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DOLFIN6000 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if GQG Global UCITS ICAV is unable to pay out?
You may face a financial loss should the Manufacturer, GQG Global UCITS ICAV, default on their obligations. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | # Cosa accade se il GQG Global UCITS ICAV non è in grado di corrispondere quanto dovuto?
Potreste subire una perdita finanziaria in caso di inadempienza dell’ideatore, GQG Global UCITS ICAV.
Non vi è alcun sistema di indennizzo o di garanzia che potrebbe compensare interamente o parzialmente tale perdita. | # What happens if GQG Global UCITS ICAV is unable to pay out?
You may face a financial loss should the Manufacturer, GQG Global UCITS ICAV, default on their obligations. There is no compensation or guarantee scheme in place which may offset, all or any of, this loss. | en | it |
DOLFIN6001 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# A financial derivative instrument is not taken into account when calculating the commitment if it meets both of the following conditions:
- The combined holding by the Fund of a financial derivative instrument relating to a financial asset and cash which is invested in risk-free assets is equivalent to holding a cash position in the given financial asset.
- The financial derivative instrument is not considered to generate any incremental exposure and leverage or market risk.
The Fund’s total commitment to financial derivative instruments, limited to 100% of the portfolio’s total net value, is quantified as the sum, as an absolute value, of the individual commitments after possible netting and hedging arrangements.
- Calculation of counterparty risk linked to OTC derivative instrumentsThe counterparty risk linked to OTC derivatives and efficient portfolio management techniques conducted by the Fund may not exceed 10% of its assets when the counterparty is a credit institution cited in the paragraph Investment restrictions, or 5% of its assets in other cases. | # Un instrument financier dérivé n’est pas pris en compte dans le calcul de l’engagement s’il remplit les deux conditions suivantes :
- la détention combinée par le Fonds d’un instrument financier dérivé relatif à un actif financier et de liquidités investies dans des actifs sans risque équivaut à détenir une position en espèces dans l’actif financier en question.
- l’instrument dérivé financier n’est pas considéré comme générant une exposition, un effet de levier ou un risque de marché supplémentaire.
L’engagement total du Fonds en matière d’instruments financiers dérivés, limité à 100 % de la valeur nette totale du portefeuille, correspond à la somme, en valeur absolue, des engagements individuels, après application des éventuels accords de compensation et de couverture.
- Calcul du risque de contrepartie lié aux instruments dérivés de gré à gréLe risque de contrepartie lié aux instruments dérivés de gré à gré et aux techniques de gestion de portefeuille efficace utilisés par le Fonds ne peut excéder 10 % de ses actifs lorsque la contrepartie est un établissement de crédit visé à la section « Restrictions d’investissement » ou 5 % de ses actifs dans les autres cas. | # A financial derivative instrument is not taken into account when calculating the commitment if it meets both of the following conditions:
- The combined holding by the Fund of a financial derivative instrument relating to a financial asset and cash which is invested in risk-free assets is equivalent to holding a cash position in the given financial asset.
- The financial derivative instrument is not considered to generate any incremental exposure and leverage or market risk.
The Fund’s total commitment to financial derivative instruments, limited to 100% of the portfolio’s total net value, is quantified as the sum, as an absolute value, of the individual commitments after possible netting and hedging arrangements.
- Calculation of counterparty risk linked to OTC derivative instrumentsThe counterparty risk linked to OTC derivatives and efficient portfolio management techniques conducted by the Fund may not exceed 10% of its assets when the counterparty is a credit institution cited in the paragraph Investment restrictions, or 5% of its assets in other cases. | en | fr |
DOLFIN6002 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
floating corporate bonds are limited to those issued by property security companies such as non-REIT real estate companies and may or may not be of investment grade.
The Fund may invest in common and preferred equity securities, debt securities, options, warrants (up to 5% of the Fund), convertible bonds, exchange traded funds (ETFs), and depository receipts and other related securities.
While it is generally intended for the Fund to be fully invested at all times, there may be a portion of assets held in cash or deposits at any given time.
Any income received by the unit class will be reinvested.
You may buy or sell units on demand on each Dealing Day being a Business Day as defined in the Fund's supplement (which together with the prospectus constitutes the Prospectus).
The Fund is actively managed and aims to outperform the FTSE EPRA NAREIT Developed NTR 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.
Please see the section entitled Investment Objective, Policies, Strategy and Profile of a Typical Investor of the Supplement where full details are disclosed.
This Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past.
The following are risks materially relevant that are not captured by the SRRI:
- The Fund may utilise a number of derivative instruments in managing the Investment Objective of the Fund. The primary risks associated with the use of such instruments are credit risk, counterparty risk and collateral risk.
- Due to the underlying real estate assets held in REITS, the liquidity of these securities is typically less than other equity securities.
- The market value of debt securities is affected by changes in prevailing interest rates. The Fund may also be exposed to credit and default risk by investing in such securities. The default risk increases for below investment grade debt securities.
- There are specific risks associated with investing in the securities of companies in the real estate industry such as declines in the value of real estate, economic conditions and variation in property taxes, operating expenses and rental income.
- The value of an investment may fluctuate due to changes in exchange rates between currencies and may or may not be hedged back to the Fund's base currency.
- The price of equity securities fluctuates based on changes in a company's financial condition, overall market and economic conditions and market sentiment, resulting in an increased potential for volatility.
- Fees and/or distributions may be paid out of the capital of the fund, which has the effect of lowering the capital value of investors’ holdings in the fund and limiting the potential for future capital growth.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees which will affect overall return. | inmobiliarios, como empresas inmobiliarias que no son REIT, y pueden o no tener una calificación de grado de inversión.
El Fondo puede invertir en acciones ordinarias y preferentes, títulos de deuda, opciones, warrants (hasta el 5% del Fondo), bonos convertibles, fondos negociados en bolsa (ETF), recibos de depósito y otros valores relacionados.
Aunque, por lo general, se pretende que el Fondo esté invertido íntegramente siempre, puede haber una parte de activos que se mantengan en efectivo o depósitos en cualquier momento.
Los ingresos recibidos por esta clase de participaciones serán reinvertidos.
Usted puede comprar o vender participaciones a demanda en cualquier Día de negociaciones que sea un Día hábil según se define en el suplemento del Fondo (que, junto con el folleto, constituye el Folleto).
El Fondo se gestiona de manera activa y pretende superar al FTSE EPRA NAREIT Developed NTR Index (el «Índice»). El gestor de la cartera podrá hacer referencia al Índice como parte del proceso de gestión de inversiones y también para el proceso de supervisión del riesgo de inversión. Sin embargo, el gestor de la cartera mantiene plena discreción para seleccionar las inversiones del Fondo con arreglo a la política de inversiones aquí indicada.
Consultar el apartado titulado Objetivo de inversión, Políticas, Estrategia y Perfil de un inversor típico del Suplemento para ver más detalles.
El Fondo ha recibido una calificación de 6 porque los fondos de esta categoría han experimentado subidas y bajadas de tipo alto en el pasado.
A continuación figuran riesgos bastante relevantes no captados por el IRRS:
- El Fondo podrá utilizar una serie de instrumentos derivados para gestionar el Objetivo de inversión del Fondo. Los principales riesgos asociados con el uso de tales instrumentos son el riesgo de crédito, el riesgo de contraparte y el riesgo colateral.
- Debido a los activos inmobiliarios subyacentes que se mantienen en los REITS, la liquidez de estos valores suele ser menor que la de otros valores de renta variable.
- El valor de mercado de los valores de deuda se ve afectado por las variaciones en los tipos de interés vigentes. El Fondo también puede estar expuesto al riesgo de crédito y de impago al invertir en dichos valores. El riesgo de impago aumenta para valores de deuda con una calificación inferior a grado de inversión.
- Existen riesgos específicos asociados con la inversión en valores de empresas del sector inmobiliario, como la disminución del valor de los inmuebles, las condiciones económicas y la variación de los impuestos sobre los inmuebles, los gastos de explotación y los ingresos por alquiler.
- El valor de una inversión puede variar debido a las variaciones en los tipos de cambio entre divisas y puede o no ser cubierto de nuevo a la divisa base del Fondo.
- El precio de los valores de renta variable fluctúa en función de los cambios en la situación financiera de una empresa, las condiciones económicas y del mercado en general y la confianza del mercado, lo que da lugar a un aumento del potencial de volatilidad.
- Las comisiones o las distribuciones pueden pagarse con cargo al capital del fondo, lo que tiene como efecto reducir el valor de capital de las participaciones de los inversores en el fondo y limitar el potencial de crecimiento futuro del capital.
- La cobertura de divisas puede reducir el riesgo pero no eliminarlo. La cobertura incurrirá en más costes de transacción y comisiones que afectarán a la rentabilidad general. | floating corporate bonds are limited to those issued by property security companies such as non-REIT real estate companies and may or may not be of investment grade.
The Fund may invest in common and preferred equity securities, debt securities, options, warrants (up to 5% of the Fund), convertible bonds, exchange traded funds (ETFs), and depository receipts and other related securities.
While it is generally intended for the Fund to be fully invested at all times, there may be a portion of assets held in cash or deposits at any given time.
Any income received by the unit class will be reinvested.
You may buy or sell units on demand on each Dealing Day being a Business Day as defined in the Fund's supplement (which together with the prospectus constitutes the Prospectus).
The Fund is actively managed and aims to outperform the FTSE EPRA NAREIT Developed NTR 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.
Please see the section entitled Investment Objective, Policies, Strategy and Profile of a Typical Investor of the Supplement where full details are disclosed.
This Fund is ranked at 6 because funds of this type have experienced high rises and falls in value in the past.
The following are risks materially relevant that are not captured by the SRRI:
- The Fund may utilise a number of derivative instruments in managing the Investment Objective of the Fund. The primary risks associated with the use of such instruments are credit risk, counterparty risk and collateral risk.
- Due to the underlying real estate assets held in REITS, the liquidity of these securities is typically less than other equity securities.
- The market value of debt securities is affected by changes in prevailing interest rates. The Fund may also be exposed to credit and default risk by investing in such securities. The default risk increases for below investment grade debt securities.
- There are specific risks associated with investing in the securities of companies in the real estate industry such as declines in the value of real estate, economic conditions and variation in property taxes, operating expenses and rental income.
- The value of an investment may fluctuate due to changes in exchange rates between currencies and may or may not be hedged back to the Fund's base currency.
- The price of equity securities fluctuates based on changes in a company's financial condition, overall market and economic conditions and market sentiment, resulting in an increased potential for volatility.
- Fees and/or distributions may be paid out of the capital of the fund, which has the effect of lowering the capital value of investors’ holdings in the fund and limiting the potential for future capital growth.
- Currency hedging may reduce but will not remove risk. Hedging will incur more transaction costs and fees which will affect overall return. | en | es |
DOLFIN6003 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Barings Emerging Markets Corporate Bond Fund
| FUND FACTS |
| --- |
| NAV ($m) 87.3 |
| Inception Date April 16, 2014 |
| Domiciled Ireland, UCITS Fund |
| Dealing Frequency Daily |
| Management Company Baring International Fund Managers (Ireland) Limited |
| Investment Manager Baring Asset Management Limited Barings LLC |
| Currency Tranches USD/EUR/AUD/GBP/CHF/ SEK/JPY/SGD/CAD/NOK/ DKK (accumulating and distributing) |
| Distribution Frequency Quarterly |
| Base Currency USD |
| Benchmark J.P. Morgan CEMBI Broad Diversified Index |
| PORTFOLIO M ANAGE R |
| Omotunde Lawal 22 years of experience |
| O V E R AL L M O R N I N G S T AR R AT I N G TM * SEPTEM BER 2022 / FACTSHEE T ★★★ |
| --- |
| KEY RISK During exceptional market conditions there may be insufficient buyers and sellers to allow the Fund to buy and sell investments, which could affect the Fund's ability to meet investors' redemption requests. Losses may occur if an organisation through which we buy an asset fails to meet its obligations. Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care. Fund investments in derivatives are sensitive to changes in the value of the underlying asset on which they are based and their use may result in losses greater than the amount originally invested. Fund investments in overseas assets may lose value due to movements in foreign exchange rates. Fund investments in debt securities are sensitive to changes in interest rates and are subject to risks that the issuer will not meet its payment obligations (i.e., default). Low rated (high yield) or equivalent unrated debt securities generally offer a higher return than higher rated debt securities, but are subject to greater risks that the issuer will default. Fund investments in emerging markets may be subject to more risk due to economic, political or structural challenges. Further information on the Fund's risks can be found in the KIID and prospectus. OBJECTIVE The Barings Emerging Markets Corporate Bond Fund (The “Fund”) is an actively managed Emerging Markets (“EM”) corporate strategy. The Fund seeks to provide a high level of total return consisting of both income and capital appreciation. STRATEG Y & M ARKET OPPORTUNITY Invests primarily in a diversified portfolio of hard currency investment grade and high yield senior, subordinated, unsecured, and secured bonds issued by EM companies. - The EM corporate bond universe currently stands at more than $2.6tn
- 3
- and should continue to offer attractive risk-adjusted opportunities relative to similarly rated developed market peers
- While not immune to volatility, fundamentals have remained stable, and the large number of issuers, sectors, and countries can provide attractive relative value opportunities that suit the research- intensive, bottom-up strategy at Barings
- During recent years, EM corporates have shown healthy returns with low correlations to equities anddeveloped market debt.
|
This is a marketing communication. | # Barings Emerging Markets Corporate Bond Fund
| FICHE DE RENSEIGNEM ENTS |
| --- |
| VNI ($m) 87,3 |
| Date de lancement 16 avril 2014 |
| Domiciliation Irlande, fonds OPCVM |
| Fréquence d’échange Quotidiens |
| Société de gestion Baring International Fund Managers (Ireland) Limited |
| Gestionnaire d’investissement Baring Asset Management Limited Barings LLC |
| Tranches de devise USD/EUR/AUD/GBP/CHF/ SEK/JPY/SGD/CAD/NOK/ DKK (de capitalisation et de distribution) |
| Fréquence de distribution Trimestrielle |
| Devise de base USD |
| Indice de référence Indice J.P. Morgan CEMBI Broad Diversified |
| GÉRANT DE PORTEFEUILLE |
| Omotunde Lawal 22 années d’expérience |
| O V E R AL L M O R N I N G S T AR R AT I N G TM * SEPTEM BRE 2022 / FICHE D' INFORM ATION ★★★ |
| --- |
| PRINCIPAUX RISQUES Il est possible que dans des conditions de marché exceptionnelles, le nombre d’acheteurs et de vendeurs soit insuffisant pour permettre au Fonds d’acheter ou de vendre facilement des investissements, ce qui pourrait affecter sa capacité à répondre aux demandes de rachat des investisseurs. L’impossibilité pour une organisation au travers de laquelle nous achetons un actif de respecter ses obligations peut engendrer une perte. La garde d’actifs comporte un risque de perte si le dépositaire devient insolvable ou manque à ses obligations de diligence. Les investissements du Fonds dans les produits dérivés sont sensibles aux variations de la valeur de l’actif sous-jacent sur lequel ils sont basés et leur utilisation peut entraîner des pertes excédant le montant initialement investi. Les investissements du fonds dans des actifs à l’étranger peuvent perdre de la valeur en raison de fluctuations des taux de change. Les investissements du Fonds dans les titres de créance sont exposés aux variations des taux d’intérêt et aux risques que l’émetteur n’honore pas ses obligations de paiement (c’est-à-dire qu’il fasse défaut). Des titres de créance de note faible (à haut rendement) offrent généralement un rendement supérieur à celui de titres de créance mieux notés, mais ils sont également exposés à des risques de défaut de l’émetteur plus importants. Les investissements du fonds dans les marchés émergents peuvent être exposés à davantage de risques en raison de défis économiques, politiques ou structurels. De plus amples informations sur les risques du Fonds sont disponibles dans le DICI et le prospectus. OBJECTIF Le Barings Emerging Markets Corporate Bond Fund (le « Fonds ») est un fonds à gestion active qui poursuit une stratégie axée sur les entreprises des marchés émergents (« ME »). Le Fonds s’efforce de dégager un rendement élevé total basé sur le revenu et l’augmentation du capital. STRATÉGIE ET OPPORTUNITÉ DE M ARCHÉ Investit principalement dans un portefeuille diversifié d’obligations de type « investment grade » et à haut rendement de premier rang, subordonnées, non garanties et garanties libellées en devises fortes et émises par des entreprises des marchés émergents. - L'univers des obligations d'entreprises des marchés émergents se chiffre actuellement à plus de 2,6 milliards d'USD
- 3
- et devrait continuer à offrir des opportunités attrayantes, ajustées au risque, par rapport aux autres marchés développés ayant une notation similaire
- Ce marché n’est pas à l’abri de la volatilité, mais ses fondamentaux sont restés stables et le nombre important d’émetteurs, de secteurs et de pays offre des possibilités de valeur relative intéressantes adaptées à la stratégie ascendante basée sur la recherche de Barings.
- Ces dernières années, la dette des entreprises des ME a dégagé des rendements intéressantsfaiblement corrélés avec les actions et les titres de créance des marchés développés.
|
Cette communication est de nature commerciale. | # Barings Emerging Markets Corporate Bond Fund
| FUND FACTS |
| --- |
| NAV ($m) 87.3 |
| Inception Date April 16, 2014 |
| Domiciled Ireland, UCITS Fund |
| Dealing Frequency Daily |
| Management Company Baring International Fund Managers (Ireland) Limited |
| Investment Manager Baring Asset Management Limited Barings LLC |
| Currency Tranches USD/EUR/AUD/GBP/CHF/ SEK/JPY/SGD/CAD/NOK/ DKK (accumulating and distributing) |
| Distribution Frequency Quarterly |
| Base Currency USD |
| Benchmark J.P. Morgan CEMBI Broad Diversified Index |
| PORTFOLIO M ANAGE R |
| Omotunde Lawal 22 years of experience |
| O V E R AL L M O R N I N G S T AR R AT I N G TM * SEPTEM BER 2022 / FACTSHEE T ★★★ |
| --- |
| KEY RISK During exceptional market conditions there may be insufficient buyers and sellers to allow the Fund to buy and sell investments, which could affect the Fund's ability to meet investors' redemption requests. Losses may occur if an organisation through which we buy an asset fails to meet its obligations. Custody of assets involves a risk of loss if a custodian becomes insolvent or breaches duties of care. Fund investments in derivatives are sensitive to changes in the value of the underlying asset on which they are based and their use may result in losses greater than the amount originally invested. Fund investments in overseas assets may lose value due to movements in foreign exchange rates. Fund investments in debt securities are sensitive to changes in interest rates and are subject to risks that the issuer will not meet its payment obligations (i.e., default). Low rated (high yield) or equivalent unrated debt securities generally offer a higher return than higher rated debt securities, but are subject to greater risks that the issuer will default. Fund investments in emerging markets may be subject to more risk due to economic, political or structural challenges. Further information on the Fund's risks can be found in the KIID and prospectus. OBJECTIVE The Barings Emerging Markets Corporate Bond Fund (The “Fund”) is an actively managed Emerging Markets (“EM”) corporate strategy. The Fund seeks to provide a high level of total return consisting of both income and capital appreciation. STRATEG Y & M ARKET OPPORTUNITY Invests primarily in a diversified portfolio of hard currency investment grade and high yield senior, subordinated, unsecured, and secured bonds issued by EM companies. - The EM corporate bond universe currently stands at more than $2.6tn
- 3
- and should continue to offer attractive risk-adjusted opportunities relative to similarly rated developed market peers
- While not immune to volatility, fundamentals have remained stable, and the large number of issuers, sectors, and countries can provide attractive relative value opportunities that suit the research- intensive, bottom-up strategy at Barings
- During recent years, EM corporates have shown healthy returns with low correlations to equities anddeveloped market debt.
|
This is a marketing communication. | en | fr |
DOLFIN6004 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Personal information
Prospective investors should note that by completing the application form they are providing personal information, which may constitute “personal data” within the meaning of the Irish Data Protection Acts 1988 to 2018, the EU Data Protection Directive 95/46/EC, the EU ePrivacy Directive 2002/58/EC (as amended) and any relevant transposition of, or successor or replacement to, those laws (including the General Data Protection Regulation (Regulation (EU) 2016/679) and, when it comes into force, the successor to the ePrivacy Directive) (together, the “Data Protection Legislation”). The use of the personal data investors provided to the Manager in the application form is governed by the Data Protection Legislation and the Manager’s Privacy Policy.
Where an investor provides prior consent, the Manager, its delegates or agents may provide information about products and services or contact investors for market research. For these purposes, investor details may be shared with companies within the JHG group. The Manager will always treat investor details in accordance with the Manager’s Privacy Policy and investors will be able to unsubscribe at any time.
The Manager’s Privacy Policy in respect of the Company is under the Privacy Policy section of the JHG group website at www.janushenderson.com and may be updated from time to time, in material cases of which the Manager will notify you by appropriate means. | ## Informazioni personali
Si avvertono i potenziali investitori che compilando il modulo di sottoscrizione, essi forniscono informazioni personali, che potrebbero costituire “dati personali” ai sensi della legge irlandese in materia di protezione dei dati (Data Protection Act) dal 1988 al 2018, della Direttiva UE in materia di protezione dei dati 95/46/CE, della Direttiva europea ePrivacy 2002/58/CE (e successive modifiche) e di eventuali trasposizioni o sostituzioni delle suddette leggi (ivi compreso il Regolamento generale sulla protezione dei dati (Regolamento (UE) 2016/679) e, al momento della relativa entrata in vigore, della direttiva sostitutiva della Direttiva ePrivacy) (collettivamente, la “Legislazione sulla protezione dei dati”). L’utilizzo dei dati personali forniti dagli investitori al Gestore all’interno del modulo di sottoscrizione è disciplinato dalla Legislazione sulla protezione dei dati e dall’Informativa sulla privacy del Gestore.
Laddove un investitore fornisca il relativo consenso preliminare, il Gestore, i relativi delegati o agenti potranno fornire informazioni sui prodotti e sui servizi o contattare gli investitori per delle ricerche di mercato. A tale scopo, i dettagli relativi agli investitori possono essere condivisi con le società del gruppo JHG. Il Gestore tratterà in ogni caso i dettagli relativi agli investitori in conformità all’Informativa sulla privacy del Gestore e gli investitori potranno annullare la sottoscrizione in qualunque momento.
L’Informativa sulla privacy del Gestore con riferimento alla Società è presente nella sezione Informativa sulla privacy del sito web del gruppo JHG all’indirizzo www.janushenderson.com e può essere aggiornata di volta in volta, in casi concreti che il Gestore comunicherà secondo i mezzi più opportuni. | ## Personal information
Prospective investors should note that by completing the application form they are providing personal information, which may constitute “personal data” within the meaning of the Irish Data Protection Acts 1988 to 2018, the EU Data Protection Directive 95/46/EC, the EU ePrivacy Directive 2002/58/EC (as amended) and any relevant transposition of, or successor or replacement to, those laws (including the General Data Protection Regulation (Regulation (EU) 2016/679) and, when it comes into force, the successor to the ePrivacy Directive) (together, the “Data Protection Legislation”). The use of the personal data investors provided to the Manager in the application form is governed by the Data Protection Legislation and the Manager’s Privacy Policy.
Where an investor provides prior consent, the Manager, its delegates or agents may provide information about products and services or contact investors for market research. For these purposes, investor details may be shared with companies within the JHG group. The Manager will always treat investor details in accordance with the Manager’s Privacy Policy and investors will be able to unsubscribe at any time.
The Manager’s Privacy Policy in respect of the Company is under the Privacy Policy section of the JHG group website at www.janushenderson.com and may be updated from time to time, in material cases of which the Manager will notify you by appropriate means. | en | it |
DOLFIN6005 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 7 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 58 | EUR 416 |
| Annual cost impact (*) | 0.6% | 0.6% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.7% before costs and 8.1% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.5% of the value of your investment per year. | EUR 45 |
| Transaction costs | 0.1% 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. | EUR 13 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
EUR 0 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 7 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 58 EUR | 416 EUR |
| Incidencia anual de los costes (*) | 0,6% | 0,6% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 8,7% antes de deducir los costes y 8,1% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 EUR |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 EUR |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,5% del valor de su inversión por año. | 45 EUR |
| Costes de operación | 0,1% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 13 EUR |
Comisiones de rendimiento 0,0% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
0 EUR | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 7 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 58 | EUR 416 |
| Annual cost impact (*) | 0.6% | 0.6% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.7% before costs and 8.1% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | EUR 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | EUR 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.5% of the value of your investment per year. | EUR 45 |
| Transaction costs | 0.1% 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. | EUR 13 |
Performance fees 0.0% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
EUR 0 | en | es |
DOLFIN6006 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 USD |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 730 USD | 790 USD |
| Rendement annuel moyen | -26.90% | -7.71% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 840 USD | 830 USD |
| Rendement annuel moyen | -16.20% | -5.87% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1,040 USD | 1,150 USD |
| Rendement annuel moyen | 3.90% | 4.62% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,190 USD | 1,270 USD |
| Rendement annuel moyen | 19.10% | 8.38% | | | Periodo de mantenimiento recomendado: | 3 años |
| --- | --- |
| Ejemplo de inversión: | 1,000 USD |
| | En caso de salida después de 1 año | En caso de salida después de 3 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría usted perder una parte o la totalidad de tu inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 730 USD | 790 USD |
| Rendimiento medio cada año | -26.90% | -7.71% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 840 USD | 830 USD |
| Rendimiento medio cada año | -16.20% | -5.87% |
| Moderado | Lo que podría recibir tras deducir los costes | 1,040 USD | 1,150 USD |
| Rendimiento medio cada año | 3.90% | 4.62% |
| Favorable | Lo que podría recibir tras deducir los costes | 1,190 USD | 1,270 USD |
| Rendimiento medio cada año | 19.10% | 8.38% | | | Période de détention recommandée: | 3 ans |
| --- | --- |
| Exemple d'investissement: | 1,000 USD |
| | Si vous sortez après 1 an | Si vous sortez après 3 ans |
| Scénarios |
| Minimum | Il n'existe aucun rendement minimum garanti. Vous pourriez perdre tout ou partie de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 730 USD | 790 USD |
| Rendement annuel moyen | -26.90% | -7.71% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 840 USD | 830 USD |
| Rendement annuel moyen | -16.20% | -5.87% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 1,040 USD | 1,150 USD |
| Rendement annuel moyen | 3.90% | 4.62% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 1,190 USD | 1,270 USD |
| Rendement annuel moyen | 19.10% | 8.38% | | fr | es |
DOLFIN6007 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
*Total Return Indices measure the price performance of markets with the income from constituent dividend payments. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
The Investment Adviser may alter the benchmark portfolio from time to time to any other benchmark which the Investment Adviser determines, in its sole discretion, is generally representative of the investment policy of the Fund. Shareholders will not be notified in advance of any change in the benchmark portfolio. However, such change will be notified to Shareholders in the periodic reports of the Fund following such change.
Where there is no comparable benchmark portfolio or where the Fund adopts an absolute VaR calculation methodology, the VaR of the Fund shall not exceed 4.47% of the Net Asset Value of the Fund calculated daily using a one-tailed confidence interval of 99%, a holding period of one month and a historical observation period of at least 1 year. | *Total Return Indizes messen die Kursentwicklung der Märkte mit den Erträgen aus konstituierenden Dividendenzahlungen. Netto-Gesamtrenditeindizes reinvestieren Dividenden nach Abzug der Quellensteuern unter Verwendung eines (für internationale Indizes) für gebietsfremde institutionelle Anleger geltenden Steuersatzes; für Anleger, die nicht von Doppelbesteuerungsabkommen profitieren.
Der Anlageberater kann das Benchmarkportfolio von Zeit zu Zeit in jede andere Benchmark ändern, die der Anlageberater nach eigenem Ermessen als allgemein repräsentativ für die Anlagepolitik des Fonds erachtet. Die Aktionäre werden nicht vorab über eine Änderung des Benchmarkportfolios informiert. Diese Änderung wird den Aktionären jedoch in den regelmässigen Berichten des Fonds nach einer solchen Änderung mitgeteilt.
Gibt es kein vergleichbares Benchmarkportfolio oder wendet der Fonds eine absolute VaR- Berechnungsmethode an, darf der VaR des Fonds 4,47 % des täglich berechneten Nettovermögenswerts des Fonds unter Verwendung eines einseitigen Konfidenzintervalls von 99 %, einer Haltedauer von einem Monat und eines historischen Beobachtungszeitraums von mindestens einem Jahr nicht überschreiten. | *Total Return Indices measure the price performance of markets with the income from constituent dividend payments. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
The Investment Adviser may alter the benchmark portfolio from time to time to any other benchmark which the Investment Adviser determines, in its sole discretion, is generally representative of the investment policy of the Fund. Shareholders will not be notified in advance of any change in the benchmark portfolio. However, such change will be notified to Shareholders in the periodic reports of the Fund following such change.
Where there is no comparable benchmark portfolio or where the Fund adopts an absolute VaR calculation methodology, the VaR of the Fund shall not exceed 4.47% of the Net Asset Value of the Fund calculated daily using a one-tailed confidence interval of 99%, a holding period of one month and a historical observation period of at least 1 year. | en | de |
DOLFIN6008 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks include board composition and effectiveness, management incentives, management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on society and the environment.
- Sustainability risks associated with investments related to global demographics companies
Certain funds may invest in securities of companies which are considered as benefitting from demographics changes. A wide range of Sustainability Risks apply to companies which benefit from demographics changes. Environmental risks include, but are not limited to; the ability of companies to mitigate and adapt to climate change and the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste management challenges, and impact on global and local ecosystems. Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks include board composition and effectiveness, management incentives, management quality and alignment of management with shareholders. | Les risques sociaux concernent, sans pour autant s’y limiter, la sécurité des produits, la gestion de la chaîne d’approvisionnement, les normes en matière de travail, la santé, la sécurité, les droits de l’homme, le bien-être des employés, la confidentialité des données, le respect de la vie privée et le renforcement des règles technologiques. Les risques de gouvernance englobent la composition et l’efficacité du conseil, les mesures d’incitation pour les dirigeants, la qualité des dirigeants et l’harmonie entre les dirigeants et les actionnaires.
Une gestion inefficace de ces risques peut entraîner une dégradation des résultats financiers tout en ayant un impact négatif sur la société et l’environnement.
- Risques de durabilité associés aux investissements dans des sociétés internationales bénéficiant des tendances démographiques
Certains Compartiments peuvent investir dans des titres de sociétés qui profitent des changements démographiques. De nombreux Risques de durabilité s’appliquent aux sociétés qui profitent des changements démographiques. Les risques environnementaux comprennent, sans pour autant s’y limiter, la capacité des sociétés à atténuer le changement climatique et à s’y adapter et l’augmentation potentielle des prix du carbone, l’exposition à la rareté grandissante de l’eau et la hausse potentielle des prix de l’eau, les défis de la gestion des déchets et l’impact sur les écosystèmes mondiaux et locaux. Les risques sociaux concernent, sans pour autant s’y limiter, la sécurité des produits, la gestion de la chaîne d’approvisionnement, les normes en matière de travail, la santé, la sécurité, les droits de l’homme, le bien-être des employés, la confidentialité des données, le respect de la vie privée et le renforcement des règles technologiques. Les risques de gouvernance englobent la composition et l’efficacité du conseil, les mesures d’incitation pour les dirigeants, la qualité des dirigeants et l’harmonie entre les dirigeants et les actionnaires. | Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks include board composition and effectiveness, management incentives, management quality and alignment of management with shareholders.
Failure to effectively manage these risks can lead to a deterioration in financial outcomes as well as a negative impact on society and the environment.
- Sustainability risks associated with investments related to global demographics companies
Certain funds may invest in securities of companies which are considered as benefitting from demographics changes. A wide range of Sustainability Risks apply to companies which benefit from demographics changes. Environmental risks include, but are not limited to; the ability of companies to mitigate and adapt to climate change and the potential for higher carbon prices, exposure to increasing water scarcity and potential for higher water prices, waste management challenges, and impact on global and local ecosystems. Social risks include but are not limited to; product safety, supply chain management and labour standards, health and safety and human rights, employee welfare, data & privacy concerns and increasing technological regulation. Governance risks include board composition and effectiveness, management incentives, management quality and alignment of management with shareholders. | en | fr |
DOLFIN6009 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### This document provides key investor information about this fund (“Fund”). It is not marketing material. The information is required by law to help investors understand the nature and the risks of investing in this Fund. Investors are advised to read it so to make an informed decision about whether to invest.
Partners Group Listed Investments SICAV Listed Infrastructure - EUR (U - Acc.)
a share class of Partners Group Listed Investments SICAV - Listed Infrastructure | ### Gegenstand dieses Dokuments sind wesentliche Informationen für den Anleger über diesen Fonds. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um den Anlegern die Wesensart dieses Fonds und die Risiken einer Anlage in ihn zu erläutern. Es wird zur Lektüre dieses Dokuments geraten, sodass Anleger eine fundierte Anlageentscheidung treffen können.
Partners Group Listed Investments SICAV Listed Infrastructure - EUR (U - Acc.)
eine Aktienklasse des Partners Group Listed Investments SICAV - Listed Infrastructure | ### This document provides key investor information about this fund (“Fund”). It is not marketing material. The information is required by law to help investors understand the nature and the risks of investing in this Fund. Investors are advised to read it so to make an informed decision about whether to invest.
Partners Group Listed Investments SICAV Listed Infrastructure - EUR (U - Acc.)
a share class of Partners Group Listed Investments SICAV - Listed Infrastructure | en | de |
DOLFIN6010 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The new prospectus will come into force on 16 July 2021.
For further information on the above modifications, you are invited to consult the new prospectus available at the registered office of the Company.
On behalf of the Board of Directors | Il nuovo prospetto informativo entrerà in vigore in data 16 Iuglio 2021.
Per ulteriori informazioni in merito alla suddetta modifica, La invitiamo a consultare il nuovo prospetto informativo disponibile presso la sede legale della Società.
In nome del Consiglio di Amministrazione | The new prospectus will come into force on 16 July 2021.
For further information on the above modifications, you are invited to consult the new prospectus available at the registered office of the Company.
On behalf of the Board of Directors | en | it |
DOLFIN6011 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Charges billed to the investor, deducted at the time of subscriptions and redemptions | Base | Scale rate |
| --- | --- | --- |
| A, S, X, and B units | I (EUR) and I (USD) units | R, Z, K (EUR), and K (USD) units |
| Subscription fee not earned by the UCITS | NAV x number of units | 1% maximum | 0.5% maximum | 6% maximum |
| Subscription fee earned by the UCITS | NAV x number of units | None |
| Redemption fee not earned by the UCITS | NAV x number of units | None |
| Redemption fee earned by the UCITS | NAV x number of units | None | | | Frais à la charge de l'investisseur, prélevés lors des souscriptions et des rachats | Assiette | Taux barème |
| --- | --- | --- |
| Parts A, S, X et B | Parts I (EUR) et I (USD) | Parts R, Z, K (EUR) et K (USD) |
| Commission de souscription non acquise à l’OPCVM | VL x Nombre de parts | 1% maximum | 0.5% maximum | 6% maximum |
| Commission de souscription acquise à l’OPCVM | VL x Nombre de parts | Néant |
| Commission de rachat non acquise à l’OPCVM | VL x Nombre de parts | Néant |
| Commission de rachat acquise à l’OPCVM | VL x Nombre de parts | Néant | | | Charges billed to the investor, deducted at the time of subscriptions and redemptions | Base | Scale rate |
| --- | --- | --- |
| A, S, X, and B units | I (EUR) and I (USD) units | R, Z, K (EUR), and K (USD) units |
| Subscription fee not earned by the UCITS | NAV x number of units | 1% maximum | 0.5% maximum | 6% maximum |
| Subscription fee earned by the UCITS | NAV x number of units | None |
| Redemption fee not earned by the UCITS | NAV x number of units | None |
| Redemption fee earned by the UCITS | NAV x number of units | None | | en | fr |
DOLFIN6012 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The sub-fund may invest up to 25% of net assets in bonds issued by companies that are not 100% government-owned.
While complying with the above policies, the sub-fund may also invest in other types of bonds and convertible bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets:
- ABSs and MBSs: 20%
- UCITS/UCIs: 10%The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets. | ###### El subfondo podrá invertir hasta el 25 % de su patrimonio neto en bonos emitidos por empresas que no sean de titularidad 100 % pública.
Siempre que cumpla con la política descrita más arriba, el subfondo podrá invertir igualmente en otros tipos de bonos, en bonos convertibles, en instrumentos del mercado monetario, en depósitos y en los siguientes instrumentos, hasta los porcentajes máximos del patrimonio neto respectivamente indicados:
- ABS y MBS: 20 %
- OICVM/OIC: 10 %La exposición del subfondo a las obligaciones convertibles contingentes se limita al 10 % del patrimonio neto. | ###### The sub-fund may invest up to 25% of net assets in bonds issued by companies that are not 100% government-owned.
While complying with the above policies, the sub-fund may also invest in other types of bonds and convertible bonds, in money market instruments, in deposits, and in the following up to these percentages of net assets:
- ABSs and MBSs: 20%
- UCITS/UCIs: 10%The sub-fund’s exposure to contingent convertible bonds is limited to 10% of net assets. | en | es |
DOLFIN6013 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 0.25 an |
| --- |
| Coûts totaux | $0 |
| Incidence des coûts | 0.3% | | | En caso de salida después de 0.25 año |
| --- |
| Costes totales | $0 |
| Incidencia de los costes | 0.3% | | | Si vous sortez après 0.25 an |
| --- |
| Coûts totaux | $0 |
| Incidence des coûts | 0.3% | | fr | es |
DOLFIN6014 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If the regulatory requirements applicable to the investment guidelines of the fund were to change, the Management Company could be obliged, in the interests of the investors, to initiate measures to sell any no longer admissible securities held in the fund assets. Given the possible legal requirements for banks, fund companies and insurance companies, there is a risk that the Management Company will not be able to sell such securities, or will be able to do so only with deep price discounts or after very long delays.
-
#### Inflation risk | En cas de modification des dispositions régle- mentaires relatives aux directives d’investisse- ment du fonds, la société de gestion pourrait être tenue, dans l’intérêt des investisseurs, de prendre des mesures pour vendre d’éventuels titres qui ne sont plus autorisés et qui se trouvent dans l’actif du fonds. En raison d’éven- tuelles prescriptions légales pour les banques, les sociétés de fonds et les assurances, il existe un risque que la société de gestion ne puisse vendre ces titres, ou qu’elle ne puisse les vendre qu’avec des baisses de prix importantes ou avec un retard très important.
-
#### Risque d’inflation | If the regulatory requirements applicable to the investment guidelines of the fund were to change, the Management Company could be obliged, in the interests of the investors, to initiate measures to sell any no longer admissible securities held in the fund assets. Given the possible legal requirements for banks, fund companies and insurance companies, there is a risk that the Management Company will not be able to sell such securities, or will be able to do so only with deep price discounts or after very long delays.
-
#### Inflation risk | en | fr |
DOLFIN6015 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# ESG Metrics
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the fund promotes environmental or social characteristics. If it is shown as 9, the fund has a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com | # ESG-Kennzahlen
Das Factsheet ist eine Momentaufnahme des Portfolios am oben angegebenen Datum. Die Verteilung der ESG-Bewertungen kann sich im Laufe der Zeit ändern. Die Darstellung dieser Daten dient nur zu Informationszwecken. Wenn die SFDR-Klassifikation unten mit 6 angegeben ist, dann fördert dieser Teilfonds keine ökologischen oder sozialen Merkmale und bietet auch kein nachhaltiges Anlageziel. Wenn sie mit 8 angegeben ist, fördert der Teilfonds ökologische oder soziale Merkmale. Wenn sie mit 9 angegeben ist, hat der Teilfonds ein nachhaltiges Anlageziel. Produktspezifische Informationen finden Sie auf unserer Website unter www.fidelityinternational.com. | # ESG Metrics
The factsheet is a snapshot of the portfolio at the date indicated above. ESG ratings distribution may vary over time. Representation of this data is for informational purposes only. If the SFDR classification is shown as 6 below then this fund does not promote environmental or social characteristics nor does it have a sustainable investment objective. If it is shown as 8, the fund promotes environmental or social characteristics. If it is shown as 9, the fund has a sustainable investment objective. Product-specific information can be found on our website at www.fidelityinternational.com | en | de |
DOLFIN6016 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Portfolio Activity
During the month we added to our existing position in Systems Ltd., an IT services company based in Pakistan that offers services to clients around the world. We think earnings and free cash flow can grow strongly in the next three to four years—meaning the company will almost triple its headcount by 2025. Given its rapid expansion, positive industry dynamics and the need for new talent hubs, we believe Systems could potentially outperform the index in the next 18 months.
We added to the existing position Hermina, one of the oldest private hospital operators in Indonesia. The company’s focus on the middle class has allowed it to quickly become one of the largest private hospital networks in Indonesia (from third largest five years ago). We also added to Indonesian traditional medicine and food products company Sido Muncul.
Taking advantage of recent price weakness, we added to Grid Dynamics. We believe digitalization is here to stay, resulting in strong demand for Grid’s services and high value-add capabilities, despite weakness in retail and the economic uncertainty. The company has made progress recently with very large corporations, demonstrating the company’s ability to solve complex problems (client concentration) for globally competitive businesses.
We also added to Capitec, Grupa Kety and LPP on recent price movements. Through the end of the year, we will continue to deploy the cash balance in the portfolio through rebalancing and investing in new companies.
We trimmed our position in Cameco on the back of a recent acquisition announcement with Brookfield Renewable to acquire Westinghouse Electric. The acquisition leaves Cameco with a large increase in leverage on the balance sheet, though we continue to be positive on the structural demand and outlook for uranium.
## We reduced the allocations to Bank Mandiri and Locaweb, taking some profits on their recent outperformance. | # ATTIVITÀ DEL PORTAFOGLIO
Nel mese, abbiamo accentuato l’esposizione esistente a Systems Ltd., una società di servizi IT con sede in Pakistan che offre servizi a clienti di tutto il mondo. A nostro avviso, gli utili e il free cash flow possono registrare una solida crescita nei prossimi 3-Ł anni, vale a dire che la società arriverà a quasi triplicare il suo organico entro il 2025. Considerata la sua rapida espansione, le dinamiche settoriali positive e la necessità di nuovi hub di talenti, a nostro avviso Systems potrebbe potenzialmente sovraperformare l’indice nei prossimi 18 mesi.
Abbiamo rafforzato la posizione esistente in Hermina, uno dei più antichi operatori di ospedali privati in Indonesia. L’enfasi posta dalla società sul ceto medio le ha consentito di diventare rapidamente una delle maggiori reti ospedaliere private in Indonesia (dal terzo posto occupato cinque anni fa). Abbiamo inoltre aumentato l’esposizione a Sido Muncul, società specializzata in prodotti alimentari e della medicina tradizionale indonesiana.
Approfittando dei recenti ribassi, abbiamo rafforzato la posizione in Grid Dynamics. Riteniamo che la digitalizzazione sia ormai una realtà consolidata, con una conseguente forte domanda per i servizi e le capacità ad alto valore aggiunto di Grid, malgrado la debolezza nel settore retail e l’incertezza economica. Di recente, la società ha compiuto passi avanti presso alcune grandi multinazionali, a testimonianza della sua capacità di risolvere problemi complessi (concentrazione del cliente) per la competitività delle imprese globali.
Inoltre, abbiamo accentuato le posizioni in Capitec, Grupa Kety e LPP viste le recenti oscillazioni di prezzo. Fino alla fine dell’anno, continueremo a impiegare la liquidità in portafoglio mediante il ribilanciamento e l’investimento in nuove società.
Abbiamo leggermente ridimensionato la nostra posizione in Cameco dopo il recente annuncio rilasciato con Brookfield Renewable in merito alla loro partnership per l’acquisizione di Westinghouse Electric. L’acquisizione comporta un considerevole aumento della leva finanziaria in bilancio per Cameco, ma manteniamo il giudizio positivo circa la domanda strutturale e le prospettive per l’uranio.
## Abbiamo ridotto le allocazioni in Bank Mandiri e Locaweb, monetizzando i guadagni sulla recente sovraperformance. | # Portfolio Activity
During the month we added to our existing position in Systems Ltd., an IT services company based in Pakistan that offers services to clients around the world. We think earnings and free cash flow can grow strongly in the next three to four years—meaning the company will almost triple its headcount by 2025. Given its rapid expansion, positive industry dynamics and the need for new talent hubs, we believe Systems could potentially outperform the index in the next 18 months.
We added to the existing position Hermina, one of the oldest private hospital operators in Indonesia. The company’s focus on the middle class has allowed it to quickly become one of the largest private hospital networks in Indonesia (from third largest five years ago). We also added to Indonesian traditional medicine and food products company Sido Muncul.
Taking advantage of recent price weakness, we added to Grid Dynamics. We believe digitalization is here to stay, resulting in strong demand for Grid’s services and high value-add capabilities, despite weakness in retail and the economic uncertainty. The company has made progress recently with very large corporations, demonstrating the company’s ability to solve complex problems (client concentration) for globally competitive businesses.
We also added to Capitec, Grupa Kety and LPP on recent price movements. Through the end of the year, we will continue to deploy the cash balance in the portfolio through rebalancing and investing in new companies.
We trimmed our position in Cameco on the back of a recent acquisition announcement with Brookfield Renewable to acquire Westinghouse Electric. The acquisition leaves Cameco with a large increase in leverage on the balance sheet, though we continue to be positive on the structural demand and outlook for uranium.
