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DOLFIN6200 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph of Regulation (EU) 2020/852
Product name: US Dollar Corporate Bond Fund
Legal entity identifier: 549300A8CL51MXFJCN13
Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices. | ### Informations précontractuelles pour les produits financiers visés à l’article 8, paragraphes 1, 2 et 2 bis, du règlement (UE) 2019/2088 et à l’article 6, premier alinéa, du règlement (UE) 2020/852
Désignation du produit : US Dollar Corporate Bond Fund
Identifiant d’entité juridique : 549300A8CL51MXFJCN13
Par investissement durable, on entend un investissement dans une activité économique qui contribue à un objectif environnemental ou social, pour autant qu’il ne cause de préjudice important à aucun de ces objectifs et que les sociétés bénéficiaires des investissements appliquent des pratiques de bonne gouvernance. | ### Pre-contractual disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, of Regulation (EU) 2019/2088 and Article 6, first paragraph of Regulation (EU) 2020/852
Product name: US Dollar Corporate Bond Fund
Legal entity identifier: 549300A8CL51MXFJCN13
Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices. | en | fr |
DOLFIN6201 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The historical data used for calculating the synthetic indicator is not a reliable indication of the future risk and reward profile of the share class. The category shown is not guaranteed to remain unchanged and may shift over time. Even the lowest category does not mean a risk-free investment.
This share class has been placed in the aforementioned risk class because its unit price is subject to medium fluctuation, therefore the profit potential and loss exposure may be moderate.
Because of the calculation model used, all risks may not be taken into consideration when placing the share class in a risk class. Detailed information can be found in the section entitled “Risks” of the prospectus. The following risks have no direct influence on this categorisation, but may be significant for the Fund: | Die zur Berechnung des synthetischen Indikators verwendeten historischen Daten sind kein verlässlicher Hinweis auf das künftige Risiko- und Ertragsprofil der Anteilklasse. Die getroffene Einstufung kann Änderungen unterliegen und sich im Laufe der Zeit daher verändern. Selbst die niedrigste Kategorie kann nicht mit einer risikofreien Anlage gleich gesetzt werden.
Diese Anteilklasse wurde in die o.g. Risikoklasse eingestuft, weil ihr Anteilpreis mittleren Schwankungen unterliegt und deshalb die Gewinnchance aber auch das Verlustrisiko moderat sein können.
Bei der Einstufung der Anteilklasse 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 Fonds von Bedeutung sein: | The historical data used for calculating the synthetic indicator is not a reliable indication of the future risk and reward profile of the share class. The category shown is not guaranteed to remain unchanged and may shift over time. Even the lowest category does not mean a risk-free investment.
This share class has been placed in the aforementioned risk class because its unit price is subject to medium fluctuation, therefore the profit potential and loss exposure may be moderate.
Because of the calculation model used, all risks may not be taken into consideration when placing the share class in a risk class. Detailed information can be found in the section entitled “Risks” of the prospectus. The following risks have no direct influence on this categorisation, but may be significant for the Fund: | en | de |
DOLFIN6202 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Management Company has a remuneration policy ("the Policy") within the meaning of Article 111bis of the Law of 2010 and in compliance with the principles laid down by Article 111ter of the Law of 2010.
The Policy aims essentially to prevent risk-taking incompatible with sound and effective risk management, with the economic strategy, objectives, values and interests of the Management Company or the SICAV, with the interests of the SICAV’s shareholders, to avoid conflicts of interest and to uncouple the decisions on control operations from the performance obtained. The Policy includes an assessment of the performance within a multiannual framework adapted to the holding period recommended to the SICAV’s investors so as to ensure that the assessment process is based on the SICAV’s long-term performance and investment risks. The variable component of remuneration is also based on a number of other qualitative and quantitative factors. The Policy contains an appropriate balance of fixed and variable remuneration components.
This Policy is adopted by the Management Company which is also responsible for its implementation and supervision. It applies to all benefits paid by the Management Company, and to all amounts paid directly by the SICAV itself including any performance commission, and to any transfer of shares in the SICAV to a category of personnel governed by the Policy.
Its general principles are reviewed at least once a year by the Management Company, and depend on the size of the Management Company and/or on the size of the UCITS it manages.
Details of the up-to-date Policy of the Management Company can be found on the www.dpas.lu website (“Investor Information” section). A hard copy can be obtained free-of-charge on request.
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#### Subscription form | La Société de Gestion applique une politique de rémunération (la « Politique ») au sens de l’article 111bis de la Loi de 2010 et respectant les principes établis par l’article 111ter de la Loi de 2010.
La Politique vise essentiellement à prévenir des prises de risques incompatibles avec une gestion saine et efficace des risques, avec la stratégie économique, aux objectifs, aux valeurs et aux intérêts de la Société de Gestion ou de la SICAV, avec les intérêts des actionnaires de la SICAV, à éviter d’éventuels conflits d’intérêts et à décorréler les décisions relatives à des opérations de contrôle, des performances obtenues. La Politique comprend une évaluation de la performance qui s'inscrit dans un cadre pluriannuel adapté à la période de détention recommandée aux investisseurs de la SICAV afin de veiller à ce que le processus d'évaluation est basé sur la performance à long terme de la SICAV et de ses risques d'investissement. La composante variable de la rémunération est également basée sur un certain nombre d'autres facteurs qualitatifs et quantitatifs. La Politique contient un équilibre approprié des composantes fixes et variables de la rémunération totale.
Cette Politique est adoptée par la Société de Gestion qui est également responsable de sa mise en œuvre et de sa supervision. Elle s’applique à tout type d'avantage payé par la Société de Gestion, ainsi qu’à tout montant payé directement par la SICAV elle-même, y compris les commissions de performance éventuelles, et à tout transfert d’actions de la SICAV, effectués en faveur d’une catégorie de personnel visée par la Politique.
Ses principes généraux sont évalués au moins annuellement par la Société de Gestion et sont fonction de la taille de la Société de Gestion et/ou de la taille des OPCVM gérés par celle-ci.
Les détails de la Politique actualisée de la Société de Gestion sont disponibles sur le site internet www.dpas.lu (section « Investor Information »). Un exemplaire sur papier sera mis à disposition gratuitement sur demande.
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#### Bulletin de souscription | The Management Company has a remuneration policy ("the Policy") within the meaning of Article 111bis of the Law of 2010 and in compliance with the principles laid down by Article 111ter of the Law of 2010.
The Policy aims essentially to prevent risk-taking incompatible with sound and effective risk management, with the economic strategy, objectives, values and interests of the Management Company or the SICAV, with the interests of the SICAV’s shareholders, to avoid conflicts of interest and to uncouple the decisions on control operations from the performance obtained. The Policy includes an assessment of the performance within a multiannual framework adapted to the holding period recommended to the SICAV’s investors so as to ensure that the assessment process is based on the SICAV’s long-term performance and investment risks. The variable component of remuneration is also based on a number of other qualitative and quantitative factors. The Policy contains an appropriate balance of fixed and variable remuneration components.
This Policy is adopted by the Management Company which is also responsible for its implementation and supervision. It applies to all benefits paid by the Management Company, and to all amounts paid directly by the SICAV itself including any performance commission, and to any transfer of shares in the SICAV to a category of personnel governed by the Policy.
Its general principles are reviewed at least once a year by the Management Company, and depend on the size of the Management Company and/or on the size of the UCITS it manages.
Details of the up-to-date Policy of the Management Company can be found on the www.dpas.lu website (“Investor Information” section). A hard copy can be obtained free-of-charge on request.
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#### Subscription form | en | fr |
DOLFIN6203 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Article 7 – Suspension of unit value calculation
- The Management Company is entitled to temporarily suspend the calculation of the unit value if and for as long as circumstances exist which render such suspension necessary and if this suspension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trad- ing on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the share value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value per unit has been temporarily suspended, the issue, re- demption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value. | # Artículo 7 – Suspensión del cálculo del valor de la participación
- La sociedad gestora tendrá derecho a suspender temporalmente el cálculo del valor de la participación cuando y mientras haya unas circunstancias que hagan necesaria esta suspensión y cuando se justifique la suspensión tomando en consideración los intereses de los inversores. Este será el caso, sobre todo:
- durante el tiempo en que una bolsa u otro mercado regulado en la/el que se cotice o negocie una parte esencial de los activos esté cerrada/o o se haya suspendido o limitado la contratación en esa bolsa o en el mercado correspondiente por otras razones que no sean días festivos legales o bancarios;
- en cualquier situación de emergencia, como consecuencia de la cual la sociedad gestora no pue- da disponer de los activos del fondo o no pueda transferir libremente el contravalor de las com- pras o ventas de inversiones, ni realizar correctamente el cálculo del valor liquidativo de la parti- cipación.
- en caso de interrupción de la comunicación o si, por cualquier otro motivo, el valor de un activo no puede determinarse con suficiente rapidez o precisión.
Si el cálculo del valor liquidativo neto por participación se suspende temporalmente, la emisión, el re- embolso y el canje de participaciones también se suspenderán temporalmente.
- Se informará sin dilación a los inversores que hayan presentado una solicitud de suscripción o reembol- so o de canje de la suspensión del cálculo del valor liquidativo de la participación y se les notificará igualmente sin demora en cuanto se vuelva a reanudar el cálculo del mismo.
- Las solicitudes de suscripción, reembolso o canje se cancelarán de forma automática en caso de que se suspenda el cálculo del valor liquidativo neto. Se informa al inversor o al posible inversor de que, una vez retomado el cálculo del valor liquidativo neto, las solicitudes de suscripción, reembolso o canje de- berán presentarse de nuevo. | # Article 7 – Suspension of unit value calculation
- The Management Company is entitled to temporarily suspend the calculation of the unit value if and for as long as circumstances exist which render such suspension necessary and if this suspension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trad- ing on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the share value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value per unit has been temporarily suspended, the issue, re- demption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value. | en | es |
DOLFIN6204 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- As the fund invests in a relatively small number of investments or issuers it may experience a more volatile Net Asset Value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.
Key Investor Information Fidelity Electric Vehicle &Future Transportation UCITS ETF | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Puesto que el Subfondo invierte en un número relativamente pequeño de inversiones o emisores, puede sufrir una mayor volatilidad del Valor liquidativo como resultado de esta concentración de posiciones en relación con aquellos Subfondos diversificados entre un mayor número de inversiones o emisores.
Datos fundamentales para el inversor Fidelity Electric Vehicle &Future Transportation UCITS ETF | # Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- As the fund invests in a relatively small number of investments or issuers it may experience a more volatile Net Asset Value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.
Key Investor Information Fidelity Electric Vehicle &Future Transportation UCITS ETF | en | es |
DOLFIN6205 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
If no Performance Fees is accrued at the end of the Calculation Period for a Share Class, no new High Water Mark will be set and the High Water Mark shall remain the same for the next Calculation Period.
If on any Valuation Day a Shareholder redeems its Shares, it will bear any accrued but yet unpaid Performance Fee relating to the proportion of redeemed Shares which shall be definitely accrued and paid at the end of the Calculation Period to the Investment Manager.
When a Share Class is closed (e.g. in case of full redemption, merger, liquidation, transfer), any Performance Fee accrued as of the relevant Valuation Day will be paid to the Investment Manager after the relevant closure date.
On termination date of any Investment Management Agreement with an Investment Manager entitled to a Performance Fee, any Performance Fee accrued as of such termination date will be paid to the Investment Manager. | Sind am Ende des Berechnungszeitraums für eine Anteilsklasse keine Performance Fees aufgelaufen, wird keine neue High Water Mark gesetzt und Letztere bleibt für den nächsten Berechnungszeitraum unverändert.
Wenn ein Anteilinhaber an einem Bewertungsstichtag seine Anteile zurückgibt, trägt er alle aufgelaufenen, aber noch nicht gezahlten Performance Fees, die sich auf den Anteil der zurückgegebenen Anteile beziehen und am Ende des Berechnungszeitraums definitiv aufgelaufen sind und an den Anlageverwalter gezahlt werden.
Wird eine Anteilsklasse geschlossen (etwa im Falle einer vollständigen Rücknahme, Fusion, Liquidation oder Übertragung), werden alle bis zum entsprechenden Bewertungsstichtag aufgelaufenen Performance Fees an den Anlageverwalter nach dem betreffenden Schliessungsdatum gezahlt.
Bei Beendigung eines Anlageverwaltungsvertrags mit einem Anlageverwalter, der Anspruch auf eine Performance Fee hat, wird die bis zum Beendigungsdatum aufgelaufene Performance Fee an den Anlageverwalter ausgezahlt. | If no Performance Fees is accrued at the end of the Calculation Period for a Share Class, no new High Water Mark will be set and the High Water Mark shall remain the same for the next Calculation Period.
If on any Valuation Day a Shareholder redeems its Shares, it will bear any accrued but yet unpaid Performance Fee relating to the proportion of redeemed Shares which shall be definitely accrued and paid at the end of the Calculation Period to the Investment Manager.
When a Share Class is closed (e.g. in case of full redemption, merger, liquidation, transfer), any Performance Fee accrued as of the relevant Valuation Day will be paid to the Investment Manager after the relevant closure date.
On termination date of any Investment Management Agreement with an Investment Manager entitled to a Performance Fee, any Performance Fee accrued as of such termination date will be paid to the Investment Manager. | en | de |
DOLFIN6206 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
À titre indicatif, la performance du Fonds est comparée à l’indice Bloomberg Barclays U.S. Government/Credit Bond Index (Total Return) (ci-après, « l’Indice de Référence »). Le Fonds a sous-performé son Indice de Référence au cours du semestre clos le 30 juin 2022.
- Le Fonds a sous-performé son indice, principalement en raison de la sélection des titres.
- Le crédit à haut rendement a été le principal frein à la performance relative, en raison des positions dans les secteurs des communications, de la consommation cyclique et des sociétés financières.
- Le crédit aux entreprises des marchés émergents a été à la traîne. La sous-performance s’explique en grande partie par les positions dans les sociétés immobilières chinoises, ce secteur étant toujours sous pression.
- Le Fonds vise une duration globale inférieure à celle de son indice, en utilisant des contrats à terme normalisés sur des bons du Trésor pour atteindre cet objectif. Ces positions ont contribué à la performance relative compte tenu des fortes hausses des taux d’intérêt.
- L’allocation ciblée aux positions défensives, de type réserves, a porté ses fruits, car le sentiment d’aversion au risque a prévalu.
- Les performances indiquées sont représentatives de performances passées et ne sauraient constituer une garantie de résultats futurs. Les performances récentes pourront être supérieures ou inférieures aux performances passées. La valeur du principal et les rendements évoluant au fil du temps (notamment du fait des fluctuations de change), le prix de rachat des actions sera supérieur ou inférieur à leur prix initial. Les performances indiquées sont nettes de toutes les charges imputées aux Fonds, mais excluent l’impact des commissions de souscription et des frais de banque correspondants, et supposent un réinvestissement des distributions. Si de tels droits et frais avaient été inclus, les rendements auraient été inférieurs. Les performances d’autres classes d’actions peuvent être supérieures ou inférieures selon les écarts de commissions et de commissions de souscription. Sauf indication contraire, tous les termes définis et utilisés dans le présent document ont le même sens que celui qui leur est donné dans le prospectus de la Société. | A título meramente indicativo, la rentabilidad del Fondo se compara con la del índice Bloomberg Barclays U.S. Government/Credit Bond Index (Total Return) (el «Índice de referencia»). El Fondo tuvo un rendimiento inferior al de su Índice de referencia en el semestre cerrado a 30 de junio de 2022.
- El Fondo tuvo un rendimiento inferior al de su índice debido principalmente a la selección de valores.
- En términos relativos, el crédito de alto rendimiento fue el principal detractor de la rentabilidad, debido a las posiciones en valores de consumo cíclico, telecomunicaciones y empresas financieras.
- El crédito corporativo de mercados emergentes también obtuvo malos resultados. La rentabilidad inferior se debió en gran medida a las posiciones en empresas inmobiliarias chinas, un sector que ha permanecido bajo presión continua.
- Para lograr su objetivo de mantener una duración general inferior a la del índice, el Fondo utiliza futuros de bonos del Tesoro. Estas posiciones contribuyeron a la rentabilidad en términos relativos, dada la fuerte subida de los tipos de interés.
- La asignación a posiciones defensivas y de reserva resultó favorable en un entorno marcado por la aversión al riesgo.
- Los datos de rentabilidad mostrados reflejan rentabilidades pasadas y no garantizan resultados futuros. La rentabilidad más reciente puede ser inferior o superior. El valor del principal y las rentabilidades fluctúa con el tiempo (debido, por ejemplo, a las fluctuaciones de las divisas), de modo que podría darse el caso de que las acciones sean reembolsadas por un importe mayor o menor que el de su coste original. La rentabilidad se refleja neta de todos los gastos del Fondo, pero no incluye el efecto de las comisiones de venta ni los gastos de bancos corresponsales, y supone que los repartos se reinvierten. Si se incluyeran dichos costes, las rentabilidades serían menores. La rentabilidad de otras clases de acciones será superior o inferior en función de las diferencias de comisiones y gastos de venta. Salvo que se indique lo contrario, todos los términos definidos de este documento tendrán el mismo significado que en el Folleto de la Sociedad. | À titre indicatif, la performance du Fonds est comparée à l’indice Bloomberg Barclays U.S. Government/Credit Bond Index (Total Return) (ci-après, « l’Indice de Référence »). Le Fonds a sous-performé son Indice de Référence au cours du semestre clos le 30 juin 2022.
- Le Fonds a sous-performé son indice, principalement en raison de la sélection des titres.
- Le crédit à haut rendement a été le principal frein à la performance relative, en raison des positions dans les secteurs des communications, de la consommation cyclique et des sociétés financières.
- Le crédit aux entreprises des marchés émergents a été à la traîne. La sous-performance s’explique en grande partie par les positions dans les sociétés immobilières chinoises, ce secteur étant toujours sous pression.
- Le Fonds vise une duration globale inférieure à celle de son indice, en utilisant des contrats à terme normalisés sur des bons du Trésor pour atteindre cet objectif. Ces positions ont contribué à la performance relative compte tenu des fortes hausses des taux d’intérêt.
- L’allocation ciblée aux positions défensives, de type réserves, a porté ses fruits, car le sentiment d’aversion au risque a prévalu.
- Les performances indiquées sont représentatives de performances passées et ne sauraient constituer une garantie de résultats futurs. Les performances récentes pourront être supérieures ou inférieures aux performances passées. La valeur du principal et les rendements évoluant au fil du temps (notamment du fait des fluctuations de change), le prix de rachat des actions sera supérieur ou inférieur à leur prix initial. Les performances indiquées sont nettes de toutes les charges imputées aux Fonds, mais excluent l’impact des commissions de souscription et des frais de banque correspondants, et supposent un réinvestissement des distributions. Si de tels droits et frais avaient été inclus, les rendements auraient été inférieurs. Les performances d’autres classes d’actions peuvent être supérieures ou inférieures selon les écarts de commissions et de commissions de souscription. Sauf indication contraire, tous les termes définis et utilisés dans le présent document ont le même sens que celui qui leur est donné dans le prospectus de la Société. | fr | es |
DOLFIN6207 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
As a result, there is a risk of price fluctuations of China A-shares during the period when Northbound Trading is suspended or restricted as described above.
- Removing authorised shares and trading restrictionsA share may be removed from the range of shares eligible for trading via Stock Connect for various reasons, and in this case the share may only be sold, but its purchase is limited. This may affect the ability of a sub-fund to achieve its investment objective. Within the framework of the Stock Connect program, the investment manager may only sell China A-shares and may make no further purchases if: (i) the China A-shares are subsequently no longer included in the relevant indices; (ii) the China A-share is subsequently subject to a "risk warning"; and/or (iii) the corresponding H-share of the China A-share is subsequently no longer traded on the SEHK. There are also price fluctuation limits for China A-shares.
- Trading costs and taxesIn addition to the payment of trading fees and stamp duties in connection with trading in China A-shares, a sub-fund involved in Northbound Trading may be subject to new sub-fund charges, dividend taxes and taxes on income from file transfer, as determined by relevant authorities.
- Local market regulations, restrictions on foreign investment and disclosure requirementsWithin the framework of Stock Connect, listed China A-corporations and trade in China A-shares are subject to market rules and disclosure requirements for the China A-stock market. Any changes to the rules and regulations of the China A- stock market or the rules relating to Stock Connect may affect share prices. Restrictions on foreign investment and disclosure requirements also apply to China A-shares. | Daher besteht ein Risiko von Kursschwankungen von China-A-Aktien während der Zeit, in der das Northbound Trading wie vorstehend beschrieben ausgesetzt oder eingeschränkt ist.
- Entfernen zulässiger Aktien und HandelsbeschränkungenEine Aktie kann aus verschiedenen Gründen aus dem Umfang der zum Handel über Stock Connect zulässigen Aktien entfernt werden, und in diesem Fall kann die Aktie nur verkauft werden, ihr Kauf ist jedoch beschränkt. Dies kann die Fähigkeit eines Subfunds zur Erreichung seines Anlageziels beeinträchtigen. Im Rahmen des Stock Connect-Programms darf der Anlageverwalter nur China-A-Aktien verkaufen und keine weiteren Käufe tätigen, wenn: (i) die China-A-Aktien anschliessend nicht mehr in den massgeblichen Indizes enthalten ist; (ii) die China-A-Aktie anschliessend Gegenstand einer „Risikowarnung“ wird; und/oder (iii) die entsprechende H-Aktie der China-A-Aktie anschliessend nicht mehr an der SEHK gehandelt wird. Es gelten auch Kursschwankungsgrenzen für China-A-Aktien.
- Handelskosten und SteuernZusätzlich zur Zahlung von Handelsgebühren und Stempelsteuern in Verbindung mit dem Handel mit China-A-Aktien kann ein am Northbound Trading beteiligter Subfund neuen Subfund-Gebühren, Dividendensteuern und Steuern in Bezug auf Erträge aus Aktenübertragung unterliegen, die von massgeblichen Behörden festgelegt werden.
- Örtliche Marktbestimmungen, Beschränkungen ausländischer Investitionen und OffenlegungsanforderungenIm Rahmen von Stock Connect unterliegen börsennotierte China-A-Aktiengesellschaften und der Handel mit China-A- Aktien Marktbestimmungen und Offenlegungsanforderung des China-A-Aktienmarktes. Jegliche Änderungen der Rechtsvorschriften und Richtlinien des China-A-Aktienmarktes oder der Regeln in Bezug auf Stock Connect können sich auf die Aktienkurse auswirken. Es gelten auch Beschränkungen ausländischer Investitionen und Offenlegungsanforderungen in Bezug auf China-A-Aktien. | As a result, there is a risk of price fluctuations of China A-shares during the period when Northbound Trading is suspended or restricted as described above.
- Removing authorised shares and trading restrictionsA share may be removed from the range of shares eligible for trading via Stock Connect for various reasons, and in this case the share may only be sold, but its purchase is limited. This may affect the ability of a sub-fund to achieve its investment objective. Within the framework of the Stock Connect program, the investment manager may only sell China A-shares and may make no further purchases if: (i) the China A-shares are subsequently no longer included in the relevant indices; (ii) the China A-share is subsequently subject to a "risk warning"; and/or (iii) the corresponding H-share of the China A-share is subsequently no longer traded on the SEHK. There are also price fluctuation limits for China A-shares.
- Trading costs and taxesIn addition to the payment of trading fees and stamp duties in connection with trading in China A-shares, a sub-fund involved in Northbound Trading may be subject to new sub-fund charges, dividend taxes and taxes on income from file transfer, as determined by relevant authorities.
- Local market regulations, restrictions on foreign investment and disclosure requirementsWithin the framework of Stock Connect, listed China A-corporations and trade in China A-shares are subject to market rules and disclosure requirements for the China A-stock market. Any changes to the rules and regulations of the China A- stock market or the rules relating to Stock Connect may affect share prices. Restrictions on foreign investment and disclosure requirements also apply to China A-shares. | en | de |
DOLFIN6208 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Orientation de gestion
Objectif : L'objectif du Fonds consiste à générer des revenus et à accroître la valeur de l'investissement de l'Actionnaire tout en surperformant l'indice Bloomberg Euro Aggregate Corporate Total Return à long terme (5 ans ou plus).
L'indice de référence du fonds a changé le 17/02/2020.Pour plus d'informations, se reporter à la section Objectifs du Fonds. Pour obtenir plus d’informations quant au risque lié à la durabilité, veuillez vous reporter à la section Déclarations en matière de finance durable | # Descripción del fondo
Objetivo: El objetivo del Fondo es obtener ingresos y aumentar el valor de la inversión del accionista, al tiempo que obtiene una rentabilidad superior a la del Bloomberg Euro Aggregate Corporate Total Return Index a largo plazo (5 años o más).
El índice de referencia del fondo cambió el 17/02/2020. Para obtener más información, consulte la sección de objetivos del Fondo. Para obtener más información sobre el riesgo de sostenibilidad, consulte la sección Divulgación en materia de finanzas sostenibles | # Orientation de gestion
Objectif : L'objectif du Fonds consiste à générer des revenus et à accroître la valeur de l'investissement de l'Actionnaire tout en surperformant l'indice Bloomberg Euro Aggregate Corporate Total Return à long terme (5 ans ou plus).
L'indice de référence du fonds a changé le 17/02/2020.Pour plus d'informations, se reporter à la section Objectifs du Fonds. Pour obtenir plus d’informations quant au risque lié à la durabilité, veuillez vous reporter à la section Déclarations en matière de finance durable | fr | es |
DOLFIN6209 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# POINTS CLÉS
Un fonds de conviction visant à capturer l’effet positif de la composante familiale sur la performance des entreprises
Une sélection axée sur le contrôle et la propriété familiale, la liquidité, la rentabilité, le réinvestissement des bénéfices et la gouvernance
Un processus d’investissement discipliné basé sur la quantification de la qualité et de la croissance, une analyse rigoureuse des fondamentaux et de la gouvernance
Un portefeuille concentré et à faible rotation composé de sociétés de qualité, visant à générer une croissance du capital à long terme pour les investisseurs
PRODUCT SHEET - 07/2022
* Pour la part Carmignac Portfolio Family Governed A EUR Acc. ** Le Règlement SFDR (Sustainable Finance Disclosure Regulation) 2019/2088 est un règlement européen qui demande aux gestionnaires d’actifs de classer leurs fonds parmi notamment ceux dits : « Article 8 » qui promeuvent les caractéristiques environnementales et sociales, « Article 9 » qui font de l’investissement durable avec des objectifs mesurables, ou « Article 6 » qui n'ont pas nécessairement d'objectif de durabilité. Pour plus d’informations, visitez : https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=fr. Echelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. (1) Ratio dette/EBITDA de 0,4x contre 1,1x. Source : Base de données Carmignac « Family 500 ». | # PUNTOS CLAVE
Un fondo de alta convicción, cuyo objetivo es captar el efecto positivo que tiene la propiedad familiar en los resultados de las empresas
Una selección basada en el control y la propiedad familiar, la liquidez, la rentabilidad, la reinversión de beneficios y la gobernanza
Un proceso de inversión disciplinado basado en la cuantificación de la calidad y el crecimiento, un análisis fundamental riguroso y una evaluación de la gobernanza en profundidad
Una cartera concentrada y de baja rotación de títulos de calidad, con el objetivo de proporcionar a los inversores un crecimiento del capital a largo plazo
PRODUCT SHEET - 07/2022
* Para la clase de participación Carmignac Portfolio Family Governed A EUR Acc. ** El Reglamento SFDR (Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros, por sus siglas en inglés) 2019/2088 es un reglamento europeo que requiere a los gestores de activos clasificar sus fondos, en particular entre los que responden al «artículo 8», que promueven las características medioambientales y sociales, al «artículo 9», que realizan inversiones sostenibles con objetivos medibles, o al «artículo 6», que no tienen necesariamente un objetivo de sostenibilidad. Para más información, visite: https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=es. Escala de riesgo del DFI (Datos fundamentales para el inversor). El riesgo 1 no implica una inversión sin riesgo. Este indicador podría evolucionar con el tiempo. (1) Ratio deuda/EBITDA de 0,4 frente a 1,1.
Fuente: Base de datos "Familia 500" de Carmignac. | # POINTS CLÉS
Un fonds de conviction visant à capturer l’effet positif de la composante familiale sur la performance des entreprises
Une sélection axée sur le contrôle et la propriété familiale, la liquidité, la rentabilité, le réinvestissement des bénéfices et la gouvernance
Un processus d’investissement discipliné basé sur la quantification de la qualité et de la croissance, une analyse rigoureuse des fondamentaux et de la gouvernance
Un portefeuille concentré et à faible rotation composé de sociétés de qualité, visant à générer une croissance du capital à long terme pour les investisseurs
PRODUCT SHEET - 07/2022
* Pour la part Carmignac Portfolio Family Governed A EUR Acc. ** Le Règlement SFDR (Sustainable Finance Disclosure Regulation) 2019/2088 est un règlement européen qui demande aux gestionnaires d’actifs de classer leurs fonds parmi notamment ceux dits : « Article 8 » qui promeuvent les caractéristiques environnementales et sociales, « Article 9 » qui font de l’investissement durable avec des objectifs mesurables, ou « Article 6 » qui n'ont pas nécessairement d'objectif de durabilité. Pour plus d’informations, visitez : https://eur-lex.europa.eu/eli/reg/2019/2088/oj?locale=fr. Echelle de risque du DICI (Document d’Informations Clés pour l’Investisseur). Le risque 1 ne signifie pas un investissement sans risque. Cet indicateur pourra évoluer dans le temps. (1) Ratio dette/EBITDA de 0,4x contre 1,1x. Source : Base de données Carmignac « Family 500 ». | fr | es |
DOLFIN6210 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investors in both unequalised and equalised Performance Fee Classes should note that a Performance Fee can be charged even if the Class performance is negative, so long as the Class performance is in excess of the performance of the benchmark during the Calculation Period.
The following graphical representation illustrates various scenarios during which a Performance Fee may be charged depending on the Class cumulative performance when there is no benchmark:
- At the end of Calculation Period 1, the Cumulative Relative Performance is positive as the Class cumulative performance is positive. A Performance Fee equal to the Performance Fee Rate multiplied by the Cumulative Relative Performance is charged on the Crystallisation Day.
- As a Performance Fee was paid, the Cumulative Relative Performance is reset to zero at the start of Calculation Period 2. By the end of the period, the Class cumulative performance is negative, therefore the Cumulative Relative Performance is negative. Consequently, no Performance Fee is charged, and the Cumulative Relative Performance does not reset and will be carried over the next calculation period.
- During Calculation Period 3, the Class absolute performance is positive resulting in a positive Cumulative Relative Performance at the end of the period and a Performance Fee is charged on the Crystallisation Day. The Performance Fee charged accounts for the appreciation in the Cumulative Relative Performance from the start of Calculation Period 2 to the end of Calculation period 3 as there was no reset at the end of Calculation Period 2.
- The Cumulative Relative Performance is reset to zero at the start of Calculation Period 4 as a Performance Fee was paid. By the end of the period, the Class cumulative performance is positive, and the Cumulative Relative Performance is positive. A Performance Fee equal to the Performance Fee Rate multiplied by the Cumulative Relative Performance is charged on the Crystallisation Day. | ## Sowohl Anleger in ungleichen als auch in gleichen Performancegebühr-Klassen sollten beachten, dass eine Performancegebühr sogar dann eingehoben werden kann, wenn die Wertenwicklung der Klasse negativ ist, solange die Wertenwicklung der Klasse die Wertentwicklung der Benchmark während des Berechnungszeitraums übersteigt.
Die folgende graphische Darstellung veranschaulicht verschiedene Szenarien während derer eine Performancegebühr in Abhängigkeit von der kumulativen Wertentwicklung der Klasse eingehoben werden kann, wenn es keine Benchmark gibt:
- Am Ende des ersten Berechnungszeitraums ist die kumulative relative Wertentwicklung positiv, da die kumulative Wertentwicklung der Klasse positiv ist. Eine Performancegebühr gleich dem entsprechenden Prozentsatz der Performancegebühr multipliziert mit der kumulativen relativen Wertentwicklung wird am Kristallisationstag erhoben.
- Da eine Performancegebühr bezahlt wurde, wird die kumulative relative Wertentwicklung am Beginn des zweiten Berechnungszeitraums auf null gesetzt. Am Ende des Zeitraums ist die kumulative Wertentwicklung der Klasse negativ und daher ist die kumulative relative Wertentwicklung ist negativ. Daher wird keine Performancegebühr eingehoben und die kumulative relative Wertentwicklung wird nicht zurückgesetzt und wird in den nächsten Berechnungszeitraum übertragen.
- Während des dritten Berechnungszeitraums ist die absolute Wertentwicklung der Klasse positiv, was zu einer positiven kumulativen relativen Wertentwicklung am Ende des Zeitraums führt und zur Einhebung einer Performancegebühr am Kristallisationstag. Die berechnete Performancegebühr berücksichtigt den Anstieg der kumulativen relativen Wertentwicklung vom Beginn des zweiten Berechnungszeitraums bis zum Ende des dritten Berechnungszeitraums, da am Ende des zweiten Berechnungszeitraums keine Rücksetzung erfolgte.
- Die kumulative relative Wertentwicklung wird am Beginn des vierten Berechnungszeitraums auf null zurückgesetzt, da eine Performancegebühr bezahlt wurde. Am Ende des Zeitraums ist die kumulative Wertentwicklung der Klasse positiv und die kumulative relative Wertentwicklung ist positiv. Eine Performancegebühr gleich dem entsprechenden Prozentsatz der Performancegebühr multipliziert mit der kumulativen relativen Wertentwicklung wird am Kristallisationstag erhoben. | ## Investors in both unequalised and equalised Performance Fee Classes should note that a Performance Fee can be charged even if the Class performance is negative, so long as the Class performance is in excess of the performance of the benchmark during the Calculation Period.
The following graphical representation illustrates various scenarios during which a Performance Fee may be charged depending on the Class cumulative performance when there is no benchmark:
- At the end of Calculation Period 1, the Cumulative Relative Performance is positive as the Class cumulative performance is positive. A Performance Fee equal to the Performance Fee Rate multiplied by the Cumulative Relative Performance is charged on the Crystallisation Day.
- As a Performance Fee was paid, the Cumulative Relative Performance is reset to zero at the start of Calculation Period 2. By the end of the period, the Class cumulative performance is negative, therefore the Cumulative Relative Performance is negative. Consequently, no Performance Fee is charged, and the Cumulative Relative Performance does not reset and will be carried over the next calculation period.
- During Calculation Period 3, the Class absolute performance is positive resulting in a positive Cumulative Relative Performance at the end of the period and a Performance Fee is charged on the Crystallisation Day. The Performance Fee charged accounts for the appreciation in the Cumulative Relative Performance from the start of Calculation Period 2 to the end of Calculation period 3 as there was no reset at the end of Calculation Period 2.
- The Cumulative Relative Performance is reset to zero at the start of Calculation Period 4 as a Performance Fee was paid. By the end of the period, the Class cumulative performance is positive, and the Cumulative Relative Performance is positive. A Performance Fee equal to the Performance Fee Rate multiplied by the Cumulative Relative Performance is charged on the Crystallisation Day. | en | de |
DOLFIN6211 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Information about the launch of new Subfunds may be obtained from the Company and the Distributors. The audited annual reports shall be made available to Shareholders free of charge at the registered office of the Company, at the Paying Agents, Information Agents and Distributors, within four months after the close of each accounting year.
Unaudited semi-annual reports shall be made available in the same way within two months after the end of the accounting period to which they refer.
Other information regarding the Company, as well as the issue and redemption prices of the Shares may be obtained on any Banking Day at the Company’s registered office.
The Net Asset Value shall be published on the Internet at www.credit-suisse.com and may be published in the Recueil Electronique des Sociétés et Associations (“RESA”) and/or in various newspapers.
All notices to Shareholders, including any information relating to a suspension of the calculation of the Net Asset Value, shall be announced online at www.credit-suisse.com and, if required, be published in the “RESA” and/or in various newspapers.
Investors may obtain the Prospectus, the Key Investor Information Document, the latest annual and semi-annual reports and copies of the Articles of Incorporation free of charge from the registered office of the Company or on the internet at “www.credit-suisse.com”. The relevant contractual agreements as well as the Management Company’s Articles of Incorporation are available for inspection at the Company’s registered office during normal business hours. Also, up to-date information regarding Chapter 18, “Depositary Bank” shall be made available to investors upon request at the registered office of the Company.
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# Management Company | Informationen über die Auflegung neuer Subfonds sind bei der Gesellschaft und den Vertriebsstellen erhältlich bzw. können dort angefordert werden. Die jährlichen geprüften Rechenschaftsberichte werden den Aktionären innerhalb von vier Monaten nach Abschluss jedes Geschäftsjahres am Hauptsitz der Gesellschaft sowie bei den Zahlstellen, Informationsstellen und Vertriebsstellen kostenlos zur Verfügung gestellt. Ungeprüfte halbjährliche Berichte werden innerhalb von zwei Monaten nach Ablauf der jeweiligen Buchführungsperiode auf dieselbe Weise zur Verfügung gestellt.
Sonstige Informationen über die Gesellschaft und die Ausgabe- und Rücknahmepreise der Aktien werden an jedem Bankgeschäftstag am Sitz der Gesellschaft bereitgehalten.
Der Nettovermögenswert wird täglich im Internet unter «www.credit-suisse.com» veröffentlicht sowie eventuell im Recueil Electronique des Sociétés et Associations («RESA») und/oder in verschiedenen Zeitungen. Sämtliche Mitteilungen an die Aktionäre, einschliesslich aller Informationen in Zusammenhang mit der Aussetzung der Berechnung des Nettovermögenswertes, werden im Internet unter www.credit-suisse.com und falls erforderlich im «RESA» und/oder in verschiedenen Zeitungen veröffentlicht. Der Prospekt, die wesentlichen Anlegerinformationen, die letzten Jahres- und Halbjahresberichte und Ausfertigungen der Satzung können von den Anlegern kostenlos am Sitz der Gesellschaft bezogen oder im Internet unter «www.credit-suisse.com» abgerufen werden. Die entsprechenden vertraglichen Vereinbarungen und die Satzung der Verwaltungsgesellschaft liegen am Sitz der Gesellschaft während der normalen Geschäftszeiten zur Einsicht auf. Zudem werden den Anlegern auf Anfrage am Sitz der Gesellschaft aktuelle Informationen in Bezug auf Kapitel 18 «Depotbank» zur Verfügung gestellt.
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# Verwaltungsgesellschaft | Information about the launch of new Subfunds may be obtained from the Company and the Distributors. The audited annual reports shall be made available to Shareholders free of charge at the registered office of the Company, at the Paying Agents, Information Agents and Distributors, within four months after the close of each accounting year.
