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DOLFIN6300 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In consideration for its portfolio management activity, the Management Company may also receive performance fees, as indicated in the Fact Sheets where appropriate.
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#### Distribution fee | Die Verwaltungsgesellschaft kann darüber hinaus als Vergütung für ihre Leistungen in der Portfolioverwaltung Performancegebühren erhalten, die gegebenenfalls in den technischen Beschreibungen näher erläutert werden.
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###### Vertriebsgebühr | In consideration for its portfolio management activity, the Management Company may also receive performance fees, as indicated in the Fact Sheets where appropriate.
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#### Distribution fee | en | de |
DOLFIN6301 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
(a) Subject and in addition to the foregoing provision, the Directors shall have power (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no Participating Shares of any class are acquired or held directly or beneficially by:-
- any person who is not a Qualified Holder; or
- any person or persons in circumstances, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) which, in the opinion of the Directors might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered or the Company being required to register under the United States Investment Company Act of 1940 or similar statute successor thereto or to register any class of its securities under the 1933 Act or similar statute successor thereto. | (a) Con sujeción al artículo anterior, los Consejeros tendrán la facultad (aunque sin obligación alguna) de imponer las restricciones que consideren necesarias para evitar la adquisición o la tenencia directa o en usufructo de Acciones de cualquier clase por parte de cualquier persona
- que no sea un Titular Cualificado; o
- cuando concurran circunstancias (afecten directa o indirectamente a dicha persona, y ya sea individualmente o en unión de otra persona o personas, estén o no relacionadas, o cualquier otra circunstancia que los Consejeros estimen relevante) que, en opinión de los Consejeros pudieran crear para la Sociedad una obligación tributaria o cualquier otra desventaja económica, que, en circunstancias diferentes, la Sociedad no habría adquirido o sufrido o que obliguen a la Sociedad a registrarse en cumplimiento de la Investment Company Act de Estados Unidos de 1940 o norma similar que la sustituya o a registrar cualquier clase de sus valores en cumplimiento de la Ley de 1933 o cualquier norma similar que la sustituya. | (a) Subject and in addition to the foregoing provision, the Directors shall have power (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no Participating Shares of any class are acquired or held directly or beneficially by:-
- any person who is not a Qualified Holder; or
- any person or persons in circumstances, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) which, in the opinion of the Directors might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered or the Company being required to register under the United States Investment Company Act of 1940 or similar statute successor thereto or to register any class of its securities under the 1933 Act or similar statute successor thereto. | en | es |
DOLFIN6302 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk profile – Growth-oriented
The Fund is suitable for growth-oriented shareholders. Due to the composition of the Fund's net assets, there is a high degree of overall risk, but also a high degree of profit potential. The risks may consist in particular of currency risk, credit risk and price risk, as well as risks resulting from changes in market interest rates. | # Profilo di rischio – Orientato alla crescita
Il Fondo è rivolto agli azionisti orientati alla crescita. In virtù della composizione del patrimonio netto del Fondo, tanto il rischio complessivo quanto le possibilità di guadagno sono elevati. I rischi possono riguardare in particolare le valute, la solvibilità e le quotazioni, nonché le variazioni dei tassi di mercato. | # Risk profile – Growth-oriented
The Fund is suitable for growth-oriented shareholders. Due to the composition of the Fund's net assets, there is a high degree of overall risk, but also a high degree of profit potential. The risks may consist in particular of currency risk, credit risk and price risk, as well as risks resulting from changes in market interest rates. | en | it |
DOLFIN6303 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
It is intended that UK Reporting Fund status shall be applied for in respect of all Class C, Class D, Class DR, Class G, Class M, Class Q, Class S and Class ZR Shares. The Board of Directors may choose to apply for UK Reporting Fund status in respect of any Classes at any time. However, there is no guarantee that Reporting Fund status will or will not be obtained for any Class.
A list of Classes which currently have UK Reporting Fund status may be obtained from the registered office of the Fund or from the Registrar and Transfer Agent upon request.
Classes with UK Reporting Fund status may distribute income at the sole discretion of the Board of Directors. Under the UK Reporting Funds regime, investors in Classes with Reporting Fund status are generally subject to tax on the share of such Class’s income attributable to their holding in the Class, whether or not distributed, whereas any gains on disposal of their holding are generally subject to capital gains tax.
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## Dividend Payment | Le Conseil d’administration a l’intention de demander le statut de fonds déclarant britannique au titre de toutes les Actions de Catégorie C, de Catégorie D, de Catégorie DR, de Catégorie G, de Catégorie M, de Catégorie Q, de Catégorie S et de Catégorie ZR. Le Conseil d’administration peut choisir de solliciter le statut de fonds déclarant britannique pour toute Catégorie à tout moment. Cependant, aucune garantie ne peut être donnée quant à l’obtention ou non de ce statut fonds déclarant pour toute Catégorie.
Une liste des Catégories disposant actuellement du statut de fonds déclarant britannique peut être obtenue auprès du siège social du Fonds ou de l’Agent de tenue de registres et de transfert sur simple demande.
Les Catégories bénéficiant du statut de fonds déclarant britannique (UK Reporting Fund) peuvent distribuer les revenus à la discrétion absolue du Conseil d’administration. Dans le cadre du régime des fonds déclarants britanniques, les investisseurs dans les Catégories ayant le statut de fonds déclarants sont généralement soumis à l’impôt sur la part des revenus de cette Catégorie attribuable à leur participation dans la Catégorie, qu’elle soit ou non distribuée, alors que les gains réalisés sur la cession de leur participation sont généralement soumis à l’impôt sur les plus-values.
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## Paiement des dividendes | It is intended that UK Reporting Fund status shall be applied for in respect of all Class C, Class D, Class DR, Class G, Class M, Class Q, Class S and Class ZR Shares. The Board of Directors may choose to apply for UK Reporting Fund status in respect of any Classes at any time. However, there is no guarantee that Reporting Fund status will or will not be obtained for any Class.
A list of Classes which currently have UK Reporting Fund status may be obtained from the registered office of the Fund or from the Registrar and Transfer Agent upon request.
Classes with UK Reporting Fund status may distribute income at the sole discretion of the Board of Directors. Under the UK Reporting Funds regime, investors in Classes with Reporting Fund status are generally subject to tax on the share of such Class’s income attributable to their holding in the Class, whether or not distributed, whereas any gains on disposal of their holding are generally subject to capital gains tax.
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## Dividend Payment | en | fr |
DOLFIN6304 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Investment strategy
In order to meet the environmental and social characteristics promoted by the Fund, the Investment Manager applies binding criteria to the selection of underlying assets as part of its investment decision making process.
Investors should read this section in conjunction with the Fund’s investment strategy (as set out in the section
‘Funds’ of this Prospectus).
The Investment Manager operates a three-stage exclusion policy.
The Investment Manager applies screens to exclude direct investment in issuers based on their involvement in certain activities. Specifically, issuers are excluded if they derive more than 5% of their revenue from at least the following activities: shale energy extraction, palm oil, arctic oil and gas drilling or exploration; fur; tobacco; or the adult entertainment sector.
Issuers are also excluded if they are deemed to have failed to comply with the UN Global Compact Principles (which cover matters including human rights, labour, corruption, and environmental pollution).
The Fund will not invest more than 5% of the Fund’s assets in companies which have a ‘High’ or ‘Severe’ ESG
risk rating.
The Investment Manager will exclude direct investment in the bottom 5% of companies when ranked by carbon intensity.
The Investment Manager will commit to having at least 5% of the Fund invested in companies that are aligned with the UN Sustainable Development Goal of ‘Good Health and Well-being’.
The Investment Manager may include positions in the Fund that meet the above exclusionary criteria where the Investment Manager believes that the data used to apply the exclusions is insufficient or inaccurate.
Furthermore, the Investment Manager carries out its review from an ESG perspective (i.e. ‘extra-financial analysis’) on at least 90% of the securities to be invested in by the Fund.
Investors should note that a specific index is not designated as a reference benchmark to determine whether the Fund is aligned with the environmental and/or social characteristics promoted. | ###### Anlagestrategie
Zur Einhaltung der vom Fonds beworbenen ökologischen und sozialen Merkmale wendet der Anlageverwalter bei der Auswahl der zugrunde liegenden Vermögenswerte in seinem Anlageentscheidungsprozess verbindliche Kriterien an.
Anleger sollten diesen Abschnitt in Verbindung mit der Anlagestrategie des Fonds (wie im Abschnitt
„Fonds“ dieses Prospekts dargelegt) lesen.
Der Anlageverwalter verwendet eine dreistufige Ausschlussstrategie.
Der Anlageverwalter verwendet Ausschlusskriterien, um Direktanlagen in Emittenten aufgrund ihrer Beteiligung an bestimmten Aktivitäten auszuschließen. Speziell sind Emittenten ausgeschlossen, die mehr als 5 % ihres Umsatzes mit folgenden Tätigkeiten erwirtschaften: Schieferenergieförderung, Palmöl, Öl- und Gasbohrungen oder -exploration in der Arktis, Pelze, Tabak oder Erwachsenenunterhaltung.
Emittenten, die mutmaßlich gegen die Prinzipien des UN Global Compact verstoßen haben (die Aspekte wie Menschenrechte, Arbeitsbedingungen, Korruption und Umweltverschmutzung abdecken), sind ebenfalls ausgeschlossen.
Der Fonds investiert maximal 5 % des Fondsvermögens in Unternehmen, deren ESG-Risiko als „hoch“ oder
„schwer“ eingestuft wird.
Der Anlageverwalter schließt Direktanlagen in Unternehmen aus, die mit Blick auf die Bewertung ihrer Kohlenstoffintensität zu den unteren 5 % zählen.
Der Anlageverwalter verpflichtet sich, mindestens 5 % des Fondsvermögens in Unternehmen zu investieren, die das UN-Nachhaltigkeitsziel „Gesundheit und Wohlergehen“ verfolgen.
Der Der Anlageverwalter kann Fondspositionen eröffnen, die die oben genannten Ausschlusskriterien erfüllen, wenn die zur Anwendung der Ausschlüsse verwendeten Daten nach Ansicht des Anlageverwalters unzureichend oder ungenau sind.
Darüber hinaus unterzieht der Anlageverwalter mindestens 90 % der Wertpapiere, in die der Fonds investieren soll, einer Überprüfung aus ESG-Sicht (d. h. einer „extra-finanziellen“ Analyse").
Anleger sollten beachten, dass ein bestimmter Index nicht als Referenzindex dient, um festzustellen, ob der Fonds die beworbenen ökologischen bzw. sozialen Merkmale einhält. | ###### Investment strategy
In order to meet the environmental and social characteristics promoted by the Fund, the Investment Manager applies binding criteria to the selection of underlying assets as part of its investment decision making process.
Investors should read this section in conjunction with the Fund’s investment strategy (as set out in the section
‘Funds’ of this Prospectus).
The Investment Manager operates a three-stage exclusion policy.
The Investment Manager applies screens to exclude direct investment in issuers based on their involvement in certain activities. Specifically, issuers are excluded if they derive more than 5% of their revenue from at least the following activities: shale energy extraction, palm oil, arctic oil and gas drilling or exploration; fur; tobacco; or the adult entertainment sector.
Issuers are also excluded if they are deemed to have failed to comply with the UN Global Compact Principles (which cover matters including human rights, labour, corruption, and environmental pollution).
The Fund will not invest more than 5% of the Fund’s assets in companies which have a ‘High’ or ‘Severe’ ESG
risk rating.
The Investment Manager will exclude direct investment in the bottom 5% of companies when ranked by carbon intensity.
The Investment Manager will commit to having at least 5% of the Fund invested in companies that are aligned with the UN Sustainable Development Goal of ‘Good Health and Well-being’.
The Investment Manager may include positions in the Fund that meet the above exclusionary criteria where the Investment Manager believes that the data used to apply the exclusions is insufficient or inaccurate.
Furthermore, the Investment Manager carries out its review from an ESG perspective (i.e. ‘extra-financial analysis’) on at least 90% of the securities to be invested in by the Fund.
Investors should note that a specific index is not designated as a reference benchmark to determine whether the Fund is aligned with the environmental and/or social characteristics promoted. | en | de |
DOLFIN6305 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de Risque et de Rendement
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De manière générale, les marchés émergents sont plus sensibles aux troubles d'ordre économique et politique que les marchés développés. D'autres facteurs incluent un « Risque de liquidité » plus élevé, des restrictions à l'investissement ou au transfert d'actifs, l'échec/le retard de livraison de
titres ou de paiements au Fonds et des risques liés au développement durable.
Cet indicateur est basé sur des données historiques et pourrait ne pas constituer une indication fiable du profil de risque futur du Fonds.
La catégorie de risque indiquée n'est pas garantie et peut changer avec le temps.
La catégorie de risque la plus basse n’est pas synonyme d’investissement sans risque.
Le Fonds appartient à la catégorie 4 en raison de la nature de ses investissements, qui comprennent les risques présentés ci-dessous. Ces facteurs peuvent avoir une incidence sur la valeur des investissements du Fonds ou exposer le Fonds à des pertes.
- Le risque de crédit, les fluctuations des taux d'intérêt et/ou les défauts de l'émetteur auront un impact significatif sur la performance des titres decréance. Les titres de créances de qualité inférieure à la qualité d'investissement (non-investment grade) peuvent être plus sensibles aux fluctuations de ces risques que les titres de créance possédant une notation plus élevée. Les abaissements potentiels ou effectifs de la notation de crédit peuvent accroître le niveau de risque.
- Les instruments dérivés peuvent être très sensibles aux variations de valeur des actifs auxquels ils se rapportent et peuvent amplifier les pertes et les gains, ce qui entraîne des fluctuations plus importantes de la valeur du Fonds. Une utilisation extensive ou complexe de ces instruments peut avoir un impact plus conséquent sur le Fonds.
Les risques spécifiques que l'indicateur de risque ne prend pas adéquatement en considération comprennent :
- Risque de contrepartie : l'insolvabilité de tout établissement fournissant des services tels que la garde d'actifs ou agissant en tant que contrepartie à desinstruments dérivés ou à d'autres instruments peut exposer le Fonds à des pertes financières.
- Risque de crédit : Il est possible que l'émetteur d'un actif financier détenu par le Fonds ne lui verse pas les revenus dus ou ne lui rembourse pas le capital àl'échéance.
- Risque de liquidité : La liquidité est faible quand les achats et les ventes ne suffisent pas pour négocier facilement les investissements du Fonds. | # Perfil de Riesgo y Remuneración
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Los mercados emergentes suelen ser más sensibles a las condiciones económicas y políticas que los mercados desarrollados. Entre otros factores se encuentra un mayor «riesgo de liquidez», mayores restricciones a la inversión o transmisión de activos, fallos/retrasos en la transmisión de valores o pagos debidos al Fondo, y también riesgos relacionados con la
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo.
La categoría de riesgo indicada no está garantizada y puede variar a lo largo del tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo.
El Fondo se sitúa en la categoría 4, debido a la naturaleza de sus inversiones, que comportan los riesgos citados a continuación. Estos factores pueden repercutir en el valor de las inversiones del Fondo o hacer que el Fondo sufra pérdidas.
- Los cambios en los tipos de interés, el riesgo de crédito y/o losincumplimientos de los emisores tendrán un impacto significativo en el comportamiento de los títulos de renta fija. Los valores calificados por debajo de la “categoría de Inversión” pueden ser más sensibles a estos riesgos que los valores de renta fija con mejor calificación. Las rebajas de la calificación de solvencia potenciales o reales pueden incrementar el nivel de riesgo.
sostenibilidad.
- Los derivados pueden ser muy sensibles a las variaciones del valor del activo en que se basan y pueden aumentar el volumen de las pérdidas y ganancias, provocando mayores oscilaciones en el valor del Fondo. El impacto sobre el Fondo puede ser mayor cuando los derivados se utilizan de forma generalizada o compleja.
Entre los riesgos específicos no identificados adecuadamente por el indicador de riesgo están:
- Riesgo de contraparte: La insolvencia de cualquier entidad que presta servicios como la custodia de activos, o como contraparte de contratosfinancieros como los derivados u otros instrumentos, puede exponer al Fondo a pérdidas financieras.
- Riesgo de crédito: El emisor de un valor mantenido en el Fondo puede que desatienda sus obligaciones de pago de importes debidos o de reembolso decapital.
- Riesgo de liquidez: Una menor liquidez significa que el número de compradores y vendedores es insuficiente para permitir que el Fondo venda o compre las inversiones con facilidad. | # Profil de Risque et de Rendement
-
De manière générale, les marchés émergents sont plus sensibles aux troubles d'ordre économique et politique que les marchés développés. D'autres facteurs incluent un « Risque de liquidité » plus élevé, des restrictions à l'investissement ou au transfert d'actifs, l'échec/le retard de livraison de
titres ou de paiements au Fonds et des risques liés au développement durable.
Cet indicateur est basé sur des données historiques et pourrait ne pas constituer une indication fiable du profil de risque futur du Fonds.
La catégorie de risque indiquée n'est pas garantie et peut changer avec le temps.
La catégorie de risque la plus basse n’est pas synonyme d’investissement sans risque.
Le Fonds appartient à la catégorie 4 en raison de la nature de ses investissements, qui comprennent les risques présentés ci-dessous. Ces facteurs peuvent avoir une incidence sur la valeur des investissements du Fonds ou exposer le Fonds à des pertes.
- Le risque de crédit, les fluctuations des taux d'intérêt et/ou les défauts de l'émetteur auront un impact significatif sur la performance des titres decréance. Les titres de créances de qualité inférieure à la qualité d'investissement (non-investment grade) peuvent être plus sensibles aux fluctuations de ces risques que les titres de créance possédant une notation plus élevée. Les abaissements potentiels ou effectifs de la notation de crédit peuvent accroître le niveau de risque.
- Les instruments dérivés peuvent être très sensibles aux variations de valeur des actifs auxquels ils se rapportent et peuvent amplifier les pertes et les gains, ce qui entraîne des fluctuations plus importantes de la valeur du Fonds. Une utilisation extensive ou complexe de ces instruments peut avoir un impact plus conséquent sur le Fonds.
Les risques spécifiques que l'indicateur de risque ne prend pas adéquatement en considération comprennent :
- Risque de contrepartie : l'insolvabilité de tout établissement fournissant des services tels que la garde d'actifs ou agissant en tant que contrepartie à desinstruments dérivés ou à d'autres instruments peut exposer le Fonds à des pertes financières.
- Risque de crédit : Il est possible que l'émetteur d'un actif financier détenu par le Fonds ne lui verse pas les revenus dus ou ne lui rembourse pas le capital àl'échéance.
- Risque de liquidité : La liquidité est faible quand les achats et les ventes ne suffisent pas pour négocier facilement les investissements du Fonds. | fr | es |
DOLFIN6306 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# TAXES
Taxes: Tax treatment depends on the investor’s individual circumstances and is subject to change over time. You should consult your own financial and tax advisors.
Specific taxation in Belgium: On the basis of the tax legislation currently in force, which may be subject to change, the taxation for private investors subject to Belgian personal income tax is as follows for the following income:
- Tax on Stock Exchange Operations (TOB): 1.32% (up to EUR 4,000) applicable in case of redemption of the accumulation classes of the sub-fund or in case of conversion of the accumulation classes into classes of the same or another sub-fund. TOB: 0% for income classes.
- Withholding tax for income classes: 30% on the amount of distributions.
- Scope of Article 19bis CIR92 (sub-fund investing more than 10% in bonds and other receivables): NO.
- If yes, withholding tax (exit tax): Capital gain subject to withholding tax of 30%. | # IMPOSTE
Imposte : Il regime fiscale applicabile dipende dalle circostanze specifiche di ciascun investitore e può variare nel tempo. Si raccomanda di rivolgersi al proprio consulente finanziario e fiscale.
Fiscalità specifica in Belgio : Sulla base della legislazione fiscale attualmente in vigore, che può essere soggetta a modifiche, il regime fiscale sui redditi spettanti agli investitori privati soggetti all’imposta belga sul reddito delle persone fisiche è il seguente:
- Tassa sulle operazioni di borsa (TOB): 1,32% (max. 4.000 EUR) applicabile in caso di riscatto delle classi di capitalizzazione del comparto o in caso di conversione delle classi di capitalizzazione in classi dello stesso o di un altro comparto. TOB: 0% in caso di classe di distribuzione;
- Ritenuta d’acconto per classe di distribuzione: 30% sull’importo delle distribuzioni;
- Campo di applicazione dell’articolo 19bis CIR92 (comparto che investe più del 10% in obbligazioni e altri crediti): NO;
- In caso affermativo, ritenuta d’acconto (imposta al riscatto): Plusvalenza soggetta alla ritenuta alla fonte forfettaria del 30%3 | # TAXES
Taxes: Tax treatment depends on the investor’s individual circumstances and is subject to change over time. You should consult your own financial and tax advisors.
Specific taxation in Belgium: On the basis of the tax legislation currently in force, which may be subject to change, the taxation for private investors subject to Belgian personal income tax is as follows for the following income:
- Tax on Stock Exchange Operations (TOB): 1.32% (up to EUR 4,000) applicable in case of redemption of the accumulation classes of the sub-fund or in case of conversion of the accumulation classes into classes of the same or another sub-fund. TOB: 0% for income classes.
- Withholding tax for income classes: 30% on the amount of distributions.
- Scope of Article 19bis CIR92 (sub-fund investing more than 10% in bonds and other receivables): NO.
- If yes, withholding tax (exit tax): Capital gain subject to withholding tax of 30%. | en | it |
DOLFIN6307 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund’s investment portfolio will not need to be rebalanced before or after the Merger, however rebalancing of the Merging Fund’s portfolio will be required prior to the Merger. Any costs arising as a result of such rebalancing of the Merging Fund shall be borne by the shareholders of the Merging Fund as detailed in Section 5 (Expenses and Costs) below.
The Fund will continue to be managed according to its current investment objective and policy after the Merger.
Consequently, the Board of Directors does not anticipate any material impact on the Fund’s investment portfolio or performance as a result of the Merger.
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# Impact on the dealing and valuation times | Non sarà necessario effettuare il ribilanciamento del portafoglio d'investimento del Fondo prima o dopo la Fusione, tuttavia sarà necessario ribilanciare il portafoglio del Fondo incorporato prima della Fusione. Gli eventuali costi derivanti da tale ribilanciamento del Fondo incorporato saranno a carico degli azionisti del Fondo incorporato, come indicato nella Sezione 5 (Spese e costi) di seguito.
Dopo la Fusione, il Fondo continuerà ad essere gestito conformemente al suo attuale obiettivo e politica d'investimento.
Il Consiglio di Amministrazione non prevede pertanto alcun impatto sostanziale sul portafoglio d'investimento o sulle performance del Fondo in conseguenza della Fusione.
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# Impatto sull'orario delle negoziazioni e di valutazione | The Fund’s investment portfolio will not need to be rebalanced before or after the Merger, however rebalancing of the Merging Fund’s portfolio will be required prior to the Merger. Any costs arising as a result of such rebalancing of the Merging Fund shall be borne by the shareholders of the Merging Fund as detailed in Section 5 (Expenses and Costs) below.
The Fund will continue to be managed according to its current investment objective and policy after the Merger.
Consequently, the Board of Directors does not anticipate any material impact on the Fund’s investment portfolio or performance as a result of the Merger.
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# Impact on the dealing and valuation times | en | it |
DOLFIN6308 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Limitations to methodologies and data
There are a number of limitations to the methodologies used to measure how the social or environmental characteristics promoted by the Sub-Fund are met. The Investment Manager’s internal research uses a number of external data points as inputs which are subject to the limitations as described below. Additionally, the Investment Manager’s qualitative review may reach different conclusions on companies versus those reached by other managers or data providers. There are a number of limitations to the data sources described above. Data coverage and consistency can be low. For example, information relating to the same datapoint can vary across providers, owing to different methodologies for data collection and estimation. Environmental and social data is often also dependent upon voluntary disclosures from companies and is not supported by globally agreed standards to ensure comparability and verification of data.
As an active manager, the Investment Manager leverages its proprietary research capability and judgement in instances where data coverage and quality is not sufficient.
The Investment Manager may leverage its proprietary research capability and judgement in instances where data coverage and quality is not sufficient. The Investment Manager considers that such limitations do not affect how the environmental or social characteristics promoted by the Sub-Fund are met because t may also take the following actions to address such limitations and seek to overcome any impact they may have on the Sub-Fund's ability to meet the promotion of its environmental and social characteristics:
- Close data gaps: the Investment Manager’s Responsible Investment data strategy aims to identify gaps or areas of weakness and to supplement this by considering additional data inputs.
- Company meetings: the Investment Manager may request additional data disclosure from companies in cases where it deems current disclosures to be insufficient.
- Engaging with data providers to seek to improve data coverage and consistency.
- Participate in industry or other collaborative initiatives that seek to enhance data quality and availability. | # Limites aux méthodologies et aux données
Les méthodologies utilisées pour déterminer la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le Compartiment sont atteintes, présentent un certain nombre de limites. La recherche interne du Gestionnaire de portefeuille utilise un certain nombre de points de données externes comme intrants qui sont concernés par les limites décrites ci-dessous. De plus, l’examen qualitatif du Gestionnaire de portefeuille peut aboutir à des conclusions différentes sur les sociétés par rapport à celles d’autres gestionnaires ou fournisseurs de données. Les sources de données décrites ci-dessus présentent un certain nombre de limites. La couverture et la cohérence des données peuvent être faibles. Par exemple, les informations relatives à un même point de données peuvent varier d’un fournisseur à l’autre, du fait des différentes méthodologies de collecte et d’estimation des données. Les données environnementales et sociales résultent aussi souvent des déclarations volontaires des entreprises et ne sont pas appuyées par des normes reconnues à l’échelle mondiale pour garantir la comparabilité et la vérification des données.
En tant que gérant actif, le Gestionnaire de portefeuille tire parti de ses propres capacités de recherche et de son jugement dès lors que la couverture et la qualité des données ne sont pas suffisantes.
Le Gestionnaire de portefeuille peut tirer parti de ses propres capacités de recherche et de son jugement dès lors que la couverture et la qualité des données ne sont pas suffisantes. Le Gestionnaire de portefeuille considère que ces limites ne pénalisent pas la mesure dans laquelle les caractéristiques environnementales ou sociales promues par le
Compartiment sont atteintes, puisqu’il peut également prendre les mesures suivantes pour gérer ces limites et tâcher de maîtriser toute possible incidence sur la capacité du Compartiment à respecter les caractéristiques environnementales et sociales qu’il promeut :
- Combler les lacunes des données : la stratégie du Gestionnaire de portefeuille en matière de données d’investissement responsable vise à identifier les lacunes ou les zones de faiblesse, puis à les compléter par la prise en considération de données sous-jacentes supplémentaires.
- Rencontrer les sociétés : le Gestionnaire de portefeuille peut requérir des entreprises qu’elles communiquent des données supplémentaires lorsqu’il estime que les publications actuelles sont insuffisantes.
- S’engager auprès des fournisseurs de données aux fins d’améliorer la couverture et la cohérence des données.
- Participer à des initiatives de collaboration, sectorielles ou autres, dont l’objectif est de développer la qualité et la disponibilité des données. | # Limitations to methodologies and data
There are a number of limitations to the methodologies used to measure how the social or environmental characteristics promoted by the Sub-Fund are met. The Investment Manager’s internal research uses a number of external data points as inputs which are subject to the limitations as described below. Additionally, the Investment Manager’s qualitative review may reach different conclusions on companies versus those reached by other managers or data providers. There are a number of limitations to the data sources described above. Data coverage and consistency can be low. For example, information relating to the same datapoint can vary across providers, owing to different methodologies for data collection and estimation. Environmental and social data is often also dependent upon voluntary disclosures from companies and is not supported by globally agreed standards to ensure comparability and verification of data.
As an active manager, the Investment Manager leverages its proprietary research capability and judgement in instances where data coverage and quality is not sufficient.
The Investment Manager may leverage its proprietary research capability and judgement in instances where data coverage and quality is not sufficient. The Investment Manager considers that such limitations do not affect how the environmental or social characteristics promoted by the Sub-Fund are met because t may also take the following actions to address such limitations and seek to overcome any impact they may have on the Sub-Fund's ability to meet the promotion of its environmental and social characteristics:
- Close data gaps: the Investment Manager’s Responsible Investment data strategy aims to identify gaps or areas of weakness and to supplement this by considering additional data inputs.
- Company meetings: the Investment Manager may request additional data disclosure from companies in cases where it deems current disclosures to be insufficient.
- Engaging with data providers to seek to improve data coverage and consistency.
- Participate in industry or other collaborative initiatives that seek to enhance data quality and availability. | en | fr |
DOLFIN6309 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
A Fund may (directly or indirectly) employ hedging by taking long and short positions in related instruments. Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of such portfolio positions or prevent losses if the values of such positions decline.
Hedging transactions may limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be obtained, and a Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.
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###### Synthetic Short Selling Risk | Ein Fonds kann (direkt oder indirekt) eine Absicherung vornehmen, indem er Long- und Short-Positionen in verbundenen Instrumenten eingeht. Die Absicherung gegen den Wertverlust einer Portfolioposition schließt weder Wertschwankungen solcher Portfoliopositionen noch Verluste im Fall des Rückgangs der entsprechenden Positionen aus.
Absicherungsgeschäfte können die möglichen Gewinne im Fall des Wertanstiegs der Portfolioposition einschränken. Im Fall einer unvollständigen Korrelation zwischen einer Position in einem Absicherungsinstrument und der Portfolioposition, die es absichern soll, wird der gewünschte Schutz eventuell nicht erzielt und ein Fonds kann einem Verlustrisiko ausgesetzt sein. Darüber hinaus ist gegen kein Risiko eine vollständige oder perfekte Absicherung möglich, und die Absicherung ist mit ihren eigenen Kosten verbunden.
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###### Risiko in Verbindung mit synthetischen Leerverkäufen | A Fund may (directly or indirectly) employ hedging by taking long and short positions in related instruments. Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of such portfolio positions or prevent losses if the values of such positions decline.
Hedging transactions may limit the opportunity for gain if the value of the portfolio position should increase. In the event of an imperfect correlation between a position in a hedging instrument and the portfolio position that it is intended to protect, the desired protection may not be obtained, and a Fund may be exposed to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.
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###### Synthetic Short Selling Risk | en | de |
DOLFIN6310 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Flossbach von Storch AG has also been appointed as the Representative.
DZ BANK AG Deutsche Zentral Genossenschaftsbank, Platz der Republik, 60265 Frankfurt/Main, Germany (tel.: +49- 69-7447-01, fax: +49-69-7447-1685, email: [email protected]) has been appointed as the Paying Agent in the Federal Republic of Germany.
Applications for subscriptions and redemptions may also be sent to the Paying Agent. All payments made by share- holders or intended for shareholders may be made through the aforementioned Paying Agent if the shareholder wishes.
The following documents may also be obtained from the Representative, Sales Agent or Paying Agent free of charge in written or electronic form:
- The Sales Prospectus with annexes
- The Articles of Association of the Investment Company
- Key Investor Information Document
- The annual report and the subsequent semi-annual report of the Investment CompanyThe Sales Prospectus (including annexes) is only valid in conjunction with the most recently published annual re- port enclosed therein, which must not be more than 18 months old. If the reporting date for the annual report is more than eight months ago, a semi-annual report will also be enclosed with the Sales Prospectus (including an- nexes).
- Notices to shareholders in GermanyAll notices to shareholders are published on the Management Company’s website www.fvsinvest.lu. If notices are required by law, then all notices to shareholders will also be published in the electronic Federal Gazette in the Fed- eral Republic of Germany. Issue and redemption prices and the net asset value per share are published on every valuation day as defined in Art. 14 of the Articles of Association on the website www.fvsinvest.lu and may also be obtained from the Paying Agent in the Federal Republic of Germany. In the Federal Republic of Germany, all amendments and additions to the Sales Prospectus (including annexes) and the Articles of Association are also published on the Management Company’s website www.fvsinvest.lu. Information relating to the issue and redemp- tion of shares is also published in the Federal Gazette and on the Management Company’s website www.fvsinvest.lu. The annual report is published in the electronic Federal Gazette no later than six months after the end of the financial year, and the semi-annual report no later than two months after the reporting date. | Die Flossbach von Storch AG ist zugleich auch als Repräsentant bestellt.
Als Zahlstelle in der Bundesrepublik Deutschland wurde die DZ BANK AG Deutsche Zentral Genossenschaftsbank, Platz der Republik, D-60265 Frankfurt/Main (Telefon: +49-69-7447-01, Telefax: +49-69-7447-1685, E-Mail: [email protected]) bestellt.
Zeichnungsanträge und Rücknahmeaufträge können auch bei der Zahlstelle abgegeben werden. Sämtliche von den Aktionären geleistete oder für die Aktionäre bestimmte Zahlungen können auf Wunsch des Aktionärs über die vor- genannte Zahlstelle erfolgen.
Ferner können bei dem Repräsentanten, Vertriebsstelle sowie der Zahlstelle kostenlos die folgenden Dokumente auf Verlangen in Papierform sowie elektronischer Form erhalten werden:
- Den Verkaufsprospekt nebst Anhängen
- Die Satzung der Investmentgesellschaft
- Die wesentlichen Anlegerinformationen
- Der Jahresbericht, sowie ggf. der sich hieran anschließende Halbjahresbericht der InvestmentgesellschaftDieser Verkaufsprospekt (nebst Anhängen) ist nur in Verbindung mit dem als Anlage beigefügten letzten veröffent- lichten Jahresbericht, dessen Stichtag nicht länger als achtzehn Monate zurückliegen darf, gültig. Wenn der Stichtag des Jahresberichtes länger als acht Monate zurückliegt, wird dem Verkaufsprospekt (nebst Anhängen) zusätzlich der Halbjahresbericht als Anlage beigefügt.
- Mitteilungen an die Aktionäre in DeutschlandSämtliche Mitteilungen an die Aktionäre werden auf der Internetseite der Verwaltungsgesellschaft www.fvsinvest.lu veröffentlicht. Sämtliche Mitteilungen an die Aktionäre werden, soweit eine Mitteilung gesetzlich vorgeschrieben ist, in der Bundesrepublik Deutschland zusätzlich im elektronischen Bundesanzeiger veröffentlicht. Die Ausgabe- und Rücknahmepreise sowie der Nettoinventarwert je Aktie werden an jedem Bewertungstag i. S. v. Artikel 14 der Sat- zung, auf der Internetseite www.fvsinvest.lu veröffentlicht und können des Weiteren bei der Zahlstelle in der Bun- desrepublik Deutschland erfragt werden. Ferner werden in der Bundesrepublik Deutschland sämtliche inhaltlichen Änderungen und Ergänzungen des Verkaufsprospekts (nebst Anhängen) und der Satzung auf der Homepage der Ver- waltungsgesellschaft www.fvsinvest.lu veröffentlicht. Informationen, die die Ausgabe und Rücknahme der Aktien be- treffen, werden im Bundesanzeiger und darüber hinaus der Internetseite der Verwaltungsgesellschaft www.fvsin- vest.lu veröffentlicht. Zudem werden der Jahresbericht spätestens sechs Monate nach Geschäftsjahresende sowie der Halbjahresbericht spätestens zwei Monate nach dem Stichtag im elektronischen Bundesanzeiger veröffentlicht. | Flossbach von Storch AG has also been appointed as the Representative.
DZ BANK AG Deutsche Zentral Genossenschaftsbank, Platz der Republik, 60265 Frankfurt/Main, Germany (tel.: +49- 69-7447-01, fax: +49-69-7447-1685, email: [email protected]) has been appointed as the Paying Agent in the Federal Republic of Germany.
Applications for subscriptions and redemptions may also be sent to the Paying Agent. All payments made by share- holders or intended for shareholders may be made through the aforementioned Paying Agent if the shareholder wishes.
The following documents may also be obtained from the Representative, Sales Agent or Paying Agent free of charge in written or electronic form:
- The Sales Prospectus with annexes
- The Articles of Association of the Investment Company
- Key Investor Information Document
- The annual report and the subsequent semi-annual report of the Investment CompanyThe Sales Prospectus (including annexes) is only valid in conjunction with the most recently published annual re- port enclosed therein, which must not be more than 18 months old. If the reporting date for the annual report is more than eight months ago, a semi-annual report will also be enclosed with the Sales Prospectus (including an- nexes).
- Notices to shareholders in GermanyAll notices to shareholders are published on the Management Company’s website www.fvsinvest.lu. If notices are required by law, then all notices to shareholders will also be published in the electronic Federal Gazette in the Fed- eral Republic of Germany. Issue and redemption prices and the net asset value per share are published on every valuation day as defined in Art. 14 of the Articles of Association on the website www.fvsinvest.lu and may also be obtained from the Paying Agent in the Federal Republic of Germany. In the Federal Republic of Germany, all amendments and additions to the Sales Prospectus (including annexes) and the Articles of Association are also published on the Management Company’s website www.fvsinvest.lu. Information relating to the issue and redemp- tion of shares is also published in the Federal Gazette and on the Management Company’s website www.fvsinvest.lu. The annual report is published in the electronic Federal Gazette no later than six months after the end of the financial year, and the semi-annual report no later than two months after the reporting date. | en | de |
DOLFIN6311 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The NAV per Share is calculated up to four decimal places. Please refer to the Website of the Management Company for further details.
For the avoidance of doubt there is no difference between the subscription and redemption price on each Dealing Day and both are dealt at the NAV per Share.
- Publication of Share pricesThe SICAV will arrange for the NAV per Share of each class within each Fund to be published as may be required by laws and regulations and, in addition as it may decide, in leading financial newspapers and websites worldwide. Share prices are currently also available from Reuters, Morningstar and Bloomberg. | Il NAV per Azione è calcolato fino a quattro cifre decimali. Per ulteriori informazioni si rimanda al Sito web della Società di gestione.
Per maggiore chiarezza onde evitare dubbi, non vi è alcuna differenza tra il prezzo di sottoscrizione e il prezzo di rimborso in ogni Giorno di negoziazione ed entrambi sono negoziati al NAV per Azione.
- Pubblicazione dei prezzi per AzioneLa SICAV provvederà alla pubblicazione del NAV per Azione di ogni classe di ciascun Fondo con le modalità previste dalle leggi e dai regolamenti e, qualora lo decidesse, anche nei principali quotidiani finanziari e siti web internazionali. I prezzi delle Azioni sono attualmente forniti anche da Reuters, Morningstar e Bloomberg. | The NAV per Share is calculated up to four decimal places. Please refer to the Website of the Management Company for further details.
For the avoidance of doubt there is no difference between the subscription and redemption price on each Dealing Day and both are dealt at the NAV per Share.
- Publication of Share pricesThe SICAV will arrange for the NAV per Share of each class within each Fund to be published as may be required by laws and regulations and, in addition as it may decide, in leading financial newspapers and websites worldwide. Share prices are currently also available from Reuters, Morningstar and Bloomberg. | en | it |
DOLFIN6312 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| FRAIS DE DROITS DROITS GESTION RÉELS FRAIS PAYS CLASSE INVESTISSEURS DEVISE DISTRIBUTION ISIN D'ENTRÉE DE SORTIE (maximum) (maximum) jusqu’au à partir du COURANTS* D’ENREGISTREMENT** 30/09/2020 01/10/2020 |
| --- |
| M | Les investisseurs devront soit avoir signé un contrat spécifique de conseil en investissement avec une entité du groupe Crédit Agri- cole et payant des frais rela- tifs à ce contrat spécifique de conseil en investisse- ment ou être spécialement agréé par le Conseil d’Ad- ministration de la Société. | EUR | Capitalisation | LU1073915842 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,ES,CH,SG,IT |
| MX | EUR | Distribution | LU1073915925 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,CH,IT,SG |
| P | Tout investisseur | EUR | Capitalisation | LU1073916063 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT |
| PX | Tout investisseur | EUR | Distribution | LU1073916147 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT | | | GASTOS GASTOS GASTOS DE GESTIÓN CLASE INVERSORES MONEDA DISTRIBUCIÓN ISIN DE DE SALIDA REALES GASTOS PAÍS DE REGISTRO** ENTRADA (máximo) hasta el a partir del CORRIENTES* (máximo) 30/09/2020 01/10/2020 |
| --- |
| M | Los inversores deberán haber firmado un contrato específico de asesorami- ento de inversión con una entidad del grupo Crédit Agricole y haber abonado los gastos relativos a este contrato específico de as- esoramiento de inversión o tener una autorización especial del Consejo de administración de la Sociedad. | EUR | Capitalización | LU1073915842 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,ES,CH,SG,IT |
| MX | EUR | Distribución | LU1073915925 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,CH,IT,SG |
| P | Cualquier inversor | EUR | Capitalización | LU1073916063 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT |
| PX | Cualquier inversor | EUR | Distribución | LU1073916147 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT | | | FRAIS DE DROITS DROITS GESTION RÉELS FRAIS PAYS CLASSE INVESTISSEURS DEVISE DISTRIBUTION ISIN D'ENTRÉE DE SORTIE (maximum) (maximum) jusqu’au à partir du COURANTS* D’ENREGISTREMENT** 30/09/2020 01/10/2020 |
| --- |
| M | Les investisseurs devront soit avoir signé un contrat spécifique de conseil en investissement avec une entité du groupe Crédit Agri- cole et payant des frais rela- tifs à ce contrat spécifique de conseil en investisse- ment ou être spécialement agréé par le Conseil d’Ad- ministration de la Société. | EUR | Capitalisation | LU1073915842 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,ES,CH,SG,IT |
| MX | EUR | Distribution | LU1073915925 | 1,00% | 1,00% | 0,70% | 0,20% | 1,59% | LU,CH,IT,SG |
| P | Tout investisseur | EUR | Capitalisation | LU1073916063 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT |
| PX | Tout investisseur | EUR | Distribution | LU1073916147 | 2,00% | 1,00% | 1,10% | 0,60% | 2,00% | LU,ES,FR,CH,SG,IT | | fr | es |
DOLFIN6313 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Investments listed on an official stock exchange or dealt in on another Regulated Market which operates regularly and is recognized and open to the public, are valued at the last available price, and, in the event that there are several such markets, on the basis of the last available price on the principal market for that investment. If such a price does not reflect the investment’s fair value, it is valued at its probable sales value, which shall be estimated with prudence and in good faith by the Board of Directors of the Management Company.
Investments not dealt in or listed on a stock exchange or on a Regulated Market operating regularly, recognized and open to the public, are valued at their probable sales value, which shall be estimated with prudence and in good faith by the Board of Directors of the Management Company.
