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DOLFIN6900 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
Le Dépositaire a mis en place une séparation fonctionnelle, hiérarchique et/ou contractuelle entre l’accomplissement de ses fonctions de banque dépositaire et l’accomplissement d’autres tâches pour le compte de la SICAV, notamment la prestation de services d’agent administratif et d’agent de registre.
La SICAV et le Dépositaire peuvent résilier le Contrat de Banque Dépositaire à tout moment moyennant un préavis écrit de quatre-vingt-dix (90) jours. Cependant, la SICAV peut révoquer le Dépositaire de ses fonctions uniquement si une nouvelle banque dépositaire est désignée endéans deux mois pour reprendre les fonctions et responsabilités de banque dépositaire. Une fois révoquée, le Dépositaire doit continuer de s’acquitter de ses fonctions et responsabilités jusqu’à ce que l’intégralité des actifs du compartiment ait été transférée à la nouvelle banque dépositaire.
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## Objectifs d’investissement | El Depositario aplica una separación funcional, jerárquica y/o contractual entre el cumplimiento de sus funciones de banco depositario y la realización de otras tareas por cuenta de la SICAV, en especial la prestación de servicios de agente administrativo y de agente de registro.
La SICAV y el Depositario pueden rescindir el Contrato de Banco Depositario en cualquier momento con un aviso por escrito con noventa (90) días de antelación. No obstante, la SICAV únicamente puede relevar al Depositario de sus funciones si se designa a un nuevo banco depositario en un plazo de dos meses para que asuma las funciones y las responsabilidades de banco depositario. Una vez relevado de sus funciones, el Depositario debe seguir cumpliendo con sus funciones y responsabilidades hasta que la totalidad de los activos del subfondo se haya transferido al nuevo banco depositario.
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## Objetivos de inversión | Le Dépositaire a mis en place une séparation fonctionnelle, hiérarchique et/ou contractuelle entre l’accomplissement de ses fonctions de banque dépositaire et l’accomplissement d’autres tâches pour le compte de la SICAV, notamment la prestation de services d’agent administratif et d’agent de registre.
La SICAV et le Dépositaire peuvent résilier le Contrat de Banque Dépositaire à tout moment moyennant un préavis écrit de quatre-vingt-dix (90) jours. Cependant, la SICAV peut révoquer le Dépositaire de ses fonctions uniquement si une nouvelle banque dépositaire est désignée endéans deux mois pour reprendre les fonctions et responsabilités de banque dépositaire. Une fois révoquée, le Dépositaire doit continuer de s’acquitter de ses fonctions et responsabilités jusqu’à ce que l’intégralité des actifs du compartiment ait été transférée à la nouvelle banque dépositaire.
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## Objectifs d’investissement | fr | es |
DOLFIN6901 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
En ce qui concerne les investissements d’un Compartiment dans des OPCVM et autres OPC, la commission de gestion totale (hors commission liée à la performance, le cas échéant) facturée au Compartiment et aux OPCVM et/ou autres OPC ne pourra dépasser 3 % des actifs concernés. Le Fonds indiquera dans son rapport annuel le total des commissions de gestion facturées au Compartiment et aux OPCVM et autres OPC dans lesquels le Compartiment a investi au cours de la période considérée.
- Le Fonds ne peut acheter plus de 25 % des parts du même OPCVM ou autre OPC. Cette limite peut être ignorée si, lors de l’acquisition, le montant brut des parts en circulation ne peut être calculé. Dans le cas d’OPCVM ou autres OPC à compartiments multiples, cette restriction s’applique à toutes les parts émises par les OPCVM ou autres OPC concernés, tous compartiments confondus.
- Le Fonds veillera à ce que l’exposition globale de chaque Compartiment aux instruments dérivés ne dépasse pas l’actif net du Compartiment. | Con respeto a las inversiones de un Subfondo en OICVM y Otros OIC, la comisión de gestión total (excluida cualquier comisión de rentabilidad, si hubiere) cobrada a dicho Subfondo y a cada uno de los OICVM u Otros OIC implicados no superará el 3% de los activos correspondientes. El Fondo hará constar en su informe anual las comisiones de gestión totales cobradas tanto al Subfondo pertinente como a los OICVM y Otros OIC en los que haya invertido el Subfondo en el periodo correspondiente.
- El Fondo no puede adquirir más de un 25% de las participaciones de un mismo OICVM u otro OIC. Este límite puede obviarse en el momento de la adquisición si entonces resulta imposible calcular el importe bruto de las participaciones en circulación. En el caso de un OICVM u otro OIC con múltiples compartimentos, el presente límite se aplicará sobre la totalidad de las participaciones emitidas por dicho OICVM u otro OIC, lo que incluirá todos los compartimentos.
- El Fondo garantizará, respecto de cada Subfondo, que la exposición global relativa a instrumentos derivados no supere los activos netos del Subfondo en cuestión. | En ce qui concerne les investissements d’un Compartiment dans des OPCVM et autres OPC, la commission de gestion totale (hors commission liée à la performance, le cas échéant) facturée au Compartiment et aux OPCVM et/ou autres OPC ne pourra dépasser 3 % des actifs concernés. Le Fonds indiquera dans son rapport annuel le total des commissions de gestion facturées au Compartiment et aux OPCVM et autres OPC dans lesquels le Compartiment a investi au cours de la période considérée.
- Le Fonds ne peut acheter plus de 25 % des parts du même OPCVM ou autre OPC. Cette limite peut être ignorée si, lors de l’acquisition, le montant brut des parts en circulation ne peut être calculé. Dans le cas d’OPCVM ou autres OPC à compartiments multiples, cette restriction s’applique à toutes les parts émises par les OPCVM ou autres OPC concernés, tous compartiments confondus.
- Le Fonds veillera à ce que l’exposition globale de chaque Compartiment aux instruments dérivés ne dépasse pas l’actif net du Compartiment. | fr | es |
DOLFIN6902 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2003. This class was launched on 03/07/2006. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 05/09/2003. Esta clase se creó el 03/07/2006.
El cálculo de la rentabilidad histórica se ha efectuado en EUR.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico. | Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2003. This class was launched on 03/07/2006. Past performance has been calculated in EUR.
The performance of the Benchmark is also included in the graph for comparative purposes. | en | es |
DOLFIN6903 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as class 6 out of 7, which is the second-highest risk class.
The value of the fund may be affected by risks not in the SRI: failure of a counterparty, custodian or issuer; derivative use; inability to sell holdings; trends in interest rates; emerging markets. | L'indicatore sintetico di rischio è un'indicazione orientativa del livello di rischio di questo prodotto rispetto ad altri prodotti. Esso esprime la probabilità che il prodotto subisca perdite monetarie a causa di movimenti sul mercato o a causa della nostra incapacità di pagarvi quanto dovuto.
Abbiamo classificato questo prodotto al livello 6 su 7, che corrisponde alla seconda più alta classe di rischio.
Il valore del fondo può essere influenzato da rischi non presenti nell'indicatore sintetico di rischio: fallimento di una controparte, di un custode o di un emittente; uso di derivati; impossibilità di vendere partecipazioni; andamento dei tassi di interesse; mercati emergenti. | The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as class 6 out of 7, which is the second-highest risk class.
The value of the fund may be affected by risks not in the SRI: failure of a counterparty, custodian or issuer; derivative use; inability to sell holdings; trends in interest rates; emerging markets. | en | it |
DOLFIN6904 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# POOLING OF ASSETS
For the purpose of effective management, where the investment policies of the Sub-Funds so permit, the Management Company may choose to allow intra pooling and/or co-management of the assets of certain Sub-Funds. In such a case, assets of different Sub-Funds will be managed in common. The assets which are managed in common shall be referred to as a "pool" notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to unitholders.
## Pooling
The Management Company may invest and manage all or any part of the portfolio assets established for two or more Sub-Funds (for the purposes hereof "Participating Sub-Funds") on a pooled basis. Any such asset pool shall be formed by transferring to it cash or other assets (subject to such assets being appropriate in respect to the investment policy of the pool concerned) from each of the Participating Sub-Funds. Thereafter, the Management Company may from time to time make further transfers to each asset pool. Assets may also be transferred back to a Participating Sub-Fund up to the amount of the participation of the Sub- Fund concerned. The unit of a Participating Sub-Fund in an asset pool shall be measured by reference to notional units of equal value in the asset pool. On formation of an asset pool, the Management Company shall determine the initial value of notional units (which shall be expressed in such currency as the Management Company may consider appropriate) and shall allocate to each Participating Sub-Fund notional units having an aggregate value equal to the amount of cash (or to the value of other assets) contributed. Thereafter, the value of the units shall be determined by dividing the net assets of the asset pool by the number of notional unit subsisting.
When additional cash or assets are contributed to or withdrawn from an asset pool, the allocation of notional units of the Participating Sub-Fund concerned will be increased or reduced, as the case may be, by a number of notional units determined by dividing the amount of cash or the value of assets contributed or withdrawn by the current value of a unit. Where a contribution is made in cash, it may be treated for the purpose of this calculation as reduced by an amount which the Management Company considers appropriate to reflect fiscal charges and dealing and purchase costs which may be incurred in investing the cash concerned; in the case of cash withdrawal, a corresponding deduction may be made to reflect costs which may be incurred in realising securities or other assets of the asset pool.
Dividends, interest and other distributions of an income nature earned in respect of the assets in an asset pool will be applied to such asset pool and cause the respective net assets to increase. Upon the dissolution of the Fund, the assets in an asset pool will be allocated to the Participating Sub-Funds in proportion to their respective participation in the asset pool.
## Co-Management
In order to reduce operational and administrative charges while allowing a wider diversification of the investments, the Management Company may decide that part or all of the assets of one or several Sub-Funds will be co-managed with assets attributable to other sub-funds or assets belonging to other Luxembourg collective investment schemes. In the following paragraphs, the words "co-managed entities" shall refer globally to the Fund and each of its Sub-Funds and all entities with and between which there would exist any given co- management arrangement and the words "co-managed Assets" shall refer to the entire assets of these co-managed entities and co-managed pursuant to the same co-management arrangement.
Under the co-management arrangement, the Investment Managers will be entitled to take, on a consolidated basis for the relevant co-managed entities, investment, disinvestment and portfolio readjustment decisions which will influence the composition of the assets of the Sub-Funds. Each co-managed entity shall hold a portion of the co-managed Assets corresponding to the proportion of its net assets to the total value of the co-managed Assets. This proportional holding shall be applicable to each and every line of investment held or acquired under co-management. In case of investment and/or disinvestment decisions, these proportions shall not be affected and additional investments shall be allotted to the co- managed entities pursuant to the same proportion and assets sold shall be levied proportionately on the co-managed Assets held by each co-managed entity.
In case of new subscriptions in one of the co-managed entities, the subscription proceeds shall be allotted to the co-managed entities pursuant to the modified proportions resulting from the net asset increase of the co-managed entity which has benefited from the subscriptions and all lines of investment shall be modified by a transfer of assets from one co-managed entity to the other in order to be adjusted to the modified proportions. In a similar manner, in case of redemptions in one of the co-managed entities, the cash required may be levied on the cash held by the co-managed entities pursuant to the modified proportions resulting from the net asset reduction of the co-managed entity which has suffered from the redemptions and, in such case, all lines of investment shall be adjusted to the modified proportions. Unitholders should be aware that, in the absence of any specific action by the Management Company or its appointed agents, the co-management arrangement may cause the composition of assets of the Sub-Funds to be influenced by events attributable to other co-managed entities such as subscriptions and redemptions. Thus, all other things being equal, subscriptions received in one entity with which a Sub-Fund is co-managed will lead to an increase of such Sub-Fund’s reserve of cash. Conversely, redemptions made in one entity with which a Sub-Fund is co- managed will lead to a reduction of such Sub-Fund’s reserve of cash. Subscriptions and redemptions may however be kept in the specific account opened for each co-managed entity outside the co-management arrangement and through which subscriptions and redemptions must pass. The possibility to allocate substantial subscriptions and redemptions to these specific accounts together with the possibility for the Management Company or its appointed agents to decide at any time to terminate the co-management arrangement permit the Management Company to avoid the readjustments of the assets of the Sub-Funds concerned if these readjustments are likely to affect the interest of the Management Company or the Sub- Funds and of their unitholders.
If a modification of the composition of the Fund or one or several Sub-Fund’s assets resulting from redemptions or payments of charges and expenses peculiar to another co-managed entity (i.e. not attributable to the Management Company or the Sub-Fund concerned) is likely to result in a breach of the applicable investment restrictions, the relevant assets shall be excluded from the co-management arrangement before the implementation of the modification in order for it not to be affected by the ensuing adjustments.
Co-managed Assets shall only be co-managed with assets intended to be invested pursuant to investment objectives identical to those applicable to the co-managed Assets in order to assure that investment decisions are fully compatible with the investment policy of the Sub-Funds. Co-managed Assets shall only be co-managed with assets for which the Depositary is also acting as Depositary in order to ensure that the Depositary is able, with respect to the Fund or its Sub-Funds, to fully carry out its functions and responsibilities pursuant to the Law of 2010. The Depositary shall at all times keep the Fund's assets segregated from the assets of other co- managed entities and shall therefore be able at all time to identify the assets of the Fund and of each Sub-Fund. Since co-managed entities may have investment policies which are not strictly identical to the investment policy of a Sub-Fund, it is possible that as a result the common policy implemented may be more restrictive than that of that Sub-Fund.
The Management Company may decide at any time and without notice to terminate the co- management arrangement.
Unitholders may at all times contact the registered office of the Management Company to be informed of the percentage of assets which are co-managed and of the entities with which there is such a co-management arrangement at the time of their request. Annual and semi- annual reports shall state the co-managed Assets' composition and percentages. | # POOLING VON VERMÖGENSWERTEN
Zum Zwecke der effektiven Verwaltung und wo es die Anlagepolitik der Teilfonds erlaubt, kann die Verwaltungsgesellschaft Intra Pooling und/oder die gemeinsame Verwaltung der Vermögenswerte bestimmter Teilfonds zulassen. In diesem Fall werden die Vermögenswerte verschiedener Teilfonds gemeinsam verwaltet. Die gemeinsam verwalteten Vermögensgegenstände werden als „Pool“ bezeichnet, gleichwohl werden diese Pools nur für interne Verwaltungszwecke verwendet. Die Pools stellen keine separaten Einheiten dar und stehen Anteilinhabern nicht direkt zur Verfügung.
## Pooling
Die Verwaltungsgesellschaft kann alle oder Teile der für zwei oder mehr Teilfonds (in diesem Zusammenhang die „teilnehmenden Teilfonds“) erstellten Portfoliovermögenswerte auf einer zusammengefassten Basis anlegen und verwalten. Ein solcher Werte-Pool entsteht dadurch, dass ihm Barmittel oder andere Vermögenswerte (unter der Voraussetzung, dass diese Vermögenswerte hinsichtlich der Anlagepolitik des entsprechenden Pools geeignet sind) von jedem der teilnehmenden Teilfonds übertragen wird. Danach kann die Verwaltungsgesellschaft von Zeit zu Zeit weitere Übertragungen an jeden Werte-Pool durchführen. Vermögenswerte können auch in Höhe der Beteiligung des teilnehmenden Teilfonds an diesen zurück übertragen werden. Der Anteil eines teilnehmenden Teilfonds am Werte-Pool wird durch Bezug auf Nominalanteile gleichen Wertes am Werte-Pool gemessen. Bei Bildung eines Werte-Pools bestimmt die Verwaltungsgesellschaft den ursprünglichen Wert der Nominalanteile (ausgedrückt in einer von der Verwaltungsgesellschaft als geeignet angesehenen Währung) und teilt jedem teilnehmenden Teilfonds Nominalanteile in Höhe eines Gesamtwertes zu, der dem Wert an eingebrachten Barmitteln (oder dem Wert anderer Vermögensgegenstände) entspricht. Danach wird der Wert der Anteile dadurch bestimmt, dass das Nettovermögen des Werte-Pools durch die Anzahl der existierenden Nominalanteile geteilt wird.