Unaudited semi-annual reports shall be made available in the same way within two months after the end of the accounting period to which they refer.
Other information regarding the Company, as well as the issue and redemption prices of the Shares may be obtained on any Banking Day at the Company’s registered office.
The Net Asset Value shall be published on the Internet at www.credit-suisse.com and may be published in the Recueil Electronique des Sociétés et Associations (“RESA”) and/or in various newspapers.
All notices to Shareholders, including any information relating to a suspension of the calculation of the Net Asset Value, shall be announced online at www.credit-suisse.com and, if required, be published in the “RESA” and/or in various newspapers.
Investors may obtain the Prospectus, the Key Investor Information Document, the latest annual and semi-annual reports and copies of the Articles of Incorporation free of charge from the registered office of the Company or on the internet at “www.credit-suisse.com”. The relevant contractual agreements as well as the Management Company’s Articles of Incorporation are available for inspection at the Company’s registered office during normal business hours. Also, up to-date information regarding Chapter 18, “Depositary Bank” shall be made available to investors upon request at the registered office of the Company.
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# Management Company | en | de |
DOLFIN6212 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Last month’s performance
The prevailing market regime, which is discussed in more detail in the market review section and characterized by a relatively small number of highly valued stocks driving returns through a strong expansion of valuation multiples, has been a challenge for any strategy that maintains a diversification and valuation discipline – including ours. August provided no real differentiation, as the portfolio performed in line with the market.
However, some themes continue to drag on the strategy’s relative return. The worst relative performance was in information technology. As mentioned, information technology has shown tremendous outperformance year in year out and continued to thrive in August, posting a sector return of nearly 7%. In contrast to the US equivalent, European technology is a rather equipment-heavy, industrial technology type of sector and should not be compared to the disruptive, highly scalable, software-driven proponents in the US. In August, the surge in semiconductor stocks continued and drove the sector. The disruption in chip supply and the increasingly strategic importance of the semiconductor industry make stocks of semiconductor manufacturers and those providing equipment highly sought-after among investors, despite their lofty valuations. Having no exposure to the theme, the strategy lagged in the sector. In addition, the position in Amadeus declined by around 7% as the recovery in air travel and bookings is jittery and fears surrounding the Delta variant dampen expectations of a return to “normal”.
In the financials sector, our positions underperformed mainly on the back of a surprise announcement by insurance giant Allianz that the US DoJ has launched a probe into its ‘Structured Alpha’ funds, which experienced heavy losses during the March 2020 sell-off. The stock lost around EUR 9 billion in market cap on the announcement, around half of which it recovered thereafter. Market estimates for base-case losses stand at around EUR 3.5 billion
3
. While the expected loss (in the form of fines and claims from fundholders) is material in terms of ALV’s earnings, it is manageable and should be considered a one-off event given the low frequency of such incidents at the company.
The strategy performed strongly in relative terms in the consumer discretionary sector. Luxury stocks which previously were leading in terms of performance, were hit by concerns over China’s efforts to implement fiscal reforms in order to create a more egalitarian society and distribute wealth more evenly. China accounts for two-thirds of luxury goods growth. The combined decline of luxury stocks provided a strong tailwind for the strategy. Also, against a negative sector trend, our position in global fashion retailer Inditex (owner of Zara, Massimo Dutti) was up more than a percent. Retail sales are benefitting from a return to stores and strong consumer confidence, and Inditex is well positioned to capture this rebound. In contrast to luxury good players, Inditex shares are reasonably valued and thus provide for a strong, positively skewed risk/reward.
The strategy’s positions in the materials sector performed well, beating the sector index. Croda was up again, benefitting from momentum post its strong Q2 2021 earnings release in July. In addition, metals and mining companies – in which the strategy holds no positions – were weak as commodity prices contracted during the month.
3
Berenberg, 18 August 2021. | # Performance du mois dernier
Le régime de marché actuel, qui est abordé plus en détail dans la section consacrée à l'examen du marché et qui se caractérise par un nombre relativement faible de titres fortement valorisés qui génèrent des performances grâce à une forte expansion des multiples de valorisation, a constitué un défi pour toute stratégie qui maintient une diversification et une discipline de valorisation – y compris la nôtre. Le mois d'août n'a pas réellement fait de différence, la performance du portefeuille ayant été conforme à celle du marché.
Toutefois, certains thèmes continuent de peser sur la performance relative de la stratégie. La pire performance relative a été enregistrée dans le secteur des technologies de l'information. Comme nous l'avons mentionné, les technologies de l'information ont affiché une surperformance considérable année après année et ont continué à progresser en août, affichant une performance sectoriel de près de 7 %. Contrairement à l'équivalent américain, le secteur européen des technologies est plutôt lourd en équipements, de type technologies industrielles, et ne doit pas être comparé aux sociétés américaines, disruptives, hautement évolutives et axées sur les logiciels. En août, l'envolée des valeurs des semi- conducteurs s'est poursuivie et a tiré le secteur vers le haut. La perturbation de l'approvisionnement en puces et l'importance stratégique croissante de l'industrie des semi-conducteurs font que les actions des fabricants de semi- conducteurs et de ceux qui fournissent des équipements sont très recherchées par les investisseurs, malgré leurs valorisations élevées. N'étant pas exposée à ce thème, la stratégie est restée à la traîne dans ce secteur. En outre, la position sur Amadeus a reculé d'environ 7 %, car la reprise du transport aérien et des réservations est instable et les craintes liées au variant Delta diminuent les attentes d'un retour à la « normale ».
Dans le secteur de la finance, nos positions ont sous-performé principalement en raison de l'annonce surprise du géant de l'assurance Allianz selon laquelle le DoJ américain a lancé une enquête sur ses fonds Structured Alpha, qui ont subi de lourdes pertes lors de la correction de mars 2020. Le titre a perdu près de 9 milliards d'euros de capitalisation boursière lors de l'annonce, dont la moitié environ a été récupérée par la suite. Les estimations du marché concernant les pertes dans le scénario de base s'élèvent à environ 3,5 milliards d'euros
3
. Bien que la perte attendue (sous la forme d'amendes et de réclamations des détenteurs de fonds) soit importante en termes de bénéfices pour ALV, elle est gérable et doit être considérée comme un événement exceptionnel étant donné la faible fréquence de tels incidents au sein de la société.
La stratégie a affiché de solides performances en termes relatifs dans le secteur de la consommation cyclique. Les valeurs du luxe, qui étaient auparavant parmi les plus performantes, ont souffert les inquiétudes liées aux efforts de la Chine pour mettre en œuvre des réformes fiscales afin de créer une société plus égalitaire et de répartir les richesses de manière plus équitable. La Chine représente les deux tiers de la croissance pour les produits de luxe. Le repli combiné des valeurs du luxe a fortement favorisé la stratégie. En outre, dans un contexte de tendance sectorielle négative, notre position sur le distributeur de vêtements mondial Inditex (propriétaire de Zara, Massimo Dutti) a augmenté de plus de 1 %. Les ventes au détail bénéficient d'un retour dans les magasins et d'une forte confiance des consommateurs, et Inditex est bien positionné pour profiter de ce rebond. Contrairement aux acteurs du secteur du luxe, les actions d'Inditex sont raisonnablement valorisées et offrent par conséquent un solide rapport risque-rendement positivement asymétrique.
Les positions de la stratégie dans le secteur des matériaux se sont bien comportées, surperformant l'indice sectoriel. Croda a encore progressé, bénéficiant de la dynamique qui a suivi sa publication de bénéfices solides pour le deuxième trimestre 2021 en juillet. De plus, les sociétés des métaux et mines – sur lesquelles la stratégie ne détient aucune position – ont été affaiblies par la contraction des prix des matières premières au cours du mois. | # Last month’s performance
The prevailing market regime, which is discussed in more detail in the market review section and characterized by a relatively small number of highly valued stocks driving returns through a strong expansion of valuation multiples, has been a challenge for any strategy that maintains a diversification and valuation discipline – including ours. August provided no real differentiation, as the portfolio performed in line with the market.
However, some themes continue to drag on the strategy’s relative return. The worst relative performance was in information technology. As mentioned, information technology has shown tremendous outperformance year in year out and continued to thrive in August, posting a sector return of nearly 7%. In contrast to the US equivalent, European technology is a rather equipment-heavy, industrial technology type of sector and should not be compared to the disruptive, highly scalable, software-driven proponents in the US. In August, the surge in semiconductor stocks continued and drove the sector. The disruption in chip supply and the increasingly strategic importance of the semiconductor industry make stocks of semiconductor manufacturers and those providing equipment highly sought-after among investors, despite their lofty valuations. Having no exposure to the theme, the strategy lagged in the sector. In addition, the position in Amadeus declined by around 7% as the recovery in air travel and bookings is jittery and fears surrounding the Delta variant dampen expectations of a return to “normal”.
In the financials sector, our positions underperformed mainly on the back of a surprise announcement by insurance giant Allianz that the US DoJ has launched a probe into its ‘Structured Alpha’ funds, which experienced heavy losses during the March 2020 sell-off. The stock lost around EUR 9 billion in market cap on the announcement, around half of which it recovered thereafter. Market estimates for base-case losses stand at around EUR 3.5 billion
3
. While the expected loss (in the form of fines and claims from fundholders) is material in terms of ALV’s earnings, it is manageable and should be considered a one-off event given the low frequency of such incidents at the company.
The strategy performed strongly in relative terms in the consumer discretionary sector. Luxury stocks which previously were leading in terms of performance, were hit by concerns over China’s efforts to implement fiscal reforms in order to create a more egalitarian society and distribute wealth more evenly. China accounts for two-thirds of luxury goods growth. The combined decline of luxury stocks provided a strong tailwind for the strategy. Also, against a negative sector trend, our position in global fashion retailer Inditex (owner of Zara, Massimo Dutti) was up more than a percent. Retail sales are benefitting from a return to stores and strong consumer confidence, and Inditex is well positioned to capture this rebound. In contrast to luxury good players, Inditex shares are reasonably valued and thus provide for a strong, positively skewed risk/reward.
The strategy’s positions in the materials sector performed well, beating the sector index. Croda was up again, benefitting from momentum post its strong Q2 2021 earnings release in July. In addition, metals and mining companies – in which the strategy holds no positions – were weak as commodity prices contracted during the month.
3
Berenberg, 18 August 2021. | en | fr |
DOLFIN6213 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### Investment Policy
The Fund will invest at least 70% of its net assets in emerging market corporate bonds and other fixed and floating rate securities.
The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective.
Instruments may include, but not limited to, asset and mortgage backed securities, perpetual bonds, forward foreign exchange contracts (including non‐deliverable forwards), interest rate futures, bond futures, options and OTC swaps (such as interest rate swaps, credit default swaps, credit default swaps on indices and total return swaps).
Strategies may include, but are not limited to duration, sector, region, security, yield curve and credit strategies for investment and hedging purposes.
The Fund may invest up to:
- two thirds of its net assets in non-investment grade securities including up to 20% of its net assets in distressed debt securities.
- 20% of its net assets in contingent convertible bonds.
- 20% of its net assets in asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). ABS/MBS include, but are not limited to, residential mortgage-backed securities, commercial mortgage-backed securities, and collateralised loan obligations. The ABS and MBS may be leveraged.
- 20% of its net assets in China onshore bonds traded through the Bond Connect.
- 20% of its net assets in total return swaps. | ##### Politique d’investissement
Le Compartiment investira au moins 70 % de son actif net dans des obligations d’entreprises des marchés émergents et dans d’autres valeurs mobilières à taux fixe et variable.
Le Compartiment peut faire usage de divers instruments/stratégies dans la réalisation de son objectif.
Les instruments peuvent inclure, sans s’y limiter, des titres adossés à des actifs et à des créances hypothécaires, des obligations perpétuelles, des contrats de change à terme (y compris des contrats à terme non‐livrables), des contrats à terme sur taux d’intérêt, des contrats à terme obligataires, des options et des swaps de gré à gré (tels que des swaps de taux d’intérêt, des swaps de défaut de crédit, des swaps de défaut de crédit sur indices et des swaps sur rendement total).
Les stratégies peuvent inclure, sans s’y limiter, des stratégies de durée, de secteur, de région, de titre, de courbe |de rendement et de crédit à des fins de placement et de couverture.
Le Compartiment peut investir jusqu’à :
- deux tiers de son actif net dans des titres de catégorie « non-investment grade » et, notamment, jusqu’à 20 % de son actif net dans des titres de créance en difficulté.
- 20 % de son actif net dans des obligations convertibles contingentes.
- 20 % de son actif net dans des titres adossés à des actifs (« ABS ») et dans des titres adossés à des créances hypothécaires (« MBS »). Les ABS/MBS comprennent, sans toutefois s’y limiter, des titres adossés à des créances hypothécaires résidentielles, des titres adossés à des créances hypothécaires commerciales et des prêts obligataires titrisés. Les ABS et les MBS peuvent comporter un effet de levier.
- 20 % de son actif net dans des obligations onshore chinoises négociées par le biais du Programme Bond Connect.
- 20 % de son actif net dans des swaps sur rendement total. | ##### Investment Policy
The Fund will invest at least 70% of its net assets in emerging market corporate bonds and other fixed and floating rate securities.
The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective.
Instruments may include, but not limited to, asset and mortgage backed securities, perpetual bonds, forward foreign exchange contracts (including non‐deliverable forwards), interest rate futures, bond futures, options and OTC swaps (such as interest rate swaps, credit default swaps, credit default swaps on indices and total return swaps).
Strategies may include, but are not limited to duration, sector, region, security, yield curve and credit strategies for investment and hedging purposes.
The Fund may invest up to:
- two thirds of its net assets in non-investment grade securities including up to 20% of its net assets in distressed debt securities.
- 20% of its net assets in contingent convertible bonds.
- 20% of its net assets in asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”). ABS/MBS include, but are not limited to, residential mortgage-backed securities, commercial mortgage-backed securities, and collateralised loan obligations. The ABS and MBS may be leveraged.
- 20% of its net assets in China onshore bonds traded through the Bond Connect.
- 20% of its net assets in total return swaps. | en | fr |
DOLFIN6214 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invest 55-90% of its total net assets in fixed income transferable securities and 5-40% of its total net assets in equities and/or equity- equivalent securities (such as ADR/GDR). The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and up to 30% of its total net assets in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds. The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities. The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including up to 30% of its total net assets in emerging markets. The Fund can hold up to 15% in cash.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | ## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a medio plazo.
El Fondo invierte el 55-90% de su patrimonio neto total en valores mobiliarios de renta fija y el 5-40% de su patrimonio neto total en acciones y/o valores equivalentes a acciones (como ADR/GDR). El Fondo invierte más de la mitad de su patrimonio neto total en bonos gubernamentales de grado de inversión y bonos cubiertos daneses de mercados desarrollados, y hasta el 30% de su patrimonio neto total en bonos corporativos calificados (bonos corporativos de grado de inversión o bonos corporativos de alto rendimiento), bonos soberanos de mercados emergentes (de grado de inversión o de alto rendimiento) y/o bonos no calificados.
El Fondo podrá invertir hasta el 10% de su patrimonio neto total en Acciones A de China a través del China-Hong Kong Stock Connect.
El Fondo podrá invertir, de forma limitada, en valores convertibles, convertibles contingentes (menos del 5% del activo neto total) y warrants sobre valores mobiliarios.
El Fondo podrá invertir en activos líquidos y/o instrumentos del mercado monetario negociados regularmente.
El Fondo es un fondo global y podrá invertir en todas las regiones, incluyendo hasta el 30% de su activo neto total en mercados emergentes.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El fondo podrá, de forma limitada, invertir en otros fondos, incluidos fondos cerrados con estrategias alternativas.
No existen limitaciones en cuanto a la divisa de las inversiones. El Fondo podrá usar derivados de divisas para, entre otras cosas, proteger su cartera frente a las fluctuaciones de divisas. La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es EUR. La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 3 años. Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo. | ## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invest 55-90% of its total net assets in fixed income transferable securities and 5-40% of its total net assets in equities and/or equity- equivalent securities (such as ADR/GDR). The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and up to 30% of its total net assets in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds. The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities. The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including up to 30% of its total net assets in emerging markets. The Fund can hold up to 15% in cash.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days. | en | es |
DOLFIN6215 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Flex Cap Equity Category. The fund's investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The investment manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. Any comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF European Equity Alpha, changed its name to Schroder ISF European Value. | # Información relacionada con cambios de gestión del fondo, objetivo de inversión, valor de referencia o iniciativas corporativas
Pueden existir ciertas diferencias de rentabilidad entre el fondo y la referencia debido a que la rentabilidad del fondo se calcula en un punto de valoración diferente a la referencia. La rentabilidad del fondo se evaluará con respecto a su índice de referencia objetivo, que consiste en superar el índice MSCI Europe (Net TR), y en comparación con los índices MSCI Europe Value (Net TR) y el Morningstar Europe Flex Cap Equity Category. Se espera que el universo de inversión del fondo se correlacione en cierta medida con los componentes del índice de referencia objetivo y el índice MSCI Europe Value (Net TR). Los índices de referencia de comparación solo se incluyen con fines de comparación de la rentabilidad y no influyen en la forma en que el gestor de inversiones invierte los activos del fondo. El gestor de inversiones invierte de forma discrecional y no existen restricciones en la medida en que la cartera y la rentabilidad del fondo puedan desviarse del índice de referencia objetivo o del índice MSCI Europe Value (Net TR). El gestor de inversiones invertirá en empresas o sectores no incluidos en el índice de referencia objetivo o en el índice MSCI Europe Value (Net TR) con el fin de aprovechar oportunidades de inversión específicas. El índice de referencia objetivo se ha seleccionado porque es representativo del tipo de inversiones en las que probablemente invertirá el fondo; por lo tanto, es un objetivo adecuado en relación con el rendimiento que el fondo trata de proporcionar. Cualquier índice de referencia de comparación se ha seleccionado porque el gestor de inversiones considera que dicho índice de referencia constituye un instrumento de comparación adecuado a efectos de rentabilidad, teniendo en cuenta el objetivo y la política de inversión del fondo.
Índices de referencia
La gestora de inversiones invierte a su entera discreción y no existen restricciones en la medida en que la cartera y la rentabilidad del fondo puedan desviarse del índice de referencia. La gestora de inversiones invertirá en empresas o sectores no incluidos en el índice de referencia con el fin de aprovechar oportunidades de inversión específicas.
Los nombres de los valores de referencia de este documento pueden estar abreviados. Consulte la documentación jurídica de los fondos para conocer el nombre completo de los valores de referencia. Con efecto desde el 01.12.2016, el fondo de inversion anteriormente denominado Schroder ISF European Equity Alpha, fue renombrado Schroder ISF European Value. | # Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Flex Cap Equity Category. The fund's investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The investment manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. Any comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF European Equity Alpha, changed its name to Schroder ISF European Value. | en | es |
DOLFIN6216 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d'investissement
L'objectif du Fonds est de générer un revenu élevé dans la perspective d'une croissance du capital. Le Fonds investira principalement dans des obligations à haut rendement, des obligations de qualité <[i]>investment grade</[i]>, des obligations d'État, des obligations convertibles et autres obligations.
## Informations concernant l'indice de référence
Le Fonds est géré activement. Le Fonds n'est pas géré par référence à un indice et n'utilise pas d'indice de référence à des fins de comparaison de la performance. Cela signifie que le Gestionnaire financier prend ses décisions d'investissement dans le but de réaliser l'objectif d'investissement du Fonds sans se référer à un indice. Le Gestionnaire financier n'est tenu de respecter aucun indice de référence dans le positionnement de son portefeuille.
## Tout revenu généré dans le cadre de cette catégorie d'actions sera capitalisé (c'est-à- dire qu'il sera automatiquement réinvesti et reflété dans le prix des actions).
Les investisseurs peuvent acheter et vendre des actions chaque jour ouvrable. Si vous nous demandez d'acheter ou de vendre des actions avant 13h00 (heure de Luxembourg) un quelconque jour ouvrable, nous exécuterons la transaction le même jour. Si vous nous demandez d'acheter ou de vendre des actions après 13h00 (heure de Luxembourg), nous exécuterons la transaction le jour ouvrable suivant. | # Objetivos y política de inversión
El objetivo del Fondo es alcanzar un nivel elevado de ingresos con posibilidades de crecimiento del capital. El Fondo invertirá principalmente en bonos de alto rendimiento (high yield), bonos con grado de inversión, bonos estatales, deuda pública y otros bonos.
## Información sobre el índice de referencia
El Fondo se gestiona de forma activa. El Fondo no gestiona por referencia a ningún índice y no utiliza un índice de referencia con fines de comparación de rentabilidad. Esto significa que el Gestor de inversiones toma las decisiones de inversión con el fin de alcanzar el objetivo de inversión del Fondo, sin referencia a un índice. El Gestor de inversiones no está limitado en modo alguno por un índice de referencia en su posicionamiento de cartera.
## Todos los ingresos que se deriven de esta clase de acciones se acumularán (es decir, se reinvertirán y reflejarán automáticamente en el precio de las acciones).
Los inversores podrán comprar y vender sus acciones en cualquier día laborable. Si solicita la compra o venta de acciones en un día laborable antes de las 13:00 (hora de Luxemburgo), esta se realizará en el mismo día. Si solicita la compra o venta de acciones en un día laborable después de la 13:00 (hora de Luxemburgo), esta se realizará en el siguiente día hábil. | # Objectifs et politique d'investissement
L'objectif du Fonds est de générer un revenu élevé dans la perspective d'une croissance du capital. Le Fonds investira principalement dans des obligations à haut rendement, des obligations de qualité <[i]>investment grade</[i]>, des obligations d'État, des obligations convertibles et autres obligations.
## Informations concernant l'indice de référence
Le Fonds est géré activement. Le Fonds n'est pas géré par référence à un indice et n'utilise pas d'indice de référence à des fins de comparaison de la performance. Cela signifie que le Gestionnaire financier prend ses décisions d'investissement dans le but de réaliser l'objectif d'investissement du Fonds sans se référer à un indice. Le Gestionnaire financier n'est tenu de respecter aucun indice de référence dans le positionnement de son portefeuille.
## Tout revenu généré dans le cadre de cette catégorie d'actions sera capitalisé (c'est-à- dire qu'il sera automatiquement réinvesti et reflété dans le prix des actions).
Les investisseurs peuvent acheter et vendre des actions chaque jour ouvrable. Si vous nous demandez d'acheter ou de vendre des actions avant 13h00 (heure de Luxembourg) un quelconque jour ouvrable, nous exécuterons la transaction le même jour. Si vous nous demandez d'acheter ou de vendre des actions après 13h00 (heure de Luxembourg), nous exécuterons la transaction le jour ouvrable suivant. | fr | es |
DOLFIN6217 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations générales relatives à la négociation des parts du Fonds
Un placement dans le Fonds doit être considéré comme un investissement à long terme. La Société de gestion refuse les techniques d'arbitrage telles que le « market timing » et le « late trading ».
On comprend par « market timing » la méthode d'arbitrage pour laquelle l'investisseur échange ou rachète systématiquement des parts d'un fonds dans un court laps de temps en utilisant les décalages horaires et/ou les imperfections ou faiblesses du système d'évaluation de la valeur nette d'inventaire du Fonds. La Société de gestion prend des mesures de protection ou de contrôle appropriées pour éviter de telles pratiques. Elle se réserve également le droit de refuser, d’annuler ou d’interrompre une demande de souscription ou de conver- sion d’un investisseur lorsqu’elle soupçonne que l’investisseur en question se livre à des activités de « market timing ».
La Société de gestion réprouve fermement la pratique dite de « late trading », à savoir l’achat ou la vente de parts après la clôture de la négociation au cours de clôture déjà établi ou prévisible. Elle s'assure dans tous les cas que l’émission et le rachat de parts s'effectuent sur la base d’une valeur unitaire des parts que l’investisseur ne connaît pas au préalable. Si, toutefois, un investisseur est soupçonné de « late trading », la Société de gestion peut refuser la demande de souscription ou de rachat jusqu’à ce que le demandeur ait dissi- pé tout doute quant à ladite demande.
Il ne peut être exclu que les parts du Fonds soient admises à la cotation officielle d'une bourse ou négociées sur d’autres marchés.
Le prix de marché sous-jacent en bourse ou sur d’autres marchés dépend non seulement de la valeur des actifs détenus par le Fonds, mais également de l’offre et la demande. Par conséquent, le prix de marché peut diver- ger du prix des parts calculé. | # Observación general sobre la contratación de participaciones del Fondo
Una inversión en el fondo se concibe como una inversión a largo plazo. La sociedad gestora rechaza las técnicas de arbitraje como «Market Timing» y el «Late Trading».
Por «market timing» se entiende el método de arbitraje en el que el inversor suscribe, canjea o retira sistemá- ticamente participaciones de un fondo dentro de un período de tiempo corto aprovechando los desfases tem- porales y/o las debilidades o falta de integridad del sistema de valoración del valor liquidativo del fondo. La sociedad gestora toma las pertinentes medidas de protección y/o control para prevenir este tipo de prácticas. También se reserva el derecho de rechazar, anular o suspender una solicitud de suscripción o de canje de un inversor si existe la sospecha de que el inversor está llevando a cabo una operación de «market timing».
Asimismo, la sociedad gestora rechaza rotundamente la compra y venta de participaciones tras el cierre de la negociación bursátil al precio de cierre ya fijado o previsible, el llamado «late Trading». En cualquier caso, la sociedad gestora velará por que la emisión y el reembolso de participaciones se tramite sobre la base de un valor liquidativo de la participación desconocido previamente por el inversor. Sin embargo, si existiera la sos- pecha de que un inversor está llevando a cabo las prácticas de «Late Trading», la sociedad gestora podrá re- chazar la aceptación de la solicitud de suscripción o reembolso hasta que el solicitante haya disipado cualquier duda respecto de su solicitud.
No se puede descartar que las participaciones del fondo se negocien en una bolsa oficial o también en otros mercados.
El precio de mercado en que se basa la contratación bursátil o la negociación en otros mercados no se deter- mina exclusivamente por el valor de los activos que componen el fondo, sino también por la oferta y la deman- da. De ahí que este precio de mercado pueda divergir del precio registrado de la participación. | # Informations générales relatives à la négociation des parts du Fonds
Un placement dans le Fonds doit être considéré comme un investissement à long terme. La Société de gestion refuse les techniques d'arbitrage telles que le « market timing » et le « late trading ».
On comprend par « market timing » la méthode d'arbitrage pour laquelle l'investisseur échange ou rachète systématiquement des parts d'un fonds dans un court laps de temps en utilisant les décalages horaires et/ou les imperfections ou faiblesses du système d'évaluation de la valeur nette d'inventaire du Fonds. La Société de gestion prend des mesures de protection ou de contrôle appropriées pour éviter de telles pratiques. Elle se réserve également le droit de refuser, d’annuler ou d’interrompre une demande de souscription ou de conver- sion d’un investisseur lorsqu’elle soupçonne que l’investisseur en question se livre à des activités de « market timing ».
La Société de gestion réprouve fermement la pratique dite de « late trading », à savoir l’achat ou la vente de parts après la clôture de la négociation au cours de clôture déjà établi ou prévisible. Elle s'assure dans tous les cas que l’émission et le rachat de parts s'effectuent sur la base d’une valeur unitaire des parts que l’investisseur ne connaît pas au préalable. Si, toutefois, un investisseur est soupçonné de « late trading », la Société de gestion peut refuser la demande de souscription ou de rachat jusqu’à ce que le demandeur ait dissi- pé tout doute quant à ladite demande.
Il ne peut être exclu que les parts du Fonds soient admises à la cotation officielle d'une bourse ou négociées sur d’autres marchés.
Le prix de marché sous-jacent en bourse ou sur d’autres marchés dépend non seulement de la valeur des actifs détenus par le Fonds, mais également de l’offre et la demande. Par conséquent, le prix de marché peut diver- ger du prix des parts calculé. | fr | es |
DOLFIN6218 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Fonds
Volatilité sur la durée en % ⁹
150 150 7 7
125 125 6 6
100
75
50
25
100
5 5
75
4 4
50
25 3 3 | Fondo
Volatilidad a lo largo del tiempo en % ⁹
150 150 7 7
125 125 6 6
100
75
50
25
100
5 5
75
4 4
50
25 3 3 | Fonds
Volatilité sur la durée en % ⁹
150 150 7 7
125 125 6 6
100
75
50
25
100
5 5
75
4 4
50
25 3 3 | fr | es |
DOLFIN6219 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Taxation:
Since mutual funds have a co-ownership structure, they are exempt from corporation tax and are deemed to be transparent.
As such, any gains or losses realised when Fund units are redeemed (or when the Fund is dissolved) are capital gains or losses and are taxed as capital gains or losses on transferable securities, applicable to each unitholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, and so on). Such gains may be subject to withholding tax if the unitholder is not a resident of France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation. Lastly, unitholders are advised that A, CR, I, PWM EUR and PWM USD units of the Fund are accumulation units, while B, CRD, J, PWMD EUR and PWMD USD units are distribution units.
Prior to subscribing to the Fund, unitholders unsure of their tax situation are advised to contact a tax adviser for further information about the specific tax treatment that will be applicable to them. | #### Régimen fiscal:
En su calidad de copropiedad, los Fondos quedan de pleno derecho fuera del campo de aplicación del impuesto sobre sociedades y se benefician de cierta transparencia.
De esta manera, las ganancias o las pérdidas realizadas que se deriven del reembolso de las participaciones del Fondo (o de la disolución del Fondo) constituyen plusvalías o minusvalías sometidas al régimen tributario sobre valores mobiliarios aplicable a cada partícipe en función de su situación específica (país de residencia, persona física o jurídica, lugar de suscripción, etc.). Estas plusvalías pueden ser objeto de retención a cuenta si el partícipe no está fiscalmente domiciliado en Francia. Asimismo, en algunos casos, las plusvalías latentes pueden ser objeto de tributación. Por último, se indica al partícipe que el Fondo incluye participaciones «A», «CR», «I», «PWM EUR» y «PWM USD» de capitalización, y participaciones «B», «CRD», «J», «PWMD EUR» y «PWMD USD» de distribución.
Antes de suscribir cualquier participación del FI, si tiene dudas sobre su situación fiscal, se invita al partícipe a consultar a un asesor fiscal acerca del régimen fiscal específico que se le aplicará. | #### Taxation:
Since mutual funds have a co-ownership structure, they are exempt from corporation tax and are deemed to be transparent.
As such, any gains or losses realised when Fund units are redeemed (or when the Fund is dissolved) are capital gains or losses and are taxed as capital gains or losses on transferable securities, applicable to each unitholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, and so on). Such gains may be subject to withholding tax if the unitholder is not a resident of France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation. Lastly, unitholders are advised that A, CR, I, PWM EUR and PWM USD units of the Fund are accumulation units, while B, CRD, J, PWMD EUR and PWMD USD units are distribution units.
Prior to subscribing to the Fund, unitholders unsure of their tax situation are advised to contact a tax adviser for further information about the specific tax treatment that will be applicable to them. | en | es |
DOLFIN6220 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds.
Tout investissement comporte des risques, les rendements peuvent diminuer ou augmenter en raison des fluctuations des devises et les investisseurs peuvent perdre le montant de leur investissement initial. La performance historique ne représente pas un indicateur ou une garantie de performance future.
Cette communication est uniquement destinée à des contreparties éligibles et des investisseurs professionnels et ne doit pas être distribuée aux investisseurs de détail pour lesquels elle n'est pas adaptée.
Emis par: au Royaume-Uni: Mirabaud Asset Management Limited, qui est autorisée et réglementée par la Financial Conduct Authority. En Suisse: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève, en qualité de représentant en Suisse. Agent payeur en Suisse: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Genève. En France: Mirabaud Asset Management (France) SAS, 13, avenue Hoche, 75008 Paris. Au Luxembourg, en Italie et en Espagne : Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. Le Prospectus, les Statuts, le Document d'information clé pour l'investisseur (DICI) ainsi que les rapports annuels et semestriels (selon le cas) relatifs aux fonds peuvent être obtenus sans frais auprès des entités susmentionnées et sur le site Internet: https://www.mirabaud-am.com/en/funds-list/. De plus amples informations sur la durabilité sont accessibles via le lien suivant: https://www.mirabaud-am.com/en/responsibly-sustainable.
Les fonds ou titres mentionnés dans le présent document ne sont ni sponsorisés, ni cautionnés, ni promus par MSCI, et MSCI décline toute responsabilité à l'égard de ces fonds ou titres ou de tout indice basé sur ces fonds ou titres. Le Prospectus contient une description plus détaillée de la relation limitée que MSCI entretient avec Mirabaud Asset Management (Suisse) SA et les fonds associés, ainsi que des avis de non-responsabilité supplémentaires qui s'appliquent aux indices MSCI. Les indices MSCI sont la propriété exclusive de MSCI et ne peuvent être reproduits ou extraits et utilisés à d'autres fins sans le consentement de MSCI. Les indices MSCI sont fournis sans aucune garantie de quelque nature que ce soit.
S&P Trucost Limited © Trucost 2023. Tous les droits sur les données et les rapports de Trucost appartiennent à Trucost et/ou à ses affiliés. Ni Trucost, ni ses affiliés n'acceptent de responsabilité pour toute erreur, omission ou interruption dans les données et/ou rapports de Trucost. Aucune autre distribution des Données et/ou Rapports n'est autorisée sans le consentement écrit de Trucost. | # INFORMACIÓN IMPORTANTE
El presente documento publicitario contiene información o puede hacer referencia a datos en relación con determinados organismos de inversión colectiva («fondos») que solo están disponibles para su distribución en los países en los que se han registrado. Es para su uso exclusivo y no está dirigido a ninguna persona que sea ciudadano o residente de alguna jurisdicción en la que la publicación, distribución o uso de la información contenida en el mismo estén sujetos a restricciones. Tampoco está permitido su reproducción o distribución.
Este documento se proporciona únicamente con fines informativos y no debe interpretarse como una oferta ni como una recomendación para suscribir, conservar o ceder participaciones, acciones, productos o estrategias de inversión de fondos. Antes de invertir en cualquier fondo o seguir cualquier estrategia de inversión, los posibles inversores potenciales deben tener en cuenta todas sus características u objetivos, así como consultar los documentos legales pertinentes. Se recomienda a los posibles inversores que reciban previamente asesoramiento financiero, jurídico y fiscal profesional. Las fuentes de la información contenida en este documento se consideran fiables. Sin embargo, no se puede garantizar la exactitud ni la integridad de la información, y algunas cifras pueden ser solo estimaciones. Además, las opiniones expresadas están sujetas a cambios sin previo aviso. No hay garantía de que el gestor de carteras alcance los objetivos ni las metas.
Toda inversión conlleva riesgos, los rendimientos pueden disminuir o aumentar como consecuencia de las fluctuaciones monetarias, y los inversores pueden perder el importe de su inversión inicial. El rendimiento histórico no es indicativo ni garantía del rendimiento futuro.
Esta comunicación está destinada solo a contrapartes elegibles e inversores profesionales y no debe ser distribuida a inversores particulares para los que no es adecuada.
Emitido por: En el Reino Unido: Mirabaud Asset Management Limited, autorizada y regulada por la Autoridad de Conducta Financiera. En Suiza: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Ginebra, como representante en Suiza. Agente de pagos en Suiza: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Ginebra. En Francia: Mirabaud Asset Management (France) SAS., 13, avenue Hoche, 75008 París. En Luxemburgo, en España y en Italia: Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourgo. Las entidades mencionadas anteriormente pueden facilitarle de forma gratuita el Folleto, los Estatutos, el Documento de datos fundamentales para el inversor (KIID) y los informes anuales y semestrales (según sea el caso) de los fondos y en el sitio web: https://www.mirabaud-am.com/en/funds-list/.Puede obtener más información sobre la sostenibilidad a través del siguiente enlace: https://www.mirabaud-am.com/en/responsibly-sustainable.
Los fondos o valores mencionados en el presente documento no están patrocinados, respaldados ni promocionados por MSCI, y MSCI no asume ninguna responsabilidad con respecto a dichos fondos o valores, ni con respecto a los índices en los que se basen dichos fondos o valores. El Folleto contiene una descripción más detallada de la relación limitada que MSCI mantiene con Mirabaud Asset Management (Suisse) SA y los fondos que pudieran estar relacionados, así como otras exenciones de responsabilidad aplicables o los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no se pueden reproducir, extraer ni utilizar para ningún otro fin sin el consentimiento de MSCI. Los índices MSCI se proporcionan sin ninguna garantía de ningún tipo.
S&P Trucost Limited © Trucost 2023. Todos los derechos sobre los datos e informes de Trucost corresponden a Trucost y/o a sus licenciantes. Ni Trucost, ni sus filiales, ni sus licenciantes aceptan responsabilidad alguna por errores, omisiones o interrupciones en los datos y/o informes de Trucost. No se permite ninguna otra distribución de los datos y/o informes sin el consentimiento expreso por escrito de Trucost. | # INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds.
Tout investissement comporte des risques, les rendements peuvent diminuer ou augmenter en raison des fluctuations des devises et les investisseurs peuvent perdre le montant de leur investissement initial. La performance historique ne représente pas un indicateur ou une garantie de performance future.
Cette communication est uniquement destinée à des contreparties éligibles et des investisseurs professionnels et ne doit pas être distribuée aux investisseurs de détail pour lesquels elle n'est pas adaptée.
Emis par: au Royaume-Uni: Mirabaud Asset Management Limited, qui est autorisée et réglementée par la Financial Conduct Authority. En Suisse: Mirabaud Asset Management (Suisse) SA, 29, boulevard Georges-Favon, 1204 Genève, en qualité de représentant en Suisse. Agent payeur en Suisse: Mirabaud & Cie SA, 29, boulevard Georges-Favon, 1204 Genève. En France: Mirabaud Asset Management (France) SAS, 13, avenue Hoche, 75008 Paris. Au Luxembourg, en Italie et en Espagne : Mirabaud Asset Management (Europe) SA, 6B, rue du Fort Niedergruenewald, 2226 Luxembourg. Le Prospectus, les Statuts, le Document d'information clé pour l'investisseur (DICI) ainsi que les rapports annuels et semestriels (selon le cas) relatifs aux fonds peuvent être obtenus sans frais auprès des entités susmentionnées et sur le site Internet: https://www.mirabaud-am.com/en/funds-list/. De plus amples informations sur la durabilité sont accessibles via le lien suivant: https://www.mirabaud-am.com/en/responsibly-sustainable.