Liquid assets, money market instruments and all other instruments may be valued at the last known closing price on the valuation day or according to the straight-line depreciation method. In the case of straight-line depreciation, money market instruments are disclosed in portfolio at cost and their value is increased in the Statement of Operations and Changes in Net Assets by the accrued interest under the caption “Bank Interest”. Portfolio positions will be regularly reviewed under the supervision of the Management Company in order to determine whether there is a difference between the valuation found according to the closing price method and straight-line depreciation method. If there is a difference that is likely to result in significant dilution or to be detrimental to the Unitholders, appropriate corrective action may be taken, including, if necessary, calculation of the net asset value using the last known closing prices.
The list of changes in the portfolio during the financial year from 1 January 2018 to 31 December 2018, is available free of charge at the Registered Office of the Management Company of the Fund and from local agents.
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###### Conversion of foreign currencies | Les titres cotés sur une bourse officielle ou négociés sur un autre marché réglementé en fonctionnement régulier, reconnu et ouvert au public sont évalués sur la base du dernier cours disponible et, si un titre est négocié sur plusieurs marchés, sur la base du dernier cours disponible sur le marché principal de ce titre. Si ledit cours n'est pas représentatif de la juste valeur du titre, celui-ci sera évalué sur la base de son prix de vente probable, estimé avec prudence et de bonne foi par le Conseil d’Administration de la Société de Gestion.
Les titres non négociés ou non cotés en bourse ou sur un marché réglementé en fonctionnement régulier, reconnu et ouvert au public sont évalués sur la base de leur prix de vente probable, estimé avec prudence et de bonne foi par le Conseil d’Administration de la Société de Gestion.
Les actifs liquides, les instruments du marché monétaire et tous les autres instruments peuvent être évalués sur la base du dernier cours de clôture connu à la date d'évaluation ou selon la méthode de l’amortissement linéaire. Dans le cas d’un amortissement linéaire, les instruments du marché monétaire sont comptabilisés au coût d’acquisition dans le portefeuille et leur valeur est majorée des intérêts courus sous la rubrique « Intérêts bancaires » dans l’Etat des opérations et des changements des actifs nets. Les positions du portefeuille seront régulièrement contrôlées sous la supervision de la Société de Gestion afin de déterminer s’il existe une différence entre l’évaluation obtenue sur la base du cours de clôture et l'évaluation obtenue selon la méthode de l’amortissement linéaire. Si la différence constatée est susceptible d’entraîner une dilution importante ou d’être préjudiciable aux Porteurs de parts, des mesures correctives appropriées peuvent être prises, incluant, le cas échéant, le calcul de la valeur nette d’inventaire sur la base des derniers cours de clôture connus.
La liste des mouvements intervenus dans le portefeuille au cours de l’exercice allant du 1 janvier 2018 au 31 décembre 2018 est disponible gratuitement au Siège social de la Société de Gestion du Fonds et auprès des agents locaux.
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###### Conversion des devises étrangères | Investments listed on an official stock exchange or dealt in on another Regulated Market which operates regularly and is recognized and open to the public, are valued at the last available price, and, in the event that there are several such markets, on the basis of the last available price on the principal market for that investment. If such a price does not reflect the investment’s fair value, it is valued at its probable sales value, which shall be estimated with prudence and in good faith by the Board of Directors of the Management Company.
Investments not dealt in or listed on a stock exchange or on a Regulated Market operating regularly, recognized and open to the public, are valued at their probable sales value, which shall be estimated with prudence and in good faith by the Board of Directors of the Management Company.
Liquid assets, money market instruments and all other instruments may be valued at the last known closing price on the valuation day or according to the straight-line depreciation method. In the case of straight-line depreciation, money market instruments are disclosed in portfolio at cost and their value is increased in the Statement of Operations and Changes in Net Assets by the accrued interest under the caption “Bank Interest”. Portfolio positions will be regularly reviewed under the supervision of the Management Company in order to determine whether there is a difference between the valuation found according to the closing price method and straight-line depreciation method. If there is a difference that is likely to result in significant dilution or to be detrimental to the Unitholders, appropriate corrective action may be taken, including, if necessary, calculation of the net asset value using the last known closing prices.
The list of changes in the portfolio during the financial year from 1 January 2018 to 31 December 2018, is available free of charge at the Registered Office of the Management Company of the Fund and from local agents.
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###### Conversion of foreign currencies | en | fr |
DOLFIN6314 | 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 IS THE POTENTIAL RETURN?
## The synthetic risk indicator (SRI) is a way of assessing the level of risk compared to other products. It indicates the likelihood of this product incurring losses in the event of market movements or our inability to pay you.
We have classified this Product in risk class 4 out of 7 which is a medium risk class. This means that the potential losses associated with the future performance of the Product are at a medium level and, should the financial markets deteriorate, our ability to pay you may be affected.
## The SRI does not take into account the following risks
- Liquidity risk, the Fund is exposed to the equity markets and is therefore subject to the vagaries of the equity markets, particularly in terms of liquidity. Other risks are described in the fund's prospectus.
If the fund is denominated in a currency other than the official currency of the country in which it is sold, the return, if expressed in the currency of the country in which it is sold, may vary according to currency fluctuations. As this product does not provide protection against market fluctuations, you may lose all or part of your investment.
### PERFORMANCE SCENARIO:
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your adviser or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive.
## What you get from this product depends on future market performance. Future market developments are random and cannot be predicted with any accuracy.
The unfavourable, intermediate and favourable scenarios shown are examples using the best and worst performance, as well as the average performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you could get in extreme market situations. This type of scenario has occurred for an investment between 1 and 5 years.
| Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 778.35 € | 3 294.82 € |
| Average annual yield (%) | -62.22% | -19.91% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 656.14 € | 5 953.14 € |
| Average annual yield (%) | -23.44% | -9.85% |
| Moderate scenario | What you could get back after the deduction of costs | 10 021.12 € | 10 844.58 € |
| Average annual yield (%) | 0.21% | 1.63% |
| Favourable scenario | What you could get back after the deduction of costs | 12 989.31 € | 19 462.38 € |
| Average annual yield (%) | 29.89% | 14.25% |
This table shows how much you could earn over the recommended minimum holding period under different scenarios, assuming you invest €10,000. The different scenarios show how your investment could perform. You can compare them with the scenarios of other products.
The scenarios shown are an estimate of future performance based on the "underlyings" of benchmarks, where historical data is not available over a sufficient period of time, or on past data relating to changes in the value of this Product. They are not an exact indicator. What you get will depend on market developments and how long you hold the Product. | # QUALI SONO I RISCHI E QUAL È IL POTENZIALE RENDIMENTO?
## L'indicatore sintetico di rischio (ISR) è un modo per valutare il livello di rischio rispetto ad altri prodotti. Indica la probabilità che questo prodotto subisca perdite in caso di movimenti di mercato o di incapacità da parte nostra di pagarvi.
Abbiamo classificato questo Prodotto nella classe di rischio 4 su 7, che è una classe di rischio media. Ciò significa che le potenziali perdite associate alla performance futura del Prodotto sono di livello medio e che, in caso di deterioramento dei mercati finanziari, la nostra capacità di pagarvi potrebbe essere compromessa.
## L'ISR non tiene conto dei seguenti rischi
- Rischio di liquidità, il Fondo è esposto ai mercati azionari ed è pertanto soggetto alle oscillazioni dei mercati azionari, in particolare in termini di liquidità. Altri rischi sono descritti nel prospetto informativo del fondo.
Se il fondo è denominato in una valuta diversa da quella ufficiale del Paese in cui viene venduto, il rendimento, se espresso nella valuta del Paese in cui viene venduto, può variare in base alle fluttuazioni valutarie. Poiché questo prodotto non fornisce protezione contro le fluttuazioni del mercato, potreste perdere tutto o parte del vostro investimento.
### SCENARIO DI PERFORMANCE:
Le cifre indicate comprendono tutti i costi del prodotto stesso, ma non necessariamente tutte le commissioni dovute al vostro consulente o distributore. Queste cifre non tengono conto della vostra situazione fiscale personale, che può influire sugli importi ricevuti.
## Il rendimento di questo prodotto dipende dall'andamento futuro del mercato. I futuri sviluppi del mercato sono aleatori e non possono essere previsti con precisione.
Gli scenari sfavorevoli, intermedi e favorevoli illustrati sono esempi che utilizzano la performance migliore e peggiore, nonché la performance media del prodotto negli ultimi 10 anni. I mercati potrebbero avere un andamento molto diverso in futuro. Lo scenario di stress mostra cosa si potrebbe ottenere in situazioni di mercato estreme. Questo tipo di scenario si è verificato per un investimento tra 1 e 5 anni.
| Periodo di detenzione raccomandato | 5 anni |
| --- | --- |
| Esempio di investimento | 10.000€ |
| Scenario | 1 anno | 5 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere tutto o parte del vostro investimento. |
| Scenario di stress | Possibile rimborso al netto dei costi | 3 778.35 € | 3 294.82 € |
| Rendimento medio per ciascun anno (%) | -62.22% | -19.91% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 7 656.14 € | 5 953.14 € |
| Rendimento medio per ciascun anno (%) | -23.44% | -9.85% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10 021.12 € | 10 844.58 € |
| Rendimento medio per ciascun anno (%) | 0.21% | 1.63% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 12 989.31 € | 19 462.38 € |
| Rendimento medio per ciascun anno (%) | 29.89% | 14.25% |
La tabella mostra quanto si potrebbe guadagnare nel corso del periodo di detenzione minimo raccomandato in diversi scenari, ipotizzando un investimento di 10.000 euro. I diversi scenari mostrano l'andamento del vostro investimento. È possibile confrontarli con gli scenari di altri prodotti.
Gli scenari illustrati sono una stima della performance futura basata sui "sottostanti" dei benchmark, laddove non siano disponibili dati storici per un periodo di tempo sufficiente, o sui dati passati relativi alle variazioni di valore di questo Prodotto. Non sono un indicatore esatto. I risultati ottenuti dipendono dall'andamento del mercato e dalla durata di detenzione del Prodotto. | # WHAT ARE THE RISKS AND WHAT IS THE POTENTIAL RETURN?
## The synthetic risk indicator (SRI) is a way of assessing the level of risk compared to other products. It indicates the likelihood of this product incurring losses in the event of market movements or our inability to pay you.
We have classified this Product in risk class 4 out of 7 which is a medium risk class. This means that the potential losses associated with the future performance of the Product are at a medium level and, should the financial markets deteriorate, our ability to pay you may be affected.
## The SRI does not take into account the following risks
- Liquidity risk, the Fund is exposed to the equity markets and is therefore subject to the vagaries of the equity markets, particularly in terms of liquidity. Other risks are described in the fund's prospectus.
If the fund is denominated in a currency other than the official currency of the country in which it is sold, the return, if expressed in the currency of the country in which it is sold, may vary according to currency fluctuations. As this product does not provide protection against market fluctuations, you may lose all or part of your investment.
### PERFORMANCE SCENARIO:
The figures shown include all the costs of the product itself, but not necessarily all the fees payable to your adviser or distributor. These figures do not take into account your personal tax situation, which may also affect the amounts you receive.
## What you get from this product depends on future market performance. Future market developments are random and cannot be predicted with any accuracy.
The unfavourable, intermediate and favourable scenarios shown are examples using the best and worst performance, as well as the average performance of the product over the last 10 years. Markets could develop very differently in the future. The stress scenario shows what you could get in extreme market situations. This type of scenario has occurred for an investment between 1 and 5 years.
| Recommended holding period | 5 years |
| --- | --- |
| Example of an investment | 10.000€ |
| Scenario | 1 years | 5 years (Recommended holding period) |
| Minimum | There is no guaranteed minimum return. You may lose all or part of your investment. |
| Market tension scenario | What you could get back after the deduction of costs | 3 778.35 € | 3 294.82 € |
| Average annual yield (%) | -62.22% | -19.91% |
| Unfavourable scenario | What you could get back after the deduction of costs | 7 656.14 € | 5 953.14 € |
| Average annual yield (%) | -23.44% | -9.85% |
| Moderate scenario | What you could get back after the deduction of costs | 10 021.12 € | 10 844.58 € |
| Average annual yield (%) | 0.21% | 1.63% |
| Favourable scenario | What you could get back after the deduction of costs | 12 989.31 € | 19 462.38 € |
| Average annual yield (%) | 29.89% | 14.25% |
This table shows how much you could earn over the recommended minimum holding period under different scenarios, assuming you invest €10,000. The different scenarios show how your investment could perform. You can compare them with the scenarios of other products.
The scenarios shown are an estimate of future performance based on the "underlyings" of benchmarks, where historical data is not available over a sufficient period of time, or on past data relating to changes in the value of this Product. They are not an exact indicator. What you get will depend on market developments and how long you hold the Product. | en | it |
DOLFIN6315 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Where Shareholders have subscribed for Shares in the Performance Fee-paying Classes denoted by “(CPerf)”, the Management Company will be entitled to receive a Performance Fee calculated at the Class level using an unequalised performance fee calculation methodology. This method of calculation does not apply any form of Performance Fee equalisation at the individual Shareholder level and there are no Equalisation Debits or Equalisation Credits associated with the Class. However, for such Classes, a specific mechanism is implemented (the “Subscription Adjustment”), consisting of removing, from the provision for the Performance Fee calculated on the number of shares outstanding, the Performance Fee related to the shares subscribed in the period prior to the subscription date. Thus, for these newly subscribed shares, no Performance Fee will be provisioned for the performance prior to the subscription date.
Any Performance Fee due to the Management Company is accrued when the Class has appreciated in relative value.
The Performance Fee charged to the Class on a daily basis is determined by multiplying the Cumulative Relative Performance, if positive, by the number of shares in the Class on that day. This is then multiplied by applicable Performance Fee Rate as set out in the prospectus and adjusted by the value of the Subscription Adjustment on that day.
The performance fees charged during the period, as a percentage of the average net assets of the respective share classes, were as follows: | Bei den mit dem Zusatz „(CPerf)“ gekennzeichneten Aktienklassen, die eine Performancegebühr zahlen, hat die Verwaltungsgesellschaft Anspruch auf eine Performancegebühr, die auf der Ebene der Aktienklasse unter Verwendung einer Berechnungsmethode für eine nicht angeglichene Performancegebühr berechnet wird. Diese Berechnungsmethode wendet keine Form von Angleichung der Performancegebühr auf der Ebene des einzelnen Aktionärs an, und es gibt im Zusammenhang mit der Aktienklasse keine Ausgleichsbelastungen oder Ausgleichsgutschriften. Für diese Klassen wird jedoch ein spezifischer Mechanismus angewendet (die „Zeichnungsanpassung“), der darin besteht, dass aus der Rückstellung für die auf der Grundlage der Anzahl der im Umlauf befindlichen Aktien berechnete Performancegebühr die Performancegebühr herausgenommen wird, die sich auf die Aktien bezieht, die im Zeitraum vor dem Zeichnungsdatum gezeichnet wurden. Somit wird für diese neu gezeichneten Aktien keine Performancegebühr für die Performance vor dem Zeichnungsdatum vorgesehen.
Eine der Verwaltungsgesellschaft geschuldete Performancegebühr fällt an, wenn der relative Wert der Klasse gestiegen ist.
Die der Klasse täglich belastete Performancegebühr wird durch Multiplikation der kumulativen relativen Performance, sofern diese positiv ist, mit der Anzahl der Aktien der Klasse an dem betreffenden Tag ermittelt. Dieser Wert wird dann mit dem im Prospekt angegebenen anwendbaren Satz der Performancegebühr multipliziert und mit dem Wert der Zeichnungsanpassung für diesen Tag angepasst.
Im Berichtszeitraum wurden die folgenden Performancegebühren als Prozentsatz des durchschnittlichen Nettovermögens der jeweiligen Aktienklassen belastet: | Where Shareholders have subscribed for Shares in the Performance Fee-paying Classes denoted by “(CPerf)”, the Management Company will be entitled to receive a Performance Fee calculated at the Class level using an unequalised performance fee calculation methodology. This method of calculation does not apply any form of Performance Fee equalisation at the individual Shareholder level and there are no Equalisation Debits or Equalisation Credits associated with the Class. However, for such Classes, a specific mechanism is implemented (the “Subscription Adjustment”), consisting of removing, from the provision for the Performance Fee calculated on the number of shares outstanding, the Performance Fee related to the shares subscribed in the period prior to the subscription date. Thus, for these newly subscribed shares, no Performance Fee will be provisioned for the performance prior to the subscription date.
Any Performance Fee due to the Management Company is accrued when the Class has appreciated in relative value.
The Performance Fee charged to the Class on a daily basis is determined by multiplying the Cumulative Relative Performance, if positive, by the number of shares in the Class on that day. This is then multiplied by applicable Performance Fee Rate as set out in the prospectus and adjusted by the value of the Subscription Adjustment on that day.
The performance fees charged during the period, as a percentage of the average net assets of the respective share classes, were as follows: | en | de |
DOLFIN6316 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Global Alpha Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à augmenter la valeur de ses actions par la croissance du capital et les revenus de dividendes sur le long terme. Pour investir principalement dans des actions de sociétés à l'échelle mondiale. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'armement ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI ACWI Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Tout revenu qui vous est dû sera versé sur votre compte bancaire ou sur votre compte d'une société de crédit immobilier, payé aux dates indiquées dans le Prospectus. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme procédant à des investissements dans des entreprises axées sur la création de valeurs associées au développement durable. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | # ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Global Alpha Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo trata de incrementar el valor de sus acciones con crecimiento del capital e ingresos de dividendos, a largo plazo. Invertir principalmente en acciones de empresas de todo el mundo. Se seleccionarán las inversiones aplicando exclusiones por actividades comerciales y una evaluación basada en las normas. No se permite invertir en empresas que obtengan unos ingresos anuales por encima de un nivel establecido del tabaco, las armas o la extracción y producción de carbón térmico. El Fondo cumplirá con la política del Gestor de inversiones a la hora de evaluar los incumplimientos del Pacto Mundial de las Naciones Unidas por los negocios. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras la deducción de costes) se mide en relación con el MSCI ACWI Index. El Fondo tratará de obtener resultados significativamente mejores a los del índice. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos que se le adeuden se ingresarán en su cuenta bancaria o de banco hipotecario, en las fechas especificadas en el Folleto. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo sea lograr un crecimiento del capital en un horizonte de inversión a largo plazo invirtiendo en empresas centradas en la creación de valor sostenible. El Fondo tiene en cuenta las preferencias en materia de sostenibilidad mediante la consideración cualitativa de las principales incidencias adversas utilizando un enfoque de exclusiones. El inversor debe estar preparado para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital. | # En quoi consiste ce produit?
Type
Le Fonds Baillie Gifford Worldwide Global Alpha Fund (le « Fonds ») est un compartiment de Baillie Gifford Worldwide Funds PLC (la Société). Le Fonds est géré par Baillie Gifford Investment Management (Europe) Limited. La Société est une société d'investissement de type ouvert à capital variable organisée en vertu des lois de l'Irlande en tant que société anonyme conformément aux dispositions des Lois sur les Sociétés (Companies Acts) ainsi que des Réglementations relatives aux OPCVM, et est gérée par le Gestionnaire.
Échéance
Le Fonds n'a pas d'échéance fixe. Toutes les actions du Fonds peuvent être rachetées par la Société dans certaines circonstances dont les modalités détaillées sont décrites dans le Prospectus, notamment si cela est déterminé par les Administrateurs de la Société, après consultation du Gestionnaire. Par conséquent, le Gestionnaire ne peut pas liquider unilatéralement le Fonds.
Objectifs
Le Fonds vise à augmenter la valeur de ses actions par la croissance du capital et les revenus de dividendes sur le long terme. Pour investir principalement dans des actions de sociétés à l'échelle mondiale. Les investissements seront sélectionnés suite à l'application d'exclusions basées sur l'activité commerciale et d'une évaluation basée sur des normes. Les investissements dans des entreprises qui tirent des revenus annuels supérieurs à un niveau spécifique en matière de tabac, d'armement ou d'extraction et production de charbon thermique ne sont pas autorisés. Le Fonds se conformera à la politique des Gestionnaires d'investissement en matière d'évaluation des violations des Principes du Pacte mondial des Nations Unies pour les entreprises. Le Fonds est géré de manière active et aucun indice n'est utilisé aux fins de déterminer ou de restreindre la composition du portefeuille du Fonds. La performance du Fonds (après déduction des frais) est mesurée par rapport à l'indice MSCI ACWI Index. Le Fonds cherche à réaliser des performances significativement supérieures à celles de l'indice. Le rendement du Fonds dépend de la performance des actifs sous-jacents. Tout revenu qui vous est dû sera versé sur votre compte bancaire ou sur votre compte d'une société de crédit immobilier, payé aux dates indiquées dans le Prospectus. Vous pouvez vendre une partie ou la totalité de vos actions chaque jour où les banques irlandaises sont ouvertes en contactant l'Agent de transfert par téléphone ou par courrier. Les actifs du Fonds sont détenus par l'intermédiaire du Dépositaire de la Société, qui est Brown Brothers Harriman Trustee Services (Ireland) Limited. Pour obtenir de plus amples informations et d'autres informations pratiques, dont les prix et la documentation, nous vous invitons à consulter la section Autres informations pertinentes de ce document. Ce Document d'Information Clé pour l'Investisseur décrit uniquement le Fonds, le Prospectus et les rapports et comptes annuels et intermédiaires étant préparés pour la Société et non pour le Fonds. Les actifs du Fonds sont ségrégués des autres fonds de la Société. Cela signifie que les actifs d'un fonds ne peuvent pas être utilisés pour apurer les passifs d'un autre fonds. Vous pouvez à tout moment convertir tout ou partie de vos actions du Fonds contre des actions d'un quelconque autre fonds de la Société. Des informations complémentaires à ce sujet sont disponibles dans la section relative à la conversion des actions du Prospectus.
Investisseur de détail prévu
Le Fonds est adapté à tous les investisseurs à la recherche d'un fonds visant à générer une croissance du capital sur un horizon d'investissement à long terme procédant à des investissements dans des entreprises axées sur la création de valeurs associées au développement durable. Le Fonds tient compte des préférences en matière de développement durable par la prise en compte de façon qualitative des principaux impacts négatifs en recourant à une approche fondée sur l'exclusion. Il convient que l'investisseur soit préparé à l'avance au fait de devoir supporter des pertes. Le Fonds est compatible avec une distribution à grande échelle dans le marché. Le Fonds peut ne pas convenir aux investisseurs prêtant attention à la volatilité et à la performance à court terme, qui recherchent une source régulière de revenu et qui investissent pendant moins de cinq ans. Le Fonds n'offre pas de protection du capital. | fr | es |
DOLFIN6317 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## GLOSSARY
¹ Current dividend yield of portfolio companies weighted by portfolio share.
² Portion of dividend distribution from free cash flow weighted by portfolio share.
³ Rate of increase p.a. of the last announced dividend vs. the dividend five years ago, weighted by portfolio share.
⁴ Number of years since portfolio companies have paid dividends without interruption, weighted by portfolio share. | ## GLOSSARIO
¹ Rendimento da dividendi corrente delle società in portafoglio ponderato su base pro-rata.
² Quota dei flussi di cassa (free cashflow) distribuiti sotto forma di dividendi ponderata su base pro- rata.
³ Tasso di incremento annuo degli ultimi dividendi dichiarati rispetto ai dividendi di cinque anni prima, ponderato su base pro-rata.
⁴ Numero di anni di distribuzione continuativa dei dividendi da parte delle società in portafoglio ponderato su base pro-rata. | ## GLOSSARY
¹ Current dividend yield of portfolio companies weighted by portfolio share.
² Portion of dividend distribution from free cash flow weighted by portfolio share.
³ Rate of increase p.a. of the last announced dividend vs. the dividend five years ago, weighted by portfolio share.
⁴ Number of years since portfolio companies have paid dividends without interruption, weighted by portfolio share. | en | it |
DOLFIN6318 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. may be held liable solely on the basis of any statement contained in this
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- The ongoing charge is estimated and is based on the expected charges. The UCITS' annual report for each financial year will include details on the charges made.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Management and Fund Charges" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in USD.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2018.
- Share Class launch date: 2018.
document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022. | # Información práctica
Depositario : El depositario del fondo es J.P. Morgan Bank Luxembourg S.A.
Información adicional : Puede obtener gratuitamente un ejemplar del Folleto del fondo y del último informe anual y semestral, en inglés, francés, alemán, italiano y español, así como el Valor Liquidativo por Acción más reciente, solicitándolo a través de www. jpmorganassetmanagement.com, enviando un correo electrónico a la dirección [email protected] o dirigiendo una carta a JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Gran Ducado de Luxemburgo.
Política de remuneración : La Política de remuneración de la Sociedad gestora se encuentra disponible en http://www. jpmorganassetmanagement.lu/emea-remuneration-policy. Esta política incluye información detallada sobre cómo se calculan la remuneración y las prestaciones, así como sobre las responsabilidades y la composición del comité que supervisa y controla dicha política. Se puede solicitar una copia gratuita de esta política a la Sociedad gestora.
Fiscalidad : El Subfondo está sujeto a la legislación tributaria de Luxemburgo. Esto podría tener repercusión sobre la situación fiscal del inversor.
Información legal : JPMorgan Asset Management (Europe) S.à r.l. únicamente incurrirá en responsabilidad por las declaraciones
- Los gastos de entrada y de salida representan cifras máximas, por lo que los inversores podrían pagar un importe inferior al indicado. Puede obtenerse información sobre las comisiones y los gastos a través del asesor financiero del inversor, el distribuidor o bien consultando cualquier suplemento al Folleto correspondiente a cada país.
- La cifra de gastos corrientes constituye una estimación basada en los gastos previstos. El informe anual del OICVM correspondiente a cada ejercicio presentará de manera pormenorizada los gastos cobrados.
- Los gastos están destinados a sufragar los costes de funcionamiento de esta Clase de Acciones, incluidos los de comercialización y distribución. Dichos gastos reducen el potencial de crecimiento de la inversión.
- Si desea más información sobre gastos y comisiones, consulte el apartado «Administración y Gastos del Fondo» del Folleto.
- La rentabilidad histórica no es una indicación de la rentabilidad futura.
- Los datos de rentabilidad, calculados en USD, incluyen impuestos, gastos corrientes y costes de transacción, pero excluyen las comisiones de suscripción y reembolso.
- Cuando no se ofrece ninguna cifra de rentabilidad histórica significa que no se dispone de datos suficientes durante el año en cuestión para indicar la rentabilidad.
- Fecha de lanzamiento del Subfondo: 2018.
- Fecha de lanzamiento de la Clase de Acciones: 2018.
contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto.
JPMorgan Liquidity Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Liquidity Funds.
El Subfondo forma parte de JPMorgan Liquidity Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
El Subfondo recibe la calificación de una agencia de calificación crediticia externa. Dicha calificación es financiada por el Subfondo.
Canje : Los inversores podrán canjear parte o la totalidad de sus acciones de cualquier Clase de un Subfondo por acciones de cualquier Clase de ese u otro Subfondo de JPMorgan Liquidity Funds, siempre que reúnan los requisitos pertinentes y cumplan los importes mínimos de tenencia. Las condiciones relativas al canje se exponen con mayor detalle en el apartado «Canje de Acciones» del Folleto.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF.
Los presentes datos fundamentales para el inversor son exactos a fecha de 01/01/2022. | # Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. may be held liable solely on the basis of any statement contained in this
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- The ongoing charge is estimated and is based on the expected charges. The UCITS' annual report for each financial year will include details on the charges made.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Management and Fund Charges" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in USD.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2018.
- Share Class launch date: 2018.
document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022. | en | es |
DOLFIN6319 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
##### BASIS OF PREPARATION
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed separately.
The financial statements have been prepared on a going concern basis for the Company under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through the profit or loss.
The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014, as amended, so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund.
The Company has availed of the exemption available to open-ended investment funds under Section 7 “Statement of Cash Flows” of FRS 102, not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a statement of changes in net assets attributable to redeemable participating shareholders. | #### BASE DE PRÉPARATION
La préparation des états financiers requiert l’utilisation de certaines estimations comptables déterminantes. Elle requiert également des Administrateurs qu’ils fassent usage de leur discernement dans le processus d’application des conventions comptables de la Société. Les domaines impliquant un degré plus important de jugement ou de complexité, ou les domaines pour lesquels les hypothèses et les estimations sont importantes pour les états financiers sont indiqués séparément.
Les états financiers ont été établis selon le principe de la continuité de l’exploitation, conformément à la convention du coût historique, compte tenu de la réévaluation des actifs et passifs financiers détenus à leur juste valeur par le biais du compte de résultat.
Le format et certaines formulations des états financiers ont été adaptés à partir de ceux prévus par le Companies Act de 2014 tel qu’amendé de façon, de l’avis des Administrateurs, à mieux refléter la nature de l’activité de la Société en tant que fonds d’investissement.
La Société fait usage de l’exemption prévue pour les fonds d’investissement à capital variable au titre de la Section 7
« État des flux de trésorerie » de la norme FRS 102, qui la dispense de préparer un état des flux de trésorerie compte tenu du fait que pratiquement tous ses investissements sont très liquides et comptabilisés à leur juste valeur et propose à la place un État de variation des actifs nets attribuables aux porteurs d’actions de participation rachetables. | ##### BASIS OF PREPARATION
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed separately.
The financial statements have been prepared on a going concern basis for the Company under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through the profit or loss.
The format and certain wordings of the financial statements have been adapted from those contained in the Companies Act 2014, as amended, so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund.
The Company has availed of the exemption available to open-ended investment funds under Section 7 “Statement of Cash Flows” of FRS 102, not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a statement of changes in net assets attributable to redeemable participating shareholders. | en | fr |
DOLFIN6320 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest GBP 10,000.00. The figures are estimates and may change in the future.
| Investment GBP 10,000.00 | if you cash in after 1 year | if you cash in after 2 years | if you cash in after 3 years (Recommended Holding Period) |
| --- | --- | --- | --- |
| Total Costs | GBP 37.00 | GBP 76.12 | GBP 117.47 |
| Impact on Return (RIY) per year | 0.37% | 0.37% | 0.37% |
The person selling or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.
Composition of costs
The table below shows:
- the impact each year of the different types of costs on the investment return you might get at the end of Recommended Holding Period;
- the meaning of the different cost categories.
| This table shows the impact on return per year |
| --- |
| One-off costs | Entry costs | 0.00% | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. |
| Exit costs | 0.00% | The impact of the costs when exiting your investment. |
| Ongoing costs | Portfolio transaction costs | 0.22% | The impact of the costs of us buying and selling underlying investments for the product. |
| Other ongoing costs | 0.15% | The impact of the costs that we take each year for managing your investments. |
| Incidental costs | Performance fees | 0.00% | The impact of the performance fee. This is taken from your investment if the performance is positive and is subject to the high water mark principle. | | # Quali sono i costi?
Costi nel tempo
La Diminuzione del rendimento (RIY) mostra l'impatto che i costi totali da voi sostenuti avranno sul rendimento dell'investimento che potreste ottenere. I costi totali tengono conto dei costi una tantum, dei costi correnti e dei costi accessori.
Gli importi qui riportati sono i costi cumulativi del prodotto stesso, per tre diversi periodi di detenzione. Essi includono le potenziali penalità per il rimborso anticipato. Le cifre presuppongono che investiate GBP 10,000.00. Le cifre costituiscono delle stime e possono cambiare in futuro.
| Investimento GBP 10,000.00 | in caso di disinvestimento dopo 1 anno | in caso di disinvestimento dopo 2 anni | In caso di disinvestimento dopo 3 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- | --- |
| Costi totali | GBP 37.00 | GBP 76.12 | GBP 117.47 |
| Diminuzione del rendimento (Reduction in Yield — RIY) per ciascun anno | 0.37% | 0.37% | 0.37% |
La persona che vende o che vi fornisce consulenze su questo prodotto può addebitarvi ulteriori costi. Nel qual caso, questa persona vi fornirà informazioni sui suddetti costi e vi mostrerà l'impatto che tutti i costi avranno sul vostro investimento nel corso del tempo.
Scorporo dei costi
La seguente tabella mostra:
- l'impatto per ogni anno dei diversi tipi di costi sul rendimento dell'investimento che potreste ottenere alla fine del periodo di detenzione raccomandato;
- il significato delle diverse categorie di costi.
| Questa tabella mostra l'impatto sul rendimento per ciascun anno |
| --- |
| Costi una tantum | Spese di sottoscrizione | 0.00% | L'impatto dei costi che sostenete quando sottoscrivete il vostro investimento. Si tratta dell'importo massimo che potrete dovere sborsare, e potreste pagare di meno. |
| Costi di uscita | 0.00% | L'impatto dei costi di quando si abbandona un investimento. |
| Costi correnti | Costi delle operazioni di portafoglio | 0.22% | L'impatto dei costi di compravendita degli investimenti sottostanti per il prodotto. |
| Altri costi correnti | 0.15% | L'impatto dei costi che sosteniamo ogni anno per la gestione dei vostri investimenti. |
| Costi accessori | Commissioni legate al rendimento | 0.00% | Impatto della commissione di performance. Viene prelevata dall'investimento se il rendimento è positivo ed è soggetta al principio dell'high water mark. | | # What are the costs?
Costs over time
The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.
The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest GBP 10,000.00. The figures are estimates and may change in the future.
| Investment GBP 10,000.00 | if you cash in after 1 year | if you cash in after 2 years | if you cash in after 3 years (Recommended Holding Period) |
| --- | --- | --- | --- |
| Total Costs | GBP 37.00 | GBP 76.12 | GBP 117.47 |
| Impact on Return (RIY) per year | 0.37% | 0.37% | 0.37% |
The person selling or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.
Composition of costs
The table below shows:
- the impact each year of the different types of costs on the investment return you might get at the end of Recommended Holding Period;
- the meaning of the different cost categories.
| This table shows the impact on return per year |
| --- |
| One-off costs | Entry costs | 0.00% | The impact of the costs you pay when entering your investment. This is the most you will pay, and you could pay less. |
| Exit costs | 0.00% | The impact of the costs when exiting your investment. |
| Ongoing costs | Portfolio transaction costs | 0.22% | The impact of the costs of us buying and selling underlying investments for the product. |
| Other ongoing costs | 0.15% | The impact of the costs that we take each year for managing your investments. |
| Incidental costs | Performance fees | 0.00% | The impact of the performance fee. This is taken from your investment if the performance is positive and is subject to the high water mark principle. | | en | it |
DOLFIN6321 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Under the depositary agreement, The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) is entitled to a fee that is calculated and charged monthly in arrears. These fees are calculated based on the total assets under management of the Sub-Funds.
The Depositary shall also be entitled to be reimbursed for certain transactional and other expenses incurred by it in the performance of its duties under the depositary agreement.
Fees accrued to the Depositary and the amounts due at the financial year end are included as “Depositary fees” and “Depositary fees payable” in the Statement of Comprehensive Income and Statement of Financial Position, respectively.
-
### DIRECTORS’ FEES | En vertu du contrat de dépositaire, The Bank of New York Mellon SA/NV, Dublin Branch (le « Dépositaire ») est habilité à percevoir une commission qui est calculée et facturée mensuellement à terme échu. Cette commission est calculée sur la base du total des actifs sous gestion des Compartiments.
Le Dépositaire sera également en droit d’être remboursé de certains frais de transaction et autres débours qu’il aura encourus dans l’exercice de ses fonctions en application du contrat de dépositaire.
Les commissions provisionnées en faveur du Dépositaire et les montants dus à la fin de l’exercice financier sont incluses dans les postes « Commission du dépositaire » et « Commission du dépositaire à payer » de l’État du résultat global et de l’État de la situation financière, respectivement.
-
### HONORAIRES DES ADMINISTRATEURS | Under the depositary agreement, The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) is entitled to a fee that is calculated and charged monthly in arrears. These fees are calculated based on the total assets under management of the Sub-Funds.
The Depositary shall also be entitled to be reimbursed for certain transactional and other expenses incurred by it in the performance of its duties under the depositary agreement.
Fees accrued to the Depositary and the amounts due at the financial year end are included as “Depositary fees” and “Depositary fees payable” in the Statement of Comprehensive Income and Statement of Financial Position, respectively.
-
### DIRECTORS’ FEES | en | fr |
DOLFIN6322 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Operating and Administrative Expenses
The SICAV pays the following expenses out of the assets of the funds:
- fees of all service providers including the fees of the depositary, administration agent, registrar, transfer agent, domiciliary agent and auditor,
- taxes on the assets and income
- all fees, government duties and expenses chargeable to it
- government, regulatory, and cross-border distribution registration expenses
- costs of providing information to you, such as the costs of creating, printing and distributing shareholder reports, prospectuses, KIIDs and other shareholder communications that the board considers important
- any fees that the board agrees the SICAV should pay to independent board members for their service on the board
- all other costs associated with operation and distribution, including expenses incurred by the management company, depositary and all service providers in the course of discharging their responsibilities to the SICAVA fund may amortise its own launch expenses over the first five years of its existence. | #### Spese amministrative e operative
La SICAV paga le spese seguenti a valere sul patrimonio dei comparti:
- le commissioni di tutti i fornitori di servizi, incluse quelle del depositario, dell'agente amministrativo, del conservatore del registro, dell'agente di trasferimento, dell'agente domiciliatario e della società di revisione
- le imposte sul patrimonio e sul reddito
- tutte le commissioni, le imposte del governo e le spese a suo carico
- spese governative, regolamentari e di registrazione per la distribuzione transfrontaliera
- i costi relativi alla fornitura di informazioni agli investitori, come i costi di produzione, stampa e distribuzione delle relazioni per gli azionisti, dei prospetti, dei KIID e delle altre comunicazioni agli azionisti che il consiglio considera importanti
- qualsiasi compenso che secondo il consiglio di amministrazione deve essere versato dalla SICAV a membri indipendenti del consiglio per il loro servizio
- tutti gli altri costi associati alla gestione e alla distribuzione, incluse le spese sostenute dalla società di gestione, dal depositario e da tutti i fornitori di servizi nel corso dell'adempimento delle loro responsabilità verso la SICAVUn comparto può ammortizzare le proprie spese di lancio durante i primi cinque anni di esistenza. | #### Operating and Administrative Expenses
The SICAV pays the following expenses out of the assets of the funds:
- fees of all service providers including the fees of the depositary, administration agent, registrar, transfer agent, domiciliary agent and auditor,
- taxes on the assets and income
- all fees, government duties and expenses chargeable to it
- government, regulatory, and cross-border distribution registration expenses
- costs of providing information to you, such as the costs of creating, printing and distributing shareholder reports, prospectuses, KIIDs and other shareholder communications that the board considers important
- any fees that the board agrees the SICAV should pay to independent board members for their service on the board
- all other costs associated with operation and distribution, including expenses incurred by the management company, depositary and all service providers in the course of discharging their responsibilities to the SICAVA fund may amortise its own launch expenses over the first five years of its existence. | en | it |
DOLFIN6323 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIF ET POLITIQUE D’INVESTISSEMENT
- Le compartiment (le « Fonds ») est géré de manière active. Cela signifie que la composition du portefeuille est laissée à l’entière discrétion du gestionnaire d’investissement. Le Fonds n’est pas géré en fonction d’un indice de référence.
- Le Fonds vise à générer des rendements totaux positifs sur un intervalle de douze mois consécutifs avec des niveaux stables de volatilité indépendamment des conditions des marchés obligataires et boursiers.
- Le Fonds peut obtenir son exposition aux investissements par le biais d’investissements directs ou par l’utilisation d’instruments financiers dérivés. Le rendement de chaque instrument financier dérivé est lié à l’évolution de l’actif sous-jacent.
- Les catégories d’actifs dans lesquelles le Fonds peut investir incluent, entre autres, les obligations d’État et d’autres titres de créance, tels que des titres de créance émis par des institutions internationales importantes et des obligations assorties de la qualité de crédit la plus élevée émises par des agences publiques ou des banques dans des pays du G10 et explicitement garanties par l’État.
- Le Fonds peut recourir à des instruments financiers dérivés (tels que des contrats à terme standardisés, des contrats à terme de gré à gré, des contrats d’échange, y compris des caps, des floors et des contrats d’échange sur défaut de crédit, des options et des contrats de différence) qui se réfèrent aux actifs susmentionnés. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
- El subfondo (el «Fondo») se gestiona de forma activa, es decir, que el gestor de inversiones tiene plena discreción sobre la composición de la cartera. El Fondo no se gestiona con arreglo a ningún índice de referencia.
- El objetivo del Fondo es obtener una rentabilidad total positiva a lo largo de doce meses con unos niveles de volatilidad estables no relacionados con las condiciones de los mercados de bonos y renta variable.
- El Fondo puede obtener su exposición a inversiones mediante la inversión directa o mediante el uso de instrumentos financieros derivados. El rendimiento de cada derivado está vinculado a los movimientos del activo subyacente.
- Las clases de activos en los que puede invertir el Fondo incluyen, entre otros, deuda pública y otros valores de deuda, como los valores de deuda emitidos por las principales instituciones internacionales, bonos de la más alta calidad crediticia emitidos por organismos gubernamentales o bancos de los países del G-10 garantizados explícitamente por los gobiernos nacionales.
- El Fondo podrá utilizar instrumentos financieros derivados (como futuros, contratos a plazo, swaps, incluidos límites máximos, mínimos y swaps de incumplimiento crediticio, opciones y contratos por diferencia) que hagan referencia a los activos mencionados anteriormente. | # OBJECTIF ET POLITIQUE D’INVESTISSEMENT
- Le compartiment (le « Fonds ») est géré de manière active. Cela signifie que la composition du portefeuille est laissée à l’entière discrétion du gestionnaire d’investissement. Le Fonds n’est pas géré en fonction d’un indice de référence.
- Le Fonds vise à générer des rendements totaux positifs sur un intervalle de douze mois consécutifs avec des niveaux stables de volatilité indépendamment des conditions des marchés obligataires et boursiers.
- Le Fonds peut obtenir son exposition aux investissements par le biais d’investissements directs ou par l’utilisation d’instruments financiers dérivés. Le rendement de chaque instrument financier dérivé est lié à l’évolution de l’actif sous-jacent.
- Les catégories d’actifs dans lesquelles le Fonds peut investir incluent, entre autres, les obligations d’État et d’autres titres de créance, tels que des titres de créance émis par des institutions internationales importantes et des obligations assorties de la qualité de crédit la plus élevée émises par des agences publiques ou des banques dans des pays du G10 et explicitement garanties par l’État.
- Le Fonds peut recourir à des instruments financiers dérivés (tels que des contrats à terme standardisés, des contrats à terme de gré à gré, des contrats d’échange, y compris des caps, des floors et des contrats d’échange sur défaut de crédit, des options et des contrats de différence) qui se réfèrent aux actifs susmentionnés. | fr | es |
DOLFIN6324 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Investing in equities and/or debt of companies with substantial assets in or revenues derived from China involves special considerations and certain risks not typically associated with more developed markets or economies. The risks inherent in Greater China can generally be expected to result in increased volatility in the shares of companies in Greater China and portfolios which invest in them when compared to their counterparts in developed markets. Investment companies investing in China generally can be expected to display greater share price and Net Asset Value volatility than those investing in developed markets.
