période pendant laquelle le Fonds cherchera à faire valoir ses droits à leur égard, et il risquera d’encourir des coûts pour faire valoir ses droits et de perdre une partie ou l’intégralité de ses revenus issus du contrat.
Risque lié aux garanties : Les garanties ou les marges peuvent être transmises par un Fonds à une contrepartie ou un courtier concernant les opérations sur IFD de gré à gré ou les Opération de financement sur titres. Les actifs déposés en tant que garantie ou de marge auprès de courtiers ne peuvent pas être détenus dans des comptes séparés par les courtiers, et ils peuvent donc devenir accessibles aux créanciers de ces courtiers en cas d’insolvabilité ou de faillite de ces derniers. Lorsque la garantie est transférée à une contrepartie ou à un courtier dans le cadre d’un transfert de propriété, la garantie peut être réutilisée par cette contrepartie ou par un courtier pour ses propres fins, exposant ainsi le Fonds concerné à un risque supplémentaire.
Les risques liés au droit d’une contrepartie de réutiliser toute garantie incluent celui que, lors de l’exercice d’un tel droit de réutilisation, lesdits actifs n’appartiendront plus au Fonds concerné et un tel Fonds n’aura qu’un droit contractuel relatif à la restitution d’actifs équivalents. En cas d’insolvabilité d’une contrepartie, le Fonds concerné sera classé en tant que créancier chirographaire et il se peut qu’il ne récupère pas ses actifs. Plus largement, les actifs faisant l’objet d’un droit de réutilisation par une contrepartie peuvent être des éléments d’une chaîne de transactions complexes sur laquelle le Fonds concerné ou ses délégués n’auront aucune visibilité ou contrôle.
Risque associé à la rotation du portefeuille : La rotation du portefeuille implique généralement un certain nombre de coûts et frais directs et indirects pour le Compartiment concerné, dont, par exemple, les commissions de courtage, les marges des négociants et les écarts cours acheteur / cours vendeur ainsi que les frais de transaction sur la vente de titres et le réinvestissement dans d’autres titres. Un Compartiment peut néanmoins effectuer des transactions fréquentes d’investissement pour atteindre son objectif d’investissement. Les coûts associés à une rotation accrue du portefeuille ont pour effet de réduire le rendement d’investissement d’un Compartiment et la vente de titres par un Compartiment peut générer la réalisation de plus-values imposables, comme des plus-values de court terme.
Cotation en Bourse : Il ne peut y avoir de garantie que la cotation en Bourse requise par la Société sera réalisée et/ou maintenue ou que les conditions de cotation n’évolueront pas. De plus, les transactions d’actions sur une Bourse de valeurs correspondante peuvent être arrêtées lorsque les conditions de cette Bourse l’imposent, et que les investisseurs sont dans l’impossibilité de vendre leurs Actions jusqu’à ce que les transactions reprennent.
Accords de mandataires : Lorsqu’un investisseur détient des Actions via un Participant agréé, ou bien via un autre intermédiaire ou une autre personne nommée, ledit Actionnaire n’apparaîtra généralement pas dans le Registre de la Société et par conséquent ne sera pas habilité à exercer les droits de vote et autres droits ouverts aux personnes inscrites au Registre.
Facteurs politiques, marchés émergents et actifs d'états non-membres de l'OCDE : Les performances des actions et/ou la possibilité d’acheter, vendre ou de racheter les actions pourront être affectées par l’évolution des conditions et incertitudes économiques telles que les développements politiques, l'évolution des politiques gouvernementales, l’imposition de restrictions sur le transfert de capitaux et les modifications des exigences réglementaires. Ces risques peuvent être augmentés lors d’investissements dans des marchés émergents ou des états non membres de l’OCDE. De plus, les services de dépôts locaux restent sous-développés dans beaucoup de pays hors OCDE et de marchés émergents et il existe un risque de transaction et de dépôt inhérent aux négociations réalisées sur ces marchés. Dans certaines circonstances, un fonds peut ne pas être en mesure de recouvrer certains de ses actifs. De plus, l’infrastructure législative et les normes de comptabilité, d’audit et de reporting des marchés émergents ou des états non membres de l'OCDE sont susceptibles de ne pas assurer les mêmes garanties d'information ou de protection généralement appliquées sur les principaux marchés.
Dépenses du Fonds : Les rendements sur actions s’entendront nets de toutes commissions et dépenses encourues sur l’établissement et l’exploitation du Fonds correspondant et sont susceptibles de ne pas être directement comparables aux rendements qui seraient enregistrés si les placements étaient effectués directement sur les actifs du Fonds correspondant ou les valeurs constitutives de l’Indice de référence ou directement sur l’Actif de référence.
Défaut de livraison : Sur certains marchés de titres, les livraisons des titres et autres actifs des Fonds ainsi que les règlements en conséquence ne sont généralement pas effectués simultanément. De plus, en raison de la nature de la
politique d’investissement et de la structure des transactions impliquant les actifs des Fonds, les livraisons des titres et les règlements ne sont pas nécessairement simultanés. Le Dépositaire ou son délégué peuvent effectuer ou accepter le règlement pour livraison des actifs d'un Fonds de telle manière non contraire aux coutumes généralement acceptées sur le marché correspondant ou parmi les courtiers ou conformément aux termes et conditions définis dans le contrat de Dépositaire. La Société endosse le risque que : (i) le récepteur des Actifs du Fonds livrés par le Dépositaire ou son délégué puisse ne pas effectuer le paiement ou restituer lesdits Actifs du Fonds ou retenir lesdits Actifs du Fonds ou les produits de leur vente en dépôt pour le Dépositaire ou la Société ; et (ii) le récepteur du paiement des Actifs du Fonds effectué par le Dépositaire ou son délégué, incluant et sans limitation les montants réglés au titre de prime ou de marge sur contrats dérivés, peut manquer de livrer les Actifs du Fonds (ledit défaut incluant, sans limitation, la livraison d'actifs du Fonds falsifiés ou volés) ou de restituer ledit paiement, ou retenir ledit paiement en dépôt pour le Dépositaire ou la Société, dans les deux cas que ledit défaut soit total ou partiel ou qu’il s’agisse d’un simple non-respect des délais d’exécution. Ni le Dépositaire, ni ses délégués ne sauraient être responsables envers la Société de pertes résultant de l’un des évènements précités ou de la liquidation, l'insolvabilité ou la faillite dudit récepteur.
Contrats de prêt de titres et Opérations de pension sur titres : la Société peut souscrire des contrats de prêt de titres ou de mise/prise en pension avec une ou plusieurs contreparties au cours d’une période (comme décrit plus en détail dans la section ci-dessus intitulée « Contrats de mise/prise en pension et de prêt de titres »). Les garanties conformes aux dispositions prévues par la Politique de garanties seront transférées par la contrepartie concernée. Un défaut de la contrepartie à la convention de prêt de titres ou aux contrats de mise/prise en pension, ou une chute de valeur des garanties transférées relativement auxdites opérations en-deçà de la valeur des titres prêtés ou de la jambe cash (partie numéraire) des contrats de mise/prise en pension, peuvent résulter en une diminution de la valeur du Fonds correspondant, lequel peut en conséquence souffrir une perte. La Société fera au mieux de ses possibilités pour assurer que toute Garantie qui lui est transférée relativement auxdites opérations sera séparée des biens de la faillite de la contrepartie et non disponible pour les créanciers de la contrepartie. Les Actionnaires sont cependant avertis que des parties tierces peuvent chercher à contester cette séparation, ce qui résulterait, en cas de recevabilité, en la perte totale des garanties et des actifs du Fonds qui étaient prêtés ou autrement transférés. Dans le cas d’un collatéral numéraire, en raison de la loi applicable, ledit Collatéral numéraire peut ne pas être détenu de manière séparée en faveur de la Société, ce qui pourrait résulter en la perte totale du Collatéral numéraire en cas d’insolvabilité de la contrepartie correspondante.
Risque lié au réinvestissement des garanties en espèces : Étant donné qu’un Fonds peut réinvestir les Garanties en espèces reçues, sous réserve des conditions et dans les limites fixées par la Banque centrale, un Fonds qui réinvestit les Garanties en espèces sera exposé au risque associé à ces investissements, comme la défaillance ou le défaut de l’émetteur du titre concerné.
Risque de vente à découvert : Les OPCVM sont autorisés à créer des positions courtes synthétiques par l’intermédiaire des IFD. Une vente à découvert désigne toute vente d’un titre que le vendeur ne possède pas au moment de la conclusion de l’accord de vente, incluant une vente pour laquelle, au moment de la conclusion de l’accord de vente, le vendeur a emprunté ou accepté d’emprunter le titre pour une livraison au moment du règlement. Le vendeur vend les titres empruntés ou qu’il a accepté d’emprunter dans l’anticipation d’une baisse du cours du titre concerné. Le bénéfice pour le vendeur si la valeur du titre baisse est la différence entre le prix auquel le titre est vendu et le coût du rachat du titre emprunté pour le restituer à la personne à qui il a été emprunté. Une position synthétique courte permet à un Fonds d’obtenir un résultat économique similaire sans vente à découvert des titres physiques. La vente à découvert synthétique peut être réalisée en utilisant divers IFD, incluant des contrats pour différences, des contrats à terme et des contrats d’options. Veuillez vous reporter à l’Annexe II pour tous détails complémentaires sur les risques associés à la négociation de chacun de ces IFD. | ## Derivatives and Securities Financing Transactions Risk
General: The use of derivatives and Securities Financing Transactions may result in greater returns but may entail greater risk for your investment. Derivatives may be used as a means of gaining indirect exposure to a specific asset, rate or index and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate or currency risk. Use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.
Investing in a derivative instrument could cause the relevant Fund to lose more than the principal amount invested. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that such Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.
The prices of derivative instruments are highly volatile. Price movements of derivative contracts are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programmes and policies of governments, national and international political and economic events, changes in local laws and policies. In addition, governments from time to time intervene, directly and by regulation, in certain markets, particularly markets in currencies and interest rate related futures and options. Such intervention often is intended directly to influence prices and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations. The use of derivatives also involves certain special risks, including (1) dependence on the ability to predict movements in the prices of securities being hedged and movements in interest rates; (2) imperfect correlation between the hedging instruments and the securities or market sectors being hedged; (3) the fact that skills needed to use these instruments are different from those needed to select a Fund’s securities; and (4) the possible absence of a liquid market for any particular instrument at any particular time.
Securities Financing Transactions create several risks for the Company and its investors, including counterparty risk if the counterparty to a Securities Financing Transaction defaults on its obligation to return assets equivalent to the ones provided to it by the relevant Fund and liquidity risk if such Fund is unable to liquidate collateral provided to it to cover a counterparty default.
Securities Lending Risk: As with any extensions of credit, there are risks of delay and recovery. Should the borrower of securities fail financially or default in any of its obligations under any securities lending transaction, the collateral provided in connection with such transaction will be called upon. A securities lending transaction will involve the receipt of collateral. However there is a risk that the value of the collateral may fall and the relevant Fund suffer loss as a result.
Repurchase Agreements: A Fund may enter into repurchase arrangements. Accordingly, such Fund will bear a risk of loss in the event that the other party to the transaction defaults on its obligation and the Fund is delayed or prevented from exercising its rights to dispose of the underlying securities. Such Fund will, in particular, be subject to the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or a part of the income from the agreement.
Collateral Risk: Collateral or margin may be passed by a Fund to a counterparty or broker in respect of OTC FDI transactions or Securities Financing Transactions. Assets deposited as collateral or margin with brokers may not be held in segregated accounts by the brokers and may therefore become available to the creditors of such brokers in the event of their insolvency or bankruptcy. Where collateral is posted to a counterparty or broker by way of title transfer, the collateral may be re-used by such counterparty or broker for their own purpose, thus exposing the relevant Fund to additional risk.
Risks related to a counterparty's right of re-use of any collateral include that, upon the exercise of such right of re-use, such assets will no longer belong to the relevant Fund and such Fund will only have a contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the relevant Fund shall rank as an unsecured creditor and may not recover its assets from the counterparty. More broadly, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the relevant Fund or its delegates will not have any visibility or control.
Portfolio Turnover Risk: Portfolio turnover generally involves a number of direct and indirect costs and expenses to the relevant Fund, including, for example, brokerage commissions, dealer mark-ups and bid/offer spreads, and transaction costs on the sale of securities and reinvestment in other securities. Nonetheless, a Fund may engage in frequent trading of investments in furtherance of its investment objective. The costs related to increased portfolio turnover have the effect of reducing a Fund’s investment return, and the sale of securities by a Fund may result in the realisation of taxable capital gains, including short-term capital gains.
Listing: There can be no certainty that a listing on any stock exchange applied for by the Company will be achieved and/or maintained or that the conditions of listing will not change. Further, trading in Shares on a Relevant Stock Exchange may be halted pursuant to that Relevant Stock Exchange’s rules due to market conditions and investors may not be able to sell their Shares until trading resumes.
Nominee Arrangements: Where an investor holds Shares via an Authorised Participant or other nominee or intermediary such Shareholder will typically not appear on the Register of the Company and may not therefore be able to exercise voting or other rights available to those persons appearing on the Register.
Political Factors, Emerging Market and Non-OECD Member State Assets: The performance of the Shares and/or the possibility to purchase, sell, or repurchase the Shares may be affected by changes in general economic conditions and uncertainties such as political developments, changes in government policies, the imposition of restrictions on the transfer of capital and changes in regulatory requirements. Such risks can be heightened in investments in, or relating to, emerging markets or non-OECD member states. In addition, local custody services remain underdeveloped in many non-OECD and emerging market countries and there is a transaction and custody risk involved in dealing in such markets. In certain circumstances, a Fund may not be able to recover or may encounter delays in the recovery of some of its assets. Furthermore, the legal infrastructure and accounting, auditing and reporting standards in emerging markets or non-OECD member states, may not provide the same degree of investor information or protection as would generally apply to major markets.
Fund Expenses: Returns on Shares will be net of all fees and expenses incurred in the establishment and ongoing running of the relevant Fund and may not be directly comparable to the yields which could be earned if any investment were instead made directly in the assets of the relevant Fund or the constituents of the Reference Index or directly in the Reference Asset.
Delivery Failure: In some securities markets, deliveries of securities and other Fund Assets and payments therefor may not be or are not customarily made simultaneously. Further due to the nature of the investment policy and structuring of transactions involving the Fund Assets the deliveries of securities and payments may not be made simultaneously. The Depositary or a sub-custodian may make or accept payment for or delivery of Fund Assets in such form and manner and
shall not be contrary to the customs prevailing in the relevant market or among securities dealers or in accordance with the terms of the Depositary Agreement. The Company shall bear the risk that:-(i) the recipient of Fund Assets delivered by the Depositary or any sub-custodian may fail to make payment, for or return such Fund Assets or hold such Fund Assets or the proceeds of their sale in trust for the Depositary or the Company; and (ii) the recipient of payment for Fund Assets made by the Depositary or any sub-custodian including without limitation amounts paid as premium or margin on derivatives contracts may fail to deliver the Fund Assets (such failure to include, without limitation, delivery of forged or stolen Fund Assets) or to return such payment, or hold such payment in trust for the Depositary or the Company in each case whether such failure is total or partial or merely a failure to perform on a timely basis. Neither the Depositary nor any sub-custodian shall be liable to the Company for any loss resulting from any of the foregoing events or from the liquidation, insolvency or bankruptcy of such recipient.
Securities Lending Arrangements and Repurchase Transactions: The Company may engage in securities lending or repurchase/reverse repurchase agreements over a period of time with one or more counterparties (as further described in the section above headed "Repurchase/Reverse Repurchase Agreements and Securities Lending"). Collateral which meets the requirements of the Collateral Policy will be posted by the relevant counterparty. A default by the counterparty to such a securities lending arrangement or repurchase/reverse repurchase agreements, or a fall in the value of the collateral posted in connection with such transactions below that of the value of the securities lent or the cash leg of the repurchase/reverse repurchase agreements may result in a reduction in the value of the relevant Fund and the Fund may suffer loss as a result. The Company will use reasonable endeavours to ensure that any Collateral transferred to it in connection with such transactions will be segregated from the bankruptcy estate of the counterparty and not available to the creditors of the counterparty. Shareholders are advised, however, that third parties may seek to challenge such segregation which, if successful, would result in a total loss of both the collateral and the assets of the Fund that were lent or otherwise transferred. In the case of cash collateral, as a matter of applicable law, such cash Collateral might not be held in a segregated manner in favour of the Company, which may result in a total loss of cash Collateral upon insolvency of the relevant counterparty.
Reinvestment of Cash Collateral Risk: As a Fund may reinvest cash Collateral received, subject to the conditions and within the limits laid down by the Central Bank, a Fund reinvesting cash Collateral will be exposed to the risk associated with such investments, such as failure or default of the issuer of the relevant security.
Short Selling Risk: UCITS are permitted to create synthetic short positions through the use of FDIs. A short sale means any sale of a security which the seller does not own at the time of entering into the agreement to sell including such a sale where at the time of entering into the agreement to sell the seller has borrowed or agreed to borrow the security for delivery at settlement. The seller sells the borrowed or agreed to be borrowed securities in anticipation of a decline in price of the relevant security. The benefit to the seller where the value of the security declines is the difference between the price at which the security is sold and the cost of repurchasing the borrowed security in order to return it to the person from whom it was borrowed. A synthetic short position allows a Fund to achieve a similar economic outcome without short selling the physical securities. Synthetic short selling may be achieved through the use of a variety of FDIs including contracts for differences, futures and options. Please refer to Appendix III for further details in relation to the risks attached to trading each of these FDIs. | en | fr |
DOLFIN5879 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Processus de gestion des risques
Conformément à la Loi sur les OPC et à la Circulaire 11/512 de la CSSF, la Société de gestion doit suivre et mesurer à tout moment le risque lié aux positions détenues par les portefeuilles du Fonds et leur contribution au profil de risque général desdits portefeuilles en utilisant un processus de gestion des risques.
En conséquence, la Société de gestion a mis en œuvre un processus de gestion des risques qui sera suivi à l’égard de la Société et de chaque Fonds. Le processus de gestion des risques permet à la Société de gestion d’évaluer l’exposition des Fonds aux risques de contrepartie, de liquidité et de marché et à tous les autres risques, notamment les risques opérationnels, qui sont importants pour chaque Fonds. Les administrateurs de la Société de gestion examineront ledit processus de gestion des risques au moins une fois l’an.
Le Fonds a recours à un processus de gestion des risques qui permet de contrôler et d’évaluer à tout moment les risques associés aux positions et l’influence de celles-ci sur le profil de risque général de chaque Fonds individuels. En outre, le Fonds applique une méthode permettant une évaluation précise et indépendante de la valeur des instruments dérivés OTC, laquelle est régulièrement communiquée à la CSSF conformément à la loi luxembourgeoise.
La Société de gestion fournira, à la demande des investisseurs, des informations complémentaires relatives au processus de gestion des risques.