Les fonds ou titres mentionnés dans le présent document ne sont ni sponsorisés, ni cautionnés, ni promus par MSCI, et MSCI décline toute responsabilité à l'égard de ces fonds ou titres ou de tout indice basé sur ces fonds ou titres. Le Prospectus contient une description plus détaillée de la relation limitée que MSCI entretient avec Mirabaud Asset Management (Suisse) SA et les fonds associés, ainsi que des avis de non-responsabilité supplémentaires qui s'appliquent aux indices MSCI. Les indices MSCI sont la propriété exclusive de MSCI et ne peuvent être reproduits ou extraits et utilisés à d'autres fins sans le consentement de MSCI. Les indices MSCI sont fournis sans aucune garantie de quelque nature que ce soit.
S&P Trucost Limited © Trucost 2023. Tous les droits sur les données et les rapports de Trucost appartiennent à Trucost et/ou à ses affiliés. Ni Trucost, ni ses affiliés n'acceptent de responsabilité pour toute erreur, omission ou interruption dans les données et/ou rapports de Trucost. Aucune autre distribution des Données et/ou Rapports n'est autorisée sans le consentement écrit de Trucost. | fr | es |
DOLFIN6221 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
* Période de détention recommandée.
** Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 1,93 % avant déduction des coûts et de 0,37 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(4,50 % du montant investi / 450 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | * Período de mantenimiento recomendado.
** Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del período de mantenimiento. Por ejemplo, muestra que, en caso de salida al término del período de mantenimiento recomendado, el rendimiento medio que se prevé que obtendrá cada año será del 1,93 % antes de deducir los costes y del 0,37 % después de deducir los costes.
Estas cifras incluyen la comisión de distribución máxima que puede cobrar la persona que le vende el producto (4,50 % del importe invertido/450 EUR). Esta persona le informará de la comisión de distribución real.
Si invierte en este producto en el marco de un contrato de seguros, los costes indicados no incluyen los costes adicionales que podría soportar. | * Période de détention recommandée.
** Elle montre dans quelle mesure les coûts réduisent annuellement votre rendement au cours de la période de détention. Par exemple, elle montre que si vous sortez à la fin de la période de détention recommandée, il est prévu que votre rendement moyen par an soit de 1,93 % avant déduction des coûts et de 0,37 % après cette déduction.
Ces chiffres comprennent les coûts de distribution maximaux que la personne vous vendant le produit peut vous facturer(4,50 % du montant investi / 450 EUR). Cette personne vous informera des coûts de distribution réels.
Si vous avez investi dans ce produit dans le cadre d’un contrat d’assurance, les coûts indiqués n’incluent pas les coûts supplémentaires que vous pourriez éventuellement supporter. | fr | es |
DOLFIN6222 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| “Classic” unit class from C class - BNP PARIBAS SMALLCAP EUROLAND ISR (FR0010128587) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas Group. |
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| Objectives and Investment Policy |
| Management objective: Classified as a "eurozone country equities" fund, the Fund aims, over a minimum investment horizon of five years, to achieve a performance greater than or equal to the "EMIX Smaller Euroland EUR" index, with net dividends reinvested (benchmark index), while incorporating criteria for good governance and sustainable development. Key characteristics of the Fund: The investment strategy is based on active management that aims to select shares using a systematic and disciplined approach that combines fundamental research and quantitative analysis. The Fund follows a socially responsible investment (SRI) strategy. It does not have an SRI label. The non-financial analysis consists of integrating an SRI approach when selecting securities. In order to appear in the portfolio, companies must comply with the following environmental, social and governance (ESG) standards: compliance with sector-specific policies on controversial activities and exclusion of companies that contravene any of the Ten Principles of the United Nations Global Compact and/or the OECD Guidelines for Multinational Enterprises. The Fund follows a significant engagement approach in regard to integrating ESG criteria into management. As regards the analysis of ESG practices, companies are evaluated by a specialised team based on non-exhaustive ESG criteria, i.e. environmental (including global warming and combating greenhouse gas emissions), social (including managing employment and restructuring, workplace accidents, training policy and remuneration), and governance (including the independence of Boards of Directors from their senior management and respect for the rights of minority shareholders). The Fund invests at least 90% of its net assets in securities that have been analysed in terms of their ESG criteria by a dedicated team of ESG analysts from the management company. Following this analysis, the Fund applies the rating improvement approach, whereby the average ESG rating of the portfolio is higher than that of the EMIX Smaller Euroland EUR index, after eliminating at least 20% of the lowest rated securities from this index. The management team may select securities outside its benchmark index. However, it ensures that the benchmark index is a relevant comparison for the Fund's ESG rating. Main methodological limitation of the non-financial strategy: Some companies appearing in the portfolio may have ESG practices that can be improved and/or may be exposed to certain sectors in which environmental, social or governance issues remain significant. The Fund is invested directly in equities of small-cap (at least 70% of the net assets) and mid-cap (at most 30% of the net assets) companies in the eurozone. The market capitalisation of small-cap securities is less than the highest capitalisation of the EMIX Smaller Euroland EUR or MSCI Europe Small Cap indices. Information on these indices is available online at www.euromoneyindices.com and www.msci.com. The market capitalisation of mid- cap securities is between the maximum capitalisation of a small-cap security as defined above and 130% of the highest capitalisation of the MSCI EMU Mid Cap index. Information on this index is available at www.msci.com. A minimum of 90% of its assets are exposed to equities. The Fund is eligible for the French equity savings plan (Plan d'Épargne en Actions — PEA) and must therefore ensure that at least 75% of its assets are comprised of securities eligible for the PEA. The manager may use derivatives traded on French and/or foreign regulated or over-the-counter futures markets to hedge and/or expose the portfolio to equity risk, and to achieve the management objective. Unitholders may request the redemption of their units from Monday to Friday at 1.00 p.m. (Paris time) from BNP Paribas Securities Services. Redemption requests are executed on the basis of the next net asset value dated the same day, and settled within five days of the net asset value calculation date. Other information: Allocation of distributable income: net income and net realised capital gains: accumulation. The Fund may not be appropriate for investors who plan to withdraw their money within five years. For more details, please refer to the Fund's prospectus. | | | Catégorie de part "Classic" de classe C - BNP PARIBAS SMALLCAP EUROLAND ISR (FR0010128587) BNP PARIBAS ASSET MANAGEMENT France, une société de gestion appartenant au groupe BNP Paribas. |
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| Objectifs et politique d'investissement |
| Objectif de gestion : De classification Actions de pays de la zone Euro, le FCP vise à obtenir, sur un horizon d'investissement de cinq ans minimum, une performance supérieure ou égale à celle de l'indice EMIX Smaller Euroland EUR, dividendes nets réinvestis (Indicateur de référence), tout en intégrant des critères de bonne gouvernance et de développement durable. Caractéristiques essentielles du FCP : La stratégie d'investissement est basée sur une gestion active visant à sélectionner des actions à partir d'une approche systématique et disciplinée alliant la recherche fondamentale et l'analyse quantitative. Le FCP suit une stratégie d’investissement socialement responsable (ISR). Il ne bénéficie pas du label ISR. La recherche extra-financière consiste à intégrer une approche ISR dans la sélection des titres. Pour pouvoir être retenues en portefeuille, les entreprises doivent respecter les standards environnementaux, sociaux et de gouvernance (ESG) suivants : respect des politiques sectorielles sur activités controversées et exclusion des entreprises qui contreviennent à au moins un des Dix Principes du Pacte Mondial des Nations Unies et/ ou aux principes directeurs de l’OCDE à l’intention des entreprises multinationales. Le FCP suit une approche d’engagement significatif de l’intégration des critères ESG dans la gestion. Pour l'analyse des pratiques ESG des entreprises, la méthode d’évaluation est réalisée par une équipe spécialisée, sur la base de critères (non exhaustifs) environnementaux (tels que le réchauffement climatique et la lutte contre les émissions de gaz à effet de serre), sociaux (tels que la gestion de l'emploi et des restructurations, les accidents du travail, la politique de formation et les rémunérations) et de gouvernance (tels que l'indépendance du conseil d'administration vis-à-vis de la direction générale et le respect du droit des actionnaires minoritaires). Le FCP investit au moins 90% de son actif net dans des titres ayant fait l’objet d’une analyse de leurs critères ESG par une équipe dédiée d’analystes ESG de la société de gestion. A la suite de cette analyse, le FCP applique l’approche en amélioration de note selon laquelle la note ESG moyenne du portefeuille est supérieure à celle de l’indice EMIX Smaller Euroland EUR, après élimination d’au moins 20% des valeurs les moins bien notées de cet indice. L’équipe de gestion peut sélectionner des valeurs en dehors de son indicateur de référence. Pour autant, elle s’assure que l’indicateur de référence soit un élément de comparaison pertinent de la notation ESG du FCP. Principale limite méthodologique de la stratégie extra-financière : Certaines entreprises détenues en portefeuille peuvent avoir des pratiques ESG perfectibles et/ou être exposées à certains secteurs où les problématiques environnementales, sociales ou de gouvernance demeurent importantes. Le FCP est investi directement dans des actions de petite capitalisation (au minimum 70% de l'actif net) et moyenne capitalisation (au maximum 30% de l'actif net) de la zone Euro. La capitalisation boursière des titres de petite capitalisation est inférieure à la capitalisation la plus élevée des indices EMIX Smaller Euroland EUR ou MSCI Europe Small Cap. Les informations sur ces indices sont disponibles sur les sites internet www.euromoneyindices.com et www.msci.com. La capitalisation boursière des titres de moyenne capitalisation est comprise entre la capitalisation maximale d'un titre de petite capitalisation telle que défini précédemment et 130% de la capitalisation la plus élevée de l'indice MSCI EMU MID CAP. Les informations sur cet indice sont disponibles sur le site internet www.msci.com. Il est exposé au minimum à hauteur de 90% en actions. Le FCP est éligible au Plan d'Epargne en actions (PEA) et en conséquence maintient dans ses actifs au moins 75% de titres éligibles au PEA. Le gérant peut utiliser les instruments dérivés négociés sur les marchés à terme réglementés ou de gré à gré, français et/ou étrangers, pour couvrir et/ou exposer le portefeuille au risque actions, et réaliser l'objectif de gestion. Les porteurs peuvent demander le rachat de leurs parts du lundi au vendredi à 13 heures (heure de Paris) auprès de BNP Paribas Securities Services. Les demandes de rachat sont exécutées sur la base de la prochaine valeur liquidative datée du même jour, réglées dans les cinq jours suivant la date de calcul de la valeur liquidative. Autres informations : Affectation des sommes distribuables : résultat net et plus-values nettes réalisées : capitalisation. Le FCP pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cinq ans. Pour obtenir plus de détails, il est conseillé de se reporter au prospectus du FCP. | | | “Classic” unit class from C class - BNP PARIBAS SMALLCAP EUROLAND ISR (FR0010128587) BNP PARIBAS ASSET MANAGEMENT France, a management company belonging to the BNP Paribas Group. |
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| Objectives and Investment Policy |
| Management objective: Classified as a "eurozone country equities" fund, the Fund aims, over a minimum investment horizon of five years, to achieve a performance greater than or equal to the "EMIX Smaller Euroland EUR" index, with net dividends reinvested (benchmark index), while incorporating criteria for good governance and sustainable development. Key characteristics of the Fund: The investment strategy is based on active management that aims to select shares using a systematic and disciplined approach that combines fundamental research and quantitative analysis. The Fund follows a socially responsible investment (SRI) strategy. It does not have an SRI label. The non-financial analysis consists of integrating an SRI approach when selecting securities. In order to appear in the portfolio, companies must comply with the following environmental, social and governance (ESG) standards: compliance with sector-specific policies on controversial activities and exclusion of companies that contravene any of the Ten Principles of the United Nations Global Compact and/or the OECD Guidelines for Multinational Enterprises. The Fund follows a significant engagement approach in regard to integrating ESG criteria into management. As regards the analysis of ESG practices, companies are evaluated by a specialised team based on non-exhaustive ESG criteria, i.e. environmental (including global warming and combating greenhouse gas emissions), social (including managing employment and restructuring, workplace accidents, training policy and remuneration), and governance (including the independence of Boards of Directors from their senior management and respect for the rights of minority shareholders). The Fund invests at least 90% of its net assets in securities that have been analysed in terms of their ESG criteria by a dedicated team of ESG analysts from the management company. Following this analysis, the Fund applies the rating improvement approach, whereby the average ESG rating of the portfolio is higher than that of the EMIX Smaller Euroland EUR index, after eliminating at least 20% of the lowest rated securities from this index. The management team may select securities outside its benchmark index. However, it ensures that the benchmark index is a relevant comparison for the Fund's ESG rating. Main methodological limitation of the non-financial strategy: Some companies appearing in the portfolio may have ESG practices that can be improved and/or may be exposed to certain sectors in which environmental, social or governance issues remain significant. The Fund is invested directly in equities of small-cap (at least 70% of the net assets) and mid-cap (at most 30% of the net assets) companies in the eurozone. The market capitalisation of small-cap securities is less than the highest capitalisation of the EMIX Smaller Euroland EUR or MSCI Europe Small Cap indices. Information on these indices is available online at www.euromoneyindices.com and www.msci.com. The market capitalisation of mid- cap securities is between the maximum capitalisation of a small-cap security as defined above and 130% of the highest capitalisation of the MSCI EMU Mid Cap index. Information on this index is available at www.msci.com. A minimum of 90% of its assets are exposed to equities. The Fund is eligible for the French equity savings plan (Plan d'Épargne en Actions — PEA) and must therefore ensure that at least 75% of its assets are comprised of securities eligible for the PEA. The manager may use derivatives traded on French and/or foreign regulated or over-the-counter futures markets to hedge and/or expose the portfolio to equity risk, and to achieve the management objective. Unitholders may request the redemption of their units from Monday to Friday at 1.00 p.m. (Paris time) from BNP Paribas Securities Services. Redemption requests are executed on the basis of the next net asset value dated the same day, and settled within five days of the net asset value calculation date. Other information: Allocation of distributable income: net income and net realised capital gains: accumulation. The Fund may not be appropriate for investors who plan to withdraw their money within five years. For more details, please refer to the Fund's prospectus. | | en | fr |
DOLFIN6223 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Investment and Borrowing Restrictions
The Company is a UCITS and accordingly the Fund is subject to the investment and borrowing restrictions set out in the Regulations and Central Bank Requirements. These restrictions are set out in detail in Appendix III to the Prospectus.
The Fund qualifies as an "equity fund" for the purpose of the German Investment Tax Act 2018 ("GITA 2018") in that at least 51% of the Fund’s Net Asset Value will at all times be invested in equity securities which are listed on a stock exchange or traded on an organised market. For the avoidance of doubt, the term "equity securities" in this particular context does not include units or shares of investment funds or REITs (Real Estate Investment Trusts). Relevant investors should refer to the section of the Prospectus entitled German Taxation for further information on the impact of GITA 2018. | ### Restrictions d’investissement et d’emprunt
La Société est un OPCVM et, par conséquent, le Compartiment est assujetti aux restrictions en matière d’investissement et d’emprunt énoncées dans la Réglementation et les Exigences de la Banque centrale. Ces restrictions sont détaillées en Annexe III du Prospectus.
Le Compartiment possède le statut de « fonds actions » en vertu de la Loi allemande de 2018 relative à la fiscalité des investissements (« GITA 2018 ») en ce qu’au moins 51 % de sa Valeur liquidative sera investie à tout instant dans des actions cotées sur une bourse ou négociées sur un marché organisé. Afin de lever toute ambiguïté, le terme « actions » tel qu’il est utilisé dans ce contexte ne comprend pas les parts ou les actions de fonds d’investissement ou REIT (Real Estate Investment Trusts). Les investisseurs concernés sont invités à consulter la section du Prospectus intitulée
« Fiscalité en Allemagne » pour obtenir plus d’informations sur l’impact de la GITA 2018. | ### Investment and Borrowing Restrictions
The Company is a UCITS and accordingly the Fund is subject to the investment and borrowing restrictions set out in the Regulations and Central Bank Requirements. These restrictions are set out in detail in Appendix III to the Prospectus.
The Fund qualifies as an "equity fund" for the purpose of the German Investment Tax Act 2018 ("GITA 2018") in that at least 51% of the Fund’s Net Asset Value will at all times be invested in equity securities which are listed on a stock exchange or traded on an organised market. For the avoidance of doubt, the term "equity securities" in this particular context does not include units or shares of investment funds or REITs (Real Estate Investment Trusts). Relevant investors should refer to the section of the Prospectus entitled German Taxation for further information on the impact of GITA 2018. | en | fr |
DOLFIN6224 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive or give financial assets constituting guarantees with the objective of reducing its overall counterparty risk.
The financial guarantees shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, it shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets,
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate bonds or treasury bills and short- term money market funds. | ## Contratos que constituyen garantías financieras
En el marco de las operaciones con instrumentos financieros derivados OTC y las operaciones de adquisición y cesión temporal de valores, el fondo puede recibir u otorgar activos financieros que constituyan garantías financieras y que tengan como objetivo reducir su riesgo global de contraparte.
Las garantías financieras consisten fundamentalmente en efectivo, en el caso de las operaciones con instrumentos financieros derivados OTC, y en efectivo y títulos de deuda pública elegibles, en el caso de las operaciones de adquisición y cesión temporal de valores. Todas las garantías financieras, recibidas u otorgadas, se transferirán en plena propiedad.
El riesgo de contraparte derivado de las operaciones con instrumentos derivados OTC y el riesgo derivado de las operaciones de adquisición y cesión temporal de valores no podrán, en su conjunto, superar el 10% del patrimonio neto del fondo cuando la contraparte sea una de las entidades de crédito definidas en la normativa en vigor, o el 5% del patrimonio neto en los demás casos.
A este respecto, la garantía financiera (colateral) recibida y que se utilice para reducir la exposición al riesgo de contraparte deberá respetar lo siguiente:
- Se aportará en efectivo o en obligaciones o bonos del Tesoro de cualquier vencimiento emitidos o garantizados por los países miembros de la OCDE o sus entes públicos territoriales o por instituciones y organismos supranacionales a escala comunitaria, regional o mundial.
- Será mantenida por el Depositario del fondo o por uno de sus agentes o una tercera parte bajo su supervisión, o por cualquier depositario tercero que esté sometido a una vigilancia prudencial y que no guarde relación alguna con el proveedor de las garantías financieras.
- De conformidad con la normativa en vigor, la garantía financiera respetará en todo momento los criterios de liquidez, valoración (a diario, como mínimo), calidad crediticia de los emisores (calificación mínima de AA-), escasa correlación con la contraparte y diversificación, con una exposición a un emisor determinado de un máximo del 20% del patrimonio neto;
- Las garantías financieras recibidas en efectivo se depositarán, en su gran mayoría, en entidades elegibles y/o se utilizarán en operaciones con pacto de recompra inversa y, en menor medida, se invertirán en obligaciones o bonos del Tesoro de alta calidad e IIC monetarias a corto plazo. | ## Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive or give financial assets constituting guarantees with the objective of reducing its overall counterparty risk.
The financial guarantees shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, it shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets,
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate bonds or treasury bills and short- term money market funds. | en | es |
DOLFIN6225 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Where a Sub-Fund repatriates funds out of the PRC, the ratio of RMB to foreign currency (“Currency Ratio”) should generally match the original Currency Ratio when the investment principal was remitted into PRC, with a maximum permissible deviation of 10%. However, to the extent an outward repatriation is in the same currency as the inward remittance the Currency Ratio restriction will not apply.
Certain restrictions may be imposed by the PRC authorities on investors participating in the CIBM Direct Access and/or the Bond Settlement Agent which may have an adverse effect on a Sub-Fund’s liquidity and performance. Repatriations conducted in RMB are currently permitted daily and are not subject to repatriation restrictions (such as lock-up periods) or prior approval, although authenticity and compliance reviews will be conducted, and reports on remittances and repatriations will be submitted to the relevant PRC authorities by the Bond Settlement Agent. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Furthermore, as the Bond Settlement Agent’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the Bond Settlement Agent in case of non-compliance with the CIBM Direct Access rules and regulations. Any restrictions imposed in the future by the PRC authorities, or rejection or delay by the Bond Settlement Agent, on repatriation of the invested capital and net profits may impact on the Sub-Fund’s ability to meet redemption requests from the shareholders. It should be noted that the actual time required for the completion of the relevant repatriation will be beyond the Investment Manager’s control.
In order to participate in the CIBM Direct Access, the Investment Manager filed an application through the Bond Settlement Agent to the PBOC, specifying among other things the anticipated volume of investment to be made through the CIBM Direct Access for each Sub-Fund which may invest in China. In the event the anticipated volume of investment is reached, a further filing for an increase will need to be made through the Bond Settlement Agent with the PBOC. There can be no assurance that such increase will be accepted by the PBOC which may limit a Sub- Fund’s exposure to securities dealt on the CIBM.
- Securities and cash accounts: onshore PRC securities are registered in the name of “the full name of the investment manager – the name of the Sub-Fund” in accordance with the relevant rules and regulations, and maintained by the Bond Settlement Agent in electronic form via a securities account with the China Central Depository & Clearing Co (CCDC)/Shanghai Clearing House (SCH) and onshore cash will be maintained on a cash account with the Bond Settlement Agent. | Qualora un Comparto rimpatri fondi dalla RPC, il rapporto di cambio tra il RMB e la valuta estera (“Rapporto di cambio”) deve generalmente corrispondere al Rapporto di cambio iniziale quando il capitale dell'investimento è stato trasmesso nella RPC, con uno scostamento massimo ammissibile del 10%. Tuttavia, qualora le rimesse inviate all'estero siano effettuate nella stessa valuta di quelle inviate dall'estero, non si applicherà la limitazione del Rapporto di cambio.
Le autorità della RPC potrebbero imporre talune limitazioni agli investitori aderenti al sistema di Accesso Diretto al CIBM e/o all'Agente per il regolamento delle obbligazioni, con conseguenti possibili effetti negativi sulla liquidità e la performance di un Comparto. I rimpatri di capitali effettuati in RMB sono attualmente consentiti giornalmente e non sono soggetti a limitazioni (come ad esempio periodi di blocco) o a una previa approvazione, sebbene siano condotte verifiche di autenticità e conformità e l'Agente per il regolamento delle obbligazioni presenti alle autorità preposte della RPC i rapporti su rimesse e rimpatri. Non può tuttavia essere garantito che in futuro le norme e i regolamenti della RPC non cambieranno o che non saranno imposte restrizioni ai rimpatri. Inoltre, poiché l'Agente per il regolamento delle obbligazioni conduce una verifica di autenticità e conformità per ogni rimpatrio, può posticipare o persino respingere un rimpatrio in caso di non conformità alle norme e ai regolamenti del sistema di Accesso Diretto al CIBM. Eventuali restrizioni imposte in futuro dalle autorità della RPC, o rifiuti o rinvii, da parte dell'Agente per il regolamento delle obbligazioni, del rimpatrio del capitale investito e dei profitti netti, potrebbero incidere sulla capacità del Comparto di soddisfare richieste di rimborso presentate dagli azionisti. Va rilevato che il tempo effettivo necessario per il completamento dei rimpatri esulerà dal controllo del Gestore degli investimenti.
Al fine di partecipare al sistema di Accesso Diretto al CIBM, il Gestore degli investimenti ha presentato una domanda alla PBOC attraverso l'Agente per il regolamento delle obbligazioni, specificando, tra l'altro, il volume previsto degli investimenti da effettuare attraverso il sistema di Accesso Diretto al CIBM per ciascun Comparto che può investire in Cina. Nel caso in cui sia raggiunto il volume previsto dell'investimento, dovrà essere presentata alla PBOC un'ulteriore domanda di aumento tramite l'Agente per il regolamento delle obbligazioni. Non può essere garantito che la PBOC accetterà tale aumento e questo potrebbe limitare l'esposizione di un Comparto a titoli negoziati sul CIBM.
- Titoli e conti di liquidità: i titoli della RPC onshore sono registrati a nome del “nome completo del gestore degli investimenti – nome del Comparto” in conformità alle norme e ai regolamenti pertinenti e conservati dall'Agente per il regolamento delle obbligazioni in formato elettronico tramite un conto titoli tenuto presso China Central Depository & Clearing Co (CCDC)/Shanghai Clearing House (SCH), mentre la liquidità onshore è conservata in un conto di liquidità presso l'Agente per il regolamento delle obbligazioni. | Where a Sub-Fund repatriates funds out of the PRC, the ratio of RMB to foreign currency (“Currency Ratio”) should generally match the original Currency Ratio when the investment principal was remitted into PRC, with a maximum permissible deviation of 10%. However, to the extent an outward repatriation is in the same currency as the inward remittance the Currency Ratio restriction will not apply.
Certain restrictions may be imposed by the PRC authorities on investors participating in the CIBM Direct Access and/or the Bond Settlement Agent which may have an adverse effect on a Sub-Fund’s liquidity and performance. Repatriations conducted in RMB are currently permitted daily and are not subject to repatriation restrictions (such as lock-up periods) or prior approval, although authenticity and compliance reviews will be conducted, and reports on remittances and repatriations will be submitted to the relevant PRC authorities by the Bond Settlement Agent. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Furthermore, as the Bond Settlement Agent’s review on authenticity and compliance is conducted on each repatriation, the repatriation may be delayed or even rejected by the Bond Settlement Agent in case of non-compliance with the CIBM Direct Access rules and regulations. Any restrictions imposed in the future by the PRC authorities, or rejection or delay by the Bond Settlement Agent, on repatriation of the invested capital and net profits may impact on the Sub-Fund’s ability to meet redemption requests from the shareholders. It should be noted that the actual time required for the completion of the relevant repatriation will be beyond the Investment Manager’s control.
In order to participate in the CIBM Direct Access, the Investment Manager filed an application through the Bond Settlement Agent to the PBOC, specifying among other things the anticipated volume of investment to be made through the CIBM Direct Access for each Sub-Fund which may invest in China. In the event the anticipated volume of investment is reached, a further filing for an increase will need to be made through the Bond Settlement Agent with the PBOC. There can be no assurance that such increase will be accepted by the PBOC which may limit a Sub- Fund’s exposure to securities dealt on the CIBM.
- Securities and cash accounts: onshore PRC securities are registered in the name of “the full name of the investment manager – the name of the Sub-Fund” in accordance with the relevant rules and regulations, and maintained by the Bond Settlement Agent in electronic form via a securities account with the China Central Depository & Clearing Co (CCDC)/Shanghai Clearing House (SCH) and onshore cash will be maintained on a cash account with the Bond Settlement Agent. | en | it |
DOLFIN6226 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Potential conflicts that may arise in the Depositary's use of sub-custodians include four broad categories:
- conflicts from the sub-custodian selection and asset allocation among multiple sub- custodians influenced by (a) cost factors, including lowest fees charged, fee rebates or similar incentives and (b) broad two-way commercial relationships in which the Depositary may act based on the economic value of the broader relationship, in addition to objective evaluation criteria;
- sub-custodians, both affiliated and non-affiliated, act for other clients and in their own proprietary interest, which might conflict with clients' interests;
- sub-custodians, both affiliated and non-affiliated, have only indirect relationships with clients and look to the Depositary as its counterparty, which might create incentive for the Depositary to act in its self-interest, or other clients' interests to the detriment of clients; and
- sub-custodians may have market-based creditors' rights against client assets that they have an interest in enforcing if not paid for securities transactions. | # Les conflits susceptibles de survenir du fait du recours du Dépositaire à des sous-dépositaires se répartissent en quatre grandes catégories :
- les conflits provenant de la sélection du sous-dépositaire et l’allocation d’actifs entre plusieurs sous-dépositaires influencée par (a) des facteurs de coûts, y compris l’offre des frais les plus bas, des rabais sur les frais ou des avantages similaires et (b) des relations commerciales bilatérales élargies selon lesquelles le Dépositaire peut agir en fonction de la valeur économique de ladite relation, en sus de critères objectifs d’évaluation ;
- des sous-dépositaires, affiliés ou non, agissent à la fois pour le compte d’autres clients et dans leur propre intérêt, ces intérêts pouvant entrer en conflit avec les intérêts des clients ;
- des sous-dépositaires, affiliés ou non, n’ont que des relations indirectes avec les clients et considèrent le Dépositaire comme leur contrepartie, ce qui peut inciter le Dépositaire à agir dans son propre intérêt, ou dans l’intérêt d’autres clients au détriment des clients ; et
- des sous-dépositaires peuvent détenir des droits de créance sur les actifs d’un client qu’ils ont intérêt à exercer s’ils ne sont pas payés pour des opérations sur titres. | # Potential conflicts that may arise in the Depositary's use of sub-custodians include four broad categories:
- conflicts from the sub-custodian selection and asset allocation among multiple sub- custodians influenced by (a) cost factors, including lowest fees charged, fee rebates or similar incentives and (b) broad two-way commercial relationships in which the Depositary may act based on the economic value of the broader relationship, in addition to objective evaluation criteria;
- sub-custodians, both affiliated and non-affiliated, act for other clients and in their own proprietary interest, which might conflict with clients' interests;
- sub-custodians, both affiliated and non-affiliated, have only indirect relationships with clients and look to the Depositary as its counterparty, which might create incentive for the Depositary to act in its self-interest, or other clients' interests to the detriment of clients; and
- sub-custodians may have market-based creditors' rights against client assets that they have an interest in enforcing if not paid for securities transactions. | en | fr |
DOLFIN6227 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Introduction
The Unit Trust was established pursuant to a trust deed dated 21 June 1993 made between Baring International Fund Managers (Ireland) Limited as Manager (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited as Depositary (the “Depositary”), as amended and restated by the Trust Deed dated 30 March 2016 (as may be supplemented from time to time) and is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The object of the Unit Trust is the collective investment of capital raised from the public in transferable securities and/or in other liquid financial assets in accordance with the UCITS Regulations operating on the principle of risk spreading.
The Unit Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Unit Trust may offer separate Funds. Each Fund will have a distinct portfolio of investments. The Unit Trust has obtained the approval of the Central Bank for the establishment of the Funds set out below. Information specific to a Fund will be set out in each Supplement. | # Introducción
El Fideicomiso de inversiones se constituyó en virtud de un contrato de fideicomiso de fecha 21 de junio de 1993 celebrado entre Baring International Fund Managers (Ireland) Limited como Entidad gestora (la “Entidad gestora”) y Northern Trust Fiduciary Services (Ireland) Limited como Depositario (el “Depositario”), en su versión enmendada y actualizada por el Contrato de fideicomiso de fecha 30 de marzo de 2016 (tal como pueda ser suplementado en cada momento), y está autorizado por el Banco Central como OICVM conforme al Reglamento OICVM. El objetivo del Fideicomiso de inversiones es la inversión colectiva en valores mobiliarios y/u otros activos financieros líquidos indicados en el Reglamento OICVM con capital recaudado del público aplicando el principio de reparto de riesgos.
El Fideicomiso de inversiones está organizado en forma de fondo paraguas. El Contrato de fideicomiso estipula que el Fideicomiso de inversiones puede ofrecer Fondos separados. Cada Fondo tendrá una cartera distinta de inversión. El Fideicomiso de inversiones ha obtenido la aprobación del Banco Central para el establecimiento de los Fondos que se indican a continuación. En cada Suplemento se establecerá la información específica sobre un Fondo. | # Introduction
The Unit Trust was established pursuant to a trust deed dated 21 June 1993 made between Baring International Fund Managers (Ireland) Limited as Manager (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited as Depositary (the “Depositary”), as amended and restated by the Trust Deed dated 30 March 2016 (as may be supplemented from time to time) and is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The object of the Unit Trust is the collective investment of capital raised from the public in transferable securities and/or in other liquid financial assets in accordance with the UCITS Regulations operating on the principle of risk spreading.
The Unit Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Unit Trust may offer separate Funds. Each Fund will have a distinct portfolio of investments. The Unit Trust has obtained the approval of the Central Bank for the establishment of the Funds set out below. Information specific to a Fund will be set out in each Supplement. | en | es |
DOLFIN6228 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### 8- Information relating to collateral (temporary purchases and sales of securities and/or OTC derivatives):
Type of collateral: :
In the context of temporary purchases and sales of securities and/or OTC derivative transactions, the UCITS may receive securities and cash as collateral.
Securities received as collateral must adhere to the criteria defined by the Management Company. They must be:
- liquid,
- transferable at any time,
- diversified in compliance with the eligibility, exposure and diversification rules of the UCITS,
- issued by an issuer that is not an entity of the counterparty or its group. | ### 8- Informations relatives aux garanties financières (acquisitions et cessions temporaires de titres et/ou aux dérivés négociés de gré à gré) :
Nature des garanties financières :
Dans le cadre des opérations d’acquisitions et cessions temporaires de titres et/ou des opérations sur dérivés négociés de gré à gré, l’OPCVM peut recevoir à titre de garantie (appelé collatéral) des titres et des espèces.
Les titres reçus en garantie doivent respecter des critères définis par la société de gestion. Ils doivent être :
- liquides,
- cessibles à tout moment,
- diversifiés, dans le respect des règles d’éligibilité, d’exposition et de diversification de l’OPCVM,
- émis par un émetteur qui n'est pas une entité de la contrepartie ou de son groupe. | ### 8- Information relating to collateral (temporary purchases and sales of securities and/or OTC derivatives):
Type of collateral: :
In the context of temporary purchases and sales of securities and/or OTC derivative transactions, the UCITS may receive securities and cash as collateral.
Securities received as collateral must adhere to the criteria defined by the Management Company. They must be:
- liquid,
- transferable at any time,
- diversified in compliance with the eligibility, exposure and diversification rules of the UCITS,
- issued by an issuer that is not an entity of the counterparty or its group. | en | fr |
DOLFIN6229 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Holdings information
Maturity Date refers to the maturity/reset date of the security. For those securities whose reference coupon rate is adjusted at least every 397 days, the date of the next coupon rate adjustment is shown.
The yield displayed is in the base currency of the Sub-Fund. Actual share class yields may differ from the displayed yield due to currency effects. | ## Informazioni sulle partecipazioni
La data di scadenza si riferisce alla data di scadenza/adeguamento del titolo. Per i titoli il cui tasso della cedola di riferimento viene rivisto almeno ogni 397 giorni, è indicata la data della prossima revisione.
Il rendimento è riportato nella valuta di base del Comparto. Gli effettivi rendimenti della classe di azioni possono differire dal rendimento riportato in ragione degli effetti valutari. | ## Holdings information
Maturity Date refers to the maturity/reset date of the security. For those securities whose reference coupon rate is adjusted at least every 397 days, the date of the next coupon rate adjustment is shown.
The yield displayed is in the base currency of the Sub-Fund. Actual share class yields may differ from the displayed yield due to currency effects. | en | it |
DOLFIN6230 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The preparation of Financial Statements in conformity with IFRS requires the use of certain critical estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting financial period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The financial statements of the Company have been prepared on a going concern basis.
In preparing these financial statements, the Directors made judgements and estimates that affect the application of the Company’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Information about judgements made by management in the application of IFRS that have the most significant effect on the Financial Statements and estimates with a significant risk of material adjustment in the next period are disclosed in note 1(c) and 1(d).
The same accounting policies and methods of computation are followed in these interim report and unaudited financial statements as compared with the year ended 30 November 2021 audited set of financial statements prepared under IFRS. The interim financial statements should be read in conjunction with the annual financial statements. | La préparation des États financiers conformément aux normes IFRS implique l’utilisation d’estimations et de projections cruciales susceptibles d’affecter les montants reportés des actifs et passifs à la date des États financiers ainsi que les montants des produits et charges constatés au cours de la période financière considérée. Bien que ces estimations soient basées sur les montants, faits et actions portés à la connaissance de la direction, les résultats réels sont susceptibles de différer des estimations.
Les états financiers de la Société sont établis selon le principe de la continuité d’exploitation.
En établissant ces États financiers, les Administrateurs émettent des jugements et des estimations qui influent sur l’application des politiques comptables de la Société et les montants reportés des actifs et passifs, ainsi que des produits et des charges. Les résultats réels sont susceptibles de différer de ces estimations.
Les estimations et les hypothèses sous-jacentes sont régulièrement révisées. Les révisions des estimations comptables sont constatées de manière prospective.
Les informations concernant les jugements émis par la direction, dans le cadre de l’application des normes IFRS, qui ont la plus grande incidence sur les États financiers et les estimations, avec un risque notable d’ajustement significatif au cours de la prochaine période, sont communiquées dans les notes 1(c) et 1(d).
Les mêmes conventions comptables et méthodes de calcul sont appliquées dans le présent rapport intermédiaire et les présents états financiers non audités, ainsi que dans les états financiers audités de l’exercice clôturé le 30 novembre 2021 préparés selon les IFRS. Les états financiers intermédiaires doivent être lus conjointement avec les états financiers annuels. | The preparation of Financial Statements in conformity with IFRS requires the use of certain critical estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting financial period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The financial statements of the Company have been prepared on a going concern basis.
In preparing these financial statements, the Directors made judgements and estimates that affect the application of the Company’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Information about judgements made by management in the application of IFRS that have the most significant effect on the Financial Statements and estimates with a significant risk of material adjustment in the next period are disclosed in note 1(c) and 1(d).
The same accounting policies and methods of computation are followed in these interim report and unaudited financial statements as compared with the year ended 30 November 2021 audited set of financial statements prepared under IFRS. The interim financial statements should be read in conjunction with the annual financial statements. | en | fr |
DOLFIN6231 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
However, transferable securities for which the price has not been established on the valuation day or for which the price has been adjusted, and securities that are not traded on a regulated market, are valued under the responsibility of the management company at their likely trading value.
- UCIs: at their last known net asset value or, if unavailable, at their last estimated value.
- Negotiable debt securities and equivalent securities that are not traded in high volumes are valued using an actuarial method at a rate applicable to issues of equivalent securities, to which a differential representing the intrinsic features of the issuer is applied, if appropriate. In the absence of sensitivity, securities with a residual term of three months are valued at the most recent rate until maturity; for those acquired for periods of less than three months, the interest is calculated on a straight-line basis. | Tuttavia, gli strumenti finanziari la cui quotazione non sia stata rilevata nel giorno della valutazione oppure sia stata rettificata, così come i titoli non negoziati su mercati regolamentati, sono valutati al loro valore probabile di negoziazione, sotto la responsabilità della società di gestione.
- Gli OICR: all'ultimo valore patrimoniale netto conosciuto o, in mancanza di questo, all'ultimo valore stimato.
- I titoli di credito e i titoli assimilati negoziabili che non sono oggetto di operazioni significative sono valutati mediante l'applicazione di un metodo attuariale; il tasso considerato sarà quello applicabile alle emissioni di titoli equivalenti corretto, se del caso, di un margine rappresentativo delle caratteristiche intrinseche dell'emittente. In assenza di sensibilità, i titoli con scadenza residua pari a tre mesi sono valutati all'ultimotasso fino alla scadenza, mentre gli interessi di quelli acquistati con vita residua inferiore a tre mesi sono calcolati con il metodo lineare. | However, transferable securities for which the price has not been established on the valuation day or for which the price has been adjusted, and securities that are not traded on a regulated market, are valued under the responsibility of the management company at their likely trading value.
