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DOLFIN6100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Non cash collateral cannot be sold, pledged or re-invested and any cash collateral received for and on behalf of a Fund may be invested in any of the following:
- deposits with relevant institutions (as defined in the Central Bank UCITS Regulations);
- high quality government bonds;
- reverse repurchase agreements provided that the transactions are with credit institutions (as defined in the Central Bank UCITS Regulations) and the UCITS is able to recall at any time the full amount of cash on an accrued basis;
- short term money market funds as defined in the ESMA Guidelines on a Common Definition of European Money Market Funds. | ## Cualquier garantía que no sea en efectivo no podrá ser vendida, concedida ni reinvertida y cualquier garantía en efectivo recibida en nombre y representación de un Fondo podrá invertirse en:
- depósitos en entidades relevantes (tal y como se definen en el Reglamento OICVM del Banco Central);
- bonos soberanos de alta calidad;
- contratos con pacto de recompra inversa siempre y cuando las operaciones se efectúen con entidades de crédito (de acuerdo con lo definido en las regulaciones del Banco Central OICVM) y el OICVM sea capaz de recuperar en todo momento el importe total de efectivo sobre base devengada;
- fondos del mercado monetario a corto plazo, tal y como se definen en las Directrices de la ESMA sobre una definición común de los fondos europeos del mercado monetario. | ## Non cash collateral cannot be sold, pledged or re-invested and any cash collateral received for and on behalf of a Fund may be invested in any of the following:
- deposits with relevant institutions (as defined in the Central Bank UCITS Regulations);
- high quality government bonds;
- reverse repurchase agreements provided that the transactions are with credit institutions (as defined in the Central Bank UCITS Regulations) and the UCITS is able to recall at any time the full amount of cash on an accrued basis;
- short term money market funds as defined in the ESMA Guidelines on a Common Definition of European Money Market Funds. | en | es |
DOLFIN6101 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,970 | USD 2,230 |
| | Average return each year % | -80.30% | -25.93% |
| Unfavourable scenario | What you might get back after costs | USD 7,240 | USD 6,610 |
| | Average return each year % | -27.60% | -7.95% |
| Moderate scenario | What you might get back after costs | USD 9,920 | USD 10,370 |
| | Average return each year % | -0.80% | 0.73% |
| Favourable scenario | What you might get back after costs | USD 14,510 | USD 14,450 |
| | Average return each year % | 45.10% | 7.64% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 1.970 | USD 2.230 |
| | Rendimiento medio cada año | -80,30% | -25,93% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.240 | USD 6.610 |
| | Rendimiento medio cada año | -27,60% | -7,95% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 9.920 | USD 10.370 |
| | Rendimiento medio cada año | -0,80% | 0,73% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 14.510 | USD 14.450 |
| | Rendimiento medio cada año | 45,10% | 7,64% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 1,970 | USD 2,230 |
| | Average return each year % | -80.30% | -25.93% |
| Unfavourable scenario | What you might get back after costs | USD 7,240 | USD 6,610 |
| | Average return each year % | -27.60% | -7.95% |
| Moderate scenario | What you might get back after costs | USD 9,920 | USD 10,370 |
| | Average return each year % | -0.80% | 0.73% |
| Favourable scenario | What you might get back after costs | USD 14,510 | USD 14,450 |
| | Average return each year % | 45.10% | 7.64% | | en | es |
DOLFIN6102 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
after tax. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que
impuestos. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may
after tax. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to try to manage its investments more efficiently. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN6103 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The fund's assets shall be invested exclusively in structured products which, according to the Swiss Derivative Map of 2021 of the Swiss Structured Products Association, belong to the two product categories "Barrier Reverse Convertible" or "Barrier Reverse Convertible with Conditional Coupon".
The structured products are based on a "worst-of" basket of a maximum of four equity indices of the most important industrialized countries. The barrier (of the "European", "American" or "daily close" type) is always less than or equal to G0% of the original fixing. The structured products are always denominated in Swiss francs (quanto) and may have either guaranteed or conditional coupons. The maximum term of the structured products is 3 years. In addition, the issuers or guarantors, if any, of the structured products must have at least an "investment grade" rating at the time of investment (if there is a guarantor, the guarantor's rating is decisive). Since the structured products used have exclusively equity indices as underlying, there is always a cash repayment or settlement at maturity of the products (never a delivery of securities).
The asset manager's main task is to create and manage a portfolio of structured products (multi- index products) whose product parameters and issuers are selected in such a way that the best risk- return ratio can be achieved at the time of the investment while complying with the specified restrictions. The focus of the investment decision is the continuous monitoring of the implicit volatility and the correlation of the underlying which the asset manager intends to monetize.
The aforementioned "barrier reverse convertible" and "barrier reverse convertible with conditional coupon" products primarily write exotic put options (barrier options and worst-of barrier options) on equity indices of the most important industrialized countries. The respective call obligation from these written put options is backed by corresponding near-cash funds in these structured products. "barrier reverse convertible" and "barrier reverse convertible with conditional coupon" products therefore have no leverage effect and have a lower risk of loss than a direct investment in the corresponding underlying.
When designing a new structured product, special care is taken to ensure that the potential issuers enter into strong competition with each other so that the best possible conditions can be negotiated (reverse auction principle). The structured products are mainly traded over-the-counter (OTC) directly by the asset manager with the issuer. No commissions (reimbursements) are paid by the issuer. The asset manager thus makes his experience and the pricing power acquired through his activity as a broker for structured products fully available to the investor.
The risk of loss is limited by low barriers and a distribution (diversification) of the fund's assets among a number of structured products, each with individual parameters (issuers or guarantors, type of barriers, maturities, recall parameters, choice of equity indices, etc.) as well as different entry points (temporal diversification). | La fortune du fonds est uniquement investie dans des produits structurés qui appartiennent selon la "Swiss Derivative Map" de 2021 de l'Association suisse des produits structurés aux catégories de produits "Barrier Reverse Convertible" ou "Barrier Reverse Convertible avec coupon conditionnel".
Les produits structurés sont basés sur un panier "worst of" d’un maximum de quatre indices d'actions des principaux pays industrialisés. La barrière (de type "européen", "américain" ou "daily close" est toujours inférieure ou égale à G0% du fixing initial. Les produits structurés sont toujours libellés en francs suisses (quanto) et peuvent être assortis de coupons garantis ou conditionnels. La durée maximale des produits structurés est de 3 ans. Aussi, les émetteurs ou garants éventuels des produits structurés doivent avoir au moins une notation "Investment Grade" au moment de l'investissement (s'il y a un garant, la notation du garant est déterminante). Comme les produits structurés utilisés ont exclusivement pour sous-jacent des indices d'actions, il y a toujours un remboursement ou un règlement en espèces à l'échéance des produits (jamais une livraison de titres).
La tâche principale du gestionnaire d'actifs est de créer et de gérer un portefeuille de produits structurés (produits multi-index) dont les paramètres et les émetteurs sont sélectionnés de manière que le meilleur rapport risque/rendement puisse être atteint au moment de l'investissement tout en respectant les restrictions définies. La décision d'investissement est axée sur le contrôle continu de la volatilité implicite et de la corrélation des sous-jacents que le gestionnaire d'actifs a l'intention de monétiser.
Les produits "Barrier Reverse Convertible" et "Barrier Reverse Convertible avec coupon conditionnel" susmentionnés utilisent principalement des options put exotiques (options à barrière et options à barrière "worst of") sur des indices d'actions des principaux pays industrialisés. L'obligation d'achat, le cas échéant, découlant de ces options put vendues est garantie par des fonds quasi-liquides inclus dans ces produits structurés. Les produits "Barrier Reverse Convertible" et "Barrier Reverse Convertible avec coupon conditionnel" n'ont donc aucun effet de levier et présentent un risque de perte plus faible qu'un investissement direct dans les sous-jacents correspondants.
Lors de la conception d'un nouveau produit structuré, on veille tout particulièrement à ce que les émetteurs potentiels entrent en forte concurrence les uns avec les autres afin que les meilleures conditions possibles puissent être négociées. Les produits structurés sont principalement négociés de gré à gré (OTC) directement par le gestionnaire d’actifs auprès de l'émetteur. Aucune commission n'est versée par l'émetteur. Le gestionnaire d'actifs met ainsi à la disposition de l'investisseur son expérience et son pouvoir de négociation qu'il a acquis grâce à son activité de courtier en produits structurés.
Le risque de perte est réduit grâce à de barrières basses et à une répartition (diversification) des actifs du fonds entre plusieurs produits structurés, chacun ayant ses propres paramètres (émetteurs ou garants, type de barrières, échéances, paramètres de rappel, choix des indices d'actions, etc.) ainsi que différents points d'entrée (diversification dans le temps). | The fund's assets shall be invested exclusively in structured products which, according to the Swiss Derivative Map of 2021 of the Swiss Structured Products Association, belong to the two product categories "Barrier Reverse Convertible" or "Barrier Reverse Convertible with Conditional Coupon".
The structured products are based on a "worst-of" basket of a maximum of four equity indices of the most important industrialized countries. The barrier (of the "European", "American" or "daily close" type) is always less than or equal to G0% of the original fixing. The structured products are always denominated in Swiss francs (quanto) and may have either guaranteed or conditional coupons. The maximum term of the structured products is 3 years. In addition, the issuers or guarantors, if any, of the structured products must have at least an "investment grade" rating at the time of investment (if there is a guarantor, the guarantor's rating is decisive). Since the structured products used have exclusively equity indices as underlying, there is always a cash repayment or settlement at maturity of the products (never a delivery of securities).
The asset manager's main task is to create and manage a portfolio of structured products (multi- index products) whose product parameters and issuers are selected in such a way that the best risk- return ratio can be achieved at the time of the investment while complying with the specified restrictions. The focus of the investment decision is the continuous monitoring of the implicit volatility and the correlation of the underlying which the asset manager intends to monetize.
The aforementioned "barrier reverse convertible" and "barrier reverse convertible with conditional coupon" products primarily write exotic put options (barrier options and worst-of barrier options) on equity indices of the most important industrialized countries. The respective call obligation from these written put options is backed by corresponding near-cash funds in these structured products. "barrier reverse convertible" and "barrier reverse convertible with conditional coupon" products therefore have no leverage effect and have a lower risk of loss than a direct investment in the corresponding underlying.
When designing a new structured product, special care is taken to ensure that the potential issuers enter into strong competition with each other so that the best possible conditions can be negotiated (reverse auction principle). The structured products are mainly traded over-the-counter (OTC) directly by the asset manager with the issuer. No commissions (reimbursements) are paid by the issuer. The asset manager thus makes his experience and the pricing power acquired through his activity as a broker for structured products fully available to the investor.
The risk of loss is limited by low barriers and a distribution (diversification) of the fund's assets among a number of structured products, each with individual parameters (issuers or guarantors, type of barriers, maturities, recall parameters, choice of equity indices, etc.) as well as different entry points (temporal diversification). | en | fr |
DOLFIN6104 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La société RBC Global Asset Management (U.S.) Inc. a été désignée en tant que gestionnaire d’investissement par délégation pour certains Compartiments du Fonds au sujet d’actifs particuliers des Compartiments concernés dans lesquels le Gestionnaire d’investissement considère que le Gestionnaire délégué est expérimenté et pour lesquels le Gestionnaire d’investissement souhaiterait bénéficier des connaissances du Gestionnaire délégué conformément aux dispositions du contrat de gestion d’investissement par délégation conclu entre le Gestionnaire d’investissement et RBC Global Asset Management (U.S.) Inc. en date du 2 novembre 2021.
RBC Global Asset Management (U.S.) Inc. est une société dûment constituée en vertu des lois de l’État du Minnesota, États-Unis d’Amérique, le 30 septembre 1983. RBC Global Asset Management (U.S.) Inc. est une filiale indirecte en propriété exclusive de la Banque Royale du Canada (RBC) et une société affiliée du Gestionnaire d’investissement.
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## Dépositaire | RBC Global Asset Management (U.S.) Inc. fue designada como subgestor de inversiones en determinados Subfondos del Fondo con relación a activos específicos de los Subfondos correspondientes en los cuales el Gestor de Inversiones considera que el Subgestor de inversiones tiene experiencia y con respecto a los cuales el Gestor de Inversiones desea avalar el conocimiento del Subgestor de inversiones de acuerdo con los términos del contrato de subgestión de inversiones entre el Gestor de Inversiones y RBC Global Asset Management (U.S.) Inc. con fecha del 2 de noviembre de 2021.
RBC Global Asset Management (U.S.) Inc. es una sociedad debidamente constituida bajo las leyes del estado de Minnesota, Estados Unidos de América, el 30 de septiembre de 1983. RBC Global Asset Management (U.S.) Inc. es una filial indirecta participada en su totalidad por Royal Bank of Canada y una asociada del Gestor de Inversiones.
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## Depositario | La société RBC Global Asset Management (U.S.) Inc. a été désignée en tant que gestionnaire d’investissement par délégation pour certains Compartiments du Fonds au sujet d’actifs particuliers des Compartiments concernés dans lesquels le Gestionnaire d’investissement considère que le Gestionnaire délégué est expérimenté et pour lesquels le Gestionnaire d’investissement souhaiterait bénéficier des connaissances du Gestionnaire délégué conformément aux dispositions du contrat de gestion d’investissement par délégation conclu entre le Gestionnaire d’investissement et RBC Global Asset Management (U.S.) Inc. en date du 2 novembre 2021.
RBC Global Asset Management (U.S.) Inc. est une société dûment constituée en vertu des lois de l’État du Minnesota, États-Unis d’Amérique, le 30 septembre 1983. RBC Global Asset Management (U.S.) Inc. est une filiale indirecte en propriété exclusive de la Banque Royale du Canada (RBC) et une société affiliée du Gestionnaire d’investissement.
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## Dépositaire | fr | es |
DOLFIN6105 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SUMMARY OF STRUCTURE
Corporate Information. The ICAV was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 12 October 2017 under registration number C174024 and is authorised by the Central Bank as a UCITS. The object of the ICAV is the collective investment in transferable securities and/or other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The ICAV has been structured as an umbrella fund, with segregated liability between Sub-Funds, in that the Directors may from time to time, with the prior approval of the Central Bank, create different series of Shares in accordance with the requirements of the Central Bank representing separate portfolios of assets, with each such series comprising a Sub-Fund. Each Sub-Fund will bear its own liabilities and, under Irish law, none of the ICAV, any of the Service Providers appointed to the ICAV, the Directors, any receiver, examiner or liquidator, nor any other person will have access to the assets of a Sub-Fund in satisfaction of a liability of any other Sub-Fund. The ICAV is promoted by the Global Distributor. Details of the promoter may be found under the “Global Distributor” section.
The ICAV is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the UCITS Regulations. The Directors have committed to maintain a high standard of corporate governance and will seek to comply with the Act, the UCITS Regulations and the Central Bank's requirements for UCITS.
Sub-Funds. The portfolio of assets maintained for each series of Shares and comprising a Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund as specified in the Relevant Supplement. Shares may be divided into different Classes to accommodate, amongst other things, different dividend policies, charges, fee arrangements (including different total expense ratios), currencies, or to provide for foreign exchange hedging in accordance with the policies and requirements of the Central Bank from time to time. | # RESUMEN DE LA ESTRUCTURA
Información corporativa. El 12 de octubre de 2017, el ICAV se registró en Irlanda de conformidad con la Ley irlandesa de instrumentos de gestión colectiva de activos de 2015 con el número de registro C174024 y está autorizada por el Banco Central como OICVM. El objeto del ICAV es la inversión colectiva en valores mobiliarios u otros activos financieros líquidos de los capitales recaudados del público, operando bajo el principio de reparto de riesgos de acuerdo con el Reglamento sobre OICVM. El ICAV se ha estructurado como un fondo paraguas, con responsabilidad segregada entre Subfondos, en el sentido de que los Consejeros pueden crear ocasionalmente, con la aprobación previa del Banco Central, diferentes series de Acciones de acuerdo con los requisitos del Banco Central que representen carteras de activos separadas, constituyendo cada una de dichas series un Subfondo. Cada Subfondo asumirá sus propias responsabilidades y, de acuerdo con la legislación irlandesa, ni el ICAV, ni ninguno de los Proveedores de servicios designados para el ICAV, ni los Consejeros, ni ningún síndico, examinador o liquidador, ni ninguna otra persona tendrán acceso a los activos de un Subfondo para satisfacer una responsabilidad de cualquier otro Subfondo. El ICAV es promovido por el Distribuidor global. Los datos del promotor se encuentran en la sección «Distribuidor global».
El ICAV está constituido en Irlanda y, por tanto, está sujeto a la Ley y debe cumplir los requisitos de gobierno corporativo del Reglamento sobre OICVM. Los Consejeros se han comprometido a mantener un alto nivel de gobierno corporativo y tratarán de cumplir con la Ley, el Reglamento sobre OICVM y los requisitos del Banco Central para los OICVM.
Subfondos. La cartera de activos mantenida para cada serie de Acciones y que comprende un Subfondo se invertirá de acuerdo con los objetivos y políticas de inversión aplicables a dicho Subfondo, tal y como se especifica en el Suplemento correspondiente. Las acciones pueden dividirse en diferentes Clases para dar cabida, entre otras cosas, a diferentes políticas de dividendos, cargos, acuerdos de comisiones (incluidos diferentes coeficientes de gastos totales), divisas, o para proporcionar cobertura de divisas de acuerdo con las políticas y requisitos del Banco Central oportunamente. | # SUMMARY OF STRUCTURE
Corporate Information. The ICAV was registered in Ireland pursuant to the Irish Collective Asset-management Vehicles Act 2015 on 12 October 2017 under registration number C174024 and is authorised by the Central Bank as a UCITS. The object of the ICAV is the collective investment in transferable securities and/or other liquid financial assets of capital raised from the public, operating on the principle of risk spreading in accordance with the UCITS Regulations. The ICAV has been structured as an umbrella fund, with segregated liability between Sub-Funds, in that the Directors may from time to time, with the prior approval of the Central Bank, create different series of Shares in accordance with the requirements of the Central Bank representing separate portfolios of assets, with each such series comprising a Sub-Fund. Each Sub-Fund will bear its own liabilities and, under Irish law, none of the ICAV, any of the Service Providers appointed to the ICAV, the Directors, any receiver, examiner or liquidator, nor any other person will have access to the assets of a Sub-Fund in satisfaction of a liability of any other Sub-Fund. The ICAV is promoted by the Global Distributor. Details of the promoter may be found under the “Global Distributor” section.
The ICAV is incorporated in Ireland and is therefore subject to the Act and is required to comply with the corporate governance requirements of the UCITS Regulations. The Directors have committed to maintain a high standard of corporate governance and will seek to comply with the Act, the UCITS Regulations and the Central Bank's requirements for UCITS.
Sub-Funds. The portfolio of assets maintained for each series of Shares and comprising a Sub-Fund will be invested in accordance with the investment objectives and policies applicable to such Sub-Fund as specified in the Relevant Supplement. Shares may be divided into different Classes to accommodate, amongst other things, different dividend policies, charges, fee arrangements (including different total expense ratios), currencies, or to provide for foreign exchange hedging in accordance with the policies and requirements of the Central Bank from time to time. | en | es |
DOLFIN6106 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant principalement dans des instruments financiers dérivés pour gagner une exposition à une gamme d’actifs composée d’obligations, d’actions et de devises du monde entier, y compris des marchés émergents.
Politique d’investissement :
Le Fonds vise des rendements moins sensibles aux fluctuations du marché et une volatilité moyenne (fluctuations du prix d’un titre) de 7 %.
Le Fonds prend des positions « longues » (si l’on s’attend à ce que la valeur des actifs augmente) ou des positions « courtes » (si l’on s’attend à ce que la valeur des actifs diminue) et recourt à une gamme de styles d’investissements.
Les facteurs de styles utilisés par le Fonds comprennent une stratégie carry (positions longues sur des actifs à haut rendement et positions courtes sur des actifs à faible rendement), une stratégie value (positions longues sur des actifs sous-évalués et positions courtes sur des actifs surévalués) et une stratégie momentum (positions longues sur des actifs affichant des performances récentes élevées et positions courtes sur des actifs assortis de performances récentes moindres).
La corrélation entre les styles devrait être faible.
Le Fonds peut investir dans des obligations à court terme (ou titres similaires), instruments du marché monétaire et liquidités.
Le Fonds peut investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds HSBC.
Pour mettre en œuvre les stratégies susmentionnées, le Fonds utilise principalement des instruments financiers dérivés. Le Fonds peut les utiliser à des fins de couverture, de gestion de trésorerie et d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est EUR. La devise de référence de cette catégorie d’actions est EUR.
Les revenus sont réinvestis.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et ne réplique pas d’indice de référence. Le Fonds a un objectif interne ou externe par rapport à un indice de référence, l’indice Euro Short-Term Rate (ESTR).
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à moyen terme. Le Fonds est destiné aux investisseurs avertis qui recherchent un investissement offrant une exposition à différentes catégories d’actifs principalement obtenue en utilisant des instruments financiers dérivés susceptibles de réduire la liquidité et d’augmenter la volatilité du rendement. Le Fonds peut convenir aux investisseurs à la recherche d’un fonds à stratégie unique venant compléter un portefeuille diversifié existant.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected], ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | # ¿Qué es este producto?
Tipo
El Fondo es una sociedad de inversión constituida como una sociedad anónima que reúne los requisitos para ser considerada una «société d'investissement à capital variable». El valor del Fondo depende de la rentabilidad de los activos subyacentes y puede subir o bajar. Cualquier capital invertido en el Fondo puede estar en riesgo.
Objetivos y política de inversión
Objetivo de inversión:
El Fondo tiene como objetivo proporcionar un crecimiento de capital e ingresos a largo plazo invirtiendo principalmente en instrumentos financieros derivados para exponerse a una serie de activos, entre los que se incluyen bonos, acciones y divisas de todo el mundo, incluidos los mercados emergentes.
Política de inversión:
El Fondo apunta a rentabilidades que son menos sensibles a las fluctuaciones del mercado y a una volatilidad media (fluctuaciones en el precio de un valor) del 7 %.
El Fondo toma posiciones «largas» (si se espera que los activos aumenten de valor) o posiciones «cortas» (si se espera que los activos disminuyan de valor) y utiliza una gama de estilos de inversión.
Los factores de estilo empleados por el Fondo incluyen una estrategia carry (que tiene como objetivo tomar posiciones largas en activos de mayor rendimiento y posiciones cortas en activos de menor rendimiento), una estrategia de valor (que tiene como objetivo tomar posiciones largas en activos infravalorados y posiciones cortas en activos sobrevalorados) y una estrategia de tendencia (que tiene como objetivo tomar posiciones largas en activos de mayor rentabilidad reciente y posiciones cortas en activos de menor rentabilidad reciente).
Se espera que los estilos tengan una baja correlación entre sí.
El Fondo podrá invertir en bonos a corto plazo (o valores similares), instrumentos del mercado monetario y efectivo.
El Fondo puede invertir hasta el 10 % de sus activos en otros fondos, incluidos los fondos de HSBC.
Para aplicar las estrategias mencionadas, el Fondo utilizará principalmente instrumentos financieros derivados. El Fondo podrá utilizarlos con fines de cobertura, de gestión de flujo de efectivo y de inversión. Los derivados también podrán estar integrados en otros instrumentos utilizados por el Fondo.
El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
La moneda de referencia del Fondo es EUR. La moneda de referencia de esta clase de acciones es EUR.
Los ingresos se reinvierten.
Puede vender su inversión la mayoría de los días laborables.
El Fondo se gestiona activamente y no reproduce ningún valor de referencia. El Fondo tiene un objetivo interno o externo con respecto a un valor de referencia, el Euro Short-Term Rate (ESTR).
Inversor minorista al que va dirigido
El Fondo puede ser adecuado para inversores con un horizonte de inversión a medio plazo. El Fondo está dirigido a inversores profesionales que busquen una inversión que ofrezca exposición a diferentes clases de activos, principalmente mediante el uso de instrumentos financieros derivados que tengan el potencial de reducir la liquidez y aumentar la volatilidad de los rendimientos. El Fondo puede ser adecuado para inversores que busquen un fondo de estrategia única para añadirlo a una cartera diversificada existente.
Una inversión en el Fondo solo es adecuada para inversores que sean capaces de evaluar los riesgos y los beneficios de dicha inversión y que cuenten con recursos suficientes para soportar cualquier pérdida, ya que el Fondo no está garantizado y el importe recibido puede ser inferior a la cantidad invertida. El Fondo está diseñado para formar parte de una cartera de inversión diversificada. Los posibles inversores deben consultar a su asesor financiero antes de invertir.
Plazo:
El Fondo no tiene una fecha de vencimiento.
El Productor del PRIIP no puede terminar el Fondo de forma unilateral. Asimismo, el Consejo de Administración podrá decidir liquidar el Fondo en determinadas circunstancias que se detallan en el folleto y los estatutos del Fondo.
Información adicional:
El presente documento describe una única clase de acciones o participaciones de un subfondo de la Sociedad. Puede obtener más información sobre la Sociedad y consultar el Folleto, los informes anual y semestral más recientes de la Sociedad y los últimos precios de las acciones o participaciones de forma gratuita, en inglés, a través del Agente de registro y de transferencia, mediante el correo electrónico [email protected] o visitando www.global.assetmanagement.hsbc.com. El Folleto más reciente se encuentra disponible en inglés y alemán. El Folleto y los informes anual y semestral han sido elaborados para el conjunto de la Sociedad.
El Banco Depositario es HSBC Continental Europe, Luxembourg. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos.
Es posible canjear sus acciones o participaciones por las de una clase distinta u otro subfondo de la Sociedad. Para obtener más información al respecto, consulte el apartado del Folleto relativo a las conversiones entre subfondos o clases. | # En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant principalement dans des instruments financiers dérivés pour gagner une exposition à une gamme d’actifs composée d’obligations, d’actions et de devises du monde entier, y compris des marchés émergents.
Politique d’investissement :
Le Fonds vise des rendements moins sensibles aux fluctuations du marché et une volatilité moyenne (fluctuations du prix d’un titre) de 7 %.
Le Fonds prend des positions « longues » (si l’on s’attend à ce que la valeur des actifs augmente) ou des positions « courtes » (si l’on s’attend à ce que la valeur des actifs diminue) et recourt à une gamme de styles d’investissements.
Les facteurs de styles utilisés par le Fonds comprennent une stratégie carry (positions longues sur des actifs à haut rendement et positions courtes sur des actifs à faible rendement), une stratégie value (positions longues sur des actifs sous-évalués et positions courtes sur des actifs surévalués) et une stratégie momentum (positions longues sur des actifs affichant des performances récentes élevées et positions courtes sur des actifs assortis de performances récentes moindres).
La corrélation entre les styles devrait être faible.
Le Fonds peut investir dans des obligations à court terme (ou titres similaires), instruments du marché monétaire et liquidités.
Le Fonds peut investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds HSBC.
Pour mettre en œuvre les stratégies susmentionnées, le Fonds utilise principalement des instruments financiers dérivés. Le Fonds peut les utiliser à des fins de couverture, de gestion de trésorerie et d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est EUR. La devise de référence de cette catégorie d’actions est EUR.
Les revenus sont réinvestis.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et ne réplique pas d’indice de référence. Le Fonds a un objectif interne ou externe par rapport à un indice de référence, l’indice Euro Short-Term Rate (ESTR).
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à moyen terme. Le Fonds est destiné aux investisseurs avertis qui recherchent un investissement offrant une exposition à différentes catégories d’actifs principalement obtenue en utilisant des instruments financiers dérivés susceptibles de réduire la liquidité et d’augmenter la volatilité du rendement. Le Fonds peut convenir aux investisseurs à la recherche d’un fonds à stratégie unique venant compléter un portefeuille diversifié existant.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected], ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | fr | es |
DOLFIN6107 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 880 EUR -91.16% | 990 EUR -37.03% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,660 EUR -43.36% | 5,410 EUR -11.55% |
| Moderate² | What you might get back after costs Average return each year | 11,460 EUR 14.62% | 18,170 EUR 12.68% |
| Favourable³ | What you might get back after costs Average return each year | 16,870 EUR 68.70% | 27,990 EUR 22.85% | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 880 EUR -91,16% | 990 EUR -37,03% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 5.660 EUR -43,36% | 5.410 EUR -11,55% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.460 EUR 14,62% | 18.170 EUR 12,68% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.870 EUR 68,70% | 27.990 EUR 22,85% | | | Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 880 EUR -91.16% | 990 EUR -37.03% |
| Unfavourable¹ | What you might get back after costs Average return each year | 5,660 EUR -43.36% | 5,410 EUR -11.55% |
| Moderate² | What you might get back after costs Average return each year | 11,460 EUR 14.62% | 18,170 EUR 12.68% |
| Favourable³ | What you might get back after costs Average return each year | 16,870 EUR 68.70% | 27,990 EUR 22.85% | | en | es |
DOLFIN6108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
This is the maximum that might be taken out of your money before it is invested or
before proceeds of your investments are paid out.
| Charges taken from the Unit Class over each year |
| --- |
| Ongoing Charges | 0.46% |
| Charges taken from the Unit Class under certain conditions |
| Performance Fee | None |
Past performance is not a guide to future performance.
The chart shows the Unit Class’ annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Unit Class’ net asset value at each year-end. The fund was launched in 2002. The Unit Class was launched in 2002.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:STOXX® Europe 600 Automobiles & Parts (EUR) | # Rentabilidad Pasada
Este es el máximo que puede detraerse de su capital antes de la inversión, o antes
de abonar el producto de la inversión.
| Gastos soportados por la Clase de Participaciones cada año |
| --- |
| Gastos corrientes | 0,46% |
| Gastos soportados por la Clase de Participaciones en determinadas condiciones específicas |
| Comisión de rentabilidad | Ninguna |
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual de la Clase de Participaciones en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor liquidativo de la Clase de Participaciones al cierre de cada ejercicio. El fondo se lanzó en 2002. La Clase de Participaciones se lanzó en 2002.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
† Índice de referencia:STOXX® Europe 600 Automobiles & Parts (EUR) | # Past Performance
This is the maximum that might be taken out of your money before it is invested or
before proceeds of your investments are paid out.
| Charges taken from the Unit Class over each year |
| --- |
| Ongoing Charges | 0.46% |
| Charges taken from the Unit Class under certain conditions |
| Performance Fee | None |
Past performance is not a guide to future performance.
The chart shows the Unit Class’ annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Unit Class’ net asset value at each year-end. The fund was launched in 2002. The Unit Class was launched in 2002.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
† Benchmark:STOXX® Europe 600 Automobiles & Parts (EUR) | en | es |
DOLFIN6109 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a real or potential negative material impact on the value of the investment. Insofar as environmental, social and governance (ESG) factors represent a significant risk and/or opportunity to maximise the long-term, risk-adjusted return, they will be taken into account in the decision-making process.
In accordance with the Transparency Regulation, financial market participants are required to be transparent about the manner in which sustainability risks are integrated into their investment decisions, and the results of the assessment of the likely impacts of sustainability risks on the returns of the financial products they make available.
For all sub-funds, apart from the sub-funds listed below
Investments in these sub-funds do not particularly take into account EU criteria relating to an environmentally sustainable economic activity.
In agreement with the Managers, the Management Company has determined that while ESG criteria may be incorporated into the selection process aimed at guiding investment decisions, the primary objective is to maximise sub-fund returns in accordance with their risk profile. In this regard, ESG criteria do not constitute a constraint in determining the portfolio’s composition, which may be changed at any time depending on the outlook for anticipated financial returns and risks. Thus, in managing the sub-funds, the sustainability risk as defined by the European Union is not in itself considered a risk category on the value of sub-fund investments, subject to specific monitoring.
The Management Company and the Managers may consider in future that it is appropriate to integrate sustainability risks into their investment decisions for the sub-funds, and this information will be updated to reflect such a decision in accordance with the Transparency Regulation.
For the sub-funds:
Europe Value Europe Opportunities
America Opportunities Europe Growth Global Trends
RMB Bonds Short Term Euro Euro Bonds
Among other characteristics, the sub-funds listed above promote environmental and/or social characteristics.
The Management Company and the Managers draw on the analysis of an external provider, which has dedicated resources and teams with ESG-related experience. The provider gives ESG ratings to target investments based on an analysis of multiple criteria and data from several providers.
This analysis enables them to put in place a rigorous investment selection process that:
- excludes companies that do not comply with the ESG policy of the group to which the Management Company belongs, or to international conventions and internationally recognised regulatory frameworks or national regulatory frameworks. | Un risque en matière de durabilité signifie un événement ou une situation dans le domaine environnemental, so- cial ou de la gouvernance qui, s’il survient, pourrait avoir une incidence négative importante, réelle ou potentielle, sur la valeur de l’investissement. Dans la mesure où des facteurs environnementaux, sociaux ou de gouvernance (« ESG ») représentent un risque significatif et / ou une opportunité à maximiser le rendement à long terme et ajusté au risque, ces facteurs seront pris en compte dans le processus de décision.
En accord avec le Règlement Transparence, il est demandé aux acteurs des marchés financiers d’être transpa- rents sur la manière dont les risques en matière de durabilité sont intégrés dans leurs décisions d’investissement ainsi que sur les résultats de l’évaluation des incidences probables des risques en matière de durabilité sur le ren- dement des produits financiers qu’ils mettent à disposition.
Pour tous les compartiments, hormis les compartiments référencés ci-dessous :
Les investissements de ces compartiments ne prennent pas particulièrement en compte les critères UE relatifs à une activité économique durable sur le plan environnemental.
La Société de Gestion, en accord avec les Gestionnaires, a déterminé que si les critères ESG peuvent entrer dans le processus de sélection visant à fonder les décisions d’investissement, l’objectif premier est de maximiser le rendement des compartiments selon leur profil de risque. A cet effet, les critères ESG ne constituent pas une contrainte dans la détermination de la composition du portefeuille, qui peut évoluer à tout moment en fonction des perspectives de rendements et de risques financiers anticipés. Ainsi, le risque en matière de durabilité tel que défini par la règlementation de l’Union européenne n’est pas considéré, dans la gestion des compartiments, comme une catégorie de risque en soi sur la valeur des investissements des compartiments et qui ferait l’objet d’un suivi spécifique.
La Société de Gestion et les Gestionnaires pourront considérer dans le futur qu’il est approprié d’intégrer les risques de durabilité à leurs décisions d’investissement pour les compartiments et cette information sera mise à jour en accord avec le Règlement Transparence afin de refléter une telle décision.
Pour les compartiments :
Europe Value Europe Opportunities
America Opportunities Europe Growth Global Trends
RMB Bonds Short Term Euro Euro Bonds
Les compartiments ci-dessus promeuvent, entre autres caractéristiques, des caractéristiques environnementales et/ou sociales.
La Société de Gestion et les Gestionnaires s’appuient sur l’analyse d’un provider externe qui bénéficie de ressources et d’équipes dédiées et expérimentées en matière d’ESG. Le provider attribue des notes ESG aux investissements-cibles qui reposent sur l’analyse de multiples critères et de plusieurs fournisseurs de données.
Cette analyse permet de mettre en place un processus de sélection et d’investissement rigoureux qui :
- exclut les entreprises qui ne sont conformes ni à la politique ESG du groupe auquel appartient la Société de Gestion, ni aux conventions internationales et aux cadres reconnus sur le plan international, ni aux cadres de régulations nationales. | A sustainability risk means an environmental, social or governance event or condition that, if it occurs, could cause a real or potential negative material impact on the value of the investment. Insofar as environmental, social and governance (ESG) factors represent a significant risk and/or opportunity to maximise the long-term, risk-adjusted return, they will be taken into account in the decision-making process.
In accordance with the Transparency Regulation, financial market participants are required to be transparent about the manner in which sustainability risks are integrated into their investment decisions, and the results of the assessment of the likely impacts of sustainability risks on the returns of the financial products they make available.
For all sub-funds, apart from the sub-funds listed below
Investments in these sub-funds do not particularly take into account EU criteria relating to an environmentally sustainable economic activity.
In agreement with the Managers, the Management Company has determined that while ESG criteria may be incorporated into the selection process aimed at guiding investment decisions, the primary objective is to maximise sub-fund returns in accordance with their risk profile. In this regard, ESG criteria do not constitute a constraint in determining the portfolio’s composition, which may be changed at any time depending on the outlook for anticipated financial returns and risks. Thus, in managing the sub-funds, the sustainability risk as defined by the European Union is not in itself considered a risk category on the value of sub-fund investments, subject to specific monitoring.
The Management Company and the Managers may consider in future that it is appropriate to integrate sustainability risks into their investment decisions for the sub-funds, and this information will be updated to reflect such a decision in accordance with the Transparency Regulation.
For the sub-funds:
Europe Value Europe Opportunities
America Opportunities Europe Growth Global Trends
RMB Bonds Short Term Euro Euro Bonds
Among other characteristics, the sub-funds listed above promote environmental and/or social characteristics.
The Management Company and the Managers draw on the analysis of an external provider, which has dedicated resources and teams with ESG-related experience. The provider gives ESG ratings to target investments based on an analysis of multiple criteria and data from several providers.
This analysis enables them to put in place a rigorous investment selection process that:
- excludes companies that do not comply with the ESG policy of the group to which the Management Company belongs, or to international conventions and internationally recognised regulatory frameworks or national regulatory frameworks. | en | fr |
DOLFIN6110 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
See Share Classes and Costs for more complete information.*Reduces by 1.00% a year and is zero after 3 years.
A (perf) (fix) EUR 2.35 - EUR (hedged) and D (perf) (fix) EUR1.60 - EUR (hedged) Share Classes are intended to be granted by the Board of Directors a quarterly fixed dividend based on a total annual dividend of EUR 2.35 and EUR 1.60 per Share respectively.
JPMorgan Funds - | Siehe Anteilklassen und Kosten für ausführlichere Informationen.*Vermindert sich um 1,00% pro Jahr und liegt nach 3 Jahren bei null.
Der Verwaltungsrat beabsichtigt, für die Anteilklassen A (perf) (fix) EUR 2,35 - EUR (hedged) und D (perf) (fix) EUR 1,60 - EUR (hedged) eine vierteljährliche feste Ausschüttung auf der Grundlage einer jährlichen Gesamtausschüttung in Höhe von EUR 2,35, bzw. EUR 1,60 je Anteil zu gewähren.
JPMorgan Funds – | See Share Classes and Costs for more complete information.*Reduces by 1.00% a year and is zero after 3 years.
A (perf) (fix) EUR 2.35 - EUR (hedged) and D (perf) (fix) EUR1.60 - EUR (hedged) Share Classes are intended to be granted by the Board of Directors a quarterly fixed dividend based on a total annual dividend of EUR 2.35 and EUR 1.60 per Share respectively.
JPMorgan Funds - | en | de |
DOLFIN6111 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
It was with the aim of assessing the degree of integration of ESG challenges by companies and respect for stakeholders that extra-financial analysis naturally enriched our financial analysis.
ESG analysis takes into account the parameters that we believe are essential to the company's solidity, stability and financial sustainability. It enables us to identify major ESG issues, detect potentially damaging risks for the company and its investors, but also future opportunities.
It is therefore important to select companies that integrate the following non-financial issues into their development model:
ESG criteria incorporated by the NORDEN SRI SICAV
An internal ESG analysis process has been developed and implemented by Lazard Frires Gestion's analyst-manager teams in the form of an internal ESG grid. Analysis construction requires an in-depth, informed, forward-looking and, if necessary, critical study. ESG analyses are carried out directly by our analysts-managers in accordance with our desire to reject a "silo" ESG approach. The result of a rigorous methodology, our ESG analysis process summarises the information relating to each company in an internal grid shared by all analysts-managers. The Equity and Fixed income teams therefore have a common analysis to support the implementation of integration processes adapted to the different asset classes. | Con el fin de evaluar el grado de integración de las cuestiones ASG por parte de las empresas y el respeto de las partes interesadas, el análisis extrafinanciero ha enriquecido naturalmente nuestro análisis financiero.
El análisis ASG tiene en cuenta los parámetros que nos parecen imprescindibles para la solidez, la estabilidad y la sostenibilidad financiera de la empresa. Nos permite identificar los principales retos ASG y detectar riesgos potencialmente perjudiciales para la empresa y sus inversores, así como oportunidades futuras.
Por tanto, es importante seleccionar empresas que integren en su modelo de desarrollo los retos extrafinancieros siguientes:
Naturaleza de los criterios ASG considerados en la Sicav NORDEN SRI
Los equipos de analistas/gestores de Lazard Frires Gestion han elaborado y puesto en marcha un proceso de análisis interno ASG en forma de matriz ASG interna. Los análisis se basan en un estudio profundo, bien fundado, prospectivo y, si es necesario, crítico. Los análisis ASG los llevan a cabo directamente nuestros analistas-gestores de acuerdo con nuestra voluntad de rechazar un enfoque ASG en compartimentos aislados. Fruto de una metodología rigurosa, nuestro proceso de análisis ASG sintetiza la información relativa a cada empresa en una matriz interna compartida por el conjunto de los analistas-gestores. Los equipos de Renta variable y Renta fija disponen así de un análisis común que sirve de apoyo a la puesta en marcha de unos procesos de integración adaptados a las diferentes clases de activos. | It was with the aim of assessing the degree of integration of ESG challenges by companies and respect for stakeholders that extra-financial analysis naturally enriched our financial analysis.
ESG analysis takes into account the parameters that we believe are essential to the company's solidity, stability and financial sustainability. It enables us to identify major ESG issues, detect potentially damaging risks for the company and its investors, but also future opportunities.
It is therefore important to select companies that integrate the following non-financial issues into their development model:
ESG criteria incorporated by the NORDEN SRI SICAV
An internal ESG analysis process has been developed and implemented by Lazard Frires Gestion's analyst-manager teams in the form of an internal ESG grid. Analysis construction requires an in-depth, informed, forward-looking and, if necessary, critical study. ESG analyses are carried out directly by our analysts-managers in accordance with our desire to reject a "silo" ESG approach. The result of a rigorous methodology, our ESG analysis process summarises the information relating to each company in an internal grid shared by all analysts-managers. The Equity and Fixed income teams therefore have a common analysis to support the implementation of integration processes adapted to the different asset classes. | en | es |
DOLFIN6112 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund will only issue Accumulation Shares and so will not distribute income.
The Global Focus Fund would be a UCITS scheme for the purposes of the Regulations and the FCA Rules if considered as a separate legal entity.
The Fund will invest not more than 10% of its Scheme Property in other collective investment schemes.
Income equalisation will be applied.
7
Inserted by resolution of the ACD dated 20 June 2016.
8
Inserted by resolution of the ACD dated 29 March 2018. | Der Teilfonds wird nur Thesaurierungsanteile ausgeben und demnach keine Erträge ausschütten.
Der Global Focus Fund würde für die Zwecke der Verordnungen und der FCA- Bestimmungen ein OGAW-Fonds sein, wenn er als eigenständige rechtliche Einheit angesehen werden würde.
Der Teilfonds legt höchstens 10 % seines Vermögens in anderen Investmentfonds an.
Es wird Ertragsausgleich angewendet.
7
Eingefügt durch den Beschluss des ACD vom 20. Juni 2016.
8
Eingefügt durch den Beschluss des ACD vom 29. März 2018. | The Fund will only issue Accumulation Shares and so will not distribute income.
The Global Focus Fund would be a UCITS scheme for the purposes of the Regulations and the FCA Rules if considered as a separate legal entity.
The Fund will invest not more than 10% of its Scheme Property in other collective investment schemes.
Income equalisation will be applied.
7
Inserted by resolution of the ACD dated 20 June 2016.
8
Inserted by resolution of the ACD dated 29 March 2018. | en | de |
DOLFIN6113 | 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 Swiss Re Cat Bond Index (TR) between 30/06/2013-30/06/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 10,843
8.4%
EUR 12,916
5.3% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2013-30/06/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 843 EUR
8,4%
12 916 EUR
5,3% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2013-30/06/2018.
Favourable scenario
What you might get back after costs
Average return each year
EUR 10,843
8.4%
EUR 12,916
5.3% | en | es |
DOLFIN6114 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Multi-asset approach, leveraging specialists from around JPMorgan Asset Management's global investment platform, with a focus on risk- adjusted income.
- Flexible implementation of the managers’ allocation views at asset class and regional level.
