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DOLFIN6400 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Depositary maintains comprehensive and detailed corporate policies and procedures requiring the Depositary to comply with applicable laws and regulations.
The Depositary has policies and procedures governing the management of conflicts of interest. These policies and procedures address conflicts of interest that may arise through the provision of services to UCITS.
The Depositary's policies require that all material conflicts of interest involving internal or external parties are promptly disclosed, escalated to senior management, registered, mitigated and/or prevented, as appropriate. In the event a conflict of interest may not be avoided, the Depositary shall maintain and operate effective organizational and administrative arrangements in order to take all reasonable steps to properly (i) disclosing conflicts of interest to the Fund and to, shareholders (ii) managing and monitoring such conflicts.
The Depositary ensures that employees are informed, trained and advised of conflicts of interest policies and procedures and that duties and responsibilities are segregated appropriately to prevent conflicts of interest issues.
Compliance with conflicts of interest policies and procedures is supervised and monitored by the Board of Managers as general partner of the Depositary and by the Depositary’s Authorized Management, as well as the Depositary’s compliance, internal audit and risk management functions.
The Depositary shall take all reasonable steps to identify and mitigate potential conflicts of interest. This includes implementing its conflict of interest policies that are appropriate for the scale, complexity and nature of its business. This policy identifies the circumstances that give rise or may give rise to a conflict of interest and includes the procedures to be followed and measures to be adopted in order to manage conflicts of interest. A conflicts of interest register is maintained and monitored by the Depositary.
The Depositary does also act as Administrative Agent and/or Registrar and Transfer Agent pursuant to the terms of the administration agreements between the Depositary and the Fund. The Depositary has implemented appropriate segregation of activities between the Depositary and the administration/ registrar and transfer agency services, including escalation processes and governance. In addition, the depositary function is hierarchically and functionally segregated from the administration and registrar and transfer agency services business unit.
A potential risk of conflicts of interest may occur in situations where the Correspondents may enter into or have a separate commercial and/or business relationship with the Depositary in parallel to the safekeeping delegation relationship. In the conduct of its business, conflicts of interest may arise between the Depositary and the Correspondent. Where a Correspondent shall have a group link with the Depositary, the Depositary undertakes to identify potential conflicts of interests arising from that link, if any, and to take all reasonable steps to mitigate those conflicts of interest.
The Depositary does not anticipate that there would be any specific conflicts of interest arising as a result of any delegation to any Correspondent. The Depositary will notify the Board of Directors and/or the board of directors of the Management Company of the Fund of any such conflict should it so arise.
To the extent that any other potential conflicts of interest exist pertaining to the Depositary, they have been identified, mitigated and addressed in accordance with the Depositary’s policies and procedures. | ## El Depositario mantiene políticas y procedimientos empresariales integrales y detallados que requieren que el Depositario cumpla con las leyes y los reglamentos aplicables.
El Depositario tiene políticas y procedimientos que regulan la gestión de conflictos de interés. Estas políticas y procedimientos abordan los conflictos de interés que puedan surgir de la prestación de servicios a los OICVM.
Las políticas del Depositario requieren que todos los conflictos de interés materiales relacionados con partes internas o externas sean presentados, informados a los altos directivos, registrados, mitigados y/o evitados, según el caso. En caso de que no se evite un conflicto de interés, el Depositario mantendrá y aplicará arreglos organizativos y administrativos efectivos para tomar todas las medidas razonables con el fin de (i) informar de los conflictos de interés al Fondo y a los accionistas y (ii) gestionar y supervisar dichos conflictos.
El Depositario se asegura de que se informe, forme y aconseje a los empleados sobre las políticas y los procedimientos de conflictos de interés y de que los deberes y las responsabilidades se separen de forma adecuada para evitar dichos conflictos.
El Consejo de Administración, como socio general del Depositario, y la Gestión Autorizada del Depositario controlan el cumplimiento de las políticas y los procedimientos de conflictos de interés, así como las funciones de cumplimiento del Depositario, de auditoría interna y de gestión de riesgos.
El Depositario tomará todas las medidas razonables para identificar y mitigar posibles conflictos de interés. Esto incluye implementar las políticas de conflictos de interés que sean apropiadas para la escala, complejidad y naturaleza de su negocio. Esta política identifica las circunstancias que dan lugar o pueden dar lugar a un conflicto de interés y que incluyen los procedimientos que se deben seguir y las medidas que se deben adoptar para gestionar dichos conflictos. El Depositario mantiene y controla un registro de conflictos de interés.
El Depositario también actúa como Agente Administrativo y/o Agente de Registro y de Transferencias en virtud de los términos de los contratos de administración entre el Depositario y el Fondo. El Depositario ha implementado una separación adecuada de las actividades entre el Depositario y los servicios de las agencias de administración/registro y transferencias, incluidos los procesos de ajuste y el gobierno. Además, la función del Depositario está separada de forma jerárquica y funcional de las unidades de negocio de los servicios de las agencias de administración, registro y transferencias.
Un posible riesgo de conflictos de interés puede darse en situaciones en las que los Corresponsales puedan establecer o tener una relación comercial y/o empresarial separada con el Depositario en paralelo con la relación de delegación de custodia. Al dirigir sus negocios, pueden surgir conflictos de interés entre el Depositario y el Corresponsal. Cuando un Corresponsal tenga un vínculo de grupo con el Depositario, el Depositario asume identificar posibles conflictos de interés que surjan de ese vínculo, si los hubiera, y llevar a cabo todos los pasos necesarios para mitigar dichos conflictos de interés.
El Depositario no prevé que exista ningún conflicto de interés como resultado de cualquier delegación a un Corresponsal. El Depositario notificará al Consejo de Administración y/o al Consejo de Administración de la Sociedad Gestora del Fondo cualquier conflicto que surja.
En la medida en que existan otros posibles conflictos de interés pertenecientes al Depositario, estos se han identificado, mitigado y abordado de acuerdo con las políticas y los procedimientos del Depositario. | ## The Depositary maintains comprehensive and detailed corporate policies and procedures requiring the Depositary to comply with applicable laws and regulations.
The Depositary has policies and procedures governing the management of conflicts of interest. These policies and procedures address conflicts of interest that may arise through the provision of services to UCITS.
The Depositary's policies require that all material conflicts of interest involving internal or external parties are promptly disclosed, escalated to senior management, registered, mitigated and/or prevented, as appropriate. In the event a conflict of interest may not be avoided, the Depositary shall maintain and operate effective organizational and administrative arrangements in order to take all reasonable steps to properly (i) disclosing conflicts of interest to the Fund and to, shareholders (ii) managing and monitoring such conflicts.
The Depositary ensures that employees are informed, trained and advised of conflicts of interest policies and procedures and that duties and responsibilities are segregated appropriately to prevent conflicts of interest issues.
Compliance with conflicts of interest policies and procedures is supervised and monitored by the Board of Managers as general partner of the Depositary and by the Depositary’s Authorized Management, as well as the Depositary’s compliance, internal audit and risk management functions.
The Depositary shall take all reasonable steps to identify and mitigate potential conflicts of interest. This includes implementing its conflict of interest policies that are appropriate for the scale, complexity and nature of its business. This policy identifies the circumstances that give rise or may give rise to a conflict of interest and includes the procedures to be followed and measures to be adopted in order to manage conflicts of interest. A conflicts of interest register is maintained and monitored by the Depositary.
The Depositary does also act as Administrative Agent and/or Registrar and Transfer Agent pursuant to the terms of the administration agreements between the Depositary and the Fund. The Depositary has implemented appropriate segregation of activities between the Depositary and the administration/ registrar and transfer agency services, including escalation processes and governance. In addition, the depositary function is hierarchically and functionally segregated from the administration and registrar and transfer agency services business unit.
A potential risk of conflicts of interest may occur in situations where the Correspondents may enter into or have a separate commercial and/or business relationship with the Depositary in parallel to the safekeeping delegation relationship. In the conduct of its business, conflicts of interest may arise between the Depositary and the Correspondent. Where a Correspondent shall have a group link with the Depositary, the Depositary undertakes to identify potential conflicts of interests arising from that link, if any, and to take all reasonable steps to mitigate those conflicts of interest.
The Depositary does not anticipate that there would be any specific conflicts of interest arising as a result of any delegation to any Correspondent. The Depositary will notify the Board of Directors and/or the board of directors of the Management Company of the Fund of any such conflict should it so arise.
To the extent that any other potential conflicts of interest exist pertaining to the Depositary, they have been identified, mitigated and addressed in accordance with the Depositary’s policies and procedures. | en | es |
DOLFIN6401 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
There was net loss on financial assets and liabilities at fair value through profit and loss of EUR 7,935,390 (31 December 2021: EUR 5,077,510) due to such cross holdings.
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## Litigation | La perdita netta su attività e passività finanziarie al fair value rilevate a conto economico è pari a Euro 7.935.390 (31 dicembre 2021: Euro 5.077.510) e si riferisce a partecipazioni incrociate.
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## Contenzioso | There was net loss on financial assets and liabilities at fair value through profit and loss of EUR 7,935,390 (31 December 2021: EUR 5,077,510) due to such cross holdings.
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## Litigation | en | it |
DOLFIN6402 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Recommended holding period: 7 years
The recommended holding period is calculated based on the Summary Risk Indicator presented above. According to the investment objective as described above, the Product is designed for long-term investment. The Product is an open-ended Product. The investor can sell their investment on a daily (on business days) basis. No redemption fees or penalties will be charged at the level of the Product.
How can I complain?
Any complaint regarding the person advising on, or selling the Product can be submitted directly to that person or bank. Any complaint regarding the Product or this document can be submitted in writing under the following address: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 Luxembourg. Investors shall note that a complaint can be also addressed by e-mail to [email protected] or visit website: www.credit-suisse.com/microsites/multiconcept/en.html.
Other relevant information
This Key Information Document does not contain all information relating to this Product. Further information about Credit Suisse Wealth Funds 1, its prospectus and its latest annual and semi-annual report, the current Product prices, may be obtained free of charge, in English language, from MultiConcept Fund Management S.A., the appointed distributors or online at www.credit-suisse.com/microsites/multiconcept/en.html. There you can also find information on past performance from the last year. | # Periodo di detenzione raccomandato: 7 anni
Il periodo di detenzione raccomandato è calcolato sulla base dell'indicatore sintetico di rischio di cui sopra. Secondo l'obiettivo d'investimento di cui sopra, il prodotto è concepito per l'investimento a lungo termine. Il prodotto è di tipo aperto. L’investitore può vendere il proprio investimento con cadenza giornaliera (nei giorni lavorativi). A livello di prodotto non saranno addebitate commissioni di rimborso o penali.
Come presentare reclami?
Qualsiasi reclamo relativo alla persona che consiglia o vende il prodotto può essere inviato direttamente alla persona in questione o alla banca. Qualsiasi reclamo relativo al prodotto o al presente documento può essere inviato per iscritto al seguente indirizzo: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 Lussemburgo. Si segnala agli investitori che un reclamo può essere inviato anche via e-mail a [email protected] oppure visitate il sito web: www.credit-suisse.com/microsites/multiconcept/en.html.
Altre informazioni rilevanti
Il presente documento informativo non contiene tutte le informazioni relative al prodotto. Ulteriori informazioni su Credit Suisse Wealth Funds 1, il prospetto e l’ultimo rapporto annuale e semestrale nonché gli attuali prezzi del prodotto possono essere ottenuti gratuitamente, in lingua inglese, da MultiConcept Fund Management S.A., i distributori incaricati oppure online su www.credit-suisse.com/microsites/multiconcept/en.html. Qui è possibile trovare anche informazioni sulla performance passata degli ultimi anno. | # Recommended holding period: 7 years
The recommended holding period is calculated based on the Summary Risk Indicator presented above. According to the investment objective as described above, the Product is designed for long-term investment. The Product is an open-ended Product. The investor can sell their investment on a daily (on business days) basis. No redemption fees or penalties will be charged at the level of the Product.
How can I complain?
Any complaint regarding the person advising on, or selling the Product can be submitted directly to that person or bank. Any complaint regarding the Product or this document can be submitted in writing under the following address: MultiConcept Fund Management S.A., 5, rue Jean Monnet, L-2180 Luxembourg. Investors shall note that a complaint can be also addressed by e-mail to [email protected] or visit website: www.credit-suisse.com/microsites/multiconcept/en.html.
Other relevant information
This Key Information Document does not contain all information relating to this Product. Further information about Credit Suisse Wealth Funds 1, its prospectus and its latest annual and semi-annual report, the current Product prices, may be obtained free of charge, in English language, from MultiConcept Fund Management S.A., the appointed distributors or online at www.credit-suisse.com/microsites/multiconcept/en.html. There you can also find information on past performance from the last year. | en | it |
DOLFIN6403 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The CRS, which has applied in Ireland since 1 January 2016, is a global OECD tax information exchange initiative which is aimed at encouraging a coordinated approach to disclosure of income earned by individuals and organisations.
Ireland and a number of other jurisdictions have entered or will enter into multilateral arrangements modelled on the Common Reporting Standard for Automatic Exchange of Financial Account Information published by the OECD. From 1 January 2016, the ICAV will be required to provide certain information to the Revenue Commissioners about Investors resident or established in jurisdictions which are party to CRS arrangements.
The Manager, or a person appointed by the Manager, will request and obtain certain information in relation to the tax residence of its shareholders or "account holders" for CRS purposes and (where applicable) will request information in relation to the beneficial owners of any such account holders. The Manager, or a person appointed by the Manager, will report the information required to the Revenue Commissioners by 30 June in the year following the year of assessment for which a return is due. The Revenue Commissioners will share the appropriate information with the relevant tax authorities in participating jurisdictions. Ireland introduced CRS Regulations in December 2015 and implementation of CRS among early adopting countries (44 countries including Ireland) occurred with effect from 1 January 2016.
- Other JurisdictionsAs Shareholders are no doubt aware, the tax consequences of any investment can vary considerably from one jurisdiction to another, and ultimately will depend on the tax regime of the jurisdictions within which a person is tax resident. Therefore, the Directors strongly recommend that Shareholders obtain tax advice from an appropriate source in relation to the tax liability arising from the holding of Shares relating to a Fund and any investment returns from those Shares. | Il CRS, che si applica in Irlanda dal 1° gennaio 2016, è un'iniziativa globale di scambio di informazioni fiscali promossa dall'OCSE con l'obiettivo di incoraggiare un approccio coordinato alla comunicazione dei redditi generati da persone fisiche e organizzazioni.
L'Irlanda e diversi altri paesi hanno stipulato o stipuleranno accordi bilaterali modellati sullo standard per lo scambio automatico di informazioni finanziarie a fini fiscali pubblicato dall'OCSE. Dal 1° gennaio 2016 la ICAV sarà obbligata a fornire alle Autorità fiscali talune informazioni sugli Investitori residenti o stabiliti in paesi che hanno siglato accordi CRS.
Il Gestore, o un soggetto da esso nominato, chiederà e otterrà ai fini CRS talune informazioni relativamente alla residenza fiscale dei propri azionisti o "titolari di conti" e (ove applicabile) chiederà informazioni in relazione ai beneficiari effettivi dei titolari dei conti. Il Gestore, o un soggetto da esso nominato, riferirà le informazioni richieste alle Autorità fiscali entro il 30 giugno dell'anno successivo a quello di accertamento per cui è dovuta una dichiarazione. Le Autorità fiscali condivideranno le informazioni pertinenti con le autorità fiscali competenti nelle giurisdizioni aderenti. Nel dicembre 2015 l'Irlanda ha introdotto il Regolamento CRS, rendendo applicativo il CRS a partire dal 1° gennaio 2016, insieme al primo gruppo di paesi che l'hanno adottato (44 paesi compresa l'Irlanda).
- Altre giurisdizioniCome gli Azionisti sapranno, le conseguenze fiscali di qualunque investimento possono variare in modo significativo da una giurisdizione all'altra, e dipenderanno sostanzialmente dal regime fiscale applicabile nella giurisdizione in cui un soggetto sia residente ai fini fiscali. Gli Amministratori suggeriscono pertanto agli Azionisti di richiedere una consulenza fiscale a una fonte adeguata in relazione all'assoggettamento fiscale derivante dalla detenzione di Azioni di un Fondo e ad eventuali rendimenti derivanti dalle suddette Azioni. | The CRS, which has applied in Ireland since 1 January 2016, is a global OECD tax information exchange initiative which is aimed at encouraging a coordinated approach to disclosure of income earned by individuals and organisations.
Ireland and a number of other jurisdictions have entered or will enter into multilateral arrangements modelled on the Common Reporting Standard for Automatic Exchange of Financial Account Information published by the OECD. From 1 January 2016, the ICAV will be required to provide certain information to the Revenue Commissioners about Investors resident or established in jurisdictions which are party to CRS arrangements.
The Manager, or a person appointed by the Manager, will request and obtain certain information in relation to the tax residence of its shareholders or "account holders" for CRS purposes and (where applicable) will request information in relation to the beneficial owners of any such account holders. The Manager, or a person appointed by the Manager, will report the information required to the Revenue Commissioners by 30 June in the year following the year of assessment for which a return is due. The Revenue Commissioners will share the appropriate information with the relevant tax authorities in participating jurisdictions. Ireland introduced CRS Regulations in December 2015 and implementation of CRS among early adopting countries (44 countries including Ireland) occurred with effect from 1 January 2016.
- Other JurisdictionsAs Shareholders are no doubt aware, the tax consequences of any investment can vary considerably from one jurisdiction to another, and ultimately will depend on the tax regime of the jurisdictions within which a person is tax resident. Therefore, the Directors strongly recommend that Shareholders obtain tax advice from an appropriate source in relation to the tax liability arising from the holding of Shares relating to a Fund and any investment returns from those Shares. | en | it |
DOLFIN6404 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Responsibilities of the Board of Directors of the Management Company for the Financial Statements
The Board of Directors of the Management Company is responsible for the preparation of the financial statements that give a true and fair view in accordance with Liechtenstein law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the undertaking for collective investment in transferable securities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the undertaking for collective investment in transferable securities, or to cease operations, or has no realistic alternative but to do so. | #### Verantwortlichkeiten des Verwaltungsrats der Verwaltungsgesellschaft für den Jahresbericht
Der Verwaltungsrat der Verwaltungsgesellschaft ist verantwortlich für die Aufstellung eines Jahresberichtes in Übereinstimmung mit den gesetzlichen Vorschriften und für die internen Kontrollen, die der Verwaltungsrat als notwendig feststellt, um die Aufstellung eines Jahresberichtes zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist.
Bei der Aufstellung des Jahresberichts ist der Verwaltungsrat dafür verantwortlich, die Fähigkeit des Organismus für gemeinsame Anlagen in Wertpapiere zur Fortführung der Geschäftstätigkeit zu beurteilen, Sachverhalte in Zusammenhang mit der Fortführung der Geschäftstätigkeit – sofern zutreffend – anzugeben sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Geschäftstätigkeit anzuwenden, es sei denn, der Verwaltungsrat beabsichtigt, entweder den Organismus für gemeinsame Anlagen in Wertpapiere zu liquidieren oder Geschäfts- tätigkeiten einzustellen, oder hat keine realistische Alternative dazu. | #### Responsibilities of the Board of Directors of the Management Company for the Financial Statements
The Board of Directors of the Management Company is responsible for the preparation of the financial statements that give a true and fair view in accordance with Liechtenstein law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the undertaking for collective investment in transferable securities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the undertaking for collective investment in transferable securities, or to cease operations, or has no realistic alternative but to do so. | en | de |
DOLFIN6405 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.480 EUR -85,15 % | 1.420 EUR -32,36 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 9.020 EUR -9,82 % | 11.550 EUR 2,92 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.350 EUR 13,54 % | 17.460 EUR 11,79 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 13.530 EUR 35,33 % | 20.310 EUR 15,22 % | | | Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.480 EUR -85,15% | 1.420 EUR -32,36% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.020 EUR -9,82% | 11.550 EUR 2,92% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 11.350 EUR 13,54% | 17.460 EUR 11,79% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.530 EUR 35,33% | 20.310 EUR 15,22% | | | Période de détention recommandée : 5 ans Investissement : 10.000 EUR |
| --- |
| Scénarios Minimum : Il n’existe aucun rendement minimal garanti si vous sortez avant 5 ans | Si vous sortez après 1 an | Si vous sortez après 5 ans (période de détention recommandée) |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 1.480 EUR -85,15 % | 1.420 EUR -32,36 % |
| Défavorable¹ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 9.020 EUR -9,82 % | 11.550 EUR 2,92 % |
| Intermédiaire² | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 11.350 EUR 13,54 % | 17.460 EUR 11,79 % |
| Favorable³ | Ce que vous pourriez obtenir après déduction des coûts Rendement annuel moyen | 13.530 EUR 35,33 % | 20.310 EUR 15,22 % | | fr | es |
DOLFIN6406 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Although any Sub-Fund may utilise such currency hedging transactions in respect of Classes of Units, it shall not be obliged to do so and to the extent that it does employ strategies aimed at hedging certain Classes of Units, there can be no assurance that such hedging transactions or strategies will be effective.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Class. All transactions will be clearly attributable to the relevant Hedged Class and currency exposures of different Classes will not be combined or offset. The Manager does not intend to have under-hedged or over- hedged positions. However, due to market movements and factors outside the control of the Manager, under-hedged and over-hedged positions may arise from time to time. The Manager has procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Class and under- hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Class that is hedged against currency risk. As part of these procedures, the Manager will review hedged positions of the relevant Hedged Class on a daily basis to ensure that any position beyond these levels is not carried forward. In the event that hedging in respect of a Hedged Class of Units exceeds 105% or falls short of 95%, as described above, due to market movements or redemptions, the Investment Manager shall reduce such hedging appropriately as soon as possible thereafter.Change in Index / Benchmarks Regulation
e Manager on behalf of the Fund has in place and maintains robust written plans setting out the actions that may be taken in the event that an index used by a Sub-Fund as a benchmark (as
per the Benchmarks Regulation) is materially changed or ceases to be provided. These plans include, where appropriate, details of alternative indices that might potentially be used by a Sub- Fund where its benchmark index has to be substituted.
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub-Fund Details, for a similar index if:-
- the particular index or index series ceases to be provided or to exist or is materiallychanged;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existingindex;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | Aunque los Subfondos pueden utilizar las operaciones de cobertura de divisas al respecto de Clases de Participaciones, no estarán obligados a ello y el empleo de estrategias con el fin de cubrir determinadas Clases de Participaciones no puede garantizar la eficacia de dichas operaciones o estrategias de cobertura.
La exposición a las divisas no superará el 105% del Valor Liquidativo de la Clase Cubierta correspondiente. Todas las transacciones serán atribuibles claramente a la Clase Cubierta correspondiente y las exposiciones a las monedas de las diferentes Clases no se combinarán ni se compensarán. La Sociedad Gestora no tiene intención de mantener posiciones con una cobertura excesiva o insuficiente. No obstante, debido a las fluctuaciones del mercado y a factores fuera del control de la Sociedad Gestora, eventualmente pueden surgir posiciones cubiertas por defecto o por exceso. La Sociedad Gestora dispone de procedimientos para supervisar las posiciones cubiertas y asegurarse de que las sobrecoberturas no superan el 105% del Valor Liquidativo de la Clase Cubierta en cuestión, y que las infracoberturas no están por debajo del 95% de esa proporción del Valor Liquidativo de la correspondiente Clase cubierta frente al riesgo de divisas. En el marco de estos procedimientos, la Sociedad Gestora revisará diariamente las posiciones cubiertas de la Clase cubierta pertinente para garantizar que cualquier posición que supere estos niveles no se prorrogue. En el supuesto de que la cobertura en relación con una Clase Cubierta de Participaciones supere el 105% o se quede por debajo del 95%, como se ha descrito anteriormente, debido a fluctuaciones del mercado o a reembolsos, la Gestora de Inversiones alterará dicha cobertura en consecuencia lo antes posible.Cambios en el Reglamento sobre índices/ índices de referencia
La Sociedad Gestora cuenta con sólidos planes para el Fondo por escrito que establecen las medidas que pueden adoptarse en caso de que el índice empleado como referencia por un Subfondo (según lo dispuesto en el Reglamento sobre índices de referencia) cambie significativamente o deje de proveerse. Estos planes incluyen, entre otras medidas, detalles sobre
índices alternativos que el Subfondo podría emplear cuando un índice de referencia deba sustituirse.
Cuando un Subfondo tiene referenciada su rentabilidad a un índice, la Sociedad Gestora podrá, siempre que considere que tal medida favorece los intereses del Subfondo correspondiente, reemplazar el índice pertinente, tal y como se describe en los Detalles del Subfondo en cuestión, por un índice similar, si:
- el índice en concreto o la serie de índices deje de proveerse, de existir o se altere significativamente;
- se dispone de un nuevo índice que sustituye al existente;
- se adopta un nuevo índice que, según los inversores profesionales, responda a los estándares del mercado concreto en el que se opere y/o que, a juicio de los Partícipes, resulte más ventajoso que el índice anterior;
- comienza a resultar difícil invertir en los valores del índice en cuestión;
- el proveedor del índice introduce una comisión que la Sociedad Gestora considera demasiado elevada;
- la Sociedad Gestora entiende que la calidad (incluidas la exactitud y la disponibilidad de los datos) de un determinado índice se ha visto mermada; o
- por cualquier otra causa en caso de que la sustitución del índice de referencia obedezca a motivos distintos de los enumerados en los apartados del (a) al (f) precedentes, en cuyo caso la Sociedad Gestora deberá comunicar con un mínimo de 60 días de antelación dicha sustitución a los Partícipes. | Although any Sub-Fund may utilise such currency hedging transactions in respect of Classes of Units, it shall not be obliged to do so and to the extent that it does employ strategies aimed at hedging certain Classes of Units, there can be no assurance that such hedging transactions or strategies will be effective.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Class. All transactions will be clearly attributable to the relevant Hedged Class and currency exposures of different Classes will not be combined or offset. The Manager does not intend to have under-hedged or over- hedged positions. However, due to market movements and factors outside the control of the Manager, under-hedged and over-hedged positions may arise from time to time. The Manager has procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Class and under- hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Class that is hedged against currency risk. As part of these procedures, the Manager will review hedged positions of the relevant Hedged Class on a daily basis to ensure that any position beyond these levels is not carried forward. In the event that hedging in respect of a Hedged Class of Units exceeds 105% or falls short of 95%, as described above, due to market movements or redemptions, the Investment Manager shall reduce such hedging appropriately as soon as possible thereafter.Change in Index / Benchmarks Regulation
e Manager on behalf of the Fund has in place and maintains robust written plans setting out the actions that may be taken in the event that an index used by a Sub-Fund as a benchmark (as
per the Benchmarks Regulation) is materially changed or ceases to be provided. These plans include, where appropriate, details of alternative indices that might potentially be used by a Sub- Fund where its benchmark index has to be substituted.
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub-Fund Details, for a similar index if:-
- the particular index or index series ceases to be provided or to exist or is materiallychanged;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existingindex;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change. | en | es |
DOLFIN6407 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
##### As Paying Agent, Brown Brothers Harriman (Luxembourg) S.C.A. (“BBH”) is responsible for the distribution of income and Dividends to the Shareholders.
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#### Central Administrative Agent | ##### In quanto Agente di pagamento, Brown Brothers Harriman (Luxembourg) S.C.A. (“BBH”) è responsabile della distribuzione di redditi e dividendi agli Azionisti.
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#### Agente amministrativo centrale | ##### As Paying Agent, Brown Brothers Harriman (Luxembourg) S.C.A. (“BBH”) is responsible for the distribution of income and Dividends to the Shareholders.
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#### Central Administrative Agent | en | it |
DOLFIN6408 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In addition to the above, the Fund will not knowingly invest in debt or equity issued by the top-5 equity and bondholders in coal power plant developers, nor in the banks providing the largest share of lending to coal mining.
The Fund will also not invest in companies that are listed on the Global Coal Exit List (GCEL) as having coal power or coal mining expansion plans – regardless of the share of revenues they derive from thermal coal.
- Unconventional oil and gas exclusion policyThe Fund will not invest in companies: (1) deriving any (0% threshold) revenues from exploration/extraction of either Tar Sands or Arctic Oil; and (2) any company having a significant ownership in the companies excluded under (1).
- Conventional oil and gas exclusion policyThe Fund will not invest in companies that: (1) derive any (0% threshold) revenues from the production of conventional oil and gas; and/or companies that derive more than 40% of revenues from conventional oil and gas power generation.
- UNGC ScreeningThe Fund is subject to a screening that evaluates the alignment of investee companies with the 10 Principals of the United Nations Global Compact (“UNGC”). Algebris’ ESG research team carries out a UNGC screening underpinned by data from third party ESG data providers, as well as internal research. The aim of the Manager’s UNGC screening is to minimize exposure to companies with especially poor practices in key UNGC-relevant areas and identify potential issues on which to engage with companies in the portfolio. | Inoltre, il Fondo non investirà consapevolmente in titoli di debito o azionari emessi dai primi cinque azionisti e obbligazionisti nel settore dello sviluppo di centrali a carbone, né nelle banche che finanziano per la maggior parte l'estrazione del carbone.
Inoltre, il Fondo non investirà in società presenti nella Global Coal Exit List (GCEL), poiché tali società intendono espandersi nel settore della produzione di energia elettrica dal carbone o in quello dell’estrazione mineraria – indipendentemente dalla quota di ricavi derivanti dal carbone termico.
- Politica di esclusione di petrolio e gas non convenzionaliIl Fondo non investirà in società che: (1) traggono ricavi (soglia dello 0%) dall’esplorazione/estrazione di Sabbie bituminose e Petrolio artico; e (2) detengono una quota significativa nelle società di cui al punto (1).
- Politica di esclusione di petrolio e gas convenzionaliIl Fondo non investirà in società che: (1) traggono ricavi (soglia dello 0%) dalla produzione di petrolio e gas convenzionali; e/o che traggono oltre il 40% dei ricavi dalla produzione di energia elettrica da petrolio e gas convenzionali.
- Screening UNGCIl Fondo è soggetto a uno screening che valuta l'allineamento delle società partecipate con i 10 Principi del Global Compact delle Nazioni Unite (“UNGC”). Il team di ricerca ESG di Algebris effettua uno screening UNGC basato sui dati di fornitori di dati ESG esterni e sulla ricerca interna. L’obiettivo dello screening UNGC del Gestore è ridurre al minimo l’esposizione alle società che adottano pratiche particolarmente insufficienti nelle principali aree rilevanti per l’UNGC e individuano le potenziali problematiche su cui impegnarsi con le società in portafoglio. | In addition to the above, the Fund will not knowingly invest in debt or equity issued by the top-5 equity and bondholders in coal power plant developers, nor in the banks providing the largest share of lending to coal mining.
The Fund will also not invest in companies that are listed on the Global Coal Exit List (GCEL) as having coal power or coal mining expansion plans – regardless of the share of revenues they derive from thermal coal.
- Unconventional oil and gas exclusion policyThe Fund will not invest in companies: (1) deriving any (0% threshold) revenues from exploration/extraction of either Tar Sands or Arctic Oil; and (2) any company having a significant ownership in the companies excluded under (1).
- Conventional oil and gas exclusion policyThe Fund will not invest in companies that: (1) derive any (0% threshold) revenues from the production of conventional oil and gas; and/or companies that derive more than 40% of revenues from conventional oil and gas power generation.
- UNGC ScreeningThe Fund is subject to a screening that evaluates the alignment of investee companies with the 10 Principals of the United Nations Global Compact (“UNGC”). Algebris’ ESG research team carries out a UNGC screening underpinned by data from third party ESG data providers, as well as internal research. The aim of the Manager’s UNGC screening is to minimize exposure to companies with especially poor practices in key UNGC-relevant areas and identify potential issues on which to engage with companies in the portfolio. | en | it |
DOLFIN6409 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Objectifs et politique d’investissement
- Le Compartiment cherche à générer sur le long terme des rendements ajustés du risque et une appréciation du capital en investissant principalement dans des actions et des titres assimilés européens, majoritairement libellés en euro.
- Le Compartiment est un Compartiment ISR qui intègre systématiquement et simultanément des critères environnementaux, sociaux et de gouvernance (ESG) contraignants dans le cadre de son processus d’investissement. Il promeut une combinaison de caractéristiques ESG. Il s’agit d’un produit qui relève de l’Article 8 du SFDR. Ce Compartiment a reçu le label ISR en France.
- Nous attirons l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement ou la société, mais que le Compartiment cherche à sélectionner et investir dans des entreprises qui répondent aux critères précis définis dans la politique d’investissement.
- L’objectif extra-financier principal du Compartiment est d’investir dans des sociétés appliquant de bonnes pratiques en matière d’ESG (dites « best in universe ») ou des sociétés en voie d’améliorer leurs pratiques ESG (dites « best efforts ») tout en excluant celles qui n’obtiendraient pas une note minimum absolue de 40/100.
- Le Compartiment met en œuvre plusieurs approches durables telles que définies par la Global Sustainable Investment Alliance : exclusions sectorielles et normatives, sélection ESG positive (c.-à-d., stratégie « best-in-universe » ou « best efforts »).
- Le processus d’investissement du Compartiment se compose de trois étapes : 1/ Sélection de sociétés à partir d’un vaste univers d’investissement regroupant toutes les sociétés ayant leur siège social en Europe qui remplissent les trois critères suivants : liquidité, capitalisation de marché de 5 milliards d’EUR minimum et existence d’une notation ESG. Les sociétés retenues définissent l’univers d’investissement initial ; 2/ Exclusion stricte de cet univers d’investissement initial des sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques. Le Compartiment réduit son univers d’investissement ESG de 20 % par rapport à son univers d’investissement initial (c.-à-d., après l’élimination des 20 % d’émetteurs dotés des plus mauvais scores) ; 3/ Analyse fondamentale de chaque société considérée à des fins d’investissement.
- Les principales limites méthodologiques sont décrites dans le prospectus.
- Le Compartiment fait l’objet d’une gestion active et sa performance est comparée à l’indice de référence Euro Stoxx Index (Net Return). Néanmoins, la Société de gestion est libre de sélectionner des titres indépendamment de leur appartenance à l’Indice de référence, ce qui lui laisse toute latitude dans ses décisions d’investissement. En conséquence, les positions du Compartiment et la pondération des titres dans le portefeuille s’écarteront de la composition de l’Indice de référence.
- L’Indice de référence n’intègre pas les facteurs ESG pris en compte par le Compartiment. La stratégie d’investissement peut induire des biais sectoriels par rapport à l’Indice de référence (surpondération ou sous-pondération de certains secteurs).
- L’Indice de référence a été choisi en interne à des fins de comparaison de performance (en incluant le calcul des commissions de performance) et d’évaluation du risque. Le fournisseur de l’Indice de référence est agréé par l’ESMA. L’Indice de référence représente des sociétés de grande, moyenne et petite capitalisations à travers 11 pays européens.
- Pour la gestion du Compartiment, la Société de gestion investira uniquement à titre accessoire en IFD tels que des Futures sur indice ou sectoriels, en options sur actions et éventuellement en CFD à des fins de couverture ou de gestion efficace de portefeuille. Cela ne doit avoir aucun effet de distorsion significative ou durable sur la politique ESG du Compartiment.
- Le Compartiment conclura des opérations de prêt de titres.
- La vente d’actions du Compartiment peut avoir lieu n’importe quel jour ouvrable.
- La Catégorie d’actions ne prévoit pas de distribuer des dividendes. Tout revenu résultant des investissements du Compartiment est réinvesti et traduit dans la valeur de cette Catégorie d’actions.
- Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cinq ans. | # Objetivos y política de inversión
- El objetivo del Fondo es lograr una buena rentabilidad ajustada por riesgo, así como la apreciación del capital invirtiendo fundamentalmente en renta variable europea y en valores ligados a la renta variable denominada principalmente en euros.
- El Fondo es un Fondo de inversión socialmente responsable (ISR), ya que su proceso de gestión de inversiones integra de forma sistemática y simultánea criterios vinculantes en materia ambiental, social y de gobierno corporativo (ASG). Promueve una combinación de características ASG. Se trata de un producto incluido en el ámbito de aplicación del artículo 8 del Reglamento sobre divulgación de finanzas sostenibles (SFDR). Este Fondo dispone de la etiqueta ISR en Francia.
- Los inversores deben ser conscientes de que su inversión en el Fondo no genera un impacto directo sobre el medio ambiente y la sociedad, sino que el Fondo trata de seleccionar e invertir en empresas que satisfacen los criterios concretos que se definen en la política de inversión.
- El principal objetivo no financiero del Fondo consiste en invertir en empresas que aplican buenas prácticas ASG (es decir, las mejores del universo de inversión) o aquellas que se encuentran en un proceso de mejora con respecto a dichas prácticas (es decir, mejor esfuerzo), al tiempo que excluyen las que no alcanzarían una puntuación ASG absoluta mínima (40/100).
- El Fondo aplica varios enfoques sostenibles, conforme a la definición de la Alianza Global de Inversión Sostenible (GSIA): selección excluyente, selección basada en normas, selección positiva por criterios ASG (es decir “mejor del universo de inversión” o “mejor esfuerzo”).
- El proceso de inversión del Fondo consta de tres pasos: 1/ Selección de empresas de un universo amplio formado por todas las empresas con domicilio social en Europa que cumplan los tres criterios siguientes: liquidez, capitalización de mercado mínima de5.000 millones de euros y que cuenten con una puntuación en materia ASG. Las empresas seleccionadas definen el universo de inversión inicial; 2/ Exclusión estricta de este universo de inversión inicial de aquellas empresas que tengan un importante impacto negativo en factores ASG concretos. El fondo reduce su universo ASG en el que puede invertir con respecto a su universo de inversión inicial en al menos un 20% (es decir, se eliminan el 20% de peores emisores); 3/ Análisis fundamental de cada empresa considerada a efectos de inversión.
- Los principales límites metodológicos se describen en el folleto.
- El Fondo se gestiona de forma activa por referencia al Índice de referencia Euro STOXX Index Net Return. Sin embargo, las decisiones de inversión de la Sociedad gestora no están limitadas por el Índice de referencia correspondiente, sino que puede seleccionar libremente los valores con independencia de que formen parte de este. Por consiguiente, las posiciones y las ponderaciones de los valores en cartera del Fondo seapartarán de la composición del índice de referencia correspondiente.
- El Índice de referencia correspondiente no está armonizado con los factores ASG considerados para el Fondo. La estrategia de inversión puede generar sesgos sectoriales en comparación con el Índice de referencia correspondiente (sobreponderaciones o infraponderaciones de algunos sectores).
- A nivel interno se ha elegido el Índice de referencia correspondiente a efectos de comparar su rentabilidad, incluyendo el cálculo de las comisiones de rentabilidad, y de medir el riesgo. El proveedor del Índice de referencia correspondiente está autorizado por la ESMA. El Índice de referencia correspondiente representa a empresas de gran, mediana y pequeña capitalización de 11 países de la región europea.
- A la hora de gestionar el Fondo, la Sociedad gestora únicamente invertirá de forma accesoria en instrumentos financieros derivados (IFD), como futuros sobre índices o gestores, opciones sobre valores y posiblemente CDF, con fines de cobertura o de gestión eficiente de la cartera. Esto no puede tener la consecuencia de distorsionar la política ASG del Fondo de forma significativa o duradera.
- El Fondo realizará operaciones de préstamo de valores.
- Las acciones del Fondo se pueden vender cualquier día hábil.
- La Clase de acciones no tiene previsto distribuir dividendos. Todos los ingresos procedentes de las inversiones del Fondo se reinvierten y se reflejan en el valor de esta Clase de acciones.
- Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectifs et politique d’investissement
- Le Compartiment cherche à générer sur le long terme des rendements ajustés du risque et une appréciation du capital en investissant principalement dans des actions et des titres assimilés européens, majoritairement libellés en euro.
- Le Compartiment est un Compartiment ISR qui intègre systématiquement et simultanément des critères environnementaux, sociaux et de gouvernance (ESG) contraignants dans le cadre de son processus d’investissement. Il promeut une combinaison de caractéristiques ESG. Il s’agit d’un produit qui relève de l’Article 8 du SFDR. Ce Compartiment a reçu le label ISR en France.
- Nous attirons l’attention de l’investisseur sur le fait que son investissement dans le Compartiment ne génère pas d’impact direct sur l’environnement ou la société, mais que le Compartiment cherche à sélectionner et investir dans des entreprises qui répondent aux critères précis définis dans la politique d’investissement.
- L’objectif extra-financier principal du Compartiment est d’investir dans des sociétés appliquant de bonnes pratiques en matière d’ESG (dites « best in universe ») ou des sociétés en voie d’améliorer leurs pratiques ESG (dites « best efforts ») tout en excluant celles qui n’obtiendraient pas une note minimum absolue de 40/100.
- Le Compartiment met en œuvre plusieurs approches durables telles que définies par la Global Sustainable Investment Alliance : exclusions sectorielles et normatives, sélection ESG positive (c.-à-d., stratégie « best-in-universe » ou « best efforts »).
- Le processus d’investissement du Compartiment se compose de trois étapes : 1/ Sélection de sociétés à partir d’un vaste univers d’investissement regroupant toutes les sociétés ayant leur siège social en Europe qui remplissent les trois critères suivants : liquidité, capitalisation de marché de 5 milliards d’EUR minimum et existence d’une notation ESG. Les sociétés retenues définissent l’univers d’investissement initial ; 2/ Exclusion stricte de cet univers d’investissement initial des sociétés ayant un impact négatif significatif sur des facteurs ESG spécifiques. Le Compartiment réduit son univers d’investissement ESG de 20 % par rapport à son univers d’investissement initial (c.-à-d., après l’élimination des 20 % d’émetteurs dotés des plus mauvais scores) ; 3/ Analyse fondamentale de chaque société considérée à des fins d’investissement.
- Les principales limites méthodologiques sont décrites dans le prospectus.
- Le Compartiment fait l’objet d’une gestion active et sa performance est comparée à l’indice de référence Euro Stoxx Index (Net Return). Néanmoins, la Société de gestion est libre de sélectionner des titres indépendamment de leur appartenance à l’Indice de référence, ce qui lui laisse toute latitude dans ses décisions d’investissement. En conséquence, les positions du Compartiment et la pondération des titres dans le portefeuille s’écarteront de la composition de l’Indice de référence.
- L’Indice de référence n’intègre pas les facteurs ESG pris en compte par le Compartiment. La stratégie d’investissement peut induire des biais sectoriels par rapport à l’Indice de référence (surpondération ou sous-pondération de certains secteurs).
- L’Indice de référence a été choisi en interne à des fins de comparaison de performance (en incluant le calcul des commissions de performance) et d’évaluation du risque. Le fournisseur de l’Indice de référence est agréé par l’ESMA. L’Indice de référence représente des sociétés de grande, moyenne et petite capitalisations à travers 11 pays européens.
- Pour la gestion du Compartiment, la Société de gestion investira uniquement à titre accessoire en IFD tels que des Futures sur indice ou sectoriels, en options sur actions et éventuellement en CFD à des fins de couverture ou de gestion efficace de portefeuille. Cela ne doit avoir aucun effet de distorsion significative ou durable sur la politique ESG du Compartiment.
- Le Compartiment conclura des opérations de prêt de titres.
- La vente d’actions du Compartiment peut avoir lieu n’importe quel jour ouvrable.
- La Catégorie d’actions ne prévoit pas de distribuer des dividendes. Tout revenu résultant des investissements du Compartiment est réinvesti et traduit dans la valeur de cette Catégorie d’actions.
- Recommandation : ce Compartiment peut ne pas convenir aux investisseurs qui prévoient de retirer leur apport avant cinq ans. | fr | es |
DOLFIN6410 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# VOTES OF MEMBERS
- On a show of hands every Member who is present shall have one vote.
- On a poll every Member present in person or by proxy shall be entitled to one vote in respect of each share held by him.
- In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the shares.
- No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive.
- On a poll, votes may be given either personally (to include by telephone and electronic means provided there are reasonable procedures in place to verify that the41instructions have been given by the relevant Member or holder of non-participating shares as appropriate ) or by proxy.
- On a poll, a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way.
- The instrument appointing a proxy shall be in writing (in electronic form or otherwise) under the hand of the appointor or of his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or under the hand of an officer or attorney so authorised. An instrument of proxy shall be in any usual form or in such form as the Directors may approve PROVIDED ALWAYS that such form shall give the holder the choice of authorising his/her proxy to vote for or against each resolution.
- Any person (whether a Member or not) may be appointed to act as a proxy. A Member may appoint more than one proxy to attend on the same occasion.
- The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority, shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company in advance of the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote and if the aforesaid conditions are not complied with the instrument of proxy shall not be treated as valid. The depositing of the instrument of proxy and the power of attorney or other authority (if any) may, rather than it being effected by sending or delivering the instrument, be effected by communicating the instrument to the Company by electronic means.
- No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date.
- The Directors may at the expense of the Company send, by post or otherwise, to the Members instruments of proxy (with or without prepaid postage for their return) for use at any general meeting or at any meeting of any class of Members, either in blank or nominating in the alternative any one or more of the Directors or any other persons. If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some only) of the Members entitled to be sent a notice of the meeting and to vote thereat by proxy.
- A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the shares in respect of which the instrument of proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the registered office of the Company, before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used.
- Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he represents as that body42corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
- | # VOTOS DE LOS MIEMBROS
- En las votaciones a mano alzada, cada Miembro que esté presente dispondrá de un voto.
- En una votación, cada Miembro presente o con representación tendrá derecho a un voto respecto a cada acción que posea.
- En el caso de titulares conjuntos de una acción, el voto de la persona superior que emite el voto, ya sea en persona o mediante representante, se deberá aceptar y excluirá a los votos de los demás titulares conjuntos, y a estos efectos, la superioridad se determinará según el orden en que figuren los nombres en el Registro en relación a las Acciones.
- No podrá objetarse la aptitud de un votante para votar, salvo en la reunión o reunión aplazada en que se vaya a emitir el voto objetado, y cualquier voto que no haya sido objetado en esa reunión, será válido a todos los efectos. Las objeciones hechas en el plazo establecido deberán dirigirse al presidente de la reunión, cuya decisión será definitiva y concluyente.