###### PROCESSUS DE GESTION DU RISQUE DE LIQUIDITÉ
La Société de gestion a établi, mis en œuvre et applique de manière cohérente un processus de gestion du risque de liquidité et a mis en place des procédures de gestion de la liquidité prudentes et rigoureuses. Cela permet à la Société de gestion de surveiller les risques de liquidité des Fonds et de veiller au respect des seuils de liquidité internes
Des mesures qualitatives et quantitatives sont utilisées pour surveiller les portefeuilles et les titres afin de s’assurer que les portefeuilles d’investissement sont suffisamment liquides et que les Fonds sont en mesure de répondre aux demandes de rachat des Actionnaires et autres engagements dans des conditions de marché variées. En outre, les concentrations des Actionnaires sont régulièrement examinées pour évaluer leur impact potentiel sur la liquidité des Fonds. Les Fonds sont examinés individuellement en ce qui concerne les risques de liquidité.
Les procédures de gestion de la liquidité de la Société de gestion tiennent compte de la stratégie d’investissement des Fonds, de leur fréquence de négociation, de la liquidité des actifs sous-jacents (et de leur évaluation) et de la base d’Actionnaires.
Les risques de liquidité sont décrits plus en détail dans la section « Facteurs de risque ».
La Société de gestion peut également utiliser, entre autres, les outils de gestion de la liquidité suivants pour gérer le risque de liquidité :
- Suspension du rachat des Actions dans certaines circonstances telles que définies dans la section« Suspension du calcul de la Valeur liquidative ».
- Report des rachats à un Jour d’évaluation donné au Jour d’évaluation suivant lorsque les rachats dépassent 10 % de la Valeur liquidative d’un Fonds, voir la sous-section « Rachats reportés » de la section « Rachats ».
- À sa seule discrétion, acceptation des demandes des Actionnaires de règlement en nature des demandes de rachat (voir la sous-section « Rachats en nature » de la section « Rachats »).
- Application d’ajustements de swing pricing ou de la commission de dilution, comme détaillé à la section« Swing pricing et Commission de dilution ».
Les Actionnaires qui souhaitent évaluer eux-mêmes le risque de liquidité des actifs sous-jacents doivent noter que les participations complètes du portefeuille des Fonds sont indiquées dans le dernier rapport annuel ou semestriel, comme décrit à la section « Informations importantes pour les investisseurs ». | # Proceso de gestión de riesgos
De acuerdo con la Ley de OIC y la circular 11/512 de la CSSF, la sociedad gestora debe aplicar un proceso de gestión de riesgos que le permita controlar y medir en todo momento el riesgo de las posiciones de las carteras de los Fondos y su contribución al perfil de riesgo general de esas carteras.
Por consiguiente, la sociedad gestora ha implementado un proceso de gestión de riesgos que se adoptará respecto a la Sociedad y todo Fondo. El proceso de gestión de riesgos permite a la sociedad gestora evaluar la exposición de los Fondos a los riesgos de mercado, de liquidez y de contraparte y a todos los demás riesgos, incluidos los riesgos operacionales, que son fundamentales para cada Fondo. Los consejeros de la sociedad gestora revisarán dicho proceso de gestión de riesgos al menos anualmente.
El Fondo utiliza un proceso de gestión de riesgos que le permita controlar y medir en todo momento el riesgo de las posiciones y su contribución al perfil de riesgo general de cada Fondo individual. Asimismo, el Fondo utiliza un proceso para evaluar de forma precisa e independiente el valor de instrumentos derivados OTC, el cual se comunica a la CSSF con regularidad, de conformidad con la Ley de Luxemburgo.
Si los inversores lo solicitan, la sociedad gestora les proporcionará información complementaria relativa al proceso de gestión de riesgos.
###### PROCESO DE GESTIÓN DEL RIESGO DE LIQUIDEZ
La sociedad gestora ha establecido, implementado y aplicado de manera consistente un proceso de gestión del riesgo de liquidez, así como ha puesto en marcha procedimientos cautelares y estrictos de gestión de la liquidez. Esto permite que la sociedad gestora supervise los riesgos de liquidez de los Fondos y garantiza el cumplimiento de los umbrales internos de liquidez.
Se utilizan medidas cualitativas y cuantitativas a la hora de supervisar carteras y valores, con el fin de garantizar que las carteras de inversión cuenten con la debida liquidez y que los Fondos sean capaces de satisfacer las solicitudes de reembolso de los Accionistas, además de otros pasivos en diferentes condiciones de mercado. Igualmente, las concentraciones de los Accionistas también se revisan regularmente para evaluar su posible impacto sobre la liquidez de los Fondos. Los Fondos se revisan individualmente con respecto a los riesgos de liquidez.
Los procedimientos de gestión de liquidez de la sociedad gestora consideran la estrategia de inversión de los Fondos, su frecuencia de negociación, la liquidez de los activos subyacentes (y su valoración) y la base accionaria.
Los riesgos de liquidez se describen más adelante en el apartado “Factores de riesgo”.
La sociedad gestora también puede utilizar las siguientes herramientas de gestión de liquidez, entre otras, para gestionar el riesgo de liquidez:
- Suspensión del reembolso de Acciones en determinadas circunstancias tal y como se expresa en elapartado “Suspensión de la determinación del Valor Liquidativo”.
- Aplazamiento de los reembolsos en un Día de valoración concreto al siguiente Día de valoración cuando los reembolsos superen el 10% del Valor Liquidativo de un Fondo. Consulte el subapartado “Reembolsos aplazados” en el apartado “Reembolsos”.
- A su entera discreción, la aceptación de las solicitudes de los Accionistas para que las solicitudes de reembolso se liquiden en especie (consulte el subapartado “Reembolsos en especie” en el apartado “Reembolsos”).
- Aplicación de mecanismos de swing pricing o tasas de dilución, como se detalla en el apartado“Swing pricing y tasas de dilución”.
Los Accionistas que deseen evaluar el riesgo de liquidez de los activos subyacentes por su cuenta deben tener presente que las posiciones completas de la cartera de los Fondos se detallan en el informe anual o semestral más reciente, como se especifica en el apartado “Información importante para los inversores”. | # Processus de gestion des risques
Conformément à la Loi sur les OPC et à la Circulaire 11/512 de la CSSF, la Société de gestion doit suivre et mesurer à tout moment le risque lié aux positions détenues par les portefeuilles du Fonds et leur contribution au profil de risque général desdits portefeuilles en utilisant un processus de gestion des risques.
En conséquence, la Société de gestion a mis en œuvre un processus de gestion des risques qui sera suivi à l’égard de la Société et de chaque Fonds. Le processus de gestion des risques permet à la Société de gestion d’évaluer l’exposition des Fonds aux risques de contrepartie, de liquidité et de marché et à tous les autres risques, notamment les risques opérationnels, qui sont importants pour chaque Fonds. Les administrateurs de la Société de gestion examineront ledit processus de gestion des risques au moins une fois l’an.
Le Fonds a recours à un processus de gestion des risques qui permet de contrôler et d’évaluer à tout moment les risques associés aux positions et l’influence de celles-ci sur le profil de risque général de chaque Fonds individuels. En outre, le Fonds applique une méthode permettant une évaluation précise et indépendante de la valeur des instruments dérivés OTC, laquelle est régulièrement communiquée à la CSSF conformément à la loi luxembourgeoise.
La Société de gestion fournira, à la demande des investisseurs, des informations complémentaires relatives au processus de gestion des risques.
###### PROCESSUS DE GESTION DU RISQUE DE LIQUIDITÉ
La Société de gestion a établi, mis en œuvre et applique de manière cohérente un processus de gestion du risque de liquidité et a mis en place des procédures de gestion de la liquidité prudentes et rigoureuses. Cela permet à la Société de gestion de surveiller les risques de liquidité des Fonds et de veiller au respect des seuils de liquidité internes
Des mesures qualitatives et quantitatives sont utilisées pour surveiller les portefeuilles et les titres afin de s’assurer que les portefeuilles d’investissement sont suffisamment liquides et que les Fonds sont en mesure de répondre aux demandes de rachat des Actionnaires et autres engagements dans des conditions de marché variées. En outre, les concentrations des Actionnaires sont régulièrement examinées pour évaluer leur impact potentiel sur la liquidité des Fonds. Les Fonds sont examinés individuellement en ce qui concerne les risques de liquidité.
Les procédures de gestion de la liquidité de la Société de gestion tiennent compte de la stratégie d’investissement des Fonds, de leur fréquence de négociation, de la liquidité des actifs sous-jacents (et de leur évaluation) et de la base d’Actionnaires.
Les risques de liquidité sont décrits plus en détail dans la section « Facteurs de risque ».
La Société de gestion peut également utiliser, entre autres, les outils de gestion de la liquidité suivants pour gérer le risque de liquidité :
- Suspension du rachat des Actions dans certaines circonstances telles que définies dans la section« Suspension du calcul de la Valeur liquidative ».
- Report des rachats à un Jour d’évaluation donné au Jour d’évaluation suivant lorsque les rachats dépassent 10 % de la Valeur liquidative d’un Fonds, voir la sous-section « Rachats reportés » de la section « Rachats ».
- À sa seule discrétion, acceptation des demandes des Actionnaires de règlement en nature des demandes de rachat (voir la sous-section « Rachats en nature » de la section « Rachats »).
- Application d’ajustements de swing pricing ou de la commission de dilution, comme détaillé à la section« Swing pricing et Commission de dilution ».
Les Actionnaires qui souhaitent évaluer eux-mêmes le risque de liquidité des actifs sous-jacents doivent noter que les participations complètes du portefeuille des Fonds sont indiquées dans le dernier rapport annuel ou semestriel, comme décrit à la section « Informations importantes pour les investisseurs ». | fr | es |
DOLFIN5880 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Corporate Governance (continued)
Diversity
With respect to diversity, the Company has no employees and the only individuals engaged directly by it are the Directors. When there is a vacancy on the Board, the objective is to ensure that the Board is diversified with an appropriate mix as regards age, gender, race and educational/professional backgrounds, while achieving compliance by all individuals with regulatory requirements and an overall composition with the requisite experience and skills. This was most recently reflected in 2019, in the context of the appointment of Naomi Daly and Alex Duncan as directors.
Information and Communication
The Company’s policies and the Directors’ instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence, telephone and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner.
Monitoring
The Directors receive regular presentations and review reports from the Depositary, Manager and Administrator. The Directors also have an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors.
Capital Structure
No person has a significant direct or indirect holding of securities in the Company. No person has any special rights of control over the Company’s share capital. There are no restrictions on voting rights. With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish statute comprising the Companies Act 2014 (as amended) and with the UCITS Regulations as applicable to investment funds. The Articles of Association themselves may be amended by special resolution of the Shareholders.
Powers of the Directors
The Directors are responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have appointed the Manager to provide the day to day management of the Company's business affairs and have for this purpose delegated certain of their duties and powers to the Manager. The Directors will receive periodic reports from the Manager detailing, inter alia, its review of the performance of the Company and the Portfolios and providing an analysis of their respective investment portfolios. The Manager will also provide such other information as may from time to time be reasonably required by the Directors for the purposes of such meetings. The Directors have appointed the Depositary in respect of the safekeeping of the Company’s assets. Consequently, none of the Directors is an executive Director. The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate these powers to the Manager.
The Directors may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the Net Asset Value of a particular Portfolio and the issue, valuation, sale, purchase, redemption or conversion of shares and/or the payment of redemption proceeds at any time in any of the following instances:
- any period when any recognised market on which a substantial portion of the investments for the time being comprised in the relevant Portfolio are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such recognised market are restricted or suspended;
- any period when, as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders;
- any breakdown in the means of communication normally employed in determining the value of any investments for the time being comprised in the relevant Portfolio or during any period when for any other reason the value of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- any period when the Company is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the relevant Portfolio, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOVERNANCE DIRECTORS’ REPORT | #### Gobierno corporativo (cont.)
Diversidad
Por lo que respecta a la diversidad, la Sociedad no cuenta con empleados y las únicas personas que participan directamente en ella son los Consejeros. Cuando hay una vacante en el Consejo, el objetivo es garantizar que el Consejo presenta una composición diversificada en cuanto a edad, género, raza y perfil educativo y profesional, debiendo cumplir todos sus miembros los requisitos reglamentarios y contar con la experiencia y las capacidades exigidas. Este compromiso se demostró recientemente en 2019 con el nombramiento de Naomi Daly y Alex Duncan como consejeros.
Información y comunicación
Las políticas de la Sociedad y las instrucciones del Consejo de administración relevantes para la emisión de información financiera se actualizan y comunican a través de los canales apropiados, tales como el correo electrónico, la correspondencia postal, conferencias telefónicas y reuniones, para garantizar que todos los requisitos en materia de emisión de información financiera se cumplan de forma completa y precisa.
Seguimiento
El Consejo de administración recibe presentaciones periódicamente y revisa informes del Depositario, la Gestora y el Agente administrativo. El Consejo de administración también dispone de un proceso anual para garantizar que se emprendan las medidas apropiadas para analizar y abordar las deficiencias identificadas y las medidas recomendadas por los auditores independientes.
Estructura del capital
Ninguna persona mantiene una participación directa ni indirecta significativa en la Sociedad. Ninguna persona tiene ningún derecho especial de control sobre el capital social de la Sociedad. No hay restricciones sobre los derechos de voto. Con respecto al nombramiento y la sustitución de Consejeros, la Sociedad se rige por sus Estatutos, la legislación irlandesa, que incluye la Ley de Sociedades de 2014 (en su versión modificada), así como el Reglamento sobre OICVM aplicables a los fondos de inversión. Los Estatutos de la Sociedad pueden ser modificados mediante acuerdo especial de los Accionistas.
Competencias del Consejo de administración
El Consejo de administración tiene encomendada la función de dirigir las actividades de la Sociedad, de conformidad con los Estatutos. El Consejo de administración puede delegar determinadas funciones en el Agente administrativo y otras partes, que no obstante estarán sujetas a su supervisión y dirección. Los Consejeros han designado a la Gestora para que se encargue de la gestión diaria de las actividades de la Sociedad y para ello han delegado en ella algunas de sus obligaciones y competencias. Los Consejeros recibirán de la Gestora informes periódicos en los que se detallarán, entre otras cosas, su evaluación de la rentabilidad de la Sociedad y de las Carteras, además del análisis de sus respectivas carteras de inversión. La Gestora también facilitará periódicamente cualquier otra información que los Consejeros puedan razonablemente solicitar para los fines de estas reuniones. Los Consejeros han designado al Depositario en relación con la salvaguarda de los activos de la Sociedad. Por consiguiente, ninguno de los Consejeros es un Consejero ejecutivo. Los Estatutos establecen que el Consejo de administración puede ejercer todas las competencias de la Sociedad para obtener dinero en préstamo, hipotecar o pignorar su patrimonio, bienes o cualquier parte de los mismos, y puede delegar estas competencias en la Gestora.
El Consejo de administración puede, en cualquier momento previa notificación al Depositario, suspender temporalmente el cálculo del Valor liquidativo de una determinada Cartera, así como la emisión, valoración, venta, compra, reembolso o canje de acciones o el pago del rédito del reembolso, en cualquiera de los siguientes casos:
- cualquier período en el que algún mercado reconocido en el que cotice o se negocie una parte sustancial de las inversiones incluidas en la Cartera correspondiente esté cerrado por un motivo distinto a los períodos habituales de vacaciones, o durante el cual las negociaciones estén restringidas o suspendidas en dicho mercado;
- cualquier período en el que, en opinión del Consejo de administración, como consecuencia de acontecimientos políticos, militares, económicos, monetarios u otras circunstancias ajenas al control, la responsabilidad y la competencia del Consejo de administración, la venta o valoración de las inversiones incluidas en la Cartera correspondiente no se pueda efectuar o completar con normalidad o sin perjudicar a los intereses de los Accionistas;
- cualquier fallo en los medios de comunicación normalmente empleados para determinar el valor de cualquier inversión incluida en la Cartera correspondiente, o cualquier período en el que, en opinión del Consejo de administración, el valor de las inversiones incluidas en esos momentos en la Cartera correspondiente no se pueda obtener de forma rápida o precisa por cualquier razón;
- cualquier período en el que la Sociedad no pueda repatriar fondos al objeto de realizar el pago de reembolsos o durante el que, en opinión del Consejo de administración, la materialización de las inversiones incluidas en la Cartera correspondiente o la transferencia o el pago de fondos asociados no se puedan efectuar a los precios normales o a los tipos de cambio normales;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOBIERNO CORPORATIVO INFORME DEL CONSEJO DE ADMINISTRACIÓN | #### Corporate Governance (continued)
Diversity
With respect to diversity, the Company has no employees and the only individuals engaged directly by it are the Directors. When there is a vacancy on the Board, the objective is to ensure that the Board is diversified with an appropriate mix as regards age, gender, race and educational/professional backgrounds, while achieving compliance by all individuals with regulatory requirements and an overall composition with the requisite experience and skills. This was most recently reflected in 2019, in the context of the appointment of Naomi Daly and Alex Duncan as directors.
Information and Communication
The Company’s policies and the Directors’ instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence, telephone and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner.
Monitoring
The Directors receive regular presentations and review reports from the Depositary, Manager and Administrator. The Directors also have an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors.
Capital Structure
No person has a significant direct or indirect holding of securities in the Company. No person has any special rights of control over the Company’s share capital. There are no restrictions on voting rights. With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish statute comprising the Companies Act 2014 (as amended) and with the UCITS Regulations as applicable to investment funds. The Articles of Association themselves may be amended by special resolution of the Shareholders.
Powers of the Directors
The Directors are responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have appointed the Manager to provide the day to day management of the Company's business affairs and have for this purpose delegated certain of their duties and powers to the Manager. The Directors will receive periodic reports from the Manager detailing, inter alia, its review of the performance of the Company and the Portfolios and providing an analysis of their respective investment portfolios. The Manager will also provide such other information as may from time to time be reasonably required by the Directors for the purposes of such meetings. The Directors have appointed the Depositary in respect of the safekeeping of the Company’s assets. Consequently, none of the Directors is an executive Director. The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate these powers to the Manager.
The Directors may at any time, with prior notification to the Depositary, temporarily suspend the calculation of the Net Asset Value of a particular Portfolio and the issue, valuation, sale, purchase, redemption or conversion of shares and/or the payment of redemption proceeds at any time in any of the following instances:
- any period when any recognised market on which a substantial portion of the investments for the time being comprised in the relevant Portfolio are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such recognised market are restricted or suspended;
- any period when, as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders;
- any breakdown in the means of communication normally employed in determining the value of any investments for the time being comprised in the relevant Portfolio or during any period when for any other reason the value of investments for the time being comprised in the relevant Portfolio cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- any period when the Company is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the relevant Portfolio, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;46 NEUBERGER BERMAN INVESTMENT FUNDS PLCGOVERNANCE DIRECTORS’ REPORT | en | es |
DOLFIN5881 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2017. Past performance has been calculated in EUR. | La cifra de gastos corrientes se basa en las cifras del ejercicio finalizado el 31 diciembre 2021 .
Dicha cifra puede variar de un año a otro y no incluye los costes de transacción del Fondo.
Para obtener más información sobre los gastos, consulte el folleto del Fondo, disponible en www.comgest.com.
La rentabilidad histórica no es un indicador fiable de la rentabilidad futura.
El resultado incluye gastos corrientes detraídos del Fondo, pero no incluye los gastos de entrada que usted pudiera tener que pagar.
La clase de acciones fue lanzada en 2017.
La rentabilidad histórica se ha calculado en EUR. | Ongoing charges are based on figures for the year ended 31 December 2021 .
This figure may vary from year to year and does not include Fund transaction costs.