Share Class Benchmark 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure Primarily invests in debt securities (including MBS/ABS), equities and real estate investment trusts (REITs) from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 5% and 25% of its assets in MBS/ABS of any credit quality. MBS which may be agency (issued by | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar ingresos periódicos invirtiendo principalmente en una cartera de valores de todo el mundo generadores de ingresos, y a través del uso de derivados.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Enfoque multiactivos que saca partido de los especialistas de la plataforma de inversión mundial de JPMorgan Asset Management y que privilegia los ingresos ajustados al riesgo.
- Implementación flexible de las opiniones de asignación de los gestores al nivel de la clase de activos y por regiones.
Índice de referencia de la Clase de Acciones 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Invierte principalmente en títulos de deuda (incluidos MBS/ABS), valores de renta variable y fondos de inversión inmobiliarios (REIT) de emisores de cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 5% y un 25% de su patrimonio en MBS/ABS de cualquier calidad crediticia. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Multi-asset approach, leveraging specialists from around JPMorgan Asset Management's global investment platform, with a focus on risk- adjusted income.
- Flexible implementation of the managers’ allocation views at asset class and regional level.
Share Class Benchmark 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure Primarily invests in debt securities (including MBS/ABS), equities and real estate investment trusts (REITs) from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 5% and 25% of its assets in MBS/ABS of any credit quality. MBS which may be agency (issued by | en | es |
DOLFIN6115 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Valuation and haircuts
Valuations are carried out daily in accordance with the relevant valuation principles as described in this Prospectus and a margin is applied to collateral transactions so that, depending on the combination of securities on loan and the type of collateral received, the value of collateral required will range from 102% to 110% of the value of securities on loan.
The collateral is marked to market daily to maintain the 102% to 110% excess collateral to act as insurance for volatile market conditions.
Collateral is subject to a haircut based on the combination of the underlying instrument being lent versus the asset being received as collateral.
The Fund reserves the right to vary this policy at any time in which case this Prospectus will be updated accordingly.
Reverse repurchase transactions entered into in the context of reinvestment of cash collateral are collateralised between 102% to 110%, depending on the underlying securities. The pricing for collateral is performed by the tri-party agent chosen by the Securities Lending Agent and are revalued daily. The daily price calculation will determine the amount of collateral required to be received/delivered from the counterparty for that day. The collateral delivery/receipt is initiated and managed by the tri-party agent. | ### Valutazioni e haircut
Le valutazioni sono effettuate giornalmente in conformità con i relativi principi applicabili e descritti nel presente Prospetto e alle operazioni di collaterale viene applicato un margine in modo che, a seconda della combinazione dei titoli in prestito e del tipo di garanzia ricevuta, il valore della garanzia richiesta sarà compreso tra il 102% e il 110% del valore dei titoli in prestito.
Il collaterale è confrontato giornalmente con il mercato per mantenere, rispetto al valore di quest'ultimo, il rapporto di 102% a 110% come assicurazione contro gli andamenti volatili dei mercati.
I collaterali sono soggetti a riduzioni di valore basate su una combinazione tra lo strumento sottostante dato in prestito e il bene ricevuto in garanzia.
Il Comparto si riserva il diritto di modificare questa politica in qualsiasi momento; in tal caso il Prospetto verrà aggiornato di conseguenza.
Le operazioni di riacquisto inverso nell'ambito del reinvestimento della garanzia collaterale in contanti sono collateralizzate tra il 102% al 110%, in base ai titoli sottostanti. Il prezzo della garanzia collaterale viene determinato giornalmente dall'agente terzo scelto dall'Agente di prestito titoli. Il prezzo giornaliero calcolato determinerà l'ammontare della garanzia collaterale da ricevere dalla / inviare alla controparte in un determinato giorno. L'invio/ricezione della garanzia collaterale saranno gestiti dall'agente terzo. | ### Valuation and haircuts
Valuations are carried out daily in accordance with the relevant valuation principles as described in this Prospectus and a margin is applied to collateral transactions so that, depending on the combination of securities on loan and the type of collateral received, the value of collateral required will range from 102% to 110% of the value of securities on loan.
The collateral is marked to market daily to maintain the 102% to 110% excess collateral to act as insurance for volatile market conditions.
Collateral is subject to a haircut based on the combination of the underlying instrument being lent versus the asset being received as collateral.
The Fund reserves the right to vary this policy at any time in which case this Prospectus will be updated accordingly.
Reverse repurchase transactions entered into in the context of reinvestment of cash collateral are collateralised between 102% to 110%, depending on the underlying securities. The pricing for collateral is performed by the tri-party agent chosen by the Securities Lending Agent and are revalued daily. The daily price calculation will determine the amount of collateral required to be received/delivered from the counterparty for that day. The collateral delivery/receipt is initiated and managed by the tri-party agent. | en | it |
DOLFIN6116 | 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 EUR |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 620 EUR | 6 760 EUR |
| | Rendement annuel moyen | - 53,78 % | - 17,76 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 710 EUR | 8 630 EUR |
| | Rendement annuel moyen | - 12,85% | - 7,1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 240 EUR | 10 430 EUR |
| | Rendement annuel moyen | 2,4% | 2,1% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 830 EUR | 11 700 EUR |
| | Rendement annuel moyen | 18,29% | 8,16% | | | Período de mantenimiento mínimo recomendado: 2 Años Ejemplo de inversión: 10 000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 Año | En caso de salida después de 2 Años (período de mantenimiento recomendado) |
| Mínimo: | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 4 620 EUR | 6 760 EUR |
| | Rendimiento medio cada año | - 53,78 % | - 17,76 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 710 EUR | 8 630 EUR |
| | Rendimiento medio cada año | - 12,85% | - 7,1% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 240 EUR | 10 430 EUR |
| | Rendimiento medio cada año | 2,4% | 2,1% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 830 EUR | 11 700 EUR |
| | Rendimiento medio cada año | 18,29% | 8,16% | | | Période de détention minimum recommandée : 2 Ans Exemple d’investissement: 10 000 EUR |
| --- |
| Scénarios | Si vous sortez après 1 An | Si vous sortez après 2 Ans (période de détention recommandée) |
| Minimum : | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 4 620 EUR | 6 760 EUR |
| | Rendement annuel moyen | - 53,78 % | - 17,76 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 710 EUR | 8 630 EUR |
| | Rendement annuel moyen | - 12,85% | - 7,1% |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 240 EUR | 10 430 EUR |
| | Rendement annuel moyen | 2,4% | 2,1% |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 11 830 EUR | 11 700 EUR |
| | Rendement annuel moyen | 18,29% | 8,16% | | fr | es |
DOLFIN6117 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
(1)
If for a particular reason, the day in question is not a bank business day in Luxembourg, the Record-date would be put off to the Luxembourg bank business day immediately afterwards.
(2)
Dates are based on a valuation simulation. As a consequence, dates may change depending on the composition of the portfolio at this date. If for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards.
(3)
If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any other day communicated by the local agent.
(4)
For the sub-funds ABS Opportunities Classic H USD MD – Distribution and US Mortgage Classic MD - Distribution, the payment date was 7 September 2021.
Monthly amount from July 2021: | (1)
Se per qualsiasi motivo la data in questione non è un giorno di apertura delle banche in Lussemburgo, la Data di registrazione viene posticipata al primo giorno successivo di apertura delle banche in Lussemburgo.
(2)
Le date sono basate su un'ipotesi di valutazione. Esse possono quindi cambiare in funzione della composizione del portafoglio a quella data. Se per qualsiasi motivo non è possibile effettuare la valutazione in tale data, la data ex dividendo viene posticipata al primo giorno di valutazione utile successivo.
(3)
Se tale data non è un giorno di apertura delle banche in Lussemburgo, la data di pagamento sarà il giorno lavorativo bancario successivo. Qualora per un particolare motivo non sia possibile effettuare il regolamento (ad es. festività nazionale per una determinata valuta o un paese), il regolamento sarà effettuato il primo giorno lavorativo successivo o in qualsiasi altra data comunicata dall'agente locale.
(4)
Per i comparti ABS Opportunities Classic H USD MD - distribuzione e US Mortgage Classic MD - distribuzione, la data di pagamento è stata il 7 settembre 2021.
Importo mensile da luglio 2021: | (1)
If for a particular reason, the day in question is not a bank business day in Luxembourg, the Record-date would be put off to the Luxembourg bank business day immediately afterwards.
(2)
Dates are based on a valuation simulation. As a consequence, dates may change depending on the composition of the portfolio at this date. If for a particular reason, the day in question the valuation was not possible, the ex-date would be put off to the valuation day possible immediately afterwards.
(3)
If this day is not a bank business day in Luxembourg, the payment date will be the next following bank business day. If for a particular reason, the settlement is not possible (e.g. bank holiday on a specific currency or country), settlement will be made the 1st business day after or any other day communicated by the local agent.
(4)
For the sub-funds ABS Opportunities Classic H USD MD – Distribution and US Mortgage Classic MD - Distribution, the payment date was 7 September 2021.
Monthly amount from July 2021: | en | it |
DOLFIN6118 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de marzo de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
30%
20%
10%
0% | ### Launch Date and Currency
Sub-Fund's launch date: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0% | en | es |
DOLFIN6119 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Euro Opportunistic Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 0.94%. Over the same period, the Bloomberg Euro Aggregate Bond Index (Total Return, Hedged, EUR) returned -2.85%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Euro zone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. On the contrary the credit market outperformed, benefiting from this better economic outlook as their spreads over government yields tightened by few basis points.
This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave. This may reflect the economy has adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos has almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx.
On the contrary, the second round of social restrictions impacted the service sector, weighing on consumption, which led the Euro governments to decide 2 types of measures: the first one is to implement national and common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second one consists in preparing from Q2 the acceleration of the vaccination rollout through the acquisitions of new vaccine types. The bond market sell-off led the European Central Bank (ECB) to affirm a rise in real yields in not appropriated as it could tighten financial conditions: Mrs. Lagarde decided a significant increase in the monthly amount of the PEPP bond amount.
The agenda was also driven by the Italian government dissolution. The former Italian Prime Minister Matteo Renzi announced the withdrawal of his party Italia Viva from the government coalition. Mario Draghi agreed to form the new government made up of several political heavyweights on top of the expected technocrats. By including politics in the government, Draghi may have increased the unity government’s life expectancy. In addition, the EU Commission approved the Next Gen EU recovery plans for most countries. We can anticipate the start of the payment for the “grants” to each country during the summer.
The period from June to August saw the bond market to recover. The new COVID-19 Delta strain breakdown pushed higher the Euro bonds: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen last February.
Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The ECB maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP).
The period from September to the end of the year has known the recovery of the Euro bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. While bond yields for maturities higher than 10-year suffered just in September, the short to medium term bond yields rose at the very end of the year considering the hawkish central bank messages for 2022. The emergence of the new Omicron variant led to only temporary pause in the bond market correction from November to mid-December as the market finally returned to optimism considering the breakout only implied a low number of people having to go to the hospital and more important a small increase in ICU beds.
The main economic event of the last period of 2021 was the jump in Euro inflation rate to end close to 5% year on year, the highest level since the Euro currency inception. The main reasons are the energy price increase, the supply chain disruption and the demand recovery. In parallel, the economic indicators showed a steady activity due to CapEx and consumption strength, especially in the south of the Eurozone. The central banks revised upward the magnitude and the duration of the inflation rebound, leading the ECB to turn slightly hawkish by ending its PEPP in March 2022 and only compensating that by an increase of the APP amount for 6 months. Such an ECB policy evolution and the coming Italian presidential election weighted on the periphery, especially Italy and Greece, which underperformed significantly as shown by the 10-year Italian government spread versus Bund rising by 30 bps.
In addition, the heavy primary market put pressure on the credit market, but only slightly due to the strong equity market rally.
The Portfolio managed actively an underweight duration exposure all the yearlong since the COVID-19 pandemic seemed being under control and didn’t impact so much growth in the Eurozone: this has been implementing through an under exposure of bonds having a maturity higher than 7 years. In addition, we took advantage of the market volatility by taking temporary some profits on our under exposure to duration, which was re increased it at higher prices in spring as well as in October. For the same purpose we also managed actively long put option positions. We ended the year with the lowest duration exposure considering how expensive are the real yields in a context of a sustainable economic growth. We underweighted core and semi core countries. We took profit on more than 1/3 of our overweighted inflation exposure which still represents 10% of the fund AUM.
ANNUAL REPORT 2021 73
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Euro Opportunistic Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 0,94%. En el mismo periodo, el Bloomberg Euro Aggregate Bond Index (rentabilidad total en EUR, con cobertura) rindió un -2,85%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El optimismo regresó a la zona euro en el primer semestre de 2021. El comienzo de la normalización de la economía puso fin a la tendencia alcista de los bonos de 2020: la rentabilidad del bono alemán a 10 años subió 47 puntos básicos a mediados de mayo. Por el contrario, el mercado de crédito generó una rentabilidad superior, beneficiándose de esta mejora de las perspectivas económicas y sus diferenciales con respecto a las rentabilidades de la deuda pública se estrecharon unos cuantos puntos básicos.
Este periodo confirmó la resiliencia de la actividad de la zona euro a pesar de la pandemia de COVID-19 y del acuerdo del Brexit: la segunda ronda de confinamientos tuvo una repercusión mucho menor en la actividad que durante la primera ola. Puede que esto refleje que la economía se ha adaptado a la COVID-19, tal y como indican la estabilidad de la inversión, el aumento de los puestos de trabajo y el rebote de las exportaciones en la mayoría de países. El sector manufacturero, salvo la automoción, prácticamente ha recuperado su nivel previo a la crisis. Los indicadores adelantados de la zona euro, como el IFO y el ZEW alemanes, alcanzaron su nivel más alto en años. El desglose del PIB alemán del 1T mostró un inesperado crecimiento sostenible del CapEx.
Por el contrario, la segunda ronda de restricciones sociales repercutió en el sector servicios y lastró el consumo, lo que empujó a los gobiernos de la zona euro a tomar dos tipos de medidas: la primera consistente en implementar planes fiscales nacionales y comunes europeos para facilitar la financiación de las empresas, ofrecer rebajas fiscales y pagar empleos a tiempo parcial. La segunda, en organizar, a partir del segundo trimestre, la aceleración de la campaña de vacunación mediante la adquisición de nuevos tipos de vacunas. La corriente de ventas del mercado de bonos llevó al Banco Central Europeo ("BCE") a afirmar que un aumento de las rentabilidades reales no resultaría conveniente, puesto que podría endurecer las condiciones financieras: Lagarde decidió incrementar de forma significativa el importe dedicado a la compra de bonos del programa PEPP.
La agenda también estuvo marcada por la disolución del gobierno italiano. El anterior primer ministro italiano Matteo Renzi anunció el abandono de su partido, Italia Viva, de la coalición de gobierno. Mario Draghi se comprometió a formar el nuevo gobierno, compuesto por varios pesos pesadosde la política además de los esperados tecnócratas. Al incluir políticos en el gobierno, puede que Draghi haya aumentado la esperanza de vida del gobierno de unidad. Por otra parte, la Comisión Europea aprobó los planes de recuperación Next Gen EU para la mayoría de los países. Prevemos el comienzo del pago de las "subvenciones" a cada país durante el verano.
El mercado de bonos se recuperó en el periodo comprendido entre junio y agosto. La contención de la nueva variante delta de la COVID-19 provocó una subida de los bonos de la zona euro: la rentabilidad del bono de deuda pública alemana a 10 años perdió 32 pb, regresando al -0,50%, un nivel no observado desde febrero.
Sorprendentemente, los indicadores económicos se mantuvieron estables: la inversión, los planes de infraestructuras y el consumo aumentaron a pesar de las tensiones de la cadena de suministro. El dato positivo procedió por primera vez del sur de la zona euro, que se benefició de los pagos públicos de las "subvenciones" enviadas a través del plan Next Generation de la UE. El BCE mantuvo su política monetaria extraordinariamente acomodaticia y solo decidió un ligero reajuste del programa de compras de emergencia frente a la pandemia (PEPP) para el cuarto trimestre.
En el periodo transcurrido entre septiembre y final de año se produjo una recuperación de la volatilidad del mercado de bonos de la zona euro como consecuencia del aumento inesperado de la inflación, de las reacciones de los bancos centrales y de la evolución de la nueva variante de la COVID-19. A pesar de que las rentabilidades de los bonos en el segmento de vencimientos superiores a 10 años solo atravesaron dificultades en septiembre, las rentabilidades de los bonos a corto y medio plazo subieron a finales de año como consecuencia del endurecimiento del tono de los mensajes de los bancos centrales con respecto a 2022. La aparición de la nueva variante ómicron tan solo provocó una pausa temporal de la corrección del mercado de bonos entre noviembre y mediados de diciembre, dado que el mercado finalmente recuperó el optimismo al considerar que el brote solo implicaba la hospitalización de un número reducido de personas y, lo que es más importante, un pequeño incremento de la ocupación de camas UCI.
El principal acontecimiento económico en los últimos meses de 2021 fue el salto de la tasa de inflación de la zona euro, que cerró el periodo cerca del 5% interanual, lo que representa el nivel más alto desde el lanzamiento del euro. Esto se explica sobre todo por el aumento de precios de la energía los problemas de la cadena de suministro y la recuperación de la demanda. Al mismo tiempo, los indicadores económicos revelaron una actividad estable gracias a la solidez de la inversión y el consumo, especialmente en el sur de la zona euro. Los bancos centrales revisaron al alza sus previsiones para la magnitud y duración del rebote de la inflación, lo que empujó al BCE a adoptar una postura ligeramente más agresiva, con la conclusión del programa PEPP en marzo de 2022 compensada tan solo con un incremento del importe de su programa ampliado de compras de activos (EPP) durante seis meses. Esta evolución de la política del BCE y las próximas elecciones presidenciales en Italia pesaron sobre los países periféricos, en especial Italia y Grecia, que generaron una rentabilidad notablemente inferior, tal y como pone de manifiesto la ampliación en 30 pb del diferencial del bono de deuda pública italiana a 10 años respecto del Bund.
Por otra parte, la abundante oferta del mercado primario ejerció presión sobre el mercado de crédito, pero solo ligeramente gracias a la fuerte recuperación del mercado de renta variable.
La Cartera gestionó de forma activa una infraponderación en duración a lo largo de todo el año, dado que la pandemia de la COVID-19 parecía bajo control y no afectó demasiado al crecimiento de la zona euro: esto se implementó a través de una escasa exposición a bonos con vencimientos superiores a siete años. Por otra parte, aprovechamos la volatilidad del mercado recogiendo beneficios temporalmente de nuestra infraponderación en duración, que se volvió a aumentar a precios más elevados en primavera y en octubre. Con ese mismo propósito, también gestionamos de forma activa las posiciones en opciones de venta en corto. Cerramos el ejercicio con la exposición mínima a duración, teniendo en cuenta lo caras que resultan las rentabilidades reales en un contexto de crecimiento económico sostenible. Adoptamos infraponderaciones en países centrales y semicentrales. Recogimos beneficios en más de una tercera parte de nuestra sobreponderación en inflación, que todavía representa el 10% de los activos gestionados del fondo.
INFORME ANUAL 2021 73
CUENTAS INFORME DEL GESTOR DE INVERSIONES | # Euro Opportunistic Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 0.94%. Over the same period, the Bloomberg Euro Aggregate Bond Index (Total Return, Hedged, EUR) returned -2.85%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Euro zone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. On the contrary the credit market outperformed, benefiting from this better economic outlook as their spreads over government yields tightened by few basis points.
This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave. This may reflect the economy has adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos has almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx.
On the contrary, the second round of social restrictions impacted the service sector, weighing on consumption, which led the Euro governments to decide 2 types of measures: the first one is to implement national and common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second one consists in preparing from Q2 the acceleration of the vaccination rollout through the acquisitions of new vaccine types. The bond market sell-off led the European Central Bank (ECB) to affirm a rise in real yields in not appropriated as it could tighten financial conditions: Mrs. Lagarde decided a significant increase in the monthly amount of the PEPP bond amount.
The agenda was also driven by the Italian government dissolution. The former Italian Prime Minister Matteo Renzi announced the withdrawal of his party Italia Viva from the government coalition. Mario Draghi agreed to form the new government made up of several political heavyweights on top of the expected technocrats. By including politics in the government, Draghi may have increased the unity government’s life expectancy. In addition, the EU Commission approved the Next Gen EU recovery plans for most countries. We can anticipate the start of the payment for the “grants” to each country during the summer.
The period from June to August saw the bond market to recover. The new COVID-19 Delta strain breakdown pushed higher the Euro bonds: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen last February.
Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The ECB maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP).
The period from September to the end of the year has known the recovery of the Euro bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. While bond yields for maturities higher than 10-year suffered just in September, the short to medium term bond yields rose at the very end of the year considering the hawkish central bank messages for 2022. The emergence of the new Omicron variant led to only temporary pause in the bond market correction from November to mid-December as the market finally returned to optimism considering the breakout only implied a low number of people having to go to the hospital and more important a small increase in ICU beds.
The main economic event of the last period of 2021 was the jump in Euro inflation rate to end close to 5% year on year, the highest level since the Euro currency inception. The main reasons are the energy price increase, the supply chain disruption and the demand recovery. In parallel, the economic indicators showed a steady activity due to CapEx and consumption strength, especially in the south of the Eurozone. The central banks revised upward the magnitude and the duration of the inflation rebound, leading the ECB to turn slightly hawkish by ending its PEPP in March 2022 and only compensating that by an increase of the APP amount for 6 months. Such an ECB policy evolution and the coming Italian presidential election weighted on the periphery, especially Italy and Greece, which underperformed significantly as shown by the 10-year Italian government spread versus Bund rising by 30 bps.
In addition, the heavy primary market put pressure on the credit market, but only slightly due to the strong equity market rally.
The Portfolio managed actively an underweight duration exposure all the yearlong since the COVID-19 pandemic seemed being under control and didn’t impact so much growth in the Eurozone: this has been implementing through an under exposure of bonds having a maturity higher than 7 years. In addition, we took advantage of the market volatility by taking temporary some profits on our under exposure to duration, which was re increased it at higher prices in spring as well as in October. For the same purpose we also managed actively long put option positions. We ended the year with the lowest duration exposure considering how expensive are the real yields in a context of a sustainable economic growth. We underweighted core and semi core countries. We took profit on more than 1/3 of our overweighted inflation exposure which still represents 10% of the fund AUM.
ANNUAL REPORT 2021 73
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | es |
DOLFIN6120 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Depositary and Custody Fee
The Company pays to the Depositary by way of remuneration, fees in consideration for providing services to it, along with such out-of-pocket expenses and disbursements as are deemed reasonable and customary by the Directors.
The Company will pay to the Depositary a fee for fiduciary services, which is accrued daily and paid to the Depositary monthly in arrears.
The Company will also pay the Depositary custody fees comprising asset-based fees and transaction-based fees that vary depending on the market in which a particular Fund invests. Both fees are paid monthly in arrears. Transaction-based fees will not exceed £120 (€180) per transaction.
The unaudited half-yearly and audited annual reports of the Company will include a statement detailing the actual fees paid for that accounting period. | ### Diritti della Banca depositaria e di custodia
La Società, come forma di remunerazione per i servizi ricevuti, paga alla Banca depositaria apposite commissioni, unitamente alle spese vive e altri esborsi che gli Amministratori reputino ragionevoli e abituali.
La Società pagherà alla Banca depositaria una commissione per i servizi fiduciari, che matura giornalmente e viene pagata alla Banca depositaria mensilmente in via posticipata.
La Società pagherà inoltre alla Banca depositaria le commissioni di custodia, ivi incluse le commissioni basate sulle attività e le commissioni basate sulle transazioni, che varieranno in funzione del mercato in cui un determinato Comparto investe. Entrambe le commissioni sono pagate mensilmente in via posticipata. Le commissioni basate sulle transazioni non supereranno £120 (€180) per transazione.
Il bilancio semestrale non certificato e il bilancio annuale certificato della Società comprenderanno una relazione dettagliata sulle effettive commissioni pagate in relazione a tale periodo contabile. | ### Depositary and Custody Fee
The Company pays to the Depositary by way of remuneration, fees in consideration for providing services to it, along with such out-of-pocket expenses and disbursements as are deemed reasonable and customary by the Directors.
The Company will pay to the Depositary a fee for fiduciary services, which is accrued daily and paid to the Depositary monthly in arrears.
The Company will also pay the Depositary custody fees comprising asset-based fees and transaction-based fees that vary depending on the market in which a particular Fund invests. Both fees are paid monthly in arrears. Transaction-based fees will not exceed £120 (€180) per transaction.
The unaudited half-yearly and audited annual reports of the Company will include a statement detailing the actual fees paid for that accounting period. | en | it |
DOLFIN6121 | 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 (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 89 | CHF 435 |
| Annual cost impact (*) | 0.9% | 0.9% | | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Costi totali | CHF 89 | CHF 435 |
| Impatto sui costi annuali (*) | 0,9% | 0,9% | | | | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 89 | CHF 435 |
| Annual cost impact (*) | 0.9% | 0.9% | | en | it |
DOLFIN6122 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the S&P 500 Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 75% of its net assets in equities of large-cap companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States.
## All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Distribution | # Objetivos y política de inversión
## Objetivo
El objetivo de este Subfondo es obtener una rentabilidad superior a la de su índice de referencia, en un ciclo de mercado completo, invirtiendo en una cartera gestionada de forma activa. Los criterios medioambientales, sociales y de gobierno corporativo (ESG) son uno de los componentes de la gestión. No obstante, el grado de importancia de cada uno de estos criterios en la decisión final no está definido de antemano.
## Índice de referencia
La rentabilidad del Subfondo puede compararse con el índice S&P 500, denominado en USD, calculado con dividendos netos reinvertidos. El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El Subfondo invierte al menos el 75% de su patrimonio neto en acciones de sociedades de gran capitalización sin limitación sectorial con domicilio social en Estados Unidos o que realicen gran parte de sus actividades en Estados Unidos.
## Todos los títulos deben estar cotizados en un mercado estadounidense.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 90% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía.
## La duración mínima de la participación recomendada es de 5 años
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Estados Unidos, con excepción del Viernes Santo y el 24 de diciembre (Nochebuena). Las órdenes de reembolso se deben recibir a más tardar a las 12:30 horas (hora de Luxemburgo) el Día de valoración aplicable. Los días en los que los bancos se encuentran normalmente operativos en Luxemburgo y Nueva York son días de valoración.
## Asignación de los ingresos: Distribución | # Objectives and investment policy
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the S&P 500 Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 75% of its net assets in equities of large-cap companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States.
## All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Distribution | en | es |
DOLFIN6123 | Translate the following text in en into de. 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 82 USD 409 USD
Annual cost impact (*) 0.8% 0.9% each year
(*) 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 6.9% before costs and 6.0% after costs. | Wenn Sie nach 1 Jahr aussteigen Wenn Sie nach 5 Jahren aussteigen
Kosten insgesamt 82 USD 409 USD
Jährliche Auswirkungen der Kosten (*) 0,8% 0,9% pro Jahr
(*) Diese Angaben veranschaulichen, wie die Kosten Ihre Rendite pro Jahr während der Haltedauer verringern. Wenn Sie beispielsweise zum Ende der empfohlenen Haltedauer aussteigen, wird Ihre durchschnittliche Rendite pro Jahr voraussichtlich 6,9 % vor Kosten und 6,0 % nach Kosten betragen. | If you exit after 1 year If you exit after 5 years
Total costs 82 USD 409 USD
Annual cost impact (*) 0.8% 0.9% each year
(*) 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 6.9% before costs and 6.0% after costs. | en | de |
DOLFIN6124 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the event that admission to one of the markets named in section one of this article is not completed within a period of one year, recent issues shall be considered as non-listed securities, within the meaning of section 3 of this article, and are to be counted towards the investment limit mentioned therein.
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# Non-listed securities and money market instruments | Sofern die Zulassung an einem der unter Nummer 1 dieses Artikels genannten Märkte nicht binnen Jahresfrist erfolgt, sind Neuemissionen als nicht notierte Wertpapiere gemäß Nummer 3 dieses Artikels anzusehen und in die dort erwähnte Anlagegrenze einzubeziehen.
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# Nicht notierte Wertpapiere und Geldmarktinstrumente | In the event that admission to one of the markets named in section one of this article is not completed within a period of one year, recent issues shall be considered as non-listed securities, within the meaning of section 3 of this article, and are to be counted towards the investment limit mentioned therein.
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# Non-listed securities and money market instruments | en | de |
DOLFIN6125 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Neither investors nor their heirs nor any other rightsholders may request the dissolution of the Fund, individual sub-funds or share classes.
- Charging costs to the investorsThe dissolution costs may be charged to the Fund or, as applicable, the sub-fund.
- Termination and loss of the right to manage the FundUCITSA-7-3-f---In the event of termination by the Management Company, loss of the right to manage the Fund or the insolvency of the Management Company, the Fund shall not form part of any insolvent estate and may, with the consent of the responsible supervisory authority, designate another management company, be converted into a self-managed investment company or be dissolved. | Anleger, Erben oder sonstige Berechtigte können keine Auflösung der Investmentgesellschaft, einzelner Teilfonds oder Anteilsklassen verlangen.
- Kostenzuweisung an die AnlegerDie Kosten der Auflösung können der Investmentge- sellschaft bzw. den Teilfonds belastet werden.
- Kündigung und Verlust des Rechts zur Verwaltung der InvestmentgesellschaftUCITSG-7-3-f---Bei Kündigung der Verwaltungsgesellschaft, Verlust des Rechts zur Verwaltung oder bei Konkurs der Verwaltungsgesellschaft fällt die Investmentgesell- schaft nicht in eine allfällige Konkursmasse und kann mit Zustimmung der zuständigen Aufsichtsbehörde eine andere Verwaltungsgesellschaft benennen, in eine selbstverwaltete Investmentgesellschaft umge- wandelt, oder aufgelöst werden. | Neither investors nor their heirs nor any other rightsholders may request the dissolution of the Fund, individual sub-funds or share classes.
- Charging costs to the investorsThe dissolution costs may be charged to the Fund or, as applicable, the sub-fund.
- Termination and loss of the right to manage the FundUCITSA-7-3-f---In the event of termination by the Management Company, loss of the right to manage the Fund or the insolvency of the Management Company, the Fund shall not form part of any insolvent estate and may, with the consent of the responsible supervisory authority, designate another management company, be converted into a self-managed investment company or be dissolved. | en | de |
DOLFIN6126 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
## Dépositaire : State Street Bank International GmbH Luxembourg Branch
Informations complémentaires : Le Prospectus, les rapports annuel et semestriel et les derniers cours des actions sont disponibles sans frais au siège social du Fonds, auprès du Gestionnaire, du gestionnaire administratif ou des distributeurs du Portefeuille. Le Prospectus est disponible en anglais, en français, en allemand, en italien et en espagnol.
## Le présent document porte sur un seul Portefeuille du Fonds et le Prospectus et les rapports annuel et semestriel sont établis pour l'ensemble du Fonds.
Le Fonds est une société d'investissement à capital variable de droit luxembourgeois avec responsabilité séparée entre les portefeuilles. Les actifs du Portefeuille dans lequel vous avez investi ne doivent donc pas être utilisés pour acquitter les dettes d'autres portefeuilles. Ceci n'a cependant pas été validée dans d'autres juridictions.
Échanges entre Portefeuilles : Les actions sont disponibles dans d'autres catégories d'actions et dans d'autres devises, comme cela peut être spécifié dans le Prospectus. Les Actionnaires peuvent demander que leurs actions de toute catégorie d'actions de tout portefeuille soient converties en actions de toute catégorie d'actions d'un autre portefeuille, sous réserve des conditions prévues dans le Prospectus (des frais peuvent s'appliquer).
## Le Portefeuille a été lancé en mars 2014. La Catégorie d'actions a été lancée en mars 2014.
Le cas échéant, les performances passées ont été calculées en USD et sont exprimées en pourcentage de la variation de la Valeur Liquidative du Portefeuille à la clôture de chaque exercice (net de toutes les commissions). Dans le cas où les performances passées ne sont pas indiquées, il n'existe pas suffisamment de données pour donner une indication utile des performances passées.
L'Indicateur de référence a changé le 31/05/2016. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 60 % Barclays Capital US High Yield – 2 % Issuer Cap (USD) / 40 % MSCI World Index (Net) (USD).
L'Indicateur de référence du Portefeuille a changé le 07/08/2017. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 50 % Bloomberg Barclays Capital US High Yield - 2 % Issuer Cap (Total Return Gross) (USD) / 50 % MSCI World Index (Total Return Net) (USD).
L'Indicateur de référence du Portefeuille a changé le 28/12/2018. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 50% BofA Merrill Lynch US High Yield BB-B Constrained Index (USD-Hedged) (Total Return Gross) / 50% MSCI World Index (USD-Hedged) (Total Return Net).
## Soyez conscient que les performances passées ne préjugent pas des performances futures qui peuvent varier.
Déclaration concernant la responsabilité : Le Fonds peut être tenu responsable uniquement sur la base de toute déclaration contenue dans le présent document qui serait trompeuse, inexacte ou en contradiction avec les parties pertinentes du Prospectus du Fonds.
Législation fiscale : Les investissements du Portefeuille peuvent être soumis à l'impôt dans les pays dans lesquels il investit. De plus, ce Portefeuille est soumis au droit et à la réglementation fiscaux du Luxembourg, qui peuvent avoir une incidence sur votre situation fiscale personnelle et sur votre placement. Pour plus d'informations, veuillez consulter vos conseillers professionnels.
Politique de rémunération : de plus amples informations relatives à la politique de rémunération mise à jour de la Société de Gestion, en ce compris une description de la manière dont la rémunération et les avantages sont fixés et régis par la Société de Gestion, sont disponibles sur https://www.gsam.com/sm/remunerationpolicy, et un exemplaire papier peut être obtenu sans frais et sur demande.
Le présent Fonds est agréé au Luxembourg et supervisé par la Commission de Surveillance du Secteur Financier (Grand-Duché de Luxembourg). La Société de Gestion est agréée en Irlande et régulée par la Banque centrale d'Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 09/02/2022. | # Información práctica
## Depositario: State Street Bank International GmbH Luxembourg Branch
Información adicional: el Folleto, los informes anual y semestral y los últimos precios de las acciones pueden obtenerse, de forma gratuita, en el domicilio social del Fondo, o bien solicitarse al Gestor, al administrador o a los distribuidores de la Cartera. El Folleto está disponible en inglés, francés, alemán, italiano y español.
## El presente documento se elabora para una única Cartera del Fondo, mientras que el Folleto y los informes anual y semestral se elaboran para el Fondo en su totalidad.
El Fondo es una sociedad de inversión con responsabilidad separada entre sus carteras conforme a la legislación de Luxemburgo. Por lo tanto, los activos de la Cartera en que ha invertido no pueden emplearse para liquidar las deudas de otras carteras. Sin embargo, esto no ha sido verificado en otras jurisdicciones.
Canje entre Carteras: se encuentran disponibles acciones de otras clases así como en otras divisas, como se especifica en el Folleto. Los accionistas podrán solicitar el canje de sus acciones de cualquier clase de una cartera por acciones de cualquier clase de otra cartera, con sujeción a las condiciones estipuladas en el Folleto (puede conllevar gastos).
## La Cartera fue lanzada en marzo de 2014. La Clase de acciones fue lanzada en marzo de 2014.
Cuando proceda, la rentabilidad histórica se ha calculado en USD y está expresada como variación porcentual del valor liquidativo de la Cartera al cierre de cada ejercicio (neto de todas las comisiones). Cuando no se indica la rentabilidad histórica significa que los datos disponibles son insuficientes para proporcionar a los inversores una indicación de la rentabilidad histórica que resulte de utilidad.
El Índice de referencia fue modificado el 31/05/2016. Los datos de rentabilidad histórica indicados en el gráfico para periodos anuales anteriores a esa fecha se refieren al Índice de referencia anteriormente empleado por la Cartera, el 60% Barclays Capital US High Yield – 2% Issuer Cap (USD) / 40% MSCI World Index (Net) (USD).
Este Índice fue modificado el 07/08/2017. Los datos de rentabilidad histórica indicados en el gráfico para periodos anuales anteriores a esa fecha se refieren al Índice de referencia anteriormente empleado por la Cartera, el 50% Bloomberg Barclays Capital US High Yield - 2% Issuer Cap (Total Return Gross) (USD) / 50% MSCI World Index (Total Return Net) (USD).
Este Índice fue modificado el 28/12/2018. Los datos de rentabilidad histórica indicados en el gráfico para periodos anuales anteriores a esa fecha se refieren al Índice de referencia anteriormente empleado por la Cartera, el 50% BofA Merrill Lynch US High Yield BB-B Constrained Index (USD-Hedged) (Total Return Gross) / 50% MSCI World Index (USD-Hedged) (Total Return Net).
## Tenga en cuenta que la rentabilidad histórica no es orientativa de rentabilidades futuras, las cuales pueden variar.
Declaración de responsabilidad: el Fondo únicamente asume su responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o contradictorias con las correspondientes partes del Folleto del Fondo.
Legislación en materia fiscal: las inversiones de esta Cartera pueden estar sujetas a impuestos en los países donde invierte. Asimismo, esta Cartera está sujeta a las leyes y normativas fiscales en Luxemburgo, lo cual puede afectar a su situación fiscal personal, así como a su inversión. Para más detalles, rogamos hable con su asesor.
Política de remuneración: la información relativa a la política de remuneración actualizada del Gestor, que incluye, entre otras cosas, una descripción de cómo el Gestor determina y regula la remuneración y los beneficios sociales, puede obtenerse en https://www.gsam.com/sm/remunerationpolicy. También se facilita una copia impresa de forma gratuita a instancias del interesado.
Este Fondo está autorizado en Luxemburgo y supervisado por la Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero), Gran Ducado de Luxemburgo. El Gestor está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 09/02/2022. | # Informations pratiques
## Dépositaire : State Street Bank International GmbH Luxembourg Branch
Informations complémentaires : Le Prospectus, les rapports annuel et semestriel et les derniers cours des actions sont disponibles sans frais au siège social du Fonds, auprès du Gestionnaire, du gestionnaire administratif ou des distributeurs du Portefeuille. Le Prospectus est disponible en anglais, en français, en allemand, en italien et en espagnol.
## Le présent document porte sur un seul Portefeuille du Fonds et le Prospectus et les rapports annuel et semestriel sont établis pour l'ensemble du Fonds.
Le Fonds est une société d'investissement à capital variable de droit luxembourgeois avec responsabilité séparée entre les portefeuilles. Les actifs du Portefeuille dans lequel vous avez investi ne doivent donc pas être utilisés pour acquitter les dettes d'autres portefeuilles. Ceci n'a cependant pas été validée dans d'autres juridictions.
Échanges entre Portefeuilles : Les actions sont disponibles dans d'autres catégories d'actions et dans d'autres devises, comme cela peut être spécifié dans le Prospectus. Les Actionnaires peuvent demander que leurs actions de toute catégorie d'actions de tout portefeuille soient converties en actions de toute catégorie d'actions d'un autre portefeuille, sous réserve des conditions prévues dans le Prospectus (des frais peuvent s'appliquer).
## Le Portefeuille a été lancé en mars 2014. La Catégorie d'actions a été lancée en mars 2014.
Le cas échéant, les performances passées ont été calculées en USD et sont exprimées en pourcentage de la variation de la Valeur Liquidative du Portefeuille à la clôture de chaque exercice (net de toutes les commissions). Dans le cas où les performances passées ne sont pas indiquées, il n'existe pas suffisamment de données pour donner une indication utile des performances passées.
L'Indicateur de référence a changé le 31/05/2016. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 60 % Barclays Capital US High Yield – 2 % Issuer Cap (USD) / 40 % MSCI World Index (Net) (USD).
L'Indicateur de référence du Portefeuille a changé le 07/08/2017. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 50 % Bloomberg Barclays Capital US High Yield - 2 % Issuer Cap (Total Return Gross) (USD) / 50 % MSCI World Index (Total Return Net) (USD).
L'Indicateur de référence du Portefeuille a changé le 28/12/2018. Les données relatives aux performances passées contenues dans le graphique au titre des exercices précédant cette date concernaient le précédent Indicateur de référence du Portefeuille, le 50% BofA Merrill Lynch US High Yield BB-B Constrained Index (USD-Hedged) (Total Return Gross) / 50% MSCI World Index (USD-Hedged) (Total Return Net).
## Soyez conscient que les performances passées ne préjugent pas des performances futures qui peuvent varier.
Déclaration concernant la responsabilité : Le Fonds peut être tenu responsable uniquement sur la base de toute déclaration contenue dans le présent document qui serait trompeuse, inexacte ou en contradiction avec les parties pertinentes du Prospectus du Fonds.
Législation fiscale : Les investissements du Portefeuille peuvent être soumis à l'impôt dans les pays dans lesquels il investit. De plus, ce Portefeuille est soumis au droit et à la réglementation fiscaux du Luxembourg, qui peuvent avoir une incidence sur votre situation fiscale personnelle et sur votre placement. Pour plus d'informations, veuillez consulter vos conseillers professionnels.
Politique de rémunération : de plus amples informations relatives à la politique de rémunération mise à jour de la Société de Gestion, en ce compris une description de la manière dont la rémunération et les avantages sont fixés et régis par la Société de Gestion, sont disponibles sur https://www.gsam.com/sm/remunerationpolicy, et un exemplaire papier peut être obtenu sans frais et sur demande.
Le présent Fonds est agréé au Luxembourg et supervisé par la Commission de Surveillance du Secteur Financier (Grand-Duché de Luxembourg). La Société de Gestion est agréée en Irlande et régulée par la Banque centrale d'Irlande. Les informations clés pour l'investisseur ici fournies sont exactes et à jour au 09/02/2022. | fr | es |
DOLFIN6127 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en GBP.
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
10%
5%
0%
-5% | en | es |
DOLFIN6128 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2001. This class was launched on 20/08/2015. Past performance has been calculated in GBP.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 05/09/2001. Esta clase se creó el 20/08/2015.
El cálculo de la rentabilidad histórica se ha efectuado en GBP.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2001. This class was launched on 20/08/2015. Past performance has been calculated in GBP.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN6129 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| --- | --- |
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| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 2 because its share value fluctuates little and therefore the chance of profit but also the risk of loss can be low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
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| Risiko- und Ertragsprofil | ◄ Typischerweise geringere Rendite Typischerweise höhere Rendite ► Geringeres Risiko Höheres Risiko 1 2 3 4 5 6 7 Dieser Indikator beruht auf historischen Daten; eine Vorhersage künftiger Entwicklungen ist damit nicht möglich. Die Einstufung des Teilfonds kann sich künftig ändern und stellt keine Garantie dar. Auch ein Fonds, der in Kategorie 1 eingestuft wird, stellt keine völlig risikolose Anlage dar. Der Teilfonds ist in Kategorie 2 eingestuft, weil sein Anteilpreis wenig schwankt und deshalb die Gewinnchance, aber auch das Verlustrisiko niedrig sein kann. Bei der Einstufung des Teilfonds in eine Risikoklasse kann es vorkommen, dass aufgrund des Berechnungsmodells nicht alle Risiken berücksichtigt werden. Eine ausführliche Darstellung findet sich im Abschnitt »Risikohinweise« des Verkaufsprospekts. Folgende Risiken haben auf diese Einstufung keinen unmittelbaren Einfluss, können aber trotzdem für den Teilfonds von Bedeutung sein: − Kreditrisiken: Der Teilfonds kann einen Teil seines Vermögens in Staatsanleihen und/oder Unternehmensanleihen anlegen. Die Emittenten dieser Anleihen können u.U. zahlungsunfähig werden, wodurch der Wert der Anleihen ganz oder teilweise verloren gehen kann. − Risiken aus Derivateinsatz: Der Teilfonds darf Derivatgeschäfte einsetzen. Dadurch erhöhte Chancen gehen mit erhöhten Verlustrisiken einher. Durch eine Absicherung mittels Derivate gegen Verluste können sich auch die Gewinnchancen des Fonds verringern. − Verwahrrisiken: Mit der Verwahrung von Vermögensgegenständen, insbesondere im Ausland, kann ein Verlustrisiko verbunden sein, das aus Insolvenz, Sorgfaltspflichtverletzungen oder missbräuchlichem Verhalten des Verwahrers oder eines Unterverwahrers resultieren kann. − Operationelle Risiken: Der Teilfonds kann Opfer von Betrug oder anderen kriminellen Handlungen werden. Er kann Verluste durch Missverständnisse oder Fehler von Mitarbeitern der Kapitalverwaltungsgesellschaft oder externer Dritter erleiden oder durch äussere Ereignisse wie z.B. Naturkatastrophen geschädigt werden. |
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| ◄ Typically a lower return Typically a higher return ► Lower risk Higher risk 1 2 3 4 5 6 7 This indicator relies on historic data and cannot be used for a prediction of future developments. The categorisation of the sub-fund may change in the future and is not a guarantee. Even a fund in category 1 is not an entirely risk-free investment. The sub-fund has been placed in category 2 because its share value fluctuates little and therefore the chance of profit but also the risk of loss can be low. It may be that due to the calculation model not all risks are accounted for when placing the sub-fund in a risk category. An extensive description of the risks is included in the section »Information on risks« in the prospectus. The following risks have no direct bearing on the categorisation but may nevertheless be of relevance to the sub-fund: − Credit risks: The sub-fund may invest a part of its assets in debt securities issued by governments and/or companies. The issuers of these debt securities may become insolvent which may result in the partial or full loss of the value of their debt securities. − Risks from the use of derivatives: The sub-fund may use derivatives. This does result in both increased opportunities and increased risk of loss. The use of derivatives to hedge against losses may also reduce the profit opportunities of the sub-fund. − Custody risks: Assets held in custody for safekeeping – particularly in other countries – may be subject to a risk of loss in connection with insolvency, violations of due diligence requirements or market abuse on the part of the custodian or a sub- custodian. − Operational risks: The sub-fund may become a victim of fraud or other criminal actions. It may also suffer losses caused by misunderstandings or mistakes of employees of the management company or third parties or it may suffer damages caused by external occurrences such as natural disasters. |
| | | en | de |
DOLFIN6130 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# MARKET TIMING AND LATE TRADING
- Prospective investors and Unitholders should note that each of the Management Company and the Administrative Agent may reject or cancel any subscription or conversion orders for any reason and in particular in order to comply with Circular 04/146 relating to the protection of UCIs and their investors against Late Trading and Market Timing practices.