The Fund's investments are subject to country specific risk factors due to the concentrated strategy of investment in companies that derive a significant share of their business from activities within the PRC:
- Legal riskThe legal system of the PRC is based on the PRC Constitution and is made up of written laws, regulations, circulars and directives which may not afford the Company the same level of certainty in relation to matters such as contracts and disputes as may be available in more developed markets. Accordingly, in such circumstances the returns to the Fund may be materially and adversely affected.
- Changes in government policies and the regulatory environmentCertain investments of the Fund may be subject to PRC laws and regulations and policies implemented by the PRC government from time to time. PRC government policies may have a material impact on the industries in which the Fund invests. If any company in which the Fund invests should become subject to any form of negative governmental control, there could be a material adverse effect on the value of the Fund's investments. | Die Anlage in Aktien und/oder Anleihen von Unternehmen, die beträchtliche Vermögenswerte in China besitzen oder beträchtliche Umsätze in China erzielen, erfordert besondere Überlegungen und bringt bestimmte Risiken mit sich, die mit entwickelteren Märkten oder Wirtschaften nicht in Verbindung gebracht werden. Die mit Groß-China einhergehenden Risiken können in der Regel zu einer erhöhten Volatilität der Wertpapiere von Unternehmen in Groß-China und der Portfolios, die darin anlegen, führen, vergleicht man sie mit ihren Pendants in entwickelten Märkten. Investmentgesellschaften, die in China anlegen, weisen in der Regel eine höhere Volatilität des Aktienkurses und des Nettoinventarwerts auf als die, die in entwickelten Märkten anlegen.
Die Anlagen des Fonds unterliegen länderspezifischen Risikofaktoren, die auf die konzentrierte Strategie einer Anlage in Unternehmen zurückzuführen ist, die einen bedeutenden Anteil ihres Geschäfts aus Tätigkeiten in der Volksrepublik China („VRC“) erwirtschaften:
- Rechtliches RisikoDas Rechtssystem der VRC beruht auf der Verfassung der VRC und umfasst schriftliche Gesetze, Vorschriften, Rundschreiben und Richtlinien, die der Gesellschaft eventuell nicht dasselbe Maß an Sicherheit bezüglich Angelegenheiten wie Verträgen oder Streitigkeiten geben, wie dies entwickeltere Märkte bieten. Demzufolge könntendie Renditen des Fonds unter diesen Umständen wesentlich und negativ beeinflusst werden.
- Änderungen der Regierungspolitik und des aufsichtsrechtlichen UmfeldsBestimmte Anlagen des Fonds können Gesetzen und Vorschriften sowie der Politik der Volksrepublik China unterliegen, die die chinesische Regierung von Zeit zu Zeit verabschieden kann. Politische Entscheidungen der chinesischen Regierung können sich wesentlich auf die Branchen auswirken, in denen der Fonds anlegt. Sollte ein Unternehmen, in dem der Fonds anlegt, in irgendeiner Form negativ durch eine staatliche Kontrolle beeinflusst werden, könnte dies beträchtliche negative Auswirkungen auf den Wert der Anlagen des Fonds haben. | Investing in equities and/or debt of companies with substantial assets in or revenues derived from China involves special considerations and certain risks not typically associated with more developed markets or economies. The risks inherent in Greater China can generally be expected to result in increased volatility in the shares of companies in Greater China and portfolios which invest in them when compared to their counterparts in developed markets. Investment companies investing in China generally can be expected to display greater share price and Net Asset Value volatility than those investing in developed markets.
The Fund's investments are subject to country specific risk factors due to the concentrated strategy of investment in companies that derive a significant share of their business from activities within the PRC:
- Legal riskThe legal system of the PRC is based on the PRC Constitution and is made up of written laws, regulations, circulars and directives which may not afford the Company the same level of certainty in relation to matters such as contracts and disputes as may be available in more developed markets. Accordingly, in such circumstances the returns to the Fund may be materially and adversely affected.
- Changes in government policies and the regulatory environmentCertain investments of the Fund may be subject to PRC laws and regulations and policies implemented by the PRC government from time to time. PRC government policies may have a material impact on the industries in which the Fund invests. If any company in which the Fund invests should become subject to any form of negative governmental control, there could be a material adverse effect on the value of the Fund's investments. | en | de |
DOLFIN6325 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of US short duration bond markets by investing primarily in US investment grade debt securities, including asset- backed and mortgage-backed securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Focuses on bottom-up security selection through a value-oriented approach that seeks to identify inefficiently priced securities to generate returns.
- Invests across all sectors of USD denominated investment grade short-term debt which includes government, government related, corporate, and securitised debt.
Share Class Benchmark Bloomberg US Government/Credit 1-3 Year Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 75% of assets invested in short-term investment grade debt securities issued by US issuers. The Sub-Fund may also invest in USD-denominated short-term investment grade | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija con duración corta de EE. UU. invirtiendo fundamentalmente en títulos de deuda con calificación investment grade estadounidenses, incluidos activos titulizados y titulizaciones hipotecarias.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Privilegia una selección de valores ascendente aplicando un enfoque orientado al estilo de valor cuyo objetivo es identificar títulos que exhiban valoraciones ineficientes para generar rentabilidad.
- Invierte en todos los sectores de deuda con calificación investment grade a corto plazo denominada en USD, que incluye deuda pública, cuasisoberana, corporativa y titulizada.
Índice de referencia de la Clase de Acciones Bloomberg US Government/ Credit 1-3 Year Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 75% del patrimonio se invierte en títulos de deuda a corto plazo con calificación investment grade emitidos por emisores estadounidenses. Asimismo, el Subfondo podrá invertir en títulos de deuda a corto plazo con calificación investment grade y denominados en USD, emitidos por emisores fuera | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of US short duration bond markets by investing primarily in US investment grade debt securities, including asset- backed and mortgage-backed securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Focuses on bottom-up security selection through a value-oriented approach that seeks to identify inefficiently priced securities to generate returns.
- Invests across all sectors of USD denominated investment grade short-term debt which includes government, government related, corporate, and securitised debt.
Share Class Benchmark Bloomberg US Government/Credit 1-3 Year Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 75% of assets invested in short-term investment grade debt securities issued by US issuers. The Sub-Fund may also invest in USD-denominated short-term investment grade | en | es |
DOLFIN6326 | 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
Echiquier QME est un compartiment de gestion quantitative qui recherche la performance la plus élevée possible sur une période de 3 ans, peu corrélée aux évolutions des marchés financiers, avec une volatilité annuelle moyenne inférieure à 10%. Cet objectif peut être illustré par une recherche de performance nette de frais de gestion supérieure à l'indice €ster capitalisé ou à + 2% annualisé.
L'indice €STER Capitalisé est un indicateur représentatif de la gestion d'Echiquier QME. Cet indice, utilisé uniquement à titre indicatif, est un taux quotidien qui reflète les coûts d'emprunt au jour le jour en euros non garantis pour les banques de la zone euro.
L'OPCVM met en œuvre une gestion active et discrétionnaire qui s'appuie sur une méthodologie mettant en œuvre de manière systématique des stratégies de trading dont l'objectif est de réaliser des gains aussi bien sur des tendances de marché haussières que baissières. Cette méthode consiste à prendre des positions basées sur des signaux d'achats et de ventes générés par un modèle quantitatif à partir d'une analyse des historiques de cours et d'informations économétriques.
La méthodologie de gestion du fonds comprend plus de 30 modèles quantitatifs propriétaires. Afin de diversifier les opportunités de gain et de risque, le compartiment sera exposé à différentes classes d’actifs (actions, produits de taux, devises, matières premières), au travers d'une centaine de sous-jacents, sans aucune restriction géographique.
L’exposition aux tendances de marché ainsi décrite sera principalement réalisée au travers d'un contrat financier, un contrat d'échange sur rendement global (ci-après "TRS" ou "Total Return Swap"), conclu avec la Société Générale. Ce TRS aura pour sous-jacent un indice basé sur des contrats futures sur les classes d'actifs auxquelles souhaite s'exposer le compartiment. Concernant l'investissement de l'actif du compartiment, celui-ci sera essentiellement réalisé dans des titres de dettes publiques de l'Union Européenne (maturité de 12 mois maximum).
## Durée de placement recommandée : Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans un délai de 3 ans.
## Affectation des revenus : Capitalisation.
Heure limite de centralisation des ordres de souscriptions/rachats: L'investisseur pourra obtenir sur simple demande un remboursement chaque jour ouvré. Les demandes de rachats sont centralisées chaque jour de bourse ouvré avant 12 heures (heure de Paris) auprès de notre centralisateur BNP Paribas SA et exécutées sur la valeur liquidative calculée sur les cours de clôture du jour de centralisation.
## Fréquence de valorisation : La valeur liquidative est calculée quotidiennement à l’exception des jours de fermeture de la bourse de Paris et des jours fériés légaux français. | # Objetivos y política de inversión
Echiquier QME es un compartimento de gestión cuantitativa que trata de obtener la máxima rentabilidad en periodos de tres años, manteniendo una baja correlación con los mercados financieros y una volatilidad anual media inferior al 10 %. Este objetivo puede consistir, por ejemplo, en lograr rentabilidad después de gastos de gestión superior al índice €STER capitalizado o a un +2 % anualizado.
El índice €STER Capitalizado es un indicador representativo de la gestión de Echiquier QME. Dicho índice, utilizado únicamente con carácter orientativo, es un índice diario que refleja el tipo de interés del dinero tomado a préstamo a un día en euros no garantizado por los bancos de la zona euro.
El OICVM aplica una gestión activa y discrecional basada en una metodología que recurre de forma sistemática un conjunto de estrategias de negociación cuyo objetivo es obtener ganancias en contextos de mercado tanto alcistas como bajistas. Este método consiste en tomar posiciones basadas en señales de compra y venta generadas por un modelo cuantitativo a partir de un análisis de las cotizaciones históricas y los datos econométricos.
La metodología de gestión del fondo consta de más de 30 modelos cuantitativos propios. Con el fin de diversificar las oportunidades de ganancias y riesgo, el compartimento estará expuesto a diferentes clases de activos (renta variable, renta fija, divisas, materias primas), mediante un centenar de subyacentes, sin restricciones geográficas.
La exposición a las tendencias del mercado anteriormente descrita se realizará principalmente mediante un contrato financiero, un contrato de permuta de rendimiento total (en adelante, «TRS» o «Total Return Swap»), celebrado con Société Générale. Este TRS tendrá como subyacente un índice basado en contratos de futuros sobre las clases de activos a las que desea exponerse el compartimento. Los activos del compartimento se invertirán fundamentalmente en títulos de deuda pública de la Unión Europea (con un vencimiento máximo de 12 meses).
## Horizonte de inversión recomendado: Este Fondo podría no ser adecuado para inversores que tengan previsto retirar su aportación en un plazo de 3 años.
## Asignación de los ingresos: Acumulación.
Hora límite de centralización de las órdenes de suscripción/ reembolso: El inversor podrá obtener un reembolso cada día hábil previa solicitud. Las solicitudes de reembolso se centralizan todos los días bursátiles hábiles antes de las 12:00 h (hora de París) dirigiéndose a la entidad centralizadora BNP Paribas SA y se ejecutan según el valor liquidativo calculado a los precios de cierre del día de centralización.
## Frecuencia de valoración: El valor liquidativo se calcula diariamente, salvo los días en que la Bolsa de París está cerrada y los días festivos oficiales en Francia. | # Objectifs et politique d'investissement
Echiquier QME est un compartiment de gestion quantitative qui recherche la performance la plus élevée possible sur une période de 3 ans, peu corrélée aux évolutions des marchés financiers, avec une volatilité annuelle moyenne inférieure à 10%. Cet objectif peut être illustré par une recherche de performance nette de frais de gestion supérieure à l'indice €ster capitalisé ou à + 2% annualisé.
L'indice €STER Capitalisé est un indicateur représentatif de la gestion d'Echiquier QME. Cet indice, utilisé uniquement à titre indicatif, est un taux quotidien qui reflète les coûts d'emprunt au jour le jour en euros non garantis pour les banques de la zone euro.
L'OPCVM met en œuvre une gestion active et discrétionnaire qui s'appuie sur une méthodologie mettant en œuvre de manière systématique des stratégies de trading dont l'objectif est de réaliser des gains aussi bien sur des tendances de marché haussières que baissières. Cette méthode consiste à prendre des positions basées sur des signaux d'achats et de ventes générés par un modèle quantitatif à partir d'une analyse des historiques de cours et d'informations économétriques.
La méthodologie de gestion du fonds comprend plus de 30 modèles quantitatifs propriétaires. Afin de diversifier les opportunités de gain et de risque, le compartiment sera exposé à différentes classes d’actifs (actions, produits de taux, devises, matières premières), au travers d'une centaine de sous-jacents, sans aucune restriction géographique.
L’exposition aux tendances de marché ainsi décrite sera principalement réalisée au travers d'un contrat financier, un contrat d'échange sur rendement global (ci-après "TRS" ou "Total Return Swap"), conclu avec la Société Générale. Ce TRS aura pour sous-jacent un indice basé sur des contrats futures sur les classes d'actifs auxquelles souhaite s'exposer le compartiment. Concernant l'investissement de l'actif du compartiment, celui-ci sera essentiellement réalisé dans des titres de dettes publiques de l'Union Européenne (maturité de 12 mois maximum).
## Durée de placement recommandée : Ce Fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans un délai de 3 ans.
## Affectation des revenus : Capitalisation.
Heure limite de centralisation des ordres de souscriptions/rachats: L'investisseur pourra obtenir sur simple demande un remboursement chaque jour ouvré. Les demandes de rachats sont centralisées chaque jour de bourse ouvré avant 12 heures (heure de Paris) auprès de notre centralisateur BNP Paribas SA et exécutées sur la valeur liquidative calculée sur les cours de clôture du jour de centralisation.
## Fréquence de valorisation : La valeur liquidative est calculée quotidiennement à l’exception des jours de fermeture de la bourse de Paris et des jours fériés légaux français. | fr | es |
DOLFIN6327 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# SINGAPORE
The offer or invitation of the Shares, which is the subject of this Prospectus, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Fund is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares are not allowed to be offered to the retail public. Each of this Prospectus and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person, or any person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where Shares are subscribed or purchased under Section 305, or by a relevant person which is:
- a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 except:
- to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law; or(4) as specified in Section 305A(5) of the SFA. | # SINGAPOUR
L’offre ou l’invitation à acheter des Actions, qui fait l’objet du présent Prospectus, ne concerne pas un organisme de placement collectif agréé en application de l’article 286 de la Loi sur les valeurs mobilières et des contrats à terme, chapitre 289 de Singapour (la « SFA ») ou reconnu en application de l’article 287 de la SFA. Le Fonds n’est pas agréé ni reconnu par l’Autorité monétaire de Singapour (la « MAS ») et les Actions ne peuvent pas être proposées aux investisseurs de détail. Ni le présent Prospectus ni aucun autre document ou support d’information publié dans le cadre de l’offre ou de la vente ne constituent un prospectus au sens de la SFA. En conséquence, la responsabilité légale en vertu de la SFA relative au contenu des prospectus ne s’applique pas. Il vous est recommandé d’étudier attentivement ce placement afin de décider s’il vous convient.
Le présent Prospectus n’a pas été enregistré auprès de la MAS. En conséquence, ni le présent Prospectus ni aucun autre document ou support d’information relatif à l’offre ou à la vente d’Actions, ni aucune invitation à souscrire ou à acheter des Actions ne peuvent être diffusés ou distribués, et les Actions ne peuvent pas être proposées ou vendues, ni faire l’objet d’une invitation à les souscrire ou à les acheter, soit directement, soit indirectement, à des personnes situées à Singapour autres (i) qu’un investisseur institutionnel en application de l’article 304 de la SFA, (ii) qu’une personne concernée, ou que toute personne conformément à l’article 305(1), ou que toute personne conformément à l’article 305(2), et conformément aux conditions spécifiées à l’article 305 de la SFA ou (iii) autrement conformément à toute autre disposition de la SFA et en application des conditions de toute autre disposition applicable de la SFA.
Si les Actions sont souscrites ou achetées en application de l’article 305, ou par une personne concernée qui est :
- une société de capitaux (qui n’est pas un investisseur accrédité (au sens de l’article 4A de la SFA) dont la seule activité consiste à détenir des placements et dont l’intégralité du capital social est détenue par une ou plusieurs personnes physiques, chacune desquelles est un investisseur accrédité ; ou qui est
- une fiducie (dont le fiduciaire n’est pas un investisseur accrédité) dont le seul objet est de détenir des placements et dont chaque bénéficiaire est une personne physique qui estun investisseur accrédité, les titres (au sens de l’article 239(1) de la SFA) de cette société de capitaux ou les droits sur et intérêts dans (quelle que soit la manière dont ils sont décrits) cette fiducie ne seront pas transférés dans les six mois après que cette société de capitaux ou cette fiducie aura acquis les Actions conformément à une offre faite en application de l’article 305, sauf :
- à un investisseur institutionnel ou à une personne concernée définie à l’article 305(5) de la SFA, ou à une personne à la suite d’une offre visée à l’article 275(1A) ou à l’article 305A(3)(i)(B) de la SFA ;
- si aucune contrepartie n’est ni ne sera donnée pour le transfert ;
- en cas de transfert de plein droit ; ou sauf(4) comme prévu à l’article 305A(5) de la SFA. | # SINGAPORE
The offer or invitation of the Shares, which is the subject of this Prospectus, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Fund is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares are not allowed to be offered to the retail public. Each of this Prospectus and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.
This Prospectus has not been registered as a prospectus with the MAS. Accordingly, this Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person, or any person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions, specified in Section 305 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where Shares are subscribed or purchased under Section 305, or by a relevant person which is:
- a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 except:
- to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law; or(4) as specified in Section 305A(5) of the SFA. | en | fr |
DOLFIN6328 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### Regulatory investment restrictions
- Definitions:
- “Regulated market”A regulated market refers to a market for financial instruments in the sense of Article 4 (14) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 2009/65/EC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. | #### Restrictions d’investissement liées au droit de la surveillance
- Définitions :
- « Marché réglementé »Un marché réglementé est un marché d’instruments financiers au sens de l’article 4, chiffre 14 de la directive 2004/39/CE du Parlement européen et du Conseil du 21 avril 2004 concernant les marchés d’instruments fi- nanciers modifiant les directives 2009/65/CE et 93/6/CEE du Conseil et la directive 2000/12/CE du Parlement européen et du Conseil et abrogeant la directive 93/22/CEE. | #### Regulatory investment restrictions
- Definitions:
- “Regulated market”A regulated market refers to a market for financial instruments in the sense of Article 4 (14) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 2009/65/EC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. | en | fr |
DOLFIN6329 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The sections below on Luxembourg, United Kingdom, United States and China taxation are brief summaries of the tax advice received by the Directors relating to current law and practice which may be subject to change and interpretation.
The information given below does not constitute legal or tax advice and prospective investors should consult their own professional advisers on the possible tax consequences of buying, selling, switching, holding or redeeming Shares under the laws of the jurisdictions in which they may be subject to tax. Investors are also advised to inform themselves as to any exchange control regulations applicable in their country of residence.
Generally the tax consequences of acquiring, holding, switching, redeeming or disposing of Shares in the Company will depend on the relevant laws of the jurisdiction to which the Shareholder is subject. Shareholders resident in, or citizens of, certain countries which have anti-offshore fund legislation may have a liability to tax as regards to tax on the undistributed gains of the Company. These consequences will vary with the law and practice of the Shareholder’s country of residence, domicile or incorporation and with his personal circumstances. The Directors, the Company and each of the Company’s agents shall have no liability in respect of the individual tax affairs of Shareholders.
Dividends, interest and capital gains (if any) which the Company receives with respect to investments may be subject to taxes, including withholding taxes, in the countries in which the issuers of investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Luxembourg and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of the repayment.
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### Luxembourg Taxation | Die folgenden Abschnitte über die Besteuerung in Luxemburg, Großbritannien, den USA und China sind kurze Zusammenfassungen der steuerlichen Empfehlungen, die dem Verwaltungsrat in Bezug auf die aktuellen Gesetze und Praktiken, die geändert und interpretiert werden können, unterbreitet wurden.
Diese nachstehend angeführten Informationen sind keine rechtlichen oder steuerlichen Empfehlungen, und potenziellen Anlegern wird empfohlen, bezüglich der möglichen steuerlichen Konsequenzen des Kaufs, Verkaufs, Umtauschs, Haltens oder Einlösens von Anteilen gemäß dem Steuerrecht ihrer Gerichtsbarkeit ihre eigenen Berater zu konsultieren. Anlegern wird ebenso empfohlen, sich über die in ihrem Wohnsitzland anzuwendenden Devisenkontrollvorschriften zu informieren.
Grundsätzlich hängen die steuerlichen Folgen von Erwerb, Besitz, Umtausch, Rückgabe oder Veräußerung von Anteilen an der Gesellschaft von den jeweiligen Gesetzen der Gerichtsbarkeit ab, welcher der Anteilsinhaber unterliegt. Anteilsinhaber mit Wohnsitz in bestimmten Ländern oder mit Staatsangehörigkeit bestimmter Länder, in denen Anti- Offshore-Fonds-Gesetze gelten, sind in Bezug auf nicht ausgeschüttete Gewinne der Gesellschaft eventuell steuerpflichtig. Diese Folgen sind je nach Gesetzen und Praktiken des Wohnsitz-, Domizil- oder Eintragungslandes des jeweiligen Anteilsinhabers und seiner persönlichen Umstände verschieden. Der Verwaltungsrat, die Gesellschaft und die Bevollmächtigten der Gesellschaft haften nicht für die individuellen Steuerangelegenheiten der Anteilsinhaber.
Dividenden, Zinsen und Kapitalgewinne (sofern vorhanden), die die Gesellschaft in Bezug auf Anlagen erhält, können in den Ländern, in denen die Emittenten der Anlagen ihren Sitz haben, Steuern einschließlich Quellensteuern unterliegen. Es ist zu erwarten, dass die Gesellschaft nicht von reduzierten Quellensteuersätzen profitieren kann, wie sie in Doppelbesteuerungsabkommen zwischen Luxemburg und solchen Ländern vorgesehen sind. Sollte sich diese Situation in Zukunft ändern und die Anwendung eines niedrigeren Tarifs zu einer Rückzahlung an die Gesellschaft führen, wird der Nettoinventarwert nicht erneut ausgewiesen und der Nutzen wird den bestehenden Anteilsinhabern zum Zeitpunkt der Rückzahlung anteilsmäßig zugeteilt.
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### Besteuerung in Luxemburg | The sections below on Luxembourg, United Kingdom, United States and China taxation are brief summaries of the tax advice received by the Directors relating to current law and practice which may be subject to change and interpretation.
The information given below does not constitute legal or tax advice and prospective investors should consult their own professional advisers on the possible tax consequences of buying, selling, switching, holding or redeeming Shares under the laws of the jurisdictions in which they may be subject to tax. Investors are also advised to inform themselves as to any exchange control regulations applicable in their country of residence.
Generally the tax consequences of acquiring, holding, switching, redeeming or disposing of Shares in the Company will depend on the relevant laws of the jurisdiction to which the Shareholder is subject. Shareholders resident in, or citizens of, certain countries which have anti-offshore fund legislation may have a liability to tax as regards to tax on the undistributed gains of the Company. These consequences will vary with the law and practice of the Shareholder’s country of residence, domicile or incorporation and with his personal circumstances. The Directors, the Company and each of the Company’s agents shall have no liability in respect of the individual tax affairs of Shareholders.
Dividends, interest and capital gains (if any) which the Company receives with respect to investments may be subject to taxes, including withholding taxes, in the countries in which the issuers of investments are located. It is anticipated that the Company may not be able to benefit from reduced rates of withholding tax in double taxation agreements between Luxembourg and such countries. If this position changes in the future and the application of a lower rate results in a repayment to the Company the Net Asset Value will not be re-stated and the benefit will be allocated to the existing Shareholders rateably at the time of the repayment.
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### Luxembourg Taxation | en | de |
DOLFIN6330 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time while seeking low correlation to traditional asset classes.
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund may also seek exposure to other asset classes such as commodities, currencies and interest rates, as well as to any other eligible indices for these asset classes.
The Fund does not invest in debt securities rated Caa1/CCC+/CCC or below.
The Investment Manager uses fundamental and quantitative research to seek returns independently from traditional asset classes through a range of alternative investment strategies while seeking to reduce volatility. The Investment Manager flexibly adjusts investment exposures across these strategies with the goal of building an optimal risk/return portfolio in all market conditions.
The Fund may invest in, or be exposed (i) up to 20% in structured products such as asset-backed securities and (ii) credit-linked instruments that are from issuers in an EEA or OECD member state and that have underlying assets that are rated Investment Grade.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management, and other investment purposes (including to gain additional exposure and to take synthetic short positions).
## Benchmark
Secured Overnight Financing Rate (SOFR) + 5% used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Alternative investment strategies: Investment strategies other than long- only positions in debt securities and/or equities, often involving short positions and derivatives.
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Credit-linked instrument: Instrument permitting the issuer to shift specific credit risk of a debt instrument to credit risk buyer.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Long positions/strategies: Positions or strategies that result in gains for the Fund when security prices rise and losses when security prices fall.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
Short positions/strategies: Positions or strategies that result in gains for the Fund when security prices fall and losses when security prices rise.
Volatility: Measure of the pricing behavior of a security. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión a lo largo del tiempo buscando una baja correlación con las clases de activos tradicionales.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir en títulos de renta fija y renta variable de emisores de cualquier lugar del mundo, incluyendo países de mercados emergentes. El Fondo también puede buscar exposición a otras clases de activos, como materias primas, divisas y tipos de interés, así como a cualquier otro índice admisible para estas clases de activos.
El Fondo no invierte en títulos de renta fija con una calificación de Caa1/ CCC+/CCC o inferior.
La Sociedad Gestora utiliza un análisis fundamental y cuantitativo para conseguir rendimientos de forma independiente a las clases de activos tradicionales a través de una serie de estrategias de inversión alternativas, tratando al mismo tiempo de reducir la volatilidad. La Sociedad Gestora ajusta de forma flexible las exposiciones de las inversiones en estas estrategias con el objetivo de construir una cartera optima de riesgo- rentabilidad en todas las condiciones de Mercado.
El Fondo puede invertir o estar expuesto (i) a un máximo del 20% en productos estructurados, como valores respaldados por activos, y (ii) a instrumentos vinculados al crédito que provengan de emisores de un Estado miembro del EEE o de la OCDE y que tengan activos subyacentes con una calificación de grado de inversion (investment grade).
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso en gran medida derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión (incluyendo la obtención de exposición adicional y la toma de posiciones cortas sintéticas).
## Índice de referencia
Secured Overnight Financing Rate (SOFR) + 5% se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es USD.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Estrategias de inversión alternativas: Estrategias de inversión distintas de las posiciones a largo plazo en títulos de renta fija o variable, que a menudo implican posiciones cortas y derivados.
Valores respaldados por activos: Valores de deuda que representan un una participación en una cartera de deuda de consumo, como saldos de tarjetas de crédito o préstamos de automóviles.
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Instrumento vinculado al crédito: instrumento que permite al emisor trasladar el riesgo de crédito específico de un instrumento de deuda al comprador de riesgo de crédito.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Renta variable: Valores que representan una participación en el capital de una sociedad.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Posiciones/estrategias largas: Posiciones o estrategias que generan ganancias para el Fondo cuando los precios de los títulos suben, y pérdidas cuando bajan.
Valores relacionados con hipotecas: Valores de deuda representativos de una participación en una cartera de hipotecas.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Posiciones/estrategias cortas: Posiciones o estrategias que generan ganancias para el Fondo cuando los precios de los títulos bajan, y pérdidas cuando suben.
Volatilidad: medida del comportamiento de los precios de un título. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time while seeking low correlation to traditional asset classes.
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund may also seek exposure to other asset classes such as commodities, currencies and interest rates, as well as to any other eligible indices for these asset classes.
The Fund does not invest in debt securities rated Caa1/CCC+/CCC or below.
The Investment Manager uses fundamental and quantitative research to seek returns independently from traditional asset classes through a range of alternative investment strategies while seeking to reduce volatility. The Investment Manager flexibly adjusts investment exposures across these strategies with the goal of building an optimal risk/return portfolio in all market conditions.
The Fund may invest in, or be exposed (i) up to 20% in structured products such as asset-backed securities and (ii) credit-linked instruments that are from issuers in an EEA or OECD member state and that have underlying assets that are rated Investment Grade.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management, and other investment purposes (including to gain additional exposure and to take synthetic short positions).
## Benchmark
Secured Overnight Financing Rate (SOFR) + 5% used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is USD.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Alternative investment strategies: Investment strategies other than long- only positions in debt securities and/or equities, often involving short positions and derivatives.
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Credit-linked instrument: Instrument permitting the issuer to shift specific credit risk of a debt instrument to credit risk buyer.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
Equities: Securities that represent an ownership stake in a company.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Long positions/strategies: Positions or strategies that result in gains for the Fund when security prices rise and losses when security prices fall.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
Short positions/strategies: Positions or strategies that result in gains for the Fund when security prices fall and losses when security prices rise.
Volatility: Measure of the pricing behavior of a security. | en | es |
DOLFIN6331 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The investment fund described in this Sales Prospectus (with its Annexes and the Management Regulations) (the “Sales Prospectus”) is a Luxembourg investment fund (fonds commun de placement) that has been estab- lished for an unlimited period in the form of a mono fund in accordance with Part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment (the “Law of 17 December 2010”).
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the Key Information Document for packaged retail and insurance-based investment products (PRIIP) shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the Key Information Document and any approved amendments published thereto.
The investor will be provided with the Key Information Document at no charge and on a timely basis prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the Key Information Document. The Management Company shall not be liable if and to the extent that any information or explanations are given which deviate from the terms of the current Sales Prospectus or the Key Information Document.
The Sales Prospectus and the Key Information Document as well as the relevant annual and semi-annual reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the country-specific institutions/information agents and sales agent. The Sales Prospectus and the Key Information Document may also be downloaded from the website www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled “Information for investors”. | Le véhicule de placement décrit dans le présent prospectus (avec annexes et règlement de gestion) (le « pros- pectus ») est un fonds commun de placement de droit luxembourgeois constitué pour une durée illimitée sous la forme d’un fonds sans compartiment conformément à la Partie I de la loi luxembourgeoise du 17 décembre 2010 sur les organismes de placement collectif dans sa version en vigueur (la « Loi du 17 décembre 2010 »).
Le présent prospectus de vente n’est valable qu’accompagné du dernier rapport annuel publié, dont la date de clôture ne peut remonter à plus de seize mois. Si la date de clôture du rapport annuel remonte à plus de huit mois, le rapport semestriel doit aussi être mis à disposition de l’investisseur. La souscription de parts repose sur le prospectus en vigueur et le document d’informations clés relatif aux produits d’investissement packagés de détail et fondés sur l’assurance (en abrégé le « document d’informations clés »). Lors de la souscription d’une part, l’investisseur accepte le prospectus, le document d’informations clés ainsi que toute modification y afférente autorisée et publiée.
Le document d’informations clés est mis gratuitement à la disposition de l’investisseur en temps utile avant l’acquisition de parts du fonds.
Il n’est pas autorisé de communiquer des informations ou des explications s’écartant du prospectus ou du document d’informations clés. La Société de gestion décline toute responsabilité en cas de communication d’informations ou d’explications s’écartant du prospectus actuel ou du document d’informations clés.
Le prospectus, les documents d’informations clés ainsi que les rapports annuels et semestriels du fonds sont disponibles gratuitement sur support durable auprès du siège de la société de gestion, du dépositaire, des agents des facilités et agents d’information propres à chaque pays et des distributeurs. Le prospectus et les documents d’informations clés sont également disponibles sur le site Internet www.ethenea.com. Ces documents peuvent également être fournis à l’investisseur au format papier sur simple demande. Pour de plus amples informations, il convient de se référer au chapitre « Informations aux investisseurs ». | The investment fund described in this Sales Prospectus (with its Annexes and the Management Regulations) (the “Sales Prospectus”) is a Luxembourg investment fund (fonds commun de placement) that has been estab- lished for an unlimited period in the form of a mono fund in accordance with Part I of the Luxembourg Law of 17 December 2010, as amended, relating to undertakings for collective investment (the “Law of 17 December 2010”).
This Sales Prospectus is only valid in conjunction with the most recently published annual report, which may not be more than 16 months old. If the annual report is older than eight months, the buyer will also be provided with the semi-annual report. The currently valid Sales Prospectus and the Key Information Document for packaged retail and insurance-based investment products (PRIIP) shall form the legal foundation for the purchase of units. In purchasing units, the investor acknowledges the Sales Prospectus, the Key Information Document and any approved amendments published thereto.
The investor will be provided with the Key Information Document at no charge and on a timely basis prior to the acquisition of Fund units.
No information or explanations may be given which are at variance with the Sales Prospectus or the Key Information Document. The Management Company shall not be liable if and to the extent that any information or explanations are given which deviate from the terms of the current Sales Prospectus or the Key Information Document.
The Sales Prospectus and the Key Information Document as well as the relevant annual and semi-annual reports for the Fund are available on a durable medium free of charge at the registered office of the Management Company, the Depositary, the country-specific institutions/information agents and sales agent. The Sales Prospectus and the Key Information Document may also be downloaded from the website www.ethenea.com. Upon request by the investor, these documents will also be provided in hard copy. For further information, please see the section entitled “Information for investors”. | en | fr |
DOLFIN6332 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Fund closure.
The Directors of the ICAV have the discretion to wind up the ICAV or a Sub-Fund. Although in exercising any such discretion the Directors are required to act in the best interests of the Shareholders, in doing so a Shareholder may be prevented from exercising its own judgement about when to exit a Sub-Fund and hence on winding up receive either more or less than would have otherwise been the case. The assets of the ICAV or Sub-Fund may be illiquid and therefore closing the ICAV or Sub-Fund may last a significant period of time. The costs and expenses of closing the ICAV or Sub-Fund may be significant and will reduce any distributable proceeds.
Other factors such as creditors seeking payment, pending litigation or other disputes or claims may also delay or create uncertainty on payments, potentially requiring the Sub-Fund or ICAV to hold back proceeds. Furthermore distributions may be indeterminable both in size and timing of payment. | ## Chiusura del Fondo.
Gli Amministratori dell'ICAV hanno la facoltà di liquidare l'ICAV o un Comparto. Sebbene nell'esercizio di tale discrezionalità gli Amministratori siano tenuti ad agire nel migliore interesse degli Azionisti, in tal modo un Azionista potrebbe non ess ere in grado di far valere il proprio giudizio su quando uscire da un Comparto e quindi, al momento della liquidazione, potrà ricevere più o meno di quanto sarebbe altrimenti accaduto. Le attività dell'ICAV o del Comparto possono essere illiquide e pertanto la chiusura dell'ICAV o del Comparto potrebbe durare un periodo di tempo notevole. I costi e le spese di chiusura dell'ICAV o del Comparto possono essere significativi riducendo così gli eventuali proventi distribuibili.
Anche altri fattori, quali creditori che richiedono il pagamento, controversie in corso o altre controversie o rivendicazioni, possono ritardare o creare incertezza sui pagamenti, richiedendo potenzialmente al Comparto o all'ICAV di trattenere i proventi. Inoltre, le distribuzioni possono essere indeterminabili sia in termini di dimensioni che di tempi di pagamento. | ## Fund closure.
The Directors of the ICAV have the discretion to wind up the ICAV or a Sub-Fund. Although in exercising any such discretion the Directors are required to act in the best interests of the Shareholders, in doing so a Shareholder may be prevented from exercising its own judgement about when to exit a Sub-Fund and hence on winding up receive either more or less than would have otherwise been the case. The assets of the ICAV or Sub-Fund may be illiquid and therefore closing the ICAV or Sub-Fund may last a significant period of time. The costs and expenses of closing the ICAV or Sub-Fund may be significant and will reduce any distributable proceeds.
Other factors such as creditors seeking payment, pending litigation or other disputes or claims may also delay or create uncertainty on payments, potentially requiring the Sub-Fund or ICAV to hold back proceeds. Furthermore distributions may be indeterminable both in size and timing of payment. | en | it |
DOLFIN6333 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Directors may require any person to whom shares of any class are to be allotted to pay to the Company or any of its appointees or as any of them may direct, for its or their absolute use and benefit, a preliminary charge of such amount as may be determined by the Directors but not exceeding 6 per cent of the Subscription Price per Share of the relevant class being allotted. The Directors may on any Dealing Day differentiate between applicants as to the amount of the preliminary charge required to be paid to the Company, or its appointees or as they may direct and as to the amount of preliminary charge to be levied on each class of share (subject to the maximum aforesaid).
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### No shares allotted when calculation of net asset value suspended | Der Verwaltungsrat kann von jeder Person, der Aktien einer beliebigen Klasse zugeteilt werden sollen, verlangen, dass sie an die Gesellschaft oder an einen ihrer Beauftragten oder auf deren Weisung, zu deren freier Verfügung und zu deren Gunsten, einen Ausgabeaufschlag in der Höhe zahlt, die vom Verwaltungsrat festgelegt wird; dieser darf jedoch 6 Prozent des Zeichnungspreises je zuzuteilender Aktie der jeweiligen Klasse nicht übersteigen. Der Verwaltungsrat kann Antragsteller an jedem Handelstag hinsichtlich der Höhe des Ausgabeaufschlags, der an die Gesellschaft oder an ihre Beauftragten oder auf deren Weisung zu zahlen ist, und hinsichtlich der Höhe des auf die einzelnen Aktienklassen zu erhebenden Ausgabeaufschlags (vorbehaltlich des vorgenannten Maximums) unterschiedlich behandeln.
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### Keine Zuteilung von Aktien bei einer Aussetzung der Berechnung des Nettoinventarwerts | The Directors may require any person to whom shares of any class are to be allotted to pay to the Company or any of its appointees or as any of them may direct, for its or their absolute use and benefit, a preliminary charge of such amount as may be determined by the Directors but not exceeding 6 per cent of the Subscription Price per Share of the relevant class being allotted. The Directors may on any Dealing Day differentiate between applicants as to the amount of the preliminary charge required to be paid to the Company, or its appointees or as they may direct and as to the amount of preliminary charge to be levied on each class of share (subject to the maximum aforesaid).
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### No shares allotted when calculation of net asset value suspended | en | de |
DOLFIN6334 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The dissolution of the UCITS or one of its sub-funds shall be performed on a mandatory basis in the cases for which provision has been made by law. In addition, the Management Company shall be entitled to dissolve the UCITS or individual sub-fund at any time.
Investors, heirs and other authorised individuals may not demand the splitting of dissolution of the UCITS or of an individual sub-fund or of an individual unit class.
The resolution concerning the dissolution of a sub-fund or of a unit class shall be published on the web- site of the Liechtenstein Investment Fund Association LAFV (www.lafv.li) as the organ of publication of the UCITS or of a unit class respectively, as well as using other media and permanent data carriers spec- ified in the prospectus (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the UCITS or of one of its sub-funds, the Management Company may liquidate the assets of the UCITS or of one of its sub-funds without delay in the best interests of the Investors. In other respects, the liquidation of the UCITS shall be performed in accordance with the pro- visions of the Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the UCITS of the sub-fund, than all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be published by the Management Company, and the redemption price shall be paid out to the former Investors by the Custodian.
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## Merging | Die Auflösung des OGAW oder eines seiner Teilfonds erfolgt zwingend in den gesetzlich vorgesehenen Fällen. Zusätzlich ist die Verwaltungsgesellschaft jederzeit berechtigt, den OGAW oder einzelne Teil- fonds aufzulösen.
Anleger, Erben und sonstige Berechtigte können die Aufteilung oder Auflösung des OGAW oder eines einzelnen Teilfonds bzw. einer einzelnen Anteilsklasse nicht verlangen.
Der Beschluss über die Auflösung eines Teilfonds bzw. einer Anteilsklasse wird auf der Webseite des Liechtensteinischen Anlagefondsverbandes LAFV (www.lafv.li) als Publikationsorgan des OGAW bzw. einer Anteilsklasse sowie sonstigen im Prospekt genannten Medien und dauerhaften Datenträgern (Brief, Fax, E-Mail oder Vergleichbares) veröffentlicht. Vom Tage des Auflösungsbeschlusses an werden keine Anteile mehr ausgegeben, umgetauscht oder zurückgenommen.
Bei Auflösung des OGAW oder eines seiner Teilfonds darf die Verwaltungsgesellschaft die Aktiven des OGAW oder eines Teilfonds im besten Interesse der Anleger unverzüglich liquidieren. Im Übrigen erfolgt die Liquidation des OGAW gemäss den Bestimmungen des liechtensteinischen Personen- und Gesell- schaftsrechts (PGR).
Wenn die Verwaltungsgesellschaft eine Anteilsklasse auflöst, ohne den OGAW bzw. dem Teilfonds auf- zulösen, werden alle Anteile dieser Klasse zu ihrem dann gültigen Nettoinventarwert zurückgenom- men. Diese Rücknahme wird von der Verwaltungsgesellschaft veröffentlicht und der Rücknahmepreis wird von der Verwahrstelle zugunsten der ehemaligen Anleger ausbezahlt.
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## Verschmelzung | The dissolution of the UCITS or one of its sub-funds shall be performed on a mandatory basis in the cases for which provision has been made by law. In addition, the Management Company shall be entitled to dissolve the UCITS or individual sub-fund at any time.
Investors, heirs and other authorised individuals may not demand the splitting of dissolution of the UCITS or of an individual sub-fund or of an individual unit class.
The resolution concerning the dissolution of a sub-fund or of a unit class shall be published on the web- site of the Liechtenstein Investment Fund Association LAFV (www.lafv.li) as the organ of publication of the UCITS or of a unit class respectively, as well as using other media and permanent data carriers spec- ified in the prospectus (letter, fax, e-mail or similar). From the day of the dissolution resolution onwards, no further units shall be issued, converted or redeemed.
In the event of the dissolution of the UCITS or of one of its sub-funds, the Management Company may liquidate the assets of the UCITS or of one of its sub-funds without delay in the best interests of the Investors. In other respects, the liquidation of the UCITS shall be performed in accordance with the pro- visions of the Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht - "PGR").
If the Management Company dissolves a unit class without dissolving the UCITS of the sub-fund, than all of the units of this class shall be redeemed on the basis of their net asset value applicable at the time. This redemption shall be published by the Management Company, and the redemption price shall be paid out to the former Investors by the Custodian.