For more information about charges, please see the Fund’s prospectus, available at www.comgest.com.
Past performance is not a reliable guide to future performance.
Performance results include ongoing charges taken from the Fund but do not include any entry charges that you might have to pay.
The share class came into existence in 2017. Past performance has been calculated in EUR. | en | es |
DOLFIN5882 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| The fund's objective is to outperform the benchmark (Iboxx EUR Covered Bond Index) by mainly investing in European covered bonds¹. |
| --- |
| Portfolio comment as of 31/08/2020 |
| The market has been quite steady in August with not much to report – until Fed’s virtual meeting in the last week, which drove interest rates a bit wider and with a steepened curve, even in Europe. As the market has been quiet and spreads stable, we haven’t seen much deviation from benchmark in performance. - The active selection of covered bonds has been a positive contributor in August. | | Das Anlageziel des Fonds ist es, vornehmlich durch Anlagen in europäische Pfandbriefe eine bessere Wertentwicklung zu erzielen als der Referenzindex (Iboxx EUR Covered Bond Index)¹. |
| --- |
| Portfoliokommentar per 31/08/2020 |
| Im August war der Markt ziemlich stabil und es gab nicht viel zu berichten - bis zum virtuellen Treffen der Fed in der letzten Woche, bei dem die Zinssätze sogar in Europa stiegen und die Zinskurve steiler wurde. Da der Markt ruhig und die Spreads stabil waren, haben wir keine großen Abweichungen vom Markt in Bezug auf die Wertentwicklung festgestellt. - Die aktive Pfandbriefselektion hat im August einen positiven Beitrag geleistet. | | The fund's objective is to outperform the benchmark (Iboxx EUR Covered Bond Index) by mainly investing in European covered bonds¹. |
| --- |
| Portfolio comment as of 31/08/2020 |
| The market has been quite steady in August with not much to report – until Fed’s virtual meeting in the last week, which drove interest rates a bit wider and with a steepened curve, even in Europe. As the market has been quiet and spreads stable, we haven’t seen much deviation from benchmark in performance. - The active selection of covered bonds has been a positive contributor in August. | en | de |
DOLFIN5883 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Performance note
*Index disclosure: The Fund is actively managed and aims to outperform the ICE BofA Global High Yield USD Hedged Index* (the "Index"). The portfolio manager may reference the Index as part of the investment management process, and it is also considered as part of the investment risk monitoring process. However, the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
For income unit classes, returns are measured on a total return basis i.e. net investment income plus capital gain or loss from investment.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | # Calcolo della performance
*Informativa sull'indice: Il Fondo è gestito attivamente e mira a sovraperformare il ICE BofA Global High Yield USD Hedged Index* (l'"Indice"). Il gestore del portafoglio può fare riferimento all'Indice come parte del processo di gestione degli investimenti; l'Indice viene anche considerato parte del processo di monitoraggio del rischio di investimento. Tuttavia, il gestore del portafoglio mantiene la piena discrezione nella selezione degli investimenti per il Fondo in linea con la politica di investimento di cui sopra.
Questo documento presenta la performance di questa particolare classe di quote del Fondo dalla data di lancio della stessa, nella relativa valuta, come specificato nella prima pagina. La performance dalla data di lancio del Fondo, che precede la data di lancio della classe di quote, è disponibile su richiesta.
Prima del 31 dicembre 2018, i calcoli relativi alla performance riflettono i prezzi di chiusura del mercato di fine mese delle attività del Fondo. Successivamente al 1 gennaio 2019, i dati sulla performance mostrati si basano sui prezzi del Valore Patrimoniale Netto (NAV) del Fondo dell'ultimo giorno lavorativo irlandese del mese. Per i Fondi non aperti per la negoziazione in questo giorno, questo sarà un NAV indicativo. Di conseguenza, è possibile che la performance indicata e i rendimenti effettivi dell'investimento per gli investitori siano diversi.
Per classi di quote a reddito, i rendimenti sono misurati su una base di rendimento totale, cioè reddito netto da investimento più plusvalenza o minusvalenza dall'investimento. I dati relativi alla performance illustrati sono al netto delle commissioni e di altre spese ma escludono qualsiasi potenziale commissione di ingresso/uscita – pertanto i rendimenti ricevuti da un investitore possono essere inferiori. | # Performance note
*Index disclosure: The Fund is actively managed and aims to outperform the ICE BofA Global High Yield USD Hedged Index* (the "Index"). The portfolio manager may reference the Index as part of the investment management process, and it is also considered as part of the investment risk monitoring process. However, the portfolio manager maintains full discretion to select investments for the Fund in line with the above investment policy.
This document presents the performance of this particular unit class of the Fund from the date of inception of the unit class in its unit class currency, as specified on the front page. Performance since inception date of the Fund, which precedes the inception date of the unit class, is available upon request.
Prior to 31st December 2018, the data performance calculations reflect the month-end market close prices of the Fund's assets. After 1 January 2019, the performance data shown is based upon the Fund's Net Asset Value (NAV) prices of the last Irish business day of the month. For Funds not open for dealing on this day this will be an indicative NAV. As a result, it is possible that the stated performance and the actual investment returns available to investors will differ.
For income unit classes, returns are measured on a total return basis i.e. net investment income plus capital gain or loss from investment.
The performance data shown is net of fees and other charges but excludes any potential entry/exit charges – as such the returns an investor receives may be lower. | en | it |
DOLFIN5884 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Aperçu de la performance - cumulée
## depuis 01.10.2019
## 60%
## 40%
## 20%
## 0%
## -20%
## -40%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé Indice de référence - rendement mensuel Indice de référence - rendement cumulé
Portefeuille net - rendement cumulé Indice de référence - rendement cumulé | # Resumen de rendimiento– acumulado
## desde 01.10.2019
## 60%
## 40%
## 20%
## 0%
## -20%
## -40%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Cartera neta – rendimiento mensual Cartera neta – rendimiento acumulado
Índice de referencia – rendimiento mensual Índice de referencia – rendimiento acumulado
Cartera neta – rendimiento acumulado
Índice de referencia – rendimiento acumulado | # Aperçu de la performance - cumulée
## depuis 01.10.2019
## 60%
## 40%
## 20%
## 0%
## -20%
## -40%
## 04.2020 10.2020 04.2021 10.2021 04.2022
Portefeuille net - rendement mensuel Portefeuille net - rendement cumulé Indice de référence - rendement mensuel Indice de référence - rendement cumulé
Portefeuille net - rendement cumulé Indice de référence - rendement cumulé | fr | es |
DOLFIN5885 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Objective and Investment Policy
The Fund aims to increase the value of your investment over the long term by investing in companies that are positively exposed to sustainable outcome themes through their products and services, and display strong or improving environmental, social and governance (ESG) practices. It looks to outperform the MSCI ACWI Index over rolling 5-year periods, after the deduction of charges, and to ensure that its ESG profile and exposure to sustainable outcome themes exceeds that of the index. The Fund invests a minimum of 90% of its assets in shares of companies worldwide, including shares of companies in emerging markets which may represent a core part of the Fund’s investments. 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 manager focusses on selecting companies delivering or progressing towards the delivery of sustainable outcomes, as outlined in the Fund’s Sustainable Outcomes Investment Guidelines (available at columbiathreadneedle.com). Those companies will offer products and services aligned to the Fund’s sustainable outcome themes and demonstrate strong or improving ESG practices. The fund manager also aims to exclude companies that are unable to satisfy those guidelines. The Fund is actively managed in reference to the MSCI ACWI Index. The index is broadly representative of the companies in which the Fund invests and provides a suitable target index against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider ESG 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. In line with its Sustainable Outcomes Investment Guidelines, the Fund may not invest in some sectors and companies in 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. | ## Obiettivo e politica d'investimento
Il Fondo intende aumentare il valore del Suo investimento nel lungo termine investendo in società che sono positivamente esposte ai temi dei risultati sostenibili attraverso i loro prodotti e servizi e mostrano pratiche ambientali, sociali e di governance (ESG) solide o in continuo miglioramento. Il Fondo si prefigge di sovraperformare l'Indice MSCI ACWI su periodi consecutivi di 5 anni, al netto delle commissioni e di garantire che il suo profilo ESG e la sua esposizione a temi dei risultati sostenibili superino quelli dell'indice. Il Fondo investe almeno il 90% del proprio patrimonio in azioni di società di tutto il mondo, comprese azioni di società dei mercati emergenti che possono rappresentare una parte fondamentale degli investimenti del Fondo. Il Fondo può utilizzare derivati (strumenti d'investimento sofisticati) a fini di copertura e può investire in classi di attività e strumenti diversi da quelli sopra riportati. Il gestore del fondo si concentra sulla selezione di società che forniscano risultati sostenibili o che progrediscano verso la loro realizzazione, come delineato nelle Linee guida per gli investimenti in risultati sostenibili del Fondo (disponibile su columbiathreadneedle.com). Tali società offriranno prodotti e servizi allineati ai temi dei risultati sostenibili del Fondo e dimostreranno pratiche ESG solide o in continuo miglioramento. Il gestore del fondo mira anche ad escludere le società che non sono in grado di soddisfare le suddette Linee guida. Il Fondo è gestito attivamente in riferimento all'Indice MSCI ACWI. L'indice è ampiamente rappresentativo delle società in cui investe il Fondo e fornisce un indice target adeguato rispetto al quale la performance del Fondo verrà misurata e valutata nel tempo. L'indice non è concepito per considerare nello specifico le caratteristiche ESG. Il gestore del fondo ha la facoltà di selezionare in modo discrezionale gli investimenti con coefficienti di ponderazione diversi da quelli inclusi nell'indice e non presenti nell'indice. Inoltre, il Fondo può presentare una divergenza significativa rispetto all'indice. In linea con le sue Linee guida per gli investimenti in risultati sostenibili, il Fondo non potrà investire in alcuni settori e società dell'indice. Il Fondo è classificato come un portafoglio che promuove le caratteristiche ambientali o sociali ai sensi dell’Articolo 8 del Regolamento UE 2019/2088 relativo all'informativa sulla sostenibilità nel settore dei servizi finanziari (SFDR).
Il reddito dagli investimenti nel Fondo verrà aggiunto al valore delle vostre azioni.
Potete acquistare e vendere azioni del Fondo in qualunque giorno che corrisponda ad un giorno lavorativo in Lussemburgo, salvo laddove gli Amministratori abbiano stabilito che è aperto un numero insufficiente di mercati. Per maggiori informazioni sull'obiettivo e la politica d'investimento del Fondo, si rimanda al Prospetto. Per ulteriori informazioni sui termini di investimento utilizzati nel presente documento, si rimanda al Glossario disponibile sul sito www.columbiathreadneedle.com. | ## Objective and Investment Policy
The Fund aims to increase the value of your investment over the long term by investing in companies that are positively exposed to sustainable outcome themes through their products and services, and display strong or improving environmental, social and governance (ESG) practices. It looks to outperform the MSCI ACWI Index over rolling 5-year periods, after the deduction of charges, and to ensure that its ESG profile and exposure to sustainable outcome themes exceeds that of the index. The Fund invests a minimum of 90% of its assets in shares of companies worldwide, including shares of companies in emerging markets which may represent a core part of the Fund’s investments. 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 manager focusses on selecting companies delivering or progressing towards the delivery of sustainable outcomes, as outlined in the Fund’s Sustainable Outcomes Investment Guidelines (available at columbiathreadneedle.com). Those companies will offer products and services aligned to the Fund’s sustainable outcome themes and demonstrate strong or improving ESG practices. The fund manager also aims to exclude companies that are unable to satisfy those guidelines. The Fund is actively managed in reference to the MSCI ACWI Index. The index is broadly representative of the companies in which the Fund invests and provides a suitable target index against which Fund performance will be measured and evaluated over time. The index is not designed to specifically consider ESG 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. In line with its Sustainable Outcomes Investment Guidelines, the Fund may not invest in some sectors and companies in 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. | en | it |
DOLFIN5886 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A protection mechanism intended to avoid performance dilution (“Anti-Dilution Mechanism”) has been put in place on all the SICAV's Sub-Funds, with the exception of the following Sub-Funds, for which the application of such a mechanism is deemed neither appropriate nor practicable:
- Candriam Sustainable Defensive Asset Allocation & Candriam Sustainable Balanced Asset Allocation: this Sub-Fund mainly takes positions in funds (for which the Sub-Fund does not directly incur transaction expenses) and in listed derivatives (the transaction costs of which are not deemed to be material in light of the exposure they provide).
- Candriam Sustainable Money Market Euro : the transactions performed on money markets are usually exempt of explicit taxes and brokerage fees and the daily retrieval of bid and ask prices along with the average prices, required to enable this mechanism to be systematically applied, is not practicable.
- Description of the Anti-Dilution Mechanism and applicable thresholdsThe Anti-Dilution Mechanism put in place within the SICAV is intended to save existing Sub-Funds’ shareholders from having to bear expenses incurred for transactions on portfolio assets performed in the wake of significant subscriptions to or redemptions from the Sub-Fund by investors. | Se ha aplicado un mecanismo de protección cuya finalidad consiste en evitar la dilución de la rentabilidad («Mecanismo Antidilución») en todos los Subfondos de la SICAV, con la excepción de los Subfondos siguientes, en cuyo caso la aplicación de dicho mecanismo no se considera ni adecuada ni viable:
- Candriam Sustainable Defensive Asset Allocation y Candriam Sustainable Balanced Asset Allocation: estos Subfondos principalmente mantienen posiciones en fondos (por las que los Subfondos no incurren en gastos de operaciones) y en derivados cotizados (cuyos costes de operaciones no se consideran sustanciales dada la exposición que ofrecen).
- Candriam Sustainable Money Market Euro: las operaciones realizadas en los mercados monetarios suelen estar exentas de tasas explícitas y de comisiones por intermediación, y no es viable la recuperación diaria de los precios de oferta y demanda junto con los precios medios, necesaria para aplicar sistemáticamente este mecanismo.
- Descripción del Mecanismo Antidilución y de los umbrales aplicablesEl mecanismo antidilución implantado en la SICAV tiene por finalidad evitar que los accionistas existentes de los subfondos tengan que soportar gastos derivados de operaciones con los activos de las carteras llevadas a cabo cuando los inversores de los subfondos solicitan suscripciones o reembolsos por importes elevados. | A protection mechanism intended to avoid performance dilution (“Anti-Dilution Mechanism”) has been put in place on all the SICAV's Sub-Funds, with the exception of the following Sub-Funds, for which the application of such a mechanism is deemed neither appropriate nor practicable:
- Candriam Sustainable Defensive Asset Allocation & Candriam Sustainable Balanced Asset Allocation: this Sub-Fund mainly takes positions in funds (for which the Sub-Fund does not directly incur transaction expenses) and in listed derivatives (the transaction costs of which are not deemed to be material in light of the exposure they provide).
- Candriam Sustainable Money Market Euro : the transactions performed on money markets are usually exempt of explicit taxes and brokerage fees and the daily retrieval of bid and ask prices along with the average prices, required to enable this mechanism to be systematically applied, is not practicable.
- Description of the Anti-Dilution Mechanism and applicable thresholdsThe Anti-Dilution Mechanism put in place within the SICAV is intended to save existing Sub-Funds’ shareholders from having to bear expenses incurred for transactions on portfolio assets performed in the wake of significant subscriptions to or redemptions from the Sub-Fund by investors. | en | es |
DOLFIN5887 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Expectation of fund manager
The risks to economic growth have increased recently due to inflation, rate increases by central banks, concerns over the security of the energy supply in Europe and the pandemic policies in China. These factors will dent economic growth going forward, especially in Europe and China. It will therefore be even more important to focus on solid business fundamentals, pricing power and quality. We remain constructive on the mid to long-term potential of the equity markets and are making use of the current market conditions to further solidify our positions in companies that have very strong long-term business prospects. The pandemic has accelerated changes necessary to build more robust and sustainable economies. It has also made individuals more inclined to adopt a healthier lifestyle. The Healthy Living portfolio of sustainable companies is well positioned to benefit from these changes in the longer run. | # Expectativas del gestor del fondo
Los riesgos para el crecimiento económico se han incrementado recientemente debido a la inflación, a las subidas de tipos por los bancos centrales, a las inquietudes por la seguridad del suministro energético en Europa, y a las políticas contra la pandemia adoptadas en China. Esto factores harán mella en el crecimiento económico futuro, sobre todo en Europa y China. Por consiguiente, será incluso más importante centrarse en sólidos fundamentales comerciales, poder fijador de precios y calidad. Nos mantenemos optimistas sobre el potencial de los mercados de renta variable de medio a largo plazo, y aprovechamos las actuales condiciones del mercado para seguir consolidando nuestras posiciones en compañías con perspectivas de negocio muy sólidas a largo plazo. La pandemia ha acelerado los cambios necesarios para que la economía sea más robusta y sostenible. También ha hecho que las personas tiendan a adoptar un estilo de vida más saludable. La cartera Vida saludable de empresas sostenibles está bien posicionada para beneficiarse de estos cambios a largo plazo. | # Expectation of fund manager
The risks to economic growth have increased recently due to inflation, rate increases by central banks, concerns over the security of the energy supply in Europe and the pandemic policies in China. These factors will dent economic growth going forward, especially in Europe and China. It will therefore be even more important to focus on solid business fundamentals, pricing power and quality. We remain constructive on the mid to long-term potential of the equity markets and are making use of the current market conditions to further solidify our positions in companies that have very strong long-term business prospects. The pandemic has accelerated changes necessary to build more robust and sustainable economies. It has also made individuals more inclined to adopt a healthier lifestyle. The Healthy Living portfolio of sustainable companies is well positioned to benefit from these changes in the longer run. | en | es |
DOLFIN5888 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What happens if TreeTop Asset Management S.A. is unable to pay out?
The Product Manufacturer has no payment obligation to you and you will not suffer a loss as a result of this potential insolvency. The Fund assets are kept safe by a depositary appointed by the Fund and are segregated from any other investments of other clients served by the depositary. However, your investment is not protected by an indemnity or guarantee mechanism. | # ¿Qué pasa si TreeTop Asset Management S.A. no puede pagar?
El productor del producto no tiene ninguna obligación de pago con usted y usted no sufrirá pérdidas como resultado de esta posible insolvencia. Los activos del Fondo se mantienen seguros por un depositario designado por el Fondo y están segregados de cualquier otra inversión de otros clientes atendidos por el depositario. Sin embargo, su inversión no está protegida por un mecanismo de indemnización o garantía. | # What happens if TreeTop Asset Management S.A. is unable to pay out?
The Product Manufacturer has no payment obligation to you and you will not suffer a loss as a result of this potential insolvency. The Fund assets are kept safe by a depositary appointed by the Fund and are segregated from any other investments of other clients served by the depositary. However, your investment is not protected by an indemnity or guarantee mechanism. | en | es |
DOLFIN5889 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The best contributions to annual performance came from Somfy, G4S, Worldline, Bastide and Publicis.
At the start of 2021, CLARTAN - EUROPE has 97% of its assets invested in European equities with 38 positions. The main holdings are Elis, Worldline, BNP Paribas, Atos, Peugeot, Richemont and Danone. The companies held have an average return on their normative equity of 15%, low debt and a discount to their intrinsic value greater than 20%. We believe that the fund has a revaluation potential that is significantly above its historical average.