- For example, excessive trading of Units in response to short-term fluctuations in the market, a trading technique sometimes referred to as Market Timing, has a disruptive effect on portfolio management and increases the Sub-funds' expenses. Accordingly, each of the Management Company and the Administrative Agent may, in its sole discretion, compulsorily redeem Units or reject any subscription orders and conversions orders from any investor that the Management Company or the Administrative Agent reasonably believes has engaged in Market Timing activity. For these purposes, the Management Company and the Administrative Agent may consider an investor's trading history in the Sub-funds and accounts under common control or ownership.
- In addition to the Subscription or Conversion Fees which may be of application to such orders as set forth in the Special Section of the relevant Sub-fund, the Management Company may impose a penalty of maximum 2% (two per cent.) of the Net Asset Value of the Units subscribed or converted where the Management Company reasonably believes that an investor has engaged in Market Timing activity. The penalty will be credited to the relevant Sub-fund. The Management Company will not be held liable for any loss resulting from rejected orders or mandatory redemption.
- Furthermore, the Management Company and the Administrative Agent will ensure that the relevant deadlines for requests for subscriptions, redemptions or conversions are strictly complied with and will therefore take all adequate measures to prevent practices known as Late Trading.
- | # PRATICHE DI MARKET TIMING E LATE TRADING
- Si informano i potenziali investitori e i Detentori di Quote che ognuno tra la Società di Gestione e l'Agente Amministrativo ha la facoltà di respingere o annullare qualsiasi ordine di sottoscrizione o conversione per qualsivoglia motivo e, in particolare, al fine di attenersi alla Circolare 04/146 in materia di tutela degli OICR e dei loro investitori dalle pratiche di Late Trading e Market Timing.
- Per esempio, un eccesso di operazioni sulle Quote in risposta a oscillazioni di mercato di breve periodo, tecnica talvolta definita Market Timing, incide negativamente sulla gestione del portafoglio e fa aumentare le spese dei Comparti. Di conseguenza, ognuno tra la Società di Gestione e l'Agente Amministrativo può, a propria esclusiva discrezione, provvedere a un rimborso d'ufficio di Quote oppure respingere qualsiasi ordine di sottoscrizione o di conversione da qualsiasi investitore che, secondo la ragionevole opinione della Società di Gestione o dell'Agente Amministrativo, abbia svolto attività di Market Timing. A tal fine, la Società di Gestione e l'Agente Amministrativo possono considerare i dati storici sulle operazioni dell'investitore relative ai Comparti e ai conti sottoposti a controllo o intestazione comune.
- Oltre alle Commissioni di Sottoscrizione e di conversione eventualmente applicabili a tali ordini, così come definito nella Parte Speciale relativa al Comparto interessato, la Società di Gestione possono imporre una penale pari a un massimo del 2% (due per cento) del Valore patrimoniale netto delle Quote sottoscritte o convertite, qualora la Società di Gestione stessa ritenga che un investitore abbia effettuato operazioni di Market Timing. Tale penale andrà a beneficio del Comparto interessato. La Società di Gestione non risponde di eventuali perdite derivanti dal rifiuto di ordini o da rimborsi d'ufficio.
- Inoltre, la Società di Gestione e l'Agente Amministrativo garantiranno il rispetto rigoroso dei termini fissati per le domande di sottoscrizione, rimborso o conversione e adotterà tutte le misure necessarie per prevenire il ricorso a pratiche note come Late Trading.
- | # MARKET TIMING AND LATE TRADING
- Prospective investors and Unitholders should note that each of the Management Company and the Administrative Agent may reject or cancel any subscription or conversion orders for any reason and in particular in order to comply with Circular 04/146 relating to the protection of UCIs and their investors against Late Trading and Market Timing practices.
- For example, excessive trading of Units in response to short-term fluctuations in the market, a trading technique sometimes referred to as Market Timing, has a disruptive effect on portfolio management and increases the Sub-funds' expenses. Accordingly, each of the Management Company and the Administrative Agent may, in its sole discretion, compulsorily redeem Units or reject any subscription orders and conversions orders from any investor that the Management Company or the Administrative Agent reasonably believes has engaged in Market Timing activity. For these purposes, the Management Company and the Administrative Agent may consider an investor's trading history in the Sub-funds and accounts under common control or ownership.
- In addition to the Subscription or Conversion Fees which may be of application to such orders as set forth in the Special Section of the relevant Sub-fund, the Management Company may impose a penalty of maximum 2% (two per cent.) of the Net Asset Value of the Units subscribed or converted where the Management Company reasonably believes that an investor has engaged in Market Timing activity. The penalty will be credited to the relevant Sub-fund. The Management Company will not be held liable for any loss resulting from rejected orders or mandatory redemption.
- Furthermore, the Management Company and the Administrative Agent will ensure that the relevant deadlines for requests for subscriptions, redemptions or conversions are strictly complied with and will therefore take all adequate measures to prevent practices known as Late Trading.
- | en | it |
DOLFIN6131 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SUSTAINABILITY RELATED DISCLOSURES
Pursuant to the SFDR, the Fund is required to disclose the manner in which Sustainability Risks are integrated into the investment decision process implemented with respect to the Sub-Funds as well as the results of the assessment of the likely impacts of Sustainability Risks on the returns of each Sub-Fund.
While the Sub-Funds do not actively promote ESG characteristics, they remain exposed to Sustainability Risks. Such Sustainability Risks are integrated into the investment decision making and risk monitoring for all the Sub-Funds to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a Sustainability Risk may be numerous and will vary depending on the specific risk, region and asset class linked to a Sub-Fund’s strategy. Generally, where a Sustainability Risk occurs in respect of an asset, there will be a negative impact on, or entire loss of, its value.
This section describes how sustainability risks are integrated in the investment decision process while the specific assessment of the likely impact of Sustainability Risks must be conducted at Sub-Fund level. Further details and specific information are provided in the relevant Sub-Fund’s supplement. | # INFORMATIONS RELATIVES AU DEVELOPPEMENT DURABLE
Conformément au règlement SFDR, le Fonds est tenu de déclarer la manière dont les isques de durabilité sont intégrés dans le processus de décision d'investissement mis en œuvre relativement aux Compartiments, ainsi que les résultats de l'évaluation des impacts probables des Risques de durabilité sur les rendements de chaque Compartiment.
Bien que les Compartiments ne promeuvent pas activement les caractéristiques ESG (Environnement, Société et Gouvernance), ils restent exposés aux Risques de durabilité. Ces Risques de durabilité sont intégrés dans la prise de décision d'investissement et le suivi des risques pour tous les Compartiments dans la mesure où ils représentent des opportunités et/ou des risques potentiels ou réels majeurs en termes de maximisation des rendements ajustés au risque à long terme.
Les effets consécutifs à la survenance d'un Risque de durabilité peuvent être nombreux et varieront en fonction du risque spécifique, de la région et de la classe d'actifs liés à la stratégie d'un Compartiment. En général, la réalisation d'un Risque de durabilité aura une incidence négative sur la valeur de l'actif, voire entraîner une perte totale de sa valeur.
La présente section décrit comment les risques de durabilité sont intégrés dans le processus de décision d'investissement, tandis que l'évaluation spécifique de l'incidence probable des Risques de durabilité doit être effectuée au niveau du Compartiment. De plus amples détails et des informations spécifiques sont fournis dans le supplément du Compartiment concerné. | # SUSTAINABILITY RELATED DISCLOSURES
Pursuant to the SFDR, the Fund is required to disclose the manner in which Sustainability Risks are integrated into the investment decision process implemented with respect to the Sub-Funds as well as the results of the assessment of the likely impacts of Sustainability Risks on the returns of each Sub-Fund.
While the Sub-Funds do not actively promote ESG characteristics, they remain exposed to Sustainability Risks. Such Sustainability Risks are integrated into the investment decision making and risk monitoring for all the Sub-Funds to the extent that they represent a potential or actual material risks and/or opportunities to maximizing the long-term risk-adjusted returns.
The impacts following the occurrence of a Sustainability Risk may be numerous and will vary depending on the specific risk, region and asset class linked to a Sub-Fund’s strategy. Generally, where a Sustainability Risk occurs in respect of an asset, there will be a negative impact on, or entire loss of, its value.
This section describes how sustainability risks are integrated in the investment decision process while the specific assessment of the likely impact of Sustainability Risks must be conducted at Sub-Fund level. Further details and specific information are provided in the relevant Sub-Fund’s supplement. | en | fr |
DOLFIN6132 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous year ended 31 May 2019. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another Fund.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.0%
6.5%
The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P class on 20 April 2018.
The reference currency is the euro (EUR).
Practical information
2015 2016 2017 2018 2019
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management 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 for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | Los gastos de entrada y de salida indicados son gastos máximos. En algunos casos, los gastos abonados pueden ser inferiores, usted puede obtener más información dirigiéndose a su asesor financiero.
Los gastos corrientes se basan en las cifras del ejercicio anterior, cerrado a 31 de mayo de 2019. Este porcentaje puede variar de un año a otro. Excluye:
Las comisiones de rentabilidad superior.
Los gastos de intermediación, salvo los gastos de entrada y de salida que paga el OICVM cuando compra o vende participaciones o acciones de otro OICVM.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión"del folleto de este OICVM, disponible a petición del interesado dirigiéndose a la sociedad gestora.
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras. La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por la SICAV.
6,0%
6,5%
La SICAV fue creada el 04 de enero de 2018 y su clase AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P el 20 de abril de 2018.
La divisa de referencia es el euro (EUR).
Información práctica
2015 2016 2017 2018 2019
Nombre del depositario: CACEIS Bank.
El último folleto, los últimos documentos de información periódica reglamentarios y demás información práctica, se hallan disponibles de forma gratuita en la sociedad gestora.
Debido a que este OICVM está formado por compartimentos, su último informe anual agregado también se halla disponible en la sociedad gestora.
El valor de liquidación se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com, en los sitios web de las entidades comercializadoras, y publicado en varios diarios nacionales, regionales y periódicos.
Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del OICVM pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su comercializador del OICVM.
El OICVM no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» (cuya definición se encuentra disponible en el sitio web de la sociedad gestora www.amundi.com y/o en el folleto).
La responsabilidad de Amundi Asset Management solo puede verse comprometida sobre la base de declaraciones engañosas, inexactas o incoherentes con las partes correspondientes del folleto del OICVM contenidas en el presente documento.
El OICVM propone otras participaciones o acciones para categorías de inversores definidas en su folleto.
Este OICVM está autorizado en Francia y regulado por la Autoridad de Mercados Financieros (AMF).
La sociedad gestora Amundi Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de julio de 2020. | The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous year ended 31 May 2019. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another Fund.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
6.0%
6.5%
The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P class on 20 April 2018.
The reference currency is the euro (EUR).
Practical information
2015 2016 2017 2018 2019
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management 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 for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020. | en | es |
DOLFIN6133 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Article 24 Frequency and convening
The Board of Directors shall be convened by the Chairman or by two members of the Board of Directors at the location specified in the convening notice; the Board of Directors shall meet as often as the interests of the Investment Company require - and at a minimum once a year.
The members of the Board of Directors shall be notified in writing of meetings at least 48 (forty-eight) hours in advance by letter, fax or e-mail, except in emergency situations where it is impossible to comply with the deadline. In this case, detailed grounds shall be given in the notice.
A convening notice is not required if the members of the Board of Directors raise no objection to the form of the invitation, either in person when attending the meeting or in writing by letter, fax or e-mail. Objections to the form of the invitation may only be raised in person at the meeting.
It is not necessary to issue a specific convening notice if a meeting is to take place at a time and place already specified in a resolution passed by the Board of Directors. | # Articolo 24 Frequenza e convocazione
Il Consiglio di Amministrazione si riunisce, su convocazione del Presidente o di due membri del Consiglio di Amministrazione, nel luogo indicato nell'avviso di convocazione, tutte le volte che l'interesse della Società di investimento lo richieda, con un minimo di una volta all'anno.
I membri del Consiglio di Amministrazione devono essere convocati per iscritto, per lettera, fax o e-mail almeno 48 (quarantotto) ore prima della riunione del Consiglio di Amministrazione, salvo che il suddetto termine non possa essere rispettato per motivi di urgenza. In questa eventualità, l’avviso di convocazione della riunione deve indicare la natura e le ragioni dell'urgenza.
L’avviso di convocazione non è richiesto se nessun membro del Consiglio di Amministrazione solleva obiezioni circa la forma dell'avviso di convocazione durante la riunione, oppure se ciascun membro del Consiglio di Amministrazione ha espresso il proprio consenso per iscritto, per lettera, fax o posta elettronica. La forma dell'avviso di convocazione può essere contestata solo dai membri presenti all'assemblea stessa.
Non è richiesta un’apposita convocazione se la riunione del Consiglio di Amministrazione si tiene in una data e in un luogo determinati con una precedente delibera del Consiglio di Amministrazione. | # Article 24 Frequency and convening
The Board of Directors shall be convened by the Chairman or by two members of the Board of Directors at the location specified in the convening notice; the Board of Directors shall meet as often as the interests of the Investment Company require - and at a minimum once a year.
The members of the Board of Directors shall be notified in writing of meetings at least 48 (forty-eight) hours in advance by letter, fax or e-mail, except in emergency situations where it is impossible to comply with the deadline. In this case, detailed grounds shall be given in the notice.
A convening notice is not required if the members of the Board of Directors raise no objection to the form of the invitation, either in person when attending the meeting or in writing by letter, fax or e-mail. Objections to the form of the invitation may only be raised in person at the meeting.
It is not necessary to issue a specific convening notice if a meeting is to take place at a time and place already specified in a resolution passed by the Board of Directors. | en | it |
DOLFIN6134 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 31/12/2011-31/12/2017.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,183
31.8%
EUR 18,022
10.3% | # Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) entre 31/12/2011-31/12/2017.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
13 183 EUR
31,8%
18 022 EUR
10,3% | # This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 31/12/2011-31/12/2017.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,183
31.8%
EUR 18,022
10.3% | en | es |
DOLFIN6135 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk indicator assumes you keep the product for 5 years.
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.
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.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies and the Fund's success in hedging. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment. | El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados.
Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media y es posible que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda distinta, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas y el éxito que haya tenido la cobertura del Fondo. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Con relación a otros riesgos de importancia significativa para el producto que no se tienen en cuenta en el indicador resumido de riesgo, remítase al Informe anual del producto o a su Folleto, disponibles en el sitio web arriba indicado.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | The risk indicator assumes you keep the product for 5 years.
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.
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.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies and the Fund's success in hedging. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN6136 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The risk associated with this type of investment is limited to the amount invested in its purchase. In all cases, the amounts invested in securities with embedded derivatives, excluding contingent convertible and callable/puttable bonds, may not exceed 10% of the net assets.
The portfolio manager may invest up to 15% of the net assets in contingent convertible bonds (“CoCos”). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They may have bond and equity features, being hybrid convertible instruments. They may have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank.
The fund may also invest up to 75% of its net assets in callable bonds and puttable bonds. These transferable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds). | Il rischio connesso a questo tipo di investimenti è limitato all'importo investito per il loro acquisto. In ogni caso, l'ammontare degli investimenti in titoli con derivati incorporati, escluse le obbligazioni contingent convertible e le obbligazioni callable / puttable, non può eccedere il 10% del patrimonio netto.
Entro il limite del 15% del patrimonio netto, il gestore può investire in obbligazioni contingent convertible (c.d. "CoCo bond"). Questi titoli evidenziano un rendimento spesso più elevato (a fronte di un rischio maggiore) rispetto alle obbligazioni tradizionali, in ragione della loro struttura specifica e della loro collocazione all'interno della struttura del capitale dell'emittente (debito subordinato). Sono emessi da istituti bancari soggetti al controllo di un'autorità di vigilanza. In quanto strumenti convertibili ibridi, possono coniugare caratteristiche obbligazionarie e azionarie. Possono essere dotati di un meccanismo di protezione che li trasforma in azioni ordinarie al verificarsi di un evento scatenante che minaccia la banca emittente.
Il fondo può inoltre investire in obbligazioni callable e in obbligazioni puttable entro il limite del 75% del proprio patrimonio netto. I suddetti titoli di debito negoziabili prevedono un elemento opzionale che permette, in determinate condizioni (durata del periodo di detenzione, verificarsi di un evento specifico, ecc.), il rimborso anticipato del capitale su iniziativa dell'emittente (nel caso delle obbligazioni callable) o su richiesta dell'investitore (nel caso delle obbligazioni puttable). | The risk associated with this type of investment is limited to the amount invested in its purchase. In all cases, the amounts invested in securities with embedded derivatives, excluding contingent convertible and callable/puttable bonds, may not exceed 10% of the net assets.
The portfolio manager may invest up to 15% of the net assets in contingent convertible bonds (“CoCos”). These securities often deliver a higher return (in exchange for higher risk) than conventional bonds due to their specific structure and the place they occupy in the capital structure of the issuer (subordinated debt). They are issued by banks under the oversight of a supervisory authority. They may have bond and equity features, being hybrid convertible instruments. They may have a safeguard mechanism that turns them into ordinary shares if a trigger event threatens the issuing bank.
The fund may also invest up to 75% of its net assets in callable bonds and puttable bonds. These transferable debt securities have an optional component allowing for early redemption subject to certain conditions (holding period, occurrence of a specific event, etc.) on the initiative of the issuer (in the case of callable bonds) or at the request of the investor (in the case of puttable bonds). | en | it |
DOLFIN6137 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# The above changes will be reflected in an updated version of the prospectus of the Company (the "Prospectus").
If the changes mentioned above do not suit your investment requirements, you may request redemption of your shares at any time until 5:00 p.m. (Luxembourg time) on 31 July 2023. The redemptions will be carried out in accordance with the terms of the Prospectus. | # Le modifiche summenzionate verranno riportate in una versione aggiornata del prospetto della Società (il “Prospetto”).
Qualora le suddette modifiche non rispondano alle Sue esigenze di investimento, potrà chiedere il rimborso delle Sue azioni in qualunque momento fino alle ore 17.00 (ora del Lussemburgo) del 31 luglio 2023. Le richieste di rimborso saranno evase alle condizioni indicate nel Prospetto. | # The above changes will be reflected in an updated version of the prospectus of the Company (the "Prospectus").
If the changes mentioned above do not suit your investment requirements, you may request redemption of your shares at any time until 5:00 p.m. (Luxembourg time) on 31 July 2023. The redemptions will be carried out in accordance with the terms of the Prospectus. | en | it |
DOLFIN6138 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
cadre réglementaire et juridique moins développé, des contrôles des changes/un risque de change, ainsi que des risques de contrepartie, fiscaux, de quota, de liquidité et réglementaires.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun.
Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui | Los inversores del fondo pueden comprar y vender participaciones en cualquier día de negociación (tal como se define en el folleto).
Si usted invierte en participaciones de ingresos, se le pagarán los ingresos generados por las inversiones en el fondo. Si invierte en participaciones de acumulación, los ingresos se sumarán al valor de sus participaciones.
Recomendación: el fondo podría no ser apropiado para inversores que prevean retirar su dinero en el transcurso de cinco años. Antes de invertir, los inversores deberían cerciorarse de que su actitud frente al riesgo está en línea con el perfil de riesgo de este fondo.
marco legal y regulatorio menos desarrollado, riesgo/controles de divisas, riesgos de liquidación, fiscales, de cuota, de liquidez y regulatorios.
2 La aplicación de criterios ESG y de sostenibilidad en el proceso de inversión puede resultar en la exclusión de valores dentro del índice de referencia del fondo o del universo de inversiones potenciales. La interpretación de los criterios ESG y de sostenibilidad es subjetiva, lo que significa que el fondo puede invertir en empresas en las que fondos similares no invierten (y por tanto evolucionar de manera diferente) y que no se alinean con las opiniones personales de ningún inversor individual.
2 El uso de derivados conlleva el riesgo de una liquidez reducida, pérdidas importantes y una mayor volatilidad en condiciones del mercado adversas, tales como la quiebra de participantes en el mercado. El uso de derivados puede tener como consecuencia que el fondo se apalanque (es decir, que la exposición al mercado y, por tanto, el potencial de pérdida del fondo superen el importe que ha invertido) y, en esas condiciones del mercado, el apalancamiento incrementaría las pérdidas.
Todas las inversiones entrañan riesgos. Este fondo no ofrece ninguna garantía contra pérdidas ni con respecto a la consecución de los objetivos del fondo.
El precio de los activos y los ingresos que estos generan pueden disminuir o aumentar y no se pueden garantizar; es posible que un inversor recupere un importe menor que el invertido originalmente. La inflación reduce el poder adquisitivo de su inversión y sus ingresos. El valor de los activos mantenidos en el fondo puede subir o bajar a consecuencia de las fluctuaciones de los tipos de cambio.
El fondo podría perder dinero si una entidad (contraparte) con la que hace negocios se niega o no puede satisfacer sus obligaciones frente al fondo.
En condiciones extremas del mercado puede resultar difícil vender ciertos valores, o venderlos al precio deseado. Esto podría afectar la capacidad del fondo de satisfacer los reembolsos oportunamente.
El fondo podría perder dinero a consecuencia de una interrupción o retraso de los procesos y sistemas operativos, incluidas, sin carácter limitativo, la quiebra de proveedores externos o su declaración de suspensión de pagos.
Cuando la clase de participaciones se describe como "cubierta", ello significa que se emplean técnicas de cobertura de divisas, las cuales | Les investisseurs du fonds peuvent acheter et vendre des actions n'importe quel jour de bourse (tel que défini dans le Prospectus).
Si vous investissez dans des actions de revenu, vous recevrez le revenu des placements dans le fonds. Si vous investissez dans des actions de capitalisation, le revenu sera ajouté à la valeur de vos actions.
Recommandation : le fonds peut ne pas convenir aux investisseurs qui prévoient retirer leur argent dans les cinq ans. Les investisseurs devraient s'assurer que leur attitude face au risque est conforme au profil de risque de ce fonds avant d'investir.
cadre réglementaire et juridique moins développé, des contrôles des changes/un risque de change, ainsi que des risques de contrepartie, fiscaux, de quota, de liquidité et réglementaires.
2 L'application de critères relatifs à l'ESG et à la durabilité dans le processus d'investissement peut entraîner l'exclusion de titres inclus dans l'indice de référence ou dans l'univers d'investissements potentiels d'un fonds. L'interprétation des critères relatifs à l'ESG et à la durabilité est subjective, ce qui signifie que le fonds pourrait investir dans des sociétés que des fonds similaires excluent (et en conséquence enregistrer des performances différentes) et qui ne sont pas alignées aux points de vue personnels de tout investisseur individuel.
2 Les instruments dérivés comportent le risque d'une liquidité moindre, de perte importante et de volatilité accrue dans des conditions de marché défavorables, comme une défaillance parmi les opérateurs de marché. Les instruments dérivés peuvent endetter le fonds (cas de figure dans lequel l'exposition au marché et le risque de perte du fonds sont supérieurs au montant investi) et dans ces conditions de marché, l'effet de levier amplifiera les pertes.
Tous les investissements comportent des risques. Ce fonds n'offre aucune garantie contre la perte ou que l'objectif du fonds sera atteint. Le cours des actifs et les revenus qu'ils génèrent sont susceptibles de varier à la hausse comme à la baisse et ne peuvent être garantis ; les investisseurs ne sont pas assurés de recouvrir l'intégralité du capital investi au départ.
L'inflation réduit le pouvoir d'achat de vos placements et de vos revenus. La valeur des actifs détenus dans le fonds peut augmenter et diminuer en raison des fluctuations des taux de change.
Le fonds pourrait perdre de l'argent si une entité (contrepartie) avec laquelle il fait affaire refuse d'honorer ses obligations envers le fonds ou en est incapable.
Dans des conditions de marché extrêmes, certains titres peuvent devenir difficiles à évaluer ou à vendre à un prix souhaité. Cela pourrait nuire à la capacité du fonds d'honorer les rachats en temps opportun.
Le fonds pourrait perdre de l'argent en raison d'une défaillance ou d'un retard dans les processus et systèmes opérationnels, y compris, mais de façon non limitative, la défaillance ou la mise sous tutelle de fournisseurs tiers.
Pour la catégorie d'actions décrite comme étant « couverte », des techniques de couverture du risque de change sont utilisées, ce qui | fr | es |
DOLFIN6139 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI China Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index. The Fund aims to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Index measures the performance of large and mid-capitalisation stocks of the Chinese equity market, which are subject to the index provider’s liquidity, investability and replicability criteria.
The Index is comprised of (i) China A Shares (securities of companies incorporated in the People’s Republic of China (PRC) denominated in Renminbi and listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)); (ii) China B Shares (securities of companies incorporated in the PRC and either denominated in US Dollars and listed on the SSE or denominated in Hong Kong Dollars and listed on the SZSE); (iii) China H Shares (securities of companies incorporated in the PRC and denominated in Hong Kong Dollars and listed on the Stock Exchange of Hong Kong (SEHK)); (iv) P Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by private companies or individuals in the PRC and which derive substantial revenues from, or allocate substantial assets in, the PRC); (v) Red Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by PRC government entities and which derive substantial revenues from, or allocate substantial assets in, the PRC); and (vi) foreign listings (securities issued by Chinese companies that are traded outside the PRC, including those traded by way of depositary receipts (investments issued by financial institutions which give exposure to underlying equity securities (e.g. American Depositary Receipts (ADRs))).
The China A Shares included in the Index (as determined by the index provider) are subject to a capping methodology so that their representation in the Index is limited to a fixed percentage (as determined by the index provider) of their free-float adjusted market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the market capitalisation. The Index is a free float-adjusted market capitalisation weighted index and rebalances on a quarterly basis.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI China Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y realizable, componen el Índice. El Fondo pretende replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Índice mide la rentabilidad de los valores de elevada y mediana capitalización del mercado de valores chino, que están sometidos a los criterios de liquidez, aptitud para la inversión y repetibilidad del proveedor del Índice.
El Índice está compuesto por (i) acciones China A (valores de empresas constituidas en la República Popular de China (RPC) denominados en renminbi y que cotizan en la Bolsa de Shanghái (SSE) y en la Bolsa de Shenzhen (SZSE)); (ii) acciones B chinas (valores de empresas constituidas en la RPC, denominados en dólares estadounidenses y que cotizan en la SSE, o denominados en dólares de Hong Kong y que cotizan en la SZSE); (iii) acciones H chinas (valores de empresas constituidas en la RPC, denominados en dólares de Hong Kong y que cotizan en la Bolsa de Hong Kong (SEHK)); (iv) P Chips (valores que cotizan en la SEHK de empresas constituidas fuera de la RPC, controladas por empresas o personas privadas de la RPC, que obtienen una parte importante de sus ingresos de la RPC o que asignan una parte importante de sus activos en la RPC); (v) Red Chips (valores que cotizan en la SEHK de empresas constituidas fuera de la RPC, controladas por entidades gubernamentales de la RPC, que obtienen una parte importante de sus ingresos de la RPC o que asignan una parte importante de sus activos en la RPC); y (vi) cotizaciones extranjeras (valores emitidos por empresas chinas que se negocian fuera de la RPC, incluidos aquellos valores negociados mediante recibos de depósitos (inversiones emitidas por instituciones financieras que ofrecen exposición a valores de renta variable subyacentes (por ejemplo, recibos de depósito estadounidenses («ADR», por sus siglas en inglés))).
Las acciones China A incluidas en el Índice (según lo establecido por el proveedor del índice) están sometidas a la metodología de limitación para que su representación en el Índice se limite a un porcentaje fijo (que establecerá el proveedor del índice) de su capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. El Índice es un índice ponderado por capitalización bursátil ajustado a flotación libre y se reajusta trimestralmente.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros 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).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI China Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index. The Fund aims to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Index measures the performance of large and mid-capitalisation stocks of the Chinese equity market, which are subject to the index provider’s liquidity, investability and replicability criteria.
The Index is comprised of (i) China A Shares (securities of companies incorporated in the People’s Republic of China (PRC) denominated in Renminbi and listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)); (ii) China B Shares (securities of companies incorporated in the PRC and either denominated in US Dollars and listed on the SSE or denominated in Hong Kong Dollars and listed on the SZSE); (iii) China H Shares (securities of companies incorporated in the PRC and denominated in Hong Kong Dollars and listed on the Stock Exchange of Hong Kong (SEHK)); (iv) P Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by private companies or individuals in the PRC and which derive substantial revenues from, or allocate substantial assets in, the PRC); (v) Red Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by PRC government entities and which derive substantial revenues from, or allocate substantial assets in, the PRC); and (vi) foreign listings (securities issued by Chinese companies that are traded outside the PRC, including those traded by way of depositary receipts (investments issued by financial institutions which give exposure to underlying equity securities (e.g. American Depositary Receipts (ADRs))).
The China A Shares included in the Index (as determined by the index provider) are subject to a capping methodology so that their representation in the Index is limited to a fixed percentage (as determined by the index provider) of their free-float adjusted market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the market capitalisation. The Index is a free float-adjusted market capitalisation weighted index and rebalances on a quarterly basis.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN6140 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A copy of the methodology and list of Excluded Investments (including the revenue thresholds) is available under “Allspring Sustainable Investing Policies and Guidelines” on allspringglobal.com. Shareholders may also request a copy from the Fund or the Management Company.
The Sub-Adviser employs a “quantamental” investment approach, utilising a combination of quantitative methods and fundamental analysis to identify companies based on valuation, quality and momentum characteristics that give a comprehensive view of each company’s relative valuation, operational and financial performance, and stock price behaviour. The Sub-Adviser’s approach seeks to achieve positive excess returns relative to the MSCI Emerging Markets Index by using stock selection to take controlled active risks in the portfolio, including sector and regions relative weights and target a tracking error of approximately 2% relative to the MSCI Emerging Markets Index. The Sub-Adviser regularly reviews the investments of the portfolio and may sell a portfolio holding when, among other reasons, the Sub- Adviser believes there is deterioration in the underlying fundamentals or carbon characteristics of the business.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The Climate Focused Emerging Markets Equity Fund is actively managed but uses the MSCI Emerging Markets Index as a reference for selecting investments and for performance comparison. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the MSCI Emerging Markets Index. This is likely to limit the extent to which the Sub-Fund can outperform the MSCI Emerging Markets Index. Deviations from the MSCI Emerging Markets Index are limited by a target tracking error of approximately 2% relative to the MSCI Emerging Markets Index. The benchmark index is not consistent with the environmental or social characteristics promoted by the Sub-Fund.
In addition to the investment objectives, policies and strategies described above, the Climate Focused Emerging Markets Equity Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | Une copie de la méthodologie et de la liste des Investissements exclus (y compris les seuils de revenu) est disponible sur le site Web suivant : allspringglobal.com dans la section « Politiques et directives en matière d’investissement durable Allspring ». Les Actionnaires peuvent également demander une copie auprès du Fonds ou de la Société de gestion.
Le Conseiller par délégation applique une approche d’investissement « quantamentale », en utilisant une combinaison de méthodes quantitatives et d’analyses fondamentales pour identifier les sociétés sur la base de leurs caractéristiques en termes de valorisation, de qualité et de momentum, qui donnent une image complète de la valorisation relative de chaque société, de ses performances opérationnelles et financières, ainsi que du comportement du cours de l’action. L’approche du Conseiller par délégation vise à obtenir des rendements excédentaires positifs par rapport à l’indice MSCI Emerging Markets Index en utilisant la sélection des titres pour prendre des risques actifs contrôlés dans le portefeuille, y compris des pondérations relatives sectorielles et régionales et un objectif de tracking error d’environ 2 % par rapport à l’indice MSCI Emerging Markets Index. Le Conseiller par délégation examine régulièrement les investissements du portefeuille et peut vendre une participation du portefeuille lorsque, entre autres raisons, il estime que les fondamentaux sous-jacents ou les caractéristiques carbone de la société sont détériorés.
Le Conseiller par délégation pourra également utiliser des contrats à terme standardisés, des contrats à terme de gré à gré, des options ou des swaps ainsi que d’autres instruments dérivés à des fins de couverture ou de gestion efficace du portefeuille.
Le Compartiment Climate Focused Emerging Markets Equity Fund est géré activement, mais utilise l’indice MSCI Emerging Markets Index comme référence pour la sélection des placements et pour la comparaison des performances. La stratégie d’investissement limitera la mesure dans laquelle les participations du portefeuille peuvent s’écarter de l’indice MSCI Emerging Markets Index. Cela devrait limiter la mesure dans laquelle le Compartiment peut surperformer l’indice MSCI Emerging Markets Index. Les écarts par rapport à l’indice MSCI Emerging Markets Index sont limités par un objectif de tracking error d’environ 2 % par rapport à l’indice MSCI Emerging Markets Index. L’indice de référence n’est pas en adéquation avec les caractéristiques environnementales ou sociales promues par le Compartiment.
Outre les objectifs, politiques et stratégies d’investissement décrits ci-avant, le Compartiment Climate Focused Emerging Markets Equity Fund est également soumis aux pouvoirs et restrictions d’investissement énoncés dans la rubrique intitulée « RESTRICTIONS AUX INVESTISSEMENTS » du Prospectus.
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## Facteurs de risque | A copy of the methodology and list of Excluded Investments (including the revenue thresholds) is available under “Allspring Sustainable Investing Policies and Guidelines” on allspringglobal.com. Shareholders may also request a copy from the Fund or the Management Company.
The Sub-Adviser employs a “quantamental” investment approach, utilising a combination of quantitative methods and fundamental analysis to identify companies based on valuation, quality and momentum characteristics that give a comprehensive view of each company’s relative valuation, operational and financial performance, and stock price behaviour. The Sub-Adviser’s approach seeks to achieve positive excess returns relative to the MSCI Emerging Markets Index by using stock selection to take controlled active risks in the portfolio, including sector and regions relative weights and target a tracking error of approximately 2% relative to the MSCI Emerging Markets Index. The Sub-Adviser regularly reviews the investments of the portfolio and may sell a portfolio holding when, among other reasons, the Sub- Adviser believes there is deterioration in the underlying fundamentals or carbon characteristics of the business.
The Sub-Adviser may also use futures, forward contracts, options, or swap agreements, as well as other derivatives, for hedging or efficient portfolio management purposes.
The Climate Focused Emerging Markets Equity Fund is actively managed but uses the MSCI Emerging Markets Index as a reference for selecting investments and for performance comparison. The investment strategy will restrict the extent to which the portfolio holdings may deviate from the MSCI Emerging Markets Index. This is likely to limit the extent to which the Sub-Fund can outperform the MSCI Emerging Markets Index. Deviations from the MSCI Emerging Markets Index are limited by a target tracking error of approximately 2% relative to the MSCI Emerging Markets Index. The benchmark index is not consistent with the environmental or social characteristics promoted by the Sub-Fund.
In addition to the investment objectives, policies and strategies described above, the Climate Focused Emerging Markets Equity Fund is further subject to the investment powers and restrictions contained under the heading "INVESTMENT RESTRICTIONS" in the Prospectus.
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## Risk Factors | en | fr |
DOLFIN6141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Securities borrowing
The Sub-Fund may enter into any securities lending transaction with counterparties selected on the basis of the following combined criteria: regulatory status, protection provided by local legislation, operational processes, available credit spreads and analysis and/or external credit ratings.
The securities borrowed by the Sub-Fund may not be disposed of during the time they are held by the Sub-Fund, unless they are covered by sufficient financial instruments which enable the Sub- Fund to restitute the borrowed securities at the close of the transaction.
The Sub-Fund may borrow securities under the following circumstances in connection with the settlement of a sale transaction: (a) during a period where the securities have been sent out for re-registration; (b) when the securities have been loaned and not returned in time and (c) to avoid a failed settlement when the depositary fails to make delivery. | ##### Toma en préstamo de títulos
El subfondo podrá celebrar cualquier operación de préstamo de títulos con contrapartes seleccionadas con arreglo a los siguientes criterios combinados: situación normativa, protección proporcionada por la legislación local, procesos operativos, diferenciales de crédito disponibles y análisis o calificaciones crediticias externos.
El subfondo no podrá enajenar los títulos que tome en préstamo mientras obren en su poder, a menos que estén cubiertos por instrumentos financieros suficientes que permitan al subfondo restituir los valores tomados en préstamo al término de la operación.
El subfondo podrá tomar títulos en préstamo en las siguientes circunstancias relacionadas con la liquidación de una operación de venta: a) durante un período en el cual los valores estén en proceso de reinscripción; b) cuando los valores hayan sido prestados y no hayan sido restituidos puntualmente y c) a fin de evitar una liquidación fallida en caso de que el depositario no realice la entrega. | ##### Securities borrowing
The Sub-Fund may enter into any securities lending transaction with counterparties selected on the basis of the following combined criteria: regulatory status, protection provided by local legislation, operational processes, available credit spreads and analysis and/or external credit ratings.
The securities borrowed by the Sub-Fund may not be disposed of during the time they are held by the Sub-Fund, unless they are covered by sufficient financial instruments which enable the Sub- Fund to restitute the borrowed securities at the close of the transaction.
The Sub-Fund may borrow securities under the following circumstances in connection with the settlement of a sale transaction: (a) during a period where the securities have been sent out for re-registration; (b) when the securities have been loaned and not returned in time and (c) to avoid a failed settlement when the depositary fails to make delivery. | en | es |
DOLFIN6142 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
3
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The shaded area in the table above shows the Class’ ranking based on the Synthetic Risk and Reward Indicator. The risk/return indicator suggests the relationship between risk and potential returns when investing in the Fund. The Fund has been classified as category 3 due to the nature of its investments, which include the risks listed below. This means that the purchase of units in the Fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the fund; the category might change in the future.
The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator and may cause additional loss:
- Credit risk: The default of the issuer of a debt instrument held by the Fund.
- Liquidity risk: Securities in the Fund may be sold below their valuation due to insufficient liquidity in the market.
- Counterparty risk: A counterparty may fail to pay the proceeds related to the sale of se curities by the Fund or may fail to deliver the securities purchased by the Fund.
- Operational risk: Failures or delays in operational processes may negatively affect the Fund.
- Event risk: Unforeseeable events such as devaluations, political events, etc. | # Risiko und Ertragsprofil
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
3
Geringeres Risiko Höheres Risiko
Typischerweise geringere Erträge Typischerweise höhere Erträge
Der grau unterlegte Bereich der Aufstellung oben zeigt die Einstufung der Klasse auf der Basis des ‚synthetischen Risiko und Ertragsindikators‘. Der Risiko/Ertragsindikator ver weist auf die Beziehung zwischen Risiko und potenziellen Erträgen bei einer Anlage in den Fonds. Der Fonds wurde aufgrund der Art seiner Anlagen, die die nachfolgenden Risiken beinhalten, in die Kategorie 3 eingestuft. Das heißt, der Kauf von Anteilen des Fonds ist mit einem mittleren Risiko im Hinblick auf solche Schwankungen verbunden. Bitte beachten Sie, dass die Kategorie 1 nicht bedeutet, dass die Anlage risikofrei ist. Historische Daten, wie sie beispielsweise zur Berechnung des synthetischen Indikators verwendet werden, sind unter Umständen kein zuverlässiger Anhaltspunkt für das künftige Risikoprofil des Fonds; die Kategorie kann sich in Zukunft ändern.
Die folgenden Risiken sind von grundlegender Bedeutung für den Fonds, werden jedoch von dem synthetischen Indikator nicht angemessen erfasst und können zusätzliche Verluste verursachen:
- Kreditrisiko: Der Ausfall des Emittenten eines Schuldtitels, den der Fonds hält.
- Liquiditätsrisiko: Wertpapiere des Fonds können aufgrund von unzureichender Liquidität am Markt unter ihrem Wert verkauft werden.
- Kontrahentenrisiko: Es kann vorkommen, dass ein Kontrahent die Erlöse aus dem Verkauf von Wertpapieren des Fonds nicht bezahlt oder von dem Fonds erworbene Wertpapiere nicht liefert.
- Operatives Risiko: Fehler oder Verzögerungen bei operativen Prozessen können den Fonds negativ beeinflussen.
- Ereignisrisiko: Unvorhersehbare Ereignisse, wie zum Beispiel Abwertungen, politische Ereignisse usw. | # Risk and Reward Profile
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
3
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The shaded area in the table above shows the Class’ ranking based on the Synthetic Risk and Reward Indicator. The risk/return indicator suggests the relationship between risk and potential returns when investing in the Fund. The Fund has been classified as category 3 due to the nature of its investments, which include the risks listed below. This means that the purchase of units in the Fund is connected to medium risk of such fluctuations. Please note that category 1 does not mean a risk free investment. Historical data, such as is used in calculating the synthetic indicator, may not be a reliable indication of the future risk profile of the fund; the category might change in the future.
The following risks are materially relevant to the Fund but are not adequately captured by the synthetic indicator and may cause additional loss:
- Credit risk: The default of the issuer of a debt instrument held by the Fund.
- Liquidity risk: Securities in the Fund may be sold below their valuation due to insufficient liquidity in the market.
- Counterparty risk: A counterparty may fail to pay the proceeds related to the sale of se curities by the Fund or may fail to deliver the securities purchased by the Fund.
- Operational risk: Failures or delays in operational processes may negatively affect the Fund.