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## Merging | en | de |
DOLFIN6335 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.
Driehaus Emerging Markets Sustainable Equity Fund - Class B (USD)
ISIN: IE00B6R1HD97
A sub-fund of Heptagon Fund ICAV (the "ICAV"), which is an open-ended umbrella type investment vehicle with segregated liability between sub-funds. Heptagon Capital Limited is the Investment Manager, Driehaus Capital Management LLC is the Sub-Investment Manager and Carne Global Fund Managers (Ireland) Limited is the Manager. Driehaus Capital Management LLC was appointed Sub-Investment Manager of the Driehaus Emerging Markets Equity Fund (the "Fund") on 06.12.2016. Prior to this OFI Global Institutional, Inc. was the Sub-Investment Manager from 25.06.2012 to 05.12.2016. The Fund name was changed to the Driehaus Emerging Markets Sustainable Equity Fund on 01.10.2020. | El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
Driehaus Emerging Markets Sustainable Equity Fund - Clase B (USD)
ISIN: IE00B6R1HD97
Un subfondo de Heptagon Fund ICAV (la «ICAV»), que se constituye como un instrumento de inversión de tipo paraguas de capital variable con pasivo segregado entre sus subfondos. Heptagon Capital Limited es la Gestora de inversiones, Driehaus Capital Management LLC es la Gestora delegada de inversiones y Carne Global Fund Managers (Ireland) Limited es la Gestora. Driehaus Capital Management LLC fue nombrado Subgestor de Inversiones del Driehaus Emerging Markets Equity Fund (el “Fondo”) el 6 de diciembre de 2016. Anteriormente fue Subgestor de Inversiones de OFI Global Institutional, Inc. del 25 de junio de 2012 al 5 de diciembre de 2016. El nombre del Fondo cambió a Driehaus Emerging Markets Sustainable Equity Fund el 1 de octubre de 2020. | This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.
Driehaus Emerging Markets Sustainable Equity Fund - Class B (USD)
ISIN: IE00B6R1HD97
A sub-fund of Heptagon Fund ICAV (the "ICAV"), which is an open-ended umbrella type investment vehicle with segregated liability between sub-funds. Heptagon Capital Limited is the Investment Manager, Driehaus Capital Management LLC is the Sub-Investment Manager and Carne Global Fund Managers (Ireland) Limited is the Manager. Driehaus Capital Management LLC was appointed Sub-Investment Manager of the Driehaus Emerging Markets Equity Fund (the "Fund") on 06.12.2016. Prior to this OFI Global Institutional, Inc. was the Sub-Investment Manager from 25.06.2012 to 05.12.2016. The Fund name was changed to the Driehaus Emerging Markets Sustainable Equity Fund on 01.10.2020. | en | es |
DOLFIN6336 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $69 | $406 |
| Annual cost impact (*) | 0.7% | 0.7% each year | | | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| --- | --- |
| Costi totali | $69 | $405 |
| Incidenza annuale dei costi (*) | 0,7% | 0,7% ogni anno | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | $69 | $406 |
| Annual cost impact (*) | 0.7% | 0.7% each year | | en | it |
DOLFIN6337 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Under no circumstances shall these operations cause a Sub-Fund to diverge from its investment objectives and risk profiles as laid down under “Investment Objectives and Policies” in the sales documents of the Fund.
In addition to any limitation contained herein, for particular Sub-Funds to be determined by the Board of Directors of the Management Company from time to time and disclosed in the sales documents of the Fund, the total amount (i.e. total amount of commitments taken and premiums paid in respect of such transactions) held in derivatives for the purposes of risk hedging, duration or efficient portfolio management as well as for investment purposes (with the exception that amounts invested in currency forwards and currency swaps for hedging are excluded from such calculation) shall not exceed at any time 40% of the Net Asset Value of the relevant Sub-Fund.
- Swap AgreementsSome Sub-Funds of the Fund may enter into Credit Default Swaps. A Credit Default Swap is a bilateral financial contract in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer acquires the right to sell a particular bond or other designated reference obligations issued by the reference issuer for its par value or the right to receive the difference between the par value and the market price of the said bond or other designated reference obligations when a credit event occurs. A credit event iscommonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. | Unter keinen Umständen dürfen diese Geschäfte dazu führen, dass ein Teilfonds von seinen Anlagezielen und Risikoprofilen, die unter „Anlageziele und Anlagerichtlinien“ in den Verkaufsunterlagen des Fonds festgelegt sind, abweicht.
Zusätzlich zu allen hierin enthaltenen Einschränkungen darf für bestimmte Teilfonds, die vom Verwaltungsrat der Verwaltungsgesellschaft jeweils bestimmt und in den Verkaufsunterlagen des Fonds mitgeteilt werden, der Gesamtbetrag (d. h. die Summe der eingegangenen Verpflichtungen und der für solche Transaktionen gezahlten Prämien) der zum Zwecke der Risikoabsicherung, des Laufzeitenmanagements oder der effizienten Portfolioverwaltung sowie zu Anlagezwecken gehaltenen Derivate (mit der Ausnahme, dass Beträge, die zur Absicherung in Devisentermingeschäfte und Währungs-Swaps investiert wurden, von dieser Berechnung ausgeschlossen sind) zu keiner Zeit 40% des Nettoinventarwerts des jeweiligen Teilfonds übersteigen.
- Swap-VereinbarungenEinige Teilfonds des Fonds können Credit Default Swaps abschließen. Ein Credit Default Swap ist ein bilateraler Finanzkontrakt, bei dem eine Gegenpartei (der Absicherungskäufer) als Gegenleistung für eine Ausfallzahlung durch den Absicherungsverkäufer bei Eintritt eines Kreditereignisses eines Referenzemittenten eine regelmäßige Gebühr zahlt. Der Absicherungskäufer erwirbt das Recht, bei Eintritt eines Kreditereignisses eine bestimmte Anleihe oder eine andere bezeichnete Referenzschuldverschreibung, die von dem Referenzemittenten ausgegeben wurde, zum Nennwert zu verkaufen, oder aber den Differenzbetrag zwischen dem Nennwert und dem Marktpreis der betreffenden Anleihe oder anderen bezeichneten Referenzschuldverschreibung zu erhalten. Ein Kreditereignis wird allgemein definiert als Konkurs, Insolvenz, Zwangsverwaltung, wesentliche nachteilige Restrukturierung von Schuldtiteln oder das Versäumnis, Zahlungsverpflichtungen bei Fälligkeit nachzukommen. | Under no circumstances shall these operations cause a Sub-Fund to diverge from its investment objectives and risk profiles as laid down under “Investment Objectives and Policies” in the sales documents of the Fund.
In addition to any limitation contained herein, for particular Sub-Funds to be determined by the Board of Directors of the Management Company from time to time and disclosed in the sales documents of the Fund, the total amount (i.e. total amount of commitments taken and premiums paid in respect of such transactions) held in derivatives for the purposes of risk hedging, duration or efficient portfolio management as well as for investment purposes (with the exception that amounts invested in currency forwards and currency swaps for hedging are excluded from such calculation) shall not exceed at any time 40% of the Net Asset Value of the relevant Sub-Fund.
- Swap AgreementsSome Sub-Funds of the Fund may enter into Credit Default Swaps. A Credit Default Swap is a bilateral financial contract in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer acquires the right to sell a particular bond or other designated reference obligations issued by the reference issuer for its par value or the right to receive the difference between the par value and the market price of the said bond or other designated reference obligations when a credit event occurs. A credit event iscommonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. | en | de |
DOLFIN6338 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Management and Administration
### Management Company
UBS Fund Management (Luxembourg) S.A. 33A, avenue John F. Kennedy
L-1855 Luxembourg
R.C.S. Luxembourg N° B 154 210
### Board of Directors of the Management Company
André Valente, Chairman
Managing Director, UBS Fund Management (Switzerland) AG, Basel, Switzerland
Christian Maurer, Member Vice-chairman
Executive Director
UBS Asset Management Switzerland AG Zurich, Switzerland
Gilbert Schintgen, Member Independent Director Dudelange, Luxembourg
Francesca Prym, Member Managing Director
UBS Fund Management (Luxembourg) S.A. Luxembourg, Luxembourg
### Portfolio Manager
UBS Asset Management (Americas) Inc. One North Wacker Drive
Chicago, IL 60606, USA
### Depositary and Main Paying Agent
UBS Europe SE, Luxembourg Branch 33A, avenue John F. Kennedy
L-1855 Luxembourg
### Administrative agent
Northern Trust Global Services SE 10, rue du Château d’Eau
L-3364 Leudelange
### Independent Auditors of the Fund
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg
### Independent Auditors of the Management Company
ERNST & YOUNG S.A.
35E, avenue John F. Kennedy L-1855 Luxembourg
### Sale in Switzerland
Representative
UBS Fund Management (Switzerland) AG
P.O. Box
Aeschenvorstadt 1 CH-4002 Basel
Paying agents
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich and its offices in Switzerland
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge from UBS Switzerland AG, Postfach, CH-8001 Zurich and from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel.
### Sale in Germany
Paying and information agent
UBS Europe SE
Bockenheimer Landstrasse 2–4 D-60306 Frankfurt am Main
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the invest- ment fund mentioned in this publication are available free of charge from UBS Europe SE, Bockenheimer Landstrasse 2–4, D-60306 Frankfurt am Main.
### Sale in Liechtenstein
Sales agency and paying agent Liechtensteinische Landesbank AG Städtle 44
FL-9490 Vaduz
UBS (Lux) Emerging Economies Fund
Annual report and audited financial statements as of 31 August 2021
### Sale in Austria, in Chile, in Denmark, in Finland, in France, in Italy, in Malta, in the Netherlands, in Norway, in Singapore*, in South Korea,
in Spain, in Sweden, in Taiwan and in the United Kingdom
* Restricted foreign scheme
Units of this fund may be sold in these countries.
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Management Company.
UBS (Lux) Emerging Economies Fund Annual report and audited financial statements as of 31 August 2021 | # Gestion et Administration
### Société de gestion
UBS Fund Management (Luxembourg) S.A. 33A, avenue John F. Kennedy
L-1855 Luxembourg
R.C.S. Luxembourg N° B 154 210
### Conseil d’administration de la Société de gestion
André Valente, Président
Managing Director, UBS Fund Management (Switzerland) AG, Bâle, Suisse
Christian Maurer, Membre Vice-président
Executive Director
UBS Asset Management Switzerland AG Zurich, Suisse
Gilbert Schintgen, Membre Independent Director Dudelange, Luxembourg
Francesca Prym, Membre Managing Director
UBS Fund Management (Luxembourg) S.A. Luxembourg, Luxembourg
### Gestionnaire de portefeuille
UBS Asset Management (Americas) Inc. One North Wacker Drive
Chicago, IL 60606, Etats-Unis
### Dépositaire et Agent payeur central
UBS Europe SE, Luxembourg Branch 33A, avenue John F. Kennedy
L-1855 Luxembourg
### Agent administratif
Northern Trust Global Services SE 10, rue du Château d’Eau
L-3364 Leudelange
### Réviseur d’entreprises du Fonds
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg
### Réviseur d’entreprises de la Société de gestion
ERNST & YOUNG S.A.
35E, avenue John F. Kennedy L-1855 Luxembourg
### Distribution en Suisse
Représentant
UBS Fund Management (Switzerland) AG
P.O. Box
Aeschenvorstadt 1 CH-4002 Bâle
Agents payeurs
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich et ses agences en Suisse
Le prospectus, le DICI, le règlement de gestion, les rapports annuels et semestriels, ainsi que les modifications apportées au portefeuille- titres du fonds de placement cité dans la présente publication sont disponibles sans frais auprès d’UBS Switzerland AG, Boîte postale, CH-8001 Zurich ou d’UBS Fund Management (Switzerland) AG, Boîte postale, CH-4002 Bâle.
### Distribution en Allemagne
Agent payeur et d’information
UBS Europe SE
Bockenheimer Landstrasse 2–4 D-60306 Francfort-sur-le-Main
Le prospectus, le DICI, le règlement de gestion, les rapports annuels et semestriels, ainsi que les modifications apportées au portefeuille-titres du fonds de placement cité dans la présente publication sont dispo- nibles sans frais auprès d’UBS Europe SE, Bockenheimer Landstrasse 2–4, D-60306 Francfort-sur-le-Main.
### Distribution au Liechtenstein
Représentant et Agent payeur Liechtensteinische Landesbank AG Städtle 44
FL-9490 Vaduz
UBS (Lux) Emerging Economies Fund
Rapport annuel et états financiers révisés au 31 août 2021
### Distribution en Autriche, au Chili, en Corée du Sud, au Danemark, en Espagne, en Finlande, en France, en Italie, à Malte, en Norvège, aux Pays-Bas,
au Royaume-Uni, à Singapour*, en Suède et à Taïwan
* Restricted foreign scheme
Les parts de ce Fonds peuvent être distribuées dans ces pays.
Le prospectus, le DICI, le règlement de gestion, les rapports annuels et semestriels ainsi que les modifications apportées au portefeuille-titres du fonds de placement cité dans la présente publication sont dispo- nibles sans frais auprès des distributeurs et au siège de la Société de gestion.
UBS (Lux) Emerging Economies Fund Rapport annuel et états financiers révisés au 31 août 2021 | # Management and Administration
### Management Company
UBS Fund Management (Luxembourg) S.A. 33A, avenue John F. Kennedy
L-1855 Luxembourg
R.C.S. Luxembourg N° B 154 210
### Board of Directors of the Management Company
André Valente, Chairman
Managing Director, UBS Fund Management (Switzerland) AG, Basel, Switzerland
Christian Maurer, Member Vice-chairman
Executive Director
UBS Asset Management Switzerland AG Zurich, Switzerland
Gilbert Schintgen, Member Independent Director Dudelange, Luxembourg
Francesca Prym, Member Managing Director
UBS Fund Management (Luxembourg) S.A. Luxembourg, Luxembourg
### Portfolio Manager
UBS Asset Management (Americas) Inc. One North Wacker Drive
Chicago, IL 60606, USA
### Depositary and Main Paying Agent
UBS Europe SE, Luxembourg Branch 33A, avenue John F. Kennedy
L-1855 Luxembourg
### Administrative agent
Northern Trust Global Services SE 10, rue du Château d’Eau
L-3364 Leudelange
### Independent Auditors of the Fund
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator, B.P. 1443 L-1014 Luxembourg
### Independent Auditors of the Management Company
ERNST & YOUNG S.A.
35E, avenue John F. Kennedy L-1855 Luxembourg
### Sale in Switzerland
Representative
UBS Fund Management (Switzerland) AG
P.O. Box
Aeschenvorstadt 1 CH-4002 Basel
Paying agents
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich and its offices in Switzerland
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge from UBS Switzerland AG, Postfach, CH-8001 Zurich and from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel.
### Sale in Germany
Paying and information agent
UBS Europe SE
Bockenheimer Landstrasse 2–4 D-60306 Frankfurt am Main
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the invest- ment fund mentioned in this publication are available free of charge from UBS Europe SE, Bockenheimer Landstrasse 2–4, D-60306 Frankfurt am Main.
### Sale in Liechtenstein
Sales agency and paying agent Liechtensteinische Landesbank AG Städtle 44
FL-9490 Vaduz
UBS (Lux) Emerging Economies Fund
Annual report and audited financial statements as of 31 August 2021
### Sale in Austria, in Chile, in Denmark, in Finland, in France, in Italy, in Malta, in the Netherlands, in Norway, in Singapore*, in South Korea,
in Spain, in Sweden, in Taiwan and in the United Kingdom
* Restricted foreign scheme
Units of this fund may be sold in these countries.
The sales prospectus, the KIID, management regulations, annual and semi-annual reports as well as the portfolio movements of the investment fund mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Management Company.
UBS (Lux) Emerging Economies Fund Annual report and audited financial statements as of 31 August 2021 | en | fr |
DOLFIN6339 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Investment objective and policy
The Sub-Fund essentially invests (minimum 2/3) in a diversified portfolio of equities and/or other Transferable Securities (warrants on Transferable Securities – up to a maximum of 10% of the Sub-Fund’s net assets – and convertible bonds) issued by companies in the energy sector. In particular, companies carrying out their business activity in the following industries are included:
- oil and gas (exploration, production, refining and/or transportation of oil and gas);
- energy equipment and services (manufacture and supply of oil drilling equipment and other energy-related equipment and services). | ## Obiettivo e politica d'investimento
Il Comparto investe essenzialmente (almeno i 2/3 del patrimonio) in un portafoglio diversificato di azioni e/o altri Valori mobiliari (warrant su Valori mobiliari, fino a un massimo del 10% del proprio patrimonio netto, e obbligazioni convertibili) di società del settore energetico. In particolare, sono comprese società che svolgono la propria attività commerciale nei seguenti settori:
- petrolio e gas (esplorazione, produzione, raffinazione e/o trasporto di petrolio e di gas);
- apparecchiature e servizi per l'energia (fabbricazione e fornitura di attrezzature per la perforazione petrolifera e altri servizi e apparecchiature attinenti all'energia). | ## Investment objective and policy
The Sub-Fund essentially invests (minimum 2/3) in a diversified portfolio of equities and/or other Transferable Securities (warrants on Transferable Securities – up to a maximum of 10% of the Sub-Fund’s net assets – and convertible bonds) issued by companies in the energy sector. In particular, companies carrying out their business activity in the following industries are included:
- oil and gas (exploration, production, refining and/or transportation of oil and gas);
- energy equipment and services (manufacture and supply of oil drilling equipment and other energy-related equipment and services). | en | it |
DOLFIN6340 | 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 reward Typically higher reward
1
2
3
4
5
6
7
This Feeder Compartment's risk level reflects the expected maximum volatility level of the Portfolio.
The historical data used to calculate the numeric risk indicator could not be a reliable indicator of the future risk profile of the Compartment.
The risk category associated with this Compartment is not guaranteed and may shift over time.
The lowest category does not mean ‘risk free’. The capital is not guaranteed.
The respective dealing cut-off time for the Feeder Compartment and the Master Fund are set so that valid subscription or redemption orders for Share Classes of the Feeder Compartment are placed before the cut-off time of the Master Fund so as to be processed at a same dealing day. The subscription/redemption provisions of the Master Fund in which your Feeder Compartment is invested are explained in the “Subscription and redemption conditions” section of prospectus of the Master Fund.
Major risks for the Compartment not included in the indicator are :
Credit risk: this is the risk of sudden downgrading in the creditworthiness of an issuer or that of its default.
Liquidity risk: it presents the risks that a financial market, when volumes traded are low or if there are tensions on such market, might not be able to absorb the sell (or buy) volumes without causing the price of the assets to significantly drop (or rise).
Counterparty risk: this is the risk of default of a market participant preventing it from honoring its commitments in respect of your portfolio. The use of financial derivatives instruments might increase or decrease the capacity of your portfolio to amplify market’s movements.
The occurrence of any of these risks may lower the net asset value of your Compartment. To learn more about the risks, please refer to the Risk Profile section of the Compartment in the prospectus. | # Perfil de riesgo y de rentabilidad
Riesgo más bajo, Riesgo más alto,
Rentabilidad habitualmente más baja Rentabilidad habitualmente más alta
1
2
3
4
5
6
7
El nivel de riesgo del Compartimento subordinado refleja el nivel máximo de volatilidad de la Cartera previsto.
Es posible que los datos históricos utilizados para calcular el indicador de riesgo numérico no sean un indicador fiable del perfil de riesgo futuro del Compartimento.
La categoría de riesgo asociada a este Compartimento no está garantizada y puede variar con el tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo. No se garantiza el capital.
La hora límite de negociación del Compartimento subordinado y la del Fondo principal están establecidas de forma que las órdenes de suscripción o reembolso válidas de las Clases de Acciones del Compartimento subordinado se presenten antes de la hora límite del Fondo principal para poder procesarlas el mismo día hábil. Las disposiciones de suscripción/reembolso del Fondo principal en las que se invierte su Compartimento subordinado se explican en la sección "Condiciones de suscripción y reembolso" del folleto del Fondo principal.
Estos son algunos de los principales riesgos para el Compartimento no incluidos en el indicador:
Riesgo de crédito: este es el riesgo relativo a una reducción repentina de la solvencia de un emisor o a su incumplimiento.
Riesgo de liquidez: presenta los riesgos de que un mercado financiero no sea capaz de absorber la venta (o compra) de volúmenes sin provocar que el precio de los activos caiga (o suba) de forma significativa, cuando los volúmenes negociados son bajos o si existen tensiones en dicho mercado.
Riesgo de contraparte: se trata del riesgo de incumplimiento de un participante del mercado, que impide que cumpla con sus obligaciones respecto de su cartera.
El uso de instrumentos financieros derivados puede aumentar o reducir la capacidad de su cartera para ampliar los movimientos del mercado.
La existencia de alguno de estos riesgos podría hacer caer el valor liquidativo de su Compartimento. Para saber más sobre estos riesgos, consulte la sección “Perfil de riesgo” del folleto de este Compartimento. | # Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward
1
2
3
4
5
6
7
This Feeder Compartment's risk level reflects the expected maximum volatility level of the Portfolio.
The historical data used to calculate the numeric risk indicator could not be a reliable indicator of the future risk profile of the Compartment.
The risk category associated with this Compartment is not guaranteed and may shift over time.
The lowest category does not mean ‘risk free’. The capital is not guaranteed.
The respective dealing cut-off time for the Feeder Compartment and the Master Fund are set so that valid subscription or redemption orders for Share Classes of the Feeder Compartment are placed before the cut-off time of the Master Fund so as to be processed at a same dealing day. The subscription/redemption provisions of the Master Fund in which your Feeder Compartment is invested are explained in the “Subscription and redemption conditions” section of prospectus of the Master Fund.
Major risks for the Compartment not included in the indicator are :
Credit risk: this is the risk of sudden downgrading in the creditworthiness of an issuer or that of its default.
Liquidity risk: it presents the risks that a financial market, when volumes traded are low or if there are tensions on such market, might not be able to absorb the sell (or buy) volumes without causing the price of the assets to significantly drop (or rise).
Counterparty risk: this is the risk of default of a market participant preventing it from honoring its commitments in respect of your portfolio. The use of financial derivatives instruments might increase or decrease the capacity of your portfolio to amplify market’s movements.
The occurrence of any of these risks may lower the net asset value of your Compartment. To learn more about the risks, please refer to the Risk Profile section of the Compartment in the prospectus. | en | es |
DOLFIN6341 | 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 | Le prospectus du fonds renseigne une commission maximum de 5.00%. Cette commission n'est pas facturée par la Société de gestion, mais correspond au montant maximum que peut demander la personne qui vous vend le produit. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.99% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'exercice précédent, ou sur les coûts prévus si la catégorie d'actions a été lancée récemment. | €199 |
| Coûts de transaction | 0.48% 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. | €48 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | €0 | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | En el folleto del fondo se establece una comisión máxima del 5.00%. Esta comisión no se carga a la Sociedad gestora, sino que representa el máximo que puede cobrar la persona que le vende el producto. | Hasta €500 |
| Costes de salida | No cobramos comisión de salida. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.99% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año, o en los costes previstos si la clase de acciones ha sido lanzada recientemente. | €199 |
| Costes de operación | 0.48% 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. | €48 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | €0 | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Le prospectus du fonds renseigne une commission maximum de 5.00%. Cette commission n'est pas facturée par la Société de gestion, mais correspond au montant maximum que peut demander la personne qui vous vend le produit. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.99% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'exercice précédent, ou sur les coûts prévus si la catégorie d'actions a été lancée récemment. | €199 |
| Coûts de transaction | 0.48% 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. | €48 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | €0 | | fr | es |
DOLFIN6342 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve income and capital growth by investing primarily in bonds (which are like loans that can pay a fixed or variable rate interest rate) issued in European currencies by both European and non-European issuers.
The fund may invest in debt and debt related securities issued by European and Non-European issuers such as corporations, limited liability companies and/or limited partnerships. The fund may also invest in debt and debt- related securities issued by emerging market issuers. The fund will normally invest at least 80% of its value in bonds that have ratings lower that investment grade, as defined by international agencies that provide such ratings; these may offer a higher income but also carry greater risk. Up to
25% of the value of the fund may be invested in bonds in any one industry sector.
The fund is considered to be actively managed in reference to the index (ICE Bank of America Merrill Lynch European Currency High Yield Constrained Index) by virtue of the fact that it uses the index for performance comparison purposes. Certain of the fund's securities may be components of and may have similar weightings to the index. However, the fund may deviate significantly from the index and the investment manager may use its discretion to invest in companies or sectors not included in the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The Fund is suitable for investors seeking long-term income and capital growth and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | # En quoi consiste ce produit ?
## Type
Il s'agit d'une société d'investissement irlandaise agréée par la Banque centrale irlandaise en tant qu'OPCVM à compartiments multiples à capital variable avec séparation des passifs entre les compartiments.
## Durée
Ce produit n'a pas de durée déterminée. Le produit peut être liquidé dans des circonstances bien définies détaillées dans le prospectus.
## Objectifs
Tout revenu généré par le Fonds sera accumulé et réinvesti pour le compte des investisseurs.
Le fonds vise à obtenir un revenu et une croissance du capital en investissant principalement dans des obligations (qui sont des emprunts pouvant rapporter un taux d'intérêt variable ou fixe) émises en devises européennes par des émetteurs européens et non européens.
Le fonds peut investir dans des titres de créance et dans des titres liés à des titres de créance émis par des émetteurs européens et non européens tels que des sociétés commerciales, des sociétés anonymes et/ou des sociétés à responsabilité limitée. Le fonds peut également investir dans des titres de créance et des titres liés à des titres de créance émis par des acteurs sur les marchés émergents. Le fonds investira normalement au moins 80 % de sa valeur dans des obligations qui ont des notations inférieures à « investment grade », d'après les agences internationales qui attribuent ces notations ; ces obligations peuvent offrir un revenu supérieur
mais comportent également un risque supérieur. Jusqu'à 25 % de la valeur du fonds peuvent être investis dans des obligations appartenant à tout secteur d'activité.
Le fonds est considéré comme étant géré de manière active en référence à l'indice (ICE Bank of America Merrill Lynch European Currency High Yield Constrained Index) en vertu du fait qu'il a recours à l'indice à des fins de comparaison des performances. Certains titres du Fonds peuvent être des composants de l'indice et peuvent avoir des pondérations similaires à celui- ci. Cependant, le fonds peut s'écarter considérablement de l'indice et le gestionnaire d'investissement peut user de son pouvoir discrétionnaire pour investir dans des sociétés ou des secteurs non inclus dans l'indice.
## Investisseur de détail visé
Le fonds est destiné aux investisseurs de détail et aux investisseurs institutionnels. Le fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport d'ici cinq ans.
Le fonds convient aux investisseurs en quête d'une croissance du revenu et du capital à long terme et qui sont prêts à accepter un niveau modéré de volatilité.
Pour des informations détaillées sur les objectifs et la politique d'investissement, nous vous invitons à consulter le prospectus.
## Autres informations
Les investisseurs peuvent convertir leur investissement en actions ou autres fonds sur demande ; de plus amples informations sont disponibles dans le prospectus. Les investisseurs peuvent racheter leur investissement tous les jours ouvrables du fonds. | # What is this product?
## Type
This is an Irish UCITS variable capital umbrella investment company with segregated liability between sub-funds authorised by the Central Bank of Ireland.
## Term
This product has no fixed term. The product may be liquidated under limited circumstances as detailed in the prospectus.
## Objectives
Any income the Fund generates will be accumulated and reinvested on behalf of investors.
The fund aims to achieve income and capital growth by investing primarily in bonds (which are like loans that can pay a fixed or variable rate interest rate) issued in European currencies by both European and non-European issuers.
The fund may invest in debt and debt related securities issued by European and Non-European issuers such as corporations, limited liability companies and/or limited partnerships. The fund may also invest in debt and debt- related securities issued by emerging market issuers. The fund will normally invest at least 80% of its value in bonds that have ratings lower that investment grade, as defined by international agencies that provide such ratings; these may offer a higher income but also carry greater risk. Up to
25% of the value of the fund may be invested in bonds in any one industry sector.
The fund is considered to be actively managed in reference to the index (ICE Bank of America Merrill Lynch European Currency High Yield Constrained Index) by virtue of the fact that it uses the index for performance comparison purposes. Certain of the fund's securities may be components of and may have similar weightings to the index. However, the fund may deviate significantly from the index and the investment manager may use its discretion to invest in companies or sectors not included in the index.
## Intended retail investor
The fund is intended for retail and institutional investors. The fund may not be appropriate for investors who plan to withdraw their money within 5 years.
The Fund is suitable for investors seeking long-term income and capital growth and who are prepared to accept a moderate level of volatility.
For full investment objectives and policy details please refer to the prospectus.
## Other Information
Investors may switch their investment into shares of other funds upon request and further details can be found in the prospectus. Investors may redeem their investment on each business day of the fund. | en | fr |
DOLFIN6343 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Global Distributor or the Distributor may, from time to time, rebate to local sub-distributors, sales agents, introducing brokers or to shareholders a portion or all of the fees, in accordance with all applicable laws.
The Distribution Fee payable to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund is indicated in Annex A.
When a maximum Distribution Fee is indicated, investors can find the amount of the Distribution Fee that was applied within the semi-annual and annual reports.
- Fixed Rate of Operational CostsFor the U, R, P, I, S, M, N and IM classes of Shares, the Company bears the fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of its activities ("Operational Costs"). | Die globale Vertriebsstelle oder die Vertriebsstelle kann in Übereinstimmung mit dem geltenden Recht den lokalen Sub- Vertriebsstellen, den Vertriebspartnern, einführenden Brokern oder Aktieninhabern von Zeit zu Zeit einen Teil oder die Gesamtheit der Gebühren erlassen.
Die der globalen Vertriebsstelle oder der Vertriebsstelle für ihre Dienstleistungen im Zusammenhang mit den P- und R-Aktien der einzelnen Teilfonds zu entrichtenden Vertriebsgebühren sind in Anhang A aufgeführt.
Sofern ein Höchstsatz für die Vertriebsgebühr angegeben ist, wird die tatsächlich angewandte Vertriebsgebühr im Jahres- bzw. im Halbjahresbericht veröffentlicht.
- Festsatz für BetriebskostenFür die U-, R-, P-, I-, S-, M-, N- und IM-Aktienklassen trägt die Gesellschaft die fixen und variablen Kosten, Aufwendungen, Honorare und andere Ausgaben, die beim Betrieb und in der Administration ihrer Tätigkeiten anfallen ("Betriebskosten"). | The Global Distributor or the Distributor may, from time to time, rebate to local sub-distributors, sales agents, introducing brokers or to shareholders a portion or all of the fees, in accordance with all applicable laws.
The Distribution Fee payable to the Global Distributor or the Distributor for its services in respect of the P and R classes of Shares of each Sub-Fund is indicated in Annex A.
When a maximum Distribution Fee is indicated, investors can find the amount of the Distribution Fee that was applied within the semi-annual and annual reports.
- Fixed Rate of Operational CostsFor the U, R, P, I, S, M, N and IM classes of Shares, the Company bears the fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of its activities ("Operational Costs"). | en | de |
DOLFIN6344 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The Company and the Funds depend on the relevant Investment Manager and other third party service providers to develop and implement appropriate systems for the Funds’ activities. The operational infrastructure around the Company and the Funds relies extensively on computer programs and systems (and may rely on new systems and technology in the future) for various purposes including, without limitation, trading, clearing and settling transactions, evaluating certain financial instruments, monitoring its portfolio and net capital, and generating risk management and other reports that are critical to oversight of the Funds’ activities. Certain of a Fund’s and the Company’s delegates’ operations interface will be dependent upon systems operated by third parties, the Depositary, the Administrator, market counterparties and their sub-custodians and other service providers, and the relevant Investment Manager may not be in a position to verify the risk or reliability of such third-party systems. These programs or systems may be subject to certain limitations, including, but not limited to, those caused by computer viruses and power failures. All operations are highly dependent on each of these systems and the successful operation of such systems is often out of the Fund’s or the relevant delegate’s control. The failure of one or more systems or the inability of such systems to satisfy the Fund’s growing businesses could have a material adverse effect on the Funds. For example, systems failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades, and cause inaccurate reports, which may affect the ability of a Fund to monitor its investment portfolio and risks.
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###### Cyber Security Risk | Die Gesellschaft und die Fonds sind davon abhängig, dass der entsprechende Anlageverwalter und andere außenstehende Dienstleister geeignete Systeme für die Fondsaktivitäten entwickeln und implementieren. Die betriebliche Infrastruktur um die Gesellschaft und die Fonds ist in hohem Maße von Computerprogrammen und -systemen für unterschiedliche Zwecke abhängig (und stützt sich in Zukunft möglicherweise auf neue Systeme und Technologien), insbesondere im Zusammenhang mit dem Handel, dem Clearing und der Abwicklung von Transaktionen, der Auswertung bestimmter Finanzinstrumente, der Überwachung ihres Portfolios und des Nettokapitals sowie der Erstellung von Risikomanagement- und sonstigen Berichten, die für die Beaufsichtigung der Fondsaktivitäten von entscheidender Bedeutung sind. Einige der betrieblichen Schnittstellen der Beauftragten eines Fonds und der Gesellschaft werden von Systemen abhängig sein, die durch Dritte, die Verwahrstelle, die Verwaltungsstelle, Marktkontrahenten und deren Unterverwahrstellen und sonstige Dienstleister betrieben werden, und der entsprechende Anlageverwalter ist unter Umständen nicht in der Lage, die Risiken oder die Zuverlässigkeit dieser externen Systeme zu überprüfen. Diese Programme oder Systeme können bestimmten Beschränkungen unterliegen, insbesondere aufgrund von Computerviren und Stromausfällen. Sämtliche Arbeitsprozesse sind in hohem Maße von diesen Systemen abhängig und der erfolgreiche Betrieb dieser Systeme liegt häufig außerhalb der Kontrolle des Fonds oder des jeweiligen Beauftragten. Der Ausfall einer oder mehrerer Systeme oder unzureichende Kapazitäten dieser Systeme im Hinblick auf das wachsende Geschäftsvolumen der Fonds könnten negative Auswirkungen auf die Fonds haben. Beispielsweise könnten Systemausfälle zu Ausfällen bei der Abwicklung von Handelsabschlüssen und einer falschen Buchung, Eintragung oder Verarbeitung dieser Abschlüsse führen und eine Verfälschung von Berichten verursachen, was die Fähigkeit eines Fonds zur Überwachung seines Anlageportfolios und der Anlagerisiken beeinträchtigen kann.
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###### Netzsicherheitsrisiko | The Company and the Funds depend on the relevant Investment Manager and other third party service providers to develop and implement appropriate systems for the Funds’ activities. The operational infrastructure around the Company and the Funds relies extensively on computer programs and systems (and may rely on new systems and technology in the future) for various purposes including, without limitation, trading, clearing and settling transactions, evaluating certain financial instruments, monitoring its portfolio and net capital, and generating risk management and other reports that are critical to oversight of the Funds’ activities. Certain of a Fund’s and the Company’s delegates’ operations interface will be dependent upon systems operated by third parties, the Depositary, the Administrator, market counterparties and their sub-custodians and other service providers, and the relevant Investment Manager may not be in a position to verify the risk or reliability of such third-party systems. These programs or systems may be subject to certain limitations, including, but not limited to, those caused by computer viruses and power failures. All operations are highly dependent on each of these systems and the successful operation of such systems is often out of the Fund’s or the relevant delegate’s control. The failure of one or more systems or the inability of such systems to satisfy the Fund’s growing businesses could have a material adverse effect on the Funds. For example, systems failures could cause settlement of trades to fail, lead to inaccurate accounting, recording or processing of trades, and cause inaccurate reports, which may affect the ability of a Fund to monitor its investment portfolio and risks.
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###### Cyber Security Risk | en | de |
DOLFIN6345 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
If the ICAV is wound up (whether the liquidation is voluntary, under supervision or by the court) the liquidator may, with the authority of a Special Resolution of the relevant Shareholders and any other sanction required by the Act:
- divide among the holders of Shares of any Class or Classes of a Sub-Fund in kind the whole or any part of the assets of the ICAV relating to that Sub-Fund, and whether or not the assets shall consist of property of a single kind, and may for such purposes set such value as he deems fair upon any one or more class or classes of property, and may determine how such division shall be carried out as between the Shareholders of Shares or the Shareholders of different Classes of Shares as the case may be;
- vest any part of the assets in trustees upon such trusts for the benefit of holders as the liquidator, with the like authority, shall think fit, and the liquidation of the ICAV may be closed and the ICAV dissolved, but so that no holder shall be compelled to accept any assets in respect of which there is a liability. A Shareholder may require the liquidator instead of transferring any asset in kind to the Shareholder, to arrange for a sale of the assets and for payment to the holder of the net proceeds of same. | Si l’ICAV est liquidé (que la liquidation soit volontaire, sous surveillance ou judiciaire), le liquidateur peut, avec l’autorité d’une Résolution spéciale des Actionnaires concernés et de toute autre sanction requise par la Loi :
- répartir en nature et entre les détenteurs d’Actions d’une ou plusieurs Catégories d’un Compartiment la totalité ou une partie des actifs de l’ICAV relatifs à ce Compartiment, et déterminer si les actifs doivent être constitués ou non de biens d’un même type, et peut, à ces fins, fixer la valeur qu’il juge juste pour une ou plusieurs catégories de biens, et peut déterminer comment cette division sera effectuée entre les Actionnaires d’Actions ou les Actionnaires de différentes Catégories d’actions, selon le cas ;
- confier toute partie des actifs à des fiduciaires dans le cadre de fiducies dont les détenteurs seraient les bénéficiaires, comme le liquidateur investi de ce pouvoir similaire l’estime approprié, et la liquidation de l’ICAV pourrait être finalisée et l’ICAV dissoute, étant entendu qu’aucun détenteur ne serait dans l’obligation d’accepter tout actif grevé d’une dette. Un Actionnaire peut exiger du liquidateur qu’au lieu de transférer tout actif en nature à l’Actionnaire, il organise la vente des actifs et le paiement au détenteur du produit net de cette vente. | If the ICAV is wound up (whether the liquidation is voluntary, under supervision or by the court) the liquidator may, with the authority of a Special Resolution of the relevant Shareholders and any other sanction required by the Act:
- divide among the holders of Shares of any Class or Classes of a Sub-Fund in kind the whole or any part of the assets of the ICAV relating to that Sub-Fund, and whether or not the assets shall consist of property of a single kind, and may for such purposes set such value as he deems fair upon any one or more class or classes of property, and may determine how such division shall be carried out as between the Shareholders of Shares or the Shareholders of different Classes of Shares as the case may be;
- vest any part of the assets in trustees upon such trusts for the benefit of holders as the liquidator, with the like authority, shall think fit, and the liquidation of the ICAV may be closed and the ICAV dissolved, but so that no holder shall be compelled to accept any assets in respect of which there is a liability. A Shareholder may require the liquidator instead of transferring any asset in kind to the Shareholder, to arrange for a sale of the assets and for payment to the holder of the net proceeds of same. | en | fr |
DOLFIN6346 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| 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 4 out of 7, which is a medium risk class. The risk category is justified by the investment mainly in stocks and shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. Other risk materially relevant to the Product not included in the summary risk indicator: Operational and custody risk For additional details regarding the risks, please refer to the prospectus. This Product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your entire investment. Performance Scenarios 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 presented represent examples using the best and worst performance, as well as the average performance of the Product and/or appropriate benchmark over the last 10 years. The markets could develop very differently in the future. Recommended holding period: 5 years If you exit after 1 year If you exit after 5 years Example Investment: EUR 10,000 Scenarios Minimum There is no minimum guaranteed return. You could lose some or all of your investment. |
| --- |
| | Stress Average return each year | 3,265.13 EUR 1,755.76 EUR -67.35% -29.39% | | |
| | Unfavourable Average return each year | 7,812.4 EUR 5,980.14 EUR -21.88% -9.77% | | |
| | Moderate Average return each year | 10,154.61 EUR 13,074.02 EUR 1.55% 5.51% | | |
| 13,058.48 EUR 17,722.29 EUR Favourable Average return each year 30.58% 12.13% The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. This type of scenario occurred for an investment using a benchmark between 2012 and 2022. |
| WHATHAPPENSIFBNPPAMLUXEMBOURGISUNABLETOPAYOUT? The SICAV is incorporated as a separate entity distinct from BNPP AM Luxembourg. In the event BNPP AM Luxembourg would default, the assets of the Product/SICAV, held by a depositary, would not be affected by this default. In case of default of the depositary, the risk of financial loss of the Product/SICAV is mitigated by the legal segregation of the assets of the depositary from those of the Product/SICAV. |
| WHATARETHECOSTS? |
| The person advising on or selling you this Product may cost you other costs. If so, this person will provide you with information about these costs and how they affect your investment. If this Product is used as an underlying of an insurance policy or a capitalization policy, the costs presented do not include any costs related to such policies. Costs over time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the Product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: in the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the Product performs as shown in the moderate scenario. EUR 10,000 is invested. |
| | If you exit after 1 year If you exit after 5 years | |
| | Annual Total Cost | 642.02 EUR 224.55 EUR | | |
| | Annual Cost Impact (*) | 6.44% 1.88% | | |
| (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 9.01% before costs and 7.12% after costs. Composition of costs One-off entry or exit costs If you exit after 1 year |
| Entry costs The entry costs shown are maximum figures. In some cases you might pay less. You can find this 300 EUR f f out from your financial adviser. |
| | Exit costs | The exit costs shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. | 291 EUR | | | | 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. La catégorie de risque se justifie par l’investissement effectué principalement dans des Actions, dont la valeur peut fluctuer considérablement. Ces fluctuations sont souvent amplifiées à court terme. Autre risque matériellement pertinent pour le Produit mais non repris dans l'indicateur synthétique de risque : Risque opérationnel de l'OPCVM Pour plus de détails concernant les risques, veuillez vous référer au prospectus. Ce Produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. Si 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 meilleures et pires performances, ainsi que la performance moyenne du Produit et/ou de l’indice de référence approprié au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir. Période de détention recommandée : 5 années Si vous sortez après 5 Si vous sortez après 1 an Exemple d’investissement : 10.000 EUR années Scénarios Minimum Il n’existe aucun rendement minimal garanti. Vous pourriez perdre tout ou une partie de votre investissement. |
| --- |
| | Tensions Rendement annuel moyen | 3.265,13 EUR 1.755,76 EUR -67,35% -29,39% | | |
| | Défavorable Rendement annuel moyen | 7.812,4 EUR 5.980,14 EUR -21,88% -9,77% | | |
| | Intermédiaire Rendement annuel moyen | 10.154,61 EUR 13.074,02 EUR 1,55% 5,51% | | |
| 13.058,48 EUR 17.722,29 EUR Favorable Rendement annuel moyen 30,58% 12,13% 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. Ce type de scénario s’est produit pour un investissement en utilisant un indice de référence entre 2012 et 2022. |
| QUESEPASSE-T-ILSIBNPPAMLUXEMBOURGN’ESTPASENMESURED'EFFECTUERLESVERSEMENTS? La SICAV est constituée en tant qu’entité distincte de BNPP AM Luxembourg. En cas de défaillance de BNPP AM Luxembourg, les actifs du Produit/SICAV, détenus par une Banque dépositaire, ne seraient pas affectés. En cas de défaut de la Banque dépositaire, le risque de perte financière du Produit/SICAV est atténué par la séparation légale des actifs du dépositaire de ceux du Produit/SICAV. |
| QUEVAMECOÛTERCETINVESTISSEMENT? |
| Il se peut que la personne qui vous vend ce Produit ou qui vous fournit des conseils à son sujet vous demande de payer des coûts supplémentaires. Si c’est le cas, cette personne vous informera au sujet de ces coûts et vous montrera l’incidence de ces coûts sur votre investissement. Si le Produit est utilisé dans le cadre d’un contrat d’assurance vie ou d’un contrat de capitalisation, les coûts présentés n’incluent pas les éventuels coûts liés à ces contrats. Coûts au fil du temps Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez et du temps pendant lequel vous détenez le Produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons supposé : qu’au cours de la première année, vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Que pour les autres périodes de détention, le Produit évolue de la manière indiquée dans le scénario intermédiaire. que 10.000 EUR sont investis. |
| | Si vous sortez après 1 an Si vous sortez après 5 années | |
| | Coûts totaux annuels | 642,02 EUR 224,55 EUR | | |
| | Incidence des coûts annuels (*) | 6,44% 1,88% | | |
| (*) 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 9,01% avant déduction des coûts et de 7,12% après cette déduction. Composition des coûts Coûts ponctuels à l’entrée ou à la sortie Si vous sortez après 1 an |
| | LCoûts d’entrée | Les coûts d’entrée indiqués correspondent aux montants maximums pouvant être prélevés. Vous pouvez payer moins dans certains cas. Renseignez-vous auprès de votre conseiller financier. | 300 EUR | |
| | Coûts de sortie | Les coûts de sortie indiqués correspondent aux montants maximums pouvant être prélevés. Vous pouvez payer moins dans certains cas. Renseignez-vous auprès de votre conseiller financier. | 291 EUR | | | | 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 4 out of 7, which is a medium risk class. The risk category is justified by the investment mainly in stocks and shares, the value of which can fluctuate considerably. These fluctuations are often amplified in the short term. Other risk materially relevant to the Product not included in the summary risk indicator: Operational and custody risk For additional details regarding the risks, please refer to the prospectus. This Product does not include any protection from future market performance so you could lose some or all of your investment. If we are not able to pay you what is owed, you could lose your entire investment. Performance Scenarios 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 presented represent examples using the best and worst performance, as well as the average performance of the Product and/or appropriate benchmark over the last 10 years. The markets could develop very differently in the future. Recommended holding period: 5 years If you exit after 1 year If you exit after 5 years Example Investment: EUR 10,000 Scenarios Minimum There is no minimum guaranteed return. You could lose some or all of your investment. |
| --- |
| | Stress Average return each year | 3,265.13 EUR 1,755.76 EUR -67.35% -29.39% | | |
| | Unfavourable Average return each year | 7,812.4 EUR 5,980.14 EUR -21.88% -9.77% | | |
| | Moderate Average return each year | 10,154.61 EUR 13,074.02 EUR 1.55% 5.51% | | |
| 13,058.48 EUR 17,722.29 EUR Favourable Average return each year 30.58% 12.13% The figures shown include all the costs of the Product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. The stress scenario shows what you might get back in extreme market circumstances. This type of scenario occurred for an investment using a benchmark between 2012 and 2022. |
| WHATHAPPENSIFBNPPAMLUXEMBOURGISUNABLETOPAYOUT? The SICAV is incorporated as a separate entity distinct from BNPP AM Luxembourg. In the event BNPP AM Luxembourg would default, the assets of the Product/SICAV, held by a depositary, would not be affected by this default. In case of default of the depositary, the risk of financial loss of the Product/SICAV is mitigated by the legal segregation of the assets of the depositary from those of the Product/SICAV. |
| WHATARETHECOSTS? |
| The person advising on or selling you this Product may cost you other costs. If so, this person will provide you with information about these costs and how they affect your investment. If this Product is used as an underlying of an insurance policy or a capitalization policy, the costs presented do not include any costs related to such policies. Costs over time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the Product. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: in the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the Product performs as shown in the moderate scenario. EUR 10,000 is invested. |
| | If you exit after 1 year If you exit after 5 years | |
| | Annual Total Cost | 642.02 EUR 224.55 EUR | | |
| | Annual Cost Impact (*) | 6.44% 1.88% | | |
| (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 9.01% before costs and 7.12% after costs. Composition of costs One-off entry or exit costs If you exit after 1 year |
| Entry costs The entry costs shown are maximum figures. In some cases you might pay less. You can find this 300 EUR f f out from your financial adviser. |
| | Exit costs | The exit costs shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. | 291 EUR | | | en | fr |
DOLFIN6347 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The vesting of the deferred portion of variable remuneration is subject to the employee meeting certain conditions relating to continued employment and to Natixis IM’s consolidated financial performance as well as the absence of conduct inconsistent with the company’s standards that could have an impact on the level of risk for NIMI and/or the products managed.