- UCIs: at their last known net asset value or, if unavailable, at their last estimated value.
- Negotiable debt securities and equivalent securities that are not traded in high volumes are valued using an actuarial method at a rate applicable to issues of equivalent securities, to which a differential representing the intrinsic features of the issuer is applied, if appropriate. In the absence of sensitivity, securities with a residual term of three months are valued at the most recent rate until maturity; for those acquired for periods of less than three months, the interest is calculated on a straight-line basis. | en | it |
DOLFIN6232 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
This limit is 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
Securities mentioned in sub-paragraph (f) need not be included in the calculation of the limit of 40% stated in sub-paragraph (b).
Units of UCITS and UCIs
- The Company may invest up to 20% of the net assets of each Sub-Fund in securities of a same UCITS or other UCI. | Diese Grenze beträgt 35%, wenn dies aufgrund von aussergewöhnlichen Marktbedingungen gerechtfertigt ist, insbesondere an regulierten Märkten, an denen bestimmte übertragbare Wertpapiere bzw. Geldmarktinstrumente stark vorherrschen. Die Anlage bis zu dieser Grenze ist nur in Bezug auf einen einzigen Emittenten gestattet.
Die in Unterabsatz (f) erwähnten Wertpapiere müssen nicht in die Berechnung der in Unterabsatz (b) erwähnten Grenze von 40% einbezogen werden.
Anteile an OGAW und OGA
- Die Gesellschaft kann bis zu 20% des Nettovermögens der einzelnen Teilfonds in Wertpapiere desselben OGAW oder anderer OGA investieren. | This limit is 35% where that proves to be justified by exceptional market conditions in particular in Regulated Markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer.
Securities mentioned in sub-paragraph (f) need not be included in the calculation of the limit of 40% stated in sub-paragraph (b).
Units of UCITS and UCIs
- The Company may invest up to 20% of the net assets of each Sub-Fund in securities of a same UCITS or other UCI. | en | de |
DOLFIN6233 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
- bonds and other forms of securitised debt which fulfil the applicable criteria specified in Part 1 of Schedule 2 of the Regulations;
- other negotiable securities which carry the right to acquire any securities within (i) or (ii) above by subscription or exchange which fulfil the criteria specified in Part 1 of Schedule 2 of the Regulations; and
| | - obbligazioni e altre forme di debito cartolarizzato che rispettino i criteri applicabili di cui alla Parte 1 dell'Allegato 2 ai Regolamenti;
- altri titoli negoziabili associati al diritto di acquisire i titoli di cui ai punti (i) o (ii) sopra riportati mediante sottoscrizione o conversione che rispettino i criteri di cui alla Parte 1 dell'Allegato 2 ai Regolamenti; e
| | - bonds and other forms of securitised debt which fulfil the applicable criteria specified in Part 1 of Schedule 2 of the Regulations;
- other negotiable securities which carry the right to acquire any securities within (i) or (ii) above by subscription or exchange which fulfil the criteria specified in Part 1 of Schedule 2 of the Regulations; and
| | en | it |
DOLFIN6234 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Indices
Certains Fonds peuvent renvoyer à des indices dans leur Supplément. Ces indices peuvent être mentionnés à différentes fins, y compris, de façon non exhaustive, la mesure de la duration, une valeur de référence que le Fonds s’efforce de surperformer et la mesure de la Valeur à risque relative.
L’objet spécifique de l’indice concerné doit être clairement précisé dans le Supplément. Sauf si une référence contraire y est faite dans le Supplément pertinent, les indices ne seront pas utilisés pour mesurer la performance d’un Fonds conformément à l’Article 3(1)(7)(e) du Règlement Benchmark.
Le Gestionnaire a mis en place des plans écrits, conformément à l’Article 28(2) du Règlement Benchmark, détaillant les actions qu’ils prendront au cas où tout indice qu’il utilise pour tout Fonds conformément à l’Article 3(1)(7)(e) du Règlement Benchmark change sensiblement ou cesse d’être offert. Ces plans écrits décrivent les mesures que le Gestionnaire prendra pour désigner un indice alternatif adapté.
Les Fonds à gestion active ne suivent pas une stratégie d’investissement passive et le Conseiller en investissement applique des techniques d’investissement et réalise des analyses de risque pour prendre ses décisions d’investissement pour les Fonds concernés. La gestion active ou passive d’un Fonds est précisée dans le Supplément afférent au Fonds.
Lorsqu’il est mentionné dans le Supplément considéré, un indice de référence peut être utilisé dans le cadre de la gestion active d’un Fonds, y compris, notamment, pour mesurer la duration, comme indice de référence que le Fonds cherche à surperformer, à des fins de comparaison du rendement et/ou de mesure de la Valeur à risque relative. Le cas échéant, certains titres du Fonds peuvent être des composantes de l’indice de référence et avoir des coefficients correcteurs similaires à celui-ci, et le Fonds peut, de temps à autre, présenter un degré élevé de corrélation avec le rendement de cet indice de référence. Toutefois, l’indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds, lequel peut être intégralement investi dans des titres qui ne sont pas des composantes de cet indice.
Sauf mention contraire dans le Supplément considéré, aucun indice de référence ne sera utilisé dans le cadre de la gestion active d’un Fonds. Toutefois, les investisseurs doivent savoir qu’un Fonds peut, de temps à autre, présenter un degré élevé de corrélation avec le rendement d’un ou de plusieurs indices financiers non mentionnés dans le Supplément. Une corrélation de ce type peut être fortuite ou survenir parce que l’indice financier en question est représentatif de la catégorie d’actif, du secteur de marché ou de l’emplacement géographique dans lequel le Fonds est investi, ou utilise une méthode de placement analogue à celle utilisée pour gérer le Fonds. | ###### Índices
Determinados Fondos podrán hacer referencia a índices dentro del Suplemento de los Fondos correspondientes. Se podrá hacer referencia a estos índices para diversos propósitos incluidos, sin limitación, la medición de la duración, como un índice de referencia que el Fondo busca superar y como medición del VaR Relativo.
El propósito específico del índice correspondiente se divulgará claramente en el Suplemento pertinente. A menos que en el Suplemento pertinente se mencione lo contrario, no se utilizarán índices para medir la rentabilidad de un Fondo de conformidad con el Artículo 3(1)(7)(e) del Reglamento sobre los índices de referencia.
La Sociedad Gestora ha elaborado planes por escrito, de conformidad con el Artículo 28(2) del Reglamento sobre los índices de referencia, en los que se especifican las medidas que tomará si el índice que utiliza para un Fondo de acuerdo con el Artículo 3(1)(7)(e) del Reglamento sobre los índices de referencia varía de forma importante o deja de proporcionarse. Estos planes por escrito detallan las medidas que la Sociedad Gestora adoptará para designar un índice de referencia alternativo adecuado.
Los Fondos gestionados de forma activa no seguirán una estrategia de inversión pasiva y el Asesor de Inversiones aplicará técnicas de inversión y análisis de riesgos a la hora de tomar decisiones de inversión con respecto a dichos Fondos. En el Suplemento pertinente, se indicará si un Fondo se gestiona de forma activa o pasiva.
Siempre que se mencione en el Suplemento pertinente, se puede utilizar un índice de referencia como parte de la gestión activa de un Fondo, lo que incluye, entre otros, la medición de la duración, como un índice de referencia cuya rentabilidad el Fondo pretende superar, a efectos de comparación de la rentabilidad o como medición del VaR relativo. En tales casos, algunos de los valores del Fondo pueden ser componentes del índice de referencia con ponderaciones similares. Asimismo, el Fondo puede reflejar, de forma oportuna, un alto grado de correlación con la rentabilidad de dicho índice de referencia. Sin embargo, el índice de referencia no se utiliza para definir la composición de la cartera del Fondo y este puede invertirse totalmente en valores que no formen parte del índice de referencia.
A menos que se indique lo contrario en el Suplemento pertinente, no se utilizará un índice de referencia en la gestión activa de un Fondo. No obstante, los inversores deben tener en cuenta que un Fondo puede reflejar, de forma oportuna, un alto grado de correlación con la rentabilidad de uno o más índices financieros que no se hayan mencionado en el Suplemento. Dicha correlación puede ser fortuita o se puede derivar de que dicho índice financiero puede ser representativo de la clase de activos, el sector de mercado o la ubicación geográfica en la que el Fondo invierte o utiliza una metodología de inversión similar a la utilizada en la gestión del Fondo. | ##### Indices
Certains Fonds peuvent renvoyer à des indices dans leur Supplément. Ces indices peuvent être mentionnés à différentes fins, y compris, de façon non exhaustive, la mesure de la duration, une valeur de référence que le Fonds s’efforce de surperformer et la mesure de la Valeur à risque relative.
L’objet spécifique de l’indice concerné doit être clairement précisé dans le Supplément. Sauf si une référence contraire y est faite dans le Supplément pertinent, les indices ne seront pas utilisés pour mesurer la performance d’un Fonds conformément à l’Article 3(1)(7)(e) du Règlement Benchmark.
Le Gestionnaire a mis en place des plans écrits, conformément à l’Article 28(2) du Règlement Benchmark, détaillant les actions qu’ils prendront au cas où tout indice qu’il utilise pour tout Fonds conformément à l’Article 3(1)(7)(e) du Règlement Benchmark change sensiblement ou cesse d’être offert. Ces plans écrits décrivent les mesures que le Gestionnaire prendra pour désigner un indice alternatif adapté.
Les Fonds à gestion active ne suivent pas une stratégie d’investissement passive et le Conseiller en investissement applique des techniques d’investissement et réalise des analyses de risque pour prendre ses décisions d’investissement pour les Fonds concernés. La gestion active ou passive d’un Fonds est précisée dans le Supplément afférent au Fonds.
Lorsqu’il est mentionné dans le Supplément considéré, un indice de référence peut être utilisé dans le cadre de la gestion active d’un Fonds, y compris, notamment, pour mesurer la duration, comme indice de référence que le Fonds cherche à surperformer, à des fins de comparaison du rendement et/ou de mesure de la Valeur à risque relative. Le cas échéant, certains titres du Fonds peuvent être des composantes de l’indice de référence et avoir des coefficients correcteurs similaires à celui-ci, et le Fonds peut, de temps à autre, présenter un degré élevé de corrélation avec le rendement de cet indice de référence. Toutefois, l’indice de référence n’est pas utilisé pour définir la composition du portefeuille du Fonds, lequel peut être intégralement investi dans des titres qui ne sont pas des composantes de cet indice.
Sauf mention contraire dans le Supplément considéré, aucun indice de référence ne sera utilisé dans le cadre de la gestion active d’un Fonds. Toutefois, les investisseurs doivent savoir qu’un Fonds peut, de temps à autre, présenter un degré élevé de corrélation avec le rendement d’un ou de plusieurs indices financiers non mentionnés dans le Supplément. Une corrélation de ce type peut être fortuite ou survenir parce que l’indice financier en question est représentatif de la catégorie d’actif, du secteur de marché ou de l’emplacement géographique dans lequel le Fonds est investi, ou utilise une méthode de placement analogue à celle utilisée pour gérer le Fonds. | fr | es |
DOLFIN6235 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Information relating to changes in fund manager, investment objective, benchmark and corporate action information
The Benchmark performance is shown in the base currency of the fund. To enable comparison between the performance of this Hedged share class and the Benchmark, and to show the effect of the currency hedge, the equivalent unhedged base currency share class performance is also shown. The equivalent unhedged share class and benchmark will be blank if the inception date is different to the hedged share class inception date.
Schroder GAIA Cat Bond was launched in October 2013 to accommodate a transfer of shareholders from the Next Generation Absolute Return- Secquaero ILS fund to the Schroder GAIA SICAV. The Fund's performance should be assessed against its target benchmark, being to provide a positive return over a three year period.The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective. The investment manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark. The Fund is not expected to replicate the performance of any benchmark.
Benchmarks:
Prior to 21/10/2013 the fund uses the track record of the Next Generation Absolute Return-Secquaero ILS fund (launched on 02/05/2011) as a performance track record, starting from the actual launch date of the share class. Source: Schroders
This fund is not managed with reference to a benchmark. | # Informations relatives aux modifications apportées au gestionnaire de fonds, à l’objectif d’investissement, à l’indice de référence et aux informations sur les opérations sur titres
La performance de l'indice de référence est présentée dans la devise de base du fonds. Pour permettre une comparaison entre la performance de cette classe d'actions couvertes et celle de l'indice de référence, et pour illustrer l'effet de la couverture de change, la performance de la classe d'actions non couvertes en devise de base équivalente est également indiquée.
La catégorie d'actions non couvertes équivalentes et l'indice de référence seront vides si la date de lancement est différente de celle de la catégorie d'actions couvertes. Le fonds Schroder GAIA Cat Bond a été lancé le 21.10.2013 afin de faire face au transfert des actionnaires du fonds Next Generation Absolute Return-Secquaero ILS vers la Schroder GAIA SICAV. La performance du Fonds doit être évaluée par rapport à son objectif de référence, à savoir fournir un rendement positif sur une période de trois ans.L’indice de référence cible a été sélectionné car le rendement cible du Fonds est de fournir le rendement de cet indice de référence tel qu’indiqué dans l’objectif d’investissement. Le gestionnaire investit de manière discrétionnaire et ses investissements ne se limitent pas aux placements respectant la composition d’un indice de référence. Le Fonds n’est pas tenu de reproduire la performance d’un indice de référence.
Indices de référence
Pour la période précédant le 21.10.2013, le fonds utilise l'historique de performance du fonds Next Generation Absolute Return-Secquaero ILS (lancé le 02.05.2011), à compter de la date de lancement effective de la classe d'actions. Source: Schroders
Ce compartiment n’est pas géré en référence à un indice de référence. | # Information relating to changes in fund manager, investment objective, benchmark and corporate action information
The Benchmark performance is shown in the base currency of the fund. To enable comparison between the performance of this Hedged share class and the Benchmark, and to show the effect of the currency hedge, the equivalent unhedged base currency share class performance is also shown. The equivalent unhedged share class and benchmark will be blank if the inception date is different to the hedged share class inception date.
Schroder GAIA Cat Bond was launched in October 2013 to accommodate a transfer of shareholders from the Next Generation Absolute Return- Secquaero ILS fund to the Schroder GAIA SICAV. The Fund's performance should be assessed against its target benchmark, being to provide a positive return over a three year period.The target benchmark has been selected because the target return of the Fund is to deliver the return of that benchmark as stated in the investment objective. The investment manager invests on a discretionary basis and is not limited to investing in accordance with the composition of a benchmark. The Fund is not expected to replicate the performance of any benchmark.
Benchmarks:
Prior to 21/10/2013 the fund uses the track record of the Next Generation Absolute Return-Secquaero ILS fund (launched on 02/05/2011) as a performance track record, starting from the actual launch date of the share class. Source: Schroders
This fund is not managed with reference to a benchmark. | en | fr |
DOLFIN6236 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Items included in each Sub-Fund's financial statements are measured using the currency of the primary economic environment in which the relevant Sub-Fund operates (the “functional currency”). The functional or base currency of each Sub-Fund is detailed in the General Information section. The ICAV also has adopted these functional currencies as the presentation currency of each of the Sub-Funds.
Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency of the Sub-Fund at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into the functional currency of the Sub-Fund at the exchange rate at the date on which fair value was determined.
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##### Significant Accounting Policies (continued) | Die in den Abschlüssen der einzelnen Teilfonds ausgewiesenen Posten werden in der Währung des primären wirtschaftlichen Umfelds bewertet, in dem der betreffende Teilfonds tätig ist (die „funktionale Währung“). Die funktionale Währung oder Basiswährung der einzelnen Teilfonds ist im Abschnitt Allgemeine Informationen angegeben. Die ICAV verwendet diese funktionalen Währungen auch als Darstellungswährung für die einzelnen Teilfonds.
Transaktionen in Fremdwährungen werden zu dem am Transaktionstag geltenden Wechselkurs in die funktionale Währung umgerechnet. Monetäre Vermögenswerte und Verbindlichkeiten, die zum Bilanzstichtag auf Fremdwährungen lauten, werden zu dem an diesem Tag geltenden Wechselkurs in die funktionale Währung des Teilfonds umgerechnet.
Auf Fremdwährungen lautende nicht monetäre Vermögenswerte und Verbindlichkeiten, die zum beizulegenden Zeitwert bewertet wurden, werden zu dem an dem Tag geltenden Wechselkurs in die funktionale Währung des Teilfonds umgerechnet, an dem der beizulegende Zeitwert bestimmt wurde.
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##### Wesentliche Bilanzierungsgrundsätze (Fortsetzung) | Items included in each Sub-Fund's financial statements are measured using the currency of the primary economic environment in which the relevant Sub-Fund operates (the “functional currency”). The functional or base currency of each Sub-Fund is detailed in the General Information section. The ICAV also has adopted these functional currencies as the presentation currency of each of the Sub-Funds.
Transactions in foreign currencies are translated into the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency of the Sub-Fund at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into the functional currency of the Sub-Fund at the exchange rate at the date on which fair value was determined.
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##### Significant Accounting Policies (continued) | en | de |
DOLFIN6237 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Investments shall not knowingly include any company whose primary business activity in any of the following is more than 10% of company revenue:
- owning or operating real estate used for prisons;
- owning or operating real estate used to manufacture cannabis;
- owning, manufacturing or production of tobacco;
- owning, manufacturing or production of coal mining;
- owning, manufacturing or production of controversial weapons and civilian firearms; and
- owning, manufacturing or production of arctic oil and gas. Investments shall not knowingly include the following companies:
- companies that have a notable controversy related to their operations and/or products, where the severity of the social or environmental impact of the controversy, is judged by the Investment Adviser;
- companies that fail to comply with the UN Global Compact or the ILO fundamental principles, without material remediation and improvement. | Gli investimenti non potranno annoverare consapevolmente qualsiasi società la cui attività principale in uno dei seguenti settori rappresenti più del 10% dei suoi ricavi:
- proprietà o gestione di immobili adibiti a carceri;
- proprietà o gestione di immobili adibiti alla lavorazione della cannabis;
- proprietà, manifattura o produzione di tabacco:
- proprietà, lavorazione o estrazione di carbone;
- proprietà, fabbricazione o produzione di armi controverse o armi da fuoco civili;
- proprietà, lavorazione o produzione di gas e petrolio proveniente dall’Artide. Gli investimenti non potranno annoverare consapevolmente le seguenti società:
- società coinvolte in importanti controversie in relazione alle loro attività e/o ai loro prodotti, nel caso in cui il Consulente per gli Investimenti ritenga che la controversia rilevante abbia un grave impatto sociale o ambientale;
- società che violano il Global Compact delle Nazioni Unite o i principi fondamentali dell’Ufficio Internazionale del Lavoro senza significative azioni di rimedio e miglioramento. | Investments shall not knowingly include any company whose primary business activity in any of the following is more than 10% of company revenue:
- owning or operating real estate used for prisons;
- owning or operating real estate used to manufacture cannabis;
- owning, manufacturing or production of tobacco;
- owning, manufacturing or production of coal mining;
- owning, manufacturing or production of controversial weapons and civilian firearms; and
- owning, manufacturing or production of arctic oil and gas. Investments shall not knowingly include the following companies:
- companies that have a notable controversy related to their operations and/or products, where the severity of the social or environmental impact of the controversy, is judged by the Investment Adviser;
- companies that fail to comply with the UN Global Compact or the ILO fundamental principles, without material remediation and improvement. | en | it |
DOLFIN6238 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Vontobel Fund – Global High Yield Bond (the Sub-Fund) aims to achieve the best possible investment returns by investing pri- marily in global high-yield corporate bonds.
While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in various bonds and other fixed or variable rate debt instruments denominated in freely convertible currencies including contingent convertible bonds (so- called “CoCo Bonds”), asset-backed securities or mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds, issued by public and/or private borrowers worldwide, including investments in hard currency securities of issuers in emerging markets, which have a Standard & Poor's rating of between BB+ and CCC- or an equivalent rating from another rating agency.
Up to 33% of the Sub-Fund's net assets may be invested outside the aforementioned investment universe, including fixed-inter- est or floating-rate securities with ratings above Standard & Poor's BB+ or below CCC- (or an equivalent rating from another rating agency) and equities. | #### Vontobel Fund – Global High Yield Bond (der «Teilfonds») hat zum Ziel, bestmögliche Anlagerenditen zu erzielen, indem er hauptsächlich in globalen High-Yield-Unternehmensanleihen anlegt.
Das Vermögen des Teilfonds wird unter Berücksichtigung des Grundsatzes der Risikodiversifikation hauptsächlich in unter- schiedliche, auf frei konvertierbare Währungen lautende Anleihen und ähnliche fest- oder variabel verzinsliche Schuldverschrei- bungen, inklusive Contingent Convertible Bonds (sogenannte «CoCo-Bonds»), forderungs- oder hypothekenbesicherter Wert- papiere («ABS/MBS») sowie Wandel- und Optionsanleihen, öffentlich-rechtlicher und/oder privater Schuldner weltweit investiert, einschliesslich in auf Hartwährung lautenden Wertpapieren von Emittenten in Schwellenländern, welche ein Rating zwischen BB+ und CCC- nach Standard & Poor's oder ein vergleichbares Rating einer anderen Agentur aufweisen.
Bis höchstens 33% des Nettovermögens des Teilfonds können ausserhalb des oben beschriebenen Anlageuniversums ange- legt werden, inklusive fest- oder variabel verzinslicher Wertpapiere mit einem Rating über BB+ oder unter CCC- nach Standard & Poor‘s (oder einem vergleichbaren Rating einer anderen Agentur) sowie Aktien. | #### Vontobel Fund – Global High Yield Bond (the Sub-Fund) aims to achieve the best possible investment returns by investing pri- marily in global high-yield corporate bonds.
While respecting the principle of risk diversification, the Sub-Fund's assets are primarily invested in various bonds and other fixed or variable rate debt instruments denominated in freely convertible currencies including contingent convertible bonds (so- called “CoCo Bonds”), asset-backed securities or mortgage-backed securities (“ABS/MBS”), convertibles and warrant bonds, issued by public and/or private borrowers worldwide, including investments in hard currency securities of issuers in emerging markets, which have a Standard & Poor's rating of between BB+ and CCC- or an equivalent rating from another rating agency.
Up to 33% of the Sub-Fund's net assets may be invested outside the aforementioned investment universe, including fixed-inter- est or floating-rate securities with ratings above Standard & Poor's BB+ or below CCC- (or an equivalent rating from another rating agency) and equities. | en | de |
DOLFIN6239 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# – Shariah Investment Guidelines
The Sub-Fund will at all times comply with Shariah investment principles as determined by the SSB by investing in securities that:
- are constituents of the Reference Index; or
- meet the following cumulative criteria as determined by the SSSP:
- Shariah principles forbid investing in companies which are directly active in, or derive more than 5% of their revenue (cumulatively) from the following prohibited (Haram) activities:
- manufacturing or distributing alcohol;
- manufacturing or distributing tobacco products;
- manufacturing, distributing or any other business activity involving pork-related products;
- conventional financial services, including retail and commercial banking, investment banking and all types of insurance activity;
- manufacturing or distributing defence-related products and weapons;
- casinos and gambling;
- all forms of Entertainment;
- production or distribution of adult entertainment; and
- any other activity deemed Shariah non-compliant by the SSB as per the MSCI Islamic Index Series Methodology.
- Shariah investment principles do not allow investment in companies deriving significant income from interest or companies that have excessive leverage. Companies will be deemed Shariah non-compliant if any of the three financial ratios exceed 33.33%:
- total debt over total assets;
- sum of a company's cash and interest‐bearing securities over total assets;
- sum of a company’s accounts receivables and cash over total assets;The financial ratio calculation may be amended by the SSB from time to time.
Unless deemed Shariah-compliant by the SSB, the Sub-Fund is prohibited from investing in the following instruments:
- financial derivative instruments;
- any interest bearing asset, including debt instruments and money market instruments; and
- units or shares of UCITS and / or UCI.
Subject always to Luxembourg law, the above Shariah Investment Guidelines shall take precedence over any other criteria including those set out under Investment Restrictions and may be modified from time to time by the SSB. | # – Directives d’investissement de la Charia
Le Compartiment se conformera à tout moment aux préceptes d’investissement de la Charia tels que fixés par le CSC en investissant dans des titres qui :
- sont des composantes de l’Indice de référence ; ou
- satisfont aux critères cumulatifs suivants, tels que déterminés par le PFAC :
- les préceptes de la Charia interdisent l’investissement dans des sociétés directement actives dans, ou qui tirent plus de 5 % de leur revenu (cumulé) des activités prohibées (Haram) suivantes :
- la fabrication ou la commercialisation d’alcool ;
- la fabrication ou la commercialisation de produits du tabac ;
- la fabrication, la commercialisation ou toute autre activité commerciale impliquant des produits liés au porc ;
- les services financiers conventionnels, y compris les services de banque de détail et commerciale, les services de banque d’investissement et tous types d’activité d’assurance ;
- la fabrication ou la commercialisation de produits militaires et d’armes ;
- les casinos et jeux de hasard ;
- toutes les formes de Divertissement ;
- la production ou la commercialisation de divertissement pour adultes ; et
- toute autre activité réputée non conforme à la Charia par le CSC selon la méthodologie MSCI Islamic Index Series
- les préceptes d’investissement de la Charia interdisent les investissements dans des sociétés tirant des revenus significatifs des intérêts et dans des sociétés affichant un niveau de levier excessif. Les sociétés seront réputées non conformes à la Charia si l’un quelconque des trois ratios financiers suivants excède 33,33 % :
- le total des dettes sur le total des actifs ;
- la somme des liquidités et titres portant intérêt d’une société sur le total des actifs ;
- la somme des montants à recevoir et des liquidités d’une société sur le total des actifs ; Le calcul des ratios financiers peut être modifié par le CSC en tant que de besoin.
À moins que cela ne soit jugé conforme à la Charia par le CSC, le Compartiment n’est pas autorisé à investir dans les instruments suivants :
- instruments financiers dérivés ;
- tout actif portant intérêt, y compris les titres de créance et instruments du marché monétaire ; et
- les parts ou actions d’OPCVM et/ou d’OPCToujours dans le respect du droit luxembourgeois, les Directives d’investissement de la Charia auront priorité sur tous autres critères, y compris ceux exposés dans les Restrictions d’investissement, et elles pourront être modifiées en tant que de besoin par le CSC. | # – Shariah Investment Guidelines
The Sub-Fund will at all times comply with Shariah investment principles as determined by the SSB by investing in securities that:
- are constituents of the Reference Index; or
- meet the following cumulative criteria as determined by the SSSP:
- Shariah principles forbid investing in companies which are directly active in, or derive more than 5% of their revenue (cumulatively) from the following prohibited (Haram) activities:
- manufacturing or distributing alcohol;
- manufacturing or distributing tobacco products;
- manufacturing, distributing or any other business activity involving pork-related products;
- conventional financial services, including retail and commercial banking, investment banking and all types of insurance activity;
- manufacturing or distributing defence-related products and weapons;
- casinos and gambling;
- all forms of Entertainment;
- production or distribution of adult entertainment; and
- any other activity deemed Shariah non-compliant by the SSB as per the MSCI Islamic Index Series Methodology.
- Shariah investment principles do not allow investment in companies deriving significant income from interest or companies that have excessive leverage. Companies will be deemed Shariah non-compliant if any of the three financial ratios exceed 33.33%:
- total debt over total assets;
- sum of a company's cash and interest‐bearing securities over total assets;
- sum of a company’s accounts receivables and cash over total assets;The financial ratio calculation may be amended by the SSB from time to time.
Unless deemed Shariah-compliant by the SSB, the Sub-Fund is prohibited from investing in the following instruments:
- financial derivative instruments;
- any interest bearing asset, including debt instruments and money market instruments; and
- units or shares of UCITS and / or UCI.
Subject always to Luxembourg law, the above Shariah Investment Guidelines shall take precedence over any other criteria including those set out under Investment Restrictions and may be modified from time to time by the SSB. | en | fr |
DOLFIN6240 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Une partie des investissements d’un Compartiment peut se composer d’instruments financiers dérivés, afin de réduire les risques ou les frais ou de générer un capital ou un revenu supplémentaire. Certains Compartiments peuvent utiliser des instruments d’investissement dérivés plus complexes. L’utilisation de produits dérivés par chaque Compartiment est décrite de manière plus détaillée en Annexe 1.
De manière générale, les instruments dérivés sont des contrats financiers dont la valeur dépend ou est dérivée de la valeur d’un actif sous-jacent, d’un taux ou d’un indice de référence et peut se rapporter à des actions, obligations, prêts avec endettement, titres de créance à haut rendement, taux d’intérêt, devises ou taux de change et indices liés. Les exemples d’instruments dérivés qu’un Compartiment peut utiliser comprennent des contrats d’options, des contrats à terme normalisés, des contrats d’options sur contrats à terme normalisés, des contrats d’échange (dont contrats d’échange sur rendement total, contrats sur différence, swaps de portefeuille, contrats d’échange de crédit, contrats d’échange sur défaillance, options sur contrats d’échange, options doubles (straddles), contrats de change à terme et obligations structurées).
L’utilisation d’instruments dérivés par un Compartiment s’accompagne de risques qui diffèrent ou peuvent être plus importants que le risque associé à un investissement direct dans l’actif sous-jacent. Ce qui suit décrit d’importants facteurs de risque que les investisseurs doivent comprendre et prendre en considération en ce qui concerne les instruments dérivés. | Una parte de las inversiones del Subfondo puede consistir en instrumentos financieros derivados, con el objeto de reducir riesgos o costes o generar ingresos o capital adicional. Algunos Subfondos específicos pueden utilizar instrumentos derivados de inversión más complejos. El uso de los derivados por parte de cada Subfondo se expone más detalladamente en el Anexo 1.
Por lo general, los instrumentos derivados son contratos financieros cuyo valor depende, o se deriva de, el valor de un activo subyacente, un índice o tasa de referencia y puede estar vinculado a acciones, obligaciones, préstamos apalancados, títulos de deuda de alta rentabilidad, tipos de interés, divisas o tipos de cambio de divisas e índices relacionados. Algunos ejemplos de instrumentos derivados a los que puede recurrir un Subfondo son contratos de opciones, contratos de futuros, opciones sobre contratos de futuros y acuerdos de permuta financiera (incluidas permutas de rentabilidad total, contratos por diferencias, acuerdos de permuta de cartera, permutas financieras crediticias, permutas financieras del riesgo de crédito, opciones sobre acuerdos de permuta, compensaciones, contratos a plazo sobre cambio de divisas y pagarés estructurados).
La utilización por parte de un Subfondo de instrumentos derivados entraña riesgos diferentes, y posiblemente mayores, a los asociados a la inversión directa en el activo subyacente. A continuación, se señalan algunos factores de riesgo importantes que los inversores deberían comprender y tener en cuenta en relación con los instrumentos derivados. | Une partie des investissements d’un Compartiment peut se composer d’instruments financiers dérivés, afin de réduire les risques ou les frais ou de générer un capital ou un revenu supplémentaire. Certains Compartiments peuvent utiliser des instruments d’investissement dérivés plus complexes. L’utilisation de produits dérivés par chaque Compartiment est décrite de manière plus détaillée en Annexe 1.
De manière générale, les instruments dérivés sont des contrats financiers dont la valeur dépend ou est dérivée de la valeur d’un actif sous-jacent, d’un taux ou d’un indice de référence et peut se rapporter à des actions, obligations, prêts avec endettement, titres de créance à haut rendement, taux d’intérêt, devises ou taux de change et indices liés. Les exemples d’instruments dérivés qu’un Compartiment peut utiliser comprennent des contrats d’options, des contrats à terme normalisés, des contrats d’options sur contrats à terme normalisés, des contrats d’échange (dont contrats d’échange sur rendement total, contrats sur différence, swaps de portefeuille, contrats d’échange de crédit, contrats d’échange sur défaillance, options sur contrats d’échange, options doubles (straddles), contrats de change à terme et obligations structurées).
L’utilisation d’instruments dérivés par un Compartiment s’accompagne de risques qui diffèrent ou peuvent être plus importants que le risque associé à un investissement direct dans l’actif sous-jacent. Ce qui suit décrit d’importants facteurs de risque que les investisseurs doivent comprendre et prendre en considération en ce qui concerne les instruments dérivés. | fr | es |
DOLFIN6241 | 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 31/07/2013-31/07/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,843
8.4%
GBP 13,061
5.5% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/07/2013-31/07/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 843 GBP
8,4%
13 061 GBP
5,5% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/07/2013-31/07/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,843
8.4%
GBP 13,061
5.5% | en | es |
DOLFIN6242 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Shareholders are informed that following the changes to the subscription and redemption procedures described above, subscription and redemption requests received on 30 September 2021 before 13:30 (Luxembourg time) will be processed at the Net Asset Value dated 1st October 2021 and calculated on 4 October 2021.
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# Clarification of the definition of the Valuation Day of the DPAM Equities L US SRI MSCI Index sub-fund | Si informano gli azionisti che, a seguito delle modifiche alle procedure di sottoscrizione e rimborso descritte sopra, le domande di sottoscrizione e rimborso pervenute il giorno 30 settembre 2021 entro le ore 13.30 (ora di Lussemburgo) saranno elaborate al Valore patrimoniale netto del giorno 1 ottobre 2021 calcolato il 4 ottobre 2021.
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# Chiarimenti sulla definizione del Giorno di valutazione del comparto DPAM Equities L US SRI MSCI Index | Shareholders are informed that following the changes to the subscription and redemption procedures described above, subscription and redemption requests received on 30 September 2021 before 13:30 (Luxembourg time) will be processed at the Net Asset Value dated 1st October 2021 and calculated on 4 October 2021.
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# Clarification of the definition of the Valuation Day of the DPAM Equities L US SRI MSCI Index sub-fund | en | it |
DOLFIN6243 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.0% of the amount you pay in when entering this investment. | Up to $500 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | $0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.5% of the value of your investment per year. This is an estimate based on actual costs over the last year. | $153 |
| Transaction costs | 0.5% 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. | $53 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | $0 | | | Costi una tantum di ingresso o di uscita In caso di uscita dopo 1 anno |
| --- |
| Costi di ingresso | 5.0% dell'importo pagato al momento della sottoscrizione dell'investimento. | Fino a $500 |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto ma il soggetto che vende il prodotto può farlo. | $0 |
| Costi correnti registrati ogni anno |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1.5% del valore dell'investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | $153 |
| Costi di transazione | 0.5% del valore dell'investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti per il prodotto. L'importo effettivo varierà a seconda dell'importo che viene acquistato e venduto. | $53 |
| Oneri accessori sostenuti in determinate condizioni |
| Commissioni di performance (e carried interest) | Non sono previste commissioni di performance per questo prodotto. | $0 | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.0% of the amount you pay in when entering this investment. | Up to $500 |
| Exit costs | We do not charge an exit fee for this product, but the person selling you the product may do so. | $0 |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.5% of the value of your investment per year. This is an estimate based on actual costs over the last year. | $153 |
| Transaction costs | 0.5% 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. | $53 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | $0 | | en | it |
DOLFIN6244 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
AllianzGI uses data from third party providers as part of its ESG research, which may result in certain limitations.
The assessment of the company’s socially responsible behaviour is thus integrated with the fundamental and strategic analysis of the securities, which remains the basis for the selection of securities within the portfolios and allows the risk/return profile of traditional management to be maintained.
The Fund does not have an SRI label.
This stock picking is part of a traditional financial analysis based on fundamental analysis, valuation and characterisation of securities.
Fundamental analysis leads to an appraisal of each security in absolute terms and relative to its sector. It is based, over the medium term, on an analysis of the strategy, market, growth potential, financing structure and ability to generate profits from each security analysed.
Valuation aims to quantify the valuation potential of each security and assess the stock market momentum favourable to the investment.
Characterisation aims to establish the profile of a security by reference to its style, how aggressive it is in stock market terms and its sensitivity to various stock market and macroeconomic factors (size of the company, liquidity of the security, interest rate, currency, etc.).
The weighting and number of securities in the Fund portfolio is the result of an analysis of the optimal diversification of specific risk for an objective level of return and in connection with structural strategies such as the overall relative risk budget, style, level of aggressiveness (or beta) and thematic strategies (sectors and countries). The choice of adding or arbitrage of a security within the Fund portfolio is assessed by way of its impact on its portfolio risk and profitability, as well as its specific characteristics.
2 - Diversification of investment choices: Primary and recurring
In order to diversify its investment choices, and with the aim of seizing any performance opportunity, the Fund’s manager may invest in securities (which may include or be confined to UCIs) which offer performance opportunities.
Potential thematic investment opportunities are defined by the internal decision making bodies presented under the heading ‘‘Articulation of strategies’’. These strategies may take the form of diversification by management style, capitalisation size and/or sector. The rating scale for secondary markets, which is common to all management teams, breaks down as follows in this case: neutral, positive, very positive.
- Diversification by management style: major and recurringThe Fund’s manager is regularly obliged to invest in securities (which may include or be confined to UCIs) characterised by a pronounced management style (yield, growth etc.). The introduction of this kind of diversification arises directly from the rating scale for ‘‘secondary’’ markets as described above.
- Diversification by capitalisation size: major and recurringThe Fund manager may regularly invest in securities (which may include or be confined to UCIs) the specific feature of which is that they are specialists in asset sizes (large-cap, mid-cap and/or small-cap securities). The introduction of this kind of diversification arises directly from the rating scale for ‘‘secondary’’ markets as described above.
- Diversification by sector:The Fund’s manager may be obliged to invest in securities (which may include or be confined to UCIs) of one or more sectors. The introduction of this type of strategy arises directly from the rating scale for ‘‘secondary’’ markets as described above. | AllianzGI utilise des données provenant de fournisseurs tiers dans le cadre de sa recherche ESG, ce qui peut générer certaines limites.
L’évaluation du comportement socialement responsable de l’entreprise s’intègre ainsi à l’analyse fondamentale et stratégique des valeurs qui reste donc à la base de la sélection de titres au sein des portefeuilles et permet de conserver le profil risque/rendement d’une gestion traditionnelle.
Le fonds ne bénéficie pas du Label ISR.
Cette sélection de valeurs s’intègre dans le cadre d’une analyse financière classique basée sur l’analyse fondamentale, l’évaluation et la caractérisation des titres.
L’analyse fondamentale conduit à apprécier chaque valeur en absolu et en relatif dans son secteur. Elle repose, dans une optique à moyen terme, sur l’analyse de la stratégie, de marché, de potentiel de croissance, de structure de financement et de capacité à dégager des bénéfices de chaque titre analysé.
L’évaluation vise à quantifier le potentiel de valorisation de chaque titre et à apprécier le momentum boursier favorable à l’investissement.