## We reduced the allocations to Bank Mandiri and Locaweb, taking some profits on their recent outperformance. | en | it |
DOLFIN6017 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Service of notice on transfer or transmission of shares
- Every person who becomes entitled to a share shall, before his name is entered in the Register in respect of the share, be bound by any notice in respect of that share which hasbeen duly given to a person from whom he derives his title provided that the provisions of this paragraph shall not apply to any notice served under Article 8 unless, under the provisions of Article 8, it is a notice which continues to have effect notwithstanding the registration of a transfer of the shares to which it relates.
- Without prejudice to the provisions of these Articles allowing a meeting to be convened by newspaper advertisement, a notice may be given by the Company to the persons entitled to a share in consequence of the death or bankruptcy of a Holder by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Holder, addressed to them at the address, if any, supplied by them for that purpose. Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.
- | # Mitteilung zur Übertragung oder zum Übergang von Aktien
- Jede Person, die ein Anrecht auf eine Aktie hat, ist, bevor ihr Name im Register eingetragen wurde, an die Mitteilungen in Bezug auf die Aktie gebunden, wenn diese ordnungsgemäß an diejenige Person erfolgt sind, von der die Aktie übertragen wurde, unter dem Vorbehalt, dass die Bestimmungen dieses Absatzes nicht für Mitteilungen gelten, welche nach Artikel 8 erfolgt sind, es sei denn, es handelt sich um eine Mitteilung nach Artikel 8, die unbeschadet der Eintragung einer Übertragung der betreffenden Aktien wirksam bleibt.
- Unbeschadet der Bestimmungen dieser Satzung, die eine Einberufung einer Versammlung durch eine Zeitungsanzeige zulassen, kann eine Mitteilung seitens der Gesellschaft an Personen erfolgen, welche Anrecht auf eine Aktie als Folge des Todes oder der Insolvenz eines Inhaber haben, indem die Einladung auf einem entsprechend dieser Satzung für Mitteilungen an Aktionäre zulässigen Weg an die zu diesem Zweck genannte Adresse gesendet oder übergeben wird. Bis eine solche Adresse angegeben wurde, kann die Mitteilung in der Form erfolgen, in der sie erfolgt wäre, wäre der Tod bzw. die Insolvenz nicht eingetreten.
- | # Service of notice on transfer or transmission of shares
- Every person who becomes entitled to a share shall, before his name is entered in the Register in respect of the share, be bound by any notice in respect of that share which hasbeen duly given to a person from whom he derives his title provided that the provisions of this paragraph shall not apply to any notice served under Article 8 unless, under the provisions of Article 8, it is a notice which continues to have effect notwithstanding the registration of a transfer of the shares to which it relates.
- Without prejudice to the provisions of these Articles allowing a meeting to be convened by newspaper advertisement, a notice may be given by the Company to the persons entitled to a share in consequence of the death or bankruptcy of a Holder by sending or delivering it, in any manner authorised by these Articles for the giving of notice to a Holder, addressed to them at the address, if any, supplied by them for that purpose. Until such an address has been supplied, a notice may be given in any manner in which it might have been given if the death or bankruptcy had not occurred.
- | en | de |
DOLFIN6018 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
#### Alignement sur le Règlement sur la taxonomie
Le Règlement de l’UE sur la taxonomie (le « Règlement sur la taxonomie ») vise à créer un cadre commun afin de classer certaines activités comme durables sur le plan environnemental. Les conditions précises de cette classification, qui doivent être satisfaites en vertu du Règlement sur la taxonomie, nécessitent la disponibilité de plusieurs données spécifiques pour chaque investissement.
À la date des présentes, il n’existe pas suffisamment de données fiables, opportunes et vérifiables pour pouvoir déterminer s’il existe des investissements sous-jacents dans le Fonds qui tiennent compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement sur la taxonomie. En raison de ce manque de données disponibles, le Fonds n’est pas en mesure, actuellement, de
s’engager dans des investissements correspondant à des activités économiques durables sur le plan environnemental et conformes au Règlement sur la taxonomie. Bien que le Fonds ne s’engage pas à investir dans de tels investissements, il peut ponctuellement être exposé à ceux-ci.
Le Gestionnaire a l’intention de mettre à jour le présent Supplément au moment où il disposera de suffisamment de données fiables, opportunes et vérifiables sur les investissements du Fonds qui sont conformes à la taxonomie. | ##### Cumplimiento del Reglamento sobre la taxonomía
El objetivo del Reglamento sobre la taxonomía de la UE (el “Reglamento sobre la taxonomía”) es establecer un marco común para clasificar determinadas actividades como medioambientalmente sostenibles. Las condiciones concretas que deben cumplirse en virtud del Reglamento sobre la taxonomía para dicha clasificación requieren la disponibilidad de diversos datos específicos para cada inversión.
En la fecha del presente documento, no se dispone de suficientes datos fiables, oportunos y verificables
para poder determinar si existen inversiones subyacentes en el Fondo que tengan en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles en el sentido del Reglamento sobre la taxonomía. Debido a esta falta de datos disponibles, el Fondo no se encuentra actualmente en situación de comprometerse a invertir en actividades económicas medioambientalmente sostenibles que cumplan con el Reglamento sobre la taxonomía. Si bien el Fondo no se compromete a invertir en dichas inversiones, puede tener una exposición accesoria a ellas de forma ocasional.
La Sociedad Gestora pretende que este Suplemento se actualice cuando se disponga de suficientes datos fiables, oportunos y verificables sobre las inversiones del Fondo que cumplen con el Reglamento sobre la taxonomía. | #### Alignement sur le Règlement sur la taxonomie
Le Règlement de l’UE sur la taxonomie (le « Règlement sur la taxonomie ») vise à créer un cadre commun afin de classer certaines activités comme durables sur le plan environnemental. Les conditions précises de cette classification, qui doivent être satisfaites en vertu du Règlement sur la taxonomie, nécessitent la disponibilité de plusieurs données spécifiques pour chaque investissement.
À la date des présentes, il n’existe pas suffisamment de données fiables, opportunes et vérifiables pour pouvoir déterminer s’il existe des investissements sous-jacents dans le Fonds qui tiennent compte des critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental au sens du Règlement sur la taxonomie. En raison de ce manque de données disponibles, le Fonds n’est pas en mesure, actuellement, de
s’engager dans des investissements correspondant à des activités économiques durables sur le plan environnemental et conformes au Règlement sur la taxonomie. Bien que le Fonds ne s’engage pas à investir dans de tels investissements, il peut ponctuellement être exposé à ceux-ci.
Le Gestionnaire a l’intention de mettre à jour le présent Supplément au moment où il disposera de suffisamment de données fiables, opportunes et vérifiables sur les investissements du Fonds qui sont conformes à la taxonomie. | fr | es |
DOLFIN6019 | 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:
Fonds d'investissement (OPCVM) de droit luxembourgeois, qui est soumis à la loi relative aux organismes de placement collectif du 17 décembre 2010 et qui est un fonds commun de placement au sens de cette loi. La performance du fonds dépend de la performance des investissements sous-jacents.
## Durée de vie:
Ce produit a une durée de vie illimitée et n'a pas de date d'échéance. L'initiateur peut à tout moment repositionner le produit, le fusionner avec un autre produit ou le liquider unilatéralement sans délai de préavis.
## Objectifs:
Le fonds vise à préserver le capital à long terme et à dégager un rendement adéquat en CHF avec des instruments du marché monétaire émis ou garantis par des débiteurs de qualité.
Le fonds répond à la définition d'un fonds monétaire standard à valeur nette d'inventaire variable (fonds monétaire VNAV) et investit 100% de ses actifs dans des instruments du marché monétaire au sens de l'ordonnance sur les fonds monétaires, dont au moins 80% en CHF. La durée moyenne pondérée de fixation du taux d'intérêt et l'échéance moyenne pondérée ne peuvent dépasser six et douze mois respectivement. Les critères ESG sont systématiquement pris en compte lors de la sélection d'au moins 2/3 des investissements, conformément aux lignes directrices en matière d'investissement responsable. Le fonds est soumis à l'article 8 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financier («SFDR»).
Les titres sont sélectionnés de manière discrétionnaire à l'aide d'un processus d'investissement cohérent (gestion active). S'agissant de la construction du portefeuille, la sélection de titres et leur pondération se fondent sur les composantes du FTSE 3-Month Swiss Franc Eurodeposit. La composition du portefeuille peut s'écarter légèrement de celle de l'indice de référence. La politique d'investissement est basée sur cet indice de référence et a pour objectif de le surperformer. Eu égard aux conditions de marché et à l'analyse des risques, le gestionnaire d'actifs peut à tout moment s'écarter de manière plus ou moins importante, positive ou négative, de l'indice de référence par le biais d'une surpondération ou d'une sous-pondération active des titres et secteurs individuels.
Les parts de fonds peuvent être émises ou rachetées en principe chaque jour ouvrable bancaire à Luxembourg. Les gains et rendements de la classe de parts ne sont pas distribués mais réinvestis.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, a été mandatée comme banque de dépôt (dépositaire).
Ce document contient une description du fonds. De plus amples informations sur le fonds, le prospectus de vente du fonds, le règlement de gestion, les rapports annuels et semestriels ainsi que les prix des parts en vigueur peuvent être consultés gratuitement en allemand sur www.swisscanto.com. Ces documents sont rédigées, le cas échéant, pour l'ensemble du fonds à compartiments multiples.
Toute responsabilité de la fortune d'un fonds au sein du fonds à compartiments multiples pour les créances contre la fortune d'un autre fonds est exclue. L'investisseur a le droit de convertir son placement en parts d'un autre compartiment. Pour de plus amples informations sur les modalités de la conversion, prière de se reporter au prospectus et au règlement de gestion.
## Investisseurs de détail visés:
Ce produit convient aux investisseurs qui ...
... ont au moins des connaissances de base sur les instruments financiers détenus par le fonds;
... disposent au moins d'un horizon de placement à très court terme;
... peuvent supporter, dans le pire des cas, la perte de l'intégralité du capital investi. | # ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
Fondo de inversión (UCITS) de derecho luxemburgués, que está sujeto a la ley de organismos de inversión colectiva del 17 de diciembre de 2010 y que es un fondo común de colocación en virtud de esta ley. El rendimiento del fondo depende del rendimiento de las inversiones subyacentes.
## Plazo:
Este producto reviste un carácter indefinido y no tiene fecha de vencimiento. El productor puede reposicionar el producto en cualquier momento, combinarlo con otro producto o anularlo de manera unilateral sin previo aviso.
## Objetivos:
El objetivo de inversión es preservar el capital a largo plazo y lograr un rendimiento adecuado en CHF, invirtiendo para ello en instrumentos del mercado monetario emitidos por deudores con buena solvencia.
El fondo reúne los requisitos como fondo estándar del mercado monetario con valor liquidativo variable (modo del mercado monetario VLV) e invierte el 100 % de su patrimonio en instrumentos del mercado monetario en el sentido del reglamento sobre fondos del mercado monetario, de los cuales al menos el 80% en CHF. La duración promedio ponderada de la obligación de pago de intereses no puede exceder de 6 meses y el vencimiento restante promedio ponderado no debe exceder de 12 meses. Al seleccionar por lo menos 2/3 de las inversiones, se tienen en cuenta sistemáticamente los criterios ESG de acuerdo con los requisitos de responsabilidad. El Fondo se clasifica bajo el Art. 8 del Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo de 27 de noviembre de 2019 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Los valores se seleccionan de manera discrecional sobre la base de un proceso de inversión coherente (gestión activa). En lo que respecta a la composición de la cartera, la selección de valores y su ponderación se centra en las empresas del FTSE 3-Month Swiss Franc Eurodeposit. La desviación del índice de referencia puede ser moderada. La política de inversión se rige por este índice y trata de superar su rentabilidad. El gestor de activos podrá, en cualquier momento, desviarse de manera significativa o mínima, positiva o negativamente, del índice, sobreponderando o infraponderando los distintos valores y sectores sobre la base de la coyuntura de mercado y las evaluaciones de riesgo.
En principio, las participaciones en el fondo se emiten y reembolsan todos los días hábiles bancarios de Luxemburgo. No se reparten las ganancias y rendimientos de la clase de participación, sino que se reinvierten.
Banco depositario es el RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette.
El presente documento describe el fondo. Podrá obtener gratuitamente más información en alemán sobre el fondo, el folleto de venta correspondiente, las condiciones contractuales, el informe anual y semestral, así como los precios actuales de las participaciones, en www.swisscanto.com. No obstante, estos documentos se elaboran, dado el caso, para el fondo paraguas completo.
Está excluida la responsabilidad del patrimonio de un fondo dentro del fondo paraguas por los pasivos que afectan el patrimonio de otro fondo.
El inversor tendrá derecho a convertir sus participaciones en un subfondo en participaciones de otro subfondo. Podrá encontrar más información sobre las modalidades de canje de participaciones en el folleto y en los términos del contrato.
## Inversor minorista al que va dirigido:
Este producto resulta adecuado para inversores que ...
... tienen, al menos, un conocimiento elemental de los instrumentos financieros contenidos en el fondo,
... tengan como mínimo un horizonte de inversión a muy corto plazo,
... en el peor de los casos también podrían soportar la pérdida de todo el capital invertido. | # EN QUOI CONSISTE CE PRODUIT?
## Type:
Fonds d'investissement (OPCVM) de droit luxembourgeois, qui est soumis à la loi relative aux organismes de placement collectif du 17 décembre 2010 et qui est un fonds commun de placement au sens de cette loi. La performance du fonds dépend de la performance des investissements sous-jacents.
## Durée de vie:
Ce produit a une durée de vie illimitée et n'a pas de date d'échéance. L'initiateur peut à tout moment repositionner le produit, le fusionner avec un autre produit ou le liquider unilatéralement sans délai de préavis.
## Objectifs:
Le fonds vise à préserver le capital à long terme et à dégager un rendement adéquat en CHF avec des instruments du marché monétaire émis ou garantis par des débiteurs de qualité.
Le fonds répond à la définition d'un fonds monétaire standard à valeur nette d'inventaire variable (fonds monétaire VNAV) et investit 100% de ses actifs dans des instruments du marché monétaire au sens de l'ordonnance sur les fonds monétaires, dont au moins 80% en CHF. La durée moyenne pondérée de fixation du taux d'intérêt et l'échéance moyenne pondérée ne peuvent dépasser six et douze mois respectivement. Les critères ESG sont systématiquement pris en compte lors de la sélection d'au moins 2/3 des investissements, conformément aux lignes directrices en matière d'investissement responsable. Le fonds est soumis à l'article 8 du règlement (UE) 2019/2088 du Parlement européen et du Conseil du 27 novembre 2019 sur la publication d’informations en matière de durabilité dans le secteur des services financier («SFDR»).
Les titres sont sélectionnés de manière discrétionnaire à l'aide d'un processus d'investissement cohérent (gestion active). S'agissant de la construction du portefeuille, la sélection de titres et leur pondération se fondent sur les composantes du FTSE 3-Month Swiss Franc Eurodeposit. La composition du portefeuille peut s'écarter légèrement de celle de l'indice de référence. La politique d'investissement est basée sur cet indice de référence et a pour objectif de le surperformer. Eu égard aux conditions de marché et à l'analyse des risques, le gestionnaire d'actifs peut à tout moment s'écarter de manière plus ou moins importante, positive ou négative, de l'indice de référence par le biais d'une surpondération ou d'une sous-pondération active des titres et secteurs individuels.
Les parts de fonds peuvent être émises ou rachetées en principe chaque jour ouvrable bancaire à Luxembourg. Les gains et rendements de la classe de parts ne sont pas distribués mais réinvestis.
RBC Investor Services Bank S.A.14, Porte de France, L-4360 Esch-sur-Alzette, a été mandatée comme banque de dépôt (dépositaire).
Ce document contient une description du fonds. De plus amples informations sur le fonds, le prospectus de vente du fonds, le règlement de gestion, les rapports annuels et semestriels ainsi que les prix des parts en vigueur peuvent être consultés gratuitement en allemand sur www.swisscanto.com. Ces documents sont rédigées, le cas échéant, pour l'ensemble du fonds à compartiments multiples.
Toute responsabilité de la fortune d'un fonds au sein du fonds à compartiments multiples pour les créances contre la fortune d'un autre fonds est exclue. L'investisseur a le droit de convertir son placement en parts d'un autre compartiment. Pour de plus amples informations sur les modalités de la conversion, prière de se reporter au prospectus et au règlement de gestion.
## Investisseurs de détail visés:
Ce produit convient aux investisseurs qui ...
... ont au moins des connaissances de base sur les instruments financiers détenus par le fonds;
... disposent au moins d'un horizon de placement à très court terme;
... peuvent supporter, dans le pire des cas, la perte de l'intégralité du capital investi. | fr | es |
DOLFIN6020 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### Invesco's Commitment to ESG
Invesco has an investment-led ESG approach. We provide a comprehensive range of ESG focused capabilities that enable clients to express their values through investing. We also integrate financially material ESG considerations across our investment platform, taking into account critical factors that help us deliver strong outcomes to clients.
ESG Supplement | ##### Impegno di Invesco sul fronte ESG
Invesco adotta un approccio ESG mirato agli investimenti. Offriamo una gamma completa di strategie focalizzate sui principi ESG che consentono ai clienti di esprimere i loro valori attraverso gli investimenti. Inoltre, integriamo gli aspetti ESG finanziariamente rilevanti in tutta la nostra piattaforma d’investimento, tenendo conto di fattori critici che ci aiutano a generare risultati robusti per i clienti.
Supplemento ESG | ##### Invesco's Commitment to ESG
Invesco has an investment-led ESG approach. We provide a comprehensive range of ESG focused capabilities that enable clients to express their values through investing. We also integrate financially material ESG considerations across our investment platform, taking into account critical factors that help us deliver strong outcomes to clients.
ESG Supplement | en | it |
DOLFIN6021 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Sub investment advisor
PGI has appointed Principal Real Estate Investors, LLC ("Principal Real Estate"), Principal Global Investors (Europe) Ltd ("PGIE"), Principal Global Investors (Australia) Ltd ("PGIA") and Principal Global Investor (Singapore) Limited ("PGIS") as the Sub-Investment Advisors. Principal Real Estate is a trade name of Principal Real Estate Investors, LLC, an affiliate of Principal Global Investors. The real estate capabilities of Principal Real Estate span the spectrum of public and private equity and debt investment alternatives. | # Sub investment advisor
PGI ha nominato Principal Real Estate Investors, LLC ("Principal Real Estate"), Principal Global Investors (Europe) Ltd ("PGIE"), Principal Global Investors (Australia) Ltd ("PGIA") e Principal Global Investor (Singapore) Limited ("PGIS") quali Consulenti d’investimento aggiunti.
Principal Real Estate è un nome commerciale di Principal Real Estate Investors, LLC, un'affiliata di Principal Global Investors. Le capacità di Principal Real Estate Investors nel settore immobiliare abbracciano l'intero spettro di alternative d'investimento nei mercati azionario, del private equity e obbligazionario. | # Sub investment advisor
PGI has appointed Principal Real Estate Investors, LLC ("Principal Real Estate"), Principal Global Investors (Europe) Ltd ("PGIE"), Principal Global Investors (Australia) Ltd ("PGIA") and Principal Global Investor (Singapore) Limited ("PGIS") as the Sub-Investment Advisors. Principal Real Estate is a trade name of Principal Real Estate Investors, LLC, an affiliate of Principal Global Investors. The real estate capabilities of Principal Real Estate span the spectrum of public and private equity and debt investment alternatives. | en | it |
DOLFIN6022 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Objectif et politique
Le Fonds cherche à dégager des rendements en investissant dans un portefeuille diversifié d’instruments de crédit et de dette. Le Fonds peut investir dans des titres de dette d’entreprise à taux fixe ou à taux flottant (émis par des sociétés ou des émetteurs financiers) et des titres de dette publique (émis par les gouvernements, organismes publiques, organisations supranationales ou autorités locales). Ces titres de dette incluent les dépôts à haut rendement et de qualité « investment grade », les billets, les bons et les obligations.
Lors de la construction du portefeuille du Fonds, le Gestionnaire d’investissement adoptera une approche d’investissement dans les crédits multi-actifs afin d’optimiser le rendement total pour les investisseurs à toutes les étapes des cycles économiques et de crédit. Le Gestionnaire d’investissement cherchera à investir en fonction de la valeur relative des instruments de crédit et des titres de dette en s’appuyant sur la recherche fondamentale et l’évaluation des emprunteurs et en tenant compte de différents facteurs tels que la qualité de crédit, les facteurs environnementaux, sociaux et de gouvernance, l’échéance des investissements, les types d’émetteurs, la liquidité et l’exposition géographique et sectorielle.
Il peut arriver que le Fonds ne soit pas pleinement investi. Le Fonds peut utiliser des instruments financiers dérivés (IFD) à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Fonds est activement géré. Le Fonds n’est pas géré par référence à un indice.
Le Fonds promeut des caractéristiques environnementales, sociales et de gouvernance à travers sa politique d’investissement et, par conséquent, est considéré comme un « Compartiment relevant de l’article 8 » aux fins du Règlement Disclosure, ou SFDR (Sustainable Finance Disclosure Regulation).
Pour de plus amples renseignements, veuillez consulter la rubrique Objectif d’investissement, politique d’investissement et restrictions d’investissement du Prospectus de la Société (le « Prospectus ») et du supplément du Compartiment (le « Supplément »).
Le Fonds est considéré comme adapté aux investisseurs qui cherchent à optimiser leur rendement total à travers un portefeuille d’actifs qui génèrent à la fois des revenus et une croissance du capital. Ces investisseurs souhaitent parfois s’exposer à un portefeuille d’actifs diversifiés à travers les marchés des titres à revenu fixe et du crédit tout en conservant la possibilité d’adopter une approche d’investissement à forte conviction qui, à certains moments, peut entraîner des épisodes de volatilité. Ainsi, l’investisseur typique comprendra et sera en mesure d’accepter que la valeur du Fonds puisse augmenter et baisser plus fréquemment et dans une plus large mesure que d’autres types d’investissement. Cet investisseur a généralement un horizon d’investissement à long terme. | ## Objetivo y Política
El fondo pretende obtener rendimientos mediante la inversión en una cartera diversificada de instrumentos de crédito y de deuda. El Fondo puede invertir en valores de deuda corporativa tipo fijo o variable (de emisores corporativos o financieros) y deuda pública (de gobiernos, organismos públicos, organismos supranacionales o autoridades locales). Estos valores de deuda incluirán depósitos, letras, pagarés y bonos de alto rendimiento y con grado de inversión.
A la hora de elaborar la cartera del Fondo, el Gestor de inversiones utilizará un enfoque de inversión crediticia multiactivos para tratar de maximizar la rentabilidad total de los inversores en todas las fases de los ciclos económicos y crediticios. El Gestor de Inversiones tratará de invertir en función del valor relativo entre los instrumentos de crédito y los valores de deuda, así como mediante la investigación y evaluación fundamentales de los prestatarios, teniendo en cuenta diversos factores, como la calidad crediticia, los factores ambientales, sociales y de gobernanza, el vencimiento de la inversión, el tipo de emisor, la liquidez y la exposición geográfica y sectorial.
Puede que el Fondo no esté totalmente invertido en todo momento. El Fondo puede emplear instrumentos derivados financieros (Derivados) con fines de cobertura, inversión y de gestión eficiente de la cartera. El Fondo se gestiona de forma activa. El Fondo no se gestiona mediante referencia a un índice.
El Fondo promueve características ambientales, sociales y de gobernanza mediante su política de inversión y, por consiguiente, ha sido designado como fondo conforme al artículo 8 a los efectos del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Para obtener información completa remítase al objetivo de inversión, la política de inversión y las restricciones a la inversión en el folleto de la Sociedad (el «Folleto») y el suplemento del Fondo (el «Suplemento»).
El Fondo se considera adecuado para los inversores que buscan maximizar su rentabilidad total a través de una cartera de activos que generan ingresos y crecimiento del capital. Es posible que estos inversores deseen tener exposición a una cartera de activos que ofrezca diversificación en los mercados de renta fija y de crédito, al tiempo que mantiene la capacidad de seguir un enfoque de inversión de gran convencimiento, que en ocasiones puede dar lugar a períodos de volatilidad. Por consiguiente, el inversor tipo entiende y está dispuesto a aceptar que el valor del Fondo puede subir o bajar con más frecuencia, y en mayor medida, que otro tipo de inversiones. Normalmente este tipo de inversor tendrá un horizonte de inversión a largo plazo. | ## Objectif et politique
Le Fonds cherche à dégager des rendements en investissant dans un portefeuille diversifié d’instruments de crédit et de dette. Le Fonds peut investir dans des titres de dette d’entreprise à taux fixe ou à taux flottant (émis par des sociétés ou des émetteurs financiers) et des titres de dette publique (émis par les gouvernements, organismes publiques, organisations supranationales ou autorités locales). Ces titres de dette incluent les dépôts à haut rendement et de qualité « investment grade », les billets, les bons et les obligations.
Lors de la construction du portefeuille du Fonds, le Gestionnaire d’investissement adoptera une approche d’investissement dans les crédits multi-actifs afin d’optimiser le rendement total pour les investisseurs à toutes les étapes des cycles économiques et de crédit. Le Gestionnaire d’investissement cherchera à investir en fonction de la valeur relative des instruments de crédit et des titres de dette en s’appuyant sur la recherche fondamentale et l’évaluation des emprunteurs et en tenant compte de différents facteurs tels que la qualité de crédit, les facteurs environnementaux, sociaux et de gouvernance, l’échéance des investissements, les types d’émetteurs, la liquidité et l’exposition géographique et sectorielle.
Il peut arriver que le Fonds ne soit pas pleinement investi. Le Fonds peut utiliser des instruments financiers dérivés (IFD) à des fins de couverture, d’investissement et de gestion efficace du portefeuille. Le Fonds est activement géré. Le Fonds n’est pas géré par référence à un indice.
Le Fonds promeut des caractéristiques environnementales, sociales et de gouvernance à travers sa politique d’investissement et, par conséquent, est considéré comme un « Compartiment relevant de l’article 8 » aux fins du Règlement Disclosure, ou SFDR (Sustainable Finance Disclosure Regulation).
Pour de plus amples renseignements, veuillez consulter la rubrique Objectif d’investissement, politique d’investissement et restrictions d’investissement du Prospectus de la Société (le « Prospectus ») et du supplément du Compartiment (le « Supplément »).
Le Fonds est considéré comme adapté aux investisseurs qui cherchent à optimiser leur rendement total à travers un portefeuille d’actifs qui génèrent à la fois des revenus et une croissance du capital. Ces investisseurs souhaitent parfois s’exposer à un portefeuille d’actifs diversifiés à travers les marchés des titres à revenu fixe et du crédit tout en conservant la possibilité d’adopter une approche d’investissement à forte conviction qui, à certains moments, peut entraîner des épisodes de volatilité. Ainsi, l’investisseur typique comprendra et sera en mesure d’accepter que la valeur du Fonds puisse augmenter et baisser plus fréquemment et dans une plus large mesure que d’autres types d’investissement. Cet investisseur a généralement un horizon d’investissement à long terme. | fr | es |
DOLFIN6023 | 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 |
| --- |
| Stress scenario | What you might get back after costs | EUR 9,930 |
| | Average return each year % | -0.70% |
| Unfavourable scenario | What you might get back after costs | EUR 9,930 |
| | Average return each year % | -0.70% |
| Moderate scenario | What you might get back after costs | EUR 9,950 |
| | Average return each year % | -0.50% |
| Favourable scenario | What you might get back after costs | EUR 10,010 |
| | Average return each year % | 0.10% | | | IN CASO DI USCITA DOPO 1 ANNO |
| --- |
| Scenario di stress | Possibile rimborso al netto dei costi | EUR 9.930 |
| | Rendimento medio per ciascun anno | -0,70% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | EUR 9.930 |
| | Rendimento medio per ciascun anno | -0,70% |
| Scenario moderato | Possibile rimborso al netto dei costi | EUR 9.950 |
| | Rendimento medio per ciascun anno | -0,50% |
| Scenario favorevole | Possibile rimborso al netto dei costi | EUR 10.010 |
| | Rendimento medio per ciascun anno | 0,10% | | | IF YOU EXIT AFTER 1 YEAR |
| --- |
| Stress scenario | What you might get back after costs | EUR 9,930 |
| | Average return each year % | -0.70% |
| Unfavourable scenario | What you might get back after costs | EUR 9,930 |
| | Average return each year % | -0.70% |
| Moderate scenario | What you might get back after costs | EUR 9,950 |
| | Average return each year % | -0.50% |
| Favourable scenario | What you might get back after costs | EUR 10,010 |
| | Average return each year % | 0.10% | | en | it |
DOLFIN6024 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le fonds vise à dégager des rendements absolus positifs, combinant revenus et croissance du capital, dans toutes les conditions de marché et sur 12 mois glissants. L’indice de référence du fonds est le SONIA (rendement composé sur 90 jours) et le fonds mesurera sa performance par comparaison à ce dernier. En outre, le fonds cherche à générer des rendements à concurrence du SONIA (rendement composé sur 90 jours)
+ 4 % bruts de frais sur une période annualisée de cinq ans, tout en gardant à l’idée l'objectif à 12 mois.
Le fonds cherche à atteindre son objectif en investissant principalement dans diverses monnaies mondiales par le biais d'un large éventail d'instruments dérivés en devises. Le fonds investira également dans des liquidités ou quasi-liquidités (notamment des instruments du marché monétaire), parfois dans une large mesure compte tenu de l'objectif qu'il s'est fixé.
Le fonds est activement géré, ce qui signifie que le Gestionnaire d’investissement dispose d'une grande latitude pour sélectionner les placements en devises du fonds. Il s'attachera à exploiter l'orientation et la volatilité des mouvements de la valeur des monnaies, en fondant ses décisions d'investissement sur des facteurs tels que sa vision des
fluctuations de change dans les cycles macroéconomique et de taux d'intérêt des pays ou régions concernés. Il définira également avec soin le moment opportun pour réaliser ces investissements, en fonction des fluctuations à court terme de la valeur des monnaies.
Toutefois, si le gestionnaire d'investissement ne parvient pas à trouver d'investissements liés aux devises présentant un potentiel de gain par rapport à la valeur de référence du fonds, ce dernier restera investi en liquidités.
Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les cinq ans.
Cette classe d'actions Class B4p Sterling Shares n'a pas vocation à verser de dividende. Les revenus sont conservés par le Fonds et pris en compte dans la valeur de la classe d'actions.
Il est possible de souscrire et racheter des parts du fonds tous les jours ouvrables en Irlande.
Pour de plus amples informations, veuillez vous reporter à la section « Objectifs et politiques d'investissement » du Prospectus et au supplément du Prospectus du fonds.
Profil de risque et de rendement | El fondo pretende generar una rentabilidad absoluta positiva, que abarque tanto ganancias como crecimiento del capital, en todas las condiciones de mercado sobre una base de 12 meses consecutivos. La referencia del fondo es el SONIA (compuesto a 90 días) y el fondo medirá su rentabilidad con respecto a este. Por otra parte, el fondo pretende generar una rentabilidad superior a la del SONIA (compuesto a 90 días)
+4% sin descontar comisiones durante un período anualizado de cinco años, al tiempo que tiene presente su objetivo a 12 meses.
El fondo pretende alcanzar su objetivo mediante la inversión principalmente en una cesta de divisas mundiales y el uso de una gran variedad de instrumentos derivados de divisas. El fondo también invertirá en activos líquidos y otras inversiones afines (incluidos los instrumentos del mercado monetario) y, teniendo en cuenta el objetivo del fondo, ocasionalmente dichas inversiones podrán ser importantes.
El fondo se gestiona de forma activa, lo que implica que el gestor de inversiones cuenta con gran capacidad de elección en lo referente a hacer inversiones en divisas para el fondo. Intentará generar rentabilidad aprovechando tanto la dirección como la volatilidad de las oscilaciones del valor de las divisas, basando sus decisiones de inversión en factores
como sus perspectivas acerca de los cambios en el ciclo macroeconómico y en los tipos de interés de los países o regiones pertinentes. Del mismo modo, analizará detenidamente la oportunidad de cualquier inversión, teniendo en cuenta las fluctuaciones a corto plazo de los valores de las divisas.
Sin embargo, cuando el Gestor de Inversiones no pueda identificar oportunidades de inversión vinculadas con las divisas que ofrezcan un potencial de ganancias con respecto al valor de referencia del fondo, se mantendrá posicionado en activos líquidos.
Este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años.
Las Class B4p Sterling Shares no abonan dividendos. Cualesquiera ganancias registradas serán retenidas por el fondo y se reflejarán en el valor de la clase de acciones.
Las acciones pueden comprarse y venderse al fondo cualquier día hábil en Irlanda.
Para obtener información más detallada, remítase a la sección
«Investment Objectives and Policies» (Objetivos y política de inversión) del Folleto y el Suplemento del fondo.
Perfil de riesgo y remuneración | Le fonds vise à dégager des rendements absolus positifs, combinant revenus et croissance du capital, dans toutes les conditions de marché et sur 12 mois glissants. L’indice de référence du fonds est le SONIA (rendement composé sur 90 jours) et le fonds mesurera sa performance par comparaison à ce dernier. En outre, le fonds cherche à générer des rendements à concurrence du SONIA (rendement composé sur 90 jours)
+ 4 % bruts de frais sur une période annualisée de cinq ans, tout en gardant à l’idée l'objectif à 12 mois.
Le fonds cherche à atteindre son objectif en investissant principalement dans diverses monnaies mondiales par le biais d'un large éventail d'instruments dérivés en devises. Le fonds investira également dans des liquidités ou quasi-liquidités (notamment des instruments du marché monétaire), parfois dans une large mesure compte tenu de l'objectif qu'il s'est fixé.
Le fonds est activement géré, ce qui signifie que le Gestionnaire d’investissement dispose d'une grande latitude pour sélectionner les placements en devises du fonds. Il s'attachera à exploiter l'orientation et la volatilité des mouvements de la valeur des monnaies, en fondant ses décisions d'investissement sur des facteurs tels que sa vision des
fluctuations de change dans les cycles macroéconomique et de taux d'intérêt des pays ou régions concernés. Il définira également avec soin le moment opportun pour réaliser ces investissements, en fonction des fluctuations à court terme de la valeur des monnaies.
Toutefois, si le gestionnaire d'investissement ne parvient pas à trouver d'investissements liés aux devises présentant un potentiel de gain par rapport à la valeur de référence du fonds, ce dernier restera investi en liquidités.
Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les cinq ans.
Cette classe d'actions Class B4p Sterling Shares n'a pas vocation à verser de dividende. Les revenus sont conservés par le Fonds et pris en compte dans la valeur de la classe d'actions.
Il est possible de souscrire et racheter des parts du fonds tous les jours ouvrables en Irlande.
Pour de plus amples informations, veuillez vous reporter à la section « Objectifs et politiques d'investissement » du Prospectus et au supplément du Prospectus du fonds.
Profil de risque et de rendement | fr | es |
DOLFIN6025 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais forfaitaires prélevés avant ou après votre investissement |
| --- |
| Frais d’entrée | 5,00 % |
| Frais de sortie | Aucun |
| Le montant indiqué est le maximum susceptible d’être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,75 % |
| Frais prélevés sur le fonds sous certaines conditions |
| Commission de performance | Aucune | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00% |
| Gastos de salida | Ninguno |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,75% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna | | | Frais forfaitaires prélevés avant ou après votre investissement |
| --- |
| Frais d’entrée | 5,00 % |
| Frais de sortie | Aucun |
| Le montant indiqué est le maximum susceptible d’être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,75 % |
| Frais prélevés sur le fonds sous certaines conditions |
| Commission de performance | Aucune | | fr | es |
DOLFIN6026 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Note on cost reporting
If the investor is advised by a third party when purchasing units or if the third party acts as an intermediary for the purchase, the third party may indicate costs or cost ratios that do not align entirely with the cost infor- mation in this Sales Prospectus and in the Key Investor Information Document. This may be, in particular, due to the fact that the third party additionally takes into account the costs of its own activity (e.g. brokerage, advi- sory services or custody account management). In addition, it may also take into account one-off costs such as front-end loads and generally uses other calculation methods or estimates for the costs incurred at fund level, which include in particular the fund's transaction costs.
Deviations in cost reporting may arise both in the case of information provided prior to the conclusion of a contract and in the case of regular cost information on the existing fund investment as part of a long-term customer relationship. | Remarque relative à l’attestation des coûts
Si, lors de l'acquisition de parts, l'investisseur est conseillé par des tiers ou si ceux-ci servent d'intermédiaire pour l'achat de parts, ces tiers peuvent lui affecter le cas échéant des frais ou des ratios de frais qui ne sont pas conformes aux informations concernant les frais contenues dans le présent prospectus et dans les documents d'informations clés pour l'investisseur. L'une des raisons peut notamment être que la personne tierce prend également en compte les coûts de sa propre activité (comme la médiation, les conseils ou la gestion des comptes de dépôt). En outre, elle peut également prendre en compte, le cas échéant, les frais ponctuels, tels que la commission de souscription et utilise généralement d’autres méthodes de calcul ou des estimations pour les frais imputables au Fonds, qui englobent notamment les frais de transaction du Fonds.
Des divergences au niveau de l’attestation de coûts peuvent survenir tant dans le cadre d’informations préa- lables à la conclusion du contrat que dans celui d’informations régulières sur les frais quant à la situation du Fonds dans le cadre d’une relation client durable. | Note on cost reporting
If the investor is advised by a third party when purchasing units or if the third party acts as an intermediary for the purchase, the third party may indicate costs or cost ratios that do not align entirely with the cost infor- mation in this Sales Prospectus and in the Key Investor Information Document. This may be, in particular, due to the fact that the third party additionally takes into account the costs of its own activity (e.g. brokerage, advi- sory services or custody account management). In addition, it may also take into account one-off costs such as front-end loads and generally uses other calculation methods or estimates for the costs incurred at fund level, which include in particular the fund's transaction costs.
Deviations in cost reporting may arise both in the case of information provided prior to the conclusion of a contract and in the case of regular cost information on the existing fund investment as part of a long-term customer relationship. | en | fr |
DOLFIN6027 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Franklin S&P 500 Paris Aligned Climate UCITS ETF (the “Fund”) provides exposure to large capitalisation US stocks which are aligned to the transition to a low carbon economy.
The Fund is passively managed and seeks to track the performance of the S&P 500 Paris-Aligned Climate Index (Net Return) (the “Index”) as closely as possible, regardless of whether the Index level rises or falls.
The Index provides exposure to US large capitalisation securities selected from the S&P 500 Index (Net Return) (the “Parent Index”) which are better aligned with the move towards a low-carbon economy and helps investors align their investments to the Paris Climate Agreement. The Index is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations(Regulation (EU) 2019/2089) (the “PAB Regulations”). The Parent Index includes 500 of the largest companies by market capitalisations in the US.
The Index has been constructed to align with the transition to a low carbon economy. Relative to the Parent Index, the Index (i) overweights those companies which are committed to reducing greenhouse gas emissions, assessed using Green House Gas Intensity as measured by scope 1, 2 and 3 emissions described in the PAB Regulations and (ii) will have a 50% decarbonisation. In addition, the total Green House Gas Intensity of the Index must reduce by 7% annually. These criteria are applied to 100% of the Parent Index and result in the Index having a weighted average ESG score which is greater than or equal to the weighted average ESG score of the Parent Index after 20% of the worst ESG scoring companies are removed from the Index and their weights redistributed proportionately to the remaining components. | ### Franklin S&P 500 Paris Aligned Climate UCITS ETF (el «Fondo») ofrece exposición a acciones estadounidenses de alta capitalización que se ajustan a la transición hacia una economía baja en carbono.
El Fondo se gestiona de forma pasiva y trata de reproducir en la mayor medida posible el rendimiento del S&P 500 Paris-Aligned Climate Index (Net Return) (el «índice»), independientemente de si este sube o baja.
El índice ofrece exposición a los valores estadounidenses de alta capitalización seleccionados del S&P 500 Index (Net Return) (el «índice matriz») que se ajustan mejor a la evolución hacia una economía baja en carbono y ayudan al inversor a adaptar sus inversiones al Acuerdo de París, relativo al clima. El índice se elabora siguiendo el Reglamento relativo a losíndices de referencia de la UE armonizados con el Acuerdo de París(Reglamento (UE) 2019/2089) (el «Reglamento PAB»). El índice matriz incluye 500 de las mayores empresas por capitalización bursátil de EE. UU.
El índice se ha elaborado de conformidad con la transición a una economía baja en carbono. En relación con el índice matriz, el índice i) sobrepondera a aquellas empresas que se han comprometido a reducir las emisiones de gases de efecto invernadero, evaluadas mediante la intensidad de gases de efecto invernadero medida por las emisiones de alcance 1, 2 y 3 descritas en el Reglamento PAB y ii) tendrá una descarbonización del 50 %. Además, la intensidad de gases de efecto invernadero total del Índice debe reducirse en un 7 % anual. Estos criterios se aplican al 100 % del índice matriz y dan como resultado que el índice tenga una puntuación ESG media ponderada que sea mayor o igual que la puntuación ESG media ponderada del índice matriz después de que el 20 % de las empresas con peor puntuación ESG se eliminen del índice y sus ponderaciones se redistribuyan proporcionalmente a los componentes restantes. | ### Franklin S&P 500 Paris Aligned Climate UCITS ETF (the “Fund”) provides exposure to large capitalisation US stocks which are aligned to the transition to a low carbon economy.
The Fund is passively managed and seeks to track the performance of the S&P 500 Paris-Aligned Climate Index (Net Return) (the “Index”) as closely as possible, regardless of whether the Index level rises or falls.
The Index provides exposure to US large capitalisation securities selected from the S&P 500 Index (Net Return) (the “Parent Index”) which are better aligned with the move towards a low-carbon economy and helps investors align their investments to the Paris Climate Agreement. The Index is constructed to follow the EU Paris-aligned Benchmark (EU PAB) Regulations(Regulation (EU) 2019/2089) (the “PAB Regulations”). The Parent Index includes 500 of the largest companies by market capitalisations in the US.
The Index has been constructed to align with the transition to a low carbon economy. Relative to the Parent Index, the Index (i) overweights those companies which are committed to reducing greenhouse gas emissions, assessed using Green House Gas Intensity as measured by scope 1, 2 and 3 emissions described in the PAB Regulations and (ii) will have a 50% decarbonisation. In addition, the total Green House Gas Intensity of the Index must reduce by 7% annually. These criteria are applied to 100% of the Parent Index and result in the Index having a weighted average ESG score which is greater than or equal to the weighted average ESG score of the Parent Index after 20% of the worst ESG scoring companies are removed from the Index and their weights redistributed proportionately to the remaining components. | en | es |
DOLFIN6028 | 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 (capitalisation et distribution) de tous les Compartiments. Pour les Catégories d’Actions de distribution, ces accords visent à assurer que le revenu par action distribué pour une période de distribution n’est pas affecté par l’évolution du nombre d’Actions émises sur cette même période. Le calcul de la péréquation se fonde sur le revenu d’investissement net. Tous les montants de péréquation sont présentés dans l’État des opérations et des variations de l’actif net.
-
### Distributions de dividendes | Se aplican acuerdos de compensación de ingresos a todas las clases de acciones (de acumulación y de distribución) de todos los subfondos. Para la distribución de acciones, estos acuerdos tienen por objeto que los beneficios por acción distribuidos en relación con un periodo de distribución no se vean afectados por los cambios en el número de acciones emitidas durante ese periodo. El cálculo de la compensación se basa en los beneficios netos de inversión. Todos los importes de compensación se desglosan en el Estado de Operaciones y Variaciones del Patrimonio Neto.
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### Pago de dividendos | Les accords de péréquation des revenus sont appliqués à toutes les Catégories d’Actions (capitalisation et distribution) de tous les Compartiments. Pour les Catégories d’Actions de distribution, ces accords visent à assurer que le revenu par action distribué pour une période de distribution n’est pas affecté par l’évolution du nombre d’Actions émises sur cette même période. Le calcul de la péréquation se fonde sur le revenu d’investissement net. Tous les montants de péréquation sont présentés dans l’État des opérations et des variations de l’actif net.
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### Distributions de dividendes | fr | es |
DOLFIN6029 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between April 2022 and June 2023. The moderate scenario is the result of an investment between January 2017 and January 2022. The favourable scenario is the result of an investment between January 2016 and January 2021. | Questa tabella mostra quanto potreste ottenere nei prossimi 5 anni in diversi scenari se investite 10.000,00 EUR. Le cifre indicate comprendono tutti i costi del prodotto stesso, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch´essa sull´importo del rimborso.
Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
Lo scenario sfavorevole è il risultato di un investimento tra aprile 2022 e giugno 2023. Lo scenario moderato è il risultato di un investimento tra gennaio 2017 e gennaio 2022. Lo scenario favorevole è il risultato di un investimento tra gennaio 2016 e gennaio 2021. | This table shows how much you could get back in the next 5 years under different scenarios if you invest 10.000,00 EUR. The figures shown include all costs of the product itself, but may not include all costs that you must pay to your advisor or distributor, and the costs of your advisor or distributor. It also does not take into account your personal tax situation, which may also affect the amount you end up with.
The stress scenario shows what you might get back in extreme market circumstances.
The unfavourable scenario is the result of an investment between April 2022 and June 2023. The moderate scenario is the result of an investment between January 2017 and January 2022. The favourable scenario is the result of an investment between January 2016 and January 2021. | en | it |
DOLFIN6030 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
Key Investor Information Fidelity Funds - Sustainable Global Dividend Plus Fund | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Los mercados emergentes pueden ser más volátiles y presentar más trabas para la venta o negociación de valores. Es posible que cuenten con menos supervisión y normativas, y que los procedimientos no estén tan bien definidos como en los países más desarrollados. Los mercados emergentes pueden verse afectados por la inestabilidad política, lo que puede generar más volatilidad e incertidumbre y someter al Subfondo al riesgo de pérdidas.