This vesting is also subject to obligations in terms of adherence to the rules on risks and compliance. Failure to comply with these obligations may result in a partial or total decrease in the vesting. It may also be subject to a full or partial repayment commitment in order to ensure ex-post risk adjustment.
Employees in receipt of deferred variable remuneration are prohibited from using individual hedging or insurance strategies over the entire vesting period.
The terms and conditions for calculating, valuing, allocating, vesting and paying deferred variable remuneration in equivalent financial instruments are set out in the NIMI and Natixis IM Long-Term Incentive Plan (LTIP).
- GOVERNANCEThe general and specific principles of the remuneration policy are drawn up and formally documented by NIMI’s Human Resources Department in line with the policy applicable to the global distribution platform. | El devengo de la parte de remuneración variable diferida está sujeto a las condiciones de asistencia, rentabilidad financiera consolidada de NATIXIS IM y ausencia de comportamiento anómalo que pueda afectar al nivel de riesgo de NIMI o los productos gestionados.
Asimismo, este devengo está sujeto a obligaciones con respecto al cumplimiento de las normas de riesgo y cumplimiento. El incumplimiento de estas obligaciones puede dar lugar a una disminución parcial o total de la asignación del devengo. Por último, este devengo podrá someterse a una restitución total o parcial, con el fin de garantizar un ajuste del riesgo a posteriori.
Queda prohibido a los empleados con remuneración variable diferida recurrir a estrategias individuales de cobertura o seguros durante todo el periodo de devengo.
Las modalidades y condiciones de determinación, valoración, adjudicación, devengo y pago de la remuneración variable diferida en un instrumento financiero equivalente se recogen en los Planes de incentivos a largo plazo (Long Term Incentive Plans o LTIP) de NIMI y NATIXIS IM.
- GOBIERNOLa Dirección de recursos humanos de NIMI define y formaliza los principios generales y específicos de la política de remuneración con arreglo a la política aplicable en la plataforma internacional de distribución. | The vesting of the deferred portion of variable remuneration is subject to the employee meeting certain conditions relating to continued employment and to Natixis IM’s consolidated financial performance as well as the absence of conduct inconsistent with the company’s standards that could have an impact on the level of risk for NIMI and/or the products managed.
This vesting is also subject to obligations in terms of adherence to the rules on risks and compliance. Failure to comply with these obligations may result in a partial or total decrease in the vesting. It may also be subject to a full or partial repayment commitment in order to ensure ex-post risk adjustment.
Employees in receipt of deferred variable remuneration are prohibited from using individual hedging or insurance strategies over the entire vesting period.
The terms and conditions for calculating, valuing, allocating, vesting and paying deferred variable remuneration in equivalent financial instruments are set out in the NIMI and Natixis IM Long-Term Incentive Plan (LTIP).
- GOVERNANCEThe general and specific principles of the remuneration policy are drawn up and formally documented by NIMI’s Human Resources Department in line with the policy applicable to the global distribution platform. | en | es |
DOLFIN6348 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Distribution of the income earned through securi- ties financing transactions and total return swaps
The proportion of income from securities financing transac- tions that flows back into the sub-funds and the costs and fees assigned to the Management Company or third parties are disclosed as described below or in Annex I of the constituent documents.
If securities lending is used, the Custodian may retain up to a maximum of 50% of the income from the securities loan to cover its direct and indirect costs. The remainder, and thereby at least 50% of the income from the securities loan, is credited to the relevant sub-fund. | #### Aufteilung der durch die Wertpapierfinanzierungs- geschäfte oder Gesamtrendite-Swaps erzielten Rendite
Die Anteile der Einkünfte durch Wertpapierfinanzierungsge- schäfte, die wieder den Teilfonds zufliessen, und die der Ver- waltungsgesellschaft oder Dritten zugeordneten Kosten und Gebühren werden wie nachfolgend beschrieben beziehungs- weise in Anhang I der konstituierenden Dokumente offenge- legt.
Falls Wertpapierleihe zur Anwendung kommt, darf die Ver- wahrstelle bis maximal 50 % der Erträge aus der Wertpapier- leihe zur Deckung ihrer direkten und indirekten Kosten einbe- halten. Dem jeweiligen Teilfonds fliesst der Rest und daher mindestens 50 % der Erträge aus der Wertpapierleihe zu. | ##### Distribution of the income earned through securi- ties financing transactions and total return swaps
The proportion of income from securities financing transac- tions that flows back into the sub-funds and the costs and fees assigned to the Management Company or third parties are disclosed as described below or in Annex I of the constituent documents.
If securities lending is used, the Custodian may retain up to a maximum of 50% of the income from the securities loan to cover its direct and indirect costs. The remainder, and thereby at least 50% of the income from the securities loan, is credited to the relevant sub-fund. | en | de |
DOLFIN6349 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- La Société ne peut investir plus de 20 % de l’actif net de chaque Compartiment dans des dépôts placés auprès d’une même entité.
- Le risque de contrepartie de la Société dans une transaction sur instruments dérivés de gré à gré ne peut dépasser 10 % de ses actifs lorsque la contrepartie est l’un des établissements de crédit visés au point (A) (6) ci-dessous ou 5 % dans les autres cas ;
- Nonobstant les limites individuelles fixées aux points (1) et (2) et la Limite de Risque de Contrepartie, un Compartiment ne peut pas associer : | - La Sociedad no invertirá más del 20% del patrimonio neto de cada Subfondo en depósitos colocados en la misma entidad.
- El riesgo de contraparte de la Sociedad en una operación de Derivados OTC no podrá superar el 10% de sus activos cuando la contraparte sea una de las entidades de crédito mencionadas en el punto (A) (6), o el 5% en los demás casos.
- Sin prejuicio de los límites individuales determinados en los puntos (1), (2) y el Límite de riesgo de contraparte, un Subfondo no deberá combinar: | - La Société ne peut investir plus de 20 % de l’actif net de chaque Compartiment dans des dépôts placés auprès d’une même entité.
- Le risque de contrepartie de la Société dans une transaction sur instruments dérivés de gré à gré ne peut dépasser 10 % de ses actifs lorsque la contrepartie est l’un des établissements de crédit visés au point (A) (6) ci-dessous ou 5 % dans les autres cas ;
- Nonobstant les limites individuelles fixées aux points (1) et (2) et la Limite de Risque de Contrepartie, un Compartiment ne peut pas associer : | fr | es |
DOLFIN6350 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding. | ## La Entidad gestora podrá notificar en cualquier momento, por escrito, la amortización o la solicitud de transmisión de Participaciones de las que sea propietaria directa o usufructuaria:
- una persona que incumpla una ley o un requisito de un país o de una autoridad gubernamental, o en virtud de los cuales esa persona no es apta para poseer dichas Participaciones;
- una Persona estadounidense;
- una Persona japonesa;
- una o varias personas que estén en circunstancias que (directa o indirectamente afecten a esas persona o personas, tomadas por separado o en conjunto con cualesquiera otras persona o personas vinculadas o no, o en cualquier otra circunstancia que la Entidad gestora considere relevante), en opinión de la Entidad gestora, podrían causar que el Fideicomiso de inversiones o sus Titulares de participaciones incurran en una responsabilidad tributaria o sufran desventajas pecuniarias en las que, de otro modo, el Fideicomiso de inversiones o sus Titulares de participaciones no habrían incurrido o sufrido;
- un Titular de participaciones, tomando como base las circunstancias del Titular de participaciones en cuestión, si se tienen motivos suficientes para creer que el Titular de participaciones se dedica a actividades que podrían provocar que el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto sufran un perjuicio reglamentario, pecuniario, legal, tributario o administrativo importante, que en caso contrario el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto podrían no haber sufrido; o
- una persona o personas que posean Participaciones con un valor inferior al de la Participación mínima. | ## The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding. | en | es |
DOLFIN6351 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Investment Policy
In order to achieve its investment objective, the Fund may invest in a non- diversified portfolio of equity securities, mainly common stocks primarily of U.S. growth companies. In exceptional cases the Fund may also invest in other equity securities including shares of U.S. real estate investment trusts (“REITs”) subject to a maximum of 10% of the Fund at the Investment Managers discretion. This Fund is actively managed, meaning the Investment Manager uses their expertise to pick investments by using bottom-up research and comprehensive due diligence.
The Fund will focus investments in rapidly growing U.S. companies. The Fund will seek to invest in securities with market capitalisations (market values) between $2 billion and $12 billion that it believes have potential for above- average revenue and/or earnings. The Fund will seek long-term growth and may at times hold securities in its portfolios with market values that have grown beyond their value at time of purchase. The Fund will aim to hold a relatively focused portfolio of 25 – 30 companies but may from time to time hold fewer or more stocks depending on the Investment Managers analysis on available opportunities. The Fund will focus investments in sectors of the economy that are experiencing long-term market expansion such as, but not limited to information technology, healthcare, business services and consumer discretionary.
The Fund does not intend to invest in FDIs and will not enter into any stock lending, repurchase, reverse repurchase or total return swaps. The Fund will enter into forward foreign exchange contracts for hedging purposes only. Share Classes entering into currency hedging may incur transaction costs. Any costs and gains or losses will accrue solely to the relevant Share Class.
While it is not the current intention of the Fund as at the date of this document to invest in other collective investment schemes, the Fund will not invest more than 10% of the Net Asset Value (NAV) in other collective investment schemes. These collective investment schemes will be UCITS, non-UCITS and/or exchange traded funds.
Under the Central Bank Regulations, the Fund will apply for a derogation (exemption) from some of the investment restrictions for six months from the date of approval of the Fund in accordance with the UCITS Regulations but will observe the principle of risk-spreading.
Performance of the Fund is measured against the Benchmark for comparative purposes only. The Benchmark is intended solely for the purposes of calculating the Performance Fee; meaning that while the Fund measures performance against the benchmark, it does not target any particular level of outperformance of the Benchmark as an objective. Securities selection is not constrained by the Benchmark.
The base currency of the Fund is USD. | ## Anlagepolitik
Zur Erreichung seines Anlageziels kann der Fonds in ein nicht diversifiziertes Portfolio aus Aktien investieren, das hauptsächlich aus Stammaktien vor allem von US-Wachstumsunternehmen besteht. In Ausnahmefällen kann der Fonds auch in andere Aktien investieren, darunter Aktien von US- Immobilienaktiengesellschaften („REITs“) bis zu einer Höchstgrenze von 10% des Fonds entsprechend dem Ermessen des Anlageverwalters. Der Fonds wird aktiv gemanagt, d.h. der Anlageverwalter greift bei der Auswahl der Anlagen auf sein Know-how zurück, indem er Bottom-up-Analysen und umfassende Due-Diligence-Prüfungen vornimmt.
Der Fonds legt den Fokus auf Anlagen in rasch wachsende US-Unternehmen. Der Fonds ist bestrebt, in Wertpapiere mit einer Marktkapitalisierung (Marktwerte) zwischen 2 und 12 Milliarden USD zu investieren, die seiner Einschätzung nach das Potenzial aufweisen, überdurchschnittliche Umsätze und/oder Gewinne zu erwirtschaften. Der Fonds strebt ein langfristiges Wachstum an und kann zeitweilig Wertpapiere in seinem Portfolio halten, deren Marktwert mittlerweile den Wert übersteigt, den sie zum Zeitpunkt des Erwerbs aufgewiesen haben. Der Fonds zielt darauf ab, ein relativ konzentriertes Portfolio von 25 bis 30 Unternehmen zu halten, kann aber von Zeit zu Zeit weniger oder mehr Aktien halten, je nachdem, wie der Anlageverwalter die sich bietenden Chancen einschätzt. Der Fonds fokussiert sich auf Anlagen in Wirtschaftssektoren, die langfristig eine Marktexpansion verzeichnen dürften, wie u.a. Informationstechnologie, Gesundheit, Unternehmensdienstleistungen und zyklische Konsumgüter.
Der Fonds beabsichtigt nicht, in derivative Finanzinstrumente zu investieren; er tätigt weder Wertpapierleih-, Pensions- oder umgekehrte Pensionsgeschäfte noch geht er Total Return Swaps ein. Der Fonds geht lediglich zu Absicherungszwecken nicht standardisierte Devisenterminkontrakte ein. Bei Anteilsklassen, die Währungsabsicherungsgeschäfte vornehmen, können Transaktionskosten anfallen. Etwaige Kosten und Gewinne oder Verluste entstehen lediglich der betreffenden Anteilsklasse.
Der Fonds investiert höchstens 10% des Nettoinventarwerts (NIW) in andere Organismen für gemeinsame Anlagen; derartige Investitionen sind zum Datum dieses Dokuments allerdings nicht geplant. Bei diesen Organismen für gemeinsame Anlagen handelt es sich um OGAW, Nicht-OGAW und/oder börsengehandelte Fonds (ETF).
Im Rahmen der Zentralbankvorschriften wird der Fonds für die Dauer von sechs Monaten ab dem Tag seiner Zulassung entsprechend den OGAW- Vorschriften eine Freistellung (Ausnahme) von gewissen Anlagegrenzen beantragen und gleichwohl den Grundsatz der Risikostreuung beachten.
Die Wertentwicklung des Fonds wird lediglich zu Vergleichszwecken anhand des Referenzwerts gemessen. Der Referenzwert dient ausschließlich der Berechnung der an die Wertentwicklung gebundenen Gebühr (Performance- Gebühr); d.h. der Fonds misst die Wertentwicklung zwar anhand des Referenzwerts, strebt jedoch nicht an, den Referenzwert um einen bestimmten Wert zu übertreffen. Die Auswahl der Wertpapiere ist nicht durch den Referenzwert beschränkt.
Die Basiswährung des Fonds ist der USD. | ## Investment Policy
In order to achieve its investment objective, the Fund may invest in a non- diversified portfolio of equity securities, mainly common stocks primarily of U.S. growth companies. In exceptional cases the Fund may also invest in other equity securities including shares of U.S. real estate investment trusts (“REITs”) subject to a maximum of 10% of the Fund at the Investment Managers discretion. This Fund is actively managed, meaning the Investment Manager uses their expertise to pick investments by using bottom-up research and comprehensive due diligence.
The Fund will focus investments in rapidly growing U.S. companies. The Fund will seek to invest in securities with market capitalisations (market values) between $2 billion and $12 billion that it believes have potential for above- average revenue and/or earnings. The Fund will seek long-term growth and may at times hold securities in its portfolios with market values that have grown beyond their value at time of purchase. The Fund will aim to hold a relatively focused portfolio of 25 – 30 companies but may from time to time hold fewer or more stocks depending on the Investment Managers analysis on available opportunities. The Fund will focus investments in sectors of the economy that are experiencing long-term market expansion such as, but not limited to information technology, healthcare, business services and consumer discretionary.
The Fund does not intend to invest in FDIs and will not enter into any stock lending, repurchase, reverse repurchase or total return swaps. The Fund will enter into forward foreign exchange contracts for hedging purposes only. Share Classes entering into currency hedging may incur transaction costs. Any costs and gains or losses will accrue solely to the relevant Share Class.
While it is not the current intention of the Fund as at the date of this document to invest in other collective investment schemes, the Fund will not invest more than 10% of the Net Asset Value (NAV) in other collective investment schemes. These collective investment schemes will be UCITS, non-UCITS and/or exchange traded funds.
Under the Central Bank Regulations, the Fund will apply for a derogation (exemption) from some of the investment restrictions for six months from the date of approval of the Fund in accordance with the UCITS Regulations but will observe the principle of risk-spreading.
Performance of the Fund is measured against the Benchmark for comparative purposes only. The Benchmark is intended solely for the purposes of calculating the Performance Fee; meaning that while the Fund measures performance against the benchmark, it does not target any particular level of outperformance of the Benchmark as an objective. Securities selection is not constrained by the Benchmark.
The base currency of the Fund is USD. | en | de |
DOLFIN6352 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| | 1month | YTD | 1year | 3years | 5years | 10years | Since inception | | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Class(R) | 2.29 | 3.85 | 4.95 | -4.23 | -1.37 | 23.25 | 49.35 | | 3.51 |
| Index | 2.25 | 2.01 | 3.39 | 5.83 | 13.20 | 47.54 | 72.91 | | 4.83 |
| Marketindex | 2.51 | -12.07 | -5.68 | -4.99 | 5.61 | 39.59 | - | | | | | | 1Monat | YTD | 1Jahr | 3Jahre | 5Jahre | 10Jahre | Seit Auflegung | | Seit Auflegung |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Klasse(R) | 2,29 | 3,85 | 4,95 | -4,23 | -1,37 | 23,25 | 49,35 | | 3,51 |
| Index | 2,25 | 2,01 | 3,39 | 5,83 | 13,20 | 47,54 | 72,91 | | 4,83 |
| Markt-Index | 2,51 | -12,07 | -5,68 | -4,99 | 5,61 | 39,59 | - | | | | | | 1month | YTD | 1year | 3years | 5years | 10years | Since inception | | Since inception |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Class(R) | 2.29 | 3.85 | 4.95 | -4.23 | -1.37 | 23.25 | 49.35 | | 3.51 |
| Index | 2.25 | 2.01 | 3.39 | 5.83 | 13.20 | 47.54 | 72.91 | | 4.83 |
| Marketindex | 2.51 | -12.07 | -5.68 | -4.99 | 5.61 | 39.59 | - | | | | en | de |
DOLFIN6353 | 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.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increase
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks because substantial investments are made in interest-bearing securities whose repayment may be cancelled.
- 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.
| 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 | 0.04% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
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.
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.
20%
10%
Swisscanto (LU) Bond Fund Global Credit Opportunities NTH EUR
Tailored benchmark index | # 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.
* La composizione è riportata nel Prospetto di vendita.
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'interesse
- Rischi di cambioNon 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.
| 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 | 0,04% |
| Spese prelevate dal fondo a determinate condizioni specifiche |
| Commissioni legate al rendimento del fondo (max.) | n/a |
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.
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.
20%
10%
0%
Swisscanto (LU) Bond Fund Global Credit Opportunities NTH EUR
Indice di riferimento su misura | # 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.
* The composition is set out in the sales prospectus.
lower risk higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
lower profit potential higher profit potential
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increase
- Foreign currency risksThere is no capital guarantee and no capital protection.
Further risks that are essential for the fund and not adequately covered by the indicator above:
- Credit risks because substantial investments are made in interest-bearing securities whose repayment may be cancelled.
- 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.
| 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 | 0.04% |
| Charges taken from the fund under certain specific conditions |
| Fees tied to the performance of the fund (max.) | n/a |
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.
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.
20%
10%
Swisscanto (LU) Bond Fund Global Credit Opportunities NTH EUR
Tailored benchmark index | en | it |
DOLFIN6354 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### Risk Considerations
Specific Risk Considerations
Risks related to emerging and frontier markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | ##### Risikohinweise
Besondere Risikohinweise
Risiken im Zusammenhang mit Schwellenländern und Frontier Markets sind dem Abschnitt „Risiken in Verbindung mit Wertpapieren der Schwellen- und Entwicklungsländer“ in Anhang II dieses Verkaufsprospekts zu entnehmen.
Die Angabe in der Anlagepolitik, dass ein Fonds zwei Drittel seines Vermögens auf eine bestimmte Art und Weise investiert, gilt unter normalen Marktbedingungen. Für nähere Informationen wird auf Absatz (A) zu Beginn dieses Anhangs verwiesen.
Die Höhe der Vertriebskosten in bestimmten Ländern kann sich auf die Fähigkeit des Anlageverwalters auswirken, nach Abzug der Gebühren das Anlageziel des Fonds in allen Anteilsklassen zu erreichen. | ##### Risk Considerations
Specific Risk Considerations
Risks related to emerging and frontier markets investments can be found under “Emerging and Less Developed Markets Securities Risk” in Appendix II of this Prospectus.
The reference in the Investment Policy to a fund investing two-thirds of its assets in a certain way applies in normal market conditions. See paragraph (A) at the start of this Appendix for further information.
The level of distribution costs in certain jurisdictions may impact the ability of the Investment Manager to meet the Fund’s investment objective across all Share Classes after fees have been deducted. | en | de |
DOLFIN6355 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Potential conflicts of interest
Within the scope of and in accordance with the applicable conflict management procedures and measures, the members of the Board of Direc- tors of the Investment Company, the Manage- ment Company, the fund manager, the designat- ed distributors and the persons authorized to carry out the distribution, the Depositary, the transfer agent, the investment advisor, the shareholders, as well as all subsidiaries, affiliated companies, representatives or agents of the aforementioned entities and persons (“Associ ated Persons”):
- may conduct among themselves financial and banking transactions or other transactions, such as derivatives, securities lending and repurchase agreements, or enter into the corresponding contracts, including those that are directed at securities or at investments by an Associated Person in a company or undertaking, such investment being a constit- uent part of the respective sub-fund’s assets, or be involved in such transactions; and/or
- for their own accounts or for the accounts of third parties, invest in shares, securities or assets of the same type as the components of the respective sub-fund’s assets and trade in them; and/or
- on their own behalf or on behalf of a third party, participate in the purchase or sale of securities or other investments to or from the Investment Company, through or jointly with the fund manager, the designated distribu- tors and the persons appointed to carry out sales activities, the Depositary, the invest- ment advisor, or a subsidiary, an affiliated company, representative or agent of these. | ### Potenziali conflitti di interesse
I membri del Consiglio di Amministrazione della Società d’investimento, la Società di Gestione, il gestore del fondo, gli uffici di collocamento nominati e le persone delegate al collocamento, la banca depositaria, il Transfer Agent, il consu- lente d’investimento, i detentori di azioni, nonché tutte le società affiliate e collegate, i rappresen- tanti o i delegati degli uffici e delle persone sopra indicate (“persone collegate”) in ottemperanza alle procedure e alle misure di gestione del con- flitto applicabili possono:
- effettuare tra di loro qualsiasi tipo di opera- zione finanziaria e bancaria nonché altre transazioni, come derivati, operazioni di pre- stito titoli e operazioni repo su titoli o stipu- lare contratti relativi, tra l’altro, a investimenti in titoli o investimenti di una persona colle- gata in una società o in un organismo, i cui investimenti sono parte integrante del patri- monio del comparto o che partecipano a dette operazioni o transazioni; e/o
- effettuare per conto proprio o di terzi investi- menti in azioni, titoli o valori patrimoniali assi- milabili agli elementi costitutivi del patrimonio del comparto e negoziarli e/o
- partecipare a proprio nome o a nome di altri all’acquisto o alla vendita di titoli o ad altri investimenti nella o della Società d’investi- mento, tramite o con il gestore del fondo, gli uffici di collocamento nominati e le persone delegate al collocamento, la banca deposita- ria, il consulente d’investimento o una società affiliata, una società collegata, i rappresen- tanti o i delegati delle stesse. | ### Potential conflicts of interest
Within the scope of and in accordance with the applicable conflict management procedures and measures, the members of the Board of Direc- tors of the Investment Company, the Manage- ment Company, the fund manager, the designat- ed distributors and the persons authorized to carry out the distribution, the Depositary, the transfer agent, the investment advisor, the shareholders, as well as all subsidiaries, affiliated companies, representatives or agents of the aforementioned entities and persons (“Associ ated Persons”):
- may conduct among themselves financial and banking transactions or other transactions, such as derivatives, securities lending and repurchase agreements, or enter into the corresponding contracts, including those that are directed at securities or at investments by an Associated Person in a company or undertaking, such investment being a constit- uent part of the respective sub-fund’s assets, or be involved in such transactions; and/or
- for their own accounts or for the accounts of third parties, invest in shares, securities or assets of the same type as the components of the respective sub-fund’s assets and trade in them; and/or
- on their own behalf or on behalf of a third party, participate in the purchase or sale of securities or other investments to or from the Investment Company, through or jointly with the fund manager, the designated distribu- tors and the persons appointed to carry out sales activities, the Depositary, the invest- ment advisor, or a subsidiary, an affiliated company, representative or agent of these. | en | it |
DOLFIN6356 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Étant donné l’incertitude concernant la présence et les modalités de prélèvements fiscaux sur des titres de la RPC, et la possibilité d’évolution des lois, réglementations et pratiques fiscales et/ou de leur interprétation ou compréhension, et la possibilité de rétroactivité des impôts et taxes, toute provision fiscale effectuée par la Société de gestion pourrait s’avérer excessive ou inadéquate pour satisfaire les dettes fiscales finales sur les plus-values générées par la cession des titres de la RPC. Par conséquent, les investisseurs pourraient être avantagés ou désavantagés selon les modalités finales de taxation des plus-values, le niveau de provision et le moment où ils souscrivent et/ou demandent le rachat de leurs Actions dans les Fonds.
Les actionnaires peuvent, en fonction de leur situation, être assujettis à l’impôt de la RPC ou à ceux d’autres juridictions. Il est impossible de garantir que les impôts payés au niveau des Fonds qui investissent dans des actions chinoises A seront imputables à tout Actionnaire aux fins de l’impôt des particuliers.
Les lois, les règlementations et les pratiques fiscales en vigueur en Chine peuvent changer à l’avenir et être appliquées à titre rétroactif.
- Impôt sur le revenu des sociétés (« CIT »)En vertu de la Loi chinoise relative à l’impôt sur le revenu des sociétés et des règles de mise en œuvre, à compter du 1er janvier 2008, une entreprise constituée en vertu des lois de pays ou de régions étrangers dont le « lieu de gestion efficace » est situé en Chine est considérée comme une « entreprise résidente » aux fins du CIT. Le « lieu de gestion efficace » fait référence au lieu où la gestion et le contrôle substantiels et globaux sur les activités, le personnel, les comptes et les actifs de l’entreprise sont exercés. Une entreprise résidente sera normalement assujettie au CIT au taux de 25 % sur son revenu mondial. | Con la incertidumbre de si se gravarán y de qué manera determinadas ganancias sobre los valores de la RPC, junto con la posibilidad de que cambien las leyes, los reglamentos y las prácticas fiscales en la RPC, y/o la interpretación o el entendimiento actual, así como la posibilidad de que los impuestos se apliquen retrospectivamente, cualquier disposición de impuestos establecida por la sociedad gestora puede ser excesiva o inadecuada para hacer frente a las obligaciones fiscales de la RPC sobre las ganancias obtenidas en relación con la venta de valores de la RPC. En consecuencia, los inversores pueden verse favorecidos o no, dependiendo del resultado final de cómo se gravarán dichas ganancias, del nivel de provisión y de cuándo suscribieron y/o reembolsaron sus Acciones en/de los Fondos.
Los Accionistas pueden, dependiendo de sus propias circunstancias, estar sujetos a impuestos de la RPC y en otras jurisdicciones. No se puede garantizar que los impuestos pagados al nivel de los Fondos que invierten en Acciones A de China serán atribuibles a cualquier Accionista para fines fiscales personales.
La legislación fiscal actual, las regulaciones y la práctica en China pueden cambiar en el futuro con efecto retroactivo.
- Impuesto de sociedades (“CIT”, por sus siglas en inglés)En virtud de la Ley sobre el CIT de China y las normas de aplicación, en vigor desde el 1 de enero de 2008, una empresa establecida con arreglo a las leyes de países o regiones extranjeros cuyo “lugar de gestión efectiva” se encuentre en China se considera una “empresa residente” a los efectos del CIT. Por “lugar de gestión eficaz” se entiende el lugar donde se ejerce la gestión y el control sustanciales y generales de las actividades de la empresa, su personal, sus cuentas y activos. Generalmente, una empresa residente estará sujeta al CIT a un tipo del 25% de sus ingresos mundiales. | Étant donné l’incertitude concernant la présence et les modalités de prélèvements fiscaux sur des titres de la RPC, et la possibilité d’évolution des lois, réglementations et pratiques fiscales et/ou de leur interprétation ou compréhension, et la possibilité de rétroactivité des impôts et taxes, toute provision fiscale effectuée par la Société de gestion pourrait s’avérer excessive ou inadéquate pour satisfaire les dettes fiscales finales sur les plus-values générées par la cession des titres de la RPC. Par conséquent, les investisseurs pourraient être avantagés ou désavantagés selon les modalités finales de taxation des plus-values, le niveau de provision et le moment où ils souscrivent et/ou demandent le rachat de leurs Actions dans les Fonds.
Les actionnaires peuvent, en fonction de leur situation, être assujettis à l’impôt de la RPC ou à ceux d’autres juridictions. Il est impossible de garantir que les impôts payés au niveau des Fonds qui investissent dans des actions chinoises A seront imputables à tout Actionnaire aux fins de l’impôt des particuliers.
Les lois, les règlementations et les pratiques fiscales en vigueur en Chine peuvent changer à l’avenir et être appliquées à titre rétroactif.
- Impôt sur le revenu des sociétés (« CIT »)En vertu de la Loi chinoise relative à l’impôt sur le revenu des sociétés et des règles de mise en œuvre, à compter du 1er janvier 2008, une entreprise constituée en vertu des lois de pays ou de régions étrangers dont le « lieu de gestion efficace » est situé en Chine est considérée comme une « entreprise résidente » aux fins du CIT. Le « lieu de gestion efficace » fait référence au lieu où la gestion et le contrôle substantiels et globaux sur les activités, le personnel, les comptes et les actifs de l’entreprise sont exercés. Une entreprise résidente sera normalement assujettie au CIT au taux de 25 % sur son revenu mondial. | fr | es |
DOLFIN6357 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
#### Main Risks
See “Risk Descriptions” for more information.
The fund may appeal to investors who:
- are interested in a combination of income and capital appreciation
- are looking to diversify their investments, in particular existing investments in developed markets
- understand the risks and can accept the volatility associated with investing in emerging markets as well as the risks of using derivatives
- China Interbank Bond Market
- Contingent convertible bond
- Country risk – China
- Credit
- Default
- Derivatives
- Emerging markets
- ESG
- Frontier markets
- Geographic concentration
- Hedging
- High yield bond
- Interest rate
- Investment fund
- Liquidity
- Management
- Market
- Operational
- Total return swapRisk management method Relative VaR. | #### Rischi principali
Per ulteriori informazioni si rimanda alla sezione "Descrizioni dei rischi".
Il comparto può attrarre investitori che:
- sono interessati a una combinazione di reddito e crescita del capitale
- desiderano diversificare i loro investimenti, in particolare gli investimenti esistenti nei mercati sviluppati
- comprendono i rischi e possono accettare la volatilità associata all'investimento nei mercati emergenti, nonché i rischi connessi all'utilizzo di derivati
- Mercato obbligazionariointerbancario cinese
- Contingent convertible bond
- Rischio di paese – Cina
- Credito
- Insolvenza
- Derivati
- Mercati emergenti
- ESG
- Mercati di frontiera
- Concentrazione geografica
- Copertura
- Obbligazioni high yield
- Tasso di interesse
- Fondi d'investimento
- Liquidità
- Gestione
- Mercato
- Operativo
- Total return swapMetodo di gestione del rischio VaR relativo. | #### Main Risks
See “Risk Descriptions” for more information.
The fund may appeal to investors who:
- are interested in a combination of income and capital appreciation
- are looking to diversify their investments, in particular existing investments in developed markets
- understand the risks and can accept the volatility associated with investing in emerging markets as well as the risks of using derivatives
- China Interbank Bond Market
- Contingent convertible bond
- Country risk – China
- Credit
- Default
- Derivatives
- Emerging markets
- ESG
- Frontier markets
- Geographic concentration
- Hedging
- High yield bond
- Interest rate
- Investment fund
- Liquidity
- Management
- Market
- Operational
- Total return swapRisk management method Relative VaR. | en | it |
DOLFIN6358 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# PERFORMANCE (%) IN USD
Nov 18 Nov 19 Nov 20 Nov 21 Nov 22
| | 1 month | 6 months | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- | --- |
| - NAV
| ‑2.72 | ‑8.11 | ‑24.61 | 13.70 | 62.85 |
| - Index
| ‑2.68 | ‑7.69 | ‑23.47 | 17.25 | 71.19 |
| Relative | ‑0.04 | ‑0.42 | ‑1.14 | ‑3.55 | ‑8.34 |
## ANNUAL PERFORMANCE (%)
| 12 Months to 30 September | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| NAV | ‑27.38 | 28.01 | 27.29 | 1.94 | 35.50 |
| Index | ‑26.22 | 29.59 | 27.65 | 2.95 | 36.71 |
| Relative | ‑1.16 | ‑1.58 | ‑0.36 | ‑1.01 | ‑1.21 |
Performance for the USD Accumulating ETF class, listed on 28 September 2015. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.
### Past performance is not a guide to the future. | # PERFORMANCE (%) IN USD
nov 18 nov 19 nov 20 nov 21 nov 22
| | 1 mese | 6 mesi | 1 anno | 3 anni | 5 anni |
| --- | --- | --- | --- | --- | --- |
| - NAV
| ‑2,72 | ‑8,11 | ‑24,61 | 13,70 | 62,85 |
| - Indice
| ‑2,68 | ‑7,69 | ‑23,47 | 17,25 | 71,19 |
| Relativa ‑0,04 | ‑0,42 | ‑1,14 | ‑3,55 | ‑8,34 |
## PERFORMANCE ANNUALE (%)
| 12 mesi al 30 settembre | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| NAV | ‑27,38 | 28,01 | 27,29 | 1,94 | 35,50 |
| Indice | ‑26,22 | 29,59 | 27,65 | 2,95 | 36,71 |
| Relativa | ‑1,16 | ‑1,58 | ‑0,36 | ‑1,01 | ‑1,21 |
Performance della classe USD Accumulating ETF quotata il 28 settembre 2015. Fonte: Lipper. La performance è calcolata presumendo che tutti gli oneri dell’ETF siano stati presi in considerazione e che tutti i redditi generati dagli investimenti, previa detrazione delle tasse, siano reinvestiti nell’ETF.
### Le performance passate non sono un indicatore affidabile del futuro. | # PERFORMANCE (%) IN USD
Nov 18 Nov 19 Nov 20 Nov 21 Nov 22
| | 1 month | 6 months | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- | --- |
| - NAV
| ‑2.72 | ‑8.11 | ‑24.61 | 13.70 | 62.85 |
| - Index
| ‑2.68 | ‑7.69 | ‑23.47 | 17.25 | 71.19 |
| Relative | ‑0.04 | ‑0.42 | ‑1.14 | ‑3.55 | ‑8.34 |
## ANNUAL PERFORMANCE (%)
| 12 Months to 30 September | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| NAV | ‑27.38 | 28.01 | 27.29 | 1.94 | 35.50 |
| Index | ‑26.22 | 29.59 | 27.65 | 2.95 | 36.71 |
| Relative | ‑1.16 | ‑1.58 | ‑0.36 | ‑1.01 | ‑1.21 |
Performance for the USD Accumulating ETF class, listed on 28 September 2015. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.
### Past performance is not a guide to the future. | en | it |
DOLFIN6359 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the sub-fund is to achieve a positive performance with its assets by investing in a diversified portfolio of debt securities and similar debt instruments issued by emerging market debtors and denominated in a freely convertible currency. To achieve this objective, the sub-fund will primarily invest its assets (at least 51%) in bonds (including zero bonds), short-term debt securities and similar debt instruments (the “investment instruments”). Investment instruments are issued or guaranteed by sovereign debtors from emerging markets (in particular central banks, government authorities and regional banks) or corporate debtors domiciled in an emerging market. The sub-fund will primarily invest in investment instruments of corporate debtors. The sub-fund pursues what is known as a high-yield strategy – i.e. investment instruments do not need to have a specific rating (S&P, Moody's and Fitch) or any at all. The majority of investments are made in high-yield rating categories. The portfolio is diversified across regions, countries and sectors. The sub-fund is therefore eligible as a target fund.
The ESG principles underlying the investment process are described on the Company's website www.mainfirst.com. Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. The sub-fund's sustainability strategy aims to contribute to improving the sustainability profile of selected portfolio companies through active dialogue and engagement activities. The investment manager is not currently taking account of any adverse effects of investment decisions on sustainability factors for this sub-fund. The "do no significant harm" principle within the meaning of Regulation (EU) 2019/2088 applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of the financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund is actively managed. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Detailed information on the aforementioned (and/or further) investment opportunities of the Fund can be found in the current sales prospectus.
In principle, investors may redeem their shares on any banking day in Luxembourg and London, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors.
## This unit class pays the rewards generated to investors. | # Objetivos y política de inversión
El objetivo de inversión del subfondo es conseguir una evolución positiva del valor de su patrimonio invirtiendo en una cartera diversificada de valores de deuda e instrumentos de deuda similares que estén emitidos por deudores de países emergentes y denominados en divisas de libre convertibilidad. Para lograr este objetivo, el subfondo invertirá su patrimonio principalmente (un mínimo del 51 %) en obligaciones (incluidos los bonos cupón cero), valores de deuda a corto plazo e instrumentos de deuda similares (los instrumentos de inversión). Los instrumentos de inversión son emitidos o garantizados por deudores soberanos de países emergentes (en particular, bancos centrales, autoridades gubernamentales y bancos regionales) o por deudores empresariales domiciliados en un país emergente. El subfondo invertirá principalmente en instrumentos de inversión de deudores empresariales. El subfondo sigue una estrategia de alto rendimiento, es decir, los instrumentos de inversión no tienen que tener una calificación específica (S&P, Moodys y Fitch). La mayoría de las inversiones se realizan en categorías de calificación de alto rendimiento. La cartera está diversificada entre regiones, países y sectores. Por lo tanto, el subfondo puede concebirse como fondo objetivo.