- En una votación, los votos se pueden dar tanto personalmente (incluido por teléfono o medios electrónicos siempre que haya sistemas adecuados para verificar que las instrucciones hayan sido dadas por el Miembro pertinente o titular de acciones no participativas tal y como sea apropiado) como mediante representación.
- En una votación por escrito, un Miembro con derecho a más de un voto, no tendrá que utilizar, si vota, todos sus votos o emitir todos sus votos de la misma forma.
- El instrumento para designar a un representante deberá estar por escrito (en formato electrónico o similar) y firmado por la persona que designa al representante o por su abogado debidamente autorizado, o en el caso de que la persona que designa al representante fuera una empresa, el instrumento deberá llevar el sello de la empresa o estar firmado por un representante o abogado autorizado para ello. Un instrumento de representación deberá suministrarse en el formato en que los Consejeros consideren apropiado SIEMPRE QUE dicho formato ofrezca al titular la posibilidad de autorizar a su representante para votar a favor o en contra en cada resolución.
- Cualquier persona (sea Miembro o no) podrá ser designada para actuar como representante. Un Miembro no podrá designar más de un representante para asistir a la misma reunión.
- El instrumento para designar a un representante y el poder de representación u otra autorización (si la hubiere) en virtud del cual esté firmado o una copia certificada por un notario de dicho poder o autorización, deberá depositarse en el domicilio social de la Sociedad o en el lugar que se especifique para ello en la convocatoria de reunión o en el instrumento de representación emitido por la Sociedad antes de la hora establecida para la reunión o reunión aplazada en que la persona designada en el instrumento pretende votar y en caso de no hacerlo, el instrumento de designación de representante no será considerado válido. La entrega del instrumento de representación y el poder de representación u otro poder (de haberlo) podrá, en lugar de hacerse mediante envío oentrega del instrumento, realizarse comunicando el instrumento a la Sociedad utilizando un medio electrónico.
- No será válido ningún instrumento de designación de representante una vez hayan pasado doce meses desde la fecha del instrumento, salvo en el caso de una reunión aplazada o en el caso de una votación por escrito solicitada en una reunión o reunión aplazada cuando dicha reunión se celebrase originalmente dentro de los doce meses desde esa fecha.
- Los Consejeros podrán, a expensas de la Sociedad, enviar, por correo o similar, a los Miembros instrumentos de representación (con o sin portes pagados para su devolución) para usar en cualquier junta general o en cualquier junta de cualquier clase de Miembros, tanto en blanco como nombrando como alternativa a uno o varios de los Consejeros u otras personas. Si, con el fin de celebrar una junta se envían invitaciones para nombrar como representante a una persona o a una serie de personas especificadas en las invitaciones a cuenta de la Sociedad, dichas invitaciones deberán enviarse a todos (y no solo a una parte) los Miembros con derecho a recibir una convocatoria a una junta y a votar en la misma mediante representante.
- Los votos emitidos conforme a los términos de un instrumento de representación serán válidos aunque se produzca el fallecimiento o la declaración de incapacidad mental de la persona principal o la revocación del instrumento de representación, o de la autorización en base a la cual se ejecutó el instrumento de representación, o la transferencia de las acciones en relación a la cual se otorgó el instrumento de representación, siempre y cuando la Sociedad no haya recibido en el domicilio social de la Sociedad ninguna notificación por escrito indicando dicho fallecimiento, declaración de incapacidad mental, revocación o transferencia, antes del comienzo de la reunión o de la reunión aplazada en que se utilizara dicho instrumento de representación.
- Cualquier organismo corporativo que sea Miembro de la Sociedad podrá, mediante una resolución de sus Consejeros o del órgano directivo, autorizar a la persona que consideren adecuada para que actúe como su representante en cualquier reunión de la Sociedad o en cualquier reunión del tipo que sea de Miembros de la Sociedad, y la persona autorizada tendrá derecho a ejercer los mismos poderes en nombre del organismo corporativo al que representa que los que ejercería el organismo corporativo si fuera un Miembro individual y dicho organismo corporativo será considerado, a los efectos de estos Estatutos, presente en esa reunión si una persona así autorizada está presente en la reunión.
- | # VOTES OF MEMBERS
- On a show of hands every Member who is present shall have one vote.
- On a poll every Member present in person or by proxy shall be entitled to one vote in respect of each share held by him.
- In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the shares.
- No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive.
- On a poll, votes may be given either personally (to include by telephone and electronic means provided there are reasonable procedures in place to verify that the41instructions have been given by the relevant Member or holder of non-participating shares as appropriate ) or by proxy.
- On a poll, a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way.
- The instrument appointing a proxy shall be in writing (in electronic form or otherwise) under the hand of the appointor or of his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or under the hand of an officer or attorney so authorised. An instrument of proxy shall be in any usual form or in such form as the Directors may approve PROVIDED ALWAYS that such form shall give the holder the choice of authorising his/her proxy to vote for or against each resolution.
- Any person (whether a Member or not) may be appointed to act as a proxy. A Member may appoint more than one proxy to attend on the same occasion.
- The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority, shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company in advance of the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote and if the aforesaid conditions are not complied with the instrument of proxy shall not be treated as valid. The depositing of the instrument of proxy and the power of attorney or other authority (if any) may, rather than it being effected by sending or delivering the instrument, be effected by communicating the instrument to the Company by electronic means.
- No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date.
- The Directors may at the expense of the Company send, by post or otherwise, to the Members instruments of proxy (with or without prepaid postage for their return) for use at any general meeting or at any meeting of any class of Members, either in blank or nominating in the alternative any one or more of the Directors or any other persons. If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some only) of the Members entitled to be sent a notice of the meeting and to vote thereat by proxy.
- A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the shares in respect of which the instrument of proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the registered office of the Company, before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used.
- Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he represents as that body42corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
- | en | es |
DOLFIN6411 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# By subscribing to AMUNDI EURO LIQUIDITY-RATED SRI - DP, you are investing in money market instruments with a maximum maturity of 2 years.
The Fund seeks to outperform the capitalised €STR benchmark index, the eurozone benchmark index, after deducting ongoing charges, whilst incorporating ESG criteria into the Fund’s security analysis and selection criteria.
However, during periods of negative returns on the money market, the Fund’s return may be negatively affected. Furthermore, after deducting ongoing charges, the Fund may underperform the capitalised €STR.
The fund incorporates the ESG criteria (Environment, Social and Governance) for the assessment and selection of securities, in addition to the financial criteria (liquidity, maturity, profitability and quality).
The non-financial analysis is used to assign an ESG rating for each issuer on a scale ranging from A (highest rating) to G (lowest rating). At least 90% of the securities in the portfolio have an ESG rating. | # Al suscribirse a AMUNDI EURO LIQUIDITY-RATED SRI - DP, usted invierte en instrumentos del mercado monetario con un vencimiento máximo de 2 años.
El objetivo de gestión del fondo es conseguir una rentabilidad superior a su índice de referencia, el €STR capitalizado, índice representativo del tipo monetario de la zona euro, una vez considerados los gastos corrientes e incorporando los criterios ESG en el proceso de selección y análisis de títulos del fondo.
Sin embargo, en período de rentabilidades negativas en el mercado monetario, la rentabilidad del fondo puede verse afectada negativamente. Asimismo, una vez considerados los gastos corrientes, la rentabilidad del fondo podrá ser inferior a la del €STR capitalizado.
El Fondo incorpora criterios ESG (ambientales, sociales y de gobernanza) en el análisis y la selección de los títulos para complementar los criterios financieros (liquidez, vencimiento, rentabilidad y calidad).
El análisis extrafinanciero de cada emisor arroja una calificación ESG en una escala de A (mejor calificación) a G (peor calificación). Como mínimo, el 90 % de los títulos de la cartera cuentan con una calificación ESG. | # By subscribing to AMUNDI EURO LIQUIDITY-RATED SRI - DP, you are investing in money market instruments with a maximum maturity of 2 years.
The Fund seeks to outperform the capitalised €STR benchmark index, the eurozone benchmark index, after deducting ongoing charges, whilst incorporating ESG criteria into the Fund’s security analysis and selection criteria.
However, during periods of negative returns on the money market, the Fund’s return may be negatively affected. Furthermore, after deducting ongoing charges, the Fund may underperform the capitalised €STR.
The fund incorporates the ESG criteria (Environment, Social and Governance) for the assessment and selection of securities, in addition to the financial criteria (liquidity, maturity, profitability and quality).
The non-financial analysis is used to assign an ESG rating for each issuer on a scale ranging from A (highest rating) to G (lowest rating). At least 90% of the securities in the portfolio have an ESG rating. | en | es |
DOLFIN6412 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The forward exchange contracts are assigned to the share class I CHF.
As at 30 June 2021, the unrealised gain/(loss) on these transactions amounted to EUR (3,887). The forward exchange contracts are not backed by collateral.
The counterparty of the listed forward exchange contracts is RBC Investor Services Bank S.A.
- BELLEVUE FUNDS (LUX) – BB AFRICAN OPPORTUNITIES | Die Devisenterminkontrakte sind den Aktienklassen I CHF zugeordnet.
Am 30. Juni 2021 beläuft sich der nicht realisierte Gewinn / (Verlust) aus diesen Transaktionen auf EUR (3.887). Die Devisenterminkontrakte sind nicht mit Sicherheiten hinterlegt.
Die Gegenpartei der aufgeführten Devisentermingeschäfte ist RBC Investor Services Bank S.A.
- BELLEVUE FUNDS (LUX) – BB AFRICAN OPPORTUNITIES | The forward exchange contracts are assigned to the share class I CHF.
As at 30 June 2021, the unrealised gain/(loss) on these transactions amounted to EUR (3,887). The forward exchange contracts are not backed by collateral.
The counterparty of the listed forward exchange contracts is RBC Investor Services Bank S.A.
- BELLEVUE FUNDS (LUX) – BB AFRICAN OPPORTUNITIES | en | de |
DOLFIN6413 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# L'indicateur synthétique de risque (ISR) de ce produit correspond à 4 sur 7, soit une catégorie de risque moyenne.
Cet indicateur évalue le risque de pertes sur la performance future à un niveau moyen. Les performances passées ne donnent pas une indication fiable des résultats futurs, si bien que le risque effectif de perte peut varier considérablement.
Veuillez noter qu'il existe un possible risque de change si votre monnaie de référence n'est pas la même que la monnaie du produit. Les paiements que vous recevrez seront libellés dans une autre monnaie de sorte que votre rendement final dépendra du cours de change des deux monnaies. L'indicateur ci-dessus ne tient pas compte de ce risque.
Le produit peut être soumis à d'autres facteurs de risque qui ne sont pas pris en compte dans l'indicateur synthétique de risque (ISR), par exemple des risques opérationnels, politiques et juridiques. Veuillez consulter le prospectus pour plus d'informations. | # El indicador resumido de riesgo (IRR) de este producto es 4 de 7, que es una clase de riesgo media.
Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media. El pasado no es un indicador fiable del futuro, por lo que el riesgo de pérdida real podría variar significativamente.
Tenga presente que podría existir un riesgo de cambio si su moneda de referencia es distinta de la moneda del producto. Usted recibirá los pagos en una moneda diferente, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas. Este riesgo no se tiene en cuenta en el indicador que figura anteriormente.
Este producto puede estar sujeto a otros factores de riesgo que no están representados en el indicador resumido de riesgo (IRR), como, por ejemplo, los riesgos operativos, políticos y legales. Consulte el folleto para obtener más información. | # L'indicateur synthétique de risque (ISR) de ce produit correspond à 4 sur 7, soit une catégorie de risque moyenne.
Cet indicateur évalue le risque de pertes sur la performance future à un niveau moyen. Les performances passées ne donnent pas une indication fiable des résultats futurs, si bien que le risque effectif de perte peut varier considérablement.
Veuillez noter qu'il existe un possible risque de change si votre monnaie de référence n'est pas la même que la monnaie du produit. Les paiements que vous recevrez seront libellés dans une autre monnaie de sorte que votre rendement final dépendra du cours de change des deux monnaies. L'indicateur ci-dessus ne tient pas compte de ce risque.
Le produit peut être soumis à d'autres facteurs de risque qui ne sont pas pris en compte dans l'indicateur synthétique de risque (ISR), par exemple des risques opérationnels, politiques et juridiques. Veuillez consulter le prospectus pour plus d'informations. | fr | es |
DOLFIN6414 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Paiement et réinvestissement des dividendes
Toutes les Actions des Classes de distribution en circulation à la date de déclaration des dividendes ouvrent droit à la distribution de dividendes. Les dividendes (pour autant qu'ils soient déclarés) seront distribués sous réserve du règlement des actions de distribution concernées et seront en règle générale réinvestis. Les Actionnaires pourront demander par écrit le paiement de leur dividende en numéraire, auquel cas il sera versé, sauf accord contraire, dans la devise de la Classe d'Actions concernée. La Société de gestion peut entreprendre toute procédure d'authentification qu'elle considère appropriée en vue de vérifier, confirmer ou clarifier les instructions de paiement d'un Actionnaire relatives au versement de dividendes. L'objectif est de diminuer le risque d'erreur et de fraude pour la SICAV, ses agents et Actionnaires. Lorsqu'il ne lui a pas été possible de mettre en œuvre des procédures d'authentification à sa convenance, la Société de gestion peut, à sa discrétion, retarder le traitement des instructions de paiement à une date postérieure à la date de paiement du dividende prévue, jusqu'à complète exécution des procédures d'authentification. Si la Société de gestion n'est pas satisfaite d'une vérification ou confirmation quelconque, elle peut refuser d'exécuter le versement de dividende concerné jusqu'à obtenir satisfaction. Ni la Société de gestion, ni la SICAV ne sauraient être tenues responsables vis-à-vis de l'Actionnaire ou de quiconque en cas de retard d'exécution ou de refus d'exécuter des versements de dividendes dans ces circonstances.
Les dividendes à réinvestir seront versés au Dépositaire, qui les réinvestira pour le compte des Actionnaires concernés dans des Actions supplémentaires de la même Classe. Ces Actions seront émises à la Valeur liquidative de la Classe concernée à la date du paiement. Les fractions d'Actions nominatives seront comptabilisées à trois décimales. | ##### Pago y reinversión de dividendos
Todas las Clases de Acciones de distribución en circulación en la fecha del registro del dividendo tendrán derecho a dividendos. Los dividendos (si se declarasen) se abonarán con sujeción a la liquidación de las correspondientes acciones con derecho a dividendos pertinentes y, por lo general, se reinvertirán. Los Accionistas podrán solicitar por escrito recibir un pago de dividendos, en cuyo caso el pago se realizará, salvo acuerdo en contrario, en la divisa de la Clase de Acciones pertinente. La Sociedad gestora podrá poner en práctica, a su discreción, los procedimientos de autentificación que estime necesarios para comprobar, confirmar y aclarar las órdenes de pago de los Accionistas en relación con el pago de dividendos. La finalidad de estos procedimientos es reducir el riesgo de error y fraude para el Fondo, sus agentes y sus Accionistas. Cuando no haya sido posible realizar los procedimientos de autentificación a su entera satisfacción, la Sociedad gestora podrá, a su entera discreción, aplazar la tramitación de órdenes de pago hasta que los procedimientos de autentificación hayan sido finalizados, aunque dicha fecha sea posterior a la fecha prevista para el pago del dividendo. Si la Sociedad gestora no está satisfecha con alguna verificación o confirmación, podrá negarse a ejecutar el pago de dividendos pertinente hasta que se obtenga una verificación o confirmación que estime satisfactoria. Ni la Sociedad gestora ni el Fondo serán considerados responsables frente al Accionista ni frente a ninguna otra persona si retrasan la ejecución o se niegan a ejecutar el pago de dividendos en las circunstancias descritas.
Los dividendos que se vayan a reinvertir se abonarán al Depositario, que reinvertirá el dinero, en nombre de los Accionistas, en Acciones adicionales de la misma Clase. Dichas Acciones se emitirán en la fecha de pago del dividendo al Valor Liquidativo por Acción de la Clase pertinente. Los derechos fraccionarios a Acciones nominativas se reconocerán hasta tres decimales. | ##### Paiement et réinvestissement des dividendes
Toutes les Actions des Classes de distribution en circulation à la date de déclaration des dividendes ouvrent droit à la distribution de dividendes. Les dividendes (pour autant qu'ils soient déclarés) seront distribués sous réserve du règlement des actions de distribution concernées et seront en règle générale réinvestis. Les Actionnaires pourront demander par écrit le paiement de leur dividende en numéraire, auquel cas il sera versé, sauf accord contraire, dans la devise de la Classe d'Actions concernée. La Société de gestion peut entreprendre toute procédure d'authentification qu'elle considère appropriée en vue de vérifier, confirmer ou clarifier les instructions de paiement d'un Actionnaire relatives au versement de dividendes. L'objectif est de diminuer le risque d'erreur et de fraude pour la SICAV, ses agents et Actionnaires. Lorsqu'il ne lui a pas été possible de mettre en œuvre des procédures d'authentification à sa convenance, la Société de gestion peut, à sa discrétion, retarder le traitement des instructions de paiement à une date postérieure à la date de paiement du dividende prévue, jusqu'à complète exécution des procédures d'authentification. Si la Société de gestion n'est pas satisfaite d'une vérification ou confirmation quelconque, elle peut refuser d'exécuter le versement de dividende concerné jusqu'à obtenir satisfaction. Ni la Société de gestion, ni la SICAV ne sauraient être tenues responsables vis-à-vis de l'Actionnaire ou de quiconque en cas de retard d'exécution ou de refus d'exécuter des versements de dividendes dans ces circonstances.
Les dividendes à réinvestir seront versés au Dépositaire, qui les réinvestira pour le compte des Actionnaires concernés dans des Actions supplémentaires de la même Classe. Ces Actions seront émises à la Valeur liquidative de la Classe concernée à la date du paiement. Les fractions d'Actions nominatives seront comptabilisées à trois décimales. | fr | es |
DOLFIN6415 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Depositary has established a functional, hierarchical and/or contractual separation between the performance of its UCITS depositary functions and the performance of other tasks on behalf of the SICAV, notably, administrative agency and registrar agency services.
The SICAV and the Depositary may terminate the Depositary Agreement at any time by giving ninety (90) days’ notice in writing. The SICAV may, however, dismiss the Depositary only if a new depositary bank is appointed within two months to take over the functions and responsibilities of the Depositary. After its dismissal, the Depositary must continue to carry out its functions and responsibilities until such time as the entire assets of the Sub-Funds have been transferred to the new depositary bank.
The Depositary has no decision-making discretion nor any advice duty relating to the SICAV's investments. The Depositary is a service provider to the SICAV and is not responsible for the preparation of this Prospectus and therefore accepts no responsibility for the accuracy of any information contained in this Prospectus or the validity of the structure and investments of the SICAV | Il Depositario ha stabilito una separazione in termini di funzioni, gerarchia e/o contratti fra lo svolgimento delle sue funzioni di depositario di OICVM e lo svolgimento di altri incarichi per conto della SICAV, nello specifico le funzioni di agente amministrativo e agente per la tenuta dei registri.
La SICAV e il Depositario possono risolvere il Contratto di Deposito in qualsiasi momento con preavviso scritto di novanta (90) giorni. La SICAV può tuttavia rimuovere il Depositario dall’incarico solo se viene nominata una nuova banca depositaria entro due mesi per rilevare le funzioni e le responsabilità del Depositario. Dopo la rimozione, il Depositario manterrà le proprie funzioni e responsabilità per tutto il tempo necessario a trasferire l’intero patrimonio dei Comparti alla nuova banca depositaria.
Il Depositario non ha discrezionalità né doveri di consulenza in merito agli investimenti della SICAV. Il Depositario è un provider di servizi della SICAV e non è responsabile della redazione del presente Prospetto; pertanto, non si assume alcuna responsabilità in merito all’accuratezza delle informazioni ivi contenute o alla validità della struttura e degli investimenti della SICAV | The Depositary has established a functional, hierarchical and/or contractual separation between the performance of its UCITS depositary functions and the performance of other tasks on behalf of the SICAV, notably, administrative agency and registrar agency services.
The SICAV and the Depositary may terminate the Depositary Agreement at any time by giving ninety (90) days’ notice in writing. The SICAV may, however, dismiss the Depositary only if a new depositary bank is appointed within two months to take over the functions and responsibilities of the Depositary. After its dismissal, the Depositary must continue to carry out its functions and responsibilities until such time as the entire assets of the Sub-Funds have been transferred to the new depositary bank.
The Depositary has no decision-making discretion nor any advice duty relating to the SICAV's investments. The Depositary is a service provider to the SICAV and is not responsible for the preparation of this Prospectus and therefore accepts no responsibility for the accuracy of any information contained in this Prospectus or the validity of the structure and investments of the SICAV | en | it |
DOLFIN6416 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Class “F” Shares
Class "F" shares are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the management company’s discretion. The minimum initial investment is 100,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, except for the capitalisation share classes of the Sub-Fund AXA World Funds - Multi Premia. For this Sub-Fund the minimum initial investment is 500,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class.
If as a result of a redemption, a shareholder holding Class “F” shares falls below the minimum level of holding required, such shareholder will be deemed to have requested the conversion into Class “A” shares. | ### Acciones de Clase «F»
Las acciones de la Clase «F» solo están disponibles (i) a través de determinados distribuidores que disponen de acuerdos de comisiones independientes con sus clientes, y (ii) para otros inversores que determine la sociedad gestora a su discreción. La inversión mínima inicial asciende a 100,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, y la inversión mínima posterior es de 5,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, excepto en el caso de las clases de acciones de capitalización del Subfondo AXA World Funds - Multi Premia. Para este Subfondo, la inversión mínima inicial asciende a 500,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, y la inversión mínima posterior es de 5,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión.
Si, como consecuencia de un reembolso, la inversión de un accionista en Acciones de la Clase «F» cayese por debajo del nivel mínimo de inversión exigido para las Acciones de la Clase «F», se considerará que dicho accionista ha solicitado la conversión de su inversión en Acciones de la Clase «A». | ### Class “F” Shares
Class "F" shares are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the management company’s discretion. The minimum initial investment is 100,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, except for the capitalisation share classes of the Sub-Fund AXA World Funds - Multi Premia. For this Sub-Fund the minimum initial investment is 500,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class.
If as a result of a redemption, a shareholder holding Class “F” shares falls below the minimum level of holding required, such shareholder will be deemed to have requested the conversion into Class “A” shares. | en | es |
DOLFIN6417 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
###### Data Protection Information
Prospective investors should note that by completing the application form they are providing information to the Company, which may constitute personal data within the meaning of the Data Protection Acts in Ireland. This data will be used for the purposes of client identification and the subscription process, administration, transfer agency, statistical analysis, market research and to comply with any applicable legal or regulatory requirements, disclosure to the Company (its dele- gates and agents).
Data may be disclosed to third parties including:
- regulatory bodies, tax authorities; and
- delegates, advisers and service providers of the Company and their or the Company’s duly authorised agents and any of their respective related, associated or affiliated companies wherever located (including outside the EEA which may not have the same data protection laws as in Ireland) for the purposes specified. For the avoidance of doubt, each service provider to the Company (including the Manager, its delegates and its or their duly authorised agents and any of their respective related, associated or affiliated companies) may exchange the personal data, or information about the investors in the Company, which is held by it with another service provider to the Company. | ###### INFORMATIONS SUR LA PROTECTION DES DONNÉES
Les investisseurs potentiels doivent noter qu'ils communiquent des renseignements à la Société en remplissant le formulaire de souscription, lesquels peuvent constituer des données à caractère personnel au sens des Lois sur la protection des données en Irlande. Ces données seront utilisées aux fins de l'identification des clients et du processus de souscription, l'administration, des mandats de transferts, des analyses statistiques, des études de marché ainsi que pour nous conformer à des exigences légales ou réglementaires quelconques, pour les besoins de la Société (de ses délégués et de ses agents) en matière d'informations.
Les données peuvent être communiquées à des tiers, y compris :
- aux organismes de réglementation, à l'administration fiscale et
- aux délégués, conseillers et fournisseurs de services de la Société, aux agents dûment autorisés de ces derniers, à ceux de la Société et à toute société à laquelle ils sont respectivement liés, associés ou affiliés, quel que soit leur lieu d'implantation (y compris sur des territoires situés en dehors de l'Espace économique européen, lesquels peuvent ne pas jouir des mêmes lois que l'Irlande sur le plan de la protection des données à caractère personnel) pour les besoins et aux fins spécifiés. Afin d'éviter toute ambiguïté, chaque fournisseur de services de la Société (y compris le Gestionnaire, ses délégués, son ou ses agents dûment autorisés et toute société à laquelle ils sont respectivement liés, associés ou affiliés) peut échanger des données à caractère personnel ou des renseignements concernant les investisseurs dans la Société qu'il détient avec un autre fournisseur de services de la Société. | ###### Data Protection Information
Prospective investors should note that by completing the application form they are providing information to the Company, which may constitute personal data within the meaning of the Data Protection Acts in Ireland. This data will be used for the purposes of client identification and the subscription process, administration, transfer agency, statistical analysis, market research and to comply with any applicable legal or regulatory requirements, disclosure to the Company (its dele- gates and agents).
Data may be disclosed to third parties including:
- regulatory bodies, tax authorities; and
- delegates, advisers and service providers of the Company and their or the Company’s duly authorised agents and any of their respective related, associated or affiliated companies wherever located (including outside the EEA which may not have the same data protection laws as in Ireland) for the purposes specified. For the avoidance of doubt, each service provider to the Company (including the Manager, its delegates and its or their duly authorised agents and any of their respective related, associated or affiliated companies) may exchange the personal data, or information about the investors in the Company, which is held by it with another service provider to the Company. | en | fr |
DOLFIN6418 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The forced redemption must be carried out by the account keeper of the Non-Eligible Person, on the basis of the NAV following the formal decision of the management company, minus any applicable charges, duties, and commissions, which shall remain the responsibility of the Non-Eligible Person.
The formal decision of the management company shall be preceded by a period of discussion suitable herein but no less than 10 days during which the beneficial owner of the units may submit his or her remarks to the competent body of the management company.
The UCITS may cease to issue units provisionally or definitively, partially or totally, pursuant to the third section of article L.214-8-7 of the French Financial and Monetary Code in objective situations involving the closure of subscriptions due to the issuance of a maximum number of units, the attainment of a maximum amount of assets or the expiration of a specific subscription period. The trigger for this tool shall be subject to a disclosure by any means to the existing unitholders regarding its activation, as well as the threshold and the objective situation having led to the decision of partial or total closure. In case of partial closure, this disclosure by any means shall explicitly stipulate the modalities according to which the existing unitholders may continue to subscribe for the duration of this partial closure. The unitholders are also informed by any means of the decision of the UCITS or the management company either to totally or partially end subscriptions (in transitioning to the trigger point), or not to end it (in case of a change in the point or modification of the objective situation having led to the implementation of this tool). A modification of the objective situation invoked or the trigger point of the tool must always be made in the interest of the unitholders. The disclosure by any means stipulates the exact reasons for these modifications.
ARTICLE IV - CALCULATION OF THE NAV
The NAV of the units shall be calculated in accordance with the valuation rules indicated in the prospectus. | Le rachat forcé devra être effectué par le teneur de compte de la Personne Non Eligible, sur la base de valeur liquidative suivant la décision formelle de la Société de Gestion, diminuée le cas échéant des frais, droits et commissions applicables, qui resteront à la charge de la Personne Non Eligible.
La décision formelle de la Société de Gestion sera précédée d’un délai de discussion adapté au cas d’espèce mais ne pouvant être inférieur à 10 jours durant lesquels le bénéficiaire effectif des parts pourra présenter ses observations à l’organe compétent de la Société de Gestion.
L’OPCVM peut cesser d’émettre des parts en application du troisième alinéa de l’article L. 214-8-7 du code monétaire et financier, de manière provisoire ou définitive, partiellement ou totalement, dans les situations objectives entraînant la fermeture des souscriptions telles qu’un nombre maximum de parts émises, un montant maximum d’actif atteint ou l’expiration d’une période de souscription déterminée. Le déclenchement de cet outil fera l’objet d’une information par tout moyen des porteurs existants relative à son activation, ainsi qu’au seuil et à la situation objective ayant conduit à la décision de fermeture partielle ou totale. Dans le cas d’une fermeture partielle, cette information par tout moyen précisera explicitement les modalités selon lesquelles les porteurs existants peuvent continuer de souscrire pendant la durée de cette fermeture partielle. Les porteurs de parts sont également informés par tout moyen de la décision de l’OPCVM ou de la Société de Gestion soit de mettre fin à la fermeture totale ou partielle des souscriptions (lors du passage sous le seuil de déclenchement), soit de ne pas y mettre fin (en cas de changement de seuil ou de modification de la situation objective ayant conduit à la mise en œuvre de cet outil). Une modification de la situation objective invoquée ou du seuil de déclenchement de l’outil doit toujours être effectuée dans l’intérêt des porteurs de parts. L’information par tous moyens précise les raisons exactes de ces modifications.
ARTICLE IV - CALCUL DE LA VALEUR LIQUIDATIVE
Le calcul de la valeur liquidative de la part est effectué en tenant compte des règles d'évaluation figurant dans le prospectus. | The forced redemption must be carried out by the account keeper of the Non-Eligible Person, on the basis of the NAV following the formal decision of the management company, minus any applicable charges, duties, and commissions, which shall remain the responsibility of the Non-Eligible Person.
The formal decision of the management company shall be preceded by a period of discussion suitable herein but no less than 10 days during which the beneficial owner of the units may submit his or her remarks to the competent body of the management company.
The UCITS may cease to issue units provisionally or definitively, partially or totally, pursuant to the third section of article L.214-8-7 of the French Financial and Monetary Code in objective situations involving the closure of subscriptions due to the issuance of a maximum number of units, the attainment of a maximum amount of assets or the expiration of a specific subscription period. The trigger for this tool shall be subject to a disclosure by any means to the existing unitholders regarding its activation, as well as the threshold and the objective situation having led to the decision of partial or total closure. In case of partial closure, this disclosure by any means shall explicitly stipulate the modalities according to which the existing unitholders may continue to subscribe for the duration of this partial closure. The unitholders are also informed by any means of the decision of the UCITS or the management company either to totally or partially end subscriptions (in transitioning to the trigger point), or not to end it (in case of a change in the point or modification of the objective situation having led to the implementation of this tool). A modification of the objective situation invoked or the trigger point of the tool must always be made in the interest of the unitholders. The disclosure by any means stipulates the exact reasons for these modifications.
ARTICLE IV - CALCULATION OF THE NAV
The NAV of the units shall be calculated in accordance with the valuation rules indicated in the prospectus. | en | fr |
DOLFIN6419 | Translate the following text in en into fr. 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 | 593 USD | 1,127 USD |
| Annual cost impact (*) | 6.7% | 2.2% each year | | | | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 593 USD | 1,127 USD |
| Incidence des coûts annuels (*) | 6.7% | 2.2% chaque année | | | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 593 USD | 1,127 USD |
| Annual cost impact (*) | 6.7% | 2.2% each year | | en | fr |
DOLFIN6420 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## SUBFUND'S RISK PROFILE
To gain the best possible understanding of the fund’s risk profile, the investor is asked to take into account not only the risk category but also the risks inherent in the management strategy as described in the prospectus. The investor needs to be aware of the following significant risks, which are not necessarily adequately taken into account by the SRRI indicator:
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Emerging countries risk: Emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial.
- Liquidity risk: The fund may invest in securities and/or market segments which may prove to be less liquid, particularly under certain market conditions, and it may therefore be the case that the securities cannot be sold quickly and at reasonable prices.
- Investors are not assured of recovering the full amount invested. | ## PROFIL DE RISQUE DU COMPARTIMENT
Afin d’appréhender au mieux le profil de risque du compartiment, l’investisseur est invité à prendre en considération, outre sa classe de risque, les risques inhérents à la stratégie de gestion tels que décrits dans le prospectus. L’investisseur doit être conscient des risques importants suivants qui ne sont pas nécessairement adéquatement pris en compte par l’indicateur SRRI :
- Risque de contrepartie: le compartiment pouvant utiliser des produits dérivés de gré à gré, ces produits peuvent représenter un risque de contrepartie, soit l’incapacité de celle-ci à honorer ses engagements à l’égard du compartiment. Ce risque de contrepartie peut éventuellement être partiellement ou totalement couvert par la réception de sûretés.
- Risques liés aux pays émergents: les pays émergents peuvent présenter des incertitudes politiques, légales et fiscales ou d’autres événements pouvant impacter négativement les actifs du compartiment. Les actifs traités sur ces pays présentent des mouvements de marché potentiellement plus rapides que sur les grandes places internationales et des écarts de cotation qui peuvent augmenter substantiellement dans certaines circonstances de marché. Ces actifs peuvent se révéler moins liquides, soit ne pas pouvoir être vendus rapidement à des prix raisonnables. Les variations des cours des monnaies de pays émergents peuvent être brusques et substantielles.
- Risque de liquidité: le compartiment peut investir dans des valeurs et/ou des segments de marché qui peuvent s’avérer moins liquides, en particulier dans certaines circonstances de marché, avec pour conséquence que des titres ne puissent être liquidées rapidement à des prix raisonnables.
- Les investisseurs ne sont pas assurés de recouvrer l'intégralité du montant investi. | ## SUBFUND'S RISK PROFILE
To gain the best possible understanding of the fund’s risk profile, the investor is asked to take into account not only the risk category but also the risks inherent in the management strategy as described in the prospectus. The investor needs to be aware of the following significant risks, which are not necessarily adequately taken into account by the SRRI indicator:
- Counterparty risk: The fund may use OTC derivative products and these may represent a counterparty risk, i.e. the inability of the counterparty to honour its commitments to the fund. This counterparty risk could be fully or partially hedged by the receipt of guarantees.
- Emerging countries risk: Emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial.
- Liquidity risk: The fund may invest in securities and/or market segments which may prove to be less liquid, particularly under certain market conditions, and it may therefore be the case that the securities cannot be sold quickly and at reasonable prices.
- Investors are not assured of recovering the full amount invested. | en | fr |
DOLFIN6421 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
management of intermediate cash flows (dividends, subscriptions/redemptions etc.) to reach the desired degree of exposure to a particular security, business sector and/or to the FTSE Eurozone Government Broad IG 1-3Y Index via the use of futures.
management of intermediate cash flows (dividends, subscriptions/redemptions etc.) to reach the desired degree of exposure to a particular security, business sector and/or to the FTSE Eurozone Government Broad IG 1-3Y Index via the use of options.
Puttable and callable bonds are used to adjust exposure to the credit market
These instruments may be used to hedge up to 100% of the Fund’s net assets.
The Fund will not overexpose its assets: the Fund’s total commitments on derivatives and embedded derivatives may not exceed 100% of its net asset value.
-
## Securities incorporating derivatives (“embedded derivatives”): None
- Deposits and liquid assets:The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its cash management objectives.
-
## Borrowing: | gestione dei flussi intermedi (dividendi, sottoscrizioni/rimborsi, ecc.) per raggiungere il grado di esposizione desiderato a un titolo, ad un settore di attività e/o all'Indice FTSE Eurozone Government Broad IG 1-3Y attraverso l'utilizzo di futures.
gestione dei flussi intermedi (dividendi, sottoscrizioni/rimborsi, ecc.) per raggiungere il grado di esposizione desiderato a un titolo, ad un settore di attività e/o all'Indice FTSE Eurozone Government Broad IG 1-3Y attraverso l'utilizzo di opzioni.
Le obbligazioni puttable e callable vengono utilizzate per rettificare l'esposizione al mercato del credito
Questi strumenti sono suscettibili di servire da copertura fino al 100% dell'attivo netto del Fondo.
Il Fondo non farà ricorso alla sovraesposizione dei suoi attivi: la somma degli impegni su derivati e derivati integrati è limitata al 100% del patrimonio netto del Fondo.
-
## Titoli che incorporano derivati: nessuna
- Depositi e liquidità:Il Fondo può, entro il limite del 20% del suo patrimonio netto, effettuare depositi di una durata massima di dodici mesi. Questi depositi contribuiscono alla realizzazione dell'obiettivo di gestione dell'OICVM, permettendogli di gestire la liquidità.
-
## Prestiti in contanti: | management of intermediate cash flows (dividends, subscriptions/redemptions etc.) to reach the desired degree of exposure to a particular security, business sector and/or to the FTSE Eurozone Government Broad IG 1-3Y Index via the use of futures.
management of intermediate cash flows (dividends, subscriptions/redemptions etc.) to reach the desired degree of exposure to a particular security, business sector and/or to the FTSE Eurozone Government Broad IG 1-3Y Index via the use of options.
Puttable and callable bonds are used to adjust exposure to the credit market
These instruments may be used to hedge up to 100% of the Fund’s net assets.
The Fund will not overexpose its assets: the Fund’s total commitments on derivatives and embedded derivatives may not exceed 100% of its net asset value.
-
## Securities incorporating derivatives (“embedded derivatives”): None
- Deposits and liquid assets:The Fund may hold up to 20% of its net assets in deposits for a maximum term of twelve months. The deposits are used for cash management purposes and help the Fund achieve its cash management objectives.
-
## Borrowing: | en | it |
DOLFIN6422 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Capital Group Global High Income Opportunities (LUX)
| Launch Date | 7 May 19991 | |
| --- | --- | --- |
| Investment Objective | To provide, over the long term, a high level of total return, of which a large component is current income. The Fund invests primarily in Emerging Market government Bonds and corporate High Yield Bonds from around the world, denominated in USD and various national currencies (including Emerging Markets currencies). These are usually listed or traded on other Regulated Markets. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking the potential for higher returns than traditional fixed income with less volatility than equities through investment primarily in corporate High Yield Bonds and government Bonds of Emerging Markets. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will invest primarily in Bonds.
- In general, the Fund will seek to have not more than 10% of its total net assets invested in hybrid securities (i.e. fixed-income securities convertible into equity or preferred shares), or equity securities.
- The Fund may invest up to 10% in distressed securities.
- The Fund may use interest rate swaps, CDX, CDS, futures and options on futures.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
- The Fund may invest on the China Interbank Bond Market up to 20% of the net assets of the Fund, either directly or via Bond Connect.
- The Fund may invest in loans, which comply with Articles 3 and 4 of the Luxembourg Grand Ducal Regulation of 8 February 2008, CSSF Circular 08/380 and Article 1(23) of the 2010 Law within the limits set forth in Annex I of this Prospectus.
|
| Specific Risks | Bonds, High Yield Bonds, contingent convertible bonds, derivative instruments, Emerging Markets, OTC Markets, distressed securities, China Interbank Bond Market, Bond Connect. The Fund is intended only for long-term investors. Withdrawals from the Fund during periods of volatility in the markets in which the Fund invests will adversely affect all Shareholders. |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | USD | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, its total net assets from USD (regardless of the underlying current exposure of the portfolio to USD) into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%.The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Subscription Pre-notification Date | For subscription requests above $25,000,000 or equivalent, three Week Days before the relevant Valuation Date |
| Redemption Pre-notification Date | For redemption requests above $25,000,000 or equivalent, three Week Days before the relevant Valuation Date |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.06% maximum |
- Launch date of Capital International Global High Yield Fund, which merged into Capital International Global High Income Opportunities on 6 September 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | # Capital Group Global High Income Opportunities (LUX)
| Auflagedatum | 7. Mai 19991 | |
| --- | --- | --- |
| Anlageziel | Langfristig eine hohe Gesamtrendite bieten, davon ein großer Anteil laufendes Einkommen. Der Fonds investiert vorwiegend in weltweite Staatsanleihen der Schwellenländer und Hochverzinsliche Unternehmensanleihen, die in US-Dollar (USD) und diversen nationalen Währungen (einschließlich Währungen von Schwellenländern) denominiert sind. Diese sind üblicherweise auf anderen Geregelten Märkten börslich notiert oder werden dort gehandelt. Nicht börsennotierte Wertpapiere können vorbehaltlich der entsprechenden Bestimmungen in den „Allgemeinen Anlageleitlinien und Beschränkungen“ ebenfalls gekauft werden. |
| Profil des typischen Anlegers | Der Fonds eignet sich besonders für Anleger, die höhere Renditen anstreben als mit traditionellen festverzinslichen Wertpapieren möglich, mit geringerer Volatilität als Aktien, durch Anlagen vorwiegend in hochverzinsliche Unternehmensanleihen und Staatsanleihen von Schwellenmärkten. |
| Qualifizierte Anlageländer | Alle Länder. | |
| Spezifische Anlageleitlinien und Beschränkungen | - Der Fonds investiert vorwiegend in Anleihen.
- Im Allgemeinen zielt der Fonds darauf ab, nicht mehr als 10 % seines Gesamtnettovermögens in hybride Wertpapiere (d.h. festverzinsliche Wertpapiere, die in Aktien oder Vorzugsaktien umgewandelt werden können) oder Eigenkapitalinstrumente anzulegen
- Der Fonds kann bis zu 10 % in im Wert gefallene Wertpapiere anlegen.
- Der Fonds kann Zinsswaps, CDX, CDS, Termingeschäfte und Optionen auf Termingeschäfte nutzen.
- Der Fonds kann bis zu 5 % seines Nettovermögens in bedingte Pflichtwandelanleihen anlegen.
- Der Fonds kann auf dem China Interbank Bond Market bis zu 20 % des Nettovermögens des Fonds anlegen, entweder direkt oder über Bond Connect.
- Der Fonds kann in Kredite investieren, die im Einklang mit Artikel 3 und 4 der Verordnung des Großherzogtums Luxemburg vom 8. Februar 2008, dem CSSF-Rundschreiben 08/380 und Artikel 1 Absatz 23 des Gesetzes von 2010 innerhalb der in Anhang I dieses Verkaufsprospekts festgelegten Grenzen gelten.
|
| Besondere Risiken | Anleihen, Hochverzinsliche Anleihen, bedingte Pflichtwandelanleihen, derivative Instrumente, Schwellenländer, OTC-Märkte, im Wert gefallene Wertpapiere, chinesischer Interbanken-Anleihenmarkt, Bond Connect. Dieser Fonds richtet sich ausschließlich an langfristige Anleger. Kommt es während volatilen Phasen an den Märkten, in die der Fonds anlegt, zu Entnahmen aus dem Fonds, so schädigt dies alle Anteilseigner. |
| Anlageberater | CRMC | |
| Sub-Anlageberater | CISA | |
| Basiswährung | USD | |
| Bewertungstag | Jeder Geschäftstag, mit Ausnahme von Tagen (festgelegt durch den Verwaltungsrat oder die Kapitalverwaltungsgesellschaft nach eigenem Ermessen), an denen ein Markt oder mehrere Märkte, der/die für einen erheblichen Teil des Portfolios des Fonds steht/stehen, geschlossen ist/sind. Für die Zwecke dieses Absatzes ist der zu berücksichtigende Markt der Markt, an dem das maßgebliche Instrument gehandelt wird. (Eine Liste dieser Daten ist erhältlich unter capitalgroup.com/international) |
| Methode zur Berechnung des Risikos | Die angewandte Methode zur Berechnung des Gesamtrisikos, das sich aus der Nutzung von derivativen Finanzinstrumenten ergibt, ist der Commitment-Ansatz gemäß dem CSSF-Rundschreiben 11/512. |
| Äquivalente Hedged- Anteilsklassen | Der Fonds zielt mit einer angemessenen Toleranzmarge darauf ab, sein Gesamtnettovermögen in USD (unabhängig vom zugrunde liegenden Währungsrisiko des Portfolios gegenüber dem USD) in der Währung abzusichern, die in der Bezeichnung der jeweiligen Anteilsklasse angegeben ist. Es wird davon ausgegangen, dass die daraus resultierende effektive Hedge-Kennzahl (d.h. das prozentuale Investment in der Währung der abgesicherten Anteilsklasse) in der Regel zwischen 80 % und 100 % liegen wird. Die Liste verfügbarer äquivalenter Hedged-Anteilsklassen kann online auf der Webseite der Kapitalverwaltungsgesellschaft unter thecapitalgroup.com/international abgerufen werden |
| Handelsschluss | 13:00 Luxemburger Zeit an jedem Bewertungstag | |
| Vorankündigungsdatum für Zeichnungen | Bei Zeichnungsanträgen, die über 25 Millionen $ oder gleichwertig liegen, drei Wochentage vor dem entsprechenden Bewertungstag |
| Vorankündigungsdatum für Rücknahmen | Bei Rücknahmeanträgen, die über 25 Millionen $ oder gleichwertig liegen, drei Wochentage vor dem entsprechenden Bewertungstag |
| Ende des Geschäftsjahres | 31. Dezember in jedem Jahr | |
| Gebühren und Aufwendungen2 | Fondsverwaltungsgebühr3 | 0,15 % Maximum |
| | Verwahrungs- und Depotgebühren4 | 0,06 % Maximum |
- Auflegungsdatum des Capital International Global High Yield Fund, der am 6. September 2002 zum Capital International Global High Income Opportunities zusammengelegt wurde.
- Fondsverwaltungs-, Verwahrungs- und Depotgebühren, die in die Total Expense Ratio (TER), die je nach Fonds und Anteilsklasse unterschiedlich ausfällt, einbezogen werden, können teilweise von der Verwaltungsgesellschaft der jeweiligen Anteilsklasse zugerechnet werden. Weitere Angaben entnehmen Sie bitte den jeweiligen KIID und dem Jahresbericht der Gesellschaft.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds, bis zum angegebenen Maximum.
- Der tatsächliche Satz variiert, abhängig vom Gesamtvermögen des Fonds und der Länderaufschlüsselung im Portfolio, bis zum angegebenen Maximum. | # Capital Group Global High Income Opportunities (LUX)
| Launch Date | 7 May 19991 | |
| --- | --- | --- |
| Investment Objective | To provide, over the long term, a high level of total return, of which a large component is current income. The Fund invests primarily in Emerging Market government Bonds and corporate High Yield Bonds from around the world, denominated in USD and various national currencies (including Emerging Markets currencies). These are usually listed or traded on other Regulated Markets. Unlisted securities may also be purchased, subject to the relevant provisions of the “General Investment Guidelines and Restrictions”. |
| Profile of the typical investor | The Fund is particularly suitable for investors seeking the potential for higher returns than traditional fixed income with less volatility than equities through investment primarily in corporate High Yield Bonds and government Bonds of Emerging Markets. |
| Eligible Investment Countries | Any country. | |
| Specific Investment Guidelines and Restrictions | - The Fund will invest primarily in Bonds.