CLARTAN - PATRIMOINE
The net asset value of CLARTAN - PATRIMOINE (class “C” share) posted a decline of -3.7% in 2020, bringing the historical average annual return to 4.5% since the fund was launched in June 1991.
The contribution to the performance of the fund's bond segment, which is legally required to be at least 70% invested in investment grade bonds denominated in euros, was almost neutral. Given the objective of preserving capital over a two-year horizon, prudence with regard to rates and the need for liquidity led us to maintain a short duration and a balance between sovereign and private issuers.
- Short-maturity French OATs and German Bunds weighed on performance slightly, by -0.2%. On this occasion, as in previous shocks, they stabilised the fund and provided it with greater liquidity.
- Corporate bonds were a little more volatile, with certain sectors such as the automotive industry and banks experiencing a high level of mistrust in the early days of the crisis. As we were confident in the solvency of the issuers selected from our investment universe, we maintained these positions in our portfolio and were able to add some an opportunistic basis. Favourable investor sentiment of this asset class returned, supported by central banks, and this segment made a slightly positive contribution to performance. | Die besten Beiträge zur jährlichen Performance leisteten Somfy, G4S, Worldline, Bastide und Publicis.
Anfang 2021 war der CLARTAN - EUROPE zu 97 % in europäischen Aktien investiert (38 Positionen). Die wichtigsten Beteiligungen sind Elis, Worldline, BNP Paribas, Atos, Peugeot, Richemont und Danone. Die gehaltenen Unternehmen weisen im Durchschnitt eine normative Eigenkapitalrendite von 15 %, eine geringe Verschuldung und eine Abwertung im Vergleich zum Substanzwert von über 20 % auf. Nach unserer Auffassung birgt der Fonds ein deutlich über dem historischen Durchschnitt liegendes Kurssteigerungspotenzial.
CLARTAN - PATRIMOINE
Der Nettoinventarwert des CLARTAN - PATRIMOINE (Anteilsklasse „C“) sank im Jahr 2020 um 3,7 %, dadurch beträgt der historische durchschnittliche Anstieg seit der Auflegung des Fonds im Juni 1991 4,5 % pro Jahr.
Der Beitrag zur Wertentwicklung der Anleihenkomponente des Fonds, der satzungsgemäß verpflichtet ist, zu mindestens 70 % in auf Euro lautende Investment-Grade-Anleihen zu investieren, war nahezu neutral. In Anbetracht des Ziels des Kapitalerhalts über einen Anlagehorizont von zwei Jahren veranlassten uns die Vorsicht in Bezug auf die Zinssätze sowie der Bedarf an liquiden Mitteln, eine kurze Duration und ein Gleichgewicht zwischen staatlichen und privaten Emittenten beizubehalten.
- Französische OATs und kurzlaufende deutsche Bundesanleihen belasteten die Wertentwicklung mit -0,2 % nur geringfügig. In der gegebenen Situation stabilisierten sie, wie auch bei früheren Turbulenzen, den Fonds und gaben ihm große Liquidität.
- Die Unternehmensanleihen waren etwas volatiler, wobei einige Sektoren wie die Automobil- und die Bankenbranche in der Anfangsphase der Krise sehr viel Misstrauen erfuhren. Im Vertrauen auf die Bonität der Emittenten im Portfolio, die wir aus unserem Anlageuniversum ausgewählt haben, behielten wir diese Positionen bei und konnten sie opportunistisch aufstocken. Die Anlageklasse als Ganzes kehrte, mit Unterstützung der Zentralbanken, in die Gunst der Anleger zurück und dieses Segment leistete einen leicht positiven Beitrag zur Wertentwicklung. | The best contributions to annual performance came from Somfy, G4S, Worldline, Bastide and Publicis.
At the start of 2021, CLARTAN - EUROPE has 97% of its assets invested in European equities with 38 positions. The main holdings are Elis, Worldline, BNP Paribas, Atos, Peugeot, Richemont and Danone. The companies held have an average return on their normative equity of 15%, low debt and a discount to their intrinsic value greater than 20%. We believe that the fund has a revaluation potential that is significantly above its historical average.
CLARTAN - PATRIMOINE
The net asset value of CLARTAN - PATRIMOINE (class “C” share) posted a decline of -3.7% in 2020, bringing the historical average annual return to 4.5% since the fund was launched in June 1991.
The contribution to the performance of the fund's bond segment, which is legally required to be at least 70% invested in investment grade bonds denominated in euros, was almost neutral. Given the objective of preserving capital over a two-year horizon, prudence with regard to rates and the need for liquidity led us to maintain a short duration and a balance between sovereign and private issuers.
- Short-maturity French OATs and German Bunds weighed on performance slightly, by -0.2%. On this occasion, as in previous shocks, they stabilised the fund and provided it with greater liquidity.
- Corporate bonds were a little more volatile, with certain sectors such as the automotive industry and banks experiencing a high level of mistrust in the early days of the crisis. As we were confident in the solvency of the issuers selected from our investment universe, we maintained these positions in our portfolio and were able to add some an opportunistic basis. Favourable investor sentiment of this asset class returned, supported by central banks, and this segment made a slightly positive contribution to performance. | en | de |
DOLFIN5890 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Contribution to compliance with SDGs and taxonomy-compliant investments:
The SDGs and climate protection and adaptation to climate change have been taken into account in the investment decisions as environmental objectives of the taxonomy.
By applying the criteria of the "sustainable" approach, the asset manager also invested in economic activities that contribute to meeting these various environmental objectives. The proportion of investments contributing to the SDGs was at least 42% for the Swisscanto (LU) Portfolio Fund Sustainable Balanced (EUR) sub-fund and 47% on average, and it was at least 43% for the Swisscanto (LU) Portfolio Fund Sustainable Balanced and 50% on average. The proportion of investments in both sub-funds that contributed to the taxonomy-compliant environmental objectives was between 0-5%1.
The principle of "avoidance of significant adverse effects" applies only to those investments underlying the respective sub-fund where the investment decisions take into account the SDGs and taxonomy-compliant environmental objectives. The investments underlying the remaining part of the respective sub-fund do not take into account these criteria for ecologically sustainable economic activities.
1Due to missing data, it is not possible to determine the proportion more precisely. | ##### Contribution à la réalisation des ODD et placements conformes au règlement Taxonomie:
Lors des décisions de placement, les ODD ainsi que l’atténuation et l’adaptation au changement climatique ont été pris en compte en tant qu’objectifs environnementaux du règlement Taxonomie.
En appliquant les critères de l’approche durable, le gestionnaire d’actifs a également investi dans des activités économiques qui contribuent à la réalisation de ces différents objectifs environnementaux. La part des placements contribuant aux ODD représentait au moins 42 % et en moyenne 47 % pour le compartiment Swisscanto (LU) Portfolio Fund Sustainable Balanced (EUR), et au moins 43 % et en moyenne 50 % pour le compartiment Swisscanto (LU) Portfolio Fund Sustainable Balanced. Pour ces deux compartiments, la part des placements contribuant aux objectifs environnementaux conformes au règlement Taxonomie était comprise entre 0 et 5 %1.
Le principe consistant à « ne pas causer de préjudice important » ne s’applique qu’aux investissements sous-jacents du compartiment concerné, pour lesquels les décisions de placement tiennent compte des ODD et des objectifs environnementaux conformes au règlement Taxonomie. Les investissements sous-jacents à la partie restante du compartiment concerné ne tiennent pas compte de ces critères concernant les activités économiques durables sur le plan environnemental.
1En raison du manque de données, il n’est pas possible de déterminer plus précisément la proportion. | ##### Contribution to compliance with SDGs and taxonomy-compliant investments:
The SDGs and climate protection and adaptation to climate change have been taken into account in the investment decisions as environmental objectives of the taxonomy.
By applying the criteria of the "sustainable" approach, the asset manager also invested in economic activities that contribute to meeting these various environmental objectives. The proportion of investments contributing to the SDGs was at least 42% for the Swisscanto (LU) Portfolio Fund Sustainable Balanced (EUR) sub-fund and 47% on average, and it was at least 43% for the Swisscanto (LU) Portfolio Fund Sustainable Balanced and 50% on average. The proportion of investments in both sub-funds that contributed to the taxonomy-compliant environmental objectives was between 0-5%1.
The principle of "avoidance of significant adverse effects" applies only to those investments underlying the respective sub-fund where the investment decisions take into account the SDGs and taxonomy-compliant environmental objectives. The investments underlying the remaining part of the respective sub-fund do not take into account these criteria for ecologically sustainable economic activities.
1Due to missing data, it is not possible to determine the proportion more precisely. | en | fr |
DOLFIN5891 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# However, if, in exceptional circumstances, the redemption requires the prior realisation of assets held in the Fund, this period may be extended to a maximum of 30 days.
Except in the case of inheritance or an inter vivos gift, the sale or transfer of shares between shareholders, or from shareholders to a third party, is deemed to be a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount specified in the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, the Fund’s redemption of its shares and the issue of new shares may be suspended on a temporary basis by the management company if exceptional circumstances so require and if the interests of the shareholders so dictate. | # Toutefois, si, en cas de circonstances exceptionnelles, le remboursement nécessite la réalisation préalable d’actifs compris dans le FCP, ce délai peut être prolongé, sans pouvoir excéder 30 jours.
Sauf en cas de succession ou de donation- partage, la cession ou le transfert de parts entre porteurs, ou de porteurs à un tiers, est assimilé à un rachat suivi d’une souscription ; s’il s’agit d’un tiers, le montant de la cession ou du transfert doit, le cas échéant, être complété par le bénéficiaire pour atteindre au minimum celui de la souscription minimale exigée par le prospectus.
En application de l’article L. 214-8-7 du code monétaire et financier, le rachat par le FCP de ses parts, comme l’émission de parts nouvelles, peuvent être suspendus, à titre provisoire, par la société de gestion, quand des circonstances exceptionnelles l’exigent et si l’intérêt des porteurs le commande. | # However, if, in exceptional circumstances, the redemption requires the prior realisation of assets held in the Fund, this period may be extended to a maximum of 30 days.
Except in the case of inheritance or an inter vivos gift, the sale or transfer of shares between shareholders, or from shareholders to a third party, is deemed to be a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount specified in the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, the Fund’s redemption of its shares and the issue of new shares may be suspended on a temporary basis by the management company if exceptional circumstances so require and if the interests of the shareholders so dictate. | en | fr |
DOLFIN5892 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
To the extent that there is an accounting allocation of the assets and liabilities without any legal division between the Classes, any transaction relating to one Class may affect the other Classes of the same Sub-fund.
The above risk of contagion (also known as spill-over) is particularly relevant to Share Classes using a derivative overlays to systematically hedge out currency risk could also cause a disadvantage to investors in other Share Classes of the same Sub-fund. The application of a derivative overlay in a currency risk hedged share class therefore introduces potential counterparty and operational risk for all investors in the Sub-fund to which the Share Class with a derivative overlay belongs to.
- Collateral Management RiskCollateral management risk derives from transactions involving the use of derivative financial instruments traded over-the-counter or from the use of efficient portfolio management techniques. | Dans la mesure où il existe une allocation comptable de l’actif et du passif sans aucune division légale au sein des Classes, toute transaction relative à une Classe peut affecter les autres Classes du même Compartiment.
Ce risque de contagion (également désigné « spill-over ») concerne particulièrement les Classes d’Actions qui ont recours à des stratégies d’instruments dérivés pour systématiquement couvrir le risque de change et pourrait également désavantager les investisseurs d’autres Classes d’Actions du même Compartiment. L’application d’une stratégie d’instruments dérivés à une classe d’actions couverte contre le risque de change introduit par conséquent potentiellement un risque opérationnel et de contrepartie pour l’ensemble des investisseurs du Compartiment auquel la Classe d’Actions assortie d’une stratégie d’instruments dérivés appartient.
- Risque lié à la gestion des garantiesLe risque lié à la gestion des garanties découle de transactions impliquant le recours à des instruments financiers dérivés négociés de gré à gré ou de l’utilisation de techniques de gestion efficace du portefeuille. | To the extent that there is an accounting allocation of the assets and liabilities without any legal division between the Classes, any transaction relating to one Class may affect the other Classes of the same Sub-fund.
The above risk of contagion (also known as spill-over) is particularly relevant to Share Classes using a derivative overlays to systematically hedge out currency risk could also cause a disadvantage to investors in other Share Classes of the same Sub-fund. The application of a derivative overlay in a currency risk hedged share class therefore introduces potential counterparty and operational risk for all investors in the Sub-fund to which the Share Class with a derivative overlay belongs to.
- Collateral Management RiskCollateral management risk derives from transactions involving the use of derivative financial instruments traded over-the-counter or from the use of efficient portfolio management techniques. | en | fr |
DOLFIN5893 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | | |
| Management fees and other administrative or operating costs | 0.66% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 66 EUR |
| Portfolio transaction costs | 0.37% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 38 EUR |
| Incidental costs taken under specific conditions |
| Performance Fee | There is no performance fee for this product. | N/A | | | Costi una tantum di ingresso o di uscita | In caso di uscita dopo 1 Anno |
| --- | --- |
| Costi di ingresso | Non addebitiamo una commissione di ingresso per questo prodotto. | N/A |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma la persona che vende il prodotto può farlo. | N/A |
| Costi correnti | | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,66% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 66 EUR |
| Costi di transazione del portafoglio | 0,37% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | 38 EUR |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance | Per questo prodotto non si applicano le commissioni di performance. | N/A | | | One-off costs upon entry or exit | If you exit after 1 Year |
| --- | --- |
| Entry costs | We do not charge an entry fee for this product. | N/A |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | N/A |
| Ongoing costs | | |
| Management fees and other administrative or operating costs | 0.66% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 66 EUR |
| Portfolio transaction costs | 0.37% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 38 EUR |
| Incidental costs taken under specific conditions |
| Performance Fee | There is no performance fee for this product. | N/A | | en | it |
DOLFIN5894 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Bloomberg MSCI Euro High Yield Sustainable and SRI Index (index). The index aims to reflect the performance of Euro-denominated, high yield, fixed-rate corporate bonds, excluding bonds which do not fulfil specific environmental, social and governance (ESG) criteria. The bonds must have a fixed rate of interest, must be rated less than Ba1/BB+ by major rating agencies and meet certain currency, sector, amount outstanding, credit quality, maturity, coupon, seniority of debt, market of issue, and security type criteria. Bonds rated below BB by MSCI ESG Research are excluded. Issuers with a “red” MSCI ESG Controversies score (less than 1) and issuers that are classified by MSCI in their MSCI ESG Business Involvement Screening Research (BISR) as breaching certain thresholds in controversial activities are also excluded from the index. At least 20% of issuers will be excluded from the original universe using the ESG criteria. Issuers with MSCI ESG Ratings of BBB or higher will be weighted in the index at 100% weight by market value while the weight of | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del índice Bloomberg MSCI Euro High Yield Sustainable and SRI (el “índice”). El objetivo del índice es reproducir la evolución del valor de bonos corporativos a tipo fijo de alta rentabilidad denominados en euros, pero excluyendo aquellos que no cumplan determinados criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés). Los bonos deben ofrecer un tipo fijo de interés y tener una calificación inferior a Ba1/BB+ según las principales agencias, además de cumplir determinados criterios de moneda, sector, saldo vivo, calidad crediticia, vencimiento, cupón, orden de prelación de la deuda, mercado de emisión y tipo de valor. Quedan excluidos los bonos con una calificación de MSCI ESG Research inferior a BB. Los emisores con una puntuación “roja” según MSCI ESG Controversies (inferior a 1) y aquellos que MSCI clasifique en su análisis de implicación empresarial MSCI ESG BISR como incumplidores de determinados umbrales en actividades controvertidas también se excluirán del índice. Al menos el 20% de los emisores quedarán excluidos del universo original con los criterios ESG. Los emisores con calificaciones de BBB o superior según MSCI ESG estarán ponderados en el índice al 100% según | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the Bloomberg MSCI Euro High Yield Sustainable and SRI Index (index). The index aims to reflect the performance of Euro-denominated, high yield, fixed-rate corporate bonds, excluding bonds which do not fulfil specific environmental, social and governance (ESG) criteria. The bonds must have a fixed rate of interest, must be rated less than Ba1/BB+ by major rating agencies and meet certain currency, sector, amount outstanding, credit quality, maturity, coupon, seniority of debt, market of issue, and security type criteria. Bonds rated below BB by MSCI ESG Research are excluded. Issuers with a “red” MSCI ESG Controversies score (less than 1) and issuers that are classified by MSCI in their MSCI ESG Business Involvement Screening Research (BISR) as breaching certain thresholds in controversial activities are also excluded from the index. At least 20% of issuers will be excluded from the original universe using the ESG criteria. Issuers with MSCI ESG Ratings of BBB or higher will be weighted in the index at 100% weight by market value while the weight of | en | es |
DOLFIN5895 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
## Type
Le Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif est d’augmenter à long terme la valeur de votre investissement. À cette fin, le Fonds investit au moins 75 % de ses actifs totaux dans des actions et des titres liés à des actions tels que des warrants (le droit d’acheter un titre, généralement une action, à un prix spécifique dans un délai donné) de sociétés européennes. Le Fonds investira la majorité (plus de 50 %) de ses actifs dans des actions de sociétés dont la capitalisation maximale est inférieure ou égale à la plus haute capitalisation de l’Indice EMIX Smaller European Companies NR (Indice). L’exposition aux actions est en principe bien supérieure au niveau minimum indiqué. Le Fonds est activement géré en fonction de l’Indice EMIX Smaller European Companies NR (Indice). L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 5 ans.
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des actions de sociétés. Les cours de ces dernières tendent à fluctuer davantage que ceux d’autres catégories d’actifs, les investisseurs participant directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | # ¿Qué es este producto?
## Tipo
El Fondo es un subfondo de un organismo de inversión colectiva en valores mobiliarios (OICVM) en virtud de la Directiva 2009/65/CE del Parlamento Europeo y del Consejo. Es una sociedad de inversión con capital variable («société d'investissement à capital variable» o SICAV) con arreglo a la legislación luxemburguesa.
Depositario: State Street Bank (Luxembourg) S.A. Puede obtener información adicional sobre el Fondo, incluidas copias del folleto (disponible en inglés y alemán), de los informes y las cuentas anuales y semestrales (disponibles en inglés), gratuitamente a través del agente administrativo, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxemburgo (Gran Ducado de Luxemburgo).
Correo electrónico: [email protected]. Teléfono: 00352 4640 107460
Los precios más recientes de las acciones, así como otra información práctica, también están disponibles a través del agente administrativo.
## Plazo
No existe una fecha de vencimiento fija. Los inversores pueden mantener su inversión el tiempo que quieran, pero se recomiendan 5 años. El Productor podrá cerrar el fondo con previo aviso.