Werden zusätzliche Barmittel oder Vermögenswerte in einen Werte-Pool eingebracht oder diesem entnommen, wird die Verteilung von Nominalanteilen der betroffenen teilnehmenden Teilfonds durch eine Anzahl an Nominalanteilen jeweils verringert oder erhöht, die bestimmt wird indem der Betrag an Barmitteln oder der Wert der Vermögensgegenstände, die eingebracht oder entnommen werden, durch die Anzahl der aktuellen Anteile geteilt wird. Wird ein Beitrag in bar geleistet, wird dieser zum Zwecke dieser Berechnung abzüglich eines Betrages verwendet, den die Verwaltungsgesellschaft als angemessen erachtet um die steuerlichen Belastungen und Handels- und Kaufgebühren, die möglicherweise durch die Anlage der betreffenden Barmittel entstanden sind, darzustellen; Im Fall der Entnahme kann ein entsprechender Abzug erfolgen um die Gebühren darzustellen, die bei der Veräußerung von Wertpapieren oder anderen Vermögensgegenständen des Werte-Pools möglicherweise entstanden sind.
Dividenden, Zinsen und andere Ertragsausschüttungen, die den Vermögensgegenständen eines Werte-Pools zukommen, fallen diesem Werte-Pool zu und erhöhen die entsprechenden Nettovermögenswerte. Bei Auflösung des Fonds werden die Vermögenswerte eines Werte- Pools entsprechend ihrer Teilnahme am Werte-Pool auf die teilnehmenden Teilfonds aufgeteilt.
## Gemeinsame Verwaltung
Um Aufwendungen für Geschäftstätigkeit und Verwaltung zu reduzieren und dabei eine weitere Diversifizierung der Anlagen zu erreichen, kann die Verwaltungsgesellschaft beschließen, dass ein Teil oder sämtliche Vermögenswerte eines oder mehrerer Teilfonds gemeinsam mit Vermögenswerten anderer Teilfonds oder Vermögenswerten, die zu anderen Luxemburger Organismen für gemeinsame Anlagen gehören, verwaltet werden. In den folgenden Absätzen bezieht sich der Begriff „gemeinsam verwaltete Einheiten“ auf den Fonds und seine sämtlichen Teilfonds und alle Einheiten mit und zwischen denen eine Vereinbarung über die gemeinsame Verwaltung geschlossen wurde oder wird und der Begriff „gemeinsam verwaltete Vermögenswerte“ bezieht sich auf alle Vermögenswerte dieser gemeinsam verwalteten Einheiten, die entsprechend der Vereinbarung über die gemeinsame Verwaltung gemeinsam verwaltet werden.
Nach der Vereinbarung über die gemeinsame Verwaltung sind die Anlageverwalter befugt, auf konsolidierter Basis für die entsprechenden gemeinsam verwalteten Einheiten Entscheidungen über Anlage, Rückgabe und Portfolioausrichtung zu treffen, welche die Zusammensetzung der Vermögenswerte der Teilfonds beeinflussen. Jede gemeinsam verwaltete Einheit hält einen Anteil an den gemeinsam verwalteten Vermögenswerten, der dem Verhältnis ihrer Nettovermögenswerte zu dem Gesamtwert der gemeinsam verwalteten Vermögenswerte entspricht. Dieses Verhältnis wird auf jede Investmentlinie, die unter gemeinsamer Verwaltung gehalten oder für diese angeschafft wird, angewendet. Im Fall von Anlage- oder Rückgabeentscheidungen wird dieses Verhältnis nicht beeinflusst und zusätzliche Investitionen werden den gemeinsam verwalteten Vermögenswerten im gleichen Verhältnis zugeteilt und verkaufte Vermögenswerte fallen anteilig bei den gemeinsam verwalteten Vermögenswerten an, die von jeder gemeinsam verwalteten Einheit gehalten werden.
Im Fall neuer Zeichnungen bei einer der gemeinsam verwalteten Einheiten werden die Zeichnungserträge den gemeinsam verwalteten Einheiten entsprechend des modifizierten Verhältnisses, das aus dem Anstieg der Nettovermögenswerte der von der Zeichnung profitierenden gemeinsam verwalteten Einheit resultiert, zugeordnet und alle Investmentlinien werden durch eine Übertragung von Vermögenswerten einer gemeinsam verwalteten Einheit an eine andere geändert, um an das modifizierte Verhältnis angepasst zu werden. In gleicher Weise fallen im Fall einer Rückgabe bei einer der gemeinsam verwalteten Einheiten die erforderlichen Barmittel bei den von den gemeinsam verwalteten Einheiten gehaltenen Barmitteln entsprechend des modifizierten Verhältnisses, das aus der Abnahme der Nettovermögenswerte der von der Rückgabe betroffenen gemeinsam verwalteten Einheit resultiert, an und in diesem Fall werden alle Investmentlinien an das modifizierte Verhältnis angepasst. Anteilinhaber müssen sich darüber im Klaren sein, dass die Vereinbarung über die gemeinsame Verwaltung ohne spezielle Maßnahmen der Verwaltungsgesellschaft oder eines ihrer Beauftragten, dazu führen kann, dass die Zusammensetzung der Vermögenswerte in den Teilfonds durch Ereignisse beeinflusst werden kann, die bei anderen gemeinsam verwalteten Einheiten eintreten, wie z.B. Zeichnungen und Rückgaben. Da alle anderen Dinge gleich sind, führen die Zeichnungen bei einer Einheit, mit der ein Teilfonds gemeinsam verwaltet wird, zu einem Anstieg der Barmittelreserven bei diesem Teilfonds. Im Gegensatz dazu führen Rückgaben bei einer Einheit, mit der ein Teilfonds gemeinsam verwaltet wird, zu einer Abnahme der Barmittelreserven dieses Teilfonds. Zeichnungen und Rückgaben können jedoch in dem speziell für jede gemeinsam verwaltete Einheit eröffneten, außerhalb der Vereinbarung über die gemeinsame Verwaltung liegenden Konto gehalten werden, das Zeichnungen und Rückgaben passieren müssen. Die Möglichkeit, umfangreiche Zeichnungen und Rückgaben diesen speziellen Konten zuzuweisen gemeinsam mit der Möglichkeit der Verwaltungsgesellschaft oder einer ihrer Beauftragten, die Vereinbarung über die gemeinsame Verwaltung jederzeit zu beenden, erlauben es der Verwaltungsgesellschaft, Neuausrichtungen der Vermögenswerte der betroffenen Teilfonds zu verhindern, wenn diese Neuausrichtungen die Interessen der Verwaltungsgesellschaft oder der Teilfonds und der Anteilinhaber beeinträchtigen könnten.
Wenn eine Änderung in der Zusammensetzung des Fonds oder der Vermögenswerte eines oder mehrerer Teilfonds resultierend aus Rückgaben oder Zahlung von Gebühren und Auslagen, die eine andere gemeinsam verwaltete Einheit betreffen (d.h. nicht die Verwaltungsgesellschaft oder den entsprechenden Teilfonds betreffen), zu einer Verletzung der anwendbaren Anlagebeschränkungen führen kann, werden die relevanten Vermögenswerte aus der Vereinbarung über die gemeinsame Anlage vor der Umsetzung der Änderung ausgeschlossen, damit diese von den folgenden Anpassungen nicht betroffen wird.
Gemeinsam verwaltete Vermögenswerte werden nur mit solchen Vermögenswerten gemeinsam verwaltet, die nach Anlagezielen verwaltet werden, die identisch mit denen der gemeinsam verwalteten Vermögenswerte sind, um sicherzustellen, dass Anlageentscheidungen der Anlagepolitik der Teilfonds voll entsprechen. Gemeinsam verwaltete Vermögenswerte sollen nur mit solchen Vermögenswerten gemeinsam verwaltet werden, für welche die Verwahrstelle ebenfalls als Verwahrstelle agiert, um sicherzustellen, dass die Verwahrstelle hinsichtlich des Fonds oder seiner Teilfonds in der Lage ist, ihre Funktionen und Verpflichtungen nach dem Gesetz von 2010 vollständig auszufüllen. Die Verwahrstelle hält die Vermögenswerte des Fonds stets getrennt von den Vermögenswerten anderer gemeinsam verwalteter Einheiten und ist so jederzeit in der Lage, die Vermögenswerte des Fonds oder sämtlicher Teilfonds zu bestimmen. Da gemeinsam verwaltete Vermögenswerte Anlagepolitiken haben können, die nicht strikt mit der Anlagepolitik eines Teilfonds identisch sind, kann es vorkommen, dass infolgedessen die umgesetzte gemeinsame Politik restriktiver ist als die des Teilfonds.
Die Verwaltungsgesellschaft kann die Vereinbarung über die gemeinsame Verwaltung jederzeit ohne Einhaltung einer Frist kündigen.
Anteilinhaber können sich am Sitz der Verwaltungsgesellschaft jederzeit über den Prozentsatz der Vermögenswerte informieren, der gemeinsam verwaltet wird und über die Einheiten, mit denen eine solche Vereinbarung über die gemeinsame Verwaltung zum Zeitpunkt der Anfrage besteht. Jahres- und Halbjahresberichte nennen die Zusammensetzung und Prozentsätze der gemeinsam verwalteten Vermögenswerte. | # POOLING OF ASSETS
For the purpose of effective management, where the investment policies of the Sub-Funds so permit, the Management Company may choose to allow intra pooling and/or co-management of the assets of certain Sub-Funds. In such a case, assets of different Sub-Funds will be managed in common. The assets which are managed in common shall be referred to as a "pool" notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute separate entities and are not directly accessible to unitholders.
## Pooling
The Management Company may invest and manage all or any part of the portfolio assets established for two or more Sub-Funds (for the purposes hereof "Participating Sub-Funds") on a pooled basis. Any such asset pool shall be formed by transferring to it cash or other assets (subject to such assets being appropriate in respect to the investment policy of the pool concerned) from each of the Participating Sub-Funds. Thereafter, the Management Company may from time to time make further transfers to each asset pool. Assets may also be transferred back to a Participating Sub-Fund up to the amount of the participation of the Sub- Fund concerned. The unit of a Participating Sub-Fund in an asset pool shall be measured by reference to notional units of equal value in the asset pool. On formation of an asset pool, the Management Company shall determine the initial value of notional units (which shall be expressed in such currency as the Management Company may consider appropriate) and shall allocate to each Participating Sub-Fund notional units having an aggregate value equal to the amount of cash (or to the value of other assets) contributed. Thereafter, the value of the units shall be determined by dividing the net assets of the asset pool by the number of notional unit subsisting.
When additional cash or assets are contributed to or withdrawn from an asset pool, the allocation of notional units of the Participating Sub-Fund concerned will be increased or reduced, as the case may be, by a number of notional units determined by dividing the amount of cash or the value of assets contributed or withdrawn by the current value of a unit. Where a contribution is made in cash, it may be treated for the purpose of this calculation as reduced by an amount which the Management Company considers appropriate to reflect fiscal charges and dealing and purchase costs which may be incurred in investing the cash concerned; in the case of cash withdrawal, a corresponding deduction may be made to reflect costs which may be incurred in realising securities or other assets of the asset pool.
Dividends, interest and other distributions of an income nature earned in respect of the assets in an asset pool will be applied to such asset pool and cause the respective net assets to increase. Upon the dissolution of the Fund, the assets in an asset pool will be allocated to the Participating Sub-Funds in proportion to their respective participation in the asset pool.
## Co-Management
In order to reduce operational and administrative charges while allowing a wider diversification of the investments, the Management Company may decide that part or all of the assets of one or several Sub-Funds will be co-managed with assets attributable to other sub-funds or assets belonging to other Luxembourg collective investment schemes. In the following paragraphs, the words "co-managed entities" shall refer globally to the Fund and each of its Sub-Funds and all entities with and between which there would exist any given co- management arrangement and the words "co-managed Assets" shall refer to the entire assets of these co-managed entities and co-managed pursuant to the same co-management arrangement.
Under the co-management arrangement, the Investment Managers will be entitled to take, on a consolidated basis for the relevant co-managed entities, investment, disinvestment and portfolio readjustment decisions which will influence the composition of the assets of the Sub-Funds. Each co-managed entity shall hold a portion of the co-managed Assets corresponding to the proportion of its net assets to the total value of the co-managed Assets. This proportional holding shall be applicable to each and every line of investment held or acquired under co-management. In case of investment and/or disinvestment decisions, these proportions shall not be affected and additional investments shall be allotted to the co- managed entities pursuant to the same proportion and assets sold shall be levied proportionately on the co-managed Assets held by each co-managed entity.
In case of new subscriptions in one of the co-managed entities, the subscription proceeds shall be allotted to the co-managed entities pursuant to the modified proportions resulting from the net asset increase of the co-managed entity which has benefited from the subscriptions and all lines of investment shall be modified by a transfer of assets from one co-managed entity to the other in order to be adjusted to the modified proportions. In a similar manner, in case of redemptions in one of the co-managed entities, the cash required may be levied on the cash held by the co-managed entities pursuant to the modified proportions resulting from the net asset reduction of the co-managed entity which has suffered from the redemptions and, in such case, all lines of investment shall be adjusted to the modified proportions. Unitholders should be aware that, in the absence of any specific action by the Management Company or its appointed agents, the co-management arrangement may cause the composition of assets of the Sub-Funds to be influenced by events attributable to other co-managed entities such as subscriptions and redemptions. Thus, all other things being equal, subscriptions received in one entity with which a Sub-Fund is co-managed will lead to an increase of such Sub-Fund’s reserve of cash. Conversely, redemptions made in one entity with which a Sub-Fund is co- managed will lead to a reduction of such Sub-Fund’s reserve of cash. Subscriptions and redemptions may however be kept in the specific account opened for each co-managed entity outside the co-management arrangement and through which subscriptions and redemptions must pass. The possibility to allocate substantial subscriptions and redemptions to these specific accounts together with the possibility for the Management Company or its appointed agents to decide at any time to terminate the co-management arrangement permit the Management Company to avoid the readjustments of the assets of the Sub-Funds concerned if these readjustments are likely to affect the interest of the Management Company or the Sub- Funds and of their unitholders.
If a modification of the composition of the Fund or one or several Sub-Fund’s assets resulting from redemptions or payments of charges and expenses peculiar to another co-managed entity (i.e. not attributable to the Management Company or the Sub-Fund concerned) is likely to result in a breach of the applicable investment restrictions, the relevant assets shall be excluded from the co-management arrangement before the implementation of the modification in order for it not to be affected by the ensuing adjustments.
Co-managed Assets shall only be co-managed with assets intended to be invested pursuant to investment objectives identical to those applicable to the co-managed Assets in order to assure that investment decisions are fully compatible with the investment policy of the Sub-Funds. Co-managed Assets shall only be co-managed with assets for which the Depositary is also acting as Depositary in order to ensure that the Depositary is able, with respect to the Fund or its Sub-Funds, to fully carry out its functions and responsibilities pursuant to the Law of 2010. The Depositary shall at all times keep the Fund's assets segregated from the assets of other co- managed entities and shall therefore be able at all time to identify the assets of the Fund and of each Sub-Fund. Since co-managed entities may have investment policies which are not strictly identical to the investment policy of a Sub-Fund, it is possible that as a result the common policy implemented may be more restrictive than that of that Sub-Fund.
The Management Company may decide at any time and without notice to terminate the co- management arrangement.