- Event risk: Unforeseeable events such as devaluations, political events, etc. | en | de |
DOLFIN6143 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Combined financial statements
| Combined statement of net assets at 28/02/22 | | |
| --- | --- | --- |
| | Note | In EUR |
| Assets | | 3,094,077,841.08 |
| Securities portfolio at market value | 2.2 | 2,812,669,868.17 |
| Cost | | 2,604,907,960.90 |
| Options (long positions) at the market value | 2.6 | 9,360,598.56 |
| Options purchased at the cost price | | 10,947,255.22 |
| Cash at bank | | 188,240,992.12 |
| Receivables from sale of investments | | 67,549,313.13 |
| Accrued subscriptions | | 7,714,894.56 |
| Receivables on CFDs | | 1,932.55 |
| Net unrealised gain on forward exchange contracts | 2.7 | 327,757.12 |
| Net unrealised gain on futures contracts | 2.8 | 1,968,842.34 |
| Net unrealised gain on CFDs | 2.9 | 269,875.72 |
| Net unrealised gain on swaps | 2 | 1,659.00 |
| Net dividends receivable | | 189,623.92 |
| Accrued interest on the securities portfolio | | 5,407,121.63 |
| Accrued interest on swaps | | 366,833.84 |
| Accrued interest on CFDs | | 371.99 |
| Other accrued interest | | 2.02 |
| Net start-up costs | 2.16 | 3,342.11 |
| Other assets | | 4,812.30 |
| Liabilities | | 110,957,143.78 |
| Options (short positions) at the market price | 2.6 | 2,670,824.90 |
| Options sold at the cost price | | 1,593,197.34 |
| Bank overdraft | | 16,775,823.63 |
| Payable on investments purchased | | 72,518,446.83 |
| Accrued redemptions | | 5,242,973.14 |
| Payable on swaps | | 28,286.66 |
| Net unrealised loss on forward exchange contracts | 2.7 | 2,758,505.44 |
| Net unrealised loss on futures contracts | 2.8 | 546,091.62 |
| Net unrealised loss on swaps | 2 | 2,363,154.57 |
| Management fees payable | 3 | 1,396,910.24 |
| Depositary and sub-depositary fees payable | 5 | 168,897.40 |
| Administration fees payable | 6 | 92,260.39 |
| Performance fees payable | 4 | 4,227,033.80 |
| Subscription tax (taxe d’abonnement) payable | 8 | 81,331.97 |
| Net dividends payable | | 3,130.16 |
| Interest payable on bonds | | 914,618.37 |
| Interest payable on CFDs | | 5,319.06 |
| Interest payable on swaps | | 838,194.94 |
| Other liabilities | | 325,340.66 |
| Net asset value | | 2,983,120,697.31 |
## Combined statement of operations and changes in net assets for the financial year ended 28/02/22
| | Note | In EUR |
| --- | --- | --- |
| Income | | 34,618,434.87 |
| Net dividends on the securities portfolio | | 11,129,986.49 |
| Dividends on CFDs | | 317,840.67 |
| Net interest on bonds and money-market instruments | | 20,070,639.80 |
| Interest received on CFDs | | 13,618.38 |
| Interest received on swaps | | 3,045,853.04 |
| Bank interest | | 25,071.58 |
| Other income | | 15,424.91 |
| Expenses | | 36,378,128.23 |
| Management fees | 3 | 17,946,039.22 |
| Performance fees | 4 | 4,186,461.49 |
| Depositary and sub-depositary fees | 5 | 1,053,602.98 |
| Administration fees | 6 | 628,228.38 |
| Amortisation of start-up costs | 2.16 | 1,997.12 |
| Legal expenses | | 295,831.25 |
| Transaction expenses | 2.17, 7 | 2,673,195.60 |
| Director remuneration | | 22,151.65 |
| Subscription tax (taxe d’abonnement) | 8 | 520,430.89 |
| Interest paid on bank overdrafts | | 925,053.98 |
| Dividends paid on CFDs | | 401,800.97 |
| Interest paid on CFDs | | 158,421.09 |
| Interest paid on swaps | | 5,885,101.84 |
| Bank charges | | 124,222.61 |
| Other expenses | | 1,555,589.16 |
| Net income / (loss) on investments | | (1,759,693.36) |
| Net profit / (loss) on: | | |
| - sales of investments | 2.3 | 152,427,522.72 |
| - options | 2.6 | 6,685,403.95 |
| - forward exchange contracts | 2.7 | (13,646,465.39) |
| - futures | 2.8 | (7,573,785.19) |
| - CFDs | 2.9 | 480,254.05 |
| - swaps | 2 | 464,133.28 |
| - currency | | (53,890.01) |
| Net profit / (loss) | | 137,023,480.05 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (146,531,847.97) |
| - options | 2.6 | (3,394,398.55) |
| - forward exchange contracts | 2.7 | (4,013,672.04) |
| - futures | 2.8 | 3,733,068.14 |
| - CFDs | 2.9 | 232,427.44 |
| - swaps | 2 | 2,596,894.34 |
| Net increase / (decrease) in net assets from operations | | (10,354,048.59) |
| Dividends paid | 10 | (16,220,761.10) |
| Accumulation share subscriptions | | 1,179,426,834.52 |
| Distribution share subscriptions | | 399,905,204.73 |
| Accumulation share redemptions | | (892,335,741.09) |
| Distribution share redemptions | | (575,825,419.74) |
Combined statement of operations and changes in net assets for the financial year ended 28/02/22
| Note | In EUR |
| --- | --- |
| Increase / (decrease) in net assets | 84,596,068.73 |
| Revaluation of the opening balance | 7,167,400.37 |
| Net assets at start of year | 2,891,357,228.22 |
| Net assets at end of year | 2,983,120,697.31 | | # Etats financiers combinés
| Etat combiné des actifs nets au 28/02/22 | |
| --- | --- |
| | Note | Exprimé en EUR |
| Actifs | | 3.094.077.841,08 |
| Portefeuille-titres à la valeur d'évaluation | 2.2 | 2.812.669.868,17 |
| Prix de revient | | 2.604.907.960,90 |
| Options (positions longues) à la valeur d'évaluation | 2.6 | 9.360.598,56 |
| Options achetées au prix de revient | | 10.947.255,22 |
| Avoirs en banque | | 188.240.992,12 |
| A recevoir pour investissements vendus | | 67.549.313,13 |
| A recevoir sur souscriptions | | 7.714.894,56 |
| A recevoir sur CFDs | | 1.932,55 |
| Plus-value nette non réalisée sur contrats de change à terme | 2.7 | 327.757,12 |
| Plus-value nette non réalisée sur contrats futures | 2.8 | 1.968.842,34 |
| Plus-value nette non réalisée sur CFDs | 2.9 | 269.875,72 |
| Plus-value nette non réalisée sur swaps | 2 | 1.659,00 |
| Dividendes à recevoir, nets | | 189.623,92 |
| Intérêts à recevoir sur portefeuille-titres | | 5.407.121,63 |
| Intérêts à recevoir sur swaps | | 366.833,84 |
| Intérêts à recevoir sur CFDs | | 371,99 |
| Autres intérêts à recevoir | | 2,02 |
| Frais d’établissement, nets | 2.16 | 3.342,11 |
| Autres actifs | | 4.812,30 |
| Passifs | | 110.957.143,78 |
| Options (positions courtes) à la valeur d'évaluation | 2.6 | 2.670.824,90 |
| Options vendues au prix de revient | | 1.593.197,34 |
| Découvert bancaire | | 16.775.823,63 |
| A payer sur investissements achetés | | 72.518.446,83 |
| A payer sur rachats | | 5.242.973,14 |
| A payer sur swaps | | 28.286,66 |
| Moins-value nette non réalisée sur contrats de change à terme | 2.7 | 2.758.505,44 |
| Moins-value nette non réalisée sur contrats futures | 2.8 | 546.091,62 |
| Moins-value nette non réalisée sur swaps | 2 | 2.363.154,57 |
| Commissions de gestion à payer | 3 | 1.396.910,24 |
| Commissions de dépositaire et de sous-dépositaire à payer | 5 | 168.897,40 |
| Commissions d'administration à payer | 6 | 92.260,39 |
| Commissions de performance à payer | 4 | 4.227.033,80 |
| Taxe d'abonnement à payer | 8 | 81.331,97 |
| Dividendes à payer, nets | | 3.130,16 |
| Intérêts à payer sur obligations | | 914.618,37 |
| Intérêts à payer sur CFDs | | 5.319,06 |
| Intérêts à payer sur swaps | | 838.194,94 |
| Autres passifs | | 325.340,66 |
| Valeur nette d'inventaire | | 2.983.120.697,31 |
## Etat combiné des opérations et des variations des actifs nets pour l'exercice clôturé au 28/02/22
| | Note | Exprimé en EUR |
| --- | --- | --- |
| Revenus | | 34.618.434,87 |
| Dividendes sur portefeuille-titres, nets | | 11.129.986,49 |
| Dividendes reçus sur CFDs | | 317.840,67 |
| Intérêts sur obligations et instruments du marché monétaire, nets | | 20.070.639,80 |
| Intérêts reçus sur CFDs | | 13.618,38 |
| Intérêts reçus sur swaps | | 3.045.853,04 |
| Intérêts bancaires | | 25.071,58 |
| Autres revenus | | 15.424,91 |
| Dépenses | | 36.378.128,23 |
| Commissions de gestion | 3 | 17.946.039,22 |
| Commissions de performance | 4 | 4.186.461,49 |
| Commissions de dépositaire et de sous-dépositaire | 5 | 1.053.602,98 |
| Commissions d'administration | 6 | 628.228,38 |
| Amortissement des frais d'établissement | 2.16 | 1.997,12 |
| Frais légaux | | 295.831,25 |
| Frais de transaction | 2.17, 7 | 2.673.195,60 |
| Rémunération administrateurs | | 22.151,65 |
| Taxe d'abonnement | 8 | 520.430,89 |
| Intérêts payés sur découvert bancaire | | 925.053,98 |
| Dividendes payés sur CFDs | | 401.800,97 |
| Intérêts payés sur CFDs | | 158.421,09 |
| Intérêts payés sur swaps | | 5.885.101,84 |
| Frais bancaires | | 124.222,61 |
| Autres dépenses | | 1.555.589,16 |
| Revenus / (Pertes) net(te)s des investissements | | (1.759.693,36) |
| Bénéfices / (Pertes) net(te)s réalisé(e)s sur: | | |
| - ventes d'investissements | 2.3 | 152.427.522,72 |
| - options | 2.6 | 6.685.403,95 |
| - contrats de change à terme | 2.7 | (13.646.465,39) |
| - contrats futures | 2.8 | (7.573.785,19) |
| - CFDs | 2.9 | 480.254,05 |
| - swaps | 2 | 464.133,28 |
| - change | | (53.890,01) |
| Bénéfice / (Perte) net(te) réalisé(e) | | 137.023.480,05 |
| Variation de la plus-value / (moins-value) nette non réalisée sur: - ventes d’investissements | 2.2 | (146.531.847,97) |
| - options | 2.6 | (3.394.398,55) |
| - contrats de change à terme | 2.7 | (4.013.672,04) |
| - contrats futures | 2.8 | 3.733.068,14 |
| - CFDs | 2.9 | 232.427,44 |
| - swaps | 2 | 2.596.894,34 |
| Augmentation / (diminution) nette des actifs nets provenant des opérations | | (10.354.048,59) |
| Dividendes versés | 10 | (16.220.761,10) |
| Souscriptions d'actions de capitalisation | | 1.179.426.834,52 |
| Souscriptions d'actions de distribution | | 399.905.204,73 |
| Rachats d'actions de capitalisation | | (892.335.741,09) |
| Rachats d'actions de distribution | | (575.825.419,74) |
Etat combiné des opérations et des variations des actifs nets pour l'exercice clôturé au 28/02/22
| | Note | Exprimé en EUR |
| --- | --- | --- |
| Augmentation / (diminution) des actifs nets | | 84.596.068,73 |
| Réévaluation de la balance d'ouverture | | 7.167.400,37 |
| Actifs nets début de l'exercice | | 2.891.357.228,22 |
| Actifs nets à la fin de l'exercice | | 2.983.120.697,31 | | # Combined financial statements
| Combined statement of net assets at 28/02/22 | | |
| --- | --- | --- |
| | Note | In EUR |
| Assets | | 3,094,077,841.08 |
| Securities portfolio at market value | 2.2 | 2,812,669,868.17 |
| Cost | | 2,604,907,960.90 |
| Options (long positions) at the market value | 2.6 | 9,360,598.56 |
| Options purchased at the cost price | | 10,947,255.22 |
| Cash at bank | | 188,240,992.12 |
| Receivables from sale of investments | | 67,549,313.13 |
| Accrued subscriptions | | 7,714,894.56 |
| Receivables on CFDs | | 1,932.55 |
| Net unrealised gain on forward exchange contracts | 2.7 | 327,757.12 |
| Net unrealised gain on futures contracts | 2.8 | 1,968,842.34 |
| Net unrealised gain on CFDs | 2.9 | 269,875.72 |
| Net unrealised gain on swaps | 2 | 1,659.00 |
| Net dividends receivable | | 189,623.92 |
| Accrued interest on the securities portfolio | | 5,407,121.63 |
| Accrued interest on swaps | | 366,833.84 |
| Accrued interest on CFDs | | 371.99 |
| Other accrued interest | | 2.02 |
| Net start-up costs | 2.16 | 3,342.11 |
| Other assets | | 4,812.30 |
| Liabilities | | 110,957,143.78 |
| Options (short positions) at the market price | 2.6 | 2,670,824.90 |
| Options sold at the cost price | | 1,593,197.34 |
| Bank overdraft | | 16,775,823.63 |
| Payable on investments purchased | | 72,518,446.83 |
| Accrued redemptions | | 5,242,973.14 |
| Payable on swaps | | 28,286.66 |
| Net unrealised loss on forward exchange contracts | 2.7 | 2,758,505.44 |
| Net unrealised loss on futures contracts | 2.8 | 546,091.62 |
| Net unrealised loss on swaps | 2 | 2,363,154.57 |
| Management fees payable | 3 | 1,396,910.24 |
| Depositary and sub-depositary fees payable | 5 | 168,897.40 |
| Administration fees payable | 6 | 92,260.39 |
| Performance fees payable | 4 | 4,227,033.80 |
| Subscription tax (taxe d’abonnement) payable | 8 | 81,331.97 |
| Net dividends payable | | 3,130.16 |
| Interest payable on bonds | | 914,618.37 |
| Interest payable on CFDs | | 5,319.06 |
| Interest payable on swaps | | 838,194.94 |
| Other liabilities | | 325,340.66 |
| Net asset value | | 2,983,120,697.31 |
## Combined statement of operations and changes in net assets for the financial year ended 28/02/22
| | Note | In EUR |
| --- | --- | --- |
| Income | | 34,618,434.87 |
| Net dividends on the securities portfolio | | 11,129,986.49 |
| Dividends on CFDs | | 317,840.67 |
| Net interest on bonds and money-market instruments | | 20,070,639.80 |
| Interest received on CFDs | | 13,618.38 |
| Interest received on swaps | | 3,045,853.04 |
| Bank interest | | 25,071.58 |
| Other income | | 15,424.91 |
| Expenses | | 36,378,128.23 |
| Management fees | 3 | 17,946,039.22 |
| Performance fees | 4 | 4,186,461.49 |
| Depositary and sub-depositary fees | 5 | 1,053,602.98 |
| Administration fees | 6 | 628,228.38 |
| Amortisation of start-up costs | 2.16 | 1,997.12 |
| Legal expenses | | 295,831.25 |
| Transaction expenses | 2.17, 7 | 2,673,195.60 |
| Director remuneration | | 22,151.65 |
| Subscription tax (taxe d’abonnement) | 8 | 520,430.89 |
| Interest paid on bank overdrafts | | 925,053.98 |
| Dividends paid on CFDs | | 401,800.97 |
| Interest paid on CFDs | | 158,421.09 |
| Interest paid on swaps | | 5,885,101.84 |
| Bank charges | | 124,222.61 |
| Other expenses | | 1,555,589.16 |
| Net income / (loss) on investments | | (1,759,693.36) |
| Net profit / (loss) on: | | |
| - sales of investments | 2.3 | 152,427,522.72 |
| - options | 2.6 | 6,685,403.95 |
| - forward exchange contracts | 2.7 | (13,646,465.39) |
| - futures | 2.8 | (7,573,785.19) |
| - CFDs | 2.9 | 480,254.05 |
| - swaps | 2 | 464,133.28 |
| - currency | | (53,890.01) |
| Net profit / (loss) | | 137,023,480.05 |
| Change in the net unrealised gain / (loss) on: - sales of investments | 2.2 | (146,531,847.97) |
| - options | 2.6 | (3,394,398.55) |
| - forward exchange contracts | 2.7 | (4,013,672.04) |
| - futures | 2.8 | 3,733,068.14 |
| - CFDs | 2.9 | 232,427.44 |
| - swaps | 2 | 2,596,894.34 |
| Net increase / (decrease) in net assets from operations | | (10,354,048.59) |
| Dividends paid | 10 | (16,220,761.10) |
| Accumulation share subscriptions | | 1,179,426,834.52 |
| Distribution share subscriptions | | 399,905,204.73 |
| Accumulation share redemptions | | (892,335,741.09) |
| Distribution share redemptions | | (575,825,419.74) |
Combined statement of operations and changes in net assets for the financial year ended 28/02/22
| Note | In EUR |
| --- | --- |
| Increase / (decrease) in net assets | 84,596,068.73 |
| Revaluation of the opening balance | 7,167,400.37 |
| Net assets at start of year | 2,891,357,228.22 |
| Net assets at end of year | 2,983,120,697.31 | | en | fr |
DOLFIN6144 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations détaillées sur le Fonds
## Gérant du fonds
## Lila Fekih, Mark Remington
## Date de lancement
## 27 octobre 2021
## AUM (millions)
## USD 277,16
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## BofA Merrill Lynch Global High Yield Constrained index
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 90
## 88
## 86
## 84
## 82
## 80
## 2021 2022 2023
- Fonds ■Indice de référence4,31%-14,55%-0,04%■3,80%-11,83%0,22%■Les performances passées ne préjugent pas nécessairement des performances futures. La valeur de vos investissements et les revenus qui en découlent peut évoluer à la baisse comme à la hausse en raison des fluctuations de marché et de change et vous n’êtes pas assuré de recouvrer l’intégralité des sommes investies. La performance du fonds est nette de frais et est représentative de la part USD I Acc Elle indique la performance sur les cinq années civiles précédentes au maximum et la performance actuelle depuis le début de l'année (calculée de valeur liquidative à valeur liquidative). Lorsque la création d'une catégorie de parts intervient avant les cinq années précédentes, le graphique a été indexé à 100. Lorsque le fonds possède un historique de performance inférieur à cinq années complètes, la performance est alors indiquée depuis la création. Source : EFG Asset Management, Bloomberg. Au 31 janvier 2023. | # Datos del Fondo
## Gestor del Fondo
## Lila Fekih, Mark Remington
## Fecha de creación
## 27 octubre 2021
## Patrimonio
## USD 277,16
## Moneda base
## USD
## Publicación del precio
## Financial Times, Bloomberg, Morningstar
## Índice de referencia
## BofA Merrill Lynch Global High Yield Constrained index
## Gestor de inversiones
## EFG Asset Management (UK) Limited
## Suscripción/Reembolso
## Diaria 16:00 (hora de Irlanda)
## Periodo contable
## 30 junio
## 90
## 88
## 86
## 84
## 82
## 80
## 2021 2022 2023
- Fondo ■Índice de referencia4,31%-14,55%-0,04%■3,80%-11,83%0,22%■La rentabilidad histórica no constituye necesariamente una indicación de la rentabilidad futura. El valor de sus inversiones y los rendimientos que de ellas se derivan pueden incrementarse o disminuir, como resultado de las fluctuaciones del mercado o de las divisas y usted podría no recuperar el importe total invertido. La rentabilidad del fondo se indica una vez deducidas las comisiones y es representativa de la clase de acciones USD I Acc y corresponde hasta un máximo de cinco años naturales anteriores y el año hasta la fecha (cálculo NAV to NAV). Cuando la fecha de creación de la clase de acciones es anterior al periodo de cinco años del gráfico, se ha reajustado a 100. Cuando el Fondo tiene un historial de rentabilidad inferior a cinco años completos, la rentabilidad se muestra desde la fecha de creación. Fuente: EFG Asset Management, Bloomberg. A 31 enero 2023. | # Informations détaillées sur le Fonds
## Gérant du fonds
## Lila Fekih, Mark Remington
## Date de lancement
## 27 octobre 2021
## AUM (millions)
## USD 277,16
## Monnaie de base
## USD
## Publication des prix
## Financial Times, Bloomberg, Morningstar
## Indice de référence
## BofA Merrill Lynch Global High Yield Constrained index
## Gestionnaire
## EFG Asset Management (UK) Limited
## Souscription/Rachat
## Quotidiennement 16:00 (Heure irlandaise)
## Période comptable
## 30 juin
## 90
## 88
## 86
## 84
## 82
## 80
## 2021 2022 2023
- Fonds ■Indice de référence4,31%-14,55%-0,04%■3,80%-11,83%0,22%■Les performances passées ne préjugent pas nécessairement des performances futures. La valeur de vos investissements et les revenus qui en découlent peut évoluer à la baisse comme à la hausse en raison des fluctuations de marché et de change et vous n’êtes pas assuré de recouvrer l’intégralité des sommes investies. La performance du fonds est nette de frais et est représentative de la part USD I Acc Elle indique la performance sur les cinq années civiles précédentes au maximum et la performance actuelle depuis le début de l'année (calculée de valeur liquidative à valeur liquidative). Lorsque la création d'une catégorie de parts intervient avant les cinq années précédentes, le graphique a été indexé à 100. Lorsque le fonds possède un historique de performance inférieur à cinq années complètes, la performance est alors indiquée depuis la création. Source : EFG Asset Management, Bloomberg. Au 31 janvier 2023. | fr | es |
DOLFIN6145 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Note 2: Main Accounting Policies
The net assets of each subfund or each unit class correspond to the difference between the total assets of the subfund or unit class and the total liabilities of the subfund or unit class concerned.
The total net assets are given in euros. For the purposes of this calculation, the individual Statements of Net Assets of the Subfund that are not denominated in euros are converted on the closing date at the last known exchange rate. This conversion was based on the following rates: | ### Note 2: Principales règles d’évaluation
L’actif net de chaque compartiment ou classe de parts correspond à la différence entre la somme des avoirs du compartiment ou d'une classe de parts et le total des obligations imputables au compartiment ou à la classe de parts.
Le total de l'actif net du Fonds est exprimé en euros. Aux fins de ce calcul, les différents états du patrimoine des compartiments qui ne sont pas libellés en euros seront convertis aux derniers cours de change moyens connus à la date de clôture. Cette conversion a été faite sur la base des cours de change ci-dessous: | ### Note 2: Main Accounting Policies
The net assets of each subfund or each unit class correspond to the difference between the total assets of the subfund or unit class and the total liabilities of the subfund or unit class concerned.
The total net assets are given in euros. For the purposes of this calculation, the individual Statements of Net Assets of the Subfund that are not denominated in euros are converted on the closing date at the last known exchange rate. This conversion was based on the following rates: | en | fr |
DOLFIN6146 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Independent Auditor
PricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since December 1994. The provision of audit services was last put to competitive tender in 2016. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposed to the Shareholders to be appointed as Auditor. | # Società di Revisione Indipendente
PricewaterhouseCoopers, Société coopérative è la Società di Revisione del Fondo da dicembre 1994. La più recente gara d’appalto per l’erogazione dei servizi di revisione contabile si è svolta nel 2016. Il Consiglio ha esaminato i servizi erogati da PwC nel 2016 e ha deciso, subordinatamente a qualsiasi altro fattore influente, di continuare a proporre agli Azionisti la nomina di tale società per il ruolo di Società di Revisione. | # Independent Auditor
PricewaterhouseCoopers, Société coopérative, has been the Fund’s Auditor since December 1994. The provision of audit services was last put to competitive tender in 2016. The Board reviewed the services of PwC in 2016 and decided that, subject to any other influencing factor, they should continue to be proposed to the Shareholders to be appointed as Auditor. | en | it |
DOLFIN6147 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Under the Trust Deed, the Manager is given authority to effect the issue of Units and has absolute discretion to accept or reject in whole or in part any application for Units without assigning any reason therefore. The Manager has the power to impose such restrictions as it deems necessary to ensure that no Units are subscribed for by any person which might result in the legal and beneficial ownership of Units by a person who is not a Qualified Holder or, in the sole opinion of the Manager, may expose the Fund or any Sub-Fund to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred in any such return) as soon as practicable by post or telegraphic transfer (but without interest, costs or compensation).
No Units of a Sub-Fund will be issued or allotted during a period when the determination of Net Asset Value of that Sub- Fund is suspended.
- Subscription Procedure GeneralExcept for Class A, Class I and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A and Class I Units are only available through: (i) financial intermediaries which according to either regulatory requirements (e.g. in the European Union, financial intermediaries providing discretionary portfolio management or investment advice on an independent basis) or separate fee arrangements with their clients, are not allowed to keep trail commissions, and/ or (ii) to institutional investors investing on their own behalf. | De conformidad con la Escritura Fiduciaria, la Sociedad Gestora tiene autoridad para realizar emisiones de Participaciones, así como para aceptar o rechazar en su totalidad o en parte cualquier solicitud de suscripción de Participaciones sin necesidad de alegar motivo alguno. La Sociedad Gestora está autorizada a imponer las restricciones que considere necesarias para garantizar que ninguna persona suscriba Participaciones, de modo que su titularidad formal o efectiva recaiga sobre una persona que no sea un Titular autorizado o, al juicio exclusivo de la Sociedad Gestora, pueda exponer al Fondo o cualquiera de los Subfondos a consecuencias normativas o fiscales perjudiciales.
Si se rechaza una solicitud, se restituirá el importe recibido al solicitante (una vez deducidos los gastos de tramitación derivados de dicha devolución) lo antes posible por transferencia postal o telegráfica (sin intereses, costes ni compensación).
No se emitirán ni adjudicarán Participaciones de un Subfondo en los periodos en los que esté suspendido el cálculo del Valor Liquidativo para dicho Subfondo.
- Procedimiento de suscripción Aspectos generalesExcepto por lo que se refiere a las Participaciones de las Clases A, I y M, todas las Clases de Participaciones están disponibles para todos los solicitantes aptos. La inversión en Participaciones de Clase M está restringida a los inversores considerados aptos por la Sociedad Gestora a su entera discreción. Las participaciones de la Clase A y de la Clase I solo están disponibles a través de: (i) intermediarios financieros que, según sus requisitos regulatorios (por ejemplo, en la Unión Europea, intermediarios financieros que ofrecen gestión discrecional de carteras o asesoría independiente de inversión ) acuerdos particulares de comisiones con sus clientes, no están autorizados a cobrar comisiones de renovación y/o (ii) a inversores institucionales que invierten por su cuenta. | Under the Trust Deed, the Manager is given authority to effect the issue of Units and has absolute discretion to accept or reject in whole or in part any application for Units without assigning any reason therefore. The Manager has the power to impose such restrictions as it deems necessary to ensure that no Units are subscribed for by any person which might result in the legal and beneficial ownership of Units by a person who is not a Qualified Holder or, in the sole opinion of the Manager, may expose the Fund or any Sub-Fund to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred in any such return) as soon as practicable by post or telegraphic transfer (but without interest, costs or compensation).
No Units of a Sub-Fund will be issued or allotted during a period when the determination of Net Asset Value of that Sub- Fund is suspended.
- Subscription Procedure GeneralExcept for Class A, Class I and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A and Class I Units are only available through: (i) financial intermediaries which according to either regulatory requirements (e.g. in the European Union, financial intermediaries providing discretionary portfolio management or investment advice on an independent basis) or separate fee arrangements with their clients, are not allowed to keep trail commissions, and/ or (ii) to institutional investors investing on their own behalf. | en | es |
DOLFIN6148 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Options and futures that are not traded on a stock exchange or any other organised market will be valued at their probable market value estimated conservatively and in good faith. The market value of options is included in the statement of net assets under the heading “Options at market value”.
The realised gains / (losses) and change in unrealised appreciation / depreciation on options are disclosed in the statement of changes in net assets respectively under the headings “Net realised gain / (loss) on options” and “Change in net unrealised appreciation / depreciation on options”.
The unrealised appreciation / (depreciation) on future contracts is disclosed in the statement of net assets under “Net unrealised appreciation / (depreciation) on futures”. Changes in the market value of open future contracts are recorded as unrealised appreciation / depreciation in the statement of changes in net assets under “Change in net unrealised appreciation / depreciation on futures”. Realised gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported at the closing or expiration of futures contracts in the statement of changes in net assets under “Net realised gain / (loss) on futures”.
As at June 30, 2023, there were no open options nor futures contract.
Note 3 - Management fees
BIL Manage Invest S.A. (hereinafter referred to as “the Management Company”), a partnership limited by shares with its head office at 42 rue de la Vallée, L-2661 Luxembourg, has been appointed Management Company of the SICAV on the basis of a contract concluded between the SICAV and Management Company.
Pursuant to Portfolio Management Agreement dated January 17, 2020, BIL Manage Invest S.A. has delegated its function of Portfolio Management to Banque Internationale à Luxembourg S.A..
The Portfolio Manager collects management fees on a monthly basis. These fees are expressed as an annual percentage of the average net asset value of the Sub-fund.
These fees are payable by the SICAV at the end of each month, latest by the following month.
In the case of services provided for an incomplete month, the Portfolio Manager shall be entitled to prorata temporis fees. | Les options et futures non négociés sur un marché boursier ou tout autre marché organisé seront évalués sur base de la valeur probable de réalisation estimée avec prudence et bonne foi. La valeur de marché des options est incluse dans l’état des actifs nets sous la rubrique « Options à la valeur d’évaluation ».
Les bénéfices / (pertes) réalisés et la plus-value / moins-value non réalisée sur options sont présentées dans l’état des variations des actifs nets respectivement sous les postes « Bénéfice / (Perte) net(te) réalisé(e) sur options » et « Variation de la plus-value / moins-value nette non réalisée sur options ».
La plus-value / (moins-value) non réalisée sur futures est présentée dans l’état des actifs nets, au poste « Plus-value / (moins-value) nette non réalisée sur futures ». Les variations de valeur de marché des futures sont comptabilisées en tant que plus-value / moins-value non réalisée à l’état des variations des actifs nets, au poste « Variation de la plus-value / moins-value nette non réalisée sur futures ». Les plus-values ou moins-values réalisées, représentant la différence entre la valeur du contrat au moment de son ouverture et sa valeur au moment de sa clôture, sont comptabilisés à la clôture ou à l’expiration des futures dans l’état des variations des actifs nets, au poste « Bénéfice / (Perte) net(te) réalisé(e) sur futures ».
Au 30 juin 2023, il n’y avait aucunes options ou futures ouvertes.
Note 3 - Commissions de gestion
BIL Manage Invest S.A. (ci-après désignée la « Société de gestion »), société en commandite par actions dont le siège social est sis 42 rue de la Vallée, L-2661 Luxembourg, a été désignée Société de gestion de la SICAV sur la base d’un contrat conclu entre la SICAV et la Société de gestion.
En vertu d’un Contrat de gestion de portefeuille en date du 17 janvier 2020, BIL Manage Invest S.A. a délégué sa fonction de gestion de portefeuille à Banque Internationale à Luxembourg S.A.
Le Gestionnaire de portefeuille perçoit des commissions de gestion mensuellement. Ces commissions sont exprimées en pourcentage annuel de la valeur nette d’inventaire moyenne du Compartiment.
Ces commissions sont payables par la SICAV à la fin de chaque mois, au plus tard au cours du mois suivant.
En cas de services rendus pour un mois civil incomplet, le Gestionnaire de portefeuille a droit à des commissions prorata temporis. | Options and futures that are not traded on a stock exchange or any other organised market will be valued at their probable market value estimated conservatively and in good faith. The market value of options is included in the statement of net assets under the heading “Options at market value”.
The realised gains / (losses) and change in unrealised appreciation / depreciation on options are disclosed in the statement of changes in net assets respectively under the headings “Net realised gain / (loss) on options” and “Change in net unrealised appreciation / depreciation on options”.
The unrealised appreciation / (depreciation) on future contracts is disclosed in the statement of net assets under “Net unrealised appreciation / (depreciation) on futures”. Changes in the market value of open future contracts are recorded as unrealised appreciation / depreciation in the statement of changes in net assets under “Change in net unrealised appreciation / depreciation on futures”. Realised gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported at the closing or expiration of futures contracts in the statement of changes in net assets under “Net realised gain / (loss) on futures”.
As at June 30, 2023, there were no open options nor futures contract.
Note 3 - Management fees
BIL Manage Invest S.A. (hereinafter referred to as “the Management Company”), a partnership limited by shares with its head office at 42 rue de la Vallée, L-2661 Luxembourg, has been appointed Management Company of the SICAV on the basis of a contract concluded between the SICAV and Management Company.
Pursuant to Portfolio Management Agreement dated January 17, 2020, BIL Manage Invest S.A. has delegated its function of Portfolio Management to Banque Internationale à Luxembourg S.A..
The Portfolio Manager collects management fees on a monthly basis. These fees are expressed as an annual percentage of the average net asset value of the Sub-fund.
These fees are payable by the SICAV at the end of each month, latest by the following month.
In the case of services provided for an incomplete month, the Portfolio Manager shall be entitled to prorata temporis fees. | en | fr |
DOLFIN6149 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund management commentary
## Market Review
July was a positive turnaround in high yield. On the back of strong earnings and brighter Fed expectations, high yield saw widespread tightening and a monthly inflow from retail for the first time this year. July was marked by the strongest equity performance in nearly two years and a sharp decline in the 10-year Treasury yield compared to its June high. July marked the release of second quarter GDP figures, which has contracted for a second time, widely considered the signal of an economic recession. However, investors have not been so quick to arrive at this conclusion amidst healthy payroll growth and the sentiment being given by many companies that their financial positions remain strong. Higher quality remains the winner of high yield with BBs finishing as the top performer, followed by single Bs and CCCs. The best performing industries were cable/satellite, housing, and utilities. The worst sectors were metals/mining, telecom, and diversified media. This month had the lowest issuance seen in high yield in over four years. Specifically, only US$1.8 billion was issued. There were no new defaults in July. Moody’s global 12-month trailing default rate decreased lightly with the current rate at 2.06%. U.S. high yield funds reported their first inflow in 2022. Loan funds saw their third consecutive outflow.
## Fund Review
Sector allocation outperformed due to underweights to banking and real estate. This was somewhat offset due to an underweight to telecommunications and an overweight to consumer goods.
## Market Outlook
With the significant amount of issuance we have seen over the last couple of years and very little debt maturing, we are confident that defaults will remain below average. While market movements are choppy and inflationary conditions are very prevalent, the constructive fundamental backdrop of high yield issuers along with higher yields creates a foundation for good long-term returns. We are still looking to increase duration as we believe rates are close to their highs for the year. We will also continue to increase our exposure to BB-rated bonds. We continue to be overweight transportation and capital goods, and we are still increasing our non-cyclical exposure. | # Comentario de gestión del fondo
## Revisión del mercado
Julio constituyó un cambio positivo en la alta rentabilidad. Gracias a los sólidos beneficios y a las mejores expectativas de la Fed, la alta rentabilidad experimentó un estrechamiento generalizado de los diferenciales y una entrada mensual de fondos de inversores particulares por primera vez este año. Julio estuvo marcado por la mejor rentabilidad de las acciones en casi dos años y por una fuerte caída del rendimiento de los títulos del Tesoro estadounidense a 10 años en comparación con su máximo de junio. Julio marcó la publicación de las cifras del PIB del segundo trimestre, que se contrajo por segunda vez, lo que se considera ampliamente como la señal de una recesión económica. Sin embargo, los inversores no han sido tan rápidos en llegar a esta conclusión en medio de un crecimiento saludable de las nóminas y de la confianza que están ofreciendo muchas empresas de que sus posiciones financieras siguen siendo sólidas. La calidad más alta sigue siendo la ganadora de la alta rentabilidad y los títulos con rating BB fueron los más rentables, seguidos de los calificados con B y CCC. Las industrias que mejor evolucionaron fueron cable/satélite, vivienda y servicios públicos. Los sectores menos rentables fueron metales/minería, telecomunicaciones y medios de comunicación diversificados. Este mes registró el menor volumen de emisiones en alta rentabilidad en más de cuatro años. Específicamente, solo hubo emisiones por valor de 1.800 millones de USD. No hubo nuevos impagos en julio. La tasa global de impagos global a 12 meses de Moody's descendió ligeramente, situándose en el 2,06%. Los fondos de alta rentabilidad de EE. UU. registraron su primera entrada de capital en 2022. Los fondos de préstamos tuvieron su tercer mes consecutivo de salidas de dinero.
## Revisión del Fondo
La asignación por sectores brindó un rendimiento relativo positivo debido a las infraponderaciones en los sectores bancario e inmobiliario. Esto se vio parcialmente compensado por una infraponderación en telecomunicaciones y una sobreponderación en bienes de consumo.
## Perspectiva del mercado
Con la cantidad significativa de emisiones que hemos visto en los últimos años y el vencimiento de muy poca deuda, confiamos en que los incumplimientos se mantendrán por debajo del promedio. Si bien los movimientos del mercado son erráticos y las condiciones inflacionistas son muy dominantes, el positivo telón de fondo de los fundamentales de los emisores de alta rentabilidad junto con unos rendimientos más altos crea una base para buenas rentabilidades a largo plazo. Seguimos buscando aumentar la duración, ya que creemos que los tipos están cerca de sus máximos del año. También seguiremos incrementando la exposición a los bonos con calificación BB. Seguimos sobreponderados en transporte y bienes de capital y continuamos aumentando la exposición no cíclica. | # Fund management commentary
## Market Review
July was a positive turnaround in high yield. On the back of strong earnings and brighter Fed expectations, high yield saw widespread tightening and a monthly inflow from retail for the first time this year. July was marked by the strongest equity performance in nearly two years and a sharp decline in the 10-year Treasury yield compared to its June high. July marked the release of second quarter GDP figures, which has contracted for a second time, widely considered the signal of an economic recession. However, investors have not been so quick to arrive at this conclusion amidst healthy payroll growth and the sentiment being given by many companies that their financial positions remain strong. Higher quality remains the winner of high yield with BBs finishing as the top performer, followed by single Bs and CCCs. The best performing industries were cable/satellite, housing, and utilities. The worst sectors were metals/mining, telecom, and diversified media. This month had the lowest issuance seen in high yield in over four years. Specifically, only US$1.8 billion was issued. There were no new defaults in July. Moody’s global 12-month trailing default rate decreased lightly with the current rate at 2.06%. U.S. high yield funds reported their first inflow in 2022. Loan funds saw their third consecutive outflow.
## Fund Review
Sector allocation outperformed due to underweights to banking and real estate. This was somewhat offset due to an underweight to telecommunications and an overweight to consumer goods.
## Market Outlook
With the significant amount of issuance we have seen over the last couple of years and very little debt maturing, we are confident that defaults will remain below average. While market movements are choppy and inflationary conditions are very prevalent, the constructive fundamental backdrop of high yield issuers along with higher yields creates a foundation for good long-term returns. We are still looking to increase duration as we believe rates are close to their highs for the year. We will also continue to increase our exposure to BB-rated bonds. We continue to be overweight transportation and capital goods, and we are still increasing our non-cyclical exposure. | en | es |
DOLFIN6150 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Income statement
30.12.2020 30.12.2019
| Currency | EUR | EUR |
| --- | --- | --- |
| Income from financial transactions | | |
| - Income from financial transactions
| 1,276.62 | 44.14 |
| - Income from equities and similar securities
| - | - |
| - Income from bonds and similar securities
| 54,729,207.57 | 45,546,411.12 |
| - Income from debt securities
| 268,277.45 | -384,803.01 |
| - Income from temporary purchases and disposals of financial securities
| - | - |
| - Income from financial contracts
| 370,599.16 | - |
| - Other financial income
| - | - |
| Total (I) | 57,401,285.80 | 45,161,652.25 |
| Expenses on financial transactions | | |
| - Expenses on temporary purchases and disposals of financial securities
| - | - |
| - Expenses on financial contracts
| - 64 979,67 | -134,723.66 |
| - Expenses on financial debt
| -1 799 520,92 | -1,137,631.76 |
| - Other financial expenses
| - | - |
| Total (II) | 1 864 500,59 | -1,272,355.42 |
| Profit/loss on financial transactions (I - II) | 53 504 860,21 | 43,889,296.83 |
| Other income (III) | - | - |
| Management fees and depreciation expense (IV) | -3,743,546.68 | -3,011,240.19 |
| Net income for the period (L.214-9-17-1) (I - II + III - IV) | 49,761,313.53 | 40,878,056.64 |
| Income adjustments for the period (V) | 3,430,960.10 | 4,451,203.09 |
| Interim payments in terms of the period (VI) | - | - |
| Income (I - II + III - IV +/- V - VI): | 53,192,273.63 | 45,329,259.73 |
appendices
### ALLIANZ SECURICASH SRI | # Compte de résultat
30.12.2020 30.12.2019
| Devise | EUR | EUR |
| --- | --- | --- |
| Produits sur opérations financières | | |
| - Produits sur dépôts et sur comptes financiers
| 1 276,62 | 44,14 |
| - Produits sur actions et valeurs assimilées
| - | - |
| - Produits sur obligations et valeurs assimilées
| 54 729 207,57 | 45 546 411,12 |
| - Produits sur titres de créances
| 268 277,45 | -384 803,01 |
| - Produits sur acquisitions et cessions temporaires de titres financiers
| - | - |
| - Produits sur contrats financiers
| 370 599,16 | - |
| - Autres produits financiers
| - | - |
| Total (I) | 55 369 360,80 | 45 161 652,25 |
| Charges sur opérations financières | | |
| - Charges sur acquisitions et cessions temporaires de titres financiers
| - | - |
| - Charges sur contrats financiers
| - 64 979,67 | -134 723,66 |
| - Charges sur dettes financières
| -1 799 520,92 | -1 137 631,76 |
| - Autres charges financières
| - | - |
| Total (II) | 1 864 500,59 | -1 272 355,42 |
| Résultat sur opérations financières (I - II) | 53 504 860,21 | 43 889 296,83 |
| Autres produits (III) | - | - |
| Frais de gestion et dotations aux amortissements (IV) | -3 743 546,68 | -3 011 240,19 |
| Résultat net de l'exercice (L.214-17-1) (I - II + III - IV) | 49 761 313,53 | 40 878 056,64 |
| Régularisation des revenus de l'exercice (V) | 3 430 960,10 | 4 451 203,09 |
| Acomptes sur résultat versés au titre de l’exercice (VI) | - | - |
| Résultat (I - II + III - IV +/- V - VI) : | 53 192 273,63 | 45 329 259,73 |
annexes
### ALLIANZ SECURICASH SRI | # Income statement
30.12.2020 30.12.2019
| Currency | EUR | EUR |
| --- | --- | --- |
| Income from financial transactions | | |
| - Income from financial transactions
| 1,276.62 | 44.14 |
| - Income from equities and similar securities
| - | - |
| - Income from bonds and similar securities
| 54,729,207.57 | 45,546,411.12 |
| - Income from debt securities
| 268,277.45 | -384,803.01 |
| - Income from temporary purchases and disposals of financial securities
| - | - |
| - Income from financial contracts
| 370,599.16 | - |
| - Other financial income
| - | - |
| Total (I) | 57,401,285.80 | 45,161,652.25 |
| Expenses on financial transactions | | |
| - Expenses on temporary purchases and disposals of financial securities
| - | - |
| - Expenses on financial contracts
| - 64 979,67 | -134,723.66 |
| - Expenses on financial debt
| -1 799 520,92 | -1,137,631.76 |
| - Other financial expenses
| - | - |
| Total (II) | 1 864 500,59 | -1,272,355.42 |
| Profit/loss on financial transactions (I - II) | 53 504 860,21 | 43,889,296.83 |
| Other income (III) | - | - |
| Management fees and depreciation expense (IV) | -3,743,546.68 | -3,011,240.19 |
| Net income for the period (L.214-9-17-1) (I - II + III - IV) | 49,761,313.53 | 40,878,056.64 |
| Income adjustments for the period (V) | 3,430,960.10 | 4,451,203.09 |
| Interim payments in terms of the period (VI) | - | - |
| Income (I - II + III - IV +/- V - VI): | 53,192,273.63 | 45,329,259.73 |
appendices
### ALLIANZ SECURICASH SRI | en | fr |
DOLFIN6151 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | 20.00% # |
| # 20.00% of any returns that the Fund achieves above the MSCI Europe Index. Further details are available in the Prospectus. The actual amount charged in the Fund’s last financial year ending 31 May 2021 amounted to 0.00%. | | | Vom Fonds zu zahlende Gebühren im Jahresverlauf |
| --- |
| Laufende Kosten | 0,59%** |
| Vom Fonds zu zahlende Gebühren unter bestimmten Bedingungen |
| An die Wertentwicklung gebundene Gebühr | 20,00% # |
| # 20,00% von Renditen, die der Fonds erzielt über den MSCI Europe Index. Weitere Informationen entnehmen Sie dem Prospekt. Der im letzten Geschäftsjahr des Fonds zum 31. Mai 2021 berechnete tatsächliche Betrag belief sich auf 0,00%. | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | 20.00% # |
| # 20.00% of any returns that the Fund achieves above the MSCI Europe Index. Further details are available in the Prospectus. The actual amount charged in the Fund’s last financial year ending 31 May 2021 amounted to 0.00%. | | en | de |
DOLFIN6152 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. Screening out sectors or companies may result in less diversification and hence more volatility in investment values. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus. | # Advertencia sobre riesgos
El valor de las inversiones y los ingresos provenientes de las mismas pueden disminuir al igual que aumentar como consecuencia de oscilaciones de los mercados bursátiles o las divisas, y los inversores podrían no recuperar el importe invertido originalmente. El filtrado de sectores o empresas podría conllevar una menor diversificación y, por tanto, una mayor volatilidad de los valores de las inversiones. La inversión consiste en la adquisición de participaciones o acciones de un fondo y no activos subyacentes como edificios o acciones de una empresa, ya que estos son solo los activos subyacentes propiedad del fondo. Al decidir invertir en el fondo promovido también debe tenerse en cuenta todas las características u objetivos del fondo promovido que se describen en el folleto. El listado completo de los riesgos relevantes figura en el documento de datos fundamentales para el inversor y el folleto. | # Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. Screening out sectors or companies may result in less diversification and hence more volatility in investment values. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus. | en | es |
DOLFIN6153 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
currency options are used to adjust the allocation of currencies in the portfolio (exchange risk management) by hedging the portfolio’s exposure.
interest rate swaps may be used as a substitute for bearer securities to expose or hedge the portfolio against interest rate fluctuations when they are financially more attractive than the latter.
currency swaps are used extensively to achieve the investment objective and/or to manage the portfolio's currency risk.
the purchases of currency futures and the sale of currency futures are used to manage or hedge against the portfolio’s currency risk.
the UCITS may enter into credit derivatives (Credit Default Swaps, iTraxx, CDX) either to hedge against credit risk or issuer’s default, or as part of arbitrage strategies to anticipate upward or downward changes of these instruments or to exploit disparities between a single issuer in the credit risk market and the security or between two issuers. Investments in credit derivatives are subject to the same rating restrictions as investments in bearer securities.
the Sub-fund may enter into total return swaps in order to hedge the portfolio and protect it against the risks listed above. The assets held by the Sub-fund and to which the total return swaps relate are retained by the depositary.