## Objetivo y política de inversión
El objetivo es lograr un aumento a largo plazo del valor de su inversión. El Fondo pretende conseguir este objetivo invirtiendo al menos el 75 % de su patrimonio total en valores de renta variable y relacionados con la renta variable, como warrants (el derecho a adquirir un valor, normalmente de renta variable, a un precio específico en un plazo determinado) de empresas europeas. El Fondo invertirá la mayor parte (superior al 50 %) de sus activos en valores de renta variable de empresas que tengan una capitalización máxima inferior o igual a la más alta del EMIX Small European Companies NR Index (el «Índice»). La exposición a la renta variable está normalmente muy por encima del nivel mínimo establecido. El Fondo se gestiona de forma activa con referencia al EMIX Smaller European Companies NR Index (el «Índice»). El índice es ampliamente representativo de los valores en los que invierte el Fondo y proporciona un valor de referencia de comparación adecuado, con el que se medirá y evaluará la rentabilidad del Fondo a lo largo del tiempo. El gestor del Fondo está facultado para seleccionar inversiones con ponderaciones diferentes a las del índice y que no estén en el índice, y el Fondo puede mostrar una divergencia significativa con respecto al mismo. No existe un período de mantenimiento mínimo para este Fondo. Sin embargo, puede no ser apropiado para los inversores que tengan previsto retirar su dinero en un plazo inferior a 5 años.
El producto de las inversiones en el Fondo se sumará al valor de sus acciones.
Usted podrá comprar o vender acciones del Fondo cualquier día que sea hábil en Luxemburgo a menos que los consejeros hayan decidido que no hay suficientes mercados abiertos. Puede encontrar más detalles sobre el objetivo y la política de inversión del Fondo en el folleto. Para obtener más información sobre los términos de inversión empleados en el presente documento, consulte el Glosario disponible en columbiathreadneedle.com.
## Inversor minorista al que va dirigido
Este fondo está dirigido a clientes Minoristas y Profesionales, y a Contrapartes aptas que tengan al menos un nivel básico de conocimientos y experiencia en la inversión en fondos. Está diseñado para inversores que buscan un crecimiento del capital y puedan invertir su dinero durante al menos 5 años. Su capital no está garantizado, lo que significa que los inversores podrían perder hasta el 100 % de la cantidad invertida. El Fondo invierte en acciones de empresas cuyos precios tienden a fluctuar más que los de otras clases de activos, ya que los inversores participan directamente en empresas subyacentes y en sus pérdidas y beneficios.
PÁGINA 1 DE 3 | # En quoi consiste ce produit?
## Type
Le Fonds est un compartiment d’un organisme de placement collectif en valeurs mobilières (« OPCVM ») au titre de la directive européenne 2009/65/CE. Une société d’investissement à capital variable (« SICAV ») de droit luxembourgeois.
Dépositaire : State Street Bank (Luxembourg) S.A. De plus amples informations concernant le Fonds, notamment des exemplaires du prospectus (disponible en anglais et en allemand), des rapports et des comptes annuels et semestriels (disponibles en anglais), peuvent être obtenues gratuitement auprès de l’agent administratif, State Street Bank (Luxembourg) S.A., 49 Avenue John F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg.
E-mail : [email protected]. Téléphone : 00352 4640 107460
L’agent administratif tient également à disposition les derniers cours des actions, ainsi que d’autres informations pratiques.
## Durée
Il n’y a pas d’échéance fixe. Un investisseur peut conserver son investissement le temps qu’il le souhaite, mais une durée de 5 ans est recommandée. L’Initiateur peut clôturer le Fonds avec un préavis.
## Objectif et politique d’investissement
L’objectif est d’augmenter à long terme la valeur de votre investissement. À cette fin, le Fonds investit au moins 75 % de ses actifs totaux dans des actions et des titres liés à des actions tels que des warrants (le droit d’acheter un titre, généralement une action, à un prix spécifique dans un délai donné) de sociétés européennes. Le Fonds investira la majorité (plus de 50 %) de ses actifs dans des actions de sociétés dont la capitalisation maximale est inférieure ou égale à la plus haute capitalisation de l’Indice EMIX Smaller European Companies NR (Indice). L’exposition aux actions est en principe bien supérieure au niveau minimum indiqué. Le Fonds est activement géré en fonction de l’Indice EMIX Smaller European Companies NR (Indice). L’indice est globalement représentatif des titres dans lesquels le Fonds investit et constitue un indice de référence approprié pour la comparaison, en fonction duquel la performance du Fonds sera calculée et évaluée dans la durée. Le gestionnaire de fonds a le pouvoir de choisir des investissements avec des pondérations différentes de celles de l’indice et des investissements qui ne sont pas dans l’indice, et le Fonds peut différer sensiblement de l’indice. Il n’y a pas de période de détention minimale pour ce Fonds. Toutefois, il peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant 5 ans.
Les revenus provenant des investissements réalisés par le Fonds seront réintégrés dans la valeur des parts.
Vous pouvez acheter et vendre des parts du Fonds n’importe quel jour ouvrable au Luxembourg à moins que les Administrateurs n’aient décidé qu’il y ait un nombre insuffisant de marchés ouverts. Vous pouvez obtenir de plus amples informations sur l’objectif et la politique d’investissement du Fonds dans le prospectus. Pour plus d’informations sur les termes liés aux investissements utilisés dans ce document, veuillez consulter le Glossaire disponible à l’adresse columbiathreadneedle.com.
## Investisseurs de détail visés
Ce Fonds s’adresse aux Clients de détail, aux Professionnels et aux Contreparties éligibles ayant un niveau minimum de connaissances et d’expérience en matière d’investissement dans des fonds. Il est destiné aux investisseurs à la recherche d’une croissance du capital et pouvant placer leur argent pendant au moins 5 ans. Le capital des investisseurs n’est pas garanti : ils sont susceptibles de perdre jusqu’à 100 % du montant investi. Le Fonds investit dans des actions de sociétés. Les cours de ces dernières tendent à fluctuer davantage que ceux d’autres catégories d’actifs, les investisseurs participant directement aux sociétés sous-jacentes et, partant, à leurs bénéfices comme à leurs pertes.
PAGE 1 SUR 3 | fr | es |
DOLFIN5896 | 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). It is a sub-fund of BNP PARIBAS FLEXI I, 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 actively managed without reference to an index. The Fund seeks to increase the value of its assets over the medium term by using asset allocation strategies across all types of asset classes, such as shares, debt securities, derivatives, money market instruments and cash. The allocation between the different asset classes listed above is fixed over the medium period. For each allocation, a maximum leverage is defined in order to protect the shareholder from an extreme drawdown.
This shall result in a diversified portfolio and the Fund may only use long positions, but can create leverage through derivatives while seeking to maintain the VaR of the portfolio close to 17.5%.
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 6 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 FLEXI I. 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.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
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). Il est constitué sous la forme d’un compartiment de BNP PARIBAS FLEXI I, 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 activement géré sans référence à un indice. Le Fonds cherche à augmenter la valeur de ses actifs à moyen terme en utilisant des stratégies d’allocation d’actifs pour tous les types de classes d’actifs, telles que les actions, les titres de créance, les instruments dérivés, les instruments du marché monétaire et les liquidités. L’allocation entre les différentes classes d’actifs mentionnées ci-dessus est fixée à moyen terme. Pour chaque allocation, un effet de levier maximal est défini afin de protéger l’actionnaire de fortes pertes.
Il en résulte un portefeuille diversifié, et le Fonds ne peut utiliser que des positions longues, mais peut créer un effet de levier par le biais d’instruments dérivés tout en cherchant à maintenir la VaR du portefeuille autour de 17,5 %.
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 6 années.
## Informations pratiques
Dépositaire : BNP PARIBAS, Luxembourg Branch
Ce document d’informations clés décrit un compartiment de la SICAV BNP PARIBAS FLEXI I. 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.
L'investisseur peut échanger des actions qu'il détient dans un compartiment contre les actions d'un autre compartiment selon les modalités prévues dans le prospectus.
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). It is a sub-fund of BNP PARIBAS FLEXI I, 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 actively managed without reference to an index. The Fund seeks to increase the value of its assets over the medium term by using asset allocation strategies across all types of asset classes, such as shares, debt securities, derivatives, money market instruments and cash. The allocation between the different asset classes listed above is fixed over the medium period. For each allocation, a maximum leverage is defined in order to protect the shareholder from an extreme drawdown.
This shall result in a diversified portfolio and the Fund may only use long positions, but can create leverage through derivatives while seeking to maintain the VaR of the portfolio close to 17.5%.
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 6 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 FLEXI I. 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.
Investors may switch between sub-funds of the SICAV. Please see the prospectus or contact your financial adviser for details.
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 |
DOLFIN5897 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Japan | 34.19 % |
| --- | --- |
| Taiwan | 14.10 % |
| Hong Kong | 10.85 % |
| India | 8.73 % |
| South Korea | 7.37 % |
| Cayman Islands | 4.66 % |
| China | 4.09 % |
| United States of America | 3.97 % |
| Bermuda | 3.77 % |
| Indonesia | 1.82 % |
| Luxembourg | 1.59 % |
| Singapore | 0.81 % |
| Total | 95.95 % |
| Assets | |
| --- | --- |
| Securities portfolio at market value | 52,226,354.94 |
| Cash at banks | 1,387,368.20 |
| Liquid assets at brokers | 4,722.90 |
| Income receivable on portfolio | 31,990.77 |
| Unrealised gain on forward foreign exchange contracts | 44,602.35 |
| Prepaid expenses | 2,419.77 |
| Total assets | 53,697,458.93 |
| Liabilities | |
| Bank interest payable | 1.00 |
| Expenses payable | 86,795.26 |
| Total liabilities | 86,796.26 |
| Net assets at the end of the period | 53,610,662.67 |
Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| B | 20,478.998 | EUR | 358.21 | 7,335,712.59 |
| B USD | 2,843.193 | USD | 489.80 | 1,331,362.51 |
| BI | 108,006.360 | EUR | 385.60 | 41,647,468.80 |
| BI USD | 6,714.852 | USD | 513.45 | 3,296,118.77 |
| | | | | 53,610,662.67 |
| Income | |
| --- | --- |
| Dividends, net | 988,798.98 |
| Bank interest | 2,165.51 |
| Other income | 3,653.62 |
| Total income | 994,618.11 |
| Expenses | |
| Management fees | 451,549.48 |
| Depositary fees | 12,252.37 |
| Banking charges and other fees | 17,381.99 |
| Transaction fees | 84,975.53 |
| Central administration costs | 56,220.88 |
| Professional fees | 4,271.59 |
| Other administration costs | 28,714.27 |
| Subscription duty ("taxe d'abonnement") | 4,916.71 |
| Bank interest paid | 11,106.67 |
| Other expenses | 8,575.07 |
| Total expenses | 679,964.56 |
| Net investment income | 314,653.55 |
| Net realised gain/(loss) | |
| - on securities portfolio | 1,374,979.14 |
| - on futures contracts | -161,112.50 |
| - on forward foreign exchange contracts | 379,671.44 |
| - on foreign exchange | -31,927.92 |
| Realised result | 1,876,263.71 |
| Net variation of the unrealised gain/(loss) | |
| - on securities portfolio | -9,857,542.78 |
| - on futures contracts | -57,590.00 |
| - on forward foreign exchange contracts | 74,666.20 |
| Result of operations | -7,964,202.87 |
| Subscriptions | 2,448,584.12 |
| Redemptions | -8,400,070.59 |
| Total changes in net assets | -13,915,689.34 |
| Total net assets at the beginning of the period | 67,526,352.01 |
| Total net assets at the end of the period | 53,610,662.67 |
| Total net assets | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| | EUR | 51,907,814.16 | 67,526,352.01 | 53,610,662.67 |
| Net asset value per share class | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| B | EUR | 342.47 | 414.71 | 358.21 |
| B USD | USD | 460.11 | 562.17 | 489.80 |
| BI | EUR | 365.70 | 445.24 | 385.60 |
| BI USD | USD | 478.44 | 587.74 | 513.45 |
| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| B | 23,871.020 | 37.846 | -3,429.868 | 20,478.998 |
| B USD | 3,090.741 | 356.411 | -603.959 | 2,843.193 |
| BI | 118,178.567 | 5,106.353 | -15,278.560 | 108,006.360 |
| BI USD | 6,732.376 | 17.476 | -35.000 | 6,714.852 |
| TER per share class as at 30.06.2022 | (in %) |
| --- | --- |
| B | 2.31 |
| B USD | 2.32 |
| BI | 1.78 |
| BI USD | 1.78 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares | | | | | |
| AUD | 80,000 | Paladin Energy Ltd Reg | 43,144.17 | 30,497.13 | 0.06 |
| AUD | 6,908 | Woodside Energy Group Ltd | 0.00 | 144,566.08 | 0.27 |
| | | | 43,144.17 | 175,063.21 | 0.33 |
| CAD | 54,800 | Ivanhoe Mines Ltd A | 414,959.38 | 300,914.91 | 0.56 |
| CAD | 16,300 | MEG Energy Corp | 95,095.77 | 215,248.55 | 0.40 |
| CAD | 31,300 | NexGen Energy Ltd Reg | 101,272.47 | 107,159.64 | 0.20 |
| | | | 611,327.62 | 623,323.10 | 1.16 |
| CHF | 6,600 | ABB Ltd Reg | 197,699.11 | 167,917.08 | 0.31 |
| CHF | 11,970 | Alcon Inc Reg | 718,184.57 | 797,594.74 | 1.49 |
| CHF | 7,700 | Holcim Ltd Reg | 307,349.59 | 314,322.40 | 0.59 |
| CHF | 4,575 | Nestlé SA Reg | 423,149.64 | 509,477.19 | 0.95 |
| CHF | 5,576 | Roche Holding Ltd Pref | 1,842,756.73 | 1,774,977.76 | 3.31 |
| CHF | 400 | Sika Ltd | 82,161.93 | 87,937.72 | 0.16 |
| CHF | 1,000 | Straumann Holding AG | 29,009.02 | 114,568.86 | 0.21 |
| CHF | 1,930 | Swatch Group AG | 549,225.91 | 436,835.63 | 0.81 |
| CHF | 890 | Tecan Group AG | 243,204.99 | 246,533.41 | 0.46 |
| CHF | 23,000 | UBS Group Inc | 383,449.26 | 353,719.50 | 0.66 |
| CHF | 740 | Zurich Insurance Group AG Reg | 201,171.26 | 307,030.56 | 0.57 |
| | | | 4,977,362.01 | 5,110,914.85 | 9.52 |
| DKK | 193 | AP Moeller Maersk AS B | 284,915.37 | 429,584.46 | 0.80 |
| DKK | 8,860 | Novo Nordisk AS B | 570,882.61 | 937,736.61 | 1.75 |
| DKK | 18,557 | The Drilling Co of 1972 A/S Reg | 485,450.46 | 730,035.80 | 1.36 |
| | | | 1,341,248.44 | 2,097,356.87 | 3.91 |
| EUR | 236 | Adyen BV | 378,425.85 | 327,568.00 | 0.61 |
| EUR | 8,700 | Ageas NV | 367,165.62 | 365,226.00 | 0.68 |
| EUR | 3,157 | Air Liquide SA | 412,828.87 | 404,474.84 | 0.75 |
| EUR | 1,880 | Allianz SE Reg | 360,493.78 | 342,385.60 | 0.64 |
| EUR | 2,700 | Amplifon SpA Post Frazionamento | 52,688.09 | 78,975.00 | 0.15 |
| EUR | 5,200 | Anheuser-Busch InBev SA | 265,596.80 | 267,072.00 | 0.50 |