Unitholders may at all times contact the registered office of the Management Company to be informed of the percentage of assets which are co-managed and of the entities with which there is such a co-management arrangement at the time of their request. Annual and semi- annual reports shall state the co-managed Assets' composition and percentages. | en | de |
DOLFIN6905 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# ARTICLE 6 - THE CUSTODIAN
The custodian carries out the duties incumbent upon it under the legal and regulatory provisions in force as well as those to which it has contractually agreed with the management company. In particular, it must ensure that decisions taken by the portfolio management company are lawful. Where applicable, it must take all protective measures that it deems necessary. In the event of a dispute with the management company, it shall inform the Autorité des marchés financiers. | # ARTICLE 6 - LE DEPOSITAIRE
Le dépositaire assure les missions qui lui incombent en application des lois et règlements en vigueur ainsi que celles qui lui ont été contractuellement confiées par la société de gestion. Il doit notamment s’assurer de la régularité des décisions de la société de gestion de portefeuille. Il doit le cas échéant, prendre toutes les mesures conservatoires qu’il juge utiles. En cas de litige avec la société de gestion, il en informe l’Autorité des marchés financiers. | # ARTICLE 6 - THE CUSTODIAN
The custodian carries out the duties incumbent upon it under the legal and regulatory provisions in force as well as those to which it has contractually agreed with the management company. In particular, it must ensure that decisions taken by the portfolio management company are lawful. Where applicable, it must take all protective measures that it deems necessary. In the event of a dispute with the management company, it shall inform the Autorité des marchés financiers. | en | fr |
DOLFIN6906 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Focus on impact
We seek to build a proprietary universe of high impact issuers aligned with environmental and social themes.
- Key performance indicators seek to measure and quantify each investment’s level of impact. We target the risk and return profile of core fixed income.
- Global research resources enhance our impact idea gereation and portfolio management process. | ## Focus sull’impatto
Cerchiamo di costruire un universo proprietario di emittenti a impatto elevato allineati con le tematiche ambientali e sociali.
- Indicatori chiave di performance per misurare e quantificare il livello di impatto di ciascun investimento. Puntiamo al profilo di rischio/rendimento delle obbligazioni core.
- Risorse di ricerca globali a sostegno del processo di generazione di idee e gestione del portafoglio. | ## Focus on impact
We seek to build a proprietary universe of high impact issuers aligned with environmental and social themes.
- Key performance indicators seek to measure and quantify each investment’s level of impact. We target the risk and return profile of core fixed income.
- Global research resources enhance our impact idea gereation and portfolio management process. | en | it |
DOLFIN6907 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
A “contract for difference” (CFD) is a contract executed between two parties to exchange, upon closure of the contract, the difference between the opening and closing price of the underlying share multiplied by the number of shares specified in the contract.
In evaluating CFDs, a “reset” is carried out (recognition of CFDs at opening price) when calculating NAV at the end of each month. Unrealised gains and losses are recognised in the accounts as net gains or losses on CFDs.
For the details of outstanding swaps, if any, please refer to the section "Notes to the financial statements - Schedule of derivative instruments".
- Prepaid InvestmentsSubscriptions received that are not effective until after the year end are presented as advance subscriptions.
- Management fees and Management Company fees
- Management feesOn 17 November 2006, the SICAV entered into an agreement for an unlimited period with IM Global Partner Asset Management S.A. (the Manager) to manage the sub-funds’ assets, while remaining under the permanent control of the SICAV’s Board of Directors. | Un contratto per differenza (CFD) è un contratto tra due parti per scambiare, alla chiusura del contratto, la differenza tra il prezzo di apertura e di chiusura dell'azione sottostante moltiplicato per il numero di azioni specificato nel contratto.
Quando si valutano i CFD, viene eseguito un "reset" (registrazione dei CFD al prezzo di apertura) nel calcolo del valore patrimoniale netto ad ogni fine mese. I guadagni o le perdite non realizzati sono riportati come profitto o perdita netta sui CFD.
Per ulteriori dettagli, si veda la sezione "Note al bilancio - Dichiarazioni di strumenti derivati".
- Investimenti anticipatiLe sottoscrizioni ricevute che hanno effetto solo dopo la fine dell'anno sono esposte come abbonamenti da ricevere.
- Commissioni di gestione e amministrative
- Commissioni di gestioneIl 17 novembre 2006, la SICAV ha stipulato un contratto della durata indefinita con SYZ Asset Management (Luxembourg) S.A. (il “Gestore”) per la gestione degli attivi dei comparti, che ciò nonostante rimangono sotto il controllo permanente del Consiglio di amministrazione della SICAV. | A “contract for difference” (CFD) is a contract executed between two parties to exchange, upon closure of the contract, the difference between the opening and closing price of the underlying share multiplied by the number of shares specified in the contract.
In evaluating CFDs, a “reset” is carried out (recognition of CFDs at opening price) when calculating NAV at the end of each month. Unrealised gains and losses are recognised in the accounts as net gains or losses on CFDs.
For the details of outstanding swaps, if any, please refer to the section "Notes to the financial statements - Schedule of derivative instruments".
- Prepaid InvestmentsSubscriptions received that are not effective until after the year end are presented as advance subscriptions.
- Management fees and Management Company fees
- Management feesOn 17 November 2006, the SICAV entered into an agreement for an unlimited period with IM Global Partner Asset Management S.A. (the Manager) to manage the sub-funds’ assets, while remaining under the permanent control of the SICAV’s Board of Directors. | en | it |
DOLFIN6908 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Definitions
Risk and reward profile: There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment. The fund does not offer any capital guarantee or protection.
Sharpe ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance. Treynor ratio: Measure of risk adjusted portfolio performance where Beta acts as a proxy for the level of risk associated with a given portfolio. Tracking error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation. Information ratio: The ratio of annualized expected residual return to residual risk. Risk adjusted alpha: Measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: Measures the sensitivity of the fund to the movements of its benchmark. R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. RSquared at 1.00 implies perfect linear relationship and zero implies no relationship exists. M-Squared: A measure of portfolio risk, the Modigliani ratio serves to adjust for the risk that a given portfolio takes in excess of the risk-free rate. Standard deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk. | # Définitions
Profil de risque et de rendement: Il n’est pas certain que le fonds demeure dans la catégorie susmentionnée et le classement du fonds est susceptible d’évoluer dans le temps. Les données historiques, telles que celles utilisées pour calculer l’indicateur, pourraient ne pas constituer une indication fiable du profil de risque futur du fonds. La catégorie la plus basse n’est pas synonyme d’investissement sans risque. Le fonds n’offre aucune garantie ou protection du capital.
Ratio de Sharpe: Mesure ajustée du risque calculée à l’aide de l’écart type et de l’excédent de rendement afin de déterminer le rendement par unité de risque. Plus le ratio de Sharpe est élevé, meilleure est la performance ajustée du risque historique du fonds. Ratio de Treynor: Mesure de la performance de portefeuille ajustée du risque dans laquelle le bêta sert d’indicateur du niveau de risque associé à un portefeuille donné. Tracking Error: Dispersion des différences entre les rendements obtenus par le fonds et les fluctuations de l’indice de référence. Ratio d’information: Ratio du rendement résiduel annualisé escompté sur le risque résiduel. Alpha de risque ajusté: Mesure la différence entre le rendement effectif d’un fonds et sa performance escomptée, compte tenu de son niveau de risque mesuré par le bêta. Bêta: Mesure la sensibilité du fonds aux fluctuations de son indice de référence. R²: Mesure la force de la corrélation linéaire entre le fonds et son indice de référence. Un R² à 1,00 implique une corrélation linéaire parfaite et un R² nul indique qu’il n’existe aucune relation. M²: Mesure du risque de portefeuille, le ratio de Modigliani sert à ajuster la mesure du risque auquel un portefeuille s’expose au-delà du taux sans risque. Volatilité: Mesure le risque ou la volatilité du rendement d’un investissement sur une période donnée. Plus l’écart type est élevé, plus le risque est important. | # Definitions
Risk and reward profile: There is no guarantee that the fund will remain in the indicator category shown above and the categorisation of the fund may shift over time. Historical data, which is used in calculating the indicator, may not be a reliable indicator of the future risk profile of this fund. The lowest category does not mean a risk-free investment. The fund does not offer any capital guarantee or protection.
Sharpe ratio: A risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund’s historical risk adjusted performance. Treynor ratio: Measure of risk adjusted portfolio performance where Beta acts as a proxy for the level of risk associated with a given portfolio. Tracking error: Dispersal of differences between the returns obtained by the Fund and the benchmark variation. Information ratio: The ratio of annualized expected residual return to residual risk. Risk adjusted alpha: Measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by beta. Beta: Measures the sensitivity of the fund to the movements of its benchmark. R-Squared: Measures the strength of the linear relationship between the fund and its benchmark. RSquared at 1.00 implies perfect linear relationship and zero implies no relationship exists. M-Squared: A measure of portfolio risk, the Modigliani ratio serves to adjust for the risk that a given portfolio takes in excess of the risk-free rate. Standard deviation: Measures the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk. | en | fr |
DOLFIN6909 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
## Indice de référence
Secured Overnight Financing Rate (SOFR) + 5% utilisé à des fins de comparaison de performance.
50 % MSCI World Index / 40 % Bloomberg Barclays Global High Yield (Hedged USD) / 10 % Bloomberg Barclays Global Treasuries (Hedged) utilisé pour la mesure du risque.
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. | ## Índice de referencia
Se emplea el Secured Overnight Financing Rate (SOFR) + 5% para comparar rendimientos.
Se emplea una referencia compuesta en un 50% por el índice MSCI World (Hedged USD), en un 40% por el índice Bloomberg Barclays Global High Yield (con cobertura en USD) y en un 10% por el índice Bloomberg Barclays Global Treasuries (Hedged) para medir el riesgo.
El Fondo se gestiona de forma activa y el gestor de inversiones no está limitado por su índice de referencia. Para obtener más información, consulte el folleto del Fondo. | ## Indice de référence
Secured Overnight Financing Rate (SOFR) + 5% utilisé à des fins de comparaison de performance.
50 % MSCI World Index / 40 % Bloomberg Barclays Global High Yield (Hedged USD) / 10 % Bloomberg Barclays Global Treasuries (Hedged) utilisé pour la mesure du risque.
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. | fr | es |
DOLFIN6910 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
## Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
The Fund may invest in issuers and markets outside the UK and in other asset classes and other funds. These assets include, but are not limited to, foreign currency, debt and interest rate related securities. The Fund may increase its holdings in cash and other liquid assets in times of market turbulence.
The Fund will pursue a 'long-short strategy' whereby, in addition to buying and holding assets, it may use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets, 'FDI') extensively to achieve its investment objectives or to take 'short' positions where the Fund may benefit from a fall in value of the underlying asset. | ## internationalen Behörden begeben werden und erfordern keine Mindestbewertung.
Der Fonds kann in Emittenten und Märkten außerhalb des Vereinigten Königreichs sowie in anderen Anlagenklassen und anderen Fonds anlegen. Zu diesen Vermögenswerten zählen unter anderem Wertpapiere, die an Devisen, Schuldtitel und Zinssätze gekoppelt sind. In Phasen von Marktturbulenzen kann der Fonds seinen Anteil an Barmitteln und anderen liquiden Vermögenswerten erhöhen.
Der Fonds verfolgt eine „Long-Short-Strategie“, durch die er sich neben dem Kaufen und dem Besitz von Vermögenswerten auch in hohem Maße derivativer Finanzinstrumente (d. h. Instrumente, deren Kurse von einem oder mehreren Basiswerten abhängen, „FDI“) bedienen kann, um seine Anlageziele zu erreichen, oder „Short“-Positionen eingeht, wenn der Fonds durch einen Wertverlust des Basiswerts profitieren kann. | ## Debt securities may be issued by any government, company or international agency and are not subject to a minimum rating requirement.
The Fund may invest in issuers and markets outside the UK and in other asset classes and other funds. These assets include, but are not limited to, foreign currency, debt and interest rate related securities. The Fund may increase its holdings in cash and other liquid assets in times of market turbulence.
The Fund will pursue a 'long-short strategy' whereby, in addition to buying and holding assets, it may use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets, 'FDI') extensively to achieve its investment objectives or to take 'short' positions where the Fund may benefit from a fall in value of the underlying asset. | en | de |
DOLFIN6911 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant dans un portefeuille d’actions indiennes. Politique d’investissement :
Dans des conditions de marché normales, le Fonds investira au moins 90 % de ses actifs dans des actions (ou titres similaires) de sociétés de toute taille basées ou exerçant la majeure partie de leur activité en Inde.
Le Fonds peut investir jusqu’à 30 % dans une combinaison de bons de participation et titres convertibles.
Le Fonds n’investira pas plus de 10 % de ses actifs dans des Sociétés d’investissement immobilier cotées (REIT).
Le Fonds peut aussi investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds de HSBC.
Le Fonds peut aussi investir dans des instruments dérivés. Le Fonds peut les utiliser à des fins de gestion efficace du portefeuille, de couverture et de gestion de trésorerie. Les instruments dérivés ne seront pas utilisés en grande mesure à des fins d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est USD. La devise de référence de cette catégorie d’actions est USD.
Les revenus sont distribués.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et ne réplique pas d’indice de référence. Le Fonds a un objectif interne ou externe par rapport à un indice de référence, l’indice S&P / IFCI India Gross.
Les investissements dans des titres qui ne sont pas repris dans l’indice de référence sur la base de stratégies de gestion active d’investissement et d’opportunités d’investissements spécifiques se feront à la discrétion du Conseiller en investissements. Il est prévu qu’un pourcentage significatif des investissements du Fonds soit constitué de composants de l’indice de référence.
Cependant, leurs pondérations peuvent s’écarter de manière significative de celles de l’indice de référence.
Tout écart par rapport à l’indice de référence est contrôlé dans le cadre du risque global, qui comprend une surveillance au niveau de la sécurité et des secteurs.
L’écart de la performance du Fonds par rapport à celle de l’indice de référence est également analysé par rapport à un écart défini, sans pour autant y être limité.
L’indice de référence a un niveau de concentration élevé. Cela signifie qu’un petit nombre de titres représente une part importante de l’indice de référence.
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à long terme. Le Fonds est destiné aux investisseurs plus expérimentés qui visent des catégories d’actifs susceptibles de réduire la liquidité et d’augmenter la volatilité du rendement, ou aux investisseurs qui visent des stratégies d’investissement très actives pouvant entraîner une concentration du portefeuille. Le Fonds peut convenir aux investisseurs à la recherche d’un investissement permettant de diversifier un portefeuille de base existant.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected], ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | # ¿Qué es este producto?
Tipo
El Fondo es una sociedad de inversión constituida como una sociedad anónima que reúne los requisitos para ser considerada una «société d'investissement à capital variable». El valor del Fondo depende de la rentabilidad de los activos subyacentes y puede subir o bajar. Cualquier capital invertido en el Fondo puede estar en riesgo.
Objetivos y política de inversión
Objetivo de inversión:
El Fondo tiene como objetivo aumentar el capital y proporcionar ingresos a largo plazo mediante la inversión en una cartera de acciones indias.
Política de inversión:
En condiciones normales de mercado, el Fondo invertirá al menos el 90 % de sus activos en acciones (o valores similares a las acciones) de empresas de cualquier tamaño, que tengan su sede o realicen la mayor parte de sus actividades comerciales en la India.
El Fondo podrá invertir hasta el 30 % en una combinación de pagarés de participación y valores convertibles.
El Fondo no invertirá más de un 10 % de sus activos en Fondos de inversión inmobiliaria.
El Fondo también podrá invertir hasta el 10 % de sus activos en otros fondos, incluidos los fondos de HSBC.
El Fondo también podrá invertir en derivados. El Fondo podrá utilizarlos con fines de gestión eficiente de la cartera, de cobertura y de gestión de flujos de efectivo. Los derivados no se utilizarán ampliamente con fines de inversión. Los derivados también pueden estar integrados en otros instrumentos utilizados por el Fondo.
El Fondo puede destinar hasta el 29 % de sus activos a operaciones de préstamo de valores. Sin embargo, no se espera que exceda el 25 %.
La moneda de referencia del Fondo es USD. La moneda de referencia de esta clase de acciones es USD.
Los ingresos se distribuyen.
Puede vender su inversión la mayoría de los días laborables.
El Fondo se gestiona activamente y no reproduce ningún valor de referencia. El Fondo tiene un objetivo interno o externo con respecto a un valor de referencia, el S&P / IFCI India Gross.
El Asesor de inversiones hará uso de su discreción para invertir en valores que no están incluidos en el valor de referencia, en función de estrategias de gestión activa de inversiones y oportunidades de inversión específicas. Se prevé que un porcentaje significativo de las inversiones del Fondo sean componentes del valor de referencia. Sin embargo, sus ponderaciones podrán diferir sustancialmente de las del valor de referencia.