For information purposes, total return swaps represent approximately 10% of the net assets, with a maximum of 100% of the net assets.
The total commitment arising from derivatives must not exceed 100% of net assets.
-
#### Embedded derivatives: | les options de change sont utilisées pour ajuster l'allocation devises du portefeuille (gestion du risque de change) en couvrant l'exposition du portefeuille.
les swaps de taux pourront être utilisés comme substitut aux titres vifs pour exposer ou couvrir le portefeuille face à l’évolution des taux d’intérêt lorsqu’ils se révèlent plus intéressants financièrement que ces derniers.
les swaps de change sont utilisés de manière extensive pour réaliser l’objectif de gestion et/ou gérer le risque de change du portefeuille.
les achats de devises à terme et ventes de devises à terme sont utilisés pour gérer ou couvrir le risque de change du portefeuille.
L’OPCVM pourra conclure des dérivés de crédit (Credit Default Swap, Itraxx, CDX) soit pour se protéger contre le risque de crédit ou la défaillance d’un émetteur, soit dans le cadre de stratégies d’arbitrage pour anticiper les variations à la hausse ou à la baisse de ces instruments ou pour exploiter des disparités pour un même émetteur entre le marché du risque de crédit et celui du titre ou entre deux émetteurs. Les investissements en dérivés de crédit sont soumis aux mêmes limites de notation que les investissements en titres vifs.
Le compartiment peut conclure des contrats d'échange sur rendement global (Total Return Swap) dans le but de couvrir le portefeuille et se protéger contre les risques listés ci-dessus. Les actifs détenus par le compartiment et sur lesquels portent les contrats d'échange sur rendement global (Total Return Swap) sont conservés auprès du dépositaire.
A titre indicatif, les contrats d'échange sur rendement global (Total Return Swap) représentent environ 10 % de l'actif net, avec un maximum de 100 % de l’actif net.
La somme des engagements issus des dérivés est limitée à 100 % de l’actif net.
-
###### Titres intégrant des dérivés : | currency options are used to adjust the allocation of currencies in the portfolio (exchange risk management) by hedging the portfolio’s exposure.
interest rate swaps may be used as a substitute for bearer securities to expose or hedge the portfolio against interest rate fluctuations when they are financially more attractive than the latter.
currency swaps are used extensively to achieve the investment objective and/or to manage the portfolio's currency risk.
the purchases of currency futures and the sale of currency futures are used to manage or hedge against the portfolio’s currency risk.
the UCITS may enter into credit derivatives (Credit Default Swaps, iTraxx, CDX) either to hedge against credit risk or issuer’s default, or as part of arbitrage strategies to anticipate upward or downward changes of these instruments or to exploit disparities between a single issuer in the credit risk market and the security or between two issuers. Investments in credit derivatives are subject to the same rating restrictions as investments in bearer securities.
the Sub-fund may enter into total return swaps in order to hedge the portfolio and protect it against the risks listed above. The assets held by the Sub-fund and to which the total return swaps relate are retained by the depositary.
For information purposes, total return swaps represent approximately 10% of the net assets, with a maximum of 100% of the net assets.
The total commitment arising from derivatives must not exceed 100% of net assets.
-
#### Embedded derivatives: | en | fr |
DOLFIN6154 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,50% |
| Frais de sortie | 0,50% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l’investisseur avant l’investissement ou avant le versement du produit du placement. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,22% |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,50% |
| Gastos de salida | 0,50% |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,22% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | No aplicable | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,50% |
| Frais de sortie | 0,50% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur le capital de l’investisseur avant l’investissement ou avant le versement du produit du placement. |
| Frais prélevés par le Fonds sur une année |
| Frais courants | 1,22% |
| Frais prélevés par le Fonds dans certaines circonstances |
| Commission de performance | Aucune | | fr | es |
DOLFIN6155 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# PROPOSED RESOLUTIONS
Proposal 1: Proposal to approve, in accordance with Articles 160, 2° and 163 of the Royal Decree of 2012, the proposed merger by transferring all the assets and liabilities of the sub-fund to be absorbed of the DPAM CAPITAL B Sicav to the new corresponding absorbing sub-fund of the DPAM INVEST B Sicav (whose names are set out in point A.1 above) under the following conditions:
- The entire assets and liabilities of the sub-fund to be absorbed of the DPAM CAPITAL B Sicav will be transferred to the new corresponding absorbing sub-fund of the DPAM INVEST B Sicav by dissolution without liquidation following the transaction; this new sub-fund will be launched following the transfer of all the assets and liabilities as a result of the merger by absorption;
- Following the transaction, each shareholder in the sub-fund to be absorbed will be entitled for each share held to a share of the same type (and with the same definition) and falling within a similar share class of the absorbing sub-fund; share classes identical to the share classes existing in the sub-fund to be absorbed will be created in the corresponding absorbing sub-fund following the transfer of the entire assets in the merger by absorption so that the ISIN codes existing in the sub-fund to be absorbed will remain unchanged in the corresponding absorbing sub-fund.
Proposal 2: Proposal to approve the share exchange ratio which is fixed at one for one (1 share for 1 share) and which will be calculated on the basis of the net asset value of the sub-fund to be absorbed dated 18 March 2022 (calculated on 21 March 2022 and 22 March 2022, respectively, for the sub-funds to be absorbed D+1 and D+2 as listed in the table below). | # RISOLUZIONI PROPOSTE
Proposta 1: Proposta di approvazione, conformemente con gli articoli 160 2° comma e 163 del Regio Decreto 2012, del progetto di fusione mediante trasferimento dell’intero patrimonio del comparto da incorporare della sicav DPAM CAPITAL nel nuovo comparto incorporante corrispondente della sicav DPAM INVEST B (i cui nomi sono indicati al precedente punto A.1), alle condizioni seguenti:
1 - l’intero patrimonio, attivo e passivo, del comparto da incorporare della sicav DPAM CAPITAL B sarà trasferito, per scioglimento senza liquidazione, a seguito dell’operazione, nel nuovo comparto incorporante corrispondente della sicav DPAM INVEST B; questo nuovo comparto sarà lanciato una volta trasferite tutte le attività e passività per effetto della fusione per incorporazione;
2° ogni azionista del comparto da incorporare avrà diritto, dopo l’operazione, ad un’azione dello stesso tipo (e con una definizione identica) e appartenente ad una classe di azioni simile del corrispondente comparto incorporante; classi di azioni identiche alle classi di azioni esistenti nel comparto da incorporare saranno create nel corrispondente comparto incorporante una volta trasferite tutte le attività e passività per effetto della fusione per incorporazione, in modo che i codici ISIN esistenti nel comparto da incorporare restino invariati nel corrispondente comparto incorporante.
Proposta 2: Proposta di approvazione del rapporto di concambio azionario stabilito in uno a uno (1 azione contro 1 azione), che sarà calcolato sulla base del valore patrimoniale netto del comparto da incorporare in data 18 marzo 2022 (calcolato il 21 marzo 2022 e il 22 marzo 2022 rispettivamente per i comparti da incorporare G+1 e G+2 come indicato nella tabella seguente). | # PROPOSED RESOLUTIONS
Proposal 1: Proposal to approve, in accordance with Articles 160, 2° and 163 of the Royal Decree of 2012, the proposed merger by transferring all the assets and liabilities of the sub-fund to be absorbed of the DPAM CAPITAL B Sicav to the new corresponding absorbing sub-fund of the DPAM INVEST B Sicav (whose names are set out in point A.1 above) under the following conditions:
- The entire assets and liabilities of the sub-fund to be absorbed of the DPAM CAPITAL B Sicav will be transferred to the new corresponding absorbing sub-fund of the DPAM INVEST B Sicav by dissolution without liquidation following the transaction; this new sub-fund will be launched following the transfer of all the assets and liabilities as a result of the merger by absorption;
- Following the transaction, each shareholder in the sub-fund to be absorbed will be entitled for each share held to a share of the same type (and with the same definition) and falling within a similar share class of the absorbing sub-fund; share classes identical to the share classes existing in the sub-fund to be absorbed will be created in the corresponding absorbing sub-fund following the transfer of the entire assets in the merger by absorption so that the ISIN codes existing in the sub-fund to be absorbed will remain unchanged in the corresponding absorbing sub-fund.
Proposal 2: Proposal to approve the share exchange ratio which is fixed at one for one (1 share for 1 share) and which will be calculated on the basis of the net asset value of the sub-fund to be absorbed dated 18 March 2022 (calculated on 21 March 2022 and 22 March 2022, respectively, for the sub-funds to be absorbed D+1 and D+2 as listed in the table below). | en | it |
DOLFIN6156 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The Russell 1000 Growth NR is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the long term. It invests mainly in stocks of US companies believed to have above- average potential for earnings or revenue growth.
The Investment Manager seeks to identify leading growth businesses that meet the following criteria: (i) sustainable above-average earnings growth, (ii) leadership position in a promising business space, (iii) significant competitive advantages/unique business franchise, (iv) clear
mission and value-added focus, (v) financial strength and (vi) rational valuation relative to the market and business prospects. The result is a concentrated portfolio of approximately 30 different companies.
The use of derivatives is part of the investment strategy. | ### Obiettivi e politica d'investimento
Il Comparto è gestito attivamente. Il Russell 1000 Growth NR è utilizzato a fini di confronto della performance e degli indicatori di rischio interni, ma non comporta vincoli particolari per gli investimenti del Comparto.
L'obiettivo del Comparto è far crescere il capitale nel lungo periodo. Investe principalmente in titoli di società statunitensi che si ritiene abbiano un potenziale di crescita degli utili o del rendimento superiore alla media.
Il Gestore cerca di individuare società leader in espansione che soddisfino i criteri seguenti: (i) crescita degli utili sostenibile superiore alla media, (ii) posizione di leadership in un contesto economico promettente,
(iii) importanti vantaggi competitivi/esclusività, (iv) missione chiara e
focalizzazione con valore aggiunto, (v) forza finanziaria e (vi) valutazione razionale rispetto alle prospettive di business e di mercato. Il risultato è un portafoglio concentrato di circa 30 società diverse.
L'uso di derivati rientra nella strategia di investimento. | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The Russell 1000 Growth NR is used for performance and internal risk indicators comparison, without implying any particular constraints to the sub-fund investments.
The Sub-Fund aims to generate capital growth over the long term. It invests mainly in stocks of US companies believed to have above- average potential for earnings or revenue growth.
The Investment Manager seeks to identify leading growth businesses that meet the following criteria: (i) sustainable above-average earnings growth, (ii) leadership position in a promising business space, (iii) significant competitive advantages/unique business franchise, (iv) clear
mission and value-added focus, (v) financial strength and (vi) rational valuation relative to the market and business prospects. The result is a concentrated portfolio of approximately 30 different companies.
The use of derivatives is part of the investment strategy. | en | it |
DOLFIN6157 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Global Distributor or the Distributor may, from time to time, rebate to local sub-distributors, sales agents, introducing brokers or to shareholders a portion or all of the fees, in accordance with all applicable laws.
The maximum Distribution Fee payable to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund is indicated in Annex A (the "Maximum Distribution Fee").
The Distribution Fee effectively paid to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund cannot exceed the Maximum Distribution Fee (the "Effective Distribution Fee"). The Effective Distribution Fee is disclosed in the semi-annual and annual reports.
In the event that the amount of the actual Distribution Fee exceeds the Effective Distribution Fee in respect of the P or R class of Shares of any Sub-Fund, the Management Company bears the excess amount. Conversely, should the actual Distribution Fee be lower than the Effective Distribution Fee in respect of the P or R class of Shares of any Sub-Fund, the Management Company is entitled to retain such difference.
- Fixed Rate of Operational CostsFor the U, R, P, I, S, M, N and IM classes of Shares, the Company bears the fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of its activities ("Operational Costs"). | Il Distributore globale o il Distributore può, di volta in volta, retrocedere ai sottodistributori locali, intermediari di vendita, a procacciatori d'affari o ad azionisti una quota o la totalità dei propri compensi ai sensi delle leggi vigenti.
La Commissione di distribuzione massima spettante al Distributore globale o al Distributore per i servizi resi con riferimento alle Azioni di classe P ed R di ciascun Comparto è indicata nell'Allegato A (la "Commissione di distribuzione massima").
La Commissione di distribuzione effettivamente pagata al Distributore globale o al Distributore per i servizi resi con riferimento alle Azioni di classe P ed R di ciascun Comparto non può superare la Commissione di distribuzione massima (la "Commissione di distribuzione effettiva"). La Commissione di distribuzione effettiva è indicata nelle relazioni semestrali e annuali.
Nel caso in cui l'ammontare reale della Commissione di distribuzione superi la Commissione di distribuzione effettiva per le Azioni di classe P o R di qualsivoglia Comparto, la Società di gestione si fa carico della quota eccedente. Viceversa, qualora la Commissione di distribuzione reale sia inferiore alla Commissione di distribuzione effettiva per le Azioni di classe P o R di qualsivoglia Comparto, la Società di gestione è autorizzata a trattenere la differenza.
- Tasso fisso dei costi operativiPer le Azioni di classe U, R, P, I, S, M, N e IM, la Società si assume i costi, oneri, commissioni e altre spese, sia fissi che variabili, in cui è incorsa per l'esercizio e l'amministrazione delle sue attività ("Costi operativi"). | The Global Distributor or the Distributor may, from time to time, rebate to local sub-distributors, sales agents, introducing brokers or to shareholders a portion or all of the fees, in accordance with all applicable laws.
The maximum Distribution Fee payable to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund is indicated in Annex A (the "Maximum Distribution Fee").
The Distribution Fee effectively paid to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund cannot exceed the Maximum Distribution Fee (the "Effective Distribution Fee"). The Effective Distribution Fee is disclosed in the semi-annual and annual reports.
In the event that the amount of the actual Distribution Fee exceeds the Effective Distribution Fee in respect of the P or R class of Shares of any Sub-Fund, the Management Company bears the excess amount. Conversely, should the actual Distribution Fee be lower than the Effective Distribution Fee in respect of the P or R class of Shares of any Sub-Fund, the Management Company is entitled to retain such difference.
- Fixed Rate of Operational CostsFor the U, R, P, I, S, M, N and IM classes of Shares, the Company bears the fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of its activities ("Operational Costs"). | en | it |
DOLFIN6158 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- of 18/03 (calculated on 22/03);
- of 14/03 (calculated on 15/03) for DPAM HORIZON BBalanced Growth*** Suspension of subscriptionsand reimbursement requests
| Holding of the Extraordinary General Meeting of Shareholders of the DPAM INVEST B Sicav on the proposed merger. Calculation of the share exchange ratio | | - del 18/03 (calcolato il 22/03);
- del 14/03 (calcolato il 15/03) per DPAM HORIZON BBalanced Growth***Sospensione delle richieste di sottoscrizione e rimborso
| Svolgimento dell’Assemblea generale straordinaria degli Azionisti della Sicav DPAM INVEST B sulla proposta di fusione. Calcolo del rapporto di concambio azionario | | - of 18/03 (calculated on 22/03);
- of 14/03 (calculated on 15/03) for DPAM HORIZON BBalanced Growth*** Suspension of subscriptionsand reimbursement requests
| Holding of the Extraordinary General Meeting of Shareholders of the DPAM INVEST B Sicav on the proposed merger. Calculation of the share exchange ratio | | en | it |
DOLFIN6159 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Whenever the capital falls below two thirds of the minimum capital as provided by the 2010 Law, the board of directors has to submit the question of the dissolution of the Company to the general meeting of Shareholders. The general meeting for which no quorum shall be required shall decide on simple majority of the votes of the Shares presented at the meeting.
The question of the dissolution and of the liquidation of the Company shall also be referred to the general meeting of Shareholders whenever the capital fall below one quarter of the minimum capital as provided by the 2010 Law. In such event the general meeting shall be held without quorum requirements and the dissolution or the liquidation may be decided by the Shareholders holding one quarter of the votes present or represented at that meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two thirds or one quarter of the legal minimum as the case may be.
The issue of new shares by the Company shall cease on the date of publication of the notice of the general shareholders' meeting, to which the dissolution and liquidation of the Company shall be proposed.
The liquidation shall be carried out by one or several liquidators (who may be natural persons or legal entities) named by the meeting of Shareholders effecting such dissolution and which shall determine their powers and their compensation. The appointed liquidator(s) shall realise the assets of the Company, subject to the supervision of the relevant supervisory authority in the best interest of the Shareholders.
The proceeds of the liquidation of each Sub-Fund, net of all liquidation expenses, shall be distributed by the
liquidators among the holders of Shares in each Class in accordance with their respective rights.
The amounts not claimed by Shareholders at the end of the liquidation process shall be deposited, in accordance with Luxembourg law, with the Caisse de Consignation in Luxembourg until the statutory limitation period has lapsed.
- Termination of Sub-Funds or Classes of SharesThe Board of Directors may decide, at any moment, the termination of any Sub-Fund or Class of Shares. | Dans tous les cas où le capital social de la Société est inférieur aux deux tiers du capital minimum prévu par la Loi, le Conseil d’Administration doit soumettre la question de la dissolution de la Société à l’assemblée générale des Actionnaires. L’assemblée générale, pour laquelle aucun quorum ne sera requis, statuera à la majorité simple des suffrages exprimés des Actionnaires présents à l’assemblée.
La question de la dissolution et de la liquidation de la Société sera également soumise à l’assemblée générale des Actionnaires toutes les fois que le capital tombe en dessous d’un quart du capital minimum prévu par la Loi de 2010. Dans ce cas, l’assemblée générale ne sera soumise à aucune exigence de quorum et la dissolution ou la liquidation pourra être décidée par les Actionnaires détenant un quart des droits de vote qui sont présents ou représentés à l’assemblée.
L’assemblée doit être convoquée de telle sorte qu’elle ait lieu dans un délai de quarante jours à partir du moment où il est établi que l’actif net de la Société est tombé en dessous des deux tiers ou, le cas échéant, du quart du minimum légal.
L’émission d’Actions nouvelles de la Société prendra fin à la date de publication de l’avis de convocation de l’assemblée générale des Actionnaires à laquelle la dissolution ou la liquidation de la Société sera proposée.
La liquidation sera confiée à un ou plusieurs liquidateurs (pouvant être des personnes physiques
ou morales) nommés par l'assemblée des Actionnaires décidant cette dissolution, cette assemblée déterminant également leurs pouvoirs et leur rémunération. Les liquidateurs nommés réaliseront l’actif de la Société, sous la supervision de l’autorité de surveillance compétente, dans le meilleur intérêt des Actionnaires.
Le produit de la liquidation de chaque Compartiment, net de tous les frais de liquidation, sera réparti par les liquidateurs entre les titulaires d’Actions de chaque Classe à raison de leurs droits respectifs.
Conformément à la législation luxembourgeoise, les sommes qui n’auront pas été réclamées par les Actionnaires à l’issue du processus de liquidation seront déposées à la Caisse de Consignation du Luxembourg jusqu’à l’expiration du délai légal de prescription prévu par la législation du Luxembourg.
- Liquidation de Compartiments ou de Classes d’ActionsLe Conseil d’administration peut décider à tout instant de la cessation de tout Compartiment ou Classe d’Actions. | Whenever the capital falls below two thirds of the minimum capital as provided by the 2010 Law, the board of directors has to submit the question of the dissolution of the Company to the general meeting of Shareholders. The general meeting for which no quorum shall be required shall decide on simple majority of the votes of the Shares presented at the meeting.
The question of the dissolution and of the liquidation of the Company shall also be referred to the general meeting of Shareholders whenever the capital fall below one quarter of the minimum capital as provided by the 2010 Law. In such event the general meeting shall be held without quorum requirements and the dissolution or the liquidation may be decided by the Shareholders holding one quarter of the votes present or represented at that meeting.
The meeting must be convened so that it is held within a period of forty days from ascertainment that the net assets of the Company have fallen below two thirds or one quarter of the legal minimum as the case may be.
The issue of new shares by the Company shall cease on the date of publication of the notice of the general shareholders' meeting, to which the dissolution and liquidation of the Company shall be proposed.
The liquidation shall be carried out by one or several liquidators (who may be natural persons or legal entities) named by the meeting of Shareholders effecting such dissolution and which shall determine their powers and their compensation. The appointed liquidator(s) shall realise the assets of the Company, subject to the supervision of the relevant supervisory authority in the best interest of the Shareholders.
The proceeds of the liquidation of each Sub-Fund, net of all liquidation expenses, shall be distributed by the
liquidators among the holders of Shares in each Class in accordance with their respective rights.
The amounts not claimed by Shareholders at the end of the liquidation process shall be deposited, in accordance with Luxembourg law, with the Caisse de Consignation in Luxembourg until the statutory limitation period has lapsed.
- Termination of Sub-Funds or Classes of SharesThe Board of Directors may decide, at any moment, the termination of any Sub-Fund or Class of Shares. | en | fr |
DOLFIN6160 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Net Asset Value of each fund is determined in the Reference Currency of the respective fund in accordance with the Articles of Incorporation. The determination is normally made on each Valuation Date. Each such amount will be divided by the number of Shares of the relevant fund then outstanding as at close of business to the extent feasible.
The Articles of Incorporation contain valuation regulations which provide that for the purpose of determining Net Asset Value:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as Directors or their delegate may consider appropriate in such case to reflect the true value thereof;
- the value of transferable securities, money market instruments and financial derivative instruments are valued on the basis of the last available price of the relevant stock exchange or regulated market on which these securities or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or more than one stock exchange or regulated market, the Board or its delegate shall adopt policies as to the order of priority in which such stock exchanges or other regulated markets shall be used for the provisions of prices of securities or assets;
- if a transferable security or money market instrument is not traded or admitted on any official stock exchange or an regulated market, or in the case of transferable securities or money market instruments so traded or admitted where the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith;
- the financial derivative instruments which are not listed on any official stock exchange or traded on any other regulated market will be valued in accordance with market practice;
- units or shares of undertakings for collective investment, including funds, shall be valued on the basis of their last available Net Asset Value, as reported by such undertakings;
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. | El Valor liquidativo de cada Subfondo se calcula en la Divisa de referencia del Subfondo en cuestión, de conformidad con los Estatutos. Generalmente, el cálculo se lleva a cabo en cada Fecha de valoración. Los importes correspondientes se dividirán entre el número de Acciones de cada Subfondo en circulación en ese momento al cierre de la sesión de contratación, en la medida en que ello sea posible.
Los Estatutos contienen normas de valoración que prevén, a efectos del cálculo del Valor liquidativo de las Acciones, lo siguiente:
- El valor de cualquier efectivo disponible o en depósito, letras de cambio y pagarés a la vista, cuentas por cobrar, gastos abonados por adelantado, dividendos en efectivo e intereses declarados o acumulados según lo anterior y que todavía no se hayan materializado, se considerará como el importe íntegro de los mismos, salvo que resulte improbable que éstos vayan a abonarse o recibirse en su totalidad, en cuyo caso su valor se determinará aplicando el descuento que los Administradores o su delegado estimen oportuno en cada caso para reflejar su valor real;
- El valor de los valores negociables, instrumentos del mercado monetario e instrumentos financieros derivados se determina conforme al último precio disponible en la bolsa o mercado regulado en que se negocien o estén admitidos a negociación estos valores o activos. Cuando dichos valores u otros activos coticen o se negocien en una o más de una bolsa o mercado regulado, el Consejo o su delegado adoptarán políticas para establecer el orden de prioridad en el que vaya a recurrirse a esas bolsas u otros mercados regulados para aportar los precios de los valores o activos implicados;
- Si un valor negociable o instrumento del mercado monetario no se negocia ni está admitido en ninguna bolsa oficial o mercado regulado, o en el caso de aquellos valores negociables o instrumentos del mercado monetario que sí se negocien o estén admitidos, pero cuyo último precio disponible no sea representativo de su valor razonable de mercado, el Consejo o su delegado procederán teniendo en cuenta su precio de venta razonablemente previsible, que se valorará con prudencia y de buena fe;
- Los instrumentos financieros derivados que no coticen en ninguna bolsa oficial o que no se negocien en ningún otro mercado regulado se valorarán de acuerdo con las prácticas del mercado;
- Las participaciones o acciones de organismos de inversión colectiva, incluidos los Subfondos, se valorarán conforme a su último Valor liquidativo disponible comunicado por dichos organismos;
- Los activos líquidos y los instrumentos del mercado monetario podrán valorarse a su valor nominal más los intereses devengados, o bien según el coste amortizado. Todos los demás activos, cuando la práctica lo permita, podrán valorarse del mismo modo. | The Net Asset Value of each fund is determined in the Reference Currency of the respective fund in accordance with the Articles of Incorporation. The determination is normally made on each Valuation Date. Each such amount will be divided by the number of Shares of the relevant fund then outstanding as at close of business to the extent feasible.
The Articles of Incorporation contain valuation regulations which provide that for the purpose of determining Net Asset Value:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as Directors or their delegate may consider appropriate in such case to reflect the true value thereof;
- the value of transferable securities, money market instruments and financial derivative instruments are valued on the basis of the last available price of the relevant stock exchange or regulated market on which these securities or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or more than one stock exchange or regulated market, the Board or its delegate shall adopt policies as to the order of priority in which such stock exchanges or other regulated markets shall be used for the provisions of prices of securities or assets;
- if a transferable security or money market instrument is not traded or admitted on any official stock exchange or an regulated market, or in the case of transferable securities or money market instruments so traded or admitted where the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith;
- the financial derivative instruments which are not listed on any official stock exchange or traded on any other regulated market will be valued in accordance with market practice;
- units or shares of undertakings for collective investment, including funds, shall be valued on the basis of their last available Net Asset Value, as reported by such undertakings;
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. | en | es |
DOLFIN6161 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the event of termination by or the insolvency of the Depositary, the Fund does not form part of any insolvent estate of the Depositary and with the consent of the responsible supervisory authority may be transferred to another depositary or dissolved.
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## Announcement and information | Bei Kündigung oder Konkurs der Verwahrstelle fällt der Fonds nicht in eine allfällige Konkursmasse der Verwahrstelle und kann mit Zustimmung der zuständigen Aufsichtsbehörde auf eine andere Verwahrstelle übertragen oder aufgelöst werden.
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## Bekanntmachung und Informationen | In the event of termination by or the insolvency of the Depositary, the Fund does not form part of any insolvent estate of the Depositary and with the consent of the responsible supervisory authority may be transferred to another depositary or dissolved.
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## Announcement and information | en | de |
DOLFIN6162 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: USD 10000 If you exit after 1 If you exit after 3 year years |
| --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | USD 2470 | USD 2810 |
| Average return each year | -75.3% | -34.5% |
| Unfavourable | What you might get back after costs | USD 7410 | USD 8240 |
| Average return each year | -25.9% | -6.2% |
| Moderate | What you might get back after costs | USD 10790 | USD 12030 |
| Average return each year | 7.9% | 6.4% |
| Favourable | What you might get back after costs | USD 15830 | USD 14680 |
| Average return each year | 58.3% | 13.6% | | | Période de détention recommandée: 3 ans Exemple d'investissement: USD 10000 Si vous sortez après Si vous sortez après 1 an 3 ans |
| --- |
| Scénarios |
| Minimum | Il n'est garanti aucun retour minimum. Vous pouvez essuyer une perte totale ou partielle de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | USD 2470 | USD 2810 |
| Rendement annuel moyen | -75.3% | -34.5% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | USD 7410 | USD 8240 |
| Rendement annuel moyen | -25.9% | -6.2% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | USD 10790 | USD 12030 |
| Rendement annuel moyen | 7.9% | 6.4% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | USD 15830 | USD 14680 |
| Rendement annuel moyen | 58.3% | 13.6% | | | Recommended holding period: 3 years Example Investment: USD 10000 If you exit after 1 If you exit after 3 year years |
| --- |
| Scenarios |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | USD 2470 | USD 2810 |
| Average return each year | -75.3% | -34.5% |
| Unfavourable | What you might get back after costs | USD 7410 | USD 8240 |
| Average return each year | -25.9% | -6.2% |
| Moderate | What you might get back after costs | USD 10790 | USD 12030 |
| Average return each year | 7.9% | 6.4% |
| Favourable | What you might get back after costs | USD 15830 | USD 14680 |
| Average return each year | 58.3% | 13.6% | | en | fr |
DOLFIN6163 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Depositary Bank: The Fund’s assets are held with the depositary, RBC Investor Services Bank S.A.
Further Information: Further information about the ICAV, copies of the Prospectus, latest annual and semi-annual reports and other practical information may be obtained free of charge from www.carnegroup.com/fsfundsicav and at the registered office of the ICAV. Please refer to the Supplement for information on other share classes.
Representative Share Class Information: This KIID, for Class I EUR Distributing, is also representative of Class I EUR Non-Distributing (IE00BDCK1279), Class I GBP Distributing, Class I GBP Non-Distributing (IE00BF0Y6H57), Class I CHF Distributing, Class I CHF Non-Distributing (IE00BF0Y6J71), Class I CNH Distributing, Class I CNH Non-Distributing, Class I SGD Distributing and Class I SGD Non-Distributing. Further information in relation to these share classes is available in the Fund’s supplement.
Latest Share Prices/Net Asset Value: The latest share prices will be made available free of charge at: www.carnegroup.com or by contacting the Administrator, RBC Investor Services Ireland Limited.
Remuneration Policy: Details of the remuneration policy of the Manager is available on the Manager's website, www.carnegroup.com/resources. A paper copy will be available free of charge from the office of the Manager upon request.
Switching Between Share Classes: A Shareholder may switch from one share class or one sub-fund to another, free of charge. Notice should be given to the Administrator in such form as the Administrator may require.
Tax Legislation: The taxation of income and capital gains of the ICAV and of the Shareholders is subject to the fiscal laws and practices of Ireland, of the countries in which the ICAV invests and of the jurisdictions in which the Shareholders are resident for tax purposes or otherwise subject to tax. Depending on your country of residence, this may impact your personal tax position. For further details, please speak to your financial/tax adviser.
Accuracy Statement: The Manager 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 ICAV’s Prospectus.
Segregated Liability: The Fund is a sub-fund of FS Funds ICAV, an umbrella ICAV. Under Irish law the assets and liabilities of the Fund are segregated from other sub-funds within the ICAV and the assets of the Fund will not be available to satisfy the liabilities of another sub-fund of the ICAV.
This Fund is authorised in Ireland and regulated by Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This Key Investor Information is accurate as at 18 February 2022. | # Información práctica
Banco depositario: Los activos del Fondo se encuentran bajo custodia del depositario, RBC Investor Services Bank S.A.
Más información: Se puede obtener más información sobre la ICAV, copias del Folleto, los informes anuales y semestrales más recientes y otra información práctica de forma gratuita en www.carnegroup.com/fsfundsicav y en el domicilio social de la ICAV. Consulte el Suplemento para obtener información sobre otras clases de acciones.
Información sobre la clase de acciones representativa: Este KIID para la Clase I EUR de distribución también representa a la Clase I EUR de no distribución (IE00BDCK1279), la Clase I GBP de distribución, la Clase I GBP de no distribución (IE00BF0Y6H57), la Clase I CHF de distribución, la Clase I CHF de no distribución (IE00BF0Y6J71), la Clase I CNH de distribución, la Clase I CNH de no distribución, la Clase I SGD de distribución y la Clase I SGD de no distribución. Puede obtener más información sobre estas clases de acciones en el suplemento del Fondo.
Últimos precios de acciones/valor liquidativo: Los últimos precios de acciones se podrán obtener de forma gratuita en www.carnegroup.com o poniéndose en contacto con el Administrador, RBC Investor Services Ireland Limited.
Política de remuneración: Los detalles de la política de remuneración del Gestor se encuentran disponibles en el sitio web del Gestor, www.carnegroup.com/en/downloads. Puede solicitarse una copia impresa de forma gratuita en la oficina del Gestor previa solicitud.
Canje entre clases de acciones: Un Accionista puede cambiar de una clase de acciones o de un subfondo a otro de forma gratuita. Se debe notificar al Administrador de la forma que el Administrador requiera.
Legislación fiscal: La tributación de los ingresos y las ganancias de capital de la ICAV y de los Accionistas está sujeta a la legislación y las prácticas fiscales de Irlanda, de los países en los que invierte la ICAV y de las jurisdicciones en las que los Accionistas sean residentes a efectos fiscales o estén sujetos a imposición de otra manera. Según su país de residencia, esto puede afectar a su situación fiscal personal. Para conocer más detalles, consulte con su asesor financiero o fiscal.
Declaración de exactitud: El Gestor únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto de la ICAV.
Responsabilidad segregada: El Fondo es un subfondo de FS Funds ICAV, una ICAV de tipo paraguas. En virtud de la legislación irlandesa, los activos y pasivos del Fondo se encuentran segregados de otros subfondos dentro de la ICAV y los activos del Fondo no estarán disponibles para cubrir los pasivos de otro subfondo de la ICAV.
Este Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. El Gestor está autorizado en Irlanda y regulado por el Banco Central de Irlanda.
Estos datos fundamentales para el inversor son exactos a 18 de febrero de 2022. | # Practical Information
Depositary Bank: The Fund’s assets are held with the depositary, RBC Investor Services Bank S.A.
Further Information: Further information about the ICAV, copies of the Prospectus, latest annual and semi-annual reports and other practical information may be obtained free of charge from www.carnegroup.com/fsfundsicav and at the registered office of the ICAV. Please refer to the Supplement for information on other share classes.
Representative Share Class Information: This KIID, for Class I EUR Distributing, is also representative of Class I EUR Non-Distributing (IE00BDCK1279), Class I GBP Distributing, Class I GBP Non-Distributing (IE00BF0Y6H57), Class I CHF Distributing, Class I CHF Non-Distributing (IE00BF0Y6J71), Class I CNH Distributing, Class I CNH Non-Distributing, Class I SGD Distributing and Class I SGD Non-Distributing. Further information in relation to these share classes is available in the Fund’s supplement.
Latest Share Prices/Net Asset Value: The latest share prices will be made available free of charge at: www.carnegroup.com or by contacting the Administrator, RBC Investor Services Ireland Limited.
Remuneration Policy: Details of the remuneration policy of the Manager is available on the Manager's website, www.carnegroup.com/resources. A paper copy will be available free of charge from the office of the Manager upon request.
Switching Between Share Classes: A Shareholder may switch from one share class or one sub-fund to another, free of charge. Notice should be given to the Administrator in such form as the Administrator may require.
Tax Legislation: The taxation of income and capital gains of the ICAV and of the Shareholders is subject to the fiscal laws and practices of Ireland, of the countries in which the ICAV invests and of the jurisdictions in which the Shareholders are resident for tax purposes or otherwise subject to tax. Depending on your country of residence, this may impact your personal tax position. For further details, please speak to your financial/tax adviser.
Accuracy Statement: The Manager 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 ICAV’s Prospectus.
Segregated Liability: The Fund is a sub-fund of FS Funds ICAV, an umbrella ICAV. Under Irish law the assets and liabilities of the Fund are segregated from other sub-funds within the ICAV and the assets of the Fund will not be available to satisfy the liabilities of another sub-fund of the ICAV.
This Fund is authorised in Ireland and regulated by Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This Key Investor Information is accurate as at 18 February 2022. | en | es |
DOLFIN6164 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Investment Principles
At least two-thirds of the net assets of the Subfund shall be invested in bonds (including zero-coupon bonds, subordinated bonds, covered bonds perpetual bonds, and securities issued on a discount basis) and other fixed-interest and floating-rate securities (including fixed rate bonds, floating rate notes) of corporate issuers which are domiciled in or carry out the bulk of their business activities in Europe.
Up to one-third of the net assets, the Subfund may invest in bonds of corporate issuers as well as in government and semi-government bonds worldwide (including emerging markets). The Subfund’s assets will on average have a rating of at least BBB- by Standard & Poor’s or Baa3 by Moody’s and have an individual rating of at least “B” by Standard & Poor’s or B2 by Moody’s or debt instruments which exhibit similar credit quality in the view of the Management Company at the time the investment is made.
In addition to direct investments, the Subfund may conduct futures and options as well as swap transactions (interest-rate swaps, credit default swaps and total return swaps) for the purpose of hedging and the efficient management of the portfolio.
The principal amount of the Subfund’s assets that can be subject to total return swaps may represent up to a maximum of 10% of the net asset value of the Subfund calculated by way of the sum of notionals of the total return swaps. It is generally expected that the amount of such total return swap will remain within the range of 0% to 10% of the net asset value of the Subfund calculated by way of the sum of notionals of the total return swaps. In certain circumstances this proportion may be higher.
The sum of notionals takes into account the absolute value of the notional exposure of the total return swaps used by the Subfund. The expected amount of such total return swaps is an indicator of the intensity of the use of total return swaps within the Subfund. However, it is not necessarily an indicator of the investment risks in relation to those instruments because it does not take into account any netting or hedging effects.
The Investment Manager will use the Smart Quant (SQ) technology for the investment process of the Subfund for screening the investment universe to systematically select securities based on factor investing principles for quality and value. | #### Principes de placement
Au moins les deux tiers des actifs nets du compartiment doivent être investis dans des obligations (y compris obligations à zéro coupon, subordonnées, garanties, à durée indéterminée, et valeurs mobilières à escompte) et dans d’autres valeurs mobilières à taux fixe ou variable (y compris obligations à taux fixe et billets à ordre à taux variable) émis par des entreprises domiciliées en Europe ou qui y exercent la majeure partie de leurs activités économiques.
Le compartiment peut investir jusqu’à un tiers de ses actifs nets dans des obligations émises par des entreprises ou dans des emprunts d’État ou d’organismes semi-publics (y compris de pays émergents). Les actifs du compartiment seront notés en moyenne au moins BBB- par Standard & Poor’s ou Baa3 par Moody’s, et individuellement au moins B par Standard & Poor’s ou B2 par Moody’s, ou consisteront en titres de créance présentant une qualité de crédit comparable de l’avis de la société de gestion au moment où le placement est effectué.
Outre ses investissements directs, le compartiment pourra, à des fins de couverture et de gestion efficace du portefeuille, souscrire des contrats à terme (futures) et des options, ainsi que des contrats d’échange (swaps de taux d’intérêt, swaps sur défaut de crédit swaps de rendement total).
Le montant du principal des actifs du compartiment susceptible de faire l’objet de swaps de rendement total peut représenter jusqu’à 10% de la valeur nette d’inventaire du compartiment, calculée par la somme des notionnels des swaps de rendement total. Il est généralement prévu que le montant de ce contrat d’échange sur rendement total demeurera dans la fourchette de 0% à 10% de la valeur nette d'inventaire du compartiment calculée par la somme des notionnels des swaps de rendement total. Dans certaines circonstances, ce pourcentage peut être supérieur.
La somme des notionnels tient compte de la valeur absolue de l’exposition notionnelle des swaps de rendement total utilisés par le compartiment. Le montant prévu de ces swaps de rendement total est un indicateur de l’ampleur du recours aux swaps de rendement total au sein du compartiment. Toutefois, ce montant n'est pas un indicateur des risques de placement liés à ces instruments car il ne tient pas compte des effets de compensation ou de couverture.
Le gestionnaire d'investissement s’appuiera sur la technologie Smart Quant (SQ) pour le processus de placement du compartiment pour filtrer l’univers de placement, et ce afin de sélectionner systématiquement les titres sur la base de principes d’investissement factoriel s’agissant de la qualité et de la valeur. | #### Investment Principles
At least two-thirds of the net assets of the Subfund shall be invested in bonds (including zero-coupon bonds, subordinated bonds, covered bonds perpetual bonds, and securities issued on a discount basis) and other fixed-interest and floating-rate securities (including fixed rate bonds, floating rate notes) of corporate issuers which are domiciled in or carry out the bulk of their business activities in Europe.
Up to one-third of the net assets, the Subfund may invest in bonds of corporate issuers as well as in government and semi-government bonds worldwide (including emerging markets). The Subfund’s assets will on average have a rating of at least BBB- by Standard & Poor’s or Baa3 by Moody’s and have an individual rating of at least “B” by Standard & Poor’s or B2 by Moody’s or debt instruments which exhibit similar credit quality in the view of the Management Company at the time the investment is made.
In addition to direct investments, the Subfund may conduct futures and options as well as swap transactions (interest-rate swaps, credit default swaps and total return swaps) for the purpose of hedging and the efficient management of the portfolio.
The principal amount of the Subfund’s assets that can be subject to total return swaps may represent up to a maximum of 10% of the net asset value of the Subfund calculated by way of the sum of notionals of the total return swaps. It is generally expected that the amount of such total return swap will remain within the range of 0% to 10% of the net asset value of the Subfund calculated by way of the sum of notionals of the total return swaps. In certain circumstances this proportion may be higher.
The sum of notionals takes into account the absolute value of the notional exposure of the total return swaps used by the Subfund. The expected amount of such total return swaps is an indicator of the intensity of the use of total return swaps within the Subfund. However, it is not necessarily an indicator of the investment risks in relation to those instruments because it does not take into account any netting or hedging effects.
The Investment Manager will use the Smart Quant (SQ) technology for the investment process of the Subfund for screening the investment universe to systematically select securities based on factor investing principles for quality and value. | en | fr |
DOLFIN6165 | 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:
L'objectif d'investissement est la préservation du capital et la réalisation d’un rendement positif, à long terme, dans toute situation de marché, par des placements en obligations de tous niveaux de solvabilité, de toutes durées et libellées en toutes devises dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des titres à revenu fixe ou variable d'emprunteurs privés et publics. La sélection et la pondération des titres et types de placements individuels s'effectuent de manière opportuniste, c'est-à-dire selon l'appréciation de la situation de marché du moment. 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 fortement 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 sont distribués.
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 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 positivo a largo plazo independientemente del entorno económico, invirtiendo para ello en obligaciones de todos los niveles de solvencia, vencimiento y divisas.
El fondo invierte al menos el 51 % de su patrimonio en títulos de tipo de interés fijo o variable de deudores privados y públicos. La selección o la ponderación de títulos y tipos de inversión individuales se realiza de manera oportunista, es decir en función de la estimación del mercado en ese momento. 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 considerable. 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. Se reparten las ganancias y rendimientos de la clase de participación.