- In general, the Fund will seek to have not more than 10% of its total net assets invested in hybrid securities (i.e. fixed-income securities convertible into equity or preferred shares), or equity securities.
- The Fund may invest up to 10% in distressed securities.
- The Fund may use interest rate swaps, CDX, CDS, futures and options on futures.
- The Fund may invest in contingent convertible bonds which will not exceed 5% of the net assets of the Fund.
- The Fund may invest on the China Interbank Bond Market up to 20% of the net assets of the Fund, either directly or via Bond Connect.
- The Fund may invest in loans, which comply with Articles 3 and 4 of the Luxembourg Grand Ducal Regulation of 8 February 2008, CSSF Circular 08/380 and Article 1(23) of the 2010 Law within the limits set forth in Annex I of this Prospectus.
|
| Specific Risks | Bonds, High Yield Bonds, contingent convertible bonds, derivative instruments, Emerging Markets, OTC Markets, distressed securities, China Interbank Bond Market, Bond Connect. The Fund is intended only for long-term investors. Withdrawals from the Fund during periods of volatility in the markets in which the Fund invests will adversely affect all Shareholders. |
| Investment Adviser | CRMC | |
| Investment Sub-Adviser | CISA | |
| Base Currency | USD | |
| Valuation Date | Each Business day, other than days (as determined by the Board or the Management Company at their discretion) on which any market(s) representing a meaningful portion of the Fund’s portfolio is closed. For the purpose of this paragraph, the market to be considered is the market where the relevant instrument is traded. (A list of such dates is available on capitalgroup.com/international) |
| Calculation method of the risk exposure | The methodology used in order to calculate the global exposure resulting from the use of financial derivative instruments is the commitment approach in accordance with the CSSF Circular 11/512. |
| Hedged Equivalent Classes | The Fund will aim at hedging, with a reasonable margin of tolerance, its total net assets from USD (regardless of the underlying current exposure of the portfolio to USD) into the currency referred to in the relevant Class’s designation. It is expected that the resulting effective hedge ratio (i.e. the percentage exposure in the currency of the hedged share class) will typically be in the range of 80% to 100%.The list of available Hedged Equivalent Classes can be found online on the Management Company’s webpage at capitalgroup.com/international |
| Cut-Off Time | 1:00pm Luxembourg time on every Valuation Date | |
| Subscription Pre-notification Date | For subscription requests above $25,000,000 or equivalent, three Week Days before the relevant Valuation Date |
| Redemption Pre-notification Date | For redemption requests above $25,000,000 or equivalent, three Week Days before the relevant Valuation Date |
| Fiscal year-end | 31 December in each year | |
| Fees and charges2 | Fund Administration Fee3 | 0.15% maximum |
| | Depositary and Custody Fees4 | 0.06% maximum |
- Launch date of Capital International Global High Yield Fund, which merged into Capital International Global High Income Opportunities on 6 September 2002.
- Fund Administration, Depositary and Custody Fees, which are included in the total expense ratio (TER), which varies by Fund and by Share Class, may be partially allocated to the relevant Share Class by the Management Company. Please see the relevant KIID and the Company’s annual report for details.
- Effective rate varies with the total assets of the Fund up to the indicated maximum.
- Effective rate varies with the total assets of the Fund and with the country breakdown in the Portfolio up to the indicated maximum. | en | de |
DOLFIN6423 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve positive absolute returns on your investment through a combination of capital growth and income regardless of market conditions.
The Fund seeks to gain at least 70% of any investment exposure to fixed income (FI) securities and FI-related securities issued by, or giving exposure to, governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) worldwide. This is achieved by investing at least 70% of its total assets in FI securities, FI-related securities, and where appropriate, deposits and cash. FI securities include bonds as well as money market instruments (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may also invest in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt).
At any one time, a substantial amount or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Investment Adviser (IA) may take a view as to the direction the market may move when selecting the Fund’s assets.
The IA will take into account environmental, social and governance (“ESG”) characteristics when selecting the Fund’s investments. The IA intends to exclude issuers of equity securities which have exposure to, or ties with, sectors which include (but are not limited to): controversial weapons (nuclear, cluster munitions, biological- chemical, landmine, depleted uranium, or incendiary weapons) and thermal coal extraction and generation. The IA will take into account the above ESG criteria only when selecting the securities to be held directly by the Fund. The Fund may obtain indirect exposure to securities considered not to satisfy these ESG criteria.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Euribor Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
El Fondo tiene por objetivo lograr una rentabilidad absoluta positiva de su inversión a través de una combinación de revalorización del capital y rendimientos al margen de las condiciones del mercado.
El Fondo trata de que al menos el 70 % de cualquier exposición de su inversión esté en valores de renta fija (RF) y valores relacionados con RF emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) de todo el mundo, o que proporcionen exposición a los citados emisores. Esto se logra invirtiendo al menos el 70 % de sus activos totales en valores de RF, valores relacionados con RF y, cuando se considere oportuno, depósitos y efectivo. Los valores de RF incluyen bonos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). Los valores relacionados con RF incluyen los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD se pueden utilizar para ayudar a alcanzar el objetivo de inversión del Fondo, y este, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos).
El Fondo también podrá invertir en valores de titulización de activos y valores de titulización de hipotecas (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda).
En cualquier momento, un importe sustancial o incluso todos los activos del Fondo podrán mantenerse en efectivo, con el fin de proporcionar cobertura a la exposición creada por los IFD o para ayudarle a alcanzar su objetivo de inversión.
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (o sea, cumplirán un nivel específico de solvencia), una calificación por debajo del grado de inversión o carecer de calificación en el momento de la compra.
El asesor de inversiones (AI) podrá, al seleccionar los activos del Fondo, orientarse por los movimientos previstos del mercado.
El AI tendrá en cuenta las características medioambientales, sociales y de gobierno corporativo («ESG») a la hora de seleccionar las inversiones del Fondo. El AI pretende excluir a emisores de valores con exposición a, entre otros, los siguientes sectores: armas controvertidas (nucleares, municiones de racimo, armas biológicas o químicas, minas terrestres, uranio empobrecido o armas incendiarias) y la extracción y la generación de carbón térmico, o que tengan algún vínculo con cualquiera de dichos sectores. El AI tendrá en cuenta los criterios ESG anteriores únicamente a la hora de seleccionar los valores que el Fondo mantenga de forma directa en su cartera. El Fondo puede obtener una exposición indirecta a valores que se considere que no cumplen estos criterios ESG.
El Fondo se gestiona de forma activa, y el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Euribor Index para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Fund aims to achieve positive absolute returns on your investment through a combination of capital growth and income regardless of market conditions.
The Fund seeks to gain at least 70% of any investment exposure to fixed income (FI) securities and FI-related securities issued by, or giving exposure to, governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) worldwide. This is achieved by investing at least 70% of its total assets in FI securities, FI-related securities, and where appropriate, deposits and cash. FI securities include bonds as well as money market instruments (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may also invest in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt).
At any one time, a substantial amount or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Investment Adviser (IA) may take a view as to the direction the market may move when selecting the Fund’s assets.
The IA will take into account environmental, social and governance (“ESG”) characteristics when selecting the Fund’s investments. The IA intends to exclude issuers of equity securities which have exposure to, or ties with, sectors which include (but are not limited to): controversial weapons (nuclear, cluster munitions, biological- chemical, landmine, depleted uranium, or incendiary weapons) and thermal coal extraction and generation. The IA will take into account the above ESG criteria only when selecting the securities to be held directly by the Fund. The Fund may obtain indirect exposure to securities considered not to satisfy these ESG criteria.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Euribor Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN6424 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | | Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,59%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna | | | Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None | | en | es |
DOLFIN6425 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Investment example: 10000 CHF |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment. |
| Pressure | What you could get after deducting costs | 5020 CHF | 5030 CHF |
| Average annual return | -49.8% | -12.8% |
| Unfavourable | What you could get after deducting costs | 7050 CHF | 5030 CHF |
| Average annual return | -29.5% | -12.8% |
| Intermediary | What you could get after deducting costs | 10350 CHF | 13400 CHF |
| Average annual return | 3.5% | 6.0% |
| Favourable | What you could get after deducting costs | 13870 CHF | 19660 CHF |
| Average annual return | 38.7% | 14.5% | | | Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10.000 CHF |
| --- |
| Escenarios | Si sale después de 1 año | Si sale después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 5.020 CHF | 5.030 CHF |
| Rendimiento medio cada año | -49,8% | -12,8% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.050 CHF | 5.030 CHF |
| Rendimiento medio cada año | -29,5% | -12,8% |
| Moderado | Lo que podría recibir tras deducir los costes | 10.350 CHF | 13.400 CHF |
| Rendimiento medio cada año | 3,5% | 6,0% |
| Favorable | Lo que podría recibir tras deducir los costes | 13.870 CHF | 19.660 CHF |
| Rendimiento medio cada año | 38,7% | 14,5% | | | Recommended holding period: 5 years Investment example: 10000 CHF |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment. |
| Pressure | What you could get after deducting costs | 5020 CHF | 5030 CHF |
| Average annual return | -49.8% | -12.8% |
| Unfavourable | What you could get after deducting costs | 7050 CHF | 5030 CHF |
| Average annual return | -29.5% | -12.8% |
| Intermediary | What you could get after deducting costs | 10350 CHF | 13400 CHF |
| Average annual return | 3.5% | 6.0% |
| Favourable | What you could get after deducting costs | 13870 CHF | 19660 CHF |
| Average annual return | 38.7% | 14.5% | | en | es |
DOLFIN6426 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L'année 2021 a été marquée par une reprise économique soutenue consécutive à l'assouplissement des restrictions liées au Covid-19. La progression de la campagne de vaccination a été déterminante pour limiter l'émergence de nouvelles mutations. En ce qui concerne les marchés du crédit, la croissance économique positive et les faibles taux de défaillance se sont traduits par des spreads stables à légèrement resserrés. A partir du quatrième trimestre, les obligations à duration longue ont en revanche souffert de la hausse des taux d'intérêt induite par une inflation plus élevée. En 2022, les spreads se sont considérablement élargis après l'annonce d'une politique monétaire plus restrictive de la part de la BCE et de la Fed et suite à l'invasion des troupes russes en Ukraine. Le marché du haut rendement européen (HEAE) a cédé 2,72% entre avril 2021 et mars 2022, les spreads s'étant élargis de 90 pb pour atteindre 415 pb.
La croissance du PIB mondial a atteint un pic au deuxième trimestre 2021 et les entreprises ont enregistré des résultats solides et une rentabilité en hausse, en particulier dans le secteur de la fabrication industrielle. La forte demande latente a rencontré une offre limitée par les pénuries mondiales et les perturbations de la chaîne d'approvisionnement, ce qui a donné lieu à de fortes pressions inflationnistes et à une hausse des prix des intrants, à partir du second semestre 2021. L'IPC américain a atteint 8,5% en mars 2022, tandis que l'inflation dans la zone euro s'élevait à 7,4%, des niveaux nettement supérieurs aux objectifs d'inflation des banques centrales respectives. Dans cet environnement macroéconomique, les taux d'intérêt en Europe (10 ans allemand) ont augmenté d'environ 110 pb sur l'année, pour atteindre 0,55% à fin mars 2022. Les rendements des bons du Trésor américain à 10 ans ont quant à eux progressé de 145 pb, à 2,35%.
A l'horizon 2022, les prévisions communiquées par la plupart des entreprises ont été freinées par une montée des incertitudes sur fond de conflit en Ukraine, de persistance des pénuries et de hausse des prix des intrants, qui ont tempéré la dynamique de croissance globale attendue.
-
### Mouvements | El año 2021 se vio marcado por una recuperación económica sostenida tras la relajación de las restricciones vinculadas a la pandemia de COVID-19. El avance de la campaña de vacunación representó un factor determinante para limitar la aparición de nuevas mutaciones. Por lo que respecta a los mercados de crédito, el positivo crecimiento económico y las débiles tasas de impago se tradujeron en unos diferenciales estables o ligeramente más estrechos. A partir del cuarto trimestre, las obligaciones de larga duración se vieron penalizadas por el aumento de los tipos de interés inducido por una inflación más elevada. En 2022, los diferenciales se ampliaron de forma notoria tras el anuncio del endurecimiento de las políticas monetarias por parte del Banco Central Europeo (BCE) y la Reserva Federal estadounidense (Fed) y la invasión militar rusa de Ucrania. El mercado europeo de alto rendimiento (HEAE) cedió un 2,72% entre abril de 2021 y marzo de 2022, con una ampliación de los diferenciales de 90 p.b. hasta situarse en los 415 p.b.
El crecimiento del PIB mundial marcó un máximo en el segundo trimestre de 2021 y las empresas registraron sólidos resultados y una rentabilidad al alza, sobre todo en el sector de fabricación industrial. La robusta demanda latente se topó con una oferta limitada por el desabastecimiento a escala mundial y las perturbaciones en las cadenas de suministro, lo que se tradujo en fuertes presiones inflacionarias y en una subida de los precios de los insumos, a partir del segundo semestre de 2021. El IPC estadounidense ascendió al 8,5% en marzo de 2022, mientras que la inflación en la zona euro se elevó al 7,4%, niveles claramente superiores a los objetivos de inflación de los respectivos bancos centrales. En este entorno macroeconómico, los tipos de interés en Europa (tipo alemán a 10 años) aumentaron en torno a 110 p.b. durante el año, hasta situarse en el 0,55% a finales de marzo de 2022. Los rendimientos de los bonos del Tesoro estadounidense a 10 años avanzaron 145 p.b. hasta el 2,35%.
Para 2022, las previsiones publicadas por la mayoría de las empresas se vieron empañadas por la mayor incertidumbre derivada del conflicto en Ucrania, el persistente desabastecimiento y el aumento de los precios de los insumos, que hicieron mella en la dinámica de crecimiento mundial prevista.
-
### Movimientos | L'année 2021 a été marquée par une reprise économique soutenue consécutive à l'assouplissement des restrictions liées au Covid-19. La progression de la campagne de vaccination a été déterminante pour limiter l'émergence de nouvelles mutations. En ce qui concerne les marchés du crédit, la croissance économique positive et les faibles taux de défaillance se sont traduits par des spreads stables à légèrement resserrés. A partir du quatrième trimestre, les obligations à duration longue ont en revanche souffert de la hausse des taux d'intérêt induite par une inflation plus élevée. En 2022, les spreads se sont considérablement élargis après l'annonce d'une politique monétaire plus restrictive de la part de la BCE et de la Fed et suite à l'invasion des troupes russes en Ukraine. Le marché du haut rendement européen (HEAE) a cédé 2,72% entre avril 2021 et mars 2022, les spreads s'étant élargis de 90 pb pour atteindre 415 pb.
La croissance du PIB mondial a atteint un pic au deuxième trimestre 2021 et les entreprises ont enregistré des résultats solides et une rentabilité en hausse, en particulier dans le secteur de la fabrication industrielle. La forte demande latente a rencontré une offre limitée par les pénuries mondiales et les perturbations de la chaîne d'approvisionnement, ce qui a donné lieu à de fortes pressions inflationnistes et à une hausse des prix des intrants, à partir du second semestre 2021. L'IPC américain a atteint 8,5% en mars 2022, tandis que l'inflation dans la zone euro s'élevait à 7,4%, des niveaux nettement supérieurs aux objectifs d'inflation des banques centrales respectives. Dans cet environnement macroéconomique, les taux d'intérêt en Europe (10 ans allemand) ont augmenté d'environ 110 pb sur l'année, pour atteindre 0,55% à fin mars 2022. Les rendements des bons du Trésor américain à 10 ans ont quant à eux progressé de 145 pb, à 2,35%.
A l'horizon 2022, les prévisions communiquées par la plupart des entreprises ont été freinées par une montée des incertitudes sur fond de conflit en Ukraine, de persistance des pénuries et de hausse des prix des intrants, qui ont tempéré la dynamique de croissance globale attendue.
-
### Mouvements | fr | es |
DOLFIN6427 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,965
3.7% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 407 CHF
4,1%
11 965 CHF
3,7% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,965
3.7% | en | es |
DOLFIN6428 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### We have classified this product as class 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the capacity of the fund to pay you.
Be aware of currency risk. In certain jurisdictions you will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The Fund's risk indicator does not reflect the risk inherent in future circumstances that differ from what the Fund has experienced in the recent past. The fund will invest in and will actively trade securities and other financial instruments using strategies and investment techniques with significant risk characteristics, including risks arising from the volatility of the global equity, currency, and fixed income markets, the risks of leverage, the potential illiquidity of derivative instruments and other portfolio investments and the risk of loss from counterparty defaults. For a description of each risk factor please refer to the Fund’s Prospectus.
This product does not include any protection from future market performance so you could incur significant losses. If we are not able to pay you what is owed, you could incur significant losses.
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 shown are illustrations using the worst, average, and best performance of the fund completed where applicable by that of its reference framework over the last 10 years. Markets could develop very differently in the future. | ### Nous avons classé ce produit dans la classe de risque 3 sur 7, qui est une classe de risque entre basse et moyenne. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau entre moyen et faible, et, si la situation venait à se détériorer sur les marchés, il est peu probable que la capacité du fonds à vous payer en soit affectée.
Attention au risque de change. Dans certains pays et territoires, les sommes qui vous seront versées le seront dans une autre monnaie ; votre gain final dépendra donc du taux de change entre les deux monnaies. Ce risque n'est pas pris en compte dans l'indicateur ci-dessus.
L’indicateur de risque du Fonds ne reflète pas le risque inhérent à des circonstances futures différentes de celles que le Fonds a connues récemment. Le fonds investira dans, et effectuera régulièrement des transactions sur, des titres et autres instruments financiers en appliquant des stratégies et des techniques d’investissement présentant des risques significatifs découlant, entre autres, de la volatilité des marchés internationaux d’actions, d’obligations et de devises, du recours à l’effet de levier, de l’illiquidité potentielle des instruments dérivés et d’autres investissements en portefeuille et d’un éventuel défaut d’une contrepartie. Pour une description des différents facteurs de risque, veuillez consulter le Prospectus du Fonds.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez subir des pertes importantes. Si nous ne sommes pas en mesure de vous verser les sommes dues, vous pourriez subir des pertes importantes.
Scénarios de performance
Ce que vous obtiendrez de ce produit dépend des performances futures du marché. L’évolution future du marché est aléatoire et ne peut être prédite avec précision.
Les scénarios défavorable, intermédiaire et favorable présentés représentent des exemples utilisant les meilleure et pire performances, ainsi que la performance moyenne du fonds, complétées le cas échéant par celles de son indice de référence au cours des 10 dernières années. Les marchés pourraient évoluer très différemment à l’avenir. | ### We have classified this product as class 3 out of 7, which is a medium-low risk class. This rates the potential losses from future performance at a medium-low level, and poor market conditions are unlikely to impact the capacity of the fund to pay you.
Be aware of currency risk. In certain jurisdictions you will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The Fund's risk indicator does not reflect the risk inherent in future circumstances that differ from what the Fund has experienced in the recent past. The fund will invest in and will actively trade securities and other financial instruments using strategies and investment techniques with significant risk characteristics, including risks arising from the volatility of the global equity, currency, and fixed income markets, the risks of leverage, the potential illiquidity of derivative instruments and other portfolio investments and the risk of loss from counterparty defaults. For a description of each risk factor please refer to the Fund’s Prospectus.
This product does not include any protection from future market performance so you could incur significant losses. If we are not able to pay you what is owed, you could incur significant losses.
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 shown are illustrations using the worst, average, and best performance of the fund completed where applicable by that of its reference framework over the last 10 years. Markets could develop very differently in the future. | en | fr |
DOLFIN6429 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# PRELIMINARY
- Sections 65, 77 to 81, 83(1), 94(8), 95(1), 96(2) to (11), 124, 125, 126, 144(3), 144(4),148(2), 158(3), 159 to 165, 178(2), 181(6), 182(2), 182(5), 183(3), 186(c), 187, 188,218(3), (4), (5), 229, 230, 338(5), 338(6), 339(7), 618(1)(b), 620(8), 1090, 1092, 1093and 1113 of the Act shall not apply to the Company.
- Subject to the provisions of the Regulations, the business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit.
- The Preliminary Expenses shall be payable by the Company or the Sub-Fund to which they relate and any amount so payable may be carried forward in the accounts of the Company and amortised in such manner and over such a period as the Directors may at any time and from time to time determine to lengthen or shorten.
- The Company shall also bear the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
- All taxes and expenses which may be incurred in connection with the acquisition and disposal of the assets of the Company;
- All taxes which may be payable on the assets, income and expenses chargeable to the Company;
- All brokerage, bank and other charges incurred by the Company in relation to its business transactions;
- All fees and expenses due to the Auditors, the CustodianManager, theDepositary, the Administrator, any Investment Manager or adviser, any subcustodiansub-depositary of the Company, the legal advisers to the Company, any valuer, dealer, distributor or other supplier of services to the Company and the fees of any local agents which are to be charged at normal commercial rates;
- All expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report and any Prospectus and all costs incurred in translating any of the foregoing into any languages other than English and the costs of publishing quotations of prices and notices in the financial press and the costs of obtaining a rating for the shares of the Company from a rating agency and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
- All expenses incurred in the registration of the Company with any government agencies or regulatory authority in any jurisdiction where registration is available or necessary and in having the shares of the Company listed or dealt on any stock exchange or any Regulated Market and in having the shares of the Company rated by any rating agency;
- All expenses arising in respect of legal or administrative proceedings;
- All expenses incurred in connection with the operation and management of the Company, including, without limitation to the generality of the foregoing, all Directors fees and costs, all costs incurred in organising Directors and Members meetings and in obtaining proxies in relation to such meetings, all insurance premiums and association membership dues and all non-recurring and extraordinary items of expenditure as may arise; and
- All expenses incurred in the liquidation or winding-up of the Company.
- At the discretion of the Directors and in accordance with the requirements of the Central Bank fees and expenses of a Sub-Fund (or a portion of them) may be charged against current income, realised capital gains and/or assets.
- | # PRÉAMBULE
- Les Articles 65, 77 à 81, 83(1), 94(8), 95(1), 96(2) à (11), 124, 125, 126, 144(3),144(4), 148(2), 158(3), 159 à 165, 178(2), 181(6), 182(2), 182(5), 183(3), 186(c),187, 188, 218(3), (4), (5), 229, 230, 338(5), 338(6), 339(7), 618(1)(b), 620(8), 1090,1092, 1093 et 1113 de la Loi ne s’appliquent pas à la Société.
- Sous réserve des dispositions des Règlements, l’activité de la Société commencera dès que les Administrateurs le jugeront opportun après sa constitution.
- Les Frais d’établissement seront payables par la Société ou le Compartiment auquel ils se rapportent et le montant payable de la sorte pourra être reporté et amorti dans les comptes de la Société de la manière et durant la période que les Administrateurs pourront à tout moment et à l’occasion déterminer comme étant plus longue ou plus courte.
- La Société prendra également en charge les dépenses suivantes, sauf dans la mesure où ces dépenses peuvent avoir fait l’objet d’une renonciation ou avoir été acquittées par toute autre personne et non recouvrés auprès de la Société :
- tous les impôts, taxes et dépenses pouvant être encourus dans le cadre de l’acquisition et de la cession d’actifs de la Société ;
- tous les impôts et taxes éventuellement dus au titre des actifs, revenus et dépenses imputables à la Société ;
- tous les frais de courtage, frais bancaires et autres frais encourus par la Société en rapport avec ses opérations ;
- tous les honoraires et débours dus aux Commissaires aux comptes, au ConservateurGestionnaire, au Dépositaire, à l’Agent administratif, à tout Gestionnaire d’investissement ou conseiller, à tout conservateurdépositaire par délégation de la Société, aux conseillers juridiques de la Société, à tout évaluateur, opérateur, distributeur ou autre fournisseur de services à la Société et les honoraires de tout agent local qui doivent être facturés aux taux négociés dans des conditions de concurrence normale ;
- toutes les dépenses occasionnées en rapport avec la publication et la fourniture d’informations aux Membres et, en particulier, sans préjudice du caractère général de ce qui précède, les coûts d’impression et de distribution du Rapport annuel, de tout rapport à la Banque centrale ou à toute autre autorité réglementaire, du rapport semestriel ou de tout autre rapport, de tout Prospectus et tous les frais engagés dans le cadre de la traduction de tout document précité dans d’autres langues que l’anglais, et les frais occasionnés par la publication de cours et d’avis dans la presse financière et les coûts d’obtention d’une notation des actions de la Société par une agence de notation, ainsi que tous les frais de papeterie, d’impression et de port liés à la préparation et la distribution de chèques, bons de souscription, attestations fiscales et relevés ;
- toutes les dépenses engagées dans le cadre de l’enregistrement de la Société auprès de tout organisme gouvernemental ou toute autorité de réglementation dans tout pays où l’enregistrement est possible ou nécessaire, de l’inscription à la cote ou à la négociation des actions de la Société sur toute bourse ou tout Marché réglementé et de la notation des actions de la Société par toute agence de notation ;
- toutes les dépenses occasionnées par des procédures judiciaires ou administratives ;
- toutes les dépenses engagées dans le cadre de l’exploitation et de la gestion de la Société, y compris, sans limiter le caractère général de ce qui précède, tous les jetons de présence et honoraires des Administrateurs, tous les frais engagés dans le cadre de l’organisation des assemblées des Administrateurs et des assemblées des Membres et de l’obtention de procurations pour cesassemblées, toutes les primes d’assurance et cotisations d’association et toutes les dépenses non récurrentes et extraordinaires qui peuvent survenir ; et
- toutes les dépenses encourues dans le cadre de la liquidation ou la dissolution de la Société.
- À la discrétion des Administrateurs et conformément aux exigences de la Banque centrale, les frais et charges d’un Compartiment (ou une partie d’entre eux) peuvent être imputés sur le revenu courant, les plus-values réalisées et/ou les actifs.
- | # PRELIMINARY
- Sections 65, 77 to 81, 83(1), 94(8), 95(1), 96(2) to (11), 124, 125, 126, 144(3), 144(4),148(2), 158(3), 159 to 165, 178(2), 181(6), 182(2), 182(5), 183(3), 186(c), 187, 188,218(3), (4), (5), 229, 230, 338(5), 338(6), 339(7), 618(1)(b), 620(8), 1090, 1092, 1093and 1113 of the Act shall not apply to the Company.
- Subject to the provisions of the Regulations, the business of the Company shall be commenced as soon after the incorporation of the Company as the Directors think fit.
- The Preliminary Expenses shall be payable by the Company or the Sub-Fund to which they relate and any amount so payable may be carried forward in the accounts of the Company and amortised in such manner and over such a period as the Directors may at any time and from time to time determine to lengthen or shorten.
- The Company shall also bear the following expenses, save to the extent that such expenses may be waived or otherwise discharged by any other person and not recovered from the Company:
- All taxes and expenses which may be incurred in connection with the acquisition and disposal of the assets of the Company;
- All taxes which may be payable on the assets, income and expenses chargeable to the Company;
- All brokerage, bank and other charges incurred by the Company in relation to its business transactions;
- All fees and expenses due to the Auditors, the CustodianManager, theDepositary, the Administrator, any Investment Manager or adviser, any subcustodiansub-depositary of the Company, the legal advisers to the Company, any valuer, dealer, distributor or other supplier of services to the Company and the fees of any local agents which are to be charged at normal commercial rates;
- All expenses incurred in connection with publication and supply of information to the Members and, in particular, without prejudice to the generality of the foregoing, the cost of printing and distributing the Annual Report, any report to the Central Bank or any other regulatory authority, the half-yearly or other report and any Prospectus and all costs incurred in translating any of the foregoing into any languages other than English and the costs of publishing quotations of prices and notices in the financial press and the costs of obtaining a rating for the shares of the Company from a rating agency and all stationery, printing and postage costs in connection with the preparation and distribution of cheques, warrants, tax certificates and statements;
- All expenses incurred in the registration of the Company with any government agencies or regulatory authority in any jurisdiction where registration is available or necessary and in having the shares of the Company listed or dealt on any stock exchange or any Regulated Market and in having the shares of the Company rated by any rating agency;
- All expenses arising in respect of legal or administrative proceedings;
- All expenses incurred in connection with the operation and management of the Company, including, without limitation to the generality of the foregoing, all Directors fees and costs, all costs incurred in organising Directors and Members meetings and in obtaining proxies in relation to such meetings, all insurance premiums and association membership dues and all non-recurring and extraordinary items of expenditure as may arise; and
- All expenses incurred in the liquidation or winding-up of the Company.
- At the discretion of the Directors and in accordance with the requirements of the Central Bank fees and expenses of a Sub-Fund (or a portion of them) may be charged against current income, realised capital gains and/or assets.
- | en | fr |
DOLFIN6430 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures the fund has a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the portfolio construction to ensure the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. | # Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, cribado excluyente, integración de criterios ASG, límites a la inversión en empresas y países en función de su desempeño ASG, así como implicación. En cuanto a la deuda pública y los bonos relacionados con el Estado, el fondo cumple la política de exclusión de países de Robeco, excluye el 15 % peor clasificado según el indicador de gobernanza mundial «Control de la corrupción» y garantiza que el fondo tenga una puntuación media ponderada mínima de 6 según el ranking de sostenibilidad por países elaborado por Robeco. El ranking de sostenibilidad por países puntúa a los países en una escala de 1 (el peor) a 10 (el mejor), en función de 40 indicadores ambientales, sociales y de gobernanza. En cuanto a los bonos corporativos, el fondo no invierte en emisores de crédito que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. En la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que el fondo limita la exposición a emisores con un perfil de riesgo para la sostenibilidad elevado. Por último, el fondo iniciará un proceso de implicación con los emisores señalados en la supervisión continua por infringir normas internacionales. | # Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures the fund has a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the portfolio construction to ensure the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement. | en | es |
DOLFIN6431 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The option chosen is the cash basis method of accounting (coupon and income received).
The transaction costs on the financial instruments held by the Fund are excluded from their purchase or sale price.
The Fund’s accounting is carried out in euros (€).
Swing pricing mechanism of the net asset value with a trigger threshold
- The Management Company has a method in place for adjusting the net asset value (NAV) with a trigger threshold.
- This mechanism ensures that the costs associated with purchasing or selling the underlying assets in the Fund as a result of the liabilities movements (subscriptions/redemptions) are borne by the investors subscribing to or redeeming their units. The aim of this mechanism, defined by a policy, is to protect the Fund’s current unitholders by reducing their burden of these costs. The result is the calculation of an adjusted, or “swinging” NAV.
- Therefore, if on the day of calculation of the NAV, aggregate subscription/redemption orders for units of all classes of the Fund’s exceed a pre-set threshold determined by the Management Company, based on objective criteria, as a percentage of net assets, the NAV can be adjusted upwards or downwards to take into account the adjustment costs incurred by the net subscription/redemption transactions. Where the Fund issues several unit classes, the NAV of each unit class is calculated separately, but any adjustment will have an identical impact, in percentage, on all of the NAVs of the Fund’s unit classes.
- The parameters of the adjustment costs and trigger threshold are determined by the management company and reviewed periodically. These costs are estimated by the management company on the basis of transaction costs, buy-sell ranges and any taxes that may be applicable to the Fund.
- It is not possible to predict exactly if the adjustment mechanism will be applied at a given time in the future, nor the frequency at which the management company will make such adjustments.
- Investors should be aware that the volatility of the Fund’s NAV may not solely reflect that of the securities held in portfolio due to the application of the adjustment mechanism. The swinging NAV is the only net asset value of the Fund, and the only one communicated to the Fund’s unitholders. However, in the case of a performance fee, it will be calculated on the NAV before application of the adjustment mechanism.
-
## REMUNERATION: | L’option retenue est celle des coupons et revenus encaissés.
Les frais de transaction des instruments financiers composant le FCP sont exclus de leur prix d’achat ou de vente.
La comptabilité du Fonds est effectuée en EUR(€).
Mécanisme d'ajustement (« swing pricing ») de la valeur liquidative avec seuil de déclenchement
- La Société de Gestion a mis en place une méthode d’ajustement de la valeur liquidative (VL) avec un seuil de déclenchement.
- Ce mécanisme consiste à faire supporter aux investisseurs, qui souscrivent ou qui rachètent leurs parts, les frais liés aux transactions effectuées à l’actif du FCP en raison des mouvements (souscriptions/rachats) du passif du FCP. Ce mécanisme, encadré par une politique, a pour but de protéger les porteurs qui demeurent dans le FCP en leur faisant supporter le moins possible ces frais. Il a pour résultat de calculer une VL ajustée dite « swinguée ».
- Ainsi, si, un jour de calcul de la VL, le total des ordres de souscription / rachats nets des investisseurs sur l'ensemble des catégories de parts du FCP dépasse un seuil préétabli déterminé, sur la base de critères objectifs par la société de gestion en pourcentage de l’actif net, la VL peut être ajustée à la hausse ou à la baisse, pour prendre en compte les coûts de réajustement imputables respectivement aux ordres de souscription / rachat nets. Si le FCP émet plusieurs catégories de parts, la VL de chaque catégorie de parts est calculée séparément mais tout ajustement a, en pourcentage, un impact identique sur l’ensemble des VL des catégories de parts du FCP.
- Les paramètres de coûts de réajustement et de seuil de déclenchement sont déterminés par la société de gestion et revus périodiquement. Ces coûts sont estimés par la société de gestion sur la base des frais de transaction, des fourchettes d’achat-vente ainsi que des taxes éventuelles applicables au FCP.
- Il n’est pas possible de prédire avec exactitude s'il sera fait application du mécanisme d’ajustement à un moment donné dans le futur, ni la fréquence à laquelle la société de gestion effectuera de tels ajustements.
- Les investisseurs sont informés que la volatilité de la VL du FCP peut ne pas refléter uniquement celle des titres détenus en portefeuille en raison de l’application du mécanisme d’ajustement. La VL« swinguée » est la seule valeur liquidative du FCP et la seule communiquée aux porteurs de parts du FCP. Toutefois, en cas d’existence d’une commission de surperformance, celle-ci est calculée sur la VL avant application du mécanisme d’ajustement.
-
## REMUNERATION: | The option chosen is the cash basis method of accounting (coupon and income received).
The transaction costs on the financial instruments held by the Fund are excluded from their purchase or sale price.
The Fund’s accounting is carried out in euros (€).
Swing pricing mechanism of the net asset value with a trigger threshold
- The Management Company has a method in place for adjusting the net asset value (NAV) with a trigger threshold.
- This mechanism ensures that the costs associated with purchasing or selling the underlying assets in the Fund as a result of the liabilities movements (subscriptions/redemptions) are borne by the investors subscribing to or redeeming their units. The aim of this mechanism, defined by a policy, is to protect the Fund’s current unitholders by reducing their burden of these costs. The result is the calculation of an adjusted, or “swinging” NAV.
- Therefore, if on the day of calculation of the NAV, aggregate subscription/redemption orders for units of all classes of the Fund’s exceed a pre-set threshold determined by the Management Company, based on objective criteria, as a percentage of net assets, the NAV can be adjusted upwards or downwards to take into account the adjustment costs incurred by the net subscription/redemption transactions. Where the Fund issues several unit classes, the NAV of each unit class is calculated separately, but any adjustment will have an identical impact, in percentage, on all of the NAVs of the Fund’s unit classes.
- The parameters of the adjustment costs and trigger threshold are determined by the management company and reviewed periodically. These costs are estimated by the management company on the basis of transaction costs, buy-sell ranges and any taxes that may be applicable to the Fund.
- It is not possible to predict exactly if the adjustment mechanism will be applied at a given time in the future, nor the frequency at which the management company will make such adjustments.
- Investors should be aware that the volatility of the Fund’s NAV may not solely reflect that of the securities held in portfolio due to the application of the adjustment mechanism. The swinging NAV is the only net asset value of the Fund, and the only one communicated to the Fund’s unitholders. However, in the case of a performance fee, it will be calculated on the NAV before application of the adjustment mechanism.
-
## REMUNERATION: | en | fr |
DOLFIN6432 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
La sélection des positions est discrétionnaire. Elle s’appuie sur une analyse visant à déterminer le couple rendement/risque de chaque situation : les positions offrant le meilleur couple rendement/risque en ligne avec l’objectif du fonds et remplissant les critères de risque global du portefeuille sont alors mises en portefeuille.
La quantification du couple rendement/risque nécessite une étude détaillée de la probabilité de succès de la situation spéciale considérée.
Enfin, préalablement à l’entrée d’une position dans le portefeuille, l’équipe de gestion s’attache à identifier tous les risques associés à ladite position, dans quelle mesure ces risques sont compatibles avec le portefeuille, et les risques à couvrir le cas échéant.
- Stratégie de fond de portefeuilleLa stratégie consiste à construire un portefeuille diversifié investi en titres d’émetteurs privés (Credit Corporate et titres d’institutions financières), en obligations d’Etat et des instruments des marchés monétaires français et étrangers dont la notation court terme est au minimum A-2 à l’acquisition (ou équivalent) auprès d’au moins une agence de notation reconnue ou de qualité de crédit jugée équivalente par la Société de Gestion, notamment en cas d’absence de notation. | La selección de las posiciones es discrecional. Se basa en un análisis que tiene como objetivo determinar la relac ión rendimiento/riesgo de cada situación; las posiciones que ofrecen la mejor relación rendimiento/riesgo de acuerdo con el objetivo del Fondo y que cumplen los criterios de riesgo global de la cartera se incluyen en la cartera.
La cuantificación de la relación rendimiento/riesgo requiere un estudio detallado de la probabilidad de éxito de la situación especial considerada.
Por último, antes de la entrada de una posición en la cartera, el equipo de gestión identifica todos los riesgos asociados a dicha posición, el grado de compatibilidad de tales riesgos con la cartera y los riesgos que habría que cubrir, en su caso.
- Estrategia del Fondo de carteraLa estrategia consiste en construir una cartera diversificada e invertida en títulos de emisores privados (crédito corporativo y títulos de entidades financieras), en obligaciones de Estado y en instrumentos de los mercados monetarios franceses y extranjeros, cuya calificación crediticia a corto plazo sea como mínimo de A-2 en el momento de la compra (o equivalente) como mínimo según una agencia de calificación reconocida o considerada de calidad crediticia equivalente por la Sociedad Gestora (en especial en caso de ausencia de calificación). | La sélection des positions est discrétionnaire. Elle s’appuie sur une analyse visant à déterminer le couple rendement/risque de chaque situation : les positions offrant le meilleur couple rendement/risque en ligne avec l’objectif du fonds et remplissant les critères de risque global du portefeuille sont alors mises en portefeuille.
La quantification du couple rendement/risque nécessite une étude détaillée de la probabilité de succès de la situation spéciale considérée.
Enfin, préalablement à l’entrée d’une position dans le portefeuille, l’équipe de gestion s’attache à identifier tous les risques associés à ladite position, dans quelle mesure ces risques sont compatibles avec le portefeuille, et les risques à couvrir le cas échéant.
- Stratégie de fond de portefeuilleLa stratégie consiste à construire un portefeuille diversifié investi en titres d’émetteurs privés (Credit Corporate et titres d’institutions financières), en obligations d’Etat et des instruments des marchés monétaires français et étrangers dont la notation court terme est au minimum A-2 à l’acquisition (ou équivalent) auprès d’au moins une agence de notation reconnue ou de qualité de crédit jugée équivalente par la Société de Gestion, notamment en cas d’absence de notation. | fr | es |
DOLFIN6433 | 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 | 3,0 % du montant investi. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le Produit vous informera des coûts réels. | Jusqu’à 300 USD |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | Néant |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,7 % | 68 USD |
| Le montant des coûts courants est fonction des dépenses de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,2 % 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. | 17 USD |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Il n’y a pas de commission de performance pour ce Produit. | Néant | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 3,0 % del importe invertido. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el Producto le comunicará cuánto se le cobrará realmente. | Hasta 300 USD |
| Costes de salida | No cobramos una comisión de salida. | Ninguna |
| Costes corrientes detraídos cada año | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,7 % | 68 USD |
| La cifra de costes corrientes se basa en los gastos del ejercicio finalizado a diciembre de 2021. Esta cifra puede variar de un año a otro. |
| Costes de operación | 0,2 % 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. | 17 USD |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este Producto. | Ninguna | | | Coûts ponctuels à l’entrée ou à la sortie | Si vous sortez après 1 an |
| --- | --- |
| Coûts d’entrée | 3,0 % du montant investi. Il s’agit du montant maximal que vous paierez. La personne qui vous vend le Produit vous informera des coûts réels. | Jusqu’à 300 USD |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | Néant |
| Coûts récurrents prélevés chaque année | |
| Frais de gestion et autres frais administratifs et d’exploitation | 0,7 % | 68 USD |
| Le montant des coûts courants est fonction des dépenses de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,2 % 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. | 17 USD |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Il n’y a pas de commission de performance pour ce Produit. | Néant | | fr | es |
DOLFIN6434 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# 1°Contexte et motivation de la restructuration envisagée
La présente restructuration s’inscrit dans un contexte de restructuration de la gamme des fonds belges dont DPAM est la société de gestion et qui en assure la promotion et la distribution. L’opération est motivée par l’ajustement de la gamme des produits aux opportunités et à la demande du marché ; l’objectif étant de définir une configuration plus claire pour les investisseurs et de s’aligner sur les meilleures pratiques du secteur de la gestion d'actifs pour une société de gestion de la taille de DPAM. Cette restructuration vise notamment à : (a) faciliter la gestion administrative en centralisant une documentation unique des sicav/compartiments visés par la restructuration proposée (prospectus, rapports annuels et semestriels, etc.), et les décisions qui seront prises au sein d’un conseil d'administration unique ;(b) simplifier la documentation contractuelle avec les prestataires (Société de gestion, dépositaire, service financier, etc.) et (c) accroitre l'alignement juridique.
Enfin, après cette restructuration, les frais et diverses tâches opérationnelles pourront être réparties dans une structure qui comptera 37 compartiments, ce qui permettra une rationalisation des coûts et une gestion plus efficiente des compartiments absorbés dans l’intérêt des investisseurs. | # º Contexto y motivación de la reestructuración contemplada
Esta reestructuración tiene lugar en el contexto de la reestructuración de la gama de fondos belgas de los que DPAM es la sociedad gestora y se encarga de su promoción y distribución. La operación se debe a la adaptación de la gama de productos a las oportunidades y a la demanda del mercado, con el objetivo de definir una configuración más clara para los inversores y aplicar las mejores prácticas del sector de la gestión de activos para una sociedad gestora del tamaño de DPAM. Esta reestructuración pretende concretamente: (a) facilitar la gestión mediante la centralización de una única documentación de las SICAV/subfondos objeto de la propuesta de reestructuración (folleto, informes anuales y semestrales, etc.), y las decisiones que se tomarán en un único consejo de administración; (b) simplificar la documentación contractual con los proveedores de servicios (sociedad gestora, depositario, servicio financiero, etc.); y (c) reforzar el cumplimiento legal.
Al final, tras la fusión, los costes y las distintas tareas operativas podrán dividirse en una estructura de 37 subfondos, lo que permitirá racionalizar los costes y una gestión más eficaz de los subfondos fusionados de forma que redunde en el interés de los inversores.
- | # 1°Contexte et motivation de la restructuration envisagée
La présente restructuration s’inscrit dans un contexte de restructuration de la gamme des fonds belges dont DPAM est la société de gestion et qui en assure la promotion et la distribution. L’opération est motivée par l’ajustement de la gamme des produits aux opportunités et à la demande du marché ; l’objectif étant de définir une configuration plus claire pour les investisseurs et de s’aligner sur les meilleures pratiques du secteur de la gestion d'actifs pour une société de gestion de la taille de DPAM. Cette restructuration vise notamment à : (a) faciliter la gestion administrative en centralisant une documentation unique des sicav/compartiments visés par la restructuration proposée (prospectus, rapports annuels et semestriels, etc.), et les décisions qui seront prises au sein d’un conseil d'administration unique ;(b) simplifier la documentation contractuelle avec les prestataires (Société de gestion, dépositaire, service financier, etc.) et (c) accroitre l'alignement juridique.
Enfin, après cette restructuration, les frais et diverses tâches opérationnelles pourront être réparties dans une structure qui comptera 37 compartiments, ce qui permettra une rationalisation des coûts et une gestion plus efficiente des compartiments absorbés dans l’intérêt des investisseurs. | fr | es |
DOLFIN6435 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.41 % of the value of your investment per year. | 53 CHF |
| Portfolio transaction costs | 0.00 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 0 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | | Composizione dei costi |
| --- |
| Costi una tantum di ingresso o di uscita | In caso di vendita dell’investimento dopo 1 anno |
| Costi di ingresso | 3,00 % dell'importo che paghi quando entri in questo investimento. Questo è il massimo che ti verrà addebitato. La persona che ti vende il prodotto ti informerà dell'effettivo addebito. | 300 CHF |
| Costi di uscita | Non addebitiamo una commissione di uscita per questo prodotto. | 0 CHF |
| Costi correnti | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 0,41 % del valore dell’investimento all’anno. | 53 CHF |
| Costi di transazione del portafoglio | 0,00 % del valore dell’investimento all’anno. Si tratta di una stima dei costi sostenuti per l’acquisto e la vendita degli investimenti sottostanti per il prodotto. L’importo effettivo varierà a seconda dell’importo che viene acquistato e venduto. | 0 CHF |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non addebitiamo una commissione di performance per questo prodotto. | 0 CHF | | | Composition of costs |
| --- |
| One-off costs upon entry or exit | If you exit after 1 year |
| Entry costs | 3.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 300 CHF |
| Exit costs | We do not charge an exit fee for this product. | 0 CHF |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 0.41 % of the value of your investment per year. | 53 CHF |
| Portfolio transaction costs | 0.00 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 0 CHF |
| Incidental costs taken under specific conditions | |
| Performance fees | We do not charge a performance fee for this product. | 0 CHF | | en | it |
DOLFIN6436 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The UCI promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of the "Disclosure" Regulation.
The UCI carries a sustainability risk, as defined in the risk profile.
The Sub-fund is actively managed. The investment universe is composed of international and primarily European public and private bonds.