Datos fundamentales para el inversor Fidelity Funds - Sustainable Global Dividend Plus Fund | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- Emerging markets may be more volatile and it could be harder to sell or trade securities. There may be less supervision, regulation and less well- defined procedures than in more developed countries. Emerging markets can be sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses.
Key Investor Information Fidelity Funds - Sustainable Global Dividend Plus Fund | en | es |
DOLFIN6031 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# La Société de gestion
La Société de gestion du Fonds est ETHENEA Independent Investors S.A. (la « Société de gestion »), une société anonyme de droit luxembourgeois sise au 16, rue Gabriel Lippmann, L-5365 Munsbach. Elle a été constituée le 10 septembre 2010 pour une durée illimitée. Ses statuts ont été publiés dans le Mémorial le 15 septembre 2010. Une dernière modification des statuts de la Société de gestion est entrée en vigueur le 1er janvier 2015 et a été publiée le 13 février 2015 dans le Mémorial. La Société de gestion est inscrite au Registre de Commerce et des Sociétés de Luxembourg sous le numéro R.C.S. Luxembourg B-155427. L’exercice de la Société de gestion se termine le 31 décembre de chaque année. Les capitaux propres de la Société de gestion s’élevaient à 1 000 000 euros au 31 décembre 2019.
L’objet social de la Société de gestion consiste à créer et à administrer des organismes de placement collectif en valeurs mobilières autorisés en vertu de la directive 2009/65/CE et de ses amendements (la « directive 2009/65/CE ») ainsi que d’autres organismes de placement collectif de droit luxembourgeois qui ne sont pas régis par la directive 2009/65/CE et au titre desquels la Société de gestion fait l’objet d’une surveillance.
La Société de gestion satisfait aux conditions de la directive modifiée 2009/65/CE du Conseil de coordination des prescriptions juridiques et des règles administratives relative à des organismes de placement collectif en valeurs mobilières déterminés.
La Société de gestion est responsable de la gestion et de la direction du Fonds. Elle est autorisée à adopter toute mesure de direction et de gestion pour le compte du Fonds ainsi qu’à exercer tous les droits directement ou indirectement liés à l’actif du Fonds.
Dans le cadre de l’exercice de ses tâches, la Société de gestion agit d’une manière honnête, équitable et pro- fessionnelle indépendamment du dépositaire et exclusivement dans l’intérêt des investisseurs.
La Société de gestion honore ses obligations avec le soin d’un mandataire payé.
Le Conseil d’administration de la Société de gestion a désigné MM. Frank Hauprich et Thomas Bernard et Mme Josiane Jennes comme gérants et leur a confié l’intégralité de la direction.
Outre le Fonds décrit dans le présent prospectus, la Société de gestion gère actuellement les fonds de place- ment suivants : Ethna–DEFENSIV, Ethna–DYNAMISCH, Ethna SICAV et HESPER FUND.
Dans le cadre de la gestion de l’actif du Fonds, la Société de gestion peut faire appel à un conseiller en place- ment/gestionnaire de fonds, sous sa propre responsabilité et sous son contrôle.
Les décisions de placement, la passation d’ordres et le choix des courtiers relèvent exclusivement de la Société de gestion, dès lors qu’aucun gestionnaire de fonds n’a été chargé d’assurer la gestion de l'actif du Fonds.
La Société de gestion est autorisée à déléguer certaines activités à des tiers, sous sa propre responsabilité et sous son contrôle.
Le transfert de tâches ne peut en aucun cas affecter l’efficacité de la surveillance assurée par la Société de gestion. Notamment, le transfert de certaines tâches ne saurait empêcher la Société de gestion d’agir dans l’intérêt des investisseurs. | # La sociedad gestora
ETHENEA Independent Investors S.A. es la sociedad gestora del fondo («sociedad gestora»), una sociedad anónima constituida con arreglo al Derecho del Gran Ducado de Luxemburgo con domicilio fiscal en 16, rue Gabriel Lippmann, L-5365 Munsbach. Se constituyó el 10 de septiembre de 2010 por tiempo indefinido. Sus estatutos se publicaron en el Mémorial el 15 de septiembre de 2010. La última modificación de los estatutos de la sociedad gestora entró en vigor el 1 de enero de 2015 y se publicó en el Mémorial el 13 de febrero de 2015. La sociedad gestora está inscrita en el Registro Mercantil y de Sociedades de Luxemburgo con el número de registro R.C.S. Luxemburg B-155427. El ejercicio de la sociedad gestora se cierra el 31 de diciembre de cada año. El capital propio de la sociedad gestora a 31 de diciembre de 2019 fue de 1 000 000 euros.
La sociedad gestora tiene por objeto la constitución y gestión de organismos luxemburgueses de inversión colectiva en valores mobiliarios autorizados con arreglo a la Directiva 2009/65/CE y sus modificaciones («Direc- tiva 2009/65/CE»), así como de otros organismos de inversión colectiva no sujetos a la Directiva 2009/65/CE para los que la sociedad gestora esté supeditada a normas cautelares.
La sociedad gestora cumple los requisitos de la Directiva 2009/65/CE del Consejo, en su versión modificada, por la que se coordinan las disposiciones legales, reglamentarias y administrativas sobre determinados organismos de inversión colectiva en valores mobiliarios.
La sociedad gestora se encargará de la gestión y la dirección del fondo. Podrá adoptar por cuenta del fondo todas las medidas de dirección y gestión y todos los derechos vinculados directa o indirectamente con el patri- monio del fondo.
En el ejercicio de sus funciones, la sociedad gestora actuará de forma sincera, honrada, profesional, con inde- pendencia del agente de custodia y exclusivamente en interés de los inversores.
La sociedad gestora cumplirá sus obligaciones con el deber de diligencia de un apoderado retribuido.
El Consejo de administración de la sociedad gestora ha nombrado como directores a los señores Frank Hau- prich y Thomas Bernard y a la señora Josiane Jennes y les han encomendado la totalidad de las actividades de dirección diaria.
Además del fondo descrito en el folleto informativo, la sociedad gestora gestiona actualmente los siguientes fondos de inversión: Ethna–DEFENSIV, Ethna–DYNAMISCH, Ethna SICAV y HESPER FUND.
En relación con la gestión de los activos del fondo, la sociedad gestora podrá contratar los servicios de un ase- sor de inversión/gestor de fondos bajo su responsabilidad y control.
Siempre que la gestión del patrimonio del fondo no se haya encomendado a un gestor de fondos, la decisión sobre las inversiones, la transmisión de las órdenes y la selección de los agentes de Bolsa estarán reservadas exclusivamente a la sociedad gestora.
Bajo su propia responsabilidad y control, la sociedad gestora estará autorizada a traspasar a terceros determi- nadas actividades propias.
El traspaso de tareas no podrá restringir en modo alguno la efectividad del control efectuado por parte de la sociedad gestora. En particular, el traspaso de las tareas no deberá impedir en absoluto que la sociedad gestora actúe en interés de los inversores. | # La Société de gestion
La Société de gestion du Fonds est ETHENEA Independent Investors S.A. (la « Société de gestion »), une société anonyme de droit luxembourgeois sise au 16, rue Gabriel Lippmann, L-5365 Munsbach. Elle a été constituée le 10 septembre 2010 pour une durée illimitée. Ses statuts ont été publiés dans le Mémorial le 15 septembre 2010. Une dernière modification des statuts de la Société de gestion est entrée en vigueur le 1er janvier 2015 et a été publiée le 13 février 2015 dans le Mémorial. La Société de gestion est inscrite au Registre de Commerce et des Sociétés de Luxembourg sous le numéro R.C.S. Luxembourg B-155427. L’exercice de la Société de gestion se termine le 31 décembre de chaque année. Les capitaux propres de la Société de gestion s’élevaient à 1 000 000 euros au 31 décembre 2019.
L’objet social de la Société de gestion consiste à créer et à administrer des organismes de placement collectif en valeurs mobilières autorisés en vertu de la directive 2009/65/CE et de ses amendements (la « directive 2009/65/CE ») ainsi que d’autres organismes de placement collectif de droit luxembourgeois qui ne sont pas régis par la directive 2009/65/CE et au titre desquels la Société de gestion fait l’objet d’une surveillance.
La Société de gestion satisfait aux conditions de la directive modifiée 2009/65/CE du Conseil de coordination des prescriptions juridiques et des règles administratives relative à des organismes de placement collectif en valeurs mobilières déterminés.
La Société de gestion est responsable de la gestion et de la direction du Fonds. Elle est autorisée à adopter toute mesure de direction et de gestion pour le compte du Fonds ainsi qu’à exercer tous les droits directement ou indirectement liés à l’actif du Fonds.
Dans le cadre de l’exercice de ses tâches, la Société de gestion agit d’une manière honnête, équitable et pro- fessionnelle indépendamment du dépositaire et exclusivement dans l’intérêt des investisseurs.
La Société de gestion honore ses obligations avec le soin d’un mandataire payé.
Le Conseil d’administration de la Société de gestion a désigné MM. Frank Hauprich et Thomas Bernard et Mme Josiane Jennes comme gérants et leur a confié l’intégralité de la direction.
Outre le Fonds décrit dans le présent prospectus, la Société de gestion gère actuellement les fonds de place- ment suivants : Ethna–DEFENSIV, Ethna–DYNAMISCH, Ethna SICAV et HESPER FUND.
Dans le cadre de la gestion de l’actif du Fonds, la Société de gestion peut faire appel à un conseiller en place- ment/gestionnaire de fonds, sous sa propre responsabilité et sous son contrôle.
Les décisions de placement, la passation d’ordres et le choix des courtiers relèvent exclusivement de la Société de gestion, dès lors qu’aucun gestionnaire de fonds n’a été chargé d’assurer la gestion de l'actif du Fonds.
La Société de gestion est autorisée à déléguer certaines activités à des tiers, sous sa propre responsabilité et sous son contrôle.
Le transfert de tâches ne peut en aucun cas affecter l’efficacité de la surveillance assurée par la Société de gestion. Notamment, le transfert de certaines tâches ne saurait empêcher la Société de gestion d’agir dans l’intérêt des investisseurs. | fr | es |
DOLFIN6032 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Currency Hedging Policy
Hedging at Portfolio Level
It is not intended to hedge currency exposures at the level of the Fund’s portfolio.
Hedging at Share Class Level
The Fund may, however, invest in currency forward exchange contracts, in order to provide protection against exposure to currency risk arising at the Share class level. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
The purpose of such currency hedging transactions is to provide protection against movements of the currency in which a Share class is denominated relative to the Fund’s base currency, where different. To the extent that such hedging transactions are successful, the performance of the relevant Hedged Share Class is likely to move in line with the performance of the Fund’s Investments and Shareholders of the Hedged Share Class will not benefit as a result of a decline in the value of the currency in which the class is denominated relative to the base currency of the Fund or relative to the currencies in which the assets of the Fund are denominated. To the extent that the Fund employs strategies aimed at hedging certain Share classes, there can be no assurance that such strategies will be effective.
The costs and related liabilities/benefits arising from instruments entered into for the purposes of hedging currency exposure for the benefit of any particular Hedged Share Class of the Fund shall be attributable exclusively to the relevant Share class.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Share Class. All transactions will be clearly attributable to the relevant Hedged Share Class and currency exposures of different Share classes will not be combined or offset. The Company will have procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Share Class and that under-hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Share Class which is to be hedged against currency risk. As part of this procedure, the Company will review hedged positions in excess of 100% of the Net Asset Value of the relevant Hedged Share Class and any under-hedged positions on at least a monthly basis to ensure they are not carried forward from month to month. While not the intention of the Company, overhedged or underhedged positions may arise due to factors outside the control of the Company. | ##### Währungsabsicherungspolitik
Absicherung (Hedging) auf Portfolioebene
Die Absicherung von Währungsrisiken auf Ebene des Portfolios des Fonds wird nicht beabsichtigt.
Absicherung (Hedging) auf Ebene der Anteilklassen
Der Fonds kann jedoch in Devisentermingeschäften anlegen, um für eine Absicherung gegen Währungsrisiken auf Ebene der Anteilklassen zu sorgen. Es kann jedoch keine Zusicherung dafür gegeben werden, dass diese Währungsabsicherungsgeschäfte erfolgreich sein oder tatsächlich den gewünschten Effekt erzielen werden.
Zweck dieser Währungsabsicherungsgeschäfte ist der Schutz gegen Schwankungen der Währung, auf die eine Anteilklasse lautet, gegenüber der Basiswährung des Fonds, sofern diese Währungen nicht identisch sind. Soweit diese Hedging-Transaktionen erfolgreich sind, wird sich die Performance der betreffenden abgesicherten Anteilklasse voraussichtlich parallel zu der Performance der Fondsanlagen bewegen, und Anteilinhaber der abgesicherten Anteilklasse profitieren nicht von einem Wertverfall der Währung der Anteilklasse gegenüber der Basiswährung des Fonds oder gegenüber den Währungen, auf die Vermögenswerte des Fonds lauten. Soweit der Fonds Strategien zur Absicherung bestimmter Anteilklassen einsetzt, kann es keine Zusicherung dafür geben, dass diese Strategien erfolgreich sein werden.
Die Kosten und zugehörigen Verbindlichkeiten bzw. Vorteile im Zusammenhang mit Anlageinstrumenten, die für Zwecke der Absicherung von Währungsrisiken zugunsten einer bestimmten abgesicherten Anteilklasse des Fonds eingesetzt werden, werden ausschließlich dieser Anteilklasse zugerechnet.
Das mit Währungspositionen verbundene Risiko wird 105 % des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse nicht übersteigen. Sämtliche Transaktionen werden eindeutig der betreffenden abgesicherten Anteilklasse zurechenbar sein und die Währungspositionen unterschiedlicher Anteilklassen werden nicht kombiniert oder gegeneinander aufgerechnet. Die Gesellschaft setzt Verfahren ein, um abgesicherte Positionen zu überwachen und um sicherzustellen, dass überbesicherte Positionen 105 % des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse nicht übersteigen und dass unterbesicherte Positionen 95 % des Teils des Nettoinventarwerts der betreffenden abgesicherten Anteilklasse, der gegenüber dem Währungsrisiko abgesichert werden soll, nicht unterschreiten. Im Rahmen dieser Verfahren überprüft die Gesellschaft die abgesicherten Positionen, die 100 % des Nettoinventarwerts der betreffenden Anteilklasse überschreiten sowie unterbesicherte Positionen, mindestens einmal im Monat, um sicherzustellen, dass sie nicht von Monat zu Monat vorgetragen werden. Auch wenn die Gesellschaft dies nicht beabsichtigt, können überbesicherte oder unterbesicherte Positionen aufgrund von Faktoren außerhalb der Kontrolle der Gesellschaft entstehen. | ##### Currency Hedging Policy
Hedging at Portfolio Level
It is not intended to hedge currency exposures at the level of the Fund’s portfolio.
Hedging at Share Class Level
The Fund may, however, invest in currency forward exchange contracts, in order to provide protection against exposure to currency risk arising at the Share class level. There can be no guarantee however that such currency hedging transactions will be successful or effective in achieving their objective.
The purpose of such currency hedging transactions is to provide protection against movements of the currency in which a Share class is denominated relative to the Fund’s base currency, where different. To the extent that such hedging transactions are successful, the performance of the relevant Hedged Share Class is likely to move in line with the performance of the Fund’s Investments and Shareholders of the Hedged Share Class will not benefit as a result of a decline in the value of the currency in which the class is denominated relative to the base currency of the Fund or relative to the currencies in which the assets of the Fund are denominated. To the extent that the Fund employs strategies aimed at hedging certain Share classes, there can be no assurance that such strategies will be effective.
The costs and related liabilities/benefits arising from instruments entered into for the purposes of hedging currency exposure for the benefit of any particular Hedged Share Class of the Fund shall be attributable exclusively to the relevant Share class.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Share Class. All transactions will be clearly attributable to the relevant Hedged Share Class and currency exposures of different Share classes will not be combined or offset. The Company will have procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Share Class and that under-hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Share Class which is to be hedged against currency risk. As part of this procedure, the Company will review hedged positions in excess of 100% of the Net Asset Value of the relevant Hedged Share Class and any under-hedged positions on at least a monthly basis to ensure they are not carried forward from month to month. While not the intention of the Company, overhedged or underhedged positions may arise due to factors outside the control of the Company. | en | de |
DOLFIN6033 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| JPM ESG EMU Government Bond IG 3-5 Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2244387457 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | JPM ESG EMU Government Bond IG 3-5 Y, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF Capitalisation» - Código ISIN LU2244387457 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende reproducir (con un error de seguimiento* máximo del 1 %) la rentabilidad del JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (el Índice) mediante la inversión en valores de deuda emitidos por países incluidos en el Índice, respetando las ponderaciones del Índice (reproducción total), o en una muestra de valores de deuda incluidos en el Índice (reproducción optimizada). Cuando se invierte en una muestra de valores de deuda, el error de seguimiento del Fondo puede ser mayor. El Índice aplica una puntuación relativa a su tratamiento de los criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) y una metodología de exclusión (según pactos ambientales, laborales o relativos a los derechos humanos, por ejemplo) a fin de privilegiar a los emisores con una mejor puntuación ESG y para reducir la ponderación de los emisores con peores calificaciones o eliminarlos. En consecuencia, quedan excluidos del Índice aquellos emisores que cometen importantes infracciones de los principios del Pacto Mundial de las Naciones Unidas y los que se ven involucrados en controversias graves relacionadas con los factores ESG. Se aplica el enfoque ESG denominado «best-effort» (que consiste en privilegiar a los emisores que demuestran una mejora de sus prácticas ESG y de sus resultados a largo plazo, o que tienen visos de mejorar). La estrategia extrafinanciera del Índice puede incluir limitaciones metodológicas, como el riesgo relacionado con la inversión ESG o el reequilibrio del Índice. Puede obtener más información sobre el Índice, su composición, el cálculo y las normas de supervisión y reequilibrio periódico, así como la información sobre la metodología general común a todos los índices ESG de J.P. Morgan, en www.jpmorgan.com. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. |
| Perfil de riesgo y de rentabilidad |
| Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | JPM ESG EMU Government Bond IG 3-5 Y, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF Capitalisation'' - ISIN code LU2244387457 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the JPM ESG EMU Govt Bond IG 3-5Y (EUR) RI (the Index) by investing in debt securities issued by countries included in the Index, respecting the Index's weightings (full replication), or in a sample of debt securities included in the Index (optimised replication). When investing in a sample of debt securities, the Fund’s tracking error may be higher. The Index applies an Environmental, Social and Governance (ESG) scoring and screening methodology (such as environmental conventions, labour rights conventions, human rights, etc.) to tilt toward issuers ranked higher on ESG criteria, and to underweight or remove issuers that rank lower. As a result, those subject to significant violations of the UN Global Compact principles and those involved in severe ESG-related controversies are excluded from the Index. The type of approach implemented here is Best-effort (a type of ESG selection consisting of giving priority to the issuers demonstrating an improvement in or good prospects for their ESG practices and performance over time). The extra-financial strategy of the Index may comprise methodological limitations such as the risk related to ESG investment or the Index rebalancing. Further information on the index, its composition, calculation and rules for monitoring and periodic rebalancing, as well as information on the general methodology common to all J.P Morgan ESG indices, can be found at www.jpmorgan.com. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. |
| Risk and reward profile |
| Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | es |
DOLFIN6034 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
L'objectif du Compartiment consiste à générer une performance élevée tant en termes absolus que relatifs sur un horizon à long terme. Il ne peut y avoir d'assurance que l'objectif d'investissement sera atteint.
Le Compartiment est géré activement. L'indice de référence du Compartiment est le MSCI Europe NR Index. Il est mentionné exclusivement à des fins de comparaison des performances. Le Compartiment ne reproduit pas l'indice et peut s'écarter de manière significative ou complètement de l'indice de référence.
Le Compartiment promeut certaines caractéristiques environnementales et sociales au sens de l'article 8 du SFDR, mais aucun indice de référence n'a été désigné aux fins d'assurer les caractéristiques ESG voulues.
Pour y parvenir, le Compartiment investira principalement dans un portefeuille de choix composé de Valeurs mobilières (y compris des titres assimilables à des actions tels que des ADR et des GDR) de sociétés domiciliées en Europe.
Jusqu'à 10 % de l'actif net du Compartiment peuvent être investis dans les pays émergents.
À l'exception de l'exposition géographique, le choix des investissements ne sera limité ni par un secteur ni en termes de devises dans lesquelles les investissements seront libellés. Cependant, selon les conditions des marchés financiers, une attention particulière peut être portée sur un seul pays européen (ou plusieurs pays européens) et/ou une seule devise et/ou un seul secteur économique.
Le Compartiment peut investir, à titre accessoire, dans tout autre type d'Investissements éligibles, tels que des titres de créance dont des Instruments du marché monétaire assortis d'une notation investment grade (à savoir une notation d'au moins BBB- attribuée par Standard & Poor's Corporation ou son équivalent par Moody's. En présence de deux notations différentes, la notation la plus élevée s'appliquera), des OPCVM, d'autres OPC éligibles et des Actifs liquides (tels que des liquidités et des dépôts).
Les investissements du Compartiment en parts ou actions d'OPC (OPCVM et/ou autres OPC éligibles) ne dépasseront pas 10 % de son actif net.
À des fins de couverture, le Compartiment peut utiliser des instruments financiers dérivés dans les limites et selon les descriptions énoncées dans
le prospectus. L'utilisation d'instruments dérivés peut accroître l'effet de levier et impliquer des coûts et risques supplémentaires.
Si le Gestionnaire en investissement estime qu'il en relève du meilleur intérêt des Actionnaires, le Compartiment peut également détenir, sur une base temporaire et à des fins défensives, des Actifs liquides tels que, notamment, des dépôts en espèces, des fonds du marché monétaire (dans la limite de 10 % ci-dessus) et des Instruments du marché monétaire jusqu'à hauteur de 100 % de son actif net.
## Fréquence des opérations de souscription et de rachat
La valeur nette d'inventaire de la Catégorie est calculée chaque jour ouvré bancaire au Luxembourg (le « Jour de calcul ») sur la base du cours du jour ouvré bancaire précédent (le « Jour d'évaluation »). L'heure limite de soumission des ordres de souscription et/ou rachat est 15h00, heure
de Luxembourg, 1 jour ouvré avant le Jour d'évaluation.
## Politique de distribution
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué.
## Devise
La devise de la Classe est EUR.
## Horizon d'investissement
Cette Catégorie peut convenir aux investisseurs intéressés par le potentiel de croissance à long terme par le biais d'un investissement dans des actions, et qui se focalisent sur l'optimisation du rendement à long terme plutôt que sur la minimisation des pertes possibles à court terme ; de ce
fait, elle nécessite un horizon d'investissement d'au moins 7 ans.
## Minimum de souscription et/ou de détention
Le montant de souscription minimum est de EUR 100. Cette Catégorie est réservée aux investisseurs particuliers. | # Objetivos y política de inversión
El objetivo del Compartimento es ofrecer una alta rentabilidad tanto de forma absoluta como relativa en una perspectiva a largo plazo. No está asegurado que se cumpla el objetivo de inversión.
El Subfondo se gestiona de forma activa. El índice de referencia del Subfondo es el MSCI Europe NR Index. Se menciona únicamente a efectos de comparación de rentabilidad. El Subfondo no reproduce el índice y puede desviarse considerablemente o totalmente del índice de referencia. El Subfondo promueve ciertas características medioambientales y sociales en el sentido del artículo 8 del Reglamento SFDR, aunque no se ha designado ningún índice de referencia a efectos de cumplir las características ESG.
Para lograrlo, el Compartimento invertirá en gran parte en una selección de carteras de Valores mobiliarios (esto incluye valores vinculados a la renta variable como ADR y GDR) de sociedades domiciliadas en Europa. Hasta un 10% del valor liquidativo del Compartimento podrá invertirse en países en vías de desarrollo.
A excepción del ámbito geográfico, la selección de inversiones no estará limitada por sector económico ni por las divisas en las que estén denominadas las inversiones. No obstante, dependiendo de las condiciones predominantes en los mercados financieros, las inversiones podrán concentrarse en un solo país europeo (o varios países europeos) y/o en una sola divisa y/o en un solo sector económico.
A título accesorio, el Compartimento podrá invertir en otro tipo de Inversiones elegibles, como valores de deuda que incluyen Instrumentos del mercado monetario con una clasificación de grado de inversión (por ejemplo, con una clasificación que no baje de BBB- por Standard & Poor's Corporation o su equivalente en Moody's. En caso de haber dos clasificaciones diferentes, se aplicará la más alta), OICVM, otros OIC elegibles y Activos líquidos (como efectivo y depósitos).
Las inversiones del Compartimento en participaciones o acciones de OIC (OICVM y/u otros OIC elegibles) no excederán el 10% del valor liquidativo del Compartimento.
Con fines de cobertura, el Compartimento podrá utilizar instrumentos financieros derivados dentro de los límites y descripciones especificados en el folleto. El uso de instrumentos derivados puede incrementar el
apalancamiento o implicar costes y riesgos adicionales.
Si el Gestor de Inversiones lo considera en el mejor interés de los Accionistas, de forma temporal y con fines defensivos, el Compartimento también podrá poseer Activos líquidos entre otros depósitos en metálico, fondos de mercado monetario (dentro del límite del 10% mencionado con anterioridad) e Instrumentos del mercado monetario hasta un 100% de su valor liquidativo.
## Frecuencia de contratación
El valor liquidativo de la Clase se calcula cada día hábil bancario en Luxemburgo (el "Día de Cálculo"), sobre la base de los precios del día hábil bancario anterior (el "Día de Valoración"). La hora límite para remitir órdenes de suscripción y/o reembolso son las 15:00 h (hora de Luxemburgo)
un día hábil bancario anterior al Día de Valoración.
## Política de reparto
La Clase es de capitalización. Por lo general, no habrá repartos de dividendos.
## Moneda
La divisa de la Clase es EUR.
## Horizonte de inversión
Esta Clase puede ser adecuada para inversores que buscan un potencial de crecimiento a largo plazo ofrecido a través de inversiones en valores de renta variable y que estén más interesados en maximizar la rentabilidad a largo plazo que en minimizar las posibles pérdidas a corto plazo. Por
consiguiente, es necesario un horizonte de inversión de al menos 7 años.
## Requisito de inversión y/o tenencia mínima
El importe mínimo de suscripción es de 100 EUR. Esta Clase está reservada para inversores minoristas. | # Objectifs et politique d'investissement
L'objectif du Compartiment consiste à générer une performance élevée tant en termes absolus que relatifs sur un horizon à long terme. Il ne peut y avoir d'assurance que l'objectif d'investissement sera atteint.
Le Compartiment est géré activement. L'indice de référence du Compartiment est le MSCI Europe NR Index. Il est mentionné exclusivement à des fins de comparaison des performances. Le Compartiment ne reproduit pas l'indice et peut s'écarter de manière significative ou complètement de l'indice de référence.
Le Compartiment promeut certaines caractéristiques environnementales et sociales au sens de l'article 8 du SFDR, mais aucun indice de référence n'a été désigné aux fins d'assurer les caractéristiques ESG voulues.
Pour y parvenir, le Compartiment investira principalement dans un portefeuille de choix composé de Valeurs mobilières (y compris des titres assimilables à des actions tels que des ADR et des GDR) de sociétés domiciliées en Europe.
Jusqu'à 10 % de l'actif net du Compartiment peuvent être investis dans les pays émergents.
À l'exception de l'exposition géographique, le choix des investissements ne sera limité ni par un secteur ni en termes de devises dans lesquelles les investissements seront libellés. Cependant, selon les conditions des marchés financiers, une attention particulière peut être portée sur un seul pays européen (ou plusieurs pays européens) et/ou une seule devise et/ou un seul secteur économique.
Le Compartiment peut investir, à titre accessoire, dans tout autre type d'Investissements éligibles, tels que des titres de créance dont des Instruments du marché monétaire assortis d'une notation investment grade (à savoir une notation d'au moins BBB- attribuée par Standard & Poor's Corporation ou son équivalent par Moody's. En présence de deux notations différentes, la notation la plus élevée s'appliquera), des OPCVM, d'autres OPC éligibles et des Actifs liquides (tels que des liquidités et des dépôts).
Les investissements du Compartiment en parts ou actions d'OPC (OPCVM et/ou autres OPC éligibles) ne dépasseront pas 10 % de son actif net.
À des fins de couverture, le Compartiment peut utiliser des instruments financiers dérivés dans les limites et selon les descriptions énoncées dans
le prospectus. L'utilisation d'instruments dérivés peut accroître l'effet de levier et impliquer des coûts et risques supplémentaires.
Si le Gestionnaire en investissement estime qu'il en relève du meilleur intérêt des Actionnaires, le Compartiment peut également détenir, sur une base temporaire et à des fins défensives, des Actifs liquides tels que, notamment, des dépôts en espèces, des fonds du marché monétaire (dans la limite de 10 % ci-dessus) et des Instruments du marché monétaire jusqu'à hauteur de 100 % de son actif net.
## Fréquence des opérations de souscription et de rachat
La valeur nette d'inventaire de la Catégorie est calculée chaque jour ouvré bancaire au Luxembourg (le « Jour de calcul ») sur la base du cours du jour ouvré bancaire précédent (le « Jour d'évaluation »). L'heure limite de soumission des ordres de souscription et/ou rachat est 15h00, heure
de Luxembourg, 1 jour ouvré avant le Jour d'évaluation.
## Politique de distribution
La Classe est à capitalisation. Aucun dividende ne sera normalement distribué.
## Devise
La devise de la Classe est EUR.
## Horizon d'investissement
Cette Catégorie peut convenir aux investisseurs intéressés par le potentiel de croissance à long terme par le biais d'un investissement dans des actions, et qui se focalisent sur l'optimisation du rendement à long terme plutôt que sur la minimisation des pertes possibles à court terme ; de ce
fait, elle nécessite un horizon d'investissement d'au moins 7 ans.
## Minimum de souscription et/ou de détention
Le montant de souscription minimum est de EUR 100. Cette Catégorie est réservée aux investisseurs particuliers. | fr | es |
DOLFIN6035 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The purpose of this policy is to describe the remuneration principles and practices within the Company. Such principles and practices are designed:
- to be consistent with, and promote, sound and effective risk management;
- to be in line with the business strategy, objectives, values and interests of the Company;
- not to encourage excessive risk-taking as compared to the investment policy of the relevant sub-funds of the Company (each, a “Fund”);
- to provide a framework for remuneration to attract, motivate and retain staff (including directors) to which the policy applies in order to achieve the objectives of the Company; and
- to ensure that any relevant conflicts of interest can be managed appropriately at all times.
- ApplicationThis policy applies to identified staff, being those whose professional activities have a material impact on the risk profile of the Company or of the Funds and so covers: (i) senior management; (ii) risk takers1; (iii) control functions2; and (iv) any employees receiving total remuneration that takes them into the same remuneration bracket3 as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Company. The Company currently does not have any employees – the only personnel are the Company’s management body (i.e., the board of directors) (each, a “Director” and collectively, the “Board”). All members of the Board are non-executive Directors. Certain of the Directors are affiliated with the investment managers of the Funds (each an “Investment Manager”). This policy applies both to the Directors who receive remuneration – namely, those Directors who are not affiliated with the Investment Manager (the “Independent Directors”) – and the Directors who do not receive remuneration in light of their affiliation with the Investment Manager.
- GovernanceUCITS management companies and self-managed investment companies that are significant in terms of their size or of the size of the funds they manage, their internal organisation and the nature, the scope and the complexity of their activities are required to establish a remuneration committee. In view of the non-complex nature of the Company’s internal structure and its activities, it is not considered necessary for the Company to establish a remuneration committee. In particular, the Company has taken account of the following circumstances prevailing as of the date of this document:
- the assets under management of the Company;
- the number of directors on the Board;
- the Company has no employees;
- the Company is not listed;
- the Company does not act as an alternative investment fund manager under Directive 2011/61/EU (“AIFMD”) or provide the services mentioned under Article 6(3) of the UCITS Directive; and
- the Company is a self-managed investment company and so does not manage UCITS in any other EU or non-EU jurisdictions. | El objetivo de esta política es describir los principios y las prácticas de remuneración de la Sociedad. Dichos principios y prácticas están diseñados para:
- ser coherentes con y promover una gestión de riesgos sólida y eficaz;
- ser consistentes con la estrategia de negocio, los objetivos, los valores y los intereses de la Sociedad;
- no fomentar la toma de riesgos excesiva en relación con la política de inversión de los subfondos correspondientes de la Sociedad (cada uno, un “Fondo”);
- proporcionar un marco de remuneración para atraer, motivar y retener empleados (incluidos los consejeros) al que se aplica la política con el fin de alcanzar los objetivos de la Sociedad; y
- garantizar que todos los conflictos de intereses pertinentes se gestionen de forma adecuada en todo momento.
- AplicaciónEsta política se aplica a los empleados cuyas actividades profesionales tengan un impacto significativo en el perfil de riesgo de la Sociedad o de los Fondos y, por tanto, afecte a: (i) altos cargos; (ii) tomadores de riesgos1; (iii) funciones de control2; y (iv) cualquier trabajador que reciba remuneración total que le incluya en el mismo grupo de remuneración3 que los altos cargos y tomadores de riesgos, cuyas actividades profesionales tengan un impacto significativo en el perfil de riesgo de la Sociedad. En la actualidad, la Sociedad no tiene empleados, el único personal es el órgano de administración de la Sociedad (es decir, el consejo de administración) (cada uno, un “Consejero” y colectivamente, el “Consejo”). Todos los miembros del Consejo son Consejeros no ejecutivos. Algunos Consejeros están afiliados a los gestores de inversiones de los Fondos (cada uno un “Gestor de Inversiones”). Esta política se aplica tanto a los Consejeros que reciben remuneración, es decir, aquellos que no están afiliados al Gestor de Inversiones (los “Consejeros Independientes”), como a los Consejeros que no reciben remuneración por su afiliación al Gestor de Inversiones.
- Gobierno corporativoLas sociedades de gestión de OICVM y las sociedades de inversión autogestionadas que sean significativas en cuanto a su tamaño o al tamaño de los fondos que gestionan, su organización interna y la naturaleza, el alcance y la complejidad de sus actividades deben crear un comité de remuneraciones. En vista de que la naturaleza de la Sociedad, su estructura interna y sus actividad no son de gran complejidad, no se considera necesario que establezca un comité de remuneraciones. En particular, la Sociedad ha tenido en cuenta las siguientes circunstancias que prevalecen a la fecha de este documento:
- los activos que gestiona la Sociedad;
- el número de consejeros del Consejo;
- la Sociedad no posee empleados;
- la Sociedad no cotiza;
- la Sociedad no actúa como gestora de fondos de inversión alternativos en virtud de la Directiva 2011/61/UE (“AIFMD”) ni presta los servicios mencionados en el artículo 6(3) de la Directiva sobre OICVM; y
- la Sociedad es una sociedad de inversión autogestionada, por lo que no gestiona OICVM en ninguna otra jurisdicción de la UE o de fuera de la UE. | The purpose of this policy is to describe the remuneration principles and practices within the Company. Such principles and practices are designed:
- to be consistent with, and promote, sound and effective risk management;
- to be in line with the business strategy, objectives, values and interests of the Company;
- not to encourage excessive risk-taking as compared to the investment policy of the relevant sub-funds of the Company (each, a “Fund”);
- to provide a framework for remuneration to attract, motivate and retain staff (including directors) to which the policy applies in order to achieve the objectives of the Company; and
- to ensure that any relevant conflicts of interest can be managed appropriately at all times.
- ApplicationThis policy applies to identified staff, being those whose professional activities have a material impact on the risk profile of the Company or of the Funds and so covers: (i) senior management; (ii) risk takers1; (iii) control functions2; and (iv) any employees receiving total remuneration that takes them into the same remuneration bracket3 as senior management and risk takers, whose professional activities have a material impact on the risk profile of the Company. The Company currently does not have any employees – the only personnel are the Company’s management body (i.e., the board of directors) (each, a “Director” and collectively, the “Board”). All members of the Board are non-executive Directors. Certain of the Directors are affiliated with the investment managers of the Funds (each an “Investment Manager”). This policy applies both to the Directors who receive remuneration – namely, those Directors who are not affiliated with the Investment Manager (the “Independent Directors”) – and the Directors who do not receive remuneration in light of their affiliation with the Investment Manager.
- GovernanceUCITS management companies and self-managed investment companies that are significant in terms of their size or of the size of the funds they manage, their internal organisation and the nature, the scope and the complexity of their activities are required to establish a remuneration committee. In view of the non-complex nature of the Company’s internal structure and its activities, it is not considered necessary for the Company to establish a remuneration committee. In particular, the Company has taken account of the following circumstances prevailing as of the date of this document:
- the assets under management of the Company;
- the number of directors on the Board;
- the Company has no employees;
- the Company is not listed;
- the Company does not act as an alternative investment fund manager under Directive 2011/61/EU (“AIFMD”) or provide the services mentioned under Article 6(3) of the UCITS Directive; and
- the Company is a self-managed investment company and so does not manage UCITS in any other EU or non-EU jurisdictions. | en | es |
DOLFIN6036 | 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 5 years |
| --- | --- |
| Total costs | €146 | €914 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | €146 | €912 |
| Incidenza annuale dei costi (*) | 1,5% | 1,5% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | €146 | €914 |
| Annual cost impact (*) | 1.5% | 1.5% each year | | en | it |
DOLFIN6037 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Pursuant to the guidance issued by the Central Bank in relation to acceptable investments by a UCITS in other investment funds, investment by a UCITS in the following categories of open-ended AIF ETFs are permitted subject to completion of a specific application procedure:-
- schemes established in Guernsey and authorised as Class A Schemes;
- schemes established in Jersey as Recognised Funds;
- schemes established in the Isle of Man as Authorised Schemes;
- Retail AIF ETFs authorised by the Central Bank and AIF ETFs authorised in a Member State of the European Economic Area (European Union Member States, Norway, Iceland, Liechtenstein), the US, Jersey, Guernsey or the Isle of Man provided all such AIF schemes comply, in allmaterial respects, with the provisions of the UCITS Regulations and the Central Bank UCITS Regulations. | Conformément aux directives émises par la Banque Centrale en ce qui concerne les investissements acceptables d'un OPCVM dans d'autres fonds de placement, les investissements d'un OPCVM dans les catégories suivantes d’ETF de fonds d'investissement alternatif à capital variable sont autorisés sous réserve de l'avoir mené à terme une procédure de demande spécifique : -
- dispositifs établis à Guernesey et autorisés en tant qu’Organismes de classe A ;
- dispositifs établis à Jersey en tant que Fonds Reconnus ;
- dispositifs établis sur l’île de Man en tant qu’Organismes autorisés ;
- Les ETF de fonds d'investissement alternatif de détail agréés par la Banque Centrale et les ETF de fonds d'investissement alternatif autorisés dans un État membre de l’Espace économique européen (États membres de l’Union européenne, Norvège, Islande, Liechtenstein), aux États-Unis, à Jersey, à Guernesey ou à l’île de Man ont tous fourni les dispositifs de fonds d'investissement alternatif qui se conforment, à tous égards importants, aux dispositions des Réglementations relatives aux OPCVM et des Réglementations de la Banque Centrale relatives aux OPCVM. | Pursuant to the guidance issued by the Central Bank in relation to acceptable investments by a UCITS in other investment funds, investment by a UCITS in the following categories of open-ended AIF ETFs are permitted subject to completion of a specific application procedure:-
- schemes established in Guernsey and authorised as Class A Schemes;
- schemes established in Jersey as Recognised Funds;
- schemes established in the Isle of Man as Authorised Schemes;
- Retail AIF ETFs authorised by the Central Bank and AIF ETFs authorised in a Member State of the European Economic Area (European Union Member States, Norway, Iceland, Liechtenstein), the US, Jersey, Guernsey or the Isle of Man provided all such AIF schemes comply, in allmaterial respects, with the provisions of the UCITS Regulations and the Central Bank UCITS Regulations. | en | fr |
DOLFIN6038 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
MORNINGSTAR INFORMATION
Source: Morningstar. Morningstar Stars were calculated using extended performance returns, which links preinception returns to a U.S. based Fund, managed using the same investment approach, with a longer track record which begins 15 Apr 1996. Fees were adjusted inline with the Fund’s current expenses. Ratings 3yr 4/600, 5yr N/A, 10yr N/A.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. | INFORMAZIONI MORNINGSTAR
Fonte: Morningstar. Le stelle Morningstar sono calcolate usando i rendimenti di performance estesi, che collegano i rendimenti precedenti al lancio a un Comparto basato negli Stati Uniti, gestito con lo stesso approccio d'investimento, con dati storici che datano fino al 15 aprile 1996. Le Commissioni sono state adeguate in linea con le spese correnti del Fondo. Rating a 3 anni 4/600, 5 anni N/A, 10 anni N/A.
Il Morningstar Rating per i fondi, o "star rating", è calcolato su prodotti gestiti (compresi fondi comuni, sotto-conti a rendita variabile e durata variabile, fondi negoziati in borsa, fondi chiusi e conti separati) con uno storico di almeno tre anni. A fini comparativi, i fondi negoziati in borsa e i fondi comuni di investimento di tipo aperto sono considerati un'entità unica. Il calcolo è basato su una misurazione del Risk-Adjusted Return (Rendimento corretto per il rischio) di Morningstar, che considera le variazioni della performance addizionale mensile del prodotto gestito, ponendo maggiore enfasi sulle variazioni al ribasso e premiando la performance costante. Il Rating Morningstar non include eventuali correzioni per gli oneri di vendita. In ciascuna categoria di prodotti, il primo 10% dei prodotti ottiene 5 stelle, il successivo 22,5% 4 stelle, il successivo 35% 3 stelle, il successivo 22,5% 2 stelle e il rimanente 10% 1 stella. L'Overall Morningstar Rating per i prodotti gestiti è il risultato di una media ponderata dei dati di performance associati ai parametri del Morningstar Rating a tre, cinque e (se applicabile) 10 anni. I pesi sono: 100% del rating a tre anni per 36-59 mesi di rendimenti totali, 60% del rating a cinque anni/40% del rating a tre anni per 60-119 mesi di rendimenti totali e 50% rating a 10 anni/30% rating a cinque anni/20% rating a tre anni per 120 o più mesi di rendimenti totali. Sebbene la formula dello star rating complessivo (overall star rating) a 10 anni sembri conferire maggior peso al periodo decennale, il periodo triennale più recente ha l'impatto maggiore in quanto è compreso in tutti e tre i periodi di rating. | MORNINGSTAR INFORMATION
Source: Morningstar. Morningstar Stars were calculated using extended performance returns, which links preinception returns to a U.S. based Fund, managed using the same investment approach, with a longer track record which begins 15 Apr 1996. Fees were adjusted inline with the Fund’s current expenses. Ratings 3yr 4/600, 5yr N/A, 10yr N/A.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts,exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustments for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. | en | it |
DOLFIN6039 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.65% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.80%. | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5.00% |
| Gastos de salida | 0.00% |
| Comisión de canje | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.65% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | Metodología de cálculo: 15.00% de cualquier rentabilidad de la clase de acciones, con sujeción a una High Water Mark. El Periodo de cálculo se basa en el mismo periodo utilizado para la cifra de gastos corrientes. Comisión de rentabilidad percibida en el último Periodo de cálculo: 1.80%. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 0.00% |
| Switching charge | 1.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 1.65% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | Calculation Methodology: 15.00% of any Share Class Return, subject to a High Water Mark. Calculation period is based on the same period as the ongoing charge. Performance fee charged in the last Calculation Period: 1.80%. | | en | es |
DOLFIN6040 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Nous ne facturons pas de frais d'entrée. | 0 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,95% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 195 EUR |
| Coûts de transaction | 0,57% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucun frais de réussite n'est facturé pour ce produit. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | No cobramos cuota de inscripción. | 0 EUR |
| Costes de salida | No cobramos tasa de salida por este producto. | 0 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,95% del valor de su instalación al año. Se trata de una estimación basada en los costes reales del año pasado. | 195 EUR |
| Costes de operación | 0,57% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos cuando compramos o vendemos las inversiones subyacentes del producto. El importe real depende de cuánto compremos y vendamos. | 57 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se cobra ninguna tasa de éxito por este producto. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Nous ne facturons pas de frais d'entrée. | 0 EUR |
| Coûts de sortie | Nous ne facturons pas de frais de sortie pour ce produit. | 0 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1,95% de la valeur de votre installation par an. Il s'agit d'une estimation basée sur les coûts réels de l'année précédente. | 195 EUR |
| Coûts de transaction | 0,57% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons ou vendons les investissements sous-jacents pour le produit. Le montant réel dépend de la quantité que nous achetons et vendons. | 57 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucun frais de réussite n'est facturé pour ce produit. | 0 EUR | | fr | es |
DOLFIN6041 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Market timing is the arbitrage method whereby the investor systematically subscribes to and redeems or converts shares of a fund within a short time span, utilising the time lags and/or imperfections or weaknesses in the evaluation system of the NAV of the fund. Market timing is, however, excluded in the case of all sub- funds of »BANTLEON OPPORTUNITIES«, as the determination of the relevant NAV per share is based on prices which are set without exception after the latest point in time for subscription, conversion or redemption applications.