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 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:
L'objectif d'investissement est la préservation du capital et la réalisation d’un rendement positif, à long terme, dans toute situation de marché, par des placements en obligations de tous niveaux de solvabilité, de toutes durées et libellées en toutes devises dans le monde entier.
Le fonds investit au moins 51% de ses actifs dans des titres à revenu fixe ou variable d'emprunteurs privés et publics. La sélection et la pondération des titres et types de placements individuels s'effectuent de manière opportuniste, c'est-à-dire selon l'appréciation de la situation de marché du moment. 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 fortement 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 sont distribués.
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 court terme;
... peuvent supporter, dans le pire des cas, la perte de l'intégralité du capital investi. | fr | es |
DOLFIN6166 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Payment for subscriptions
The Company at its sole discretion may determine to accept payment for Shares in a currency not matching the currency denomination of the Class of Shares being purchased. Currency conversions will take place at the prevailing exchange rate available to the Transfer Agent. In such a case, the Shareholder will directly bear any currency conversion costs, which will not be borne by the Funds. Investors should consult their own
advisers before investing in a Share Class denominated in a currency that is different to their local currency or other currency from which they converted to invest in a particular Share Class. Neither the Company nor the Manager accepts responsibility for the impact of any currency movements between the currency of the relevant Share Class held by an investor and any local or other currency that the investor converted from in order to invest in a Share Class and the investor will not be protected against such currency movements by the Share Class level hedging which may be deployed by the Company and/or the Manager.
A Distribution Agent may charge its customers service fees in connection with subscriptions in the Funds and such fees shall be in addition to any sales charges or similar charges. The amount of such fees shall be agreed between the Distribution Agent and its customers and will not be borne by the Funds or Investment Adviser.
The Directors or the Manager, each in their sole discretion, on or with effect from any dealing day may issue shares on terms providing for settlement to be made by the vesting in the relevant Fund of any investments for the time being held or which may be held hereunder and in accordance with the provisions of the memorandum and articles of association. | ## Paiement des souscriptions
La Société peut, à sa seule discrétion, décider d’accepter un paiement au titre des Actions dans une devise autre que celle de la Catégorie d’Actions achetées. Les conversions de devises s’effectueront au taux de change en vigueur dont l’Agent de transfert aura connaissance. Dans ce cas, l’Actionnaire supportera directement tous frais de conversion, lesquels ne seront pas supportés par les Fonds. Les investisseurs sont priés de consulter leurs propres conseillers avant d’investir dans une Catégorie d’Actions libellées dans une devise différente de leur devise locale ou une autre devise à partir de laquelle elles ont été converties pour investir dans une Catégorie d’Actions particulière. Ni la Société ni le Gestionnaire n’assument de responsabilité quant à l’impact des fluctuations de change entre la devise de la Catégorie d’Actions concernée détenue par un investisseur et toute devise locale ou autre devise à partir de laquelle elle a été convertie par l’investisseur afin d’investir dans une Catégorie d’Actions. L’investisseur ne sera pas protégé contre ces fluctuations de change par la couverture au niveau de la Catégorie d’Actions qui peut être mise en œuvre par la Société et/ou le Gestionnaire.
Un Agent de Distribution peut facturer une commission de service client liée aux souscriptions aux Fonds et ces commissions s'ajouteront à tous les droits d'entrée ou frais similaires. Le montant de ces commissions sera négocié entre l’Agent de Distribution et ses clients et ne sera pas supporté par les Fonds ni le Conseiller en Investissement.
Les Administrateurs ou le Gestionnaire, à leur entière discrétion, peuvent émettre des Actions lors de tout, ou avec effet au, jour de négociation à des conditions qui stipulent que le règlement doit être effectué par le placement dans le Fonds concerné de tous les investissements détenus à ce moment-là ou qui peuvent être détenus conformément aux dispositions de l’acte constitutif et des statuts. | ## Payment for subscriptions
The Company at its sole discretion may determine to accept payment for Shares in a currency not matching the currency denomination of the Class of Shares being purchased. Currency conversions will take place at the prevailing exchange rate available to the Transfer Agent. In such a case, the Shareholder will directly bear any currency conversion costs, which will not be borne by the Funds. Investors should consult their own
advisers before investing in a Share Class denominated in a currency that is different to their local currency or other currency from which they converted to invest in a particular Share Class. Neither the Company nor the Manager accepts responsibility for the impact of any currency movements between the currency of the relevant Share Class held by an investor and any local or other currency that the investor converted from in order to invest in a Share Class and the investor will not be protected against such currency movements by the Share Class level hedging which may be deployed by the Company and/or the Manager.
A Distribution Agent may charge its customers service fees in connection with subscriptions in the Funds and such fees shall be in addition to any sales charges or similar charges. The amount of such fees shall be agreed between the Distribution Agent and its customers and will not be borne by the Funds or Investment Adviser.
The Directors or the Manager, each in their sole discretion, on or with effect from any dealing day may issue shares on terms providing for settlement to be made by the vesting in the relevant Fund of any investments for the time being held or which may be held hereunder and in accordance with the provisions of the memorandum and articles of association. | en | fr |
DOLFIN6167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at year end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 31 December 2021. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation, except for JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund and JPMorgan Investment Funds - Japan Strategic Value Fund which were calculated on 30 December 2021.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, no adjustments were made on 31 December 2021 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund. | En el caso de los valores que cotizan o se negocian en varias bolsas o mercados, el precio aplicable será el último del que se tenga conocimiento o, si corresponde, el precio medio en la bolsa o mercado principal.
Los valores mobiliarios no admitidos a cotización en una bolsa oficial o que no se negocian en otro mercado regulado se valoran según el último precio del que se tenga conocimiento. En el caso de valores cuyo precio no sea conocido o cuyo último precio conocido no tenga carácter representativo, el valor se determina por el precio de venta que el Consejo de administración, actuando con prudencia y buena fe, considere racionalmente previsible. Al cierre del ejercicio, los valores calculados al valor razonable se identifican con un asterisco (*) y los títulos-valores en situación de impago se indican con (§) en la Cartera de inversiones.
Las Acciones o participaciones en OICVM u otros organismos de inversión colectiva se valoran según el último precio disponible o de acuerdo con el valor liquidativo, según los informes o los datos publicados por dichos emisores o sus representantes.
Los activos líquidos y los instrumentos del mercado monetario pueden valorarse al valor nominal más cualesquiera intereses devengados, o al coste amortizado.
Los Estados Financieros se presentan con arreglo a los valores liquidativos de los Subfondos calculados el 31 de diciembre de 2021. De acuerdo con el Folleto, los valores liquidativos se calcularon utilizando los últimos tipos de cambio conocidos en el momento del cálculo, excepto en el caso de JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund y JPMorgan Investment Funds - Japan Strategic Value Fund, que se calculó el 30 de diciembre de 2021.
A la hora de gestionar los Fondos cuyos precios se fijan de forma diaria, el principio aplicado por el Consejo consiste en valorar correctamente las carteras para proporcionar un trato igualitario a los Accionistas y, con tal fin, la Sociedad gestora ha creado un Comité de Valor Razonable para solucionar posibles problemas respecto de la valoración. En esta línea, al 31 de diciembre de 2021 no se realizó ningún ajuste, ya que el valor de la cartera en el momento de valoración representa el mismo valor desde el cierre de los mercados subyacentes de la cartera.
- Ajuste de precios mediante swing pricingCon el fin de proteger los intereses de los Accionistas, podrá ajustarse el VL de un Subfondo para compensar las diluciones que pueden producirse al ser objeto de grandes entradas y salidas de flujos de efectivo. | If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at year end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 31 December 2021. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation, except for JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund and JPMorgan Investment Funds - Japan Strategic Value Fund which were calculated on 30 December 2021.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, no adjustments were made on 31 December 2021 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund. | en | es |
DOLFIN6168 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
Performance varies over time and is not an indication of future results.
The annualised performances shown in this chart are calculated after deducting all charges taken by the Fund.
This Fund was created on 19 March 2008. The reference currency is the euro (EUR).
The performances dated prior to 2008 are those of the Oddo Génération SICAV, which was absorbed by Oddo Génération on 19 March 2008.
Until 1 October 2014, the benchmark index was the SBF 120. From 2 October 2014 to 3 May 2015, the benchmark was the MSCI France with net dividends reinvested (net return) denominated in euro. Since 4 May 2015, the benchmark index has been the MSCI EMU (net dividends reinvested). | # FRÜHERE WERTENTWICKLUNG
Die Wertentwicklung schwankt im Laufe der Zeit und lässt keine Rückschlüsse auf die künftige Wertentwicklung zu.
Die in diesem Diagramm dargestellte Wertentwicklung auf Jahresbasis wurde nach Abzug aller vom Fonds im Jahresverlauf getragenen Kosten berechnet.
Dieser Fonds wurde am 19.03.2008 aufgelegt. Die Referenzwährung ist der EUR.
Die angegebenen Wertentwicklungen vor dem Jahr 2008 beziehen sich auf die SICAV Oddo Génération, die am 19. März 2008 vom Oddo Génération aufgenommen wurde.
Bis zum 01.10.2014 war der Referenzindikator der SBF 120. Vom 02.10.2014 bis 03.05.2015 war der Referenzindikator der auf Euro lautende MSCI France mit Reinvestition der Nettodividenden (Net Return). Seit dem 04.05.2015 ist der Referenzindikator der MSCI EMU mit Reinvestition der Nettodividenden. | # PAST PERFORMANCE
Performance varies over time and is not an indication of future results.
The annualised performances shown in this chart are calculated after deducting all charges taken by the Fund.
This Fund was created on 19 March 2008. The reference currency is the euro (EUR).
The performances dated prior to 2008 are those of the Oddo Génération SICAV, which was absorbed by Oddo Génération on 19 March 2008.
Until 1 October 2014, the benchmark index was the SBF 120. From 2 October 2014 to 3 May 2015, the benchmark was the MSCI France with net dividends reinvested (net return) denominated in euro. Since 4 May 2015, the benchmark index has been the MSCI EMU (net dividends reinvested). | en | de |
DOLFIN6169 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- The sub-funds
- FISCH Convex Multi Asset Fund
- FISCH Convex Multi Credit Fundshould now be classified as sub-funds within the meaning of Article 8 of SFDR. | - Die Teilfonds
- FISCH Convex Multi Asset Fund
- FISCH Convex Multi Credit Fundsollen fortan als Teilfonds im Sinne von Artikel 8 der SFDR klassifiziert werden. | - The sub-funds
- FISCH Convex Multi Asset Fund
- FISCH Convex Multi Credit Fundshould now be classified as sub-funds within the meaning of Article 8 of SFDR. | en | de |
DOLFIN6170 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund may, in order to facilitate the settlement of substantial redemption applications or in other exceptional circumstances, propose to a shareholder a “redemption in kind” whereby the investor receives a portfolio of assets of the Sub-fund of equivalent value to the redemption price (less any Redemption Commission). In such circumstances the shareholder must specifically consent to the redemption in kind and may always request a cash redemption payment instead. In proposing or accepting a request for redemption in kind at any given time, the Fund shall take into account the interest of other shareholders of the Sub-fund and the principle of fair treatment. Where the shareholder accepts a redemption in kind, he will receive a selection of assets of the Sub-fund. To the extent required by applicable laws and regulations, any redemption in kind will be valued independently in a special report issued by the Auditor or any other authorised statutory auditor (réviseur d’entreprises agréé) agreed by the Fund. The Fund and the redeeming investor will agree on specific settlement procedures. Any costs incurred in connection with a redemption in kind, including the costs of issuing a valuation report, shall be borne by the redeeming investor or by such other third party as agreed by the Fund or in any other way which the Board of Directors considers fair to all investors of the Sub-Fund, provided that under no circumstances shall such costs be borne by the Fund.
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#### Conversion of Shares
- Conversion procedureShareholders may convert all or part of their Shares of any Share Class (the "Original Shares ") into Shares of the same Share Class of one or more other Sub-funds or into Shares of another Share Class within the same Sub-fund or of one or more other Sub-funds (the "New Shares") by application in writing or by fax to the Central Administration or to a Global Distributor or a Distributor, stating which Shares are to be converted into which Sub-funds. Shareholders must enclose to their request the physical share certificates, if any. | Il Fondo può, al fine di facilitare il regolamento di richieste di rimborsi significative, o in altre circostanze eccezionali, proporre a un azionista un "rimborso in natura", tramite il quale l'investitore riceve un portafoglio di attività del Comparto di valore equivalente al prezzo di rimborso (al netto dell'eventuale Commissione di rimborso). In tali circostanze, l'azionista deve specificatamente acconsentire al rimborso in natura e può sempre richiedere in suo luogo il pagamento di un rimborso in contanti. Nel proporre o accettare una richiesta di rimborso in natura in qualsiasi momento, il Fondo terrà conto degli interessi degli altri azionisti del Comparto e del principio del trattamento equo. Laddove l'azionista accettasse un rimborso in natura, riceverà una selezione di attività del Comparto. Nella misura richiesta dalle leggi e dalle normative in vigore, qualsiasi rimborso in natura verrà valutato in modo indipendente in una relazione speciale redatta dalla Società di revisione o da qualsiasi altro revisore contabile autorizzato (réviseur d’entreprises agréé) e approvato dal Fondo. Il Fondo e l'investitore che effettua il rimborso si accorderanno in merito a procedure di regolamento specifiche. Qualsiasi costo sostenuto in relazione a un rimborso in natura, ivi inclusi i costi di redazione di una relazione di valutazione, sarà sostenuto dall'investitore che effettua il rimborso o da qualsivoglia altra parte terza, secondo quanto concordato dal Fondo o in ogni altro modo che il Consiglio di Amministrazione reputi equo per tutti gli investitori del Comparto, fermo restando che in nessuna circostanza tali costi saranno sostenuti dal Fondo.
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#### Conversione di Azioni
- Procedura di conversioneGli Azionisti possono convertire in toto o in parte le loro Azioni di qualsiasi Classe di Azioni (le "Azioni originali") in Azioni della medesima Classe di Azioni di uno o più altri Comparti o in Azioni di un'altra Classe di Azioni del medesimo Comparto o di uno o più altri Comparti (le "Azioni nuove") dietro richiesta scritta o inviata via fax all'Agente amministrativo centrale o a un Collocatore globale o a un Collocatore, indicando quali Azioni si desidera convertire in quali Comparti. Gli Azionisti devono allegare alla loro richiesta gli eventuali certificati azionari fisici in questione. | The Fund may, in order to facilitate the settlement of substantial redemption applications or in other exceptional circumstances, propose to a shareholder a “redemption in kind” whereby the investor receives a portfolio of assets of the Sub-fund of equivalent value to the redemption price (less any Redemption Commission). In such circumstances the shareholder must specifically consent to the redemption in kind and may always request a cash redemption payment instead. In proposing or accepting a request for redemption in kind at any given time, the Fund shall take into account the interest of other shareholders of the Sub-fund and the principle of fair treatment. Where the shareholder accepts a redemption in kind, he will receive a selection of assets of the Sub-fund. To the extent required by applicable laws and regulations, any redemption in kind will be valued independently in a special report issued by the Auditor or any other authorised statutory auditor (réviseur d’entreprises agréé) agreed by the Fund. The Fund and the redeeming investor will agree on specific settlement procedures. Any costs incurred in connection with a redemption in kind, including the costs of issuing a valuation report, shall be borne by the redeeming investor or by such other third party as agreed by the Fund or in any other way which the Board of Directors considers fair to all investors of the Sub-Fund, provided that under no circumstances shall such costs be borne by the Fund.
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#### Conversion of Shares
- Conversion procedureShareholders may convert all or part of their Shares of any Share Class (the "Original Shares ") into Shares of the same Share Class of one or more other Sub-funds or into Shares of another Share Class within the same Sub-fund or of one or more other Sub-funds (the "New Shares") by application in writing or by fax to the Central Administration or to a Global Distributor or a Distributor, stating which Shares are to be converted into which Sub-funds. Shareholders must enclose to their request the physical share certificates, if any. | en | it |
DOLFIN6171 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in equities (directly or indirectly via derivatives) which may be subject to significant fluctuations in value.
The fund may invest in derivatives, which are subject to the risks of their underlying markets or underlying instruments as well as issuer risks and often involve higher risks than direct investments.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | # Riesgos
El Fondo invierte en renta variable (directamente o indirectamente a través de derivados), que puede estar sujeta a fuertes fluctuaciones de valor.
Puede invertir en instrumentos derivados, que están expuestos a los riesgos de sus mercados o activos subyacentes, así como a los de emisor, y a menudo albergan más riesgos que las inversiones directas.
Puede invertir en activos denominados en distintas divisas, lo que da lugar a riesgos de cambio, que pueden cubrirse. Si la moneda en la que se muestra el comportamiento pasado difiere de la moneda del país en el que reside un inversor, debido a fluctuaciones en el tipo de cambio, el comportamiento mostrado puede subir o bajar si se convierte en la moneda local del inversor.
Capital a riesgo: Los instrumentos financieros conllevan un elemento de riesgo. Por lo tanto, el valor de la inversión y el rendimiento resultante pueden variar y no se puede garantizar el valor inicial de la inversión. | # Risks
The fund invests in equities (directly or indirectly via derivatives) which may be subject to significant fluctuations in value.
The fund may invest in derivatives, which are subject to the risks of their underlying markets or underlying instruments as well as issuer risks and often involve higher risks than direct investments.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | en | es |
DOLFIN6172 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Achievement of Sub-Fund’s Investment Objective
No assurance can be given that the Sub-Fund will achieve its investment objective, including without limitation achieving capital appreciation. There can be no assurance that the investment strategy as set out herein can lead to a positive performance in the value of the Shares. The Sub-Fund could suffer losses at a time where concomitantly some financial markets experience appreciation in value.
In addition, the performance of the Net Asset Value of any given Class may deviate from the performance of the other Classes due to various factors, such as but not limited to the effects of foreign exchange transactions that may be entered into for the account of the relevant Class, the holding of cash in the relevant Class and the amount of fees taken out of the relevant Class.
The success of the investment strategies depends upon the Sub-Investment Manager’s ability to construct a portfolio of long Financial Instruments. Any factor which would make it more difficult to execute timely buy and sell orders, such as a significant lessening of liquidity in a particular market would be detrimental to profitability. No assurance can be given that the strategies used or to be used will be successful under all or any market conditions.
The performance of the Sub-Fund will depend on the financial and asset management skills of certain of the Sub-Investment Manager’s personnel. Subjective decisions made by these key individuals may cause the Sub-Fund to incur losses or to miss profit opportunities which it would otherwise have benefited from. The loss of any key individual could have a material adverse effect on the performance of the Sub-Fund. The dissolution, bankruptcy or liquidation of the Sub-Investment Manager may have an adverse impact on the Sub-Fund.
Attention of the investors is drawn to the fact that the performance of the Sub-Fund may differ potentially significantly from the performance of other funds managed and/or advised by the Sub-Investment Manager as a result of adjustments in the leverage of the Sub-Fund either operated directly by the Manager or instructed by the Manager to the Sub-Investment Manager in order for the portfolio of the Sub-Fund to comply with the “Investment Restriction” section of the Prospectus. | ## Atteinte de l’objectif d’investissement du Compartiment
Il ne peut être donné aucune assurance que le Compartiment atteindra son objectif d’investissement, y compris, entre autres, une appréciation du capital. Il ne peut être donné aucune assurance que la stratégie d’investissement décrite dans les présentes aboutisse à une évolution positive de la valeur des Actions. Le Compartiment pourrait subir des pertes à un moment où certains marchés financiers connaissent une hausse de cours.
De plus, l’évolution de la Valeur liquidative d’une Catégorie donnée peut s’écarter de la performance des autres Catégories à cause de divers facteurs tels que, entre autres, les effets des transactions sur les changes qui peuvent être conclues pour le compte de la Catégorie en question, le fait que des liquidités soient détenues par la Catégorie en question et le montant des commissions prélevées sur cette Catégorie.
Le succès des stratégies d’investissements du Compartiment dépend de l’aptitude du Gestionnaire des investissements par délégation à construire un portefeuille d’instruments financiers en prenant des positions longues. Tout événement susceptible de rendre difficile l’exécution, en temps opportun, des ordres d’achat et de vente, comme une réduction importante de la liquidité sur un marché particulier, aurait un impact négatif sur la rentabilité. Il ne peut être donné aucune assurance que les stratégies utilisées, ou qui seront utilisées, seront couronnées de succès dans certaines ou toutes les conditions de marché.
La performance du Compartiment dépendra de l’expertise financière et des compétences en matière de gestion d’actifs du personnel du Gestionnaire des investissements par délégation. Une prise de décision subjective de la part de ces personnes clés peut entraîner des pertes ou encore un manque d’opportunités
de profit pour le Compartiment, qui aurait pu les saisir dans le cas contraire. La perte de toute personne clé pourrait avoir une incidence négative importante sur la performance du Compartiment. La dissolution, la faillite ou la liquidation du Gestionnaire des investissements par délégation pourrait être préjudiciable au Compartiment.
L’attention des investisseurs est attirée sur le fait que les performances du Compartiment peuvent s’écarter dans des proportions significatives de celles d’autres fonds gérés et/ou conseillés par le Gestionnaire des investissements par délégation par suite d’ajustements de l’effet de levier du Compartiment qui soit sont effectués directement par le Gestionnaire, soit sont demandés par le Gestionnaire au Gestionnaire des investissements par délégation afin que le portefeuille du Compartiment soit conforme à la section du Prospectus intitulée « Restrictions sur les investissements ». | ## Achievement of Sub-Fund’s Investment Objective
No assurance can be given that the Sub-Fund will achieve its investment objective, including without limitation achieving capital appreciation. There can be no assurance that the investment strategy as set out herein can lead to a positive performance in the value of the Shares. The Sub-Fund could suffer losses at a time where concomitantly some financial markets experience appreciation in value.
In addition, the performance of the Net Asset Value of any given Class may deviate from the performance of the other Classes due to various factors, such as but not limited to the effects of foreign exchange transactions that may be entered into for the account of the relevant Class, the holding of cash in the relevant Class and the amount of fees taken out of the relevant Class.
The success of the investment strategies depends upon the Sub-Investment Manager’s ability to construct a portfolio of long Financial Instruments. Any factor which would make it more difficult to execute timely buy and sell orders, such as a significant lessening of liquidity in a particular market would be detrimental to profitability. No assurance can be given that the strategies used or to be used will be successful under all or any market conditions.
The performance of the Sub-Fund will depend on the financial and asset management skills of certain of the Sub-Investment Manager’s personnel. Subjective decisions made by these key individuals may cause the Sub-Fund to incur losses or to miss profit opportunities which it would otherwise have benefited from. The loss of any key individual could have a material adverse effect on the performance of the Sub-Fund. The dissolution, bankruptcy or liquidation of the Sub-Investment Manager may have an adverse impact on the Sub-Fund.
Attention of the investors is drawn to the fact that the performance of the Sub-Fund may differ potentially significantly from the performance of other funds managed and/or advised by the Sub-Investment Manager as a result of adjustments in the leverage of the Sub-Fund either operated directly by the Manager or instructed by the Manager to the Sub-Investment Manager in order for the portfolio of the Sub-Fund to comply with the “Investment Restriction” section of the Prospectus. | en | fr |
DOLFIN6173 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### The Company may restrict or prevent the ownership of Shares in the Company by Prohibited Persons.
As the Company is not registered under the United States Securities Act of 1933, as amended, nor registered under the United States Investment Company Act of 1940, as amended, its Shares may not be offered or sold, directly or indirectly to US Persons.
Accordingly, the Company may require any subscriber to provide it with any information that it may consider necessary for the purpose of deciding whether or not he is, or will be, a Prohibited Person or a US Person.
The Company retains the right to offer only one Class of Shares for subscription in any particular jurisdiction in order to conform to local law, custom, business practice or the Company's commercial objectives.
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###### PAYMENT PROCEDURE | ##### La Société a la faculté de soumettre à restrictions ou d’empêcher la possession d’Actions de la Société par des Personnes Prohibées.
Comme la Société n’est pas enregistrée selon le United States Securities Act de 1933 tel qu’il a été amendé, non plus que selon le United States Investment Company Act de 1940 tel qu’il a été amendé, ses Actions ne peuvent être ni proposées ni vendues, directement ou indirectement, à des Ressortissants des États-Unis.
En conséquence, la Société peut exiger de tout souscripteur qu’il lui fournisse toutes informations qu’elle pourra juger nécessaires pour décider s’il est ou non, ou s’il sera, une Personne Prohibée ou un Ressortissant des États-Unis.
La Société se réserve le droit de ne proposer à la souscription dans un Etat donné qu’une seule Classe d’Actions afin de respecter la législation, les coutumes ou les pratiques locales ou les objectifs commerciaux de la Société.
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###### PROCÉDURE DE PAIEMENT | ##### The Company may restrict or prevent the ownership of Shares in the Company by Prohibited Persons.
As the Company is not registered under the United States Securities Act of 1933, as amended, nor registered under the United States Investment Company Act of 1940, as amended, its Shares may not be offered or sold, directly or indirectly to US Persons.
Accordingly, the Company may require any subscriber to provide it with any information that it may consider necessary for the purpose of deciding whether or not he is, or will be, a Prohibited Person or a US Person.
The Company retains the right to offer only one Class of Shares for subscription in any particular jurisdiction in order to conform to local law, custom, business practice or the Company's commercial objectives.
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###### PAYMENT PROCEDURE | en | fr |
DOLFIN6174 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le département Risk Management de la Société de Gestion peut imposer des critères plus stricts en termes de garanties reçues et ainsi exclure certains types d’instruments, certains pays, certains émetteurs, voire certains titres.
En cas de matérialisation du risque de contrepartie, le fonds pourrait se retrouver propriétaire de la garantie financière reçue. Si le FCP peut se défaire de cette garantie à une valeur correspondant à la valeur des actifs prêtés/cédés, elle n’en supporterait pas de conséquence financière négative. Dans le cas contraire (si la valeur des actifs reçus en garantie a baissé sous la valeur des actifs prêtés/cédés avant qu’il ne soit procédé à leur vente), elle subirait une perte correspondant à la différence entre la valeur des actifs prêtés/cédés et la valeur de la garantie, une fois celle-ci liquidée.
Niveau de garanties financières reçues
Le niveau de collatéral exigé pour les instruments financiers de gré à gré et les techniques de gestion efficaces de portefeuille est déterminé par les accords mis en place avec chacune des contreparties en tenant compte, le cas échéant, de facteurs tels que la nature et les caractéristiques des transactions, la qualité de crédit et des contreparties ainsi que les conditions de marché en vigueur. A tout moment, l’exposition de la contrepartie non couverte par le collatéral restera en dessous des limites de risque de contreparties fixées par la règlementation.
Politique en matière de décote
La Société de Gestion a mis en place une politique de décote adaptée à chaque catégorie d’actifs (en fonction de la qualité de crédit notamment) reçus au titre de garantie financière. Cette politique est tenue gratuitement à la disposition de l’investisseur qui souhaite se la procurer, au siège de la Société de Gestion.
Restrictions quant au réinvestissement des garanties financières reçues
Les garanties financières autres qu’en espèces ne sont ni vendues, ni réinvesties, ni mises en gage.
Les garanties reçues en espèces peuvent être uniquement placées en dépôts auprès de contreparties répondant aux critères d’éligibilité définis ci-dessus, investies dans des emprunts d’état de bonne qualité, utilisées pour les besoins de prise en pension rappelables à tout moment ou investies dans des fonds monétaires court terme, dans le respect des critères de diversification applicables.
Bien qu’investi dans des actifs présentant un faible degré de risque, les investissements effectués pourraient néanmoins comporter un faible risque financier.
Conservation des garanties
En cas de transfert de propriété, la garantie reçue sera conservée par le Dépositaire ou par un sous-dépositaire. Pour les autres types d’accords donnant lieu à des garanties, celles-ci peuvent être conservées par un dépositaire tiers soumis à une surveillance prudentielle et qui n’a aucun lien avec le fournisseur des garanties financières.
Les garanties reçues pourront être intégralement mobilisées à tout moment sans en référer à la contrepartie ni requérir son accord.
Garantie financière en faveur de la contrepartie
Certains dérivés peuvent être soumis à des dépôts de collatéral initiaux en faveur de la contrepartie (cash et/ou titres).
Information périodique des investisseurs
Des informations supplémentaires sur les conditions d’application de ces techniques de gestion efficace de portefeuille figurent dans les rapports annuels et semi-annuels.
- ValorisationLes différents types d’opérations reprises dans la partie Technique de gestion efficace de portefeuille sont valorisés quotidiennement au prix de revient ajustés des intérêts. Pour les contrats dépassant trois mois, le spread de crédit de la contrepartie pourra être réévalué. | El departamento de Gestión de Riesgos de la Sociedad Gestora puede imponer criterios más estrictos respecto a las garantías recibidas y, así, excluir determinados tipos de instrumentos, determinados países, determinados emisores e, incluso, determinados títulos.
En caso de que se materializara el riesgo de contraparte, el Fondo podría convertirse en propietario de la garantía financier a recibida. Si el Fondo de Inversión Colectiva puede vender dicha garantía a un valor correspondiente al valor de los activos prestados o cedidos, no sufrirá consecuencias financieras negativas. En caso contrario (si el valor de los activos recibidos en garantía ha bajado hasta situarse por debajo del valor de los activos prestados o cedidos antes de que se proceda a su venta) , sufrirá una pérdida correspondiente a la diferencia entre el valor de los activos prestados o cedidos y el valor de la garantía, una vez liquidada esta.
Nivel de las garantías financieras recibidas
El nivel de las garantías exigido para los instrumentos financieros extrabursátiles y las técnicas de gestión eficaz de la cartera se determina con arreglo a los acuerdos vigentes con cada contraparte, teniendo en cuenta, en su caso, factores como la naturaleza y las características de las operaciones, la calidad crediticia y de las contrapartes, y las condiciones vigentes en el mercado. La exposición de la contraparte no cubierta por la garantía se mantendrá en todo momento por debajo de los límites reglamentarios de riesgo de contraparte.
Política de descuentos sobre el valor nominal
La Sociedad Gestora ha aplicado una política de descuentos sobre el valor nominal adaptada a cada categoría de activos (basada especialmente en la calidad crediticia) recibidos en concepto de garantía financiera. Esta política se conserva en el domicilio de la Sociedad Gestora y está a disposición del inversor que desee obtenerla de modo totalmente gratuito.
Restricciones relativas a la reinversión de las garantías financieras recibidas
Las garantías financieras distintas de las garantías en especie ni se venden, ni se reinvierten ni se entregan en prenda.
Las garantías financieras recibidas en efectivo únicamente pueden colocarse en depósitos contratados con contrapartes que cumplan los criterios de elegibilidad establecidos a continuación, invertirse en deuda pública de alta calidad, utilizarse pa ra las necesidades de toma en garantía recuperable en todo momento o invertirse en fondos monetarios a corto plazo, respetando siempre los criterios de diversificación aplicables.
Si bien el efectivo se invierte en activos de bajo riesgo, las inversiones realizadas podrían conllevar un pequeño riesgo financiero.
Conservación de las garantías
En caso de transmisión de propiedades, la garantía recibida se conservará en el Depositario o en un subdepositario. En el caso de los demás tipos de acuerdo que den lugar a garantías, estas pueden conservarse en otro depositario sujeto a supervisión prudencial que no tenga relación alguna con el proveedor de las garantías financieras.
Las garantías recibidas podrán movilizarse íntegramente en cualquier momento sin comunicarlo a la contraparte ni precisar su autorización.
Garantía financiera a favor de la contraparte
Algunos derivados pueden estar sujetos a depósitos de garantía inicial a favor de la contraparte (efectivo y/o títulos).
Información periódica para los inversores
Los informes anuales y semestrales recogen información adicional sobre las condiciones de aplicación de tales técnicas de gestión eficaz de carteras.
- ValoraciónLos diferentes tipos de operaciones que se describen en el apartado sobre técnicas de gestión eficaz de cartera se valoran a diario al precio de coste ajustado a los intereses. Para los contratos que superan los tres meses, se podrá volver a valorar el diferencial de crédito de la contraparte. | Le département Risk Management de la Société de Gestion peut imposer des critères plus stricts en termes de garanties reçues et ainsi exclure certains types d’instruments, certains pays, certains émetteurs, voire certains titres.
En cas de matérialisation du risque de contrepartie, le fonds pourrait se retrouver propriétaire de la garantie financière reçue. Si le FCP peut se défaire de cette garantie à une valeur correspondant à la valeur des actifs prêtés/cédés, elle n’en supporterait pas de conséquence financière négative. Dans le cas contraire (si la valeur des actifs reçus en garantie a baissé sous la valeur des actifs prêtés/cédés avant qu’il ne soit procédé à leur vente), elle subirait une perte correspondant à la différence entre la valeur des actifs prêtés/cédés et la valeur de la garantie, une fois celle-ci liquidée.
Niveau de garanties financières reçues
Le niveau de collatéral exigé pour les instruments financiers de gré à gré et les techniques de gestion efficaces de portefeuille est déterminé par les accords mis en place avec chacune des contreparties en tenant compte, le cas échéant, de facteurs tels que la nature et les caractéristiques des transactions, la qualité de crédit et des contreparties ainsi que les conditions de marché en vigueur. A tout moment, l’exposition de la contrepartie non couverte par le collatéral restera en dessous des limites de risque de contreparties fixées par la règlementation.
Politique en matière de décote
La Société de Gestion a mis en place une politique de décote adaptée à chaque catégorie d’actifs (en fonction de la qualité de crédit notamment) reçus au titre de garantie financière. Cette politique est tenue gratuitement à la disposition de l’investisseur qui souhaite se la procurer, au siège de la Société de Gestion.
Restrictions quant au réinvestissement des garanties financières reçues
Les garanties financières autres qu’en espèces ne sont ni vendues, ni réinvesties, ni mises en gage.
Les garanties reçues en espèces peuvent être uniquement placées en dépôts auprès de contreparties répondant aux critères d’éligibilité définis ci-dessus, investies dans des emprunts d’état de bonne qualité, utilisées pour les besoins de prise en pension rappelables à tout moment ou investies dans des fonds monétaires court terme, dans le respect des critères de diversification applicables.
Bien qu’investi dans des actifs présentant un faible degré de risque, les investissements effectués pourraient néanmoins comporter un faible risque financier.
Conservation des garanties
En cas de transfert de propriété, la garantie reçue sera conservée par le Dépositaire ou par un sous-dépositaire. Pour les autres types d’accords donnant lieu à des garanties, celles-ci peuvent être conservées par un dépositaire tiers soumis à une surveillance prudentielle et qui n’a aucun lien avec le fournisseur des garanties financières.
Les garanties reçues pourront être intégralement mobilisées à tout moment sans en référer à la contrepartie ni requérir son accord.
Garantie financière en faveur de la contrepartie
Certains dérivés peuvent être soumis à des dépôts de collatéral initiaux en faveur de la contrepartie (cash et/ou titres).
Information périodique des investisseurs
Des informations supplémentaires sur les conditions d’application de ces techniques de gestion efficace de portefeuille figurent dans les rapports annuels et semi-annuels.
- ValorisationLes différents types d’opérations reprises dans la partie Technique de gestion efficace de portefeuille sont valorisés quotidiennement au prix de revient ajustés des intérêts. Pour les contrats dépassant trois mois, le spread de crédit de la contrepartie pourra être réévalué. | fr | es |
DOLFIN6175 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In the case of securities, derivatives and other assets not commonly traded on a stock exchange and for which a secondary market among securities traders exists with pricing in line with the market, the Company may value these securities, derivatives and other investments based on these prices. Securities, derivatives and other investments that are not listed on a stock exchange but which are traded on another regulated market which is recognised, open to the public and functions in accordance with the regulations, are valued at the last available price on this market.
- Securities, derivatives and other investments that are not listed on a stock exchange or traded on another regulated market, and for which no appropriate price can be obtained, are valued by the Company according to other principles chosen by it in good faith on the basis of the likely sales prices.
- Derivatives not listed on a stock exchange (OTC derivatives) are valued on the basis of independent pricing sources. In case only one independent pricing source of a derivative is available, the plausibility of the valuation obtained will be verified by means of calculation methods recognised by the Company and the Company's auditors, based on the market value of the underlying instrument from which the derivative originates.
- Units of other undertakings for collective investment in transferable securities (UCITS) and/or undertakings for collective investment (UCI) are valued at their last-known net asset value. Certain units or shares of other UCITS and/or UCI can be valued on the basis of an estimation of their value that has been provided by reliable service providers, which are independent from the portfolio manager or the investment advisor (value estimation).
- (i) For Subfunds that are money market funds
- money market instruments neither listed on a stock exchange nor traded on another regulated market that is open to the public are valued on the basis of the corresponding interest rate curves. The valuation based on the interest-rate curves is based on the interestrate and spread. The following principles are applied in this process: for each money market instrument, the interest rates nearest the residual maturity are interpolated. The interest rate calculated in this way is converted into a market price by adding a credit spread that reflects the rating of the underlying issuer. This credit spread is adjusted if there is a significant change in the issuer's credit rating.
- a Subfund's interest income that falls between the corresponding order date and the respective settlement date may be included in the valuation of the assets of the Subfund in question. The net asset value per share on a certain valuation date may therefore contain forecasted interest income. | Bei Wertpapieren, Derivaten und anderen Anlagen, bei welchen der Handel an einer Börse geringfügig ist und für welche ein Zweitmarkt zwischen Wertpapierhändlern mit marktkonformer Preisbildung besteht, kann die Gesellschaft die Bewertung dieser Wertpapiere, Derivate und anderen Anlagen auf Grund dieser Preise vornehmen. Wertpapiere, Derivate und andere Anlagen, die nicht an einer Börse notiert sind, die aber an einem anderen geregelten Markt, der anerkannt, für das Publikum offen und dessen Funktionsweise ordnungsgemäss ist, gehandelt werden, werden zum letzt verfügbaren Kurs auf diesem Markt bewertet.
- Wertpapiere, Derivate und Anlagen, welche nicht an einer Börse notiert sind oder an einem anderen geregelten Markt gehandelt werden, und für die kein adäquater Preis erhältlich ist, wird die Gesellschaft diese gemäss anderen, von ihr nach Treu und Glauben zu bestimmenden Grundsätzen auf der Basis der voraussichtlich möglichen Verkaufspreise bewerten.
- Die Bewertung von Derivaten, die nicht an einer Börse notiert sind (OTC-Derivate), erfolgt anhand unabhängiger Preisquellen. Sollte für ein Derivat nur eine unabhängige Preisquelle vorhanden sein, wird die Plausibilität dieses Bewertungskurses mittels Berechnungsmodellen, die von der Gesellschaft und dem Wirtschaftsprüfer der Gesellschaft anerkannt sind, auf der Grundlage des Verkehrswertes des Basiswertes, von dem das Derivat abgeleitet ist, nachvollzogen.
- Anteile anderer Organismen für gemeinsame Anlagen in Wertpapieren (OGAW) und/oder Organismen für gemeinsame Anlagen (OGA) werden zu ihrem letztbekannten Nettoinventarwert bewertet. Bestimmte Anteile oder Aktien von anderen OGAW und/oder OGA können auf der Basis einer Schätzung ihres Wertes bewertet werden, welche von zuverlässigen Dienstleistern, welche von dem Portfolio Manager oder dem Anlageberater der Zielfonds unabhängig sind, zur Verfügung gestellt werden (Preisschätzung).
- (i) Bei Teilfonds, die Geldmarktfonds sind,
- werden Geldmarktinstrumente, die nicht an einer Börse notiert sind oder an einem anderen der Offentlichkeit zugänglichen geregelten Markt gehandelt werden, auf der Grundlage der entsprechenden Zinskurven bewertet. Die Bewertung auf der Grundlage der Zinskurven bezieht sich auf die Komponenten Zinssatz und Kreditspread. Dabei werden folgende Grundsätze angewandt: Für jedes Geldmarktinstrument werden die der Restlaufzeit nächsten Zinssätze interpoliert. Der auf diese Weise berechnete Zinssatz wird unter Addierung eines Kreditspreads, welcher die Bonität des zugrunde liegenden Emittenten wiedergibt, in einen Marktkurs konvertiert. Dieser Kreditspread wird bei einer signifikanten Änderung der Bonität des Emittenten angepasst.
- Zinserträge eines Teilfonds, die zwischen dem betreffenden Auftragsdatum und dem jeweiligen Abrechnungsdatum anfallen, können in die Bewertung des Vermögens des betreffenden Teilfonds einbezogen werden. Der Nettovermögenswert je Aktie an einem bestimmten Bewertungstag kann daher prognostizierte Zinserträge beinhalten. | In the case of securities, derivatives and other assets not commonly traded on a stock exchange and for which a secondary market among securities traders exists with pricing in line with the market, the Company may value these securities, derivatives and other investments based on these prices. Securities, derivatives and other investments that are not listed on a stock exchange but which are traded on another regulated market which is recognised, open to the public and functions in accordance with the regulations, are valued at the last available price on this market.
- Securities, derivatives and other investments that are not listed on a stock exchange or traded on another regulated market, and for which no appropriate price can be obtained, are valued by the Company according to other principles chosen by it in good faith on the basis of the likely sales prices.
- Derivatives not listed on a stock exchange (OTC derivatives) are valued on the basis of independent pricing sources. In case only one independent pricing source of a derivative is available, the plausibility of the valuation obtained will be verified by means of calculation methods recognised by the Company and the Company's auditors, based on the market value of the underlying instrument from which the derivative originates.
- Units of other undertakings for collective investment in transferable securities (UCITS) and/or undertakings for collective investment (UCI) are valued at their last-known net asset value. Certain units or shares of other UCITS and/or UCI can be valued on the basis of an estimation of their value that has been provided by reliable service providers, which are independent from the portfolio manager or the investment advisor (value estimation).
- (i) For Subfunds that are money market funds
- money market instruments neither listed on a stock exchange nor traded on another regulated market that is open to the public are valued on the basis of the corresponding interest rate curves. The valuation based on the interest-rate curves is based on the interestrate and spread. The following principles are applied in this process: for each money market instrument, the interest rates nearest the residual maturity are interpolated. The interest rate calculated in this way is converted into a market price by adding a credit spread that reflects the rating of the underlying issuer. This credit spread is adjusted if there is a significant change in the issuer's credit rating.
- a Subfund's interest income that falls between the corresponding order date and the respective settlement date may be included in the valuation of the assets of the Subfund in question. The net asset value per share on a certain valuation date may therefore contain forecasted interest income. | en | de |
DOLFIN6176 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
You can find information related to the product past performance on the last 10 years and to previous performance scenario calculations at :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00B89PYC10_en.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00B89PYC10_en.pdf. | Vous trouverez des informations sur les scénarios de performance du produit au cours des 10 dernières années et sur les calculs des scénarios de performances précédents sur :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00B89PYC10_fr.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00B89PYC10_fr.pdf. | You can find information related to the product past performance on the last 10 years and to previous performance scenario calculations at :
- https://docs.data2report.lu/documents/KID_PP/KID_annex_PP_Wellington_IE00B89PYC10_en.pdf.
- https://docs.data2report.lu/documents/KID_PS/KID_annex_PS_Wellington_IE00B89PYC10_en.pdf. | en | fr |
DOLFIN6177 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In particular, the Co-ordinator and the relevant Investment Manager may advise or manage other funds and other collective investment schemes in which a Fund may invest or which have similar or overlapping investment objectives to or with the ICAV or its Funds. Also, a conflict of interest may arise where the competent person valuing unlisted securities and/or OTC derivatives held by a Fund is the relevant Investment Manager or a sub-investment manager or any other Connected Party. For example, because the relevant Investment Manager’s fees are calculated on the basis of a percentage of a Fund’s Net Asset Value, such fees increase as the Net Asset Value of the Fund increases. When valuing securities owned or purchased by a Fund, the relevant Investment Manager (or any other Connected Party) will, at all times, have regard to its obligations to the ICAV and the Fund and will ensure that such conflicts are resolved fairly.