Sequencing of the stages of the investment process
The Management Company selects the securities in the portfolio from the investment universe using an investment process that includes three successive stages:
- the first stage is based on the creation of a universe of issuers who are eligible as a result of a rating based on non-financial environmental, social and governance (ESG) criteria: only issuers with a positive ESG rating (issuers rated from A to D on a scale of A, best rating, to G, lowest rating) are selected in order to avoid reputational and financial risk.
- the second stage consists of evaluating the credit risk of eligible issuers with the support of the Amundi Asset Management team of credit analysts and their recommendations through internal ratings. The internal rating of credit securities is the result of a fundamental analysis, an evaluation of the volatility of credit spreads and their relative value. It is used to draw up a ranked list of eligible securities within the investment universe. | L’OPC promeut des critères environnementaux, sociaux et de gouvernance (ESG) au sens de l’article 8 du Règlement « Disclosure ».
L’OPC est soumis à un risque en matière de durabilité tel que défini dans le profil de risque.
Le compartiment est géré de manière active. L’univers d’investissement est composé des obligations publiques et privées internationales et principalement européennes.
Séquencement des étapes du processus d’investissement
A partir de l’univers d’investissement, la société de gestion sélectionne les titres en portefeuille selon un processus d’investissement qui se déroule en trois étapes successives :
- la première étape repose sur la constitution d’un univers d’émetteurs éligibles à partir d’une notation basée sur des critères extra-financiers environnementaux, sociaux et de gouvernance (ESG) ; ne sont retenus que les émetteurs dont la note ESG s’avère positive (émetteurs notés de A à D sur une échelle de A, meilleure note, à G, moins bonne note) afin d’éviter un risque financier et de réputation.
- la deuxième étape consiste à évaluer le risque de crédit des émetteurs éligibles en s’appuyant sur l’équipe des analystes crédit d'Amundi Asset Management, et leurs recommandations au travers des notations internes. La notation interne de crédit des titres est la résultante d’une analyse fondamentale, d’une évaluation de la volatilité des spreads de crédit et de leur valeur relative. Elle permet d’établir une liste classée de titres éligibles au sein de l’univers d’investissement. | The UCI promotes environmental, social and governance (ESG) criteria within the meaning of Article 8 of the "Disclosure" Regulation.
The UCI carries a sustainability risk, as defined in the risk profile.
The Sub-fund is actively managed. The investment universe is composed of international and primarily European public and private bonds.
Sequencing of the stages of the investment process
The Management Company selects the securities in the portfolio from the investment universe using an investment process that includes three successive stages:
- the first stage is based on the creation of a universe of issuers who are eligible as a result of a rating based on non-financial environmental, social and governance (ESG) criteria: only issuers with a positive ESG rating (issuers rated from A to D on a scale of A, best rating, to G, lowest rating) are selected in order to avoid reputational and financial risk.
- the second stage consists of evaluating the credit risk of eligible issuers with the support of the Amundi Asset Management team of credit analysts and their recommendations through internal ratings. The internal rating of credit securities is the result of a fundamental analysis, an evaluation of the volatility of credit spreads and their relative value. It is used to draw up a ranked list of eligible securities within the investment universe. | en | fr |
DOLFIN6437 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# How can I complain?
As a shareholder in the Fund, you are entitled to make a complaint free of charge. Any such complaint must be handled by the manager of the Trust promptly and effectively. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Fund's complaints process if you are still not satisfied with the response received. Further information on the complaints policy relating to the Fund is available by emailing: [email protected] | # Comment puis-je formuler une réclamation ?
En tant qu’actionnaire du Fonds, vous avez le droit de formuler une réclamation gratuitement. Toute réclamation de ce type doit être prise en charge par la Société de gestion de manière rapide et efficace. Vous avez également le droit de soumettre votre réclamation au médiateur des services financiers et des pensions (Financial Services and Pensions Ombudsman) après avoir suivi la procédure de traitement des réclamations du Fonds si vous n’êtes toujours pas satisfait de la réponse reçue. De plus amples informations sur la politique de traitement des réclamations relatives au Fonds sont disponibles à l’adresse e-mail suivante : [email protected]. | # How can I complain?
As a shareholder in the Fund, you are entitled to make a complaint free of charge. Any such complaint must be handled by the manager of the Trust promptly and effectively. You also have the right to refer the relevant complaint to the Financial Services and Pensions Ombudsman after following the Fund's complaints process if you are still not satisfied with the response received. Further information on the complaints policy relating to the Fund is available by emailing: [email protected] | en | fr |
DOLFIN6438 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| UN Global Compact | - Non-Compliant |
| --- | --- |
| Country sanctions | - Sanctioned investments are prohibited* |
| Controversial weapons | - 0% of revenue including companies involved in the manufacture of nuclear warheads or whole nuclear missiles outside of the Non-Proliferation Treaty (NPT) |
| Coal | - Thermal Coal extraction: >=5% of revenue | | Global Compact delle Nazioni Unite | - Non conforme |
| --- | --- |
| Sanzioni di Paesi | - Gli investimenti rientranti nell’ambito delle sanzioni sono vietati* |
| Armi controverse | - 0% di fatturato, incluse imprese coinvolte nella produzione di testate nucleari o missili nucleari completi al di fuori del Trattato di non proliferazione (NPT) |
| Carbone | - Estrazione di carbone termico: >= 5% del fatturato | | UN Global Compact | - Non-Compliant |
| --- | --- |
| Country sanctions | - Sanctioned investments are prohibited* |
| Controversial weapons | - 0% of revenue including companies involved in the manufacture of nuclear warheads or whole nuclear missiles outside of the Non-Proliferation Treaty (NPT) |
| Coal | - Thermal Coal extraction: >=5% of revenue | en | it |
DOLFIN6439 | Translate the following text in en into fr. 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 through income, while seeking capital preservation.
## Investment policy
Under normal market conditions, the Fund typically invests at least 70% of its assets in debt securities denominated in USD of issuers that are organized, or have substantial business activities, in Asian developed and emerging markets countries.
The Fund may invest in, or be exposed up to (i) 50% below Investment Grade or unrated debt securities and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager uses a disciplined process integrating fundamental and quantitative research to identify high-conviction opportunities while actively managing duration and yield-curve positioning.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Benchmark
JPMorgan Asia Credit Index 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 the New York Stock Exchange, banks in Luxembourg and banks in Hong Kong are all open for business.
## Terms to understand
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: debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
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.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Investment Grade Securities: debt securities rated at or above BBB-/ Baa3.
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.
Yield curve positioning: a technique for implementing the investment strategy that seeks to have the Fund profit the most from an expected change in the yield curve, based on an economic or market forecast. | # OBJECTIFS ET POLITIQUE D’INVESTISSEMENT
## Objectif d’investissement
Le Fonds cherche à augmenter la valeur de votre investissement dans le temps par le biais de revenus, tout en recherchant la préservation du capital.
## Politique d’investissement
Dans des conditions de marché normales, le Fonds investit investit généralement au moins 70 % de ses actifs dans des titres de créance libellés en USD d'émetteurs qui sont organisés, ou qui ont des activités commerciales importantes, dans des pays asiatiques développés et des marchés émergents.
Le Fonds peut investir dans, ou être exposé à hauteur de (i) 50 % dans des titres de créance de la catégorie spéculative ou non notés et (ii) 20 % dans des produits structurés comme les titres adossés à des actifs et à des créances hypothécaires.
Le Gestionnaire d'investissement utilise un processus rigoureux intégrant la recherche fondamentale et quantitative pour identifier les opportunités à forte conviction tout en gérant activement la duration et le positionnement de la courbe de rendement.
Le Fonds peut être exposé à n'importe quelle devise.
Le Fonds a recours à des instruments dérivés à des fins de couverture (réduction des risques), de gestion efficace du portefeuille et d'autres fins d'investissement.
## Indice de référence
JPMorgan Asia Credit Index utilisé à des fins de comparaison de performance.
Le Fonds fait l'objet d'une gestion active et le Gestionnaire d'Investissement n'est pas limité par son indice de référence. Veuillez consulter le prospectus du Fonds pour obtenir plus d'informations.
## Devise du Fonds
La devise de référence du Fonds est USD.
## Devise de la catégorie de parts
La devise de référence de la catégorie de parts est USD.
## Politique de distribution
Cette catégorie de parts n’est pas une catégorie de parts de distribution. Le revenu et les plus-values réalisés par le Fonds sont réinvestis.
## Fréquence des opérations de rachat
Les parts peuvent être rachetées dès lors que la Bourse de New York ainsi que les banques au Luxembourg et à Hong Kong sont ouvertes.
## Glossaire
Titres adossés à des actifs : titres de créance représentant une participation dans un pool de crédits à la consommation tels que des dettes de cartes de crédit ou des prêts automobiles.
Catégorie spéculative : titres de créance d'une qualité inférieure à la Catégorie investissement qui peuvent être des titres de créance à rendement plus élevé mais plus risqués.
Titres de créance : titres représentatifs de l’obligation de rembourser une dette, avec intérêts.
Instruments dérivés : instruments financiers dont la valeur est liée à un ou plusieurs taux, indices, cours boursiers ou autres valeurs.
Duration : mesure de la fluctuation du prix d'un actif à revenu fixe en fonction des variations des taux d'intérêt. Les titres assortis d'une duration élevée sont généralement plus sensibles et peuvent connaître des fluctuations de prix plus importantes en cas de variations des taux d'intérêt.
Catégorie investissement : titres de créance notés au moins BBB-/Baa3.
Titres liés aux crédits hypothécaires : titres de créance qui représentent une participation dans un pool d’hypothèques.
Autres objectifs d’investissement : conformément à l’objectif et à la politique d’investissement du Fonds, pour obtenir une exposition et/ou gérer la duration.
Positionnement de la courbe des rendements : une technique de mise en œuvre de la stratégie d'investissement qui vise à faire profiter au maximum le Fonds d'un changement attendu de la courbe des rendements, fondé sur une prévision économique ou de marché. | # OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through income, while seeking capital preservation.
## Investment policy
Under normal market conditions, the Fund typically invests at least 70% of its assets in debt securities denominated in USD of issuers that are organized, or have substantial business activities, in Asian developed and emerging markets countries.
The Fund may invest in, or be exposed up to (i) 50% below Investment Grade or unrated debt securities and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager uses a disciplined process integrating fundamental and quantitative research to identify high-conviction opportunities while actively managing duration and yield-curve positioning.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Benchmark
JPMorgan Asia Credit Index 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 the New York Stock Exchange, banks in Luxembourg and banks in Hong Kong are all open for business.
## Terms to understand
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: debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
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.
Duration: A measure of how much the price of a fixed-income asset will fluctuate as a result of changes in the interest rate environment. Securities with a higher duration are typically more sensitive and can have greater price fluctuations in case of changes in the interest rates.
Investment Grade Securities: debt securities rated at or above BBB-/ Baa3.
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.
Yield curve positioning: a technique for implementing the investment strategy that seeks to have the Fund profit the most from an expected change in the yield curve, based on an economic or market forecast. | en | fr |
DOLFIN6440 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Other Tax Matters
The income and capital gains received by the ICAV from securities issued in countries other than Ireland or assets located in countries other than Ireland may be subject to taxes including withholding tax in the countries where such income and gains arise. The ICAV may not be able to benefit from reduced rates of withholding tax by virtue of the double taxation treaties in operation between Ireland and other countries. The Directors will have sole discretion as to whether the ICAV will apply for such benefits and may decide not to apply for such benefits if they determine that it may be administratively burdensome, cost prohibitive or otherwise impractical. In the event that the ICAV receives any repayment of withholding tax suffered, the Net Asset Value of the ICAV will not be restated and the benefit of any repayment will be allocated to the then existing Shareholders rateably at the time of repayment.
Pursuant to section 891C of the TCA and the Return of Values (Investment Undertakings) Regulations 2013, the ICAV is obliged to report certain details in relation to Shares held by Shareholders to the Revenue Commissioners on an annual basis. The details to be reported include the name, address and date of birth on record of, and the investment number associated with and the value of the Shares held by, a Shareholder. The details to be reported also include the tax reference number of the Shareholder (being an Irish tax reference number or VAT registration number or, in the case of an individual, the individual’s personal public service number) or, in the absence of a tax reference number, a marker indicating that this was not provided. These provisions do not require such details to be reported in respect of Shareholders who are (i) neither Irish Residents nor Ordinarily Resident in Ireland, (ii) Exempt Irish Shareholders or (iii) Shareholders whose Shares are held in a Recognised Clearing and Settlement System. | ## Autres questions fiscales
Les revenus et plus-values perçus par l'ICAV sur la base de titres émis dans des pays autres que l’Irlande, ou d’actifs situés dans d’autres pays que l’Irlande, peuvent être assujettis à des impôts, y compris une retenue à la source dans les pays où ces revenus et plus-values sont générés. Il est possible que l'ICAV ne puisse pas bénéficier de retenues à la source à un taux réduit en vertu des conventions de double imposition en vigueur entre l’Irlande et ces autres pays. Les Administrateurs décideront à leur entière discrétion si l'ICAV sollicite le bénéfice de ces taux réduits et pourront y renoncer, s’ils estiment qu’une telle démarche risque d’être coûteuse, lourde d’un point de vue administratif ou irréalisable. Si l'ICAV perçoit un remboursement de l’impôt retenu à la source, sa Valeur nette d’inventaire ne sera pas recalculée et le bénéfice de ce remboursement sera réparti au prorata entre les Actionnaires existants au moment du remboursement.
En vertu de l'article 891C du TCA et des Return of Values (Investment Undertakings) Regulations 2013, l'ICAV est tenue de déclarer annuellement aux Revenue Commissioners certains détails relatifs aux Actions détenues par les Actionnaires. Les détails à communiquer comprennent le nom, l'adresse et la date de naissance inscrits dans le dossier d'un Actionnaire, ainsi que le numéro d'investissement associé et la valeur des Actions qu'il détient. Les détails à communiquer comprennent également le numéro de référence fiscal de l'Actionnaire (qu'il s'agisse d'un numéro de référence fiscal irlandais ou d'un numéro d'immatriculation à la TVA ou, dans le cas d'une personne physique, de son numéro personnel auprès des services publics) ou, en l'absence de numéro de référence fiscal, une indication que celui-ci n'a pas été fourni. Ces dispositions n'exigent pas que ces détails soient communiqués en ce qui concerne les Actionnaires qui (i) ne sont ni Résidents irlandais ni Résidents ordinaires en Irlande, (ii) sont des Actionnaires irlandais exonérés ou (iii) sont des Actionnaires dont les Actions sont détenues dans un Système de compensation et de règlement reconnu. | ## Other Tax Matters
The income and capital gains received by the ICAV from securities issued in countries other than Ireland or assets located in countries other than Ireland may be subject to taxes including withholding tax in the countries where such income and gains arise. The ICAV may not be able to benefit from reduced rates of withholding tax by virtue of the double taxation treaties in operation between Ireland and other countries. The Directors will have sole discretion as to whether the ICAV will apply for such benefits and may decide not to apply for such benefits if they determine that it may be administratively burdensome, cost prohibitive or otherwise impractical. In the event that the ICAV receives any repayment of withholding tax suffered, the Net Asset Value of the ICAV will not be restated and the benefit of any repayment will be allocated to the then existing Shareholders rateably at the time of repayment.
Pursuant to section 891C of the TCA and the Return of Values (Investment Undertakings) Regulations 2013, the ICAV is obliged to report certain details in relation to Shares held by Shareholders to the Revenue Commissioners on an annual basis. The details to be reported include the name, address and date of birth on record of, and the investment number associated with and the value of the Shares held by, a Shareholder. The details to be reported also include the tax reference number of the Shareholder (being an Irish tax reference number or VAT registration number or, in the case of an individual, the individual’s personal public service number) or, in the absence of a tax reference number, a marker indicating that this was not provided. These provisions do not require such details to be reported in respect of Shareholders who are (i) neither Irish Residents nor Ordinarily Resident in Ireland, (ii) Exempt Irish Shareholders or (iii) Shareholders whose Shares are held in a Recognised Clearing and Settlement System. | en | fr |
DOLFIN6441 | 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
## Objectifs
## 2 Générer des revenus réguliers et valoriser votre investissement sur le long terme.
## Principaux placements
## 2 Au moins 70 % des investissements du fonds seront réalisés dans des actions de sociétés.
## Politique d'investissement
## 2 Investir dans des titres de capital de haute qualité distribuant des dividendes stables émis par des sociétés de pays émergents du monde entier.
2 En tant que partie essentielle et intégrante du processus d'investissement, le Conseiller en placement évalue les facteurs susceptibles d'exercer une influence importante sur la soutenabilité des hautes performances à long terme, y compris les critères environnementaux, sociaux et de gouvernance (ESG) et cherche dans ce cadre à nouer un dialogue avec les équipes dirigeantes des sociétés.
2 Le Fonds comprend des exclusions liées au climat et aux armes, dont les détails se trouvent dans la politique d'exclusion du Fonds sur le site Web de la Société (www.morganstanleyinvestmentfunds.com et sur www.msim.com).
2 La performance du Fonds sera mesurée par rapport à celle de l'indice MSCI World Net Index (l'« Indice de référence »). Le Fonds fait l'objet d'une gestion active. Il n'est pas conçu pour répliquer un indice de référence. Par conséquent, il n'est soumis à aucune contrainte de composition.
## Autres informations
## 2 Le Fonds peut investir jusqu'à 30 % de ses actifs dans des investissements qui ne remplissent pas les critères ci-dessus.
2 Le Fonds peut investir dans des produits dérivés, c'est-à-dire des instruments financiers dont la valeur est indirectement liée à celle d'autres actifs. Ces instruments sont plus risqués, car ils dépendent de la capacité de sociétés tierces à remplir leurs obligations contractuelles. Pour de plus amples informations, veuillez consulter le prospectus (section « Instruments dérivés financiers »).
2 Le Fonds peut également investir jusqu'à 20 % de son actif dans des titres à revenu fixe acquis sur le marché obligataire interbancaire chinois et jusqu'à 10 % de son actif net dans des actions A chinoises au travers du programme Stock Connect.
## 2 Le revenu sera inclus dans la valeur de vos actions.
## Achat et vente de parts
## 2 Les investisseurs peuvent acheter et vendre des actions tout jour ouvrable au Luxembourg. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo
## 2 Generar un flujo regular de ingresos y la revalorización a largo plazo de su inversión.
## Principales inversiones
## 2 Al menos, el 70% de las inversiones del fondo se asignará a acciones de compañías.
## Política de inversión
## 2 Invertir en valores de renta variable de alta calidad que abonen dividendos de manera sostenida de emisores ubicados en mercados desarrollados de todo el mundo.
2 Como parte esencial e integrada del proceso de inversión, el asesor de inversiones valora factores relevantes sustanciales para una rentabilidad elevada sostenible a largo plazo, incluyendo factores ESG, y a este respecto procura implicarse con los equipos directivos de las compañías.
2 El fondo prevé exclusiones relacionadas con el clima y las armas. Se puede consultar información detallada al respecto en la Política de restricciones y exclusiones del fondo en el sitio web de la compañía (www.morganstanleyinvestmentfunds.com y en www.msim.com).
2 El fondo medirá su rentabilidad con respecto al MSCI World Net Index (el "Índice de referencia"). El fondo se gestiona de forma activa y no está diseñado para seguir la evolución del Índice de referencia. Por tanto, la gestión del fondo no se encuentra restringida por la composición del Índice de referencia.
## Otra información
## 2 El fondo puede invertir hasta el 30% de sus activos en emisores que no cumplan los criterios anteriores.
2 El fondo podrá invertir en derivados, que son instrumentos financieros cuyo valor depende indirectamente de otros activos. Dichos instrumentos dependen de que otras compañías cumplan sus obligaciones contractuales y entrañan más riesgo. Consulte el folleto (apartado “Instrumentos financieros derivados”) para obtener más información.
2 El fondo puede invertir hasta el 20% de sus activos en valores de renta fija adquiridos en el mercado interbancario de bonos de China y hasta el 10% de sus activos netos en acciones A de China a través del programa Stock Connect.
## 2 La renta se incluirá en el valor de sus acciones.
## Compra y venta de acciones
## 2 Los inversores pueden comprar y vender acciones cualquier día que sea hábil en Luxemburgo. | # OBJECTIFS ET POLITIQUE D'INVESTISSEMENT
## Objectifs
## 2 Générer des revenus réguliers et valoriser votre investissement sur le long terme.
## Principaux placements
## 2 Au moins 70 % des investissements du fonds seront réalisés dans des actions de sociétés.
## Politique d'investissement
## 2 Investir dans des titres de capital de haute qualité distribuant des dividendes stables émis par des sociétés de pays émergents du monde entier.
2 En tant que partie essentielle et intégrante du processus d'investissement, le Conseiller en placement évalue les facteurs susceptibles d'exercer une influence importante sur la soutenabilité des hautes performances à long terme, y compris les critères environnementaux, sociaux et de gouvernance (ESG) et cherche dans ce cadre à nouer un dialogue avec les équipes dirigeantes des sociétés.
2 Le Fonds comprend des exclusions liées au climat et aux armes, dont les détails se trouvent dans la politique d'exclusion du Fonds sur le site Web de la Société (www.morganstanleyinvestmentfunds.com et sur www.msim.com).
2 La performance du Fonds sera mesurée par rapport à celle de l'indice MSCI World Net Index (l'« Indice de référence »). Le Fonds fait l'objet d'une gestion active. Il n'est pas conçu pour répliquer un indice de référence. Par conséquent, il n'est soumis à aucune contrainte de composition.
## Autres informations
## 2 Le Fonds peut investir jusqu'à 30 % de ses actifs dans des investissements qui ne remplissent pas les critères ci-dessus.
2 Le Fonds peut investir dans des produits dérivés, c'est-à-dire des instruments financiers dont la valeur est indirectement liée à celle d'autres actifs. Ces instruments sont plus risqués, car ils dépendent de la capacité de sociétés tierces à remplir leurs obligations contractuelles. Pour de plus amples informations, veuillez consulter le prospectus (section « Instruments dérivés financiers »).
2 Le Fonds peut également investir jusqu'à 20 % de son actif dans des titres à revenu fixe acquis sur le marché obligataire interbancaire chinois et jusqu'à 10 % de son actif net dans des actions A chinoises au travers du programme Stock Connect.
## 2 Le revenu sera inclus dans la valeur de vos actions.
## Achat et vente de parts
## 2 Les investisseurs peuvent acheter et vendre des actions tout jour ouvrable au Luxembourg. | fr | es |
DOLFIN6442 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
To increase the value of shareholders’ investments primarily through capital growth.
Investment policy:
- The fund is actively managed.
- The fund invests principally (at least 80% of its assets) in equities of companies selected on a global basis.
- The Investment Manager aims to identify long-term growth trends that are not seasonal or cyclical or dependent on current economic events. Companies are sought which may benefit from these trends and which exhibit characteristics such as high and persistent barriers to entry, competent management teams whose remuneration is aligned to the success of the company, exposure to external factors, and high governance standards.
- Shares in the following types of companies (held either directly or indirectly via derivatives) are automatically excluded:
- Tobacco: companies which derive more than 10% revenue from tobacco;
- Gambling: companies which derive more than 10% of revenue from gambling;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons); or
- which derive more than 10% revenue from conventional or nuclear weapons, related components and systems;
- Fossil fuels: companies which derive more than 10% revenue from:
- mining or sale of thermal coal; or
- extraction, production or refining of either oil or gas.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. In that respect, the Investment Manager assesses the sustainability of each investment, including environmental, social and governance (ESG) factors such as a company’s remuneration policy, energy and social supply policy, board diversity and any unequal voting rights alongside traditional financial metrics. However, investments are chosen on the basis of many quantitative (financial or ESG) or qualitative (e.g. quality and/or growth characteristics) attributes and need not rate highly on any or all of these sustainability factors to be included in the portfolio.
- In addition to ESG criteria considered during company selection, other sustainability criteria are taken into account in the thematic analysis at sector and company level.
- Stock selection is determined by the Investment Manager using information provided by the companies (for example company sustainability reports) and third-party data focusing on scores and metrics which the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- At times the fund may invest in ADRs, GDRs, participatory notes and contracts for difference. Participatory notes and contracts for difference would be used to access markets where direct access to purchase equities may be difficult. Their use is not intended to create leverage. Investments in participatory notes and contracts for difference shall not exceed 10% of the fund’s Net Asset Value.
- The fund may invest up to 10% of its Net Asset Value in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
- The fund may use derivatives and other techniques for hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures and forward currency contracts.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. Higher levels of investments in bank deposits, money market instruments or money market funds may be held in periods of elevated equity market valuations to reduce risk.
- The fund may invest up to 10% of its Net Asset Value in other collective investment schemes.
Benchmark: MSCI AC World Index
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return. | # ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
Aumentar el valor de las inversiones de los accionistas, principalmente mediante el crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo invierte principalmente (al menos el 80% de sus activos) en acciones de empresas seleccionadas a nivel mundial.
- El Gestor de inversiones pretende identificar tendencias de crecimiento a largo plazo que no son estacionales ni cíclicas ni dependen de acontecimientos económicos actuales. Se buscan empresas que puedan beneficiarse de estas tendencias y que presenten características tales como barreras de acceso importantes y constantes, equipos de gestión competentes cuya remuneración esté en consonancia con el éxito de la empresa, exposición a factores externos y unos niveles exigentes de gobernanza.
- Se excluyen automáticamente las acciones de los siguientes tipos de sociedades (que se mantengan directa o indirectamente mediante derivados):
- Tabaco: empresas que obtengan ingresos superiores al 10% del tabaco;
- Juego: empresas que obtengan más de un 10% de sus ingresos del juego;
- Armas: empresas que:
- participen en la producción de armas controvertidas (incluidas municiones de racimo, minas terrestres, armas biológicas y químicas); o que
- obtengan más del 10% de sus ingresos de armas convencionales o nucleares, componentes y sistemas conexos;
- Combustibles fósiles: empresas que obtengan ingresos superiores al 10% de:
- la minería o la venta de carbón térmico; o
- la extracción, la producción o el refino de petróleo o gas.
- El fondo promueve características ambientales o sociales con arreglo al significado del artículo 8 del SFDR. A este respecto, el Gestor de inversiones evalúa la sostenibilidad de cada inversión, incluidos los factores ambientales, sociales y de gobernanza (ASG), como la política de remuneración de una empresa, la política de abastecimiento energético y social, la diversidad en la composición del consejo y cualquier desigualdad en los derechos de voto, además de los parámetros financieros tradicionales. Sin embargo, las inversiones se eligen con arreglo a numerosos atributos cuantitativos (financieros o ASG) o cualitativos (p. ej., características de calidad o crecimiento), y para ser incluidos en la cartera no es necesario que alguno o todos estos factores de sostenibilidad obtengan una calificación alta.
- Además de los criterios ASG considerados durante la selección de empresas, en el análisis temático a nivel sectorial y empresarial se tienen en cuenta otros criterios de sostenibilidad.
- El Gestor de inversiones determina la selección de valores empleando la información facilitada por las empresas (por ejemplo, los informes de sostenibilidad) y datos de terceros, centrándose en las puntuaciones y las métricas que este considera pertinentes.
- Puede obtener más información sobre las características ambientales o sociales de este fondo en la información precontractual relativa a los productos financieros a que se refiere el artículo 8 del SFDR que figura en el folleto.
- En ocasiones, el fondo puede invertir en ADR, GDR, participatory notes y contratos por diferencias. Los participatory notes y los contratos por diferencias se emplearían para acceder a mercados en los que puede resultar difícil acceder directamente a la compra de acciones. Su uso no tiene por objeto crear apalancamiento. Las inversiones en participatory notes y contratos por diferencias no superarán el 10% del Valor liquidativo del fondo.
- El fondo puede invertir hasta el 10% de su Valor liquidativo en Acciones A de China a través de Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect.
- El fondo puede emplear derivados y otras técnicas con fines de cobertura y de gestión eficiente de la cartera. Los derivados del fondo pueden incluir, entre otros, contratos de futuros y de divisas a plazo.
- Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado. Pueden mantenerse mayores niveles de inversión en depósitos bancarios, instrumentos del mercado monetario o fondos del mercado monetario en períodos de elevadas valoraciones del mercado de renta variable a fin de reducir el riesgo.
- El fondo puede invertir hasta el 10% de su Valor liquidativo en otros organismos de inversión colectiva.
Valor de referencia: Índice MSCI AC World
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada al valor de referencia.
El valor de referencia no tiene en cuenta las características ambientales o sociales que promueve el fondo.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a largo plazo y que prevén mantener su inversión durante al menos 5 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial. | # What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
To increase the value of shareholders’ investments primarily through capital growth.
Investment policy:
- The fund is actively managed.
- The fund invests principally (at least 80% of its assets) in equities of companies selected on a global basis.
- The Investment Manager aims to identify long-term growth trends that are not seasonal or cyclical or dependent on current economic events. Companies are sought which may benefit from these trends and which exhibit characteristics such as high and persistent barriers to entry, competent management teams whose remuneration is aligned to the success of the company, exposure to external factors, and high governance standards.
- Shares in the following types of companies (held either directly or indirectly via derivatives) are automatically excluded:
- Tobacco: companies which derive more than 10% revenue from tobacco;
- Gambling: companies which derive more than 10% of revenue from gambling;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons); or
- which derive more than 10% revenue from conventional or nuclear weapons, related components and systems;
- Fossil fuels: companies which derive more than 10% revenue from:
- mining or sale of thermal coal; or
- extraction, production or refining of either oil or gas.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. In that respect, the Investment Manager assesses the sustainability of each investment, including environmental, social and governance (ESG) factors such as a company’s remuneration policy, energy and social supply policy, board diversity and any unequal voting rights alongside traditional financial metrics. However, investments are chosen on the basis of many quantitative (financial or ESG) or qualitative (e.g. quality and/or growth characteristics) attributes and need not rate highly on any or all of these sustainability factors to be included in the portfolio.
- In addition to ESG criteria considered during company selection, other sustainability criteria are taken into account in the thematic analysis at sector and company level.
- Stock selection is determined by the Investment Manager using information provided by the companies (for example company sustainability reports) and third-party data focusing on scores and metrics which the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- At times the fund may invest in ADRs, GDRs, participatory notes and contracts for difference. Participatory notes and contracts for difference would be used to access markets where direct access to purchase equities may be difficult. Their use is not intended to create leverage. Investments in participatory notes and contracts for difference shall not exceed 10% of the fund’s Net Asset Value.
- The fund may invest up to 10% of its Net Asset Value in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
- The fund may use derivatives and other techniques for hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures and forward currency contracts.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. Higher levels of investments in bank deposits, money market instruments or money market funds may be held in periods of elevated equity market valuations to reduce risk.
- The fund may invest up to 10% of its Net Asset Value in other collective investment schemes.
Benchmark: MSCI AC World Index
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return. | en | es |
DOLFIN6443 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Purpose
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, risks, costs, potential gains and losses of investing in this fund and to help you compare it to other funds.
| Product | GLOBAL EQUITY FUND (Euro Class) – a sub-fund of MFS INVESTMENT® FUNDS ISIN: LU0194196068 |
| --- | --- |
| Product Manufacturer | MFS Investment Management Company (Lux) S.à r.l www.fcp.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | Luxembourg Commission de Surveillance du Secteur Financier |
| You are about to purchase a product that is not simple and may be difficult to understand. This document was prepared on 1 January 2023. | | # Zweck
Gegenstand dieses Dokuments sind wesentliche Informationen für den Anleger über diesen Fonds. Es handelt sich nicht um Werbematerial. Diese Informationen sind gesetzlich vorgeschrieben, um Ihnen dabei zu helfen, die Art, das Risiko, die Kosten sowie die möglichen Gewinne und Verluste dieses Produkts zu verstehen, und Ihnen dabei zu helfen, es mit anderen Produkten zu vergleichen.
| Produkt | GLOBAL EQUITY FUND (Euro-Klasse) – ein Teilfonds von MFS INVESTMENT® FUNDS ISIN: LU0194196068 |
| --- | --- |
| Produkthersteller | MFS Investment Management Company (Lux) S.à r.l. www.fcp.mfs.com Für weitere Informationen können Sie sich an die Transferstelle unter +352 46 4010600, an Ihre lokale Vertretung oder Ihren Finanzvermittler wenden. |
| Zuständige Behörde | Luxembourg Commission de Surveillance du Secteur Financier |
| Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann. Dieses Dokument wurde am 1. Januar 2023 erstellt. | | # Purpose
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, risks, costs, potential gains and losses of investing in this fund and to help you compare it to other funds.
| Product | GLOBAL EQUITY FUND (Euro Class) – a sub-fund of MFS INVESTMENT® FUNDS ISIN: LU0194196068 |
| --- | --- |
| Product Manufacturer | MFS Investment Management Company (Lux) S.à r.l www.fcp.mfs.com For additional information, you may contact the Transfer Agent at +352-46-40-10-600, or your local agent or financial intermediary. |
| Competent Authority | Luxembourg Commission de Surveillance du Secteur Financier |
| You are about to purchase a product that is not simple and may be difficult to understand. This document was prepared on 1 January 2023. | | en | de |
DOLFIN6444 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Information on the custodian bank
- General information on the custodian bankUBS Switzerland AG is the custodian bank. The bank was founded in 2014 as a stock corporation with its registered office in Zurich and took over UBS AG’s private and corporate banking business and wealth management business booked in Switzerland on 14 June 2015. UBS Switzerland AG is a subsidiary of UBS Group AG. With consolidated total assets of USD 1,117,182 million and published capital and reserves of USD 61,002 million as at 31 December 2021, UBS Group AG is financially one of the strongest banks in the world. It employs 71,385 staff worldwide and has an extensive network of offices.
- | # Informationen über die Depotbank
- Allgemeine Angaben zur DepotbankDepotbank ist UBS Switzerland AG. Die Bank wurde 2014 als Aktiengesellschaft mit Sitz in Zürich gegründet und übernahm per 14. Juni 2015 das in der Schweiz gebuchte Privat- und Unternehmenskundengeschäft sowie das in der Schweiz gebuchte Wealth Management Ge- schäft von UBS AG.
UBS Switzerland AG ist eine Konzerngesellschaft von UBS Group AG. UBS Group AG gehört mit einer konsolidierten Bilanzsumme von USD 1 117 182 Mio. und ausgewiesenen Eigenmitteln von USD 61 002 Mio. per 31. Dezember 2021 zu den finanzstärksten Banken der Welt. Sie beschäftigt weltweit 71 385 Mitarbeiter in einem weit verzweigten Netz von Geschäftsstellen.
- | # Information on the custodian bank
- General information on the custodian bankUBS Switzerland AG is the custodian bank. The bank was founded in 2014 as a stock corporation with its registered office in Zurich and took over UBS AG’s private and corporate banking business and wealth management business booked in Switzerland on 14 June 2015. UBS Switzerland AG is a subsidiary of UBS Group AG. With consolidated total assets of USD 1,117,182 million and published capital and reserves of USD 61,002 million as at 31 December 2021, UBS Group AG is financially one of the strongest banks in the world. It employs 71,385 staff worldwide and has an extensive network of offices.
- | en | de |
DOLFIN6445 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### “Non-statutory days of rest” are days on which banks and financial institutions are closed.
No shares will be issued or redeemed on days for which the Company has decided not to calculate any net asset values, as described in the section “Suspension of net asset value calculation, and suspension of the issue, redemption and conversion of shares”. In addition, the Company is entitled to reject subscription orders at its discretion.
The Company prohibits all transactions that it deems potentially detrimental to shareholder interests, including (but not limited to) market timing and late trading transactions. It is entitled to refuse any application for subscription or conversion that it considers to be allied to such practices. The Company is also entitled to take any action it deems necessary to protect shareholders from such practices. | ### "Nicht gesetzliche Ruhetage" sind Tage, an denen Banken und Finanzinstitute geschlossen sind.
Keine Ausgabe oder Rücknahme findet statt an Tagen, an welchen die Gesellschaft entschieden hat keinen Nettoinventarwert zu berechnen, wie im Absatz "Aussetzung der Berechnung des Nettoinventarwertes sowie der Ausgabe, Rücknahme und Konversion der Aktien" beschrieben. Die Gesellschaft ist des Weiteren berechtigt, nach freiem Ermessen Zeichnungsanträge abzulehnen.
Die Gesellschaft erlaubt keine Transaktionen die in ihrem Ermessen die Interessen der Aktionäre beeinträchtigen könnten, wie z.B. "Market Timing" und "Late Trading“. Sie ist berechtigt jeden Zeichnungs- oder Konversionsantrag abzulehnen, wenn sie der Meinung ist dieser sei im Sinne solcher Praktiken. Die Gesellschaft ist des Weiteren berechtigt alle Massnahmen zu treffen welche sie für notwendig erachtet, um die Aktionäre gegen solche Handlungen zu schützen. | ### “Non-statutory days of rest” are days on which banks and financial institutions are closed.
No shares will be issued or redeemed on days for which the Company has decided not to calculate any net asset values, as described in the section “Suspension of net asset value calculation, and suspension of the issue, redemption and conversion of shares”. In addition, the Company is entitled to reject subscription orders at its discretion.
The Company prohibits all transactions that it deems potentially detrimental to shareholder interests, including (but not limited to) market timing and late trading transactions. It is entitled to refuse any application for subscription or conversion that it considers to be allied to such practices. The Company is also entitled to take any action it deems necessary to protect shareholders from such practices. | en | de |
DOLFIN6446 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ANNUAL PERFORMANCE
(NAV, total return)
31 Jul 2016 to
31 Jul 2017
31 Jul 2017 to
31 Jul 2018
31 Jul 2018 to
31 Jul 2019
31 Jul 2019 to
31 Jul 2020
31 Jul 2020 to
31 Jul 2021
| Class A | 10.10% | 0.21% | 6.97% | 2.14% | 9.14% |
| --- | --- | --- | --- | --- | --- |
J.P. Morgan Global High Yield Index 12.05% 2.75% 7.32% 1.62% 11.68%
### Past performance is not a reliable indicator of future performance.
Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Index returns are shown with gross income reinvested. This benchmark is shown for comparison purposes only.
Risks
-
The following risks are materially relevant to the fund (refer to prospectus for further details):
Credit risk - a bond or money market security could lose value if the issuer's financial health deteriorates. Default risk - the issuers of certain bonds could become unable to make payments on their
bonds. Derivatives risk - derivatives may result in losses that are significantly greater than the cost of the derivative. Emerging markets risk - emerging markets are less established than developed markets and therefore involve higher risks. High yield bond risk - a bond or debt security rated below BBB- by Standard & Poor’s or an equivalent rating, also termed ‘below investment grade’, is generally subject to higher yields but to greater risks too. Interest rate risk - when interest rates rise, bond values generally fall. This risk is generally greater the longer the maturity of a bond investment and the higher its credit quality. Liquidity risk - any security could become hard to value or to sell at a desired time and price. Sector concentration risk - the performance of a fund that invests a large portion of its assets in a particular economic sector (or, for bond funds, a particular market segment), will be more strongly atfected by events atfecting that sector or segment of the fixed income
market. | # PERFORMANCE ANNUELLE
(VL, rendement total)
31 jui 2016 à
31 jui 2017
31 jui 2017 à
31 jui 2018
31 jui 2018 à
31 jui 2019
31 jui 2019 à
31 jui 2020
31 jui 2020 à
31 jui 2021
| Classe A | 10,10% | 0,21% | 6,97% | 2,14% | 9,14% |
| --- | --- | --- | --- | --- | --- |
Indice J.P. Morgan Global High Yield 12,05% 2,75% 7,32% 1,62% 11,68%
### La performance passée n’est pas un indicateur fiable de la performance future.
Source des performances : T. Rowe Price. La performance de fonds est calculée à l’aide de la VL officielle avec réinvestissement des distributions, le cas échéant. Les frais de ventes, taxes et autres coûts appliqués localement n’ont pas été déduits, et le cas échéant, réduiront les chitfres des performances.
Les performances de l’Indice sont exprimées avec réinvestissement du revenu brut. Cet indice de référence est mentionné uniquement à titre de comparaison.
Risques
-
Les risques suivants sont importants pour le fonds (consultez le prospectus pour en savoir plus):
Risque de crédit : la valeur d'une obligation ou d'un titre du marché monétaire peut baisser si la santé financière de l’émetteur se détériore. Risque de défaut : les émetteurs de certaines obligations
peuvent se révéler incapables de rembourser leurs obligations. Risque lié aux produits dérivés : les produits dérivés peuvent entraîner des pertes significativement plus importantes que leur coût. Risque lié aux marchés émergents : les marchés émergents sont moins solides que les marchés développés et impliquent par conséquent des risques plus importants. Risque lié aux obligations à haut rendement : une obligation ou un titre de créance noté en dessous de BBB- par Standard & Poor’s, ou une note équivalente (inférieure à la catégorie "Investissement") otfre en général un rendement plus élevé mais présente aussi des risques plus importants. Risque de taux d’intérêt : généralement, lorsque les taux d’intérêt augmentent, la valeur des obligations diminue. Plus l'échéance est longue et plus la qualité de crédit est bonne, plus le risque est grand. Risque de liquidité : les titres peuvent être difficiles à évaluer ou à vendre au moment et au prix désirés. Risque de concentration sectorielle : la performance d’un fonds qui investit une grande partie de ses actifs dans un secteur économique spécifique (ou, pour les fonds d’obligations, dans un segment de
marché spécifique) sera plus fortement atfectée par les événements qui atfectent ce secteur ou ce segment du marché obligataire. | # ANNUAL PERFORMANCE
(NAV, total return)
31 Jul 2016 to
31 Jul 2017
31 Jul 2017 to
31 Jul 2018
31 Jul 2018 to
31 Jul 2019
31 Jul 2019 to
31 Jul 2020
31 Jul 2020 to
31 Jul 2021
| Class A | 10.10% | 0.21% | 6.97% | 2.14% | 9.14% |
| --- | --- | --- | --- | --- | --- |
J.P. Morgan Global High Yield Index 12.05% 2.75% 7.32% 1.62% 11.68%
### Past performance is not a reliable indicator of future performance.
Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with distributions reinvested, if any. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Index returns are shown with gross income reinvested. This benchmark is shown for comparison purposes only.
Risks
-
The following risks are materially relevant to the fund (refer to prospectus for further details):
Credit risk - a bond or money market security could lose value if the issuer's financial health deteriorates. Default risk - the issuers of certain bonds could become unable to make payments on their
bonds. Derivatives risk - derivatives may result in losses that are significantly greater than the cost of the derivative. Emerging markets risk - emerging markets are less established than developed markets and therefore involve higher risks. High yield bond risk - a bond or debt security rated below BBB- by Standard & Poor’s or an equivalent rating, also termed ‘below investment grade’, is generally subject to higher yields but to greater risks too. Interest rate risk - when interest rates rise, bond values generally fall. This risk is generally greater the longer the maturity of a bond investment and the higher its credit quality. Liquidity risk - any security could become hard to value or to sell at a desired time and price. Sector concentration risk - the performance of a fund that invests a large portion of its assets in a particular economic sector (or, for bond funds, a particular market segment), will be more strongly atfected by events atfecting that sector or segment of the fixed income
market. | en | fr |
DOLFIN6447 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- la situation financière du garant
- la condition du soutien du gouvernement
- le niveau de propriété du gouvernement ou le point auquel une intervention aura lieu
- la protection de la dette ou le soutien financier/ commercial
- la politique nationale et le niveau d’importance économique/systématique | - La situación financiera del avalista
- La situación del apoyo gubernamental
- El nivel de titularidad gubernamental o el punto en el que tendrá lugar la intervención
- La protección de deuda o el apoyo empresarial/ financiero
- La política nacional y el nivel de importancia económica/sistemática | - la situation financière du garant
- la condition du soutien du gouvernement
- le niveau de propriété du gouvernement ou le point auquel une intervention aura lieu
- la protection de la dette ou le soutien financier/ commercial
- la politique nationale et le niveau d’importance économique/systématique | fr | es |
DOLFIN6448 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Chairman of general meetings
- The chairman of the board of Directors or, in his absence, the deputy chairman (if any) or, in his absence, some other Director nominated by the Directors shall preside as chairman at every general meeting of the Company. If at any general meeting none of such persons shall be present within fifteen minutes after the time appointed for the holding of the meeting and willing to act, the Directors present shall elect one of their number to be chairman of the meeting and, if there is only one Director present and willing to act, he shall be chairman.
- If at any meeting no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for holding the meeting, the Holders present (in person or by proxy or by representative) and entitled to vote shall choose one of the Holders (including his proxy or its duly authorised representative) personally present to be chairman of the meeting.
- | # Vorsitzender von Hauptversammlungen
- Der Vorsitzende des Verwaltungsrats oder in dessen Abwesenheit der stellvertretende Vorsitzende (sofern vorhanden) oder in dessen Abwesenheit ein anderes vom Verwaltungsrat benanntes Verwaltungsratsmitglied führt als Vorsitzender den Vorsitz über jede Hauptversammlung der Gesellschaft. Ist auf einer Hauptversammlung nicht innerhalb von fünfzehn Minuten ab dem festgesetzten Zeitpunkt der Abhaltung der Versammlung eine dieser Personen anwesend und zur Ausübung ihrer Funktion bereit, wählen die anwesenden Verwaltungsratsmitglieder aus ihrer Mitte einen Vorsitzenden für die Versammlung und, falls nur ein Verwaltungsratsmitglied anwesend und zur Ausübung der Funktion bereit ist, ist dieses der Vorsitzende.
- Ist auf einer Versammlung kein Verwaltungsratsmitglied bereit, als Vorsitzender zu fungieren oder ist innerhalb von fünfzehn Minuten ab dem festgesetzten Zeitpunkt der Abhaltung der Versammlung kein Verwaltungsratsmitglied anwesend, wählen die (persönlich oder durch einen Stimmrechtsbevollmächtigten oder durch einen Vertreter) anwesenden und stimmberechtigten Aktionäre einen der persönlich anwesenden Aktionäre (einschließlich seines Stimmrechtsbevollmächtigten oder ordnungsgemäß bevollmächtigten Vertreters) zum Vorsitzenden der Versammlung.
- | # Chairman of general meetings
- The chairman of the board of Directors or, in his absence, the deputy chairman (if any) or, in his absence, some other Director nominated by the Directors shall preside as chairman at every general meeting of the Company. If at any general meeting none of such persons shall be present within fifteen minutes after the time appointed for the holding of the meeting and willing to act, the Directors present shall elect one of their number to be chairman of the meeting and, if there is only one Director present and willing to act, he shall be chairman.