Late trading is the acceptance and execution of a subscription, conversion or redemption application, which is received after the expiry of the period allowed for acceptance of applications (cut-off time) on the relevant day. The periods specified in the Management Regulations for acceptance of subscription, conversion or redemption applications must be adhered to without exception and expire before the point in time when the NAV per share is determined. The NAV per share is therefore always unknown at the time the order for purchases, sales and conversion transactions is issued.
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## Conflicts of Interest | Unter Market-Timing versteht man die Methode der Arbitrage, bei welcher der Anleger systematisch Anteile eines Fonds innerhalb einer kurzen Zeitspanne und unter Ausnutzung der Zeitverschiebungen und/oder der Unvollkommenheiten oder Schwächen des Bewertungssystems des Anteilswertes des Fonds zeichnet und zurücknimmt oder umtauscht. Das Market-Timing ist bei sämtlichen Teilfonds des »BANTLEON OPPORTUNITIES« jedoch ausgeschlossen, da die Ermittlung des relevanten Anteilswertes auf Preisen basiert, die ausnahmslos nach dem spätesten Zeitpunkt für Zeichnungs-, Umtausch- oder Rücknahmeanträge liegt.
Unter Late-Trading versteht man die Annahme und Ausführung eines Zeichnungs-, Umtausch- oder Rücknahmeantrags, welcher nach Ablauf der Frist zur Annahme von Anträgen (cut-off time) des betreffenden Tages eingegangen ist. Die im Verwaltungsreglement angegebenen Fristen zur Annahme von Zeichnungs-, Umtausch- oder Rücknahmeanträgen werden ausnahmslos eingehalten und liegen vor dem Zeitpunkt der Anteilswertermittlung. Zum Zeitpunkt der Auftragserteilung für Käufe, Verkäufe und Umtausch- transaktionen ist daher der Anteilswert immer unbekannt.
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## Interessenkonflikte | Market timing is the arbitrage method whereby the investor systematically subscribes to and redeems or converts shares of a fund within a short time span, utilising the time lags and/or imperfections or weaknesses in the evaluation system of the NAV of the fund. Market timing is, however, excluded in the case of all sub- funds of »BANTLEON OPPORTUNITIES«, as the determination of the relevant NAV per share is based on prices which are set without exception after the latest point in time for subscription, conversion or redemption applications.
Late trading is the acceptance and execution of a subscription, conversion or redemption application, which is received after the expiry of the period allowed for acceptance of applications (cut-off time) on the relevant day. The periods specified in the Management Regulations for acceptance of subscription, conversion or redemption applications must be adhered to without exception and expire before the point in time when the NAV per share is determined. The NAV per share is therefore always unknown at the time the order for purchases, sales and conversion transactions is issued.
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## Conflicts of Interest | en | de |
DOLFIN6042 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The risk category associated with this FCP is not guaranteed and may change over time.
- The lowest category does not mean "risk free".
- The risk category is justified by diversified management and the volatility objective.
Significant risk(s) not taken into account in the indicator which could lead to a drop in the net asset value: - Risk that the creditworthiness of an issuer may deteriorate or that it may default, potentially causing the value of the instruments in which the SICAV is invested to fall.
- the use of derivatives can amplify fluctuations in the value of investments, thus increasing the volatility of returns.
| | - No se garantiza la categoría de riesgo asociada a este FCP, que puede cambiar con el tiempo.
- La categoría más baja no significa «libre de riesgo».
- La gestión diversificada y el objetivo de volatilidad justifican la categoría de riesgo.
Riesgos significativos que no se tienen en cuenta en el indicador y que podrían provocar una caída en el valor liquidativo: - riesgo de deterioro de la firma de un emisor o de su incumplimiento que puede comportar una reducción del valor de los instrumentos financieros asociados a él.
- el uso de derivados puede aumentar los cambios en el valor de las inversiones y, por lo tanto, la volatilidad de losrendimientos.
| | - The risk category associated with this FCP is not guaranteed and may change over time.
- The lowest category does not mean "risk free".
- The risk category is justified by diversified management and the volatility objective.
Significant risk(s) not taken into account in the indicator which could lead to a drop in the net asset value: - Risk that the creditworthiness of an issuer may deteriorate or that it may default, potentially causing the value of the instruments in which the SICAV is invested to fall.
- the use of derivatives can amplify fluctuations in the value of investments, thus increasing the volatility of returns.
| | en | es |
DOLFIN6043 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| CARACTÉRISTIQUES PRINCIPALES DU FONDS |
| --- |
| CLASSES | DEVISE | DISTRIBUTION | ISIN | DROITS D'ENTRÉE (MAXIMUM) | DROITS DE SORTIE (MAXIMUM) | FRAIS COURANTS 3 | PAYS D’ENREGISTREMENT 4 |
| M | EUR | Capitalisation | LU1073901461 | 1,50% | 1,00% | 1,21% | LU,ES,CH,SG,IT,FR |
| MX | EUR | Distribution | LU1073901545 | 1,50% | 1,00% | 1,21% | LU,CH,SG,IT |
| P | EUR | Capitalisation | LU1073901628 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT,FR |
| PX | EUR | Distribution | LU1073901891 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT |
| W | USD | Capitalisation | LU1659114315 | 1,50% | 0,50% | 0,76% | LU,IT |
| WX | USD | Distribution | LU1659114406 | 1,50% | 0,50% | 0,76% | LU,IT | | | CARACTERÍSTICAS PRINCIPALES DEL FONDO |
| --- |
| CLASE | MONEDA | DISTRIBUCIÓN | ISIN | GASTOS DE ENTRADA (MÁXIMO) | GASTOS DE SALIDA (MÁXIMO) | GASTOS CORRIENTES 3 | PAÍS DE REGISTRO 4 |
| M | EUR | Capitalización | LU1073901461 | 1,50% | 1,00% | 1,21% | LU,ES,CH,SG,IT,FR |
| MX | EUR | Distribución | LU1073901545 | 1,50% | 1,00% | 1,21% | LU,CH,SG,IT |
| P | EUR | Capitalización | LU1073901628 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT,FR |
| PX | EUR | Distribución | LU1073901891 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT |
| W | USD | Capitalización | LU1659114315 | 1,50% | 0,50% | 0,76% | LU,IT |
| WX | USD | Distribución | LU1659114406 | 1,50% | 0,50% | 0,76% | LU,IT | | | CARACTÉRISTIQUES PRINCIPALES DU FONDS |
| --- |
| CLASSES | DEVISE | DISTRIBUTION | ISIN | DROITS D'ENTRÉE (MAXIMUM) | DROITS DE SORTIE (MAXIMUM) | FRAIS COURANTS 3 | PAYS D’ENREGISTREMENT 4 |
| M | EUR | Capitalisation | LU1073901461 | 1,50% | 1,00% | 1,21% | LU,ES,CH,SG,IT,FR |
| MX | EUR | Distribution | LU1073901545 | 1,50% | 1,00% | 1,21% | LU,CH,SG,IT |
| P | EUR | Capitalisation | LU1073901628 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT,FR |
| PX | EUR | Distribution | LU1073901891 | 3,00% | 1,00% | 1,91% | LU,ES,CH,SG,IT |
| W | USD | Capitalisation | LU1659114315 | 1,50% | 0,50% | 0,76% | LU,IT |
| WX | USD | Distribution | LU1659114406 | 1,50% | 0,50% | 0,76% | LU,IT | | fr | es |
DOLFIN6044 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement de 10 000 EUR |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1,640.0 EUR | 1,160.0 EUR |
| Rendement annuel moyen | -83.6% | -35.0% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,660.0 EUR | 9,020.0 EUR |
| Rendement annuel moyen | -13.4% | -2.0% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,950.0 EUR | 13,620.0 EUR |
| Rendement annuel moyen | 9.5% | 6.4% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 14,090.0 EUR | 17,370.0 EUR |
| Rendement annuel moyen | 40.9% | 11.7% | | | Inversión de 10.000 EUR |
| --- |
| Escenarios | 1 año | 5 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 1,640.0 EUR | 1,160.0 EUR |
| Rendimiento medio cada año | -83.6% | -35.0% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 8,660.0 EUR | 9,020.0 EUR |
| Rendimiento medio cada año | -13.4% | -2.0% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10,950.0 EUR | 13,620.0 EUR |
| Rendimiento medio cada año | 9.5% | 6.4% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 14,090.0 EUR | 17,370.0 EUR |
| Rendimiento medio cada año | 40.9% | 11.7% | | | Investissement de 10 000 EUR |
| --- |
| Scénarios | 1 an | 5 ans (période de détention recommandée) |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 1,640.0 EUR | 1,160.0 EUR |
| Rendement annuel moyen | -83.6% | -35.0% |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8,660.0 EUR | 9,020.0 EUR |
| Rendement annuel moyen | -13.4% | -2.0% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10,950.0 EUR | 13,620.0 EUR |
| Rendement annuel moyen | 9.5% | 6.4% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 14,090.0 EUR | 17,370.0 EUR |
| Rendement annuel moyen | 40.9% | 11.7% | | fr | es |
DOLFIN6045 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### You should seek professional investment advice before making any decision to invest in a Fund.
This marketing communication is not being provided to you on the basis that you are a client of IQ EQ or Rize UK. Neither IQ EQ nor Rize UK is acting on your behalf and neither entity is responsible for providing protections that would otherwise be afforded to clients of IQ EQ or Rize UK. This marketing communication is for information purposes only. Its contents, and the fact of its distribution, do not constitute investment advice, nor do they constitute tax, legal or any other form of advice or service. It does not constitute or form part of any offer to issue or sell, or the solicitation of any offer to buy or sell any investment. It shall not form the basis of, or be relied upon in connection with, any contract. Information and opinions contained herein have been compiled from sources believed to be reliable but neither IQ EQ nor Rize UK nor any of their respective partners makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement that is subject to change without notice. IQ EQ and Rize UK disclaim all liability and responsibility arising from any reliance placed by any person on the information contained within this marketing communication.
Where past performance and projected performance information is shown, it must be noted that past performance and projected performance is not a reliable indicator of future performance. Simulated past performance does not represent actual past performance and is not a reliable indicator of future performance.
The Rize Medical Cannabis and Life Sciences UCITS ETF replicates the Foxberry Medical Cannabis & Life Sciences Index. An investment in the Fund involves significant risk and is subject to the volatility of cannabis and pharmaceutical stocks and exchange rate fluctuations and you may lose some or all of your capital.
Capital at Risk Warning – Please note that the value of an investment and any income taken from it is not guaranteed and can go down as well as up. You may not get back the amount you originally invested. If your investment currency is different to the Funds’ currency of denomination (USD) or the currencies in which the Funds’ assets are denominated (which may be a range of different global currencies), then the return you will get from your investment may increase or decrease as a result of currency fluctuations between your investment currency and such currencies.
The products referred to in this marketing communication are offered by Rize UCITS ICAV (“Rize ETF”). Rize ETF is an open-ended Irish collective asset management vehicle which is constituted as an umbrella fund with variable capital and segregated liability between its sub-funds (each, a “Fund”) and registered in Ireland with registration number C193010 and authorised by the Central Bank of Ireland as a UCITS. Rize ETF is managed by IQ EQ Fund Management (Ireland) Limited (“IQ EQ”). The prospectus (including the Fund-specific supplements and other supplements), the KIIDs, the constitutional document of Rize ETF and the latest annual and semi-annual reports of Rize ETF, the latest Net Asset Values of the Funds and details of the underlying investments of the Funds (together, the “Fund Information”) are available at http://www.rizeetf.com. Any decision to invest must be based solely on the Fund Information. Investors should read the Fund-specific risks in Rize ETF’s prospectus, Fund-specific supplements and the KIIDs. The indicative intra-day net asset values of the Funds are available at http://www.solactive.com.
The Funds are not offered or aimed at residents in any country in which (a) Rize ETF and the Funds are not authorised or registered for distribution and where to do so is contrary to the relevant country's securities laws, (b) the dissemination of information relating to Rize ETF and the Funds via the internet is forbidden, and/or IQ EQ or Rize UK are not authorised or qualified to make such offer or invitation.
The Funds may be registered or otherwise approved for distribution to the public or certain categories of investors in one or more jurisdictions. Where this is the case, a country-specific web page and copies of the Fund Information will be available at http://www.rizeetf.com. The fact of such a registration or approval, however, does not mean that any regulator (including the FCA) has determined that the Funds are suitable for all categories of investors.
United Kingdom: This is a financial promotion. For the purposes of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”), Rize ETF is a UCITS that has been recognised by the Financial Conduct Authority (the “FCA”) pursuant to s.264 of the UK Financial Services and Markets Act 2000. The Fund Information is available in English free of charge upon request from the Facilities Agent in the United Kingdom, IQ EQ Fund Management (Ireland) Limited, at Dashwood House, 69 Old Broad Street, London, EC2M 1QS.
Germany: This is a financial promotion. The offering of the Shares of Rize ETF has been notified to the German Financial Services Supervisory Authority (BaFin) in accordance with section 310 of the German Investment Code (KAGB). The Fund Information in English (and the KIIDs in German language) can be obtained free of charge upon request from the Information Agent in Germany, German Fund Information Service Ug (Haftungsbeschränkt), at Zum Eichhagen 4, 21382 Brietlingen, Germany.
Switzerland: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the Representative in Switzerland is 1741 Fund Solutions AG, Burggraben 16, CH-9000 St. Gallen. The Paying Agent in Switzerland is Tellco AG, Bahnhofstrasse 4, 6430 Schwyz. The Fund Information may be obtained free of charge from the Representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units in the Fund.
Austria: This is a marketing communication and serves exclusively as information for investors. Under no circumstances may it replace advice regarding the acquisition and disposal of investments which may result in a total loss of the investment. The Fund Information in English (and the KIIDs in German language) can be obtained free of charge upon request from the Paying and Information Agent in Austria, Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria.
United States: This marketing communication and its contents are not directed at any person that is resident in the United States ("US person"), and no offer or invitation is made to any US person to acquire or sell any service, product or security referred to. The provision of any information in this marketing communication does not constitute an offer to US persons to purchase securities. | ### Si raccomanda di richiedere una consulenza professionale in materia di investimenti prima di decidere di investire in un Fondo.
Questa comunicazione di marketing non vi viene fornita sulla base del fatto che siete clienti di IQ EQ o Rize UK. Né IQ EQ né Rize UK agiscono per Suo conto e non sono responsabili per la fornitura di protezioni che altrimenti sarebbero concesse ai clienti di IQ EQ o Rize UK. Questa comunicazione di marketing ha scopo puramente informativo. Il suo contenuto e la sua distribuzione non costituiscono una consulenza in materia di investimenti, né una consulenza o servizio fiscale, legale o di altro tipo. Non costituisce o fa parte di un’offerta di emissione o di vendita e non va inteso come una sollecitazione di un’offerta di acquisto o di vendita di un investimento. Non costituisce la base di alcun contratto, né vi si può fare affidamento in relazione ad esso. Le informazioni e le opinioni contenute nel presente documento sono state raccolte da fonti ritenute affidabili, ma né IQ EQ né Rize UK né alcuno dei rispettivi partner rilascia alcuna dichiarazione in merito alla loro accuratezza o completezza. Qualsiasi opinione, previsione o stima qui contenuta costituisce un giudizio soggetto a modifiche senza preavviso. IQ EQ e Rize UK declinano ogni responsabilità derivante da qualsiasi affidamento fatto da qualsiasi persona sulle informazioni contenute nella presente comunicazione di marketing.
Si ricorda che eventuali informazioni sulle performance passate e sulle performance previste, non sono un indicatore attendibile dei risultati futuri. Le performance passate simulate non riflettono la performance passata effettiva e non sono un indicatore attendibile dei risultati futuri.
Rize Medical Cannabis and Life Sciences UCITS ETF replica il Foxberry Medical Cannabis & Life Sciences Index. Un investimento nel Fondo comporta un rischio significativo ed è soggetto alla volatilità dei titoli farmaceutici e di quelli legati alla cannabis e alle fluttuazioni dei tassi di cambio e l’investitore può perdere una parte o la totalità del capitale.
Avvertenza sul capitale a rischio – Si prega di notare che il valore di un investimento e gli eventuali proventi da esso derivanti non sono garantiti e potrebbero diminuire o aumentare. Gli investitori potrebbero non recuperare l’importo inizialmente investito. Se la Sua valuta d’investimento è diversa dalla valuta di denominazione del Fondo (USD) o dalle valute in cui sono denominate le attività del Fondo (che possono essere una gamma di diverse valute globali), il rendimento ottenuto dall’investimento potrebbe aumentare o diminuire a seguito di fluttuazioni valutarie tra la Sua valuta d’investimento e tali valute.
I prodotti a cui si fa riferimento nella presente comunicazione di marketing sono offerti da Rize UCITS ICAV (“Rize ETF”). Rize ETF è un veicolo di gestione collettiva irlandese di tipo aperto, costituito come fondo multicomparto a capitale variabile e con separazione patrimoniale tra i suoi comparti (ciascuno, un “Fondo”), registrato in Irlanda con il numero di registrazione C193010 e autorizzato dalla Banca Centrale d’Irlanda come OICVM. Rize ETF è gestito da IQ EQ Fund Management (Ireland) Limited (“IQ EQ”). Il prospetto informativo (compresi i supplementi specifici del Fondo e altri supplementi), i KIID, il documento costitutivo di Rize ETF, le ultime relazioni annuali e semestrali di Rize ETF, gli ultimi Valori patrimoniali netti dei Fondi e i dettagli degli investimenti sottostanti dei Fondi (insieme, le “Informazioni sul Fondo”) sono disponibili all’indirizzo http://www.rizeetf.com. Qualsiasi decisione di investimento deve basarsi esclusivamente sulle Informazioni sul Fondo. Si raccomanda agli investitori di leggere i rischi specifici del Fondo riportati nel prospetto informativo di Rize ETF, nei supplementi specifici del Fondo e nei KIID. I valori patrimoniali netti infragiornalieri indicativi dei Fondi sono disponibili all’indirizzo http://www.solactive.com.
I Fondi non sono offerti o destinati a residenti in qualsiasi paese in cui (a) Rize ETF e i Fondi non sono autorizzati o registrati per la distribuzione e dove ciò sia contrario alle leggi sui titoli del paese in questione, (b) la diffusione di informazioni relative a Rize ETF e ai Fondi via Internet è vietata, e/o IQ EQ o Rize UK Limited non sono autorizzate o qualificate a fare tale offerta o invito.
I Fondi possono essere registrati o altrimenti approvati per la distribuzione al pubblico ovvero ad alcune categorie di investitori in una o più giurisdizioni. In tal caso, una pagina web specifica per paese e copie delle Informazioni sul Fondo saranno disponibili sul sito http://www.rizeetf.com. L’esistenza di tale registrazione o approvazione, tuttavia, non significa che un’autorità di regolamentazione (inclusa la FCA) abbia stabilito che i Fondi sono adatti a tutte le categorie di investitori.
Regno Unito: Questo materiale costituisce una promozione finanziaria. Ai fini del Financial Services and Markets Act 2000 (“FSMA”) del Regno Unito, Rize ETF è un OICVM che è stato riconosciuto dalla Financial Conduct Authority (la “FCA”) ai sensi della sezione 264 dello UK Financial Services and Markets Act 2000. Le Informazioni sul Fondo sono disponibili gratuitamente in inglese su richiesta presso l’Agente di servizio nel Regno Unito, IQ EQ Fund Management (Ireland) Limited, con sede in Dashwood House, 69 Old Broad Street, Londra, EC2M 1QS.
Germania: Questo materiale costituisce una promozione finanziaria. L’offerta delle Azioni di Rize ETF è stata notificata all’Autorità di vigilanza finanziaria tedesca (“Bundesanstalt für Finanzdienstleistungsaufsicht” o “BaFin”) ai sensi della sezione 310 del Codice tedesco sugli investimenti (“Kapitalanlagegesetzbuch” o “KAGB”). Le Informazioni sul Fondo in inglese (e i KIID in lingua tedesca) possono essere ottenute gratuitamente su richiesta dall’Agente per le informazioni in Germania, German Fund Information Service Ug (Haftungsbeschränkt), con sede in Zum Eichhagen 4, 21382 Brietlingen, Germania.
Svizzera: Questo è un documento pubblicitario. Lo Stato di origine del fondo è l'Irlanda. Il Rappresentante in Svizzera è 1741 Fund Solutions AG, Burggraben 16, CH-9000 San Gallo. L'Agente pagatore in Svizzera è Tellco AG, Bahnhofstrasse 4, 6430 Schwyz. Le informazioni sul Fondo possono essere richieste gratuitamente al Rappresentante. I rendimenti passati non sono indicativi dei risultati correnti o futuri. I dati sulla performance non tengono conto delle commissioni e dei costi sostenuti per l'emissione e il rimborso delle quote del Fondo.
Austria: Questo materiale costituisce una comunicazione di marketing ed è fornito agli investitori unicamente a scopo informativo. In nessun caso può sostituire la consulenza in materia di acquisizione e cessione degli investimenti che possono comportare la perdita totale dell’investimento. Le Informazioni sul Fondo in inglese (e i KIID in lingua tedesca) possono essere ottenute gratuitamente su richiesta dall’Agente pagatore e per le informazioni in Austria, con sede in Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria.
Stati Uniti: La presente comunicazione di marketing e il suo contenuto non sono rivolti ad alcuna persona residente negli Stati Uniti (“Soggetto statunitense”), e non viene effettuata alcuna offerta o invito ad alcun soggetto statunitense ad acquistare o vendere alcun servizio, prodotto o titolo a cui si faccia riferimento. La fornitura di qualsiasi informazione in questa comunicazione di marketing non costituisce un’offerta a soggetti statunitensi per l’acquisto di titoli. | ### You should seek professional investment advice before making any decision to invest in a Fund.
This marketing communication is not being provided to you on the basis that you are a client of IQ EQ or Rize UK. Neither IQ EQ nor Rize UK is acting on your behalf and neither entity is responsible for providing protections that would otherwise be afforded to clients of IQ EQ or Rize UK. This marketing communication is for information purposes only. Its contents, and the fact of its distribution, do not constitute investment advice, nor do they constitute tax, legal or any other form of advice or service. It does not constitute or form part of any offer to issue or sell, or the solicitation of any offer to buy or sell any investment. It shall not form the basis of, or be relied upon in connection with, any contract. Information and opinions contained herein have been compiled from sources believed to be reliable but neither IQ EQ nor Rize UK nor any of their respective partners makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement that is subject to change without notice. IQ EQ and Rize UK disclaim all liability and responsibility arising from any reliance placed by any person on the information contained within this marketing communication.
Where past performance and projected performance information is shown, it must be noted that past performance and projected performance is not a reliable indicator of future performance. Simulated past performance does not represent actual past performance and is not a reliable indicator of future performance.
The Rize Medical Cannabis and Life Sciences UCITS ETF replicates the Foxberry Medical Cannabis & Life Sciences Index. An investment in the Fund involves significant risk and is subject to the volatility of cannabis and pharmaceutical stocks and exchange rate fluctuations and you may lose some or all of your capital.
Capital at Risk Warning – Please note that the value of an investment and any income taken from it is not guaranteed and can go down as well as up. You may not get back the amount you originally invested. If your investment currency is different to the Funds’ currency of denomination (USD) or the currencies in which the Funds’ assets are denominated (which may be a range of different global currencies), then the return you will get from your investment may increase or decrease as a result of currency fluctuations between your investment currency and such currencies.
The products referred to in this marketing communication are offered by Rize UCITS ICAV (“Rize ETF”). Rize ETF is an open-ended Irish collective asset management vehicle which is constituted as an umbrella fund with variable capital and segregated liability between its sub-funds (each, a “Fund”) and registered in Ireland with registration number C193010 and authorised by the Central Bank of Ireland as a UCITS. Rize ETF is managed by IQ EQ Fund Management (Ireland) Limited (“IQ EQ”). The prospectus (including the Fund-specific supplements and other supplements), the KIIDs, the constitutional document of Rize ETF and the latest annual and semi-annual reports of Rize ETF, the latest Net Asset Values of the Funds and details of the underlying investments of the Funds (together, the “Fund Information”) are available at http://www.rizeetf.com. Any decision to invest must be based solely on the Fund Information. Investors should read the Fund-specific risks in Rize ETF’s prospectus, Fund-specific supplements and the KIIDs. The indicative intra-day net asset values of the Funds are available at http://www.solactive.com.
The Funds are not offered or aimed at residents in any country in which (a) Rize ETF and the Funds are not authorised or registered for distribution and where to do so is contrary to the relevant country's securities laws, (b) the dissemination of information relating to Rize ETF and the Funds via the internet is forbidden, and/or IQ EQ or Rize UK are not authorised or qualified to make such offer or invitation.
The Funds may be registered or otherwise approved for distribution to the public or certain categories of investors in one or more jurisdictions. Where this is the case, a country-specific web page and copies of the Fund Information will be available at http://www.rizeetf.com. The fact of such a registration or approval, however, does not mean that any regulator (including the FCA) has determined that the Funds are suitable for all categories of investors.
United Kingdom: This is a financial promotion. For the purposes of the United Kingdom Financial Services and Markets Act 2000 (“FSMA”), Rize ETF is a UCITS that has been recognised by the Financial Conduct Authority (the “FCA”) pursuant to s.264 of the UK Financial Services and Markets Act 2000. The Fund Information is available in English free of charge upon request from the Facilities Agent in the United Kingdom, IQ EQ Fund Management (Ireland) Limited, at Dashwood House, 69 Old Broad Street, London, EC2M 1QS.
Germany: This is a financial promotion. The offering of the Shares of Rize ETF has been notified to the German Financial Services Supervisory Authority (BaFin) in accordance with section 310 of the German Investment Code (KAGB). The Fund Information in English (and the KIIDs in German language) can be obtained free of charge upon request from the Information Agent in Germany, German Fund Information Service Ug (Haftungsbeschränkt), at Zum Eichhagen 4, 21382 Brietlingen, Germany.
Switzerland: This is an advertising document. The state of the origin of the fund is Ireland. In Switzerland, the Representative in Switzerland is 1741 Fund Solutions AG, Burggraben 16, CH-9000 St. Gallen. The Paying Agent in Switzerland is Tellco AG, Bahnhofstrasse 4, 6430 Schwyz. The Fund Information may be obtained free of charge from the Representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units in the Fund.
Austria: This is a marketing communication and serves exclusively as information for investors. Under no circumstances may it replace advice regarding the acquisition and disposal of investments which may result in a total loss of the investment. The Fund Information in English (and the KIIDs in German language) can be obtained free of charge upon request from the Paying and Information Agent in Austria, Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria.
United States: This marketing communication and its contents are not directed at any person that is resident in the United States ("US person"), and no offer or invitation is made to any US person to acquire or sell any service, product or security referred to. The provision of any information in this marketing communication does not constitute an offer to US persons to purchase securities. | en | it |
DOLFIN6046 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating may be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the management company. Bonds must have a maximum maturity of 50 years.
Cash collateral received should only be (i) placed on deposit with entities prescribed in Article 41 1) (f) of the 2010 Law, (ii) invested in high-quality government bonds, (iii) used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the concerned Sub-Fund is able to recall at any time the full amount of cash on accrued basis, (iv) invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds.
These criteria are detailed in a Risks policy which can be viewed on the website at www.amundi.com and may be subject to change, especially in the event of exceptional market circumstances.
All assets received as collateral should comply with the ESMA guidelines 2012/832 as to liquidity, valuation, issuer credit quality, correlation and diversification with a maximum exposure to a given issuer of 20% of the net assets.
The assets received as collateral are held in custody by the Depository. | En el caso de los bonos, los valores también serán emitidos por emisores de alta calidad ubicados en la OCDE y contarán con una calificación mínima de entre AAA y BBB- según la escala de calificación de Standard & Poor’s, o con una calificación que la sociedad gestora considere equivalente. Los bonos deben tener un vencimiento máximo de cincuenta años.
Las garantías que se reciban en efectivo únicamente deben (i) depositarse en las entidades prescritas en el Artículo 41 1) (f) de la Ley de 2010, (ii) invertirse en bonos gubernamentales de alta calidad, (iii) utilizarse con fines de operaciones de pacto de recompra inversa, siempre que las operaciones se realicen con instituciones de crédito sujetas a supervisión prudencial y el subfondo en cuestión pueda retirar en cualquier momento el importe total en efectivo devengado, e (iv) invertirse en los fondos del mercado monetario a corto plazo que se definen en las directrices para una definición común de los fondos del mercado monetario europeos.
Estos criterios están detallados en una política de riesgos que puede consultarse en la página web www.amundi.com y que puede estar sujeta a cambios, especialmente en el caso de darse circunstancias excepcionales de mercado.
Todos los activos recibidos como garantía deben cumplir con las directrices 2012/832 de la ESMA relativas a la liquidez, la valoración, la solvencia del emisor, la correlación y la diversificación con una exposición máxima del 20% de los activos netos a un emisor determinado.
Los activos recibidos como garantía son mantenidos en custodia por el Depositario. | For bonds, securities will also be issued by high-quality issuers located in the OECD whose minimum rating may be AAA to BBB- on Standard & Poor’s rating scale or with a rating deemed equivalent by the management company. Bonds must have a maximum maturity of 50 years.
Cash collateral received should only be (i) placed on deposit with entities prescribed in Article 41 1) (f) of the 2010 Law, (ii) invested in high-quality government bonds, (iii) used for the purpose of reverse repo transactions provided the transactions are with credit institutions subject to prudential supervision and the concerned Sub-Fund is able to recall at any time the full amount of cash on accrued basis, (iv) invested in short-term money market funds as defined in the Guidelines on a Common Definition of European Money Market Funds.
These criteria are detailed in a Risks policy which can be viewed on the website at www.amundi.com and may be subject to change, especially in the event of exceptional market circumstances.
All assets received as collateral should comply with the ESMA guidelines 2012/832 as to liquidity, valuation, issuer credit quality, correlation and diversification with a maximum exposure to a given issuer of 20% of the net assets.
The assets received as collateral are held in custody by the Depository. | en | es |
DOLFIN6047 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,505
-5.0%
EUR 10,619
1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 505 EUR
-5,0%
10 619 EUR
1,2% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund S Acc EUR between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,505
-5.0%
EUR 10,619
1.2% | en | es |
DOLFIN6048 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Secondly, the Investment Manager identifies companies that operate within the identified themes, and that deliver outputs in form of a product or service that, as judged by the Investment Manager, enable and/or directly contribute to the achievement of relevant SDG targets.
The assessment of the contribution to the specified SDGs is based in particular on qualitative and quantitative analysis, using internal sensitivity scores and revenue attribution as sustainability indicators.
The assessment may be based on quantitative analysis insofar that at least 20% of the revenue and/or profits (as of today or short to medium term) of each company and at least 50% of the weighted average revenue and/or profits of all companies invested in by the Sub-Fund are generated from activities that facilitate the achievement of one or more SDG targets.
In case of certain Debt Securities which have been issued to support specific environmental, social, or sustainable projects (including, but not limited to, Green Bonds, Social Bonds, Sustainability Bonds, and/or Sustainability-Linked Bonds), different criteria are to be considered.
This means if the Investment Manager acquires a Debt Security which has been issued to support specific environmental, social or sustainable project (including, but not limited to, Green Bonds, Social Bonds, Sustainability Bonds, and/ or Sustainability-Linked Bonds), the respective bond proceeds and/or selection of defined SDGs-related Key Performance Indicators (KPIs) indicated in the respective applicable Green Bond Principles/ Social Bond Principles/ Sustainability-Linked Bond Principles – instead of the revenue and/ or profits of the respective Debt Security’s issuer – have to be considered by the Investment Manager.
Allianz Global Investors Fund
Based on the above qualitative and to some extent quantitative assessment, the Investment Manager selects companies based on an overall score relating to the most impactful achievement of SDG targets to apply negative or positive screens on the Sub-Fund’s investment universe by excluding and including companies whose impact scores are below prescribed threshold as determined by the Investment Manager from time to time.
The Investment Manager considers the Environment, Social, Governance, Human Rights and Business behaviour domains and makes use of a range of tools (including a proprietary tool) and data sources, including but not limited to proprietary and external fundamental research and external ratings for consideration engagement and in the selection process of a security or issuer.
The allocation to the SDG aligned themes and topics is an active component of the SDG-Aligned Strategy, where a Sub-Fund’s Investment Manager will allocate to different themes and sub-themes (topics) at own discretion. As a result, the Sub-Fund’s exposure to specific environmental and social objectives will vary over time.
In addition, SDG-Aligned Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues. | Le Gérant repère ensuite des sociétés qui opèrent au sein des thèmes identifiés et qui fournissent des produits ou des services contribuant à et/ou permettant directement, selon lui, la réalisation des ODD concernés.
L’évaluation de la contribution aux ODD spécifiés repose en particulier sur une analyse qualitative et quantitative, utilisant des notes de sensibilité interne et l’attribution des revenus comme indicateurs de durabilité.
L’évaluation peut être fondée sur une analyse quantitative dans la mesure où au moins 20 % des revenus et/ou des bénéfices (à ce jour ou à court ou moyen terme) de chaque société et au moins 50 % des revenus et/ou bénéfices moyens pondérés de toutes les sociétés dans lesquelles le Compartiment investit sont générés par des activités qui facilitent la réalisation d’un ou de plusieurs ODD.
Dans le cas de certains Titres de créance émis pour soutenir des projets environnementaux, sociaux ou durables spécifiques
(y compris, sans s’y limiter, les Obligations vertes, les Obligations sociales, les Obligations durables et/ou les Obligations liées à la durabilité), différents critères doivent être pris en compte.
Ainsi, si le Gérant acquiert un Titre de créance émis pour soutenir un projet environnemental, social ou durable spécifique (y compris, sans s’y limiter, des Obligations vertes, des Obligations sociales, les Obligations durables et/ou des Obligations liées à la durabilité), les produits des obligations respectifs et/ou la sélection d’indicateurs clés de performance définis liés aux ODD indiqués dans les Principes applicables aux Obligations vertes / Principes applicables aux Obligations sociales / Principes applicables aux Obligations liées à la durabilité, et non les revenus et/ou les bénéfices de l’émetteur des Titres de créance respectifs, doivent être pris en compte par le Gérant.
Sur la base de l’évaluation qualitative et, dans une certaine mesure, quantitative ci-dessus, le Gérant sélectionne les sociétés en fonction d’une note globale relative à la réalisation des ODD ayant le plus d’impact, pour appliquer des filtres négatifs ou positifs à l’univers d’investissement du Compartiment en excluant et en incluant les sociétés dont les notes d’impact sont inférieures au seuil prescrit, tel que déterminé ponctuellement par le Gérant.
Le Gérant prend en compte les domaines Environnement, Social, Gouvernance, Droits de l’Homme et Éthique, et utilise tout un éventail d’outils (y compris un outil exclusif) et de sources de données, dont notamment la recherche fondamentale exclusive et externe et les notations externes, à des fins d’engagement et de prise en compte dans le processus de sélection d’un titre ou d’un émetteur.
L’allocation aux thèmes et sujets alignés sur les ODD constitue une composante active de la Stratégie alignée sur les ODD, dans laquelle le Gérant d’un Compartiment aura toute discrétion pour procéder à la répartition entre différents thèmes et sous-thèmes (sujets). Par conséquent, l’exposition du Compartiment à des objectifs environnementaux et sociaux spécifiques variera au fil du temps.
En outre, la Stratégie alignée sur les ODD applique des critères d’exclusion minimum pour :
- les sociétés qui commettent des violations graves du Pacte mondial des Nations Unies (désinvestissement d’émetteurs qui ne sont pas disposés à changer après s’y être engagés),
- les titres émis par des sociétés impliquées dans des armes controversées (mines antipersonnel, armes à sous-munitions, armes chimiques, armes biologiques, uranium appauvri, phosphore blanc et armes nucléaires) et les titres émis par des sociétés qui tirent plus de 10 % de leur chiffre d’affaires de leur implication dans les armes, équipements militaires et services connexes,
- les titres émis par des sociétés qui tirent plus de 10 % de leur chiffre d’affaires de l’extraction du charbon thermique et les titres émis par des sociétés de services publics qui tirent plus de 20 % de leur chiffre d’affaires du charbon, et
- les titres émis par des sociétés impliquées dans la production de tabac et les titres émis par des sociétés impliquées dans la distribution de tabac à hauteur de plus de 5 % de leur chiffre d’affaires. | Secondly, the Investment Manager identifies companies that operate within the identified themes, and that deliver outputs in form of a product or service that, as judged by the Investment Manager, enable and/or directly contribute to the achievement of relevant SDG targets.
The assessment of the contribution to the specified SDGs is based in particular on qualitative and quantitative analysis, using internal sensitivity scores and revenue attribution as sustainability indicators.
The assessment may be based on quantitative analysis insofar that at least 20% of the revenue and/or profits (as of today or short to medium term) of each company and at least 50% of the weighted average revenue and/or profits of all companies invested in by the Sub-Fund are generated from activities that facilitate the achievement of one or more SDG targets.
In case of certain Debt Securities which have been issued to support specific environmental, social, or sustainable projects (including, but not limited to, Green Bonds, Social Bonds, Sustainability Bonds, and/or Sustainability-Linked Bonds), different criteria are to be considered.
This means if the Investment Manager acquires a Debt Security which has been issued to support specific environmental, social or sustainable project (including, but not limited to, Green Bonds, Social Bonds, Sustainability Bonds, and/ or Sustainability-Linked Bonds), the respective bond proceeds and/or selection of defined SDGs-related Key Performance Indicators (KPIs) indicated in the respective applicable Green Bond Principles/ Social Bond Principles/ Sustainability-Linked Bond Principles – instead of the revenue and/ or profits of the respective Debt Security’s issuer – have to be considered by the Investment Manager.
Allianz Global Investors Fund
Based on the above qualitative and to some extent quantitative assessment, the Investment Manager selects companies based on an overall score relating to the most impactful achievement of SDG targets to apply negative or positive screens on the Sub-Fund’s investment universe by excluding and including companies whose impact scores are below prescribed threshold as determined by the Investment Manager from time to time.
The Investment Manager considers the Environment, Social, Governance, Human Rights and Business behaviour domains and makes use of a range of tools (including a proprietary tool) and data sources, including but not limited to proprietary and external fundamental research and external ratings for consideration engagement and in the selection process of a security or issuer.
The allocation to the SDG aligned themes and topics is an active component of the SDG-Aligned Strategy, where a Sub-Fund’s Investment Manager will allocate to different themes and sub-themes (topics) at own discretion. As a result, the Sub-Fund’s exposure to specific environmental and social objectives will vary over time.
In addition, SDG-Aligned Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues. | en | fr |
DOLFIN6049 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## MONTHLY COMMENT AS AT 30/06/2023 (1/2)
As the summer break approached, the financial debt market was marked by the reopening of the primary market for AT1 bonds in June. BBVA and Bank of Cyprus issued €1bn and €220m of new bonds respectively, reviving the market for the first time after the Credit Suisse episode. The dynamics of the Tier 2 and Senior markets were also supported by new issues throughout June, such as those from Lloyds Banking Group and Bank of Ireland, an optimistic sign for the asset class as a whole.
The credit indices all tightened over the month, with the Senior Fin ending the month down 7bps at 85bps, the SubFin falling from 173bps to 157bps, its lowest level since the Credit Suisse episode, the Main tightening by 8bps to 74bps and the Xover ending the month at 396bps, compared with 434bps at the start of the month.
As for eurozone banks, the chairman of the ECB's supervisory committee, Andrea Enria, pointed out that the amount of unrealised losses (due to rising interest rates) on the balance sheets of European banks was "in the region of €70 billion", compared with "more than €620 billion" for US banks. The IMF recently estimated that unrealised losses represented 50 basis points of CET1 for European banks, compared with 250 basis points for US banks.
Banks repaid almost €500 billion of TLTRO funds, led by Italian banks with over €120 billion. MRO and LTRO facilities increased by around €18 billion and €4 billion, demonstrating that banks did not need to replace central bank funding to maintain healthy liquidity ratios.
On the macroeconomic front, manufacturing indicators came out below their May levels, indicating a slightly contracting environment. However, the rise in inflation, which has been at the heart of concerns in recent months, came out slightly lower, which came as a positive surprise to the consensus. This is an optimistic sign, but not sufficient for the market, as rate rises are still valued by the market, mainly due to a base effect.
Following on from previous meetings, the ECB once again raised rates by 25 bps, taking the deposit rate to 3.50%. The speeches suggest that another equivalent hike is due in July, before a possible resumption of the rate hike cycle in September. In the UK, the BoE surprised the consensus by raising rates by 50 bps, surprising analysts who believe that this level is now too high in relation to inflation. Conversely, on the other side of the Atlantic, the Fed has not announced any rate hikes. A recovery is nevertheless expected in July, to continue the fight against inflation.
The end of June also saw the end of USD LIBOR, which will now be replaced by the SOFR risk-free rate. Although this development was expected, it prompted HSBC, Barclays and Standard Chartered to recall the bonds concerned by this benchmark, the disappearance of which disqualifies them from regulatory compliance. | ## COMMENTAIRE DE GESTION AU 30/06/2023 (1/2)
À l’approche de la trêve estivale, le marché de la dette financière a été marqué par la réouverture au mois de juin du primaire sur les obligations AT1s. BBVA et Bank of Cyprus, ont émis respectivement 1Md€ et 220M€ de nouvelles émissions, relançant pour la première fois le marché après l’épisode Crédit Suisse. Les dynamiques des marchés Tier 2 et des Senior ont également été soutenues par de nouvelles émissions tout au long du mois de juin, telles que celles de Lloyds Banking Group ou Bank of Ireland, symbole optimiste pour l’ensemble de la classe d’actifs.
Les indices crédit se sont tous resserrés au cours du mois, le Senior Fin terminant en baisse de 7 bps à 85bps, le SubFin passant de 173 à 157 bps, le Main se resserrant de 8bps à 74 bps et le Xover finissant le mois à 396 bps, comparé à 434 bps en début de mois.
Du côté des banques de la zone euro, le président du comité de surveillance de la BCE, Andrea Enria, a souligné que le montant des pertes non réalisées (du fait de la hausse des taux d’intérêts) sur les bilans des banques européennes était "de l'ordre de 70 milliards d'euros", contre "plus de 620 milliards d'euros" pour les banques américaines. Récemment, le FMI a estimé que les pertes non réalisées représentaient 50 points de base du CET1 des banques européennes, contre 250 points de base pour les banques américaines.
Les banques ont remboursé près de 500 milliards d'euros de fonds TLTRO, les banques italiennes en tête avec plus de 120 milliards d'euros. Les facilités MRO et LTRO ont augmenté d'environ 18 milliards et 4 milliards, démontrant que les banques n'ont pas eu besoin de remplacer le financement de la banque centrale pour maintenir des ratios de liquidité sains.
Du côté macroéconomique, les indicateurs manufacturiers sont sortis en dessous de leurs niveaux du mois de mai, symptômes d’un environnement en légère contraction. La hausse de l’inflation, au cœur des inquiétudes des derniers mois, est pourtant sortie en légère baisse, ce qui a surpris positivement le consensus. Signe optimiste mais non suffisant pour le marché, car principalement du à un effet de base, des hausses des taux sont encore anticipées par le marché.
Dans la continuité des réunions précédentes, la BCE a de nouveau relevé ses taux de 25 bps, atteignant 3,50% pour le taux de dépôt. Les discours laissent penser qu’une nouvelle hausse équivalente serait certainement à venir au mois de juillet, avant une reprise éventuelle du cycle de hausse en septembre. Au Royaume-Uni, la BoE en augmentant les taux de 50 bps à surpris les analystes, qui estiment que ce niveau est désormais trop élevé par rapport à l’inflation. A l’inverse, de l’autre côté de l’Atlantique, la FED n’a pas annoncé de hausse de taux. Une reprise est tout de même attendue courant juillet, pour continuer à lutter contre l’inflation.
La fin du mois de juin correspond aussi à la fin du LIBOR USD, qui sera désormais remplacé par le taux sans risque SOFR. Cette évolution, bien qu’attendue, a provoqué le rappel d’obligations de la part d’HSBC, Barclays et Standard Chartered concernées par cette référence et dont la disparition disqualifient les instruments sur le plan règlementaire. | ## MONTHLY COMMENT AS AT 30/06/2023 (1/2)
As the summer break approached, the financial debt market was marked by the reopening of the primary market for AT1 bonds in June. BBVA and Bank of Cyprus issued €1bn and €220m of new bonds respectively, reviving the market for the first time after the Credit Suisse episode. The dynamics of the Tier 2 and Senior markets were also supported by new issues throughout June, such as those from Lloyds Banking Group and Bank of Ireland, an optimistic sign for the asset class as a whole.
The credit indices all tightened over the month, with the Senior Fin ending the month down 7bps at 85bps, the SubFin falling from 173bps to 157bps, its lowest level since the Credit Suisse episode, the Main tightening by 8bps to 74bps and the Xover ending the month at 396bps, compared with 434bps at the start of the month.
As for eurozone banks, the chairman of the ECB's supervisory committee, Andrea Enria, pointed out that the amount of unrealised losses (due to rising interest rates) on the balance sheets of European banks was "in the region of €70 billion", compared with "more than €620 billion" for US banks. The IMF recently estimated that unrealised losses represented 50 basis points of CET1 for European banks, compared with 250 basis points for US banks.
Banks repaid almost €500 billion of TLTRO funds, led by Italian banks with over €120 billion. MRO and LTRO facilities increased by around €18 billion and €4 billion, demonstrating that banks did not need to replace central bank funding to maintain healthy liquidity ratios.
On the macroeconomic front, manufacturing indicators came out below their May levels, indicating a slightly contracting environment. However, the rise in inflation, which has been at the heart of concerns in recent months, came out slightly lower, which came as a positive surprise to the consensus. This is an optimistic sign, but not sufficient for the market, as rate rises are still valued by the market, mainly due to a base effect.