There is no prohibition on transactions with the ICAV, the Manager, the Co-ordinator, an Investment Manager, the Administrator, the Depositary or entities related to the Manager, the Co-ordinator, an Investment Manager, the Administrator or the Depositary including, without limitation, holding, disposing or otherwise dealing with Shares issued by or property of the ICAV and none of them shall have any obligation to account to the ICAV for any profits or benefits made by or derived from or in connection with any such transaction provided that such transactions are consistent with the best interests of Shareholders and dealings are carried out as if negotiated on an arm’s length basis and:
- a certified valuation by a person approved by the Depositary as independent and competent (or in the case of a transaction involving the Depositary, the responsible person) has been obtained; or
- the relevant transaction has been executed on best terms reasonably obtainable on an organised investment exchange in accordance with its rules; or
- where the conditions set out in (a) and (b) above are not practical, the relevant transaction is executed on terms which the Depositary has been (or in the case of a transaction involving the Depositary, the responsible person is) satisfied conform with the principle that such transactions be carried out as if negotiated at arm’s length and consistent with the best interests of Shareholders. | Nello specifico, il Coordinatore e i Gestori degli investimenti potranno fornire consulenza a o gestire altri fondi e altri organismi d'investimento collettivo in cui un Fondo potrebbe investire o che abbia obiettivi d'investimento analoghi o sovrapposti rispetto alla ICAV o ai relativi Fondi. Potrebbe inoltre insorgere un conflitto d'interessi nel caso in cui il soggetto incaricato della valutazione dei titoli non quotati e/o dei derivati OTC detenuti da un Fondo sia il Gestore degli investimenti o un sub-gestore degli investimenti o qualsivoglia altra Parte correlata. Ad esempio, poiché le commissioni dei Gestori degli investimenti sono calcolate sulla base di una percentuale del Valore patrimoniale netto dei relativi Fondi, tali commissioni aumenteranno con l'aumentare del Valore patrimoniale netto del Fondo interessato. In fase di valutazione dei titoli di proprietà di o acquistati da un Fondo, il relativo Gestore degli investimenti (o eventuale altra Parte correlata) terrà conto in ogni momento dei relativi obblighi nei confronti della ICAV e del Fondo e assicurerà che i suddetti conflitti siano risolti correttamente.
Non vi è alcun divieto relativo alle operazioni con la ICAV, il Gestore, il Coordinatore, i Gestori degli investimenti, l'Agente amministrativo, la Banca depositaria o entità correlate al Gestore, al Coordinatore, ai Gestori degli investimenti, all'Agente amministrativo, alla Banca depositaria ivi comprese, a titolo esemplificativo ma non esaustivo, detenzioni, cessioni o altre negoziazioni delle Azioni emesse da o di proprietà della ICAV e nessuno dei soggetti sopra indicati vanterà alcun obbligo di dare conto alla ICAV di eventuali profitti o benefit ottenuti o derivanti da o in relazione alle suddette operazioni a condizione che queste rientrino nei migliori interessi degli Azionisti e che le negoziazioni siano svolte come se negoziati secondo il principio della libera concorrenza e che:
- sia stata ottenuta una valutazione certificata da un soggetto approvato dalla Banca depositaria come indipendente e competente (o nel caso di un'operazione che coinvolga la Banca depositaria, il soggetto responsabile); o
- la relativa operazione sia stata eseguita secondo termini ideali ragionevolmente ottenibili su una borsa valori organizzata in conformità alle relative regole; o
- laddove le condizioni riportate ai punti (a) e (b) di cui sopra non risultino realizzabili, l'operazione sia eseguita secondo termini che la Banca depositaria abbia ritenuto (o nel caso di un'operazione che coinvolga la Banca depositaria, il soggetto responsabile ritenga) conformi al principio che le suddette operazioni siano svolte come se negoziate secondo il principio della libera concorrenza e siano coerenti con gli interessi degli Azionisti. | In particular, the Co-ordinator and the relevant Investment Manager may advise or manage other funds and other collective investment schemes in which a Fund may invest or which have similar or overlapping investment objectives to or with the ICAV or its Funds. Also, a conflict of interest may arise where the competent person valuing unlisted securities and/or OTC derivatives held by a Fund is the relevant Investment Manager or a sub-investment manager or any other Connected Party. For example, because the relevant Investment Manager’s fees are calculated on the basis of a percentage of a Fund’s Net Asset Value, such fees increase as the Net Asset Value of the Fund increases. When valuing securities owned or purchased by a Fund, the relevant Investment Manager (or any other Connected Party) will, at all times, have regard to its obligations to the ICAV and the Fund and will ensure that such conflicts are resolved fairly.
There is no prohibition on transactions with the ICAV, the Manager, the Co-ordinator, an Investment Manager, the Administrator, the Depositary or entities related to the Manager, the Co-ordinator, an Investment Manager, the Administrator or the Depositary including, without limitation, holding, disposing or otherwise dealing with Shares issued by or property of the ICAV and none of them shall have any obligation to account to the ICAV for any profits or benefits made by or derived from or in connection with any such transaction provided that such transactions are consistent with the best interests of Shareholders and dealings are carried out as if negotiated on an arm’s length basis and:
- a certified valuation by a person approved by the Depositary as independent and competent (or in the case of a transaction involving the Depositary, the responsible person) has been obtained; or
- the relevant transaction has been executed on best terms reasonably obtainable on an organised investment exchange in accordance with its rules; or
- where the conditions set out in (a) and (b) above are not practical, the relevant transaction is executed on terms which the Depositary has been (or in the case of a transaction involving the Depositary, the responsible person is) satisfied conform with the principle that such transactions be carried out as if negotiated at arm’s length and consistent with the best interests of Shareholders. | en | it |
DOLFIN6178 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Practical Information
## Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited.
- The NAV per share of the Fund is calculated in Japanese Yen and settlement and dealing will be effected in the class currency of the relevant share class. The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV.
- The Fund is subject to tax laws and regulations of Ireland. Depending on your home country of residence, this might have an impact on your investment. For further details, please speak to an adviser.
- You are entitled to switch from one fund of the Company to another, subject to the Fund’s switching charge, if such charge is in future to be charged. It is not the current intention of the Directors to charge a switching fee. Please refer to the Company prospectus and supplement for the Fund for further information on how to switch.
- The assets of the Fund are segregated from other funds in the Company, meaning the liabilities of one fund cannot impact another fund. You can find out more information about the Company in the prospectus. The prospectus and periodic reports are in the name of the Company.
- Copies of the prospectus and the annual and half-yearly reports of the Company and the Fund may be obtained from the Administrator, free of charge, by contacting [email protected].
- The Manager’s up-to-date remuneration policy, including but not limited to a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available once issued at https://bridgeconsulting.ie/management- company-services/ and a paper copy of such remuneration policy is available to investors free of charge upon request.
- The 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 for the Company and the Fund’s supplement.
This Company was approved in Ireland on 19th March, 2010 and is regulated by the Central Bank of Ireland. This Key Investor Information Document is accurate as at 17.05.2021. | # Informazioni pratiche
## Depositario: Brown Brothers Harriman Trustee Services (Ireland) Limited.
- Il NAV per azione del Fondo è calcolato in yen giapponesi e la liquidazione e la negoziazione saranno effettuate nella valuta della relativa classe di azioni. Il NAV per azione del Fondo sarà pubblicato quotidianamente e reso disponibile su Internet all’indirizzo www.euronext.com; inoltre, sarà aggiornato dopo ogni calcolo del NAV.
- Il Fondo è soggetto alle leggi e ai regolamenti fiscali dell’Irlanda. A seconda del paese di residenza dell’investitore, questo potrebbe avere un impatto sull’investimento. Per ulteriori dettagli, rivolgersi a un consulente.
- L’investitore ha il diritto di passare da un fondo della Società a un altro, previo pagamento del costo di passaggio del Fondo, se tale pagamento sarà richiesto in futuro. Non è attualmente intenzione degli Amministratori addebitare un costo di passaggio. Per ulteriori informazioni su come eseguire il passaggio, consultare il prospetto della Società e il supplemento relativo al Fondo.
- Le attività del Fondo sono separate da altri fondi della Società, il che significa che le passività di un fondo non possono avere alcuna conseguenza su un altro fondo. Maggiori informazioni sulla Società sono consultabili nel prospetto. Il prospetto e le relazioni periodiche sono a nome della Società.
- Copie del prospetto e delle relazioni annuali e semestrali della Società e del Fondo possono essere richieste gratuitamente all’Amministratore contattando [email protected].
- La politica retributiva aggiornata del Gestore, inclusa, a titolo esemplificativo ma non esaustivo, una descrizione di come vengono calcolati i compensi e i benefit e l’identità delle persone responsabili dell’assegnazione di compensi e benefit, è disponibile una volta emessa all’indirizzo https://bridgeconsulting.ie/management-company-services/ e una copia cartacea di tale politica retributiva è disponibile gratuitamente per gli investitori su richiesta.
- La Società può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultino fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto della Società e del supplemento del Fondo.
La Società è stata approvata in Irlanda il 19 marzo 2010 ed è regolamentata dalla Banca centrale d’Irlanda. Le Informazioni chiave per gli investitori sono accurate alla data del 17.05.2021. | # Practical Information
## Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited.
- The NAV per share of the Fund is calculated in Japanese Yen and settlement and dealing will be effected in the class currency of the relevant share class. The NAV per share of the Fund will be published daily and made available on the internet at www.euronext.com and will be updated following each calculation of NAV.
- The Fund is subject to tax laws and regulations of Ireland. Depending on your home country of residence, this might have an impact on your investment. For further details, please speak to an adviser.
- You are entitled to switch from one fund of the Company to another, subject to the Fund’s switching charge, if such charge is in future to be charged. It is not the current intention of the Directors to charge a switching fee. Please refer to the Company prospectus and supplement for the Fund for further information on how to switch.
- The assets of the Fund are segregated from other funds in the Company, meaning the liabilities of one fund cannot impact another fund. You can find out more information about the Company in the prospectus. The prospectus and periodic reports are in the name of the Company.
- Copies of the prospectus and the annual and half-yearly reports of the Company and the Fund may be obtained from the Administrator, free of charge, by contacting [email protected].
- The Manager’s up-to-date remuneration policy, including but not limited to a description of how remuneration and benefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, is available once issued at https://bridgeconsulting.ie/management- company-services/ and a paper copy of such remuneration policy is available to investors free of charge upon request.
- The 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 for the Company and the Fund’s supplement.
This Company was approved in Ireland on 19th March, 2010 and is regulated by the Central Bank of Ireland. This Key Investor Information Document is accurate as at 17.05.2021. | en | it |
DOLFIN6179 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
For the purpose of this provision, each sub-fund of a target UCITS or UCI with multiple sub-funds shall be considered as a separate issuer, provided that the principle of segregation of liabilities of the different sub-funds is ensured in relation to third parties.
The Sub-Funds the investment policies of which consist in investing principally in target UCITS and other UCIs may not invest more than 30% of their net assets in target UCIs (meaning eligible UCIs not qualifying as UCITS).
The underlying investments held by the target UCITS or other UCIs in which the Sub-Fund invests do not have to be considered for the purpose of applying the investment limitations mentioned in paragraph III. | Aux fins de la présente disposition, chaque compartiment d’un OPCVM ou OPC cible à compartiments multiples est à considérer comme un émetteur distinct, à condition que le principe de ségrégation des engagements entre les différents compartiments soit assuré vis-à-vis des tiers.
Les Compartiments dont la politique d’investissement consiste à investir principalement dans des OPCVM ou autres OPC cibles ne peuvent investir plus de 30 % de leur actif net dans des OPC cibles (à savoir des OPC éligibles ne répondant pas du statut d’OPCVM).
Les investissements sous-jacents détenus par les OPCVM ou les autres OPC cibles dans lesquels les Compartiments investissent ne sont pas nécessairement pris en compte aux fins de l’application des limites d’investissement exposées au paragraphe III. | For the purpose of this provision, each sub-fund of a target UCITS or UCI with multiple sub-funds shall be considered as a separate issuer, provided that the principle of segregation of liabilities of the different sub-funds is ensured in relation to third parties.
The Sub-Funds the investment policies of which consist in investing principally in target UCITS and other UCIs may not invest more than 30% of their net assets in target UCIs (meaning eligible UCIs not qualifying as UCITS).
The underlying investments held by the target UCITS or other UCIs in which the Sub-Fund invests do not have to be considered for the purpose of applying the investment limitations mentioned in paragraph III. | en | fr |
DOLFIN6180 | 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 2.00% Exit charge 0.00% Conversion fee 2.00% This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges 0.94% |
| Charges taken from the fund under certain specific conditions |
| Performance fee not charged | | | Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Spesa di sottoscrizione 2.00% Spesa di rimborso 0.00% Commissione di conversione 2.00% Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito / prima che il rendimento dell’investimento venga distribuito. |
| Spese prelevate dal fondo in un anno |
| Spese correnti 0.94% |
| Spese prelevate dal fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento non vengono prelevate | | | One-off charges taken before or after you invest |
| --- |
| Entry charge 2.00% Exit charge 0.00% Conversion fee 2.00% This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges 0.94% |
| Charges taken from the fund under certain specific conditions |
| Performance fee not charged | | en | it |
DOLFIN6181 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The ESG investment universe is composed of the securities of the Sub-fund’s benchmark. The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe. Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation. Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
The Sub-fund invests:
- a minimum of 30% of its net assets in bonds with a rating greater than or equal to BBB- (Standard and Poor's or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies.
- a minimum of 30% of its net assets in high yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, which are speculative securities presenting a higher risk of default than investment grade bonds)
- up to 10% of its net assets in unrated bonds
- up to 10% of its assets in bonds issued by public or private companies located in non-OECD countries
- up to 10% of its assets in bonds with a residual maturity of more than 5 years. | L’universo d’investimento ESG è costituito dai titoli dell'indice di riferimento del comparto. La società di gestione può selezionare titoli al di fuori del suo indice. Essa si assicurerà tuttavia che l'indice di riferimento selezionato sia un elemento di confronto rilevante del rating ESG del comparto.
Per selezionare i titoli del portafoglio, il gestore include sistematicamente nell'analisi finanziaria dei fattori ambientali, sociali e di governance (ESG).
Almeno il 90% dei titoli di debito e degli strumenti del mercato monetario con rating di credito investment grade e il 75% dei titoli di debito e degli strumenti del mercato monetario con rating di credito high yield all'interno del portafoglio hanno un rating ESG. Si tratta di un rating ESG proprietario o di un rating fornito da un'agenzia di dati extra-finanziari esterna. Al termine di questo processo, il comparto ha un rating ESG superiore a quello del suo universo d'investimento
I criteri ambientali, sociali e di governance (ESG) sono uno dei componenti della gestione e il loro peso nella presa di decisione finale non è definito a priori.
D'altronde, il processo di selezione dei titoli comprende anche uno screening negativo per escludere le società implicate nella produzione di armi controverse in conformità alle convenzioni internazionali in materia, nonché le società esposte ad attività correlate al carbone termico e al tabacco, in conformità alla politica di Edmond de Rothschild Asset Management (France), disponibile sul suo sito web. Tale screening negativo contribuisce a mitigare il rischio di sostenibilità.
Il comparto promuove criteri ambientali, sociali e di governance (ESG) ai sensi dell'articolo 8 del Regolamento (UE) 2019/2088 "Disclosure" o "SFDR" ed è soggetto al rischio di sostenibilità come definito nel profilo di rischio del prospetto.
Il comparto comporta un rischio di sostenibilità e tiene conto dei principali impatti negativi nelle sue decisioni d’investimento.
Nell'ambito della propria metodologia di analisi ESG proprietaria, Edmond de Rothschild Asset Management (France) tiene conto, ove vi sia disponibilità di dati, della quota di idoneità o allineamento alla tassonomia con riferimento alla percentuale di fatturato considerata come green o agli investimenti che vanno in questa direzione. Prendiamo in considerazione i dati pubblicati dalle aziende o stimati dai fornitori. L'impatto ambientale viene sempre preso in considerazione, secondo le specificità settoriali. Possono essere analizzati anche l’impronta di carbonio sui perimetri pertinenti, la strategia climatica dell’azienda e gli obiettivi di riduzione dei gas a effetto serra, così come il valore aggiunto ambientale dei prodotti e dei servizi, la progettazione ecocompatibile, ecc.
Il principio che consiste nel “non arrecare un danno significativo” si applica esclusivamente agli investimenti sottostanti al prodotto finanziario che tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili. Gli investimenti sottostanti alla quota restante del presente prodotto finanziario non tengono conto dei criteri fissati dall'Unione europea in relazione alle attività economiche ecosostenibili.
Non potendo, in questa fase, garantire dati affidabili per la valutazione della quota di idoneità o di allineamento degli investimenti con riferimento al Regolamento Tassonomia, il comparto non è in grado di calcolare in modo completo ed accurato gli investimenti sottostanti che si qualifichino come ecosostenibili, sotto forma di percentuale di allineamento minima e questo in conformità alla rigorosa interpretazione dell'articolo 3 del Regolamento Tassonomia dell'UE.
Attualmente il comparto non mira a realizzare investimenti che contribuiscano agli obiettivi ambientali di mitigazione del cambiamento climatico e/o di adattamento al cambiamento climatico.
Pertanto la % di allineamento degli investimenti alla Tassonomia è attualmente dello 0%.
Il comparto intende investire:
- almeno il 30% del patrimonio netto in obbligazioni con rating superiore o pari a BBB- (Standard and Poor’s o equivalente, o che vantino un rating equivalente interno alla Società di gestione) ed emesse da società pubbliche o private;
- almeno il 30% del patrimonio netto in obbligazioni High Yield (rating inferiore a BBB- secondo Standard and Poor’s o equivalente, o che vantino un rating equivalente interno alla Società di gestione, titoli speculativi con un rischio di insolvenza superiore rispetto alle obbligazioni Investment Grade);
- non oltre il 10% del patrimonio netto in obbligazioni prive di rating;
- non oltre il 10% del patrimonio in obbligazioni emesse da società pubbliche o private che abbiano sede in paesi non-OCSE
- non oltre il 10% del patrimonio in obbligazioni aventi scadenza residua superiore a 5 anni. | The ESG investment universe is composed of the securities of the Sub-fund’s benchmark. The Management Company may select securities from outside of its benchmark. It will, however, ensure that the selected benchmark is a relevant means of comparison for the Sub-fund’s ESG rating.
The Manager will systematically include environmental, social and governance (ESG) factors in their financial analysis in order to select the portfolio’s securities.
At least 90% of debt securities and money market instruments with an investment grade credit rating and 75% of debt securities and money market instruments with a high-yield credit rating will have an ESG rating within the portfolio. This will be either a proprietary ESG rating or a rating provided by an external non-financial rating agency. At the end of this process, the Sub-fund will have an ESG rating that is greater than that of its investment universe. Environmental, social and governance (ESG) criteria are one of the components subject to management, although their weighting in the final decision is not defined beforehand.
Furthermore, the securities selection process also includes negative screening to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Asset Management (France), which is available on its website. This negative screening helps mitigate sustainability risk.
The Sub-fund promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of Regulation (EU) 2019/2088, known as the “Disclosure Regulation” or “SFDR”, and is subject to sustainability risk as defined in the Risk Profile section of the prospectus.
The Sub-fund integrates sustainability risk and takes into account the main negative impacts in its investment decisions.
As part of its proprietary ESG analysis method, Edmond de Rothschild Asset Management (France) takes into account, to the extent that data is available, the eligibility share and alignment with the taxonomy regarding the proportion of the turnover that is considered to be green or the investments aligned with this. We take into account the figures published by businesses or estimated by external service providers. We always consider the environmental impact, according to sectoral specificities. The carbon footprint on relevant parameters, the company’s climate strategy and greenhouse gas reduction goals can also be analysed, as well as the environmental added value of products or services, eco-design etc.
The “causing no significant harm” principle only applies to investments underlying the financial product that take into account the environmental criteria of the European Union in terms of sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the environmental criteria of the European Union in terms of sustainable economic activities.
As it is currently unable to provide reliable data for evaluating the share of its investments that are eligible for or aligned with the EU Taxonomy Regulation, at this stage, the Sub-fund is not able to fully and accurately calculate the underlying investments that qualify as environmentally sustainable in the form of a minimum alignment percentage in accordance with a strict interpretation of Article 3 of the aforementioned regulation. Currently, the sub-fund does not aim to make investments that contribute to environmental objectives focused on mitigating climate change and/or adapting to climate change.
Therefore, the percentage of investments aligned with the Taxonomy is currently 0%.
The Sub-fund invests:
- a minimum of 30% of its net assets in bonds with a rating greater than or equal to BBB- (Standard and Poor's or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies.
- a minimum of 30% of its net assets in high yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, which are speculative securities presenting a higher risk of default than investment grade bonds)
- up to 10% of its net assets in unrated bonds
- up to 10% of its assets in bonds issued by public or private companies located in non-OECD countries
- up to 10% of its assets in bonds with a residual maturity of more than 5 years. | en | it |
DOLFIN6182 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Open positions on financial future contracts
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO STOXX 50 - FUTURE 19/03/2021 | EUR | 125,834,508.80 | (3,542.00) | (1,080,310.00) |
| (1,080,310.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 345,160.00 | 200.00 | 132,087.70 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 2,550,320.00 | (2,000.00) | (1,878,216.70) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 422,640.00 | 400.00 | 66,366.00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1,236,024.00 | (1,200.00) | (116,000.00) |
| | | | | (1,795,763.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond 1-3 Years was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 17,258.00 | (10.00) | 31,236.36 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 1,402,676.00 | (1,100.00) | (1,013,827.45) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 52,830.00 | (50.00) | 12,263.22 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1,030,020.00 | (1,000.00) | (88,000.00) |
| | | | | (1,058,327.87) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond 3-5 Years was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 181,209.00 | (105.00) | (104,345.46) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 293,286.80 | (230.00) | (209,541.18) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 147,924.00 | (140.00) | 11,726.44 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 164,803.20 | (160.00) | (16,000.00) |
| | | | | (318,160.20) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Corporate Bond was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 44,377.20 | 42.00 | 840.00 |
| 840.00 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Corporate Short Term Bond was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 34,867.80 | 33.00 | 660.00 |
| 660.00 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Green & Sustainable Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BTP FUTURE 08/03/2021 | EUR | 57,382.20 | (45.00) | (23,830.02) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 79,245.00 | (75.00) | 42,600.00 |
| | | | | 18,769.98 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Short Term Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-SCHATZ FUTURE 08/03/2021 | EUR | 202,808.00 | (200.00) | 17,000.00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 2,369,046.00 | (2,300.00) | (180,000.00) |
| | | | | (163,000.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Total Return Euro High Yield was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 21,132.00 | (20.00) | (15,000.00) |
| (15,000.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 1,319,173.72 | 25.00 | 40,762.54 |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 182,934.80 | (106.00) | (323,160.00) |
| EURO-BOBL FUTURE 08/03/2021 | EUR | 82,886.40 | (80.00) | (12,800.00) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 446,306.00 | (350.00) | (270,250.00) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 105,660.00 | (100.00) | 66,000.00 |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 15,349,066.24 | (100.00) | (445,220.87) |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 52,531.02 | (51.00) | (7,650.00) |
| STOXX 600(SXXP) 19/03/2021 | EUR | 33,917,550.00 | (1,700.00) | (667,219.99) |
| ULTRA LONG TERM US TRS BD FUT 22/03/2021 | USD | 160,464.17 | 150.00 | 47,278.00 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 122,325.92 | (150.00) | (35,437.42) |
| | | | | (1,607,697.74) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Global Multi Asset Income was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| BBG COMMODITY 17/03/2021 | USD | 7,361,747.55 | (1,154.00) | (264,084.02) |
| CAN 10YR BOND FUT. 22/03/2021 | CAD | 32,806.00 | 45.00 | 11,836.03 |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 5,909,898.25 | 112.00 | 201,838.91 |
| ES SELDIV30 DVP PR 17/12/2021 | EUR | 5,673,600.00 | 800.00 | (1,062,000.00) |
| EUR/CAD X-RATE 15/03/2021 | CAD | 1,683,987.68 | 21.00 | 23,070.63 |
| EUR-JPY 15/03/2021 | JPY | 39,580.31 | 40.00 | (5,937.05) |
| EURO / GBP FUTURE 15/03/2021 | GBP | 9,915,093.29 | 71.00 | (177,073.66) |
| EURO FX CURR FUT (CME) 15/03/2021 | USD | 57,721,384.50 | 565.00 | 473,373.07 |
| EURO STOXX 50 DVP (SX5ED) 15/12/2023 | EUR | 38,963.00 | 829.00 | 814,247.50 |
| EURO STOXX 50 DVP (SX5ED) 16/12/2022 | EUR | 2,068.00 | 44.00 | 48,840.00 |
| EURO STOXX 50 DVP (SX5ED) 20/12/2024 | EUR | 9,400.00 | 200.00 | 262,080.00 |
| EURO STOXX UTILITIES FUTURES 19/03/2021 | EUR | 3,234,250.00 | 170.00 | 133,450.00 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 22,952.88 | 18.00 | 13,429.34 |
| EURO-BUND FUTURE 08/03/2021 | EUR | 15,849.00 | (15.00) | (3,090.00) |
| FTSE 100 INDEX 19/03/2021 | GBP | 577,412.13 | 8.00 | (1,251.26) |
| FTSE100 DIVIX-RDSA WHLDG 14/12/2023 | GBP | 1,675.79 | 1,500.00 | 390,459.17 |
| FTSE100 DIVIX-RDSA WHLDG 15/12/2022 | GBP | 3,072.28 | 2,750.00 | 798,793.42 |
| FTSE100 DIVIX-RDSA WHLDG 19/12/2024 | GBP | 279.30 | 250.00 | 53,066.70 |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 11,322.78 | 7.00 | 8,781.14 |
| NASDAQ E-MINI FUTURE 19/03/2021 | USD | 1,474,691.84 | 7.00 | 47,982.51 |
| RUSSELL 2000 E MINI INDEX FUT 19/03/2021 | USD | 2,421,055.54 | 30.00 | 73,249.97 |
| S&P / TSE 60 IX FUTURE 18/03/2021 | CAD | 4,646,737.23 | 35.00 | (52,647.27) |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 11,204,818.36 | 73.00 | 323,967.14 |
| STOXX 600 AUTO EUX(SXAP) 19/03/2021 | EUR | 3,427,190.00 | 130.00 | 77,350.00 |
| STOXX BANKS DVP 15/12/2023 | EUR | - | 3,586.00 | 1,594,730.00 |
| STOXX BANKS DVP 17/12/2021 | EUR | - | 800.00 | (1,056,000.00) |
| US 10YR NOTE FUT (CBT) 22/03/2021 | USD | 154,201.66 | 170.00 | 31,848.92 |
| YEN DENOM NIKKEI 225 11/03/2021 | JPY | 11,079,736.27 | 102.00 | 345,179.85 |
| | | | | 3,105,491.04 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Global Income Opportunities was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 194,414.40 | (184.00) | (83,060.00) |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 43,673.58 | (27.00) | (44,531.34) |
| ULTRA 10 YEAR US TREAS NT FUT 22/03/2021 | USD | 487,178.96 | (681.00) | 269,598.45 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 1,429,582.21 | (1,753.00) | (411,884.99) |
| | | | | (269,877.88) |
##### Please refer to the Note 13 for detailed collateral information.
- | # Positions ouvertes sur contrats future
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility était engagé dans un contrat future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO STOXX 50 - FUTURE 19/03/2021 | EUR | 125.834.508,80 | (3.542,00) | (1.080.310,00) |
| (1.080.310,00) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Bond était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 345.160,00 | 200,00 | 132.087,70 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 2.550.320,00 | (2.000,00) | (1.878.216,70) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 422.640,00 | 400,00 | 66.366,00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1.236.024,00 | (1.200,00) | (116.000,00) |
| | | | | (1.795.763,00) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Bond 1-3 Years était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 17.258,00 | (10,00) | 31.236,36 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 1.402.676,00 | (1.100,00) | (1.013.827,45) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 52.830,00 | (50,00) | 12.263,22 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1.030.020,00 | (1.000,00) | (88.000,00) |
| | | | | (1.058.327,87) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Bond 3-5 Years était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 181.209,00 | (105,00) | (104.345,46) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 293.286,80 | (230,00) | (209.541,18) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 147.924,00 | (140,00) | 11,726,44 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 164.803,20 | (160,00) | (16.000,00) |
| | | | | (318.160,20) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Corporate Bond était engagé dans un contrat future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 44.377,20 | 42,00 | 840,00 |
| 840,00 |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Corporate Short Term Bond était engagé dans un contrat future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 34.867,80 | 33,00 | 660,00 |
| 660,00 |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Green & Sustainable Bond était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-BTP FUTURE 08/03/2021 | EUR | 57.382,20 | (45,00) | (23.830,02) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 79.245,00 | (75,00) | 42.600,00 |
| | | | | (18.769,98) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Euro Short Term Bond était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-SCHATZ FUTURE 08/03/2021 | EUR | 202.808,00 | (200,00) | 17.000,00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 2.369.046,00 | (2.300,00) | (180.000,00) |
| | | | | (163.000,00) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Total Return High Yield était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 21.132,00 | (20,00) | (15.000,00) |
| (15.000,00) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 1.319.173,72 | 25,00 | 40.762,54 |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 182.934,80 | (106,00) | (323.160,00) |
| EURO-BOBL FUTURE 08/03/2021 | EUR | 82.886,40 | (80,00) | (12.800,00) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 446.306,00 | (350,00) | (270.250,00) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 105.660,00 | (100,00) | 66.000,00 |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 15.349.066,24 | (100,00) | (445.220,87) |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 52.531,02 | (51,00) | (7.650,00) |
| STOXX 600(SXXP) 19/03/2021 | EUR | 33.917.550,00 | (1.700,00) | (667.219,99) |
| ULTRA LONG TERM US TRS BD FUT 22/03/2021 | USD | 160.464,17 | 150,00 | 47.278,00 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 122.325,92 | (150,00) | (35.437,42) |
| | | | | (1.607.697,74) |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Global Multi Asset Income était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| BBG COMMODITY 17/03/2021 | USD | 7.361.747,55 | (1.154,00) | (264.084,02) |
| CAN 10YR BOND FUT. 22/03/2021 | CAD | 32.806,00 | 45,00 | 11.836,03 |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 5.909.898,25 | 112,00 | 201.838,91 |
| ES SELDIV30 DVP PR 17/12/2021 | EUR | 5.673.600,00 | 800,00 | (1.062.000,00) |
| EUR/CAD X-RATE 15/03/2021 | CAD | 1.683.987,68 | 21,00 | 23.070,63 |
| EUR-JPY 15/03/2021 | JPY | 39.580,31 | 40,00 | (5.937,05) |
| EURO / GBP FUTURE 15/03/2021 | GBP | 9.915.093,29 | 71,00 | (177.073,66) |
| EURO FX CURR FUT (CME) 15/03/2021 | USD | 57.721.384,50 | 565,00 | 473.373,07 |
| EURO STOXX 50 DVP (SX5ED) 15/12/2023 | EUR | 38.963,00 | 829,00 | 814.247,50 |
| EURO STOXX 50 DVP (SX5ED) 16/12/2022 | EUR | 2.068,00 | 44,00 | 48.840,00 |
| EURO STOXX 50 DVP (SX5ED) 20/12/2024 | EUR | 9.400,00 | 200,00 | 262.080,00 |
| EURO STOXX UTILITIES FUTURES 19/03/2021 | EUR | 3.234.250,00 | 170,00 | 133.450,00 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 22.952,88 | 18,00 | 13.429,34 |
| EURO-BUND FUTURE 08/03/2021 | EUR | 15.849,00 | (15,00) | (3.090,00) |
| FTSE 100 INDEX 19/03/2021 | GBP | 577.412,13 | 8,00 | (1.251,26) |
| FTSE100 DIVIX-RDSA WHLDG 14/12/2023 | GBP | 1.675,79 | 1.500,00 | 390.459,17 |
| FTSE100 DIVIX-RDSA WHLDG 15/12/2022 | GBP | 3.072,28 | 2.750,00 | 798.793,42 |
| FTSE100 DIVIX-RDSA WHLDG 19/12/2024 | GBP | 279,30 | 250,00 | 53.066,70 |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 11.322,78 | 7,00 | 8.781,14 |
| NASDAQ E-MINI FUTURE 19/03/2021 | USD | 1.474.691,84 | 7,00 | 47.982,51 |
| RUSSELL 2000 E MINI INDEX FUT 19/03/2021 | USD | 2.421.055,54 | 30,00 | 73.249,97 |
| S&P / TSE 60 IX FUTURE 18/03/2021 | CAD | 4.646.737,23 | 35,00 | (52.647,27) |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 11.204.818,36 | 73,00 | 323.967,14 |
| STOXX 600 AUTO EUX(SXAP) 19/03/2021 | EUR | 3.427.190,00 | 130,00 | 77.350,00 |
| STOXX BANKS DVP 15/12/2023 | EUR | - | 3.586,00 | 1.594.730,00 |
| STOXX BANKS DVP 17/12/2021 | EUR | - | 800,00 | (1.056.000,00) |
| US 10YR NOTE FUT (CBT) 22/03/2021 | USD | 154.201,66 | 170,00 | 31.848,92 |
| YEN DENOM NIKKEI 225 11/03/2021 | JPY | 11.079.736,27 | 102,00 | 345.179,85 |
| | | | | 3.105.491,04 |
##### Au 31 décembre 2020, le compartiment GENERALI INVESTMENTS SICAV - Global Income Opportunities était engagé dans des contrats future avec JP MORGAN LONDON.
| Nom | Devise | Engagement en EUR | Quantité | Plus/(Moins)-value non réalisée en EUR) |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 194.414,40 | (184,00) | (83.060,00) |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 43.673,58 | (27,00) | (44.531,34) |
| ULTRA 10 YEAR US TREAS NT FUT 22/03/2021 | USD | 487.178,96 | (681,00) | 269.598,45 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 1.429.582,21 | (1.753,00) | (411.884,99) |
| | | | | (269.877,88) |
##### Se référer à la note 13 pour le détail des garanties.
- | # Open positions on financial future contracts
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Equity Controlled Volatility was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO STOXX 50 - FUTURE 19/03/2021 | EUR | 125,834,508.80 | (3,542.00) | (1,080,310.00) |
| (1,080,310.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 345,160.00 | 200.00 | 132,087.70 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 2,550,320.00 | (2,000.00) | (1,878,216.70) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 422,640.00 | 400.00 | 66,366.00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1,236,024.00 | (1,200.00) | (116,000.00) |
| | | | | (1,795,763.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond 1-3 Years was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 17,258.00 | (10.00) | 31,236.36 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 1,402,676.00 | (1,100.00) | (1,013,827.45) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 52,830.00 | (50.00) | 12,263.22 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 1,030,020.00 | (1,000.00) | (88,000.00) |
| | | | | (1,058,327.87) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Bond 3-5 Years was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 181,209.00 | (105.00) | (104,345.46) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 293,286.80 | (230.00) | (209,541.18) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 147,924.00 | (140.00) | 11,726.44 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 164,803.20 | (160.00) | (16,000.00) |
| | | | | (318,160.20) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Corporate Bond was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 44,377.20 | 42.00 | 840.00 |
| 840.00 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Corporate Short Term Bond was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 34,867.80 | 33.00 | 660.00 |
| 660.00 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Green & Sustainable Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BTP FUTURE 08/03/2021 | EUR | 57,382.20 | (45.00) | (23,830.02) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 79,245.00 | (75.00) | 42,600.00 |
| | | | | 18,769.98 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Euro Short Term Bond was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-SCHATZ FUTURE 08/03/2021 | EUR | 202,808.00 | (200.00) | 17,000.00 |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 2,369,046.00 | (2,300.00) | (180,000.00) |
| | | | | (163,000.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Total Return Euro High Yield was engaged in a financial future contract with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 21,132.00 | (20.00) | (15,000.00) |
| (15,000.00) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Absolute Return Multi Strategies was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 1,319,173.72 | 25.00 | 40,762.54 |
| EURO BUXL 30Y BONDS 08/03/2021 | EUR | 182,934.80 | (106.00) | (323,160.00) |
| EURO-BOBL FUTURE 08/03/2021 | EUR | 82,886.40 | (80.00) | (12,800.00) |
| EURO-BTP FUTURE 08/03/2021 | EUR | 446,306.00 | (350.00) | (270,250.00) |
| EURO-BUND FUTURE 08/03/2021 | EUR | 105,660.00 | (100.00) | 66,000.00 |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 15,349,066.24 | (100.00) | (445,220.87) |
| SHORT TERM EURO BTP FUTURES 08/03/2021 | EUR | 52,531.02 | (51.00) | (7,650.00) |
| STOXX 600(SXXP) 19/03/2021 | EUR | 33,917,550.00 | (1,700.00) | (667,219.99) |
| ULTRA LONG TERM US TRS BD FUT 22/03/2021 | USD | 160,464.17 | 150.00 | 47,278.00 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 122,325.92 | (150.00) | (35,437.42) |
| | | | | (1,607,697.74) |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Global Multi Asset Income was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| BBG COMMODITY 17/03/2021 | USD | 7,361,747.55 | (1,154.00) | (264,084.02) |
| CAN 10YR BOND FUT. 22/03/2021 | CAD | 32,806.00 | 45.00 | 11,836.03 |
| E-MINI MSCI EMERGING INDEX 19/03/2021 | USD | 5,909,898.25 | 112.00 | 201,838.91 |
| ES SELDIV30 DVP PR 17/12/2021 | EUR | 5,673,600.00 | 800.00 | (1,062,000.00) |
| EUR/CAD X-RATE 15/03/2021 | CAD | 1,683,987.68 | 21.00 | 23,070.63 |
| EUR-JPY 15/03/2021 | JPY | 39,580.31 | 40.00 | (5,937.05) |
| EURO / GBP FUTURE 15/03/2021 | GBP | 9,915,093.29 | 71.00 | (177,073.66) |
| EURO FX CURR FUT (CME) 15/03/2021 | USD | 57,721,384.50 | 565.00 | 473,373.07 |
| EURO STOXX 50 DVP (SX5ED) 15/12/2023 | EUR | 38,963.00 | 829.00 | 814,247.50 |
| EURO STOXX 50 DVP (SX5ED) 16/12/2022 | EUR | 2,068.00 | 44.00 | 48,840.00 |
| EURO STOXX 50 DVP (SX5ED) 20/12/2024 | EUR | 9,400.00 | 200.00 | 262,080.00 |
| EURO STOXX UTILITIES FUTURES 19/03/2021 | EUR | 3,234,250.00 | 170.00 | 133,450.00 |
| EURO-BTP FUTURE 08/03/2021 | EUR | 22,952.88 | 18.00 | 13,429.34 |
| EURO-BUND FUTURE 08/03/2021 | EUR | 15,849.00 | (15.00) | (3,090.00) |
| FTSE 100 INDEX 19/03/2021 | GBP | 577,412.13 | 8.00 | (1,251.26) |
| FTSE100 DIVIX-RDSA WHLDG 14/12/2023 | GBP | 1,675.79 | 1,500.00 | 390,459.17 |
| FTSE100 DIVIX-RDSA WHLDG 15/12/2022 | GBP | 3,072.28 | 2,750.00 | 798,793.42 |
| FTSE100 DIVIX-RDSA WHLDG 19/12/2024 | GBP | 279.30 | 250.00 | 53,066.70 |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 11,322.78 | 7.00 | 8,781.14 |
| NASDAQ E-MINI FUTURE 19/03/2021 | USD | 1,474,691.84 | 7.00 | 47,982.51 |
| RUSSELL 2000 E MINI INDEX FUT 19/03/2021 | USD | 2,421,055.54 | 30.00 | 73,249.97 |
| S&P / TSE 60 IX FUTURE 18/03/2021 | CAD | 4,646,737.23 | 35.00 | (52,647.27) |
| S&P 500 E-MINI FUTURE 19/03/2021 | USD | 11,204,818.36 | 73.00 | 323,967.14 |
| STOXX 600 AUTO EUX(SXAP) 19/03/2021 | EUR | 3,427,190.00 | 130.00 | 77,350.00 |
| STOXX BANKS DVP 15/12/2023 | EUR | - | 3,586.00 | 1,594,730.00 |
| STOXX BANKS DVP 17/12/2021 | EUR | - | 800.00 | (1,056,000.00) |
| US 10YR NOTE FUT (CBT) 22/03/2021 | USD | 154,201.66 | 170.00 | 31,848.92 |
| YEN DENOM NIKKEI 225 11/03/2021 | JPY | 11,079,736.27 | 102.00 | 345,179.85 |
| | | | | 3,105,491.04 |
##### As at December 31, 2020, the sub-fund GENERALI INVESTMENTS SICAV - Global Income Opportunities was engaged in financial future contracts with JP MORGAN LONDON.
| Name | Currency | Commitment in EUR | Quantity | Unrealised profit or (loss) in EUR |
| --- | --- | --- | --- | --- |
| EURO-BUND FUTURE 08/03/2021 | EUR | 194,414.40 | (184.00) | (83,060.00) |
| LONG GILT FUTURE (LIFFE) 29/03/2021 | GBP | 43,673.58 | (27.00) | (44,531.34) |
| ULTRA 10 YEAR US TREAS NT FUT 22/03/2021 | USD | 487,178.96 | (681.00) | 269,598.45 |
| US 5YR NOTE FUTURE (CBT) 31/03/2021 | USD | 1,429,582.21 | (1,753.00) | (411,884.99) |
| | | | | (269,877.88) |
##### Please refer to the Note 13 for detailed collateral information.
- | en | fr |
DOLFIN6183 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# PAST PERFORMANCE
%
40
30
20
10
0
| | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | 3.3 | 14.1 | 21.5 | 22.6 | 20.2 | -2.4 | 10.1 | 9.2 | 22.6 | 8.8 |
| | 9.5 | 17.5 | 36.3 | 18.1 | 6.6 | -6.8 | 19.8 | 2.5 | 23.2 | 13.5 |
-10
- Class A Shares (LU0251853072)
- MSCI World Health Care IndexPlease be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/08/2006.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class A USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | # FRÜHERE WERTENTWICKLUNG
%
40
30
20
10
0
| | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | 3,3 | 14,1 | 21,5 | 22,6 | 20,2 | -2,4 | 10,1 | 9,2 | 22,6 | 8,8 |
| | 9,5 | 17,5 | 36,3 | 18,1 | 6,6 | -6,8 | 19,8 | 2,5 | 23,2 | 13,5 |
-10
- Anteilklasse A (LU0251853072)
- MSCI World Health Care IndexBitte beachten Sie, dass die frühere Wertentwicklung keine zuverlässigen Rückschlüsse auf künftige Ergebnisse zulässt.
Die frühere Wertentwicklung versteht sich nach Abzug laufender Kosten. Ausgabeauf- bzw. Rücknahmeabschläge werden bei der Berechnung nicht berücksichtigt.
Der Fonds wurde aufgelegt am 31.08.2006.
Die Anteilsklasse des Fonds wurde lanciert am 15.07.2021.
Ertragszahlen werden nur bei Vorliegen von Daten für das gesamte Kalenderjahr aufgeführt.
Die frühere Wertentwicklung wurde in EUR errechnet und wird als prozentuale Veränderung des Nettoinventarwerts des Fonds am Ende jedes Jahres angegeben.
Diese frühere Wertentwicklung wird aus der früheren Wertentwicklung der Klasse A USD, umgerechnet zum geltenden Kassa-Wechselkurs, berechnet.
Die Performance des Referenzwertes ist nicht in der Währung der Anteilsklasse angegeben, was den Vergleich erschweren kann. | # PAST PERFORMANCE
%
40
30
20
10
0
| | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | 3.3 | 14.1 | 21.5 | 22.6 | 20.2 | -2.4 | 10.1 | 9.2 | 22.6 | 8.8 |
| | 9.5 | 17.5 | 36.3 | 18.1 | 6.6 | -6.8 | 19.8 | 2.5 | 23.2 | 13.5 |
-10
- Class A Shares (LU0251853072)
- MSCI World Health Care IndexPlease be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 31/08/2006.
The share class of the Fund was launched on 15/07/2021.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
This past performance is calculated from the past performance of Class A USD converted at the applicable spot exchange rate.
The benchmark performance is in a different currency than the share class which may impact the performance comparison. | en | de |
DOLFIN6184 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Les actionnaires de la société sont informés que les administrateurs ont décidé d'apporter certaines modifications au Prospectus afin de clarifier les aspects suivants :
- Rémunération des administrateurs (section 8 du Prospectus) : Dans un souci de transparence, la rémunération des administrateurs sera publiée dans les rapports annuels de la société. Cette rémunération ne sera plus soumise à l'approbation de l'assemblée générale annuelle des actionnaires, conformément à la loi luxembourgeoise.