- If at any meeting no Director is willing to act as chairman or if no Director is present within fifteen minutes after the time appointed for holding the meeting, the Holders present (in person or by proxy or by representative) and entitled to vote shall choose one of the Holders (including his proxy or its duly authorised representative) personally present to be chairman of the meeting.
- | en | de |
DOLFIN6449 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Payment of retrocessions and rebates
- The Company and its agents may pay retrocessions as remuneration for distribution activity in respect of fund units in or from Switzerland. This remuneration may be deemed payment for the following services in particular:
- introduce investors to the Company,
- promotion and marketing,
- presence of the Company on investment platforms,
- training to any person in charge of the distribution and the promotion of the Company,
- preparation of marketing material and providing marketing material to investors,
- providing relevant Company documentation to investors,
- support and reporting to the investors. | ## Pagamento di retrocessioni e sconti
- La Società e i suoi mandatari possono corrispondere retrocessioni a titolo di remunerazione per le attività di distribuzione di azioni in Svizzera e/o dalla Svizzera. Con questi compensi possono essere remunerati i seguenti servizi:
- introduzione di investitori nella Società,
- promozione e marketing,
- presenza della Società su piattaforme di investimento,
- formazione del personale incaricato della distribuzione e della promozione della Società,
- preparazione del materiale di marketing e relativa distribuzione agli investitori,
- messa a disposizione di documentazione legale della Società agli investitori,
- assistenza e reportistica gli investitori. | ## Payment of retrocessions and rebates
- The Company and its agents may pay retrocessions as remuneration for distribution activity in respect of fund units in or from Switzerland. This remuneration may be deemed payment for the following services in particular:
- introduce investors to the Company,
- promotion and marketing,
- presence of the Company on investment platforms,
- training to any person in charge of the distribution and the promotion of the Company,
- preparation of marketing material and providing marketing material to investors,
- providing relevant Company documentation to investors,
- support and reporting to the investors. | en | it |
DOLFIN6450 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
You may sell your investment on most working days.
Intended Retail Investor
Designed for investors with a focus on income and planning to invest for at least 3 years. The Fund may appeal to investors who are looking for a core fixed income investment are interested in low cost exposure to the global sustainable corporate bond market.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the UCITS. Further information about the UCITS including the Prospectus, the most recent annual and semi-annual reports of the UCITS and the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. Details of the underlying investments of the fund are available on www.global.assetmanagement.hsbc.com. The Prospectus, annual and semi-annual reports are prepared for the entire UCITS.
The Depositary is HSBC Continental Europe . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the ICAV, however the conversion of the ETF Shares into Non-ETF Shares and vice versa is not permitted. Details of how to do this are in the “How to convert between sub-funds / Classes” section of the Prospectus. | Gli investitori possono vendere i loro investimenti nella maggior parte dei giorni lavorativi.
Investitori al dettaglio cui si intende commercializzare il prodotto
Concepito per gli investitori che mirano a generare reddito e che intendono investire per almeno 3 anni. Il Fondo può interessare gli investitori che puntano a un investimento core a reddito fisso e a un'esposizione a basso costo al mercato globale delle obbligazioni societarie sostenibili.
L'investimento nel Fondo è adatto solo a investitori in grado di valutare i rischi e i meriti di tale investimento e che dispongano di risorse sufficienti per sostenere eventuali perdite, poiché il Fondo non è garantito e potrebbero ricevere un rimborso inferiore all'importo investito. Il Fondo è concepito per essere utilizzato come parte di un portafoglio d'investimento diversificato. I potenziali investitori dovrebbero rivolgersi al proprio consulente finanziario prima di effettuare un investimento.
Termine:
Il Fondo non ha una data di scadenza.
L’ideatore di PRIIP non può chiudere il Fondo unilateralmente. Il Consiglio di amministrazione può inoltre decidere di liquidare il Fondo in specifiche circostanze indicate nel prospetto e nello statuto del Fondo.
Ulteriori informazioni:
Il presente documento descrive una sola categoria di azioni di un comparto dell'OICVM. Maggiori informazioni sull'OICVM, ivi compreso il Prospetto, le relazioni annuali e semestrali più recenti dell'OICVM e i più recenti prezzi delle azioni sono disponibili gratuitamente in lingua inglese tramite l'Agente amministrativo via e-mail all'indirizzo [email protected] o visitando il sito www.global.assetmanagement.hsbc.com. I dettagli degli investimenti sottostanti del fondo sono disponibili sul sito www.global.assetmanagement.hsbc.com. Il Prospetto, così come le relazioni annuali e semestrali sono preparati per l'intero OICVM.
Il Depositario è HSBC Continental Europe. Le attività del Fondo sono custodite dal Depositario e separate da quelle degli altri Fondi.
Un investitore può convertire le sue azioni in azioni di una categoria di azioni o di un comparto differente dell'ICAV; tuttavia, non è consentita la conversione delle azioni ETF in azioni non-ETF e viceversa. Dettagli su come effettuare questa operazione sono inclusi nella sezione del Prospetto "Modalità di conversione tra Comparti/Categorie". | You may sell your investment on most working days.
Intended Retail Investor
Designed for investors with a focus on income and planning to invest for at least 3 years. The Fund may appeal to investors who are looking for a core fixed income investment are interested in low cost exposure to the global sustainable corporate bond market.
An investment in the Fund is only suitable for investors who are capable of evaluating the risks and merits of such an investment, and who have sufficient resources to bear any loss as the Fund is not guaranteed and they may receive back less than the amount invested. The Fund is designed for use as part of a diversified investment portfolio. Prospective investors should consult with their financial advisor before making an investment.
Term:
The Fund does not have a maturity date.
The PRIIP Manufacturer cannot terminate the Fund unilaterally. The Board of Directors may furthermore decide to liquidate the Fund in certain circumstances set out in the prospectus and articles of incorporation of the Fund.
Additional Information:
This document describes a single share class of a sub-fund of the UCITS. Further information about the UCITS including the Prospectus, the most recent annual and semi-annual reports of the UCITS and the latest prices of shares, may be obtained free of charge, in English, from the Administrator by emailing [email protected], or by visiting www.global.assetmanagement.hsbc.com. Details of the underlying investments of the fund are available on www.global.assetmanagement.hsbc.com. The Prospectus, annual and semi-annual reports are prepared for the entire UCITS.
The Depositary is HSBC Continental Europe . The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds.
It is possible to switch your shares into shares of a different share class or sub-fund within the ICAV, however the conversion of the ETF Shares into Non-ETF Shares and vice versa is not permitted. Details of how to do this are in the “How to convert between sub-funds / Classes” section of the Prospectus. | en | it |
DOLFIN6451 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Commentaire du gestionnaire
Les dernières données économiques témoignent d’une certaine résilience de l’activité en particulier aux Etats-Unis où la consommation et les créations d’emploi restent solides. En Europe, la production industrielle baisse, mais elle résiste un peu mieux que prévu. La Chine subit une nouvelle vague de contaminations au COVID, quelques semaines après avoir évoqué une sortie graduelle de ses restrictions. Au Royaume-Uni, la pression sur les marchés financiers est retombée mais le marasme économique laisse peu d’espoir pour éviter la récession.
En zone euro, les dernières enquêtes ont montré que l’économie était un peu plus résiliente que prévue. Entre autres, les PMIs sont toujours en territoire récessif mais les entreprises sont moins nombreuses à signaler une détérioration de leur activité, puisque l’indice PMI Composite qui mesure la production est ressorti à 47,8 contre 47,3 en octobre tandis que le PMI Services est stable à 48,6. Dans le secteur manufacturier, les incertitudes autour de rationnements de gaz supplémentaires ont fortement diminué grâce une météo très clémente. Malgré tout, il s’agit pour l’instant d’un simple répit car les entreprises font aussi état d’une poursuite de la chute du carnet de commandes. La demande subit aussi un contrecoup comme en témoigne les fortes baisses des ventes au détail en octobre en Allemagne et en France (-2,8% en g.m). La confiance des ménages reste faible mais elle s’est stabilisée. Chaque ménage pris individuellement subit de plein fouet les conséquences d’une inflation élevée (encore 10% en glissement annuel (g.a) en novembre après 10.6% en octobre) et d’une faible revalorisation des salaires mais le marché du travail est extrêmement résilient, comme en témoigne la nouvelle baisse du taux de chômage à 6.5% (-0,1 point de pourcentage (pp)) en octobre.
Aux Etats-Unis, l’activité économique reste résiliente, en particulier la consommation réelle des ménages qui progresse de
+0,5% en glissement mensuel (g.m) en octobre. La décélération de l’inflation, qui s’est établit à 7,7% en octobre en g.a contre 8.2% en septembre, conjugué à des salaires qui reste dynamique (5,8% en rythme annualisés en novembre) participe à cette progression. Le marché de l’emploi reste tendu avec une nouvelle fois des créations d’emplois qui surprennent à la hausse avec 263 000 emplois créés en novembre. Ainsi, la demande agrégée devrait rester encore solide quelques mois. Pourtant, l’indice PMI Flash Composite est de nouveau en territoire récessif (46,3 en novembre contre 48,2 en octobre), tout comme celui dans le secteur des services (46,1 contre 47,8), témoignant d’une conjoncture dégradée. Au niveau politique, les Démocrates ont réussi à garder in extremis le contrôle du Sénat (chambre haute) lors des élections de mi-mandat. C’est un revers pour les Républicains qui espérait l’emporter dans les deux chambres. Cela laisse quelques chances de parvenir à voter des lois avant les prochaines élections Présidentielles de 2024 et devrait simplifier les négociations sur l’extension du plafond de la dette américaine qui a lieu à chaque début d’année.
La Chine a subi une recrudescence importante du nombre de contamination au COVID, entrainant des confinements dans plusieurs villes. Cela survient quelques semaines après que le gouvernement ait commencé à modifier les règles de sortie de la stratégie zéro covid. Mais la lassitude de la population face aux restrictions ont fait éclater des manifestations dans plusieurs villes. En réponse, le gouvernement a indiqué être prêt à poursuivre l’assouplissement de certaines règles mais une sortie définitive semble compliquée tant que la proportion de personnes fragiles vaccinées n’est pas plus élevée et que les capacités d’accueil en soins intensifs n’ont pas été augmenté. En revanche, l’activité économique pourrait bénéficier d’un assouplissement des restrictions d’autant plus que les dernières données d’activité restent moroses.
Au Royaume-Uni, la pression des marchés financiers est retombée après la publication du budget du nouveau gouvernement. Le revirement a été assez impressionnant en particulier au niveau de la maitrise des dépenses publiques même si l’essentiel de l’effort a été décalé à plus tard. Néanmoins les perspectives économiques à court terme n’en restent pas moins très dégradées. Le Royaume-Uni se dirige lui aussi tout droit vers la récession.
Au Japon, l’inflation a nettement accéléré, s’établissant à 3,7% en octobre en g.a. On a désormais aussi une contagion des pressions aux biens et services puisque l’inflation excluant l’énergie et l’alimentaire s’élève désormais à 2,5% en g.a. La paire USDJPY continue de faire les montagnes russes. Après avoir atteint un pic à 150 fin octobre, la paire est redescendu à 135 fin novembre en réponse aux anticipations de moindre resserrement de politique monétaire aux
Etats-Unis. Le gouvernement a aussi adopté un nouveau stimulus fiscal qui pourrait booster le PIB à hauteur de 1% l’année prochaine grâce à des mesures qui permettrait de baisser les factures énergétiques.
Sur le mois de novembre, le fonds AXA WF Global Sustainable Aggregate réalise une performance nette positive et légèrement inférieure à son indice de référence. Dans un contexte de marché toujours en proie à une forte volatilité, nous avons privilégié une gestion tactique de la duration. En effet, bien que le portefeuille affiche toujours une position courte en duration, nous avons tactiquement augmenté celle-ci en début de mois en renforçant notre position longue sur les taux américains et en réduisant notre position courte sur les taux européens. Nous avons ensuite profité d’un rally de plus de 60 bps en quelques jours sur le 10 ans US pour prendre partiellement nos profits sur notre surpondération sur la dette américaine. Notre allocation entre classe d’actifs reste toujours défensive, notamment via une large sous-pondération sur les MBS Américains. Enfin nous gardons une position de diversification sur les obligations indexées à l’inflation européenne qui bénéficient d’un portage positif sur la période et les prochains mois.
Source(s) : AXA Investment Managers au 30/11/2022 Rédacteur : AXA Investment Managers Paris | # Informe del gestor
Los últimos datos económicos muestran cierta resistencia de la actividad, sobre todo en Estados Unidos, donde el consumo y la creación de empleo se mantienen fuertes. En Europa, la producción industrial cayó, aunque resistió algo mejor de lo previsto. China está experimentando una nueva ola de contagios por COVID, pocas semanas después de haber mencionado una retirada gradual de sus restricciones. En el Reino Unido, la presión sobre los mercados financieros ha disminuido, pero el desplome económico deja pocas esperanzas de evitar la recesión.
En la zona euro, las últimas encuestas mostraron una economía ligeramente más resistente de lo previsto. Entre otros factores, los índices PMI continúan en terreno de contracción, pero son menos las empresas que declaran un deterioro de su actividad, ya que el índice PMI compuesto, que mide la producción, se situó en 47,8 frente a los 47,3 de octubre, mientras que el índice PMI servicios se mantuvo estable en 48,6. En el sector manufacturero, la incertidumbre en torno al racionamiento adicional de gas se ha reducido en gran medida gracias a unas condiciones meteorológicas muy favorables. Sin embargo, por el momento se trata solo de un respiro, ya que las empresas también informan de una nueva caída de la cartera de pedidos. La demanda también se está viendo afectada, como demuestran los fuertes descensos de las ventas minoristas en octubre en Alemania y Francia (-2,8 % intermensual). La confianza de los hogares sigue siendo baja, pero se ha estabilizado. Estos están acusando el impacto de la elevada inflación (que continúa en el 10 % interanual en noviembre, tras el 10,6 % de octubre) y el escaso crecimiento de los salarios, pero el mercado laboral es extremadamente resistente, como demuestra la nueva caída de la tasa de desempleo hasta el 6,5 % (-0,1 puntos porcentuales, pp.) en octubre.
En Estados Unidos, la actividad económica sigue resistiendo, en particular el consumo real de los hogares, que aumentó un 0,5 % intermensual en octubre. La desaceleración de la inflación, que se situó en el 7,7 % anualizado en octubre frente al 8,2 % de septiembre, junto con unos salarios que mantienen su dinamismo (5,8 % anualizado en noviembre), está contribuyendo a este avance. El mercado laboral sigue tensionado, con una creación de empleo que vuelve a sorprender al alza de nuevo, con 263 000 puestos de trabajo creados en noviembre. Así, la demanda agregada debería mantener su solidez durante algunos meses más. Sin embargo, el índice PMI Flash Composite volvió a situarse en terreno de contracción (46,3 en noviembre frente a 48,2 en octubre), al igual que el del sector servicios (46,1 frente a 47,8), lo que apunta a un deterioro de la coyuntura. En el plano político, los Demócratas consiguieron conservar el control del Senado (cámara alta) en las elecciones de mitad de mandato. Esto supone un revés para los Republicanos, que esperaban ganar ambas cámaras. Este hecho deja alguna posibilidad de aprobar leyes antes de las próximas elecciones presidenciales de 2024 y debería simplificar las negociaciones sobre la ampliación del techo de la deuda estadounidense que tienen lugar a principios de cada año.
China ha experimentado un aumento considerable del número de contagios por COVID, lo que ha provocado confinamientos en varias ciudades. Esto se produce pocas semanas después de que el Gobierno empezara a cambiar las normas para salir de la estrategia de COVID cero. Con todo, el hartazgo de la población respecto de las restricciones provocó manifestaciones en varias ciudades. En respuesta, el Gobierno indicó que está dispuesto a flexibilizar aún más algunas de las normas, pero una salida definitiva parece complicada hasta que la proporción de personas vulnerables vacunadas sea mayor y se hayan aumentado las capacidades de cuidados intensivos. Por otra parte, la actividad económica podría beneficiarse de una relajación de las restricciones, sobre todo teniendo en cuenta que los últimos datos de actividad siguen siendo anémicos.
En el Reino Unido, la presión sobre los mercados financieros se ha relajado tras la publicación del presupuesto del nuevo gobierno. El cambio ha sido bastante impresionante, sobre todo en lo que se refiere al control del gasto público, aunque el grueso del esfuerzo se haya pospuesto para más adelante. No obstante, las perspectivas económicas a corto plazo continúan siendo muy sombrías. El Reino Unido también se dirige directamente a la recesión.
En Japón, la inflación se aceleró bruscamente hasta el 3,7 % interanual en octubre. Las presiones también se han contagiado a los bienes y servicios, ya que la inflación, excluidas energía y alimentación, se sitúa ahora en el 2,5 % interanual. El par USD/JPY continúa en una montaña rusa. Tras alcanzar un máximo de 150 a finales de octubre, retrocedió a 135 a finales de noviembre ante las expectativas de un menor ajuste de la política monetaria en Estados Unidos. El Gobierno también ha adoptado un nuevo estímulo fiscal que podría impulsar el PIB hasta un 1 % el próximo año mediante medidas que reducirían la factura energética.
En el mes noviembre, el fondo AXA WF Global Sustainable Aggregate registró una rentabilidad neta positiva y ligeramente inferior a su índice de referencia. En un contexto de mercado aún dominado por una volatilidad elevada, priorizamos una gestión táctica de la duración. En efecto, aunque la cartera mantiene una posición corta en duración, la aumentamos tácticamente a principios de mes reforzando nuestra posición larga en los tipos estadounidenses y reduciendo nuestra posición corta en los tipos europeos. A continuación, aprovechamos un repunte de más de 60 pb en pocos días en el bono estadounidense a 10 años para recoger beneficios parciales en nuestra sobreponderación en deuda estadounidense.
Nuestra asignación entre clases de activos sigue siendo defensiva, especialmente a través de una marcada infraponderación en los MBS estadounidenses. Por último, mantenemos una posición de diversificación en bonos
Fuente(s) : AXA Investment Managers a 30/11/2022
Redactor: AXA Investment Managers Paris.
europeos indexados a la inflación, que presentan un carry positivo durante el periodo y los próximos meses. | # Commentaire du gestionnaire
Les dernières données économiques témoignent d’une certaine résilience de l’activité en particulier aux Etats-Unis où la consommation et les créations d’emploi restent solides. En Europe, la production industrielle baisse, mais elle résiste un peu mieux que prévu. La Chine subit une nouvelle vague de contaminations au COVID, quelques semaines après avoir évoqué une sortie graduelle de ses restrictions. Au Royaume-Uni, la pression sur les marchés financiers est retombée mais le marasme économique laisse peu d’espoir pour éviter la récession.
En zone euro, les dernières enquêtes ont montré que l’économie était un peu plus résiliente que prévue. Entre autres, les PMIs sont toujours en territoire récessif mais les entreprises sont moins nombreuses à signaler une détérioration de leur activité, puisque l’indice PMI Composite qui mesure la production est ressorti à 47,8 contre 47,3 en octobre tandis que le PMI Services est stable à 48,6. Dans le secteur manufacturier, les incertitudes autour de rationnements de gaz supplémentaires ont fortement diminué grâce une météo très clémente. Malgré tout, il s’agit pour l’instant d’un simple répit car les entreprises font aussi état d’une poursuite de la chute du carnet de commandes. La demande subit aussi un contrecoup comme en témoigne les fortes baisses des ventes au détail en octobre en Allemagne et en France (-2,8% en g.m). La confiance des ménages reste faible mais elle s’est stabilisée. Chaque ménage pris individuellement subit de plein fouet les conséquences d’une inflation élevée (encore 10% en glissement annuel (g.a) en novembre après 10.6% en octobre) et d’une faible revalorisation des salaires mais le marché du travail est extrêmement résilient, comme en témoigne la nouvelle baisse du taux de chômage à 6.5% (-0,1 point de pourcentage (pp)) en octobre.
Aux Etats-Unis, l’activité économique reste résiliente, en particulier la consommation réelle des ménages qui progresse de
+0,5% en glissement mensuel (g.m) en octobre. La décélération de l’inflation, qui s’est établit à 7,7% en octobre en g.a contre 8.2% en septembre, conjugué à des salaires qui reste dynamique (5,8% en rythme annualisés en novembre) participe à cette progression. Le marché de l’emploi reste tendu avec une nouvelle fois des créations d’emplois qui surprennent à la hausse avec 263 000 emplois créés en novembre. Ainsi, la demande agrégée devrait rester encore solide quelques mois. Pourtant, l’indice PMI Flash Composite est de nouveau en territoire récessif (46,3 en novembre contre 48,2 en octobre), tout comme celui dans le secteur des services (46,1 contre 47,8), témoignant d’une conjoncture dégradée. Au niveau politique, les Démocrates ont réussi à garder in extremis le contrôle du Sénat (chambre haute) lors des élections de mi-mandat. C’est un revers pour les Républicains qui espérait l’emporter dans les deux chambres. Cela laisse quelques chances de parvenir à voter des lois avant les prochaines élections Présidentielles de 2024 et devrait simplifier les négociations sur l’extension du plafond de la dette américaine qui a lieu à chaque début d’année.
La Chine a subi une recrudescence importante du nombre de contamination au COVID, entrainant des confinements dans plusieurs villes. Cela survient quelques semaines après que le gouvernement ait commencé à modifier les règles de sortie de la stratégie zéro covid. Mais la lassitude de la population face aux restrictions ont fait éclater des manifestations dans plusieurs villes. En réponse, le gouvernement a indiqué être prêt à poursuivre l’assouplissement de certaines règles mais une sortie définitive semble compliquée tant que la proportion de personnes fragiles vaccinées n’est pas plus élevée et que les capacités d’accueil en soins intensifs n’ont pas été augmenté. En revanche, l’activité économique pourrait bénéficier d’un assouplissement des restrictions d’autant plus que les dernières données d’activité restent moroses.
Au Royaume-Uni, la pression des marchés financiers est retombée après la publication du budget du nouveau gouvernement. Le revirement a été assez impressionnant en particulier au niveau de la maitrise des dépenses publiques même si l’essentiel de l’effort a été décalé à plus tard. Néanmoins les perspectives économiques à court terme n’en restent pas moins très dégradées. Le Royaume-Uni se dirige lui aussi tout droit vers la récession.
Au Japon, l’inflation a nettement accéléré, s’établissant à 3,7% en octobre en g.a. On a désormais aussi une contagion des pressions aux biens et services puisque l’inflation excluant l’énergie et l’alimentaire s’élève désormais à 2,5% en g.a. La paire USDJPY continue de faire les montagnes russes. Après avoir atteint un pic à 150 fin octobre, la paire est redescendu à 135 fin novembre en réponse aux anticipations de moindre resserrement de politique monétaire aux
Etats-Unis. Le gouvernement a aussi adopté un nouveau stimulus fiscal qui pourrait booster le PIB à hauteur de 1% l’année prochaine grâce à des mesures qui permettrait de baisser les factures énergétiques.
Sur le mois de novembre, le fonds AXA WF Global Sustainable Aggregate réalise une performance nette positive et légèrement inférieure à son indice de référence. Dans un contexte de marché toujours en proie à une forte volatilité, nous avons privilégié une gestion tactique de la duration. En effet, bien que le portefeuille affiche toujours une position courte en duration, nous avons tactiquement augmenté celle-ci en début de mois en renforçant notre position longue sur les taux américains et en réduisant notre position courte sur les taux européens. Nous avons ensuite profité d’un rally de plus de 60 bps en quelques jours sur le 10 ans US pour prendre partiellement nos profits sur notre surpondération sur la dette américaine. Notre allocation entre classe d’actifs reste toujours défensive, notamment via une large sous-pondération sur les MBS Américains. Enfin nous gardons une position de diversification sur les obligations indexées à l’inflation européenne qui bénéficient d’un portage positif sur la période et les prochains mois.
Source(s) : AXA Investment Managers au 30/11/2022 Rédacteur : AXA Investment Managers Paris | fr | es |
DOLFIN6452 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# MainFirst – Emerging Markets Credit Opportunities Fund
Le passage suivant relatif au Compartiment MainFirst – Emerging Markets Credit Opportunities Fund est supprimé :
« Une commission de rachat pouvant atteindre 1 % de la valeur liquidative sera prélevée pour les Classes d’Actions du Compartiment si le volume net des rachats lors d’un Jour de négociation donné dépasse 5 % du volume du Compartiment. » | # MainFirst – Emerging Markets Credit Opportunities Fund
Se elimina el siguiente enunciado relacionado con el subfondo MainFirst – Emerging Markets Credit Opportunities Fund:
«Para las clases de acciones del subfondo, existe una comisión de reembolso de hasta el 1% del valor de inventario neto si el volumen de reembolso neto en un día de negociación supera el 5% del volumen del subfondo». | # MainFirst – Emerging Markets Credit Opportunities Fund
Le passage suivant relatif au Compartiment MainFirst – Emerging Markets Credit Opportunities Fund est supprimé :
« Une commission de rachat pouvant atteindre 1 % de la valeur liquidative sera prélevée pour les Classes d’Actions du Compartiment si le volume net des rachats lors d’un Jour de négociation donné dépasse 5 % du volume du Compartiment. » | fr | es |
DOLFIN6453 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
2 The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
2 The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect.
## 2 Top-down macro research combined with bottom-up company analysis will be used in determining the allocation of investments.
## 2 The Fund is considered to be actively managed in reference to MSCI Emerging Markets Index / Average 1 month deposit rate (the
“Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The Fund may also use the following techniques and instruments for efficient portfolio management purposes; Sub-underwriting Agreements.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | # Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir la revalorización del capital.
2 El Fondo tratará de lograr este objetivo invirtiendo principalmente en renta variable (por ejemplo, acciones) de empresas cotizadas o negociadas en mercados reconocidos de mercados emergentes o que coticen o se negocien en mercados reconocidos fuera de los mercados emergentes pero que generen el grueso de sus beneficios en dichos mercados.
2 El Fondo selecciona las inversiones centrándose en las empresas con una menor intensidad de carbono en relación con su sector, mantiene un enfoque positivo en las empresas que se considera que cuentan con calificaciones superiores en materia de criterios ambientales, sociales y de gobierno corporativo (ASG) en comparación con su sector, y excluye a los emisores que participan en actividades específicas que se considera que causan un impacto ambiental y social negativo. El Fondo promueve características ambientales o sociales pero no tiene como objetivo la inversión sostenible.
2 El Fondo podrá invertir hasta el 20% del patrimonio neto en mercados rusos, y hasta el 25% del patrimonio neto en Acciones A de China. Las inversiones en acciones A se realizarán bien mediante el régimen de Inversor Institucional Extranjero Cualificado («IIEC»), bien por medio de la Bolsa de Valores de Shanghái, utilizando el programa Shanghai Hong Kong Stock Connect, o la Bolsa de Valores de Shenzhen recurriendo al programa Shenzhen Hong Kong Stock Connect.
## 2 A la hora de determinar la asignación de las inversiones, se empleará una conjugación de análisis macroeconómico descendente (top down) y análisis de empresas ascendente (bottom up).
## 2 Se considera que el Fondo está gestionado activamente con referencia
al índice MSCI Emerging Markets Index / Average 1 month deposit rate (los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la composición de la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados sencillos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Asimismo, el Fondo podrá recurrir a los siguientes instrumentos y técnicas con fines de una gestión eficaz de la cartera: contratos de subaseguramiento.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
2 The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
2 The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect.
## 2 Top-down macro research combined with bottom-up company analysis will be used in determining the allocation of investments.
## 2 The Fund is considered to be actively managed in reference to MSCI Emerging Markets Index / Average 1 month deposit rate (the
“Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The Fund may also use the following techniques and instruments for efficient portfolio management purposes; Sub-underwriting Agreements.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years. | en | es |
DOLFIN6454 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
This information is gathered, assessed and documented in scorecard, investment case, credit proposal or other file that supports the investment process. If no data are available from external data providers, the analyst or portfolio manager will try other ways to acquire relevant information. This can be supported by estimating metrics or indicators using a sophisticated "missing value algorithm" to broaden the information set that can be used to arrive at a balanced investment decision.
Also, the importance of good governance is reflected in "G" always being part of ESG integration, and is further underscored by the Investment Manager’s approach to companies that have the highest controversy level related to management structure, employee relations, staff remuneration and tax compliance.
- Integration the last step in this process is to incorporate all relevant information in the portfolio construction, to ensure that a balanced decision can be taken based on a broad set of information, including ESG Factors. | Queste informazioni vengono raccolte, valutate e documentate nella scheda di valutazione, nella tesi d'investimento, nella proposta di credito o in altri documenti a sostegno del processo d'investimento. Se non vi sono dati messi a disposizione da fornitori esterni di dati, l'analista o il gestore di portafoglio cercheranno di acquisire informazioni pertinenti in altro modo. Questo processo può essere supportato da parametri o indicatori di stima che utilizzano un sofisticato "algoritmo dei valori mancanti" per ampliare la serie di informazioni che possono essere utilizzate per giungere a una decisione d'investimento bilanciata.
Inoltre, l'importanza di una buona governance si riflette nella presenza costante della "G" nell'ambito dell'integrazione dei Fattori ESG ed è ulteriormente sottolineata dall'approccio del Gestore alle società con Controversie di massimo livello per quanto riguarda struttura del management, rapporti con i dipendenti, remunerazione del personale e compliance fiscale.
- IntegrazioneL'ultima fase di questo processo è l'integrazione di tutte le informazioni rilevanti nella costruzione del portafoglio al fine di garantire l'adozione di una decisione bilanciata sulla base di un'ampia serie di informazioni, compresi i Fattori ESG. | This information is gathered, assessed and documented in scorecard, investment case, credit proposal or other file that supports the investment process. If no data are available from external data providers, the analyst or portfolio manager will try other ways to acquire relevant information. This can be supported by estimating metrics or indicators using a sophisticated "missing value algorithm" to broaden the information set that can be used to arrive at a balanced investment decision.
Also, the importance of good governance is reflected in "G" always being part of ESG integration, and is further underscored by the Investment Manager’s approach to companies that have the highest controversy level related to management structure, employee relations, staff remuneration and tax compliance.
- Integration the last step in this process is to incorporate all relevant information in the portfolio construction, to ensure that a balanced decision can be taken based on a broad set of information, including ESG Factors. | en | it |
DOLFIN6455 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2020.
- The fund typically will invest in shares of companies, bonds, interest bearing securities and money market securities throughout the world.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 2 August 2021, the Market Indices consist of Secured Overnight Financing Rate (SOFR). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches. | # Objetivos y política de inversión
- El fondo tiene como objetivo lograr un crecimiento de capital a largo plazo para aquellos inversores que planeen retirar en el año 2020 partes considerables de su inversión.
- Normalmente, el fondo invertirá en acciones de empresas, bonos, valores que generen intereses y valores del mercado monetario de todo el mundo.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo se gestiona de acuerdo con una asignación de activos que se irá haciendo cada vez más conservadora a medida que se acerque el año fijado como objetivo.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- El Subfondo se gestiona de forma activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un «Índice de mercado»), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando con el tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el Subfondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado están representados por un Índice mixto. A 2 de agosto de 2021, los Índices de mercado se componen de Secured Overnight Financing Rate (SOFR). Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo puede no resultar apropiado para inversores que tengan previsto retirar su dinero antes de la fecha objetivo. Aunque la inversión en el Subfondo debería considerarse a largo plazo, el plazo se irá acortando conforme se acerque la fecha objetivo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2020.
- The fund typically will invest in shares of companies, bonds, interest bearing securities and money market securities throughout the world.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 2 August 2021, the Market Indices consist of Secured Overnight Financing Rate (SOFR). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches. | en | es |
DOLFIN6456 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## ETF (UCITS compliant) USD Distributing ETF Class
FUND AIM
The L&G Gerd Kommer Multifactor Equity UCITS ETF (the “Fund”) aims to track the performance of the Solactive Gerd Kommer Multifactor Equity Index NTR (the “Index”). More information on the Index can be found on page 2 of this document. | ## ETF (conforme UCITS) Classe di azioni: USD Distributing ETF
OBIETTIVO DEL FONDO
L&G Gerd Kommer Multifactor Equity UCITS ETF (il «Fondo») si prefigge di replicare la performance di Solactive Gerd Kommer Multifactor Equity NTR (l’«Indice»). Maggiori informazioni sull’Indice sono disponibili a pagina 2 del presente documento. | ## ETF (UCITS compliant) USD Distributing ETF Class
FUND AIM
The L&G Gerd Kommer Multifactor Equity UCITS ETF (the “Fund”) aims to track the performance of the Solactive Gerd Kommer Multifactor Equity Index NTR (the “Index”). More information on the Index can be found on page 2 of this document. | en | it |
DOLFIN6457 | 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 EUR 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 | 6 521 EUR | 5 183 EUR |
| Rendement annuel moyen | -34,79 % | -12,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 940 EUR | 8 271 EUR |
| Rendement annuel moyen | -20,60 % | -3,73 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 977 EUR | 17 798 EUR |
| Rendement annuel moyen | 9,77 % | 12,22 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 513 EUR | 19 777 EUR |
| Rendement annuel moyen | 35,13 % | 14,61 % | | | Período de mantenimiento recomendado: 5 Ejemplo de inversión: 10 000 EUR 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 | 6.521 EUR | 5.183 EUR |
| Rendimiento medio cada año | -34,79 % | -12,32 % |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7.940 EUR | 8.271 EUR |
| Rendimiento medio cada año | -20,60 % | -3,73 % |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10.977 EUR | 17.798 EUR |
| Rendimiento medio cada año | 9,77 % | 12,22 % |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 13.513 EUR | 19.777 EUR |
| Rendimiento medio cada año | 35,13 % | 14,61 % | | | Période de détention recommandée : 5 Exemple d’investissement : 10 000 EUR 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 | 6 521 EUR | 5 183 EUR |
| Rendement annuel moyen | -34,79 % | -12,32 % |
| Scénario défavorable | Ce que vous pourriez obtenir après déduction des coûts | 7 940 EUR | 8 271 EUR |
| Rendement annuel moyen | -20,60 % | -3,73 % |
| Scénario intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 10 977 EUR | 17 798 EUR |
| Rendement annuel moyen | 9,77 % | 12,22 % |
| Scénario favorable | Ce que vous pourriez obtenir après déduction des coûts | 13 513 EUR | 19 777 EUR |
| Rendement annuel moyen | 35,13 % | 14,61 % | | fr | es |
DOLFIN6458 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk Information
Investments in equities are subject to market and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and expose to higher operational risk than equity markets of well established economies. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficient numbers to trade these securities readily or because they hold a large portion of their shares. The fund may invest beyond its primary universe which may result in additional risks. Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. Investments in share-classes that are not denominated in the fund base currency are exposed to losses and gains caused by currency fluctuations. Cash placed in time deposits or money market funds are exposed to their issuer default risk. | # Información sobre riesgos
La inversión en renta variable está sujeta a los riesgos de mercado y divisas, los cuales no serán cubiertos. El fondo podrá invertir en mercados emergentes, que son más volátiles y pueden están más expuestos a riesgos operativos que los mercados de renta variable de economías más consolidadas. El fondo podrá invertir en valores de renta variable a través de instrumentos estructurados, los cuales perderían valor si su emisor incurriese en impago y no pudiese cumplir sus obligaciones contractuales. El fondo podrá invertir en valores que sean menos líquidos debido a que no existan siempre suficientes compradores o vendedores que negocien libremente esos valores, o a que estos posean una parte importante de sus acciones. El fondo podrá invertir más allá de su universo primario, lo que podría conllevar riesgos adicionales. Las inversiones en Acciones A de China, de la China continental, se realizan a través del Shanghai-Hong Kong Stock Connect, lo que podría provocar riesgos adicionales de limitación de cuotas, compensación y liquidación, normativos, operativos y de contraparte. Podrán utilizarse instrumentos derivados financieros dentro del proceso de inversión, lo que podría incrementar la volatilidad del fondo y exponer a este al riego de impago de sus contrapartes. Las inversiones en c lases de acciones no denominadas en la divisa base del fondo están expuestas a pérdidas y ganancias provocadas por las oscilaciones de las divisas. El capital en depósitos a plazo o fondos del mercado monetario está expuesto al riesgo de impago de su emisor. | # Risk Information
Investments in equities are subject to market and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and expose to higher operational risk than equity markets of well established economies. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficient numbers to trade these securities readily or because they hold a large portion of their shares. The fund may invest beyond its primary universe which may result in additional risks. Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. Investments in share-classes that are not denominated in the fund base currency are exposed to losses and gains caused by currency fluctuations. Cash placed in time deposits or money market funds are exposed to their issuer default risk. | en | es |
DOLFIN6459 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Hormis la technologie et dans une moindre mesure la santé, tous les secteurs clôturent la période dans le rouge. Les plus fortes baisses ont touché les banques, l’énergie, le voyage et loisir, les télécoms, l’immobilier (pertes supérieures à -20%).
Devant cette crise inédite pour le corps médical et les économistes, chacun navigue à vue. Le rythme de retour à la normale demeure incertain. Les autorités ont très vite pris la mesure du problème, s’engageant à faire tout ce qu’elles peuvent pour assurer le bon fonctionnement du marché du crédit et la survie des entreprises pour sauver l’emploi.
Dans ce contexte, le fonds Oddo BHF Génération réalise une hausse de 29.75%. Les meilleurs contributeurs auront été ASM International (Pays-Bas, semiconducteur), Publicis (Fr, publicité), Santander (Espagne, banque), Aperam (Luxembourg, acier inox). A l’autre bout du spectre, le fonds a été pénalisé par la contreperformance des titres SoftwareOne (Suisse, logiciels), JustEat Takeaway (Pays-Bas, livraison), Ubisoft (Fr, jeux vidéo), Solution 30 (Fr, externalisation).
Sur le front des arbitrages au sein du portefeuille, les achats les plus significatifs ont été EssilorLuxottica (France- Italie, optique), BMW (Allemagne, automobile), Ipsos (Fr, sondage), Andritz (Autriche, équipementier dans la production d’électricité hydraulique). Santander (Espagne, banque) et Faurecia (Fr, équipementier automobile) ont été renforcés. Nous avons cédé Volkswagen (Allemagne, automobile), Fresenius Medical Care (Allemagne, dialyse), AB Inbev (Belgique, bière), Ipsen (Fr, pharmacie). | Con la excepción de la tecnología y, en menor medida, la medicina y salud, todos los sectores cerraron el periodo en terreno negativo. La banca, la energía, los viajes y el ocio, las telecomunicaciones y el sector inmobiliario sufrieron las peores caídas (con pérdidas superiores al 20%).
Ante esta crisis inédita para el ámbito médico y económico, todo el mundo actúa en función de lo que va aconteciendo. El ritmo al que se retornará a la normalidad sigue siendo incierto. Las autoridades reconocieron rápidamente el verdadero alcance del problema y se comprometieron a adoptar todas las medidas posibles para garantizar el buen funcionamiento del mercado de crédito y la supervivencia de las empresas con el fin de salvaguardar el empleo.
En este contexto, Oddo BHF Génération avanzó un 29,75%. Los valores que más contribuyeron a los resultados fueron ASM International (Países Bajos, semiconductores), Publicis (Francia, publicidad), Santander (España, banca) y Aperam (Luxemburgo, acero inoxidable). En el extremo opuesto, el Fondo se vio penalizado por el mal comportamiento de los títulos de SoftwareOne (Suiza, software), JustEat Takeaway (Países Bajos, reparto de comida a domicilio), Ubisoft (Francia, videojuegos) y Solution 30 (Francia, externalización).
En cuanto a las operaciones de arbitraje dentro de la cartera, las compras más significativas fueron EssilorLuxottica (Francia-Italia, óptica), BMW (Alemania, automóvil), Ipsos (Francia, encuestas) y Andritz (Austria, equipos para la producción de energía hidráulica). Se reforzaron las posiciones en Santander (España, banca) y Faurecia (Francia, equipamiento para el automóvil). Vendimos las líneas en Volkswagen (Alemania, automóvil), Fresenius Medical Care (Alemania, diálisis), AB Inbev (Bélgica, cerveza) e Ipsen (Francia, farmacia). | Hormis la technologie et dans une moindre mesure la santé, tous les secteurs clôturent la période dans le rouge. Les plus fortes baisses ont touché les banques, l’énergie, le voyage et loisir, les télécoms, l’immobilier (pertes supérieures à -20%).
Devant cette crise inédite pour le corps médical et les économistes, chacun navigue à vue. Le rythme de retour à la normale demeure incertain. Les autorités ont très vite pris la mesure du problème, s’engageant à faire tout ce qu’elles peuvent pour assurer le bon fonctionnement du marché du crédit et la survie des entreprises pour sauver l’emploi.
Dans ce contexte, le fonds Oddo BHF Génération réalise une hausse de 29.75%. Les meilleurs contributeurs auront été ASM International (Pays-Bas, semiconducteur), Publicis (Fr, publicité), Santander (Espagne, banque), Aperam (Luxembourg, acier inox). A l’autre bout du spectre, le fonds a été pénalisé par la contreperformance des titres SoftwareOne (Suisse, logiciels), JustEat Takeaway (Pays-Bas, livraison), Ubisoft (Fr, jeux vidéo), Solution 30 (Fr, externalisation).
Sur le front des arbitrages au sein du portefeuille, les achats les plus significatifs ont été EssilorLuxottica (France- Italie, optique), BMW (Allemagne, automobile), Ipsos (Fr, sondage), Andritz (Autriche, équipementier dans la production d’électricité hydraulique). Santander (Espagne, banque) et Faurecia (Fr, équipementier automobile) ont été renforcés. Nous avons cédé Volkswagen (Allemagne, automobile), Fresenius Medical Care (Allemagne, dialyse), AB Inbev (Belgique, bière), Ipsen (Fr, pharmacie). | fr | es |
DOLFIN6460 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment EUR 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 175 EUR | 1,386 EUR |
| Annual cost impact(*) | 1.75 % | 1.91 % | | | Investimento EUR 10,000 | |
| --- | --- |
| Scenari | In caso di uscita dopo 1 anno | In caso di uscita dopo 5 anni |
| Costi totali | 175 EUR | 1,386 EUR |
| Incidenza annuale dei costi (*) | 1.75 % | 1.91 % | | | Investment EUR 10,000 | |
| --- | --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Total costs | 175 EUR | 1,386 EUR |
| Annual cost impact(*) | 1.75 % | 1.91 % | | en | it |
DOLFIN6461 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The best-in-class approach does not exclude any business activity, so the Fund may be exposed to some controversial sectors. To limit the potential non-financial risks of these sectors, the Fund applies the above-mentioned exclusions as well as an engagement policy that aims to promote dialogue with issuers and assist them in improving their ESG practices.
Securities are selected based on macroeconomic scenarios, credit analyses and the management team’s assessment of the premium on the securities of that issuer to cover the credit and/or liquidity risk. The more diversification a new issuer can bring to the portfolio, the more interest will be shown in its contribution.
Investments are therefore made equally in private or public debt securities issued in euros and in non-euro denominated debt securities. The currency risk is hedged. The Fund is managed within a modified duration sensitivity range (the difference between the change in price and the change of rate) of between -1 and +2, based on the management team’s projections for the eurozone interest rates.
Securities in the portfolio are selected according to the best judgement of management and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of selecting securities, management does not, either exclusively or mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information purposes, management may specifically use securities with the ratings described below.
In terms of ratings, the Fund invests in securities of issuers of “Investment Grade” quality, i.e. securities rated AAA to BBB- by Standard & Poor’s or Fitch, or rated Aaa to Baa3 by Moody’s, or with a rating deemed equivalent by the Management Company. | En principio, el enfoque «Best-in-class» no excluye ningún sector de actividad, por lo que el Fondo puede quedar expuesto a algunos sectores considerados controvertidos. Con el fin de limitar los posibles riesgos extrafinancieros de estos sectores, el Fondo realiza las exclusiones mencionadas anteriormente y aplica una política de compromiso que tiene por objeto promover el diálogo con los emisores y apoyarlos para que mejoren sus prácticas ESG.
Los títulos se seleccionan a partir de hipótesis macroeconómicas, análisis de créditos y la evaluación por parte del equipo de gestión de la prima que ofrecen los títulos de un emisor determinado para compensar el riesgo del emisor y/o de liquidez. Cuanto mayor sea la contribución de un emisor a la diversificación de la cartera, mayor será el interés con el que se analizará.
Así, las inversiones se realizan indistintamente en títulos de deuda privada o pública emitidos en euros y en títulos de deuda denominados en divisas distintas al euro. El riesgo de cambio está cubierto. El Fondo está gestionado en un rango de sensibilidad (la medida de la relación entre la variación de los precios y la variación de los tipos) comprendida entre -1 y +2, según las previsiones del equipo de gestión sobre la evolución de los tipos de interés en la zona euro.
Los títulos incluidos en la cartera se seleccionan según el criterio de la sociedad gestora y respetando su política interna de seguimiento del riesgo de crédito. A fin de seleccionar los títulos, la gestión no se basa ni exclusiva ni automáticamente en las calificaciones emitidas por las agencias de calificación, sino que fundamenta su convicción de compra y venta de un título en sus propios análisis de crédito y de mercados. A título informativo, la sociedad gestora podrá recurrir, en particular, a títulos con calificaciones como se describe a continuación.
En términos de calificación, el Fondo invierte en títulos de emisores pertenecientes al universo de créditos con calidad de grado de inversión («Investment Grade»), es decir, títulos con calificaciones que oscilan entre AAA y BBB- en la escala de calificación de Standard & Poor's o Fitch, o entre Aaa y Baa3 en la escala de calificación de Moody's, o que la sociedad gestora considera equivalentes. | The best-in-class approach does not exclude any business activity, so the Fund may be exposed to some controversial sectors. To limit the potential non-financial risks of these sectors, the Fund applies the above-mentioned exclusions as well as an engagement policy that aims to promote dialogue with issuers and assist them in improving their ESG practices.
Securities are selected based on macroeconomic scenarios, credit analyses and the management team’s assessment of the premium on the securities of that issuer to cover the credit and/or liquidity risk. The more diversification a new issuer can bring to the portfolio, the more interest will be shown in its contribution.