| EUR | 5,220 | Bayer AG Reg | 292,387.68 | 296,078.40 | 0.55 |
| EUR | 18,894 | BNP Paribas SA A | 583,720.70 | 857,126.31 | 1.60 |
| EUR | 1,430 | CapGemini SE | 151,194.09 | 233,733.50 | 0.44 |
| EUR | 52,405 | Carrefour SA | 946,726.08 | 884,858.43 | 1.65 |
| EUR | 137,409 | Commerzbank AG | 1,184,917.92 | 918,716.57 | 1.71 |
| EUR | 5,000 | CRH Plc | 164,741.50 | 165,000.00 | 0.31 |
| EUR | 12,123 | Danone | 688,221.03 | 645,670.98 | 1.20 |
| EUR | 9,400 | Dassault Systemes SA | 297,274.70 | 330,081.00 | 0.62 |
| EUR | 98,454 | Deutsche Bank AG Reg | 738,937.60 | 818,940.37 | 1.53 |
| EUR | 2,105 | Deutsche Boerse AG Reg | 301,078.32 | 335,958.00 | 0.63 |
| EUR | 2,367 | DiaSorin SpA | 292,427.54 | 296,348.40 | 0.55 |
| EUR | 10,325 | EDP Renovaveis SA | 224,672.00 | 232,519.00 | 0.43 |
| EUR | 44,165 | ENAV SpA | 156,344.10 | 176,041.69 | 0.33 |
| EUR | 5,506 | EssilorLuxottica SA | 564,451.23 | 786,807.40 | 1.47 |
| EUR | 10,419 | Fagron SA | 158,907.52 | 160,869.36 | 0.30 |
| EUR | 35,405 | FinecoBank SPA | 423,518.77 | 404,325.10 | 0.75 |
| EUR | 6,300 | Friedrich Vorwerk Group SE | 214,597.51 | 161,910.00 | 0.30 |
| EUR | 3,300 | GEA Group AG | 100,161.93 | 108,537.00 | 0.20 |
| EUR | 6,700 | Infineon Technologies AG Reg | 181,951.31 | 154,703.00 | 0.29 |
| EUR | 351,045 | Intesa Sanpaolo SpA | 604,054.51 | 624,860.10 | 1.17 |
| EUR | 6,430 | K+S Aktiengesellschaft Reg | 78,882.79 | 149,111.70 | 0.28 |
| EUR | 1,348 | Kering Reg | 513,158.83 | 660,654.80 | 1.23 |
| EUR | 1,300 | Kingspan Group | 57,694.00 | 74,620.00 | 0.14 |
| EUR | 1,005 | L'Oréal SA | 359,745.85 | 330,946.50 | 0.62 |
| EUR | 9,814 | Legrand Holding SA | 344,562.85 | 691,494.44 | 1.29 |
| EUR | 1,490 | Linde PLC Reg | 362,942.40 | 408,185.50 | 0.76 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 330 | LVMH Moët Hennessy L Vuit SE | 219,085.64 | 191,961.00 | 0.36 |
| --- | --- | --- | --- | --- | --- |
| EUR | 44,400 | Metso Outotec Oyj | 305,483.45 | 317,460.00 | 0.59 |
| EUR | 3,112 | Nemetschek SE | 180,835.81 | 179,749.12 | 0.34 |
| EUR | 7,800 | NN Group NV | 360,706.94 | 338,052.00 | 0.63 |
| EUR | 8,200 | Oci NV Reg | 216,260.72 | 258,136.00 | 0.48 |
| EUR | 1,950 | Pernod-Ricard SA | 306,756.66 | 341,835.00 | 0.64 |
| EUR | 5,200 | PSI Software AG | 206,157.34 | 148,460.00 | 0.28 |
| EUR | 7,740 | Qiagen NV Reg | 315,250.20 | 345,978.00 | 0.65 |
| EUR | 1,840 | Rheinmetall AG | 310,484.76 | 405,352.00 | 0.76 |
| EUR | 12,960 | RWE AG A | 393,656.86 | 454,636.80 | 0.85 |
| EUR | 3,756 | Sanofi SA | 331,342.73 | 361,853.04 | 0.67 |
| EUR | 6,387 | SAP SE | 434,961.94 | 555,221.91 | 1.04 |
| EUR | 6,150 | Schoeller Bleckmann Oil Equip | 250,830.27 | 330,255.00 | 0.62 |
| EUR | 11,000 | Siemens Energy AG | 258,909.91 | 153,835.00 | 0.29 |
| EUR | 5,939 | Soitec | 436,933.16 | 804,734.50 | 1.50 |
| EUR | 6,400 | STMicroelectronics NV | 174,571.92 | 192,000.00 | 0.36 |
| EUR | 5,100 | Thales SA | 609,294.24 | 596,955.00 | 1.11 |
| EUR | 22,894 | Totalenergies SE | 886,864.60 | 1,153,170.78 | 2.15 |
| EUR | 54,292 | Universal Music Group NV | 1,257,897.44 | 1,038,823.13 | 1.94 |
| EUR | 1,500 | Verbund AG A | 100,549.80 | 140,025.00 | 0.26 |
| EUR | 4,276 | Volkswagen AG Pref | 637,801.46 | 544,847.92 | 1.02 |
| | | | 20,019,107.62 | 21,547,140.19 | 40.22 |
| GBP | 559,000 | Advanced Oncotherapy Plc | 219,462.45 | 146,054.11 | 0.27 |
| GBP | 9,000 | Anglo American Plc | 337,619.22 | 306,948.79 | 0.57 |
| GBP | 257,095 | Anglo Pacific Group Plc Reg | 438,367.68 | 432,296.44 | 0.81 |
| GBP | 44,601 | Antofagasta Plc | 965,856.79 | 598,199.51 | 1.12 |
| GBP | 6,730 | AstraZeneca Plc | 580,014.77 | 844,030.79 | 1.57 |
| GBP | 92,850 | Atalaya Mining Plc Reg | 462,125.41 | 347,721.14 | 0.65 |
| GBP | 10,600 | Aveva Group Plc Reg | 414,137.28 | 277,077.23 | 0.52 |
| GBP | 75,500 | BAE Syst Plc | 674,067.16 | 727,862.17 | 1.36 |
| GBP | 120,000 | Bango PLC | 305,468.45 | 236,891.59 | 0.44 |
| GBP | 38,230 | BHP Group Ltd | 1,005,006.06 | 1,019,728.98 | 1.90 |
| GBP | 386,752 | BP Plc | 1,701,717.42 | 1,743,891.37 | 3.26 |
| GBP | 285,000 | Capital Ltd Reg | 196,319.26 | 277,999.24 | 0.52 |
| GBP | 88,000 | Chemring Group Plc | 356,642.88 | 321,893.86 | 0.60 |
| GBP | 40,216 | Compass Group Plc Reg | 619,740.60 | 784,562.64 | 1.46 |
| GBP | 4,770 | CRH Plc | 172,216.75 | 156,423.70 | 0.29 |
| GBP | 14,630 | Diageo Plc | 521,117.18 | 599,791.09 | 1.12 |
| GBP | 19,000 | Ergomed Plc | 315,081.21 | 221,516.86 | 0.41 |
| GBP | 42,502 | GSK Plc | 706,018.56 | 871,407.22 | 1.63 |
| GBP | 96,000 | Hunting Plc | 307,685.91 | 240,793.33 | 0.45 |
| GBP | 7,148 | InterContinental Hotels Gr Plc Reg | 405,406.73 | 361,071.55 | 0.67 |
| GBP | 1,150,000 | Jubilee Metals Group PLC | 214,484.07 | 189,629.39 | 0.35 |
| GBP | 1,515,862 | Lloyds Banking Group Plc | 902,882.06 | 744,769.97 | 1.39 |
| GBP | 4,270 | London Stock Exchange Gr Plc | 386,032.52 | 378,430.13 | 0.71 |
| GBP | 60,000 | Qinetiq Group Plc | 247,021.00 | 256,121.61 | 0.48 |
| GBP | 154,262 | Rentokil Initial Plc | 978,740.54 | 850,170.75 | 1.59 |
| GBP | 21,200 | Weir Group Plc | 436,507.37 | 335,545.32 | 0.63 |
| GBP | 148,000 | Yellow Cake PLC Reg | 548,386.24 | 558,553.20 | 1.04 |
| | | | 14,418,125.57 | 13,829,381.98 | 25.81 |
| NOK | 9,400 | Aker BP ASA | 213,411.16 | 311,213.37 | 0.58 |
| NOK | 22,000 | Aker Carbon Capture ASA Reg | 35,305.37 | 35,322.09 | 0.07 |
| NOK | 40,121 | Golden Ocean Group Ltd | 196,092.99 | 444,584.74 | 0.83 |
| NOK | 70,000 | Play Magnus AS | 132,137.34 | 60,970.23 | 0.11 |
| | | | 576,946.86 | 852,090.43 | 1.59 |
| SEK | 21,473 | Epiroc AB A | 292,491.73 | 316,555.06 | 0.59 |
| SEK | 7,815 | Holmen AB Reg B | 320,744.85 | 302,628.15 | 0.56 |
| SEK | 20,400 | Sandvik AB | 351,599.31 | 315,778.49 | 0.59 |
| SEK | 31,500 | Svenska Cellulosa SCA AB B | 401,385.08 | 449,232.13 | 0.84 |
| | | | 1,366,220.97 | 1,384,193.83 | 2.58 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| USD | 12,155 | Atomera Inc | 174,598.02 | | 108,999.90 | | 0.20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 968 | Autodesk Inc | 179,604.30 | | 159,136.98 | | 0.30 |
| USD | 6,100 | Baker Hughes Co Reg A | 160,793.58 | | 168,420.65 | | 0.31 |
| USD | 183 | Booking Holdings Inc Reg | 335,127.97 | | 305,989.65 | | 0.57 |
| USD | 23,800 | Cameco Corp | 457,432.62 | | 478,275.33 | | 0.89 |
| USD | 3,910 | Cognex Corp | 235,902.68 | | 158,941.87 | | 0.30 |
| USD | 3,900 | Devon Energy Corp Reg | 98,326.81 | | 205,477.06 | | 0.38 |
| USD | 12,300 | Energy Fuels Inc Reg | 37,019.03 | | 57,737.09 | | 0.11 |
| USD | 41,312 | Ermenegildo Zegna NV | 343,475.10 | | 416,674.57 | | 0.78 |
| USD | 2,346 | Expedia Group Inc | 385,723.97 | | 212,687.55 | | 0.40 |
| USD | 3,856 | Johnson & Johnson | 620,048.75 | | 654,377.21 | | 1.22 |
| USD | 18,200 | Liberty Energy Inc | 241,883.35 | | 222,019.12 | | 0.41 |
| USD | 7,413 | Livent Corp Reg | 135,401.62 | | 160,803.99 | | 0.30 |
| USD | 4,600 | MP Materials Corp A Reg | 134,056.53 | | 141,078.39 | | 0.26 |
| USD | 2,700 | Nabors Industries Ltd | 345,316.56 | | 345,630.98 | | 0.64 |
| USD | 9,400 | Natl Atomic Co Kazatomprom JSC spons GDR repr 1 Share | 215,523.85 | | 233,112.81 | | 0.43 |
| USD | 18,600 | Nextier Oilfield Solutions Inc | 123,678.61 | | 169,107.07 | | 0.32 |
| USD | 4,100 | Occidental Petroleum Corp | 108,764.71 | | 230,791.59 | | 0.43 |
| USD | 8,000 | Patterson UTI Energy Inc | 70,738.49 | | 120,535.37 | | 0.22 |
| USD | 59,700 | Ur-Energy Inc Reg | 47,333.37 | | 58,786.81 | | 0.11 |
| | | | 4,450,749.92 | | 4,608,583.99 | | 8.58 |
| Total shares | | | 47,804,233.18 | | 50,228,048.45 | | 93.70 |
| Closed-ended investment funds |
| CAD | 26,000 | Sprott Physical Uranium Trust Dist | 200,437.54 | | 267,235.87 | | 0.50 |
| GBP | 180,000 | Gresham House Energy Storage Fd Plc Dist | 252,023.11 | | 328,164.52 | | 0.61 |
| Total closed-ended investment funds | 452,460.65 | | 595,400.39 | | 1.11 |
| Other transferable securities |
| Shares | | | | | | | |
| GBP | 49,000 | RFC 2012 Plc | 43,761.66 | | 0.00 | | 0.00 |
| Total shares | | | 43,761.66 | | 0.00 | | 0.00 |
| Open-ended investment funds |
| Tracker funds (UCITS) |
| USD | 27,016 | VanEck UCITS ETFs Plc Gold Miners A USD Cap | 915,538.44 | | 773,546.08 | | 1.44 |
| USD | 23,465 | VanEck UCITS ETFs Plc Junior Gold Miners A Cap | 831,995.50 | | 629,360.02 | | 1.17 |
| Total tracker funds (UCITS) | 1,747,533.94 | | 1,402,906.10 | | 2.61 |
| Total investments in securities | 50,047,989.43 | | 52,226,354.94 | | 97.42 |
| Cash at banks | | | 1,387,368.20 | | 2.59 |
| Other net assets/(liabilities) | | | -3,060.47 | | -0.01 |
| Total | | | 53,610,662.67 | | 100.00 | | # Ripartizione geografica
(in base al domicilio dell'emittente) (in percentuale del patrimonio netto)
| Giappone | 34,19 % |
| --- | --- |
| Taiwan | 14,10 % |
| Hong Kong | 10,85 % |
| India | 8,73 % |
| Corea del Sud | 7,37 % |
| Isole Cayman | 4,66 % |
| Cina | 4,09 % |
| Stati Uniti d'America | 3,97 % |
| Isole Bermuda | 3,77 % |
| Indonesia | 1,82 % |
| Lussemburgo | 1,59 % |
| Singapore | 0,81 % |
| Totale | 95,95 % |
| Attività | |
| --- | --- |
| Portafoglio titoli al valore di mercato | 52.226.354,94 |
| Depositi bancari | 1.387.368,20 |
| Liquidità a vista presso intermediari | 4.722,90 |
| Crediti da proventi sul portafoglio titoli | 31.990,77 |
| Plusvalenza non realizzata su contratti a termine in divise | 44.602,35 |
| Risconti attivi | 2.419,77 |
| Totale attività | 53.697.458,93 |
| Passività | |
| Passività da interessi su scoperti bancari | 1,00 |
| Spese da pagare | 86.795,26 |
| Totale passività | 86.796,26 |
| Patrimonio netto a fine periodo | 53.610.662,67 |
Ripartizione del patrimonio netto per azione di Classe
| Azione di Classe | Numero di azioni di Classe | Divisa azione | VPN per azione in divisa di azione di Classe | Patrimonio netto per azione di Classe (in EUR) |
| --- | --- | --- | --- | --- |
| B | 20.478,998 | EUR | 358,21 | 7.335.712,59 |
| B USD | 2.843,193 | USD | 489,80 | 1.331.362,51 |
| BI | 108.006,360 | EUR | 385,60 | 41.647.468,80 |
| BI USD | 6.714,852 | USD | 513,45 | 3.296.118,77 |
| | | | | 53.610.662,67 |
| Proventi | |
| --- | --- |
| Proventi netti da dividendi | 988.798,98 |
| Interessi bancari | 2.165,51 |
| Altri proventi | 3.653,62 |
| Proventi complessivi | 994.618,11 |
| Oneri | |
| Commissioni di gestione | 451.549,48 |
| Commissioni del depositario | 12.252,37 |
| Spese bancarie e altre commissioni | 17.381,99 |
| Commissioni su transazioni | 84.975,53 |
| Spese di amministrazione centrale | 56.220,88 |
| Onorari professionali | 4.271,59 |
| Altre spese di amministrazione | 28.714,27 |
| Tassa di sottoscrizione ("taxe d'abonnement") | 4.916,71 |
| Interessi bancari pagati | 11.106,67 |
| Altri oneri | 8.575,07 |
| Oneri complessivi | 679.964,56 |
| Profitti netti da investimenti | 314.653,55 |
| Utile/(perdita) netto(a) realizzato(a) | |
| - sul portafoglio titoli | 1.374.979,14 |
| - su contratti a termine | -161.112,50 |
| - su contratti a termine in divise | 379.671,44 |
| - su operazioni in divise | -31.927,92 |
| Risultato realizzato | 1.876.263,71 |
| Variazione netta dell'utile/(perdita) non realizzato(a) | |
| - sul portafoglio titoli | -9.857.542,78 |
| - su contratti a termine | -57.590,00 |
| - su contratti a termine in divise | 74.666,20 |
| Risultato delle operazioni | -7.964.202,87 |
| Sottoscrizioni | 2.448.584,12 |
| Rimborsi | -8.400.070,59 |
| Variazione totale del patrimonio netto | -13.915.689,34 |
| Patrimonio netto a inizio periodo | 67.526.352,01 |
| Patrimonio netto a fine periodo | 53.610.662,67 |
| Totale patrimonio netto | Divisa | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| | EUR | 51.907.814,16 | 67.526.352,01 | 53.610.662,67 |
| Valore patrimoniale netto della classe di azioni | Divisa | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| B | EUR | 342,47 | 414,71 | 358,21 |
| B USD | USD | 460,11 | 562,17 | 489,80 |
| BI | EUR | 365,70 | 445,24 | 385,60 |
| BI USD | USD | 478,44 | 587,74 | 513,45 |
| Numero di azioni | in circolazione a inizio periodo | emesse | rimborsate | in circolazione a fine periodo |
| --- | --- | --- | --- | --- |
| B | 23.871,020 | 37,846 | -3.429,868 | 20.478,998 |
| B USD | 3.090,741 | 356,411 | -603,959 | 2.843,193 |
| BI | 118.178,567 | 5.106,353 | -15.278,560 | 108.006,360 |
| BI USD | 6.732,376 | 17,476 | -35,000 | 6.714,852 |
| TER per classe di azioni al 30.06.2022 | (in %) |
| --- | --- |
| B | 2,31 |
| B USD | 2,32 |
| BI | 1,78 |
| BI USD | 1,78 |
| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |
| Portafoglio titoli |
| Valori mobiliari ammessi alla quotazione ufficiale di borsa |
| Azioni | | | | | |
| AUD | 80.000 | Paladin Energy Ltd Reg | 43.144,17 | 30.497,13 | 0,06 |
| AUD | 6.908 | Woodside Energy Group Ltd | 0,00 | 144.566,08 | 0,27 |
| | | | 43.144,17 | 175.063,21 | 0,33 |
| CAD | 54.800 | Ivanhoe Mines Ltd A | 414.959,38 | 300.914,91 | 0,56 |
| CAD | 16.300 | MEG Energy Corp | 95.095,77 | 215.248,55 | 0,40 |
| CAD | 31.300 | NexGen Energy Ltd Reg | 101.272,47 | 107.159,64 | 0,20 |
| | | | 611.327,62 | 623.323,10 | 1,16 |
| CHF | 6.600 | ABB Ltd Reg | 197.699,11 | 167.917,08 | 0,31 |
| CHF | 11.970 | Alcon Inc Reg | 718.184,57 | 797.594,74 | 1,49 |
| CHF | 7.700 | Holcim Ltd Reg | 307.349,59 | 314.322,40 | 0,59 |
| CHF | 4.575 | Nestlé SA Reg | 423.149,64 | 509.477,19 | 0,95 |
| CHF | 5.576 | Roche Holding Ltd Pref | 1.842.756,73 | 1.774.977,76 | 3,31 |
| CHF | 400 | Sika Ltd | 82.161,93 | 87.937,72 | 0,16 |
| CHF | 1.000 | Straumann Holding AG | 29.009,02 | 114.568,86 | 0,21 |
| CHF | 1.930 | Swatch Group AG | 549.225,91 | 436.835,63 | 0,81 |
| CHF | 890 | Tecan Group AG | 243.204,99 | 246.533,41 | 0,46 |
| CHF | 23.000 | UBS Group Inc | 383.449,26 | 353.719,50 | 0,66 |
| CHF | 740 | Zurich Insurance Group AG Reg | 201.171,26 | 307.030,56 | 0,57 |
| | | | 4.977.362,01 | 5.110.914,85 | 9,52 |
| DKK | 193 | AP Moeller Maersk AS B | 284.915,37 | 429.584,46 | 0,80 |
| DKK | 8.860 | Novo Nordisk AS B | 570.882,61 | 937.736,61 | 1,75 |
| DKK | 18.557 | The Drilling Co of 1972 A/S Reg | 485.450,46 | 730.035,80 | 1,36 |
| | | | 1.341.248,44 | 2.097.356,87 | 3,91 |
| EUR | 236 | Adyen BV | 378.425,85 | 327.568,00 | 0,61 |
| EUR | 8.700 | Ageas NV | 367.165,62 | 365.226,00 | 0,68 |
| EUR | 3.157 | Air Liquide SA | 412.828,87 | 404.474,84 | 0,75 |
| EUR | 1.880 | Allianz SE Reg | 360.493,78 | 342.385,60 | 0,64 |
| EUR | 2.700 | Amplifon SpA Post Frazionamento | 52.688,09 | 78.975,00 | 0,15 |
| EUR | 5.200 | Anheuser-Busch InBev SA | 265.596,80 | 267.072,00 | 0,50 |
| EUR | 5.220 | Bayer AG Reg | 292.387,68 | 296.078,40 | 0,55 |
| EUR | 18.894 | BNP Paribas SA A | 583.720,70 | 857.126,31 | 1,60 |
| EUR | 1.430 | CapGemini SE | 151.194,09 | 233.733,50 | 0,44 |
| EUR | 52.405 | Carrefour SA | 946.726,08 | 884.858,43 | 1,65 |
| EUR | 137.409 | Commerzbank AG | 1.184.917,92 | 918.716,57 | 1,71 |
| EUR | 5.000 | CRH Plc | 164.741,50 | 165.000,00 | 0,31 |
| EUR | 12.123 | Danone | 688.221,03 | 645.670,98 | 1,20 |
| EUR | 9.400 | Dassault Systemes SA | 297.274,70 | 330.081,00 | 0,62 |
| EUR | 98.454 | Deutsche Bank AG Reg | 738.937,60 | 818.940,37 | 1,53 |
| EUR | 2.105 | Deutsche Boerse AG Reg | 301.078,32 | 335.958,00 | 0,63 |
| EUR | 2.367 | DiaSorin SpA | 292.427,54 | 296.348,40 | 0,55 |
| EUR | 10.325 | EDP Renovaveis SA | 224.672,00 | 232.519,00 | 0,43 |
| EUR | 44.165 | ENAV SpA | 156.344,10 | 176.041,69 | 0,33 |