Los criterios ASG que subyacen al proceso de inversión se describen en la página web de la sociedad www.mainfirst.com. El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este subfondo. La estrategia de sostenibilidad del subfondo tiene como objetivo contribuir a mejorar el perfil de sostenibilidad de las empresas de la cartera seleccionadas mediante actividades de cooperación y diálogo activo. El gestor de inversiones no considera actualmente ningún impacto adverso de las decisiones de inversión sobre los factores de sostenibilidad para este subondo. El principio de «evitar impactos adversos significativos» en el sentido del Reglamento (UE) 2019/2088 solo se aplica a aquellas inversiones subyacentes al producto financiero que tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde un punto de vista ambiental. Las inversiones subyacentes a la parte restante del producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde un punto de vista ambiental.
El subfondo se gestiona de manera activa. El gestor del fondo se encarga de la composición de la cartera, de acuerdo con los criterios definidos en la política de inversión, revisada periódicamente y ajustada en caso necesario. Para obtener información detallada acerca de las posibilidades de inversión del fondo citado anteriormente o, dado el caso, acerca de nuevas posibilidades, consulte el Folleto Informativo vigente.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores.
## Esta clase de participaciones distribuye los rendimientos obtenidos a los inversores. | # Objectives and investment policy
The investment objective of the sub-fund is to achieve a positive performance with its assets by investing in a diversified portfolio of debt securities and similar debt instruments issued by emerging market debtors and denominated in a freely convertible currency. To achieve this objective, the sub-fund will primarily invest its assets (at least 51%) in bonds (including zero bonds), short-term debt securities and similar debt instruments (the “investment instruments”). Investment instruments are issued or guaranteed by sovereign debtors from emerging markets (in particular central banks, government authorities and regional banks) or corporate debtors domiciled in an emerging market. The sub-fund will primarily invest in investment instruments of corporate debtors. The sub-fund pursues what is known as a high-yield strategy – i.e. investment instruments do not need to have a specific rating (S&P, Moody's and Fitch) or any at all. The majority of investments are made in high-yield rating categories. The portfolio is diversified across regions, countries and sectors. The sub-fund is therefore eligible as a target fund.
The ESG principles underlying the investment process are described on the Company's website www.mainfirst.com. Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. The sub-fund's sustainability strategy aims to contribute to improving the sustainability profile of selected portfolio companies through active dialogue and engagement activities. The investment manager is not currently taking account of any adverse effects of investment decisions on sustainability factors for this sub-fund. The "do no significant harm" principle within the meaning of Regulation (EU) 2019/2088 applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of the financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund is actively managed. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Detailed information on the aforementioned (and/or further) investment opportunities of the Fund can be found in the current sales prospectus.
In principle, investors may redeem their shares on any banking day in Luxembourg and London, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors.
## This unit class pays the rewards generated to investors. | en | es |
DOLFIN6360 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Description of the strategies used
The management style implemented is focused on absolute performance, combining strategic and tactical positions and arbitrages on all interest rate, equity and international currency markets.
This performance objective will be achieved by respecting a maximum ex ante “Value at Risk” (VaR) of 20% over 20 days, with a confidence interval of 99%. The management also seeks a target ex post average annual volatility of [15%; 25%] per annum.
The Fund’s performance is more closely linked to relative market trends (relative and arbitrage positions) than to the general direction of these markets (directional positions).
The risk level of the portfolio for each asset class (e.g. bonds) is determined in respect of its own merits and its correlations with the other asset classes (currency and credit). Exposure to different types of assets is therefore a consequence of these risk allocation choices.
The investment strategy is based on a “top-down” approach, and relies in particular on macroeconomic analysis, analysis of capital flows and relative market valuations.
The overall modified duration of the portfolio will range from -16 to +16. | # Description des stratégies utilisées
La gestion mise en place est une gestion de type performance absolue, combinant des positions stratégiques et tactiques ainsi que des arbitrages sur l’ensemble des marchés de taux, d’actions et de devises internationaux.
Cet objectif de performance sera recherché dans le respect d’une « Value-at-Risk » (VaR) ex-ante maximum de 20%, à un horizon de 20 jours et avec un intervalle de confiance de 99%. La gestion a également pour objectif une volatilité ex-post annuelle moyenne de [15% ; 25%].
La performance du fonds est davantage liée aux évolutions relatives des marchés les uns par rapport aux autres (positions relatives et arbitrages) qu'au sens général de ces marchés (positions directionnelles).
Le niveau de risque du portefeuille sur chaque classe d’actifs (par exemple les obligations) est décidé en fonction de ses mérites propres ainsi que de ses corrélations avec les autres classes d’actif (devises, crédit). L’exposition aux différents types d’actifs est ainsi une conséquence des choix d’allocation du risque.
La stratégie d’investissement est basée sur une approche "top-down", et repose notamment sur l'analyse macro-économique, l'analyse des flux de capitaux et la valorisation relative des marchés.
La sensibilité globale du portefeuille s’inscrira dans une fourchette comprise entre -16 et +16. | # Description of the strategies used
The management style implemented is focused on absolute performance, combining strategic and tactical positions and arbitrages on all interest rate, equity and international currency markets.
This performance objective will be achieved by respecting a maximum ex ante “Value at Risk” (VaR) of 20% over 20 days, with a confidence interval of 99%. The management also seeks a target ex post average annual volatility of [15%; 25%] per annum.
The Fund’s performance is more closely linked to relative market trends (relative and arbitrage positions) than to the general direction of these markets (directional positions).
The risk level of the portfolio for each asset class (e.g. bonds) is determined in respect of its own merits and its correlations with the other asset classes (currency and credit). Exposure to different types of assets is therefore a consequence of these risk allocation choices.
The investment strategy is based on a “top-down” approach, and relies in particular on macroeconomic analysis, analysis of capital flows and relative market valuations.
The overall modified duration of the portfolio will range from -16 to +16. | en | fr |
DOLFIN6361 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- Nevertheless:
- the Company may not invest more than 10% of the net asset value of its Sub-funds in securities and money market instruments other than those referred to under (a) to (e);
- the Company may not purchase either precious metals or certificates through these. | - Jedoch:
- kann die Gesellschaft höchstens 10% des Nettoinventarwertes ihrer Subfonds in andere als die unter (a) bis (e) genannten Wertpapiere und Geldmarktinstrumente anlegen;
- darf die Gesellschaft weder Edelmetalle noch Zertifikate über diese erwerben. | - Nevertheless:
- the Company may not invest more than 10% of the net asset value of its Sub-funds in securities and money market instruments other than those referred to under (a) to (e);
- the Company may not purchase either precious metals or certificates through these. | en | de |
DOLFIN6362 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Indexed performance, % growth over the last 10 years
- Invesco STOXX Europe 600 Optimised Industrial Goods & Services UCITS ETF Acc
- STOXX Europe 600 Optimised Industrial Goods & Services Index (EUR)195Investment managerAssenagon Asset Management S.A. | ## Performance indicizzata, % crescita negli ultimi 10 anni
- Invesco STOXX Europe 600 Optimised Industrial Goods & Services UCITS ETF Acc
- STOXX Europe 600 Optimised Industrial Goods & Services Index (EUR)195Gestore degli investimentiAssenagon Asset Management S.A. | ## Indexed performance, % growth over the last 10 years
- Invesco STOXX Europe 600 Optimised Industrial Goods & Services UCITS ETF Acc
- STOXX Europe 600 Optimised Industrial Goods & Services Index (EUR)195Investment managerAssenagon Asset Management S.A. | en | it |
DOLFIN6363 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Borrowing limit as well as prohibition on issuing loans and sureties
- The fund may not be pledged or otherwise encumbered, transferred for security or assigned for security, unless this constitutes borrowing within the meaning of the following Fig. 7.4.2 or the provision of security within the framework of the settlement of transactions in financial instruments.
- Borrowing by the UCITS is limited to temporary loans, whereby the borrowing may not exceed 10 % of the as- sets of the fund; the limit does not apply to the acquisition of foreign currencies by means of a "back-to-back" loan.
- A UCITS may not grant loans, nor may it provide third parties with sureties. Neither the UCITS nor investors shall be bound by arrangements that breach these prohibitions.
- Fig. 7.4.3 does not represent an obstacle to the acquisition of financial instruments that have not yet been fully paid up.
Vis-a-vis the Custodian, the UCITS shall not be entitled to exercise the maximum permissible credit facility. The Custo- dian is exclusively responsible for deciding in accordance with its credit and risk policy whether, in what manner and to what extent a loan is to be granted. Under certain circumstances, this policy may change during the term of the UCITS.
- | # Begrenzung der Kreditaufnahme sowie Verbot der Kreditgewährung und Bürgschaft
- Das Fondsvermögen darf nicht verpfändet oder sonst belastet werden, zur Sicherung übereignet oder zur Si- cherung abgetreten werden, es sei denn, es handelt sich um Kreditaufnahmen im Sinne der nachstehenden Ziffer 7.4.2 oder um Sicherheitsleistungen im Rahmen der Abwicklung von Geschäften mit Finanzinstrumenten.
- Die Kreditaufnahme durch den OGAW ist auf vorübergehende Kredite begrenzt, bei denen die Kreditaufnahme 10 % des Fondsvermögens nicht überschreitet; die Grenze gilt nicht für den Erwerb von Fremdwährungen durch ein "Back-to-back-Darlehen".
- Ein OGAW darf weder Kredite gewähren noch Dritten als Bürge einstehen. Gegen diese Verbote verstossende Abreden binden weder den OGAW noch die Anleger.
- Ziffer 7.4.3 steht dem Erwerb von noch nicht voll eingezahlten Finanzinstrumenten nicht entgegen.
Der OGAW hat gegenüber der Verwahrstelle keinen Anspruch auf die Einräumung des maximal zulässigen Kreditrah- mens. Die alleinige Entscheidung ob, auf welche Weise und in welcher Höhe ein Kredit ausgereicht wird, obliegt der Ver- wahrstelle entsprechend deren Kredit- und Risikopolitik. Diese Politik kann sich unter Umständen während der Laufzeit des OGAW ändern.
- | # Borrowing limit as well as prohibition on issuing loans and sureties
- The fund may not be pledged or otherwise encumbered, transferred for security or assigned for security, unless this constitutes borrowing within the meaning of the following Fig. 7.4.2 or the provision of security within the framework of the settlement of transactions in financial instruments.
- Borrowing by the UCITS is limited to temporary loans, whereby the borrowing may not exceed 10 % of the as- sets of the fund; the limit does not apply to the acquisition of foreign currencies by means of a "back-to-back" loan.
- A UCITS may not grant loans, nor may it provide third parties with sureties. Neither the UCITS nor investors shall be bound by arrangements that breach these prohibitions.
- Fig. 7.4.3 does not represent an obstacle to the acquisition of financial instruments that have not yet been fully paid up.
Vis-a-vis the Custodian, the UCITS shall not be entitled to exercise the maximum permissible credit facility. The Custo- dian is exclusively responsible for deciding in accordance with its credit and risk policy whether, in what manner and to what extent a loan is to be granted. Under certain circumstances, this policy may change during the term of the UCITS.
- | en | de |
DOLFIN6364 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The risk indicator is based on historical data from the benchmark and may not be a reliable indicator of the future risk profile of the Fund. The risk and reward category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The risk indicator for the Fund is set as 6 because:
- Investments in equity securities are subject to fluctuations in value dependent on market conditions which will directly affect the value of investments held by the Fund;
- The Fund invests with a concentrated country focus which will increase the risk of investing over a fund that invests in a globally diversified range of countries on an ongoing basis;
- The fund may use a limited amount of financial derivative instruments including OTC derivatives or futures for hedging and investment purposes in order to decrease risk and/or enhance performance. | - rischio di custodia e regolamento: rischio che le operazioni concluse dal Comparto non siano regolate o registrate correttamente;L’indicatore di rischio è basato sui dati storici relativi al benchmark e potrebbe non costituire un indicatore affidabile del futuro profilo di rischio del Comparto. La categoria di rischio/rendimento indicata non è garantita e può variare nel tempo. L’appartenenza alla categoria più bassa non garantisce l’assenza di rischi. L’indicatore di rischio del Comparto è pari a 6 in quanto:
- gli investimenti in titoli azionari sono soggetti a oscillazioni di valore dipendenti dalle condizioni di mercato che influenzeranno direttamente il valore degli investimenti detenuti dal Comparto;
- gli investimenti del Comparto sono concentrati a livello geografico, il che aumenta il rischio dell’investimento rispetto a un comparto che investe continuativamente in una gamma di paesi diversificata a livello globale;
- il Comparto può utilizzare un quantitativo limitato di strumenti finanziari derivati a fini di copertura e di investimento, tra cui i derivati e i future OTC, allo scopo di attenuare il rischio e/o migliorare la performance. | The risk indicator is based on historical data from the benchmark and may not be a reliable indicator of the future risk profile of the Fund. The risk and reward category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The risk indicator for the Fund is set as 6 because:
- Investments in equity securities are subject to fluctuations in value dependent on market conditions which will directly affect the value of investments held by the Fund;
- The Fund invests with a concentrated country focus which will increase the risk of investing over a fund that invests in a globally diversified range of countries on an ongoing basis;
- The fund may use a limited amount of financial derivative instruments including OTC derivatives or futures for hedging and investment purposes in order to decrease risk and/or enhance performance. | en | it |
DOLFIN6365 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Recommended holding period Example Investment | 5 years 10,000 EUR |
| --- | --- |
| Scenarios | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 740 EUR | 430 EUR |
| | Average return each year | -92.6% | -46.7% |
| Unfavourable | What you might get back after costs | 8,060 EUR | 10,180 EUR |
| | Average return each year | -19.4% | 0.4% |
| Moderate | What you might get back after costs | 11,130 EUR | 16,180 EUR |
| | Average return each year | 11.3% | 10.1% |
| Favourable | What you might get back after costs | 14,940 EUR | 20,020 EUR |
| | Average return each year | 49.4% | 14.9% | | | Periodo di detenzione raccomandato Esempio di investimento | 5 anni 10.000 EUR |
| --- | --- |
| Scenari | in caso di uscita dopo 1 anno | in caso di uscita dopo 5 anni (periodo di detenzione raccomandato) |
| Minimo | Non esiste un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Stress | Possibile rimborso al netto dei costi | 740 EUR | 430 EUR |
| | Rendimento medio per ciascun anno | -92,6% | -46,7% |
| Sfavorevole | Possibile rimborso al netto dei costi | 8.060 EUR | 10.180 EUR |
| | Rendimento medio per ciascun anno | -19,4% | 0,4% |
| Moderato | Possibile rimborso al netto dei costi | 11.130 EUR | 16.180 EUR |
| | Rendimento medio per ciascun anno | 11,3% | 10,1% |
| Favorevole | Possibile rimborso al netto dei costi | 14.940 EUR | 20.020 EUR |
| | Rendimento medio per ciascun anno | 49,4% | 14,9% | | | Recommended holding period Example Investment | 5 years 10,000 EUR |
| --- | --- |
| Scenarios | if you exit after 1 year | if you exit after 5 years (recommended holding period) |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 740 EUR | 430 EUR |
| | Average return each year | -92.6% | -46.7% |
| Unfavourable | What you might get back after costs | 8,060 EUR | 10,180 EUR |
| | Average return each year | -19.4% | 0.4% |
| Moderate | What you might get back after costs | 11,130 EUR | 16,180 EUR |
| | Average return each year | 11.3% | 10.1% |
| Favourable | What you might get back after costs | 14,940 EUR | 20,020 EUR |
| | Average return each year | 49.4% | 14.9% | | en | it |
DOLFIN6366 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
Interest income and expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The Investment Managers and Sub-Investment Managers monitor interest income receivable for any delinquent interest receivable amounts. The accounts have been reviewed for delinquent interest receivable and as at 30 June 2020 and 30 June 2019 all amounts were deemed to be recoverable.
- ExpensesExpenses are accounted for on an accruals basis. Certain expenses are share class specific expenses and are charged direct to the share class. General fund expenses are allocated on the basis of relative net asset value.
- Net Asset Value per Redeemable Participating ShareThe net asset value per redeemable participating share in each Fund is calculated by dividing the assets less liabilities, by the number of shares in issue in respect of that Fund.
- Foreign Exchange Translation
- Functional and presentation currency: Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency” or “base currency”). This is US Dollars (US$) for Legg Mason QS Conservative Fund, Legg Mason QS Balanced Fund, Legg Mason QS Growth Fund, Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022, Legg Mason Diversified Global Fixed Maturity Bond Fund 2023 and Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3; and Euro (EUR or €) for Legg Mason QS Investors Multi Asset Euro Conservative Fund, Legg Mason QS Investors Multi Asset Euro Balanced Fund and Legg Mason QS Investors Multi Asset Euro Performance Fund. The Company has adopted the functional currency of each Fund as the presentation currency for these financial statements. The financial statements of the Company are presented in US Dollars.
- Purchases and sales of securities, and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. Assets and liabilities are translated at the foreign exchange rate at the end of the financial year. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the Depositary bank, and recorded as foreign exchange gains/losses in the Statement of Comprehensive Income. | Gli interessi attivi e passivi sono rilevati nel Conto economico per tutti gli strumenti di debito secondo il metodo dell’int eresse effettivo. I Gestori degli investimenti e i Sub-gestori degli investimenti monitorano gli interessi attivi per gli importi insoluti. I conti sono stati esaminati per verificare la presenza di interessi attivi insoluti e al 30 giugno 2020 e al 30 giugno 2019 tutti gli importi sono stati considerati recuperabili.
- SpeseLe spese sono contabilizzate secondo il principio della competenza economica. Alcune spese sono spese specifiche della classe di azioni e sono addebitate direttamente alla classe di azioni. Le spese generali del fondo sono allocate sulla base del valore patrimoniale netto relativo.
- Valore Patrimoniale Netto per Azione di Partecipazione RiscattabileIl valore patrimoniale netto per azione partecipativa riscattabile in ciascun Comparto è calcolato dividendo le attività meno le passività, per il numero di azioni in circolazione rispetto a tale Comparto.
- Traduzione valuta estera
- Valuta funzionale e di presentazione: Le voci incluse nel bilancio della Società sono misurate utilizzando la valuta del cont esto economico primario in cui opera (la “valuta funzionale” o “valuta base”). Si tratta di dollari statunitensi (USD) per Legg Mason QS Conservative Fund, Legg Mason QS Balanced Fund, Legg Mason QS Growth Fund, Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022, Legg Mason Diversified Global Fixed Maturity Bond Fund 2023 e Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3; ed euro (EUR o €) per Legg Mason QS Investors Multi Asset Euro Conservative Fund, Legg Mason QS Investors Multi Asset Euro Balanced Fund e Legg Mason QS Investors Multi Asset Euro Performance Fund. la Società ha adottato la valuta funzionale di ciascun Comparto come valuta di presentazione per il presente bilancio. Il bilancio della Società è presentato in dollari statunitensi.
- Gli acquisti e le vendite di titoli e i proventi e le spese sono convertiti al tasso di cambio quotato alla data in cui tali operazioni sono registrate. Le attività e le passività sono convertite al tasso di cambio alla fine dell’esercizio finanziario. Le differenze tra gli importi di reddito e di spesa registrati e incassati o pagati sono rettificati quando riportati dalla banca depositaria e registrati come utili/perdite in valuta estera nel Conto economico complessivo. | Interest income and expense are recognised in the Statement of Comprehensive Income for all debt instruments using the effective interest method. The Investment Managers and Sub-Investment Managers monitor interest income receivable for any delinquent interest receivable amounts. The accounts have been reviewed for delinquent interest receivable and as at 30 June 2020 and 30 June 2019 all amounts were deemed to be recoverable.
- ExpensesExpenses are accounted for on an accruals basis. Certain expenses are share class specific expenses and are charged direct to the share class. General fund expenses are allocated on the basis of relative net asset value.
- Net Asset Value per Redeemable Participating ShareThe net asset value per redeemable participating share in each Fund is calculated by dividing the assets less liabilities, by the number of shares in issue in respect of that Fund.
- Foreign Exchange Translation
- Functional and presentation currency: Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency” or “base currency”). This is US Dollars (US$) for Legg Mason QS Conservative Fund, Legg Mason QS Balanced Fund, Legg Mason QS Growth Fund, Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund 2022, Legg Mason Diversified Global Fixed Maturity Bond Fund 2023 and Legg Mason Western Asset Diversified Global Credit Fixed Maturity Bond Fund Series 3; and Euro (EUR or €) for Legg Mason QS Investors Multi Asset Euro Conservative Fund, Legg Mason QS Investors Multi Asset Euro Balanced Fund and Legg Mason QS Investors Multi Asset Euro Performance Fund. The Company has adopted the functional currency of each Fund as the presentation currency for these financial statements. The financial statements of the Company are presented in US Dollars.
- Purchases and sales of securities, and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. Assets and liabilities are translated at the foreign exchange rate at the end of the financial year. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the Depositary bank, and recorded as foreign exchange gains/losses in the Statement of Comprehensive Income. | en | it |
DOLFIN6367 | 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 historical 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 index is
Connect), which are programmes developed for the purpose of mutual stock market access between SSE and the Stock Exchange of Hong Kong Limited (SEHK) and SZSE and SEHK. Where it is not possible to acquire certain constituents of the index due to restrictions or limited availability (e.g. suspension or insufficient liquidity of A shares), the fund will attempt to replicate the index by investing in a portfolio of shares or other eligible assets that comprise a representative sample of the index, or unrelated shares or other eligible assets. The fund may receive income in respect of the securities held by the fund. 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 derivatives. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
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 liquidity, operational, clearing, settlement, market suspension and custody risks linked to investments in the People’s Republic of China (“PRC”), the RQFII system and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in A-shares given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. The Board of Directors intends to make relevant provision on dividend and interest from A- shares if the tax on dividends is not withheld at source at the time when such income is received. Any such provision may be excessive or inadequate. Investors may be advantaged or disadvantaged depending on the time they subscribed and/or redeemed their shares. The value of the share class may be affected by currency fluctuations between the currency of the share class and the currency of the investments invested in by 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 históricos 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 índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias
Connect (Stock Connect), que proporcionan acceso mutuo a los respectivos mercados de valores entre la SSE y la Bolsa de Hong Kong (SEHK) y entre la SZSE la SEHK. Cuando no sea posible adquirir determinados componentes del índice debido a restricciones o a una disponibilidad limitada (por ejemplo, por la suspensión o una liquidez insuficiente de las acciones de tipo A), el fondo intentará replicar el índice invirtiendo en una cartera de acciones u otros activos admisibles que incluyan una muestra representativa del índice, o en acciones no relacionadas u otros activos admisibles. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. 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 derivados. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
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 los riesgos de liquidez, operativo, de compensación, de liquidación, de suspensión del mercado y de custodia vinculados a las inversiones en China, al sistema RQFII y a Stock Connect. El fondo puede sufrir dificultades o retrasos a la hora de hacer valer sus derechos en las acciones de tipo A debido a que los regímenes de valores de China y Hong Kong son distintos. El fondo y la entidad depositaria no pueden asegurar que la propiedad del fondo sobre los valores en China o la titularidad sobre ellos estén garantizadas en todas las circunstancias. El Consejo de Administración tiene previsto dotar la correspondiente provisión sobre los dividendos e intereses de las acciones de tipo A si no se efectúa una retención del impuesto sobre los dividendos en origen en el momento en que se perciban dichos rendimientos. Esta provisión puede resultar excesiva o insuficiente. Los inversores pueden resultar beneficiados o perjudicados en función del momento en que suscribieron o reembolsaron sus acciones. El valor de la clase de acciones puede verse afectado por las fluctuaciones entre la moneda de la clase de acciones y la moneda de las inversiones efectuadas por el 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 historical 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 index is
Connect), which are programmes developed for the purpose of mutual stock market access between SSE and the Stock Exchange of Hong Kong Limited (SEHK) and SZSE and SEHK. Where it is not possible to acquire certain constituents of the index due to restrictions or limited availability (e.g. suspension or insufficient liquidity of A shares), the fund will attempt to replicate the index by investing in a portfolio of shares or other eligible assets that comprise a representative sample of the index, or unrelated shares or other eligible assets. The fund may receive income in respect of the securities held by the fund. 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 derivatives. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
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 liquidity, operational, clearing, settlement, market suspension and custody risks linked to investments in the People’s Republic of China (“PRC”), the RQFII system and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in A-shares given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. The Board of Directors intends to make relevant provision on dividend and interest from A- shares if the tax on dividends is not withheld at source at the time when such income is received. Any such provision may be excessive or inadequate. Investors may be advantaged or disadvantaged depending on the time they subscribed and/or redeemed their shares. The value of the share class may be affected by currency fluctuations between the currency of the share class and the currency of the investments invested in by 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 |
DOLFIN6368 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Review of categories relevant for the fund
With its exceptionally quick reaction, the Bank of Canada had already exhausted most of its monetary policy options by the end of the first quarter of 2020. In addition, the bond purchase programme was then increased to support liquidity in the market. At no point in time did negative interest rates seem to be a valid option for the BoC, this approach was seen as positive by the portfolio management.
With the supportive measures on the part of monetary and fiscal policy, the situation in the Canadian money market also calmed surprisingly quickly. Liquidity returned to the market and credit spreads recovered within a short period of time. | ##### Rückblick auf fondsrelevante Kategorien
Mit ihrer aussergewöhnlich schnellen Reaktion hatte die Bank of Canada Ende des ersten Quartals 2020 den Grossteil ihrer geldpolitischen Möglichkeiten bereits ausgereizt. Zusätzlich wurde sodann das Anleihen Kaufprogramm zur Stützung der Liquidität im Markt erhöht. Negativzinsen schienen zu keinem Zeitpunkt eine valable Option für die BoC darzustellen, was von Seiten des Portfolio Managements als positiv gewertet wurde.
Mit den stützenden Massnahmen auf Seiten der Geld- und Fiskalpolitik beruhigte sich auch im kanadischen Geldmarkt die Situation überraschend schnell. Die Liquidität kehrte in den Markt zurück und die Kreditaufschläge erholten sich innert kurzer Zeit. | #### Review of categories relevant for the fund
With its exceptionally quick reaction, the Bank of Canada had already exhausted most of its monetary policy options by the end of the first quarter of 2020. In addition, the bond purchase programme was then increased to support liquidity in the market. At no point in time did negative interest rates seem to be a valid option for the BoC, this approach was seen as positive by the portfolio management.
With the supportive measures on the part of monetary and fiscal policy, the situation in the Canadian money market also calmed surprisingly quickly. Liquidity returned to the market and credit spreads recovered within a short period of time. | en | de |
DOLFIN6369 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.50% of the amount you pay in when entering this investment. | Up to €550 |
| 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 | 1.34% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €134 |
| Transaction costs | 0.13% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €13 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | €0 | | | Einmalige Kosten bei Einstieg oder Ausstieg Wenn Sie nach 1 Jahr aussteigen |
| --- |
| Einstiegskosten | 5.50 % des Betrags, den Sie beim Einstieg in diese Anlage zahlen. | Bis zu €550 |
| Ausstiegskosten | Wir berechnen keine Ausstiegsgebühr für dieses Produkt, die Person, die Ihnen das Produkt verkauft, kann jedoch eine Gebühr berechnen. | €0 |
| Laufende Kosten pro Jahr |
| Verwaltungsgebühren und sonstige Verwaltungs- oder Betriebskosten | 1.34 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung auf der Grundlage der tatsächlichen Kosten des letzten Jahres. | €134 |
| Transaktionskosten | 0.13 % des Werts Ihrer Anlage pro Jahr. Hierbei handelt es sich um eine Schätzung der Kosten, die anfallen, wenn wir die zugrunde liegenden Anlagen für den Fonds kaufen oder verkaufen. Der tatsächliche Betrag hängt davon ab, wie viel wir kaufen und verkaufen. | €13 |
| Zusätzliche Kosten unter bestimmten Bedingungen |
| Erfolgsgebühren (und Carried Interest) | Für dieses Produkt fallen keine an die Wertentwicklung des Fonds gebundene Gebühren an. | €0 | | | One-off costs upon entry or exit If you exit after 1 year |
| --- |
| Entry costs | 5.50% of the amount you pay in when entering this investment. | Up to €550 |
| 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 | 1.34% of the value of your investment per year. This is an estimate based on actual costs over the last year. | €134 |
| Transaction costs | 0.13% 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 Fund. The actual amount will vary depending on how much we buy and sell. | €13 |
| Incidental costs taken under specific conditions |
| Performance fees (and carried interest) | There is no performance fee for this product. | €0 | | en | de |
DOLFIN6370 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# INVESTMENT CONSIDERATIONS
## INVESTMENT OBJECTIVE AND POLICIES
The Directors determine the investment objectives, strategies and the investment restrictions applicable to the Company and the Sub-Funds. The details of the investment objectives, strategies and policies of each Sub-Fund are set out in the Relevant Supplement.
Any change to the investment objectives and/or material investment policies of a Sub-Fund will only be made with the approval by ordinary resolution of Shareholders of that Sub-Fund at a general meeting and in the event of a change of investment objectives and/or a material change in policies a reasonable notification period will be provided by the Company to enable Shareholders to redeem their Shares prior to implementation of these changes.
Investors should refer to the “Investment Risks” section for information in relation to the risks associated with the use of FDI and the description of a Sub-Fund’s investment objectives and policies contained in the Relevant Supplement.
## Sub-Funds linked to Reference Assets
The investment objective of these Sub-Funds will be to provide a return linked to the performance of one or more Reference Asset(s) such as, for example, a sufficiently diversified index, strategy, basket comprised of Investment Instruments, or other investment and the investment objective of these Sub- Funds may also incorporate a cash return. The details of any Reference Asset are outlined in the Relevant Supplement.
Sub-Funds linked to a Reference Asset need not invest directly in the components of the relevant Reference Asset. Instead, the Sub-Funds may invest in a portfolio of Investment Instruments including OTC FDI (subject to the restrictions laid down in the “Investment Restrictions” section), whereby the returns received on the Sub-Fund’s assets (minus all fees and expenses of the relevant Sub-Fund) will be swapped in exchange for returns linked to the Reference Asset. The return to investors in such Sub- Funds will therefore be dependent upon the performance of the Reference Asset and the Sub-Fund’s assets, including the performance of the OTC FDI.
Where a Sub-Fund invests directly in the relevant Reference Asset(s), the Sub-Fund will seek to ensure that the composition and weighting of the Sub-Fund’s assets reflect to the extent possible the composition and weighting of the Reference Asset(s). The Sub-Fund’s assets will be adjusted on a periodic basis to mirror any changes made in the Reference Asset(s). It cannot however be assured that the Sub-Fund’s assets will exactly track the Reference Asset(s) at all times.
## Sub-Funds without a Reference Asset
The investment objective of these Sub-Funds will be to provide a return by investing directly into Investment Instruments in accordance with the specific investment objective and policies set out in the Relevant Supplements, subject to the UCITS Regulations and compliance with the investment restrictions as described in the “Investment Restrictions” section. | # MODALITÉS D'INVESTISSEMENT
## OBJECTIF ET POLITIQUES D'INVESTISSEMENT
Les Administrateurs déterminent les objectifs et stratégies d'investissement, ainsi que les restrictions d'investissement applicables à la Société et aux Compartiments. Les détails relatifs aux objectifs, stratégies et politiques d'investissement de chaque Compartiment figurent au Supplément Correspondant.
Tout changement des objectifs d'investissement et/ou d’importantes politiques d'investissement d'un Compartiment sera effectué uniquement sur adoption d'une résolution ordinaire des Actionnaires de ce Compartiment lors d'une assemblée générale et, dans l'hypothèse d'un changement des objectifs et/ou d’un changement majeur concernant les politiques d'investissement, un préavis raisonnable doit être accordé par la Société afin de permettre aux Actionnaires de racheter leurs Actions préalablement à la mise en place de ces changements.
Les investisseurs sont invités à se référer à la section « Risques inhérents à l'Investissement » pour toute information relative aux risques associés à l'utilisation de IFD, ainsi qu'à la description des objectifs et politiques d'investissement d'un Compartiment contenus au Supplément Correspondant.
## Compartiments liés aux Actifs de Référence
L'objectif d'investissement de ces Compartiments sera de produire un rendement lié à la performance d'un ou de plusieurs Actifs de Référence tels que, à titre illustratif, un indice suffisamment diversifié, une stratégie, un panier composé d'Instruments d'Investissement, ou autre investissement et l'objectif d'investissement de ces Compartiments peut également intégrer un rendement en espèces. Les détails relatifs à un quelconque Actif de Référence sont soulignés au Supplément Correspondant.
Les Compartiments liés à un Actif de Référence ne doivent pas nécessairement investir directement dans les composantes de l'Actif de Référence concerné. Au contraire, les Compartiments peuvent investir dans un portefeuille d'Instruments d'Investissement, notamment IFD OTC (sous réserve des restrictions indiquées à la section « Restrictions d'Investissement », au moyen desquels les rendements reçus sur les actifs du Compartiment (moins toutes les commissions et dépenses du Compartiment concerné) seront échangés contre les rendements liés à l'Actif de Référence. Le rendement aux investisseurs de ces Compartiments dépendra en conséquence de la performance de l'Actif de Référence et des actifs du Compartiment, notamment de la performance des IFD OTC.
Lorsqu'un Compartiment investit directement dans les Actifs de Référence concernés, le Compartiment doit s'assurer que la composition et la pondération des actifs du Compartiment reflètent dans la mesure du possible la composition et la pondération des Actifs de Référence. Les actifs du Compartiment seront ajustés périodiquement afin de refléter les changements effectués aux Actifs de Référence. Toutefois, il ne peut être garanti que les actifs du Compartiment suivront toujours exactement les Actifs de Référence.
## Compartiments dépourvus d'actifs de Référence
L'objectif d'investissement de ces Compartiments sera de produire un rendement en investissant directement en Instruments d'Investissement, conformément à l'objectif et aux politiques d'investissement spécifiques, sous réserve des Réglementations OPCVM et du respect des restrictions d'investissement décrites à la section « Restrictions d'Investissement ». | # INVESTMENT CONSIDERATIONS
## INVESTMENT OBJECTIVE AND POLICIES
The Directors determine the investment objectives, strategies and the investment restrictions applicable to the Company and the Sub-Funds. The details of the investment objectives, strategies and policies of each Sub-Fund are set out in the Relevant Supplement.
Any change to the investment objectives and/or material investment policies of a Sub-Fund will only be made with the approval by ordinary resolution of Shareholders of that Sub-Fund at a general meeting and in the event of a change of investment objectives and/or a material change in policies a reasonable notification period will be provided by the Company to enable Shareholders to redeem their Shares prior to implementation of these changes.
Investors should refer to the “Investment Risks” section for information in relation to the risks associated with the use of FDI and the description of a Sub-Fund’s investment objectives and policies contained in the Relevant Supplement.
## Sub-Funds linked to Reference Assets
The investment objective of these Sub-Funds will be to provide a return linked to the performance of one or more Reference Asset(s) such as, for example, a sufficiently diversified index, strategy, basket comprised of Investment Instruments, or other investment and the investment objective of these Sub- Funds may also incorporate a cash return. The details of any Reference Asset are outlined in the Relevant Supplement.
Sub-Funds linked to a Reference Asset need not invest directly in the components of the relevant Reference Asset. Instead, the Sub-Funds may invest in a portfolio of Investment Instruments including OTC FDI (subject to the restrictions laid down in the “Investment Restrictions” section), whereby the returns received on the Sub-Fund’s assets (minus all fees and expenses of the relevant Sub-Fund) will be swapped in exchange for returns linked to the Reference Asset. The return to investors in such Sub- Funds will therefore be dependent upon the performance of the Reference Asset and the Sub-Fund’s assets, including the performance of the OTC FDI.
Where a Sub-Fund invests directly in the relevant Reference Asset(s), the Sub-Fund will seek to ensure that the composition and weighting of the Sub-Fund’s assets reflect to the extent possible the composition and weighting of the Reference Asset(s). The Sub-Fund’s assets will be adjusted on a periodic basis to mirror any changes made in the Reference Asset(s). It cannot however be assured that the Sub-Fund’s assets will exactly track the Reference Asset(s) at all times.
## Sub-Funds without a Reference Asset
The investment objective of these Sub-Funds will be to provide a return by investing directly into Investment Instruments in accordance with the specific investment objective and policies set out in the Relevant Supplements, subject to the UCITS Regulations and compliance with the investment restrictions as described in the “Investment Restrictions” section. | en | fr |
DOLFIN6371 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
2 The Fund will primarily invest in investment grade bonds and may also invest in bonds with less than one year to maturity for liquidity.
2 The Fund may hold inflation-indexed bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
2 The base currency of the Fund is USD.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain
bank holidays or public holidays and subject to certain restrictions described in the supplement for the Fund) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) and the supplement for the Fund (the "Supplement") on our website at https://global.vanguard.com | 2 El Fondo invertirá principalmente en bonos con grado de inversión y también podrá invertir en bonos con un vencimiento inferior a un año a efectos de liquidez.
2 El Fondo podrá mantener bonos indexados a la inflación que, aunque no sean componentes del Índice, tengan características de riesgo y rentabilidad muy similares a las de los componentes del Índice o a las del Índice en su conjunto.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado.
2 La divisa base del Fondo es USD.
2 El Fondo podrá participar en préstamos seguros de sus inversiones a corto plazo a terceros cualificados. Esto se utiliza como medio de generar ingresos adicionales y para compensar los costes del Fondo.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Los ingresos procedentes del Fondo se pagarán.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y de conformidad con determinadas restricciones descritas en el suplemento del Fondo) mediante el envío de una solicitud por escrito. Se encuentra disponible una lista completa de las acciones del Fondo que no pueden venderse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630.
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte el Anexo 6 del Folleto de Vanguard Investment Series plc (el «Folleto») y el suplemento del Fondo (el «Suplemento») en nuestra página web https://global.vanguard.com. | 2 The Fund will primarily invest in investment grade bonds and may also invest in bonds with less than one year to maturity for liquidity.
2 The Fund may hold inflation-indexed bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
2 The base currency of the Fund is USD.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain
bank holidays or public holidays and subject to certain restrictions described in the supplement for the Fund) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) and the supplement for the Fund (the "Supplement") on our website at https://global.vanguard.com | en | es |
DOLFIN6372 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The investment objective of the Fund is to achieve capital appreciation with a low correlation to the overall global markets by investing across credit and interest rates markets.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund will seek to achieve its objective by investing primarily across a broad investment universe of credit bonds and fixed income derivative instruments including credit default swaps (where the Fund would be either a buyer or a seller of protection), interest rate futures, and interest rate swaps. The Fund will employ a range of sub-strategies to achieve its investment objective with an absolute return strategy:
b
A core, long/short, market neutral portfolio of exposures to single name credits, designed to generate alpha from inefficiencies in investment grade and high yield credit markets, via positions in (or exposures to) credit bonds, single name credit default swaps and other derivatives.
b
An asset allocation overlay designed to enhance core portfolio returns via long and short directional credit market index exposures via credit default swap index derivatives, and via long and short exposures to US Treasury futures. | # Objetivos y política de inversión
El objetivo de inversión del Fondo es lograr la revalorización del capital con una baja correlación con los mercados globales, invirtiendo en mercados de crédito y de tipos de interés.
El Fondo se gestiona de forma activa y no utiliza ningún índice de referencia.
El Fondo tratará de lograr su objetivo invirtiendo principalmente en un amplio universo de inversión de bonos de crédito e instrumentos derivados de renta fija, incluidos los swaps de incumplimiento de crédito (en los que el Fondo sería comprador o vendedor de protección), los futuros de tipos de interés y los swaps de tipos de interés. El Fondo utilizará una serie de estrategias secundarias para alcanzar su objetivo de inversión con una estrategia de rentabilidad absoluta:
b
Una cartera principal, de valores a largo y corto plazo y neutra en materia de mercados, diseñada para generar alfa a partir de las ineficiencias en los mercados de crédito con categoría de inversión y mercados de crédito de alta rentabilidad, mediante posiciones en (o exposiciones a) bonos de crédito, swaps de incumplimiento de crédito de nombre único y otros derivados.
b
Una superposición de asignación de activos diseñada para mejorar las rentabilidades principales de la cartera a través de exposiciones largas y cortas al índice del mercado de crédito direccional a través de derivados de índices de swaps de incumplimiento de crédito y de exposiciones largas y cortas a futuros del Tesoro estadounidense. | # Objectives and investment policy
The investment objective of the Fund is to achieve capital appreciation with a low correlation to the overall global markets by investing across credit and interest rates markets.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund will seek to achieve its objective by investing primarily across a broad investment universe of credit bonds and fixed income derivative instruments including credit default swaps (where the Fund would be either a buyer or a seller of protection), interest rate futures, and interest rate swaps. The Fund will employ a range of sub-strategies to achieve its investment objective with an absolute return strategy:
b
A core, long/short, market neutral portfolio of exposures to single name credits, designed to generate alpha from inefficiencies in investment grade and high yield credit markets, via positions in (or exposures to) credit bonds, single name credit default swaps and other derivatives.
b
An asset allocation overlay designed to enhance core portfolio returns via long and short directional credit market index exposures via credit default swap index derivatives, and via long and short exposures to US Treasury futures. | en | es |
DOLFIN6373 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
At sub-fund level, the different national require- ments have the consequence that the conversion as a result of the discretionary trigger or the suspension of the coupon payments can be triggered accordingly depending on the regula- tory law applicable to the issuer and that an additional uncertainty factor exists for the CoCo investor, or the investor, depending on the national conditions and the sole judgment of the respective competent supervisory authority.
Moreover, the opinion of the respective supervi- sory authority, as well as the criteria of relevance for the opinion in the individual case, cannot be conclusively assessed in advance.
- Call risk and risk of the competent supervisory authority preventing a call(call extension risk)CoCos are perpetual long-term debt securities that are callable by the issuer at certain call dates defined in the issue prospectus. The decision to call is made at the discretion of the issuer, but it does require the approval of the issuer’s com- petent supervisory authority. The supervisory authority makes its decision in accordance with applicable regulatory law. | Au niveau du compartiment, les différentes exigences nationales ont pour effet que la conver- sion consécutive au déclenchement facultatif ou à la suspension des paiements de coupon peut être déclenchée en conséquence en fonction des dispositions réglementaires en vigueur et qu’il existe un facteur d’incertitude supplémentaire pour l’investisseur en CoCos, ou l’investisseur, en fonction des conditions nationales et selon la libre appréciation des autorités de surveillance compétentes.
En outre, ni l’opinion des autorités de surveillance compétentes ni les critères de pertinence permet- tant la formation d’une opinion au cas par cas ne peuvent être évalués de manière concluante à l’avance.