Investments are therefore made equally in private or public debt securities issued in euros and in non-euro denominated debt securities. The currency risk is hedged. The Fund is managed within a modified duration sensitivity range (the difference between the change in price and the change of rate) of between -1 and +2, based on the management team’s projections for the eurozone interest rates.
Securities in the portfolio are selected according to the best judgement of management and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of selecting securities, management does not, either exclusively or mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information purposes, management may specifically use securities with the ratings described below.
In terms of ratings, the Fund invests in securities of issuers of “Investment Grade” quality, i.e. securities rated AAA to BBB- by Standard & Poor’s or Fitch, or rated Aaa to Baa3 by Moody’s, or with a rating deemed equivalent by the Management Company. | en | es |
DOLFIN6462 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Audited annual report for the year
from January 1, 2020 to December 31, 2020
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter. | ## Rapport annuel révisé pour l’exercice
du 1er janvier 2020 au 31 décembre 2020
Aucune souscription ne peut être reçue sur la base des rapports financiers. Les souscriptions ne sont valables que si elles sont reçues sur la base du prospectus d’émission accompagné du dernier rapport annuel et, après sa parution, du dernier rapport semestriel. | ## Audited annual report for the year
from January 1, 2020 to December 31, 2020
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter. | en | fr |
DOLFIN6463 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Autres informations pertinentes
Coûts, performances et risques La présentation des calculs relatifs aux coûts, performances et risques inclus dans le présent document d’informations clés suit la méthode prescrite par les Règlements de l’UE. Veuillez noter que les scénarios de performance présentés ci-dessus sont exclusivement calculés à partir des performances passées du cours de l’action de la Société et que les performances passées ne préjugent pas des résultats futurs. Par conséquent, votre investissement peut être en risque et il se peut que vous ne récupériez pas les rendements indiqués.
Il est recommandé aux investisseurs de ne pas se baser uniquement sur les scénarios présentés pour prendre leurs décisions d’investissement. Scénarios de performance Vous pouvez consulter les scénarios de performance passés mis à jour tous les mois sur www.bnymellonim.com/ documents/ie/en/intermediary/Performance-Scenario-MGF-IE-en.xlsx.
Autres informations pertinentes Vous pouvez obtenir de plus amples informations sur ce produit, y compris le prospectus, le rapport annuel, le rapport semestriel et les derniers cours des actions, auprès de BNY Mellon Fund Management (Luxembourg) S.A., 2-4 rue Eugene Ruppert. Vertigo Building - Polaris. L-2453 Luxembourg et sur www.bnymellonim.com. Ces documents sont disponibles sans frais en anglais. Vous pouvez consulter la dernière version sur notre site Internet à l’adresse www.bnymellonim.com.
Performances passées Vous pouvez télécharger les performances des 1 dernières années sur notre site Internet https://bnymellonim.com/ documents/IE/en/Intermediary/Past-Performance-MGF-IE00BM94ZM39-IE-en.pdf. | # Otros datos de interés
Coste, rentabilidad y riesgo Los cálculos de coste, rentabilidad y riesgo que incluye este documento de datos fundamentales siguen el método de cálculo que establecido por las normas de la UE. Tenga presente que los escenarios de rentabilidad anteriormente calculados se derivan exclusivamente de la evolución histórica del precio de la acción de la Sociedad y que la rentabilidad histórica no es indicativa de los rendimientos futuros. Por consiguiente, su inversión puede verse expuesta al riesgo y es posible que no recupere los rendimientos indicados.
Los inversores no deben basar sus decisiones de inversión únicamente en los escenarios que se muestran.
Escenarios de rentabilidad En www.bnymellonim.com/documents/ie/en/intermediary/Performance-Scenario-MGF-IE-en.xlsx encontrará los anteriores escenarios de rentabilidad que se actualizan mensualmente.
Información adicional Puede recibir información adicional acerca de este producto, entre otros, el folleto, el informe anual, el informe semestral y el último precio de las acciones a través de BNY Mellon Fund Management (Luxembourg) S.A., 2-4 rue Eugene Ruppert. Vertigo Building - Polaris. L-2453 Luxembourg y de www.bnymellonim.com. Están disponibles gratuitamente en inglés. Puede encontrar la versión más reciente en nuestro sitio web en www.bnymellonim.com.
Rentabilidad histórica En nuestro sitio web https://bnymellonim.com/documents/IE/en/Intermediary/Past-Performance-MGF-IE00BM94ZM39-IE- en.pdf puede descargar la rentabilidad histórica correspondiente a los últimos 1 años. | # Autres informations pertinentes
Coûts, performances et risques La présentation des calculs relatifs aux coûts, performances et risques inclus dans le présent document d’informations clés suit la méthode prescrite par les Règlements de l’UE. Veuillez noter que les scénarios de performance présentés ci-dessus sont exclusivement calculés à partir des performances passées du cours de l’action de la Société et que les performances passées ne préjugent pas des résultats futurs. Par conséquent, votre investissement peut être en risque et il se peut que vous ne récupériez pas les rendements indiqués.
Il est recommandé aux investisseurs de ne pas se baser uniquement sur les scénarios présentés pour prendre leurs décisions d’investissement. Scénarios de performance Vous pouvez consulter les scénarios de performance passés mis à jour tous les mois sur www.bnymellonim.com/ documents/ie/en/intermediary/Performance-Scenario-MGF-IE-en.xlsx.
Autres informations pertinentes Vous pouvez obtenir de plus amples informations sur ce produit, y compris le prospectus, le rapport annuel, le rapport semestriel et les derniers cours des actions, auprès de BNY Mellon Fund Management (Luxembourg) S.A., 2-4 rue Eugene Ruppert. Vertigo Building - Polaris. L-2453 Luxembourg et sur www.bnymellonim.com. Ces documents sont disponibles sans frais en anglais. Vous pouvez consulter la dernière version sur notre site Internet à l’adresse www.bnymellonim.com.
Performances passées Vous pouvez télécharger les performances des 1 dernières années sur notre site Internet https://bnymellonim.com/ documents/IE/en/Intermediary/Past-Performance-MGF-IE00BM94ZM39-IE-en.pdf. | fr | es |
DOLFIN6464 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Type
The DJE - Zins & Dividende is a collective investment undertaking which raises capital from a number of investors in order to invest it in accordance with a defined investment strategy for the benefit of the investors. The Fund is a UCITS fund established in Luxembourg. The DJE - Zins & Dividende is a sub-fund of the DJE.
This key information describes a unit class of the sub-fund. The sub-fund forms part of an umbrella fund. The prospectus and the reports may contain information on all unit classes of the entire Fund mentioned at the beginning of this document. The assets and liabilities of all sub-funds are segregated by law.
Investors may exchange units in the sub-fund or unit class for units of another sub-fund or unit class. Details on the exchange of units and the related charges can be found in the sales prospectus. | ## Type
Le DJE - Zins & Dividende est un organisme de placement collectif qui recueille des capitaux auprès dun certain nombre d´investisseurs en vue de les investir conformément à une stratégie d´investissement définie, dans l´intérêt des investisseurs. Le fonds est un OPCVM établi au Luxembourg.
Le DJE - Zins & Dividende est un compartiment du DJE.
Ces informations importantes décrivent une classe de parts du compartiment. Ce dernier, quant à lui, fait partie d'un fonds à compartiments multiples. Le prospectus et les rapports contiennent, le cas échéant, des données sur toutes les classes de parts du fonds mentionné en début de document dans son ensemble. Juridiquement, les éléments d'actif et de passif de tous les compartiments sont distincts les uns des autres.
Les parts du compartiment ou de la classe de parts peuvent être converties dans des parts d'un autre compartiment ou d'une autre classe de parts. Des détails sur les possibilités de conversion et les coûts y afférents sont disponibles dans le prospectus. | ## Type
The DJE - Zins & Dividende is a collective investment undertaking which raises capital from a number of investors in order to invest it in accordance with a defined investment strategy for the benefit of the investors. The Fund is a UCITS fund established in Luxembourg. The DJE - Zins & Dividende is a sub-fund of the DJE.
This key information describes a unit class of the sub-fund. The sub-fund forms part of an umbrella fund. The prospectus and the reports may contain information on all unit classes of the entire Fund mentioned at the beginning of this document. The assets and liabilities of all sub-funds are segregated by law.
Investors may exchange units in the sub-fund or unit class for units of another sub-fund or unit class. Details on the exchange of units and the related charges can be found in the sales prospectus. | en | fr |
DOLFIN6465 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made. | Al mismo tiempo, en el caso de las inversiones gestionadas de forma directa y/o los fondos subyacentes gestionados por Candriam, los aspectos medioambientales que componen estos seis objetivos medioambientales son uno de los pilares del análisis ESG realizado de los emisores.
Para los subfondos que tengan un objetivo de inversión sostenible, así como para los subfondos que promuevan, entre otras, características medioambientales y/o sociales, este trabajo de evaluación de la contribución de los emisores a los grandes objetivos medioambientales, en particular a la lucha contra el cambio climático, precisa de una apreciación sectorial, basada en un conjunto de datos heterogéneos y de realidades complejas con múltiples interdependencias. Los analistas ESG de Candriam han desarrollado su propio marco de análisis. Les permite evaluar de forma sistemática la contribución de las actividades de una empresa a los diferentes objetivos medioambientales definidos por Candriam y en consonancia con el objetivo de la Taxonomía.
Tras la publicación de los criterios técnicos para los dos objetivos medioambientales vinculados al cambio climático de la Taxonomía por parte del grupo de expertos creado a escala europea, Candriam ha iniciado la integración de tales criterios técnicos en su marco de análisis ya existente.
La realización de este análisis en el conjunto del perímetro de los emisores de interés depende en gran medida de la publicación efectiva de determinados datos por parte de esos emisores clave que permitan evaluar en detalle su contribución. | For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made. | en | es |
DOLFIN6466 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
###### Risques liés au courtage en Chine continentale
L’exécution et le règlement des transactions ou le transfert de fonds ou de titres pourront s’effectuer par l’intermédiaire de courtiers (« courtiers en Chine continentale ») nommés par le QFI. Il existe un risque que le Compartiment puisse subir des pertes du fait du défaut, de la faillite ou de la perte d’agrément de courtiers en Chine continentale. Dans un tel cas, le Compartiment peut subir des répercussions négatives au niveau de l’exécution ou du règlement de toute transaction ou du transfert de capitaux ou de titres.
Lors de la sélection des courtiers en Chine continentale, le QFI tiendra compte de facteurs tels que la compétitivité des taux de commission, la taille des ordres concernés et les normes d’exécution. Si le QFI le juge approprié, il est possible qu’un seul courtier en Chine continentale soit nommé et que le Compartiment ne paie pas nécessairement la plus faible commission du marché. | #### Riesgo de intermediación en China continental
La ejecución y liquidación de operaciones o la transferencia de cualquier fondo o valor podrán ser realizadas por intermediarios (“Agentes de bolsa de China continental”) designados por el QFI. Existe el riesgo de que un Fondo sufra pérdidas del incumplimiento, la quiebra o la descalificación de los Agentes de bolsa de China continental. En este caso, el Fondo podrá verse perjudicado en relación con la ejecución o liquidación de cualquier transacción o con la transferencia de cualquier fondo o valor.
En la selección de los Agentes de bolsa de China continental, el QFI tendrá en cuenta factores como la competitividad de las tasas de comisión, el tamaño de las órdenes pertinentes y las normas de ejecución. Si el QFI lo considera oportuno, es posible que se designe un único Corredor de China Continental y el Fondo no pagará necesariamente la comisión más baja disponible en el mercado. | ###### Risques liés au courtage en Chine continentale
L’exécution et le règlement des transactions ou le transfert de fonds ou de titres pourront s’effectuer par l’intermédiaire de courtiers (« courtiers en Chine continentale ») nommés par le QFI. Il existe un risque que le Compartiment puisse subir des pertes du fait du défaut, de la faillite ou de la perte d’agrément de courtiers en Chine continentale. Dans un tel cas, le Compartiment peut subir des répercussions négatives au niveau de l’exécution ou du règlement de toute transaction ou du transfert de capitaux ou de titres.
Lors de la sélection des courtiers en Chine continentale, le QFI tiendra compte de facteurs tels que la compétitivité des taux de commission, la taille des ordres concernés et les normes d’exécution. Si le QFI le juge approprié, il est possible qu’un seul courtier en Chine continentale soit nommé et que le Compartiment ne paie pas nécessairement la plus faible commission du marché. | fr | es |
DOLFIN6467 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Temporary Suspension of Dealings
The Directors may at any time, with prior notification to the Depositary and the Manager, temporarily suspend the issue, valuation, sale, purchase, redemption or conversion of Shares of any Sub-Fund, or the payment of redemption proceeds, during any period when:
- any Recognised Market on which a substantial portion of the investments for the time being comprised in the ICAV are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such Recognised Market are restricted or suspended;
- as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the ICAV (whether listed or traded on a Recognised Market or over-the-counter) cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders or other investors;
- the means of communication normally employed in determining the value of any investments for the time being comprised in the ICAV have broken down or, for any other reason, the value of investments for the time being comprised in the ICAV cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- the ICAV is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the ICAV, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;
- as a result of adverse market conditions, the payment of redemption proceeds may, in the opinion of the Directors, have an adverse impact on the ICAV or the remaining Shareholders or other investors in the ICAV; and
- the Directors determine that it is in the best interests of the investors to do so. | ## Vorübergehende Aussetzung von Transaktionen
Der Verwaltungsrat ist nach vorheriger Benachrichtigung der Verwahrstelle und der Verwaltungsgesellschaft jederzeit dazu berechtigt, die Ausgabe, die Bewertung, die Veräußerung, den Erwerb, die Rücknahme oder den Umtausch von Anteilen eines Teilfonds oder die Zahlung von Rücknahmeerlösen über einen bestimmten Zeitraum vorübergehend auszusetzen, wenn:
- ein Anerkannter Markt, an dem ein wesentlicher Teil der Anlagen, die zum betreffenden Zeitpunkt Bestandteil des ICAV sind, notiert oder gelistet ist bzw. gehandelt wird, geschlossen ist, ausgenommen gewöhnliche Feiertage, oder während Zeiten, in denen der Handel an dem Anerkannten Markt Beschränkungen unterliegt oder ausgesetzt wurde;
- aufgrund politischer, militärischer, wirtschaftlicher oder geldpolitischer Ereignisse oder sonstiger Umstände, die jenseits der Kontrolle, der Verantwortung oder des Einflussbereichs des Verwaltungsrats liegen, die Veräußerung oder Bewertung von Anlagen, die zum betreffenden Zeitpunkt Bestandteil des ICAV sind (unabhängig davon, ob sie an einem Anerkannten Markt oder außerbörslich gelistet sind bzw. gehandelt werden), nach Ansicht des Verwaltungsrats nicht wie üblich oder ohne Beeinträchtigung der Interessen der Anteilsinhaber oder anderer Anleger ausgeführt werden kann;
- die Kommunikationsmittel, die normalerweise für die Bestimmung des Wertes von Anlagen, die zum betreffenden Zeitpunkt Bestandteil des ICAV sind, verwendet werden, ausgefallen sind, oder der Wert von im ICAV enthaltenen Anlagen nach Ansicht des Verwaltungsrats aus einem anderen Grund nicht umgehend und exakt bestimmt werden kann;
- dem ICAV die Rückführung von Mitteln für Rücknahmezahlungen nicht möglich ist oder solange die Veräußerungvon Anlagen, die zum betreffenden Zeitpunkt Bestandteil des ICAV sind, oder die damit verbundene Überweisung oder Zahlung von Mitteln nach Ansicht des Verwaltungsrats nicht zu normalen Preisen oder Wechselkursen ausgeführt werden kann;
- die Zahlung von Rücknahmeerlösen sich aufgrund ungünstiger Marktbedingungen nach Ansicht des Verwaltungsrats negativ auf das ICAV oder die verbleibenden Anteilsinhaber oder sonstigen Anleger des ICAV auswirken könnte; und
- der Verwaltungsrat bestimmt, dass dies im besten Interesse der Anleger ist. | ## Temporary Suspension of Dealings
The Directors may at any time, with prior notification to the Depositary and the Manager, temporarily suspend the issue, valuation, sale, purchase, redemption or conversion of Shares of any Sub-Fund, or the payment of redemption proceeds, during any period when:
- any Recognised Market on which a substantial portion of the investments for the time being comprised in the ICAV are quoted, listed or dealt in is closed otherwise than for ordinary holidays, or during which dealings on any such Recognised Market are restricted or suspended;
- as a result of political, military, economic or monetary events or other circumstances beyond the control, responsibility and power of the Directors, the disposal or valuation of investments for the time being comprised in the ICAV (whether listed or traded on a Recognised Market or over-the-counter) cannot, in the opinion of the Directors, be effected or completed normally or without prejudicing the interests of Shareholders or other investors;
- the means of communication normally employed in determining the value of any investments for the time being comprised in the ICAV have broken down or, for any other reason, the value of investments for the time being comprised in the ICAV cannot, in the opinion of the Directors, be promptly or accurately ascertained;
- the ICAV is unable to repatriate funds for the purposes of making redemption payments or during which the realisation of investments for the time being comprised in the ICAV, or the transfer or payment of funds involved in connection therewith cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange;
- as a result of adverse market conditions, the payment of redemption proceeds may, in the opinion of the Directors, have an adverse impact on the ICAV or the remaining Shareholders or other investors in the ICAV; and
- the Directors determine that it is in the best interests of the investors to do so. | en | de |
DOLFIN6468 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The fund may also make use of total return swaps or other derivative financial instruments which have the same characteristics, for example contracts for difference, for the purpose of (long or short) exposure, hedging or arbitrage.
The underlying instruments to these operations may be either individual securities, financial indices (equities, interest rates, currencies, etc.) in which the fund may invest in accordance with its investment objectives.
These derivatives may be traded on regulated or over-the-counter markets.
Authorised counterparties.
In over-the-counter operations, counterparties to these transactions are approved by the management company's risk management department and, when the transactions are initiated, have a minimum rating of BBB-/Baa3 from at least one recognised rating agency or considered to be of equivalent quality by the management company (in particular if there is no rating). The counterparties are located in an OECD member country.
Additional information on the one or more counterparties to the transactions is contained in the fund's annual report.
Financial collateral.
Cf. section 10. Management of financial collateral for OTC derivative products and efficient portfolio management techniques.
- Instruments with embedded derivatives:The fund may also use ETNs (Exchange Traded Notes) in commodities index futures and ETCs (Exchange Traded Commodities), which are debt securities traded on a regulated market.
- Deposits: between 0 and 100%The asset manager may make use of cash deposits representing up to 100% of the assets for cash management purposes.
- Cash borrowing: between 0 and 10%The fund may temporarily register a debit balance as a result of transactions related to cash flow (investments and divestments in progress, subscription/redemption and purchase/sale transactions, etc.), within a limit of 10% of the assets.
- Efficient portfolio management technique:In order to increase its yield and/or reduce its risks, the fund is authorised to make use of the following efficient portfolio management techniques covering transferable securities and money market instruments:Securities borrowingFor cash management purposes, the fund may use securities borrowing transactions corresponding to up to 100% of the net assets. | Il FCI può altresì ricorrere a contratti di scambio su rendimento globale ("Total Return Swap") o su altri strumenti finanziari derivati aventi le stesse caratteristiche (ad esempio, i Certificate for Differences), a fini di esposizione (acquirente o venditrice), di copertura o di arbitraggio.
I sottostanti di queste operazioni possono essere singoli titoli o indici finanziari (azioni, tassi d'interesse, valute,…), n ei quali il fondo può effettuare investimenti conformemente ai suoi obiettivi d'investimento.
Tali derivati possono essere trattati su mercati regolamentati o fuori borsa.
Controparti autorizzate.
Nell'ambito di operazioni fuori borsa, le controparti di tali operazioni sono convalidate dal Risk Management della Società di Gestione e beneficiano, all’inizio delle transazioni, di un rating minimo BBB- / Baa3 assegnato da almeno un’agenzia di valutazione riconosciuta o di qualità di credito ritenuta equivalente dalla Società di Gestione. Le controparti sono
situate in un paese membro dell’OCSE.
Informazioni aggiuntive sulla/e controparte/i delle transazioni sono contenute nella relazione annuale del fondo.
Garanzie finanziarie.
Vedere sezione 10. Gestione delle garanzie finanziarie per i prodotti derivati fuori borsa e le tecniche di gestione efficace del portafoglio.
- Strumenti che integrano derivati:Il FCI potrà anche ricorrere a "ETN" (Exchange Traded Notes) su indici di future di materie prime, " ETC" (Exchange Traded Commodities) che sono titoli di credito negoziati su un mercato regolamentato.
- Depositi: tra lo 0% e il 100%Al fine di gestire la propria cassa, il gestore si riserva la facoltà di ricorrere al deposito di liquidità entro un limite d el 100% del patrimonio.
- Prestiti liquidi: tra lo 0% e il 10%I fondi possono trovarsi in posizione momentaneamente debitoria a causa delle operazioni legate al loro flusso (investimenti e disinvestimenti in corso, operazioni di sottoscrizione / rimborso, acquisto / vendita…) nel limite del 10% dell'attivo.
- Tecniche di gestione efficace del portafoglio:Al fine di incrementare il proprio rendimento e/o ridurre il proprio rischio, l'FCI è autorizzato a ricorrere alle tecniche di gestione efficace del portafoglio aventi per oggetto i valori mobiliari e gli strumenti del mercato monetario così come descritte di seguito:Operazioni di prestito passivo di titoliAi fini della gestione di cassa, il fondo può impegnarsi in operazioni di prestito passivo di titoli che potrebbero ammontare fino al 100% degli attivi netti. | The fund may also make use of total return swaps or other derivative financial instruments which have the same characteristics, for example contracts for difference, for the purpose of (long or short) exposure, hedging or arbitrage.
The underlying instruments to these operations may be either individual securities, financial indices (equities, interest rates, currencies, etc.) in which the fund may invest in accordance with its investment objectives.
These derivatives may be traded on regulated or over-the-counter markets.
Authorised counterparties.
In over-the-counter operations, counterparties to these transactions are approved by the management company's risk management department and, when the transactions are initiated, have a minimum rating of BBB-/Baa3 from at least one recognised rating agency or considered to be of equivalent quality by the management company (in particular if there is no rating). The counterparties are located in an OECD member country.
Additional information on the one or more counterparties to the transactions is contained in the fund's annual report.
Financial collateral.
Cf. section 10. Management of financial collateral for OTC derivative products and efficient portfolio management techniques.
- Instruments with embedded derivatives:The fund may also use ETNs (Exchange Traded Notes) in commodities index futures and ETCs (Exchange Traded Commodities), which are debt securities traded on a regulated market.
- Deposits: between 0 and 100%The asset manager may make use of cash deposits representing up to 100% of the assets for cash management purposes.
- Cash borrowing: between 0 and 10%The fund may temporarily register a debit balance as a result of transactions related to cash flow (investments and divestments in progress, subscription/redemption and purchase/sale transactions, etc.), within a limit of 10% of the assets.
- Efficient portfolio management technique:In order to increase its yield and/or reduce its risks, the fund is authorised to make use of the following efficient portfolio management techniques covering transferable securities and money market instruments:Securities borrowingFor cash management purposes, the fund may use securities borrowing transactions corresponding to up to 100% of the net assets. | en | it |
DOLFIN6469 | 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 achieve reasonable capital growth. The Fund will seeks to achieve this by investing at least 85% of its net asset value in LGT Bond EMMA LC Sub-Fund (the "Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of fixed income securities and instru- ments issued by issuers with strong links to Emerging Markets. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. Futhermore, this Fund may in- vest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes, efficient portfolio man- agement and / or investment purposes. The Fund’s portfolio is act- ively managed. The Fund aims to deliver better returns than its benchmark, the JPM GBI-EM Global Diversified (TR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited ex- tent in securities, which do not form part of the index.
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 ap- propriate for investors who plan to withdraw their money within less than 5 years.
- | # Obiettivi e politica di investimento
L’obiettivo di questo Fondo consiste nel conseguire una congrua crescita del capitale. Il Fondo punterà a realizzare tale obiettivo in- vestendo almeno l’85% del valore patrimoniale netto in LGT Bond EMMA LC Sub-Fund (il “Fondo Master”), un comparto di Crown Sigma UCITS plc. La performance del Fondo sarà sostanzialmente pari a quella del Fondo Master. Quest’ultimo mira strategicamente a realizzare l’obiettivo investendo principalmente in un’ampia gam- ma di titoli e strumenti a reddito fisso emessi da emittenti con forti legami con i Mercati emergenti. Con l’espressione Mercati emer- genti si intendono quei Paesi che hanno intrapreso un percorso di sviluppo industriale e che pertanto offrono un alto potenziale, ma anche un rischio elevato. Inoltre, questo Fondo può investire fino al 15% in liquidità e altri strumenti analoghi alla liquidità. Il Fondo può investire in derivati (strumenti finanziari derivati da altri titoli o attività) a fini di copertura, gestione efficiente del portafoglio e/o in-
vestimento. Il portafoglio del Fondo è gestito in modo attivo. Il Fon- do si prefigge di ottenere rendimenti superiori rispetto al bench- mark, l’indice JPM GBI-EM Global Diversified (TR). All’atto della se- lezione dei singoli titoli, il Gestore può usare l’indice come un uni- verso d’investimento. Il Gestore degli Investimenti può tuttavia inve- stire in misura limitata anche in titoli non ricompresi nell’indice.
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 5 anni.
- | # Objectives and Investment Policy
The objective of this Fund is to achieve reasonable capital growth. The Fund will seeks to achieve this by investing at least 85% of its net asset value in LGT Bond EMMA LC Sub-Fund (the "Master Fund"), a sub-fund of Crown Sigma UCITS plc. The performance of the Fund will essentially be equal to the Master Fund’s perform- ance. The Master Fund strategically seeks to achieve this by invest- ing primarily in a broad range of fixed income securities and instru- ments issued by issuers with strong links to Emerging Markets. “Emerging Markets” are countries that are in the process of devel- oping into modern industrialised nations and therefore offer a high potential but also an elevated risk. Futhermore, this Fund may in- vest up to 15% in cash and other cash-like investments. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes, efficient portfolio man- agement and / or investment purposes. The Fund’s portfolio is act- ively managed. The Fund aims to deliver better returns than its benchmark, the JPM GBI-EM Global Diversified (TR) Index. The Manager may use the index as a universe when selecting individual securities. However, the Manager may also invest to a limited ex- tent in securities, which do not form part of the index.
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 ap- propriate for investors who plan to withdraw their money within less than 5 years.
- | en | it |
DOLFIN6470 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risk and Reward Profile
Typically lower rewards and lower risk Typically higher rewards and higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- This risk indicator is based on historical data; future develop- ments can therefore not be predicted. The classification of the Fund may change in the future and is not a guarantee.
- The lowest category does not mean “ risk free” .
The Fund has been classified as category 5, as its unit price usually fluctuates strongly, which means that both the risk of loss and profit opportunities are relatively high.
The following are typical risks to which the fund may be exposed:
Market risks: The risk of losses in positions arising from move- ments in market prices.
Currency risks: The risk of losses arising from currency fluctu- ations, in case the currency of an investment is different from the investor's reference currency.
Liquidity risks: Adverse effects created by the situation where the Fund must sell assets where insufficient market demand exists and lower price levels must be accepted to execute a transaction.
Operational risks: The Fund may suffer losses as a result of insuffi- cient internal processes or systems, misbehavior of staff or external circumstances.
Political and legal risks: Investments are exposed to changes in the rules and standards applied by the country under the asset’s re- cognized jurisdiction. This includes restrictions on currency convert- ibility, the imposition of taxes or transaction controls, limitations on property rights or other legal risks. Investments in less developed financial markets may expose the Fund to increased operational-,
legal- and political risk.
Counterparty risks: Risk characterized by the failure of counter- parties to meet contractual financial obligations.
Derivative risk: The risk of losses arising from the usage of derivat- ives, which can be highly sensitive to price movements of the un- derlying asset and can result in increased leverage.
For further information on the Fund's risks, please refer to the de- tailed description in the prospectus.
- | # Profilo di rischio e rendimento
Rendimenti potenzialmente inferiori e rischio minore Rendimenti potenzialmente maggiori e rischi più elevati
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- La categoria di rischio viene determinata sulla base di dati storici e potrebbe rivelarsi un indicatore inaffidabile del livello futuro di rischio. Il profilo di rischio/rendimento non può essere garantito ed è incline a mutare nel tempo.
- Nemmeno la classificazione entro la categoria 1 di rischio garan- tisce che l’investimento sia esente da rischi.
Il Fondo è stata assegnata la categoria 5 in quanto generalmente il prezzo delle quote oscilla abbastanza e i rischi di perdita, così come le opportunità di rendimento, sono relativamente elevati.
Di seguito sono riportati i rischi tipici a cui il fondo può essere espo- sto:
Rischio di mercato: il rischio di perdere posizioni a causa delle oscillazioni dei prezzi di mercato.
Rischio valutario: il rischio di perdite derivante dalle fluttuazioni dei cambi, qualora la valuta di un investimento sia diversa dalla va- luta di riferimento dell’investitore.
Rischi di liquidita’: possono avere effetti negativi in una situazione quando il Fondo deve vendere asset per i quali non c’e’ domanda o solo a prezzi molto piu’ bassi.
Rischi operazionali: il Fondo puo’ subire delle perdite come risul- tato di lacune nei processi o sistemi interni, comportamento erro- neo dei collaboratori o situazioni esterne.
Rischi politici e legali: gli investimenti sono esposti ai cambiamen- ti di regole e standard applicati da ogni paese specifico. Incluse sono restrizioni sulla conversione di moneta, l’imposizione di tasse o
controlli sulle transazioni, la limitazione di diritti di proprieta’ o altri rischi legali. Investimenti in mercati finanziari meno sviluppati pos- sono esporre il Fondo a maggiori rischi legali e politici.
Rischio di controparte: rischi di credito sono definiti come i rischi per cui le controparti non sono piu’ in grado di soddisfare i loro de- biti definiti per contratto.
Rischio dei derivati: il rischio di perdite ascrivibile all’uso di stru- menti derivati, che possono essere molto sensibili alle oscillazioni dei prezzi degli asset sottostanti, determinando un aumento della leva finanziaria.
Per altre informazioni concernenti i rischi del Fondo, vi preghiamo di consultare le descrizioni piu’ dettagliate contenute nel prospetto di vendita.
- | # Risk and Reward Profile
Typically lower rewards and lower risk Typically higher rewards and higher risk
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- This risk indicator is based on historical data; future develop- ments can therefore not be predicted. The classification of the Fund may change in the future and is not a guarantee.
- The lowest category does not mean “ risk free” .
The Fund has been classified as category 5, as its unit price usually fluctuates strongly, which means that both the risk of loss and profit opportunities are relatively high.
The following are typical risks to which the fund may be exposed:
Market risks: The risk of losses in positions arising from move- ments in market prices.
Currency risks: The risk of losses arising from currency fluctu- ations, in case the currency of an investment is different from the investor's reference currency.
Liquidity risks: Adverse effects created by the situation where the Fund must sell assets where insufficient market demand exists and lower price levels must be accepted to execute a transaction.
Operational risks: The Fund may suffer losses as a result of insuffi- cient internal processes or systems, misbehavior of staff or external circumstances.
Political and legal risks: Investments are exposed to changes in the rules and standards applied by the country under the asset’s re- cognized jurisdiction. This includes restrictions on currency convert- ibility, the imposition of taxes or transaction controls, limitations on property rights or other legal risks. Investments in less developed financial markets may expose the Fund to increased operational-,
legal- and political risk.
Counterparty risks: Risk characterized by the failure of counter- parties to meet contractual financial obligations.
Derivative risk: The risk of losses arising from the usage of derivat- ives, which can be highly sensitive to price movements of the un- derlying asset and can result in increased leverage.
For further information on the Fund's risks, please refer to the de- tailed description in the prospectus.
- | en | it |
DOLFIN6471 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
In accordance with article 46 (3) of the 2010 Law, no subscription or redemption fees may be charged to the Company if the Company invests in Target Sub-Funds or in units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is linked by common management or control, or by a direct or indirect holding of more than 10% of the capital or voting rights.
When a Sub-Fund invests its assets in other UCITS or UCIs or a Target Sub-Fund, the maximum level of the management fee that may be charged to both the Sub-Fund and to such other UCITS or UCI or Target Sub-Fund can be found in Annex A in respect of each Sub-Fund.
Under the conditions set forth by the Luxembourg laws and regulations, any Sub-Fund may subscribe, acquire and/or hold shares of a Target Sub-Fund provided that:
- the Target Sub-Fund does not, in turn, invest in the Sub-Fund invested in this Target Sub-Fund; and
- pursuant to the investment restrictions and policy of the Target Sub-Fund, the Target Sub-Fund whose acquisition is contemplated may not invest in aggregate more than 10% of its assets in shares of other UCITS or UCIs, including another Sub-Fund; and
- voting rights, if any, attaching to the relevant securities are suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and
- in any event, for as long as these securities are held by the Company, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | Ai sensi dell'articolo 46 (3) della Legge del 2010, nessuna commissione d'ingresso o di rimborso può essere addebitata alla Società qualora questa investa in Comparti target o in quote di altri OICVM e/o altri OIC gestiti – in maniera diretta o tramite delega – dalla Società di gestione o da qualsiasi altra società cui questa sia legata da una gestione o controllo comuni o da una partecipazione diretta o indiretta pari a oltre il 10% del capitale o dei diritti di voto.
Quando un Comparto investe i suoi attivi in altri OICVM od OIC o in un Comparto target, il livello massimo dei compensi di gestione applicabili sia al Comparto che ai summenzionati OICVM od OIC o Comparto target è riportato nell'Allegato A in relazione a ogni Comparto.
Secondo quanto previsto dalle leggi e dai regolamenti vigenti in Lussemburgo, ogni Comparto della Società può sottoscrivere, acquisire e/o detenere azioni di un Comparto target a condizione che:
- il Comparto target non investa a sua volta nel Comparto in esso investito; e
- in conformità con le limitazioni agli investimenti e la politica d'investimento del Comparto target, il Comparto target che si prevede di acquistare non possa investire nel complesso oltre il 10% dei propri attivi in azioni di altri OICVM od OIC, incluso un altro Comparto; e
- i diritti di voto, se previsti, connessi ai rispettivi titoli siano sospesi per il periodo in cui sono detenuti dal Comparto interessato e senza inficiare l'elaborazione corretta dei bilanci e delle relazioni periodiche; e
- in ogni caso, per il periodo in cui questi titoli sono in possesso della Società il loro valore non venga tenuto in considerazione per il calcolo degli attivi netti della Società per la verifica della soglia minima degli attivi netti imposta dalla Legge del 2010. | In accordance with article 46 (3) of the 2010 Law, no subscription or redemption fees may be charged to the Company if the Company invests in Target Sub-Funds or in units of other UCITS and/or other UCIs that are managed, directly or by delegation, by the Management Company or by any other company with which the Management Company is linked by common management or control, or by a direct or indirect holding of more than 10% of the capital or voting rights.
When a Sub-Fund invests its assets in other UCITS or UCIs or a Target Sub-Fund, the maximum level of the management fee that may be charged to both the Sub-Fund and to such other UCITS or UCI or Target Sub-Fund can be found in Annex A in respect of each Sub-Fund.
Under the conditions set forth by the Luxembourg laws and regulations, any Sub-Fund may subscribe, acquire and/or hold shares of a Target Sub-Fund provided that:
- the Target Sub-Fund does not, in turn, invest in the Sub-Fund invested in this Target Sub-Fund; and
- pursuant to the investment restrictions and policy of the Target Sub-Fund, the Target Sub-Fund whose acquisition is contemplated may not invest in aggregate more than 10% of its assets in shares of other UCITS or UCIs, including another Sub-Fund; and
- voting rights, if any, attaching to the relevant securities are suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and
- in any event, for as long as these securities are held by the Company, their value will not be taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law. | en | it |
DOLFIN6472 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The proceeds from the sale of securities in some markets or the receipt of any dividends and other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the ICAV invests or may invest in the future (in particular Russia, China and other emerging markets) is not clearly established. It is therefore possible that the current interpretation of the law or understanding of practice might change, or that the law might be changed with retrospective effect. As a result, the ICAV could become subject to additional taxation in such countries that is not anticipated either at the date of this Prospectus or when investments are made, valued or disposed of.
Investors should be aware that there is a Brazilian Presidential Decree in force, as amended from time to time, detailing the current IOF tax rate (Tax on Financial Operations), that applies to foreign exchange inflows and outflows. The Brazilian government may change the applicable rate at any time and without prior notification. The application of the IOF tax will reduce the Net Asset Value per share.
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## Execution and Counterparty Risk | Sur certains marchés, le produit de la vente de titres ou l’encaissement de dividendes ou autres revenus, peuvent être soumis à des impôts, taxes, prélèvements, droits ou autres frais ou commissions imposés par les autorités de ce marché, y compris sous forme de retenue à la source. La législation et les usages fiscaux ne sont pas clairement définis dans certains pays dans lesquels l’ICAV investit ou pourra investir à l’avenir (en particulier la Russie, la Chine et d’autres marchés émergents). Il se peut donc que l'interprétation de la Loi ou la compréhension des usages changent, ou que la Loi soit modifiée avec effet rétroactif. En conséquence, l’ICAV pourrait se voir assujettie, dans ces pays, à des impôts supplémentaires qui ne sont pas prévus à la date du présent Prospectus ou à celle de la réalisation, de l’évaluation ou de la cession des investissements.
Les investisseurs voudront bien noter qu'au Brésil, un Décret présidentiel en vigueur, tel que modifié en tant que de besoin, fixe la taxe sur les opérations financières (TOF) applicable aux flux de changes entrants et sortants. Le gouvernement brésilien est susceptible de modifier le taux applicable à tout moment et sans notification préalable. L'application de la TOF réduira la Valeur liquidative par Action.
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## Risque d'exécution et de contrepartie | The proceeds from the sale of securities in some markets or the receipt of any dividends and other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the ICAV invests or may invest in the future (in particular Russia, China and other emerging markets) is not clearly established. It is therefore possible that the current interpretation of the law or understanding of practice might change, or that the law might be changed with retrospective effect. As a result, the ICAV could become subject to additional taxation in such countries that is not anticipated either at the date of this Prospectus or when investments are made, valued or disposed of.
Investors should be aware that there is a Brazilian Presidential Decree in force, as amended from time to time, detailing the current IOF tax rate (Tax on Financial Operations), that applies to foreign exchange inflows and outflows. The Brazilian government may change the applicable rate at any time and without prior notification. The application of the IOF tax will reduce the Net Asset Value per share.
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## Execution and Counterparty Risk | en | fr |
DOLFIN6473 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Cette valeur repose sur les coûts de la catégorie de parts débités lors du dernier exercice et peuvent changer d'une année sur l'autre. Le dernier exercice s'est clôturé le 31.12.2021.
Une commission éventuelle calculée sur les résultats ainsi que les frais de transaction engendrés, à l’exception des coûts de transaction de la banque dépositaire, ne sont pas pris en compte dans la rubrique «Coûts permanents».
Les coûts assumés par l'investisseur sont alloués au fonctionnement du fonds et utilisés pour sa gestion, sa commercialisation et sa distribution. L'imputation des coûts diminue le potentiel de croissance des investissements du fonds. | # Este valor se basa en los gastos soportados por el fondo a lo largo del ejercicio precedente y puede variar de año en año. El último ejercicio se cerró el 31/12/2021.
Cualquier comisión en función de los resultados, así como los costes de transacción correspondientes, a excepción de los costes de transacción del banco depositario, no serán considerados en el indicador "Gastos corrientes".
Los gastos que soporta el inversor están destinados a sufragar los costes de funcionamiento del fondo y los de su gestión, comercialización y distribución. Dichos gastos reducen el potencial de crecimiento de la inversión del fondo. | # Cette valeur repose sur les coûts de la catégorie de parts débités lors du dernier exercice et peuvent changer d'une année sur l'autre. Le dernier exercice s'est clôturé le 31.12.2021.
Une commission éventuelle calculée sur les résultats ainsi que les frais de transaction engendrés, à l’exception des coûts de transaction de la banque dépositaire, ne sont pas pris en compte dans la rubrique «Coûts permanents».
Les coûts assumés par l'investisseur sont alloués au fonctionnement du fonds et utilisés pour sa gestion, sa commercialisation et sa distribution. L'imputation des coûts diminue le potentiel de croissance des investissements du fonds. | fr | es |
DOLFIN6474 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Based on the aforementioned, the Depositary confirms that no potential conflict of interests has been identified.
The current conflicts of interest policy is available from the Depositary on request or via the following link: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx.
The Depositary is entitled to remuneration at the customary rates. This will be paid by the Management Company out of the all-in fee that is due to it and charged to the Fund. | Auf Grundlage des oben genannten bestätigt die Verwahrstelle, dass kein potentieller Interessenkonflikt ermittelt werden konnte.
Die aktuelle Interessenkonfliktpolitik ist auf Anfrage bei der Verwahrstelle oder über folgenden Weblink erhältlich: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx.
Die Verwahrstelle hat Anspruch auf eine Entschädigung nach den üblichen Ansätzen. Diese wird von der Verwaltungsgesellschaft aus der ihr zustehenden und zulasten des Fonds gehenden pauschalen Verwaltungskommission bezahlt. | Based on the aforementioned, the Depositary confirms that no potential conflict of interests has been identified.
The current conflicts of interest policy is available from the Depositary on request or via the following link: https://www.rbcits.com/AboutUs/CorporateGovernance/p_InformationOnConflictsOfInterestPolicy.aspx.
The Depositary is entitled to remuneration at the customary rates. This will be paid by the Management Company out of the all-in fee that is due to it and charged to the Fund. | en | de |
DOLFIN6475 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks
### An investment in the Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative risk and counterparty risk. No guarantee or representation is made that any Fund’s investment program will be successful, or that such Fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.
The Fund may be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Fund is suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Fund Documents. There can be no assurances that the Fund will achieve its investment objective. Prospective and existing Shareholders should carefully consider the risks involved in an investment in the Fund, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Shareholders should consult their own legal, tax and financial advisors about the risks of an investment in the Fund. Any such risk could have a material adverse effect on the Fund and its Shareholders.
### The return may increase or decrease as a result of currency fluctuations. The use of financial derivative instruments may result in increased gains or losses within the Fund.
Where an investor's own currency is different from the currency of the Fund, the return on investment may be affected by fluctuations in the currency exchange rate. The NAV of the Fund is calculated on a daily basis and published on the Fund's website at the following address: www.pgimfunds.com.
Call Risk: An issuer may exercise its right to redeem a security prior to its maturity (a call). If an issuer calls a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be forced to re-invest in lower-yielding securities, securities with greater credit risks or securities with other less favourable features.
Custody of Bank Loans: Due to the nature of the bank loan markets, loan assignments may be held in the name of the Company rather than in the name of the Custodian. This is not consistent with normal custody arrangements where securities are held in the name of the Custodian (or its agents). While arrangements may be put in place to endeavour to ensure that
assets held by the Company may not be transferred, sold or assigned without the consent of the Custodian, as the assets may not be held in the legal name of the Custodian (or its agents) the Fund may be subject to a greater risk of misappropriation or misallocation of such assets due to fraud.
Junk Bonds: The Fund's debt securities are mainly below investment grade in quality. The Fund will not necessarily sell an investment if its rating is reduced. A reduction in an investment's rating will generally cause its value to decline.
### Political Risk: The value of the Fund’s investments may be affected by uncertainties such as international policy developments and changes in government policies. | # Rischi
### L'investimento nel Fondo comporta rischi elevati, compreso il rischio di perdere l'intero importo investito. Il Fondo è finalizzato principalmente all'acquisto di alcune partecipazioni; ciò comporta rischi significativi, tra cui il rischio relativo alla performance delle attività, alla volatilità dei prezzi, il rischio amministrativo e il rischio di controparte. Non si rilascia alcuna dichiarazione o garanzia in merito all'esito favorevole di qualunque programma d'investimento del Fondo o alla bassa correlazione dei rendimenti del Fondo con un portafoglio di titoli tradizionali dell'investitore.
Il Fondo può essere considerato un investimento speculativo e non è da intendersi come un programma di investimento completo. L'investimento nel Fondo è adatto esclusivamente a soggetti in grado di assumere il rischio economico di perdita del capitale investito e che soddisfano le condizioni di cui alla Documentazione del Fondo. Non vi è alcuna garanzia che il Fondo raggiunga il suo obiettivo di investimento. Gli Azionisti e i potenziali azionisti dovrebbero esaminare attentamente i rischi associati all'investimento nel Fondo, ivi inclusi, a titolo meramente esemplificativo, quelli descritti nella Documentazione del Fondo. Gli Azionisti e i potenziali azionisti dovrebbero consultare i propri consulenti legali, fiscali e finanziari in merito ai rischi associati a un investimento nel Fondo. Tali rischi potrebbero avere un sostanziale effetto negativo sul Fondo e sui suoi Azionisti.
### Il rendimento può aumentare e diminuire a seguito delle oscillazioni valutarie. L'uso di strumenti finanziari derivati può determinare un aumento degli utili o delle perdite nel Fondo.
Laddove la valuta dell'investitore differisca da quella del Fondo, il rendimento dell'investimento può essere penalizzato dalle oscillazioni dei tassi di cambio. Il NAV del Fondo è calcolato con frequenza giornaliera e pubblicato sul sito web del Fondo, al seguente indirizzo: www.pgimfunds.com.
Rischio di richiamo: un emittente può esercitare il proprio diritto di riscattare un titolo prima della sua scadenza (un richiamo). Qualora un emittente richiami un titolo in cui il Fondo ha investito, il Fondo potrebbe non recuperare l'intero importo o il suo investimento iniziale e potrebbe essere costretto a reinvestire in titoli a più basso rendimento, titoli con rischi di credito superiori o titoli con altre caratteristiche meno favorevoli.
### Deposito di prestiti bancari: A causa della natura dei mercati dei prestiti bancari, le cessioni
di prestiti possono essere detenute a nome della Società anziché a nome del Depositario. Questa prassi non è in linea con i normali accordi di custodia, in cui i titoli sono detenuti a nome del Depositario (o dei suoi agenti). Sebbene possano essere in atto accordi mirati ad assicurare che le attività detenute dalla Società non possano essere trasferite, vendute o cedute senza il consenso del Depositario, poiché le attività non possono essere detenute al nome giuridico del Depositario (o dei suoi agenti), il Fondo potrebbe essere soggetto a un rischio superiore di appropriazione indebita o allocazione indebita di tali attività a causa di frode.