La caractérisation tend à établir le profil d’un titre par son appartenance à un style, son degré d’agressivité boursier et sa sensibilité à divers facteurs macro-économiques et boursiers (taille de la société, liquidité du titre, taux d’intérêt, change…).
La pondération et le nombre de valeurs en portefeuille au sein d’OPC résultent d’une analyse de la diversification optimale du risque spécifique pour un niveau de rendement objectif et dans le cadre d’orientations structurantes telles que, le budget global de risque relatif, le style, le degré d’agressivité (ou beta), les orientations thématiques (secteurs et pays). Le choix de l’ajout ou de l’arbitrage d’un titre au sein du portefeuille d’OPC est apprécié par son impact sur le risque du portefeuille et sa rentabilité autant que sur ses caractéristiques spécifiques.
2 - Diversification des choix d’investissement : Principale et récurrente
Dans un souci de diversification de ses choix d’investissements, et dans le but de saisir toute opportunité de performance, le gérant de l’OPC pourra investir dans des titres (dont éventuellement ou uniquement des OPC) présentant des opportunités de performance.
Des opportunités d’investissement thématiques potentielles sont définies par les organes de décision internes présentés dans la rubrique « articulation des stratégies «. Celles-ci peuvent revêtir la forme de diversification par style de gestion, par taille de capitalisation et/ou par secteur. La grille de notation des marchés secondaires, commune à l’ensemble des équipes de gestion, se décompose, dans ce cas selon la forme suivante : neutre, positif, très positif.
- Diversification par style de gestion : importante et récurrenteLe gérant de l’OPC est amené régulièrement à investir sur des titres (dont éventuellement ou uniquement des OPC) ayant pour particularité de suivre un style de gestion marqué (rendement, croissance…). L’introduction de ce type de diversification résulte directement de la grille de notation des marchés dits «secondaires» décrite précédemment.
- Diversification par taille de capitalisation : importante et récurrenteLe gérant de l’OPC est amené régulièrement à investir sur des titres (dont éventuellement ou uniquement des OPC)ayant pour particularité d’être spécialisés sur des tailles d’actifs (grandes valeurs, valeurs moyennes et/ou petites valeurs). L’introduction de ce type de diversification résulte directement de la grille de notation des marchés dits «secondaires» décrite précédemment.
- Diversification sectorielle :Le gérant de l’OPC peut être amené à investir sur des titres (dont éventuellement ou uniquement des OPC) d’un ou plusieurs secteurs. L’introduction de ce type de stratégie résulte directement de la grille de notation des marchés dits «secondaires» décrite précédemment. | AllianzGI uses data from third party providers as part of its ESG research, which may result in certain limitations.
The assessment of the company’s socially responsible behaviour is thus integrated with the fundamental and strategic analysis of the securities, which remains the basis for the selection of securities within the portfolios and allows the risk/return profile of traditional management to be maintained.
The Fund does not have an SRI label.
This stock picking is part of a traditional financial analysis based on fundamental analysis, valuation and characterisation of securities.
Fundamental analysis leads to an appraisal of each security in absolute terms and relative to its sector. It is based, over the medium term, on an analysis of the strategy, market, growth potential, financing structure and ability to generate profits from each security analysed.
Valuation aims to quantify the valuation potential of each security and assess the stock market momentum favourable to the investment.
Characterisation aims to establish the profile of a security by reference to its style, how aggressive it is in stock market terms and its sensitivity to various stock market and macroeconomic factors (size of the company, liquidity of the security, interest rate, currency, etc.).
The weighting and number of securities in the Fund portfolio is the result of an analysis of the optimal diversification of specific risk for an objective level of return and in connection with structural strategies such as the overall relative risk budget, style, level of aggressiveness (or beta) and thematic strategies (sectors and countries). The choice of adding or arbitrage of a security within the Fund portfolio is assessed by way of its impact on its portfolio risk and profitability, as well as its specific characteristics.
2 - Diversification of investment choices: Primary and recurring
In order to diversify its investment choices, and with the aim of seizing any performance opportunity, the Fund’s manager may invest in securities (which may include or be confined to UCIs) which offer performance opportunities.
Potential thematic investment opportunities are defined by the internal decision making bodies presented under the heading ‘‘Articulation of strategies’’. These strategies may take the form of diversification by management style, capitalisation size and/or sector. The rating scale for secondary markets, which is common to all management teams, breaks down as follows in this case: neutral, positive, very positive.
- Diversification by management style: major and recurringThe Fund’s manager is regularly obliged to invest in securities (which may include or be confined to UCIs) characterised by a pronounced management style (yield, growth etc.). The introduction of this kind of diversification arises directly from the rating scale for ‘‘secondary’’ markets as described above.
- Diversification by capitalisation size: major and recurringThe Fund manager may regularly invest in securities (which may include or be confined to UCIs) the specific feature of which is that they are specialists in asset sizes (large-cap, mid-cap and/or small-cap securities). The introduction of this kind of diversification arises directly from the rating scale for ‘‘secondary’’ markets as described above.
- Diversification by sector:The Fund’s manager may be obliged to invest in securities (which may include or be confined to UCIs) of one or more sectors. The introduction of this type of strategy arises directly from the rating scale for ‘‘secondary’’ markets as described above. | en | fr |
DOLFIN6245 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% Hedged to USD Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of equity securities (e.g. shares) of large and mid capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. Securities that are liquid means that they can easily be bought or sold in the market in normal market conditions. The Index is free float-adjusted market capitalisation weighted (i.e. the share price of a company multiplied by the number of shares available to international investors). The Index also uses (FX) forward contracts to hedge each non-US Dollar (USD) currency in the Index back to USD, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and USD.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The FX forward contracts hedge each non-USD currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
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.
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 objectives. FDIs may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar.
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/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo pretende conseguir un retorno 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 EMU 100% Hedged to USD Index, el índice de referencia del Fondo (el «Índice»).
El Índice ofrece la rentabilidad del Índice MSCI EMU, que mide la rentabilidad de los valores de renta variable (como por ejemplo acciones) de las empresas de elevada y mediana capitalización de los países de los mercados desarrollados de la Unión Económica y Monetaria Europea (UME) de acuerdo con criterios del tamaño de MSCI, liquidez y flotación libre. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. El Índice está ponderado por capitalización bursátil ajustada a flotación libre (es decir, la cotización bursátil de la empresa multiplicada por el número de acciones disponibles para inversores internacionales). El Índice también utiliza contratos de divisas a plazo para cubrir cada divisa del Índice distinta del dólar estadounidense (USD) respecto de este último, la moneda base del Fondo. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable que componen el Índice y el USD.
El Fondo trata de invertir en la medida de lo posible y factible en los valores de renta variable que componen el MSCI EMU Index, así como en contratos de divisas a plazo que, en la medida de lo posible y factible, sigan la metodología de cobertura del Índice.
Los contratos de divisas a plazo cubren cada divisa del Índice distinta del USD respecto de la moneda base del Fondo. Esto se basa en la metodología de los índices MSCI Hedged.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
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.
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 los objetivos de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el dólar estadounidense.
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, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% Hedged to USD Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of equity securities (e.g. shares) of large and mid capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. Securities that are liquid means that they can easily be bought or sold in the market in normal market conditions. The Index is free float-adjusted market capitalisation weighted (i.e. the share price of a company multiplied by the number of shares available to international investors). The Index also uses (FX) forward contracts to hedge each non-US Dollar (USD) currency in the Index back to USD, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and USD.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The FX forward contracts hedge each non-USD currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
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.
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 objectives. FDIs may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar.
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/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN6246 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | # ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las inversiones en empresas extranjeras conllevan riesgos entre los que se incluyen la exposición a las fluctuaciones de divisas, una menor liquidez, mercados de negociación menos desarrollados e inestabilidad política. El Fondo puede invertir en derivados, lo cual puede incidir en gran medida en la rentabilidad del Fondo.
Tenga presente el riesgo de cambio. Recibirá pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | # What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment. | en | es |
DOLFIN6247 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 5.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | 3.0% de votre investissement avant qu'il ne vous soit payé. | 309 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.3% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 128 EUR |
| Coûts de transaction | 0.1% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 14 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | 5.0% del importe que pagará usted al realizar esta inversión. | Hasta 500 EUR |
| Costes de salida | 3.0% de su inversión antes de que se le pague. | 309 EUR |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.3% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 128 EUR |
| Costes de operación | 0.1% del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 14 EUR |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | 5.0% du montant que vous payez au moment de l'entrée dans l'investissement. | Jusqu'à 500 EUR |
| Coûts de sortie | 3.0% de votre investissement avant qu'il ne vous soit payé. | 309 EUR |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.3% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'année dernière. | 128 EUR |
| Coûts de transaction | 0.1% de la valeur de votre investissement par an. Il s'agit d'une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 14 EUR |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | 0 EUR | | fr | es |
DOLFIN6248 | 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 the United States of America.
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. | #### Principes de placement
Les deux tiers au moins des actifs nets du compartiment seront investis dans des obligations (y compris obligations à zéro coupon, subordonnées, garanties, à durée indéterminée, ou 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 aux États-Unis d’Amérique, ou qui y exercent la majeure partie de leur activité.
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 et 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. | #### 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 the United States of America.
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. | en | fr |
DOLFIN6249 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Depositary is liable to the Fund or its Shareholders for the loss of a financial instrument held in custody by the Depositary or any of its delegates. The Depositary shall, however, not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. The Depositary is also liable to the Fund or its Shareholders for losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its duties in accordance with the UCITS V Legislation.
The Depositary may entrust all or part of the assets of the Fund that it holds in custody to such sub- custodians as may be determined by the Depositary from time to time. The Depositary’s liability shall not be affected by the fact that it has entrusted all or part of the assets in its care to a third party.
When selecting and appointing a sub-custodian or other delegate, the Depositary shall exercise all due skill, care and diligence as required by the UCITS V Legislation to ensure that it entrusts the Fund’s assets only to a delegate that may provide an adequate standard of protection.
The current list of sub-custodians used by the Depositary is available at http://www.jpmorganassetmanagement.lu/listofsubcustodians. | Le Dépositaire est responsable envers la SICAV ou ses Actionnaires de la perte d'un instrument financier déposé auprès du Dépositaire ou de l'un quelconque de ses délégués. La responsabilité du Dépositaire ne sera toutefois pas engagée si celui-ci peut prouver que la perte découle d'un événement extérieur qui échappe à son contrôle raisonnable et dont les conséquences auraient été inévitables malgré toutes les mesures raisonnables prises pour s'assurer du contraire. Le Dépositaire est également responsable envers la SICAV ou ses Actionnaires pour les pertes subies à la suite d'une négligence ou d'un manquement intentionnel du Dépositaire dans la bonne exécution de ses obligations conformément à la Législation OPCVM V.
Le Dépositaire peut confier tout ou partie des actifs de la SICAV qu'il a à sa garde à un sous- dépositaire tel que déterminé par le Dépositaire en tant que de besoin. La responsabilité du Dépositaire ne sera pas engagée par le fait qu'il a confié tout ou partie des actifs à un tiers.
Lors de la sélection et de la désignation d'un sous-dépositaire ou de tout autre délégué, le Dépositaire devra faire preuve de la compétence, du soin et de la diligence requis par la Législation OPCVM V, afin de s'assurer qu'il confie les actifs de la SICAV à un délégué dont les normes de protection sont satisfaisantes.
La liste des sous-dépositaires actuellement utilisés par le Dépositaire est disponible à la page http://www.jpmorganassetmanagement.lu/listofsubcustodians. | The Depositary is liable to the Fund or its Shareholders for the loss of a financial instrument held in custody by the Depositary or any of its delegates. The Depositary shall, however, not be liable if it can prove that the loss has arisen as a result of an external event beyond its reasonable control, the consequences of which would have been unavoidable despite all reasonable efforts to the contrary. The Depositary is also liable to the Fund or its Shareholders for losses suffered by them as a result of the Depositary’s negligent or intentional failure to properly fulfil its duties in accordance with the UCITS V Legislation.
The Depositary may entrust all or part of the assets of the Fund that it holds in custody to such sub- custodians as may be determined by the Depositary from time to time. The Depositary’s liability shall not be affected by the fact that it has entrusted all or part of the assets in its care to a third party.
When selecting and appointing a sub-custodian or other delegate, the Depositary shall exercise all due skill, care and diligence as required by the UCITS V Legislation to ensure that it entrusts the Fund’s assets only to a delegate that may provide an adequate standard of protection.
The current list of sub-custodians used by the Depositary is available at http://www.jpmorganassetmanagement.lu/listofsubcustodians. | en | fr |
DOLFIN6250 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Informations pratiques.
- RBC Investor Services Bank SA agit en tant que dépositaire du fonds.
- La version anglaise du prospectus, les comptes annuels et semi-annuels peuvent être obtenus sur www.triodos-im.com ou gratuitement auprès de Triodos.
- Les détails de la politique de rémunération actualisée de la société de gestion, y compris, sans toutefois s’y limiter, une description du mode de calcul de la rémunération et des avantages sociaux ainsi que l’identité des personnes responsables de l’octroi de la rémunération et des avantages sociaux, figurent sur le site web www.triodos-im.com. Un exemplaire papier de la politique de rémunération peut être obtenu gratuitement sur demande auprès de la société de gestion.
- D’autres informations sur le compartiment, y compris les derniers cours, sont consultables sur www.triodos-im.com
- L’actif et le passif de chaque compartiment sont séparés conformément à la loi. Le compartiment peut proposer d’autres catégories d’actions. L’information au sujet de ces autres catégories d’actions est disponible dans ce prospectus.
- La règlementation fiscale de l’Etat Membre d’origine de la SICAV peut avoir un impact sur le régime fiscal de l’investisseur.
- La responsabilité de Triodos Investment Management BV ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l’OPCVM. | ## Información práctica.
- RBC Investor Services Bank SA actúa como depositario del fondo.
- El folleto y los informes anuales y semestrales en inglés se pueden obtener gratuitamente en www.triodos-im.com.
- Los detalles de la política de remuneración de la sociedad gestora, incluida una descripción del método de cálculo de las remuneraciones y los beneficios y la identidad de las personas responsables de conceder tales remuneraciones y beneficios, están disponibles en www.triodos-im.com. Se podrá obtener gratuitamente un ejemplar impreso de dicha política de remuneración, previa solicitud, en el domicilio social de la sociedad de gestión.
- Otra información sobre el fondo, incluidos los precios más recientes de las acciones, se puede consultar en www.triodos-im.com.
- Los activos y pasivos de cada subfondo están segregados por ley. El subfondo puede ofrecer otras clases de acciones. La información sobre dichas clases de acciones puede consultarse en el folleto.
- La legislación tributaria del Estado miembro de origen de la SICAV puede incidir en la situación tributaria personal del inversor.
- Triodos Investment Management BV únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. | ## Informations pratiques.
- RBC Investor Services Bank SA agit en tant que dépositaire du fonds.
- La version anglaise du prospectus, les comptes annuels et semi-annuels peuvent être obtenus sur www.triodos-im.com ou gratuitement auprès de Triodos.
- Les détails de la politique de rémunération actualisée de la société de gestion, y compris, sans toutefois s’y limiter, une description du mode de calcul de la rémunération et des avantages sociaux ainsi que l’identité des personnes responsables de l’octroi de la rémunération et des avantages sociaux, figurent sur le site web www.triodos-im.com. Un exemplaire papier de la politique de rémunération peut être obtenu gratuitement sur demande auprès de la société de gestion.
- D’autres informations sur le compartiment, y compris les derniers cours, sont consultables sur www.triodos-im.com
- L’actif et le passif de chaque compartiment sont séparés conformément à la loi. Le compartiment peut proposer d’autres catégories d’actions. L’information au sujet de ces autres catégories d’actions est disponible dans ce prospectus.
- La règlementation fiscale de l’Etat Membre d’origine de la SICAV peut avoir un impact sur le régime fiscal de l’investisseur.
- La responsabilité de Triodos Investment Management BV ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou non cohérentes avec les parties correspondantes du prospectus de l’OPCVM. | fr | es |
DOLFIN6251 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Sub-Fund may hold, on an ancillary basis, the following financial instruments:
- Securities other than those described above in accordance with Article 41 (1) of the Law of 2010 (i.e. eligible close-ended REITS, Chinese A equities for a maximum of 10%, equities of companies active in the automotive sector, for a maximum of 30% …);
- Money market instruments;
- Deposits and/or cash;
- UCIs and UCITS for a maximum of 10% of assets in accordance with Article 41 (1) of the Law of 2010. | Ergänzend kann der Teilfonds die folgenden Finanzinstrumente halten:
- andere als die oben beschriebenen Wertpapiere in Übereinstimmung mit Artikel 41 Absatz 1 des Gesetzes von 2010 (d. h. zulässige geschlossene REITS, bis zu 10 % chinesische A-Aktien, bis zu 30 % Aktien von Unternehmen, die in der Automobilbranche tätig sind, etc.);
- Geldmarktinstrumente;
- Einlagen und/oder Barmittel;
- OGA und OGAW für bis zu 10 % des Vermögens in Übereinstimmung mit Artikel 41 Absatz 1 des Gesetzes von 2010. | The Sub-Fund may hold, on an ancillary basis, the following financial instruments:
- Securities other than those described above in accordance with Article 41 (1) of the Law of 2010 (i.e. eligible close-ended REITS, Chinese A equities for a maximum of 10%, equities of companies active in the automotive sector, for a maximum of 30% …);
- Money market instruments;
- Deposits and/or cash;
- UCIs and UCITS for a maximum of 10% of assets in accordance with Article 41 (1) of the Law of 2010. | en | de |
DOLFIN6252 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Each Prospectus and KIID neither constitutes an offer nor solicitation to any Indonesian citizens, nationals or corporations, wherever located, or entities or residents in Indonesia (“Indonesian Citizens”) in a manner which constitutes a public offer under the laws and regulations of Indonesia. Each Prospectus and KIID may not be photocopied, reproduced, published or distributed, in whole or in part, while in Indonesia or to the Indonesian citizens in a manner which constitutes a public offer under the laws and regulations of Indonesia. The Directors, the Investment Manager, the Distributor, the Management Company, the Administrator and the Depositary and their respective affiliates, officers, directors and shareholders, employees and agents disclaim any responsibility for any copy of the Prospectus and the KIIDs that have been improperly photocopied, reproduced, published or distributed in Indonesia or to the Indonesian Citizens.
The Funds will not be offered or sold, directly or indirectly, in Indonesia or to Indonesian citizens in a manner which constitutes a public offering under the laws and regulations of Indonesia.
-
# Ireland | Chaque Prospectus et DICI ne constituent ni une offre ni une sollicitation auprès de citoyens, nationaux ou sociétés, où qu'ils se trouvent, ou des entités ou résidents en Indonésie (« Citoyens indonésiens ») d'une façon qui constitue une offre publique en vertu des lois et réglementations de l'Indonésie. Chaque Prospectus et DICI ne seront ni photocopiés, reproduits, publiés ou distribués, en tout ou partie, en Indonésie ou pour le compte de Citoyens indonésiens d'une façon qui constitue une offre publique en vertu des lois et réglementations de l'Indonésie. Les Administrateurs, le Gestionnaire de portefeuille, le Distributeur, la Société de gestion, l’Agent administratif, le Dépositaire et leurs filiales, leurs dirigeants, leurs administrateurs, leurs actionnaires, leurs employés et agents respectifs déclinent toute responsabilité pour toute copie du Prospectus et des DICI qui auraient été indûment photocopiés, reproduits ou distribués en Indonésie ou à des Citoyens indonésiens.
Les Compartiments ne seront pas offerts ou vendus, directement ou indirectement, en Indonésie ou pour le compte de Citoyens indonésiens d'une façon qui constitue une offre publique en vertu des lois et réglementations de l'Indonésie.
-
# Irlande | Each Prospectus and KIID neither constitutes an offer nor solicitation to any Indonesian citizens, nationals or corporations, wherever located, or entities or residents in Indonesia (“Indonesian Citizens”) in a manner which constitutes a public offer under the laws and regulations of Indonesia. Each Prospectus and KIID may not be photocopied, reproduced, published or distributed, in whole or in part, while in Indonesia or to the Indonesian citizens in a manner which constitutes a public offer under the laws and regulations of Indonesia. The Directors, the Investment Manager, the Distributor, the Management Company, the Administrator and the Depositary and their respective affiliates, officers, directors and shareholders, employees and agents disclaim any responsibility for any copy of the Prospectus and the KIIDs that have been improperly photocopied, reproduced, published or distributed in Indonesia or to the Indonesian Citizens.
The Funds will not be offered or sold, directly or indirectly, in Indonesia or to Indonesian citizens in a manner which constitutes a public offering under the laws and regulations of Indonesia.
-
# Ireland | en | fr |
DOLFIN6253 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Capitalised terms not defined herein shall have the meaning given to them in the prospectus of the Company (the "Prospectus").
Further information regarding the changes mentioned above, including more detailed information regarding each New Reference Index and the Direct Investment Policy are contained in the Prospectus. The Prospectus, as well as the revised key investor information documents in relation to the Sub-Funds are available on the website of the Company (www.Xtrackers.com), a copy of which may be obtained free of charge at the Company’s registered office or at the foreign representatives’ offices.
If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor. All shareholders are strongly advised to consult their tax advisor to assess (1) the impact of the changes and any potential tax consequences thereof and (2) any potential changes between the current and / or future taxation of their investment under the laws of the countries of their nationality, residence, domicile or incorporation. | # Los términos en mayúscula no definidos en este documento tendrán el significado que se les otorga en el folleto de la Sociedad (el “Folleto”).
En el Folleto se detalla más información sobre los cambios mencionados anteriormente, incluida información pormenorizada sobre cada Nuevo Índice de Referencia y la Política de Inversión Directa. Asimismo, tanto el Folleto como los documentos revisados de datos fundamentales para el inversor de los Subfondos estarán disponibles en la página web de la Sociedad (www.Xtrackers.com) y podrán obtenerse copias gratuitas en el domicilio social de esta o en las oficinas de los representantes extranjeros.
Si tiene cualquier pregunta o precisa alguna aclaración sobre cualesquiera de las cuestiones anteriores, le recomendamos que se ponga en contacto con su agente de bolsa, director de banco, asesor jurídico o contable o con otro asesor financiero independiente. Se recomienda encarecidamente que los accionistas consulten a sus asesores fiscales para evaluar (1) el impacto de los cambios y cualquier posible consecuencia tributaria de los mismos y (2) cualquier posible variación entre la fiscalidad actual o futura de su inversión con arreglo a las leyes de sus países de nacionalidad, residencia, domicilio o constitución. | # Capitalised terms not defined herein shall have the meaning given to them in the prospectus of the Company (the "Prospectus").
Further information regarding the changes mentioned above, including more detailed information regarding each New Reference Index and the Direct Investment Policy are contained in the Prospectus. The Prospectus, as well as the revised key investor information documents in relation to the Sub-Funds are available on the website of the Company (www.Xtrackers.com), a copy of which may be obtained free of charge at the Company’s registered office or at the foreign representatives’ offices.
If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor. All shareholders are strongly advised to consult their tax advisor to assess (1) the impact of the changes and any potential tax consequences thereof and (2) any potential changes between the current and / or future taxation of their investment under the laws of the countries of their nationality, residence, domicile or incorporation. | en | es |
DOLFIN6254 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Minimum Il n'y a pas de rendement minimum garanti si vous sortez avant 5 ans. Vous pourriez perdre tout ou partie de votre investissement.
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6,650 EUR | 7,190 EUR |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -33.53% | -10.42% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,810 EUR | 7,880 EUR |
| | Rendement annuel moyen | -21.93% | -7.62% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,800 EUR | 10,110 EUR |
| | Rendement annuel moyen | -2.04% | 0.36% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10,730 EUR | 11,130 EUR |
| | Rendement annuel moyen | 7.34% | 3.64% | | # Mínimo No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión.
| Tensión | Lo que podría recibir tras deducir los costes | 6,650 EUR | 7,190 EUR |
| --- | --- | --- | --- |
| | Rendimiento medio cada año | -33.53% | -10.42% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,810 EUR | 7,880 EUR |
| | Rendimiento medio cada año | -21.93% | -7.62% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,800 EUR | 10,110 EUR |
| | Rendimiento medio cada año | -2.04% | 0.36% |
| Favorable | Lo que podría recibir tras deducir los costes | 10,730 EUR | 11,130 EUR |
| | Rendimiento medio cada año | 7.34% | 3.64% | | # Minimum Il n'y a pas de rendement minimum garanti si vous sortez avant 5 ans. Vous pourriez perdre tout ou partie de votre investissement.
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 6,650 EUR | 7,190 EUR |
| --- | --- | --- | --- |
| | Rendement annuel moyen | -33.53% | -10.42% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7,810 EUR | 7,880 EUR |
| | Rendement annuel moyen | -21.93% | -7.62% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9,800 EUR | 10,110 EUR |
| | Rendement annuel moyen | -2.04% | 0.36% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10,730 EUR | 11,130 EUR |
| | Rendement annuel moyen | 7.34% | 3.64% | | fr | es |
DOLFIN6255 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Voting at directors' meetings
- Questions arising at any meeting of Directors shall be decided by a majority of votes. Where there is an equality of votes, the chairman of the meeting shall have a casting vote.
- Subject as hereinafter provided, each Director present and voting shall have one vote and in addition to his own vote shall be entitled to one vote in respect of each other Director not present at the meeting who shall have authorised him in respect of such meeting to vote for such other Director in his absence. Any such authority may relate generally to all meetings of the Directors or to any specified meeting or meetings and must be in writing and may be sent by delivery, post, cable, telegram, telex, telefax, electronic mail or any other means of communication approved by the Directors and may bear a printed or facsimile signature of the Director giving such authority. The authority must be delivered to the Secretary for filing prior to or must be produced at the first meeting at which a vote is to be cast pursuant theretoprovided that no Director shall be entitled to any vote at a meeting on behalf of another Director pursuant to this paragraph if the other Director shall have appointed an alternate Director and that alternate Director is present at the meeting at which the Director proposes to vote pursuant to this paragraph.
- | # Abstimmung auf Sitzungen des Verwaltungsrats
- Bei einer Sitzung des Verwaltungsrats auftretende Fragen werden mit der Mehrheit der Stimmen entschieden. Wenn es eine Stimmengleichheit gibt, verfügt der Vorsitzende der Sitzung über eine ausschlaggebende Stimme.
- Vorbehaltlich der nachfolgenden Bestimmungen hat jedes anwesende und abstimmende Verwaltungsratsmitglied eine Stimme, und zusätzlich zu seiner eigenen Stimme ist es zu einer Stimme berechtigt für jedes auf der Sitzung abwesende Verwaltungsratsmitglied, das es bevollmächtigt hat, in Bezug auf eine solche Sitzung für ein solch anderes Verwaltungsratsmitglied bei dessen Abwesenheit abzustimmen. Eine solche Vollmacht kann sich allgemein auf alle Sitzungen des Verwaltungsrats oder auf eine bestimmte Sitzung oder bestimmte Sitzungen beziehen und hat schriftlich zu erfolgen und kann durch Übergabe, per Post, Telegramm, telegrafisch, per Telex, Telefax, E-Mail oder über ein anderes Kommunikationsmittel, das der Verwaltungsrat genehmigt hat, übermittelt werden und kann eine gedruckte Unterschrift oder eine Fax-Unterschrift des die Vollmacht erteilenden Verwaltungsratsmitglieds tragen. Die Vollmacht muss dem Gesellschaftssekretär zur Aufnahme in die Akten vorher übergeben oder bei der ersten Sitzung vorgelegt werden, bei der eine Stimme gemäß dieser Vollmacht abgegeben werden soll, unter dem Vorbehalt, dass kein Verwaltungsratsmitglied berechtigt ist, entsprechend diesem Absatz auf einer Sitzung im Namen eines anderen Verwaltungsratsmitglied abzustimmen, wenn dieses andere Verwaltungsratsmitglied ein stellvertretendes Verwaltungsratsmitglied ernannt hat und dieses stellvertretende Verwaltungsratsmitglied auf der Sitzung anwesend ist, auf der das Verwaltungsratsmitglied gemäß diesem Absatz beabsichtigt, abzustimmen.
- | # Voting at directors' meetings
- Questions arising at any meeting of Directors shall be decided by a majority of votes. Where there is an equality of votes, the chairman of the meeting shall have a casting vote.
- Subject as hereinafter provided, each Director present and voting shall have one vote and in addition to his own vote shall be entitled to one vote in respect of each other Director not present at the meeting who shall have authorised him in respect of such meeting to vote for such other Director in his absence. Any such authority may relate generally to all meetings of the Directors or to any specified meeting or meetings and must be in writing and may be sent by delivery, post, cable, telegram, telex, telefax, electronic mail or any other means of communication approved by the Directors and may bear a printed or facsimile signature of the Director giving such authority. The authority must be delivered to the Secretary for filing prior to or must be produced at the first meeting at which a vote is to be cast pursuant theretoprovided that no Director shall be entitled to any vote at a meeting on behalf of another Director pursuant to this paragraph if the other Director shall have appointed an alternate Director and that alternate Director is present at the meeting at which the Director proposes to vote pursuant to this paragraph.
- | en | de |
DOLFIN6256 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Custodian's selection and management of sub-delegates complies with the Law of 2010. The Depositary monitors any potential conflicts of interests that may arise with sub-delegates. The Custodian represents that there are currently no conflicts of interest with its sub-managers.
If a potential conflict of interest arises with the Custodian, despite the measures put in place to mitigate, identify, prevent and ease them, the Custodian must comply with its legal and contractual obligations to the SICAV at all times. If a conflict of interest is likely to have a significant adverse effect on the SICAV or the shareholders of the SICAV and cannot be resolved, the Custodian shall duly inform the SICAV, which will take appropriate action.
The shareholders can obtain up-to-date information about the Custodian on request.
The remuneration of the Custodian Bank with respect to the different sub-funds of the SICAV is described in the appendices detailing the sub-funds.
-
#### DOMICILIARY AGENT, ADMINISTRATIVE AGENT, TRANSFER AGENT AND REGISTRAR | La sélection et le contrôle des sous-délégataires du Dépositaire est faite suivant la Loi de 2010. Le Dépositaire contrôle les conflits d’intérêts potentiels pouvant survenir avec ses sous- délégataires. Présentement, le Dépositaire n’a pas relevé de conflits d’intérêts avec ses sous- délégataires.
Lorsque, malgré les mesures mises en place afin d’atténuer, identifier, prévenir et réduire les conflits d’intérêts susceptibles de survenir auprès du Dépositaire, un tel conflit survient, le Dépositaire devra en tout temps respecter ses obligations légales et contractuelles envers la SICAV. Si un conflit d’intérêt risquait d’affecter significativement et défavorablement la SICAV ou les actionnaires de la SICAV et ne peut être résolu, le Dépositaire en informera dûment la SICAV qui devra prendre une action appropriée.
Les informations actualisées relatives au Dépositaire peuvent être obtenues sur simple demande des actionnaires.
La rémunération de la Banque Dépositaire en ce qui concerne les différents compartiments de la SICAV est décrite au sein des annexes dédiées auxdits compartiments.
-
#### AGENT DOMICILIATAIRE, AGENT ADMINISTRATIF, AGENT DE TRANSFERT ET TENEUR DE REGISTRE | The Custodian's selection and management of sub-delegates complies with the Law of 2010. The Depositary monitors any potential conflicts of interests that may arise with sub-delegates. The Custodian represents that there are currently no conflicts of interest with its sub-managers.
If a potential conflict of interest arises with the Custodian, despite the measures put in place to mitigate, identify, prevent and ease them, the Custodian must comply with its legal and contractual obligations to the SICAV at all times. If a conflict of interest is likely to have a significant adverse effect on the SICAV or the shareholders of the SICAV and cannot be resolved, the Custodian shall duly inform the SICAV, which will take appropriate action.
The shareholders can obtain up-to-date information about the Custodian on request.
The remuneration of the Custodian Bank with respect to the different sub-funds of the SICAV is described in the appendices detailing the sub-funds.
-
#### DOMICILIARY AGENT, ADMINISTRATIVE AGENT, TRANSFER AGENT AND REGISTRAR | en | fr |
DOLFIN6257 | 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 | €7480 | €7470 |
| Rendement annuel moyen | -25.25% | -5.66% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8650 | €8470 |
| Rendement annuel moyen | -13.52% | -3.27% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9850 | €9940 |
| Rendement annuel moyen | -1.51% | -0.13% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12100 | €11640 |
| Rendement annuel moyen | 21.01% | 3.09% | | | Mínimo | Podría perder parte o la totalidad de su inversión. |
| --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes | €7480 | €7470 |
| Rendimiento medio cada año | -25.25% | -5.66% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €8650 | €8470 |
| Rendimiento medio cada año | -13.52% | -3.27% |
| Moderado | Lo que podría recibir tras deducir los costes | €9850 | €9940 |
| Rendimiento medio cada año | -1.51% | -0.13% |
| Favorable | Lo que podría recibir tras deducir los costes | €12100 | €11640 |
| Rendimiento medio cada año | 21.01% | 3.09% | | | Minimum | Vous pourriez perdre tout ou partie de votre investissement. |
| --- | --- |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | €7480 | €7470 |
| Rendement annuel moyen | -25.25% | -5.66% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | €8650 | €8470 |
| Rendement annuel moyen | -13.52% | -3.27% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | €9850 | €9940 |
| Rendement annuel moyen | -1.51% | -0.13% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | €12100 | €11640 |
| Rendement annuel moyen | 21.01% | 3.09% | | fr | es |
DOLFIN6258 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Risk profile:
Credit risk:
A bond or money market instrument may lose value in the event of the deterioration of the financial health of the issuer.
If the financial health of the issuer of a bond or money market instrument should deteriorate, or if the market believes that it could deteriorate, there may be a reduction in the value of the bond or money market instrument in question. The lower the credit rating of the debt, the higher the credit risk.
In certain cases, it is possible that an individual issuer may find themselves in default of payment (see “Risk of default” in the section “Unusual market conditions”), even if market conditions are, in general, normal. | ### Perfil de riesgo :
Riesgo crediticio:
Un bono o un instrumento del mercado monetario puede perder valor en caso de deterioro de la solvencia económica del emisor.
Si la solvencia económica del emisor de un bono o un instrumento del mercado monetario se degrada, o si el mercado prevé que podría degradarse, el valor de la obligación o el instrumento del mercado monetario en cuestión podría disminuir. Cuanta menos calidad tenga el crédito de la deuda, mayor es el riesgo crediticio.
En determinados casos, es posible que un emisor individual incurra en un impago (véase «Riesgo de impago», en la sección «Condiciones de mercado inusuales»), aunque las condiciones de mercado sean, por lo general, normales. | ### Risk profile:
Credit risk:
A bond or money market instrument may lose value in the event of the deterioration of the financial health of the issuer.
If the financial health of the issuer of a bond or money market instrument should deteriorate, or if the market believes that it could deteriorate, there may be a reduction in the value of the bond or money market instrument in question. The lower the credit rating of the debt, the higher the credit risk.
In certain cases, it is possible that an individual issuer may find themselves in default of payment (see “Risk of default” in the section “Unusual market conditions”), even if market conditions are, in general, normal. | en | es |
DOLFIN6259 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée: 2 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 2 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 261 CHF | 8 042 CHF |
| | Rendement annuel moyen | -27,39 % | -10,32 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 659 CHF | 8 609 CHF |
| | Rendement annuel moyen | -13,41 % | -7,21 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 804 CHF | 9 718 CHF |
| | Rendement annuel moyen | -1,96 % | -1,42 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 473 CHF | 10 615 CHF |
| | Rendement annuel moyen | 4,73 % | 3,03 % | | | Período de mantenimiento recomendado: 2 años Ejemplo de inversión: 10 000 CHF |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 2 años Período de mantenimiento recomendado |
| Tensión | Lo que podría recibir tras deducir los costes | 7 261 CHF | 8 042 CHF |
| | Rendimiento medio cada año | -27,39 % | -10,32 % |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8 659 CHF | 8 609 CHF |
| | Rendimiento medio cada año | -13,41 % | -7,21 % |
| Moderado | Lo que podría recibir tras deducir los costes | 9 804 CHF | 9 718 CHF |
| | Rendimiento medio cada año | -1,96 % | -1,42 % |
| Favorable | Lo que podría recibir tras deducir los costes | 10 473 CHF | 10 615 CHF |
| | Rendimiento medio cada año | 4,73 % | 3,03 % | | | Période de détention recommandée: 2 ans Exemple d'investissement: 10 000 CHF |
| --- |
| Scénarios Minimum: Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. | 1 an | 2 ans Période de détention recommandée |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 7 261 CHF | 8 042 CHF |
| | Rendement annuel moyen | -27,39 % | -10,32 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 8 659 CHF | 8 609 CHF |
| | Rendement annuel moyen | -13,41 % | -7,21 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 804 CHF | 9 718 CHF |
| | Rendement annuel moyen | -1,96 % | -1,42 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 10 473 CHF | 10 615 CHF |
| | Rendement annuel moyen | 4,73 % | 3,03 % | | fr | es |
DOLFIN6260 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The availability of these Share Classes may depend on the investor's location and/or the type of service that the investor may receive from Intermediaries.
- Class RE Shares are classes designed for retail investors (as defined under MIFID) for which there is no sales charge at the time of subscription but with a higher All-In Fee than the class R Shares of the same Sub-Fund;
- Class N Shares and Class N1 Shares are appropriate for investors investing through an approved distributor, platform, or intermediary (“Intermediary”) that have entered into a separate legal agreement with the Management Company, or an approved Intermediary that:
- has agreed not to receive any payments on the basis of a contractual arrangement, or
- is required to comply with the restrictions on payments in accordance with MIFID II, or, where applicable, any more restrictive regulatory requirements imposed by local regulators. | La disponibilité de ces Catégories d’Actions peut dépendre du lieu de résidence de l’investisseur et/ou du type de service que lui offrent des intermédiaires.
- Les Actions de catégorie RE sont destinées aux investisseurs privés (tels que définis dans la directive MiFID) pour lesquels aucuns frais ne s’appliquent au moment de la souscription, mais les Frais Globaux sont plus élevés que ceux correspondant aux Actions de la catégorie R du même Compartiment ;
- Les Actions des catégories N et N1 s’adressent aux investisseurs qui investissent par le biais d’un distributeur, d’une plate-forme ou d’un intermédiaire (« Intermédiaire ») approuvé qui a conclu un contrat avec la Société de Gestion, ou un Intermédiaire approuvé qui :
- a accepté de ne pas recevoir de paiements au titre d’un contrat, ou
- est tenu de se conformer aux restrictions applicables aux paiements conformément à la directive MiFID II ou, le cas échéant, aux exigences réglementaires plus restrictivesimposées par des autorités de régulation locales. | The availability of these Share Classes may depend on the investor's location and/or the type of service that the investor may receive from Intermediaries.