Following on from previous meetings, the ECB once again raised rates by 25 bps, taking the deposit rate to 3.50%. The speeches suggest that another equivalent hike is due in July, before a possible resumption of the rate hike cycle in September. In the UK, the BoE surprised the consensus by raising rates by 50 bps, surprising analysts who believe that this level is now too high in relation to inflation. Conversely, on the other side of the Atlantic, the Fed has not announced any rate hikes. A recovery is nevertheless expected in July, to continue the fight against inflation.
The end of June also saw the end of USD LIBOR, which will now be replaced by the SOFR risk-free rate. Although this development was expected, it prompted HSBC, Barclays and Standard Chartered to recall the bonds concerned by this benchmark, the disappearance of which disqualifies them from regulatory compliance. | en | fr |
DOLFIN6050 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | - Riesgo de crédito: el fondo está sujeto al riesgo de incumplimiento de un emisor, a la hora de cumplir con su obligación de pago de los cupones y/o de rembolsar el importe tomado en préstamo.
- Riesgo de contraparte: como el fondo puede utilizar productos derivados extrabursátiles, estos productos pueden representar un riesgo de contraparte, es decir, situaciones en las que ésta no pueda responder a sus obligaciones de cara al fondo. Este riesgo de contraparte puede estar, en su caso, parcial o totalmente cubierto por la recepción de garantías.
- Riesgo de sostenibilidad: hace referencia a cualquier acontecimiento o situación en el ámbito medioambiental, social o del gobierno corporativo que pudiera afectar a la rentabilidad y/o a la reputación de los emisores en la cartera.El riesgo de sostenibilidad puede ser inherente al emisor, en función de sus actividades y de sus prácticas, pero también puede deberse a factores externos. | - Credit risk: the fund is exposed to the risk of default of an issuer in terms of honouring the payment of coupons and/or the repayment of the amount borrowed.
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Sustainability risk: refers to any event or situation in the environmental, social or governance domain that could affect the performance and/or the reputation of the issuers in the portfolio.The sustainability risk may be specific to the issuer, depending on its activities and practices, but it may also be due to external factors. | en | es |
DOLFIN6051 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Notes continue on the next page
- TAXATIONUnder current law and practice, the Fund qualifies as an investment undertaking as defined in S739B(1) of the Taxes Consolidation Act, 1997, as amended. It is not generally chargeable to Irish tax on its income or capital gains. However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes distribution payments to shareholders or encashments, redemptions, cancellations, transfers of shares or the 8 year anniversary of holding shares in the Fund. Any tax arising on a chargeable event is a liability of the shareholder, albeit it is paid by the Fund (although if the Fund fails to deduct the tax or the correct amount of tax it becomes ultimately a liability of the Fund). No tax will arise on the Fund in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Fund, and;
- an exempt Irish resident shareholder (as defined in section 739D of the Taxes Consolidation Act, 1997 (as amended)) who has provided the Fund with the necessary signed statutory declarations. | Fortsetzung der Erläuterungen auf der nächsten Seite
- BESTEUERUNGNach der derzeitigen Rechtslage und -praxis erfüllt der Fonds die Kriterien eines Anlageorganismus nach Section 739B(1) des Taxes Consolidation Act 1997 in der gültigen Fassung. Er unterliegt generell keinen irischen Steuern auf seine Erträge oder Kapitalgewinne. Eine irische Steuerpflicht kann bei einem „steuerrelevanten Ereignis“ eintreten. Zu den steuerrelevanten Ereignissen gehören Ausschüttungen an Anteilsinhaber oder die Einlösung, Rücknahme, Annullierung, Übertragung von Anteilen oder der Ablauf von acht Jahren nach Erwerb eines Anteils an dem Fonds. Alle bei Eintritt eines steuerrelevanten Ereignisses anfallenden Steuern sind vom Anteilsinhaber zu tragen, auch wenn die Steuern vom Fonds entrichtet werden (wobei, falls der Fonds die entsprechenden Steuern nicht oder nicht in richtiger Höhe einbehält, diese letztlich vom Fonds zu tragen sind). Keine irische Steuerpflicht entsteht dem Fonds aus steuerrelevanten Ereignissen bezüglich
- eines Anteilsinhabers, der zum Zeitpunkt des steuerrelevanten Ereignisses in Irland weder seinen Sitz noch seinen gewöhnlichen Aufenthalt hat, sofern dem Fonds die erforderlichen gesetzlichen Erklärungen unterschrieben vorliegen, und
- eines in Irland ansässigen steuerbefreiten Anteilsinhabers (wie in Section 739D des Taxes Consolidation Act 1997 in der gültigen Fassung definiert), der dem Fonds die erforderlichen gesetzlichen Erklärungen unterschrieben vorgelegt hat. | Notes continue on the next page
- TAXATIONUnder current law and practice, the Fund qualifies as an investment undertaking as defined in S739B(1) of the Taxes Consolidation Act, 1997, as amended. It is not generally chargeable to Irish tax on its income or capital gains. However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes distribution payments to shareholders or encashments, redemptions, cancellations, transfers of shares or the 8 year anniversary of holding shares in the Fund. Any tax arising on a chargeable event is a liability of the shareholder, albeit it is paid by the Fund (although if the Fund fails to deduct the tax or the correct amount of tax it becomes ultimately a liability of the Fund). No tax will arise on the Fund in respect of chargeable events in respect of:
- a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Fund, and;
- an exempt Irish resident shareholder (as defined in section 739D of the Taxes Consolidation Act, 1997 (as amended)) who has provided the Fund with the necessary signed statutory declarations. | en | de |
DOLFIN6052 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Potential investors should note that the Sub-Fund, being investing in China and India, is more diversified than investing in a single country, but still carries additional risks of investing in emerging markets to those inherent in other investments in developed markets.
Some emerging markets may prohibit or impose substantial restrictions on investments by foreign investors. Additionally, the share price and currency volatility are generally higher in emerging markets than developed markets, and may be subject to greater fluctuations.
Hong Kong and Chinese economies can be significantly affected by general economic and political conditions of the Asia region and changes in Chinese government policy. The companies listed in these exchanges may be sensitive to political, economic or regulatory developments.
Due to local legal constraints, investment in Indian securities can be restricted for foreign investors and foreign entities. This Sub-Fund will invest directly in securities of companies on the stock exchange in India through a sub Foreign Institutional Investor (FII) license with the Indian regulator. Such sub FII would be registered under the FII of the Principal Investment Manager. Potential investors should note that investments in Indian market carry other risks, as local regulations on foreign investment and limitation on capital may change, and as the share price and currency volatility are generally higher than in developed markets, and may be subject to greater fluctuation. | Potenzielle Anleger sollten beachten, dass der Teilfonds als Fonds, der in China und Indien anlegt, breiter diversifiziert ist als eine Anlage in ein einzelnes Land, jedoch trotzdem gegenüber den Risiken anderer Anlagen in Industriemärkte zusätzliche Risiken durch Anlagen in Schwellenmärkte birgt.
Einige Schwellenmärkte können erhebliche Einschränkungen für Anlagen durch ausländische Anleger erheben oder diese ganz verbieten. Darüber hinaus fallen die Aktienkurs- und die Währungsvolatilität in Schwellenmärkten generell höher aus als in Industrieländern und können größeren Schwankungen unterliegen.
Die Volkswirtschaften in Hongkong und China können durch die allgemeine wirtschaftliche und politische Lage in Asien und durch Änderungen der Politik der chinesischen Regierung erheblich beeinflusst werden. Die an diesen Börsen notierten Unternehmen können empfindlich auf politische, wirtschaftliche oder regulatorische Entwicklungen reagieren.
Aufgrund lokaler rechtlicher Beschränkungen kann die Anlage in indischen Wertpapieren für ausländische Anleger und ausländische Unternehmen eingeschränkt sein. Dieser Teilfonds wird über eine Unterlizenz der indischen Aufsichtsbehörde für ausländische institutionelle Investoren (FII) direkt an der Börse in Indien in Wertpapiere von Unternehmen investieren. Solche FII-Unterlizenzen werden unter der FII-Lizenz der Haupt- Anlageverwaltungsgesellschaft registriert. Potenzielle Anleger sollten beachten, dass Anlagen am indischen Markt mit weiteren Risiken verbunden sind, da sich die lokalen Vorschriften für ausländische Anleger und die Kapitalbeschränkungen ändern können und die Aktienkurs- und die Währungsvolatilität in Schwellenmärkten generell höher ausfallen als in Industrieländern und größeren Schwankungen unterliegen können. | Potential investors should note that the Sub-Fund, being investing in China and India, is more diversified than investing in a single country, but still carries additional risks of investing in emerging markets to those inherent in other investments in developed markets.
Some emerging markets may prohibit or impose substantial restrictions on investments by foreign investors. Additionally, the share price and currency volatility are generally higher in emerging markets than developed markets, and may be subject to greater fluctuations.
Hong Kong and Chinese economies can be significantly affected by general economic and political conditions of the Asia region and changes in Chinese government policy. The companies listed in these exchanges may be sensitive to political, economic or regulatory developments.
Due to local legal constraints, investment in Indian securities can be restricted for foreign investors and foreign entities. This Sub-Fund will invest directly in securities of companies on the stock exchange in India through a sub Foreign Institutional Investor (FII) license with the Indian regulator. Such sub FII would be registered under the FII of the Principal Investment Manager. Potential investors should note that investments in Indian market carry other risks, as local regulations on foreign investment and limitation on capital may change, and as the share price and currency volatility are generally higher than in developed markets, and may be subject to greater fluctuation. | en | de |
DOLFIN6053 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Liquidation of the SICAV
The liquidation of the SICAV requires a shareholder vote. Such a vote can be taken at any time at a general meeting of shareholders. If it is determined that the SICAV’s capital has fallen below two-thirds of the legally required minimum share capital (under Luxembourg law), or below one-quarter of the minimum set by the articles, then shareholders must be given the opportunity to vote on dissolution at a general meeting held within 40 days of the determination.
Voluntary liquidations (meaning a decision to liquidate that is initiated by shareholders) require a quorum of at least one-half of the capital and approval by at least 2/3 of the votes cast. If the capital falls below 2/3 of the minimum set by the articles, dissolution will occur if approved by a majority of the shares present and represented at the meeting, or, if the capital is below 1/4 of the minimum set by the articles, by 1/4 of the shares present and represented (no quorum required).
Should it be voted that the SICAV will be liquidated, one or more liquidators appointed by the shareholder meeting and duly approved by the CSSF will liquidate the SICAV’s assets in the best interest of shareholders and distribute the net proceeds (after deduction of any costs relating to the liquidation) to shareholders in proportion to their holdings.
Amounts from any liquidations that cannot be distributed to the shareholders within a period of six months will be deposited on their behalf with the Caisse de Consignation in Luxembourg until the statutory period of limitation has elapsed. | ##### Liquidation der SICAV
Für die Liquidation der SICAV ist eine Abstimmung der Anteilinhaber erforderlich. Eine solche Abstimmung kann während der Hauptversammlung der Anteilinhaber stattfinden. Wenn festgestellt wird, dass das Kapital der SICAV unter zwei Drittel des gesetzlich erforderlichen Mindestkapitals (nach luxemburgischem Recht) oder unter ein Viertel des von der Satzung festgelegten Mindestbetrags gesunken ist, müssen die Anteilinhaber die Möglichkeit erhalten, bei einer innerhalb von 40 Tagen nach der Feststellung stattfindenden Hauptversammlung über die Auflösung abzustimmen.
Freiwillige Liquidationen (d. h eine Liquidationsentscheidung, die von den Anteilinhabern initiiert wird) erfordern eine Mindestbeteiligung zur Beschlussfähigkeit von der Hälfte des Kapitals und eine Zustimmung durch mindestens zwei Drittel der abgegebenen Stimmen. Wenn das Kapital unter zwei Drittel des von der Satzung festgelegten Mindestbetrags sinkt, erfolgt die Auflösung sofern sie von einer Mehrheit der anwesenden und vertretenen Anteilinhaber bei der Versammlung genehmigt wird, oder, wenn das Kapital unter ein Viertel des von der Satzung festgelegten Mindestbetrags sinkt, sofern sie von einem Viertel der anwesenden oder vertretenen Anteilinhaber genehmigt wird (wobei keine Mindestbeteiligung zur Beschlussfähigkeit erforderlich ist).
Sollte für eine Liquidation der SICAV gestimmt werden, werden ein oder mehrere Liquidatoren, die von der Versammlung der Anteilinhaber bestellt und ordnungsgemäß von der CSSF genehmigt werden, die Vermögenswerte der SICAV im besten Interesse der Anteilinhaber liquidieren und die Nettoerlöse (nach Abzug aller Liquidationskosten) anteilig entsprechend ihren Beständen an die Anteilinhaber verteilen.
Liquidationsbeträge, die nicht innerhalb von sechs Monaten an die Anteilinhaber verteilt werden können, werden in ihrem Namen bei der Caisse de Consignation in Luxemburg hinterlegt, bis die Verjährungsfrist abgelaufen ist. | ##### Liquidation of the SICAV
The liquidation of the SICAV requires a shareholder vote. Such a vote can be taken at any time at a general meeting of shareholders. If it is determined that the SICAV’s capital has fallen below two-thirds of the legally required minimum share capital (under Luxembourg law), or below one-quarter of the minimum set by the articles, then shareholders must be given the opportunity to vote on dissolution at a general meeting held within 40 days of the determination.
Voluntary liquidations (meaning a decision to liquidate that is initiated by shareholders) require a quorum of at least one-half of the capital and approval by at least 2/3 of the votes cast. If the capital falls below 2/3 of the minimum set by the articles, dissolution will occur if approved by a majority of the shares present and represented at the meeting, or, if the capital is below 1/4 of the minimum set by the articles, by 1/4 of the shares present and represented (no quorum required).
Should it be voted that the SICAV will be liquidated, one or more liquidators appointed by the shareholder meeting and duly approved by the CSSF will liquidate the SICAV’s assets in the best interest of shareholders and distribute the net proceeds (after deduction of any costs relating to the liquidation) to shareholders in proportion to their holdings.
Amounts from any liquidations that cannot be distributed to the shareholders within a period of six months will be deposited on their behalf with the Caisse de Consignation in Luxembourg until the statutory period of limitation has elapsed. | en | de |
DOLFIN6054 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
JPMorgan Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Funds.
The Sub-Fund is part of JPMorgan Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
Switching Investors may switch into Shares of another Share Class (excluding a T Share Class or an F Share Class) of the Sub-Fund or another Sub-Fund of JPMorgan Funds (excluding Multi-Manager Sub- Funds) subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in
the "Investing in the Sub-Funds" section of the Prospectus.
Privacy Policy You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan.com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as at 21/06/2022. | JPMorgan Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Funds.
El Subfondo forma parte de JPMorgan Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
Canje Los inversores podrán canjear sus Acciones por Acciones de otra Clase (con la excepción de una Clase de Acciones T o una Clase de Acciones F) del Subfondo u otro Subfondo de JPMorgan Funds (con la excepción de los Subfondos multigestión), siempre que reúnan los requisitos de admisibilidad pertinentes y cumplan los importes mínimos de tenencia. Si desea más información, consulte el apartado «Inversión en los Subfondos» del Folleto.
Política de privacidad Tenga en cuenta que si se pone en contacto con J.
P. Morgan Asset Management por teléfono, la conversación puede ser grabada y supervisada con fines de seguridad y formación. Asimismo, debe tener presente que toda la información y los datos incluidos en las comunicaciones con usted podrán ser procesados por J.P. Morgan Asset Management, en tanto que responsable del tratamiento, de conformidad con las leyes de protección de datos aplicables. Para obtener más información sobre las actividades de tratamiento de J.P. Morgan Asset Management, consulte la Política de privacidad EMEA, disponible en el sitio web www.jpmorgan.com/emea-privacy-policy. Si lo desea, puede solicitar copias adicionales de la Política de privacidad EMEA.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF. Los presentes datos fundamentales para el inversor son exactos a fecha de 21/06/2022. | JPMorgan Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Funds.
The Sub-Fund is part of JPMorgan Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
Switching Investors may switch into Shares of another Share Class (excluding a T Share Class or an F Share Class) of the Sub-Fund or another Sub-Fund of JPMorgan Funds (excluding Multi-Manager Sub- Funds) subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information can be found in
the "Investing in the Sub-Funds" section of the Prospectus.
Privacy Policy You should note that, if you contact J.P. Morgan Asset Management by telephone, those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you may be processed by J.P. Morgan Asset Management, acting as a data controller, in accordance with applicable data protection laws. Further information about processing activities of J.P. Morgan Asset Management can be found in the EMEA Privacy Policy, which is available at www.jpmorgan.com/emea-privacy-policy. Additional copies of the EMEA Privacy Policy are available on request.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF. This Key Investor Information is accurate as at 21/06/2022. | en | es |
DOLFIN6055 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du compartiment (ci-après « le Fonds ») consiste en la recherche d'un rendement et/ou d'une plus-value en capital à long terme par la gestion d'un portefeuille composé principalement de titres de créances à revenus fixes ou variables, sans restriction quant au plan géographique, monétaire ou sectoriel, ni quant à leur maturité ou la qualité de l’émetteur. La notation moyenne minimale des titres de créance sera BB-. Les titres non notés ne représenteront pas plus de 15% de l’actif net. Le Fonds pourra en particulier investir jusqu’à 100% de ses avoirs dans des titres libellés en Renminbi offshore (CNH), c’est-à-dire émis en dehors du territoire chinois.
Le Fonds pourra également investir directement en Chine, par le biais du Bond Connect, ceci jusqu'à maximum 95% de l'actif net. Une description des risques liés à ce type d'investissement se trouve dans le Prospectus.
L'actif net du Fonds sera principalement investi dans des obligations ou autres titres de créances, y compris obligations convertibles. Il pourra investir à hauteur de 10% maximum de l’actif net dans des OPCVM, notamment des ETF. Le Fonds pourra également investir jusqu’à hauteur de 20% de ses actifs nets dans des « coco bonds » (des obligations convertibles contingentes).
Dans les limites des restrictions d'investissement telles que décrites dans le Prospectus, le Fonds peut faire usage de contrats à terme ou d'options, ainsi que de dérivés de taux et/ou de crédit, que ce soit dans un but de couverture ou d'exposition des actifs.
Pour chaque Classe d'Actions, le Fonds est autorisé à couvrir les risques de change dans le cadre de la gestion de ses actifs.
Actuellement et jusqu'au 30/09/2022, le Fonds a un objectif de surperformance par rapport à son indice de référence, à savoir le Markit IBoxx ALBI China Offshore Investment Grade total Return Index (IBXXJA4N).
A compter du 01/10/2022, l’indice de référence sera le suivant : 65% Bloomberg China Govt 1-10y (I33620CN) + 35% Markit Iboxx ALBI China Offshore Non-Govt Invest. Grade (IBXXCNNI).
Le Fonds est géré de manière active, ce qui signifie que celui-ci peut diverger dans des proportions importantes dans sa composition par rapport à l’indice de référence et qu’il n’y a pas de restriction quant à l’étendue avec laquelle le portefeuille du Fonds peut dévier de l’indice. L’univers d’investissement n’étant pas limité à l’indice de référence, le gérant peut acheter des titres ou investir dans des secteurs qui n’en font pas partie, ceci par exemple pour profiter d’occasions spécifiques ou s’adapter aux conditions de marché.
Les investissements sous-jacents à ce Fonds ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. La devise de référence du Fonds est le Dollar US, alors que la devise de risque est le Renminbi offshore (CNH).
La devise de négociation de cette classe est l'Euro. Cette classe est couverte en risque de change.
L’investisseur peut acheter ou vendre des parts du Fonds à une fréquence journalière (jour ouvré bancaire complet au Luxembourg et à Hong Kong). Tous les revenus du Fonds sont réinvestis. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo del compartimento (en adelante, el “Fondo”) consiste en buscar una rentabilidad y/o un aumento del capital a largo plazo por medio de la gestión de una cartera compuesta principalmente por títulos de deuda de renta fija o variable, sin limitación en términos geográficos, monetarios o sectoriales ni en términos de su vencimiento o la calidad del emisor. La calificación media mínima de los títulos de deuda será BB-. Los títulos sin calificación no representarán más del 15% del patrimonio neto. Concretamente, el Fondo podrá invertir hasta el 100% de su capital en títulos denominados en renminbi offshore (CNH), es decir, emitidos fuera del territorio chino.
El Fondo también puede invertir directamente en China, a través de Bond Connect, hasta un máximo del 95% del patrimonio neto. Puede encontrarse en el folleto una descripción de los riesgos asociados a este tipo de inversión.
El patrimonio neto del Fondo se invertirá principalmente en obligaciones u otros títulos de deuda, incluidos los bonos convertibles. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM, principalmente en ETF (fondos cotizados en bolsa). El Fondo también podrá invertir hasta un 20% de su patrimonio neto en bonos “CoCo” (bonos convertibles contingentes).
Dans Dentro de los límites de las restricciones de inversión descritas en el folleto, el Fondo podrá utilizar contratos a plazos u opciones, así como derivados sobre tipos de interés y/o créditos, ya sea con fines de cobertura o de exposición de activos.
Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos.
Actualmente, y hasta el 30/09/2022, el objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el Markit IBoxx ALBI China Offshore Investment Grade total Return Index (IBXXJA4N).
A partir del 01/10/2022, el índice de referencia será el siguiente: 65% Bloomberg China Govt 1-10y (I33620CN) + 35% Markit Iboxx ALBI China Offshore Non-Govt Invest. Grade (IBXXCNNI).
El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado.
Las inversiones subyacentes a este fondo no tienen en cuenta los criterios de la Unión Europea para las actividades económicas sostenibles desde el punto de vista ambiental. La divisa de referencia del Fondo es el dólar estadounidense, mientras que la divisa de riesgo es el renminbi offshore (CNH).
La divisa de negociación de esta clase será el euro. Esta clase está cubierta contra el riesgo de cambio.
El inversor podrá adquirir o vender las acciones del Fondo a diario (día hábil a efectos bancarios en Luxemburgo y Hong Kong). Todos los beneficios del Fondo serán reinvertidos. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
L'objectif du compartiment (ci-après « le Fonds ») consiste en la recherche d'un rendement et/ou d'une plus-value en capital à long terme par la gestion d'un portefeuille composé principalement de titres de créances à revenus fixes ou variables, sans restriction quant au plan géographique, monétaire ou sectoriel, ni quant à leur maturité ou la qualité de l’émetteur. La notation moyenne minimale des titres de créance sera BB-. Les titres non notés ne représenteront pas plus de 15% de l’actif net. Le Fonds pourra en particulier investir jusqu’à 100% de ses avoirs dans des titres libellés en Renminbi offshore (CNH), c’est-à-dire émis en dehors du territoire chinois.
Le Fonds pourra également investir directement en Chine, par le biais du Bond Connect, ceci jusqu'à maximum 95% de l'actif net. Une description des risques liés à ce type d'investissement se trouve dans le Prospectus.
L'actif net du Fonds sera principalement investi dans des obligations ou autres titres de créances, y compris obligations convertibles. Il pourra investir à hauteur de 10% maximum de l’actif net dans des OPCVM, notamment des ETF. Le Fonds pourra également investir jusqu’à hauteur de 20% de ses actifs nets dans des « coco bonds » (des obligations convertibles contingentes).
Dans les limites des restrictions d'investissement telles que décrites dans le Prospectus, le Fonds peut faire usage de contrats à terme ou d'options, ainsi que de dérivés de taux et/ou de crédit, que ce soit dans un but de couverture ou d'exposition des actifs.
Pour chaque Classe d'Actions, le Fonds est autorisé à couvrir les risques de change dans le cadre de la gestion de ses actifs.
Actuellement et jusqu'au 30/09/2022, le Fonds a un objectif de surperformance par rapport à son indice de référence, à savoir le Markit IBoxx ALBI China Offshore Investment Grade total Return Index (IBXXJA4N).
A compter du 01/10/2022, l’indice de référence sera le suivant : 65% Bloomberg China Govt 1-10y (I33620CN) + 35% Markit Iboxx ALBI China Offshore Non-Govt Invest. Grade (IBXXCNNI).
Le Fonds est géré de manière active, ce qui signifie que celui-ci peut diverger dans des proportions importantes dans sa composition par rapport à l’indice de référence et qu’il n’y a pas de restriction quant à l’étendue avec laquelle le portefeuille du Fonds peut dévier de l’indice. L’univers d’investissement n’étant pas limité à l’indice de référence, le gérant peut acheter des titres ou investir dans des secteurs qui n’en font pas partie, ceci par exemple pour profiter d’occasions spécifiques ou s’adapter aux conditions de marché.
Les investissements sous-jacents à ce Fonds ne prennent pas en compte les critères de l’Union européenne en matière d’activités économiques durables sur le plan environnemental. La devise de référence du Fonds est le Dollar US, alors que la devise de risque est le Renminbi offshore (CNH).
La devise de négociation de cette classe est l'Euro. Cette classe est couverte en risque de change.
L’investisseur peut acheter ou vendre des parts du Fonds à une fréquence journalière (jour ouvré bancaire complet au Luxembourg et à Hong Kong). Tous les revenus du Fonds sont réinvestis. | fr | es |
DOLFIN6056 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in HKD issued by governments, government agencies, supra-nationals and companies worldwide and derivatives related to the above instruments.
The Fund may invest in securities with an investment grade or sub-investment grade credit rating and aims to achieve an average credit quality equivalent to investment grade (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. | ##### Anlagepolitik
Der Fonds wird aktiv verwaltet und investiert mindestens zwei Drittel seines Vermögens in fest- und variabel verzinsliche Wertpapiere, die auf HKD lauten und von Regierungen, Regierungsstellen, supranationalen Einrichtungen und Unternehmen aus aller Welt begeben werden, sowie in Derivate, die sich auf die vorstehend genannten Instrumente beziehen.
Der Fonds kann in Wertpapiere mit einem Kreditrating mit oder ohne Investment Grade investieren und strebt eine durchschnittliche Kreditqualität an, die dem Investment- Grade-Rating entspricht (wobei die Bestimmung für Anleihen mit Rating anhand des Ratings von Standard & Poor's oder eines vergleichbaren Ratings anderer Kreditratingagenturen und für Anleihen ohne Rating anhand des implizierten Ratings von Schroders erfolgt).
Der Fonds kann in Festlandchina über das Renminbi Qualified Foreign Institutional Investor(„RQFII“)-Programm oder an geregelten Märkten investieren (einschließlich des CIBM über Bond Connect oder CIBM Direct).
Der Fonds kann auch bis zu einem Drittel seines Vermögens direkt oder indirekt in andere Wertpapiere (einschließlich anderer Anlageklassen), Länder, Regionen, Branchen oder Währungen, Investmentfonds, Optionsscheine und Geldmarktanlagen investieren sowie Barmittel halten (vorbehaltlich der in Anhang I vorgesehenen Einschränkungen).
Der Fonds kann Derivate long und short einsetzen, um Anlagegewinne zu erzielen, das Risiko zu reduzieren oder den Fonds effizienter zu verwalten. | ##### Investment Policy
The Fund is actively managed and invests at least two-thirds of its assets in fixed and floating rate securities denominated in HKD issued by governments, government agencies, supra-nationals and companies worldwide and derivatives related to the above instruments.
The Fund may invest in securities with an investment grade or sub-investment grade credit rating and aims to achieve an average credit quality equivalent to investment grade (as measured by Standard & Poor's or any equivalent grade of other credit rating agencies for rated bonds and implied Schroders ratings for non-rated bonds).
The Fund may invest in mainland China through the Renminbi Qualified Foreign Institutional Investor ("RQFII") scheme or Regulated Markets (including the CIBM via Bond Connect or CIBM Direct).
The Fund may also invest up to one-third of its assets directly or indirectly in other securities (including other asset classes), countries, regions, industries or currencies, Investment Funds, warrants and Money Market Investments, and hold cash (subject to the restrictions provided in Appendix I).
The Fund may use derivatives, long and short, with the aim of achieving investment gains, reducing risk or managing the Fund more efficiently. | en | de |
DOLFIN6057 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Repayment of collected management fees to certain investors and commission sharing agreements
At its sole discretion, the Management Company may agree with individual investors to repay to these investors part of the management fee which it has collected from them. This applies especially if institutional investors invest large amounts directly and on a long-term basis.
The Management Company generally passes on portions of its management fee to intermediaries. This is done as remuneration for sales services on the basis of brokered stocks. This may also involve significant portions. The Management Company does not receive any refunds from the remuneration and reimbursement of expenses that is to be paid from the Fund's assets to the Depositary and third parties. Non-cash benefits which are offered by brokers and dealers and used by the Management Company in the interests of investors remain unaffected. The Management Company may enter into agreements with selected brokers pertaining to the provision of research or analysis services for the Management Company, under which the respective broker transfers to third parties, either immediately or subsequently, portions of the payments it receives pursuant to the relevant agreement from the Management Company for the purchase or sale of assets to brokers. The Management Company will use these broker services for the purposes of managing the investment fund ("commission sharing agreement").
The Company or Management Company may make use of derivative transactions and collateral for derivative transactions which result from the provision of services by third parties. This involves these third parties jointly receiving a fee at the market rate which is charged to the relevant sub-funds. The Company or Management Company may charge the Fund, a sub-fund or one or more share classes a lower fee at its own discretion or exempt them from this fee. The latter fees are not covered by the administrative fee and the Fund/sub-fund will therefore also not be charged said fees. The Company discloses the fees calculated by these third parties for all share classes in the annual and semi-annual reports. | ###### Rückzahlung von vereinnahmter Verwaltungsvergütung an bestimmte Anleger und Provisionsteilungsvereinbarungen
Die Verwaltungsgesellschaft kann nach ihrem freien Ermessen mit einzelnen Anlegern die teilweise Rückzahlung von vereinnahmter Verwaltungsvergütung an diese Anleger vereinbaren. Dies kommt insbesondere dann in Betracht, wenn institutionelle Anleger hohe Beträge direkt und langfristig anlegen.
Die Verwaltungsgesellschaft gibt im Regelfall Teile ihrer Verwaltungsvergütung an Intermediäre weiter. Dies erfolgt zur Abgeltung von Vertriebsleistungen auf der Grundlage vermittelter Bestände. Dabei kann es sich auch um wesentliche Teile handeln. Der Verwaltungsgesellschaft fließen keine Rückvergütungen der aus dem Fondsvermögen an die Verwahrstelle und an Dritte zu leistenden Vergütungen und Aufwendungserstattungen zu. Von Brokern und Händlern gebotene geldwerte Vorteile, die die Verwaltungsgesellschaft im Interesse der Anleger nutzt, bleiben unberührt. Die Verwaltungsgesellschaft kann Vereinbarungen mit ausgewählten Brokern bezüglich der Erbringung von Research- oder Analysedienstleistungen für die Verwaltungsgesellschaft abschließen, in deren Rahmen der jeweilige Broker Teile der von ihm gemäß der betreffenden Vereinbarung erhaltenen Zahlung, die die Verwaltungsgesellschaft für den Erwerb oder die Veräußerung von Vermögenswerten an den Broker leistet, entweder direkt oder mit zeitlicher Verzögerung an Dritte weiterleitet. Diese Leistungen der Broker werden von der Verwaltungsgesellschaft zum Zweck der Verwaltung des Investmentfonds genutzt („Provisionsteilungsvereinbarung“).
Die Gesellschaft oder Verwaltungsgesellschaft kann selbst von Derivatgeschäften und Sicherheiten für Derivatgeschäfte, die aus der Erbringung von Dienstleistungen durch Dritte stammen, Gebrauch machen. In diesen Fällen erhalten diese Dritten gemeinsam eine Gebühr zum marktüblichen Satz, mit welcher der betreffende Teilfonds belastet wird. Die Gesellschaft oder Verwaltungsgesellschaft kann dem Fonds, einem Teilfonds oder einer oder mehreren Aktienklasse(n) nach eigenem Ermessen eine niedrigere Gebühr berechnen oder Letztgenannte von dieser Gebühr befreien. Die letztgenannten Gebühren sind durch die Verwaltungsgebühr nicht gedeckt, der Fonds / Teilfonds wird daher zusätzlich mit diesen belastet. Die
Gesellschaft gibt die diesen Dritten berechneten Gebühren für alle Aktienklassen in den Jahres- und Halbjahresberichten an. | ###### Repayment of collected management fees to certain investors and commission sharing agreements
At its sole discretion, the Management Company may agree with individual investors to repay to these investors part of the management fee which it has collected from them. This applies especially if institutional investors invest large amounts directly and on a long-term basis.
The Management Company generally passes on portions of its management fee to intermediaries. This is done as remuneration for sales services on the basis of brokered stocks. This may also involve significant portions. The Management Company does not receive any refunds from the remuneration and reimbursement of expenses that is to be paid from the Fund's assets to the Depositary and third parties. Non-cash benefits which are offered by brokers and dealers and used by the Management Company in the interests of investors remain unaffected. The Management Company may enter into agreements with selected brokers pertaining to the provision of research or analysis services for the Management Company, under which the respective broker transfers to third parties, either immediately or subsequently, portions of the payments it receives pursuant to the relevant agreement from the Management Company for the purchase or sale of assets to brokers. The Management Company will use these broker services for the purposes of managing the investment fund ("commission sharing agreement").
The Company or Management Company may make use of derivative transactions and collateral for derivative transactions which result from the provision of services by third parties. This involves these third parties jointly receiving a fee at the market rate which is charged to the relevant sub-funds. The Company or Management Company may charge the Fund, a sub-fund or one or more share classes a lower fee at its own discretion or exempt them from this fee. The latter fees are not covered by the administrative fee and the Fund/sub-fund will therefore also not be charged said fees. The Company discloses the fees calculated by these third parties for all share classes in the annual and semi-annual reports. | en | de |
DOLFIN6058 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Please refer to page 3 for index definitions.
Page 2 of 3
Not to be read without the others
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years Greater than 10 years
6.5%
14.2%
14.7%
23.2%
21.1%
20.3% | ## Consulte la página 3 para conocer las definiciones de los índices.
Página 2 de 3
No debe leerse sin las otras
Menos de 1 año
1-3 años
3-5 años
5-7 años
7-10 años Más de 10 años
6,5%
14,2%
14,7%
23,2%
21,1%
20,3% | ## Please refer to page 3 for index definitions.
Page 2 of 3
Not to be read without the others
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years Greater than 10 years
6.5%
14.2%
14.7%
23.2%
21.1%
20.3% | en | es |
DOLFIN6059 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# SUSPENSION OF CALCULATION OF NET ASSET VALUE
The Directors may at any time temporarily suspend the calculation of the Net Asset Value of any Fund and the subscription, repurchase and exchange of Shares and the payment of Repurchase Proceeds during:
- any period when any of the Markets on which a substantial portion of the investments of the relevant Fund, from time to time, are quoted, listed or dealt in is closed, otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or
- any period when, as a result of political, economic, military or monetary events or any circumstances outside the control, responsibility and power of the Directors, disposal or valuation of a substantial portion of the investments of the relevant Fund is not reasonably practicable without this being seriously detrimental to the interests of Shareholders of the relevant Fund or if, in the opinion of the Directors, the Net Asset Value of the Fund cannot be fairly calculated; or
- any breakdown in the means of communication normally employed in determining the price of a substantial portion of the investments of the relevant Fund, or when, for any other reason the current prices on any Market of any of the investments of the relevant Fund cannot be promptly and accurately ascertained; or
- any period during which any transfer of funds involved in the realisation or acquisition of investments of the relevant Fund cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange; or
- any period when the Directors are unable to repatriate funds required for the purpose of making payments due on the repurchase of Shares in the relevant Fund; or
- any period when the Directors consider it to be in the best interests of the relevant Fund; or
- following the circulation to Shareholders of a notice of a general meeting at which a resolution proposing to wind up the Company or terminate the relevant Fund is to be considered. | # AUSSETZUNG DER BERECHNUNG DES NETTOINVENTARWERTS
Der Verwaltungsrat kann jederzeit die Berechnung des Nettoinventarwerts eines Fonds, die Zeichnung, die Rücknahme und den Umtausch von Anteilen sowie die Zahlung des Rücknahmeerlöses vorübergehend aussetzen, und zwar:
- in einem Zeitraum, in dem einer der Märkte, an denen ein wesentlicher Teil der Anlagen des betreffenden Fonds notiert oder gelistet ist bzw. gehandelt wird, geschlossen ist, ausgenommen gewöhnliche Feiertage, oder während Zeiten, in denen der Handel mit den betreffenden Anlagen Beschränkungen unterliegt oder ausgesetzt wurde,
- in einem Zeitraum, in dem aufgrund politischer, wirtschaftlicher, militärischer oder geldpolitischer Ereignisse oder sonstiger Umstände, die jenseits der Kontrolle, Verantwortung oder des Einflussbereichs des Verwaltungsrats liegen, die Veräußerung oder Bewertung eines wesentlichen Teils der Anlagen des betreffenden Fonds nach billigem Ermessen nicht durchführbar ist, ohne die Interessen der Anteilsinhaber des betreffenden Fonds erheblich zu beeinträchtigen, oder wenn der Nettoinventarwert des Fonds nach Ansicht des Verwaltungsrats nicht angemessen berechnet werden kann,
- bei einem Ausfall der üblicherweise zur Bestimmung des Preises eines wesentlichen Teils der Anlagen des betreffenden Fonds verwendeten Kommunikationsmittel, oder wenn die aktuellen Preise an einem Markt für die Anlagen des betreffenden Fonds aus anderen Gründen nicht unverzüglich und exakt bestimmt werden können,
- in einem Zeitraum, in dem Überweisungen von Geldbeträgen im Zusammenhang mit der Veräußerung oder dem Erwerb von Anlagen des betreffenden Fonds nach Ansicht des Verwaltungsrats nicht zu den üblichen Preisen oder Wechselkursen durchgeführt werden können,
- in einem Zeitraum, in dem dem Verwaltungsrat eine Rückführung von Mitteln zur Zahlung von bei Rücknahme von Anteilen des betreffenden Fonds fälligen Beträgen nicht möglich ist,
- in einem Zeitraum, in dem eine solche Aussetzung nach Ansicht des Verwaltungsrats im Interesse des betreffenden Fonds ist oder
- im Anschluss an die Versendung einer Einladung zu einer Hauptversammlung an die Anteilsinhaber, bei der ein Beschluss über die Auflösung der Gesellschaft bzw. die Schließung des betreffenden Fonds gefasst werden soll. | # SUSPENSION OF CALCULATION OF NET ASSET VALUE
The Directors may at any time temporarily suspend the calculation of the Net Asset Value of any Fund and the subscription, repurchase and exchange of Shares and the payment of Repurchase Proceeds during:
- any period when any of the Markets on which a substantial portion of the investments of the relevant Fund, from time to time, are quoted, listed or dealt in is closed, otherwise than for ordinary holidays, or during which dealings therein are restricted or suspended; or
- any period when, as a result of political, economic, military or monetary events or any circumstances outside the control, responsibility and power of the Directors, disposal or valuation of a substantial portion of the investments of the relevant Fund is not reasonably practicable without this being seriously detrimental to the interests of Shareholders of the relevant Fund or if, in the opinion of the Directors, the Net Asset Value of the Fund cannot be fairly calculated; or
- any breakdown in the means of communication normally employed in determining the price of a substantial portion of the investments of the relevant Fund, or when, for any other reason the current prices on any Market of any of the investments of the relevant Fund cannot be promptly and accurately ascertained; or
- any period during which any transfer of funds involved in the realisation or acquisition of investments of the relevant Fund cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange; or
- any period when the Directors are unable to repatriate funds required for the purpose of making payments due on the repurchase of Shares in the relevant Fund; or
- any period when the Directors consider it to be in the best interests of the relevant Fund; or
- following the circulation to Shareholders of a notice of a general meeting at which a resolution proposing to wind up the Company or terminate the relevant Fund is to be considered. | en | de |
DOLFIN6060 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
As of: 31 March 2023
Overall asset allocation
Key figures
Ø Bond ratings A+
Ø Macaulay duration incl. derivatives 3.41 years
Ø Effective duration incl. derivatives 3.31%
Equity exposure incl. futures 20.46%
Foreign currency exposure 0.05%
Solvency coefficient
3
41.37% | Stato: 31 marzo 2023
Allocazione complessiva
Dati salienti per il patrimonio del fondo
Ø Rating obbligazioni A+
Ø Macaulay duration incl. derivati 3,41 anni
Ø Duration effettiva incl. derivati 3,31%
Componente azionaria incl. futures 20,46%
Esposizione alle monete estere 0,05%
Coefficiente di solvibilità
3
41,37% | As of: 31 March 2023
Overall asset allocation
Key figures
Ø Bond ratings A+
Ø Macaulay duration incl. derivatives 3.41 years
Ø Effective duration incl. derivatives 3.31%
Equity exposure incl. futures 20.46%
Foreign currency exposure 0.05%
Solvency coefficient
3
41.37% | en | it |
DOLFIN6061 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
AND the number of Shares of the new class or Series to be created or issued shall be so created or issued in respect of each of the Shares of the original class or Series being switched in the proportion (or as nearly as may be in the proportion) S to R where S and R have the meanings ascribed to them above.
While normal practice will not be to apply a switching fee to Ordinary, Institutional, Distribution, M Shares, N Shares, R Shares, U Shares, W Shares, X Shares, Z Shares, Non UK RFS Shares or Non UK RFS Z Shares, the Directors reserve the right in exceptional circumstances to charge a switching fee of up to 1% of the value of the relevant Shares to be switched. In addition, where a Shareholder switches such Shares between Funds or within Funds more than ten times per calendar quarter, the Directors reserve the right to impose a switching fee of 1% on the value of the relevant Shares to be switched.
The relevant Fund may also impose a switching charge of up to 0.5% of the value of the Selling Agent Shares to be switched into Selling Agents Shares of other Funds, a proportion or all of which may be paid to the Global Distributor who in turn will pay this switching charge to the Selling Agent. | ET le nombre d’Actions de la nouvelle catégorie ou Série à créer ou à émettre devra être créé ou émis concernant chacune des Actions de la catégorie ou de la Série d’origine qui seront échangées proportionnellement (ou le plus proportionnellement possible) au rapport entre S et R, S et R ayant la signification qui leur est attribuée ci-dessus.
Bien que, selon la pratique courante, aucun frais d’échange ne soit du pour les Actions ordinaires, institutionnelles, de distribution, les Actions M, les Actions N, les Actions R, les Actions U, les Actions W, les Actions X, les Actions Z, les Actions non britanniques RFS et les Actions de catégorie Z non britanniques RFS, les Administrateurs se réservent le droit, dans des circonstances exceptionnelles, d’imposer une commission d’échange n’excédant pas 1 % de la valeur des Actions concernées à échanger. De plus, lorsqu’un Actionnaire convertit de telles Actions entre les Fonds ou au sein d’un Fonds ou au sein d'un Fonds plus de dix fois par trimestre civil, les Administrateurs se réservent le droit d’imposer des frais d’échange de l’ordre de 1 % de la valeur des Actions concernées à échanger.
Le Fonds concerné peut également imposer une commission d’échange pouvant atteindre 0,5 % de la valeur des Actions d'agent d'investissement à échanger contre les Actions d'agent d'investissement d'autres Fonds. L'intégralité ou une partie de cette commission sera payable au Distributeur mondial, lequel, à son tour, la reversera à l’Agent d’investissement. | AND the number of Shares of the new class or Series to be created or issued shall be so created or issued in respect of each of the Shares of the original class or Series being switched in the proportion (or as nearly as may be in the proportion) S to R where S and R have the meanings ascribed to them above.
While normal practice will not be to apply a switching fee to Ordinary, Institutional, Distribution, M Shares, N Shares, R Shares, U Shares, W Shares, X Shares, Z Shares, Non UK RFS Shares or Non UK RFS Z Shares, the Directors reserve the right in exceptional circumstances to charge a switching fee of up to 1% of the value of the relevant Shares to be switched. In addition, where a Shareholder switches such Shares between Funds or within Funds more than ten times per calendar quarter, the Directors reserve the right to impose a switching fee of 1% on the value of the relevant Shares to be switched.
The relevant Fund may also impose a switching charge of up to 0.5% of the value of the Selling Agent Shares to be switched into Selling Agents Shares of other Funds, a proportion or all of which may be paid to the Global Distributor who in turn will pay this switching charge to the Selling Agent. | en | fr |
DOLFIN6062 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles.
Nous avons supposé:
- qu'au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0%). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire.
- EUR 10 000 sont investis.
| Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- |
| Coûts totaux EUR | 716 EUR | 1 490 EUR |
| Incidence des coûts annuels (*) | 7,2 % | 3,6 % par an |
(*)Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 8,1 % avant déduction des coûts et de 4,4 % après cette déduction. | # Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles.
Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten EUR 10.000.
| En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- |
| Costes totales EUR | 716 EUR | 1 492 EUR |
| Incidencia anual de los costes (*) | 7,2 % | 3,6 % por año |
(*)Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 8,1 % antes de deducir los costes y del 4,4 % después de deducir los costes. | # Coûts au fil du temps
Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles.
Nous avons supposé:
- qu'au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0%). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire.