- Risque d’exigibilité et risque qu’un appel à paiement soit empêché par les autorités de surveillance compétentes(risque de report de vente)Les CoCos sont des titres de créances à long terme qui sont remboursables par l’émetteur à certaines échéances définies dans le prospectus d’émission. La décision de remboursement relève de la discrétion de l’émetteur mais nécessite l’approbation des autorités de surveillance com- pétentes pour l’émetteur. Les autorités de surveil- lance prennent leur décision conformément aux dispositions réglementaires en vigueur. | At sub-fund level, the different national require- ments have the consequence that the conversion as a result of the discretionary trigger or the suspension of the coupon payments can be triggered accordingly depending on the regula- tory law applicable to the issuer and that an additional uncertainty factor exists for the CoCo investor, or the investor, depending on the national conditions and the sole judgment of the respective competent supervisory authority.
Moreover, the opinion of the respective supervi- sory authority, as well as the criteria of relevance for the opinion in the individual case, cannot be conclusively assessed in advance.
- Call risk and risk of the competent supervisory authority preventing a call(call extension risk)CoCos are perpetual long-term debt securities that are callable by the issuer at certain call dates defined in the issue prospectus. The decision to call is made at the discretion of the issuer, but it does require the approval of the issuer’s com- petent supervisory authority. The supervisory authority makes its decision in accordance with applicable regulatory law. | en | fr |
DOLFIN6374 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# The shareholders of the sub-fund to be absorbed will receive one share of the absorbing sub-fund for each class of subscribed shares which they hold at the time of the merger.
If, following the exchange, the shareholder is allocated a fraction of shares in exchange for a full share, he/she may either be reimbursed by the corresponding absorbing sub-fund for this fraction of a share in cash and free of charge, except for any taxes that may be levied, or complete his/her fraction of a share in return for a cash payment in order to obtain a whole number of shares.
Proposal 3: Following the transfer of all the assets of the sub-fund to be absorbed, proposal to automatically terminate the sub-fund to be absorbed in accordance with Article 12:13 of the Companies and Associations Code. | # Les actionnaires du compartiment à absorber recevront, pour chacune des classes d’actions souscrites qu’ils détiennent au moment de la fusion, une action du compartiment absorbant correspondant.
Si à la suite de l’échange, l’actionnaire se voit attribuer une fraction d’actions en échange d’une action complète, il pourra soit, se faire rembourser par le compartiment absorbant correspondant cette fraction d’action en espèces et sans frais, sauf taxes éventuelles, soit compléter sa fraction d’actions moyennant paiement en espèces pour obtenir un nombre entier d’actions.
Proposition 3 : Suite au transfert de l’ensemble du patrimoine du compartiment à absorber, proposition de cessation de plein droit du compartiment à absorber conformément à l’article 12:13 du Code des sociétés et des associations. | # The shareholders of the sub-fund to be absorbed will receive one share of the absorbing sub-fund for each class of subscribed shares which they hold at the time of the merger.
If, following the exchange, the shareholder is allocated a fraction of shares in exchange for a full share, he/she may either be reimbursed by the corresponding absorbing sub-fund for this fraction of a share in cash and free of charge, except for any taxes that may be levied, or complete his/her fraction of a share in return for a cash payment in order to obtain a whole number of shares.
Proposal 3: Following the transfer of all the assets of the sub-fund to be absorbed, proposal to automatically terminate the sub-fund to be absorbed in accordance with Article 12:13 of the Companies and Associations Code. | en | fr |
DOLFIN6375 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Significant holdings risk: The investment manager may hold a significant percentage of the shares of some companies. This may prevent the Sub-Fund from selling the shares promptly, impact the instruments prices and cause delays when facing redemptions in stressed market situations. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de posiciones significativas: la gestora de inversiones puede poseer un porcentaje importante de las acciones de algunas empresas. Esto puede impedir que el Subfondo venda las acciones de forma inmediata, afectar a los precios de los instrumentos y provocar retrasos a la hora de hacer frente a los reembolsos en condiciones de un mercado en tensión. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Significant holdings risk: The investment manager may hold a significant percentage of the shares of some companies. This may prevent the Sub-Fund from selling the shares promptly, impact the instruments prices and cause delays when facing redemptions in stressed market situations. | en | es |
DOLFIN6376 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 2 The Subfund shall invest in the following instruments:
- direct investments in equity securities and other equities of companies which are listed on a stock exchange in India; up to 100% of the assets of the Subfund.
- ADR (American Depositary Receipts) and GDR (Global Depositary Receipts) of companies domiciled in India. ADR and GDR must comply with the provisions of Article 41 of the 2010 Law and may not have any derivatives embedded. The Subfund may make use of derivative financial instruments (derivatives) for currency hedging purposes only. The range of possible instruments covers forward currency contracts.
2 Investments in India may be made through purchase of equity securities listed on an Indian stock exchange or of so-called share-based products, in particular ADRs (American depositary receipts) and GDRs (global depositary receipts), Participatory Notes (P-Notes), Exchange Traded Funds (ETF) and other investment funds, which qualify as eligible assets in accordance with Article 44 of the Law of 2010. P-Notes are instruments issued by financial institutions that provide exposure to the underlying securities. These are eligible for investment by the Subfund, provided that they meet all legal and contractual criteria. Depending on the type of investment, the P-Notes are classified as a certificate or warrant / options. | # 2 El Subfondo invertirá en los siguientes instrumentos:
- inversiones directas en valores de renta variable y otras participaciones de empresas que coticen en un mercado de valores en la India; hasta el 100% del patrimonio del Subfondo.
- ADR (certificados de depósito estadounidenses) y GDR (certificados de depósito mundiales) de empresas domiciliadas en la India. Los ADR y GDR deberán cumplir las disposiciones del artículo 41 de la Ley de 2010 y no podrán tener derivados implícitos. El Subfondo podrá emplear instrumentos financieros derivados (derivados) únicamente con fines de cobertura cambiaria. La gama de instrumentos posibles incluye los contratos de divisas a plazo.
2 Las inversiones en la India podrán efectuarse mediante la compra de valores de renta variable cotizados en un mercado de valores indio o de los denominados «productos basados en acciones» —en concreto, ADR (certificados de depósito estadounidenses) y GDR (certificados de depósito mundiales), Participatory Notes (P-Notes), fondos cotizados (ETF) y otros fondos de inversión— que cumplan los requisitos de admisibilidad previstos en el artículo 44 de la Ley de 2010. Las P-Notes son instrumentos emitidos por entidades financieras que otorgan exposición a los activos subyacentes. Son admisibles como inversiones del Subfondo, siempre y cuando cumplan todos los criterios jurídicos y contractuales. Dependiendo del tipo de inversión, las P-Notes se clasifican como certificados o como warrants / opciones. | # 2 The Subfund shall invest in the following instruments:
- direct investments in equity securities and other equities of companies which are listed on a stock exchange in India; up to 100% of the assets of the Subfund.
- ADR (American Depositary Receipts) and GDR (Global Depositary Receipts) of companies domiciled in India. ADR and GDR must comply with the provisions of Article 41 of the 2010 Law and may not have any derivatives embedded. The Subfund may make use of derivative financial instruments (derivatives) for currency hedging purposes only. The range of possible instruments covers forward currency contracts.
2 Investments in India may be made through purchase of equity securities listed on an Indian stock exchange or of so-called share-based products, in particular ADRs (American depositary receipts) and GDRs (global depositary receipts), Participatory Notes (P-Notes), Exchange Traded Funds (ETF) and other investment funds, which qualify as eligible assets in accordance with Article 44 of the Law of 2010. P-Notes are instruments issued by financial institutions that provide exposure to the underlying securities. These are eligible for investment by the Subfund, provided that they meet all legal and contractual criteria. Depending on the type of investment, the P-Notes are classified as a certificate or warrant / options. | en | es |
DOLFIN6377 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above-mentioned index. The Sub-Fund invests primarily in equity and equity related securities of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies). The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in
shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El subfondo se gestiona activamente. El índice MSCI ACWI TR ND se utiliza a efectos de comparación de la rentabilidad y con fines de control del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del subfondo. Los valores a los que se dirige el subfondo pueden ser similares a los del índice en un grado que varía con el tiempo, pero se espera que su ponderación difiera sustancialmente. La rentabilidad del subfondo puede diferir sustancialmente de la rentabilidad del índice. El subfondo invierte principalmente en acciones y títulos relacionados con renta variable emitidos por empresas de todo el mundo (incluidos mercados emergentes) que desarrollan actividades de investigación, desarrollo, producción, promoción y/o distribución de productos, servicios y/o tecnologías digitales en el ámbito sanitario. El subfondo puede invertir en todos los sectores económicos (incluidas, entre otras, compañías que respaldan la cadena de suministro de estas empresas y les prestan servicios). El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Dentro de su exposición a
mercados emergentes, el subfondo puede invertir hasta un 20% de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión.
El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de ambas, a efectos del artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional al analizar el perfil de sostenibilidad de las inversiones del subfondo (lo que incluye selección y puntuaciones, exclusiones, restricciones y revisiones cualitativas y cuantitativas de sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above-mentioned index. The Sub-Fund invests primarily in equity and equity related securities of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies). The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in
shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN6378 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Subscriptions and redemptions in each sub-fund to be absorbed, and requests to switch sub-fund, will be accepted until:
- 14 March 2022 for DPAM HORIZON B Balanced Growth, before 3 p.m.
- 18 March 2022 for the other sub-funds to be absorbed, before the cut-off date indicated in the table below: | # Le richieste di sottoscrizione e rimborso di azioni (o di cambio di comparto) in ogni comparto da incorporare saranno accettate fino al:
- 14 marzo 2022 per DPAM HORIZON B Balanced Growth, entro le ore 15.00
- 18 marzo 2022 per gli altri comparti da incorporare, entro il cut-off indicato nella tabella seguente: | # Subscriptions and redemptions in each sub-fund to be absorbed, and requests to switch sub-fund, will be accepted until:
- 14 March 2022 for DPAM HORIZON B Balanced Growth, before 3 p.m.
- 18 March 2022 for the other sub-funds to be absorbed, before the cut-off date indicated in the table below: | en | it |
DOLFIN6379 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Notification of investors and shareholders
The organ of publication of the UCITS is the website of the LAFV Liechtenstein Investment Fund Association www.lafv.li.
All communications to investors and shareholders, including in respect of amendments of the Articles, the Terms and Conditions of Investment and Appendix A “Overview of the fund”, shall be published on the website of the LAFV Liech- tenstein Investment Fund Association (www.lafv.li) as the organ of publication of the UCITS as well as in the other media and data carriers specified in the Prospectus.
The net asset value as well as the issue and redemption price of the units of the UCITS or unit class respectively shall be reported on each valuation date on the website of the LAFV Liechtenstein Investment Fund Association (www.lafv.li) as the organ of publication of the UCITS as well as in the other media and permanent data carriers specified in the Prospec- tus (letter, fax, e-mail or similar).
The annual report, audited by an auditor and the interim report, which does not need to be audited by an auditor, shall be made available to investors free of charge at the headquarters of the Investment Company and of the Custodian.
- | # Informationen an die Anleger und Aktionäre
Publikationsorgan des OGAW ist die Web-Seite des LAFV Liechtensteinischer Anlagefondsverband www.lafv.li.
Sämtliche Mitteilungen an die Anleger und Aktionäre, auch über die Änderungen der Satzung, der Anlagebedingungen und des Anhangs A "Fonds im Überblick“ werden auf der Web-Seite des LAFV Liechtensteiner Anlagefondsverband (www.lafv.li) als Publikationsorgan des OGAW sowie sonstigen im Prospekt genannten Medien und Datenträgern veröf- fentlicht.
Der Nettoinventarwert sowie der Ausgabe- und Rücknahmepreis der Anteile des OGAW bzw. Anteilsklasse werden an jedem Bewertungstag auf der Web-Seite des LAFV Liechtensteiner Anlagefondsverband (www.lafv.li) als Publikationsor- gan des OGAW sowie sonstigen im Prospekt genannten Medien und dauerhaften Datenträgern (Brief, Fax, Email oder Vergleichbares) bekannt gegeben.
Der von einem Wirtschaftsprüfer geprüfte jährliche Jahresbericht und der Halbjahresbericht, der nicht geprüft sein muss, werden den Anlegern am Sitz der Investmentgesellschaft und Verwahrstelle kostenlos zur Verfügung gestellt.
- | # Notification of investors and shareholders
The organ of publication of the UCITS is the website of the LAFV Liechtenstein Investment Fund Association www.lafv.li.
All communications to investors and shareholders, including in respect of amendments of the Articles, the Terms and Conditions of Investment and Appendix A “Overview of the fund”, shall be published on the website of the LAFV Liech- tenstein Investment Fund Association (www.lafv.li) as the organ of publication of the UCITS as well as in the other media and data carriers specified in the Prospectus.
The net asset value as well as the issue and redemption price of the units of the UCITS or unit class respectively shall be reported on each valuation date on the website of the LAFV Liechtenstein Investment Fund Association (www.lafv.li) as the organ of publication of the UCITS as well as in the other media and permanent data carriers specified in the Prospec- tus (letter, fax, e-mail or similar).
The annual report, audited by an auditor and the interim report, which does not need to be audited by an auditor, shall be made available to investors free of charge at the headquarters of the Investment Company and of the Custodian.
- | en | de |
DOLFIN6380 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Limitations on redemptions
The Company and/or the Manager is entitled to limit the number of Shares of any Fund redeemed on any Business Day (including Shares redeemed as part of an exchange of Shares from one Fund to another) to 10% of the total number of Shares of that Fund in issue. In this event, all the relevant redemption orders will be scaled down pro rata to the number of Shares requested to be redeemed. The Company shall treat the deferred repurchase requests as if they were received for each subsequent dealing day (in relation to which the Company has the same power of deferral at the then prevailing limit) until all the shares to which the original request related have been repurchased. In such cases, the Company may reduce requests pro rata on the next and following dealing days so as to give effect to the above limitation. Shares so redeemed will be valued at the net asset value per Share prevailing on the Business Day on which they are actually redeemed (with redeeming Shareholders assuming the risks associated with any change in the net asset value per Share on such Business Days). If orders for redemption are so deferred, the Transfer Agent will inform the Shareholders affected.
The Company, with the sanction of an ordinary resolution of the Shareholders of a Fund, may transfer assets of the Company to a Shareholder in satisfaction of a redemption order, provided that, (i) in the case of any redemption order with respect to Shares representing 5% or less of the share capital of the Company or of a Fund or (ii) with the consent of the Shareholder making a redemption order, assets may be transferred without the sanction of an ordinary resolution provided that the Directors or the Manager shall deem it equitable and such distribution is not prejudicial to the interests of the remaining Shareholders. If the Shareholder making such redemption order so requests it, the Company may sell such assets and the proceeds of sale shall be transmitted to the redeeming Shareholder. | ## Limitazioni al rimborso
La Società e/o il Gestore hanno facoltà di limitare il numero di Azioni di tutti i Comparti, riscattate in un Giorno Lavorativo (ivi incluse le Azioni riscattate nel contesto di una conversione di Azioni da un Comparto ad un altro) al 10% del numero complessivo di Azioni in emissione di quel Comparto. In tal caso, tutti i relativi ordini di rimborso saranno ridotti in proporzione al numero di Azioni per le quali è stato richiesto il rimborso. La Società tratterà le richieste di rimborso posticipate come se fossero state ricevute in ogni giorno di contrattazione successivo (in relazione al quale la Società dispone dello stesso potere di differimento al limite prevalente in quel momento) fino a quando non vengono riscattate tutte le azioni della richiesta originale. In tali casi, la società potrà ridurre proporzionalmente le richieste il giorno di contrattazione successivo e quelli seguenti per dare efficacia al suddetto limite. Le Azioni così riscattate saranno valutate al valore patrimoniale netto per Azione prevalente nel Giorno Lavorativo in cui vengono realmente rimborsate (con l’assunzione da parte degli Azionisti che chiedono il riscatto dei rischi associati a qualsiasi cambiamento del valore patrimoniale netto per Azione in detti Giorni Lavorativi). Qualora gli ordini di rimborso venissero differiti in tal modo, l’Agente per i Trasferimenti ne informerà gli Azionisti interessati.
Con l’approvazione di una delibera ordinaria degli Azionisti di un Comparto, la Società può trasferire le attività proprie ad un Azionista per far fronte ad un ordine di rimborso, a condizione che (i) nel caso di qualsiasi ordine di rimborso con riferimento alle Azioni che rappresentano il 5% o meno del capitale azionario della Società o di un Comparto o (ii) con il consenso dell’Azionista che presenta l’ordine di rimborso, le attività possano essere trasferite senza approvazione di una delibera ordinaria, purché gli Amministratori o il Gestore lo ritengano equo e tale distribuzione non pregiudichi gli interessi degli altri Azionisti. Se l’Azionista che presenta tale ordine di rimborso lo richieda, tali attività possono essere vendute dalla Società ed i proventi di vendita sono trasmessi all’Azionista che ha richiesto il riscatto. | ## Limitations on redemptions
The Company and/or the Manager is entitled to limit the number of Shares of any Fund redeemed on any Business Day (including Shares redeemed as part of an exchange of Shares from one Fund to another) to 10% of the total number of Shares of that Fund in issue. In this event, all the relevant redemption orders will be scaled down pro rata to the number of Shares requested to be redeemed. The Company shall treat the deferred repurchase requests as if they were received for each subsequent dealing day (in relation to which the Company has the same power of deferral at the then prevailing limit) until all the shares to which the original request related have been repurchased. In such cases, the Company may reduce requests pro rata on the next and following dealing days so as to give effect to the above limitation. Shares so redeemed will be valued at the net asset value per Share prevailing on the Business Day on which they are actually redeemed (with redeeming Shareholders assuming the risks associated with any change in the net asset value per Share on such Business Days). If orders for redemption are so deferred, the Transfer Agent will inform the Shareholders affected.
The Company, with the sanction of an ordinary resolution of the Shareholders of a Fund, may transfer assets of the Company to a Shareholder in satisfaction of a redemption order, provided that, (i) in the case of any redemption order with respect to Shares representing 5% or less of the share capital of the Company or of a Fund or (ii) with the consent of the Shareholder making a redemption order, assets may be transferred without the sanction of an ordinary resolution provided that the Directors or the Manager shall deem it equitable and such distribution is not prejudicial to the interests of the remaining Shareholders. If the Shareholder making such redemption order so requests it, the Company may sell such assets and the proceeds of sale shall be transmitted to the redeeming Shareholder. | en | it |
DOLFIN6381 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### RISQUES
L’attention des investisseurs est attirée sur le fait qu’un investissement dans la Société implique un certain degré de risque supérieur à la moyenne et qu’il n’est donc indiqué que pour des investisseurs prêts à prendre de tels risques. La valeur des Actions peut évoluer à la hausse comme à la baisse et les investisseurs risquent de ne pas récupérer le capital initialement investi. Un investissement dans la Société doit être envisagé à moyen ou long terme du fait de l’écart entre le prix d’achat et le prix de vente des Actions pouvant exister à tout moment. Un investissement dans la Société ne devrait pas représenter une part substantielle du portefeuille d’un investisseur et peut ne pas convenir à tous les types d’investisseurs. Les facteurs de risque à prendre en considération sont précisés au chapitre « Facteurs de risque » ci-après.
Les investisseurs doivent savoir que les Administrateurs peuvent déclarer des dividendes à partir du capital au titre de certaines Catégories de distribution et que, en pareil cas, le capital de ces Actions s’amoindrira, lesdites distributions seront réalisées en renonçant au potentiel de croissance de capital à venir et ce cycle peut se poursuivre jusqu’à épuisement de l’intégralité du capital correspondant aux Actions. Ces dividendes peuvent découler d’une baisse instantanée de la Valeur liquidative par Action. Les investisseurs des Catégories de distribution doivent également savoir que le paiement des distributions par la Société à partir du capital peut engendrer des conséquences fiscales autres que celles liées aux distributions de bénéfices, si bien qu’ils sont vivement encouragés à faire appel à un conseil fiscal à cet égard. | ### RIESGOS
Los inversores deben tener presente que toda inversión en la Sociedad entraña un potencial de riesgo superior a la media y que solo es adecuada para aquellas personas en disposición de asumir tales riesgos. El valor de las Acciones podrá oscilar tanto al alza como a la baja, y cabe que los inversores no recuperen el importe invertido. La diferencia existente en cada momento entre el precio de emisión y el precio de recompra de las Acciones hace aconsejable considerar toda inversión en la Sociedad en un horizonte temporal a medio y largo plazo. Una inversión en la Sociedad podría no ser apropiada para todos los inversores y no debería representar una parte significativa de la cartera de un inversor. En la sección “Riesgos de inversión” se exponen los factores de riesgo que todo inversor habrá de considerar.
Los inversores deben tener presente que los Administradores pueden declarar dividendos con cargo al capital relativo a algunas Clases de Distribución y, en caso de que lo hagan, se verá deteriorado el capital de dichas Acciones, que se logrará dicha distribución en perjuicio de un crecimiento potencial del capital en un futuro y que este ciclo puede continuar hasta que el capital de esas Acciones se agote. Tales dividendos pueden conllevar una disminución inmediata del Valor Liquidativo de la Acción. Los inversores en las Clases de Distribución también deberían tener presente que el hecho de que la Sociedad pague distribuciones con cargo al capital puede conllevar para ellos implicaciones fiscales distintas a las del reparto de ganancias y, por lo tanto, se recomienda que reciban asesoría fiscal a este respecto. | ### RISQUES
L’attention des investisseurs est attirée sur le fait qu’un investissement dans la Société implique un certain degré de risque supérieur à la moyenne et qu’il n’est donc indiqué que pour des investisseurs prêts à prendre de tels risques. La valeur des Actions peut évoluer à la hausse comme à la baisse et les investisseurs risquent de ne pas récupérer le capital initialement investi. Un investissement dans la Société doit être envisagé à moyen ou long terme du fait de l’écart entre le prix d’achat et le prix de vente des Actions pouvant exister à tout moment. Un investissement dans la Société ne devrait pas représenter une part substantielle du portefeuille d’un investisseur et peut ne pas convenir à tous les types d’investisseurs. Les facteurs de risque à prendre en considération sont précisés au chapitre « Facteurs de risque » ci-après.
Les investisseurs doivent savoir que les Administrateurs peuvent déclarer des dividendes à partir du capital au titre de certaines Catégories de distribution et que, en pareil cas, le capital de ces Actions s’amoindrira, lesdites distributions seront réalisées en renonçant au potentiel de croissance de capital à venir et ce cycle peut se poursuivre jusqu’à épuisement de l’intégralité du capital correspondant aux Actions. Ces dividendes peuvent découler d’une baisse instantanée de la Valeur liquidative par Action. Les investisseurs des Catégories de distribution doivent également savoir que le paiement des distributions par la Société à partir du capital peut engendrer des conséquences fiscales autres que celles liées aux distributions de bénéfices, si bien qu’ils sont vivement encouragés à faire appel à un conseil fiscal à cet égard. | fr | es |
DOLFIN6382 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Informations pratiques
## Banque dépositaire : Les actifs du Fonds sont détenus par le dépositaire, HSBC Continental Europe, Irlande.
Informations complémentaires : Des informations plus détaillées sur l’ICAV, des exemplaires du Prospectus, et les derniers rapports annuel et semestriel peuvent être obtenus sans frais sur le site www.carnegroup.com/en/p/india-acorn-icav et auprès du siège social de l’ICAV.
Informations représentatives des Catégories d’Actions : Le présent DICI, pour les Actions de Catégorie A USD, est aussi représentatif des Actions de Catégorie A EUR (IE00BD3RLX88) et des Actions de Catégorie A GBP (IE00BHPGG250).
Derniers cours des actions/Valeur nette d’inventaire : Les derniers cours des actions seront mis gratuitement à disposition sur le site : www.whiteoakcapitalpartners.com ou en s’adressant à l’Agent administratif, HSBC Securities Services (Ireland) DAC.
Politique de rémunération : Des informations détaillées concernant la politique de rémunération de la Société de gestion sont disponibles sur le site internet de cette dernière, www.carnegroup.com/resources. Un exemplaire papier sera disponible sans frais auprès du bureau de la Société de gestion sur demande.
Législation fiscale : La fiscalité des revenus et des plus-values de l’ICAV et des Actionnaires est soumise aux lois et pratiques fiscales d’Irlande, des pays dans lesquels l’ICAV investit et des juridictions desquelles les Actionnaires sont résidents à des fins fiscales ou autrement soumis à l’impôt. En fonction de votre pays de résidence, ceci peut avoir une incidence sur votre situation fiscale personnelle. Pour de plus amples informations, veuillez vous adresser à votre conseiller fiscal/financier.
Exactitude des informations : La responsabilité de la Société de gestion se limite aux déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du Prospectus de l’ICAV.
Séparation des passifs : Le Fonds est un compartiment d’India Acorn ICAV, un ICAV à compartiments. En vertu du droit irlandais, les actifs et passifs de chaque Fonds sont séparés des autres compartiments de l’ICAV et les actifs du Fonds ne seront pas mis à disposition pour couvrir les passifs d’un autre compartiment de l’ICAV.
## Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. La Société de gestion est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
## Les Informations clés pour l’investisseur ici fournies sont exactes et à jour au 11 février 2021. | # Información práctica
## Banco depositario: Los activos del Fondo se encuentran bajo custodia del depositario, HSBC Continental Europe, Ireland.
Información adicional: Se puede obtener más información sobre la ICAV, copias del Folleto y los informes anuales y semestrales más recientes de forma gratuita en www.carnegroup.com/en/p/india-acorn-icav y en el domicilio social de la ICAV.
Información sobre la clase de acciones representativa: Este KIID para las Acciones de Clase A en USD también es representativo de las Acciones de Clase A en EUR (IE00BD3RLX88) y de las Acciones de Clase A en GBP (IE00BHPGG250).
Últimos precios de acciones/valor liquidativo: Los últimos precios de acciones se podrán obtener de forma gratuita en www.whiteoakcapitalpartners.com o poniéndose en contacto con el Administrador, HSBC Securities Services (Ireland) DAC.
Política de remuneración: Los detalles de la política de remuneración del Gestor se encuentran disponibles en el sitio web del Gestor, www.carnegroup.com/resources. Puede solicitarse una copia impresa de forma gratuita en la oficina del Gestor previa solicitud.
Legislación fiscal: La tributación de los ingresos y las ganancias de capital de la ICAV y de los Accionistas está sujeta a la legislación y las prácticas fiscales de Irlanda, de los países en los que invierte la ICAV y de las jurisdicciones en las que los Accionistas sean residentes a efectos fiscales o estén sujetos a imposición de otra manera. Según su país de residencia, esto puede afectar a su situación fiscal personal. Para conocer más detalles, consulte con su asesor financiero o fiscal.
Declaración de exactitud: El Gestor únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto de la ICAV.
Responsabilidad segregada: El Fondo es un subfondo de India Acorn ICAV, una ICAV de tipo paraguas. En virtud de la legislación irlandesa, los activos y pasivos del Fondo se encuentran segregados de otros subfondos dentro de la ICAV y los activos del Fondo no estarán disponibles para cubrir los pasivos de otro subfondo de la ICAV.
## Este Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. El Gestor está autorizado en Irlanda y regulado por el Banco Central de Irlanda.
## Estos datos fundamentales para el inversor son exactos a 11 de febrero de 2021. | # Informations pratiques
## Banque dépositaire : Les actifs du Fonds sont détenus par le dépositaire, HSBC Continental Europe, Irlande.
Informations complémentaires : Des informations plus détaillées sur l’ICAV, des exemplaires du Prospectus, et les derniers rapports annuel et semestriel peuvent être obtenus sans frais sur le site www.carnegroup.com/en/p/india-acorn-icav et auprès du siège social de l’ICAV.
Informations représentatives des Catégories d’Actions : Le présent DICI, pour les Actions de Catégorie A USD, est aussi représentatif des Actions de Catégorie A EUR (IE00BD3RLX88) et des Actions de Catégorie A GBP (IE00BHPGG250).
Derniers cours des actions/Valeur nette d’inventaire : Les derniers cours des actions seront mis gratuitement à disposition sur le site : www.whiteoakcapitalpartners.com ou en s’adressant à l’Agent administratif, HSBC Securities Services (Ireland) DAC.
Politique de rémunération : Des informations détaillées concernant la politique de rémunération de la Société de gestion sont disponibles sur le site internet de cette dernière, www.carnegroup.com/resources. Un exemplaire papier sera disponible sans frais auprès du bureau de la Société de gestion sur demande.
Législation fiscale : La fiscalité des revenus et des plus-values de l’ICAV et des Actionnaires est soumise aux lois et pratiques fiscales d’Irlande, des pays dans lesquels l’ICAV investit et des juridictions desquelles les Actionnaires sont résidents à des fins fiscales ou autrement soumis à l’impôt. En fonction de votre pays de résidence, ceci peut avoir une incidence sur votre situation fiscale personnelle. Pour de plus amples informations, veuillez vous adresser à votre conseiller fiscal/financier.
Exactitude des informations : La responsabilité de la Société de gestion se limite aux déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du Prospectus de l’ICAV.
Séparation des passifs : Le Fonds est un compartiment d’India Acorn ICAV, un ICAV à compartiments. En vertu du droit irlandais, les actifs et passifs de chaque Fonds sont séparés des autres compartiments de l’ICAV et les actifs du Fonds ne seront pas mis à disposition pour couvrir les passifs d’un autre compartiment de l’ICAV.
## Ce Fonds est agréé en Irlande et réglementé par la Banque centrale d’Irlande. La Société de gestion est agréée en Irlande et réglementée par la Banque centrale d’Irlande.
## Les Informations clés pour l’investisseur ici fournies sont exactes et à jour au 11 février 2021. | fr | es |
DOLFIN6383 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Other relevant information
Further information about the Product can be obtained from the Prospectus and the annual and semi-annual financial statements which are available, in addition to the latest available NAV of the Product, at www.columbiathreadneedle.com. They are available free of charge in English and German.
You can find further information about the 5 year(s) past performance on our website at https://www.columbiathreadneedle.com
For Switzerland documents are available from our Swiss Representative: Carnegie Fund Services S.A., 11, rue du Général Dufour, CH-1204 Geneva, Switzerland, www.carnegie-fund-services.ch.
The paying agent is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Geneva. The current prices can be found at: www.fundinfo.com | # Autres informations pertinentes
Vous pouvez obtenir de plus amples informations sur le Produit dans le Prospectus et les états financiers annuels et semestriels disponibles, en plus de la dernière VL des actifs du Produit disponible, à l’adresse www.columbiathreadneedle.com. Ils sont disponibles gratuitement en anglais et en allemand.
Vous trouverez de plus amples renseignements sur la performance passée de 5 ans sur notre site Web à l'adresse https://www.columbiathreadneedle.com
Pour la Suisse, les documents sont disponibles auprès de notre Représentant suisse : Carnegie Fund Services S.A., 11, rue du général Dufour, CH-1204 Genève, Suisse, www.carnegie-fund-services.ch.
L’agent payeur est la Banque Cantonale de Genève, 17, quai de l’Île, CH-1204 Genève. Les prix actuels sont disponibles à l’adresse www.fundinfo.com | # Other relevant information
Further information about the Product can be obtained from the Prospectus and the annual and semi-annual financial statements which are available, in addition to the latest available NAV of the Product, at www.columbiathreadneedle.com. They are available free of charge in English and German.
You can find further information about the 5 year(s) past performance on our website at https://www.columbiathreadneedle.com
For Switzerland documents are available from our Swiss Representative: Carnegie Fund Services S.A., 11, rue du Général Dufour, CH-1204 Geneva, Switzerland, www.carnegie-fund-services.ch.
The paying agent is Banque Cantonale de Genève, 17, quai de l'Ile, CH-1204 Geneva. The current prices can be found at: www.fundinfo.com | en | fr |
DOLFIN6384 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where Shares are subscribed or purchased under Section 305 of the SFA by a relevant person (as defined in Section 305(5) of the SFA) which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | Cuando, en virtud del Artículo 305 de la SFA, las Acciones sean suscritas o adquiridas por una persona pertinente (en el sentido definido en el Artículo 305(5) de la SFA) que:
- tenga la condición de sociedad mercantil (sin ser un inversor acreditado en el sentido definido en la SFA), cuyo único objeto social sea poseer inversiones y cuyo capital social pertenezca íntegramente a una o varias personas físicas, cada una de las cuales sea un inversor acreditado; o
- un fideicomiso (cuando el fiduciario no sea un inversor acreditado) cuyo único objeto social sea mantener inversiones y cada beneficiario del fideicomiso sea una persona física distinta de un inversor acreditado;valores (en el sentido definido en el Artículo 2(1) de la SFA) pertenecientes a esa sociedad mercantil o los derechos e intereses de los beneficiarios (con independencia de su descripción) de ese fideicomiso, no podrán transmitirse a los seis meses siguientes a la fecha de adquisición de las Acciones por dicha sociedad o fideicomiso en virtud de una oferta presentada con arreglo al Artículo 305 de la SFA, salvo:
- a un inversor institucional o una persona pertinente, o a cualquier persona que resulte de una oferta a la que se refiere el Artículo 275(1A) o el Artículo 305A(3)(i)(B) de la SFA;
- cuando no se abone contrapartida alguna por la transmisión en ese momento u otro posterior;
- cuando la transmisión se realice por imperativo legal;
- tal y como se contempla en el apartado (5), letra A, del artículo 305 de la SFA; o
- tal y como se contempla en el Reglamento 36A de los Reglamentos de 2005 de valores y futuros (ofertas de inversión) (fondos de inversión colectiva) de Singapur. | Where Shares are subscribed or purchased under Section 305 of the SFA by a relevant person (as defined in Section 305(5) of the SFA) which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. | en | es |
DOLFIN6385 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
7
Why is the fund in this category?
Funds of category 5 have shown in the past a medium to high volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 5
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to medium to high price fluctuations based on the historical volatilities observed.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges figure shown here is an estimate of the charges. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
We do not yet have performance data for one complete year. Therefore we can not provide a useful indication of past performance to you.
Practical Information
Depositary: State Street Bank International GmbH – Luxembourg Branch
The Prospectus, Key Investor Information, Articles of Incorporation as well as the latest annual and semi-annual reports in German can be obtained free of charge from the Representative in Switzerland or at https://regulatory.allianzgi.com.
BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, is the Representative and Paying Agent in Switzerland for the shares distributed in Switzerland.
The unit prices as well as further information on the fund (including other shareclasses of the fund) are available online at https://regulatory.allianzgi.com.
Information on the current remuneration policy, including a description of the calculation methods for remuneration and benefits awarded to certain groups of employees, and details of the persons responsible for awarding such allocations, is available at https://regulatory.allianzgi.com and as a paper copy upon request, without charge.
The fund is subject to tax laws and regulations in Luxembourg. This might have an impact on your personal tax position. For further details, please speak to your tax advisor.
Allianz Global Investors GmbH may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
The fund is a sub-fund of Allianz Global Investors Fund (the “umbrella fund”). You may switch into shares of another sub-fund of the umbrella fund. The entry charge applies for the switch. The assets of each sub-fund are segregated from other sub-funds of the umbrella fund. The prospectus and the reports refer to all sub-funds of the umbrella fund.
This fund is authorised in Luxembourg and regulated by Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH is authorised in Germany and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
The key investor information is accurate as at 10.03.2021. | 7
Perché il fondo rientra in questa categoria?
In passato i fondi di categoria 5 hanno mostrato una volatilità medio-alta. La volatilità descrive la misura in cui il valore del fondo è salito e sceso in passato. Le quote di un fondo di
Questo indicatore di rischio e di rendimento si basa su risultati ottenuti nel passato. Potrebbe non costituire un’indicazione affidabile circa il futuro profilo di rischio del fondo.
La classificazione del fondo non è garantita e potrebbe cambiare nel tempo.
Neanche la categoria 1, la più bassa, rappresenta un investimento esente da rischio.
categoria 5 potrebbero essere soggette a oscillazioni dei prezzi medio-alte sulla base delle volatilità storiche osservate.
Spese
Tali spese vengono utilizzate per coprire i costi di gestione del fondo, inclusi i costi legati alla sua commercializzazione e distribuzione. Esse riducono la crescita potenziale del vostro investimento.
Spese una tantum prelevate prima o dopo l’investimento
Spesa di sottoscrizione Spesa di rimborso
Percentuale massima che può essere prelevata dal vostro capitale prima che venga investito o prima che il rendimento dell’investimento venga distribuito.
Spese prelevate dal fondo in un anno
Spese correnti
Sono indicate le spese di sottoscrizione e di rimborso massime. In alcuni casi potrebbero essere inferiori - è possibile prendere visione delle spese effettive di sottoscrizione e di rimborso presso il proprio consulente finanziario.
L’importo relativo alle spese correnti qui riportato riflette una stima delle spese. Esse non comprendono i costi delle operazioni sostenuti per acquistare o vendere attività per il fondo.
Maggiori informazioni sul calcolo delle spese sono riportate nella rispettiva sezione del prospetto.
Risultati ottenuti nel passato
Non disponiamo di dati di performance relativi a un anno completo. Non possiamo pertanto fornirvi un'indicazione utile dei risultati ottenuti nel passato.
Informazioni pratiche
Depositario: State Street Bank International GmbH – Succursale Lussemburgo
Il prospetto e le informazioni chiave per gli investitori, gli statuti nonchè gli ultimi rapporti annuali e semestrali in tedesco possono essere ottenuti a titolo gratuito dal rappresentante in Svizzera o visitando il sito https://regulatory.allianzgi.com.
Per le quote distribuite in Svizzera, il rappresentante e l‘ufficio di pagamento in Svizzera è BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurigo.
I prezzi unitari nonchè ulteriori informazioni sul fondo (comprese altre categorie di azioni dello stesso) sono reperibili online sul sito https://regulatory.allianzgi.com.
Le informazioni circa la politica retributiva aggiornata, tra cui una descrizione delle modalità di calcolo di retribuzioni e benefici spettanti a gruppi specifici di collaboratori, nonchè l’identità delle persone responsabili dell’attribuzione di tali compensi, sono disponibili gratuitamente sul sito https://regulatory.allianzgi.com e in forma cartacea su richiesta.
Il fondo è soggetto alle leggi e ai regolamenti fiscali vigenti in Lussemburgo. Ciò potrebbe influire sulla vostra posizione fiscale personale. Per maggiori informazioni, vi preghiamo di rivolgervi
al vostro consulente fiscale.
Allianz Global Investors GmbH può essere ritenuta responsabile esclusivamente sulla base delle dichiarazioni contenute nel presente documento che risultassero fuorvianti, inesatte o incoerenti rispetto alle corrispondenti parti del prospetto per il fondo.
Il fondo è un comparto di Allianz Global Investors Fund (il “Fondo multicomparto”). È possibile effettuare uno switch in azioni di un altro comparto del Fondo multicomparto. La spesa di sottoscrizione si applica allo switch. Le attività di ogni comparto sono separate dagli altri comparti del Fondo multicomparto. Il prospetto e le relazioni sono riferiti a tutti i comparti del Fondo multicomparto.
Il presente fondo è autorizzato in Lussemburgo e regolamentato dalla Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH è autorizzata in Germania ed è regolamentata dall’Ente federale di vigilanza sui servizi finanziari (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin).
Le informazioni chiave per gli investitori qui riportate sono esatte alla data del 10.03.2021. | 7
Why is the fund in this category?
Funds of category 5 have shown in the past a medium to high volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 5
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
might be subject to medium to high price fluctuations based on the historical volatilities observed.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges figure shown here is an estimate of the charges. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
We do not yet have performance data for one complete year. Therefore we can not provide a useful indication of past performance to you.
Practical Information
Depositary: State Street Bank International GmbH – Luxembourg Branch
The Prospectus, Key Investor Information, Articles of Incorporation as well as the latest annual and semi-annual reports in German can be obtained free of charge from the Representative in Switzerland or at https://regulatory.allianzgi.com.
BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, is the Representative and Paying Agent in Switzerland for the shares distributed in Switzerland.
The unit prices as well as further information on the fund (including other shareclasses of the fund) are available online at https://regulatory.allianzgi.com.
Information on the current remuneration policy, including a description of the calculation methods for remuneration and benefits awarded to certain groups of employees, and details of the persons responsible for awarding such allocations, is available at https://regulatory.allianzgi.com and as a paper copy upon request, without charge.
The fund is subject to tax laws and regulations in Luxembourg. This might have an impact on your personal tax position. For further details, please speak to your tax advisor.
Allianz Global Investors GmbH may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the fund.
The fund is a sub-fund of Allianz Global Investors Fund (the “umbrella fund”). You may switch into shares of another sub-fund of the umbrella fund. The entry charge applies for the switch. The assets of each sub-fund are segregated from other sub-funds of the umbrella fund. The prospectus and the reports refer to all sub-funds of the umbrella fund.
This fund is authorised in Luxembourg and regulated by Commission de Surveillance du Secteur Financier. Allianz Global Investors GmbH is authorised in Germany and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
The key investor information is accurate as at 10.03.2021. | en | it |
DOLFIN6386 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# INFORMATIONS PRATIQUES
Dépositaire I BNP PARIBAS SECURITIES SERVICES, succursale du Luxembourg.
Pour plus d’informations sur le prospectus, les reportings, la valeur des actifs nets ou tout autre renseignement, nous vous invitons à consulter notre site Internet www.sycomore-am.com ou à envoyer une demande écrite à : Sycomore Asset Management (01.44.40.16.00) – 14, avenue Hoche, 75008 Paris, France.
Responsabilité : La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du prospectus de la SICAV.
Les détails de la politique de rémunération actualisée de la Société de gestion, dont, entre autres, une description du calcul de la rémunération et des avantages, l’identité des personnes responsables de l’attribution de la rémunération et des avantages, ainsi que la composition du Comité des rémunérations, sont disponibles sur www.sycomore-am.com, un exemplaire sur support papier est également disponible gratuitement sur demande.
Ce Compartiment est agréé au Luxembourg et régulé par la Commission de Surveillance du Secteur Financier (CSSF). SYCOMORE Asset Management est agréée en France et régulée par l’Autorité des marchés financiers (AMF).
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 10/02/2022. | # INFORMACIÓN PRÁCTICA
Depositario I BNP PARIBAS SECURITIES SERVICES, sucursal de Luxemburgo.
Para obtener más información sobre el folleto, los informes, el valor liquidativo o cualquier otro tipo de información, consulte nuestro sitio web www.sycomore-am.com o diríjase a: Sycomore Asset Management (+33(0)1.44.40.16.00) – 14, avenue Hoche, 75008 París, Francia.
Declaración sobre responsabilidad: La Sociedad gestora únicamente incurrirá en responsabilidad por las declaraciones del presente documento que resulten engañosas, inexactas o incoherentes respecto a las correspondientes partes del folleto de la SICAV.