- Class RE Shares are classes designed for retail investors (as defined under MIFID) for which there is no sales charge at the time of subscription but with a higher All-In Fee than the class R Shares of the same Sub-Fund;
- Class N Shares and Class N1 Shares are appropriate for investors investing through an approved distributor, platform, or intermediary (“Intermediary”) that have entered into a separate legal agreement with the Management Company, or an approved Intermediary that:
- has agreed not to receive any payments on the basis of a contractual arrangement, or
- is required to comply with the restrictions on payments in accordance with MIFID II, or, where applicable, any more restrictive regulatory requirements imposed by local regulators. | en | fr |
DOLFIN6261 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Additional important information:
The total commitments of the fund may not amount to more than 210% as a result of the use of derivatives (max. 100%) and temporary borrowing (max. 10%).
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increaseThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks because substantial investments are made in interest-bearing securities whose repayment may becancelled.
- Operational risks and risks in connection with the safekeeping of assets.
- Operational risks in connection with the use of derivative instruments and other financial techniques for steering risk exposure with respect to base assets.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.02% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
The entry charge stated is the maximum possible charge. Actual charges may be lower. When changing from one fund or unit class to another fund or another unit class within the umbrella fund, half of the entry charge may be charged at most. Your adviser can inform you of the actual costs.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | # Altre informazioni importanti:
L'esposizione complessiva del fondo in caso di utilizzo di derivati (max. 100%) e ricorso temporaneo al credito (max. 10%) non può superare il 210%.
Raccomandazione sul periodo di detenzione: questo fondo è indicato per gli investitori con un orizzonte d'investimento a medio termine (da tre a cinque anni) o a più lungo termine.
rischio ridotto rischio elevato
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
potenziale di rendimento ridotto potenziale di rendimento elevato
I dati storici utilizzati per la determinazione della categoria di rischio e rendimento non possono essere considerati un'indicazione attendibile del profilo di rischio futuro.
La categoria di rischio e rendimento indicata può essere soggetta a variazioni. L'inserimento in una categoria può variare nel corso del tempo.
La categoria di rischio più bassa non può essere equiparata a un investimento privo di rischi.
Criteri per la classificazione nelle cat. di rischio e rendimento:
- Curva dei tassi
- Maggiorazione del tasso d'interesseNon esiste alcuna garanzia o protezione del capitale.
Altri rischi essenziali per il fondo, non adeguatamente considerati dall'indicatore di cui sopra:
- Rischi di credito, poiché gli investimenti sono stati effettuati essenzialmente in titoli fruttiferi, che potrebbero non essere rimborsati.
- Rischi operativi e rischi legati alla custodia delle attività.
- Rischi operativi collegati all'impiego di derivati e altre tecniche finanziarie per il controllo del rischio d'esposizione alle attività sottostanti.
Le spese da voi sostenute sono finalizzate alla gestione del fondo nonché alla sua distribuzione e vendita. Tali spese possono incidere sui risultati ottenuti dal fondo.
| Spese una tantum prelevate prima o dopo l’investimento |
| --- |
| Commissione d'ingresso (max.) | 3,00% |
| Commissione di uscita (max.) | n/a |
| Spese prelevate dal fondo in un anno |
| Spese correnti | 0,02% |
| Spese prelevate dal fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento del fondo (max.) | n/a |
Non esistono ancora dati storici sufficienti per fornire indicazioni sui risultati passati.
La commissione d'ingresso è la percentuale massima. A seconda dei casi le spese potrebbero risultare anche inferiori. In caso di passaggio da un fondo a un altro o da una classe di quote a un'altra all'interno del medesimo fondo multicomparto, è consentito addebitare al massimo la metà della commissione d'ingresso. Per informazioni sui costi effettivi è possibile rivolgersi al proprio consulente.
Le spese correnti sono riferite ai 12 mesi trascorsi e possono variare da un anno all'altro. Nel rapporto di gestione sono contenuti i dettagli delle spese calcolate.
Per ulteriori informazioni si rimanda alla cifra 3 del prospetto di vendita. | # Additional important information:
The total commitments of the fund may not amount to more than 210% as a result of the use of derivatives (max. 100%) and temporary borrowing (max. 10%).
Recommendation on holding period: this fund is appropriate for investors with a medium-term investment horizon (three to five years) or a longer-term investment horizon.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increaseThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks because substantial investments are made in interest-bearing securities whose repayment may becancelled.
- Operational risks and risks in connection with the safekeeping of assets.
- Operational risks in connection with the use of derivative instruments and other financial techniques for steering risk exposure with respect to base assets.
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
| One-off charges debited before or after you invest |
| --- |
| Entry charge (max.) | 3.00% |
| Exit charge (max.) | n/a |
| Charges taken from the fund over a year |
| Ongoing charges | 0.02% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
There is still not enough information to make a statement about previous performance
The entry charge stated is the maximum possible charge. Actual charges may be lower. When changing from one fund or unit class to another fund or another unit class within the umbrella fund, half of the entry charge may be charged at most. Your adviser can inform you of the actual costs.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus. | en | it |
DOLFIN6262 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 9.8 | 24.4 | 3.3 | -2.9 | 4.3 | 15.9 | -15.4 | 21.6 | 21.5 | 13.0 |
| Constraint †¹ | 16.7 | 26.3 | 6.4 | -0.8 | 9.1 | 23.7 | -8.2 | 27.9 | 15.1 | 21.7 |
| Comparator †² | 17.0 | 24.7 | 4.8 | -1.4 | 8.7 | 24.1 | -8.8 | 27.7 | 16.3 | 20.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF 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 Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 10 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 9,8 | 24,4 | 3,3 | -2,9 | 4,3 | 15,9 | -15,4 | 21,6 | 21,5 | 13,0 |
| Limitación †¹ | 16,7 | 26,3 | 6,4 | -0,8 | 9,1 | 23,7 | -8,2 | 27,9 | 15,1 | 21,7 |
| Comparador †² | 17,0 | 24,7 | 4,8 | -1,4 | 8,7 | 24,1 | -8,8 | 27,7 | 16,3 | 20,9 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 10 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 9.8 | 24.4 | 3.3 | -2.9 | 4.3 | 15.9 | -15.4 | 21.6 | 21.5 | 13.0 |
| Constraint †¹ | 16.7 | 26.3 | 6.4 | -0.8 | 9.1 | 23.7 | -8.2 | 27.9 | 15.1 | 21.7 |
| Comparator †² | 17.0 | 24.7 | 4.8 | -1.4 | 8.7 | 24.1 | -8.8 | 27.7 | 16.3 | 20.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF 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 Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 10 February 2022 | en | es |
DOLFIN6263 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Scénarios |
| Vähintään | 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 Rendement annuel moyen | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % | | | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Escenarios |
| 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 Rendimiento medio cada año | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % | | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Scénarios |
| Vähintään | 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 Rendement annuel moyen | 2.000 CHF -80,0 % | 4.530 CHF -14,6 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.440 CHF -15,6 % | 9.590 CHF -0,8 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 10.750 CHF 7,5 % | 13.190 CHF 5,7 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 14.080 CHF 40,8 % | 15.380 CHF 9,0 % | | fr | es |
DOLFIN6264 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### In order to address any situations of conflicts of interest, the Depositary has implemented and maintains a management of conflicts of interest policy, aiming namely at:
- Identifying and analysing potential situations of conflicts of interest;
- Recording, managing and monitoring the conflict of interest situations either in:
- Relying on the permanent measures in place to address conflicts of interest such as segregation of duties, separation of reporting lines, insider lists for staff members; or
- Implementing a case-by-case management to (i) take the appropriate preventive measures such as drawing up a new watch list, implementing a new Chinese wall (i.e. by separating functionally and hierarchically the performance of its Depositary duties from other activities), making sure that operations are carried out at arm’s length and/or informing the concerned Shareholders of the Company, or (ii) refuse to carry out the activity giving rise to the conflict of interest.
- Implementing a deontological policy;
- Recording of a cartography of conflict of interests permitting to create an inventory of the permanent measures put in place to protect the Company’s interests; or
- Setting up internal procedures in relation to, for instance (i) the appointment of service providers which may generate conflicts of interests, (ii) new products/activities of the Depositary in order to assess any situation entailing a conflict of interest. | ### Al fine di far fronte a eventuali casi di conflitti d’interesse, il Depositario ha attuato e mantiene una politica di gestione dei conflitti d’interesse, finalizzata segnatamente a:
- identificare e analizzare potenziali casi di conflitti d'interesse;
- registrare, gestire e monitorare i casi di conflitti d’interesse:
- basandosi sulle misure permanenti in essere al fine di far fronte a conflitti d’interesse quali separazione delle funzioni, separazione dei rapporti gerarchici, elenchi degli addetti ai lavori destinati ai membri del personale; o
- attuando una gestione caso per caso volta a (i) adottare adeguate misure preventive quali la stesura di una nuova lista di controllo, attuando una nuova “muraglia cinese” (ovvero separando a livello funzionale e gerarchico lo svolgimento delle relative funzioni di Depositario dalle altre attività), assicurandosi che le operazioni siano svolte alle normali condizioni commerciali e/o informando gli Azionisti della Società interessati, o (ii) rifiutare di svolgere le attività che possano dare luogo a conflitti d’interesse.
- attuare una politica deontologica;
- procedere a una mappatura dei conflitti d'interesse che consenta di creare un inventario delle misure permanenti attuate al fine di tutelare gli interessi della Società; o
- definire procedure interne relative, ad esempio, (i) alle nomine di fornitori di servizi che possano dare luogo a conflitti d'interesse, (ii) a nuovi prodotti/attività del Depositario al fine di valutare eventuali situazioni che possano comportare conflitti d'interesse. | ### In order to address any situations of conflicts of interest, the Depositary has implemented and maintains a management of conflicts of interest policy, aiming namely at:
- Identifying and analysing potential situations of conflicts of interest;
- Recording, managing and monitoring the conflict of interest situations either in:
- Relying on the permanent measures in place to address conflicts of interest such as segregation of duties, separation of reporting lines, insider lists for staff members; or
- Implementing a case-by-case management to (i) take the appropriate preventive measures such as drawing up a new watch list, implementing a new Chinese wall (i.e. by separating functionally and hierarchically the performance of its Depositary duties from other activities), making sure that operations are carried out at arm’s length and/or informing the concerned Shareholders of the Company, or (ii) refuse to carry out the activity giving rise to the conflict of interest.
- Implementing a deontological policy;
- Recording of a cartography of conflict of interests permitting to create an inventory of the permanent measures put in place to protect the Company’s interests; or
- Setting up internal procedures in relation to, for instance (i) the appointment of service providers which may generate conflicts of interests, (ii) new products/activities of the Depositary in order to assess any situation entailing a conflict of interest. | en | it |
DOLFIN6265 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
Unit certificates will not be issued. | # Suscripciones de Participaciones
De conformidad con el Contrato de fideicomiso, la Entidad gestora tiene el derecho exclusivo de emitir Participaciones de cualquier Clase en nombre del Fideicomiso de inversiones y crear, con la autorización del Depositario y el Banco Central, nuevas Clases de Participaciones, gozando de entera discreción a la hora de aceptar o rechazar total o parcialmente las solicitudes de Participaciones. La Entidad gestora determina el precio de emisión inicial de cada Clase. Todas las Participaciones de cada Clase poseerán la misma categoría. Normalmente, las emisiones de Participaciones se realizan para que entren en vigor a partir de un Día de negociación en el caso de las solicitudes recibidas hasta las 12:00 horas de Irlanda de ese Día de negociación.
El precio de emisión de Participaciones a cualquier persona cuya solicitud se reciba antes de las 12:00 horas de Irlanda de un Día de negociación, tras la emisión inicial, se calcula haciendo referencia al Valor de activo neto por Participación calculado a la Hora de valoración ese Día de negociación.
La Entidad gestora podrá declarar a su entera discreción el cierre de cualquier Fondo o Clase a nuevas suscripciones. Los Titulares de participaciones existentes del Fondo o la Clase recibirán una notificación previa de dicho cierre y la Entidad gestora notificará también a los distribuidores y/o a los agentes de colocación. La Entidad gestora podrá hacer uso de su facultad de cerrar el Fondo a nuevas suscripciones cuando tengan la certeza de que redundará en el interés superior de los Titulares de participaciones de un Fondo, teniendo en cuenta las condiciones de mercado imperantes en cada momento. La Entidad gestora tendrá la facultad de reabrir el Fondo o la Clase pertinente a la suscripción cualquier Día de negociación y los Titulares de participaciones existentes recibirán una notificación previa de dicha reapertura.
La Entidad gestora no podrá emitir ni vender Participaciones en un periodo durante el cual el derecho de los Titulares de participaciones a solicitar la amortización de sus Participaciones esté suspendido de acuerdo con el siguiente apartado “Amortización de Participaciones”. A los solicitantes de Participaciones se les notificará dicho aplazamiento o cancelación y, a menos que las retiren, sus solicitudes se gestionarán el siguiente Día de negociación tras el final de la suspensión.
Todas las Participaciones serán nominativas. No se emitirán certificados representativos de las Participaciones. Normalmente, el registro de las Participaciones incluidas en la solicitud se realizará en un plazo de veintiún días tras la recepción de los datos de registro por parte de la Entidad gestora. La propiedad se registra mediante una inscripción en el registro de Participaciones y se asigna al inversor un número de cuenta que aparecerá en el aviso de registro expedido en el plazo de veintiún días tras la citada recepción por parte de la Entidad gestora. Su número de cuenta debería indicarse en todas las comunicaciones relativas al Fondo.
La Entidad administradora calculará el Valor de activo neto por Participación de cada Fondo y lo notificará a la Bolsa irlandesa sin dilación una vez que lo haya calculado. El cálculo del Valor de activo neto por Participación podrá suspenderse cuando el derecho de los Titulares de participaciones a solicitar la amortización de las Participaciones se suspenda con arreglo al epígrafe “Amortización de Participaciones” del Folleto. Cualquier suspensión será notificada al Banco Central y a la Bolsa irlandesa sin demora y, cuando sea posible, se tomarán todas las medidas razonables para poner fin lo antes posible al período de suspensión.
La Entidad gestora, la Entidad de administración o un distribuidor pueden, a su entera discreción, rechazar cualquier orden de suscripción de Participaciones, en su totalidad o en parte, de forma justificada o no, lo que incluye, en particular, aquellos casos en los que la Entidad gestora o la Entidad administradora, según corresponda, razonablemente crean que la orden de suscripción puede representar un patrón de actividad de negociación excesiva o de aprovechamiento de las “oportunidades del mercado” en relación con el Fideicomiso de inversiones. Si se rechaza una solicitud de Participaciones, los importes de la suscripción se devolverán al solicitante en un plazo de catorce días desde la fecha de dicha solicitud, por cuenta y riesgo del solicitante, y no se devengarán ni intereses ni ningún otro tipo de compensación en relación con tales importes devueltos.
No se emitirán certificados representativos de las Participaciones. | # Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
Unit certificates will not be issued. | en | es |
DOLFIN6266 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Effects of Redemptions
Large redemptions of Shares within a limited period of time could require the Fund to liquidate positions more rapidly than would otherwise be desirable, adversely affecting the value of both the Shares being redeemed and the outstanding Shares. In addition, regardless of the period of time over which redemptions occur, the resulting reduction in a Sub-Fund's Net Asset Value could make it more difficult for the Management Company to generate profits or recover losses. Early investors may account for a significant portion of the Fund’s capital during its early life. While there can be no assurance that seed capital will be invested, a redemption of any such seed capital may adversely affect a Sub-Fund’s liquidity and diversification and may cause the Management Company to liquidate assets at inopportune times, which could adversely affect a Sub-Fund's Net Asset Value. | # Effets des rachats
D’importants rachats d’Actions sur une courte période de temps peuvent obliger le Fonds à liquider des positions plus rapidement qu’il ne serait souhaitable et réduire la valeur des Actions rachetées comme des Actions en circulation. De plus, indépendamment de la durée sur laquelle se déroulent les rachats, la réduction de la Valeur nette d’inventaire d’un Compartiment peut perturber la tâche de la Société de gestion pour générer des profits ou combler des pertes. Les investisseurs des premiers temps peuvent représenter une part conséquente du capital du Fonds à ses débuts. Rien ne permet de garantir que du capital d’amorçage sera investi, mais, s’il y a lieu, le remboursement de ce capital d’amorçage pourrait réduire la liquidité et la diversification d’un Compartiment et amener la Société de gestion à liquider des actifs à des moments inopportuns, réduisant la Valeur nette d’inventaire d’un Compartiment. | # Effects of Redemptions
Large redemptions of Shares within a limited period of time could require the Fund to liquidate positions more rapidly than would otherwise be desirable, adversely affecting the value of both the Shares being redeemed and the outstanding Shares. In addition, regardless of the period of time over which redemptions occur, the resulting reduction in a Sub-Fund's Net Asset Value could make it more difficult for the Management Company to generate profits or recover losses. Early investors may account for a significant portion of the Fund’s capital during its early life. While there can be no assurance that seed capital will be invested, a redemption of any such seed capital may adversely affect a Sub-Fund’s liquidity and diversification and may cause the Management Company to liquidate assets at inopportune times, which could adversely affect a Sub-Fund's Net Asset Value. | en | fr |
DOLFIN6267 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Article 12 – Indivisibility of shares
All the individual holders of any share or the beneficiaries must be represented with respect to the Company by one and the same person only, appointed by agreement between them or, failing this, by the presiding judge of the commercial court with jurisdiction where the registered office is located.
The owners of fractional shares may be grouped together. In such a case, they must be represented under the conditions specified in the preceding paragraph by one and the same person only, who will, for each group, exercise the rights attached to ownership of a whole share.
Voting rights attached to the share belong to the usufructuary for decisions coming within the competence of the ordinary general meeting and to the bare owner for decisions coming within the competence of the extraordinary general meeting.
However, holders of shares whose ownership is divided may agree between them on any other distribution for exercising voting rights at general meetings.
In such case they must bring their agreement to the attention of the SICAV by registered letter with acknowledgement of receipt sent to the registered office, the SICAV being obliged to respect such agreement for any meeting which meets after expiry of a period of one (1) month following dispatch of the registered letter with acknowledgement of receipt, the post office stamp affording proof of the date of dispatch.
Notwithstanding the provisions hereinabove, the bare owner is entitled to attend all the meetings. | ###### Article 12 - Indivisibilité des actions
Tous les détenteurs indivis d’une action ou les ayants droit sont tenus de se faire représenter auprès de la société par une seule et même personne nommée d’accord entre eux, ou à défaut par le président du tribunal de commerce du lieu du siège social.
Les propriétaires de fractions d’actions peuvent se regrouper. Ils doivent, en ce cas, se faire représenter dans les conditions prévues à l’alinéa précédent, par une seule et même personne qui exercera, pour chaque groupe, les droits attachés à la propriété d’une action entière.
Le droit de vote attaché à l'action appartient à l'usufruitier pour les décisions relevant de la compétence de l’Assemblée Générale Ordinaires et au nu-propriétaire pour les décisions relevant de la compétence de l’Assemblée Générale Extraordinaire.
Cependant, les titulaires d'actions dont la propriété est démembrée peuvent convenir entre eux de toute autre répartition pour l'exercice du droit de vote aux assemblées générales.
En ce cas, ils devront porter leur convention à la connaissance de la SICAV par lettre recommandée adressée au siège social, la SICAV étant tenue de respecter cette convention pour toute assemblée qui se réunirait après l'expiration d'un délai d'un (1) mois suivant l'envoi de la lettre recommandée, le cachet de La Poste faisant foi de la date d'expédition.
Nonobstant les dispositions ci-dessus, le nu-propriétaire a le droit de participer à toutes les Assemblées. | ###### Article 12 – Indivisibility of shares
All the individual holders of any share or the beneficiaries must be represented with respect to the Company by one and the same person only, appointed by agreement between them or, failing this, by the presiding judge of the commercial court with jurisdiction where the registered office is located.
The owners of fractional shares may be grouped together. In such a case, they must be represented under the conditions specified in the preceding paragraph by one and the same person only, who will, for each group, exercise the rights attached to ownership of a whole share.
Voting rights attached to the share belong to the usufructuary for decisions coming within the competence of the ordinary general meeting and to the bare owner for decisions coming within the competence of the extraordinary general meeting.
However, holders of shares whose ownership is divided may agree between them on any other distribution for exercising voting rights at general meetings.
In such case they must bring their agreement to the attention of the SICAV by registered letter with acknowledgement of receipt sent to the registered office, the SICAV being obliged to respect such agreement for any meeting which meets after expiry of a period of one (1) month following dispatch of the registered letter with acknowledgement of receipt, the post office stamp affording proof of the date of dispatch.
Notwithstanding the provisions hereinabove, the bare owner is entitled to attend all the meetings. | en | fr |
DOLFIN6268 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide relatively high income with the possibility of capital growth.
- The fund will invest in bonds issued in global markets to maximize performance measured in US Dollars.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Index (Hedged EUR) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un nivel relativamente elevado de ingresos, con la posibilidad de generar crecimiento del capital.
- El fondo invertirá en bonos emitidos en mercados de todo el mundo con el fin de potenciar al máximo la rentabilidad medida en dólares estadounidenses.
- El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Podrá invertirse en divisas distintas a la de referencia del fondo. La exposición a divisas podrá cubrirse, por ejemplo, con contratos de divisas a plazo. La divisa de referencia del fondo es la que se utiliza para presentar la información financiera y puede ser distinta de aquella en la que se denominan las inversiones.
- La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura de riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. Para preservar la rentabilidad de las posiciones en divisas activas del fondo, esta exposición se cubre tomando como referencia las ponderaciones de un índice comparativo en vez de las divisas en las que se denominan los valores subyacentes.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones utilizará como referencia el Bloomberg Global Aggregate Index (Hedged EUR) (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en emisores, sectores, países y clases de valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide relatively high income with the possibility of capital growth.
- The fund will invest in bonds issued in global markets to maximize performance measured in US Dollars.
- The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Investments may be made in currencies other than the fund’s reference currency. Exposure to currencies may be hedged, for example with currency forward contracts. The fund's reference currency is the currency used for reporting and may be different from the currency of denomination of the investments.
- Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects to that of the hedged share class reference currency, thereby delivering the underlying market returns. In order to preserve returns from any active currency positions in the fund, such exposures are hedged with reference to the currency weights of a comparison index rather than to the currency denominations of the underlying securities.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference Bloomberg Global Aggregate Index (Hedged EUR) (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is accumulated in the share price.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN6269 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Fonds pourra intervenir sur les instruments financiers à terme ferme ou conditionnel, négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers, à des fins d’exposition ou de couverture du portefeuille au risque action et en couverture du risque de change (futures, options sur actions ou indices, swaps, change à terme). Ces instruments seront détenus dans la limite de 100 % de l’actif net du Fonds.
Le Fonds n’aura pas recours aux contrats d’échange sur rendement global (« total return swaps »).
Le Fonds pourra intervenir sur les warrants ou bons de souscription dans la limite de 10 % de l’actif net du Fonds.
L’exposition maximale du portefeuille aux différentes classes d’actif (actions, titres de créances, OPC et Dérivés) sera de 100% maximum, étant précisé que l’exposition maximale est la somme des expositions nettes à chacun des marchés (action, taux, monétaire, crédit) auxquels le fonds est exposé (somme des positions à l’achat et des positions en couverture).
Autre information :
L’équipe de gestion tient compte de critères environnementaux, sociaux et de gouvernance (ESG) dans les décisions d’investissements mais de façon non prépondérante. Les décisions d’investissement prises peuvent donc ne pas être conformes aux critères ESG.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’informations sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
La part CR-EUR
capitalise ses revenus
.
Durée de placement recommandée : 5 ans
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | El Fondo podrá utilizar los instrumentos financieros a plazo firme o condicional, negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros, con fines de cobertura o de exposición de la cartera al riesgo de renta variable o a efectos de cobertura del riesgo de cambio (futuros, opciones sobre acciones o índices, swaps y contratos a plazo sobre divisas). Estos instrumentos se mantendrán dentro del límite del 100% del patrimonio neto del Fondo.
El Fondo no recurrirá a las permutas de rentabilidad total (total return swaps).
El Fondo podrá utilizar warrants o bonos de suscripción en un máximo del 10% de su patrimonio neto.
La exposición máxima de la cartera a diferentes clases de activos como la renta variable, los títulos de crédito, los OIC y los derivados no podrá superar el 100%, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija, monetario y crédito) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Otra información:
El equipo de gestión tiene en cuenta los criterios ambientales, sociales y de gobierno corporativo (ESG) en el proceso de toma decisiones de inversión, aunque de forma no preponderante. Por consiguiente, las decisiones de inversión adoptadas podrían no ajustarse a los criterios ESG.
La Sociedad gestora podrá adoptar un mecanismo de limitación de las solicitudes de reembolso (conocido como «gate» en inglés). Si desea obtener más información sobre este mecanismo, consulte el apartado «Dispositivo de limitación de los reembolsos» del folleto, disponible en http://am.oddo-bhf.com.
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CR-EUR
capitaliza sus ingresos
.
Horizonte de inversión recomendado: 5 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | Le Fonds pourra intervenir sur les instruments financiers à terme ferme ou conditionnel, négociés sur des marchés réglementés, organisés ou de gré à gré français ou étrangers, à des fins d’exposition ou de couverture du portefeuille au risque action et en couverture du risque de change (futures, options sur actions ou indices, swaps, change à terme). Ces instruments seront détenus dans la limite de 100 % de l’actif net du Fonds.
Le Fonds n’aura pas recours aux contrats d’échange sur rendement global (« total return swaps »).
Le Fonds pourra intervenir sur les warrants ou bons de souscription dans la limite de 10 % de l’actif net du Fonds.
L’exposition maximale du portefeuille aux différentes classes d’actif (actions, titres de créances, OPC et Dérivés) sera de 100% maximum, étant précisé que l’exposition maximale est la somme des expositions nettes à chacun des marchés (action, taux, monétaire, crédit) auxquels le fonds est exposé (somme des positions à l’achat et des positions en couverture).
Autre information :
L’équipe de gestion tient compte de critères environnementaux, sociaux et de gouvernance (ESG) dans les décisions d’investissements mais de façon non prépondérante. Les décisions d’investissement prises peuvent donc ne pas être conformes aux critères ESG.
Un mécanisme de plafonnement des rachats (dit des Gates) peut être mis en œuvre par la Société de Gestion. Pour plus d’informations sur ce mécanisme, veuillez-vous reporter à la rubrique « Dispositif de plafonnement des rachats (Gates) » du prospectus, disponible sur http://am.oddo-bhf.com.
Les demandes de souscription et de rachat sont centralisées auprès du dépositaire chaque jour ouvré de la Bourse de Paris jusqu'à 11h15 (heure de Paris, CET/CEST) et sont exécutées sur la base de la valeur liquidative datée du jour même.
La part CR-EUR
capitalise ses revenus
.
Durée de placement recommandée : 5 ans
Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cette période. | fr | es |
DOLFIN6270 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company shall be entitled to destroy all instruments of transfer of shares which have been registered at any time after the expiration of six years from the date of registration thereof and all dividend mandates and notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates which have been cancelled at any time after the expiration of one year from the date of cancellation thereof. It shall conclusively be presumed in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument or transfer or other document so destroyed was duly and properly made and a valid and effective instrument duly and properly registered and every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and every other document hereinbefore mentioned in accordance with the recorded particulars thereof in the books or records of the Company. PROVIDED ALWAYS that:-
- the provisions aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document might be relevant;
- nothing herein contained shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any other circumstances which would not attach to the Company in the absence of this Article;
- references herein to the destruction of any document include references to the disposal thereof in any manner.
-
## Accounts. | La Sociedad tendrá derecho a destruir todos los documentos de transmisión de acciones registrados en cualquier momento una vez transcurridos seis años desde la fecha de inscripción de los mismos y todos los mandatos de dividendo y notificaciones de cambio de domicilio en cualquier momento una vez transcurridos dos años desde la fecha de inscripción de los mismos, y todos los títulos de acciones que hayan sido anulados en cualquier momento una vez finalizado el plazo de un año a partir de su fecha de cancelación. Se presumirá de forma concluyente a favor de la Sociedad que cada anotación en el Libro Registro supuestamente realizada como consecuencia de la presentación de un documento de transmisión u otro documento destruido conforme a lo antedicho fue debida y adecuadamente realizada y que el documento fue válida y correctamente registrado y cada título de acciones destruido conforme a lo previsto en el presente era un título válido y efectivo debida y adecuadamente cancelado, y cada documento de otra índole mencionado más arriba en el presente conforme con los detalles del mismo registrados en los libros o registros de la Sociedad. CON LA SALVEDAD de que:
- las disposiciones antedichas sólo se aplicarán a la destrucción de un documento de buena fe y en ausencia de toda notificación de reclamación (sean cuales fueren las partes del mismo) respecto a la cual pudiera resultar relevante el documento en cuestión;
- nada de lo contenido en el presente obligará a la Sociedad a destruir cualquiera de dichos documentos en fecha más temprana de lo especificado más arriba o en cualquier otra circunstancia que no obligara a la Sociedad en ausencia del presente Artículo;
- las referencias contenidas en el presente a la destrucción de cualquier documento incluyen las referencias a su eliminación de cualquier forma.
-
## Cuentas | The Company shall be entitled to destroy all instruments of transfer of shares which have been registered at any time after the expiration of six years from the date of registration thereof and all dividend mandates and notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates which have been cancelled at any time after the expiration of one year from the date of cancellation thereof. It shall conclusively be presumed in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument or transfer or other document so destroyed was duly and properly made and a valid and effective instrument duly and properly registered and every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and every other document hereinbefore mentioned in accordance with the recorded particulars thereof in the books or records of the Company. PROVIDED ALWAYS that:-
- the provisions aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document might be relevant;
- nothing herein contained shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any other circumstances which would not attach to the Company in the absence of this Article;
- references herein to the destruction of any document include references to the disposal thereof in any manner.
-
## Accounts. | en | es |
DOLFIN6271 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Investments between Sub-funds
- A Sub-fund (the Investing Sub-fund) may invest in one or more other Sub-funds. Any acquisition of Units of another Sub-fund (the Target Sub-fund) by the Investing Sub-fund is subject to the following conditions:
- the Target Sub-fund may not invest in the Investing Sub-fund;
- the Target Sub-fund may not invest more than 10% of its net assets in UCITS (including other Sub-funds) or other UCIs referred to in Section 3.18(e) of the General Section;
- the voting rights attached to the Units of the Target Sub-fund are suspended during the investment by the Investing Sub-fund; and
- the value of the Unit of the Target Sub-fund held by the Investing Sub-fund are not taken into account for the purpose of assessing the compliance with the EUR 1,250,000 minimum capital requirement. | Investimenti tra Comparti
- Un Comparto (il Comparto che Investe) può investire in uno o più altri Comparti. Una acquisizione di Quote di un altro Comparto (il Comparto Target) da parte del Comparto che Investe è soggetta alle condizioni seguenti:
- il Comparto Target non può investire nel Comparto che Investe;
- il Comparto Target non può investire oltre il 10% del suo patrimonio netto in OICVM (compresi altri Comparti) o in altri OICR di cui alla Sezione 3.18(e) della Parte Generale;
- i diritti di voto afferenti le Quote del Comparto Target sono sospesi durante l'investimento da parte del Comparto che Investe; e
- il valore delle Quote del Comparto Target possedute dal Comparto che Investe non è tenuto in considerazione ai fini della valutazione del rispetto della soglia patrimoniale minima di EUR 1.250.000. | Investments between Sub-funds
- A Sub-fund (the Investing Sub-fund) may invest in one or more other Sub-funds. Any acquisition of Units of another Sub-fund (the Target Sub-fund) by the Investing Sub-fund is subject to the following conditions:
- the Target Sub-fund may not invest in the Investing Sub-fund;
- the Target Sub-fund may not invest more than 10% of its net assets in UCITS (including other Sub-funds) or other UCIs referred to in Section 3.18(e) of the General Section;
- the voting rights attached to the Units of the Target Sub-fund are suspended during the investment by the Investing Sub-fund; and
- the value of the Unit of the Target Sub-fund held by the Investing Sub-fund are not taken into account for the purpose of assessing the compliance with the EUR 1,250,000 minimum capital requirement. | en | it |
DOLFIN6272 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# China takes the first steps toward a new expansionary monetary policy cycle
We are not going to dwell too much on the Chinese economy, but it is a fact that, after the strong post- Covid-19 growth, during which the GDP grew more than 8%, it dropped to 4% in the last quarter of 2021.
China faces a series of headwinds in 2022, of which we highlight three: First, the property cycle that started a downward phase by mid-2021, and which usually lasts 2 years in historical terms. Second, the virus’s effect on China due to its Zero Covid policy. Third, the hesitant private domestic demand due to the property sector’s woes - recent estimates mention that this sector is directly and indirectly responsi- ble for 30% of the economy - and the lockdowns.
On the positive side, we highlight China’s exports and public investment in infrastructures, some of which are aligned with the energy transition.
5/21
China: GDP 2019-23
Source: Goldman Sachs
We expect the macro trend in 2022 to move to further easing, with more expansionary monetary policy, higher fiscal deficits, sustained credit growth, and an accommodative housing policy, which we think will offset the new lockdowns’ impact and the real estate slump.
Our experience suggests that the Chinese government will be able to re-instrument the recovery (the loose monetary policy cycle started in Q421) by focusing on the infrastructure and exports while prop- erty and domestic demand slowly regain confidence. | # China unternimmt die ersten Schritte zu einem neuen, expansiven geldpolitischen Zyklus
Wir wollen nicht zu sehr auf die chinesische Wirtschaft eingehen, aber es ist eine Tatsache, dass das BIP nach dem starken Wachstum nach Covid-19, in dem es um mehr als 8 % wuchs, im letzten Quartal 2021 auf 4 % zurückging.
China sieht sich 2022 mit einer Reihe von Gegenwinden konfrontiert, von denen wir drei hervorheben: Erstens der Immobilienzyklus, der Mitte 2021 in eine Abwärtsphase eingetreten ist und der historisch gesehen normalerweise zwei Jahre dauert. Zweitens die Auswirkungen des Virus auf China aufgrund der Zero-Covid-Politik. Drittens die zögerliche private Binnennachfrage aufgrund der Probleme des Immobiliensektors - jüngsten Schätzungen zufolge ist dieser Sektor direkt und indirekt für 30 % der Wirtschaft verantwortlich - und die Lockdowns.
Positiv hervorzuheben sind Chinas Exporte und die öffentlichen Investitionen in Infrastrukturen, von denen einige auf die Energiewende ausgerichtet sind.
6/24
China: BIP 2019-23
Quelle: Goldman Sachs
Wir gehen davon aus, dass der makroökonomische Trend im Jahr 2022 zu einer weiteren Lockerung führen wird mit einer expansiveren Geldpolitik, höheren Haushaltsdefiziten, einem anhaltenden Kreditwachstum und einer lockeren Wohnungsbaupolitik, die unserer Meinung nach die Auswirkungen der neuen Lockdowns und den Einbruch des Immobilienmarktes ausgleichen wird.
Unsere Erfahrung sagt uns, dass die chinesische Regierung in der Lage sein wird, den Aufschwung (der lockere geldpolitische Zyklus begann im 4. Quartal 21) neu zu beleben, indem sie sich auf die Infrastruktur und die Exporte konzentriert, während Immobilien und die Binnennach-frage langsam wieder Vertrauen gewinnen. | # China takes the first steps toward a new expansionary monetary policy cycle
We are not going to dwell too much on the Chinese economy, but it is a fact that, after the strong post- Covid-19 growth, during which the GDP grew more than 8%, it dropped to 4% in the last quarter of 2021.
China faces a series of headwinds in 2022, of which we highlight three: First, the property cycle that started a downward phase by mid-2021, and which usually lasts 2 years in historical terms. Second, the virus’s effect on China due to its Zero Covid policy. Third, the hesitant private domestic demand due to the property sector’s woes - recent estimates mention that this sector is directly and indirectly responsi- ble for 30% of the economy - and the lockdowns.
On the positive side, we highlight China’s exports and public investment in infrastructures, some of which are aligned with the energy transition.
5/21
China: GDP 2019-23
Source: Goldman Sachs
We expect the macro trend in 2022 to move to further easing, with more expansionary monetary policy, higher fiscal deficits, sustained credit growth, and an accommodative housing policy, which we think will offset the new lockdowns’ impact and the real estate slump.
Our experience suggests that the Chinese government will be able to re-instrument the recovery (the loose monetary policy cycle started in Q421) by focusing on the infrastructure and exports while prop- erty and domestic demand slowly regain confidence. | en | de |
DOLFIN6273 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Des informations sur les autres classes d’actions pouvant être autorisées à la vente dans votre pays sont disponibles au siège social de la Société de gestion.
Ce document d’informations clés pour l’investisseur décrit un compartiment de 2Xi- deas UCITS qui peut être composé de plusieurs compartiments. Le prospectus et les rapports annuels et semestriels sont établis pour l’ensemble du fonds.
L’investisseur est en droit d’échanger les actions qu’il détient dans un compartiment contre d’autres actions du même compartiment ou dans des actions d’un autre com- partiment. Les informations sur les modalités de souscription, de rachat et de conver- sion des actions sont renseignées dans le prospectus du fonds. | # La información sobre otras clases de acciones que puede que se comercialicen en su país está disponible en el domicilio social de la Sociedad Gestora.
Este documento con los datos fundamentales para el inversor proporciona informa- ción sobre un subfondo de 2Xideas UCITS que pueda consistir en varios subfondos. El folleto y los informes anuales y semestrales están preparados para todo el fondo. El inversor tiene derecho a convertir su inversión de acciones en un subfondo en otras acciones del mismo subfondo o en acciones de otro subfondo. El inversor podrá obtener información sobre cómo suscribir, reembolsar y convertir acciones en el folleto del fondo. | # Des informations sur les autres classes d’actions pouvant être autorisées à la vente dans votre pays sont disponibles au siège social de la Société de gestion.
Ce document d’informations clés pour l’investisseur décrit un compartiment de 2Xi- deas UCITS qui peut être composé de plusieurs compartiments. Le prospectus et les rapports annuels et semestriels sont établis pour l’ensemble du fonds.