| EUR | 5.506 | EssilorLuxottica SA | 564.451,23 | 786.807,40 | 1,47 |
| EUR | 10.419 | Fagron SA | 158.907,52 | 160.869,36 | 0,30 |
| EUR | 35.405 | FinecoBank SPA | 423.518,77 | 404.325,10 | 0,75 |
| EUR | 6.300 | Friedrich Vorwerk Group SE | 214.597,51 | 161.910,00 | 0,30 |
| EUR | 3.300 | GEA Group AG | 100.161,93 | 108.537,00 | 0,20 |
| EUR | 6.700 | Infineon Technologies AG Reg | 181.951,31 | 154.703,00 | 0,29 |
| EUR | 351.045 | Intesa Sanpaolo SpA | 604.054,51 | 624.860,10 | 1,17 |
| EUR | 6.430 | K+S Aktiengesellschaft Reg | 78.882,79 | 149.111,70 | 0,28 |
| EUR | 1.348 | Kering Reg | 513.158,83 | 660.654,80 | 1,23 |
| EUR | 1.300 | Kingspan Group | 57.694,00 | 74.620,00 | 0,14 |
| EUR | 1.005 | L'Oréal SA | 359.745,85 | 330.946,50 | 0,62 |
| EUR | 9.814 | Legrand Holding SA | 344.562,85 | 691.494,44 | 1,29 |
| EUR | 1.490 | Linde PLC Reg | 362.942,40 | 408.185,50 | 0,76 |
| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |
| EUR | 330 | LVMH Moët Hennessy L Vuit SE | 219.085,64 | 191.961,00 | 0,36 |
| --- | --- | --- | --- | --- | --- |
| EUR | 44.400 | Metso Outotec Oyj | 305.483,45 | 317.460,00 | 0,59 |
| EUR | 3.112 | Nemetschek SE | 180.835,81 | 179.749,12 | 0,34 |
| EUR | 7.800 | NN Group NV | 360.706,94 | 338.052,00 | 0,63 |
| EUR | 8.200 | Oci NV Reg | 216.260,72 | 258.136,00 | 0,48 |
| EUR | 1.950 | Pernod-Ricard SA | 306.756,66 | 341.835,00 | 0,64 |
| EUR | 5.200 | PSI Software AG | 206.157,34 | 148.460,00 | 0,28 |
| EUR | 7.740 | Qiagen NV Reg | 315.250,20 | 345.978,00 | 0,65 |
| EUR | 1.840 | Rheinmetall AG | 310.484,76 | 405.352,00 | 0,76 |
| EUR | 12.960 | RWE AG A | 393.656,86 | 454.636,80 | 0,85 |
| EUR | 3.756 | Sanofi SA | 331.342,73 | 361.853,04 | 0,67 |
| EUR | 6.387 | SAP SE | 434.961,94 | 555.221,91 | 1,04 |
| EUR | 6.150 | Schoeller Bleckmann Oil Equip | 250.830,27 | 330.255,00 | 0,62 |
| EUR | 11.000 | Siemens Energy AG | 258.909,91 | 153.835,00 | 0,29 |
| EUR | 5.939 | Soitec | 436.933,16 | 804.734,50 | 1,50 |
| EUR | 6.400 | STMicroelectronics NV | 174.571,92 | 192.000,00 | 0,36 |
| EUR | 5.100 | Thales SA | 609.294,24 | 596.955,00 | 1,11 |
| EUR | 22.894 | Totalenergies SE | 886.864,60 | 1.153.170,78 | 2,15 |
| EUR | 54.292 | Universal Music Group NV | 1.257.897,44 | 1.038.823,13 | 1,94 |
| EUR | 1.500 | Verbund AG A | 100.549,80 | 140.025,00 | 0,26 |
| EUR | 4.276 | Volkswagen AG Pref | 637.801,46 | 544.847,92 | 1,02 |
| | | | 20.019.107,62 | 21.547.140,19 | 40,22 |
| GBP | 559.000 | Advanced Oncotherapy Plc | 219.462,45 | 146.054,11 | 0,27 |
| GBP | 9.000 | Anglo American Plc | 337.619,22 | 306.948,79 | 0,57 |
| GBP | 257.095 | Anglo Pacific Group Plc Reg | 438.367,68 | 432.296,44 | 0,81 |
| GBP | 44.601 | Antofagasta Plc | 965.856,79 | 598.199,51 | 1,12 |
| GBP | 6.730 | AstraZeneca Plc | 580.014,77 | 844.030,79 | 1,57 |
| GBP | 92.850 | Atalaya Mining Plc Reg | 462.125,41 | 347.721,14 | 0,65 |
| GBP | 10.600 | Aveva Group Plc Reg | 414.137,28 | 277.077,23 | 0,52 |
| GBP | 75.500 | BAE Syst Plc | 674.067,16 | 727.862,17 | 1,36 |
| GBP | 120.000 | Bango PLC | 305.468,45 | 236.891,59 | 0,44 |
| GBP | 38.230 | BHP Group Ltd | 1.005.006,06 | 1.019.728,98 | 1,90 |
| GBP | 386.752 | BP Plc | 1.701.717,42 | 1.743.891,37 | 3,26 |
| GBP | 285.000 | Capital Ltd Reg | 196.319,26 | 277.999,24 | 0,52 |
| GBP | 88.000 | Chemring Group Plc | 356.642,88 | 321.893,86 | 0,60 |
| GBP | 40.216 | Compass Group Plc Reg | 619.740,60 | 784.562,64 | 1,46 |
| GBP | 4.770 | CRH Plc | 172.216,75 | 156.423,70 | 0,29 |
| GBP | 14.630 | Diageo Plc | 521.117,18 | 599.791,09 | 1,12 |
| GBP | 19.000 | Ergomed Plc | 315.081,21 | 221.516,86 | 0,41 |
| GBP | 42.502 | GSK Plc | 706.018,56 | 871.407,22 | 1,63 |
| GBP | 96.000 | Hunting Plc | 307.685,91 | 240.793,33 | 0,45 |
| GBP | 7.148 | InterContinental Hotels Gr Plc Reg | 405.406,73 | 361.071,55 | 0,67 |
| GBP | 1.150.000 | Jubilee Metals Group PLC | 214.484,07 | 189.629,39 | 0,35 |
| GBP | 1.515.862 | Lloyds Banking Group Plc | 902.882,06 | 744.769,97 | 1,39 |
| GBP | 4.270 | London Stock Exchange Gr Plc | 386.032,52 | 378.430,13 | 0,71 |
| GBP | 60.000 | Qinetiq Group Plc | 247.021,00 | 256.121,61 | 0,48 |
| GBP | 154.262 | Rentokil Initial Plc | 978.740,54 | 850.170,75 | 1,59 |
| GBP | 21.200 | Weir Group Plc | 436.507,37 | 335.545,32 | 0,63 |
| GBP | 148.000 | Yellow Cake PLC Reg | 548.386,24 | 558.553,20 | 1,04 |
| | | | 14.418.125,57 | 13.829.381,98 | 25,81 |
| NOK | 9.400 | Aker BP ASA | 213.411,16 | 311.213,37 | 0,58 |
| NOK | 22.000 | Aker Carbon Capture ASA Reg | 35.305,37 | 35.322,09 | 0,07 |
| NOK | 40.121 | Golden Ocean Group Ltd | 196.092,99 | 444.584,74 | 0,83 |
| NOK | 70.000 | Play Magnus AS | 132.137,34 | 60.970,23 | 0,11 |
| | | | 576.946,86 | 852.090,43 | 1,59 |
| SEK | 21.473 | Epiroc AB A | 292.491,73 | 316.555,06 | 0,59 |
| SEK | 7.815 | Holmen AB Reg B | 320.744,85 | 302.628,15 | 0,56 |
| SEK | 20.400 | Sandvik AB | 351.599,31 | 315.778,49 | 0,59 |
| SEK | 31.500 | Svenska Cellulosa SCA AB B | 401.385,08 | 449.232,13 | 0,84 |
| | | | 1.366.220,97 | 1.384.193,83 | 2,58 |
| Divisa | Quantità / valore nominale | Denominazione | Costo | Valore di mercato | % del patrimo- nio netto |
| --- | --- | --- | --- | --- | --- |
| USD | 12.155 | Atomera Inc | 174.598,02 | | 108.999,90 | | 0,20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 968 | Autodesk Inc | 179.604,30 | | 159.136,98 | | 0,30 |
| USD | 6.100 | Baker Hughes Co Reg A | 160.793,58 | | 168.420,65 | | 0,31 |
| USD | 183 | Booking Holdings Inc Reg | 335.127,97 | | 305.989,65 | | 0,57 |
| USD | 23.800 | Cameco Corp | 457.432,62 | | 478.275,33 | | 0,89 |
| USD | 3.910 | Cognex Corp | 235.902,68 | | 158.941,87 | | 0,30 |
| USD | 3.900 | Devon Energy Corp Reg | 98.326,81 | | 205.477,06 | | 0,38 |
| USD | 12.300 | Energy Fuels Inc Reg | 37.019,03 | | 57.737,09 | | 0,11 |
| USD | 41.312 | Ermenegildo Zegna NV | 343.475,10 | | 416.674,57 | | 0,78 |
| USD | 2.346 | Expedia Group Inc | 385.723,97 | | 212.687,55 | | 0,40 |
| USD | 3.856 | Johnson & Johnson | 620.048,75 | | 654.377,21 | | 1,22 |
| USD | 18.200 | Liberty Energy Inc | 241.883,35 | | 222.019,12 | | 0,41 |
| USD | 7.413 | Livent Corp Reg | 135.401,62 | | 160.803,99 | | 0,30 |
| USD | 4.600 | MP Materials Corp A Reg | 134.056,53 | | 141.078,39 | | 0,26 |
| USD | 2.700 | Nabors Industries Ltd | 345.316,56 | | 345.630,98 | | 0,64 |
| USD | 9.400 | Natl Atomic Co Kazatomprom JSC spons GDR repr 1 Share | 215.523,85 | | 233.112,81 | | 0,43 |
| USD | 18.600 | Nextier Oilfield Solutions Inc | 123.678,61 | | 169.107,07 | | 0,32 |
| USD | 4.100 | Occidental Petroleum Corp | 108.764,71 | | 230.791,59 | | 0,43 |
| USD | 8.000 | Patterson UTI Energy Inc | 70.738,49 | | 120.535,37 | | 0,22 |
| USD | 59.700 | Ur-Energy Inc Reg | 47.333,37 | | 58.786,81 | | 0,11 |
| | | | 4.450.749,92 | | 4.608.583,99 | | 8,58 |
| Totale azioni | | | 47.804.233,18 | | 50.228.048,45 | | 93,70 |
| Fondi d'investimento di tipo chiuso |
| CAD | 26.000 | Sprott Physical Uranium Trust Dist | 200.437,54 | | 267.235,87 | | 0,50 |
| GBP | 180.000 | Gresham House Energy Storage Fd Plc Dist | 252.023,11 | | 328.164,52 | | 0,61 |
| Totale fondi d'investimento di tipo chiuso | 452.460,65 | | 595.400,39 | | 1,11 |
| Altri valori mobiliari |
| Azioni | | | | | | | |
| GBP | 49.000 | RFC 2012 Plc | 43.761,66 | | 0,00 | | 0,00 |
| Totale azioni | | | 43.761,66 | | 0,00 | | 0,00 |
| Fondi d'investimento di tipo aperto |
| Tracker funds (OICVM) |
| USD | 27.016 | VanEck UCITS ETFs Plc Gold Miners A USD Cap | 915.538,44 | | 773.546,08 | | 1,44 |
| USD | 23.465 | VanEck UCITS ETFs Plc Junior Gold Miners A Cap | 831.995,50 | | 629.360,02 | | 1,17 |
| Totale tracker funds (OICVM) | 1.747.533,94 | | 1.402.906,10 | | 2,61 |
| Totale portafoglio titoli | | 50.047.989,43 | | 52.226.354,94 | | 97,42 |
| Depositi bancari | | | | 1.387.368,20 | | 2,59 |
| Altre attività/(passività) nette | | | -3.060,47 | | -0,01 |
| Totale | | | | | 53.610.662,67 | | 100,00 | | # Geographical classification
(by domicile of the issuer) (in percentage of net assets)
| Japan | 34.19 % |
| --- | --- |
| Taiwan | 14.10 % |
| Hong Kong | 10.85 % |
| India | 8.73 % |
| South Korea | 7.37 % |
| Cayman Islands | 4.66 % |
| China | 4.09 % |
| United States of America | 3.97 % |
| Bermuda | 3.77 % |
| Indonesia | 1.82 % |
| Luxembourg | 1.59 % |
| Singapore | 0.81 % |
| Total | 95.95 % |
| Assets | |
| --- | --- |
| Securities portfolio at market value | 52,226,354.94 |
| Cash at banks | 1,387,368.20 |
| Liquid assets at brokers | 4,722.90 |
| Income receivable on portfolio | 31,990.77 |
| Unrealised gain on forward foreign exchange contracts | 44,602.35 |
| Prepaid expenses | 2,419.77 |
| Total assets | 53,697,458.93 |
| Liabilities | |
| Bank interest payable | 1.00 |
| Expenses payable | 86,795.26 |
| Total liabilities | 86,796.26 |
| Net assets at the end of the period | 53,610,662.67 |
Breakdown of net assets per share class
| Share class | Number of shares | Currency of share class | NAV per share in currency of share class | Net assets per share class (in EUR) |
| --- | --- | --- | --- | --- |
| B | 20,478.998 | EUR | 358.21 | 7,335,712.59 |
| B USD | 2,843.193 | USD | 489.80 | 1,331,362.51 |
| BI | 108,006.360 | EUR | 385.60 | 41,647,468.80 |
| BI USD | 6,714.852 | USD | 513.45 | 3,296,118.77 |
| | | | | 53,610,662.67 |
| Income | |
| --- | --- |
| Dividends, net | 988,798.98 |
| Bank interest | 2,165.51 |
| Other income | 3,653.62 |
| Total income | 994,618.11 |
| Expenses | |
| Management fees | 451,549.48 |
| Depositary fees | 12,252.37 |
| Banking charges and other fees | 17,381.99 |
| Transaction fees | 84,975.53 |
| Central administration costs | 56,220.88 |
| Professional fees | 4,271.59 |
| Other administration costs | 28,714.27 |
| Subscription duty ("taxe d'abonnement") | 4,916.71 |
| Bank interest paid | 11,106.67 |
| Other expenses | 8,575.07 |
| Total expenses | 679,964.56 |
| Net investment income | 314,653.55 |
| Net realised gain/(loss) | |
| - on securities portfolio | 1,374,979.14 |
| - on futures contracts | -161,112.50 |
| - on forward foreign exchange contracts | 379,671.44 |
| - on foreign exchange | -31,927.92 |
| Realised result | 1,876,263.71 |
| Net variation of the unrealised gain/(loss) | |
| - on securities portfolio | -9,857,542.78 |
| - on futures contracts | -57,590.00 |
| - on forward foreign exchange contracts | 74,666.20 |
| Result of operations | -7,964,202.87 |
| Subscriptions | 2,448,584.12 |
| Redemptions | -8,400,070.59 |
| Total changes in net assets | -13,915,689.34 |
| Total net assets at the beginning of the period | 67,526,352.01 |
| Total net assets at the end of the period | 53,610,662.67 |
| Total net assets | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| | EUR | 51,907,814.16 | 67,526,352.01 | 53,610,662.67 |
| Net asset value per share class | Currency | 31.12.2020 | 31.12.2021 | 30.06.2022 |
| --- | --- | --- | --- | --- |
| B | EUR | 342.47 | 414.71 | 358.21 |
| B USD | USD | 460.11 | 562.17 | 489.80 |
| BI | EUR | 365.70 | 445.24 | 385.60 |
| BI USD | USD | 478.44 | 587.74 | 513.45 |
| Number of shares | outstanding at the beginning of the period | issued | redeemed | outstanding at the end of the period |
| --- | --- | --- | --- | --- |
| B | 23,871.020 | 37.846 | -3,429.868 | 20,478.998 |
| B USD | 3,090.741 | 356.411 | -603.959 | 2,843.193 |
| BI | 118,178.567 | 5,106.353 | -15,278.560 | 108,006.360 |
| BI USD | 6,732.376 | 17.476 | -35.000 | 6,714.852 |
| TER per share class as at 30.06.2022 | (in %) |
| --- | --- |
| B | 2.31 |
| B USD | 2.32 |
| BI | 1.78 |
| BI USD | 1.78 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| Investments in securities |
| Transferable securities admitted to an official stock exchange listing |
| Shares | | | | | |
| AUD | 80,000 | Paladin Energy Ltd Reg | 43,144.17 | 30,497.13 | 0.06 |
| AUD | 6,908 | Woodside Energy Group Ltd | 0.00 | 144,566.08 | 0.27 |
| | | | 43,144.17 | 175,063.21 | 0.33 |
| CAD | 54,800 | Ivanhoe Mines Ltd A | 414,959.38 | 300,914.91 | 0.56 |
| CAD | 16,300 | MEG Energy Corp | 95,095.77 | 215,248.55 | 0.40 |
| CAD | 31,300 | NexGen Energy Ltd Reg | 101,272.47 | 107,159.64 | 0.20 |
| | | | 611,327.62 | 623,323.10 | 1.16 |
| CHF | 6,600 | ABB Ltd Reg | 197,699.11 | 167,917.08 | 0.31 |
| CHF | 11,970 | Alcon Inc Reg | 718,184.57 | 797,594.74 | 1.49 |
| CHF | 7,700 | Holcim Ltd Reg | 307,349.59 | 314,322.40 | 0.59 |
| CHF | 4,575 | Nestlé SA Reg | 423,149.64 | 509,477.19 | 0.95 |
| CHF | 5,576 | Roche Holding Ltd Pref | 1,842,756.73 | 1,774,977.76 | 3.31 |
| CHF | 400 | Sika Ltd | 82,161.93 | 87,937.72 | 0.16 |
| CHF | 1,000 | Straumann Holding AG | 29,009.02 | 114,568.86 | 0.21 |
| CHF | 1,930 | Swatch Group AG | 549,225.91 | 436,835.63 | 0.81 |
| CHF | 890 | Tecan Group AG | 243,204.99 | 246,533.41 | 0.46 |
| CHF | 23,000 | UBS Group Inc | 383,449.26 | 353,719.50 | 0.66 |
| CHF | 740 | Zurich Insurance Group AG Reg | 201,171.26 | 307,030.56 | 0.57 |
| | | | 4,977,362.01 | 5,110,914.85 | 9.52 |
| DKK | 193 | AP Moeller Maersk AS B | 284,915.37 | 429,584.46 | 0.80 |
| DKK | 8,860 | Novo Nordisk AS B | 570,882.61 | 937,736.61 | 1.75 |
| DKK | 18,557 | The Drilling Co of 1972 A/S Reg | 485,450.46 | 730,035.80 | 1.36 |
| | | | 1,341,248.44 | 2,097,356.87 | 3.91 |
| EUR | 236 | Adyen BV | 378,425.85 | 327,568.00 | 0.61 |
| EUR | 8,700 | Ageas NV | 367,165.62 | 365,226.00 | 0.68 |
| EUR | 3,157 | Air Liquide SA | 412,828.87 | 404,474.84 | 0.75 |
| EUR | 1,880 | Allianz SE Reg | 360,493.78 | 342,385.60 | 0.64 |
| EUR | 2,700 | Amplifon SpA Post Frazionamento | 52,688.09 | 78,975.00 | 0.15 |
| EUR | 5,200 | Anheuser-Busch InBev SA | 265,596.80 | 267,072.00 | 0.50 |
| EUR | 5,220 | Bayer AG Reg | 292,387.68 | 296,078.40 | 0.55 |
| EUR | 18,894 | BNP Paribas SA A | 583,720.70 | 857,126.31 | 1.60 |
| EUR | 1,430 | CapGemini SE | 151,194.09 | 233,733.50 | 0.44 |
| EUR | 52,405 | Carrefour SA | 946,726.08 | 884,858.43 | 1.65 |
| EUR | 137,409 | Commerzbank AG | 1,184,917.92 | 918,716.57 | 1.71 |
| EUR | 5,000 | CRH Plc | 164,741.50 | 165,000.00 | 0.31 |
| EUR | 12,123 | Danone | 688,221.03 | 645,670.98 | 1.20 |
| EUR | 9,400 | Dassault Systemes SA | 297,274.70 | 330,081.00 | 0.62 |
| EUR | 98,454 | Deutsche Bank AG Reg | 738,937.60 | 818,940.37 | 1.53 |
| EUR | 2,105 | Deutsche Boerse AG Reg | 301,078.32 | 335,958.00 | 0.63 |
| EUR | 2,367 | DiaSorin SpA | 292,427.54 | 296,348.40 | 0.55 |
| EUR | 10,325 | EDP Renovaveis SA | 224,672.00 | 232,519.00 | 0.43 |
| EUR | 44,165 | ENAV SpA | 156,344.10 | 176,041.69 | 0.33 |
| EUR | 5,506 | EssilorLuxottica SA | 564,451.23 | 786,807.40 | 1.47 |
| EUR | 10,419 | Fagron SA | 158,907.52 | 160,869.36 | 0.30 |
| EUR | 35,405 | FinecoBank SPA | 423,518.77 | 404,325.10 | 0.75 |
| EUR | 6,300 | Friedrich Vorwerk Group SE | 214,597.51 | 161,910.00 | 0.30 |
| EUR | 3,300 | GEA Group AG | 100,161.93 | 108,537.00 | 0.20 |
| EUR | 6,700 | Infineon Technologies AG Reg | 181,951.31 | 154,703.00 | 0.29 |
| EUR | 351,045 | Intesa Sanpaolo SpA | 604,054.51 | 624,860.10 | 1.17 |
| EUR | 6,430 | K+S Aktiengesellschaft Reg | 78,882.79 | 149,111.70 | 0.28 |
| EUR | 1,348 | Kering Reg | 513,158.83 | 660,654.80 | 1.23 |
| EUR | 1,300 | Kingspan Group | 57,694.00 | 74,620.00 | 0.14 |
| EUR | 1,005 | L'Oréal SA | 359,745.85 | 330,946.50 | 0.62 |
| EUR | 9,814 | Legrand Holding SA | 344,562.85 | 691,494.44 | 1.29 |
| EUR | 1,490 | Linde PLC Reg | 362,942.40 | 408,185.50 | 0.76 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| EUR | 330 | LVMH Moët Hennessy L Vuit SE | 219,085.64 | 191,961.00 | 0.36 |