- Clôture progressive des souscriptions (section 17.2 du Prospectus) : Il a été précisé que l'acceptation ou le rejet des souscriptions pendant une certaine période est laissé à l'entière discrétion de la société. Cela concerne les demandes de souscription des nouveaux investisseurs et des investisseurs existants.
- Validation de la VNI (section 21 du Prospectus) : Afin de refléter fidèlement les processus opérationnels en place, les administrateurs ont décidé de supprimer le paragraphe qui stipule que la valeur nette d'inventaire d'une classe d'actions donnée est considérée comme définitive une fois qu'elle a été approuvée par la société de gestion. | # Se informa a los accionistas de la Sociedad de que el Consejo ha decidido introducir ciertas modificaciones en el Folleto para aclarar los siguientes aspectos:
- Remuneración del Consejo (sección 8 del Folleto): En aras de la transparencia, la remuneración del Consejo se hará pública en los informes anuales de la Sociedad. Dicha remuneración ya no estará sujeta a la aprobación de la junta general anual de accionistas, de conformidad con la Ley luxemburguesa.
- Cierre suave (Soft close) de las suscripciones (sección 17.2 del Folleto): Se ha aclarado que queda a la entera discreción de la Sociedad aceptar o rechazar suscripciones durante un determinado periodo de tiempo. Esto afecta a las solicitudes de suscripción de nuevos inversores y de inversores existentes.
- Validación del VL (sección 21 del Folleto): A fin de reflejar fielmente los procesos operativos vigentes, el Consejo han decidido suprimir el párrafo que establece que el valor liquidativo de una determinada clase de acciones se considera definitivo una vez que ha sido aprobado por la sociedad gestora. | # Les actionnaires de la société sont informés que les administrateurs ont décidé d'apporter certaines modifications au Prospectus afin de clarifier les aspects suivants :
- Rémunération des administrateurs (section 8 du Prospectus) : Dans un souci de transparence, la rémunération des administrateurs sera publiée dans les rapports annuels de la société. Cette rémunération ne sera plus soumise à l'approbation de l'assemblée générale annuelle des actionnaires, conformément à la loi luxembourgeoise.
- Clôture progressive des souscriptions (section 17.2 du Prospectus) : Il a été précisé que l'acceptation ou le rejet des souscriptions pendant une certaine période est laissé à l'entière discrétion de la société. Cela concerne les demandes de souscription des nouveaux investisseurs et des investisseurs existants.
- Validation de la VNI (section 21 du Prospectus) : Afin de refléter fidèlement les processus opérationnels en place, les administrateurs ont décidé de supprimer le paragraphe qui stipule que la valeur nette d'inventaire d'une classe d'actions donnée est considérée comme définitive une fois qu'elle a été approuvée par la société de gestion. | fr | es |
DOLFIN6185 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD). | Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
La rentabilidad histórica se indica tras deducirse los gastos corrientes. Se excluyen del cálculo cualesquiera comisiones de entrada y salida.
El Fondo se lanzó el 27/04/2018.
La clase de acciones del Fondo se lanzó el 14/05/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en 3-Month LIBOR (USD). | Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD). | en | es |
DOLFIN6186 | 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 FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,370
3.7%
EUR 12,063
3.8% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 31/08/2015-31/08/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 370 EUR
3,7%
12 063 EUR
3,8% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,370
3.7%
EUR 12,063
3.8% | en | es |
DOLFIN6187 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Equity capital and additional own funds
Information about the subscribed and paid-up capital of the Company is provided at the end of this Prospectus.
The Company has covered its professional liability risks arising from the management of funds that are not in accord- ance with the UCITS Directive, known as “Alternative Invest- ment Funds” (hereinafter “AIFs”), and which are attributable to professional negligence on the part of its bodies or employees, with equity capital of at least 0.01 % of the value of the portfo- lios of all AIFs under management, with this amount reviewed and adjusted on an annual basis. This equity capital is part of the stated paid-up capital. | ## Eigenkapital und zusätzliche Eigenmittel
Angaben über das gezeichnete und eingezahlte Eigenkapital der Gesellschaft finden Sie am Ende des Verkaufsprospekts.
Die Gesellschaft hat die Berufshaftungsrisiken, die sich durch die Verwaltung von Investmentvermögen ergeben, die nicht der OGAW-Richtlinie entsprechen, sogenannte alterna- tive Investmentfonds (nachfolgend „AIF“), und auf berufliche Fahrlässigkeit ihrer Organe oder Mitarbeiter zurückzuführen sind, abgedeckt durch: Eigenmittel in Höhe von wenigstens 0,01 Prozent des Wertes der Portfolios aller verwalteten AIF, wobei dieser Betrag jährlich überprüft und angepasst wird.
Diese Eigenmittel sind von dem angegebenen eingezahlten Kapital umfasst. | ## Equity capital and additional own funds
Information about the subscribed and paid-up capital of the Company is provided at the end of this Prospectus.
The Company has covered its professional liability risks arising from the management of funds that are not in accord- ance with the UCITS Directive, known as “Alternative Invest- ment Funds” (hereinafter “AIFs”), and which are attributable to professional negligence on the part of its bodies or employees, with equity capital of at least 0.01 % of the value of the portfo- lios of all AIFs under management, with this amount reviewed and adjusted on an annual basis. This equity capital is part of the stated paid-up capital. | en | de |
DOLFIN6188 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# 6c0c6193-21b2-4c1f-bdfb-4227adcfeb34
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | CHF 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.6% of the value of your investment per year. | CHF 59 |
| Transaction costs | 0.3% 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. | CHF 25 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | # e63a5d48-0a7d-488a-a103-50dae5030fef
| Composizione dei costi | |
| --- | --- |
| Costi una tantum di ingresso o di uscita | | In caso di uscita dopo 1 anno |
| Costi di ingresso | 0,1% del valore dell'investimento al momento dell'ingresso. Questo include costi di distribuzione pari al 0,1% dell'importo investito. | CHF 5 |
| Costi di uscita | 0,0% del valore del vostro investimento prima che vi venga pagato. | CHF 0 |
| Costi correnti sostenuti ogni anno | | |
| Commissioni di gestione e altri costi amministrativi o operativi | 0,6% del valore del vostro investimento all’anno. | CHF 59 |
| Costi di transazione | 0,3% del valore del vostro investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda di quanto viene acquistato e venduto. | CHF 25 |
Commissioni di performance Non vi è nessuna commissione di performance per questo prodotto. n/a
Per quanto tempo devo detenerlo? Posso ritirare il capitale anticipatamente? | # 6c0c6193-21b2-4c1f-bdfb-4227adcfeb34
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.1% of the value of your investment when entering. This includes distribution costs of 0.1% of amount invested. | CHF 5 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 0.6% of the value of your investment per year. | CHF 59 |
| Transaction costs | 0.3% 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. | CHF 25 |
Performance fees There is no performance fee for this product. n/a
How long should I hold it and can I take money out early? | en | it |
DOLFIN6189 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Politique d'investissement
Robeco Global Consumer Trends est un fonds à gestion active qui investit mondialement dans des actions de pays développés et émergents. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds vise une performance supérieure à l'indice. Le fonds favorise les caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, son processus d'investissement intègre les risques de durabilité et la politique de bonne gouvernance de Robeco est appliquée. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Le fonds investit dans plusieurs tendances de croissance structurelle des dépenses de consommation. La première est la "transformation numérique de la consommation". La deuxième est la croissance dans la "classe moyenne émergente". La troisième est axée sur l'importance croissante de la "santé et du bien-être". Les gérants du fonds identifient les titres des gagnants structurels dans ces tendances. La majorité des titres sélectionnés seront des composantes de l'indice, mais pas nécessairement. La politique d'investissement n'est pas restreinte par un indice, mais un indice peut être utilisé à des fins de comparaison. Le fonds peut dévier considérablement des pondérations de l'indice en termes d'émetteurs, pays et secteurs. Il n'y a aucune restriction quant à l'écart par rapport au benchmark, qui est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | # Política de inversión
Robeco Global Consumer Trends es un fondo de gestión activa que invierte en títulos de países desarrollados y emergentes de todo el mundo. La selección de estos valores se basa en el análisis por fundamentales. El objetivo del fondo es superar el rendimiento del índice. El fondo fomenta criterios AS (ambientales y sociales) en el sentido del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, integra riesgos de sostenibilidad en el proceso de inversión, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones normativas, regionales y de actividad, el voto por delegación y la interacción. El fondo invierte en diversas tendencias estructurales de crecimiento del consumo. La primera de ellas es la «transformación digital del consumo». La segunda es el crecimiento de la «clase media emergente». La tercera se centra en la importancia creciente de «la salud y el bienestar». Dentro de esas tendencias, los gestores del fondo tratan de seleccionar las acciones de ganadores estructurales. Aunque podrán incluirse títulos ajenos al índice de referencia, la mayor parte de los títulos seleccionados pertenecerá al índice de referencia. Aunque la política de inversión no está limitada por un índice de referencia, el fondo podría utilizar uno a efectos comparativos. El fondo podrá apartarse significativamente de las ponderaciones por emisor, país y sector del índice de referencia. La desviación frente al índice de referencia no está sometida a restricciones. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con los criterios ASG que fomenta el fondo. | # Politique d'investissement
Robeco Global Consumer Trends est un fonds à gestion active qui investit mondialement dans des actions de pays développés et émergents. La sélection de ces titres est basée sur une analyse fondamentale. Le fonds vise une performance supérieure à l'indice. Le fonds favorise les caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, son processus d'investissement intègre les risques de durabilité et la politique de bonne gouvernance de Robeco est appliquée. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Le fonds investit dans plusieurs tendances de croissance structurelle des dépenses de consommation. La première est la "transformation numérique de la consommation". La deuxième est la croissance dans la "classe moyenne émergente". La troisième est axée sur l'importance croissante de la "santé et du bien-être". Les gérants du fonds identifient les titres des gagnants structurels dans ces tendances. La majorité des titres sélectionnés seront des composantes de l'indice, mais pas nécessairement. La politique d'investissement n'est pas restreinte par un indice, mais un indice peut être utilisé à des fins de comparaison. Le fonds peut dévier considérablement des pondérations de l'indice en termes d'émetteurs, pays et secteurs. Il n'y a aucune restriction quant à l'écart par rapport au benchmark, qui est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | fr | es |
DOLFIN6190 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €8880 | €8860 |
| Rendement annuel moyen | -11.20% | -3.94% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8880 | €8860 |
| Rendement annuel moyen | -11.17% | -3.94% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10140 | €10480 |
| Rendement annuel moyen | 1.44% | 1.57% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12360 | €12490 |
| Rendement annuel moyen | 23.61% | 7.68% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €8880 | €8860 |
| Rendimiento medio cada año | -11.20% | -3.94% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8880 | €8860 |
| Rendimiento medio cada año | -11.17% | -3.94% |
| Moderado | Lo que podría recibir tras deducir los costes | €10140 | €10480 |
| Rendimiento medio cada año | 1.44% | 1.57% |
| Favorable | Lo que podría recibir tras deducir los costes | €12360 | €12490 |
| Rendimiento medio cada año | 23.61% | 7.68% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €8880 | €8860 |
| Rendement annuel moyen | -11.20% | -3.94% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8880 | €8860 |
| Rendement annuel moyen | -11.17% | -3.94% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €10140 | €10480 |
| Rendement annuel moyen | 1.44% | 1.57% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12360 | €12490 |
| Rendement annuel moyen | 23.61% | 7.68% | | fr | es |
DOLFIN6191 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.64% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 164 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 94 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | | Einmalige Kosten bei Einstieg oder Ausstieg | Wenn Sie nach 1 Jahr aussteigen |
| --- | --- |
| Einstiegskosten | Wir berechnen keine Einstiegsgebühr. | 0 EUR |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt. [Die Person, die Ihnen das Produkt verkauft, kann jedoch eine Gebühr berechnen.] | 0 EUR |
| Laufende Kosten pro Jahr | | Wenn Sie nach 1 Jahr aussteigen |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | Verwaltungsgebühren und sonstige Betriebskosten insgesamt 1,64 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | 164 EUR |
| Transaktionskosten | Auswirkung der Kosten, die dafür anfallen, dass wir für das Produkt zugrunde liegende Anlagen kaufen und verkaufen. | 94 EUR |
| Zusätzliche Kosten unter bestimmten Bedingungen | Wenn Sie nach 1 Jahr aussteigen |
| Erfolgsgebühren | Für dieses Produkt wird keine Erfolgsgebühr berechnet. | 0 EUR | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | We do not charge an entry fee. | 0 EUR |
| Exit costs | We do not charge an exit fee for this product, [but the person selling you the product may do so]. | 0 EUR |
| Ongoing costs taken each year If you exit after 1 year |
| Management fees and other administrative or operating costs | Management fees and other operating costs total 1.64% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 164 EUR |
| Transaction costs | The impact of the costs of us buying and selling underlying investments for the product. | 94 EUR |
| Incidental costs taken under specific conditions If you exit after 1 year |
| Performance fees | There is no Performance Fee for this product. | 0 EUR | | en | de |
DOLFIN6192 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Un investisseur doit effectuer sa première souscription d’Actions par écrit ou par fax adressé à l’Agent centralisateur au Luxembourg ou à un Distributeur mondial ou un Distributeur, tel qu’indiqué dans le Bulletin de souscription. Les souscriptions d’Actions ultérieures peuvent être effectuées par écrit ou par fax adressé à l’Agent centralisateur. Le Fonds se réserve le droit de rejeter toute demande de souscription, en tout ou partie, sans avoir à motiver sa décision.
En cas de souscription conjointe, chacun des co-souscripteurs doit signer le Bulletin de souscription sauf si une procuration acceptable pour le Fonds a été produite.
Le montant minimum d’investissement initial de chaque Classe d’Actions de chaque Compartiment est précisé à la section 8.1. du présent Prospectus. Le Conseil d’administration a toute discrétion pour lever ou modifier ces minima.
Les demandes de souscription d’Actions d’un quelconque Compartiment reçues par l’Agent centralisateur le Jour ouvrable au Luxembourg précédant le Jour de valorisation avant l’heure limite de souscription du Compartiment en question, soit 13h00 au Luxembourg (l’« Heure limite de souscription »), seront traitées ce Jour de valorisation sur la base de la Valeur liquidative par Action déterminée ce Jour de valorisation, calculée à partir des derniers prix disponibles au Luxembourg (tel que décrit à la section 10 du présent Prospectus).
Toutes demandes de souscription reçues par l’Agent centralisateur après cette heure limite seront traitées le Jour de valorisation suivant sur la base de la Valeur liquidative par Action déterminée ce Jour de valorisation.
Des heures limites différentes peuvent s’appliquer si les souscriptions d’Actions sont effectuées par l’intermédiaire d’un Distributeur mondial ou d’un Distributeur. Ni un Distributeur mondial ni un Distributeur ne sont autorisés à retenir les ordres de souscription pour tirer un avantage personnel d’un changement de prix. L’attention des investisseurs est attirée sur le fait qu’ils risquent de ne pas pouvoir acheter ou obtenir le rachat d’Actions par l’intermédiaire d’un Distributeur mondial ou d’un Distributeur les jours où les bureaux de ce Distributeur mondial ou Distributeur sont fermés. Certains Distributeurs mondiaux et Distributeurs peuvent être autorisés à proposer des Actions via Internet, et à se faire assister par d’autres distributeurs délégués, conformément aux dispositions légales et réglementaires applicables dans les pays de distribution concernés. Toutefois, le Fonds n’acceptera aucune souscription directe via Internet.
-
## Plan d’investissement pluriannuel | La primera suscripción de Acciones que realice un inversor deberá efectuarse por escrito o enviarse por fax al Agente administrativo central de Luxemburgo o al Distribuidor mundial o Distribuidor que se indique en el formulario de suscripción. Las suscripciones de Acciones posteriores podrán efectuarse por escrito o por fax ante el Agente administrativo central. El Fondo se reserva el derecho a rechazar, total o parcialmente, cualquier suscripción sin aducir razón alguna para ello.
Los suscriptores conjuntos deberán firmar todos ellos el Formulario de suscripción a no ser que se le entregue al Fondo un poder notarial que resulte aceptable para este último.
En el apartado 8.1. del presente Folleto se indica cuál es la inversión inicial mínima para cada Clase de Acciones de cada Subfondo. El Consejo de administración podrá, a su entera discreción, eximir del cumplimiento de esta obligación o bien modificar tales límites.
Las suscripciones de Acciones de cualquier Subfondo que reciba el Agente administrativo central el Día hábil en Luxemburgo previo al Día de valoración antes de la hora límite para la suscripción de dicho Subfondo, que será las 13:00 horas, hora de Luxemburgo (la «Hora límite para la suscripción») se tramitarán ese mismo Día de valoración utilizando el valor liquidativo que se calcule tal Día de valoración sobre la base de los últimos precios de que se disponga en Luxemburgo (como se recoge en el apartado 10 del presente Folleto).
Toda suscripción que reciba el Agente administrativo central después del vencimiento se tramitará el siguiente Día de valoración sobre la base del valor liquidativo que se fije dicho Día de valoración.
Se aplicarán distintos límites temporales en caso de que las suscripciones de Acciones se efectúen a través de un Distribuidor mundial o un Distribuidor. Ni los Distribuidores mundiales ni los Distribuidores tendrán permitida la retención de órdenes de suscripción con el fin de obtener un beneficio personal resultante de una modificación del precio. Los inversores deberán tener presente que cabe que no puedan adquirir o reembolsar Acciones a través de un Distribuidor mundial o de un Distribuidor en los días en que dicho Distribuidor mundial o Distribuidor no esté abierto al público. Algunos Distribuidores mundiales y Distribuidores pueden estar autorizados para ofrecer Acciones a través de Internet y para recibir asistencia de otros subdistribuidores en virtud de la legislación y la normativa aplicables en el país de distribución de que se trate. No obstante, el Fondo no aceptará suscripciones directas realizadas a través de Internet.
-
## Plan plurianual de inversiones | Un investisseur doit effectuer sa première souscription d’Actions par écrit ou par fax adressé à l’Agent centralisateur au Luxembourg ou à un Distributeur mondial ou un Distributeur, tel qu’indiqué dans le Bulletin de souscription. Les souscriptions d’Actions ultérieures peuvent être effectuées par écrit ou par fax adressé à l’Agent centralisateur. Le Fonds se réserve le droit de rejeter toute demande de souscription, en tout ou partie, sans avoir à motiver sa décision.
En cas de souscription conjointe, chacun des co-souscripteurs doit signer le Bulletin de souscription sauf si une procuration acceptable pour le Fonds a été produite.
Le montant minimum d’investissement initial de chaque Classe d’Actions de chaque Compartiment est précisé à la section 8.1. du présent Prospectus. Le Conseil d’administration a toute discrétion pour lever ou modifier ces minima.
Les demandes de souscription d’Actions d’un quelconque Compartiment reçues par l’Agent centralisateur le Jour ouvrable au Luxembourg précédant le Jour de valorisation avant l’heure limite de souscription du Compartiment en question, soit 13h00 au Luxembourg (l’« Heure limite de souscription »), seront traitées ce Jour de valorisation sur la base de la Valeur liquidative par Action déterminée ce Jour de valorisation, calculée à partir des derniers prix disponibles au Luxembourg (tel que décrit à la section 10 du présent Prospectus).
Toutes demandes de souscription reçues par l’Agent centralisateur après cette heure limite seront traitées le Jour de valorisation suivant sur la base de la Valeur liquidative par Action déterminée ce Jour de valorisation.
Des heures limites différentes peuvent s’appliquer si les souscriptions d’Actions sont effectuées par l’intermédiaire d’un Distributeur mondial ou d’un Distributeur. Ni un Distributeur mondial ni un Distributeur ne sont autorisés à retenir les ordres de souscription pour tirer un avantage personnel d’un changement de prix. L’attention des investisseurs est attirée sur le fait qu’ils risquent de ne pas pouvoir acheter ou obtenir le rachat d’Actions par l’intermédiaire d’un Distributeur mondial ou d’un Distributeur les jours où les bureaux de ce Distributeur mondial ou Distributeur sont fermés. Certains Distributeurs mondiaux et Distributeurs peuvent être autorisés à proposer des Actions via Internet, et à se faire assister par d’autres distributeurs délégués, conformément aux dispositions légales et réglementaires applicables dans les pays de distribution concernés. Toutefois, le Fonds n’acceptera aucune souscription directe via Internet.
-
## Plan d’investissement pluriannuel | fr | es |
DOLFIN6193 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Statement of Operations and Changes in Net Assets
## For the period ended 30 September 2021
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | | 77,412,104 | | 22,172,071 | | 232,395,569 | | 407,629,711 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | – | | – | | 2,324,895 | | 5,202,372 |
| Interest income, net of foreign withholding tax (note 2I) | | 1,842,784 | | 598,075 | | 2,229 | | 4,352 |
| Other income | | – | | – | | – | | – |
| TOTAL INCOME | | 1,842,784 | | 598,075 | | 2,327,124 | | 5,206,724 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | - | | – | | 640 | | 665 |
| Management fees and administration fees (note 4) | | 316,302 | | 92,094 | | 1,351,622 | | 2,159,191 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 39,403 | | 50,155 | | 91,081 | | 154,091 |
| Professional fees (note 7) | | 16,696 | | 10,042 | | 54,116 | | 43,462 |
| Directors fee (note 8) | | 4,786 | | 2,589 | | 6,161 | | 7,685 |
| Depositary fees (note 5) | | 11,837 | | 13,314 | | 33,427 | | 82,556 |
| Taxe d'abonnement (note 9A) | | 5,292 | | 5,694 | | 61,363 | | 84,214 |
| Transaction costs (note 10) | | 9,628 | | 1,710 | | 279,363 | | 641,196 |
| Other expenses (note 7 and note 8) | | 48,774 | | 25,904 | | 138,524 | | 120,302 |
| TOTAL EXPENSES | | 452,718 | | 201,502 | | 2,016,297 | | 3,293,362 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 133,921 | | 51,681 | | 274,337 | | 779,766 |
| NET INVESTMENT INCOME/(LOSS) | | 1,523,987 | | 448,254 | | 585,164 | | 2,693,128 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 734,778 | | (347,451) | | 7,715,172 | | 15,221,338 |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | (417,586) | | – | | 6,964 | | – |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | 32,593 | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 2,153 | | 998 | | (70,550) | | (186,675) |
| Net realized gain/(loss) for the period | | 351,938 | | (346,453) | | 7,651,586 | | 15,034,663 |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (902,271) | | 139,856 | | (2,196,303) | | (13,544,271) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | – | | (153,429) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | 16,823 | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | 3,444 | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 2,834 | | 260 | | 39,448 | | 147,275 |
| Net change in unrealized gain/(loss) for the period | | (879,170) | | 140,116 | | (2,156,855) | | (13,550,425) |
| Increase/(decrease) in net assets as a result of operations | | 996,755 | | 241,917 | | 6,079,895 | | 4,177,366 |
| Subscriptions | | 749,720 | | 2,272,714 | | 40,089,259 | | 148,485,285 |
| Redemptions | | (1,239,561) | | (1,129,209) | | (39,163,543) | | (36,842,223) |
| Dividend distributions (note 13) | | (1,551,490) | | (630,025) | | (931,356) | | (4,049,525) |
| NET ASSETS AT THE END OF THE PERIOD | | 76,367,528 | | 22,927,468 | | 238,469,824 | | 519,400,614 |
The accompanying notes form an integral part of these financial statements. | # Aufwands- und Ertragsrechnung und Veränderung des Nettovermögens
## Für den Berichtszeitraum, der zum 30. September 2021 endete
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NETTOVERMÖGEN ZU BEGINN DES BERICHTSZEITRAUMS | | 77.412.104 | | 22.172.071 | | 232.395.569 | | 407.629.711 |
| EINNAHMEN | | | | | | | | |
| Dividendenertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | – | | – | | 2.324.895 | | 5.202.372 |
| Zinsertrag, abzüglich ausländischer Quellensteuer (Erläuterung 2I) | | 1.842.784 | | 598.075 | | 2.229 | | 4.352 |
| Sonstige Erträge | | – | | – | | – | | – |
| SUMME DER ERTRÄGE | | 1.842.784 | | 598.075 | | 2.327.124 | | 5.206.724 |
| AUFWENDUNGEN | | | | | | | | |
| Überziehungszinsen des Bankkontos | | - | | – | | 640 | | 665 |
| Management- und Verwaltungsgebühren (Erläuterung 4) | | 316.302 | | 92.094 | | 1.351.622 | | 2.159.191 |
| Domizilierungs-, Verwaltungs- und Transfergebühren (Erläuterung 5 und Erläuterung 6) | | 39.403 | | 50.155 | | 91.081 | | 154.091 |
| Honorare (Erläuterung 7) | | 16.696 | | 10.042 | | 54.116 | | 43.462 |
| Gebühren für Verwaltungsratsmitglieder (Erläuterung 8) | | 4.786 | | 2.589 | | 6.161 | | 7.685 |
| Depotbank-Gebühren (Erläuterung 5) | | 11.837 | | 13.314 | | 33.427 | | 82.556 |
| Taxe d'abonnement (Erläuterung 9A) | | 5.292 | | 5.694 | | 61.363 | | 84.214 |
| Transaktionskosten (Erläuterung 10) | | 9.628 | | 1.710 | | 279.363 | | 641.196 |
| Sonstige Aufwendungen (Erläuterung 7 und Erläuterung 8) | | 48.774 | | 25.904 | | 138.524 | | 120.302 |
| SUMME DER AUFWENDUNGEN | | 452.718 | | 201.502 | | 2.016.297 | | 3.293.362 |
| Erlassene Beratungsgebühren und erstattete Aufwendungen (Erläuterung 2J) | | 133.921 | | 51.681 | | 274.337 | | 779.766 |
| NETTOANLAGEGEWINNE/(-VERLUSTE) | | 1.523.987 | | 448.254 | | 585.164 | | 2.693.128 |
| Realisierter Nettogewinn/(-verlust) aus dem Verkauf von Anlagen (Erläuterung 2D) | | 734.778 | | (347.451) | | 7.715.172 | | 15.221.338 |
| Realisierter Nettogewinn/(-verlust) aus Devisenterminkontrakten (Erläuterung 2E) | | (417.586) | | – | | 6.964 | | – |
| Realisierter Nettogewinn/(Verlust) aus Zinsswap-Verträgen (Erläuterung 2F) | | 32.593 | | – | | – | | – |
| Realisierter Nettogewinn/(-verlust) aus Wechselkursen (Erläuterung 2G) | | 2.153 | | 998 | | (70.550) | | (186.675) |
| Realisierter Nettogewinn/(-verlust) im Berichtszeitraum | | 351.938 | | (346.453) | | 7.651.586 | | 15.034.663 |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus dem Verkauf von Anlagen (Erläuterung 2D) | | (902.271) | | 139.856 | | (2.196.303) | | (13.544.271) |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus der Rückstellung für ausländische Steuern (Erläuterung 9B) | | – | | – | | – | | (153.429) |
| Nettoveränderung der nicht realisierten Gewinne/(Verluste) aus Devisenterminkontrakten (Erläuterung 2E) | | 16.823 | | – | | – | | – |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) aus Zinsswap- Verträgen (Erläuterung 2F) | | 3.444 | | – | | – | | – |
| Nettoveränderung des nicht realisierten Nettogewinns/(-verlusts) aus Wechselkursen (Erläuterung 2G) | | 2.834 | | 260 | | 39.448 | | 147.275 |
| Nettoveränderung des nicht realisierten Gewinns/(Verlusts) im Berichtszeitraum | | (879.170) | | 140.116 | | (2.156.855) | | (13.550.425) |
| Zunahme/(Abnahme) des Nettovermögens infolge Geschäftstätigkeit | | 996.755 | | 241.917 | | 6.079.895 | | 4.177.366 |
| Zeichnungen | | 749.720 | | 2.272.714 | | 40.089.259 | | 148.485.285 |
| Rücknahmen | | (1.239.561) | | (1.129.209) | | (39.163.543) | | (36.842.223) |
| Dividendenausschüttungen (Erläuterung 13) | | (1.551.490) | | (630.025) | | (931.356) | | (4.049.525) |
| NETTOVERMÖGEN AM ENDE DES BERICHTSZEITRAUMS | | 76.367.528 | | 22.927.468 | | 238.469.824 | | 519.400.614 |
Die beigefügten Erläuterungen sind integraler Bestandteil dieses Jahresabschlusses. | # Statement of Operations and Changes in Net Assets
## For the period ended 30 September 2021
| | | Asia Total Return Bond Fund (USD) | | Asia Credit Opportunities Fund (USD) | | Asia Dividend Fund (USD) | | Asia ex Japan Dividend Fund (USD) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NET ASSETS AT THE BEGINNING OF THE PERIOD | | 77,412,104 | | 22,172,071 | | 232,395,569 | | 407,629,711 |
| INCOME | | | | | | | | |
| Dividend income, net of foreign withholding tax (note 2I) | | – | | – | | 2,324,895 | | 5,202,372 |
| Interest income, net of foreign withholding tax (note 2I) | | 1,842,784 | | 598,075 | | 2,229 | | 4,352 |
| Other income | | – | | – | | – | | – |
| TOTAL INCOME | | 1,842,784 | | 598,075 | | 2,327,124 | | 5,206,724 |
| EXPENSES | | | | | | | | |
| Overdraft interest on bank accounts | | - | | – | | 640 | | 665 |
| Management fees and administration fees (note 4) | | 316,302 | | 92,094 | | 1,351,622 | | 2,159,191 |
| Domiciliation, Administrative Agent and Transfer agency fees (note 5 and note 6) | | 39,403 | | 50,155 | | 91,081 | | 154,091 |
| Professional fees (note 7) | | 16,696 | | 10,042 | | 54,116 | | 43,462 |
| Directors fee (note 8) | | 4,786 | | 2,589 | | 6,161 | | 7,685 |
| Depositary fees (note 5) | | 11,837 | | 13,314 | | 33,427 | | 82,556 |
| Taxe d'abonnement (note 9A) | | 5,292 | | 5,694 | | 61,363 | | 84,214 |
| Transaction costs (note 10) | | 9,628 | | 1,710 | | 279,363 | | 641,196 |
| Other expenses (note 7 and note 8) | | 48,774 | | 25,904 | | 138,524 | | 120,302 |
| TOTAL EXPENSES | | 452,718 | | 201,502 | | 2,016,297 | | 3,293,362 |
| Advisory Fees Waived and Expenses Reimbursed (note 2J) | | 133,921 | | 51,681 | | 274,337 | | 779,766 |
| NET INVESTMENT INCOME/(LOSS) | | 1,523,987 | | 448,254 | | 585,164 | | 2,693,128 |
| Net realized gain/(loss) on sales of investments (note 2D) | | 734,778 | | (347,451) | | 7,715,172 | | 15,221,338 |
| Net realized gain/(loss) on forward currency exchange contracts (note 2E) | | (417,586) | | – | | 6,964 | | – |
| Net realized gain/(loss) on interest rate swap agreements (note 2F) | | 32,593 | | – | | – | | – |
| Net realized gain/(loss) on foreign exchanges (note 2G) | | 2,153 | | 998 | | (70,550) | | (186,675) |
| Net realized gain/(loss) for the period | | 351,938 | | (346,453) | | 7,651,586 | | 15,034,663 |
| Net change in unrealized gain/(loss) on sales of investments (note 2D) | | (902,271) | | 139,856 | | (2,196,303) | | (13,544,271) |
| Net change in unrealized gain/(loss) on foreign tax provision (note 9B) | | – | | – | | – | | (153,429) |
| Net change in unrealized gain/(loss) on forward currency exchange contracts (note 2E) | | 16,823 | | – | | – | | – |
| Net change in unrealized gain/(loss) on interest rate swap agreements (note 2F) | | 3,444 | | – | | – | | – |
| Net change in unrealized gain/(loss) on foreign exchanges (note 2G) | | 2,834 | | 260 | | 39,448 | | 147,275 |
| Net change in unrealized gain/(loss) for the period | | (879,170) | | 140,116 | | (2,156,855) | | (13,550,425) |
| Increase/(decrease) in net assets as a result of operations | | 996,755 | | 241,917 | | 6,079,895 | | 4,177,366 |
| Subscriptions | | 749,720 | | 2,272,714 | | 40,089,259 | | 148,485,285 |
| Redemptions | | (1,239,561) | | (1,129,209) | | (39,163,543) | | (36,842,223) |
| Dividend distributions (note 13) | | (1,551,490) | | (630,025) | | (931,356) | | (4,049,525) |
| NET ASSETS AT THE END OF THE PERIOD | | 76,367,528 | | 22,927,468 | | 238,469,824 | | 519,400,614 |
The accompanying notes form an integral part of these financial statements. | en | de |
DOLFIN6194 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Fund objectives and investment policy
The fund aims to provide income and capital growth in excess of the FTSE EPRA NAREIT Developed Index (Net TR, USD) after fees have been deducted over a three to five year period by investing in equities of real estate companies worldwide and which the investment manager deems to be sustainable investments.
For details of the fund’s investment policy please refer to the fund’s Key Investor Information Document (KIID).
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR).
This means that the fund invests at least 75% of its assets in sustainable investments within the meaning of SFDR.
Relevant risks associated with an investment in this fund are shown below and should be carefully considered before making any investment.
Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Performance data does not take into account any commissions and costs, if any, charged when units or shares of any fund, as applicable, are issued and redeemed. | # Obiettivi e politica di investimento del fondo
Il fondo mira a conseguire una crescita del valore del capitale e un reddito superiore all'indice FTSE EPRA NAREIT Developed Index (Net TR, USD) al netto delle commissioni e su un periodo di 3-5 anni investendo in azioni di società immobiliari di tutto il mondo che, secondo il gestore degli investimenti, rappresentano investimenti sostenibili.
Per informazioni dettagliate sulla politica di investimento del comparto, si rimanda al Documento contenente le informazioni chiave per gli investitori (KIID) del comparto stesso.
Il Comparto ha come obiettivo l'investimento sostenibile (ai sensi della definizione di cui all'Articolo 9 del Regolamento SFDR). Ciò significa che il comparto investe almeno il 75% del proprio patrimonio in investimenti sostenibili ai sensi dell'SFDR.
I rischi pertinenti associati a un investimento in questo comparto sono riportati sul retro della pagina e devono essere attentamente
valutati prima di effettuare qualsiasi investimento.
Le performance passate non sono indicative di quelle future e potrebbero non ripetersi. Il valore degli investimenti e il reddito da essi derivanti possono aumentare come diminuire e gli investitori potrebbero non recuperare le somme inizialmente investite. Le variazioni dei tassi di cambio possono causare un calo e un aumento del valore degli investimenti. I dati sulle performance non tengono conto di eventuali commissioni e costi addebitati al momento dell'emissione e del rimborso di quote o azioni di qualsiasi comparto, ove applicabile. | # Fund objectives and investment policy
The fund aims to provide income and capital growth in excess of the FTSE EPRA NAREIT Developed Index (Net TR, USD) after fees have been deducted over a three to five year period by investing in equities of real estate companies worldwide and which the investment manager deems to be sustainable investments.
For details of the fund’s investment policy please refer to the fund’s Key Investor Information Document (KIID).
The Fund has the objective of sustainable investment (within the meaning of Article 9 SFDR).
This means that the fund invests at least 75% of its assets in sustainable investments within the meaning of SFDR.
Relevant risks associated with an investment in this fund are shown below and should be carefully considered before making any investment.
Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of investments to fall as well as rise. Performance data does not take into account any commissions and costs, if any, charged when units or shares of any fund, as applicable, are issued and redeemed. | en | it |
DOLFIN6195 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | ##### Risikohinweise
Besondere Risikohinweise
Shanghai-Hong Kong Stock Connect und Shenzhen-Hong Kong Stock Connect sind Wertpapierhandels- und Clearing- Programme, die von The Stock Exchange of Hong Kong Limited, der Shanghai/Shenzhen Stock Exchange, Hong Kong Securities Clearing Company Limited und China Securities Depository and Clearing Corporation Limited entwickelt wurden, um einen gemeinsamen Aktienmarktzugang zwischen der Volksrepublik China (ohne Hongkong, Macao und Taiwan) und Hongkong zu schaffen. Eine ausführliche Beschreibung der Programme sowie der hiermit verbundenen Risiken ist Anhang II dieses Verkaufsprospekts zu entnehmen.
Die Angabe in der Anlagepolitik, dass ein Fonds zwei Drittel seines Vermögens auf eine bestimmte Art und Weise investiert, gilt unter normalen Marktbedingungen. Für nähere Informationen wird auf Absatz (A) zu Beginn dieses Anhangs verwiesen.
Risiken im Zusammenhang mit Schwellenländern sind dem Abschnitt „Risiken in Verbindung mit Wertpapieren der Schwellen- und Entwicklungsländer“ in Anhang II dieses Verkaufsprospekts zu entnehmen.
Die Höhe der Vertriebskosten in bestimmten Ländern kann sich auf die Fähigkeit des Anlageverwalters auswirken, nach Abzug der Gebühren das Anlageziel des Fonds in allen Anteilsklassen zu erreichen. | ##### Risk Considerations
Specific Risk Considerations
Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect are securities trading and clearing linked programmes developed by The Stock Exchange of Hong Kong Limited, Shanghai/Shenzhen Stock Exchanges, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited, with an aim to achieve mutual stock market access between the PRC (excluding Hong Kong, Macau and Taiwan) and Hong Kong. A detailed description of the programmes as well as risks linked thereto can be found in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
Risks related to emerging markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | en | de |
DOLFIN6196 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Potential risk of a conflict of interest:
This risk relates to the completion of temporary purchases and sales of securities transactions, during which the fund uses an entity as counterparty and/or financial intermediary that is linked to the group to which the fund's Management Company belongs.
Liquidity risk: This refers to the risk when trading volumes are low or in the event of volatility on a particular market, this financial market cannot absorb the volumes of sales (or purchases) without significantly lowering (or raising) asset prices. This may result in a fall in the net asset value. | #### Risque de conflits d’intérêt potentiels :
Ce risque est lié à la conclusion d’opérations de cessions/acquisitions temporaires de titres au cours desquelles le fonds a pour contrepartie et/ou intermédiaires financiers une entité liée au groupe auquel appartient la société de gestion du fonds.
Risque de liquidité : Il représente le risque qu'un marché financier, lorsque les volumes d'échange sont faibles, ou en cas de tension sur ce marché, ne puisse absorber les volumes de ventes (ou achats) sans faire baisser (ou monter) significativement le prix des actifs. Cela pourra faire baisser la valeur liquidative. | #### Potential risk of a conflict of interest:
This risk relates to the completion of temporary purchases and sales of securities transactions, during which the fund uses an entity as counterparty and/or financial intermediary that is linked to the group to which the fund's Management Company belongs.
Liquidity risk: This refers to the risk when trading volumes are low or in the event of volatility on a particular market, this financial market cannot absorb the volumes of sales (or purchases) without significantly lowering (or raising) asset prices. This may result in a fall in the net asset value. | en | fr |
DOLFIN6197 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 484 EUR |
| --- | --- | --- |
| 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 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.33 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 126 EUR |
| Transaction costs | 0.21 % 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. | 21 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | | Costi di ingresso | 5,00 % dell’importo pagato al momento della sottoscrizione dell’investimento. Questa è la cifra massima che può essere addebitata. La persona che vende il Comparto vi informerà del costo effettivo. | 484 EUR |
| --- | --- | --- |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo Comparto ma la persona che vende il prodotto può farlo. | 0 EUR |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,33 % del valore dell’investimento all’anno. Si tratta di una stima basata sui costi effettivi dell’ultimo anno. | 126 EUR |
| Costi di transazione | 0,21 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il Comparto sottostante. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 21 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non sono previste commissioni di performance per questo Comparto. | 0 EUR | | | Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 484 EUR |
| --- | --- | --- |
| 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 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 1.33 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 126 EUR |
| Transaction costs | 0.21 % 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. | 21 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR | | en | it |
DOLFIN6198 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 4 ans Exemple d’investissement: 10.000 USD |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4.960 USD | 7.030 USD |
| | Rendement annuel moyen | -50,4 % | -8,4 % chaque année |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.380 USD | 9.390 USD |
| | Rendement annuel moyen | -16,2 % | -1,6 % chaque année |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.010 USD | 10.950 USD |
| | Rendement annuel moyen | 0,1 % | 2,3 % chaque année |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12.050 USD | 13.240 USD |
| | Rendement annuel moyen | 20,5 % | 7,3 % chaque année | | | Período de mantenimiento recomendado: 4 AÑOS Ejemplo de inversión: 10.000 USD |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 4.960 USD | 7.030 USD |
| | Rendimiento medio cada año | -50,4 % | -8,4 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.380 USD | 9.390 USD |
| | Rendimiento medio cada año | -16,2 % | -1,6 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.010 USD | 10.950 USD |
| | Rendimiento medio cada año | 0,1 % | 2,3 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 12.050 USD | 13.240 USD |
| | Rendimiento medio cada año | 20,5 % | 7,3 % cada año | | | Période de détention recommandée: 4 ans Exemple d’investissement: 10.000 USD |
| --- |
| Scénarios | Si vous sortez après 1 an | Si vous sortez après 4 ans |
| Minimum | Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 4.960 USD | 7.030 USD |
| | Rendement annuel moyen | -50,4 % | -8,4 % chaque année |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8.380 USD | 9.390 USD |
| | Rendement annuel moyen | -16,2 % | -1,6 % chaque année |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10.010 USD | 10.950 USD |
| | Rendement annuel moyen | 0,1 % | 2,3 % chaque année |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 12.050 USD | 13.240 USD |
| | Rendement annuel moyen | 20,5 % | 7,3 % chaque année | | fr | es |
DOLFIN6199 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Fund or Share class will continue tracking or replicating its Index until (and including) the Final Dealing Day. Therefore, the Final Dealing Day will be the final day on which the Net Asset Value will be determined by reference to the relevant Index.
The Directors can give no assurance that the distribution of the proceeds from the compulsory redemption of the Non-ETF Shares will take place on the Indicative Settlement Date. The Indicative Settlement Date will be notified to the registered holders of Non-ETF Shares for indicative purposes only, as the liquidation of the Investments attributable to the Fund or Share class following the Compulsory Redemption Date can be affected by various factors including delays in the settlement of transactions and repatriation of cash.
The Manager will be responsible for all legal, procedural and service provider costs incurred in respect of the redemption process and termination of a Fund or Share class. | Der Fonds oder die Anteilklasse wird bis (einschliesslich) zum letzten Handelstag seinen Index nachbilden.
Deshalb wird der letzte Handelstag der letzte Tag sein, an dem der Nettoinventarwert auf Basis des betreffenden Index bestimmt wird.
Der Verwaltungsrat kann nicht zusichern, dass die Ausschüttung der Erlöse aus der Zwangsrücknahme der Nicht-ETF-Anteile zum indikativen Abwicklungsdatum ausgeführt wird. Die Benachrichtigung der registrierten Inhaber von Nicht-ETF-Anteilen über das indikative Abwicklungsdatum dient nur zu indikativen Zwecken, da die Liquidation der dem Fonds oder der Anteilklasse zuzurechnenden Anlagen nach dem Zwangsrücknahmedatum durch verschiedene Faktoren beeinflusst werden kann, einschliesslich Verzögerungen bei der Abwicklung von Transaktionen und der Rückführung der Barmittel.
Die Verwaltungsgesellschaft ist für alle gesetzlichen, verfahrens- und dienstleisterbezogenen Kosten verantwortlich, die im Rahmen des Rücknahmeverfahrens und der Beendigung eines Fonds oder einer Anteilklasse entstehen. | The Fund or Share class will continue tracking or replicating its Index until (and including) the Final Dealing Day. Therefore, the Final Dealing Day will be the final day on which the Net Asset Value will be determined by reference to the relevant Index.
The Directors can give no assurance that the distribution of the proceeds from the compulsory redemption of the Non-ETF Shares will take place on the Indicative Settlement Date. The Indicative Settlement Date will be notified to the registered holders of Non-ETF Shares for indicative purposes only, as the liquidation of the Investments attributable to the Fund or Share class following the Compulsory Redemption Date can be affected by various factors including delays in the settlement of transactions and repatriation of cash.
The Manager will be responsible for all legal, procedural and service provider costs incurred in respect of the redemption process and termination of a Fund or Share class. | en | de |
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