- EUR 10 000 sont investis.
| Si vous sortez après 1 an | Si vous sortez après 4 ans |
| --- | --- |
| Coûts totaux EUR | 716 EUR | 1 490 EUR |
| Incidence des coûts annuels (*) | 7,2 % | 3,6 % par an |
(*)Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 8,1 % avant déduction des coûts et de 4,4 % après cette déduction. | fr | es |
DOLFIN6063 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 1.00% |
| The percentage shown is the maximum amount that can be paid out of your investment. Your financial advisor or distributor can inform you of the associated entry and exit charges. |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.90% |
| Charges taken from the Fund under specific conditions |
| Performance fee: None | | | Commissioni una tantum prelevate prima o dopo l’investimento |
| --- |
| Commissione di sottoscrizione | 5,00% |
| Commissione di rimborso | 1,00% |
| La percentuale indicata è l'importo massimo che può essere prelevato dal vostro investimento. Il vostro consulente o distributore potrà fornirvi informazioni sulle commissioni di sottoscrizione e rimborso associate. |
| Commissioni prelevate dal Fondo in un anno |
| Commissioni correnti | 0,90% |
| Commissioni prelevate dal Fondo a determinate condizioni specifiche |
| Commissione di performance: Nessuna | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00% |
| Exit charge | 1.00% |
| The percentage shown is the maximum amount that can be paid out of your investment. Your financial advisor or distributor can inform you of the associated entry and exit charges. |
| Charges taken from the Fund over a year |
| Ongoing charges | 0.90% |
| Charges taken from the Fund under specific conditions |
| Performance fee: None | | en | it |
DOLFIN6064 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Net Asset Value of the Shares of each Subfund shall be calculated in the Reference Currency of the respective Subfund and shall be determined under the responsibility of the Company’s Board of Directors in Luxembourg on each Banking Day on which banks are open all day for business in Luxembourg (each such day being referred to as a “Valuation Day”). In case the Valuation Day is not a full Banking Day in Luxembourg, the Net Asset Value of that Valuation Day will be calculated on the next following Banking Day.
Notwithstanding the foregoing, a Net Asset Value of the Shares of each Subfund shall always be calculated for each end of month.
For determining the Net Asset Value, the assets and liabilities of the Company shall be allocated to the Subfunds (and to the individual Share Classes within each Subfund), the calculation is carried out by dividing the Net Asset Value of the Subfund by the total number of Shares outstanding for the relevant Subfund or the relevant Share Class. If the Subfund in question has more than one Share Class, that portion of the Net Asset Value of the Subfund attributable to the particular Class will be divided by the number of issued Shares of that Class.
The Net Asset Value of an Alternate Currency Class shall be calculated first in the Reference Currency of the relevant Subfund. The Net Asset Value of the Alternate Currency Class shall be calculated through conversion at the mid-market rate between the Reference Currency and the Alternate Currency of the relevant Share Class.
The Net Asset Value of the Alternate Currency Class will in particular reflect the costs and expenses incurred for the currency conversion in connection with the subscription, redemption and conversion of Shares in this Class and for hedging the risk exposure in terms of investment currencies.
Unless otherwise specified in Chapter 25, “Subfunds”, the assets of each Subfund shall be valued as follows:
- Securities which are listed or regularly traded on a stock exchange shall be valued at the prices paid on the main market - last traded price (bid or ask price) - or at the price supplied by the index provider - or at the closing mid- price (the mean of the closing bid and ask prices) which may be taken as a basis for the valuation.
- If a security is traded on several stock exchanges, the valuation shall be made by reference to the exchange which is the main market for this security.
- In the case of securities for which trading on a stock exchange is not significant but which are traded on a secondary market with regulated trading among securities dealers (with the effect that the price reflects market conditions), the valuation may be based on this secondary market.
- Securities traded on a regulated market shall be valued in the same way as those listed on a stock exchange.
- Securities that are not listed on a stock exchange and are not traded on a regulated market shall be valued at their last available market price. If no such price is available, the Company shall value these securities in accordance with other criteria to be established by the Board of Directors and on the basis of the probable sales price, the value of which shall be estimated with due care and in good faith.
- Derivatives shall be treated in accordance with the above. OTC swap transactions will be valued on a consistent basis based on bid, offer or mid prices as determined in good faith pursuant to procedures established by the Board of Directors. When deciding whether to use the bid, offer or mid prices the Board of Directors will take into consideration the anticipated subscription or redemption flows, among other parameters. If, in the opinion of the Board of Directors, such values do not reflect the fair market value of the relevant OTC swap transactions, the value of such OTC swap transactions will be determined in good faith by the Board of Directors or by such other method as it deems in its discretion appropriate.
- The valuation price of a money market instrument which has a maturity or remaining term to maturity of less than 12 months and does not have any specific sensitivity to market parameters, including credit risk, shall, based on the net acquisition price or on the price at the time when the investment’s remaining term to maturity falls below 12 months, be progressively adjusted to the repayment price while keeping the resulting investment return constant. In the event of a significant change in market conditions, the basis for the valuation of different investments shall be brought into line with the new market yields.
- Units or shares of UCITS or other UCIs shall be valued on the basis of their most recently calculated net asset value, where necessary by taking due account of the redemption fee. Where no net asset value and only buy and sell prices are available for units or shares of UCITS or other UCIs, the units or shares of such UCITS or other UCIs may be valued at the mean of such buy and sell prices.
- Fiduciary and fixed-term deposits shall be valued at their respective nominal value plus accrued interest. | Der Nettovermögenswert der Aktien der einzelnen Subfonds wird in der Referenzwährung des betreffenden Subfonds berechnet und in Luxemburg unter der Verantwortung des Verwaltungsrats der Gesellschaft an jedem Bankgeschäftstag ermittelt, an dem die Banken in Luxemburg ganztags geöffnet sind (jeder dieser Tage wird als «Bewertungstag» bezeichnet). Sofern der Bewertungstag kein ganzer Bankgeschäftstag in Luxemburg ist, wird der Nettovermögenswert für diesen Bewertungstag am nächstfolgenden Bankgeschäftstag in Luxemburg berechnet.
Ungeachtet dessen wird der Nettovermögenswert der Aktien jedes Subfonds am Monatsende immer berechnet.
Zur Bestimmung des Nettovermögenswertes werden die Vermögenswerte und Verbindlichkeiten der Gesellschaft den Subfonds (und den einzelnen Aktienklassen in jedem Subfonds) zugewiesen, und die Berechnung erfolgt, indem das Gesamtnettovermögen des Subfonds durch die Gesamtheit der ausstehenden Aktien dieses Subfonds oder der zugehörigen Aktienklasse geteilt wird. Weist der betreffende Subfonds mehr als eine Aktienklasse auf, so wird der einer bestimmten Aktienklasse zuzuweisende Teil des Nettovermögenswertes durch die Anzahl der in dieser Klasse ausgegebenen Aktien geteilt.
Die Berechnung des Nettovermögenswertes einer alternativen Währungsklasse erfolgt zunächst in der Referenzwährung des betreffenden Subfonds. Die Bestimmung des Nettovermögenswertes der alternativen Währungsklasse wird durch Konvertierung zum Mittelkurs zwischen der Referenzwährung und der alternativen Währung der betreffenden Aktienklasse vorgenommen.
Insbesondere werden sich die Kosten und Aufwendungen für den Umtausch von Geldern in Zusammenhang mit der Zeichnung, der Rücknahme und dem Umtausch von Aktien einer alternativen Währungsklasse sowie die Absicherung des Wechselkursrisikos der Anlagen in Zusammenhang mit der alternativen Währungsklasse im Nettovermögenswert dieser alternativen Währungsklasse niederschlagen. Vorbehaltlich anderslautender Bestimmungen in Kapitel 25 «Subfonds» werden die Vermögenswerte der einzelnen Subfonds wie folgt bewertet:
- Die Bewertung von Wertpapieren, die an einer Börse notiert sind oder regelmäßig gehandelt werden, erfolgt zu den am Primärmarkt bezahlten Preisen – dem letzten gehandelten Preis (Geld- oder Briefpreis) – oder zum für den Indexanbieter maßgeblichen Preis oder zum Mittelpreis bei Handelsschluss (dem Durchschnitt aus dem Geld- und Briefpreis bei Handelsschluss), der als Grundlage für die Bewertung gelten kann.
- Wenn ein Wertpapier an verschiedenen Börsen gehandelt wird, erfolgt die Bewertung in Bezug auf die Börse, die der Primärmarkt für dieses Wertpapier ist.
- Wenn Wertpapiere, für welche der Börsenhandel unbedeutend ist, stattdessen an einem Sekundärmarkt mit geregeltem Freiverkehr zwischen Wertpapierhändlern gehandelt werden (und der Preis somit den Marktbedingungen entspricht), kann die Bewertung aufgrund des Sekundärmarktes vorgenommen werden.
- Wertpapiere, die an einem geregelten Markt gehandelt werden, werden nach der gleichen Methode bewertet wie diejenigen, die an einer Börse notiert sind.
- Wertpapiere, die nicht an einer Börse notiert werden und nicht an einem geregelten Markt gehandelt werden, werden zum letzten vorliegenden Marktpreis bewertet. Ist kein Marktpreis nicht verfügbar, erfolgt die Bewertung der Wertpapiere durch die Gesellschaft gemäß anderen, durch den Verwaltungsrat festzulegenden Kriterien und auf der Grundlage des voraussichtlich erzielbaren Verkaufspreises, dessen Wert mit der gebührenden Sorgfalt und nach Treu und Glauben veranschlagt wird.
- Derivate werden gemäß den vorhergehenden Abschnitten behandelt. Außerbörsliche (OTC) Swap-Geschäfte werden konsistent aufgrund der nach Treu und Glauben anhand der durch den Verwaltungsrat festgelegten Verfahren zur Ermittlung von Geld-, Brief- oder Mittelkursen bewertet. Bei einer Entscheidung für den Geld-, Brief- oder Mittelkurs bezieht der Verwaltungsrat die mutmaßlichen Zeichnungs- bzw. Rücknahmeflüsse sowie weitere Parameter mit ein. Falls nach Ansicht des Verwaltungsrats diese Werte nicht dem Marktwert der betreffenden OTC-Swap-Geschäfte entsprechen, wird deren Wert nach Treu und Glauben durch den Verwaltungsrat festgelegt bzw. nach einer anderen Methode, welche der Verwaltungsrat nach eigenem freiem Ermessen für geeignet hält.
- Der Bewertungspreis eines Geldmarktinstruments mit einer Laufzeit oder Restlaufzeit von weniger als zwölf Monaten ohne spezifische Sensitivität für Marktparameter, einschließlich des Kreditrisikos, wird, ausgehend vom Nettoerwerbskurs bzw. vom Kurs in dem Zeitpunkt, in welchem die Restlaufzeit der betreffenden Anlage zwölf Monate unterschreitet, sukzessive und unter Konstanthaltung der daraus berechneten Anlagerendite dem Rückzahlungskurs angeglichen. Bei wesentlichen Änderungen der Marktbedingungen muss die Grundlage für die Bewertung verschiedener Anlagen an den neuen Marktrenditen ausgerichtet werden.
- Anteile/Aktien von OGAW oder sonstigen OGA werden grundsätzlich nach ihrem letzten errechneten Nettovermögenswert bewertet, gegebenenfalls unter angemessener Berücksichtigung der Rücknahmegebühr. Falls für Aktien oder Anteile an OGAW oder sonstigen OGA kein Nettovermögenswert zur Verfügung steht, sondern lediglich An- und Verkaufspreise, so können die Aktien oder Anteile solcher OGAW oder sonstiger OGA zum Mittelwert zwischen diesen An- und Verkaufspreisen bewertet werden.
- Treuhand- und Festgelder werden zum jeweiligen Nennwert zuzüglich der aufgelaufenen Zinsen bewertet. | The Net Asset Value of the Shares of each Subfund shall be calculated in the Reference Currency of the respective Subfund and shall be determined under the responsibility of the Company’s Board of Directors in Luxembourg on each Banking Day on which banks are open all day for business in Luxembourg (each such day being referred to as a “Valuation Day”). In case the Valuation Day is not a full Banking Day in Luxembourg, the Net Asset Value of that Valuation Day will be calculated on the next following Banking Day.
Notwithstanding the foregoing, a Net Asset Value of the Shares of each Subfund shall always be calculated for each end of month.
For determining the Net Asset Value, the assets and liabilities of the Company shall be allocated to the Subfunds (and to the individual Share Classes within each Subfund), the calculation is carried out by dividing the Net Asset Value of the Subfund by the total number of Shares outstanding for the relevant Subfund or the relevant Share Class. If the Subfund in question has more than one Share Class, that portion of the Net Asset Value of the Subfund attributable to the particular Class will be divided by the number of issued Shares of that Class.
The Net Asset Value of an Alternate Currency Class shall be calculated first in the Reference Currency of the relevant Subfund. The Net Asset Value of the Alternate Currency Class shall be calculated through conversion at the mid-market rate between the Reference Currency and the Alternate Currency of the relevant Share Class.
The Net Asset Value of the Alternate Currency Class will in particular reflect the costs and expenses incurred for the currency conversion in connection with the subscription, redemption and conversion of Shares in this Class and for hedging the risk exposure in terms of investment currencies.
Unless otherwise specified in Chapter 25, “Subfunds”, the assets of each Subfund shall be valued as follows:
- Securities which are listed or regularly traded on a stock exchange shall be valued at the prices paid on the main market - last traded price (bid or ask price) - or at the price supplied by the index provider - or at the closing mid- price (the mean of the closing bid and ask prices) which may be taken as a basis for the valuation.
- If a security is traded on several stock exchanges, the valuation shall be made by reference to the exchange which is the main market for this security.
- In the case of securities for which trading on a stock exchange is not significant but which are traded on a secondary market with regulated trading among securities dealers (with the effect that the price reflects market conditions), the valuation may be based on this secondary market.
- Securities traded on a regulated market shall be valued in the same way as those listed on a stock exchange.
- Securities that are not listed on a stock exchange and are not traded on a regulated market shall be valued at their last available market price. If no such price is available, the Company shall value these securities in accordance with other criteria to be established by the Board of Directors and on the basis of the probable sales price, the value of which shall be estimated with due care and in good faith.
- Derivatives shall be treated in accordance with the above. OTC swap transactions will be valued on a consistent basis based on bid, offer or mid prices as determined in good faith pursuant to procedures established by the Board of Directors. When deciding whether to use the bid, offer or mid prices the Board of Directors will take into consideration the anticipated subscription or redemption flows, among other parameters. If, in the opinion of the Board of Directors, such values do not reflect the fair market value of the relevant OTC swap transactions, the value of such OTC swap transactions will be determined in good faith by the Board of Directors or by such other method as it deems in its discretion appropriate.
- The valuation price of a money market instrument which has a maturity or remaining term to maturity of less than 12 months and does not have any specific sensitivity to market parameters, including credit risk, shall, based on the net acquisition price or on the price at the time when the investment’s remaining term to maturity falls below 12 months, be progressively adjusted to the repayment price while keeping the resulting investment return constant. In the event of a significant change in market conditions, the basis for the valuation of different investments shall be brought into line with the new market yields.
- Units or shares of UCITS or other UCIs shall be valued on the basis of their most recently calculated net asset value, where necessary by taking due account of the redemption fee. Where no net asset value and only buy and sell prices are available for units or shares of UCITS or other UCIs, the units or shares of such UCITS or other UCIs may be valued at the mean of such buy and sell prices.
- Fiduciary and fixed-term deposits shall be valued at their respective nominal value plus accrued interest. | en | de |
DOLFIN6065 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
### Type
The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers II iTraxx Crossover Swap UCITS ETF was launched in 2007.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers II for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) professional clients and eligible counterparties with (ii) advanced knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (three years). The fund is suitable for (v) general capital accumulation (growth). | # ¿Qué es este producto?
### Tipo
El producto es un subfondo OICVM - Parte 1 de una SICAV con arreglo a la legislación luxemburguesa. El fondo es un OICVM ETF.
### Plazo
Este producto es un fondo abierto sin vencimiento prefijado. Para conocer más información acerca de las opciones de reembolso, consulte la sección “¿Cuánto tiempo debo mantener la inversión, y puedo retirar el dinero de manera anticipada?”. Este producto puede reembolsarse anticipadamente en determinadas circunstancias que se indican en el folleto de venta. La clase de acciones 1C de Xtrackers II iTraxx Crossover Swap UCITS ETF se constituyó en 2007.
### Objetivos
El fondo se gestiona pasivamente. El objetivo de su inversión es reflejar el rendimiento del índice iTraxx® Crossover 5-year TOTAL RETURN (el “índice”). El riesgo de que un prestatario no cumpla con sus obligaciones de pago se conoce como riesgo de crédito. Una persona puede obtener protección contra el riesgo de crédito suscribiendo un contrato financiero para transferir este riesgo a un vendedor de protección crediticia (transacción de derivados de crédito) sujeta a ciertos eventos de crédito. El índice mide la rentabilidad para un vendedor de protección crediticia que posea la emisión más reciente de la transacción de derivados de crédito del iTraxx® Crossover con un plazo de 5 años. La evolución del índice dependerá de varios factores, incluido el valor de mercado de las transacciones de derivados de crédito del iTraxx® Crossover a 5 años, los rendimientos generados al vender protección crediticia en relación con los emisores incluidos en el índice y las pérdidas abonadas en caso de impago de dichos emisores. El índice está compuesto por un máximo de 50 empresas europeas con calificaciones crediticias por debajo del grado de inversión y se calcula con una base de rentabilidad total, lo que significa que cualquier saldo que quede tras la adquisición de la exposición crediticia devengará intereses al tipo de interés al que los bancos de la zona euro se prestan dinero entre sí a un día (según lo calculado por el Banco Central Europeo). IHS Markit Benchmark Administration Limited administra el índice. Ciertos costes pueden ser deducidos del índice. Para lograr el objetivo, el fondo invertirá en valores mobiliarios y celebrará contratos financieros (derivados) con una o varias contrapartes de swaps en relación con los valores mobiliarios y el índice con el fin de alcanzar la rentabilidad del índice. Puede consultar otra información (como los últimos precios de las acciones del fondo, los valores liquidativos indicativos, toda la información sobre la composición de la cartera del fondo e información sobre los componentes del índice) en la página web local de DWS o en www.Xtrackers.com. Los costes de transacción y los impuestos, otros gastos inesperados del fondo y la situación del mercado, por ejemplo la volatilidad o problemas de liquidez, pueden afectar a la capacidad del fondo para replicar el índice. El margen previsto de error de seguimiento en condiciones normales del mercado es del 1%. La rentabilidad del producto queda reflejada en el valor liquidativo por participación, calculado diariamente, y el importe de los posibles dividendos. La moneda del subfondo es EUR. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Este fondo es un subfondo de Xtrackers II, para el cual se redactan de forma global los informes periódicos y el folleto de venta. La ley establece la segregación de los activos y pasivos de cada subfondo. En consecuencia, los activos de un subfondo no se ven afectados por las reclamaciones contra otro subfondo o la insolvencia de este. para más información, consulte la sección correspondiente del suplemento. Usted no está autorizado para intercambiar sus acciones en este fondo por otros fondos de Xtrackers II. La entidad depositaria es State Street Bank International GmbH, sucursal de Luxemburgo. Puede obtener de forma gratuita información más detallada sobre este fondo, como el folleto y los últimos informes anual y semestral, en la página web www.etf.dws.com. Estos documentos están disponibles en inglés o alemán. Tanto los documentos como el resto de información (incluidos los últimos precios de las acciones) pueden consultarse sin coste.
### Inversor minorista al que va dirigido
El fondo está diseñado para: (i) clientes profesionales y contrapartes aptas para invertir en él con (ii) conocimientos y experiencia avanzados que (iii) estén dispuestos a aceptar el nivel de riesgo que se indica más adelante (incluidas pérdidas que pueden llegar hasta la cantidad total invertida). El inversor típico tendrá (iv) un horizonte de inversión a medio plazo (tres años). El fondo es adecuado para (v) la acumulación general de capital (crecimiento). | # What is this product?
### Type
The product is a UCITS - Part 1 sub-fund of a SICAV under Luxembourg law. The fund is a UCITS ETF.
### Term
This product is an open-ended fund without predefined maturity. For information on redemption possibilities please refer to section "How long should I hold it and can I take out my money early?". The product may be redeemed early in certain circumstances as set out in the sales prospectus. The 1C share class of Xtrackers II iTraxx Crossover Swap UCITS ETF was launched in 2007.
### Objectives
The fund is passively managed. The aim is for your investment to reflect the performance of the iTraxx® Crossover 5-year TOTAL RETURN Index (index). The risk that a borrower fails to perform its payment obligations is known as credit risk. A person may obtain protection against credit risk by entering into a financial contract to pass on this risk to a credit protection seller (credit derivative transaction) subject to certain credit events. The index measures the return for a credit protection seller holding the most current issue of the iTraxx® Crossover credit derivative transaction with a term of 5 years. The performance of the index will depend on several factors including the market value of 5-year iTraxx® Crossover credit derivative transactions, returns generated by selling credit protection in respect of the issuers included in the index and losses paid following defaults by those issuers. The index is comprised of up to 50 European companies with credit ratings of below investment grade and is calculated on a total return basis meaning that any balance that remains after acquiring the credit exposure will earn interest at the rate at which banks in the Eurozone lend to each other on an overnight basis (as calculated by the European Central Bank). The index is administered by IHS Markit Benchmark Administration Limited. Certain costs may be deducted from the index. To achieve the aim, the fund will invest in transferable securities and enter into financial contracts (derivatives) with one or more swap counterparties relating to the transferable securities and the index, in order to obtain the return on the index. Certain information (including the latest share prices of the fund, indicative net asset values, full disclosure on the composition of the fund's portfolio and information on the index constituents) are available on your local DWS website or at www.Xtrackers.com. Transaction costs and taxes, unexpected fund costs and market conditions such as volatility or liquidity issues may affect the ability of the fund to track the index. The anticipated level of tracking error in normal market conditions is 1 per cent. The return of the product is reflected by the daily calculated net asset value per unit and the distribution amount if applicable. The currency of the fund is EUR. Returns and gains are not distributed but are reinvested in the fund. This fund is a sub-fund of Xtrackers II for which the prospectus and the periodic reports are prepared as a whole. The assets and liabilities of each sub-fund are segregated by law. As a result, assets of one sub-fund are not available in the event of claims against or insolvency of another. More share classes may be available for this fund - please refer to the relevant section of the prospectus for further details. You are not permitted to exchange your shares in this fund for other funds of Xtrackers II. The depositary is State Street Bank International GmbH, Luxembourg Branch. More detailed information of this fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge online at www.etf.dws.com. These documents are available in English or German. The documents as well as other information (including the latest share prices) are available free of charge.
### Intended retail investor
The fund is designed for: (i) professional clients and eligible counterparties with (ii) advanced knowledge and experience and (iii) are prepared to accept the level of risk indicated below (including losses up to the total invested amount). A typical investor will have (iv) a medium-term investment horizon (three years). The fund is suitable for (v) general capital accumulation (growth). | en | es |
DOLFIN6066 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Credit Suisse Rockefeller Ocean Engagement Fund SB USD between 02/09/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,339
-26.6%
USD 8,295
-2.6% | # Este tipo de escenario se produjo para una inversión Credit Suisse Rockefeller Ocean Engagement Fund SB USD entre 02/09/2021-19/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
7 339 USD
-26,6%
8 295 USD
-2,6% | # This type of scenario occurred for an investment Credit Suisse Rockefeller Ocean Engagement Fund SB USD between 02/09/2021-19/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 7,339
-26.6%
USD 8,295
-2.6% | en | es |
DOLFIN6067 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
No Luxembourg tax is payable on realised or unrealised capital appreciation of the assets of the Company.
No stamp duty or other tax is payable in Luxembourg on the issue of Shares in the Company against cash. However, the Company is liable to a fixed registration duty of EUR 75.- on the registration of its incorporation or on any amendment to its Articles.
Dividends and interest and capital gains (if any) received by the Company on its investments may be subject to non-recoverable withholding or other taxes in the countries of origin. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Luxembourg and such countries. As the Company itself is exempt from income tax, withholding tax levied at source, if any, is not refundable in Luxembourg. To determine whether the Company can benefit from a double tax treaty entered into by Luxembourg, a case-by-case analysis must be performed.
The Company is considered in Luxembourg as a taxable person for Value Added Tax (“VAT”) purposes without any input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the Company could potentially trigger VAT and require the VAT registration of the
Company in Luxembourg. As a result of such VAT registration, the Company will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises in principle in Luxembourg in respect of any payments by the Company to its Shareholders, to the extent such payments are linked to their subscription to the Shares and do not, therefore, constitute the consideration received for taxable services supplied.
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# Luxembourg taxation of Shareholders | Aucun impôt luxembourgeois n’est dû sur les plus-values réalisées ou latentes des actifs de la Société.
Aucun droit de timbre ni aucune autre taxe ne sont à acquitter au Luxembourg lors de l’émission des Actions de la Société contre espèces. La Société est en revanche redevable d’un droit d’enregistrement fixe de 75 EUR sur l’enregistrement de sa constitution ou sur toute modification de ses Statuts.
Les dividendes, intérêts et plus-values en capital (le cas échéant) reçus par la Société sur ses investissements peuvent être soumis à différents impôts retenus à la source non récupérables et autres impôts dans les pays d’origine. Il est prévu que la Société pourrait ne pas être en mesure de profiter de réductions des taux de retenue à la source en vertu des conventions contre la double imposition en vigueur entre le Luxembourg et ces pays. La Société elle-même étant exonérée de l’impôt sur le revenu, les impôts retenus à la source, le cas échéant, ne sont pas remboursables au Luxembourg. Afin de déterminer si la Société peut bénéficier d’un traité de double imposition conclu par le Luxembourg, une analyse au cas par cas devra être réalisée.
La Société est considérée comme assujettie à la taxe sur la valeur ajoutée au Luxembourg (la « TVA ») sans aucun droit à une déduction de la TVA en amont. Les services qualifiés de services de gestion de fonds bénéficient au Luxembourg d’une exonération de la TVA. D’autres services fournis à la Société pourraient potentiellement donner lieu à une TVA et nécessiter l’immatriculation à la TVA de la Société au Luxembourg. En conséquence de ladite immatriculation à la TVA, la Société sera en mesure de remplir son obligation d’autoévaluation de la TVA considérée comme due au Luxembourg sur les services soumis à imposition (ou sur certaines marchandises) achetés à l’étranger.
Aucune TVA n’est en principe due au Luxembourg au titre des paiements par la Société à ses Actionnaires, pour autant que lesdits paiements soient liés à leur souscription aux Actions et ne constituent pas dès lors la contrepartie reçue pour la fourniture de services soumis à imposition.
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# Imposition des Actionnaires au Luxembourg | No Luxembourg tax is payable on realised or unrealised capital appreciation of the assets of the Company.
No stamp duty or other tax is payable in Luxembourg on the issue of Shares in the Company against cash. However, the Company is liable to a fixed registration duty of EUR 75.- on the registration of its incorporation or on any amendment to its Articles.
Dividends and interest and capital gains (if any) received by the Company on its investments may be subject to non-recoverable withholding or other taxes in the countries of origin. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Luxembourg and such countries. As the Company itself is exempt from income tax, withholding tax levied at source, if any, is not refundable in Luxembourg. To determine whether the Company can benefit from a double tax treaty entered into by Luxembourg, a case-by-case analysis must be performed.
The Company is considered in Luxembourg as a taxable person for Value Added Tax (“VAT”) purposes without any input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the Company could potentially trigger VAT and require the VAT registration of the
Company in Luxembourg. As a result of such VAT registration, the Company will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises in principle in Luxembourg in respect of any payments by the Company to its Shareholders, to the extent such payments are linked to their subscription to the Shares and do not, therefore, constitute the consideration received for taxable services supplied.
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# Luxembourg taxation of Shareholders | en | fr |
DOLFIN6068 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Les placements de ce Index Tracker Fund sont gérés de manière passive afin de reproduire la performance du JPM ESG EMBI Global Diversified Index. L’indice est un indice d’obligations souveraines des marchés émergents libellées en USD doté d’un mécanisme de pondération unique. Son mécanisme d’allocation diversifiée permet de répartir les poids de manière plus équitable entre les pays représentés dans l’indice. L’indice est rééquilibré chaque mois et peut également l’être à d’autres moments. Le portefeuille et la performance du Fonds peuvent s’écarter de l’indice. Dans des circonstances de marché normales, le degré d'erreur de suivi anticipé devrait être inférieur à 0,20%. Le fonds applique une stratégie de réplication physique et investit principalement dans une sélection représentative d’obligations libellées en dollars et d’autres titres de créance à taux fixe ou variable et de droits d’émetteurs privés, semi-privés et publics entrant dans l’indice. De même, le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Par rapport à la méthode de réplication pure, celle basée sur les échantillonnages représentatifs peut entraîner une baisse des coûts de transaction dans le contexte d’un rééquilibrage de portefeuille, ainsi qu’une variabilité élevée de la différence entre le rendement de l’indice et celui qu’un investisseur du fonds obtient. Les investisseurs peuvent acheter ou vendre des actions du fonds chaque jour, tel que défini dans le prospectus. Cette classe d'actions ne verse pas de distributions.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs professionnels et institutionnels, ayant capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | # Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Este Index Tracker Fund se gestiona de forma pasiva y pretende replicar el rendimiento del JPM ESG EMBI Global Diversified Index. El índice es un índice soberano de los mercados emergentes denominado en USD con una ponderación singular. Utiliza un sistema de asignación diversificada que permite distribuir las ponderaciones de manera más uniforme entre los países del índice. Se reajusta trimestralmente y también puede reajustarse en otros momentos. La cartera y la rentabilidad del fondo pueden divergir del índice. En condiciones normales de mercado, se prevé que el nivel de tracking error será inferior al 0,20%. El fondo utiliza una estrategia de replicación física e invierte principalmente en una selección representativa de bonos denominados en USD, así como en otros instrumentos de deuda a interés fijo o variable de emisores privados, semiprivados y públicos incluidos en el índice. Al mismo tiempo, el fondo puede utilizar derivados para lograr los objetivos mencionados anteriormente. En comparación con el método de replicación completa, el método de muestreo representativo puede dar lugar a menores costes de transacción en el marco del reequilibrio de cartera, así como a una mayor variabilidad de la diferencia entre la rentabilidad del índice y la rentabilidad que obtiene un inversor del fondo. Los inversores pueden suscribir o reembolsar acciones del fondo diariamente, tal y como se detalla en el folleto. Esta clase de acciones no realiza distribuciones.
Inversor minorista al que va dirigido: Este producto está destinado a inversores profesionales e institucionales, con una capacidad para asumir una pérdida de inversión menor y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
- | # Type: Ce Produit est une société d’investissement éligible en tant que Compartiment OPCVM conformément au droit des OPCVM.
Durée: Ce Produit n’a pas de date d’échéance. Le Compartiment a été constitué pour une durée indéterminée. Le Conseil d’administration de la Société d’investissement est en droit de liquider, fusionner ou repositionner unilatéralement le Produit à tout moment si le Produit ne peut plus être géré dans l’intérêt des investisseurs. La somme perçue par l’investisseur en cas de résiliation anticipée peut être inférieure au montant investi.
Objectifs: Les placements de ce Index Tracker Fund sont gérés de manière passive afin de reproduire la performance du JPM ESG EMBI Global Diversified Index. L’indice est un indice d’obligations souveraines des marchés émergents libellées en USD doté d’un mécanisme de pondération unique. Son mécanisme d’allocation diversifiée permet de répartir les poids de manière plus équitable entre les pays représentés dans l’indice. L’indice est rééquilibré chaque mois et peut également l’être à d’autres moments. Le portefeuille et la performance du Fonds peuvent s’écarter de l’indice. Dans des circonstances de marché normales, le degré d'erreur de suivi anticipé devrait être inférieur à 0,20%. Le fonds applique une stratégie de réplication physique et investit principalement dans une sélection représentative d’obligations libellées en dollars et d’autres titres de créance à taux fixe ou variable et de droits d’émetteurs privés, semi-privés et publics entrant dans l’indice. De même, le Fonds peut utiliser des dérivés afin d’atteindre les objectifs précités. Par rapport à la méthode de réplication pure, celle basée sur les échantillonnages représentatifs peut entraîner une baisse des coûts de transaction dans le contexte d’un rééquilibrage de portefeuille, ainsi qu’une variabilité élevée de la différence entre le rendement de l’indice et celui qu’un investisseur du fonds obtient. Les investisseurs peuvent acheter ou vendre des actions du fonds chaque jour, tel que défini dans le prospectus. Cette classe d'actions ne verse pas de distributions.
Investisseurs de détail visés: Ce produit est destiné aux investisseurs professionnels et institutionnels, ayant capables de supporter une perte d’avoirs mineure et ayant un horizon de placement à long terme.
Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
- | fr | es |
DOLFIN6069 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All percentage limitations described herein will be measured at the time of purchase and may be exceeded due to factors such as downgrades and market movements.
The Fund is registered for public sale in Taiwan as at the date of this Supplement. Please contact the Investment Manager for up-to-date information in relation to whether the Fund is currently registered in Taiwan. For more information with respect to the Taiwanese investment restrictions which apply to the Fund, please see the “Taiwan Investment Restrictions” section of the Prospectus.
Please also refer to the “Investment Restrictions” at Appendix D of the Prospectus for more information with regard to investment restrictions of the Fund. | Alle hier beschriebenen prozentualen Beschränkungen werden zum Zeitpunkt des Kaufs gemessen und können aufgrund von Faktoren wie Herabstufungen und Marktbewegungen überschritten werden.
Der Fonds ist zum Zeitpunkt dieser Ergänzung für den öffentlichen Vertrieb in Taiwan zugelassen. Bitte wenden Sie sich für aktuelle Informationen darüber, ob der Fonds derzeit in Taiwan registriert ist, an den Anlageverwalter. Weitere Informationen bezüglich der für den Fonds geltenden taiwanesischen Anlagebeschränkungen sind dem Abschnitt «Anlagebeschränkungen in Taiwan» des Prospekts zu entnehmen.
Weitere Informationen in Bezug auf die Anlagebeschränkungen des Fonds finden Sie unter
«Anlagebeschränkungen» in Anhang D des Prospekts. | All percentage limitations described herein will be measured at the time of purchase and may be exceeded due to factors such as downgrades and market movements.
The Fund is registered for public sale in Taiwan as at the date of this Supplement. Please contact the Investment Manager for up-to-date information in relation to whether the Fund is currently registered in Taiwan. For more information with respect to the Taiwanese investment restrictions which apply to the Fund, please see the “Taiwan Investment Restrictions” section of the Prospectus.
Please also refer to the “Investment Restrictions” at Appendix D of the Prospectus for more information with regard to investment restrictions of the Fund. | en | de |
DOLFIN6070 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Shareholders will be notified and the notice will indicate the reasons for, and the procedures of, the liquidation operations. Unless the Board of Directors otherwise decides in the interests of, or to keep equal treatment between, the Shareholders, the Shareholders of the Sub-Fund concerned may continue to request redemption or conversion of their Shares free of charge. Assets which could not be distributed to their beneficiaries upon the close of the liquidation of the Sub-Fund concerned (i.e. unclaimed proceeds) will be deposited with the Caisse de Consignation on behalf of their beneficiaries within 9 months from the decision to liquidate the Sub-Fund either by the Board of Directors in the circumstances specified above or by the Shareholders as below. Such 9 month period can be extended with the prior approval of the CSSF. Any unclaimed proceeds deposited with the Caisse de Consignation not claimed within the prescribed period (currently 30 years) are liable to be forfeited in accordance with the provisions of Luxembourg law.
The Board of Directors may also submit the question of the liquidation of a Sub-Fund to the Shareholders concerned and such meeting will resolve on such liquidation with a simple majority.
The Board of Directors may also, subject to regulatory approval (if required), decide to consolidate or split any Classes of Shares within a Sub-Fund. To the extent required by Luxembourg law, such decision will be published or notified in the same manner as described above and the publication and/or
notification will contain information in relation to the proposed split or consolidation. The Board of Directors may also decide to submit the question of the consolidation or split of Class(es) of Shares to a meeting of holders or such Class(es) of Shares. No quorum is required for this meeting and decisions are taken by the simple majority of the votes cast.
The Board of Directors may also decide upon the reorganization of any Sub-Fund by means of a division into two or more separate Sub-Funds. Such decision will be published or notified to Shareholders and, in addition, the publication or notification will contain information in relation to the two or more separate Sub-Funds resulting from the reorganization. Such publication or notification will be made at least one month before the date on which the reorganization becomes effective in order to enable Shareholders to request redemption or switch, free of charge, of their Shares before the reorganization becomes effective.
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#### Liquidation of the Fund | Las operaciones de liquidación se notificarán a los Accionistas, indicándoles los motivos y los procedimientos de esta. A menos que el Consejo de administración decida lo contrario en interés de los accionistas, o para garantizar un trato equitativo entre estos, los Accionistas del Subfondo en cuestión podrán continuar solicitando el reembolso o el canje de sus Acciones de forma gratuita. Los activos que no hayan podido distribuirse a sus beneficiarios cuando concluya la liquidación del Subfondo en cuestión (es decir, el producto no reclamado) se depositará en la Caisse de Consignation a nombre de los beneficiarios en el plazo de nueve meses a partir de la fecha en que el Consejo de administración, en las circunstancias antes indicadas, o los Accionistas, como se contempla a continuación, tomaran la decisión de liquidar el Subfondo. Ese período de nueve meses podrá prorrogarse con la autorización previa de la CSSF. Todo producto no reclamado depositado en la Caisse de Consignation y que no se reclame en el período fijado (actualmente, 30 años) podrá considerarse abandonado de acuerdo con lo dispuesto en la legislación luxemburguesa.
El Consejo de administración podrá también someter la cuestión de la liquidación de un Subfondo a los Accionistas correspondientes, y dicha junta decidirá la disolución por mayoría simple.
Con sujeción a la autorización por parte del organismo regulador (en caso necesario), el Consejo de administración podrá decidir consolidar o dividir cualquier Clase de Acciones dentro de un Subfondo. En la medida exigida por la ley de Luxemburgo, dicha decisión será publicada o notificada del mismo modo anteriormente descrito, y la publicación o notificación contendrá la información relativa a la división o consolidación propuesta. El Consejo de administración también podrá decidir someter la cuestión de la consolidación o división de la Clase o las Clases de Acciones a una junta de los titulares
de dicha Clase o Clases de Acciones. No se requiere cuórum para la junta, y las decisiones serán adoptadas por mayoría simple de los votos emitidos.
El Consejo de administración podrá decidir sobre la reorganización de un Subfondo mediante una división en dos o más Subfondos separados. Dicha decisión será publicada o notificada a los Accionistas y, además, la publicación o notificación contendrá la información relativa a los dos o más Subfondos separados resultantes de la reorganización. Dicha publicación o notificación se realizará por lo menos un mes antes de la fecha en que la reorganización sea efectiva, con el fin de que los Accionistas puedan solicitar el reembolso o canje de forma gratuita de sus Acciones antes de que la reorganización sea efectiva.
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#### Liquidación del Fondo | Shareholders will be notified and the notice will indicate the reasons for, and the procedures of, the liquidation operations. Unless the Board of Directors otherwise decides in the interests of, or to keep equal treatment between, the Shareholders, the Shareholders of the Sub-Fund concerned may continue to request redemption or conversion of their Shares free of charge. Assets which could not be distributed to their beneficiaries upon the close of the liquidation of the Sub-Fund concerned (i.e. unclaimed proceeds) will be deposited with the Caisse de Consignation on behalf of their beneficiaries within 9 months from the decision to liquidate the Sub-Fund either by the Board of Directors in the circumstances specified above or by the Shareholders as below. Such 9 month period can be extended with the prior approval of the CSSF. Any unclaimed proceeds deposited with the Caisse de Consignation not claimed within the prescribed period (currently 30 years) are liable to be forfeited in accordance with the provisions of Luxembourg law.
The Board of Directors may also submit the question of the liquidation of a Sub-Fund to the Shareholders concerned and such meeting will resolve on such liquidation with a simple majority.
The Board of Directors may also, subject to regulatory approval (if required), decide to consolidate or split any Classes of Shares within a Sub-Fund. To the extent required by Luxembourg law, such decision will be published or notified in the same manner as described above and the publication and/or
notification will contain information in relation to the proposed split or consolidation. The Board of Directors may also decide to submit the question of the consolidation or split of Class(es) of Shares to a meeting of holders or such Class(es) of Shares. No quorum is required for this meeting and decisions are taken by the simple majority of the votes cast.
The Board of Directors may also decide upon the reorganization of any Sub-Fund by means of a division into two or more separate Sub-Funds. Such decision will be published or notified to Shareholders and, in addition, the publication or notification will contain information in relation to the two or more separate Sub-Funds resulting from the reorganization. Such publication or notification will be made at least one month before the date on which the reorganization becomes effective in order to enable Shareholders to request redemption or switch, free of charge, of their Shares before the reorganization becomes effective.
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#### Liquidation of the Fund | en | es |
DOLFIN6071 | Translate the following text in en into it. 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.
Receipts (American Depositary Receipts, which represent a specified number of shares in a foreign company, are issued by U.S. banks and traded on U.S. stock exchanges).
The product is actively managed in reference to the S&P 500 Index NR and Russell 1000 Value Index NR but does not intend to track the performance of the S&P 500 Index NR or Russell 1000 Value Index NR nor is it intended that the shares of the Companies in which the product will invest be limited to companies included in the S&P 500 Index NR or Russell 1000 Value Index NR.
This product is a UCITS fund and is a sub-fund of the Cullen Funds plc, an investment company qualifying as an open-ended UCITS authorised by the Central Bank of Ireland with segregated liability between sub-funds.
Shareholders may redeem or exchange shares on demand on any dealing day. A dealing day for this product is any business day when banks in Dublin and the New York Stock Exchange are open for business or such other days as may be determined by the Directors. Further information is available in the Prospectus.
The depositary of the product is Brown Brothers Harriman Trustee Services (Ireland) Limited.
Intended retail investor:
This product is suitable for all types of retail investors that can accept a risk of investment losses of up to but not more than the amount originally invested.
Potential investors need not have prior financial markets experience or knowledge to invest in this product but those without may wish to seek independent financial advice prior to investing in the product if unsure.
Potential investors should be able to hold this investment for at least 5 years and should ensure that they are happy to accept the risk level indicated by the provided summary risk indicator measure.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level and poor market conditions could impact the value of your investment.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, read the product’s Annual Report or Prospectus available at https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
This product does not include any protection from future market performance so you could lose some or all of your investment. | Il rischio effettivo può variare notevolmente in caso di disinvestimento anticipato e l’importo rimborsato potrebbe essere inferiore.
L’indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
di azioni di una società straniera, sono emesse da banche statunitensi e negoziate nelle borse valori statunitensi).
Il prodotto è gestito attivamente in riferimento all'Indice S&P 500 NR e all'Indice Russell 1000 Value NR, ma non intende replicarne la performance, né è previsto che le azioni delle imprese beneficiarie degli investimenti del prodotto siano limitate alle società incluse in tali indici.
Questo prodotto è un fondo OICVM ed è un comparto di Cullen Funds plc, una società di investimento che si qualifica come OICVM aperto autorizzato dalla Banca centrale d’Irlanda, con separazione patrimoniale tra i comparti.
Gli azionisti possono riscattare o scambiare le azioni, facendone richiesta, in qualsiasi giorno di negoziazione. Per questo prodotto un giorno di negoziazione è qualsiasi giorno lavorativo in cui le banche di Dublino e la Borsa di New York sono aperte per le normali attività o qualsiasi altro giorno stabilito dagli Amministratori. Ulteriori informazioni sono disponibili nel Prospetto.
Il depositario del prodotto è Brown Brothers Harriman Trustee Services (Ireland) Limited.
Investitori al dettaglio cui si intende commercializzare il prodotto
Questo prodotto è adatto a tutti i tipi di investitori al dettaglio che possono accettare un rischio di perdita dell’investimento non superiore all’importo originariamente investito.
Per investire in questo prodotto non è necessario che i potenziali investitori abbiano una precedente esperienza o conoscenza dei mercati finanziari, ma chi ne è sprovvisto può chiedere una consulenza finanziaria indipendente prima di investire nel prodotto, in caso di dubbi.
I potenziali investitori devono essere in grado di detenere questo investimento per almeno 5 anni e devono assicurarsi di poter accettare il livello di rischio indicato dall’indicatore sintetico di rischio fornito.
Abbiamo classificato questo prodotto al livello 4 su 7, che corrisponde alla classe di rischio media. Ciò significa che le perdite potenziali dovute alla performance futura del prodotto sono classificate nel livello medio e che le cattive condizioni di mercato potrebbero influenzare il valore dell’investimento.
Per altri rischi particolarmente rilevanti per il prodotto non compresi nell'indicatore sintetico di rischio, leggere la Relazione annuale o il Prospetto del prodotto disponibile sul sito web https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
Questo prodotto non comprende alcuna protezione dalla performance futura del mercato; pertanto potreste perdere il vostro intero investimento o parte di esso. | 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.
Receipts (American Depositary Receipts, which represent a specified number of shares in a foreign company, are issued by U.S. banks and traded on U.S. stock exchanges).
The product is actively managed in reference to the S&P 500 Index NR and Russell 1000 Value Index NR but does not intend to track the performance of the S&P 500 Index NR or Russell 1000 Value Index NR nor is it intended that the shares of the Companies in which the product will invest be limited to companies included in the S&P 500 Index NR or Russell 1000 Value Index NR.
This product is a UCITS fund and is a sub-fund of the Cullen Funds plc, an investment company qualifying as an open-ended UCITS authorised by the Central Bank of Ireland with segregated liability between sub-funds.
Shareholders may redeem or exchange shares on demand on any dealing day. A dealing day for this product is any business day when banks in Dublin and the New York Stock Exchange are open for business or such other days as may be determined by the Directors. Further information is available in the Prospectus.
The depositary of the product is Brown Brothers Harriman Trustee Services (Ireland) Limited.