Junk Bond: i titoli di debito del Fondo sono principalmente di qualità inferiore a investment grade. Il Fondo non venderà necessariamente un investimento in caso di riduzione del rating dello stesso. Una riduzione del rating di un investimento ne causerà generalmente il calo di valore.
##o politico: il valore degli investimenti del Fondo può risentire di incertezze quali sviluppi politici internazionali e variazioni delle politiche governative. | # Risks
### An investment in the Fund involves a high degree of risk, including the risk that the entire amount invested may be lost. The Fund is primarily designed to purchase certain investments, which will introduce significant risk to the Fund, including asset performance, price volatility, administrative risk and counterparty risk. No guarantee or representation is made that any Fund’s investment program will be successful, or that such Fund’s returns will exhibit low correlation with an investor’s traditional securities portfolio.
The Fund may be deemed to be a speculative investment and is not intended as a complete investment program. Investment in the Fund is suitable only for persons who can bear the economic risk of the loss of their investment and who meet the conditions set forth in the Fund Documents. There can be no assurances that the Fund will achieve its investment objective. Prospective and existing Shareholders should carefully consider the risks involved in an investment in the Fund, including, but not limited to, those discussed in the Fund Documents. Prospective and existing Shareholders should consult their own legal, tax and financial advisors about the risks of an investment in the Fund. Any such risk could have a material adverse effect on the Fund and its Shareholders.
### The return may increase or decrease as a result of currency fluctuations. The use of financial derivative instruments may result in increased gains or losses within the Fund.
Where an investor's own currency is different from the currency of the Fund, the return on investment may be affected by fluctuations in the currency exchange rate. The NAV of the Fund is calculated on a daily basis and published on the Fund's website at the following address: www.pgimfunds.com.
Call Risk: An issuer may exercise its right to redeem a security prior to its maturity (a call). If an issuer calls a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be forced to re-invest in lower-yielding securities, securities with greater credit risks or securities with other less favourable features.
Custody of Bank Loans: Due to the nature of the bank loan markets, loan assignments may be held in the name of the Company rather than in the name of the Custodian. This is not consistent with normal custody arrangements where securities are held in the name of the Custodian (or its agents). While arrangements may be put in place to endeavour to ensure that
assets held by the Company may not be transferred, sold or assigned without the consent of the Custodian, as the assets may not be held in the legal name of the Custodian (or its agents) the Fund may be subject to a greater risk of misappropriation or misallocation of such assets due to fraud.
Junk Bonds: The Fund's debt securities are mainly below investment grade in quality. The Fund will not necessarily sell an investment if its rating is reduced. A reduction in an investment's rating will generally cause its value to decline.
### Political Risk: The value of the Fund’s investments may be affected by uncertainties such as international policy developments and changes in government policies. | en | it |
DOLFIN6476 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Type
The fund is a UCITS investment fund issued in Luxembourg.
This document refers to unit class C of the Lupus alpha Sustainable Smaller Euro Champions. New unit classes may be formed at any time. However, the rights of investors who have purchased units in existing unit classes will remain.
This Key Information Document relates to a sub-fund of the Lupus alpha Fund. The assets and liabilities of each Lupus alpha Fonds sub-fund are legally separate. Investors have the right to exchange their units in the sub-fund for units in another sub-fund. For more information, please refer to the prospectus. | ## Type
Il s'agit d'un fonds d'OPCVM établi au Luxembourg.
Le présent document se rapporte à la catégorie de part C du Lupus alpha Sustainable Smaller Euro Champions. De nouvelles catégories de parts peuvent être créées à tout moment. En tel cas, les droits des investisseurs ayant acquis des parts des catégories existant précédemment demeurent inchangés.
Le présent document d'informations clés concerne un compartiment du Fonds Lupus alpha. L'actif et le passif de chaque compartiment du Lupus alpha Fonds sont juridiquement distincts. Les investisseurs ont le droit d'échanger leurs parts dans le compartiment contre des parts dans un autre compartiment. Pour plus d'informations, veuillez vous référer au prospectus. | ## Type
The fund is a UCITS investment fund issued in Luxembourg.
This document refers to unit class C of the Lupus alpha Sustainable Smaller Euro Champions. New unit classes may be formed at any time. However, the rights of investors who have purchased units in existing unit classes will remain.
This Key Information Document relates to a sub-fund of the Lupus alpha Fund. The assets and liabilities of each Lupus alpha Fonds sub-fund are legally separate. Investors have the right to exchange their units in the sub-fund for units in another sub-fund. For more information, please refer to the prospectus. | en | fr |
DOLFIN6477 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartition sectorielle d’Ethna-AKTIV
| Répartition sectorielle 1) |
| --- |
| Divers | 26,11 % |
| Services aux entreprises et services publics 2) | 23,51 % |
| Produits pharmaceutiques, biotechnologies et biosciences | 5,92 % |
| Logiciels et services | 4,50 % |
| Services financiers diversifiés | 3,99 % |
| Alimentation, boissons et tabac | 3,13 % |
| Santé : Equipements et services de santé | 2,49 % |
| Semi-conducteurs et machines pour la production de semi-conducteurs | 2,33 % |
| Commerce de gros et de détail | 1,90 % |
| Banques | 1,81 % |
| Energie | 1,69 % |
| Médias et divertissements | 1,33 % |
| Produits ménagers et de soin personnel | 1,30 % |
| Immobilier | 1,24 % |
| Biens d’investissement | 1,24 % |
| Matières premières, auxiliaires et carburants | 1,09 % |
| Transports | 1,05 % |
| Matériel et équipement informatique | 1,04 % |
| Services aux collectivités | 0,79 % |
| Assurances | 0,77 % |
| Services de télécommunications | 0,61 % |
| Services à la consommation | 0,56 % |
| Vente au détail de produits alimentaires et de consommation de base | 0,52 % |
| Biens de consommation et habillement | 0,32 % |
| Médias | 0,21 % |
| Automobiles et pièces détachées | 0,15 % |
| Services professionnels et carburants | 0,12 % |
| Portefeuille-titres | 89,72 % |
| Options | 0,00 % |
| Contrats à terme | 0,47 % |
| Espèces | 2,36 % |
| Avoirs bancaires 3) | 12,00 % |
| Solde des autres créances et engagements | -4,55 % |
| 100,00 % |
4
1) En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
2) Y compris Emprunts d’État
3) Voir les Notes au rapport.
Evolution des 3 derniers exercices
Catégorie de parts A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 1.524,73 | 11.344.148 | -294.895,52 | 134,41 |
| 31.12.2021 | 1.390,69 | 9.849.237 | -204.648,60 | 141,20 |
| 30.06.2022 | 1.291,74 | 9.360.651 | -66.356,64 | 138,00 |
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 842,77 | 5.967.449 | -243.139,19 | 141,23 |
| 31.12.2021 | 618,48 | 4.165.082 | -261.002,59 | 148,49 |
| 30.06.2022 | 583,40 | 4.016.988 | -20.282,47 | 145,23 |
Catégorie de parts T
5
Catégorie de parts R-A*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 7,00 | 73.154 | -1.468,21 | 95,66 |
| 31.12.2021 | 5,70 | 58.601 | -1.394,36 | 97,23 |
| 30.06.2022 | 5,36 | 58.295 | -28,80 | 91,91 |
Catégorie de parts R-T*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 40,98 | 335.326 | -10.457,73 | 122,22 |
| 31.12.2021 | 36,89 | 288.277 | -5.756,63 | 127,97 |
| 30.06.2022 | 31,16 | 249.482 | -4.858,89 | 124,91 |
Catégorie de parts CHF-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 5,69 | 54.455 | -825,26 | 104,57 | 113,27 1) |
| 31.12.2021 | 4,75 | 41.508 | -1.373,16 | 114,46 | 118,63 2) |
| 30.06.2022 | 4,57 | 39.387 | -228,47 | 115,99 | 115,76 3) |
Catégorie de parts CHF-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 28,29 | 245.684 | -6.804,10 | 115,13 | 124,71 1) |
| 31.12.2021 | 26,71 | 211.755 | -3.959,61 | 126,12 | 130,71 2) |
| 30.06.2022 | 24,74 | 193.373 | -2.229,21 | 127,94 | 127,68 3) |
1) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,0832 CHF
2) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,0364 CHF
3) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 0,9980 CHF
* Les catégories de parts (R-A) et (R-T) sont exclusivement destinées à être distribuées en Italie, en France et en Espagne.
Catégorie de parts SIA-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 13,71 | 24.232 | 2.122,46 | 565,86 |
| 31.12.2021 | 6,48 | 10.849 | -7.580,30 | 597,11 |
| 30.06.2022 | 5,43 | 9.280 | -879,96 | 585,25 |
Catégorie de parts SIA-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 179,09 | 284.027 | -136.733,82 | 630,55 |
| 31.12.2021 | 114,65 | 171.961 | -71.556,14 | 666,72 |
| 30.06.2022 | 67,65 | 103.423 | -44.386,63 | 654,07 |
6
Catégorie de parts SIA CHF-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 105,71 | 215.561 | -1.224,96 | 490,40 | 531,20 1) |
| 31.12.2021 | 49,39 | 91.445 | -61.496,01 | 540,06 | 559,72 2) |
| 30.06.2022 | 82,39 | 149.882 | 31.461,36 | 549,69 | 548,59 3) |
Catégorie de parts USD-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 1,20 | 13.052 | -466,26 | 92,07 | 112,69 4) |
| 31.12.2021 | 1,22 | 11.600 | -136,94 | 104,76 | 118,89 5) |
| 30.06.2022 | 1,33 | 11.984 | 44,40 | 111,14 | 116,44 6) |
Catégorie de parts USD-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 12,05 | 122.942 | -5.178,22 | 98,05 | 120,01 4) |
| 31.12.2021 | 11,87 | 106.165 | -1.757,37 | 111,82 | 126,90 5) |
| 30.06.2022 | 11,47 | 96.549 | -1.060,78 | 118,80 | 124,47 6) |
Catégorie de parts SIA USD-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 4,85 | 10.229 | 395,79 | 473,79 | 579,92 4) |
| 31.12.2021 | 5,07 | 9.341 | -429,13 | 542,77 | 615,99 5) |
| 30.06.2022 | 5,01 | 8.671 | -361,48 | 578,17 | 605,75 6) |
1) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,0832 CHF
2) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,0364 CHF
3) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 0,9980 CHF
4) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,2240 USD
5) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,1349 USD
6) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 1,0477 USD | # Distribución sectorial del fondo Ethna-AKTIV
| Distribución sectorial 1) |
| --- |
| Otros | 26,11% |
| Servicios públicos y empresariales 2) | 23,51% |
| Productos farmacéuticos, biotecnología y ciencias biológicas | 5,92% |
| Software y servicios | 4,50% |
| Servicios financieros diversificados | 3,99% |
| Productos de alimentación, bebidas y tabaco | 3,13% |
| Sanidad: equipamiento y servicios | 2,49% |
| Semiconductores y equipos de fabricación de semiconductores | 2,33% |
| Comercio mayorista y minorista | 1,90% |
| Bancos | 1,81% |
| Energía | 1,69% |
| Medios de comunicación y entretenimiento | 1,33% |
| Artículos del hogar y productos de cuidado personal | 1,30% |
| Bienes inmuebles | 1,24% |
| Bienes de inversión | 1,24% |
| Materias primas, materiales auxiliares y combustibles | 1,09% |
| Transporte | 1,05% |
| Hardware y equipos | 1,04% |
| Servicios públicos | 0,79% |
| Compañías de seguros | 0,77% |
| Servicios de telecomunicaciones | 0,61% |
| Servicios al consumidor | 0,56% |
| Minoristas de alimentación y productos básicos | 0,52% |
| Bienes de consumo y ropa | 0,32% |
| Medios de comunicación | 0,21% |
| Automoción y componentes | 0,15% |
| Servicios y suministros industriales | 0,12% |
| Cartera de valores | 89,72% |
| Opciones | 0,00% |
| Contratos de futuros | 0,47% |
| Depósitos a plazo fijo | 2,36% |
| Saldos bancarios 3) | 12,00% |
| Saldo de otros activos y pasivos | -4,55% |
| 100,00% |
4
1) Debido a las diferencias de redondeo de las posiciones individuales los totales pueden diferir del valor real.
2) Incluidos títulos de deuda pública.
3) Véanse las notas explicativas del Informe.
Evolución de los últimos 3 ejercicios
Clase de participaciones A
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacion es en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 1.524,73 | 11.344.148 | -294.895,52 | 134,41 |
| 31.12.2021 | 1.390,69 | 9.849.237 | -204.648,60 | 141,20 |
| 30.06.2022 | 1.291,74 | 9.360.651 | -66.356,64 | 138,00 |
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacione s en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 842,77 | 5.967.449 | -243.139,19 | 141,23 |
| 31.12.2021 | 618,48 | 4.165.082 | -261.002,59 | 148,49 |
| 30.06.2022 | 583,40 | 4.016.988 | -20.282,47 | 145,23 |
Clase de participación T
5
Clase de participaciones R-A*
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacio nes en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 7,00 | 73.154 | -1.468,21 | 95,66 |
| 31.12.2021 | 5,70 | 58.601 | -1.394,36 | 97,23 |
| 30.06.2022 | 5,36 | 58.295 | -28,80 | 91,91 |
Clase de participaciones R-T*
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacio nes en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 40,98 | 335.326 | -10.457,73 | 122,22 |
| 31.12.2021 | 36,89 | 288.277 | -5.756,63 | 127,97 |
| 30.06.2022 | 31,16 | 249.482 | -4.858,89 | 124,91 |
Clase de participaciones CHF-A
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 5,69 | 54.455 | -825,26 | 104,57 | 113,27 1) |
| 31.12.2021 | 4,75 | 41.508 | -1.373,16 | 114,46 | 118,63 2) |
| 30.06.2022 | 4,57 | 39.387 | -228,47 | 115,99 | 115,76 3) |
Clase de participaciones CHF-T
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 28,29 | 245.684 | -6.804,10 | 115,13 | 124,71 1) |
| 31.12.2021 | 26,71 | 211.755 | -3.959,61 | 126,12 | 130,71 2) |
| 30.06.2022 | 24,74 | 193.373 | -2.229,21 | 127,94 | 127,68 3) |
1) Tipos de cambio referidos al euro a 31 de diciembre de 2020: 1 EUR = 1,0832 CHF
2) Tipos de cambio referidos al euro a 31 de diciembre de 2021: 1 EUR = 1,0364 CHF
3) Tipos de cambio referidos al euro a 30 de junio de 2022: 1 EUR = 0,9980 CHF
* Las clases de participaciones (R-A) y (R-T) se comercializarán única y exclusivamente en Italia, Francia y España.
Clase de participaciones SIA-A
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacio nes en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 13,71 | 24.232 | 2.122,46 | 565,86 |
| 31.12.2021 | 6,48 | 10.849 | -7.580,30 | 597,11 |
| 30.06.2022 | 5,43 | 9.280 | -879,96 | 585,25 |
| Fecha | Patrimonio neto del fondo Millones de EUR | Participacio nes en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 179,09 | 284.027 | -136.733,82 | 630,55 |
| 31.12.2021 | 114,65 | 171.961 | -71.556,14 | 666,72 |
| 30.06.2022 | 67,65 | 103.423 | -44.386,63 | 654,07 |
Clase de participaciones SIA-T
6
Clase de participaciones SIA CHF-T
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 105,71 | 215.561 | -1.224,96 | 490,40 | 531,20 1) |
| 31.12.2021 | 49,39 | 91.445 | -61.496,01 | 540,06 | 559,72 2) |
| 30.06.2022 | 82,39 | 149.882 | 31.461,36 | 549,69 | 548,59 3) |
Clase de participaciones USD-A
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 1,20 | 13.052 | -466,26 | 92,07 | 112,69 4) |
| 31.12.2021 | 1,22 | 11.600 | -136,94 | 104,76 | 118,89 5) |
| 30.06.2022 | 1,33 | 11.984 | 44,40 | 111,14 | 116,44 6) |
Clase de participaciones USD-T
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 12,05 | 122.942 | -5.178,22 | 98,05 | 120,01 4) |
| 31.12.2021 | 11,87 | 106.165 | -1.757,37 | 111,82 | 126,90 5) |
| 30.06.2022 | 11,47 | 96.549 | -1.060,78 | 118,80 | 124,47 6) |
Clase de participaciones SIA USD-T
| Fecha | Patrimonio neto del fondo Millones de EUR | Participaciones en circulación | Patrimonio neto del fondo Millones de EUR | Valor liquidativo EUR | Valor liquidativo USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 4,85 | 10.229 | 395,79 | 473,79 | 579,92 4) |
| 31.12.2021 | 5,07 | 9.341 | -429,13 | 542,77 | 615,99 5) |
| 30.06.2022 | 5,01 | 8.671 | -361,48 | 578,17 | 605,75 6) |
1) Tipos de cambio referidos al euro a 31 de diciembre de 2020: 1 EUR = 1,0832 CHF
2) Tipos de cambio referidos al euro a 31 de diciembre de 2021: 1 EUR = 1,0364 CHF
3) Tipos de cambio referidos al euro a 30 de junio de 2022: 1 EUR = 0,9980 CHF
4) Tipos de cambio referidos al euro a 31 de diciembre de 2020: 1 EUR = 1,2240 USD
5) Tipos de cambio referidos al euro a 31 de diciembre de 2021: 1 EUR = 1,1349 USD
6) Tipos de cambio referidos al euro a 30 de junio de 2022: 1 EUR = 1,0477 USD | # Répartition sectorielle d’Ethna-AKTIV
| Répartition sectorielle 1) |
| --- |
| Divers | 26,11 % |
| Services aux entreprises et services publics 2) | 23,51 % |
| Produits pharmaceutiques, biotechnologies et biosciences | 5,92 % |
| Logiciels et services | 4,50 % |
| Services financiers diversifiés | 3,99 % |
| Alimentation, boissons et tabac | 3,13 % |
| Santé : Equipements et services de santé | 2,49 % |
| Semi-conducteurs et machines pour la production de semi-conducteurs | 2,33 % |
| Commerce de gros et de détail | 1,90 % |
| Banques | 1,81 % |
| Energie | 1,69 % |
| Médias et divertissements | 1,33 % |
| Produits ménagers et de soin personnel | 1,30 % |
| Immobilier | 1,24 % |
| Biens d’investissement | 1,24 % |
| Matières premières, auxiliaires et carburants | 1,09 % |
| Transports | 1,05 % |
| Matériel et équipement informatique | 1,04 % |
| Services aux collectivités | 0,79 % |
| Assurances | 0,77 % |
| Services de télécommunications | 0,61 % |
| Services à la consommation | 0,56 % |
| Vente au détail de produits alimentaires et de consommation de base | 0,52 % |
| Biens de consommation et habillement | 0,32 % |
| Médias | 0,21 % |
| Automobiles et pièces détachées | 0,15 % |
| Services professionnels et carburants | 0,12 % |
| Portefeuille-titres | 89,72 % |
| Options | 0,00 % |
| Contrats à terme | 0,47 % |
| Espèces | 2,36 % |
| Avoirs bancaires 3) | 12,00 % |
| Solde des autres créances et engagements | -4,55 % |
| 100,00 % |
4
1) En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
2) Y compris Emprunts d’État
3) Voir les Notes au rapport.
Evolution des 3 derniers exercices
Catégorie de parts A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 1.524,73 | 11.344.148 | -294.895,52 | 134,41 |
| 31.12.2021 | 1.390,69 | 9.849.237 | -204.648,60 | 141,20 |
| 30.06.2022 | 1.291,74 | 9.360.651 | -66.356,64 | 138,00 |
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 842,77 | 5.967.449 | -243.139,19 | 141,23 |
| 31.12.2021 | 618,48 | 4.165.082 | -261.002,59 | 148,49 |
| 30.06.2022 | 583,40 | 4.016.988 | -20.282,47 | 145,23 |
Catégorie de parts T
5
Catégorie de parts R-A*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 7,00 | 73.154 | -1.468,21 | 95,66 |
| 31.12.2021 | 5,70 | 58.601 | -1.394,36 | 97,23 |
| 30.06.2022 | 5,36 | 58.295 | -28,80 | 91,91 |
Catégorie de parts R-T*
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 40,98 | 335.326 | -10.457,73 | 122,22 |
| 31.12.2021 | 36,89 | 288.277 | -5.756,63 | 127,97 |
| 30.06.2022 | 31,16 | 249.482 | -4.858,89 | 124,91 |
Catégorie de parts CHF-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 5,69 | 54.455 | -825,26 | 104,57 | 113,27 1) |
| 31.12.2021 | 4,75 | 41.508 | -1.373,16 | 114,46 | 118,63 2) |
| 30.06.2022 | 4,57 | 39.387 | -228,47 | 115,99 | 115,76 3) |
Catégorie de parts CHF-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 28,29 | 245.684 | -6.804,10 | 115,13 | 124,71 1) |
| 31.12.2021 | 26,71 | 211.755 | -3.959,61 | 126,12 | 130,71 2) |
| 30.06.2022 | 24,74 | 193.373 | -2.229,21 | 127,94 | 127,68 3) |
1) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,0832 CHF
2) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,0364 CHF
3) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 0,9980 CHF
* Les catégories de parts (R-A) et (R-T) sont exclusivement destinées à être distribuées en Italie, en France et en Espagne.
Catégorie de parts SIA-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 13,71 | 24.232 | 2.122,46 | 565,86 |
| 31.12.2021 | 6,48 | 10.849 | -7.580,30 | 597,11 |
| 30.06.2022 | 5,43 | 9.280 | -879,96 | 585,25 |
Catégorie de parts SIA-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR |
| --- | --- | --- | --- | --- |
| 31.12.2020 | 179,09 | 284.027 | -136.733,82 | 630,55 |
| 31.12.2021 | 114,65 | 171.961 | -71.556,14 | 666,72 |
| 30.06.2022 | 67,65 | 103.423 | -44.386,63 | 654,07 |
6
Catégorie de parts SIA CHF-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire CHF |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 105,71 | 215.561 | -1.224,96 | 490,40 | 531,20 1) |
| 31.12.2021 | 49,39 | 91.445 | -61.496,01 | 540,06 | 559,72 2) |
| 30.06.2022 | 82,39 | 149.882 | 31.461,36 | 549,69 | 548,59 3) |
Catégorie de parts USD-A
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 1,20 | 13.052 | -466,26 | 92,07 | 112,69 4) |
| 31.12.2021 | 1,22 | 11.600 | -136,94 | 104,76 | 118,89 5) |
| 30.06.2022 | 1,33 | 11.984 | 44,40 | 111,14 | 116,44 6) |
Catégorie de parts USD-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 12,05 | 122.942 | -5.178,22 | 98,05 | 120,01 4) |
| 31.12.2021 | 11,87 | 106.165 | -1.757,37 | 111,82 | 126,90 5) |
| 30.06.2022 | 11,47 | 96.549 | -1.060,78 | 118,80 | 124,47 6) |
Catégorie de parts SIA USD-T
| Date | Actif net du fonds en millions d’EUR | Parts en circulation | Actif net du fonds en millions d’EUR | Valeur nette d’inventaire EUR | Valeur nette d’inventaire USD |
| --- | --- | --- | --- | --- | --- |
| 31.12.2020 | 4,85 | 10.229 | 395,79 | 473,79 | 579,92 4) |
| 31.12.2021 | 5,07 | 9.341 | -429,13 | 542,77 | 615,99 5) |
| 30.06.2022 | 5,01 | 8.671 | -361,48 | 578,17 | 605,75 6) |
1) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,0832 CHF
2) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,0364 CHF
3) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 0,9980 CHF
4) Converti en euros au taux de change du 31 décembre 2020 : 1 EUR = 1,2240 USD
5) Converti en euros au taux de change du 31 décembre 2021 : 1 EUR = 1,1349 USD
6) Converti en euros au taux de change du 30 juin 2022 : 1 EUR = 1,0477 USD | fr | es |
DOLFIN6478 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
There are currently no quota restrictions. Such rules and regulations may be amended from time to time.
There are no specific rules or guidelines issued by the mainland China tax authorities on the treatment of income tax and other tax categories payable in respect of trading in CIBM by eligible foreign institutional investors via Bond Connect. The relevant Fund's tax liabilities for trading in CIBM via Bond Connect is uncertain.
CIBM Initiative
Since February 2016, PBOC has permitted foreign institutional investors to invest in the CIBM (the "CIBM Initiative") subject to complying with the applicable rules and regulations as promulgated by the PRC authorities, i.e., PBOC and State Administration of Foreign Exchange ("SAFE"). As at the
date of the Prospectus, the rules and regulations that a Fund, intending to trade through the CIBM initiative, must abide by include:
- appointing an onshore settlement agent who will be responsible for making relevant filings and account opening with relevant authorities.
- generally only repatriating cash out of the PRC in a currency ratio approximately proportionate to the currency ratio of remitted cash into the PRC. | Es gibt zurzeit keine Quotenbeschränkungen. Diese Regeln und Vorschriften können bisweilen geändert werden.
Es gibt keine von den Steuerbehörden von Festlandchina herausgegebenen spezifischen Regeln oder Richtlinien zur Handhabung der Einkommensteuer und anderer Steuerkategorien, die in Bezug auf den Handel im CIBM durch zulässige ausländische institutionelle Anleger über das Bond Connect-Programm zahlbar sind. Es ist ungewiss, welche Steuerverbindlichkeiten dem jeweiligen Fonds aus dem Handel auf dem CIBM über Bond Connect entstehen können.
CIBM-Initiative
Seit Februar 2016 gestattet die PBOC ausländischen institutionellen Anlegern, vorbehaltlich der von den chinesischen Behörden, d. h. der PBOC und der State Administration of Foreign Exchange („SAFE“), auferlegten Regeln und Verordnungen, im CIBM zu investieren (die
„CIBM-Initiative“). Zum Datum dieses Prospekts gelten folgende Regeln und Vorschriften, die ein Fonds einhalten muss, der über die CIBM-Initiative zu handeln beabsichtigt:
- Ernennung einer Onshore-Abwicklungsstelle, die für die entsprechenden Einreichungen und Kontoeröffnungen bei den relevanten Behörden verantwortlich ist.
- Im Allgemeinen die Rückführung von Bargeld aus der VRC nur in einem Währungsverhältnis, das ungefähr dem ursprünglichen Währungsverhältnis bei der Überweisung der Barmittel in die VRC entspricht. | There are currently no quota restrictions. Such rules and regulations may be amended from time to time.
There are no specific rules or guidelines issued by the mainland China tax authorities on the treatment of income tax and other tax categories payable in respect of trading in CIBM by eligible foreign institutional investors via Bond Connect. The relevant Fund's tax liabilities for trading in CIBM via Bond Connect is uncertain.
CIBM Initiative
Since February 2016, PBOC has permitted foreign institutional investors to invest in the CIBM (the "CIBM Initiative") subject to complying with the applicable rules and regulations as promulgated by the PRC authorities, i.e., PBOC and State Administration of Foreign Exchange ("SAFE"). As at the
date of the Prospectus, the rules and regulations that a Fund, intending to trade through the CIBM initiative, must abide by include:
- appointing an onshore settlement agent who will be responsible for making relevant filings and account opening with relevant authorities.
- generally only repatriating cash out of the PRC in a currency ratio approximately proportionate to the currency ratio of remitted cash into the PRC. | en | de |
DOLFIN6479 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# OBJECTIFS
Le Fonds cherche à accroître le capital et à générer des revenus en investissant principalement dans des obligations à taux fixe ou variable des pays frontaliers en monnaies fortes, telles que (mais sans s’y limiter) l’EUR et l’USD émises par des Autorités publiques ou des entités quasi-souveraines. L’exposition peut être directe ou réalisée par l’intermédiaire d’instruments dérivés tels que des CDS (Credit Default Swap).
Le Fonds est géré activement et investira au moins les deux tiers de ses actifs nets dans des produits/émetteurs qui possèdent une note minimale de B- (S&P ou Fitch), B3 (Moody’s) ou une note équivalente attribuée par une autre agence de notation et jusqu’à un tiers de ses actifs nets dans des produits/émetteurs possédant une note inférieure. | # OBJETIVOS
El Fondo trata de obtener un crecimiento del capital y generar ingresos principalmente mediante la inversión en bonos de países fronterizos, denominados en divisas fuertes como el euro o el dólar estadounidense, entre otras, emitidos por organismos públicos o cuasisoberanos. La exposición puede ser directa o a través de derivados como CDS (permutas de incumplimiento crediticio).
El Fondo se gestiona de forma activa e invierte un mínimo de 2/3 de su patrimonio neto en productos o emisores con una calificación mínima de B- (S&P o FITCH), B3 (Moody’s) o una calificación equivalente de otra agencia de calificación, y hasta 1/3 de su patrimonio neto en productos con una calificación inferior. | # OBJECTIFS
Le Fonds cherche à accroître le capital et à générer des revenus en investissant principalement dans des obligations à taux fixe ou variable des pays frontaliers en monnaies fortes, telles que (mais sans s’y limiter) l’EUR et l’USD émises par des Autorités publiques ou des entités quasi-souveraines. L’exposition peut être directe ou réalisée par l’intermédiaire d’instruments dérivés tels que des CDS (Credit Default Swap).
Le Fonds est géré activement et investira au moins les deux tiers de ses actifs nets dans des produits/émetteurs qui possèdent une note minimale de B- (S&P ou Fitch), B3 (Moody’s) ou une note équivalente attribuée par une autre agence de notation et jusqu’à un tiers de ses actifs nets dans des produits/émetteurs possédant une note inférieure. | fr | es |
DOLFIN6480 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# In order to consider the proposals set out in this document, you are advised first to read all the enclosed documentation.
AGM of the Company. In Appendix A to this document you will find a Notice of the AGM of the Shareholders of the Company to be held at the registered office of the Company at 32 Molesworth Street, Dublin 2, Ireland, on 29 September 2023 at 2.00PM (Irish time) at which the relevant Ordinary and Special Resolutions will be put to the Shareholders. Shareholders should vote either by attending the AGM or by completing and returning the form of proxy in Appendix B enclosed with this Circular. If you wish to vote by proxy you should complete and return the form by post for the attention of MFD Secretaries Limited, 32 Molesworth Street, Dublin 2, Ireland, or by email to [email protected]. To be valid, forms of proxy must be received not later than 48 hours before the time fixed for holding the AGM (or any adjourned meeting) and therefore by 27 September 2023, at 1.59PM (Irish time) at the latest. You may attend and vote at the meeting even if you have appointed a proxy. If your Shares in a Fund are registered in the name of a nominee, you can exercise your vote in relation to those Shares only by directing the registered holder to vote on your behalf.
-
## Conclusion | # Al fine di valutare le proposte riportate nel presente documento, La invitiamo a leggere prima tutta la documentazione allegata.
AGA della Società. L’Appendice A al presente documento riporta un Avviso di convocazione dell’AGA degli Azionisti della Società, che si terrà presso la sede legale della Società sita al 32 di Molesworth Street, Dublino 2, Irlanda in data 29 settembre 2023 alle ore 14:00 (ora irlandese), in cui le Delibere ordinarie e straordinarie saranno sottoposte all’approvazione degli Azionisti. Gli Azionisti potranno votare presenziando all’AGA oppure compilando e restituendo il modulo di delega di cui all’Appendice B allegata alla presente Circolare. Qualora Lei intenda votare per delega, deve compilare e restituire il modulo per posta all’attenzione di MFD Secretaries Limited, 32 Molesworth Street, Dublino 2, Irlanda ovvero via e-mail all’indirizzo [email protected]. Per essere validi, i moduli di delega devono pervenirci almeno 48 ore prima dell’ora di inizio prevista per la AGA (o per l’assemblea aggiornata) e quindi entro e non oltre le ore 13:59 (ora irlandese) del 27 settembre 2023. Lei potrà partecipare e votare nel corso dell’assemblea anche nel caso in cui abbia nominato un delegato. Qualora le Azioni di un Fondo siano registrate a nome di un intestatario, Lei potrà esercitare il Suo diritto di voto in ordine a tali Azioni esclusivamente incaricando il detentore registrato di votare a Suo nome.
-
## Conclusione | # In order to consider the proposals set out in this document, you are advised first to read all the enclosed documentation.
AGM of the Company. In Appendix A to this document you will find a Notice of the AGM of the Shareholders of the Company to be held at the registered office of the Company at 32 Molesworth Street, Dublin 2, Ireland, on 29 September 2023 at 2.00PM (Irish time) at which the relevant Ordinary and Special Resolutions will be put to the Shareholders. Shareholders should vote either by attending the AGM or by completing and returning the form of proxy in Appendix B enclosed with this Circular. If you wish to vote by proxy you should complete and return the form by post for the attention of MFD Secretaries Limited, 32 Molesworth Street, Dublin 2, Ireland, or by email to [email protected]. To be valid, forms of proxy must be received not later than 48 hours before the time fixed for holding the AGM (or any adjourned meeting) and therefore by 27 September 2023, at 1.59PM (Irish time) at the latest. You may attend and vote at the meeting even if you have appointed a proxy. If your Shares in a Fund are registered in the name of a nominee, you can exercise your vote in relation to those Shares only by directing the registered holder to vote on your behalf.
-
## Conclusion | en | it |
DOLFIN6481 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,360.00 USD |
| | Average return each year | -74.89% | -25.06% |
| Unfavourable scenario | What you might get back after costs | 6,480.00 USD | 7,240.00 USD |
| | Average return each year | -35.24% | -6.26% |
| Moderate scenario | What you might get back after costs | 10,160.00 USD | 12,240.00 USD |
| | Average return each year | 1.62% | 4.13% |
| Favourable scenario | What you might get back after costs | 15,420.00 USD | 16,290.00 USD |
| | Average return each year | 54.20% | 10.26% | | | Investimento: 10.000 USD Scenari | 1 anno | 5 anni (Periodo di detenzione raccomandato) |
| --- | --- | --- |
| Minimo | Non è previsto un rendimento minimo garantito. Potreste perdere il vostro intero investimento o parte di esso. |
| Scenario di stress | Possibile rimborso al netto dei costi | 2,510.00 USD | 2,360.00 USD |
| | Rendimento medio per ciascun anno | -74.89% | -25.06% |
| Scenario sfavorevole | Possibile rimborso al netto dei costi | 6,480.00 USD | 7,240.00 USD |
| | Rendimento medio per ciascun anno | -35.24% | -6.26% |
| Scenario moderato | Possibile rimborso al netto dei costi | 10,160.00 USD | 12,240.00 USD |
| | Rendimento medio per ciascun anno | 1.62% | 4.13% |
| Scenario favorevole | Possibile rimborso al netto dei costi | 15,420.00 USD | 16,290.00 USD |
| | Rendimento medio per ciascun anno | 54.20% | 10.26% | | | Investment USD 10,000 Scenarios | 1 year | 5 years (Recommended Holding Period) |
| --- | --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress scenario | What you might get back after costs | 2,510.00 USD | 2,360.00 USD |
| | Average return each year | -74.89% | -25.06% |
| Unfavourable scenario | What you might get back after costs | 6,480.00 USD | 7,240.00 USD |
| | Average return each year | -35.24% | -6.26% |
| Moderate scenario | What you might get back after costs | 10,160.00 USD | 12,240.00 USD |
| | Average return each year | 1.62% | 4.13% |
| Favourable scenario | What you might get back after costs | 15,420.00 USD | 16,290.00 USD |
| | Average return each year | 54.20% | 10.26% | | en | it |
DOLFIN6482 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Produit
Nom du produit: Invesco Pan European Equity Income Fund (le « Fonds »), un compartiment d’Invesco Funds (le « Fonds à compartiments multiples »), Class Z annual distribution - EUR, (la « Catégorie d’actions »)
Initiateurs de PRIIP : Invesco Management S.A. (IMSA), membre d’Invesco Group
ISIN: LU1701701218
http://www.invescomanagementcompany.lu ou appelez le +353 1 439 8100 pour plus d’informations.
IMSA et le Fonds sont réglementés par la Commission de surveillance du secteur financier (CSSF) au Luxembourg. La CSSF est chargée de la supervision d’IMSA en ce qui concerne le présent Document d’informations clés (« DIC »).
Le présent DIC est exact et à jour au 7 novembre 2023. | # Producto
Denominación del producto: Invesco Pan European Equity Income Fund (el «Fondo»), un subfondo de Invesco Funds (el «Fondo Paraguas»), clase Z de distribución anual (EUR) (la «Clase de Acciones»)
Productor del PRIIP: Invesco Management S.A. (IMSA), parte del Grupo Invesco
ISIN: LU1701701218
http://www.invescomanagementcompany.lu o llame al +353 1 439 8100 para obtener más información.
Tanto IMSA como el Fondo están regulados por la Commission de Surveillance du Secteur Financier (CSSF) en Luxemburgo. La CSSF es responsable de supervisar a IMSA en relación con este documento de datos fundamentales.
Este documento de datos fundamentales es exacto a 7 de noviembre de 2023. | # Produit
Nom du produit: Invesco Pan European Equity Income Fund (le « Fonds »), un compartiment d’Invesco Funds (le « Fonds à compartiments multiples »), Class Z annual distribution - EUR, (la « Catégorie d’actions »)
Initiateurs de PRIIP : Invesco Management S.A. (IMSA), membre d’Invesco Group
ISIN: LU1701701218
http://www.invescomanagementcompany.lu ou appelez le +353 1 439 8100 pour plus d’informations.
IMSA et le Fonds sont réglementés par la Commission de surveillance du secteur financier (CSSF) au Luxembourg. La CSSF est chargée de la supervision d’IMSA en ce qui concerne le présent Document d’informations clés (« DIC »).
Le présent DIC est exact et à jour au 7 novembre 2023. | fr | es |
DOLFIN6483 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry Charge: | Up to 5% |
| Exit Charge: | Up to 1% |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.26 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during the current year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | Not applicable. | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d’entrée : | Jusqu’à 5 % |
| Frais de sortie : | Jusqu’à 1 % |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi ou avant que le revenu de votre investissement ne vous soit distribué. Les investisseurs peuvent demander à leur conseiller financier ou à leur distributeur le montant exact des frais d’entrée et de sortie. |
| Frais prélevés par le Fonds sur une année. |
| Frais courants : | 0,26 %. |
| Le taux des frais courants indiqué ici est une estimation du pourcentage des frais (impôts compris, le cas échéant) que le Fonds peut être amené à supporter durant l’année en cours. Il ne prend en compte ni les commissions de performance ni les coûts de transaction du portefeuille, mais comprend les frais d’entrée et de sortie payés par le Fonds lorsqu’il achète ou vend des parts ou des actions d’autres organismes de placement collectif. |
| Frais prélevés par le Fonds dans certaines circonstances particulières |
| Commission de performance : | Néant. | | | One-off charges taken before or after you invest |
| --- |
| Entry Charge: | Up to 5% |
| Exit Charge: | Up to 1% |
| This is the maximum that might be taken out of your money before it is invested and before the proceeds of your investment are paid out. Investors can find out the actual entry charges and exit charges from their financial advisor or distributor. |
| Charges taken from the Fund over a year. |
| Ongoing charge: | 0.26 %. |
| The rate of ongoing charges shown here is an estimate of the percentage of the charges (including taxes, if any) that the Fund may bear during the current year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units or shares of underlying collective investment schemes. |
| Charges taken from the Fund under certain specific conditions |
| Performance fee: | Not applicable. | | en | fr |
DOLFIN6484 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| | If you exit after 1 year |
| --- | --- |
| One-Off Costs upon entry or exit |
| Entry Costs | We do not charge an entry fee for this product. | 0 GBP |
| Exit Costs | We do not charge an exit fee for this product. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.65% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 165 GBP |
| Transaction costs | 0.00% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 0 GBP |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 GBP | | | | Si vous quittez après 1 an |
| --- | --- |
| Coûts ponctuels à l'entrée ou à la sortie |
| Coûts d'entrée | Nous ne prélevons pas de frais d'entrée pour ce produit. | 0 GBP |
| Coûts de sortie | Nous ne prélevons pas de frais de sortie pour ce produit. | 0 GBP |
| Coûts courants prélevés chaque année |
| Coûts de gestion et autres frais administratifs ou de fonctionnement | 1,65% de la valeur de votre investissement par an. Il s'agit d'une estimation basée sur les frais réels au cours de la dernière année. | 165 GBP |
| Coûts de transaction | 0,00% de la valeur de votre investissement par an. Il s'agit d'une estimation des frais encourus lorsque nous achetons et vendons les investissements sous-jacents du produit. Le montant réel variera en fonction des volumes que nous achetons et vendons. | 0 GBP |
| Coûts accessoires prélevés dans des conditions particulières |
| Commissions liées aux résultats | Il n'y a pas de commission de performance pour ce produit. | 0 GBP | | | | If you exit after 1 year |
| --- | --- |
| One-Off Costs upon entry or exit |
| Entry Costs | We do not charge an entry fee for this product. | 0 GBP |
| Exit Costs | We do not charge an exit fee for this product. | 0 GBP |
| Ongoing costs taken each year |
| Management fees and other administrative or operating costs | 1.65% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 165 GBP |
| Transaction costs | 0.00% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 0 GBP |
| Incidental costs taken under specific conditions |
| Performance fees | There is no performance fee for this product. | 0 GBP | | en | fr |
DOLFIN6485 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Indicative Intra-Day NAV Per Share is solely an indicative estimate of the NAV Per Share calculated independently of the Company, the Management Company and the Company administrator. It is not, and should not be taken to be, the value of each share or the price at which shares may be subscribed for or redeemed or purchased or sold in any secondary market.
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# Non-Complex Financial Instruments | La VNI par Action intrajournalière indicative constitue uniquement une estimation indicative de la VNI par Action, calculée indépendamment de la Société, de la Société de gestion et de l'administrateur de la Société. Elle ne correspond pas à et ne doit pas être considérée comme la valeur de chaque action ou le prix auquel les actions peuvent être souscrites, rachetées, achetées ou vendues sur un quelconque marché secondaire.
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# Instruments financiers non complexes | The Indicative Intra-Day NAV Per Share is solely an indicative estimate of the NAV Per Share calculated independently of the Company, the Management Company and the Company administrator. It is not, and should not be taken to be, the value of each share or the price at which shares may be subscribed for or redeemed or purchased or sold in any secondary market.
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# Non-Complex Financial Instruments | en | fr |
DOLFIN6486 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## The Fund may invest up to 20% of its net assets in High yield and 10% of its net assets in Emerging markets.
High yield bonds are issued by companies whose business is more sensitive to the economic cycle and pay higher interest. The return on such securities, in the same way as their level of risk, is therefore higher than traditional bond products.
To achieve its aims the Fund invests in a variety of bonds issued by worldwide companies. The portfolio aims for an economic profile similar to that of a floating-rate note (FRN). FRN are bonds with variable interest rates and their prices are mostly not affected by variations due to change in market interest rates. The portfolio's average maturity will not exceed three years. | ## Le Fonds peut investir jusqu'à 20 % de ses actifs nets en titres à haut rendement et 10% de ses actifs nets dans les marchés émergents.
Les obligations à haut rendement sont émises par des sociétés dont les activités sont plus sensibles au cycle économique et qui versent des intérêts plus élevés. Le rendement de ces titres, de même que leur niveau de risque, est en conséquence plus élevé que celui des produits obligataires traditionnels.
Pour atteindre ses objectifs, le Fonds investit dans toute une série d'obligations émises par des sociétés du monde entier. Le portefeuille vise un profil économique similaire à celui d’une dette à taux variable de type FRN (Floating Rate Note). Les FRN sont des obligations à taux d'intérêt variables et leurs cours ne sont pratiquement pas affectés par les variations liées aux évolutions des taux d'intérêts sur les marchés. L'échéance moyenne du portefeuille ne dépassera pas trois ans. | ## The Fund may invest up to 20% of its net assets in High yield and 10% of its net assets in Emerging markets.
High yield bonds are issued by companies whose business is more sensitive to the economic cycle and pay higher interest. The return on such securities, in the same way as their level of risk, is therefore higher than traditional bond products.
To achieve its aims the Fund invests in a variety of bonds issued by worldwide companies. The portfolio aims for an economic profile similar to that of a floating-rate note (FRN). FRN are bonds with variable interest rates and their prices are mostly not affected by variations due to change in market interest rates. The portfolio's average maturity will not exceed three years. | en | fr |
DOLFIN6487 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Risks of Asset-Backed Securities
Some Sub-Funds may invest in securities issued by trusts and special purpose corporations with principal and interest payouts backed by, or supported by, any of various types of assets. These assets typically include receivables related to the purchase of automobiles, credit card loans, and home equity loans. These securities generally take the form of a structured type of security, including pass-through, pay-through, and stripped interest payout structures similar to the collateralized mortgage obligation (“CMO”) structure. Investments in these and other types of asset-backed securities must be consistent with the investment objectives and policies of the applicable Sub-Fund.
Asset-backed securities differ from conventional debt securities because principal is paid back periodically over the life of the security rather than at maturity. The overall credit quality of a securitized instrument depends primarily on the quality of the pools’ underlying assets. Similarly, the risk of default on an asset-backed security depends on the aggregate performance of the pool, not on any individual borrower’s ability or willingness to re-pay a loan. The market for asset-backed securities in most Asian countries is relatively new. Accordingly, historical information regarding pre-payment rates, default rates, and the performance of these securities generally may be unavailable or insufficient to assess credit quality and the other risks discussed in this section. Furthermore, while some asset backed securities may be rated by an independent rating agency, such ratings may not provide sufficient or accurate information about the ultimate performance of asset-backed securities.