Cualquier desviación con relación al valor de referencia se supervisa dentro de un marco de riesgo integral, que incluye la supervisión a nivel de título y de sector.
Asimismo, la desviación de la rentabilidad del Fondo en relación con el valor de referencia se supervisa con respecto a un rango definido, pero no está limitada por este.
El valor de referencia tiene un alto nivel de concentración. Es decir, un reducido número de valores constituye una parte significativa del valor de referencia.
Inversor minorista al que va dirigido
El Fondo puede ser adecuado para inversores con un horizonte de inversión a largo plazo. El Fondo está dirigido a inversores con más experiencia que busquen clases de activos con potencial para reducir la liquidez y aumentar la volatilidad del rendimiento, o a inversores que busquen estrategias de inversión muy activas que puedan dar lugar a una cartera concentrada. El Fondo puede ser adecuado para inversores que busquen una inversión para diversificar una cartera principal existente.
Una inversión en el Fondo solo es adecuada para inversores que sean capaces de evaluar los riesgos y los beneficios de dicha inversión y que cuenten con recursos suficientes para soportar cualquier pérdida, ya que el Fondo no está garantizado y el importe recibido puede ser inferior a la cantidad invertida. El Fondo está diseñado para formar parte de una cartera de inversión diversificada. Los posibles inversores deben consultar a su asesor financiero antes de invertir.
Plazo:
El Fondo no tiene una fecha de vencimiento.
El Productor del PRIIP no puede terminar el Fondo de forma unilateral. Asimismo, el Consejo de Administración podrá decidir liquidar el Fondo en determinadas circunstancias que se detallan en el folleto y los estatutos del Fondo.
Información adicional:
El presente documento describe una única clase de acciones o participaciones de un subfondo de la Sociedad. Puede obtener más información sobre la Sociedad y consultar el Folleto, los informes anual y semestral más recientes de la Sociedad y los últimos precios de las acciones o participaciones de forma gratuita, en inglés, a través del Agente de registro y de transferencia, mediante el correo electrónico [email protected] o visitando www.global.assetmanagement.hsbc.com. El Folleto más reciente se encuentra disponible en inglés y alemán. El Folleto y los informes anual y semestral han sido elaborados para el conjunto de la Sociedad.
El Banco Depositario es HSBC Continental Europe, Luxembourg. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos.
Es posible canjear sus acciones o participaciones por las de una clase distinta u otro subfondo de la Sociedad. Para obtener más información al respecto, consulte el apartado del Folleto relativo a las conversiones entre subfondos o clases. | # En quoi consiste ce produit ?
Type
Le Fonds est une société d’investissement constituée en tant que société anonyme répondant à la qualification de Société d’Investissement à Capital Variable. La valeur du Fonds dépend de la performance des actifs sous-jacents et peut augmenter ou diminuer. Tout capital investi dans le Fonds peut être exposé à des risques.
Objectifs et politique d’investissement
Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant dans un portefeuille d’actions indiennes. Politique d’investissement :
Dans des conditions de marché normales, le Fonds investira au moins 90 % de ses actifs dans des actions (ou titres similaires) de sociétés de toute taille basées ou exerçant la majeure partie de leur activité en Inde.
Le Fonds peut investir jusqu’à 30 % dans une combinaison de bons de participation et titres convertibles.
Le Fonds n’investira pas plus de 10 % de ses actifs dans des Sociétés d’investissement immobilier cotées (REIT).
Le Fonds peut aussi investir jusqu’à 10 % de ses actifs dans d’autres fonds, y compris des fonds de HSBC.
Le Fonds peut aussi investir dans des instruments dérivés. Le Fonds peut les utiliser à des fins de gestion efficace du portefeuille, de couverture et de gestion de trésorerie. Les instruments dérivés ne seront pas utilisés en grande mesure à des fins d’investissement. Les instruments dérivés peuvent aussi être intégrés à d’autres instruments utilisés par le Fonds.
Le Fonds peut procéder à des opérations de prêt de titres à hauteur de 29 % de ses actifs. Cependant, ce niveau ne devrait pas dépasser 25 %.
La devise de référence du Fonds est USD. La devise de référence de cette catégorie d’actions est USD.
Les revenus sont distribués.
Vous pouvez vendre votre investissement la plupart des jours ouvrables.
Le Fonds est géré de manière active et ne réplique pas d’indice de référence. Le Fonds a un objectif interne ou externe par rapport à un indice de référence, l’indice S&P / IFCI India Gross.
Les investissements dans des titres qui ne sont pas repris dans l’indice de référence sur la base de stratégies de gestion active d’investissement et d’opportunités d’investissements spécifiques se feront à la discrétion du Conseiller en investissements. Il est prévu qu’un pourcentage significatif des investissements du Fonds soit constitué de composants de l’indice de référence.
Cependant, leurs pondérations peuvent s’écarter de manière significative de celles de l’indice de référence.
Tout écart par rapport à l’indice de référence est contrôlé dans le cadre du risque global, qui comprend une surveillance au niveau de la sécurité et des secteurs.
L’écart de la performance du Fonds par rapport à celle de l’indice de référence est également analysé par rapport à un écart défini, sans pour autant y être limité.
L’indice de référence a un niveau de concentration élevé. Cela signifie qu’un petit nombre de titres représente une part importante de l’indice de référence.
Investisseurs de détail visés
Le Fonds peut convenir aux investisseurs ayant un horizon d’investissement à long terme. Le Fonds est destiné aux investisseurs plus expérimentés qui visent des catégories d’actifs susceptibles de réduire la liquidité et d’augmenter la volatilité du rendement, ou aux investisseurs qui visent des stratégies d’investissement très actives pouvant entraîner une concentration du portefeuille. Le Fonds peut convenir aux investisseurs à la recherche d’un investissement permettant de diversifier un portefeuille de base existant.
Un investissement dans le Fonds est uniquement adapté aux investisseurs qui sont en mesure d’évaluer les risques et le bien- fondé d’un tel investissement, et qui disposent des ressources suffisantes pour supporter une perte, dans la mesure où le Fonds n’est pas garanti et où ils peuvent récupérer moins que le montant investi. Le Fonds est conçu pour être utilisé dans le cadre d’un portefeuille de placements diversifié. Les investisseurs potentiels sont invités à consulter leur conseiller financier avant de réaliser un investissement.
Durée :
Le Fonds n’a pas de date d’échéance.
L’Initiateur du PRIIP ne peut pas liquider le Fonds de manière unilatérale. Le Conseil d’administration peut également décider de liquider le Fonds dans certaines circonstances énoncées dans le prospectus et les statuts du Fonds.
Informations supplémentaires :
Ce document se réfère à une seule catégorie d’actions d’un compartiment de la Société. De plus amples informations sur la Société, y compris le Prospectus, les derniers rapports annuel et semestriel et les derniers cours publiés des actions, peuvent être obtenues gratuitement, en anglais, auprès de l’Agent de registre et de transfert en envoyant un e-mail à [email protected], ou sur www.global.assetmanagement.hsbc.com. Le Prospectus le plus récent est disponible en anglais et en allemand. Le Prospectus et les rapports annuels et semestriels sont préparés pour l’ensemble de la Société.
La Banque dépositaire est HSBC Continental Europe, Luxembourg . Les actifs du Fonds sont conservés en sécurité par le Dépositaire et sont séparés des actifs des autres Fonds.
Vous avez la possibilité de convertir vos actions en actions d’une autre catégorie ou d’un autre compartiment de la Société. Pour de plus amples informations sur la marche à suivre, veuillez consulter la section « How to convert between Sub-Funds / Classes » du Prospectus. | fr | es |
DOLFIN6912 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Investissement EUR 10 000 | Si vous sortez Si vous sortez après 5 ans (la période de détention recommandée) après 1 an |
| --- | --- |
| Coûts totaux | EUR 190 | EUR 1 320 |
| Incidence sur le rendement (réduction du rendement) par an | 1,9% | 1,9% | | | Inversión de 10.000 EUR | En caso de salida En caso de salida después de 5 años (período de mantenimiento después de 1 año recomendado) |
| --- | --- |
| Costes totales | 190 EUR | 1.320 EUR |
| Impacto en el rendimiento (reducción del rendimiento) por año | 1,9% | 1,9% | | | Investissement EUR 10 000 | Si vous sortez Si vous sortez après 5 ans (la période de détention recommandée) après 1 an |
| --- | --- |
| Coûts totaux | EUR 190 | EUR 1 320 |
| Incidence sur le rendement (réduction du rendement) par an | 1,9% | 1,9% | | fr | es |
DOLFIN6913 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 1.00% |
| Frais de sortie | 0.00% |
| Frais de conversion | 1.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 1.20% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance 10,00% de la surperformance lorsque la performance est positive et dépasse la performance de l'indicateur de référence (EONIA capitalisé jusqu'au 29/08/2019 ; ICE BofA ML Euro Broad Market à compter du 30/08/2019) depuis le début de l'année. Commission de performance facturée pour l'exercice écoulé : 0,01%. Montant de la commission de performance facturé au titre du dernier exercice : 0.65% | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1.00% |
| Gastos de salida | 0.00% |
| Gastos de conversión | 1.00% |
| Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1.20% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad El 10,00% del exceso de rentabilidad, siempre y cuando la rentabilidad sea positiva y supere la del indicador de referencia (el EONIA capitalizado hasta el 29/08/2019; el ICE BofA ML Euro Broad Market a partir del 30/08/2019) desde el inicio del año. Comisión de rentabilidad facturada correspondiente al último ejercicio financiero: 0,01%. Importe de la comisión de rentabilidad percibida en el último ejercicio: 0.65% | | | Frais ponctuels prélevés avant ou après investissement |
| --- |
| Frais d'entrée | 1.00% |
| Frais de sortie | 0.00% |
| Frais de conversion | 1.00% |
| Le pourcentage indiqué est le maximum pouvant être prélevé sur votre capital avant que celui-ci ne soit investi / avant que le revenu de votre investissement ne vous soit distribué. |
| Frais prélevés par le fonds sur une année |
| Frais courants | 1.20% |
| Frais prélevés par le fonds dans certaines circonstances |
| Commission de performance 10,00% de la surperformance lorsque la performance est positive et dépasse la performance de l'indicateur de référence (EONIA capitalisé jusqu'au 29/08/2019 ; ICE BofA ML Euro Broad Market à compter du 30/08/2019) depuis le début de l'année. Commission de performance facturée pour l'exercice écoulé : 0,01%. Montant de la commission de performance facturé au titre du dernier exercice : 0.65% | | fr | es |
DOLFIN6914 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
## Période de détention recommandée: 2 années
## Ce Produit n'a pas de période de détention minimale requise, les 2 ans ont été calculés pour être conformes au délai dont le Produit peut avoir besoin pour atteindre ses objectifs d'investissement.
Vous pouvez vendre votre investissement avant la fin de la période de détention recommandée sans pénalité. La performance ou le risque de votre investissement peuvent être affectés négativement. La section « Quels sont les frais ? » fournit des informations sur l'impact des frais au fil du temps. | # ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
## Periodo de tenencia recomendado: 2 años
## Este Producto no tiene un periodo mínimo de tenencia; los 2 años se han calculado para cumplir el plazo que el Producto puede necesitar para alcanzar sus objetivos de inversión.
Puede vender su inversión antes del final del periodo de tenencia recomendado sin penalización. La rentabilidad o el riesgo de su inversión pueden verse afectados negativamente. La sección «¿Cuáles son los gastos?» proporciona información sobre el impacto de los gastos a lo largo del tiempo. | # Combien de temps dois-je le conserver et puis-je retirer de l’argent de façon anticipée?
## Période de détention recommandée: 2 années
## Ce Produit n'a pas de période de détention minimale requise, les 2 ans ont été calculés pour être conformes au délai dont le Produit peut avoir besoin pour atteindre ses objectifs d'investissement.
Vous pouvez vendre votre investissement avant la fin de la période de détention recommandée sans pénalité. La performance ou le risque de votre investissement peuvent être affectés négativement. La section « Quels sont les frais ? » fournit des informations sur l'impact des frais au fil du temps. | fr | es |
DOLFIN6915 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in bonds, which may be subject to significant fluctuations in value. Bonds are subject to issuer risk, credit risk and interest rate risk.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | # Risques
Le fonds investit dans des obligations pouvant être soumises à des fluctuations de valeur importantes. Les obligations comportent des risques de signature, de crédit et de taux.
Capital sous risque: Les instruments financiers engendrent un facteur de risque. Par conséquent, la valeur de l'investissement et le rendement qui en résulte peuvent varier et la valeur initiale de l`investissement investi ne peut pas être garantie. | # Risks
The fund invests in bonds, which may be subject to significant fluctuations in value. Bonds are subject to issuer risk, credit risk and interest rate risk.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. | en | fr |
DOLFIN6916 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
#### The holders of Shares shall:
- on a poll be entitled to one vote per Share;
- be entitled to such dividends as the Directors may from time to time declare;
- in the event of a winding up or dissolution of the Company, be entitled, in priority to the holders of the Subscriber Shares, firstly to an amount equal to the Net Asset Value of the Shares of each class or series held at the date of winding up and, after payment to the holders of the Subscriber Shares of the nominal amount paid up thereon, to participate in surplus assets of the Company (if any). | #### Les détenteurs d’Actions :
- disposeront d’une voix par Action lors des scrutins ;
- auront droit aux dividendes que les Administrateurs déclareront le cas échéant ;
- En cas de liquidation ou de dissolution de la Société, auront droit, prioritairement par rapport aux détenteurs d’Actions de fondateur, en premier lieu à percevoir un montant équivalent à la valeur liquidative des Actions de chaque catégorie ou série détenue à la date de la liquidation puis, après paiement aux détenteurs d’Actions de souscripteur du montant nominal à cet égard, à participer au boni de la Société (le cas échéant). | #### The holders of Shares shall:
- on a poll be entitled to one vote per Share;
- be entitled to such dividends as the Directors may from time to time declare;
- in the event of a winding up or dissolution of the Company, be entitled, in priority to the holders of the Subscriber Shares, firstly to an amount equal to the Net Asset Value of the Shares of each class or series held at the date of winding up and, after payment to the holders of the Subscriber Shares of the nominal amount paid up thereon, to participate in surplus assets of the Company (if any). | en | fr |
DOLFIN6917 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
- Currency risk:EUR (C/D) units carry currency risk associated with their exposure to the MSCI USA Leveraged 2x Daily Strategy Index, resulting from changes in the value of the reference currencies in which the stocks forming the MSCI USA Leveraged 2x Daily Strategy Index tracked by the Fund are denominated. Investors are therefore exposed to exchange rates fluctuations of this currency against the currencyof the units in which they have invested. | Il Fondo potrà inoltre riscontrare difficoltà di negoziazione ovvero l'impossibilità momentanea di negoziare determinati titoli, nei quali investe, in caso d'insolvenza di una controparte su contratti di scambio sul rendimento totale (TRS).
Rischio giuridico:
L'utilizzo delle acquisizioni e delle cessioni temporanee di titoli e/o dei contratti di cambio sul rendimento totale (TRS) può comportare un rischio giuridico, segnatamente in relazione ai contratti.
- Rischio di cambio:La quota EUR (C/D) presenta un rischio di cambio legato all'esposizione dell'indice di strategia MSCI USA Leveraged 2x Daily, risultante dall'andamento della valuta di riferimento dei titoli che compongono l'indice di strategia MSCI USA Leveraged 2x Daily replicato dal Fondo. L'investitore è quindi esposto alle variazioni del tasso di cambio di questa valuta contro l'altra valuta. | The Fund may also be exposed to trading difficulties or a temporary inability to trade certain securities in which the Fund invests, in the event of a counterparty defaulting on total return swaps (TRS).
Legal risk:
The use of temporary purchases and sales of securities and/or total return swaps (TRS) may create a legal risk, particularly relating to the swaps.