| --- | --- | --- | --- | --- | --- |
| EUR | 44,400 | Metso Outotec Oyj | 305,483.45 | 317,460.00 | 0.59 |
| EUR | 3,112 | Nemetschek SE | 180,835.81 | 179,749.12 | 0.34 |
| EUR | 7,800 | NN Group NV | 360,706.94 | 338,052.00 | 0.63 |
| EUR | 8,200 | Oci NV Reg | 216,260.72 | 258,136.00 | 0.48 |
| EUR | 1,950 | Pernod-Ricard SA | 306,756.66 | 341,835.00 | 0.64 |
| EUR | 5,200 | PSI Software AG | 206,157.34 | 148,460.00 | 0.28 |
| EUR | 7,740 | Qiagen NV Reg | 315,250.20 | 345,978.00 | 0.65 |
| EUR | 1,840 | Rheinmetall AG | 310,484.76 | 405,352.00 | 0.76 |
| EUR | 12,960 | RWE AG A | 393,656.86 | 454,636.80 | 0.85 |
| EUR | 3,756 | Sanofi SA | 331,342.73 | 361,853.04 | 0.67 |
| EUR | 6,387 | SAP SE | 434,961.94 | 555,221.91 | 1.04 |
| EUR | 6,150 | Schoeller Bleckmann Oil Equip | 250,830.27 | 330,255.00 | 0.62 |
| EUR | 11,000 | Siemens Energy AG | 258,909.91 | 153,835.00 | 0.29 |
| EUR | 5,939 | Soitec | 436,933.16 | 804,734.50 | 1.50 |
| EUR | 6,400 | STMicroelectronics NV | 174,571.92 | 192,000.00 | 0.36 |
| EUR | 5,100 | Thales SA | 609,294.24 | 596,955.00 | 1.11 |
| EUR | 22,894 | Totalenergies SE | 886,864.60 | 1,153,170.78 | 2.15 |
| EUR | 54,292 | Universal Music Group NV | 1,257,897.44 | 1,038,823.13 | 1.94 |
| EUR | 1,500 | Verbund AG A | 100,549.80 | 140,025.00 | 0.26 |
| EUR | 4,276 | Volkswagen AG Pref | 637,801.46 | 544,847.92 | 1.02 |
| | | | 20,019,107.62 | 21,547,140.19 | 40.22 |
| GBP | 559,000 | Advanced Oncotherapy Plc | 219,462.45 | 146,054.11 | 0.27 |
| GBP | 9,000 | Anglo American Plc | 337,619.22 | 306,948.79 | 0.57 |
| GBP | 257,095 | Anglo Pacific Group Plc Reg | 438,367.68 | 432,296.44 | 0.81 |
| GBP | 44,601 | Antofagasta Plc | 965,856.79 | 598,199.51 | 1.12 |
| GBP | 6,730 | AstraZeneca Plc | 580,014.77 | 844,030.79 | 1.57 |
| GBP | 92,850 | Atalaya Mining Plc Reg | 462,125.41 | 347,721.14 | 0.65 |
| GBP | 10,600 | Aveva Group Plc Reg | 414,137.28 | 277,077.23 | 0.52 |
| GBP | 75,500 | BAE Syst Plc | 674,067.16 | 727,862.17 | 1.36 |
| GBP | 120,000 | Bango PLC | 305,468.45 | 236,891.59 | 0.44 |
| GBP | 38,230 | BHP Group Ltd | 1,005,006.06 | 1,019,728.98 | 1.90 |
| GBP | 386,752 | BP Plc | 1,701,717.42 | 1,743,891.37 | 3.26 |
| GBP | 285,000 | Capital Ltd Reg | 196,319.26 | 277,999.24 | 0.52 |
| GBP | 88,000 | Chemring Group Plc | 356,642.88 | 321,893.86 | 0.60 |
| GBP | 40,216 | Compass Group Plc Reg | 619,740.60 | 784,562.64 | 1.46 |
| GBP | 4,770 | CRH Plc | 172,216.75 | 156,423.70 | 0.29 |
| GBP | 14,630 | Diageo Plc | 521,117.18 | 599,791.09 | 1.12 |
| GBP | 19,000 | Ergomed Plc | 315,081.21 | 221,516.86 | 0.41 |
| GBP | 42,502 | GSK Plc | 706,018.56 | 871,407.22 | 1.63 |
| GBP | 96,000 | Hunting Plc | 307,685.91 | 240,793.33 | 0.45 |
| GBP | 7,148 | InterContinental Hotels Gr Plc Reg | 405,406.73 | 361,071.55 | 0.67 |
| GBP | 1,150,000 | Jubilee Metals Group PLC | 214,484.07 | 189,629.39 | 0.35 |
| GBP | 1,515,862 | Lloyds Banking Group Plc | 902,882.06 | 744,769.97 | 1.39 |
| GBP | 4,270 | London Stock Exchange Gr Plc | 386,032.52 | 378,430.13 | 0.71 |
| GBP | 60,000 | Qinetiq Group Plc | 247,021.00 | 256,121.61 | 0.48 |
| GBP | 154,262 | Rentokil Initial Plc | 978,740.54 | 850,170.75 | 1.59 |
| GBP | 21,200 | Weir Group Plc | 436,507.37 | 335,545.32 | 0.63 |
| GBP | 148,000 | Yellow Cake PLC Reg | 548,386.24 | 558,553.20 | 1.04 |
| | | | 14,418,125.57 | 13,829,381.98 | 25.81 |
| NOK | 9,400 | Aker BP ASA | 213,411.16 | 311,213.37 | 0.58 |
| NOK | 22,000 | Aker Carbon Capture ASA Reg | 35,305.37 | 35,322.09 | 0.07 |
| NOK | 40,121 | Golden Ocean Group Ltd | 196,092.99 | 444,584.74 | 0.83 |
| NOK | 70,000 | Play Magnus AS | 132,137.34 | 60,970.23 | 0.11 |
| | | | 576,946.86 | 852,090.43 | 1.59 |
| SEK | 21,473 | Epiroc AB A | 292,491.73 | 316,555.06 | 0.59 |
| SEK | 7,815 | Holmen AB Reg B | 320,744.85 | 302,628.15 | 0.56 |
| SEK | 20,400 | Sandvik AB | 351,599.31 | 315,778.49 | 0.59 |
| SEK | 31,500 | Svenska Cellulosa SCA AB B | 401,385.08 | 449,232.13 | 0.84 |
| | | | 1,366,220.97 | 1,384,193.83 | 2.58 |
| Currency | Number / nominal value | Description | Cost | Market value | % of total net assets * |
| --- | --- | --- | --- | --- | --- |
| USD | 12,155 | Atomera Inc | 174,598.02 | | 108,999.90 | | 0.20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD | 968 | Autodesk Inc | 179,604.30 | | 159,136.98 | | 0.30 |
| USD | 6,100 | Baker Hughes Co Reg A | 160,793.58 | | 168,420.65 | | 0.31 |
| USD | 183 | Booking Holdings Inc Reg | 335,127.97 | | 305,989.65 | | 0.57 |
| USD | 23,800 | Cameco Corp | 457,432.62 | | 478,275.33 | | 0.89 |
| USD | 3,910 | Cognex Corp | 235,902.68 | | 158,941.87 | | 0.30 |
| USD | 3,900 | Devon Energy Corp Reg | 98,326.81 | | 205,477.06 | | 0.38 |
| USD | 12,300 | Energy Fuels Inc Reg | 37,019.03 | | 57,737.09 | | 0.11 |
| USD | 41,312 | Ermenegildo Zegna NV | 343,475.10 | | 416,674.57 | | 0.78 |
| USD | 2,346 | Expedia Group Inc | 385,723.97 | | 212,687.55 | | 0.40 |
| USD | 3,856 | Johnson & Johnson | 620,048.75 | | 654,377.21 | | 1.22 |
| USD | 18,200 | Liberty Energy Inc | 241,883.35 | | 222,019.12 | | 0.41 |
| USD | 7,413 | Livent Corp Reg | 135,401.62 | | 160,803.99 | | 0.30 |
| USD | 4,600 | MP Materials Corp A Reg | 134,056.53 | | 141,078.39 | | 0.26 |
| USD | 2,700 | Nabors Industries Ltd | 345,316.56 | | 345,630.98 | | 0.64 |
| USD | 9,400 | Natl Atomic Co Kazatomprom JSC spons GDR repr 1 Share | 215,523.85 | | 233,112.81 | | 0.43 |
| USD | 18,600 | Nextier Oilfield Solutions Inc | 123,678.61 | | 169,107.07 | | 0.32 |
| USD | 4,100 | Occidental Petroleum Corp | 108,764.71 | | 230,791.59 | | 0.43 |
| USD | 8,000 | Patterson UTI Energy Inc | 70,738.49 | | 120,535.37 | | 0.22 |
| USD | 59,700 | Ur-Energy Inc Reg | 47,333.37 | | 58,786.81 | | 0.11 |
| | | | 4,450,749.92 | | 4,608,583.99 | | 8.58 |
| Total shares | | | 47,804,233.18 | | 50,228,048.45 | | 93.70 |
| Closed-ended investment funds |
| CAD | 26,000 | Sprott Physical Uranium Trust Dist | 200,437.54 | | 267,235.87 | | 0.50 |
| GBP | 180,000 | Gresham House Energy Storage Fd Plc Dist | 252,023.11 | | 328,164.52 | | 0.61 |
| Total closed-ended investment funds | 452,460.65 | | 595,400.39 | | 1.11 |
| Other transferable securities |
| Shares | | | | | | | |
| GBP | 49,000 | RFC 2012 Plc | 43,761.66 | | 0.00 | | 0.00 |
| Total shares | | | 43,761.66 | | 0.00 | | 0.00 |
| Open-ended investment funds |
| Tracker funds (UCITS) |
| USD | 27,016 | VanEck UCITS ETFs Plc Gold Miners A USD Cap | 915,538.44 | | 773,546.08 | | 1.44 |
| USD | 23,465 | VanEck UCITS ETFs Plc Junior Gold Miners A Cap | 831,995.50 | | 629,360.02 | | 1.17 |
| Total tracker funds (UCITS) | 1,747,533.94 | | 1,402,906.10 | | 2.61 |
| Total investments in securities | 50,047,989.43 | | 52,226,354.94 | | 97.42 |
| Cash at banks | | | 1,387,368.20 | | 2.59 |
| Other net assets/(liabilities) | | | -3,060.47 | | -0.01 |
| Total | | | 53,610,662.67 | | 100.00 | | en | it |
DOLFIN5898 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
* Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
Outperformance fee:
20% of the fund's outperformance as defined below.
On each fund valuation date, a benchmark asset is established based on a theoretical investment at the capitalised EONIA rate for the Classique, I, N, U, R and Z units denominated in EUR, the capitalised SONIA rate for I in GBP units and the capitalised EFFR rate for I in USD units of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period).
If this rate is negative, the rate of 0% is used to determine the benchmark asset.
For redemptions, the latest benchmark asset calculated and the previous day's cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of the provision for variable management fees on the total assets at the latest valuation date is permanently allocated to a specific third party account in proportion to the number of units redeemed. This proportion of the variable management fees is paid to the asset manager when the redemption occurs. When the fund is valued, if the total assets, defined as the net book value of the assets after deducting the variable management fees on redemptions, but excluding the provision for variable management fees corresponding to the units still in issue, are greater than the benchmark asset, an outperformance (or in the opposite case, an underperformance) is recorded. The provision for variable management fees on the total assets is adjusted to 20% of the amount of this new outperformance by allocation or reversal of a provision before calculating the net asset value. The provision for variable management fees on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial period.
The reference period is the financial year.
Subscribers may at any time obtain details from the asset manager regarding the methods for calculating the variable management fees. The total amount of the variable management fees will appear in the FCP's annual report.
Allocation of distributable income | * Al no estar sujeta la Sociedad Gestora al IVA, estos gastos se facturan sin IVA y el importe con todos los impuestos incluidos es igual al importe libre de impuestos.
** El Fondo tiene invertido como máximo un 10% de su patrimonio neto en IIC.
*** Importe máximo que varía en función de los instrumentos utilizados.
Comisión de rentabilidad superior:
El 20 % de la rentabilidad superior del Fondo de Inversión Colectiva tal y como se indica a continuación.
En cada valoración del Fondo, se determina un activo de referencia suponiendo una inversión teórica con un tipo del EONIA capitalizado para las participaciones «Classique», «I», «N», «U», «R» y «Z», denominadas en EUR, del SONIA capitalizado para las participaciones «I en GBP» y del EFFR capitalizado para las participaciones «I en USD» del conjunto de las suscripciones recibidas durante el periodo (asimilándose el patrimonio neto contable del cierre del ejercicio anterior a una suscripción de inicio del periodo).
En caso de que dicho tipo sea negativo, se aplicará un tipo del 0% para determinar el activo de referencia.
En caso de reembolso, se reducen previamente el último activo de referencia calculado y la suma de todas las suscripciones recibidas en la víspera de forma proporcional al número de participaciones reembolsadas. Asimismo, una parte proporcional de la provisión para gastos de gestión variables sobre el saldo constatado contablemente en la última valoración se asigna, a prorrata del número de participaciones rembolsadas, definitivamente a una cuenta específica de terceros. Esta parte proporcional de gastos de gestión variables se devenga al gestor desde el momento del reembolso. En el momento de la valoración del Fondo, si el saldo, definido como el patrimonio neto contable tras los gastos de gestión variables sobre los reembolsos, dejando fuera la provisión para gastos de gestión variables correspondiente a las participaciones todavía en circulación, fuera superior al activo de referencia, se constata un rendimiento extraordinario (rendimiento insuficiente en el supuesto contrario). La provisión para gastos de gestión variables sobre el saldo se ajusta al 20 % del importe de esta nueva rentabilidad superior mediante dotación o recuperación de la provisión, antes del cálculo del valor liquidativo. La provisión para los gastos de gestión variables sobre el saldo se devenga al gestor tan solo por el importe existente al final del ejercicio social.
El periodo de referencia es el ejercicio social.
Los suscriptores pueden obtener en todo momento del gestor la comunicación del procedimiento de cálculo de los gastos de gestión variables. El importe global de los gastos de gestión variables figurará en el informe anual del Fondo de Inversión Colectiva.
Aplicación de los importes distribuibles | * Since the Management Company has opted out of VAT, these fees are charged excluding VAT and their amount including taxes is equal to their amount excluding taxes.
** The fund invests a maximum of 10% in UCIs.
*** Maximum amount that varies according to the instruments used.
Outperformance fee:
20% of the fund's outperformance as defined below.
On each fund valuation date, a benchmark asset is established based on a theoretical investment at the capitalised EONIA rate for the Classique, I, N, U, R and Z units denominated in EUR, the capitalised SONIA rate for I in GBP units and the capitalised EFFR rate for I in USD units of all the subscriptions received over the period (the net book value of the assets at the end of the previous financial year being equal to a subscription at the beginning of the period).
If this rate is negative, the rate of 0% is used to determine the benchmark asset.
For redemptions, the latest benchmark asset calculated and the previous day's cumulative amount of subscriptions received are reduced beforehand in proportion to the number of units redeemed. Similarly, a proportion of the provision for variable management fees on the total assets at the latest valuation date is permanently allocated to a specific third party account in proportion to the number of units redeemed. This proportion of the variable management fees is paid to the asset manager when the redemption occurs. When the fund is valued, if the total assets, defined as the net book value of the assets after deducting the variable management fees on redemptions, but excluding the provision for variable management fees corresponding to the units still in issue, are greater than the benchmark asset, an outperformance (or in the opposite case, an underperformance) is recorded. The provision for variable management fees on the total assets is adjusted to 20% of the amount of this new outperformance by allocation or reversal of a provision before calculating the net asset value. The provision for variable management fees on the accounting balance is only payable to the asset manager in respect of the amount at the end of the financial period.
The reference period is the financial year.
Subscribers may at any time obtain details from the asset manager regarding the methods for calculating the variable management fees. The total amount of the variable management fees will appear in the FCP's annual report.
Allocation of distributable income | en | es |
DOLFIN5899 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À l’exception des Compartiments clôturés au cours de l’exercice financier, les gains et les pertes émanent uniquement des activités poursuivies. Il n’y a pas eu de plus-values ou moins-values autres que celles comptabilisées dans l’État du résultat global.
* Veuillez vous référer à la Note 19 des états financiers.
Les notes en annexe font partie intégrante des présents états financiers. | Excepto en los Fondos cerrados durante el ejercicio, las ganancias y pérdidas surgen exclusivamente de operaciones continuadas. No se produjeron otras ganancias o pérdidas distintas de las indicadas en el Estado de ingresos globales.
* Consulte la Nota 19 de los estados financieros.
Las notas adjuntas forman parte integrante de estos estados financieros. | À l’exception des Compartiments clôturés au cours de l’exercice financier, les gains et les pertes émanent uniquement des activités poursuivies. Il n’y a pas eu de plus-values ou moins-values autres que celles comptabilisées dans l’État du résultat global.
* Veuillez vous référer à la Note 19 des états financiers.
Les notes en annexe font partie intégrante des présents états financiers. | fr | es |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.