Los detalles de la política retributiva actualizada de la Sociedad gestora, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios, la identidad de las personas responsables de determinar la remuneración y los beneficios, incluida la composición del comité de remuneraciones, pueden consultarse en el sitio web www.sycomore-am.com; se puede obtener gratuitamente un ejemplar en papel de esta información previa petición.
Este fondo está autorizado en Luxemburgo y está regulado por el Commission de Surveillance du Secteur Financier (CSSF). SYCOMORE Asset Management está autorizada en Francia y está regulada por la Autoridad de los Mercados Financieros (AMF).
Los presentes datos fundamentales para el inversor son exactos a 10/02/2022. | # INFORMATIONS PRATIQUES
Dépositaire I BNP PARIBAS SECURITIES SERVICES, succursale du Luxembourg.
Pour plus d’informations sur le prospectus, les reportings, la valeur des actifs nets ou tout autre renseignement, nous vous invitons à consulter notre site Internet www.sycomore-am.com ou à envoyer une demande écrite à : Sycomore Asset Management (01.44.40.16.00) – 14, avenue Hoche, 75008 Paris, France.
Responsabilité : La responsabilité de la Société de gestion ne peut être engagée que sur la base de déclarations contenues dans le présent document qui seraient trompeuses, inexactes ou incohérentes avec les parties correspondantes du prospectus de la SICAV.
Les détails de la politique de rémunération actualisée de la Société de gestion, dont, entre autres, une description du calcul de la rémunération et des avantages, l’identité des personnes responsables de l’attribution de la rémunération et des avantages, ainsi que la composition du Comité des rémunérations, sont disponibles sur www.sycomore-am.com, un exemplaire sur support papier est également disponible gratuitement sur demande.
Ce Compartiment est agréé au Luxembourg et régulé par la Commission de Surveillance du Secteur Financier (CSSF). SYCOMORE Asset Management est agréée en France et régulée par l’Autorité des marchés financiers (AMF).
Les informations clés pour l’investisseur ici fournies sont exactes et à jour au 10/02/2022. | fr | es |
DOLFIN6387 | 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 3 ans |
| --- |
| Coûts totaux | 154 EUR | 497 EUR |
| Incidence des coûts annuels (*) | 1.5% | 1.5% Chaque année | | | En caso de salida después de 1 año En caso de salida después de 3 años |
| --- |
| Costes totales | 154 EUR | 497 EUR |
| Incidencia anual de los costes (*) | 1.5% | 1.5% cada año | | | Si vous sortez après 1 an Si vous sortez après 3 ans |
| --- |
| Coûts totaux | 154 EUR | 497 EUR |
| Incidence des coûts annuels (*) | 1.5% | 1.5% Chaque année | | fr | es |
DOLFIN6388 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,501
-5.0%
EUR 10,831
1.6% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis entre 01/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 501 EUR
-5,0%
10 831 EUR
1,6% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,501
-5.0%
EUR 10,831
1.6% | en | es |
DOLFIN6389 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
** Custody fees may vary from one financial entity to another. More details are available at the Paying Agent.
© BIL
This document doesn't represent any investment recommendation as defined in article 36, §1 of delegated regulation (EU) 2017/565. BIL states that the information has not been prepared in accordance with the legal provisions promoting the independence of investment research, and that it is not subject to any prohibition forbidding the execution of transactions prior to the dissemination of research into investments. | ** Les droits de garde peuvent varier d’une entité de service financier à l’autre. Plus d’informations sont disponibles chez l’entité du service financier.
© BIL
Le présent document n’est pas une recherche en investissement telle que définie à l’article 36, §1 du règlement délégué (UE) 2017/565. BIL précise que l’information n’a pas été élaborée conformément aux dispositions légales promouvant l'indépendance de la recherche en investissements, et qu’elle n'est soumise à aucune interdiction prohibant l'exécution de transactions avant la diffusion de la recherche en investissements. | ** Custody fees may vary from one financial entity to another. More details are available at the Paying Agent.
© BIL
This document doesn't represent any investment recommendation as defined in article 36, §1 of delegated regulation (EU) 2017/565. BIL states that the information has not been prepared in accordance with the legal provisions promoting the independence of investment research, and that it is not subject to any prohibition forbidding the execution of transactions prior to the dissemination of research into investments. | en | fr |
DOLFIN6390 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Name | UBAM - Absolute Return Fixed Income |
| --- | --- |
| Legal form | Sub-fund of UBAM, Luxembourg-domiciled SICAV, UCITS |
| Base currency | EUR |
| Currency-hedged share classes | AUD, CHF, GBP, SEK, USD |
| Cut-off time | 13:00 (LU time) |
| Inception date | 30.10.2014 |
| Minimum investment | None |
| Liquidity | Daily |
| Applicable management fee¹ | AC EUR: 1.10% APC EUR: 0.65% IC EUR: 0.80% IPC EUR: 0.42% UC EUR: 0.80% UPC EUR: 0.42% |
| Performance fee2 | 20% above ESTR + 2% (applicable only to P-shares) |
| Registered countries3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1315123684 APC EUR: LU1088683765 IC EUR: LU1315124732 IPC EUR: LU1088686941 UC EUR: LU1315125895 UPC EUR: LU1088689457 | | | Nome | UBAM - Absolute Return Fixed Income |
| --- | --- |
| Forma giuridica | Comparto di UBAM, SICAV domiciliata in Lussemburgo, UCITS |
| Valuta di riferimento | EUR |
| Valute della classe di azioni con copertura | AUD, CHF, GBP, SEK, USD |
| Ora del cut-off | 13:00 (ora di Lussemburgo) |
| Data di attivazione | 30.10.2014 |
| Investimento minimo | Nessuno |
| Liquidità | Giornaliera |
| Management fee applicabile1 | AC EUR: 1,10%; APC EUR: 0,65% IC EUR: 0,80%; IPC EUR: 0,42% UC EUR: 0,80%; UPC EUR: 0,42% |
| Performance fee2 | 20% al di sopra dell’ESTR + 2% (si applica solo alle azioni P) |
| Paesi registrati3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1315123684; APC EUR: LU1088683765 IC EUR: LU1315124732; IPC EUR: LU1088686941 UC EUR: LU1315125895; UPC EUR: LU1088689457 | | | Name | UBAM - Absolute Return Fixed Income |
| --- | --- |
| Legal form | Sub-fund of UBAM, Luxembourg-domiciled SICAV, UCITS |
| Base currency | EUR |
| Currency-hedged share classes | AUD, CHF, GBP, SEK, USD |
| Cut-off time | 13:00 (LU time) |
| Inception date | 30.10.2014 |
| Minimum investment | None |
| Liquidity | Daily |
| Applicable management fee¹ | AC EUR: 1.10% APC EUR: 0.65% IC EUR: 0.80% IPC EUR: 0.42% UC EUR: 0.80% UPC EUR: 0.42% |
| Performance fee2 | 20% above ESTR + 2% (applicable only to P-shares) |
| Registered countries3 | AT, CH, DE, ES, FI, FR, IT, LU, NL, SE, SG, UK |
| ISIN | AC EUR: LU1315123684 APC EUR: LU1088683765 IC EUR: LU1315124732 IPC EUR: LU1088686941 UC EUR: LU1315125895 UPC EUR: LU1088689457 | | en | it |
DOLFIN6391 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The objective of this Fund is to generate consistent long-term capit- al appreciation, while at the same time taking into consideration sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of equity securities and instruments issued by issuers all over the world. The Fund may also invest up to 10% of its assets in fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where ap- propriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rating Group or any similar re- cognised ratings agency) all over the world. The Fund may invest in derivatives (financial instruments derived from other securities or as- sets) for hedging purposes, efficient portfolio management and / or
investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the MSCI World (EUR) (NR) Index. The Manager may use the index as a uni- verse when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 7 years.
- | # Obiettivi e politica di investimento
L’obiettivo di questo Fondo consiste nel conseguire un apprezza- mento del capitale a lungo termine costante, al contempo conside- rando aspetti di sostenibilità (Investimento sostenibile di LGT). Il Fondo punterà a realizzare la politica d’investimento investendo principalmente in un’ampia gamma di titoli e strumenti azionari emessi da emittenti di tutto il mondo. Il Fondo può inoltre investire fino al 10% del patrimonio in titoli a reddito fisso (tra cui obbliga- zioni, che possono essere statali e/o aziendali e di tipo "investment grade" o inferiore, in base alla valutazione di Standard & Poor's Ra- ting Group o di agenzie di rating riconosciute simili) di tutto il mon- do. Il Fondo può investire in derivati (strumenti finanziari derivati da altri titoli o attività) a fini di copertura, gestione efficiente del porta- foglio e/o investimento. Il portafoglio del Fondo è gestito in modo
attivo. Il Fondo si prefigge di ottenere rendimenti superiori rispetto al benchmark, l’indice MSCI World (EUR) (NR). All’atto della selezio- ne dei singoli titoli, il Gestore può usare l’indice come un universo d’investimento. Il Gestore degli Investimenti può tuttavia investire in misura limitata anche in titoli non ricompresi nell’indice.
Il Fondo può detenere posizioni in liquidità ed equivalenti liquidi. Gli investitori possono effettuare negoziazioni in azioni del Fondo con cadenza giornaliera. L’eventuale reddito generato dal Fondo viene reinvestito, il che accresce il valore delle azioni.
I costi di transazione del portafoglio possono avere un impatto so- stanziale sulla performance.
Il Fondo potrebbe non essere adatto per gli investitori che intendo- no ritirare il denaro investito dopo meno di 7 anni.
- | # Objectives and Investment Policy
The objective of this Fund is to generate consistent long-term capit- al appreciation, while at the same time taking into consideration sustainability aspects (LGT Sustainable Investing). The Fund will seek to achieve the investment policy by investing primarily in a broad range of equity securities and instruments issued by issuers all over the world. The Fund may also invest up to 10% of its assets in fixed income securities (such as bonds, which can be government and/or corporate bonds and can be fixed and/or floating rate, where ap- propriate and may be investment grade or below investment grade, as determined by Standard & Poor's Rating Group or any similar re- cognised ratings agency) all over the world. The Fund may invest in derivatives (financial instruments derived from other securities or as- sets) for hedging purposes, efficient portfolio management and / or
investment purposes. The Fund’s portfolio is actively managed. The Fund aims to deliver better returns than its benchmark, the MSCI World (EUR) (NR) Index. The Manager may use the index as a uni- verse when selecting individual securities. However, the Manager may also invest to a limited extent in securities, which do not form part of the index.
The Fund may have positions in cash and cash equivalents. Investors may on a daily basis deal in shares of the Fund. Any in- come generated by the Fund is reinvested in the Fund, which in- creases the value of the shares. The portfolio transaction costs may have a material impact on performance.
The Fund may not be appropriate for investors who plan to with- draw their money within less than 7 years.
- | en | it |
DOLFIN6392 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### The Fund reserves the right to:
- reject all or part of a Share subscription application;
- redeem at any time the Shares held by persons who are not authorized to purchase or hold Shares of the Fund or do not comply any longer with any one of the characteristics of a Class, whether these are Invariable Characteristics or Variable Characteristics;
- redeem at any time the Shares held by any investor whose aggregated holdings in one or various Sub-funds are that low that the maintenance costs exposed are disproportionate compared to such aggregate holdings, as this is detailed in the section 2.3 “The different Classes”. | ##### Le Fonds se réserve le droit :
- de rejeter tout ou partie d’une demande de souscription d’Actions ;
- de racheter à tout moment les Actions détenues par des personnes qui ne sont pas autorisées à acheter ou à détenir des Actions du Fonds ou qui ne respectent plus l’une quelconque des caractéristiques d’une Classe, qu’il s’agisse des Caractéristiques invariables ou des Caractéristiques variables ;
- de racheter à tout moment les Actions détenues par un investisseur dont le montant total des participations dans un ou plusieurs Compartiments est faible à tel point que les coûts de maintenance engagés sont disproportionnés au regard du montant total de ces participations, comme précisé à la section 2.3 « Les différentes Classes ». | ###### The Fund reserves the right to:
- reject all or part of a Share subscription application;
- redeem at any time the Shares held by persons who are not authorized to purchase or hold Shares of the Fund or do not comply any longer with any one of the characteristics of a Class, whether these are Invariable Characteristics or Variable Characteristics;
- redeem at any time the Shares held by any investor whose aggregated holdings in one or various Sub-funds are that low that the maintenance costs exposed are disproportionate compared to such aggregate holdings, as this is detailed in the section 2.3 “The different Classes”. | en | fr |
DOLFIN6393 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 Exemple d’investissement : 10 000 GBP Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 926 GBP | 4 193 GBP |
| Rendement annuel moyen | -30,74 % | -15,96 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 926 GBP | 6 411 GBP |
| Rendement annuel moyen | -30,74 % | -8,51 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 893 GBP | 13 687 GBP |
| Rendement annuel moyen | -1,07 % | 6,48 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 716 GBP | 16 673 GBP |
| Rendement annuel moyen | 37,16 % | 10,76 % | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 GBP Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| --- | --- | --- |
| Mínimo | Podría perder parte o la totalidad de su inversión |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 6.926 GBP | 4.193 GBP |
| Rendimiento medio cada año | -30,74 % | -15,96 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 6.926 GBP | 6.411 GBP |
| Rendimiento medio cada año | -30,74 % | -8,51 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 9.893 GBP | 13.687 GBP |
| Rendimiento medio cada año | -1,07 % | 6,48 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 13.716 GBP | 16.673 GBP |
| Rendimiento medio cada año | 37,16 % | 10,76 % | | | Période de détention recommandée : 5 Exemple d’investissement : 10 000 GBP Scénarios | Si vous sortez après 1 an | Si vous sortez après 5 ans (PDR) |
| --- | --- | --- |
| Minimum | Vous pourriez perdre tout ou partie de votre investissement |
| Scénario de tensions | Ce que vous pourriez obtenir après déduction des coûts | 6 926 GBP | 4 193 GBP |
| Rendement annuel moyen | -30,74 % | -15,96 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 6 926 GBP | 6 411 GBP |
| Rendement annuel moyen | -30,74 % | -8,51 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9 893 GBP | 13 687 GBP |
| Rendement annuel moyen | -1,07 % | 6,48 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 716 GBP | 16 673 GBP |
| Rendement annuel moyen | 37,16 % | 10,76 % | | fr | es |
DOLFIN6394 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## The determination of the net asset value of Shares of one or more Classes may be suspended:
- when any exchange or Regulated Market that supplies the price of the assets of the Fund or a Sub-Fund is closed other than for ordinary holidays, or in the event that transactions on such exchange or market are suspended, subject to restrictions, or impossible to execute enough volumes of transactions allowing the determination of fair prices;
- when the information or calculation sources normally used to determine the value of the assets of the Fund or a Sub-Fund are unavailable;
- during any period when any breakdown or malfunction occurs in the means of communication network or IT media normally employed in determining the price or value of the assets of the Fund or a Sub-Fund, or which is required to calculate the net asset value per share;
- when exchange, capital transfer or other restrictions prevent the execution of transactions of the Fund or a Sub-Fund or prevent the execution of transactions at normal rates of exchange and conditions for such transactions;
- when exchange, capital transfer or other restrictions prevent the repatriation of assets of the Fund or a Sub-Fund for the purpose of making payments on the redemption of shares or prevent the execution of such repatriation at normal rates of exchange and conditions for such repatriation;
- when the legal, political, economic, military or monetary environment, or an event of force majeure, prevents the Fund from being able to manage the assets of the Fund or a Sub-Fund in a normal manner and/or prevent the determination of their value in a reasonable manner;
- when there is a suspension of the net asset value calculation or of the issue, redemption or conversion rights by the investment fund(s) in which the Fund or a Sub-Fund is invested;
- following the suspension of the net asset value calculation and/or the issue, redemption and conversion at the level of a master fund in which the Fund or a Sub-Fund invests as a feeder fund;
- when, for any other reason, the prices or values of the assets of the Fund or a Sub-Fund cannot be promptly or accurately ascertained or when it is otherwise impossible to dispose of the assets of the Fund or a Sub-Fund in the usual way and/or without materially prejudicing the interests of Shareholders;
- in the event of a notice to Shareholders convening an extraordinary general meeting of Shareholders for the purpose of dissolving and liquidating the Fund or informing them about the termination and liquidation of a Sub-Fund or Class, and more generally, during the process of liquidation of the Fund, a Sub-Fund or Class;
- during the process of establishing exchange ratios in the context of a merger, a contribution of assets, an asset or share split or any other restructuring transaction;
- during any period when the dealing of the shares of the Fund or Sub-Fund or Class on any relevant stock exchange where such shares are listed is suspended or restricted or closed; and
- in exceptional circumstances, whenever the Board of Directors considers it necessary in order to avoid irreversible negative effects on the Fund, a Sub-Fund or Class, in compliance with the principle of fair treatment of Shareholders in their best interests. | ## Il calcolo del valore patrimoniale netto delle Azioni di una o più Classi può essere sospeso:
- in caso di chiusura, in periodi diversi dalle consuete festività, di qualsiasi Borsa o mercato regolamentato da cui vengono ricavati il prezzo delle attività del Fondo o di un Comparto, ovvero nel caso in cui le operazioni su tale Borsa o mercato siano state sospese, siano soggette a restrizioni, o laddove fosse impossibile effettuare un volume di operazioni sufficiente da consentire la determinazione di prezzi equi;
- quando le informazioni o le fonti di calcolo normalmente utilizzate per determinare il valore delle attività del Fondo o di un Comparto non sono disponibili;
- nei periodi in cui si verificano guasti o malfunzionamenti della rete di comunicazione o nei supporti informatici solitamente utilizzati per determinare il prezzo o il valore delle attività del Fondo o di un Comparto, o che sono necessari per calcolare il valore patrimoniale netto per azione;
- quando la borsa, il trasferimento di capitali o altre restrizioni impediscono l’esecuzione di operazioni relative al Fondo o ad un Comparto o impediscono l’esecuzione di operazioni ai normali tassi di cambio e alle normali condizioni vigenti per tali operazioni;
- quando la borsa, il trasferimento di capitali o altre restrizioni impediscono il rimpatrio di attività del Fondo o di un Comparto allo scopo di effettuare pagamenti dei rimborsi di azioni o di impedire l’esecuzione di tale rimpatrio ai normali tassi di cambio e alle normali condizioni vigenti per tale rimpatrio;
- quando il contesto giuridico, politico, economico, militare o monetario, ovvero un evento di forza maggiore, rende il Fondo incapace di gestire le attività del Fondo o di un Comparto in modo normale e/o impedisce di determinarne il valore in modo ragionevole;
- in caso di sospensione del calcolo del valore patrimoniale netto o dei diritti di emissione, rimborso o conversione da parte del/ifondo/i d’investimento in cui il Fondo o Comparto abbia investito;
- a seguito della sospensione del calcolo del valore patrimoniale netto e/o dell’emissione, del rimborso e della conversione in un fondo master in cui il Fondo o un Comparto investe in qualità di fondo feeder;
- quando, per qualsiasi altra ragione, i prezzi o i valori delle attività del Fondo o di un Comparto non possono essere accertati tempestivamente o in modo esatto, ovvero quando è altrimenti impossibile cedere gli attivi del Fondo o di un Comparto nel modo consueto e/o senza pregiudicare in misura rilevante gli interessi degli Azionisti;
- in caso di invio agli azionisti di un avviso di convocazione di un’assemblea generale straordinaria, allo scopo di sciogliere e liquidare il Fondo o di informarli della chiusura e della liquidazione di un Comparto o di una Classe e, più in generale, durante il processo di liquidazione del Fondo, di un Comparto o di una Classe;
- durante il processo di determinazione dei coefficienti di conversione nell’ambito di una fusione, un conferimento di attività, un frazionamento di attivi o di azioni o di qualsiasi altra operazione di ristrutturazione;
- durante qualsiasi periodo di chiusura, sospensione o restrizioni alla negoziazione di azioni del Fondo, del Comparto o della Classe su qualsiasi Borsa su cui tali azioni siano quotate; e
- in circostanze eccezionali, ogni qualvolta il Consiglio di Amministrazione lo ritenga necessario al fine di evitare effetti negativi irreversibili sul Fondo, su un Comparto o su una Classe, in ottemperanza al principio di equo trattamento degli Azionisti nel loro migliore interesse. | ## The determination of the net asset value of Shares of one or more Classes may be suspended:
- when any exchange or Regulated Market that supplies the price of the assets of the Fund or a Sub-Fund is closed other than for ordinary holidays, or in the event that transactions on such exchange or market are suspended, subject to restrictions, or impossible to execute enough volumes of transactions allowing the determination of fair prices;
- when the information or calculation sources normally used to determine the value of the assets of the Fund or a Sub-Fund are unavailable;
- during any period when any breakdown or malfunction occurs in the means of communication network or IT media normally employed in determining the price or value of the assets of the Fund or a Sub-Fund, or which is required to calculate the net asset value per share;
- when exchange, capital transfer or other restrictions prevent the execution of transactions of the Fund or a Sub-Fund or prevent the execution of transactions at normal rates of exchange and conditions for such transactions;
- when exchange, capital transfer or other restrictions prevent the repatriation of assets of the Fund or a Sub-Fund for the purpose of making payments on the redemption of shares or prevent the execution of such repatriation at normal rates of exchange and conditions for such repatriation;
- when the legal, political, economic, military or monetary environment, or an event of force majeure, prevents the Fund from being able to manage the assets of the Fund or a Sub-Fund in a normal manner and/or prevent the determination of their value in a reasonable manner;
- when there is a suspension of the net asset value calculation or of the issue, redemption or conversion rights by the investment fund(s) in which the Fund or a Sub-Fund is invested;
- following the suspension of the net asset value calculation and/or the issue, redemption and conversion at the level of a master fund in which the Fund or a Sub-Fund invests as a feeder fund;
- when, for any other reason, the prices or values of the assets of the Fund or a Sub-Fund cannot be promptly or accurately ascertained or when it is otherwise impossible to dispose of the assets of the Fund or a Sub-Fund in the usual way and/or without materially prejudicing the interests of Shareholders;
- in the event of a notice to Shareholders convening an extraordinary general meeting of Shareholders for the purpose of dissolving and liquidating the Fund or informing them about the termination and liquidation of a Sub-Fund or Class, and more generally, during the process of liquidation of the Fund, a Sub-Fund or Class;
- during the process of establishing exchange ratios in the context of a merger, a contribution of assets, an asset or share split or any other restructuring transaction;
- during any period when the dealing of the shares of the Fund or Sub-Fund or Class on any relevant stock exchange where such shares are listed is suspended or restricted or closed; and
- in exceptional circumstances, whenever the Board of Directors considers it necessary in order to avoid irreversible negative effects on the Fund, a Sub-Fund or Class, in compliance with the principle of fair treatment of Shareholders in their best interests. | en | it |
DOLFIN6395 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
##### In addition, the custodian has the following tasks in partic- ular:
- Issuance and redemption of shares of the Fund;
- Ensuring that the issuance and redemption, as well as the valuation of the shares complies with the regula- tions of the KAGB and the Terms of Investment of the Fund;
- Ensuring that the counter value of transactions exe- cuted on joint account of the investors is delivered to its custody within the usual timeframes;
- Ensuring that the earnings of the Fund are appropri- ated in accordance with the regulations of the KAGB and pursuant to the Terms of Investment;
- Monitoring of borrowing by the Company on account of the Fund and agreement to the borrowing if appli- cable;
- Ensuring that the collateral for loans on securities is created validly and available at all times. | ##### Daneben hat die Verwahrstelle insbesondere folgende Aufgaben:
- Ausgabe und Rücknahme der Anteile des Fonds,
- Sicherzustellen, dass die Ausgabe und Rücknahme der Anteile sowie die Wertermittlung der Anteile den Vor- schriften des KAGB und den Anlagebedingungen des Fonds entsprechen,
- Sicherzustellen, dass bei den für gemeinschaftliche Rechnung der Anleger getätigten Geschäften der Ge- genwert innerhalb der üblichen Fristen in ihre Verwah- rung gelangt,
- Sicherzustellen, dass die Erträge des Fonds nach den Vorschriften des KAGB und nach den Anlagebedin- gungen verwendet werden,
- Überwachung von Kreditaufnahmen durch die Gesell- schaft für Rechnung des Fonds sowie gegebenenfalls Zustimmung zur Kreditaufnahme,
- Sicherzustellen, dass Sicherheiten für Wertpapierdar- lehen rechtswirksam bestellt und jederzeit vorhanden sind. | ##### In addition, the custodian has the following tasks in partic- ular:
- Issuance and redemption of shares of the Fund;
- Ensuring that the issuance and redemption, as well as the valuation of the shares complies with the regula- tions of the KAGB and the Terms of Investment of the Fund;
- Ensuring that the counter value of transactions exe- cuted on joint account of the investors is delivered to its custody within the usual timeframes;
- Ensuring that the earnings of the Fund are appropri- ated in accordance with the regulations of the KAGB and pursuant to the Terms of Investment;
- Monitoring of borrowing by the Company on account of the Fund and agreement to the borrowing if appli- cable;
- Ensuring that the collateral for loans on securities is created validly and available at all times. | en | de |
DOLFIN6396 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de risque et de rendement
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque plus faible Risque plus élevé
Le fonds applique des précautions environnementales et/ou sociales de base. Pour de plus amples informations sur la manière dont le fonds prend en considération les critères environnementaux et/ou sociaux, veuillez consulter le prospectus du fonds ou le site web nordea.lu.
Le fonds est soumis à la politique d'investissement responsable définie par Nordea Asset Management.
Chaque investisseur peut demander le rachat de ses actions par le compartiment sur une base quotidienne. Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 3 prochaines années.
Bien que la performance du fonds soit comparée à celle de l'indice Bloomberg US Credit Index et qu'il surveille ses risques par rapport à ce même indice, il jouit de la plus grande liberté au moment de sélectionner les titres dans lesquels il investit. Les caractéristiques de risque du portefeuille du fonds peuvent présenter une certaine ressemblance avec celles de l'indice.
Cette classe d'actions ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Le fonds est libellé en USD. Les investissements dans cette catégorie d'actions se font en EUR. Les fluctuations du taux de change USD/EUR peuvent entraîner des différences significatives entre la performance de la catégorie d'actions exprimée en EUR et celle du fonds exprimée en USD.
Rendement potentiellement plus faible
Rendement potentiellement plus
élevé
L'indicateur mesure le risque de fluctuation de la Valeur nette d'inventaire de la catégorie d'actions sur la base de la volatilité affichée au cours des 5 dernières années et classe le fonds dans la catégorie 4. Cela signifie que le prix des parts acquises au sein du fonds peut modérément fluctuer.
Veuillez noter que la catégorie 1 n'est pas synonyme d'investissement sans risque.
Les données historiques, telles que celles utilisées pour calculer l'indicateur synthétique, pourraient ne pas constituer une indication fiable du profil de risque futur de l'OPCVM, sa catégorie étant susceptible de changer à l'avenir.
Les risques suivants sont importants pour l'OPCVM mais ne sont pas adéquatement pris en considération par l'indicateur synthétique et peuvent donc être à l'origine de pertes plus conséquentes :
2 Risque lié aux ABS/MBS : Les titres adossés à des créances hypothécaires et à des actifs (MBS et ABS) comportent généralement un risque de remboursement anticipé et d'extension de maturité et peuvent également impliquer un risque de liquidité supérieur à la moyenne.
2 Risque de crédit : Une obligation ou un titre du marché monétaire, qu'il ait été émis par un émetteur public ou privé, pourrait perdre de la valeur en cas de détérioration de la santé financière de cet émetteur.
2 Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé.
2 Risque de remboursement anticipé et d'extension de maturité : Tout comportement inattendu des taux d'intérêt pourrait pénaliser la performance des titres de créance remboursables par anticipation (titres dont les émetteurs ont le droit de rembourser le principal avant la date d'échéance).
Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du Prospectus.
Informations clés pour l'investisseur | # Perfil de riesgo y remuneración
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Menor riesgo Mayor riesgo
El fondo aplica salvaguardias ambientales y/o sociales de referencia. Podrá obtener más información sobre la forma en la que el fondo tiene en cuenta criterios ambientales y/o sociales en el folleto del fondo y en el sitio web nordea.lu.
El fondo está sujeto a la política de inversión responsable de Nordea Asset Management.
Los inversores que lo soliciten podrán reembolsar sus acciones del fondo a diario. Este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 3 años.
Si bien el fondo utiliza el Bloomberg US Credit Index a efectos de comparación de la rentabilidad y control del riesgo, podrá seleccionar libremente los valores en los que invertirá. Las características de riesgo de la cartera del fondo podrán guardar cierta semejanza con las del índice de referencia.
Esta clase de acciones no distribuye dividendos. Los ingresos de las inversiones se reinvierten.
La moneda de denominación del fondo es USD. Las inversiones en esta clase de acciones se realizan en EUR. Las fluctuaciones del cambio USD/ EUR pueden hacer que la rentabilidad en EUR de la clase de acciones se desvíe significativamente de la rentabilidad del fondo en USD.
Potencialmente menor remuneración
Potencialmente mayor
remuneración
El indicador mide el riesgo de que se produzcan fluctuaciones en el valor liquidativo de la clase de acciones tomando como base la volatilidad de los 5 últimos años y asigna el fondo a la categoría 4. Consecuentemente, la adquisición de participaciones del fondo está vinculada a un riesgo moderado de que se produzcan tales fluctuaciones.
Tenga en cuenta que la asignación a la categoría 1 no significa que la inversión esté libre de riesgo.
Los datos históricos, tales como los utilizados en el cálculo del indicador sintético, pueden no constituir una indicación fiable del futuro perfil de riesgo del OICVM, ya que la categoría podría cambiar en el futuro.
Los riesgos siguientes revisten una importancia significativa para el OICVM pero no están adecuadamente reflejados en el indicador sintético y podrían dar lugar a pérdidas adicionales:
2 Riesgo vinculado a los ABS/MBS: Los bonos de titulización hipotecaria (MBS) y los bonos de titulización de activos (ABS) suelen conllevar un riesgo de reembolso anticipado y prórroga, y pueden presentar un riesgo de liquidez superior a la media.
2 Riesgo de crédito: Un bono o un instrumento del mercado monetario, ya sea de un emisor público o privado, podría perder valor si la situación financiera del emisor se deteriora.
2 Riesgo de derivados: Una pequeña fluctuación en el valor de un activo subyacente podría provocar grandes cambios en el valor de un derivado, por lo que los derivados suelen ser sumamente volátiles y el fondo queda expuesto a pérdidas potenciales que podrían ser mucho más significativas que el coste del derivado.
2 Riesgo de reembolso anticipado y prórroga: Todo movimiento inesperado en los tipos de interés podría hacer mella en la rentabilidad de los títulos de deuda amortizables (valores cuyos emisores tienen el derecho a abonar completamente el principal del título antes de la fecha de vencimiento).
Para obtener más información sobre los riesgos a los que se expone el fondo, puede consultar el apartado titulado «Descripciones de los riesgos» del Folleto.
Datos fundamentales para el inversor | # Profil de risque et de rendement
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Risque plus faible Risque plus élevé
Le fonds applique des précautions environnementales et/ou sociales de base. Pour de plus amples informations sur la manière dont le fonds prend en considération les critères environnementaux et/ou sociaux, veuillez consulter le prospectus du fonds ou le site web nordea.lu.
Le fonds est soumis à la politique d'investissement responsable définie par Nordea Asset Management.
Chaque investisseur peut demander le rachat de ses actions par le compartiment sur une base quotidienne. Ce fonds pourrait ne pas convenir aux investisseurs qui prévoient de retirer leur apport dans les 3 prochaines années.
Bien que la performance du fonds soit comparée à celle de l'indice Bloomberg US Credit Index et qu'il surveille ses risques par rapport à ce même indice, il jouit de la plus grande liberté au moment de sélectionner les titres dans lesquels il investit. Les caractéristiques de risque du portefeuille du fonds peuvent présenter une certaine ressemblance avec celles de l'indice.
Cette classe d'actions ne distribue pas de dividendes. Les revenus des investissements sont réinvestis.
Le fonds est libellé en USD. Les investissements dans cette catégorie d'actions se font en EUR. Les fluctuations du taux de change USD/EUR peuvent entraîner des différences significatives entre la performance de la catégorie d'actions exprimée en EUR et celle du fonds exprimée en USD.
Rendement potentiellement plus faible
Rendement potentiellement plus
élevé
L'indicateur mesure le risque de fluctuation de la Valeur nette d'inventaire de la catégorie d'actions sur la base de la volatilité affichée au cours des 5 dernières années et classe le fonds dans la catégorie 4. Cela signifie que le prix des parts acquises au sein du fonds peut modérément fluctuer.
Veuillez noter que la catégorie 1 n'est pas synonyme d'investissement sans risque.
Les données historiques, telles que celles utilisées pour calculer l'indicateur synthétique, pourraient ne pas constituer une indication fiable du profil de risque futur de l'OPCVM, sa catégorie étant susceptible de changer à l'avenir.
Les risques suivants sont importants pour l'OPCVM mais ne sont pas adéquatement pris en considération par l'indicateur synthétique et peuvent donc être à l'origine de pertes plus conséquentes :
2 Risque lié aux ABS/MBS : Les titres adossés à des créances hypothécaires et à des actifs (MBS et ABS) comportent généralement un risque de remboursement anticipé et d'extension de maturité et peuvent également impliquer un risque de liquidité supérieur à la moyenne.
2 Risque de crédit : Une obligation ou un titre du marché monétaire, qu'il ait été émis par un émetteur public ou privé, pourrait perdre de la valeur en cas de détérioration de la santé financière de cet émetteur.
2 Risque lié aux instruments dérivés : Des variations légères de la valeur d'un actif sous-jacent peuvent donner lieu à d'importantes fluctuations de la valeur d'un instrument dérivé. Dans ce contexte, les instruments dérivés sont généralement fortement volatils, et ils exposent le fonds à des pertes potentielles substantiellement plus élevées que le coût d'un instrument dérivé.
2 Risque de remboursement anticipé et d'extension de maturité : Tout comportement inattendu des taux d'intérêt pourrait pénaliser la performance des titres de créance remboursables par anticipation (titres dont les émetteurs ont le droit de rembourser le principal avant la date d'échéance).
Pour de plus amples informations sur les risques auxquels le fonds est exposé, veuillez vous référer à la section « Descriptions des risques » du Prospectus.
Informations clés pour l'investisseur | fr | es |
DOLFIN6397 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Les classes d’actions A2, E2, F2, G2, I2, J2, M2, P2 et R2 ne comportent aucune commission de performance et tous les frais, à l’exception des frais de gestion et des commissions de performance, restent tels qu’ils sont indiqués pour les Classes d’actions A, E, F, G, I, J, M, P et R.
1Décroît annuellement pour atteindre zéro 4 ans après l’investissement. 2Zéro 1 an après l’investissement. 3Décroît annuellement pour atteindre zéro 2 ans après l’investissement.
4Décroît annuellement pour atteindre zéro 3 ans après l’investissement.
Commission de performance
Indice de référence pour la commission de performance 50 % JP Morgan EMBI Global Diversified Index (couvert en EUR) et 50 % JP Morgan ELMI + Index (non couvert en EUR).
Mécanisme de commission de performance : Mécanisme à 1 an du 1er juillet au 30 juin.
À compter du 1er juillet 2022, le Mécanisme de commission de performance conforme à l’AEMF sera appliqué en remplacement du Mécanisme à 1 an. La Date anniversaire est le 31 décembre. La toute première période d’observation de la performance commencera le 1er juillet 2022 et ne pourra pas se terminer avant le 31 décembre 2023.
Vous trouverez une liste complète des classes d’actions disponibles sur www.amundi.lu/amundi-funds. | Las Clases de acciones A2, E2, F2, G2, I2, J2, M2, P2 y las Clases de acciones R2 no conllevan ninguna comisión de rentabilidad y todos los costes, salvo las comisiones de gestión y rentabilidad, son los indicados para las Clases de acciones A, E, F, G, I, J, M, P y R.
1Disminuye anualmente, llegando a cero 4 años después de la inversión. 2Cero 1 año después de la inversión. 3Disminuye anualmente, llegando a cero 2 años después de la inversión. 4Disminuye anualmente, llegando a cero 3 años después de la inversión.
Comisión de rentabilidad
Índice de referencia para determinar la comisión de rentabilidad 50 % del JP Morgan EMBI Global Diversified Index (hedged to EUR) y 50 % del JP Morgan ELMI + Index (unhedged in Euro).
Mecanismo para la comisión de rentabilidad: Mecanismo de 1 año desde el 1 de julio hasta el 30 de junio.
Desde el 1 de julio de 2022, se aplica el Mecanismo para la comisión de rentabilidad conforme con la ESMA, que sustituye al Mecanismo de 1 año. La fecha de aniversario es el 31 de diciembre. El primer período de observación de la rentabilidad comenzará el 1 de julio de 2022 y no podrá finalizar antes del 31 de diciembre de 2023.
Para consultar una lista completa de las clases de acciones disponibles, visite el sitio web www.amundi.lu/amundi-funds. | Les classes d’actions A2, E2, F2, G2, I2, J2, M2, P2 et R2 ne comportent aucune commission de performance et tous les frais, à l’exception des frais de gestion et des commissions de performance, restent tels qu’ils sont indiqués pour les Classes d’actions A, E, F, G, I, J, M, P et R.
1Décroît annuellement pour atteindre zéro 4 ans après l’investissement. 2Zéro 1 an après l’investissement. 3Décroît annuellement pour atteindre zéro 2 ans après l’investissement.
4Décroît annuellement pour atteindre zéro 3 ans après l’investissement.
Commission de performance
Indice de référence pour la commission de performance 50 % JP Morgan EMBI Global Diversified Index (couvert en EUR) et 50 % JP Morgan ELMI + Index (non couvert en EUR).
Mécanisme de commission de performance : Mécanisme à 1 an du 1er juillet au 30 juin.
À compter du 1er juillet 2022, le Mécanisme de commission de performance conforme à l’AEMF sera appliqué en remplacement du Mécanisme à 1 an. La Date anniversaire est le 31 décembre. La toute première période d’observation de la performance commencera le 1er juillet 2022 et ne pourra pas se terminer avant le 31 décembre 2023.
Vous trouverez une liste complète des classes d’actions disponibles sur www.amundi.lu/amundi-funds. | fr | es |
DOLFIN6398 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Commitment approach
The management company applies the commitment approach to calculate the overall risk. With this approach, all positions in derivative financial instruments including embedded derivatives within the meaning of § 73 (6) InvFG are converted into the market value of an equivalent position in the underlying instrument of the relevant derivative (underlying instrument equivalent).
Agreements providing for the netting of assets (“netting agreements”) or the hedging of assets (“hedging agreements”) will be included in the overall risk calculation provided that they do not exclude obvious and significant risks and clearly lead to a reduction in the level of risk.
It is not necessary to include in the calculation positions in derivative financial instruments which do not give rise to any additional risk for the investment fund.
Please refer to the current version of the regulation issued by the Austrian Financial Market Authority (FMA) concerning risk calculation and reporting of derivatives for the detailed overall risk calculation modalities in case of use of the commitment approach and the quantitative and qualitative details (currently available at www.fma.gv.at).
The overall risk thus calculated which is associated with derivatives may not exceed 60 % of the fund assets. In this regard, the management company may increase the investment fund’s level of investment by using derivatives. | #### Commitment Ansatz
Die Verwaltungsgesellschaft wendet für die Ermittlung des Gesamtrisikos den Commitment Ansatz an. Bei diesem Ansatz werden sämtliche Positionen in derivativen Finanzinstrumenten einschließlich eingebetteter Derivate iSv § 73 Abs 6 InvFG in den Marktwert einer gleichwertigen Position im Basiswert des betreffenden Derivates (Basiswertäquivalent) umgerechnet.
Bei der Berechnung des Gesamtrisikos werden Vereinbarungen über die Aufrechnung von Vermögenswerten (sog. Nettingvereinbarungen) bzw. Vereinbarungen über die Absicherung von Vermögenswerten (sog. Hedgingvereinbarungen) berücksichtigt, sofern diese offenkundige und wesentliche Risiken nicht außer Acht lassen und eindeutig zu einer Verringerung des Risikos führen.
Positionen in derivativen Finanzinstrumenten, welche für den Investmentfonds kein zusätzliches Risiko erzeugen, müssen nicht in die Berechnung einbezogen werden.
Die detaillierten Berechnungsmodalitäten des Gesamtrisikos bei Verwendung des Commitment Ansatzes und dessen quantitative und qualitative Ausgestaltung finden sich in der jeweils aktuellen Fassung der Verordnung der FMA über die Risikoberechnung und Meldung von Derivaten (aktuell abrufbar unter www.fma.gv.at).
Das auf diese Art berechnete mit Derivaten verbundene Gesamtrisiko darf 60 vH des Fondsvermögens nicht überschreiten. In diesem Umfang darf die Verwaltungsgesellschaft den Investitionsgrad des Investmentfonds durch den Einsatz von Derivaten steigern. | #### Commitment approach
The management company applies the commitment approach to calculate the overall risk. With this approach, all positions in derivative financial instruments including embedded derivatives within the meaning of § 73 (6) InvFG are converted into the market value of an equivalent position in the underlying instrument of the relevant derivative (underlying instrument equivalent).
Agreements providing for the netting of assets (“netting agreements”) or the hedging of assets (“hedging agreements”) will be included in the overall risk calculation provided that they do not exclude obvious and significant risks and clearly lead to a reduction in the level of risk.
It is not necessary to include in the calculation positions in derivative financial instruments which do not give rise to any additional risk for the investment fund.
Please refer to the current version of the regulation issued by the Austrian Financial Market Authority (FMA) concerning risk calculation and reporting of derivatives for the detailed overall risk calculation modalities in case of use of the commitment approach and the quantitative and qualitative details (currently available at www.fma.gv.at).
The overall risk thus calculated which is associated with derivatives may not exceed 60 % of the fund assets. In this regard, the management company may increase the investment fund’s level of investment by using derivatives. | en | de |
DOLFIN6399 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Statistiques Fonds Bench.
Performance YTD (%) 4.16 8.93
Performance 1 mois (%) 1.18 2.73
Performance 3 mois (%) 1.87 6.89
Performance depuis création (%) 56.21 39.84 | ## Estadísticas Fondo Bench.
Rentabilidad del año (%) 4.16 8.93
Rentabilidad último mes (%) 1.18 2.73
Rentabilidad últimos 3 meses (%) 1.87 6.89
Rentabilidad desde creación (%) 56.21 39.84 | ## Statistiques Fonds Bench.
Performance YTD (%) 4.16 8.93
Performance 1 mois (%) 1.18 2.73
Performance 3 mois (%) 1.87 6.89
Performance depuis création (%) 56.21 39.84 | fr | es |
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