- Currency risk:EUR (C/D) units carry currency risk associated with their exposure to the MSCI USA Leveraged 2x Daily Strategy Index, resulting from changes in the value of the reference currencies in which the stocks forming the MSCI USA Leveraged 2x Daily Strategy Index tracked by the Fund are denominated. Investors are therefore exposed to exchange rates fluctuations of this currency against the currencyof the units in which they have invested. | en | it |
DOLFIN6918 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The scoring resulting from the screenings detailed above are made available to and reviewed by the Investment Manager on a regular basis. These data points are designed to help the Investment Manager analyze the Sub-Fund's portfolio characteristics and sustainability risks against the index referred to in the Sub-Fund's investment policy (the "Index"). They are used as inputs to the Investment Managers’ systematic investment model.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/ services. | Les notes attribuées en vertu du processus de sélection susmentionné sont communiquées et réexaminées par le Gérant à intervalles réguliers. Ces données doivent aider le Gérant à analyser les caractéristiques du portefeuille du Compartiment et les risques en matière de durabilité par rapport à l’indice indiqué dans la politique d’investissement du Compartiment ("l’Indice"). Elles sont incorporées au modèle d’investissement systématique du Gérant.
Exclusions
- Exclusion de sociétés impliquées, directement ou par le biais de participations, dans la fabrication d’armes controversées (production, recherche et développement, maintenance/entretien/gestion, intégration système, test, vente/négoce). Sont concernées par cette exclusion les armes interdites ou proscrites par la Convention d’Ottawa sur l’interdiction des mines antipersonnel (entrée en vigueur en 1999), la Convention sur les armes à sous-munitions (Convention d’Oslo) de 2008, la Convention sur les armes biologiques ou à toxines (CABT – 1972) et la Convention sur les armes chimiques (CAC – 1993). L’uranium appauvri et le phosphore blanc sont également exclus.
- Exclusions des sociétés générant plus de 10% de leur chiffre d’affaires de la production de produits à base de tabac ou de la distribution de produits/services du tabac. | The scoring resulting from the screenings detailed above are made available to and reviewed by the Investment Manager on a regular basis. These data points are designed to help the Investment Manager analyze the Sub-Fund's portfolio characteristics and sustainability risks against the index referred to in the Sub-Fund's investment policy (the "Index"). They are used as inputs to the Investment Managers’ systematic investment model.
Exclusions
- Exclusion of companies involved in controversial weapons (production, research & development, maintenance/services/management, system integration, testing, sales/trade), directly or through ownership. The scope of this exclusion includes weapons banned or outlawed by the Ottawa Treaty on landmines (effective 1999), the Convention on Cluster Munitions (Oslo Convention) of 2008, the Biological and Toxin Weapons Convention (BWC – 1972) and the Chemical Weapons Convention (CWC – 1993). In addition, depleted uranium and white phosphorus are excluded.
- Exclusion of companies deriving more than 10% of their revenues from either production of tobacco products or retailing of tobacco products/ services. | en | fr |
DOLFIN6919 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the euro (EUR).
14.0%
13.0%
-10.5%
9.7%
0.7%
-8.2%
21.5%
14.6%
3.7%
8.1%
7.1%
4.4%
-5.7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # La divisa de referencia es el euro (EUR).
14,0%
13,0%
-10,5%
9,7%
0,7%
-8,2%
21,5%
14,6%
3,7%
8,1%
7,1%
4,4%
-5,7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | # The reference currency is the euro (EUR).
14.0%
13.0%
-10.5%
9.7%
0.7%
-8.2%
21.5%
14.6%
3.7%
8.1%
7.1%
4.4%
-5.7%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 | en | es |
DOLFIN6920 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | 300 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.27% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 127 EUR |
| Transaction costs | 0.24% 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. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | | Costi una tantum di ingresso o di uscita | Incidenza annuale dei costi in caso di uscita dopo 1 anno |
| --- | --- |
| Costi di ingresso | 3,00% dell'importo versato al momento dell'investimento. | 300 EUR |
| Costi di uscita | 0,50% del vostro investimento prima che vi venga versato. | 50 EUR |
| Costi correnti registrati ogni anno | |
| Commissioni di gestione e altri costi amministrativi o di esercizio | 1,27% del valore del vostro investimento all'anno. Si tratta di una stima basata sui costi effettivi dell'ultimo anno. | 127 EUR |
| Costi di transazione | 0,24% del valore del vostro investimento all'anno. Si tratta di una stima dei costi sostenuti per l'acquisto e la vendita degli investimenti sottostanti al prodotto. L'importo effettivo dipenderà dal volume degli acquisti e delle vendite effettuati. | 24 EUR |
| Oneri accessori sostenuti in determinate condizioni | |
| Commissioni di performance | Non è prevista una commissione di performance per questo prodotto. | 0 EUR | | | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year |
| --- | --- |
| Entry costs | 3.00% of the amount you pay in when entering this investment. | 300 EUR |
| Exit costs | 0.50% of your investment before it is paid out to you. | 50 EUR |
| Ongoing costs taken each year | |
| Management fees and other administrative or operating costs | 1.27% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 127 EUR |
| Transaction costs | 0.24% 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. | 24 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this product. | 0 EUR | | en | it |
DOLFIN6921 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Le prospectus du fonds renseigne une commission maximum de 5.00%. Cette commission n'est pas facturée par la Société de gestion, mais correspond au montant maximum que peut demander la personne qui vous vend le produit. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.14% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'exercice précédent, ou sur les coûts prévus si la catégorie d'actions a été lancée récemment. | €114 |
| Coûts de transaction | 0.09% 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. | €9 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | €0 | | | Costes únicos de entrada o salida En caso de salida después de 1 año |
| --- |
| Costes de entrada | En el folleto del fondo se establece una comisión máxima del 5.00%. Esta comisión no se carga a la Sociedad gestora, sino que representa el máximo que puede cobrar la persona que le vende el producto. | Hasta €500 |
| Costes de salida | No cobramos comisión de salida. | €0 |
| Costes corrientes detraídos cada año |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1.14% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año, o en los costes previstos si la clase de acciones ha sido lanzada recientemente. | €114 |
| Costes de operación | 0.09% 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. | €9 |
| Costes accesorios detraídos en condiciones específicas |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | €0 | | | Coûts ponctuels à l'entrée ou à la sortie Si vous sortez après 1 an |
| --- |
| Coûts d'entrée | Le prospectus du fonds renseigne une commission maximum de 5.00%. Cette commission n'est pas facturée par la Société de gestion, mais correspond au montant maximum que peut demander la personne qui vous vend le produit. | Jusqu'à €500 |
| Coûts de sortie | Nous ne facturons pas de coût de sortie. | €0 |
| Coûts récurrents prélevés chaque année |
| Frais de gestion et autres frais administratifs et d’exploitation | 1.14% de la valeur de votre investissement par an. Cette estimation se base sur les coûts réels au cours de l'exercice précédent, ou sur les coûts prévus si la catégorie d'actions a été lancée récemment. | €114 |
| Coûts de transaction | 0.09% 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. | €9 |
| Coûts accessoires prélevés sous certaines conditions |
| Commissions liées aux résultats | Aucune commission liée aux résultats n'existe pour ce produit. | €0 | | fr | es |
DOLFIN6922 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Past Performance
8.48%
9.30%
6.90%
7.35%
8.98%
9.05%
17.5% Past performance is no guarantee of any particular performance,
6.87%
2.57%
3.53%
5.33%
15.0%
1.59%
3.56%
12.5%
0.74%
10.0%
7.5%
5.0%
2.5%
0.0%
-0.89%
-2.5%
-5.0%
-6.85%
-7.34%
-5.08%
-5.18%
-7.5%
-10.0%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (EUR) A launch date: 31/03/2010
Performance is calculated in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Bond Fund Global (EUR) A
Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | # Risultati ottenuti nel passato
8.48%
9.30%
6.90%
7.35%
8.98%
9.05%
17.5% La performance passata non costituisce alcuna garanzia in relazio-
6.87%
2.57%
3.53%
5.33%
15.0%
1.59%
3.56%
12.5%
0.74%
10.0%
7.5%
5.0%
2.5%
0.0%
-0.89%
-2.5%
-5.0%
-6.85%
-7.34%
-5.08%
-5.18%
-7.5%
-10.0%
ne al rendimento presente e futuro dell’investimento.
Il calcolo tiene in considerazione i tutti i costi, le spese e le commis- sioni ad eccezione delle commissioni di sottoscrizione e rimborso.
LGT Sustainable Bond Fund Global (EUR) A è stato avviato in data 31/03/2010.
In rendimenti storici sono calcolati in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Bond Fund Global (EUR) A
Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR)
Per ulteriori informazioni sui risultati ottenuti in passato, vi preghiamo di consultare i rapporti mensili (www.lgtcp.com/en/regulatory-information).
- | # Past Performance
8.48%
9.30%
6.90%
7.35%
8.98%
9.05%
17.5% Past performance is no guarantee of any particular performance,
6.87%
2.57%
3.53%
5.33%
15.0%
1.59%
3.56%
12.5%
0.74%
10.0%
7.5%
5.0%
2.5%
0.0%
-0.89%
-2.5%
-5.0%
-6.85%
-7.34%
-5.08%
-5.18%
-7.5%
-10.0%
neither present nor future.
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global (EUR) A launch date: 31/03/2010
Performance is calculated in EUR.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
LGT Sustainable Bond Fund Global (EUR) A
Bloomberg Barclays Global Aggregate Ex-Securitized (EUR) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
- | en | it |
DOLFIN6923 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# DETERMINATION OF NET ASSET VALUE
- The Company shall determine the Net Asset Value of the Company and each fund as at the close of business on the Dealing Day or such other time as the Directors may determine and disclose in the Prospectus. The Net Asset Value shall be expressed in the Base Currency as a per share figure for the issue of shares and for the repurchase of shares respectively as appropriate and shall be determined in accordance with Article 13 hereof.
- The Company at any time may, but shall not be obliged to, temporarily suspend the determination of the Net Asset Value of the shares in any fund and the sale and repurchase of such shares, in the following instances:-
- any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Company’s or a fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the fund is not practically feasible;
- any period when for any reason the prices of any investments of the fund cannot be reasonably, promptly or accurately ascertained by the fund;
- any period when remittance of monies which will, or may, be involved in the realisation of, or in the payment for, investments of the fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the fund’s account.
- The Company may elect to treat the first Business Day on which the conditions giving rise to the suspension have ceased as a substitute Dealing Day in which case the Net Asset Value calculations and all issues and repurchases of shares shall be effected on the substitute Dealing Day.
Alternatively the Company may elect not to treat such Business Day as a substitute Dealing Day in which case it shall notify all applicants for shares and shareholders requesting repurchase of shares who shall then be entitled to withdraw their applications and repurchase requests by the date stated in the notification.
- Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen days and any such suspension shall be notified immediately to the Central Bank and in any event within the same Business Day.
- | # CALCUL DE LA VALEUR LIQUIDATIVE
- La Société calculera la Valeur Liquidative de la Société et de chaque compartiment à la clôture de séance le Jour de Négociation ou à tout autre moment fixé par les Administrateurs et indiqué dans le Prospectus. La Valeur Liquidative sera exprimée dans la Devise de Référence comme un montant par action respectivement pour l'émission d'actions et pour le rachat d'actions, selon le cas, et calculée conformément à l'Article 13 des présentes.
- À tout moment, la Société peut, sans y être obligée, suspendre temporairement le calcul de la Valeur Liquidative des actions d'un compartiment et la vente et le rachat de celles-ci, dans les situations suivantes :
- toute période (autre que les périodes habituelles de fermeture pendant les jours fériés légaux ou les fins de semaine) pendant laquelle tout marché sera fermé, dès lors qu’il s’agit du marché principal sur lequel est négociée une partie importante des investissements de la Société ou d'un compartiment, ou sur lequel la négociation de ces investissements est restreinte ou suspendue ;
- toute période pendant laquelle, du fait d'une situation d'urgence, la Société ne peut pas liquider, pour des raisons d'impossibilité pratique, des investissements constituant une partie substantielle des actifs du compartiment ;
- toute période pendant laquelle, pour quelque raison que ce soit, les prix de quelconques investissements du compartiment ne peuvent pas raisonnablement, promptement ou exactement être déterminés par ce dernier ;
- toute période pendant laquelle le règlement des fonds qui seront ou pourraient être impliqués dans la réalisation ou le paiement d’investissements du compartiment, ne peut pas, de l’avis des Administrateurs, être effectué à des taux de change normaux ; ou
- toute période durant laquelle les produits de la vente ou du rachat des Actions ne peuvent être transférés vers ou à partir du compte du compartiment.
- La Société peut choisir de traiter le premier Jour Ouvré où les circonstances donnant lieu à la suspension ont cessé comme un Jour de Négociation de substitution, auquel cas le calcul de la Valeur Liquidative et l’ensemble desémissions et rachats d'actions seront effectués ce Jour de Négociation de substitution. À titre d'alternative, la Société peut choisir de ne pas traiter ce Jour Ouvré comme un Jour de Négociation de substitution, auquel cas elle en informera toutes les personnes ayant soumis des demandes de souscription et les actionnaires demandant le rachat d'actions, lesquels auront le droit de retirer leurs demandes de souscription et de rachat dans les délais indiqués dans cet avis.
- Toute suspension de cette nature sera publiée par la Société d’une manière considérée appropriée vis-à-vis des personnes susceptibles d’être affectées par cette suspension, si la Société estime probable qu’une telle suspension risque de durer plus de quatorze jours. Toute suspension de cette nature sera également notifiée immédiatement à la Banque Centrale et en toutes circonstances au cours du même Jour Ouvré.
- | # DETERMINATION OF NET ASSET VALUE
- The Company shall determine the Net Asset Value of the Company and each fund as at the close of business on the Dealing Day or such other time as the Directors may determine and disclose in the Prospectus. The Net Asset Value shall be expressed in the Base Currency as a per share figure for the issue of shares and for the repurchase of shares respectively as appropriate and shall be determined in accordance with Article 13 hereof.
- The Company at any time may, but shall not be obliged to, temporarily suspend the determination of the Net Asset Value of the shares in any fund and the sale and repurchase of such shares, in the following instances:-
- any period (other than ordinary holiday or customary weekend closings) when any market is closed which is the main market for a significant part of the Company’s or a fund’s investments, or when trading thereon is restricted or suspended;
- any period when any emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the fund is not practically feasible;
- any period when for any reason the prices of any investments of the fund cannot be reasonably, promptly or accurately ascertained by the fund;
- any period when remittance of monies which will, or may, be involved in the realisation of, or in the payment for, investments of the fund cannot, in the opinion of the Directors, be carried out at normal rates of exchange; or
- any period when proceeds of the sale or repurchase of the Shares cannot be transmitted to or from the fund’s account.
- The Company may elect to treat the first Business Day on which the conditions giving rise to the suspension have ceased as a substitute Dealing Day in which case the Net Asset Value calculations and all issues and repurchases of shares shall be effected on the substitute Dealing Day.
Alternatively the Company may elect not to treat such Business Day as a substitute Dealing Day in which case it shall notify all applicants for shares and shareholders requesting repurchase of shares who shall then be entitled to withdraw their applications and repurchase requests by the date stated in the notification.
- Any such suspension shall be published by the Company in such manner as it may deem appropriate to the persons likely to be affected thereby if in the opinion of the Company, such suspension is likely to continue for a period exceeding fourteen days and any such suspension shall be notified immediately to the Central Bank and in any event within the same Business Day.
- | en | fr |
DOLFIN6924 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## IMPORTANT INFORMATION
This marketing material contains or may incorporate by reference information concerning certain collective investment schemes ("funds") which are only available for distribution in the registered countries. It is for your exclusive use only and it is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions. It may not be copied or transferred.
This material is provided for information purposes only and shall not be construed as an offer or a recommendation to subscribe, retain or dispose of fund units or shares, investment products or strategies. Before investing in any fund or pursuing any investment strategy, potential investors should take into account all their characteristics or objectives as well as consult the relevant legal documents. Potential investors are recommended to seek prior professional financial, legal and tax advice. The sources of the information contained within are deemed reliable. However, the accuracy or completeness of the information cannot be guaranteed and some figures may only be estimates. In addition, any opinions expressed are subject to change without notice. There is no guarantee that objectives and targets will be met by the portfolio manager. | ## INFORMATIONS IMPORTANTES
Le présent document publicitaire contient ou peut contenir par référence des données concernant certains placements collectifs de capitaux («fonds») qui sont disponibles à la distribution uniquement dans les pays dans lesquels ils ont été enregistrés. Il est destiné à votre usage exclusif et n'est pas destiné à toute personne citoyenne ou résidente d'une juridiction dans laquelle la publication, la distribution ou l'utilisation des informations contenues dans le présent document seraient soumises à des restrictions. Il ne peut pas non plus être copié ou transféré.