L’investisseur est en droit d’échanger les actions qu’il détient dans un compartiment contre d’autres actions du même compartiment ou dans des actions d’un autre com- partiment. Les informations sur les modalités de souscription, de rachat et de conver- sion des actions sont renseignées dans le prospectus du fonds. | fr | es |
DOLFIN6274 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Summary Risk Indicator
Lower Risk Higher Risk
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 3 out of 7, which is a medium low risk class. This classification takes into consideration two elements: 1 the market risk - that rates the potential losses from future performance at a medium low level; and 2 the credit risk which estimates that poor market conditions are very unlikely to impact our capacity to pay you. This product does not include any protection from future market performance so you could lose some or all of your investment. Be aware of currency risk. If your currency is different from the currency in which the Fund is denominated, the final return you get will depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. The product does not include any protection from future market performance so you could lose some or all of your investment. Other risks may affect the
Fund's performance. Please refer to the "Investment Risks" sections of the Prospectus and the Fund's Supplement which are available at www.keplerliquidstrategies.com/funds/kls-niederhoffer-smart-alpha-ucits-fund/ | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter ?
Indicateur synthétique de risque
Risque le plus faible Risque le plus élevé
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque moyennement faible. Cette classification prend en compte deux éléments 1 le risque de marché, qui évalue les pertes potentielles de rendement à venir à un niveau moyennement faible ; et 2 le risque de crédit, qui prévoit qu’il est très peu probable que de mauvaises conditions de marché aient une incidence sur la capacité à vous payer. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Attention au risque de change. Si votre monnaie diffère de la monnaie dans laquelle le Fonds est libellé, votre gain final dépendra du taux de change entre les deux. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous
pourriez perdre tout ou partie de votre investissement. D’autres risques peuvent affecter la performance du Fonds. Veuillez consulter la section « Risques d’investissement » du Prospectus et du Supplément du Fonds, disponibles sur www.keplerliquidstrategies.com/funds/kls-niederhoffer-smart-alpha-ucits-fund/ | # What are the risks and what could I get in return?
Summary Risk Indicator
Lower Risk Higher Risk
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 3 out of 7, which is a medium low risk class. This classification takes into consideration two elements: 1 the market risk - that rates the potential losses from future performance at a medium low level; and 2 the credit risk which estimates that poor market conditions are very unlikely to impact our capacity to pay you. This product does not include any protection from future market performance so you could lose some or all of your investment. Be aware of currency risk. If your currency is different from the currency in which the Fund is denominated, the final return you get will depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. The product does not include any protection from future market performance so you could lose some or all of your investment. Other risks may affect the
Fund's performance. Please refer to the "Investment Risks" sections of the Prospectus and the Fund's Supplement which are available at www.keplerliquidstrategies.com/funds/kls-niederhoffer-smart-alpha-ucits-fund/ | en | fr |
DOLFIN6275 | 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 | 0,00% | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00% |
| Frais prélevés par le Compartiment sur une année |
| Frais courants | 1,00% | Le pourcentage indiqué est basé sur les frais de l’exercice précédent (frais de gestion fixes et frais de transfert) clôturé le vendredi 31 décembre 2021. Les frais peuvent varier d’un exercice à l’autre. Ils ne comprennent ni les commissions de performance, ni les frais d’intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par le Compartiment lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. |
| Frais prélevés par le Compartiment dans certaines circonstances |
| Commission de performance | 10 % de la performance nette au-delà de l’indice de référence €STR + 210 pb, minorée des frais de gestion sur une période de référence de 5 ans, à condition que la performance de la Catégorie d’actions soit supérieure à zéro sur la période de référence concernée. Toute sous-performance ou performance négative de la Catégorie d’actions par rapport à l’Indice de référence sur cette période de référence doit être récupérée avant qu’une commission de performance ne soit payable. Montant de la commission de performance prélevée au titre du dernier exercice : 0,51% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 0,00% | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. En algunos casos, los gastos pagados pueden ser inferiores a los indicados. Los inversores pueden solicitar a su asesor financiero o distribuidor el importe exacto de los gastos de entrada y de salida. |
| Gastos de salida | 0,00% |
| Gastos detraídos del Subfondo a lo largo de un año |
| Gastos corrientes | 1,00% | El porcentaje indicado se basa en los gastos del ejercicio anterior (gastos de gestión fijos y gastos de transferencia) que finaliza el viernes, 31 de diciembre de 2021. Los gastos pueden variar de un ejercicio a otro. No incluyen las comisiones de rentabilidad ni las comisiones de los intermediarios financieros, excepto en el caso de los gastos de entrada y de salida abonados por el Subfondo en el momento de la compra o la venta de participaciones en otro organismo de inversión colectiva. |
| Gastos detraídos del Subfondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 10 % de la rentabilidad neta sobre el Índice de referencia €STR + 210 puntos básicos, calculada neta de comisiones de gestión durante un periodo de referencia de 5 años, siempre que la rentabilidad de la Clase de Acciones sea superior a cero durante el periodo de referencia correspondiente. Cualquier rentabilidad inferior o negativa de la Clase de Acciones en comparación con el Índice de Referencia durante ese periodo de referencia debe recuperarse antes de que sea pagadera una comisión de rentabilidad. Importe de la comisión de rentabilidad facturada para el último ejercicio: 0,51% | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée | 0,00% | Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou que le revenu de votre investissement ne vous soit distribué. Dans certains cas, les frais payés peuvent être inférieurs à ceux affichés. L’investisseur peut demander à son conseiller financier ou à son distributeur le montant exact des frais d’entrée et de sortie. |
| Frais de sortie | 0,00% |
| Frais prélevés par le Compartiment sur une année |
| Frais courants | 1,00% | Le pourcentage indiqué est basé sur les frais de l’exercice précédent (frais de gestion fixes et frais de transfert) clôturé le vendredi 31 décembre 2021. Les frais peuvent varier d’un exercice à l’autre. Ils ne comprennent ni les commissions de performance, ni les frais d’intermédiation excepté dans le cas de frais d’entrée et/ou de sortie payés par le Compartiment lors de l’achat ou de la vente de parts dans un autre organisme de placement collectif. |
| Frais prélevés par le Compartiment dans certaines circonstances |
| Commission de performance | 10 % de la performance nette au-delà de l’indice de référence €STR + 210 pb, minorée des frais de gestion sur une période de référence de 5 ans, à condition que la performance de la Catégorie d’actions soit supérieure à zéro sur la période de référence concernée. Toute sous-performance ou performance négative de la Catégorie d’actions par rapport à l’Indice de référence sur cette période de référence doit être récupérée avant qu’une commission de performance ne soit payable. Montant de la commission de performance prélevée au titre du dernier exercice : 0,51% | | fr | es |
DOLFIN6276 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The performance fee is calculated and accrued daily and paid yearly in arrears, in respect of each calendar year.
At the end of the calendar year for which performance fee is to be calculated, the performance fee for each share is equal to maximum 15% of the appreciation of the net asset value per share (net of performance fee) in excess of the high watermark from when performance fee was last paid, after deduction of the accumulated hurdle rate since performance fee was last paid. Any performance fee due will generally be paid within 30 business days after the end of each calendar year.
In case a fund is liquidated, merged or in case of net redemptions as observed on any valuation day, the pro rata of the year-to-date performance accrual that relates to such shares is considered as due regardless of the performance of the fund after such liquidation, merger or net redemption.
Examples of how performance fee is calculated | La commission de performance est calculée et provisionnée quotidiennement et payée annuellement à terme échu au titre de chaque année civile.
À la fin de chaque année civile au titre de laquelle une commission de performance doit être calculée, la commission de performance pour chaque action est égale à 15 % maximum de l'augmentation de la valeur nette d'inventaire par action (nette de la commission de performance) par rapport au « high watermark » applicable lors du dernier versement d’une commission de performance, après déduction du taux de rentabilité minimal cumulé depuis le dernier versement d’une commission de performance. Toute commission de performance due sera en principe payée dans les 30 jours ouvrables suivant la fin de chaque année civile.
En cas de liquidation ou de fusion d’un fonds ou en présence de rachats nets lors d'un jour d'évaluation quelconque, la commission de performance provisionnée au prorata depuis le début de l'année en lien avec les actions concernées sera considérée comme due quelle que soit la performance du fonds après la liquidation, la fusion ou les rachats nets.
Exemples de calcul de la commission de performance | The performance fee is calculated and accrued daily and paid yearly in arrears, in respect of each calendar year.
At the end of the calendar year for which performance fee is to be calculated, the performance fee for each share is equal to maximum 15% of the appreciation of the net asset value per share (net of performance fee) in excess of the high watermark from when performance fee was last paid, after deduction of the accumulated hurdle rate since performance fee was last paid. Any performance fee due will generally be paid within 30 business days after the end of each calendar year.
In case a fund is liquidated, merged or in case of net redemptions as observed on any valuation day, the pro rata of the year-to-date performance accrual that relates to such shares is considered as due regardless of the performance of the fund after such liquidation, merger or net redemption.
Examples of how performance fee is calculated | en | fr |
DOLFIN6277 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Aspects related to the directors’ report
In our opinion, after having performed specific procedures in relation to the directors’ report, the directors’ report is consistent with the annual accounts for the year under audit, and it is prepared in accordance with the articles 3:5 and 3:6 of the Companies’ and Associations’ Code.
In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors’ report is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you. | #### Aspects relatifs au rapport de gestion
A l’issue des vérifications spécifiques sur le rapport de gestion, nous sommes d’avis que celui-ci concorde avec les comptes annuels pour le même exercice, et a été établi conformément aux articles 3:5 et 3:6 du Code des sociétés et des associations.
Dans le cadre de notre audit des comptes annuels, nous devons également apprécier, en particulier sur la base de notre connaissance acquise lors de l’audit, si le rapport de gestion comporte une anomalie significative, à savoir une information incorrectement formulée ou autrement trompeuse. Sur la base de ces travaux, nous n’avons pas d’anomalie significative à vous communiquer. | #### Aspects related to the directors’ report
In our opinion, after having performed specific procedures in relation to the directors’ report, the directors’ report is consistent with the annual accounts for the year under audit, and it is prepared in accordance with the articles 3:5 and 3:6 of the Companies’ and Associations’ Code.
In the context of our audit of the annual accounts, we are also responsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors’ report is materially misstated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you. | en | fr |
DOLFIN6278 | 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 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 10,990
9.9%
CHF 13,094
5.5% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 CHF
9,9%
13 094 CHF
5,5% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 10,990
9.9%
CHF 13,094
5.5% | en | es |
DOLFIN6279 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 1,790 | 1,840 |
| | Average return each year (%) | -82.08 | -28.74 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,590 | 8,610 |
| | Average return each year (%) | -14.14 | -2.95 |
| Moderate ² | What you might get back after costs (EUR) | 10,560 | 12,530 |
| | Average return each year (%) | 5.59 | 4.61 |
| Favourable ³ | What you might get back after costs (EUR) | 12,610 | 16,920 |
| | Average return each year (%) | 26.06 | 11.10 | | | Escenarios | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes (EUR) | 1.790 | 1.840 |
| | Rendimiento medio cada año (%) | -82,08 | -28,74 |
| Desfavorable ¹ | Lo que podría recibir tras deducir los costes (EUR) | 8.590 | 8.610 |
| | Rendimiento medio cada año (%) | -14,14 | -2,95 |
| Moderado ² | Lo que podría recibir tras deducir los costes (EUR) | 10.560 | 12.530 |
| | Rendimiento medio cada año (%) | 5,59 | 4,61 |
| Favorable ³ | Lo que podría recibir tras deducir los costes (EUR) | 12.610 | 16.920 |
| | Rendimiento medio cada año (%) | 26,06 | 11,10 | | | Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 1,790 | 1,840 |
| | Average return each year (%) | -82.08 | -28.74 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,590 | 8,610 |
| | Average return each year (%) | -14.14 | -2.95 |
| Moderate ² | What you might get back after costs (EUR) | 10,560 | 12,530 |
| | Average return each year (%) | 5.59 | 4.61 |
| Favourable ³ | What you might get back after costs (EUR) | 12,610 | 16,920 |
| | Average return each year (%) | 26.06 | 11.10 | | en | es |
DOLFIN6280 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Benchmark
1 Month EURIBOR + 2% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.
The Benchmark is a cash-based market benchmark that does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met. | ##### Referenzwert
1-Monats-EURIBOR 2 % pro Jahr (der „Cash- Referenzwert“).
Der Teilfonds verwendet den Cash-Referenzwert als Zielwert für die Performance des Teilfonds, die über 5 Jahre vor Abzug von Gebühren erzielt oder übertroffen werden soll.
EURIBOR steht für Euro Interbank Offer Rate und ist ein Referenzzinssatz, der aus dem Durchschnittszinssatz ermittelt wird, zu dem Banken aus der Eurozone unbesicherte kurzfristige Kredite auf dem Interbankenmarkt anbieten.
Der Teilfonds wird aktiv gemanagt, was bedeutet, dass der Anlageverwalter unter Berücksichtigung des Anlageziels und der Anlagepolitik nach eigenem Ermessen über die Auswahl der Anlagen entscheiden kann.
Der Referenzwert ist ein barmittelbasierten Markt- Referenzwert, der keine ESG-Faktoren berücksichtigt und nicht dazu dient, zu messen, inwieweit die vom Teilfonds beworbenen ökologischen oder sozialen Merkmale erfüllt werden. | ##### Benchmark
1 Month EURIBOR + 2% per annum (the “Cash Benchmark”).
The Sub-Fund uses the Cash Benchmark as a target set for the Sub-Fund’s performance to match or exceed over 5 years before fees.
EURIBOR is the Euro Interbank Offer Rate and is a reference rate that is constructed from the average interest rate at which Eurozone banks offer unsecured short-term lending on the inter-bank market.
The Sub-Fund is actively managed, which means the Investment Manager has discretion over the selection of investments, subject to the investment objective and policy.
The Benchmark is a cash-based market benchmark that does not take ESG factors into account and is not used to measure the extent to which the environmental or social characteristics promoted by the Sub-Fund are met. | en | de |
DOLFIN6281 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
This allocation is done within minimum and maximum exposure limits by asset category likely to be reached depending on certain market configurations.
- a short-term tactical allocation that illustrates the level of convictions of the managers with regard to the various asset categories and makes it possible to take advantage of market inefficiencies and opportunities. It provides responsiveness and flexibility to the strategic allocation, thus optimising the portfolio’s overall exposure.
- a selection of investment vehicles most able to offer the best exposure sought. The mutual fund’s manager mainly relies on the HSBC Group’s assessments, both on active management UCI and index-based UCI and/or trackers. | Cette allocation se fait au sein de bornes minimales et maximales d’expositions par classes d’actifs susceptibles d’être atteintes en fonction de certaines configurations de marché.
- une allocation tactique de court terme qui illustre le degré de convictions des gérants sur les différentes classes d’actifs, et permet de tirer parti des inefficiences et opportunités de marchés. Elle apporte réactivité et souplesse à l’allocation stratégique, optimisant ainsi l’exposition globale du portefeuille.
- une sélection de supports d’investissements les plus à même d’offrir la meilleure exposition recherchée. Le gérant du FCP s’appuie principalement sur les expertises du Groupe HSBC, aussi bien sur des OPC de gestion active que des OPC indiciels et/ou des trackers. | This allocation is done within minimum and maximum exposure limits by asset category likely to be reached depending on certain market configurations.
- a short-term tactical allocation that illustrates the level of convictions of the managers with regard to the various asset categories and makes it possible to take advantage of market inefficiencies and opportunities. It provides responsiveness and flexibility to the strategic allocation, thus optimising the portfolio’s overall exposure.
- a selection of investment vehicles most able to offer the best exposure sought. The mutual fund’s manager mainly relies on the HSBC Group’s assessments, both on active management UCI and index-based UCI and/or trackers. | en | fr |
DOLFIN6282 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Viability statement
The Code includes a proposal for companies to include a “Viability Statement” addressed to shareholders with the intention of providing an improved and broader assessment of long term solvency and liquidity. The Code does not define “long term” but expects the period to be longer than 12 months with individual companies choosing a financial period appropriate to the nature of their own business. The Directors conducted this review for the financial period up to the AGM in 2023, being a three year period from the date that this annual report will be approved by Shareholders. The reason the Directors consider three years to be an appropriate financial period to review is that they do not expect there to be any significant change in the Entity’s current principal risks and adequacy of the mitigating controls during that financial period. Furthermore, the Directors do not envisage any change in the objective of the Entity, as disclosed in the Background section of the annual report and audited financial statements, or any other events that would prevent the Entity from continuing to operate over that financial period as the Entity’s assets are sufficiently liquid and the Entity intends to continue to operate as an Investment Entity. This financial period has been chosen, as a financial period longer than three years creates a level of future uncertainty for which a Viability Statement cannot, in the Directors’ view, be made meaningfully. In making this assessment the Directors have considered the following factors:
- the Entity’s principal risks as set out in the Financial Risks section of the financial statements;
- the ongoing relevance of the Entity’s objective in the current environment; and
- the level of investor demand for the Fund offered by the Entity. | ## Wirtschaftlichkeitserklärung
Der Code enthält einen Vorschlag, wonach Unternehmen eine an die Anteilinhaber gerichtete Wirtschaftlichkeitserklärung anzugeben haben, die eine bessere und umfassendere Beurteilung der langfristigen Zahlungsfähigkeit und Liquidität liefern soll. Der Code enthält keine Definition von „langfristig“, geht aber von einem Zeitraum von mehr als zwölf Monaten aus, wobei die einzelnen Unternehmen einen an die Natur ihrer individuellen Geschäftstätigkeit angepassten Zeitraum wählen können. Der Verwaltungsrat führte diese Überprüfung für den Berichtszeitraum bis zur JHV im Jahr 2023 durch, d. h. für einen dreijährigen Zeitraum ab dem Datum, an dem dieser Jahresbericht von den Anteilinhabern genehmigt wird. Der Grund, warum der Verwaltungsrat drei Geschäftsjahre als einen angemessenen Berichtszeitraum erachtet, ist, dass er nicht davon ausgeht, dass die Hauptrisiken des Unternehmens und die Angemessenheit der risikomindernden Kontrollen während dieses Zeitraums wesentlichen Änderungen unterworfen sein werden. Außerdem beabsichtigt der Verwaltungsrat keine Änderung des Ziels des Unternehmens, wie im Abschnitt „Hintergrund“ des Jahresberichts und geprüften Jahresabschlusses dargelegt, und erwartet keine Ereignisse, die das Unternehmen daran hindern, in dem genannten Berichtszeitraum seine Geschäftstätigkeit weiterzuführen, da die Vermögenswerte des Unternehmens ausreichend liquide sind und das Unternehmen beabsichtigt, weiterhin als Investmentunternehmen tätig zu sein. Dieser Berichtszeitraum wurde ausgewählt, da ein längerer Berichtszeitraum mit einem Ausmaß zukünftiger Unsicherheiten verbunden ist, für das eine Wirtschaftlichkeitserklärung nach Ansicht des Verwaltungsrats nicht sinnvoll abgegeben werden kann. Bei dieser Beurteilung hat der Verwaltungsrat die folgenden Faktoren berücksichtigt:
- die Hauptrisiken des Unternehmens gemäß ausführlicherer Beschreibung im Abschnitt „Finanzielle Risiken“ im Jahresabschluss;
- die Relevanz des Ziels des Unternehmens im derzeitigen Umfeld und
- die Höhe der Anlegernachfrage nach den vom Unternehmen angebotenen Fonds. | ## Viability statement
The Code includes a proposal for companies to include a “Viability Statement” addressed to shareholders with the intention of providing an improved and broader assessment of long term solvency and liquidity. The Code does not define “long term” but expects the period to be longer than 12 months with individual companies choosing a financial period appropriate to the nature of their own business. The Directors conducted this review for the financial period up to the AGM in 2023, being a three year period from the date that this annual report will be approved by Shareholders. The reason the Directors consider three years to be an appropriate financial period to review is that they do not expect there to be any significant change in the Entity’s current principal risks and adequacy of the mitigating controls during that financial period. Furthermore, the Directors do not envisage any change in the objective of the Entity, as disclosed in the Background section of the annual report and audited financial statements, or any other events that would prevent the Entity from continuing to operate over that financial period as the Entity’s assets are sufficiently liquid and the Entity intends to continue to operate as an Investment Entity. This financial period has been chosen, as a financial period longer than three years creates a level of future uncertainty for which a Viability Statement cannot, in the Directors’ view, be made meaningfully. In making this assessment the Directors have considered the following factors:
- the Entity’s principal risks as set out in the Financial Risks section of the financial statements;
- the ongoing relevance of the Entity’s objective in the current environment; and
- the level of investor demand for the Fund offered by the Entity. | en | de |
DOLFIN6283 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
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 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,
breaching certain thresholds in controversial activities, including, but not limited to, tobacco, controversial weapons, and thermal coal; and/or (iii) do not act in accordance with the UNGC principles and their associated standards, conventions, and treaties as determined by Sustainalytics. Remaining companies are then selected in decreasing order of ESG Score using a methodology to get as close as possible to the target 60% of the Parent Index’s constituent count. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on an annual basis. Changes to the index are made as needed with no annual or semi-annual reconstitution. The index is administered by S&P Dow Jones Indices LLC. 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 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.
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 is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is relying on the activities conducted by and information provided by the administrator of the index. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index and therefore the portfolio of the fund. 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. | 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 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
Sustainalytics como incumplidoras de determinados umbrales sobre actividades controvertidas, donde se incluyen, por ejemplo, el tabaco, el armamento controvertido o el carbón térmico, o (iii) aquellas que, según determine Sustainalytics, no actúan conforme a los principios del Pacto Mundial de Naciones Unidas y sus normas, convenciones y tratados relacionados. A continuación, las empresas restantes se van seleccionando por orden decreciente de puntuación ESG con una metodología que pretende aproximarse lo máximo posible al objetivo del 60% del número de componentes del índice principal. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y reajusta anualmente. Los cambios en el índice se realizan conforme sea necesario y no existe recomposición anual o semestral. El índice está administrado por S&P Dow Jones Indices LLC. 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). 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.
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 está expuesto a movimientos del mercado en un solo país o región, por lo que podría verse perjudicado por la evolución política o económica, las medidas adoptadas por el gobierno o por sucesos naturales que no afectan a fondos que invierten en mercados más amplios. Durante el proceso de selección del índice se aplican criterios de cribado ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. La sociedad se basa en las actividades llevadas a cabo por el administrador del índice y en la información que este proporcione. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice y, por tanto, en la cartera del fondo. 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. | 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 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,
breaching certain thresholds in controversial activities, including, but not limited to, tobacco, controversial weapons, and thermal coal; and/or (iii) do not act in accordance with the UNGC principles and their associated standards, conventions, and treaties as determined by Sustainalytics. Remaining companies are then selected in decreasing order of ESG Score using a methodology to get as close as possible to the target 60% of the Parent Index’s constituent count. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on an annual basis. Changes to the index are made as needed with no annual or semi-annual reconstitution. The index is administered by S&P Dow Jones Indices LLC. 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 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.
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 is exposed to market movements in a single country or region which may be adversely affected by political or economic developments, government action or natural events that do not affect a fund investing in broader markets. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is relying on the activities conducted by and information provided by the administrator of the index. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index and therefore the portfolio of the fund. 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 |
DOLFIN6284 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Risque plus faible Risque plus élevé L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. ! |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, il est possible que de très mauvaises conditions de marché aient une incidence sur la capacité à vous payer.
### Les points suivants s’appliquent si vous souscrivez ou réglez des actions dans une devise différente de celle du fonds ou de la classe d'actions : Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie
Les risques suivants pourraient être particulièrement importants pour le fonds : Risque lié aux dérivés, Risque de conflits d'intérêt, Risque de contrepartie, Risque lié aux actions, Risque lié à l'indice basé sur des règles. Vous trouverez une description plus détaillée des risques ainsi que d'autres informations dans la / les rubrique(s) « Risques » du prospectus de vente. Vous pouvez perdre une partie ou la totalité de votre investissement. Votre risque est limité au montant investi. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. I nous ne sommes pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement.
## Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision. Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit approprié au cours des 10,00 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| Période de détention recommandée: Exemple d’investissement: | 5 ans 11.000 USD |
| --- | --- |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Vähintään | 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 Rendement annuel moyen | 1.280 USD -88,4 % | 4.050 USD -18,1 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.830 USD -19,7 % | 9.000 USD -3,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.110 USD 10,1 % | 17.070 USD 9,2 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 16.950 USD 54,0 % | 22.630 USD 15,5 % |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Période de détention recommandée: Ce type de scénario (Favorable, Intermédiaire, Défavorable) s’est produit pour un investissement entre (Favorable: 31.10.2016-29.10.2021, Intermédiaire: 30.04.2013-30.04.2018, Défavorable: 31.12.2021-31.12.2022). | # ¿Qué riesgos corro y qué podría obtener a cambio?
## Indicador de riesgo
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Menor riesgo Mayor riesgo El indicador de riesgo presupone que usted mantendrá el producto durante 5 años. ! |
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle. Hemos clasificado este producto en la clase de riesgo 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 unas condiciones del mercado muy desfavorables podrían afectar a la capacidad de efectuar los pagos que se le deban.
### En caso de que suscriba o liquide acciones en una moneda diferente de la que corresponde al fondo o la clase de acciones, será de aplicación lo siguiente: Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Riesgo de derivados, Riesgo de conflictos de interés, Riesgo de contraparte, Riesgo de acciones, Riesgo de índice basado en reglas. Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. Puede perder parte o la totalidad de su inversión. El riesgo que asume se limita a la cantidad invertida. Este producto no incluye protección alguna contra la evolución futura del mercado, por lo que podría perder una parte o la totalidad de su inversión. Si no se puede podemos pagarle lo que se le debe, podría perder toda su inversión.
## Escenarios de rentabilidad
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto adecuado durante los últimos 10,00 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
| Período de mantenimiento recomendado: Ejemplo de inversión: | 5 años 11.000 USD |
| --- | --- |
| | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Escenarios |
| 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 Rendimiento medio cada año | 1.280 USD -88,4 % | 4.050 USD -18,1 % |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.830 USD -19,7 % | 9.000 USD -3,9 % |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 12.110 USD 10,1 % | 17.070 USD 9,2 % |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 16.950 USD 54,0 % | 22.630 USD 15,5 % |
Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Período de mantenimiento recomendado: Este tipo de escenario (Favorable, Moderado, Desfavorable) se produjo para una inversión entre (Favorable: 31.10.2016-29.10.2021, Moderado: 30.04.2013-30.04.2018, Desfavorable: 31.12.2021-31.12.2022). | # Quels sont les risques et qu’est-ce que cela pourrait me rapporter?
## Indicateur de risque
| 1 2 3 | 4 | 5 6 7 |
| --- | --- | --- |
| Risque plus faible Risque plus élevé L’indicateur de risque part de l’hypothèse que vous conservez le produit 5 années. ! |
L'indicateur synthétique de risque permet d'apprécier le niveau de risque de ce produit par rapport à d'autres. Il indique la probabilité que ce produit enregistre des pertes en cas de mouvements sur les marchés ou d'une impossibilité de notre part de vous payer. Nous avons classé ce produit dans la classe de risque 4 sur 7, qui est une classe de risque moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau moyen et, il est possible que de très mauvaises conditions de marché aient une incidence sur la capacité à vous payer.
### Les points suivants s’appliquent si vous souscrivez ou réglez des actions dans une devise différente de celle du fonds ou de la classe d'actions : Attention au risque de change. Les sommes qui vous seront versées le seront dans une autre monnaie
Les risques suivants pourraient être particulièrement importants pour le fonds : Risque lié aux dérivés, Risque de conflits d'intérêt, Risque de contrepartie, Risque lié aux actions, Risque lié à l'indice basé sur des règles. Vous trouverez une description plus détaillée des risques ainsi que d'autres informations dans la / les rubrique(s) « Risques » du prospectus de vente. Vous pouvez perdre une partie ou la totalité de votre investissement. Votre risque est limité au montant investi. Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. I nous ne sommes pas en mesure de vous verser les sommes dues, vous pouvez perdre l'intégralité de votre investissement.
## Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision. Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du produit approprié au cours des 10,00 dernières années. Les marchés pourraient évoluer très différemment à l’avenir.
| Période de détention recommandée: Exemple d’investissement: | 5 ans 11.000 USD |
| --- | --- |
| | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| Scénarios |
| Vähintään | 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 Rendement annuel moyen | 1.280 USD -88,4 % | 4.050 USD -18,1 % |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 8.830 USD -19,7 % | 9.000 USD -3,9 % |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 12.110 USD 10,1 % | 17.070 USD 9,2 % |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 16.950 USD 54,0 % | 22.630 USD 15,5 % |
Les chiffres indiqués comprennent tous les coûts du produit lui-même, mais pas nécessairement tous les frais dus à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut également influer sur les montants que vous recevrez. Le scénario de tensions montre ce que vous pourriez obtenir dans des situations de marché extrêmes. Période de détention recommandée: Ce type de scénario (Favorable, Intermédiaire, Défavorable) s’est produit pour un investissement entre (Favorable: 31.10.2016-29.10.2021, Intermédiaire: 30.04.2013-30.04.2018, Défavorable: 31.12.2021-31.12.2022). | fr | es |
DOLFIN6285 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Power to delegate
Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee consisting of at least one Director. Any such delegation may be made subject to any conditions that the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
- | # Delegationsbefugnis
Ohne die Bestimmungen des vorangegangenen Artikels in ihrer Allgemeingültigkeit zu beschränken, können die Verwaltungsratsmitglieder ihre eigenen Befugnisse auf einen Ausschuss übertragen, der sich aus mindestens einem Verwaltungsratsmitglied zusammensetzt. Eine solche Übertragung kann von den Verwaltungsratsmitgliedern mit bestimmten Bedingungen verknüpft werden und besteht entweder neben oder anstelle ihrer eigenen Befugnisse und kann widerrufen werden. Vorbehaltlich solcher Bedingungen gelten, soweit anwendbar, für die Sitzungen eines Ausschusses mit zwei oder mehr Mitgliedern die Bestimmungen dieser Satzung, die die Sitzungen der Verwaltungsratsmitglieder regeln.
- | # Power to delegate
Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee consisting of at least one Director. Any such delegation may be made subject to any conditions that the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
- | en | de |
DOLFIN6286 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
- The fund will invest at least 80% in short-dated high-yield bonds which:
- have a residual maturity of less than five and a half years; and
- either (a) have been given a credit rating of either: (i) Ba1 or lower by Moody’s; (ii) BB+ or lower by Standard & Poor’s; or (iii) BB+ or lower by Fitch; or (b) have not been rated but which the manager believes would, if they were rated, be given a comparable credit rating. | - Le fonds investira au moins 80% de ses avoirs en obligations à haut rendement d’échéance courte qui :
- sont assorties d’une échéance résiduelle inférieure à cinq ans et demi ; et
- soit (a) bénéficient d’une notation de crédit : (i) inférieure ou égale à Ba1 selon Moody’s ; (ii) inférieure ou égale à BB+ selon Standard & Poor’s ;(iii) inférieure ou égale à BB+ selon Fitch ; soit (b) n’ont pas été notées, mais que le gestionnaire estime de qualité de crédit équivalente. | - The fund will invest at least 80% in short-dated high-yield bonds which:
- have a residual maturity of less than five and a half years; and
- either (a) have been given a credit rating of either: (i) Ba1 or lower by Moody’s; (ii) BB+ or lower by Standard & Poor’s; or (iii) BB+ or lower by Fitch; or (b) have not been rated but which the manager believes would, if they were rated, be given a comparable credit rating. | en | fr |
DOLFIN6287 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Charges
The charges you pay are used to pay the costs of running the Class, including the costs of marketing and distributing it.
These charges reduce the potential growth of your investment.
The ongoing charge figure is based on an estimate of expected expenses which may vary from year to year.
For more information about charges, please see the prospectus available at www.rbcgam.lu. | # Frais
Les frais que vous acquittez servent à couvrir les coûts d’exploitation de la Catégorie, y compris les frais de commercialisation et de distribution. Ces frais réduisent la croissance potentielle de votre investissement.
Le montant des frais courants communiqué ici est une estimation des charges, qui peuvent varier d’une année sur l’autre.
Pour en savoir plus sur les frais et commissions, veuillez consulter le prospectus sur www.rbcgam.lu. | # Charges
The charges you pay are used to pay the costs of running the Class, including the costs of marketing and distributing it.
These charges reduce the potential growth of your investment.
The ongoing charge figure is based on an estimate of expected expenses which may vary from year to year.
For more information about charges, please see the prospectus available at www.rbcgam.lu. | en | fr |
DOLFIN6288 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Under current law and practice, the Fund is not liable for any Luxembourg income or net wealth tax nor are distributions, redemptions or payments made by the Fund to its shareholders under the Shares and distribution of liquidation proceeds subject to any Luxembourg withholding tax.
At the date of this Prospectus, the Fund is liable to a registration duty of EUR 75 upon incorporation, or if the Articles of Association are amended and a subscription tax (taxe d’abonnement) of 0.05% per annum, such tax being payable quarterly and calculated on the aggregate net assets of the Fund valued at the end of the relevant calendar quarter, unless a reduced tax rate of 0.01% per annum is applicable. Furthermore, some exemptions from subscription tax are available.
The Fund may be subject to withholding tax on dividends and interest as well as to tax on capital gains in the country of origin of its investments. As the Fund itself is exempt from income tax, withholding tax levied at source, if any, may not be creditable/refundable in Luxembourg. Whether the Fund may benefit from a double tax treaty concluded by Luxembourg must be analysed on a case-by-case basis. Indeed, as the Fund is structured as an investment company (as opposed to a mere co-ownership of assets), certain double tax treaties signed by Luxembourg may directly be applicable to Fund.
In Luxembourg, regulated investment funds such as SICAVs, have the status of taxable persons for value added tax (“VAT”) purposes. Accordingly, the Fund is considered in Luxembourg as a taxable person for VAT purposes without any input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the Fund could potentially trigger VAT and require the VAT registration of the Fund in Luxembourg. As a result of such VAT registration, the Fund will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises in principle in Luxembourg in respect of any payments by the Fund to its Shareholders, to the extent such payments are linked to their subscription to the Shares and do, therefore, not constitute the consideration received for taxable services supplied.
-
## Shareholders | En vertu de la législation et de la pratique actuelles, le Fonds n'est soumis à aucun impôt luxembourgeois sur le revenu ou la fortune et les distributions, rachats ou paiements effectués par le Fonds à ses actionnaires au titre des Actions, de même que la distribution des produits de liquidation, ne sont soumis à aucune retenue à la source au Luxembourg.
À la date du présent Prospectus, le Fonds est soumis à un droit d'enregistrement de 75 EUR lors de sa constitution, ou en cas de modification des Statuts, et à une taxe d'abonnement de 0,05% par an, cette taxe étant payable trimestriellement et calculée sur l'actif net total du Fonds évalué à la fin du trimestre civil concerné, à moins qu'un taux d'imposition réduit de 0,01% par an ne soit applicable. En outre, certaines exonérations de la taxe d'abonnement sont possibles.
Le Fonds peut être soumis à une retenue à la source sur les dividendes et les intérêts ainsi qu'à un impôt sur les plus-values dans le pays d'origine de ses investissements. Le Fonds étant lui-même exonéré de l'impôt sur le revenu, la retenue à la source, le cas échéant, peut ne pas être créditée/remboursée au Luxembourg. La question de savoir si le Fonds peut bénéficier d'une convention de double imposition conclue par le Luxembourg doit être analysée au cas par cas. En effet, le Fonds étant structuré comme une société d'investissement (par opposition à une simple copropriété d'actifs), certaines conventions de double imposition signées par le Luxembourg peuvent être directement applicables au Fonds.
Au Luxembourg, les fonds d'investissement réglementés, tels que le Fonds, ont le statut d'assujettis à la taxe sur la valeur ajoutée (« TVA »). Par conséquent, le Fonds est considéré au Luxembourg comme un assujetti à la TVA, sans droit à déduction de la TVA en amont. Une exemption de TVA s'applique au Luxembourg pour les services qualifiés de services de gestion de fonds. D'autres services fournis au Fonds pourraient potentiellement être assujettis à la TVA et nécessiter l'enregistrement de la TVA du Fonds au Luxembourg. Grâce à cet enregistrement à la TVA, le Fonds sera en mesure de remplir son obligation d'auto-évaluation de la TVA considérée comme due au Luxembourg au titre des services (ou des biens, dans une certaine mesure) imposables achetés à l'étranger.
Aucune TVA ne s'applique en principe au Luxembourg en ce qui concerne les paiements effectués par le Fonds à ses Actionnaires, dans la mesure où ces paiements sont liés à leur souscription d'Actions et ne constituent donc pas la contrepartie reçue pour des services imposables fournis.
-
## Les Actionnaires | Under current law and practice, the Fund is not liable for any Luxembourg income or net wealth tax nor are distributions, redemptions or payments made by the Fund to its shareholders under the Shares and distribution of liquidation proceeds subject to any Luxembourg withholding tax.
At the date of this Prospectus, the Fund is liable to a registration duty of EUR 75 upon incorporation, or if the Articles of Association are amended and a subscription tax (taxe d’abonnement) of 0.05% per annum, such tax being payable quarterly and calculated on the aggregate net assets of the Fund valued at the end of the relevant calendar quarter, unless a reduced tax rate of 0.01% per annum is applicable. Furthermore, some exemptions from subscription tax are available.
The Fund may be subject to withholding tax on dividends and interest as well as to tax on capital gains in the country of origin of its investments. As the Fund itself is exempt from income tax, withholding tax levied at source, if any, may not be creditable/refundable in Luxembourg. Whether the Fund may benefit from a double tax treaty concluded by Luxembourg must be analysed on a case-by-case basis. Indeed, as the Fund is structured as an investment company (as opposed to a mere co-ownership of assets), certain double tax treaties signed by Luxembourg may directly be applicable to Fund.
In Luxembourg, regulated investment funds such as SICAVs, have the status of taxable persons for value added tax (“VAT”) purposes. Accordingly, the Fund is considered in Luxembourg as a taxable person for VAT purposes without any input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the Fund could potentially trigger VAT and require the VAT registration of the Fund in Luxembourg. As a result of such VAT registration, the Fund will be in a position to fulfil its duty to self-assess the VAT regarded as due in Luxembourg on taxable services (or goods to some extent) purchased from abroad.
No VAT liability arises in principle in Luxembourg in respect of any payments by the Fund to its Shareholders, to the extent such payments are linked to their subscription to the Shares and do, therefore, not constitute the consideration received for taxable services supplied.
-
## Shareholders | en | fr |
DOLFIN6289 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
## Risk Indicator
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The synthetic risk indicator assumes that you keep the Product until the end of the recommended holding period (3 years). The actual risk can vary significantly if you cash in at an early stage and you may get back less.
In the absence of sufficient historical data, the risk indicator incorporates data simulated from a benchmark portfolio. Risk category 2 reflects a low potential gain and/or loss in the value of the portfolio. The exposure to investments in equities and international bonds primarily explains the classification in this category.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
The investment is not guaranteed.