Intended retail investor:
This product is suitable for all types of retail investors that can accept a risk of investment losses of up to but not more than the amount originally invested.
Potential investors need not have prior financial markets experience or knowledge to invest in this product but those without may wish to seek independent financial advice prior to investing in the product if unsure.
Potential investors should be able to hold this investment for at least 5 years and should ensure that they are happy to accept the risk level indicated by the provided summary risk indicator measure.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level and poor market conditions could impact the value of your investment.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, read the product’s Annual Report or Prospectus available at https://www.cullenfunds.com/US/U/Documents/UCITS-Funds/.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | it |
DOLFIN6072 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk/ Return Ratios ¹
3 Years 5 Years
| Alpha (%) | 3.49 | 3.59 |
| --- | --- | --- |
| Beta | 0.89 | 0.95 |
| Coefficient of correlation | 0.86 | 0.87 |
| Information ratio | 0.41 | 0.45 |
| Sharpe ratio ³ | 0.93 | 0.92 |
| Treynor ratio | 17.24 | 15.38 |
| Tracking error (%) | 8.54 | 7.88 |
| Volatility (%) ⁴ | 16.47 | 15.87 | | # Risiko-/ Ertrags-Kennzahlen ²
3 Jahre 5 Jahre
| Alpha (%) | 3,49 | 3,59 |
| --- | --- | --- |
| Beta | 0,89 | 0,95 |
| Korrelationskoeffizient | 0,86 | 0,87 |
| Information Ratio | 0,41 | 0,45 |
| Sharpe Ratio ⁴ | 0,93 | 0,92 |
| Treynor Ratio | 17,24 | 15,38 |
| Tracking Error (%) | 8,54 | 7,88 |
| Volatilität (%) ⁵ | 16,47 | 15,87 | | # Risk/ Return Ratios ¹
3 Years 5 Years
| Alpha (%) | 3.49 | 3.59 |
| --- | --- | --- |
| Beta | 0.89 | 0.95 |
| Coefficient of correlation | 0.86 | 0.87 |
| Information ratio | 0.41 | 0.45 |
| Sharpe ratio ³ | 0.93 | 0.92 |
| Treynor ratio | 17.24 | 15.38 |
| Tracking error (%) | 8.54 | 7.88 |
| Volatility (%) ⁴ | 16.47 | 15.87 | | en | de |
DOLFIN6073 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The Company will be liquidated under the conditions contemplated by the 2010 Law.
In the event of a dissolution of the Company, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of Shareholders effecting such dissolution and which shall determine their powers and their compensation.
The completion of the liquidation of the Company must in principle take place within a period of nine months from the date of the decision relating to the liquidation. Where the liquidation of the Company cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the Luxembourg supervisory authority detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of the Company has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
A Sub-Fund or a Class may be terminated by resolution of the Board if the Net Asset Value of a Sub- Fund or a Class is below such amount as determined by the Board and disclosed in the Prospectus or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Sub-Fund or a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Sub-Fund or a Class should be terminated. In such event, the assets of the Sub-Fund or the Class will be realized, the liabilities discharged and the net proceeds of realization distributed to Shareholders in proportion to their holding of Shares in that Sub-Fund or Class against such evidence of discharge as the Board may reasonably require. This decision will be notified to Shareholders as required. No Shares shall be redeemed after the date of the decision to liquidate the Sub-Fund or a Class.
The completion of the liquidation of a Sub-Fund or a Class must in principle take place within a period of nine months from the date of decision of the Board relating to the liquidation. Where the liquidation of Sub-Fund or a Class cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the Luxembourg supervisory authority detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of Sub-Fund or a Class has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
The Company may be merged in accordance with the provisions of the 2010 Law. In the event the Company is involved in a merger as receiving UCITS (within the meaning of the 2010 Law), solely the Board will decide on the merger and the effective date thereof; in the event the Company is involved in a merger as absorbed UCITS (within the meaning of the 2010 Law) and hence ceases to exist, the general meeting of shareholders has to approve and decide on the effective date of such merger by a resolution adopted with no quorum requirement and at the simple majority of the votes validly cast at such meeting. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
The Board may resolve to proceed with a merger (within the meaning of the 2010 Law) of any Sub- Fund, either as receiving or absorbed Sub-Fund, with (i) another existing Sub-Fund within the Company or another sub-fund within another Luxembourg or foreign undertaking for collective investment in transferable securities governed by the 2010 Law (“UCITS”); or (ii) a new Luxembourg or foreign UCITS, and as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the new Sub-Fund or of the new UCITS as applicable. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
A Class may merge with one or more other Classes by resolution of the Board if the Net Asset Value of Class is below such amount as determined by the Board and disclosed in the Prospectus or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Class should be merged. This decision will be notified to Shareholders as required. Each Shareholder of the relevant Class shall be given the option, within a period to be determined by the Board (but not being less than one month, unless otherwise authorised by the regulatory authorities, and specified in said notice), to request free of any redemption charge either the repurchase of its Shares or the exchange of its Shares against Shares of any Class not concerned by the merger. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
A Class may be contributed to another investment fund by resolution of the Board in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Class should be contributed to another fund. This decision will be notified to Shareholders as required. Each Shareholder of the relevant Class shall be given the option within a period to be determined by the Board (but not being less than one month, unless otherwise authorised by the regulatory authorities, and specified in said notice) and specified in said notices, to request, free of any redemption charge, the repurchase of its Shares. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due. Where the holding of units in another undertaking for collective investment does not confer voting rights, the contribution will be binding only on Shareholders of the relevant Class who expressly agree to the contribution.
In the event that the Board determines that it is required by the interests of the Shareholders of the relevant Class or Sub-Fund or that a change in the economical or political situation relating to the Class or Sub-Fund concerned has occurred which would justify it, the reorganization of one Class or Sub-Fund, by means of a division into two or more Classes or Sub-Funds, may be decided by the Board. Such decision will be published in the same manner as described above and, in addition, the publication will contain information in relation to the two or more new Classes or Sub-Funds. Such publication will be made within one month before the date on which the reorganization becomes effective in order to enable the Shareholders to request redemption of their Shares, free of charge before the operation involving division into two or more Classes or Sub-Funds becomes effective. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due. | # La Société sera liquidée selon les conditions envisagées par la Loi de 2010.
Dans l’éventualité d’une dissolution de la Société, la liquidation sera effectuée par un ou plusieurs liquidateurs (qui peuvent être des personnes physiques ou des entités juridiques) désignés lors d'une assemblée des Actionnaires procédant à la dissolution et qui déterminera leurs pouvoirs et leur compensation.
L’achèvement de la liquidation de la Société doit, en principe, avoir lieu dans les neuf (9) mois qui suivent la date à laquelle la liquidation a été décidée. Lorsque la liquidation de la Société ne pourra pas être entièrement réalisée sur une période de neuf mois, une demande écrite de dispense sera envoyée à l’autorité de surveillance du Luxembourg en expliquant clairement les raisons pour lesquelles la liquidation ne peut pas être achevée.
Dès que la clôture des opérations de liquidation de la Société aura été décidée, que cette décision soit prise avant l’expiration de la période de neuf mois ou à une date ultérieure, tous les fonds résiduels non réclamés par les Actionnaires avant l’achèvement de la liquidation seront déposés le plus tôt possible auprès de la Caisse de Consignation.
Un Compartiment ou une Catégorie peut être liquidé par résolution du Conseil si la Valeur de l’actif net d’un Compartiment ou d’une Catégorie est inférieure au montant déterminé par le Conseil et précisé dans le Prospectus, ou en cas de circonstances exceptionnelles au-delà de son contrôle, telles que des situations d’urgence d’ordre politique, économique ou militaire, ou si le Conseil arrive à la conclusion que, au vu des conditions de marché actuelles ou autres, y compris des événements qui peuvent avoir un impact préjudiciable sur la capacité d’un Compartiment ou d’une Catégorie à fonctionner de manière efficace sur le plan économique et en prenant dûment en compte le meilleur intérêt des Actionnaires, un Compartiment ou une Catégorie devrait être liquidé. Dans un tel cas, les actifs du Compartiment ou de la Catégorie seront réalisés, les passifs acquittés et les produits nets de la réalisation distribués aux Actionnaires proportionnellement à leur participation dans ce Compartiment ou cette Catégorie contre la preuve de paiement que le Conseil pourra exiger de manière raisonnable. Cette décision sera communiquée aux Actionnaires au besoin. Aucune part ne sera rachetée après la date à laquelle la liquidation du Compartiment ou d’une Catégorie aura été décidée.
L’achèvement de la liquidation d’un Compartiment ou d’une Catégorie doit, en principe, avoir lieu dans les neuf (9) mois qui suivent la date à laquelle le Conseil a décidé de la liquidation. Lorsque la liquidation d’un Compartiment ou d’une Catégorie ne pourra pas être entièrement réalisée sur une période de neuf mois, une demande écrite de dispense sera envoyée à l’autorité de surveillance du Luxembourg en expliquant clairement les raisons pour lesquelles la liquidation ne peut pas être achevée.
Dès que la clôture des opérations de liquidation d’un Compartiment ou d’une Catégorie aura été décidée, que cette décision soit prise avant l’expiration de la période de neuf mois ou à une date ultérieure, tous les fonds résiduels non réclamés par les Actionnaires avant l’achèvement de la liquidation seront déposés le plus tôt possible auprès de la Caisse de Consignation.
La Société peut fusionner conformément aux dispositions de la Loi de 2010. Si la Société est impliquée dans une fusion en tant qu’OPCVM absorbant (au sens de la Loi de 2010), seul le Conseil décidera de la fusion et de la date d’entrée en vigueur de celle-ci ; si la Société est impliquée dans une fusion en tant qu’OPCVM absorbé (au sens de la Loi de 2010) et cesse par conséquent d’exister, l’assemblée générale des Actionnaires devra approuver cette fusion et décider de sa date d’entrée en vigueur par le biais d’une résolution adoptée sans condition de quorum et à la simple majorité des votes valables enregistrés lors de cette assemblée. Tous les droits d’entrée différés conditionnels applicables ne seront pas considérés comme des frais de rachat et seront par conséquent à payer.
Le Conseil peut décider de procéder à une fusion (au sens de la Loi de 2010) d’un Compartiment, en tant que Compartiment absorbant ou absorbé, avec (i) un autre Compartiment existant de la Société ou un autre compartiment d’un autre organisme de placement collectif en valeurs mobilières luxembourgeois ou étranger régi par la Loi de 2010 (« OPCVM ») ; ou (ii) un nouvel OPCVM luxembourgeois ou étranger, et le cas échéant, de redéfinir les part du Compartiment concerné comme étant des parts du nouveau Compartiment ou du nouvel OPCVM selon le cas. Tous les droits d’entrée différés conditionnels applicables ne seront pas considérés comme des frais de rachat et seront par conséquent à payer.
Une Catégorie peut fusionner avec une ou plusieurs autres Catégories par résolution du Conseil si la Valeur de l’actif net de cette Catégorie est inférieure au montant déterminé par le Conseil et précisé dans le Prospectus ou en cas de circonstances exceptionnelles au-delà de son contrôle, comme des situations d’urgence d’ordre politique, économique ou militaire, ou si le Conseil arrive à la conclusion que, au vu des conditions actuelles du marché ou autres, y compris des événements qui peuvent avoir un impact préjudiciable sur la capacité d’une Catégorie à fonctionner de manière efficace sur le plan économique et en prenant dûment en compte le meilleur intérêt des Actionnaires, une Catégorie devrait fusionner. Cette décision sera communiquée aux Actionnaires au besoin. Chaque Actionnaire de la Catégorie concernée aura la possibilité, pendant une période déterminée par le Conseil (qui ne devra pas être inférieure à un mois, sauf autorisation contraire des autorités réglementaires, et qui devra être précisée dans la notification associée), de demander le rachat ou l’échange à titre gratuit de ses parts contre des parts d’une Catégorie non concernée par la fusion. Tous les droits d’entrée différés conditionnels applicables ne seront pas considérés comme des frais de rachat et seront par conséquent à payer.
Une Catégorie peut être intégrée à un autre fonds d’investissement par résolution du Conseil en cas de circonstances exceptionnelles au-delà de son contrôle, comme des situations d’urgence d’ordre politique,
économique ou militaire, ou si le Conseil arrive à la conclusion que, au vu des conditions actuelles du marché ou autres, y compris des événements qui peuvent avoir un impact préjudiciable sur la capacité d’une Catégorie à fonctionner de manière efficace sur le plan économique et en prenant dûment en compte le meilleur intérêt des Actionnaires, une Catégorie devrait être intégrée à un autre fonds. Cette décision sera communiquée aux Actionnaires au besoin. Chaque Actionnaire de la Catégorie concernée aura la possibilité, pendant une période déterminée par le Conseil (qui ne devra pas être inférieure à un mois, sauf autorisation contraire des autorités réglementaires et qui devra être indiquée dans la notification associée) et précisée dans les notifications associées, de demander le rachat à titre gratuit de ses parts. Tous les droits d’entrée différés conditionnels applicables ne seront pas considérés comme des frais de rachat et seront par conséquent à payer. Lorsque la détention de parts d’un autre organisme de placement collectif ne confèrera aucun droit de vote, l’apport sera irrévocable uniquement pour les Actionnaires de la Catégorie concernée qui ont expressément accepté cet apport.
Si le Conseil détermine qu’il est dans le meilleur intérêt des Actionnaires de la Catégorie ou du Compartiment concerné, ou qu’un changement de la situation économique ou politique en rapport avec la Catégorie ou le Compartiment concerné est survenu et le justifie, la restructuration d’une Catégorie ou d’un Compartiment, par le biais d’une scission en deux ou plusieurs Catégories ou Compartiments, peut être décidée par le Conseil. Une telle décision sera publiée de la même manière que celle décrite dans le paragraphe précédent et, de plus, cette publication devra comporter des informations relatives aux deux ou plusieurs nouvelles Catégories ou Compartiments. Cette publication devra paraître dans le mois précédant la date à laquelle la réorganisation devient effective afin de permettre aux Actionnaires de demander le rachat de leurs parts, sans frais, avant que l’opération de répartition en deux ou plusieurs Catégories ou Compartiments ne devienne effective. Tous les droits d’entrée différés conditionnels applicables ne seront pas considérés comme des frais de rachat et seront par conséquent à payer. | # The Company will be liquidated under the conditions contemplated by the 2010 Law.
In the event of a dissolution of the Company, liquidation shall be carried out by one or several liquidators (who may be physical persons or legal entities) named by the meeting of Shareholders effecting such dissolution and which shall determine their powers and their compensation.
The completion of the liquidation of the Company must in principle take place within a period of nine months from the date of the decision relating to the liquidation. Where the liquidation of the Company cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the Luxembourg supervisory authority detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of the Company has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
A Sub-Fund or a Class may be terminated by resolution of the Board if the Net Asset Value of a Sub- Fund or a Class is below such amount as determined by the Board and disclosed in the Prospectus or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Sub-Fund or a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Sub-Fund or a Class should be terminated. In such event, the assets of the Sub-Fund or the Class will be realized, the liabilities discharged and the net proceeds of realization distributed to Shareholders in proportion to their holding of Shares in that Sub-Fund or Class against such evidence of discharge as the Board may reasonably require. This decision will be notified to Shareholders as required. No Shares shall be redeemed after the date of the decision to liquidate the Sub-Fund or a Class.
The completion of the liquidation of a Sub-Fund or a Class must in principle take place within a period of nine months from the date of decision of the Board relating to the liquidation. Where the liquidation of Sub-Fund or a Class cannot be fully completed within a period of nine months, a written request for exemption shall be submitted to the Luxembourg supervisory authority detailing the reasons why the liquidation cannot be completed.
As soon as the closure of the liquidation of Sub-Fund or a Class has been decided, whether this decision is taken before the nine-month period has expired or at a later date, any residual funds not claimed by Shareholders prior to the completion of the liquidation shall be deposited as soon as possible at the Caisse de Consignation.
The Company may be merged in accordance with the provisions of the 2010 Law. In the event the Company is involved in a merger as receiving UCITS (within the meaning of the 2010 Law), solely the Board will decide on the merger and the effective date thereof; in the event the Company is involved in a merger as absorbed UCITS (within the meaning of the 2010 Law) and hence ceases to exist, the general meeting of shareholders has to approve and decide on the effective date of such merger by a resolution adopted with no quorum requirement and at the simple majority of the votes validly cast at such meeting. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
The Board may resolve to proceed with a merger (within the meaning of the 2010 Law) of any Sub- Fund, either as receiving or absorbed Sub-Fund, with (i) another existing Sub-Fund within the Company or another sub-fund within another Luxembourg or foreign undertaking for collective investment in transferable securities governed by the 2010 Law (“UCITS”); or (ii) a new Luxembourg or foreign UCITS, and as appropriate, to redesignate the shares of the Sub-Fund concerned as shares of the new Sub-Fund or of the new UCITS as applicable. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
A Class may merge with one or more other Classes by resolution of the Board if the Net Asset Value of Class is below such amount as determined by the Board and disclosed in the Prospectus or in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Class should be merged. This decision will be notified to Shareholders as required. Each Shareholder of the relevant Class shall be given the option, within a period to be determined by the Board (but not being less than one month, unless otherwise authorised by the regulatory authorities, and specified in said notice), to request free of any redemption charge either the repurchase of its Shares or the exchange of its Shares against Shares of any Class not concerned by the merger. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due.
A Class may be contributed to another investment fund by resolution of the Board in the event of special circumstances beyond its control, such as political, economic, or military emergencies, or if the Board should conclude, in light of prevailing market or other conditions, including conditions that may adversely affect the ability of a Class to operate in an economically efficient manner, and with due regard to the best interests of Shareholders, that a Class should be contributed to another fund. This decision will be notified to Shareholders as required. Each Shareholder of the relevant Class shall be given the option within a period to be determined by the Board (but not being less than one month, unless otherwise authorised by the regulatory authorities, and specified in said notice) and specified in said notices, to request, free of any redemption charge, the repurchase of its Shares. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due. Where the holding of units in another undertaking for collective investment does not confer voting rights, the contribution will be binding only on Shareholders of the relevant Class who expressly agree to the contribution.
In the event that the Board determines that it is required by the interests of the Shareholders of the relevant Class or Sub-Fund or that a change in the economical or political situation relating to the Class or Sub-Fund concerned has occurred which would justify it, the reorganization of one Class or Sub-Fund, by means of a division into two or more Classes or Sub-Funds, may be decided by the Board. Such decision will be published in the same manner as described above and, in addition, the publication will contain information in relation to the two or more new Classes or Sub-Funds. Such publication will be made within one month before the date on which the reorganization becomes effective in order to enable the Shareholders to request redemption of their Shares, free of charge before the operation involving division into two or more Classes or Sub-Funds becomes effective. Any applicable contingent deferred sales charges are not to be considered as redemption charges and shall therefore be due. | en | fr |
DOLFIN6074 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Any such contingent deferred sales charges will be paid to the Distributor or the Manager. No Preliminary Charge or Redemption Charge shall be payable in respect of the BM Retail Shares.
Further detail in respect of the fees payable to the Manager including the “Management Fee”, “Service Fee” and Z Class Fee are set out in the section of the Prospectus headed “Fees and Expenses”.
A detailed summary of the fees and expenses of the Fund and the Company is set out in the section of the Prospectus headed “Fees and Expenses”. | Eventuali oneri di vendita differita verranno pagati al Distributore o al Gestore. Non saranno addebitati Oneri preliminari o Commissioni di rimborso per le Azioni BM retail.
Ulteriori dettagli relativi alle commissioni dovute al Gestore, inclusi la “Commissione di gestione”, il “Compenso per servizi resi” e la Commissione per la Classe Z, sono riportati nella sezione del Prospetto intitolata “Commissioni e spese”.
Una sintesi dettagliata delle commissioni e spese del Comparto e della Società è riportata nella sezione del Prospetto informativo intitolata “Commissioni e spese”. | Any such contingent deferred sales charges will be paid to the Distributor or the Manager. No Preliminary Charge or Redemption Charge shall be payable in respect of the BM Retail Shares.
Further detail in respect of the fees payable to the Manager including the “Management Fee”, “Service Fee” and Z Class Fee are set out in the section of the Prospectus headed “Fees and Expenses”.
A detailed summary of the fees and expenses of the Fund and the Company is set out in the section of the Prospectus headed “Fees and Expenses”. | en | it |
DOLFIN6075 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# ESG Portfolio Summary
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg) to combine the most material ESG factors with traditional financial analysis to make an ESG adjusted risk-return assessment, which serves as the basis for the portfolio construction. | # ESG Portfolioübersicht
Dieser Fonds fördert ESG-Merkmale (ESG: Umwelt, Soziales und Unternehmensführung) (im Sinne von Art. 8 der Verordnung (EU) 2019/2088). Er wendet die Massstäbe der CSAM Sustainable Investing Policy an (www.credit-suisse.com/esg) und kombiniert die wichtigsten ESG-Faktoren mit traditioneller Finanzanalyse zur Erstellung einer ESG-bereinigten Rendite-Risiko- Einschätzung, die als Grundlage für die Portfoliokonstruktion dient. | # ESG Portfolio Summary
This fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Art. 8 of Regulation (EU) 2019/2088). It applies the CSAM Sustainable Investing Policy (www.credit-suisse.com/esg) to combine the most material ESG factors with traditional financial analysis to make an ESG adjusted risk-return assessment, which serves as the basis for the portfolio construction. | en | de |
DOLFIN6076 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework that give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. | ## Responsabilités des administrateurs à l’égard des états financiers
Comme expliqué plus en détail dans la déclaration des responsabilités des administrateurs énoncée à la page 2, les administrateurs sont chargés de la préparation des états financiers qui reflètent une image fidèle de la situation financière de la Société conformément au cadre de présentation de l’information financière applicable, pour les besoins du contrôle interne qu’ils jugent nécessaire, afin de permettre l’élaboration des états financiers exempts d’inexactitudes significatives, que celles-ci résultent de fraudes ou d’erreurs.
Dans le cadre de la préparation des états financiers, les administrateurs sont chargés d’évaluer la capacité de la Société à poursuivre ses activités, de divulguer, selon le cas, les questions se rapportant à la continuité des activités et d’appliquer la méthode comptable de la continuité des activités, à moins que la direction n’ait l’intention de liquider la Société ou de cesser les opérations ou qu’elle ne puisse guère faire autrement. | ## Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework that give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. | en | fr |
DOLFIN6077 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# UBS Systematic Allocation Portfolio Medium Classic Fund (USD)
## Equity allocation signal
High equity allocation -
Medium equity allocation yes
Low equity allocation -
## Asset allocation (%)1
| LIQUIDITY | 2.00 |
| --- | --- |
| Cash USD | 2.00 |
| | |
| BONDS | 58.00 |
| High grade bonds | 15.00 |
| Inflation linked bonds | 4.00 |
| Corporate bonds | 21.00 |
| High yield bonds | 8.00 |
| Emerging markets bonds 10.00 |
Equities AC World 0.00
Australia 0.00
Canada 3.00
Emerging Markets 2.00
Eurozone 7.00
Japan 3.00
Switzerland 3.00
UK 2.00
US 20.00
## Current investment strategy
The business cycle component continued its recovery while the market momentum component remained equally strong over the month. The overall signal continues to justify a medium equity allocation.
## Risks
The fund invests in bonds of varying credit quality and equities on a global basis. It may therefore be subject to fluctuations in value. The quantitative model is expected to be less effective during periods without notable upswings or downturns. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk).
The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. It therefore cannot be ruled out that the daily issue and redemption of fund units may be suspended temporarily. The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
TOTAL 100.00
100011022|100011014
1
Above figures are target weights. The Portfolio Manager rebalances the portfolio back to the target weights each month end. The effective weights therefore are very close to the target weights.
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | # UBS Systematic Allocation Portfolio Medium Classic Fund (USD)
## Aktienallokationssignal
Hohe Aktienallokation -
Mittlere Aktienallokation ja
Niedrige Aktienallokation -
## Asset allocation (%)1
| LIQUIDITÄT | 2.00 |
| --- | --- |
| Cash USD | 2.00 |
| | |
| ANLEIHEN | 58.00 |
| Erstklassige Anleihen | 15.00 |
| Inflationsindexierte Anleihen | 4.00 |
| Unternehmensanleihen | 21.00 |
| Hochzins Anleihen | 8.00 |
| Schwellenländer Anleihen 10.00 |
Aktien AC World 0.00
Australia 0.00
Kanada 3.00
Emerging Markets 2.00
Eurozone 7.00
Japan 3.00
Schweiz 3.00
UK 2.00
US 20.00
## Gegenwärtige Anlagestrategie
Die Komponente Geschäftszyklus erholte sich weiter und die Komponente Marktdynamik fiel im Berichtsmonat ähnlich stark aus. Das Gesamtsignal rechtfertigt weiterhin eine mittlere Allokation in Aktien.
## Risiken
Der Fonds investiert weltweit in Anleihen unterschiedlicher Kreditqualität und in Aktien. Er kann daher Wertschwankungen unterliegen. Das quantitative Modell ist in Phasen mit markanten Auf- und Abschwüngen erwartungsgemäss weniger effizient. Der Fonds kann Derivate einsetzen, die das Anlagerisiko reduzieren oder mit zusätzlichen Risiken (unter anderem Gegenparteirisiken) verbunden sein können. Der Fonds kann in Vermögenswerte von geringerer Liquidität investieren, die sich in einem schwierigen Marktumfeld möglicherweise nur schwer veräussern lassen. Es kann daher nicht ausgeschlossen werden, dass die tägliche Ausgabe und Rücknahme von Fondsanteilen vorübergehend ausgesetzt wird. Der Wert eines Anteils kann unter den Kaufpreis fallen. Somit ist eine hohe Risikobereitschaft und -fähigkeit erforderlich. Jeder Fonds ist mit besonderen Risiken verbunden, die im Prospekt beschrieben sind.
TOTAL 100.00
100011022|100011014
1
Obige Zahlen sind Zielgewichtungen. Der Portfoliomanager führt das Portfolio jeweils am Monatsende auf die Zielgewichtungen zurück. Die effektiven Gewichtungen stimmen somit nahezu mit den Zielgewichtungen überein.
Bitte beachten Sie, dass zusätzliche Gebühren (z.B. Ausgabe- oder Rücknahmeaufschläge) in Rechnung gestellt werden können. Nähere Angaben erhalten Sie von Ihrem Finanzberater. Die Anleger sollten vor einer Anlage die Wesentlichen Informationen für die Anlegerinnen und Anleger, den Prospekt und alle relevanten lokalen Angebotsunterlagen lesen. Definitionen von Finanzbegriffen finden Sie unter www.ubs.com/am-glossary.
Für Marketing- und Informationszwecke von UBS. UBS Fonds luxemburgischen Rechts. Vertreter und Zahlstelle in Liechtenstein für UBS Fonds ausländischen Rechts ist die Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospekte, Wesentliche Informationen für den Anleger (KIID), die Statuten bzw. Vertragsbedingungen sowie die Jahres- und Halbjahresberichte der UBS Fonds können bei der Liechtensteinischen Landesbank Aktiengesellschaft kostenlos in einer dem lokalen Recht entsprechenden Sprache bezogen werden. Investitionen in ein Produkt sollten nur nach gründlichem Studium des aktuellen Prospekts erfolgen. Die Fondsdokumente sind gebührenfrei in Englisch und ggf. in den Sprachen der Regionen erhältlich, in denen der Fonds registriert ist. Die im vorliegenden Dokument zusammengetragenen Informationen und erlangten Meinungen basieren auf vertrauenswürdigen Angaben aus verlässlichen Quellen, erheben jedoch keinen Anspruch auf Genauigkeit und Vollständigkeit hinsichtlich der im Dokument erwähnten Wertpapiere, Märkte und Entwicklungen. Mitglieder der UBS-Gruppe sind zu Positionen in den in diesem Dokument erwähnten Wertpapieren oder anderen Finanzinstrumenten sowie zu deren Kauf bzw. Verkauf berechtigt. Anteile der erwähnten UBS Fonds können in verschiedenen Gerichtsbarkeiten oder für gewisse Anlegergruppen für den Verkauf ungeeignet oder unzulässig sein und dürfen innerhalb der USA weder angeboten noch verkauft oder ausgeliefert werden. Die genannten Informationen sind weder als Angebot noch als Aufforderung zum Kauf bzw. Verkauf irgendwelcher Wertpapiere oder verwandter Finanzinstrumente zu verstehen. Die frühere Wertentwicklung ist kein verlässlicher Indikator für künftige Ergebnisse. Die dargestellte Performance lässt allfällige bei Zeichnung und Rücknahme von Anteilen erhobene Kommissionen und Kosten unberücksichtigt. Kommissionen und Kosten wirken sich nachteilig auf die Performance aus. Sollte die Währung eines Finanzprodukts oder einer Finanzdienstleistung nicht mit Ihrer Referenzwährung übereinstimmen, kann sich die Rendite aufgrund der Währungsschwankungen erhöhen oder verringern. Diese Informationen berücksichtigen weder die spezifischen oder künftigen Anlageziele noch die steuerliche oder finanzielle Lage oder die individuellen Bedürfnisse des einzelnen Empfängers. Die Angaben in diesem Dokument werden ohne jegliche Garantie oder Zusicherung zur Verfügung gestellt, dienen ausschliesslich zu Informationszwecken und sind lediglich zum persönlichen Gebrauch des Empfängers bestimmt. Das vorliegende Dokument darf ohne schriftliche Erlaubnis von UBS Asset Management Switzerland AG oder einer lokalen verbundenen Gesellschaften weder reproduziert noch weiterverteilt noch neu aufgelegt werden. Quelle für sämtliche Daten und Grafiken (sofern nicht anders vermerkt): UBS Asset Management. Dieses Dokument enthält «zukunftsgerichtete Aussagen», die unter anderem, aber nicht nur, auch Aussagen über unsere künftige Geschäftsentwicklung beinhalten. Während diese zukunftsgerichteten Aussagen unsere Einschätzung und unsere Geschäftserwartungen ausdrücken, können verschiedene Risiken, Unsicherheiten und andere wichtige Faktoren dazu führen, dass die tatsächlichen Entwicklungen und Resultate sich von unseren Erwartungen deutlich unterscheiden. Weitere Erläuterungen zu Finanzbegriffen unter ubs.com/am-glossary.
© UBS 2020. Das Schlüsselsymbol und UBS gehören zu den geschützten Marken von UBS. Alle Rechte vorbehalten. 2 ¦ 2 | # UBS Systematic Allocation Portfolio Medium Classic Fund (USD)
## Equity allocation signal
High equity allocation -
Medium equity allocation yes
Low equity allocation -
## Asset allocation (%)1
| LIQUIDITY | 2.00 |
| --- | --- |
| Cash USD | 2.00 |
| | |
| BONDS | 58.00 |
| High grade bonds | 15.00 |
| Inflation linked bonds | 4.00 |
| Corporate bonds | 21.00 |
| High yield bonds | 8.00 |
| Emerging markets bonds 10.00 |
Equities AC World 0.00
Australia 0.00
Canada 3.00
Emerging Markets 2.00
Eurozone 7.00
Japan 3.00
Switzerland 3.00
UK 2.00
US 20.00
## Current investment strategy
The business cycle component continued its recovery while the market momentum component remained equally strong over the month. The overall signal continues to justify a medium equity allocation.
## Risks
The fund invests in bonds of varying credit quality and equities on a global basis. It may therefore be subject to fluctuations in value. The quantitative model is expected to be less effective during periods without notable upswings or downturns. The fund may use derivatives which can reduce investment risk or give rise to additional risks (inter alia the counterparty risk).
The fund can invest in less liquid assets that may be difficult to sell in the case of distressed markets. It therefore cannot be ruled out that the daily issue and redemption of fund units may be suspended temporarily. The value of a unit may fall below the purchase price. This requires an elevated risk tolerance and capacity. Every fund reveals specific risks, a description of these risks can be found in the prospectus.
TOTAL 100.00
100011022|100011014
1
Above figures are target weights. The Portfolio Manager rebalances the portfolio back to the target weights each month end. The effective weights therefore are very close to the target weights.
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | en | de |
DOLFIN6078 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Retail investors will not be allowed to convert their Shares into Classes of Shares reserved for Institutional Investors.
Instructions for redemptions may be refused if to redeem would result in the investor having an aggregate residual holding of less than the minimum holding indicated for each Sub-Fund or for the Company in the Appendices. The remaining Shares may be compulsorily redeemed at their current redemption price.
The Company shall not be bound to redeem or convert on any Valuation Day more than 10% of the number of Shares relating to any Sub-Fund then in issue. In case of deferral of redemptions or conversions the relevant Shares shall be redeemed or converted at the Dealing Price per Share prevailing at the date on which the redemption or conversion is effected. Excess redemptions or conversions will be deferred to the next Valuation Day when they shall be dealt with as a priority. | # Les investisseurs privés ne sont pas autorisés à convertir leurs Actions en Classes d’Actions réservées aux Investisseurs institutionnels.
Une demande de rachat pourra être refusée s’il en résulte que le solde des Actions détenues par l’investisseur tombe sous le seuil de détention minimum indiqué pour chaque Compartiment ou pour la Société dans les Annexes. Les Actions restantes pourront faire l’objet d’un rachat forcé à leur prix de rachat en vigueur.
La Société n’est pas tenue de racheter ou de convertir, un quelconque Jour d’Évaluation, plus de 10 % des Actions en circulation au sein d’un Compartiment donné. En cas de report des rachats ou conversions, les Actions seront rachetées ou converties au Prix de Négociation par Action en vigueur à la date à laquelle le rachat ou la conversion sont effectués. Les rachats ou conversions excédentaires sont reportés au Jour d’Évaluation suivant, où ils seront traités en priorité. | # Retail investors will not be allowed to convert their Shares into Classes of Shares reserved for Institutional Investors.
Instructions for redemptions may be refused if to redeem would result in the investor having an aggregate residual holding of less than the minimum holding indicated for each Sub-Fund or for the Company in the Appendices. The remaining Shares may be compulsorily redeemed at their current redemption price.
The Company shall not be bound to redeem or convert on any Valuation Day more than 10% of the number of Shares relating to any Sub-Fund then in issue. In case of deferral of redemptions or conversions the relevant Shares shall be redeemed or converted at the Dealing Price per Share prevailing at the date on which the redemption or conversion is effected. Excess redemptions or conversions will be deferred to the next Valuation Day when they shall be dealt with as a priority. | en | fr |
DOLFIN6079 | 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 | 8 510 CHF | 8 780 CHF |
| | Rendement annuel moyen | - 14,87 % | - 6,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 370 CHF | 9 470 CHF |
| | Rendement annuel moyen | - 6,27% | - 2,71% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 190 CHF | 10 340 CHF |
| | Rendement annuel moyen | 1,92% | 1,68% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 820 CHF | 10 930 CHF |
| | Rendement annuel moyen | 8,23% | 4,56% | | | 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 | 8 510 CHF | 8 780 CHF |
| | Rendimiento medio cada año | - 14,87 % | - 6,32 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 9 370 CHF | 9 470 CHF |
| | Rendimiento medio cada año | - 6,27% | - 2,71% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 190 CHF | 10 340 CHF |
| | Rendimiento medio cada año | 1,92% | 1,68% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 10 820 CHF | 10 930 CHF |
| | Rendimiento medio cada año | 8,23% | 4,56% | | | 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 | 8 510 CHF | 8 780 CHF |
| | Rendement annuel moyen | - 14,87 % | - 6,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 9 370 CHF | 9 470 CHF |
| | Rendement annuel moyen | - 6,27% | - 2,71% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 190 CHF | 10 340 CHF |
| | Rendement annuel moyen | 1,92% | 1,68% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 820 CHF | 10 930 CHF |
| | Rendement annuel moyen | 8,23% | 4,56% | | fr | es |
DOLFIN6080 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### INVESTMENT RESTRICTIONS
The assets of each Fund will be invested in accordance with the investment restrictions contained in the UCITS Regulations which are summarised below and such additional investment restrictions, if any, as may be adopted by the Directors for any Fund and specified above or in the Relevant Supplement. References below to a Fund means the Company acting for the account of the relevant Fund.
-
#### Permitted Investments | ### ANLAGEBESCHRÄNKUNGEN
Das Vermögen jedes Fonds wird in Übereinstimmung mit den Anlagebeschränkungen der nachstehend zusammengefassten OGAW-Verordnung und den zusätzlichen Anlagebeschränkungen, die von den Verwaltungsratsmitgliedern für jeden Fonds festgelegt und die wie vorstehend oder in der entsprechenden Prospektergänzung aufgeführt werden, angelegt. Die folgenden Verweise auf einen Fonds beziehen sich auf die Gesellschaft, die für Rechnung des betreffenden Fonds handelt.
-
#### Zulässige Investitionen | ### INVESTMENT RESTRICTIONS
The assets of each Fund will be invested in accordance with the investment restrictions contained in the UCITS Regulations which are summarised below and such additional investment restrictions, if any, as may be adopted by the Directors for any Fund and specified above or in the Relevant Supplement. References below to a Fund means the Company acting for the account of the relevant Fund.
-
#### Permitted Investments | en | de |
DOLFIN6081 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Remuneration Policy is compatible with the financial strategy, objectives, values and interests of the Management Company, the SICAV and the investors, and includes measures to improve the way conflicts of interest are handled.
Candriam's remuneration structure is linked to a risk-adjusted performance. The evaluation of performance is set in a multi-year framework appropriate to the minimum holding period recommended to shareholders of the SICAV, in order to ensure that the performance evaluation process is based on the long term performance of the SICAV and that the effective payment of the performance-based remuneration elements is spread over the same period.
Candriam aims to ensure that the employees are not encouraged to take inappropriate and/or excessive risks (also concerning sustainability risks) which are incompatible with the risk profile of Candriam and, as applicable, of the funds managed". In addition, when sustainability-related impacts are considered by the fund, Candriam sees to it that the personnel take them fully into account.
The Remuneration Policy therefore ensures that the fixed and variable components of total remuneration are appropriately balanced; that the fixed component of total remuneration is high enough; that the policy concerning variable remuneration elements is sufficiently flexible including the possibility to pay no variable remuneration component.
The details of the updated Remuneration Policy, including the composition of the remuneration committee, a description of how remuneration and benefits are calculated, and how this policy is consistent with the consideration of sustainability risks and impacts, are available from the Management Company's website via this link:
https://www.candriam.com/siteassets/legal-and-disclaimer/external_disclosure_remuneration_policy.pdf
A printed copy is available free of charge on request.
- Internal Credit Quality Assessment ProcedureIn accordance with Regulation (EU) 2017/1131, the Management Company has established an internal credit quality assessment procedure ("Assessment Procedure") which will be systematically applied to determine the credit quality of money market instruments, securitisations and ABCPs in the portfolio, taking account of the issuer of the instruments and the characteristics of the instrument itself, with the aim of facilitating investment in assets having a positive credit quality assessment. | La Politique de Rémunération est conforme à la stratégie économique, aux objectifs, aux valeurs et aux intérêts de la Société de Gestion, de la SICAV et des investisseurs et comprend des mesures visant à gérer au mieux les éventuels conflits d’intérêts.
La structure de rémunération de Candriam est liée à une performance ajustée des risques. L’évaluation des performances s’inscrit dans un cadre pluriannuel qui est adapté à la période de détention minimale recommandée aux actionnaires de la SICAV, de sorte qu’elle porte sur les performances à long terme de la SICAV et sur ses risques d’investissement et que le paiement effectif des composantes de la rémunération qui dépendent des performances s’échelonne sur la même période.
Candriam vise à s'assurer que les employés ne sont pas incités à prendre des risques inappropriés et/ou excessifs, y compris concernant les risques de durabilité qui sont incompatibles avec le profil de risque de Candriam et, le cas échéant, des fonds gérés". De plus, lorsque les impacts en matière de durabilité sont considérées par le fonds, Candriam veille à ce que le personnel prenne dûment en compte ces derniers.
Ainsi, la Politique de Rémunération assure un équilibre approprié entre les composantes fixe et variable de la rémunération globale; la composante fixe représente toujours une part suffisamment élevée de la rémunération globale ; la politique en matière de composantes variables de la rémunération est suffisamment souple et laisse notamment la possibilité de ne payer aucune composante variable.
Les détails de la Politique de Rémunération actualisée, y compris la composition du comité de rémunération, une description de la manière dont les rémunérations et les avantages sont calculés et de comment cette politique est consistante avec la considération des risques et des impacts de durabilité, sont accessibles via le site internet de la Société de Gestion via le lien :
https://www.candriam.com/siteassets/legal-and-disclaimer/external_disclosure_remuneration_policy.pdf
Un exemplaire imprimé sera mis à disposition gratuitement sur demande.
- Procédure d’Evaluation Interne de la Qualité de CréditConformément au Règlement (UE) 2017/1131, la Société de Gestion a établi une procédure d’évaluation interne de la qualité de crédit (« Procédure d’évaluation ») qui sera appliquée systématiquement, afin de déterminer la qualité de crédit des instruments du marché monétaire, des titrisations et des papiers commerciaux adossés à des actifs (ABCP) en portefeuille, en prenant en considération l’émetteur des instruments et les caractéristiques propres à l’instrument, dans le but de faciliter l’investissement dans des actifs ayant une évaluation positive de la qualité de crédit. | The Remuneration Policy is compatible with the financial strategy, objectives, values and interests of the Management Company, the SICAV and the investors, and includes measures to improve the way conflicts of interest are handled.
Candriam's remuneration structure is linked to a risk-adjusted performance. The evaluation of performance is set in a multi-year framework appropriate to the minimum holding period recommended to shareholders of the SICAV, in order to ensure that the performance evaluation process is based on the long term performance of the SICAV and that the effective payment of the performance-based remuneration elements is spread over the same period.
Candriam aims to ensure that the employees are not encouraged to take inappropriate and/or excessive risks (also concerning sustainability risks) which are incompatible with the risk profile of Candriam and, as applicable, of the funds managed". In addition, when sustainability-related impacts are considered by the fund, Candriam sees to it that the personnel take them fully into account.
The Remuneration Policy therefore ensures that the fixed and variable components of total remuneration are appropriately balanced; that the fixed component of total remuneration is high enough; that the policy concerning variable remuneration elements is sufficiently flexible including the possibility to pay no variable remuneration component.
The details of the updated Remuneration Policy, including the composition of the remuneration committee, a description of how remuneration and benefits are calculated, and how this policy is consistent with the consideration of sustainability risks and impacts, are available from the Management Company's website via this link:
https://www.candriam.com/siteassets/legal-and-disclaimer/external_disclosure_remuneration_policy.pdf
A printed copy is available free of charge on request.