The degree of seniority and subordination of the particular asset-backed security will also impact its performance and market value. The principal on asset-backed securities may be prepaid at any time. When interest rates fall, the rate of prepayments tends to increase. Prepayments could reduce yield and market value of a security, and reduce the average maturity of, and the value of an investment in, the applicable Sub-Fund. Conversely, when interest rates rise, prepayments typically decrease. When pools of assets (i.e., asset-backed securities) are pre-paid at a slower rate than expected, the average maturity of the relevant Sub-Fund’s portfolio may increase. This effect is referred to as “extension risk.” When pre-payments decelerate, the relevant Sub-Fund may be unable to sell asset-backed securities (or be forced to sell them at reduced market values), rendering the applicable Sub-Fund unable to capitalize on asset-backed (or other) securities paying higher interest rates. Extension risk tends to make the market price of asset-backed securities, and other callable debt securities more volatile. Extension risk is primarily associated with mortgage-backed securities, but may affect all asset-backed securities.
Asset-backed securities involve certain risks, resulting mainly from the fact that asset-backed securities do not usually contain the complete benefit of a security interest in the related collateral. For example, credit card receivables generally are unsecured and the debtors are entitled to the protection of a number of applicable consumer credit laws, some of which may reduce the ability to obtain full payment. In the case of automobile receivables, due to various legal and economic factors, proceeds from repossessed collateral may not always be sufficient to support payments on these securities.
The markets for asset-backed securities in Asia are relatively new. These markets may lack transparency, efficient price mechanisms and secondary market liquidity. The value of the applicable Sub-Fund’s assets may be adversely affected by changes in legal and regulatory standards and inadequate investor protection (including insufficient recognition of the rights of beneficial owners). Accounting and disclosure standards applied to asset-backed securities may provide less transparency and disclosure than would be available for such instruments in more developed markets. Asian asset- backed securities markets may be thinly traded and provide less liquidity, especially in at times of economic or financial stress. | ## Risiken im Zusammenhang mit forderungsbesicherten Wertpapieren (Asset-Backed Securities)
Einige Teilfonds können in Wertpapiere investieren, die von Trusts und Zweckgesellschaften mit Kapital- und Zinsauszahlungen emittiert werden, die durch verschiedene Arten von Vermögenswerten besichert oder gestützt werden. Zu diesen Vermögenswerten gehören in der Regel Forderungen im Zusammenhang mit dem Kauf von Automobilen, Kreditkartenkrediten und Eigenheimkrediten. Bei diesen Wertpapieren handelt es sich im Allgemeinen um die Form eines strukturierten Wertpapiertyps, u. a. Pass-through-, Pay- through- und gestrippte Zinsauszahlungsstrukturen, ähnlich der Struktur der Collateralized Mortgage Obligation („CMO“). Anlagen in diese und andere Arten von forderungsbesicherten Wertpapieren (ABS) müssen den Anlagezielen und der Anlagepolitik des jeweiligen Teilfonds entsprechen.
Forderungsbesicherte Wertpapiere unterscheiden sich von traditionellen Schuldtiteln, da der Kapitalbetrag regelmäßig über die Laufzeit des Wertpapiers und nicht bei Fälligkeit zurückgezahlt wird. Die allgemeine Kreditqualität eines verbrieften Instruments hängt hauptsächlich von der Qualität der den Pools zugrunde liegenden Vermögenswerte ab. Ähnlich hängt das Ausfallrisiko in Bezug auf ein forderungsbesichertes Wertpapier von der Gesamtperformance des Pools und nicht der Fähigkeit oder Bereitschaft eines einzelnen Kreditnehmers, einen Kredit zurückzuzahlen, ab. Der Markt für forderungsbesicherte Wertpapiere ist in den meisten asiatischen Ländern ziemlich neu. Dementsprechend können historische Angaben bezüglich vorzeitiger Rückzahlungen, Ausfallraten und der Wertentwicklung dieser Wertpapiere im Allgemeinen nicht verfügbar oder nicht ausreichend sein, um die Kreditqualität und die anderen, in diesem Abschnitt behandelten Risiken zu beurteilen. Hinzu kommt, dass einige forderungsbesicherte Wertpapiere zwar ein Rating von einer unabhängigen Ratingagentur haben können, diese Ratings aber keine ausreichenden oder genauen Angaben über die letztendliche Wertentwicklung forderungsbesicherter Wertpapiere bieten können.
Der Grad der Vorrangigkeit und Nachrangigkeit des bestimmten forderungsbesicherten Wertpapiers wirkt sich auch auf dessen Entwicklung und Marktwert aus. Der Kapitalbetrag von forderungsbesicherten Wertpapieren kann jederzeit vor Fälligkeit zurückgezahlt werden. Bei fallenden Zinsen steigen in der Regel die vorzeitigen Rückzahlungsraten. Vorzeitige Rückzahlungen könnten die Rendite und den Marktwert eines Wertpapiers reduzieren sowie die durchschnittliche Laufzeit von und den Wert einer Anlage im jeweiligen Teilfonds senken. Umgekehrt gehen die vorzeitigen Rückzahlungen bei steigenden Zinsen in der Regel zurück. Wenn Pools von Vermögenswerten (d. h. forderungsbesicherte Wertpapiere) langsamer als erwartet vorzeitig zurückgezahlt werden, kann sich die durchschnittliche Portfoliolaufzeit des entsprechenden Teilfonds erhöhen. Dieser Effekt wird als „Verlängerungsrisiko“ bezeichnet. Wenn vorzeitige Rückzahlungen abnehmen, kann der entsprechende Teilfonds forderungsbesicherte Wertpapiere möglicherweise nicht verkaufen (oder gezwungen sein, sie zu niedrigeren Marktwerten zu veräußern), wodurch der jeweilige Teilfonds nicht von forderungsbesicherten (oder anderen) Wertpapieren profitieren kann, die höhere Zinsen zahlen. Das Verlängerungsrisiko lässt den Marktpreis von forderungsbesicherten Wertpapieren und anderen kündbaren Schuldtiteln volatiler werden. Das Verlängerungsrisiko ist hauptsächlich mit hypothekenbesicherten Wertpapieren (MBS) verbunden, kann sich aber auch auf alle forderungsbesicherten Wertpapiere auswirken.
Forderungsbesicherte Wertpapiere gehen mit bestimmten Risiken einher, die hauptsächlich aus der Tatsache resultieren, dass forderungsbesicherte Wertpapiere für gewöhnlich nicht den kompletten Vorteil eines Sicherungsrechts an der entsprechenden Sicherheit beinhalten. Kreditkartenforderungen sind beispielsweise in der Regel nicht besichert, und die Schuldner haben Anspruch auf den Schutz durch mehrere geltende Verbraucherkreditgesetze, von denen einige die Fähigkeit zum Erhalt einer vollständigen Zahlung reduzieren können. Im Fall von Automobilforderungen können die Erlöse aus wieder in Besitz genommenen Sicherheiten aufgrund verschiedener rechtlicher und wirtschaftlicher Faktoren nicht immer ausreichend sein, um Zahlungen auf diese Wertpapiere zu unterstützen.
Die Märkte für forderungsbesicherte Wertpapiere sind in Asien ziemlich neu. Diese Märkte können einen Mangel an Transparenz, effizienten Preismechanismen und Sekundärmarktliquidität aufweisen. Der Wert der Vermögenswerte des jeweiligen Teilfonds kann durch Änderungen in rechtlichen und aufsichtsrechtlichen Vorgaben und einem unzulänglichen Anlegerschutz (einschließlich einer
unzulänglichen Anerkennung der Rechte von wirtschaftlichen Eigentümern) beeinträchtigt werden. Für forderungsbesicherte Wertpapiere geltende Rechnungslegungs- und Offenlegungsstandards können weniger Transparenz und Angaben bieten, als für diese Instrumente in stärker entwickelten Märkten erhältlich ist. Asiatische Märkte für forderungsbesicherte Wertpapiere können ein geringes Handelsvolumen haben und weniger Liquidität bieten, insbesondere in Zeiten von wirtschaftlichem oder finanziellem Druck. | ## Risks of Asset-Backed Securities
Some Sub-Funds may invest in securities issued by trusts and special purpose corporations with principal and interest payouts backed by, or supported by, any of various types of assets. These assets typically include receivables related to the purchase of automobiles, credit card loans, and home equity loans. These securities generally take the form of a structured type of security, including pass-through, pay-through, and stripped interest payout structures similar to the collateralized mortgage obligation (“CMO”) structure. Investments in these and other types of asset-backed securities must be consistent with the investment objectives and policies of the applicable Sub-Fund.
Asset-backed securities differ from conventional debt securities because principal is paid back periodically over the life of the security rather than at maturity. The overall credit quality of a securitized instrument depends primarily on the quality of the pools’ underlying assets. Similarly, the risk of default on an asset-backed security depends on the aggregate performance of the pool, not on any individual borrower’s ability or willingness to re-pay a loan. The market for asset-backed securities in most Asian countries is relatively new. Accordingly, historical information regarding pre-payment rates, default rates, and the performance of these securities generally may be unavailable or insufficient to assess credit quality and the other risks discussed in this section. Furthermore, while some asset backed securities may be rated by an independent rating agency, such ratings may not provide sufficient or accurate information about the ultimate performance of asset-backed securities.
The degree of seniority and subordination of the particular asset-backed security will also impact its performance and market value. The principal on asset-backed securities may be prepaid at any time. When interest rates fall, the rate of prepayments tends to increase. Prepayments could reduce yield and market value of a security, and reduce the average maturity of, and the value of an investment in, the applicable Sub-Fund. Conversely, when interest rates rise, prepayments typically decrease. When pools of assets (i.e., asset-backed securities) are pre-paid at a slower rate than expected, the average maturity of the relevant Sub-Fund’s portfolio may increase. This effect is referred to as “extension risk.” When pre-payments decelerate, the relevant Sub-Fund may be unable to sell asset-backed securities (or be forced to sell them at reduced market values), rendering the applicable Sub-Fund unable to capitalize on asset-backed (or other) securities paying higher interest rates. Extension risk tends to make the market price of asset-backed securities, and other callable debt securities more volatile. Extension risk is primarily associated with mortgage-backed securities, but may affect all asset-backed securities.
Asset-backed securities involve certain risks, resulting mainly from the fact that asset-backed securities do not usually contain the complete benefit of a security interest in the related collateral. For example, credit card receivables generally are unsecured and the debtors are entitled to the protection of a number of applicable consumer credit laws, some of which may reduce the ability to obtain full payment. In the case of automobile receivables, due to various legal and economic factors, proceeds from repossessed collateral may not always be sufficient to support payments on these securities.
The markets for asset-backed securities in Asia are relatively new. These markets may lack transparency, efficient price mechanisms and secondary market liquidity. The value of the applicable Sub-Fund’s assets may be adversely affected by changes in legal and regulatory standards and inadequate investor protection (including insufficient recognition of the rights of beneficial owners). Accounting and disclosure standards applied to asset-backed securities may provide less transparency and disclosure than would be available for such instruments in more developed markets. Asian asset- backed securities markets may be thinly traded and provide less liquidity, especially in at times of economic or financial stress. | en | de |
DOLFIN6488 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| HOW CAN I COMPLAIN? |
| --- |
| If you have any complaints about the product, the product manufacturer or the person who recommended or sold the product to you, please contact your advisor or Swisscanto Asset Management International S.A., Luxembourg. |
| Swisscanto Asset Management International S.A., Luxembourg, will handle your request and provide you with feedback as soon as possible. |
| Postal address: | Swisscanto Asset Management International S.A. 19, rue de Bitbourg L-1273 Luxembourg |
| Website: | www.swisscanto.com/int/en/rechtliches/umgang-mit-anlegerbeschwerden.html |
| E-mail: | [email protected] | | | COME PRESENTARE RECLAMI? |
| --- |
| In caso di reclami concernenti il prodotto, l’ideatore del prodotto o la persona che vi ha raccomandato o venduto il prodotto, vi preghiamo di rivolgervi al vostro consulente oppure a Swisscanto Asset Management International S.A., Lussemburgo. |
| Swisscanto Asset Management International S.A., Lussemburgo, elaborerà la vostra richiesta e vi ricontatterà non appena possibile. |
| Indirizzo postale: | Swisscanto Asset Management International S.A. 19, rue de Bitbourg L-1273 Lussemburgo |
| Sito internet: | www.swisscanto.com/int/it/rechtliches/umgang-mit-anlegerbeschwerden.html |
| E-mail: | [email protected] | | | HOW CAN I COMPLAIN? |
| --- |
| If you have any complaints about the product, the product manufacturer or the person who recommended or sold the product to you, please contact your advisor or Swisscanto Asset Management International S.A., Luxembourg. |
| Swisscanto Asset Management International S.A., Luxembourg, will handle your request and provide you with feedback as soon as possible. |
| Postal address: | Swisscanto Asset Management International S.A. 19, rue de Bitbourg L-1273 Luxembourg |
| Website: | www.swisscanto.com/int/en/rechtliches/umgang-mit-anlegerbeschwerden.html |
| E-mail: | [email protected] | | en | it |
DOLFIN6489 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Listed securities: at market value - including accrued coupons (day’s closing price).
However, transferable securities without a recorded price on the valuation day, or transferable securities listed by contributors and for which the price has been adjusted, and securities not traded on a regulated market, will be valued under the responsibility of the Management Company (or the Board of Directors for a SICAV) at their probable trading value. Prices are adjusted by the Management Company based on its knowledge of issuers and/or markets.
UCIs: at the last known net asset value or at the last estimated value. The net asset values of the securities of foreign undertakings for collective investment that are valued on a monthly basis are confirmed by the Fund administrators. The valuations are updated on a weekly basis based on estimates notified by the administrators of these UCIs and are validated by the manager. | # Les titres cotés : à la valeur boursière - coupons courus inclus (cours clôture jour)
Toutefois, les valeurs mobilières dont le cours n'a pas été constaté le jour de l'évaluation, ou cotées par des contributeurs et pour lequel le cours a été corrigé, de même que les titres qui ne sont pas négociés sur un marché réglementé, sont évalués sous la responsabilité de la société de gestion (ou du conseil d'administration pour une Sicav), à leur valeur probable de négociation. Les prix sont corrigés par la société de gestion en fonction de sa connaissance des émetteurs et/ou des marchés.
Les O.P.C. : à la dernière valeur liquidative connue, à défaut à la dernière valeur estimée. Les valeurs liquidatives des titres d’organismes de placements collectifs étrangers valorisant sur une base mensuelle, sont confirmées par les administrateurs de fonds. Les valorisations sont mises à jour de façon hebdomadaire sur la base d’estimations communiquées par les administrateurs de ces OPC et validées par le gérant. | # Listed securities: at market value - including accrued coupons (day’s closing price).
However, transferable securities without a recorded price on the valuation day, or transferable securities listed by contributors and for which the price has been adjusted, and securities not traded on a regulated market, will be valued under the responsibility of the Management Company (or the Board of Directors for a SICAV) at their probable trading value. Prices are adjusted by the Management Company based on its knowledge of issuers and/or markets.
UCIs: at the last known net asset value or at the last estimated value. The net asset values of the securities of foreign undertakings for collective investment that are valued on a monthly basis are confirmed by the Fund administrators. The valuations are updated on a weekly basis based on estimates notified by the administrators of these UCIs and are validated by the manager. | en | fr |
DOLFIN6490 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
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.
Le fonds investit principalement dans des titres de qualité investment grade, mais pourra investir jusqu’à 40 % de ses actifs dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés.
Le fonds vise à mesurer sa performance par rapport à celle de l’indice ICE BofA SOFR Overnight Rate Index (l’« Indice de référence »). Ce fonds est considéré comme un fonds à gestion active en référence à l’Indice de référence, du fait qu’il l’utilise à des fins de comparaison de la performance. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises. L’exposition de change hors USD est limitée à 35 % des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement à long terme en combinant revenu et croissance du capital et de construire une exposition diversifiée et sans contraintes aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés aux marchés du revenu fixe mondiaux, notamment aux marchés émergents et au marché des titres de qualité non-investment grade, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque lié aux taux d’intérêt, le risque de crédit et de défaut et le risque de change. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
invertir también hasta el 40% de sus activos en valores «sin grado de inversión». Se considera que los valores «sin grado de inversión» son inversiones más arriesgadas, pero habitualmente generan ingresos más elevados.
El fondo puede invertir considerablemente en mercados emergentes, que, en términos de inversión, son aquellas economías que no están plenamente desarrolladas.
El fondo tiene previsto medir su rentabilidad por referencia al ICE BofA SOFR Overnight Rate Index (el «Valor de referencia»). Se considera que el fondo se gestiona de forma activa por referencia al Valor de referencia por el hecho de que se utiliza para realizar comparaciones de rentabilidad. Sin embargo, el Valor de referencia no se utiliza para definir la composición de la cartera del fondo ni un objetivo de rentabilidad. El fondo puede invertir en instrumentos derivados (tales como futuros, opciones y permutas financieras), en vez de hacerlo directamente en los valores subyacentes. El rendimiento de los derivados está ligado a los movimientos de los activos subyacentes.
Los activos en cartera del fondo pueden estar denominados en una amplia variedad de divisas. La exposición a divisas distintas del USD está limitada al 35% de los activos. El asesor de inversiones puede usar divisas e instrumentos derivados relacionados para cubrir o abrir posiciones en divisas.
Día de negociación Las acciones del fondo pueden reembolsarse normalmente a diario. Remítase a la sección del folleto titulada «How to Redeem Shares» (Cómo reembolsar las acciones).
Política de distribución Esta clase de acciones no hace distribuciones. Las rentas generadas por la inversión se reinvertirán.
Inversor minorista al que va dirigido
El inversor tipo del Fondo será aquel que trate de maximizar la rentabilidad a largo plazo mediante una combinación de ingresos y crecimiento del capital, que también busca una exposición sin limitaciones y diversificada a los mercados mundiales de renta fija, que está dispuesto a aceptar los riesgos y la volatilidad asociados con la inversión en los mercados mundiales de renta fija, entre ellos los mercados emergentes y los valores sin grado de inversión, con un horizonte de inversión de medio a largo plazo.
Esta clasificación está sujeta a cambios con el tiempo.
Hemos clasificado este producto en la clase de riesgo 2 en una escala de 7, en la que 2 significa un riesgo bajo. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como baja y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión como «muy improbable».
Tenga presente el riesgo de cambio. En algunas circunstancias usted puede recibir pagos en una moneda diferente, por lo que su rentabilidad final podrá depender del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Otros riesgos no reflejados en el indicador de riesgo son, por ejemplo, el riesgo de tipos de interés, el riesgo de crédito y de impago y el riesgo de cambio. Si desea obtener una lista completa de los riesgos, consulte el folleto del fondo.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión. | 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.
Le fonds investit principalement dans des titres de qualité investment grade, mais pourra investir jusqu’à 40 % de ses actifs dans des titres de qualité « non-investment grade ». Les titres de qualité non-investment grade sont considérés comme plus risqués, mais produisent d’ordinaire un niveau de revenu supérieur.
Le fonds peut investir largement dans les marchés émergents qui, en termes d’investissement, sont les marchés d’économies moins développés.
Le fonds vise à mesurer sa performance par rapport à celle de l’indice ICE BofA SOFR Overnight Rate Index (l’« Indice de référence »). Ce fonds est considéré comme un fonds à gestion active en référence à l’Indice de référence, du fait qu’il l’utilise à des fins de comparaison de la performance. Toutefois, l’Indice de référence n’est pas utilisé pour définir la composition du portefeuille du fonds, il ne sert pas non plus d’objectif de performance. Le fonds peut investir dans des instruments dérivés (tels que les contrats à terme standardisés, les options et les swaps) au lieu d’investir directement dans les titres sous-jacents. Le rendement des instruments dérivés est lié aux variations des cours des actifs sous-jacents.
Les actifs détenus par le fonds peuvent être libellés dans une grande variété de devises. L’exposition de change hors USD est limitée à 35 % des actifs. Le conseiller en investissement peut avoir recours à des opérations de change et instruments dérivés y afférents pour couvrir ou mettre en place des positions de change.
Jour de négociation Les Actions du fonds peuvent généralement être rachetées quotidiennement. Veuillez consulter la section du prospectus intitulée « Comment obtenir le rachat des actions ».
Politique de distribution Cette catégorie d’actions ne verse pas de distributions. Tout revenu d’investissement généré sera réinvesti.
Investisseurs de détail visés
Les investisseurs types du Fonds sont généralement des investisseurs désireux d’optimiser leur rendement à long terme en combinant revenu et croissance du capital et de construire une exposition diversifiée et sans contraintes aux marchés du revenu fixe mondiaux. Ce sont par ailleurs des investisseurs prêts à accepter la volatilité et les risques associés aux marchés du revenu fixe mondiaux, notamment aux marchés émergents et au marché des titres de qualité non-investment grade, et visant un horizon d’investissement de moyen à long terme.
Cette classification est susceptible de modifications.
Nous avons classé ce produit dans la classe de risque 2 sur 7, qui est une classe de risque basse. Autrement dit, les pertes potentielles liées aux futurs résultats du produit se situent à un niveau faible et, si la situation venait à se détériorer sur les marchés, il est très peu probable que la valeur de votre investissement en soit affectée.
Attention au risque de change. Dans certains cas, les sommes qui vous seront versées pourront l’être dans une autre monnaie ; votre gain final dépendra, le cas échéant, du taux de change entre les deux monnaies. Ce risque n’est pas pris en compte dans l’indicateur ci-dessus.
Les autres risques non couverts par l’indicateur de risque comprennent le risque lié aux taux d’intérêt, le risque de crédit et de défaut et le risque de change. Veuillez vous reporter au prospectus du fonds pour obtenir la liste complète des risques encourus.
Ce produit ne prévoyant pas de protection contre les aléas de marché, vous pourriez perdre tout ou partie de votre investissement. | fr | es |
DOLFIN6491 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund complies with the accounting rules prescribed by the regulations in force and, in particular, with the accounting plan for UCITS.
The accounting currency is the euro.
All transferable securities held in the portfolio are recognised at historical cost, excluding charges.
Securities, futures and options held in the portfolio that are denominated in a foreign currency are converted to the accounting currency based on the exchange rates in Paris on the valuation day.
The portfolio's value is appraised whenever the net asset value is calculated and at the end of the accounting period using the following methods: | Il FCI è conforme ai principi contabili previsti dalla normativa in vigore e, in modo particolare, al piano contabile degli OICVM.
La valuta di contabilizzazione è l’euro.
Tutti i valori mobiliari che compongono il portafoglio sono contabilizzati al costo storico, escluse le spese.
I titoli e gli strumenti finanziari a termine e condizionati detenuti in portafoglio e denominati in altre valute sono convertiti nella valuta contabile utilizzando i tassi di cambio rilevati a Parigi il giorno della valutazione.
Il portafoglio viene valutato al momento del calcolo di ciascun valore patrimoniale netto e al momento della chiusura del bilancio secondo i metodi seguenti: | The Fund complies with the accounting rules prescribed by the regulations in force and, in particular, with the accounting plan for UCITS.
The accounting currency is the euro.
All transferable securities held in the portfolio are recognised at historical cost, excluding charges.
Securities, futures and options held in the portfolio that are denominated in a foreign currency are converted to the accounting currency based on the exchange rates in Paris on the valuation day.
The portfolio's value is appraised whenever the net asset value is calculated and at the end of the accounting period using the following methods: | en | it |
DOLFIN6492 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | 2.5 | 5.0 | 23.1 | -7.3 | 30.5 | 14.9 | 23.2 |
| Benchmark † | | | | 2.6 | 5.0 | 23.2 | -7.2 | 30.6 | 15.0 | 23.4 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares IV plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares IV plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares IV plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares IV plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares IV plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares IV plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 01 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | | 2,5 | 5,0 | 23,1 | -7,3 | 30,5 | 14,9 | 23,2 |
| Índice † | | | | 2,6 | 5,0 | 23,2 | -7,2 | 30,6 | 15,0 | 23,4 |
El depositario del Fondo es State Street Custodial Services (Ireland) Limited.
Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares IV plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión.
El Fondo es un compartimento de iShares IV plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
iShares IV plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com.
Con arreglo a la legislación irlandesa, iShares IV plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares IV plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones.
El canje de acciones entre el Fondo y otros compartimentos de iShares IV plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda.
Estos Datos Fundamentales para el Inversor son exactos a 01 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | 2.5 | 5.0 | 23.1 | -7.3 | 30.5 | 14.9 | 23.2 |
| Benchmark † | | | | 2.6 | 5.0 | 23.2 | -7.2 | 30.6 | 15.0 | 23.4 |
The depositary of the Fund is State Street Custodial Services (Ireland) Limited.
Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares IV plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.
Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.
The Fund is a sub-fund of iShares IV plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
iShares IV plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.
Under Irish law, iShares IV plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares IV plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.
Switching of shares between the Fund and other sub-funds within iShares IV plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 01 February 2022 | en | es |
DOLFIN6493 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
In accordance with the Central Bank’s UCITS Regulations, any transaction carried out with the Company by its manager, depositary, investment adviser, sub-investment manager and/or associated or group companies of these entities (“connected persons”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the Shareholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis.
Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of the Directors’ Report included in these Financial Statements and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board.
Further, Shareholders should refer to the Prospectus which identifies many of the connected party transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected party transactions.
Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. | Conformément à la Réglementation sur les OPCVM de la Banque centrale, toute transaction avec la Société par son gestionnaire, dépositaire, conseiller en investissement, société de gestion par délégation et/ou sociétés associées ou groupe de ces entités (« personnes apparentées ») doit être exécutée comme si elle était négociée dans des conditions de concurrence normale. Ces transactions doivent être dans le meilleur intérêt des Actionnaires. Outre ces transactions, il existe également des transactions exécutées par des personnes apparentées pour le compte de la Société auxquelles les Administrateurs n’ont aucun accès direct et au titre desquelles les Administrateurs dépendent des assurances qui leur sont fournies par leurs mandataires selon lesquelles les personnes apparentées exécutant ces transactions le font de manière similaire.
Les Actionnaires doivent tenir compte de la structure de gouvernance de la Société, comme décrit plus particulièrement dans la section sur la déclaration relative à la gouvernance d’entreprise du Rapport des Administrateurs dans les présents États financiers, ainsi que des rôles et responsabilités des délégués respectifs de la Société, sous réserve de la supervision globale du Conseil d’administration.
En outre, les Actionnaires doivent consulter le Prospectus qui décrit un grand nombre des transactions avec des parties apparentées, ainsi que la nature générale des contrats avec les principales parties apparentées, sans pour autant contenir une liste exhaustive de toutes les transactions avec des parties apparentées.
Les Actionnaires doivent également se référer aux dispositions du Prospectus relatives aux conflits d’intérêts. | In accordance with the Central Bank’s UCITS Regulations, any transaction carried out with the Company by its manager, depositary, investment adviser, sub-investment manager and/or associated or group companies of these entities (“connected persons”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the Shareholders. In addition to those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directors must rely upon assurances from its delegates that the connected persons carrying out those transactions do carry them out on a similar basis.
Shareholders should have regard to the governance structure of the Company as more particularly described in the Corporate Governance Statement section of the Directors’ Report included in these Financial Statements and the roles and responsibilities of the Company’s respective delegates subject to the overall supervision of the Board.
Further, Shareholders should refer to the Prospectus which identifies many of the connected party transactions and the general nature of the contractual arrangements with the principal connected persons but it is not exhaustive of all connected party transactions.
Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. | en | fr |
DOLFIN6494 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so. | ## Responsabilità del Consiglio di Amministrazione del Fondo per il bilancio
Al Consiglio di Amministrazione del Fondo compete la predisposizione e la corretta presentazione del bilancio allegato, conformemente ai requisiti di legge e normativi vigenti in Lussemburgo in materia di redazione del bilancio, nonché l'esecuzione dei controlli interni ritenuti necessari dal Consiglio di Amministrazione del Fondo, al fine di garantire che il bilancio non sia affetto da inesattezze sostanziali, dovute a frode o a errore.
Nella preparazione del bilancio, il Consiglio di Amministrazione del Fondo è responsabile della valutazione della capacità del Fondo e di ciascuno dei suoi comparti di garantire la continuità aziendale, evidenziandone eventuali criticità, e adottando il presupposto della continuità aziendale salvo ove il Consiglio di Amministrazione del Fondo intenda liquidare il Fondo o un suo comparto o cessare le operazioni, o non disponga di alternative realistiche. | ## Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so. | en | it |
DOLFIN6495 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in equities as well as bonds with lower credit ratings or longer duration and can undergo major value fluctuations. The fund may hold substantial assets in fixed income with higher issuer default or liquidity risk. Its value will also be impacted by interest rate and credit spread movements. Due to the sale of call options, the fund can lag behind general growth levels during bull market phases.
Despite the dynamic asset allocation adapting to various market cycle stages, the fund may nevertheless fail to meet its target income range. The combination of a medium to high risk profile and regular income payments out of the fund (out of distributing classes), results in a heightened risk of experiencing a diminution in value over time. The fund may use derivatives which can reduce investment risk or give rise to additional risks (including the risk of counterparty bankruptcy). These factors presuppose an elevated risk tolerance and capacity. Every fund has specific risks which can significantly increase under unusual market conditions. A description of the fund specific risks can be found in the prospectus.
This share class (mdist) may make monthly, gross-of-fee distributions. As a consequence, in addition to income, this share class may also distribute capital. This can have negative tax consequences for investors in some jurisdictions. Investors should seek their own tax advice.
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Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | # Risiken
Der Fonds investiert in Aktien sowie in Anleihen mit niedrigeren Kreditratings oder längerer Duration und kann erheblichen Wertschwankungen unterliegen. Der Fonds darf in erheblichem Umfang Anleihen halten, deren Emittenten ein höheres Ausfall- oder Liquiditätsrisiko aufweisen. Sein Wert wird auch durch Zinsänderungen und die Entwicklung der Kreditspreads beeinflusst. Durch den Verkauf von Call- Optionen kann sich der Fonds während Haussephasen unterdurchschnittlich entwickeln. Trotz seiner dynamischen Vermögensallokation, die an die verschiedenen Phasen des Marktzyklus angepasst wird, kann der Fonds seine angestrebte Ertragsbandbreite verfehlen. Die Kombination aus mittlerem bis hohem Risiko und regelmässigen Ertragsauszahlungen des Fonds (ausschüttende Anteilsklassen) erhöht das Risiko, im Zeitverlauf einen Wertverlust zu erleiden. Der Fonds kann Derivate einsetzen, die das Anlagerisiko reduzieren oder mit zusätzlichen Risiken (unter anderem dem Risiko, dass die Gegenpartei in Konkurs geht) verbunden sind. Diese Faktoren setzen eine hohe Risikotoleranz und -fähigkeit voraus. Jeder Fonds weist spezifische Risiken auf, die unter ungewöhnlichen Marktbedingungen deutlich ansteigen können. Die fondsspezifischen Risiken sind im Prospekt beschrieben.
Diese Anteilsklasse (mdist) kann monatlich vor Abzug von Gebühren ausschütten. Dementsprechend kann diese Anteilsklasse neben Erträgen auch Kapital ausschütten. Dies kann negative Steuerauswirkungen für Investoren in gewissen Ländern haben. Anleger sollten ihre eigene zertifizierte Steuerberatung einholen.
100011351|100011347
Bitte beachten Sie, dass zusätzliche Gebühren (z.B. Ausgabe- oder Rücknahmeaufschläge) in Rechnung gestellt werden können. Nähere Angaben erhalten Sie von Ihrem Finanzberater. Die Anleger sollten vor einer Anlage die Wesentlichen Informationen für die Anlegerinnen und Anleger, den Prospekt und alle relevanten lokalen Angebotsunterlagen lesen. Definitionen von Finanzbegriffen finden Sie unter www.ubs.com/am-glossary.
Für Marketing- und Informationszwecke von UBS. UBS Fonds luxemburgischen Rechts. Vertreter und Zahlstelle in Liechtenstein für UBS Fonds ausländischen Rechts ist die Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospekte, Wesentliche Informationen für den Anleger (KIID), die Statuten bzw. Vertragsbedingungen sowie die Jahres- und Halbjahresberichte der UBS Fonds können bei der Liechtensteinischen Landesbank Aktiengesellschaft kostenlos in einer dem lokalen Recht entsprechenden Sprache bezogen werden. Investitionen in ein Produkt sollten nur nach gründlichem Studium des aktuellen Prospekts erfolgen. Die Fondsdokumente sind gebührenfrei in Englisch und ggf. in den Sprachen der Regionen erhältlich, in denen der Fonds registriert ist. Die im vorliegenden Dokument zusammengetragenen Informationen und erlangten Meinungen basieren auf vertrauenswürdigen Angaben aus verlässlichen Quellen, erheben jedoch keinen Anspruch auf Genauigkeit und Vollständigkeit hinsichtlich der im Dokument erwähnten Wertpapiere, Märkte und Entwicklungen. Mitglieder der UBS-Gruppe sind zu Positionen in den in diesem Dokument erwähnten Wertpapieren oder anderen Finanzinstrumenten sowie zu deren Kauf bzw. Verkauf berechtigt. Anteile der erwähnten UBS Fonds können in verschiedenen Gerichtsbarkeiten oder für gewisse Anlegergruppen für den Verkauf ungeeignet oder unzulässig sein und dürfen innerhalb der USA weder angeboten noch verkauft oder ausgeliefert werden. Die genannten Informationen sind weder als Angebot noch als Aufforderung zum Kauf bzw. Verkauf irgendwelcher Wertpapiere oder verwandter Finanzinstrumente zu verstehen. Die frühere Wertentwicklung ist kein verlässlicher Indikator für künftige Ergebnisse. Die dargestellte Performance lässt allfällige bei Zeichnung und Rücknahme von Anteilen erhobene Kommissionen und Kosten unberücksichtigt. Kommissionen und Kosten wirken sich nachteilig auf die Performance aus. Sollte die Währung eines Finanzprodukts oder einer Finanzdienstleistung nicht mit Ihrer Referenzwährung übereinstimmen, kann sich die Rendite aufgrund der Währungsschwankungen erhöhen oder verringern. Diese Informationen berücksichtigen weder die spezifischen oder künftigen Anlageziele noch die steuerliche oder finanzielle Lage oder die individuellen Bedürfnisse des einzelnen Empfängers. Die Angaben in diesem Dokument werden ohne jegliche Garantie oder Zusicherung zur Verfügung gestellt, dienen ausschliesslich zu Informationszwecken und sind lediglich zum persönlichen Gebrauch des Empfängers bestimmt. Das vorliegende Dokument darf ohne schriftliche Erlaubnis von UBS Asset Management Switzerland AG oder einer lokalen verbundenen Gesellschaften weder reproduziert noch weiterverteilt noch neu aufgelegt werden. Quelle für sämtliche Daten und Grafiken (sofern nicht anders vermerkt): UBS Asset Management. Dieses Dokument enthält «zukunftsgerichtete Aussagen», die unter anderem, aber nicht nur, auch Aussagen über unsere künftige Geschäftsentwicklung beinhalten. Während diese zukunftsgerichteten Aussagen unsere Einschätzung und unsere Geschäftserwartungen ausdrücken, können verschiedene Risiken, Unsicherheiten und andere wichtige Faktoren dazu führen, dass die tatsächlichen Entwicklungen und Resultate sich von unseren Erwartungen deutlich unterscheiden. Weitere Erläuterungen zu Finanzbegriffen unter ubs.com/am-glossary.
© UBS 2020. Das Schlüsselsymbol und UBS gehören zu den geschützten Marken von UBS. Alle Rechte vorbehalten. 2 ¦ 2 | # Risks
The fund invests in equities as well as bonds with lower credit ratings or longer duration and can undergo major value fluctuations. The fund may hold substantial assets in fixed income with higher issuer default or liquidity risk. Its value will also be impacted by interest rate and credit spread movements. Due to the sale of call options, the fund can lag behind general growth levels during bull market phases.
Despite the dynamic asset allocation adapting to various market cycle stages, the fund may nevertheless fail to meet its target income range. The combination of a medium to high risk profile and regular income payments out of the fund (out of distributing classes), results in a heightened risk of experiencing a diminution in value over time. The fund may use derivatives which can reduce investment risk or give rise to additional risks (including the risk of counterparty bankruptcy). These factors presuppose an elevated risk tolerance and capacity. Every fund has specific risks which can significantly increase under unusual market conditions. A description of the fund specific risks can be found in the prospectus.
This share class (mdist) may make monthly, gross-of-fee distributions. As a consequence, in addition to income, this share class may also distribute capital. This can have negative tax consequences for investors in some jurisdictions. Investors should seek their own tax advice.
100011351|100011347
Please note that additional fees (e.g. entry or exit fees) may be charged. Please refer to your financial adviser for more details. Investors should read the Key Investor Information Document (KIID), Prospectus and any applicable local offering document prior to investing. For a definition of financial terms refer to the glossary available at www.ubs.com/am- glossary.
For marketing and information purposes by UBS. UBS funds under Luxembourg law. The representative and paying agent in Liechtenstein for UBS Funds under foreign law is Liechtensteinische Landesbank Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft. Before investing in a product please read the latest prospectus carefully and thoroughly. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. More explanations of financial terms can be found at ubs.com/am-glossary.
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 2 ¦ 2 | en | de |
DOLFIN6496 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement : 10.000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 184 USD | 1.098 USD |
| Incidence des coûts annuels (*) | 1,8 % | 1,9 % | | | Inversión: 10.000 USD | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- |
| Costes totales | 184 USD | 1.098 USD |
| Incidencia anual de los costes (*) | 1,8% | 1,9% | | | Investissement : 10.000 USD | Si vous sortez après 1 an | Si vous sortez après 5 ans |
| --- | --- | --- |
| Coûts totaux | 184 USD | 1.098 USD |
| Incidence des coûts annuels (*) | 1,8 % | 1,9 % | | fr | es |
DOLFIN6497 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| | Climate-change mitigation | | Climate-change adaptation |
| --- | --- | --- | --- |
| Low-carbon electricity | Renewable energy Alternative fuels | | Energy infrastructure redesign |
| Energy efficiency | Electrification Smart technology Demand-side efficiency | | Housing solutions |
| Low-carbon transport | Electric vehicles (EVs) Charging stations Parking lots for EVs Battery technology | | Transport infrastructure redesign |
| Water and resource management | Pollution control Key materials | | Agriculture technology Waste management |
| Climate-resilient infrastructure | | | Construction materials and builders Water/flood infrastructure | | | | Mitigazione del cambiamento climatico | | Adattamento al cambiamento climatico |
| --- | --- | --- | --- |
| Elettricità a bassa intensità di CO2 | Energia rinnovabile Combustibili alternativi | | Riprogettazione delle infrastrutture per l'energia |
| Efficienza energetica | Elettrificazione Tecnologia intelligente Efficienza sul fronte della domanda | | Soluzioni abitative |
| Trasporti a basse emissioni | Veicoli elettrici (VE) Stazioni di ricarica Parcheggi per VE Tecnologia delle batterie | | Riprogettazione delle infrastrutture per i trasporti |
| Gestione dell'acqua e delle risorse | Controllo dell'inquinamento Materiali essenziali | | Tecnologia per l'agricoltura Gestione dei rifiuti |
| Infrastrutture resilienti al clima | | | Materiali per costruzioni e imprese edili Infrastrutture resistenti all'acqua / alle inondazioni | | | | Climate-change mitigation | | Climate-change adaptation |
| --- | --- | --- | --- |
| Low-carbon electricity | Renewable energy Alternative fuels | | Energy infrastructure redesign |
| Energy efficiency | Electrification Smart technology Demand-side efficiency | | Housing solutions |
| Low-carbon transport | Electric vehicles (EVs) Charging stations Parking lots for EVs Battery technology | | Transport infrastructure redesign |
| Water and resource management | Pollution control Key materials | | Agriculture technology Waste management |
| Climate-resilient infrastructure | | | Construction materials and builders Water/flood infrastructure | | en | it |
DOLFIN6498 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
### Risque du Bond Connect
Bond Connect est un système d’accès réciproque au marché qui permet aux investisseurs étrangers de négocier des obligations distribuées sur le China Interbank Bond Market (CIBM) par le biais d’une connexion entre les établissements financiers basés en Chine continentale et à Hong Kong, sans limitations par quotas.
Le lien de négociation vers le Nord (Northbound Trading Link) a débuté le 3 juillet 2017, les transactions étant rendues possibles par le biais d’accords d’accès réciproque en matière de négociation, de garde et de règlement. Les organismes suivants y participent : China Foreign Exchange Trading System, China Central Depository & Clearing Co, Shanghai Clearing House, Hong Kong Exchanges & Clearing et Central Moneymarkets Unit (CMU). Un système de règlement « livraison contre paiement » pour les opérations par l’intermédiaire de Bond Connect a été mis en place en août 2018, réduisant ainsi le risque de règlement.
Les investisseurs étrangers éligibles finaux sont les propriétaires effectifs des obligations CIBM concernées et peuvent exercer leurs droits à l’encontre de l’émetteur, par l’intermédiaire de la CMU, en tant que prête-nom détenteur. Le prête-nom détenteur peut exercer ses droits de créancier et intenter des actions en justice contre des émetteurs d’obligations devant les tribunaux chinois.
Les titres CIBM négociés par l’intermédiaire du Bond Connect peuvent être soumis à des risques comprenant notamment le risque de contrepartie, le risque de règlement, le risque de liquidité, le risque opérationnel, les risques réglementaires, le risque fiscal lié à la RPC et le risque de réputation.
Bond Connect englobe des systèmes de négociation élaborés récemment. Rien ne garantit que ces systèmes fonctionneront correctement ou qu’ils ne feront pas l’objet de modifications ou d’une adaptation ultérieures. | ### Riesgo de Bond Connect de China
Bond Connect es un sistema de acceso mutuo al mercado que permite a los inversores extranjeros comerciar con bonos que circulan en el Mercado interbancario de bonos de China (CIBM) a través de la conexión entre el continente y las instituciones de infraestructura financiera de Hong Kong sin limitaciones de cuotas.
El enlace Northbound trading empezó el 3 de julio de 2017 y las transacciones fueron posibles mediante acuerdos de acceso mutuo en materia de negociación, custodia y liquidación. Incluye el Sistema de comercio de divisas de China, China Central Depository & Clearing Co, Shanghai Clearing House, Hong Kong Exchanges & Clearing y la Unidad central de mercados monetarios (CMU). En agosto de 2018, se puso en marcha un sistema de liquidación de entrega contra pago (ECP) para las operaciones a través del sistema Bond Connect, con lo que se redujo el riesgo de liquidación.
Los inversores extranjeros elegibles en última instancia son los beneficiarios de los bonos CIBM correspondientes y pueden ejercer sus derechos frente al emisor del bono a través de la CMU como titular fiduciario. El titular fiduciario puede ejercer sus derechos de acreedor y entablar acciones contra los emisores de bonos ante los tribunales chinos.
Los valores del CIBM negociados a través de Bond Connect pueden estar sujetos a riesgos que incluyen, entre otros, riesgos de impago de las contrapartes, de liquidación, de liquidez, operativos, regulatorios, fiscales de la RPC y de reputación.
Bond Connect abarca los sistemas de negociación recientemente desarrollados. No puede garantizarse que esos sistemas funcionen correctamente o que no sean objeto de nuevas modificaciones o adaptaciones | ### Risque du Bond Connect
Bond Connect est un système d’accès réciproque au marché qui permet aux investisseurs étrangers de négocier des obligations distribuées sur le China Interbank Bond Market (CIBM) par le biais d’une connexion entre les établissements financiers basés en Chine continentale et à Hong Kong, sans limitations par quotas.
Le lien de négociation vers le Nord (Northbound Trading Link) a débuté le 3 juillet 2017, les transactions étant rendues possibles par le biais d’accords d’accès réciproque en matière de négociation, de garde et de règlement. Les organismes suivants y participent : China Foreign Exchange Trading System, China Central Depository & Clearing Co, Shanghai Clearing House, Hong Kong Exchanges & Clearing et Central Moneymarkets Unit (CMU). Un système de règlement « livraison contre paiement » pour les opérations par l’intermédiaire de Bond Connect a été mis en place en août 2018, réduisant ainsi le risque de règlement.
Les investisseurs étrangers éligibles finaux sont les propriétaires effectifs des obligations CIBM concernées et peuvent exercer leurs droits à l’encontre de l’émetteur, par l’intermédiaire de la CMU, en tant que prête-nom détenteur. Le prête-nom détenteur peut exercer ses droits de créancier et intenter des actions en justice contre des émetteurs d’obligations devant les tribunaux chinois.
Les titres CIBM négociés par l’intermédiaire du Bond Connect peuvent être soumis à des risques comprenant notamment le risque de contrepartie, le risque de règlement, le risque de liquidité, le risque opérationnel, les risques réglementaires, le risque fiscal lié à la RPC et le risque de réputation.
Bond Connect englobe des systèmes de négociation élaborés récemment. Rien ne garantit que ces systèmes fonctionneront correctement ou qu’ils ne feront pas l’objet de modifications ou d’une adaptation ultérieures. | fr | es |
DOLFIN6499 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Article 24. Conversion of shares:
Any shareholder may request conversion of all or part of his shares of one Share Class of a Sub-Fund into shares of another Share Class of that or another Sub-Fund at the respective Net Asset Values on the next Valuation Date of the shares of the relevant Share Classes provided that the Board of Directors may impose such restrictions as to, inter alia, eligibility requirements, frequency and timing of conversion, and may make conversion subject to payment of such charge, as it shall determine in taking into account the interest of the Corporation and its shareholders. | # Artículo 24: Canje de acciones
Los accionistas podrán solicitar la conversión de la totalidad o parte de sus acciones de una Clase de Acciones o Subfondo en acciones de otra Clase de Acciones o Subfondo a los respectivos Valores liquidativos en la siguiente Fecha de valoración de las acciones de las Clases de Acciones correspondientes, bien entendido que el Consejo de Administración podrá imponer restricciones relativas a, entre otros aspectos, los requisitos de admisibilidad y la frecuencia y fecha del canje, y podrá hacer que dicho canje quede sujeto al pago de una comisión que determinará teniendo en cuenta los intereses de la Sociedad y de sus accionistas. | # Article 24. Conversion of shares:
Any shareholder may request conversion of all or part of his shares of one Share Class of a Sub-Fund into shares of another Share Class of that or another Sub-Fund at the respective Net Asset Values on the next Valuation Date of the shares of the relevant Share Classes provided that the Board of Directors may impose such restrictions as to, inter alia, eligibility requirements, frequency and timing of conversion, and may make conversion subject to payment of such charge, as it shall determine in taking into account the interest of the Corporation and its shareholders. | en | es |
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