Ce document est fourni à titre d'information uniquement et ne doit pas être considéré comme une offre ou une recommandation de souscrire, conserver ou vendre des parts ou actions de fonds, une stratégie d'investissement ou tout autre produit d'investissement. Avant d'investir dans un fonds ou d'adopter toute stratégie d'investissement, les investisseurs potentiels sont invités à prendre en compte toutes leurs caractéristiques ou objectifs et consulter les documents juridiques pertinents. Il est recommandé aux investisseurs potentiels de consulter préalablement des conseillers financiers, juridiques et fiscaux professionnels. Les informations contenues dans le présent document sont issues de sources jugées fiables. Toutefois, l'exactitude et l'exhaustivité des informations ne peuvent être garanties, et certains chiffres peuvent n'être que des estimations. En outre, toute opinion exprimée est susceptible d'être modifiée sans préavis. Aucune garantie n'est donnée quant à la réalisation des objectifs et cibles par le gérant du fonds. | ## IMPORTANT INFORMATION
This marketing material contains or may incorporate by reference information concerning certain collective investment schemes ("funds") which are only available for distribution in the registered countries. It is for your exclusive use only and it is not intended for any person who is a citizen or resident of any jurisdiction where the publication, distribution or use of the information contained herein would be subject to any restrictions. It may not be copied or transferred.
This material is provided for information purposes only and shall not be construed as an offer or a recommendation to subscribe, retain or dispose of fund units or shares, investment products or strategies. Before investing in any fund or pursuing any investment strategy, potential investors should take into account all their characteristics or objectives as well as consult the relevant legal documents. Potential investors are recommended to seek prior professional financial, legal and tax advice. The sources of the information contained within are deemed reliable. However, the accuracy or completeness of the information cannot be guaranteed and some figures may only be estimates. In addition, any opinions expressed are subject to change without notice. There is no guarantee that objectives and targets will be met by the portfolio manager. | en | fr |
DOLFIN6925 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
- Le Fonds est classé dans la catégorie ci-dessus en raison de la nature des investissements, qui comprennent les risques indiqués ci-dessous.
- La catégorie de risque indiquée peut changer avec le temps.
- L’indicateur est conçu pour aider les investisseurs à comprendre les incertitudes liées à la fois au déclin et à la croissance susceptible d’affecter leur investissement. La catégorie la plus basse n’est pas« sans risque ».
- Le Fonds n’émet aucune garantie à l’égard de ses investisseurs concernant la performance ou les fonds qui y ont été investis.
- Outre le risque pris en compte par l’indicateur, la valeur totale du Fonds peut être considérablement touchée par :
- La valeur boursière des investissements en actions peut chuter en raison de conditions boursières et économiques défavorables, de perceptions négatives concernant les secteurs dans lesquels le Fonds investit et de la situation et de la performance de sociétés spécifiques dont le Fonds détient des titres.
- Les titres de sociétés dans le domaine de l’infrastructure peuvent être dévalorisés par des changements économiques ou réglementaires quiont une incidence sur leurs industries. De plus, les innovations technologiques, la variation du nombre de consommateurs, la vulnérabilité aux actes terroristes ou certaines décisions politiques peuvent avoir un impact sur la bonne marche des sociétés dans lesquelles le Fonds investit.
- Le Fonds sera essentiellement investi dans des titres de société dans le domaine de l’infrastructure et par conséquent peut être plus volatile qu’un fonds plus largement diversifié.
- Les rendements générés par des produits dérivés peuvent être plus volatils que ceux générés par des actifs sous-jacents. Certains produits dérivés peuvent engendrer des gains ou pertes supérieurs au montant investi.
- Les marchés émergents peuvent être confrontés à davantage de défis politiques, économiques ou structurels que des pays développés.
- Les variations du taux de change peuvent entraîner la baisse ou la hausse de la valeur des investissements.
- Les marchés émergents ou les marchés moins développés peuvent faire face à des défis plus structurels, économiques ou politiques que les pays développés, faisant courir des risques plus importants à votre argent.
- Une discussion plus poussée sur les risques associés à un investissement dans le Fonds est proposée dans le prospectus. | - El Fondo se clasifica en la categoría anterior debido a la naturaleza de las inversiones, que comportan los riesgos indicados a continuación.
- La categoría de riesgo indicada puede cambiar con el tiempo.
- El indicador está diseñado para ayudar a los inversores a entender las incertidumbres, tanto para pérdidas como para ganancias, que pueden afectar a sus inversiones. La categoría inferior no representa que esté «libre de riesgo».
- El Fondo no proporciona a sus inversores ninguna garantía sobre rendimiento, ni sobre los importes que se hayan invertido en él.
- Además del riesgo que representa el indicador, el valor general del Fondo puede verse afectado considerablemente por:
- El valor de mercado de las inversiones en títulos de renta variable puede caer debido a situaciones de mercado y económicas negativas, a las percepciones relativas a los sectores en los que invierte el Fondo y a las circunstancias y rentabilidad de ciertas empresas cuyas acciones mantiene el Fondo.
- Las acciones de las empresas de infraestructura pueden verse afectadas negativamente por hechos económicos o reguladores queafecten a su sector de la industria. Además, la innovación tecnológica, los cambios en la cantidad de usuarios finales y la susceptibilidad ante actos terroristas o acciones políticas pueden afectar a las operaciones de las empresas en las cuales el Fondo invierte.
- El Fondo invertirá principalmente en acciones de infraestructura y, por lo tanto, puede ser más volátil que un fondo que esté más diversificado.
- El rendimiento que proviene de derivados puede resultar más volátil que el que proviene de activos subyacentes. Ciertos derivados pueden provocar ganancias o pérdidas mayores que el importe invertido en un principio.
- Los mercados emergentes pueden enfrentar más problemas políticos, económicos o estructurales que los países desarrollados.
- Las variaciones en los tipos de cambio pueden hacer que el valor de las inversiones aumente o disminuya.
- Los mercados emergentes o los países menos desarrollados pueden enfrentar más problemas políticos, económicos o estructurales que los países desarrollados, lo que coloca su dinero en una mayor exposición al riesgo.
- En el folleto se expone la información exhaustiva sobre los riesgos asociados a una inversión en el Fondo. | - Le Fonds est classé dans la catégorie ci-dessus en raison de la nature des investissements, qui comprennent les risques indiqués ci-dessous.
- La catégorie de risque indiquée peut changer avec le temps.
- L’indicateur est conçu pour aider les investisseurs à comprendre les incertitudes liées à la fois au déclin et à la croissance susceptible d’affecter leur investissement. La catégorie la plus basse n’est pas« sans risque ».
- Le Fonds n’émet aucune garantie à l’égard de ses investisseurs concernant la performance ou les fonds qui y ont été investis.
- Outre le risque pris en compte par l’indicateur, la valeur totale du Fonds peut être considérablement touchée par :
- La valeur boursière des investissements en actions peut chuter en raison de conditions boursières et économiques défavorables, de perceptions négatives concernant les secteurs dans lesquels le Fonds investit et de la situation et de la performance de sociétés spécifiques dont le Fonds détient des titres.
- Les titres de sociétés dans le domaine de l’infrastructure peuvent être dévalorisés par des changements économiques ou réglementaires quiont une incidence sur leurs industries. De plus, les innovations technologiques, la variation du nombre de consommateurs, la vulnérabilité aux actes terroristes ou certaines décisions politiques peuvent avoir un impact sur la bonne marche des sociétés dans lesquelles le Fonds investit.
- Le Fonds sera essentiellement investi dans des titres de société dans le domaine de l’infrastructure et par conséquent peut être plus volatile qu’un fonds plus largement diversifié.
- Les rendements générés par des produits dérivés peuvent être plus volatils que ceux générés par des actifs sous-jacents. Certains produits dérivés peuvent engendrer des gains ou pertes supérieurs au montant investi.
- Les marchés émergents peuvent être confrontés à davantage de défis politiques, économiques ou structurels que des pays développés.
- Les variations du taux de change peuvent entraîner la baisse ou la hausse de la valeur des investissements.
- Les marchés émergents ou les marchés moins développés peuvent faire face à des défis plus structurels, économiques ou politiques que les pays développés, faisant courir des risques plus importants à votre argent.
- Une discussion plus poussée sur les risques associés à un investissement dans le Fonds est proposée dans le prospectus. | fr | es |
DOLFIN6926 | 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 Brookfield Global Renewables and SustainableInfrastructure UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds investit principalement dans des titres de sociétés du monde entier actives dans les énergies renouvelables et les infrastructures durables, comprenant, sans s’y limiter, l’éolien et le solaire, d’autres formes d’énergie propre, les technologies propres, la gestion durable de l’eau et les sociétés à transition opportuniste. Pour des informations plus détaillées sur les énergies renouvelables et les infrastructures durables à l’échelle mondiale, veuillez vous référer au supplément du Fonds.
- Le Fonds peut investir dans des titres émis par des émetteurs résidant ou non aux États-Unis, y compris des sociétés cotées sur des marchés émergents. En termes d’investissement, les marchés émergents se trouvent dans des régions dont les économies sont encore en cours de développement.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme laréduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Le Fonds est géré de manière active, ce qui signifie que le Gestionnaire d’investissement décide à sa discrétion de la composition du portefeuille, en conformité avec l’Objectif et la Politique d’investissement définis pour le Fonds. Bien que l’indice MSCI World Index soit utilisé uniquement à des fins de comparaison des performances, les décisions d’investissement du Gestionnaire d’investissement ne seront pas influencées par les composants de l’indice MSCI World Index. Dès lors, le Gestionnaire d’investissement sélectionnera les investissements du Fonds en se basant entièrement sur ses techniques de sélection de titres, que ces titres soient ou non des composants de l’indice MSCI World Index.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | # Objetivos y política de inversión
- El Brookfield Global Renewables and Sustainable Infrastructure UCITS Fund (el «Fondo») busca obtener unrendimiento total, mediante el crecimiento del capital y de la renta corriente.
- El Fondo invierte principalmente en renta variable (valores que representan una participación accionaria en un negocio).
- El Fondo invierte principalmente en valores de empresas de energías renovables e infraestructuras sostenibles a nivel mundial, entre las que se incluyen, entre otras, las empresas de energía eólica y solar, de otras formas de energía no contaminante, de tecnología no contaminante, de sostenibilidad del agua y de empresas en transición oportunistas. Si desea obtener información más detallada sobre las energías renovables y las infraestructuras sostenibles a nivel mundial, consulte el suplemento del Fondo.
- El Fondo puede invertir en valores emitidos por emisores estadounidenses y extranjeros, incluidas empresas de mercados emergentes de todo el mundo. En lo referente a inversiones, mercados emergentes son las regiones del mundo cuyas economías aún se están desarrollando.
- El Fondo puede invertir en derivados, tales como contratos de divisas a plazos, opciones, futuros y permutas financieras, que estén vinculados a la subida y bajada de otros activos.
- Los derivados pueden utilizarse con fines de inversión y para una gestión eficiente de la cartera, como reducir riesgos o costes, ogenerar capital o ingresos adicionales para el Fondo.
- Todo ingreso que el Fondo genere para esta clase de acciones se reinvertirá, para aumentar el valor de su inversión.
- Se puede comprar y vender acciones en la mayoría de días que sean hábiles en Dublín. Las excepciones se describen con todo detalle en el folleto.
- El Fondo se gestiona de forma activa, lo que significa que el Gestor de inversiones dispone de facultades discrecionales sobre la composición de la cartera del Fondo, con sujeción al objetivo y la política de inversión establecidos. Aunque el índice MSCI World es utilizado por el Fondo únicamente con fines de comparación de la rentabilidad, las decisiones de inversión del Gestor de inversiones no se verán influenciadas por los componentes de dicho índice. En consecuencia, el Gestor de inversiones seleccionará las inversiones del Fondo basándose exclusivamente en sus técnicas de selección de valores, independientemente de que dichos valores sean componentes o no del índice MSCI World.
- La inversión en el Fondo puede ser adecuada para inversores con un horizonte de inversión de plazo medio a largo.
- Consulte el folleto para obtener la información detallada sobre los objetivos y la política de inversión. | # Objectifs et politique d’investissement
- Le Brookfield Global Renewables and SustainableInfrastructure UCITS Fund (le « Fonds ») cherche a dégager de la performance par l’intermédiaire de plus values et du paiement des dividendes
- Le Fonds investit principalement dans des actions (titres qui représentent une participation dans une société).
- Le Fonds investit principalement dans des titres de sociétés du monde entier actives dans les énergies renouvelables et les infrastructures durables, comprenant, sans s’y limiter, l’éolien et le solaire, d’autres formes d’énergie propre, les technologies propres, la gestion durable de l’eau et les sociétés à transition opportuniste. Pour des informations plus détaillées sur les énergies renouvelables et les infrastructures durables à l’échelle mondiale, veuillez vous référer au supplément du Fonds.
- Le Fonds peut investir dans des titres émis par des émetteurs résidant ou non aux États-Unis, y compris des sociétés cotées sur des marchés émergents. En termes d’investissement, les marchés émergents se trouvent dans des régions dont les économies sont encore en cours de développement.
- Il se peut que le Fonds investisse dans des produits dérivés, tels que les contrats de change à terme, les contrats d’options, les contrats à terme standardisés et les swaps qui sont liés à la hausse ou à la baisse d’autres actifs.
- Il se peut que les produits dérivés soient utilisés à des fins d’investissement et pour une gestion de portefeuille efficace comme laréduction du risque ou des coûts ou pour générer des revenus ou plus- value supplémentaire pour le Fonds.
- Tout revenu généré par le Fonds pour cette catégorie d’actions sera réinvesti pour faire croître la valeur de votre investissement.
- Vous pouvez acheter et vendre des actions à Dublin pendant la plupart des jours ouvrés. Les exceptions sont décrites en détails dans le prospectus.
- Le Fonds est géré de manière active, ce qui signifie que le Gestionnaire d’investissement décide à sa discrétion de la composition du portefeuille, en conformité avec l’Objectif et la Politique d’investissement définis pour le Fonds. Bien que l’indice MSCI World Index soit utilisé uniquement à des fins de comparaison des performances, les décisions d’investissement du Gestionnaire d’investissement ne seront pas influencées par les composants de l’indice MSCI World Index. Dès lors, le Gestionnaire d’investissement sélectionnera les investissements du Fonds en se basant entièrement sur ses techniques de sélection de titres, que ces titres soient ou non des composants de l’indice MSCI World Index.
- Ce fonds est destiné aux investisseurs dont l’horizon d’investissement est de moyen à long terme.
- Pour obtenir des détails complets sur les objectifs et la politique d’investissement, veuillez consulter le prospectus. | fr | es |
DOLFIN6927 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between August 2021 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | Lo scenario di stress indica quale potrebbe essere l'importo rimborsato in circostanze di mercato estreme.
Scenario sfavorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il agosto 2021 e il gennaio 2023.
Scenario moderato: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il aprile 2014 e il aprile 2019.
Scenario favorevole: Questo tipo di scenario si è verificato per un investimento usando il parametro di riferimento indicato nel prospetto tra il febbraio 2016 e il febbraio 2021. | The stress scenario shows what you might get back in extreme market circumstances.
Unfavourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between August 2021 and January 2023.
Moderate scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between April 2014 and April 2019.
Favourable scenario: This type of scenario occurred for an investment using the benchmark as stated in the prospectus between February 2016 and February 2021. | en | it |
DOLFIN6928 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
### Incorporation and Share Capital
The Company was incorporated and registered in Ireland under the Companies Act 2014 and the Regulations as an investment company with variable capital on 10th December, 1997 with registered number 276928.