- Internal Credit Quality Assessment ProcedureIn accordance with Regulation (EU) 2017/1131, the Management Company has established an internal credit quality assessment procedure ("Assessment Procedure") which will be systematically applied to determine the credit quality of money market instruments, securitisations and ABCPs in the portfolio, taking account of the issuer of the instruments and the characteristics of the instrument itself, with the aim of facilitating investment in assets having a positive credit quality assessment. | en | fr |
DOLFIN6082 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Credit profile Terms in months
## 10 largest positions
| Position | Country | maturity | Asset type | counterparty 1 |
| --- | --- | --- | --- | --- |
| Belgien 22 0% | BE | 14.07.2022 | Treasury bill | n/a |
| Deutschland 22 0% | DE | 20.07.2022 | Treasury bill | n/a |
| Sumitomo Mitsui 22 0% | BE | 06.04.2022 | Certificate of deposite | n/a |
| RBC Toronto 22 0.875% | CA | 17.06.2022 | Bond/note-fixed rate | n/a |
| SNCF Reseau 22 4.375% | FR | 02.06.2022 | Bond/note-fixed rate | n/a |
| Procter & Gamble 22 2% Senior | US | 16.08.2022 | Bond/note-fixed rate | n/a |
| KFW 22 0.625% | DE | 04.07.2022 | Bond/note-fixed rate | n/a |
1
Applicable for repurchase agreements and reverse repurchase agreements
## Risk information and other practical information
The fund is not a guaranteed investment. An investment in fund units differs from an investment in the form of a deposit. The capital invested in the fund is subject to volatility. The fund cannot rely on external support to guarantee its liquidity or to keep the net asset value (NAV) per unit stable. The Fund does not provide protection against future market developments, meaning that investors may lose all or part of the invested capital. The valuation of the Fund's assets and the calculation of the NAV are based on the asset valuation rules pointed out in the prospectus. Further practical information about the fund‚ the sales documents‚ the latest available annual and semi-annual reports and the current unit prices can be found free of charge in German on the management company’s website www.vpfundsolutions.li. Information about any further unit classes can be found in the sales documents‚ the current annual and semi- annual reports and on the management company’s website at www.vpfundsolutions.li. The fund is subject to the tax legislation applicable in Liechtenstein. This may have an effect on how you are taxed in relation to the income from the fund. Therefore you are advised to consult your financial or tax adviser before deciding to invest. The management company may be held liable solely on the basis of any statement contained in this document that is misleading‚ inaccurate or inconsistent with the relevant parts of the prospectus. This document describes the aforementioned unit class. However‚ the prospectus and the annual and semi-annual reports relate to the fund as a whole. The various sub-funds are solely responsible for their own performance‚ meaning that only the profit and loss of the aforementioned sub-fund is relevant to you as an investor. In principle‚ investors are entitled to switch from one sub-fund to another. Further information on converting units can be found in the sales documents. This fund is authorised in Liechtenstein and is regulated by Finanzmarktaufsicht (FMA). Details of the current remuneration principles and practices‚ including a description of how the remuneration and other benefits are calculated and the identity of the persons responsible for the allocation are available at www.vpfundsolutions.li. A paper version is provided free of charge upon request. | # Kreditprofil Laufzeiten in Monaten
## 10 grösste Positionen
| Position | Land | Fälligkeit | Anlageinstrument | Gegenpartei 1 |
| --- | --- | --- | --- | --- |
| Belgien 22 0% | BE | 14.07.2022 | Treasury Bill | n/a |
| Deutschland 22 0% | DE | 20.07.2022 | Treasury Bill | n/a |
| Sumitomo Mitsui 22 0% | BE | 06.04.2022 | Certificate of Deposite | n/a |
| RBC Toronto 22 0.875% | CA | 17.06.2022 | Obligationen | n/a |
| SNCF Reseau 22 4.375% | FR | 02.06.2022 | Obligationen | n/a |
| Procter & Gamble 22 2% Senior | US | 16.08.2022 | Obligationen | n/a |
| KFW 22 0.625% | DE | 04.07.2022 | Obligationen | n/a |
1
Anwendbar für Pensions- und umgekehrte Pensionsgeschäfte
## Risikohinweis und weitere praktische Informationen
Der Fonds ist keine garantierte Anlage. Eine Anlage in Fonds unterscheidet sich von einer Anlage in Form einer Einlage. Das in dem Fonds investierte Kapital unterliegt Schwankungen. Der Fonds kann sich nicht auf externe Unterstützung verlassen, um seine Liquidität zu garantieren oder den Nettoinventarwert (NAV) pro Anteil stabil zu halten. Der Fonds beinhaltet keinen Schutz vor künftigen Marktentwicklungen‚ sodass Anleger das angelegte Kapital ganz oder teilweise verlieren könnten. Die Bewertung des Vermögens des Fonds und Berechnung des NAV bestimmen sich nach den im Prospekt genannten Regeln. Weitere praktische Informationen über den Fonds‚ die Verkaufsunterlagen‚ die letzten verfügbaren Jahres- und Halbjahresberichte sowie die aktuellen Anteilspreise finden Sie kostenlos in deutscher Sprache auf der Webseite der Verwaltungsgesellschaft www.vpfundsolutions.li. Informationen über allfällige weitere Anteilsklassen können den Verkaufsunterlagen‚ den aktuellen Jahres- und Halbjahresberichten sowie der Webseite der Verwaltungsgesellschaft www.vpfundsolutions.li entnommen werden. Der Fonds unterliegt den Steuervorschriften in Liechtenstein. Dies kann Auswirkungen darauf haben‚ wie Sie bzgl. Ihrer Einkünfte aus dem Fonds besteuert werden. Daher sollten Sie Ihren Finanz- oder Steuerberater konsultieren‚ bevor Sie sich für die Investition entscheiden. Die Verwaltungsgesellschaft kann lediglich auf Grundlage einer in diesem Dokument enthaltenen Erklärung haftbar gemacht werden‚ die irreführend‚ unrichtig oder nicht mit den einschlägigen Teilen des Prospekts vereinbar ist. Dieses Dokument beschreibt die oben genannte Anteilsklasse. Der Prospekt und die Jahres- und Halbjahresberichte beziehen sich jedoch auf den gesamten Fonds. Die verschiedenen Teilfonds des Fonds haften nicht füreinander‚ das heisst für Sie als Anleger sind ausschliesslich die Gewinne und Verluste des oben genannten Teilfonds von Bedeutung. Anleger haben grundsätzlich das Recht‚ von einem Teilfonds in einen anderen Teilfonds des Fonds zu wechseln. Weitere Angaben zum Anteilsumtausch finden sich in den Verkaufsunterlagen. Dieser Fonds ist in Liechtenstein autorisiert und wird durch die Finanzmarktaufsicht (FMA) reguliert. Einzelheiten der aktuellen Vergütungsgrundsätze und -praktiken‚ darunter eine Beschreibung‚ wie die Vergütung und die sonstigen Zuwendungen berechnet werden und die Identität der für die Zuteilung zuständigen Personen‚ sind unter www.vpfundsolutions.li abrufbar. Auf Anfrage wird eine Papierversion kostenlos zur Verfügung gestellt. | # Credit profile Terms in months
## 10 largest positions
| Position | Country | maturity | Asset type | counterparty 1 |
| --- | --- | --- | --- | --- |
| Belgien 22 0% | BE | 14.07.2022 | Treasury bill | n/a |
| Deutschland 22 0% | DE | 20.07.2022 | Treasury bill | n/a |
| Sumitomo Mitsui 22 0% | BE | 06.04.2022 | Certificate of deposite | n/a |
| RBC Toronto 22 0.875% | CA | 17.06.2022 | Bond/note-fixed rate | n/a |
| SNCF Reseau 22 4.375% | FR | 02.06.2022 | Bond/note-fixed rate | n/a |
| Procter & Gamble 22 2% Senior | US | 16.08.2022 | Bond/note-fixed rate | n/a |
| KFW 22 0.625% | DE | 04.07.2022 | Bond/note-fixed rate | n/a |
1
Applicable for repurchase agreements and reverse repurchase agreements
## Risk information and other practical information
The fund is not a guaranteed investment. An investment in fund units differs from an investment in the form of a deposit. The capital invested in the fund is subject to volatility. The fund cannot rely on external support to guarantee its liquidity or to keep the net asset value (NAV) per unit stable. The Fund does not provide protection against future market developments, meaning that investors may lose all or part of the invested capital. The valuation of the Fund's assets and the calculation of the NAV are based on the asset valuation rules pointed out in the prospectus. Further practical information about the fund‚ the sales documents‚ the latest available annual and semi-annual reports and the current unit prices can be found free of charge in German on the management company’s website www.vpfundsolutions.li. Information about any further unit classes can be found in the sales documents‚ the current annual and semi- annual reports and on the management company’s website at www.vpfundsolutions.li. The fund is subject to the tax legislation applicable in Liechtenstein. This may have an effect on how you are taxed in relation to the income from the fund. Therefore you are advised to consult your financial or tax adviser before deciding to invest. The management company may be held liable solely on the basis of any statement contained in this document that is misleading‚ inaccurate or inconsistent with the relevant parts of the prospectus. This document describes the aforementioned unit class. However‚ the prospectus and the annual and semi-annual reports relate to the fund as a whole. The various sub-funds are solely responsible for their own performance‚ meaning that only the profit and loss of the aforementioned sub-fund is relevant to you as an investor. In principle‚ investors are entitled to switch from one sub-fund to another. Further information on converting units can be found in the sales documents. This fund is authorised in Liechtenstein and is regulated by Finanzmarktaufsicht (FMA). Details of the current remuneration principles and practices‚ including a description of how the remuneration and other benefits are calculated and the identity of the persons responsible for the allocation are available at www.vpfundsolutions.li. A paper version is provided free of charge upon request. | en | de |
DOLFIN6083 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
LOWER RISK HIGHER RISK
The above indicator (Synthetic Risk and Reward Indicator) reflects the historical level of risk and reward of this share class over the last 5 years. As it is based on its historical behaviour, it does not necessarily reflect future risk, nor reward.
This share class is classified as above since convertible bonds tend to be subject to higher price fluctuations and credit risk.
This classification is solely valid as of the date of this document; it can change in the future.
Investors investing in a fund in the category “1” above may sustain a loss. A fund in this category is not risk free at all times.
The Fund does not provide investors with any guarantee of performance nor of the value of investments in it. The latter may consequently go up, as well as down.
The indicator captures the impacts on the Fund of movements in financial markets and currencies, under normal market conditions.
Risks materially relevant to the Fund which are not captured by the indicator:
Convertible bonds risk: convertible bonds generally tend to be of lower credit quality and are likely to experience greater rises and falls in value. These securities may produce a higher level of income than investment grade bonds but at a higher risk to your capital.
Credit risk: the Fund invests in convertible bonds. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer.
High-yield risk: the Fund will primarily invest in bonds of lower credit quality. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital.
Interest rate risk: an increase in interest rates may cause the value of securities held by the Fund to decline. Bonds prices and interest rates have an inverse relationship, when the interest rates rise, the price of existing bonds falls.
Liquidity risk: in case of low trading volume on financial markets, any buy or sell trade on these markets may lead to important market variations/ fluctuations that may impact portfolio valuation.
Selection risk: the Investment Manager’s judgment about the attractiveness, value and potential appreciation of a particular company’s security could be incorrect.
More details on the risks investors may be exposed to when investing in this Fund are described in the “Risk Factors” section and the relevant Special Section of the Prospectus. | RISQUE PLUS FAIBLE RISQUE PLUS ÉLEVÉ
L’indicateur ci-dessus (indicateur synthétique de risque et de rendement) reflète le niveau de risque et de rendement de cette catégorie d'actions sur les 5 dernières années. Dès lors qu'il repose sur des données historiques, il ne reflète pas nécessairement le profil de risque et de rendement futur.
Cette catégorie d’actions est notée ainsi car les obligations convertibles tendent à connaître d’importantes fluctuations de prix et un risque de crédit accru.
La catégorie indiquée s'entend uniquement à la date du présent document et est susceptible d'évoluer avec le temps.
Les investisseurs investissant dans un fonds de catégorie « 1 » peuvent subir une perte. Un fonds relevant de cette catégorie n'est pas synonyme d'investissement sans risque.
Ce Fonds n’offre aux investisseurs aucune garantie de performance ni de valeur des investissements. Cette valeur peut dès lors évoluer à la hausse comme à la baisse.
L’indicateur reflète l'impact des fluctuations des marchés financiers et des devises sur le Fonds, dans des conditions de marché normales.
Risques significatifs non pris en compte par l’indicateur :
Risque lié aux obligations convertibles : les obligations convertibles sont généralement assorties d'une qualité de crédit inférieure et sont susceptibles de connaître des fluctuations de valeur plus fortes, à la hausse comme à la baisse. Ces titres peuvent générer un niveau de revenus plus élevé que les obligations de qualité investment grade, mais cela implique un risque accru pour votre capital.
Risque de crédit : le Fonds investit dans des obligations convertibles. Il est possible que l'émetteur fasse défaut. La probabilité d'un tel défaut dépendra de la solvabilité de l'émetteur.
Risque lié au haut rendement : le Fonds investira principalement dans des obligations dotées d'une qualité de crédit inférieure. Ces obligations peuvent générer un niveau de revenus plus élevé que les obligations de qualité investment grade, mais cela implique un risque accru pour votre capital.
Risque de taux : une hausse des taux d'intérêt peut entraîner une baisse de la valeur des titres détenus par le Fonds. Les prix des obligations et les taux d'intérêt sont inversement corrélés : lorsque les taux augmentent, le prix des obligations existantes diminue.
Risque de liquidité : lorsque les volumes d’échange sur les marchés financiers sont faibles, toute opération d’achat ou de vente peut entraîner d’importantes variations/fluctuations de marché, qui peuvent influer sur la valorisation du portefeuille.
Risque lié à la sélection : l'opinion du Gestionnaire vis-à-vis de l'attrait, de la valeur et du potentiel d'appréciation d'un titre en particulier pourrait s'avérer inexacte.
Les risques auxquels s’exposent les investisseurs en investissant dans ce Fonds sont décrits plus en détail dans la section « Facteurs de risque » ainsi que dans la section spéciale concernée du Prospectus. | LOWER RISK HIGHER RISK
The above indicator (Synthetic Risk and Reward Indicator) reflects the historical level of risk and reward of this share class over the last 5 years. As it is based on its historical behaviour, it does not necessarily reflect future risk, nor reward.
This share class is classified as above since convertible bonds tend to be subject to higher price fluctuations and credit risk.
This classification is solely valid as of the date of this document; it can change in the future.
Investors investing in a fund in the category “1” above may sustain a loss. A fund in this category is not risk free at all times.
The Fund does not provide investors with any guarantee of performance nor of the value of investments in it. The latter may consequently go up, as well as down.
The indicator captures the impacts on the Fund of movements in financial markets and currencies, under normal market conditions.
Risks materially relevant to the Fund which are not captured by the indicator:
Convertible bonds risk: convertible bonds generally tend to be of lower credit quality and are likely to experience greater rises and falls in value. These securities may produce a higher level of income than investment grade bonds but at a higher risk to your capital.
Credit risk: the Fund invests in convertible bonds. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer.
High-yield risk: the Fund will primarily invest in bonds of lower credit quality. These bonds may produce a higher level of income than investment grade bonds but at a higher risk to your capital.
Interest rate risk: an increase in interest rates may cause the value of securities held by the Fund to decline. Bonds prices and interest rates have an inverse relationship, when the interest rates rise, the price of existing bonds falls.
Liquidity risk: in case of low trading volume on financial markets, any buy or sell trade on these markets may lead to important market variations/ fluctuations that may impact portfolio valuation.
Selection risk: the Investment Manager’s judgment about the attractiveness, value and potential appreciation of a particular company’s security could be incorrect.
More details on the risks investors may be exposed to when investing in this Fund are described in the “Risk Factors” section and the relevant Special Section of the Prospectus. | en | fr |
DOLFIN6084 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Entry costs | We do not charge an entry fee. | 0 CNY |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 CNY |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.60 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 480 CNY |
| Transaction costs | 0.16 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 129 CNY |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 CNY | | | Coûts d'entrée | Nous ne facturons pas de coût d'entrée pour ce produit. | 0 CNY |
| --- | --- | --- |
| Coûts de sortie | Nous ne facturons pas de coût de sortie pour ce Compartiment, mais la personne qui vous vend le Compartiment peut le faire. | 0 CNY |
| Coûts récurrents | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,60 % de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l’année dernière. | 480 CNY |
| Coûts de transaction | 0,16 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents du Compartiment. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 129 CNY |
| Coûts accessoires prélevés sous certaines conditions | |
| Commissions liées aux résultats | Il n’y a pas de commission de performance pour ce Compartiment. | 0 CNY | | | Entry costs | We do not charge an entry fee. | 0 CNY |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 CNY |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.60 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 480 CNY |
| Transaction costs | 0.16 % 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 Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 129 CNY |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 CNY | | en | fr |
DOLFIN6085 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair valuation hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.
The fair valuation hierarchy as required under the amendment to FRS 102 is based on the valuation inputs used to fair value the financial assets and liabilities and consideration of the market activity for each individual financial asset and liability. The definition for levels 1, 2 and 3 are set out below.
- Level 1: The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the last traded market value price.
- Level 2: When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (e.g., because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.
- Level 3: If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations. | FRS 102 Abschnitt 11.27 „Beizulegender Zeitwert: Angaben“ verlangt Angaben zur Zeitwerthierarchie, auf deren Grundlage der beizulegende Zeitwert für Vermögenswerte und Verbindlichkeiten bemessen wird. Die Angaben basieren auf einer dreistufigen Zeitwerthierarchie gemäß der im Rahmen der Bewertungsmethoden zur Festlegung des beizulegenden Zeitwerts verwendeten Inputs.
Die gemäß der Änderung an FRS 102 geforderte Zeitwerthierarchie basiert auf Bewertungsdaten (Inputs), die zur Feststellung des beizulegenden Zeitwerts der finanziellen Vermögenswerte und Verbindlichkeiten und zur Berücksichtigung der Marktaktivität für jeden einzelnen finanziellen Vermögenswert und jede einzelne finanzielle Verbindlichkeit verwendet werden. Die Levels 1, 2 und 3 werden nachfolgend definiert.
- Level 1: Der beste Nachweis für den Zeitwert ist ein notierter Preis für einen Vermögenswert auf einem aktiven Markt. An einem aktiven Markt notiert bedeutet in diesem Zusammenhang Kursnotierungen, die jederzeit und regelmäßig verfügbar sind und tatsächliche und regelmäßig stattfindende Markttransaktionen zu marktüblichen Bedingungen repräsentieren. Der notierte Preis ist normalerweise der zuletzt gehandelte Preis.
- Level 2: Wenn kein notierter Preis verfügbar ist, dient der Preis einer kürzlichen Transaktion für einen identischen Vermögenswert als Nachweis des beizulegenden Zeitwerts, solange keine wesentliche Änderung der wirtschaftlichen Umstände eingetreten bzw. keine wesentliche Zeitspanne seit der Transaktion vergangen ist. Wenn das Unternehmen nachweisen kann, dass der letzte Transaktionspreis keine gute Schätzung des beizulegenden Zeitwerts ist (etwa, weil er den Betrag widerspiegelt, den ein Unternehmen aufgrund von erzwungenen Geschäften, zwangsweisen Liquidationen oder durch Notverkäufe erzielen oder bezahlen würde), wird dieser Preis ebenso angepasst.
- Level 3: Wenn der Markt für den Vermögenswert nicht aktiv ist und kürzliche Transaktionen eines identischen Vermögenswerts allein keine gute Schätzung des beizulegenden Zeitwerts sind, schätzt ein Unternehmen den beizulegenden Zeitwert anhand einer Bewertungstechnik. Ziel der Anwendung einer Bewertungstechnik ist die Schätzung des Transaktionspreises zum Bewertungsstichtag, der sich zwischen unabhängigen Vertragspartnern bei Vorliegen normaler Geschäftsbedingungen ergeben hätte. | FRS 102 Section 11.27 on “Fair Value: Disclosure” requires disclosure relating to the fair valuation hierarchy in which fair value measurements are categorised for assets and liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.
The fair valuation hierarchy as required under the amendment to FRS 102 is based on the valuation inputs used to fair value the financial assets and liabilities and consideration of the market activity for each individual financial asset and liability. The definition for levels 1, 2 and 3 are set out below.
- Level 1: The best evidence of fair value is a quoted price for an identical asset in an active market. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted price is usually the last traded market value price.
- Level 2: When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the entity can demonstrate that the last transaction price is not a good estimate of fair value (e.g., because it reflects the amount that an entity would receive or pay in a forced transaction, involuntary liquidation or distress sale), that price is adjusted.
- Level 3: If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique. The objective of using a valuation technique is to estimate what the transaction price would have been on the measurement date in an arm’s length exchange motivated by normal business considerations. | en | de |
DOLFIN6086 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The Fund aims to achieve consistent absolute returns through investments in global issuers (mainly domiciled in the US) engaged in or subject to mergers, acquisitions and similar corporate transactions. The Fund aims to preserve capital, seeking to derive a profit by realising the price differential, or "spread" between the market price of securities and the future expected value of those securities following the completion or termination of the relevant corporate transaction.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund is classified as Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR").
To achieve its investment objective, the Fund has flexibility to invest in a wide range of instruments including, but not limited to, common stocks, preferred stocks, equity-related instruments, corporate bonds, ETFs, FX Forwards, swaps, options and other derivative instruments.
To implement the Sub-Fund's investment objective, the Investment Manager employs a proprietary fundamental research process that assesses each potential corporate transaction individually and will seek to determine amongst other things, the likelihood that the particular corporate transaction will be completed, the value of the relevant | # Objetivos y política de inversión
El Fondo tiene como objetivo obtener una rentabilidad absoluta de forma continua mediante inversiones en valores de emisores globales (principalmente, con domicilio en los Estados Unidos) implicadas en o sometidas a procesos de fusión, adquisición y transacciones corporativas similares. El Fondo pretende conservar el capital y obtener un beneficio mediante el aprovechamiento del diferencial de precios entre el precio de mercado de los valores y el valor futuro previsto de estos mismos valores una vez completada o finalizada la transacción corporativa correspondiente.
El Fondo se gestiona de forma activa y no utiliza ningún índice de referencia.
El Fondo está clasificado de conformidad con el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros («SFDR»).
Para alcanzar su objetivo de inversión, el Fondo tiene flexibilidad para invertir en una amplia gama de instrumentos, incluidos, entre otros, acciones ordinarias, acciones preferentes, instrumentos relacionados con renta variable, bonos de empresa, ETF, contratos de divisas a plazo, swaps, opciones y otros instrumentos derivados. | # Objectives and investment policy
The Fund aims to achieve consistent absolute returns through investments in global issuers (mainly domiciled in the US) engaged in or subject to mergers, acquisitions and similar corporate transactions. The Fund aims to preserve capital, seeking to derive a profit by realising the price differential, or "spread" between the market price of securities and the future expected value of those securities following the completion or termination of the relevant corporate transaction.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund is classified as Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector ("SFDR").
To achieve its investment objective, the Fund has flexibility to invest in a wide range of instruments including, but not limited to, common stocks, preferred stocks, equity-related instruments, corporate bonds, ETFs, FX Forwards, swaps, options and other derivative instruments.
To implement the Sub-Fund's investment objective, the Investment Manager employs a proprietary fundamental research process that assesses each potential corporate transaction individually and will seek to determine amongst other things, the likelihood that the particular corporate transaction will be completed, the value of the relevant | en | es |
DOLFIN6087 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| KEY INVESTOR INFORMATION DOCUMENT |
| --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Long Short Credit, FCP |
| RS units (capitalisation): FR0013325081 |
| Competent authority: French Financial Markets Authority Management company: Candriam France |
| INVESTMENT OBJECTIVES AND POLICY | | | INFORMAZIONI CHIAVE PER GLI INVESTITORI |
| --- |
| Il presente documento contiene le informazioni chiave di cui tutti gli investitori devono disporre in relazione a questo fondo. Non si tratta di un documento promozionale. Le informazioni contenute nel presente documento, richieste dalla legge, hanno lo scopo di aiutarvi a capire la natura di questo fondo e i rischi ad esso connessi. Si consiglia di prenderne visione per decidere con consapevolezza se procedere all’investimento. |
| Candriam Long Short Credit, FCI |
| Quote RS - Capitalizzazione FR0013325081 |
| Autorità competente: Autorità dei Mercati Finanziari Società di Gestione: Candriam France |
| OBIETTIVI E POLITICA DI INVESTIMENTO | | | KEY INVESTOR INFORMATION DOCUMENT |
| --- |
| This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. |
| Candriam Long Short Credit, FCP |
| RS units (capitalisation): FR0013325081 |
| Competent authority: French Financial Markets Authority Management company: Candriam France |
| INVESTMENT OBJECTIVES AND POLICY | | en | it |
DOLFIN6088 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
As at the date of this Prospectus, all Sub-Funds fall into the middle category above and have sustainability risks integrated in their investment decision-making process.
As at the date of this Prospectus, the Management Company does not consider the adverse impacts of
investment decisions or investment advice on sustainability factors in accordance with SFDR as the regulatory rules have not yet been finalised.
The above should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Sub-Fund. Potential investors should be aware that an investment in a Sub-Fund may be exposed to other risks of an exceptional nature from time to time. | En la fecha del presente Folleto, todos los Subfondos se incluyen en la categoría intermedia arriba descrita e integran los riesgos de sostenibilidad en sus procesos de toma de decisiones de inversión.
En la fecha del presente Folleto, la Sociedad gestora no analiza las incidencias adversas de las decisiones de inversión o del asesoramiento de inversión sobre los factores de sostenibilidad con arreglo al SFDR, dado que las normas regulatorias todavía no se han completado.
Los riesgos anteriormente expuestos no deben considerarse como una lista exhaustiva de los riesgos que los posibles inversores deben considerar antes de invertir en un Subfondo. Los posibles inversores deben tener en cuenta que una inversión en un Subfondo podrá estar expuesta ocasionalmente a otros riesgos de carácter excepcional. | As at the date of this Prospectus, all Sub-Funds fall into the middle category above and have sustainability risks integrated in their investment decision-making process.
As at the date of this Prospectus, the Management Company does not consider the adverse impacts of
investment decisions or investment advice on sustainability factors in accordance with SFDR as the regulatory rules have not yet been finalised.
The above should not be considered to be an exhaustive list of the risks which potential investors should consider before investing in a Sub-Fund. Potential investors should be aware that an investment in a Sub-Fund may be exposed to other risks of an exceptional nature from time to time. | en | es |
DOLFIN6089 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos corporativos de grado de inversión de todo el mundo.
- El Subfondo se centra en la gestión de los riesgos relacionados con el clima y favorece a aquellos emisores con un perfil de emisiones de carbono más bajo, promoviendo la transición ecológica a través de la selección de aquellos inmersos en una transición hacia la neutralidad de carbono que vaya mejorando, e invirtiendo en emisores de bonos verdes cuidadosamente seleccionados.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo tiene como objetivo contar con una huella de carbono inferior a la del resto del mercado.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. La calificación media de ESG del Subfondo será superior a la calificación media de ESG del universo de inversión del Subfondo una vez excluido, como mínimo, el 20 % de los activos con calificaciones ESG más bajas.
- El Subfondo tendrá en cuenta una amplia gama de características medioambientales y será proactivo en la lucha contra el cambio climático a través de su compromiso continuo con los emisores de bonos corporativos de todo el mundo y la inversión en emisores de bonos verdes cuidadosamente seleccionados.
- Al invertir en bonos verdes, sociales y de sostenibilidad, el Gestor de Inversiones recurre a un proceso de selección basado principalmente en las directrices de los Principios de los Bonos Verdes y Sociales (GSBP) de la International Capital Market Association (ICMA). Tendrán prioridad los bonos certificados como cumplidores de la Climate Bonds Initiative (CBI) o los European Green Bond Standards (EUGBS), pero el Gestor de Inversiones podrá utilizar otros criterios cuando resulte oportuno.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China (con una exposición total, inversiones directas e indirectas incluidas, de menos de un 30 %).
- El fondo invertirá menos del 30 % en bonos híbridos y bonos convertibles contingentes, con menos del 20 % invertido en bonos convertibles contingentes.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg Global Aggregate Corporate Index Hedged to EUR (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and capital growth.
- The fund will invest at least 70% in global investment grade corporate bonds.
- The fund focuses on management of climate related risks favouring issuers with the lowest carbon profiles within their sectors, encouraging transition to a greener environment through the selection of issuers on an improving carbon transition path and investing in carefully selected green bond issuers.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund will aim to have a lower carbon footprint compared to that of the broader market.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The average ESG rating of the fund will exceed the average ESG rating of its investment universe after excluding at least 20% of assets with the lowest ESG ratings.
- The fund will consider a wide range of environmental characteristics and will be proactive in dealing with climate change through continual engagement with global corporate bond issuers and by investing in carefully selected green bond issuers.
- When investing in green, social and sustainability bonds, the Investment Manager employs a selection process mainly based on the International Capital Market Association (‘ICMA’) Green and Social Bond Principles (‘GSBP’) guidelines. Bonds certified as being compliant with Climate Bonds Initiative (‘CBI’) or European Green Bond Standards (‘EUGBS’) will be prioritised but the Investment Manager may use other standards where appropriate.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China (with aggregate exposure including direct and indirect investments being less than 30%).
- Less than 30% of the fund's assets will be invested in Hybrids or convertible bonds, with less than 20% of the total net assets to be invested in contingent convertible bonds.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Corporate Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN6090 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Revision of the NASDAQ-100 Index
The objective of the NASDAQ-100 Index is to reflect changes in the market that it represents as closely as possible. With this in mind, it is revised quarterly to take account of changes affecting a stock’s capitalisation (number of shares and float) or changes in its market.
The rules for the revision of the NASDAQ-100 Index are published by NASDAQ OMX and are available on the NASDAQ OMX website: indexes.nasdaqomx.com. | ## Révision de l’Indice NASDAQ-100
L'Indice NASDAQ-100 a pour objectif de refléter au plus près l’évolution du marché qu'il représente. A cet effet il fait l’objet d’une révision trimestrielle afin de tenir compte des changements qui impactent la capitalisation d’une valeur (nombre de titres et flottant) ou encore l'évolution du marché.
Les règles de révision de l’Indice NASDAQ-100 sont éditées par NASDAQ OMX et sont disponibles sur le site Internet de NASDAQ OMX : indexes.nasdaqomx.com. | ## Revision of the NASDAQ-100 Index
The objective of the NASDAQ-100 Index is to reflect changes in the market that it represents as closely as possible. With this in mind, it is revised quarterly to take account of changes affecting a stock’s capitalisation (number of shares and float) or changes in its market.
The rules for the revision of the NASDAQ-100 Index are published by NASDAQ OMX and are available on the NASDAQ OMX website: indexes.nasdaqomx.com. | en | fr |
DOLFIN6091 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Performance scenarios Investment CHF 10'000 |
| --- |
| Scenarios | 1 year | 3 years | 5 years |
| What you might get after costs | 9'400 | 8'700 | 8'400 |
| Average return each year | -5.8% | -4.4% | -3.5% |
| What you might get after costs | 10'300 | 11'100 | 12'100 |
| Average return each year | 3.5% | 3.7% | 3.8% |
| What you might get after costs | 10'400 | 11'400 | 12'600 |
| Average return each year | 4.3% | 4.6% | 4.7% |
| What you might get after costs | 10'700 | 11'900 | 13'300 |
| Average return each year | 6.7% | 6.1% | 5.8% | | | Scenari di performance Investimento 10'000 CHF |
| --- |
| Scenari | 1 anno | 3 anni | 5 anni |
| Possibile rimborso al netto dei costi | 9'400 | 8'700 | 8'400 |
| Rendimento medio per ciascun anno | -5.8% | -4.4% | -3.5% |
| Possibile rimborso al netto dei costi | 10'300 | 11'100 | 12'100 |
| Rendimento medio per ciascun anno | 3.5% | 3.7% | 3.8% |
| Possibile rimborso al netto dei costi | 10'400 | 11'400 | 12'600 |
| Rendimento medio per ciascun anno | 4.3% | 4.6% | 4.7% |
| Possibile rimborso al netto dei costi | 10'700 | 11'900 | 13'300 |
| Rendimento medio per ciascun anno | 6.7% | 6.1% | 5.8% | | | Performance scenarios Investment CHF 10'000 |
| --- |
| Scenarios | 1 year | 3 years | 5 years |
| What you might get after costs | 9'400 | 8'700 | 8'400 |
| Average return each year | -5.8% | -4.4% | -3.5% |
| What you might get after costs | 10'300 | 11'100 | 12'100 |
| Average return each year | 3.5% | 3.7% | 3.8% |
| What you might get after costs | 10'400 | 11'400 | 12'600 |
| Average return each year | 4.3% | 4.6% | 4.7% |
| What you might get after costs | 10'700 | 11'900 | 13'300 |
| Average return each year | 6.7% | 6.1% | 5.8% | | en | it |
DOLFIN6092 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# L’analyse ESG couvre 100 % du portefeuille du Fonds.
Une commission de performance fixée par rapport à l’Indice de référence est appliquée à certaines classes d’actions. L’Indice de référence est représentatif de l’univers d’investissement, mais pas du profil de risque du Fonds. La performance du Fonds est susceptible d’être sensiblement différente de celle de l’Indice de référence, car le Gestionnaire d’investissement dispose d’une grande latitude pour s’écarter des titres et de la pondération de l’Indice de référence. | # El análisis ESG abarca el 100 % de la cartera del Fondo.
Se aplica una comisión de rendimiento a algunas clases de acciones en referencia al Índice de referencia. El Índice de referencia es representativo del universo de inversión, pero no del perfil de riesgo del Fondo. Es probable que la rentabilidad del Fondo difiera significativamente de la del Índice de referencia porque el Gestor de inversiones tiene la facultad discrecional significativa para desviarse de sus valores y ponderación. | # L’analyse ESG couvre 100 % du portefeuille du Fonds.
Une commission de performance fixée par rapport à l’Indice de référence est appliquée à certaines classes d’actions. L’Indice de référence est représentatif de l’univers d’investissement, mais pas du profil de risque du Fonds. La performance du Fonds est susceptible d’être sensiblement différente de celle de l’Indice de référence, car le Gestionnaire d’investissement dispose d’une grande latitude pour s’écarter des titres et de la pondération de l’Indice de référence. | fr | es |
DOLFIN6093 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Unfavourable scenario: This type of scenario occurred for an investment between August 2021 and October 2022. Moderate scenario: This type of scenario occurred for an investment between February 2017 and February 2022. Favourable scenario: This type of scenario occurred for an investment between October 2016 and October 2021.
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. | Escenario desfavorable: Este tipo de escenario se produjo para una inversión entre agosto de 2021 y octubre de 2022.
Escenario moderado: Este tipo de escenario se produjo para una inversión entre febrero de 2017 y febrero de 2022.
Escenario favorable: Este tipo de escenario se produjo para una inversión entre octubre de 2016 y octubre de 2021.
Las cifras mostradas incluyen todos los costes del producto en sí, pero es posible que no incluyan todos los costes que usted paga a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. | Unfavourable scenario: This type of scenario occurred for an investment between August 2021 and October 2022. Moderate scenario: This type of scenario occurred for an investment between February 2017 and February 2022. Favourable scenario: This type of scenario occurred for an investment between October 2016 and October 2021.
The figures shown include all the costs of the product itself but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
The stress scenario shows what you might get back in extreme market circumstances. | en | es |
DOLFIN6094 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo alcanzar una rentabilidad en su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Markit iBoxx USD Liquid High Yield Capped Index, el índice de referencia del Fondo (el Índice). La Clase de acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio.
El Índice mide el rendimiento de los bonos más líquidos denominados en dólares estadounidenses, con categoría inferior a la de inversión, emitidos por empresas de los mercados desarrollados (es decir, el mercado de bonos empresariales de alto rendimiento en dólares estadounidenses). Se entiende por liquidez de los bonos que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. Los bonos tendrán la calificación inferior a la categoría de inversión, lo que significa que en el momento de su inclusión en el Índice tendrán una calificación de solvencia relativamente baja, o carecerán de calificación pero se considerarán de calidad comparable a la de los valores de RF con calificación inferior a la categoría de inversión, y estarán calificados por al menos uno de los tres servicios de calificación: Moody’s, Standard & Poor’s o Fitch. Las empresas que componen el Índice se ponderan de acuerdo con su capitalización bursátil (es decir, el precio por acción de la empresa multiplicado por el número de acciones emitidas). El plazo de vencimiento original máximo es de 15 años y el plazo de vencimiento residual mínimo es de un año y medio para los nuevos bonos que se incluyan y de un año para los que ya están incluidos en el Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas) pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Funds’ investments, which reflects the return of the Markit iBoxx USD Liquid High Yield Capped Index, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging.
The Index measures the performance of the most liquid US dollar-denominated sub-investment grade bonds issued by companies in developed markets (i.e. the US Dollar high yield corporate bond market). Liquid bonds mean that they can easily be bought or sold in the market in normal market conditions. The bonds will be sub- investment grade (which means that at the time of inclusion in the Index, they have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities) and rated by at least one of three rating services: Moody’s, Standard & Poor’s or Fitch. The individual companies in the Index are weighted according to their market capitalisation (i.e. the share price of the company multiplied by the number of shares issued). The maximum original time to maturity is 15 years and the minimum time to maturity is one and a half years for new bonds to be included and one year for bonds that already exist in the Index.
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN6095 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### § 15 Risk diversification
- Pursuant to § 15, the following are to be included in the risk di- versification provisions:
- investments pursuant to § 8; with the exception of index- based derivatives as long as the index is sufficiently diver- sified, representative of the market which it covers and pub- lished in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties from OTC transactions. | ### § 15 Risikoverteilung
- In die Risikoverteilungsvorschriften gemäss § 15 sind einzube- ziehen:
- Anlagen gemäss § 8; mit Ausnahme der indexbasierten Derivate, sofern der Index hinreichend diversifiziert ist und für den Markt, auf den er sich bezieht, repräsentativ ist und in angemessener Weise veröffentlicht wird;
- flüssige Mittel gemäss § 9;
- Forderungen gegen Gegenparteien aus OTC-Geschäften. | ### § 15 Risk diversification
- Pursuant to § 15, the following are to be included in the risk di- versification provisions:
- investments pursuant to § 8; with the exception of index- based derivatives as long as the index is sufficiently diver- sified, representative of the market which it covers and pub- lished in an appropriate manner;
- liquid assets pursuant to § 9;
- claims against counterparties from OTC transactions. | en | de |
DOLFIN6096 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
*En faveur du distributeur
- La performance historique ne représente pas un indicateur de performance future.
- Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission, du rachat ou de la conversion des actions.
- La Classe a été lancée en 2017.
- La performance passée est calculée en GBP.
- L'Indice de référence de la Classe est le FTSE All-Share TR.
- L’Indice de référence de la Classe est indiqué à des fins de comparaison uniquement, sans que cela n’implique des contraintes particulières pour les investissements du Compartiment. | *A favor del distribuidor
- Rentabilidades pasadas no sirven como indicación de rentabilidades futuras.
- Los resultados de las inversiones no tienen en consideración las comisiones o gastos incurridos en la suscripción, reembolso o conversión de las acciones.
- La Clase se lanzó en 2017.
- La rentabilidad histórica se ha calculado en GBP.
- El Índice de referencia de la Clase es el FTSE All-Share TR.
- El Índice de referencia de la Clase se muestra solo a efectos comparativos, por lo que no implica ninguna restricción específica para las inversiones del Subfondo. | *En faveur du distributeur
- La performance historique ne représente pas un indicateur de performance future.
- Les données de performance ne tiennent pas compte des commissions et frais perçus lors de l'émission, du rachat ou de la conversion des actions.
- La Classe a été lancée en 2017.
- La performance passée est calculée en GBP.
- L'Indice de référence de la Classe est le FTSE All-Share TR.
- L’Indice de référence de la Classe est indiqué à des fins de comparaison uniquement, sans que cela n’implique des contraintes particulières pour les investissements du Compartiment. | fr | es |
DOLFIN6097 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Si vous sortez après 1 an | Si vous sortez après 8 ans |
| --- | --- |
| Coûts totaux | $1062 | $6678 |
| Incidence des coûts annuels (*) | 10.6% | 8.8% Chaque année | | | En caso de salida después de 1 año | En caso de salida después de 8 años |
| --- | --- |
| Costes totales | $1062 | $6678 |
| Incidencia anual de los costes (*) | 10.6% | 8.8% cada año | | | Si vous sortez après 1 an | Si vous sortez après 8 ans |
| --- | --- |
| Coûts totaux | $1062 | $6678 |
| Incidence des coûts annuels (*) | 10.6% | 8.8% Chaque année | | fr | es |
DOLFIN6098 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# One-off charges taken before or after you invest
Entry charge 5.00%
Exit charge None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in Euro.
The Fund was launched on 25 January 1985 and this share class on 29 October 2009.
- Class A Accumulation shares in euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20% | # Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada 5,00%
Gastos de salida Ninguno
La rentabilidad histórica no es indicativa de los resultados futuros. El valor de su inversión y el valor de los ingresos generados por ella pueden tanto aumentar como disminuir y es posible que no recupere el importe invertido.
El Fondo no trata de replicar la rentabilidad de un índice, por lo que cualquier índice mostrado se indica exclusivamente con fines ilustrativos.
La rentabilidad histórica mostrada en el gráfico tiene en cuenta todos los gastos excepto los gastos de entrada del Fondo y se calcula en Euro.
El Fondo se lanzó el 25 enero 1985 y esta clase de acciones se lanzó el 29 octubre 2009.
- Acciones de acumulación de clase A en euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20%15%10% | # One-off charges taken before or after you invest
Entry charge 5.00%
Exit charge None
Past performance is not a guide to future performance. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested.
The Fund does not track an index, any index shown is for illustrative purposes only.
The past performance shown in the chart takes account of all charges except the Fund's entry charge and the past performance is calculated in Euro.
The Fund was launched on 25 January 1985 and this share class on 29 October 2009.
- Class A Accumulation shares in euros
- MSCI Europe Net Return (MSCI Europe ex UK Net Return pre 30/11/2012)35%30%25%20% | en | es |
DOLFIN6099 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Investment units
The value of the Fund's assets may be invested in units of target funds, provided that they are open- ended domestic and foreign investment funds.
The Company selects the target funds that are to be acquired either in accordance with said target fund's terms and conditions of investment or its investment focus, or in accordance with its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment corporations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) managed by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-ended investment funds in accordance with their terms and conditions of investment. For AIF units, the following requirements must also be met:
- The target fund must have been approved in accordance with legal provisions that place it under effective public supervision in order to protect investors, and there must be adequate provision for ensuring cooperation between the supervisory authorities.
- The investors' protection level must be equivalent to that of an investor in a domestic UCITS, partic- ularly with regard to the segregation of management and custody of assets, borrowing, lending and the short selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit an assessment to be made of the assets and liabilities, income and transactions arising during the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
No more than 20% of the Fund's value may be invested in units of a single target fund. No more than 30% of the Fund's overall assets may be invested in AIFs. The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily suspend the redemption of units within the statutory framework. In this case, the Company may not return the units in the target fund to the management company or custodian or a target fund against payment of the redemption price (refer also to the section entitled "Risk infor- mation - Risks associated with investing in investment units"). The Company's website (https://www.uni- versal-investment.com) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | # Investmentanteile
Der Wert des Fonds darf vollständig in Anteilen an Zielfonds investiert werden, sofern diese offene in- und ausländische Investmentvermögen sind.
Die Gesellschaft wählt die zu erwerbenden Zielfonds entweder nach den Anlagebestimmungen bzw. nach dem Anlageschwerpunkt dieser Zielfonds oder nach dem letzten Jahres- oder Halbjahresbericht der Zielfonds aus. Es können alle zulässigen Arten von Anteilen an inländischen Sondervermögen und Invest- mentaktiengesellschaften mit veränderlichem Kapital sowie von Anteilen an EU-OGAW und von EU-Ver- waltungsgesellschaften oder ausländischen Verwaltungsgesellschaften verwalteten offenen Investment- vermögen, die keine EU-OGAW sind, erworben werden. Bei der Auswahl unterliegt die Gesellschaft hin- sichtlich der Herkunft oder des Sitzes des Zielfonds keiner Beschränkung.
Die Zielfonds dürfen nach ihren Anlagebedingungen höchstens bis zu 10 % in Anteile an anderen offe- nen Investmentvermögen investieren. Für Anteile an AIF gelten darüber hinaus folgende Anforderungen:
- Der Zielfonds muss nach Rechtsvorschriften zugelassen worden sein, die ihn einer wirksamen öffent- lichen Aufsicht zum Schutz der Anleger unterstellen, und es muss eine ausreichende Gewähr für eine befriedigende Zusammenarbeit zwischen den Aufsichtsbehörden bestehen.
- Das Schutzniveau der Anleger muss gleichwertig zu dem Schutzniveau eines Anlegers in einem in- ländischen OGAW sein, insbesondere im Hinblick auf Trennung von Verwaltung und Verwahrung der Vermögensgegenstände, für die Kreditaufnahme und -gewährung sowie für Leerverkäufe von Wertpapieren und Geldmarktinstrumenten.
- Die Geschäftstätigkeit des Zielfonds muss Gegenstand von Jahres- und Halbjahresberichten sein und den Anlegern erlauben, sich ein Urteil über das Vermögen und die Verbindlichkeiten sowie die Er- träge und die Transaktionen im Berichtszeitraum zu bilden.
- Der Zielfonds muss ein Publikumsfonds sein, bei dem die Anzahl der Anteile nicht zahlenmäßig be- grenzt ist und die Anleger ein Recht zur Rückgabe der Anteile haben.
In Anteile an einem einzigen Zielfonds dürfen nur bis zu 20 % des Wertes des Fonds angelegt werden. In AIF dürfen insgesamt nur bis zu 30 % des Wertes des Fonds angelegt werden. Die Gesellschaft darf für Rechnung des Fonds nicht mehr als 25 % der ausgegebenen Anteile eines Zielfonds erwerben.
Zielfonds können im gesetzlichen Rahmen zeitweise die Rücknahme von Anteilen aussetzen. Dann kann die Gesellschaft die Anteile an dem Zielfonds nicht bei der Verwaltungsgesellschaft oder Verwahrstelle des Zielfonds gegen Auszahlung des Rücknahmepreises zurückgeben (siehe auch den Abschnitt „Risiko- hinweise – Risiken im Zusammenhang mit der Investition in Investmentanteile“). Auf der Internetseite der Gesellschaft ist unter https://www.universal-investment.com aufgeführt, ob und in welchem Umfang der Fonds Anteile von Zielfonds hält, die derzeit die Rücknahme von Anteilen ausgesetzt haben. | # Investment units
The value of the Fund's assets may be invested in units of target funds, provided that they are open- ended domestic and foreign investment funds.
The Company selects the target funds that are to be acquired either in accordance with said target fund's terms and conditions of investment or its investment focus, or in accordance with its most recent annual or semi-annual report. It may acquire all permitted types of units in domestic investment funds and investment corporations with variable capital and units in EU UCITS and open-ended investment funds (which are not EU UCITS) managed by EU management companies or foreign management companies. The Company is not restricted in its selection with regard to the target fund's origin or location.
The target funds may invest a maximum of up to 10% in units of other open-ended investment funds in accordance with their terms and conditions of investment. For AIF units, the following requirements must also be met:
- The target fund must have been approved in accordance with legal provisions that place it under effective public supervision in order to protect investors, and there must be adequate provision for ensuring cooperation between the supervisory authorities.
- The investors' protection level must be equivalent to that of an investor in a domestic UCITS, partic- ularly with regard to the segregation of management and custody of assets, borrowing, lending and the short selling of transferable securities and money market instruments.
- The business operations of the target fund must be the subject of annual and semi-annual reports that permit an assessment to be made of the assets and liabilities, income and transactions arising during the reporting period.
- The target fund must be a public fund for which there is no limit as to the number of units and the investors have a right to redeem said units.
No more than 20% of the Fund's value may be invested in units of a single target fund. No more than 30% of the Fund's overall assets may be invested in AIFs. The Company may not acquire on behalf of the Fund more than 25% of the units issued by a target fund.
Target funds may temporarily suspend the redemption of units within the statutory framework. In this case, the Company may not return the units in the target fund to the management company or custodian or a target fund against payment of the redemption price (refer also to the section entitled "Risk infor- mation - Risks associated with investing in investment units"). The Company's website (https://www.uni- versal-investment.com) provides information as to whether and to what extent the Fund holds units of target funds that have currently suspended the redemption of units. | en | de |
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