Significant risk(s) for the Product not taken into account in this indicator include the following:
Investment in other UCIs/UCITS: A product that invests in other undertakings for collective investment will not play an active role in the daily management of the undertaking for collective investment in which it invests. In addition, a product will not generally have the opportunity to assess the specific investments made by the underlying undertakings for collective investment before they occur. Consequently, a product’s returns shall depend on the performance of the managers of the underlying products and could be adversely affected by poor performance.
Risk linked to the use of derivatives: The Product may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Product to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Product.
Currency risk: The Product invests in overseas markets and could be affected by fluctuations in exchange rates, which may cause the value of your investment to decrease or increase.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Risks linked to emerging markets: The Product invests in emerging markets, which carries a higher risk than investing in developed markets. Investments in emerging markets are likely to experience greater rises and falls in value and may suffer trading problems. A Product that invests in emerging markets rather than developed countries may encounter difficulties when buying and selling securities. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
Risk related to investments in structured products: Structured products can be broadly defined as instruments designed to meet the specific needs of investors or borrowers that cannot be met with conventional financial instruments. These are not standardized and generally invest in a variety of underlying assets. The income from structured products is dependent on multiple conditions and/or scenarios that are not always immediately comprehensible. Understanding them demands solid knowledge of financial products and markets. In many cases, investments are made by incorporating index derivatives in bonds or money market instruments. The structured product employs leverage and the percentage price movements will be greater than those of the underlying asset. Many but not all structured products have a level of capital protection.
## Performance Scenarios
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the Product over the last 5 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances.
In the absence of sufficient historical data, the performance scenarios incorporate data simulated from a benchmark portfolio.
Investment of EUR 10,000
| Scenarios | If you exit after 1 year | If you exit after 3 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 8,390 | EUR 6,140 |
| Average return each year | -16.1% | -15.0% |
| Unfavourable scenario | What you might get back after costs | EUR 8,390 | EUR 6,140 |
| Average return each year | -16.1% | -15.0% |
| Moderate scenario | What you might get back after costs | EUR 10,070 | EUR 10,180 |
| Average return each year | 0.7% | 0.6% |
| Favourable scenario | What you might get back after costs | EUR 10,910 | EUR 11,770 |
| Average return each year | 9.1% | 5.6% |
This table shows how much you could earn over the recommended holding period under different scenarios, assuming you invest EUR 10,000. | # Quali sono i rischi e qual è il potenziale rendimento?
## Indice di rischio
Rischio più basso, Rischio più elevato,
rendimento potenzialmente più basso rendimento potenzialmente più elevato
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
L’indicatore sintetico di rischio presuppone la detenzione del Prodotto fino al termine del periodo di detenzione raccomandato (3 anni). Il rischio effettivo può essere molto diverso se si opta per un’uscita anticipata, e si può ottenere un rendimento inferiore.
In mancanza di dati storici sufficienti, l’indicatore di rischio incorpora dati simulati partendo da un portafoglio di riferimento. La categoria di rischio 2 riflette un potenziale di rendimento e/o perdita basso del valore del portafoglio. Ciò si spiega principalmente con investimenti in azioni e obbligazioni internazionali.
L’indicatore sintetico di rischio è un’indicazione orientativa del livello di rischio di questo Prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Il capitale non è garantito.
Rischi importanti del Prodotto non contemplati in tale indicatore:
Investimento in altri OIC/OICVM: Un Prodotto che investa in altri organismi d’investimento collettivo non svolgerà un ruolo attivo nella gestione quotidiana dei medesimi. Inoltre, in linea generale un prodotto non avrà occasione di valutare gli investimenti specifici effettuati dagli organismi d’investimento collettivo sottostanti prima che gli stessi siano effettuati. Di conseguenza, i rendimenti di un prodotto dipenderanno dalla performance dei gestori dei prodotti sottostanti e potrebbero risentire negativamente di performance sfavorevoli.
Rischio legato all’utilizzo di strumenti derivati: Il Prodotto può utilizzare strumenti derivati, ossia strumenti finanziari il cui valore dipende da quello di un attivo sottostante. Le fluttuazioni nella quotazione dell’attivo sottostante, anche se minime, possono comportare variazioni importanti nel prezzo dello strumento derivato corrispondente. L’utilizzo degli strumenti derivati negoziati su mercati over-the-counter espone il Prodotto al rischio che la controparte non adempia ai propri obblighi contrattuali, in misura parziale o totale. Il Prodotto potrebbe pertanto subire una perdita finanziaria.
Rischio di valuta: Il Prodotto è investito in mercati esteri e potrebbe essere influenzato da variazioni dei tassi di cambio che producono un aumento o una diminuzione del valore degli investimenti.
Rischio di liquidità: Questo rischio corrisponde al fatto che un’attività non può essere venduta al prezzo previsto o entro il periodo di tempo desiderato, a causa della vicinanza strutturale o ciclica al mercato. Tale rischio è quindi riflesso da una diminuzione del prezzo di cessione delle attività in questione e/o da un ritardo nella rettifica o liquidazione del portafoglio.
Impatto delle tecniche di copertura: L’utilizzo di derivati a fini di copertura in un mercato al rialzo potrebbe ridurre il potenziale di rendimento.
Rischio legato ai mercati emergenti: Il Prodotto investe in mercati emergenti con un rischio maggiore rispetto ai mercati sviluppati. Questi investimenti potrebbero essere più instabili e soffrire una negoziabilità ridotta. Un Prodotto che investe nei mercati emergenti piuttosto che nei mercati sviluppati potrebbe trovarsi in condizioni sfavorevoli al momento dell’acquisto e della vendita di titoli. I mercati emergenti hanno inoltre una maggiore probabilità di subire un’instabilità politica e tali investimenti possono non beneficiare dello stesso livello di protezione dei paesi sviluppati.
Rischio legato agli investimenti nei prodotti strutturati: I prodotti strutturati possono essere generalmente definiti come strumenti creati per soddisfare esigenze specifiche di investitori o mutuatari che non possono essere soddisfatte con strumenti finanziari convenzionali. Non sono prodotti standard e di norma investono in una varietà di attività sottostanti. Il reddito dei prodotti strutturati dipende da molteplici condizioni e/o scenari non sempre facili da decifrare a prima vista. La loro comprensione richiede una buona conoscenza dei prodotti e dei mercati finanziari. Spesso gli investimenti vengono effettuati incorporando i derivati dell’indice in obbligazioni o strumenti del mercato monetario. Il prodotto strutturato utilizza la leva finanziaria e le oscillazioni percentuali del prezzo saranno superiori a quelle dell’attività sottostante. Sebbene molti prodotti strutturati abbiano un livello di protezione del capitale, non tutti ne dispongono.
## Scenari di performance
Le cifre riportate comprendono tutti i costi del Prodotto in quanto tale, ma possono non comprendere tutti i costi da voi pagati al consulente o al distributore. Le cifre non tengono conto della vostra situazione fiscale personale, che può incidere anch’essa sull’importo del rimborso.
Il possibile rimborso dipenderà dall’andamento futuro dei mercati, che è incerto e non può essere previsto con esattezza.
Lo scenario sfavorevole, lo scenario moderato e lo scenario favorevole riportati sono illustrazioni basate sulla performance peggiore del Prodotto negli ultimi 5 anni. Nel futuro i mercati potrebbero avere un andamento molto diverso.
Lo scenario di stress indica quale potrebbe essere l’importo rimborsato in circostanze di mercato estreme.
In mancanza di dati storici sufficienti, gli scenari di performance incorporano dati simulati partendo da un portafoglio di riferimento.
Investimento di 10.000 EUR
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 3 anni (il periodo di detenzione raccomandato) |
| --- | --- | --- |
| Scenario di stress | Possibile rimborso al netto dei costi | 8.390 USD | 6.140 USD |
| Rendimento medio per ciascun anno | -16,1% | -15,0% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 8.390 USD | 6.140 USD |
| Rendimento medio per ciascun anno | -16,1% | -15,0% |
| Scenario intermedio | Possibile rimborso al netto dei costi | 10.070 USD | 10.180 USD |
| Rendimento medio per ciascun anno | 0,7% | 0,6% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 10.910 USD | 11.770 USD |
| Rendimento medio per ciascun anno | 9,1% | 5,6% |
Questa tabella mostra gli importi dei possibili rimborsi nel periodo di detenzione raccomandato, ipotizzando un investimento di 10.000 EUR. | # What are the risks and what could I get in return?
## Risk Indicator
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The synthetic risk indicator assumes that you keep the Product until the end of the recommended holding period (3 years). The actual risk can vary significantly if you cash in at an early stage and you may get back less.
In the absence of sufficient historical data, the risk indicator incorporates data simulated from a benchmark portfolio. Risk category 2 reflects a low potential gain and/or loss in the value of the portfolio. The exposure to investments in equities and international bonds primarily explains the classification in this category.
The summary risk indicator is a guide to the level of risk of this Product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
The investment is not guaranteed.
Significant risk(s) for the Product not taken into account in this indicator include the following:
Investment in other UCIs/UCITS: A product that invests in other undertakings for collective investment will not play an active role in the daily management of the undertaking for collective investment in which it invests. In addition, a product will not generally have the opportunity to assess the specific investments made by the underlying undertakings for collective investment before they occur. Consequently, a product’s returns shall depend on the performance of the managers of the underlying products and could be adversely affected by poor performance.
Risk linked to the use of derivatives: The Product may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Product to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Product.
Currency risk: The Product invests in overseas markets and could be affected by fluctuations in exchange rates, which may cause the value of your investment to decrease or increase.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Risks linked to emerging markets: The Product invests in emerging markets, which carries a higher risk than investing in developed markets. Investments in emerging markets are likely to experience greater rises and falls in value and may suffer trading problems. A Product that invests in emerging markets rather than developed countries may encounter difficulties when buying and selling securities. Emerging markets are also more likely to experience political uncertainty and investments held in these countries may not have the same protection as those held in more developed countries.
Risk related to investments in structured products: Structured products can be broadly defined as instruments designed to meet the specific needs of investors or borrowers that cannot be met with conventional financial instruments. These are not standardized and generally invest in a variety of underlying assets. The income from structured products is dependent on multiple conditions and/or scenarios that are not always immediately comprehensible. Understanding them demands solid knowledge of financial products and markets. In many cases, investments are made by incorporating index derivatives in bonds or money market instruments. The structured product employs leverage and the percentage price movements will be greater than those of the underlying asset. Many but not all structured products have a level of capital protection.
## Performance Scenarios
The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this Product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the Product over the last 5 years. Markets could develop very differently in the future.
The stress scenario shows what you might get back in extreme market circumstances.
In the absence of sufficient historical data, the performance scenarios incorporate data simulated from a benchmark portfolio.
Investment of EUR 10,000
| Scenarios | If you exit after 1 year | If you exit after 3 years (the recommended holding period) |
| --- | --- | --- |
| Stress scenarios | What you might get back after costs | EUR 8,390 | EUR 6,140 |
| Average return each year | -16.1% | -15.0% |
| Unfavourable scenario | What you might get back after costs | EUR 8,390 | EUR 6,140 |
| Average return each year | -16.1% | -15.0% |
| Moderate scenario | What you might get back after costs | EUR 10,070 | EUR 10,180 |
| Average return each year | 0.7% | 0.6% |
| Favourable scenario | What you might get back after costs | EUR 10,910 | EUR 11,770 |
| Average return each year | 9.1% | 5.6% |
This table shows how much you could earn over the recommended holding period under different scenarios, assuming you invest EUR 10,000. | en | it |
DOLFIN6290 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment SEK 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 173 SEK | 1,448 SEK |
| Annual cost impact(*) | 1.73 % | 1.91 % | | | Investimento SEK 10,000 | |
| --- | --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Costi totali | 173 SEK | 1,448 SEK |
| Incidenza annuale dei costi (*) | 1.73 % | 1.91 % | | | Investment SEK 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 173 SEK | 1,448 SEK |
| Annual cost impact(*) | 1.73 % | 1.91 % | | en | it |
DOLFIN6291 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
The Fund is an Undertaking for Collective Investment in Transferable Securities UCITS established as a sub-fund of Kepler Liquid Strategies ICAV, an open-ended Irish collective asset-management vehicle with segregated liability between sub-funds, established under the laws of Ireland and authorised by the Central Bank of Ireland under the UCITS Regulations.
Term The Fund has no minimum fixed term. Termination of the Fund is only possible in those cases expressly provided for in the Prospectus or Supplement of the Fund.
Objectives
The Fund seeks to achieve total returns through capital growth and/or income generation. The Fund will invest primarily in a diversified portfolio of Developed and Emerging Market investments. The Fund will seek to benefit both from rapidly changing economic and monetary conditions globally and in Asia. The Fund’s investments in Emerging Markets will focus on Asia, including China and the Fund’s investments in Developed Markets will focus on Europe, the United States and Japan. The Fund seeks to adopt a "top-down" approach in selecting its investments across different asset classes. The Fund will typically be invested in multiple asset classes, in order to diversify the portfolio and reduce volatility. The Sub-Investment Manager focuses on employing its macro-analytical frameworks to evaluate and seek to exploit the impacts of economic events and trends globally and in Asia on the global equity, commodity, bond and currency markets. The Sub-Investment Manager will select investments identified by the frameworks based on its review of the macro-environment, the appropriateness of the particular investment in respect of its market view and the marginal risk of the investment in relation to the Fund's existing portfolio.
The Fund may invest in a wide range of instruments including, but not limited to, equities, bonds, American depositary receipts, contracts for difference, options, futures and forwards. The Fund may use financial derivative instruments for investment or for hedging purposes. The Fund may also invest up to 100% of its NAV in cash, money market instruments including treasury bills, bank deposits, certificates of deposit and commercial paper, along with fixed income or related securities by highly rated issuers such as the US Treasuries. The Fund may invest up to10% of net assets in collective investment schemes including exchange traded funds or money market funds.
The Fund is actively managed without reference to a benchmark.
The Fund seeks to promote environmental and social characteristics within the meaning of Article 8 of Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the "SFDR"). The Fund also incorporates environmental, social and governance (“ESG”) criteria for the assessment and selection of investments.
Depositary Société Générale S.A., Dublin Branch
Additional Information
Intended retail investor
The Fund's assets are held by the Depositary. You can sell your shares or buy more shares each business day (except Saturdays, Sundays and public holidays) on which banks in Dublin, Hong Kong and London are open for normal banking business. You must submit your application to the Fund's Administrator before 11.00 a.m. Irish time) five business days before the day you want to sell or buy shares. Your shares may pay you a dividend. For full details of the Fund's investment objective and policies, refer to the "Investment Objective", "Investment Policies" and "Investment Strategy" sections of the Fund's Supplement, which is available at www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
The Fund is suitable for investors who are willing to tolerate medium to high risks and who are seeking a long-term appreciation of capital. The Fund may not be appropriate for investors who plan to remove their money within 3 years. | # ¿Qué es este producto?
Tipo
El Fondo es un Organismo de Inversión Colectiva en Valores Mobiliarios OICVM constituido como subfondo de Kepler Liquid Strategies ICAV, un vehículo de capital variable irlandés de gestión colectiva de activos con responsabilidad segregada entre subfondos, constituido con arreglo a las leyes de Irlanda y autorizado por el Banco Central de Irlanda en virtud del Reglamento sobre OICVM.
Plazo El Fondo no tiene fijada una duración mínima. La disolución del Fondo solo es posible en los casos expresamente previstos en el Folleto o Suplemento del Fondo.
Objetivos
El Fondo trata de lograr rentabilidad total mediante la revalorización del capital y/o la generación de ingresos. El Fondo invertirá principalmente en una cartera diversificada de inversiones en Mercados desarrollados y de inversiones en Mercados emergentes. El Fondo tratará de beneficiarse de la rápida evolución de las condiciones económicas y monetarias a escala mundial y en Asia. Las inversiones del Fondo en Mercados emergentes se centrarán en Asia, incluida China, y las inversiones del Fondo en Mercados Desarrollados se centrarán en Europa, Estados Unidos y Japón. El Fondo trata de adoptar un enfoque «descendente» (top-down) al seleccionar sus inversiones en las distintas clases de activos. El Fondo invertirá normalmente en múltiples clases de activos, con el fin de diversificar la cartera y reducir la volatilidad. El Subgestor de Inversiones se centra en emplear sus marcos macroanalíticos para evaluar y tratar de aprovechar las repercusiones de los acontecimientos económicos y las tendencias a escala mundial y en Asia sobre los mercados mundiales de renta variable, materias primas, bonos y divisas. El Subgestor de inversiones seleccionará las inversiones identificadas por los marcos basándose en su revisión del macroentorno, la idoneidad de la inversión concreta con respecto a su visión del mercado y al riesgo marginal de la inversión en relación con la cartera existente del Fondo.
El Fondo puede invertir en una amplia gama de instrumentos que incluyen, entre otros, acciones, bonos, recibos de depósito estadounidenses, contratos por diferencias, opciones, futuros y contratos a plazo. El Fondo podrá utilizar instrumentos financieros derivados con fines de inversión o de cobertura. El Fondo también puede invertir hasta el 100% de su VL en efectivo, instrumentos del mercado monetario, incluidas letras del Tesoro, depósitos bancarios, certificados de depósito y efectos de comercio, junto con valores de renta fija o asimilados de emisores de alta calificación, como los bonos del Tesoro de EE. UU. El Fondo puede invertir hasta el 10% de su patrimonio neto en instituciones de inversión colectiva, incluidos los fondos cotizados en bolsa o los fondos del mercado monetario.
El Fondo se gestiona de forma activa sin hacer referencia a ningún índice.
El Fondo busca promover características medioambientales y sociales en el sentido del artículo 8 del Reglamento UE 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el «SFDR»). Asimismo, el Fondo integra criterios medioambientales, sociales y de gobierno corporativo («ESG») para evaluar y seleccionar las inversiones.
Depositario Société Générale S.A., Dublin Branch
Información adicional
Inversor minorista al que va dirigido
El Depositario mantiene los activos del Fondo. Puede vender sus acciones o comprar más todos los días hábiles (excepto sábados, domingos y festivos oficiales) en que los bancos estén abiertos para operaciones bancarias habituales en Dublín, Hong Kong y Londres. Puede enviar su solicitud al Agente administrativo del fondo antes de las 11 00 (hora de Irlanda) cinco días antes del día en el que desea vender o comprar acciones. Sus acciones pueden repartir dividendos. Para conocer todos los detalles del objetivo y las políticas de inversión del fondo, consulte los apartados «Objetivo de inversión», «Políticas de inversión» y «Estrategia de inversión» del suplemento del fondo, que se encuentra disponible en www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
El Fondo es adecuado para inversores dispuestos a tolerar riesgos entre medianos y elevados, y que busquen una revalorización del capital a largo plazo. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 3 años. | # What is this product?
Type
The Fund is an Undertaking for Collective Investment in Transferable Securities UCITS established as a sub-fund of Kepler Liquid Strategies ICAV, an open-ended Irish collective asset-management vehicle with segregated liability between sub-funds, established under the laws of Ireland and authorised by the Central Bank of Ireland under the UCITS Regulations.
Term The Fund has no minimum fixed term. Termination of the Fund is only possible in those cases expressly provided for in the Prospectus or Supplement of the Fund.
Objectives
The Fund seeks to achieve total returns through capital growth and/or income generation. The Fund will invest primarily in a diversified portfolio of Developed and Emerging Market investments. The Fund will seek to benefit both from rapidly changing economic and monetary conditions globally and in Asia. The Fund’s investments in Emerging Markets will focus on Asia, including China and the Fund’s investments in Developed Markets will focus on Europe, the United States and Japan. The Fund seeks to adopt a "top-down" approach in selecting its investments across different asset classes. The Fund will typically be invested in multiple asset classes, in order to diversify the portfolio and reduce volatility. The Sub-Investment Manager focuses on employing its macro-analytical frameworks to evaluate and seek to exploit the impacts of economic events and trends globally and in Asia on the global equity, commodity, bond and currency markets. The Sub-Investment Manager will select investments identified by the frameworks based on its review of the macro-environment, the appropriateness of the particular investment in respect of its market view and the marginal risk of the investment in relation to the Fund's existing portfolio.
The Fund may invest in a wide range of instruments including, but not limited to, equities, bonds, American depositary receipts, contracts for difference, options, futures and forwards. The Fund may use financial derivative instruments for investment or for hedging purposes. The Fund may also invest up to 100% of its NAV in cash, money market instruments including treasury bills, bank deposits, certificates of deposit and commercial paper, along with fixed income or related securities by highly rated issuers such as the US Treasuries. The Fund may invest up to10% of net assets in collective investment schemes including exchange traded funds or money market funds.
The Fund is actively managed without reference to a benchmark.
The Fund seeks to promote environmental and social characteristics within the meaning of Article 8 of Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the "SFDR"). The Fund also incorporates environmental, social and governance (“ESG”) criteria for the assessment and selection of investments.
Depositary Société Générale S.A., Dublin Branch
Additional Information
Intended retail investor
The Fund's assets are held by the Depositary. You can sell your shares or buy more shares each business day (except Saturdays, Sundays and public holidays) on which banks in Dublin, Hong Kong and London are open for normal banking business. You must submit your application to the Fund's Administrator before 11.00 a.m. Irish time) five business days before the day you want to sell or buy shares. Your shares may pay you a dividend. For full details of the Fund's investment objective and policies, refer to the "Investment Objective", "Investment Policies" and "Investment Strategy" sections of the Fund's Supplement, which is available at www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
The Fund is suitable for investors who are willing to tolerate medium to high risks and who are seeking a long-term appreciation of capital. The Fund may not be appropriate for investors who plan to remove their money within 3 years. | en | es |
DOLFIN6292 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the EMIX Smaller European Companies Index, after the deduction of charges, over any 5 year period.
The fund invests at least 75% of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in the EEA or the UK if not part of the EEA. Companies will have their registered office in the EEA or the UK if not part of the EEA.
The fund is actively managed with reference to the EMIX Smaller European Companies Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | ### Anlageziel und Anlagepolitik
Der Fonds beabsichtigt, langfristig Kapitalzuwachs zu erzielen.
Performanceziel: Outperformance gegenüber dem EMIX Smaller European Companies Index nach Abzug von Gebühren über einen beliebigen Zeitraum von fünf Jahren.
Der Fonds investiert mindestens 75 % seines Vermögens in Aktien und aktienähnliche Wertpapiere von kleineren Unternehmen jeglicher Branche im EWR oder dem Vereinigten Königreich, falls dieses nicht dem EWR angehört. Die Unternehmen haben ihren eingetragenen Sitz im EWR oder im Vereinigten Königreich, falls dieses nicht dem EWR angehört.
Der Fonds wird aktiv unter Bezugnahme auf den EMIX Smaller European Companies Index verwaltet, der weitgehend repräsentativ für die Unternehmen ist, in die er investieren darf, da dieser die Grundlage für das Performanceziel des Fonds und den oben genannten Schwellenwert darstellt, bei dessen Überschreitung (gegebenenfalls) Performancegebühren erhoben werden können. Der Anlageverwalter kann in seinem Ermessen Anlagen für den Fonds mit anderen Gewichtungen als im Index oder nicht im Index enthaltene Anlagen auswählen, der Fonds kann jedoch gelegentlich ähnliche Anlagen halten wie der Index. | ### Investment objective and policy
The fund aims to provide capital growth over the long term.
Performance target: To outperform the EMIX Smaller European Companies Index, after the deduction of charges, over any 5 year period.
The fund invests at least 75% of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in the EEA or the UK if not part of the EEA. Companies will have their registered office in the EEA or the UK if not part of the EEA.
The fund is actively managed with reference to the EMIX Smaller European Companies Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the fund’s performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the fund with weightings ditferent to the index or not in the index, but at times the fund may hold investments similar to the index. | en | de |
DOLFIN6293 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
This customer information document makes relevant information available to you about this investment product. It is not advertising material. This information is mandated by law to help you understand the type, risk, costs and potential gains and losses of this product, and help you compare it to other products. | # Zweck
Dieses Informationsblatt stellt Ihnen wesentliche Informationen über dieses Anlageprodukt zur Verfügung. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen. | # Purpose
This customer information document makes relevant information available to you about this investment product. It is not advertising material. This information is mandated by law to help you understand the type, risk, costs and potential gains and losses of this product, and help you compare it to other products. | en | de |
DOLFIN6294 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The focus on achieving the optimum ratio between the company’s economic performance and valuation may result in wide divergences between the SICAV’s performance and its sector and/or country mix and those of the underlying asset class, i.e. large and mid-caps from the four Scandinavian countries.
Analysis and selection
ESG (environmental, social and governance) analysis is based on a proprietary model shared by the teams in charge of financial management in the form of an internal ESG grid. Based on the various data provided by our ESG partners (non-financial analysis agencies, external service providers, etc.), annual reports and reports on the social responsibility (CSR) of each company and direct exchanges with them, the analysts responsible for monitoring each stock draw up an internal ESG rating based on a quantitative and qualitative approach. It takes into account the companies’ main negative impacts in terms of sustainability, or Principal Adverse Impacts (carbon emissions, energy consumption, water consumption, waste production) and the risks likely to affect their own sustainability, or Sustainability Risks (regulatory and physical risks, reputational risk through, among other factors, monitoring of controversies).
Each E, S and G pillar is rated from 1 to 5 (5 being the best rating) based on at least ten relevant key indicators per dimension (energy intensity, staff turnover rate, board independence rate, etc.). The company’s overall ESG rating summarises the scores for each pillar according to the following weighting: 30% for Environment and Social and 40% for Governance.
ESG ratings are directly built into the financial valuation model via the beta used to set the weighted average cost of capital (WACC). According to Lazard Frires Gestion's proprietary methodology, the beta factors are weighted as follows:
- Cyclicality of the company's business (30%);
- Compliance with ESG criteria (20%) quantified by the internal ESG rating;
- Financial leverage (20%);
- Product mix (10%);
- Geographical mix (10%);
- Operating leverage (10%). | La búsqueda de la mejor combinación de rentabilidad económica/valoración de la empresa podrá llevar a fuertes divergencias entre la rentabilidad de la Sicav, su composición sectorial o geográfica y las de la clase de activo subyacente, a saber, acciones de mediana y gran capitalización de los cuatro países de la zona nórdica.
Análisis y selección
El análisis ASG (ambiental, social y de gobernanza) se basa en un modelo propio compartido por los equipos encargados de la gestión financiera en forma de matriz ASG interna. A partir de los distintos datos facilitados por nuestros socios ASG (agencias de análisis extrafinanciero, proveedores externos, etc.), de los informes anuales e informes sobre la responsabilidad social (RSE) de cada empresa y del diálogo directo con estas, los analistas responsables del seguimiento de cada valor establecen una nota ASG interna basada en un enfoque a la vez cuantitativo y cualitativo. Tiene en cuenta las principales incidencias adversas de las empresas en materia de sostenibilidad o «Principal Adverse Impacts» (emisiones de carbono, consumo de energía, consumo de agua, generación de residuos) y los riesgos que pueden afectar a su propia sostenibilidad o «Sustainability Risks» (riesgos reglamentarios y físicos, riesgo de reputación debido, entre otros factores, al seguimiento de controversias).
Cada pilar A, S y G se puntuará de 1 a 5 (donde 5 corresponde a la mejor nota) a partir de al menos diez indicadores clave pertinentes por dimensión (intensidad energitica, tasa de rotación del personal, tasa de independencia del consejo...). La nota ASG global de la empresa sintetiza las puntuaciones de cada pilar según la siguiente ponderación: 30% para el Medio Ambiente y lo Social y 40% para la Gobernanza.
Las calificaciones ASG se integran directamente en el modelo de valoración financiera a travis de la beta utilizada para definir el coste medio ponderado del capital (WACC). Conforme a la metodología propia de Lazard Frires Gestion, los factores de beta se ponderan del modo siguiente:
- el carácter cíclico de la actividad de la empresa (30%);
- el cumplimiento de los criterios ASG (20%) cuantificado por la nota ASG interna;
- el apalancamiento financiero (20%);
- la combinación de productos (10%);
- la combinación geográfica (10%);
- el apalancamiento operativo (10%). | The focus on achieving the optimum ratio between the company’s economic performance and valuation may result in wide divergences between the SICAV’s performance and its sector and/or country mix and those of the underlying asset class, i.e. large and mid-caps from the four Scandinavian countries.
Analysis and selection
ESG (environmental, social and governance) analysis is based on a proprietary model shared by the teams in charge of financial management in the form of an internal ESG grid. Based on the various data provided by our ESG partners (non-financial analysis agencies, external service providers, etc.), annual reports and reports on the social responsibility (CSR) of each company and direct exchanges with them, the analysts responsible for monitoring each stock draw up an internal ESG rating based on a quantitative and qualitative approach. It takes into account the companies’ main negative impacts in terms of sustainability, or Principal Adverse Impacts (carbon emissions, energy consumption, water consumption, waste production) and the risks likely to affect their own sustainability, or Sustainability Risks (regulatory and physical risks, reputational risk through, among other factors, monitoring of controversies).
Each E, S and G pillar is rated from 1 to 5 (5 being the best rating) based on at least ten relevant key indicators per dimension (energy intensity, staff turnover rate, board independence rate, etc.). The company’s overall ESG rating summarises the scores for each pillar according to the following weighting: 30% for Environment and Social and 40% for Governance.
ESG ratings are directly built into the financial valuation model via the beta used to set the weighted average cost of capital (WACC). According to Lazard Frires Gestion's proprietary methodology, the beta factors are weighted as follows:
- Cyclicality of the company's business (30%);
- Compliance with ESG criteria (20%) quantified by the internal ESG rating;
- Financial leverage (20%);
- Product mix (10%);
- Geographical mix (10%);
- Operating leverage (10%). | en | es |
DOLFIN6295 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# How can I complain?
As a shareholder in the Fund, you are entitled to make a complaint free of charge. Any such complaint must be handled by the management company promptly and effectively. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Fund's complaints process if you are still not satisfied with the response received.
Further information on the complaints policy relating to the Fund is available from the Manager, Email: [email protected], Website: https:// www.brandes.com/ucits, Address: Alexandra House, The Sweepstakes, Ballsbridge, Dublin, D04 C7H2, Ireland. | # Comment puis-je formuler une réclamation ?
En tant qu'actionnaire du Fonds, vous avez le droit de formuler une réclamation gratuitement. Toute réclamation de ce type doit être prise en charge par la Société de gestion de manière rapide et efficace. Vous avez également le droit de soumettre votre réclamation au médiateur des services financiers et des pensions (Financial Services and Pensions Ombudsman) après avoir suivi la procédure de traitement des réclamations du Fonds si vous n'êtes toujours pas satisfait de la réponse reçue.
De plus amples informations sur la politique de traitement des réclamations relatives au Fonds sont disponibles auprès du Gestionnaire, à l’adresse e- mail suivante : [email protected], site Internet : https:// www.brandes.com/ucits, Adresse : Alexandra House, The Sweepstakes, Ballsbridge, Dublin, D04 C7H2, Irlande. | # How can I complain?
As a shareholder in the Fund, you are entitled to make a complaint free of charge. Any such complaint must be handled by the management company promptly and effectively. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Fund's complaints process if you are still not satisfied with the response received.
Further information on the complaints policy relating to the Fund is available from the Manager, Email: [email protected], Website: https:// www.brandes.com/ucits, Address: Alexandra House, The Sweepstakes, Ballsbridge, Dublin, D04 C7H2, Ireland. | en | fr |
DOLFIN6296 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### In particular, the Transfer Agent functions comprise the processing of subscription, redemption and conversion orders and the keeping of the register of shareholders.
In this capacity, the Transfer Agent is also responsible for supervising measures to combat money laundering in accordance with the applicable regulations in Luxembourg on money laundering and financing of terrorism and preventing the financial sector from being used for the purposes of money laundering and financing of terrorism. CACEIS Bank, Luxembourg Branch is authorised to request the documents necessary in order to identify the investors.
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### Marketing | ### Las funciones de Agente de Transferencias consisten, en particular, en la ejecución de las órdenes de suscripción, reembolso y conversión y en el mantenimiento del registro de accionistas.
En calidad de Agente de Transferencias, también es responsable de la supervisión de las medidas para combatir el blanqueo de dinero conforme a lo dispuesto en la normativa luxemburguesa en vigor relativa a la lucha contra el blanqueo de capitales y la financiación del terrorismo y la prevención del uso del sector financiero con fines de blanqueo de capitales y financiación del terrorismo. CACEIS Bank, Luxembourg Branch tiene autorización para solicitar los documentos necesarios para la identificación de los inversores.
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### Función de comercialización | ### In particular, the Transfer Agent functions comprise the processing of subscription, redemption and conversion orders and the keeping of the register of shareholders.
In this capacity, the Transfer Agent is also responsible for supervising measures to combat money laundering in accordance with the applicable regulations in Luxembourg on money laundering and financing of terrorism and preventing the financial sector from being used for the purposes of money laundering and financing of terrorism. CACEIS Bank, Luxembourg Branch is authorised to request the documents necessary in order to identify the investors.
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### Marketing | en | es |
DOLFIN6297 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
† This measures the 12 month historical dividend pay-out per share divided by the NAV.
Source: SSGA Characteristics, holdings, country allocations and sectors shown are as of date indicated at the top of this factsheet and are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or invest directly in such company or securities.
Capital Risk: Investing involves risk including the risk of loss of capital. Past performance is not a reliable indicator of future performance. | † Misura i dividendi distribuiti negli ultimi 12 mesi per azione divisi per il NAV.
Fonte: SSGA Le caratteristiche, le posizioni, le scomposizioni geografiche e settoriali indicati sono aggiornati alla data indicata nella parte superiore di questo factsheet e sono soggetti a modifiche. Qualsiasi riferimento a una società o ad un titolo specifico non costituisce una raccomandazione ad acquistare, vendere, detenere o investire direttamente in tale società o titolo.
Rischio di capitale: L’investimento implica alcuni rischi, tra i quali il rischio di perdita di capitale. La performance passata non è un indicatore affidabile di quella futura. | † This measures the 12 month historical dividend pay-out per share divided by the NAV.
Source: SSGA Characteristics, holdings, country allocations and sectors shown are as of date indicated at the top of this factsheet and are subject to change. Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or invest directly in such company or securities.
Capital Risk: Investing involves risk including the risk of loss of capital. Past performance is not a reliable indicator of future performance. | en | it |
DOLFIN6298 | 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 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,401
4.0%
EUR 11,549
2.9% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 401 EUR
4,0%
11 549 EUR
2,9% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,401
4.0%
EUR 11,549
2.9% | en | es |
DOLFIN6299 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Without restricting the scope of the term “water sector”, companies in the water sector shall in this context specifically include companies that are active directly in the field of research, development, extraction, preparation, purification and reprocessing, conveyance, transportation, storage, distribution, bottling, measurement, cultivation, analysis, marketing and sale of water and those that support such companies with specific services such as quality assurance or upkeep, with investments, products and technologies as well as companies whose main business is participating in or financing such companies.
By systematically filtering the investable investment universe, the Investment Manager seeks to identify companies to which increased growth opportunities are attributed based on their fundamental, momentum and sustainability data.
Within the one quarter limit, the above limits must be observed for indirect investments via derivatives or other UCITS or UCIs on a transparent basis. Short-term debt paper or bank deposits which cover obligations from derivatives on participation securities and equity-like securities must be included when determining the above one-quarter restriction.
Short-term title securities and cash at bank include (i) bonds (excluding convertibles and warrant-linked bonds) and similar notes from issuers worldwide with a remaining term of at most twelve months from private and public debtors worldwide, (ii) money-market instruments from private and public debtors worldwide, and (iii) call and time deposits with terms up to twelve months. | Ohne die Tragweite des Begriffs "Wassersektor" einzuschränken, umfassen Gesellschaften des Wassersektors in die- sem Zusammenhang insbesondere Gesellschaften, die auf dem Gebiet der Forschung, der Erschliessung, der Gewin- nung, der Aufbereitung, der Reinigung und Wiederaufbereitung, der Förderung, des Transports, der Lagerung, der Ver- teilung, der Abfüllung, der Messung, der Bewirtschaftung, der Analyse, der Vermarktung, dem Vertrieb von Wasser direkt tätig sind oder solche Gesellschaften mit spezifischen Dienstleistungen wie Qualitätssicherung oder Unterhalt, mit Anlagen, Produkten und Technologien unterstützen oder Gesellschaften, deren Hauptgeschäft die Beteiligung an sol- chen Gesellschaften ist oder die solche finanzieren.
Durch systematisches Filtern des investierbaren Anlageuniversums versucht der Anlageverwalter, Unternehmen zu identifizieren, denen aufgrund ihrer Fundamental-, Dynamik- und Nachhaltigkeitsdaten erhöhte Wachstumschancen zu- geschrieben werden.
Im Rahmen der Ein-Viertel-Beschränkung sind die vorstehenden Limiten bei indirekten Anlagen über Derivate oder andere OGAW oder OGA auf transparenter Basis einzuhalten. Kurzfristige Forderungswertpapiere oder Bankguthaben, die Verpflichtungen aus Derivaten auf Beteiligungswertpapieren und aktienähnlichen Wertpapieren decken, sind dabei bei der Ermittlung der vorstehenden Ein-Viertel-Beschränkung einzubeziehen.
Kurzfristige Forderungswertpapiere und Bankguthaben umfassen (i) Anleihen (ohne Wandel- und Optionsanleihen) und ähnliche Schuldtitel von Emittenten weltweit mit einer Restlaufzeit von höchstens zwölf Monaten von privaten und öf- fentlich-rechtlichen Schuldnern weltweit, (ii) Geldmarktinstrumente von privaten und öffentlich-rechtlichen Schuldnern weltweit, und (iii) Bankeinlagen auf Sicht und auf Zeit mit Laufzeiten bis zu zwölf Monaten. | Without restricting the scope of the term “water sector”, companies in the water sector shall in this context specifically include companies that are active directly in the field of research, development, extraction, preparation, purification and reprocessing, conveyance, transportation, storage, distribution, bottling, measurement, cultivation, analysis, marketing and sale of water and those that support such companies with specific services such as quality assurance or upkeep, with investments, products and technologies as well as companies whose main business is participating in or financing such companies.
By systematically filtering the investable investment universe, the Investment Manager seeks to identify companies to which increased growth opportunities are attributed based on their fundamental, momentum and sustainability data.
Within the one quarter limit, the above limits must be observed for indirect investments via derivatives or other UCITS or UCIs on a transparent basis. Short-term debt paper or bank deposits which cover obligations from derivatives on participation securities and equity-like securities must be included when determining the above one-quarter restriction.
Short-term title securities and cash at bank include (i) bonds (excluding convertibles and warrant-linked bonds) and similar notes from issuers worldwide with a remaining term of at most twelve months from private and public debtors worldwide, (ii) money-market instruments from private and public debtors worldwide, and (iii) call and time deposits with terms up to twelve months. | en | de |
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