At the date hereof the authorised share capital of the Company is EUR38,092 divided into 30,000 subscriber shares of EUR1.27 each and 500,000,000,000 shares of no par value initially designated as unclassified shares. All but seven of the original 30,000 subscriber shares issued have been redeemed.
Subscriber shares do not entitle the holders to any dividend and on a winding up entitle the holders to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. Details of the voting rights applicable to subscriber shares are summarised under “Voting Rights” below. The Articles provide that any subscriber shares which are not held by PIMCO Global Advisors (Ireland) Limited or its nominees are subject to compulsory redemption by the Company.
The Articles permit the Directors to designate Shares in any Fund which will have different charging structures, be hedged/unhedged and/or other special features and which will be pre-determined and will be set forth in the relevant Fund. | ### Costituzione e capitale sociale
La Società è stata costituita e registrata in Irlanda il 10 dicembre 1997 ai sensi delle Leggi irlandesi sulle società Companies Act 2014 e dei Regolamenti come società di investimento a capitale variabile, numero di registrazione 276928.
Alla data del presente documento, il capitale sociale autorizzato della Società è pari a EUR 38.092, suddiviso in 30.000 azioni di sottoscrizione da EUR 1,27 cadauna e 500.000.000.000 di azioni prive di valore nominale inizialmente designate come azioni non classificate. Tutte le 30.000 azioni di sottoscrizione originarie emesse sono state riscattate, tranne sette.
Le azioni di sottoscrizione non conferiscono ai detentori il diritto di percepire dividendi; in caso di liquidazione conferiscono comunque ai detentori il diritto di ricevere il corrispettivo per esse versato, ma non quello di partecipare alle attività della Società. I dettagli dei diritti di voto applicabili alle azioni di sottoscrizione sono riepilogati alla voce “Diritti di voto” nel prosieguo. Lo Statuto prevede che le azioni di sottoscrizione non detenute da PIMCO Global Advisors (Ireland) Limited o suoi intestatari siano soggette al rimborso forzoso da parte della Società.
Lo Statuto consente agli Amministratori di designare Azioni di qualunque Comparto aventi strutture di oneri differenti, coperte/scoperte e/o altre caratteristiche speciali, che saranno predeterminate e indicate nei Comparti pertinenti. | ### Incorporation and Share Capital
The Company was incorporated and registered in Ireland under the Companies Act 2014 and the Regulations as an investment company with variable capital on 10th December, 1997 with registered number 276928.
At the date hereof the authorised share capital of the Company is EUR38,092 divided into 30,000 subscriber shares of EUR1.27 each and 500,000,000,000 shares of no par value initially designated as unclassified shares. All but seven of the original 30,000 subscriber shares issued have been redeemed.
Subscriber shares do not entitle the holders to any dividend and on a winding up entitle the holders to receive the amount paid up thereon but not otherwise to participate in the assets of the Company. Details of the voting rights applicable to subscriber shares are summarised under “Voting Rights” below. The Articles provide that any subscriber shares which are not held by PIMCO Global Advisors (Ireland) Limited or its nominees are subject to compulsory redemption by the Company.
The Articles permit the Directors to designate Shares in any Fund which will have different charging structures, be hedged/unhedged and/or other special features and which will be pre-determined and will be set forth in the relevant Fund. | en | it |
DOLFIN6929 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Risks arising from the ESG strategy
Where ESG criteria are made a component of the investment decision-making process for a sub-fund in accordance with its investment strategy, the choice of target investments may be limited, as may the performance of a sub- fund compared with funds that disregard ESG criteria. The decision as to which component is decisive from the point of view of overall risk and return is subject to the Fund management's subjective assessment. | # Rischi derivanti dalla strategia ESG
Nella misura in cui i criteri ESG sono considerati come una componente del processo decisionale di investimento di un Comparto in conformità alla sua strategia di investimento, la scelta degli investimenti target può essere limitata e la performance di un Comparto rispetto ai fondi che non considerano i criteri ESG può essere ridotta. La decisione su quale componente sia decisiva dal punto di vista del rischio e del rendimento complessivo è soggetta alla valutazione soggettiva della direzione del fondo. | # Risks arising from the ESG strategy
Where ESG criteria are made a component of the investment decision-making process for a sub-fund in accordance with its investment strategy, the choice of target investments may be limited, as may the performance of a sub- fund compared with funds that disregard ESG criteria. The decision as to which component is decisive from the point of view of overall risk and return is subject to the Fund management's subjective assessment. | en | it |
DOLFIN6930 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
At the proposal of the Board of Directors, the general meeting of shareholders will decide on the allocation of income.
The Board of Directors may, for the distribution shares, propose the payment of a dividend to the general meeting of shareholders. This will consist of the net investment income available plus, where appropriate, unrealised capital gains and less realised or unrealised losses.
For the capitalisation shares, the Board of Directors will propose the capitalisation of the associated income.
The Board of Directors also reserves the right to distribute interim dividends during the financial year.
Dividends that are not claimed within 5 years of their date of payment may no longer be claimed and will revert to the appropriate Class.
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## Separation of the liabilities of the sub-funds | Die Hauptversammlung beschließt auf Vorschlag des Verwaltungsrats die Verwendung der Ergebnisse.
Für die Ausschüttungsanteile kann der Verwaltungsrat auf der Hauptversammlung die Zahlung einer Dividende vorschlagen. Diese Dividende besteht aus den verfügbaren Nettoanlageerträgen, gegebenenfalls nach Hinzurechnung nicht realisierter Kapitalerträge und nach Abzug der realisierten oder nicht realisierten Verluste.
Für Thesaurierungsanteile schlägt der Verwaltungsrat die Thesaurierung des Ergebnisses vor, das auf diese Anteile entfällt.
Der Verwaltungsrat behält sich darüber hinaus vor, während des Geschäftsjahres Zwischenausschüttungen zu erklären.
Ansprüche auf Ausschüttungen, die nicht binnen fünf Jahren ab Fälligkeit geltend gemacht werden, verfallen und fließen an die jeweilige Klasse zurück.
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## Trennung der Verbindlichkeiten der einzelnen Teilfonds | At the proposal of the Board of Directors, the general meeting of shareholders will decide on the allocation of income.
The Board of Directors may, for the distribution shares, propose the payment of a dividend to the general meeting of shareholders. This will consist of the net investment income available plus, where appropriate, unrealised capital gains and less realised or unrealised losses.
For the capitalisation shares, the Board of Directors will propose the capitalisation of the associated income.
The Board of Directors also reserves the right to distribute interim dividends during the financial year.
Dividends that are not claimed within 5 years of their date of payment may no longer be claimed and will revert to the appropriate Class.
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## Separation of the liabilities of the sub-funds | en | de |
DOLFIN6931 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Article 9. Representation
Any properly constituted meeting of shareholders of the Corporation shall represent the entire body of the shareholders of the Corporation. Its resolutions shall be binding upon all shareholders of the Corporation regardless of the class of Shares held by them. It shall have the broadest powers to order, carry out or ratify acts relating to the operations of the Corporation. | # Article 9. Représentation
L’assemblée des actionnaires de la Société régulièrement constituée représente la collectivité des actionnaires de la Société. Ses décisions lient tous les actionnaires de la Société, quelle que soit la classe d’Actions qu’ils détiennent. Elle a les pouvoirs les plus étendus pour ordonner, faire ou ratifier tous les actes relatifs aux opérations de la Société. | # Article 9. Representation
Any properly constituted meeting of shareholders of the Corporation shall represent the entire body of the shareholders of the Corporation. Its resolutions shall be binding upon all shareholders of the Corporation regardless of the class of Shares held by them. It shall have the broadest powers to order, carry out or ratify acts relating to the operations of the Corporation. | en | fr |
DOLFIN6932 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
### Total 18.2
- Current Yield is the annual interest earned on the underlying bonds divided by the market price of the underlying portfolio of bonds. The figure is not the dividend yield received by the investors and is subject to change depending on the underlying portfolio of bonds.
- Yield to Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by making the worst-case scenario assumptions on the issue.
- Yield to Maturity is a concept used to determine the rate of return an investor will receive if a long-term, interest–bearing investment, such as a bond, is held to its maturity date. Please note that this is not the return or dividend to be received by investors in the fund. | ### Gesamt 18,2
- Die aktuelle Rendite besteht in den jährlichen Zinsen auf die zugrunde liegenden Anleihen, geteilt durch den Marktpreis des zugrunde liegenden Anleihenportfolios. Dieser Wert stellt nicht die von den Anlegern erhaltene Dividendenrendite dar und kann sich je nach dem zugrunde liegenden Anleihenportfolio ändern.
- „Yield-to-Worst“ ist die niedrigste potenzielle Rendite, die sich auf eine Anleihe ohne Zahlungsausfall des Emittenten erzielen lässt. Die „Yield-to- Worst“ wird unter Annahme des Worst-Case-Szenario in Bezug auf die Emission berechnet.
- Die Rückzahlungsrendite ist ein Konzept zur Ermittlung der Rendite, die Anleger erhalten, wenn eine langfristige, zinstragende Anlage, z. B. eine Anleihe, bis zum Fälligkeitsdatum gehalten wird. Beachten Sie bitte, dass es sich hierbei nicht um die Rendite oder Dividende handelt, die Investoren des Fonds erhalten. | ### Total 18.2
- Current Yield is the annual interest earned on the underlying bonds divided by the market price of the underlying portfolio of bonds. The figure is not the dividend yield received by the investors and is subject to change depending on the underlying portfolio of bonds.
- Yield to Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. The yield to worst is calculated by making the worst-case scenario assumptions on the issue.
- Yield to Maturity is a concept used to determine the rate of return an investor will receive if a long-term, interest–bearing investment, such as a bond, is held to its maturity date. Please note that this is not the return or dividend to be received by investors in the fund. | en | de |
DOLFIN6933 | 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 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,437
14.4%
EUR 12,278
4.2% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 01/2014-01/2019.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
11 437 EUR
14,4%
12 278 EUR
4,2% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 01/2014-01/2019.
Favourable scenario
What you might get back after costs
Average return each year
EUR 11,437
14.4%
EUR 12,278
4.2% | en | es |
DOLFIN6934 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if GAM (Luxembourg) S.A. is unable to pay out?
For your protection the company's assets are held with a separate company, a depositary, so the fund's ability to pay out would not be affected by the insolvency of the Fund Management Company. If the fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. | # Cosa accade se GAM (Luxembourg) S.A. non è in grado di corrispondere quanto dovuto?
A tutela degli investitori, il patrimonio della società è detenuto presso una società separata, un depositario, per garantire che la solvibilità del fondo non venga pregiudicata da un'eventuale insolvenza della Società di gestione del fondo. Se il fondo viene chiuso o sciolto, il patrimonio sarà liquidato e riceverete una quota appropriata di eventuali proventi ma potreste perdere in tutto o in parte il capitale investito. | # What happens if GAM (Luxembourg) S.A. is unable to pay out?
For your protection the company's assets are held with a separate company, a depositary, so the fund's ability to pay out would not be affected by the insolvency of the Fund Management Company. If the fund is terminated or wound up, the assets will be liquidated and you will receive an appropriate share of any proceeds but you may lose part or all of your investment. | en | it |
DOLFIN6935 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A total return swap ("TRS") is a swap agreement in which one party makes payments based on a notional interest rate, (whether at a fixed or variable rate), while the other party makes payments based on the total return on an underlying asset (which includes both any income that it generates and any capital gains or losses).
TRS allow the party receiving the total return to gain exposure and benefit from any gains on a reference asset without actually having to own it. Conversely, TRS allow the party offering the total return to buy protection against an anticipated loss in the value of the reference asset.
TRS may be linked to a variety of reference assets, such as (without limitation) currency exchange rates, interest rates, prices and total returns on interest rate indices, fixed income indices, individual transferrable securities and indices and baskets thereof. The form of TRS commonly associated with the return on transferrable securities is known as a "portfolio swap".
As of the date of the Prospectus, Jupiter Flexible Income, Jupiter Flexible Macro (LUX), Jupiter Global Emerging Markets Corporate Bond, Jupiter Global Emerging Markets Short Duration Bond, Jupiter Global Sovereign Opportunities and Jupiter Dynamic Bond ESG may enter into TRS within the meaning of Regulation (EU/2015/2365) on transparency of securities financing transactions and of reuse (the "SFT Regulation").
The extent of the use of TRS by the Funds will be dependent on market conditions. TRS provide exposure on a total return basis to an underlying reference investment/(s). Total return includes gains or losses from market movement, credit losses and income from interest and fees. Depending on market conditions a TRS may be the most appropriate way for the relevant Fund to gain economic exposure to its investment strategy. Long positions are typically taken where an investment is expected to increase in value, and short positions are typically taken where the investment is expected to decline in value, either outright or relative to another investment. The Funds may use TRS for either efficient portfolio management and/or investment purposes as further described in the Information Sheet of the relevant Funds.
The maximum and expected proportions of each Fund’s Net Asset Value that will be subject to TRS are set out below: | Un swap de rendement total (SRT) est un contrat de swap dans le cadre duquel une partie effectue une série de paiements sur la base d'un taux d'intérêt notionnel (fixe ou variable), tandis que l'autre partie effectue une série de paiements sur la base du rendement total d'un actif sous-jacent (qui inclut à la fois le revenu qu'il génère et les plus ou moins-values éventuelles).
Les SRT permettent à la partie qui reçoit le rendement total de s’exposer à l’actif sous-jacent et de bénéficier des plus-values qui en découlent sans avoir à le détenir réellement. A l’inverse, les SRT permettent à la partie qui paie le rendement total d’acheter une protection contre une éventuelle baisse de la valeur de l’actif sous-jacent.
Les SRT peuvent porter sur une large gamme d’actifs sous-jacents : taux de change, taux d’intérêt, prix et rendements totaux sur indices de taux d’intérêt, indices de revenu fixe, valeurs mobilières individuelles ou paniers/indices de valeurs mobilières, notamment. Les SRT communément associés aux valeurs mobilières sont connus sous le nom de « swaps de portefeuille ».
A la date du présent Prospectus, les compartiments Jupiter Flexible Income, Jupiter Flexible Macro (LUX), Jupiter Global Emerging Markets Corporate Bond, Jupiter Global Emerging Markets Short Duration Bond, Jupiter Global Sovereign Opportunities et Jupiter Dynamic Bond ESG peuvent conclure des SRT au sens de la Réglementation (UE/2015/2365) sur la transparence des transactions de financement des titres et de réutilisation (la « Réglementation SFT »).
L’importance du recours à des SRT par les Compartiments dépendra des conditions du marché. Les SRT permettent de s’exposer au rendement total d’investissements de référence sous-jacents. Le rendement total comprend les gains ou pertes découlant de l’évolution du marché, des pertes de crédit et des revenus d’intérêts et de commissions. En fonction des conditions du marché, un SRT peut être la manière la plus appropriée pour le Compartiment concerné d’acquérir une exposition économique à sa stratégie d’investissement. Des positions longues sont prises typiquement lorsque l’on s’attend à ce que la valeur d’un investissement augmente, tandis que des positions courtes sont prises typiquement lorsque l’on s’attend à une baisse de valeur de l’investissement, dans l’absolu ou par rapport à un autre investissement. Les Compartiments peuvent utiliser des SRT à des fins d’optimisation de la gestion de portefeuille et/ou d’investissement, comme indiqué dans la Fiche d’information des Compartiments concernés.
La part maximale et anticipée de la Valeur nette d'inventaire de chaque Compartiment qui sera exposée aux SRT est précisée ci-dessous : | A total return swap ("TRS") is a swap agreement in which one party makes payments based on a notional interest rate, (whether at a fixed or variable rate), while the other party makes payments based on the total return on an underlying asset (which includes both any income that it generates and any capital gains or losses).
TRS allow the party receiving the total return to gain exposure and benefit from any gains on a reference asset without actually having to own it. Conversely, TRS allow the party offering the total return to buy protection against an anticipated loss in the value of the reference asset.
TRS may be linked to a variety of reference assets, such as (without limitation) currency exchange rates, interest rates, prices and total returns on interest rate indices, fixed income indices, individual transferrable securities and indices and baskets thereof. The form of TRS commonly associated with the return on transferrable securities is known as a "portfolio swap".
As of the date of the Prospectus, Jupiter Flexible Income, Jupiter Flexible Macro (LUX), Jupiter Global Emerging Markets Corporate Bond, Jupiter Global Emerging Markets Short Duration Bond, Jupiter Global Sovereign Opportunities and Jupiter Dynamic Bond ESG may enter into TRS within the meaning of Regulation (EU/2015/2365) on transparency of securities financing transactions and of reuse (the "SFT Regulation").
The extent of the use of TRS by the Funds will be dependent on market conditions. TRS provide exposure on a total return basis to an underlying reference investment/(s). Total return includes gains or losses from market movement, credit losses and income from interest and fees. Depending on market conditions a TRS may be the most appropriate way for the relevant Fund to gain economic exposure to its investment strategy. Long positions are typically taken where an investment is expected to increase in value, and short positions are typically taken where the investment is expected to decline in value, either outright or relative to another investment. The Funds may use TRS for either efficient portfolio management and/or investment purposes as further described in the Information Sheet of the relevant Funds.
The maximum and expected proportions of each Fund’s Net Asset Value that will be subject to TRS are set out below: | en | fr |
DOLFIN6936 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco QI Global Developed Conservative Equities is an actively managed fund that invests in low-volatility stocks in developed countries across the world. The selection of these stocks is based on a quantitative model. The fund aims for a better sustainability profile compared to the Benchmark by promoting E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The selected low-risk stocks are characterized by high dividend yields, attractive valuation, strong momentum and positive analyst revisions as well. This results in a diversified, low turnover portfolio of defensive stocks aiming to achieve stable equity returns and high income. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to achieve returns equal to, or greater than, those on the Benchmark with lower expected downside risk, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | # Politique d'investissement
Robeco QI Global Developed Conservative Equities est un fonds à gestion active qui investit dans des actions à faible volatilité de pays développés du monde entier. La sélection de ces titres est basée sur un modèle quantitatif. Le fonds vise un profil de durabilité supérieur à l'indice en favorisant des caractéristiques E et S (environnementales et sociales) au sens de l'Article 8 du Règlement européen sur la publication d'informations de durabilité du secteur financier, en intégrant les risques de durabilité dans le processus d'investissement et en appliquant la politique de bonne gouvernance de Robeco. Le fonds applique des indicateurs de durabilité, y compris, mais sans s'y limiter, des exclusions normatives, ainsi qu'en ce qui concerne les activités et les régions, le vote par procuration et l'engagement. Les titres à faible risque visés présentent des rendements de dividende élevés, une valorisation attractive, un solide momentum et des révisions d'analystes positives. On obtient ainsi un portefeuille diversifié et à faible rotation de titres défensifs visant des rendements d'actions stables et des revenus élevés. La majorité des titres sélectionnés seront des composantes de l'indice, mais pas nécessairement. Le fonds peut dévier considérablement des pondérations de l'indice. Le fonds vise à générer des performances égales ou supérieures à celles de l'indice avec un risque de baisse plus faible, tout en contrôlant le risque relatif en appliquant des limites (pays et secteurs) dans la mesure de l'écart par rapport à l'indice. Le benchmark est un indice général de marché pondéré non conforme aux caractéristiques ESG favorisées par le fonds. | # Investment policy
Robeco QI Global Developed Conservative Equities is an actively managed fund that invests in low-volatility stocks in developed countries across the world. The selection of these stocks is based on a quantitative model. The fund aims for a better sustainability profile compared to the Benchmark by promoting E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrating sustainability risks in the investment process and applying Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region-based exclusions, proxy voting and engagement. The selected low-risk stocks are characterized by high dividend yields, attractive valuation, strong momentum and positive analyst revisions as well. This results in a diversified, low turnover portfolio of defensive stocks aiming to achieve stable equity returns and high income. The majority of stocks selected will be components of the Benchmark, but stocks outside the Benchmark may be selected too. The fund can deviate substantially from the weightings of the Benchmark. The fund aims to achieve returns equal to, or greater than, those on the Benchmark with lower expected downside risk, whilst still controlling relative risk through the applications of limits (on countries and sectors) to the extent of deviation from the Benchmark. The Benchmark is a broad market weighted index that is not consistent with the ESG characteristics promoted by the fund. | en | fr |
DOLFIN6937 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
- A Sub-Fund may invest on a cumulative basis up to 20% of its assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under (1)(i) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Other State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under (1)(i) is increased up to 25% in respect of qualifying debt securities issued prior to 8 July 2022 by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public supervision in order to protect the holders of such qualifying debt securities, and with regard to covered bonds as defined in article 3 (1) of the Directive 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU. For the purposes hereof, "qualifying debt securities" are securities issued prior to 8 July 2022 the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer, and securities with comply with article 3 (1) of the Directive 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU. To the extent that a relevant Sub-Fund invests more than 5% of its assets in qualifying debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the assets of such Sub-Fund.
- The securities specified above under (3) and (4) are not to be included for purposes of computing the ceiling of 40% set forth above under (1) (ii).
- Notwithstanding the ceilings set forth above, each Sub-Fund is authorized to invest, in accordance with the principle of risk spreading, up to 100% of its assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any other member state of the Organization for Economic Cooperation and Development ("OECD") such as the United States or by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the total assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under (b), the limits set forth in (1) are raised to a maximum of 20% for investments in stocks and/or bonds issued by the same body when the aim of the Sub-Fund’s investment policy is to replicate the composition of a certain stock or bond index which is recognized by the Regulatory Authority, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | - Ein Teilfonds kann kumulativ bis zu 20% seines Vermögens in Wertpapieren und Geldmarktinstrumenten anlegen, die von ein und derselben Unternehmensgruppe begeben werden.
- Die oben unter (1)(i) genannte Grenze von 10% wird auf 35% angehoben, wenn es sich um übertragbare Wertpapiere und Geldmarktinstrumente handelt, die von einem Mitgliedstaat, seinen Gebietskörperschaften, einem Drittstaat oder einer internationalen Einrichtung öffentlich-rechtlichen Charakters, der ein oder mehrere Mitgliedstaaten angehören, begeben oder garantiert werden.
- Die vorstehend unter (1)(i) genannte Grenze von 10% wird auf bis zu 25% angehoben, wenn es sich um zulässige Schuldtitel handelt, die vor dem 8. Juli 2022 von einem Kreditinstitut mit Sitz in einem Mitgliedstaat begeben wurden, das nach geltendem Recht einer besonderen öffentlichen Aufsicht unterliegt, um die Inhaber dieser zulässigen Schuldtitel zu schützen, und in Bezug auf gedeckte Schuldverschreibungen im Sinne von Artikel 3 Absatz 1 der Richtlinie 2019/2162 des Europäischen Parlaments und des Rates vom 27. November 2019 über die Emission gedeckter Schuldverschreibungen und die öffentliche Aufsicht über gedeckte Schuldverschreibungen und zur Änderung der Richtlinien 2009/65/EG und 2014/59/EU. Für die Zwecke dieses Dokuments sind „zulässige Schuldtitel“ Wertpapiere, die vor dem 8. Juli 2022 begeben wurden und deren Erlöse nach geltendem Recht in Vermögenswerte investiert werden, die eine Rendite erwirtschaften, die den Schuldendienst bis zum Fälligkeitstermin der Wertpapiere deckt und bei einem Ausfall des Emittenten vorrangig für die Zahlung von Kapital und Zinsen verwendet wird, sowie Wertpapiere, die Artikel 3 Absatz 1 der Richtlinie 2019/2162 des Europäischen Parlaments und des Rates vom 27. November 2019 über die Emission gedeckter Schuldverschreibungen und die öffentliche Aufsicht über gedeckte Schuldverschreibungen und zur Änderung der Richtlinien 2009/65/EG und 2014/59/EU entsprechen. Soweit ein relevanter Teilfonds mehr als 5% seines Vermögens in zulässigen Schuldtiteln eines solchen Emittenten anlegt, darf der Gesamtwert dieser Anlagen 80% des Vermögens des betreffenden Teilfonds nicht überschreiten.
- Die oben unter (3) und (4) genannten Wertpapiere sind bei der Berechnung der unter (1) (ii) genannten Obergrenze von 40% nicht zu berücksichtigen.
- Ungeachtet der oben genannten Obergrenzen ist jeder Teilfonds berechtigt, nach dem Grundsatz der Risikostreuung bis zu 100% seines Vermögens in Wertpapieren und Geldmarktinstrumenten anzulegen, die von einem Mitgliedstaat, seinen Gebietskörperschaften, einem anderen Mitgliedstaat der Organisation für wirtschaftliche Zusammenarbeit und Entwicklung („OECD“) wie den Vereinigten Staaten oder von einer internationalen Einrichtung öffentlich-rechtlichen Charakters, der ein oder mehrere Mitgliedstaatenangehören, begeben oder garantiert werden, sofern (i) diese Wertpapiere Teil von mindestens sechs verschiedenen Emissionen sind und (ii) die Wertpapiere aus einer solchen Emission nicht mehr als 30% des Gesamtvermögens des betreffenden Teilfonds ausmachen.
- Unbeschadet der unter (b) genannten Grenzen werden die unter (1) genannten Grenzen für Anlagen in Aktien und/oder Anleihen ein und desselben Emittenten auf maximal 20% angehoben, wenn die Anlagepolitik des Teilfonds darauf abzielt, die Zusammensetzung eines bestimmten, von der Aufsichtsbehörde anerkannten Aktien- oder Anleiheindex nachzubilden, und zwar auf folgender Grundlage:
- De Zusammensetzung des Index ist ausreichend diversifiziert,
- Der Index stellt eine angemessene Benchmark für den Markt dar, auf den er sich bezieht,
- Er wird in angemessener Weise veröffentlicht. | - A Sub-Fund may invest on a cumulative basis up to 20% of its assets in Transferable Securities and Money Market Instruments issued by the same Group of Companies.
- The limit of 10% set forth above under (1)(i) is increased to 35% in respect of Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any Other State or by a public international body of which one or more Member State(s) are member(s).
- The limit of 10% set forth above under (1)(i) is increased up to 25% in respect of qualifying debt securities issued prior to 8 July 2022 by a credit institution which has its registered office in a Member State and which, under applicable law, is submitted to specific public supervision in order to protect the holders of such qualifying debt securities, and with regard to covered bonds as defined in article 3 (1) of the Directive 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU. For the purposes hereof, "qualifying debt securities" are securities issued prior to 8 July 2022 the proceeds of which are invested in accordance with applicable law in assets providing a return which will cover the debt service through to the maturity date of the securities and which will be applied on a priority basis to the payment of principal and interest in the event of a default by the issuer, and securities with comply with article 3 (1) of the Directive 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU. To the extent that a relevant Sub-Fund invests more than 5% of its assets in qualifying debt securities issued by such an issuer, the total value of such investments may not exceed 80% of the assets of such Sub-Fund.
- The securities specified above under (3) and (4) are not to be included for purposes of computing the ceiling of 40% set forth above under (1) (ii).
- Notwithstanding the ceilings set forth above, each Sub-Fund is authorized to invest, in accordance with the principle of risk spreading, up to 100% of its assets in Transferable Securities and Money Market Instruments issued or guaranteed by a Member State, by its local authorities, by any other member state of the Organization for Economic Cooperation and Development ("OECD") such as the United States or by a public international body of which one or more Member State(s) are member(s), provided that (i) such securities are part of at least six different issues and (ii) the securities from any such issue do not account for more than 30% of the total assets of such Sub-Fund.
- Without prejudice to the limits set forth hereunder under (b), the limits set forth in (1) are raised to a maximum of 20% for investments in stocks and/or bonds issued by the same body when the aim of the Sub-Fund’s investment policy is to replicate the composition of a certain stock or bond index which is recognized by the Regulatory Authority, on the following basis:
- the composition of the index is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner. | en | de |
DOLFIN6938 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## Revision of the MSCI USA Leveraged 2x Daily Strategy Index
MSCI indices are designed to reflect changes in equity markets as closely as possible. For this reason, they are regularly revised to take account of changes affecting a stock’s capitalisation (number of shares and float) or its sector classification.
The main revisions are as follows:
real-time revisions of major changes in a company’s capital structure (merger/acquisition, large rights issues or IPOs, etc.);
quarterly updates (end of February, May, August and September) to take significant market events into account;
full annual revision (end of May) of the investment universe of all the countries covered by the indices.
The rules for the revision of the MSCI USA Leveraged 2x Daily Strategy Index are published by MSCI and available on the MSCI website: msci.com. | ## Revisione dell'Indice di strategia MSCI USA Leveraged 2x Daily
Gli indici MSCI hanno l'obiettivo di riflettere il più precisamente possibile l'evoluzione dei mercati azionari. A questo scopo sono oggetto di una revisione regolare per tenere conto dei cambiamenti che hanno un effetto sulla capitalizzazione di un titolo (numero di titoli e flottante) o ancora la sua classificazione settoriale.
Le principali revisioni sono le seguenti:
revisioni in tempo reale per i principali cambiamenti nella struttura del capitale di una società (fusione/acquisizione, ampie emissioni di diritti o ammissioni alla quotazione, ecc.);
revisioni trimestrali (fine febbraio, maggio, agosto e settembre) per prendere in considerazione gli eventi di mercato significativi;
revisioni annuali (fine maggio) per una revisione totale e completa dell'universo di investimento dell'insieme dei paesi coperti dagli indici.
Le regole di revisione dell'Indice di strategia MSCI USA Leveraged 2x Daily sono pubblicate da MSCI e sono disponibili sul sito Internet di MSCI: msci.com. | ## Revision of the MSCI USA Leveraged 2x Daily Strategy Index
MSCI indices are designed to reflect changes in equity markets as closely as possible. For this reason, they are regularly revised to take account of changes affecting a stock’s capitalisation (number of shares and float) or its sector classification.
The main revisions are as follows:
real-time revisions of major changes in a company’s capital structure (merger/acquisition, large rights issues or IPOs, etc.);
quarterly updates (end of February, May, August and September) to take significant market events into account;
full annual revision (end of May) of the investment universe of all the countries covered by the indices.
The rules for the revision of the MSCI USA Leveraged 2x Daily Strategy Index are published by MSCI and available on the MSCI website: msci.com. | en | it |
DOLFIN6939 | 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 is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI Total Return Net World Index (index) which is designed to reflect the performance of the shares of certain companies of various developed countries. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. As of 31 May 2019, the index consists of the following developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento, antes de gastos y comisiones, del MSCI Total Return Net World index (el «Índice»), que está diseñado para reflejar el rendimiento de las acciones de determinadas empresas de distintos países desarrollados. Las empresas que conforman el índice son grandes y medianas empresas cuyo tamaño está basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. La ponderación de una empresa en el índice depende de su tamaño relativo. A 31 de mayo de 2019, el índice se compone de los siguientes mercados desarrollados: Australia, Austria, Bélgica, Canadá, Dinamarca, Finlandia, Francia, Alemania, Hong Kong, Irlanda, Italia, Japón, Países Bajos, Nueva Zelanda, Noruega, Portugal, Singapur, España, Suecia, Suiza, Reino Unido y los Estados Unidos. Los componentes subyacentes del índice están admitidos a cotización en múltiples divisas. El índice se calcula a partir de una base de rentabilidad total neta, lo cual implica que todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar impuestos. El índice se | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI Total Return Net World Index (index) which is designed to reflect the performance of the shares of certain companies of various developed countries. The companies making up the index are large and medium sized companies based on the combined value of a company’s readily available shares as compared to other companies. A company’s weighting in the index depends on its relative size. As of 31 May 2019, the index consists of the following developed markets: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America. The underlying constituents of the index are listed in multiple currencies. The index is calculated on a total return net basis which means that all dividends and distributions by the | en | es |
DOLFIN6940 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
## Collateral and security interests
A Sub-Fund may pass its assets to a counterparty as margin, collateral or security. The provision by a Sub-Fund of assets as margin, collateral or security increases that Sub-Fund’s exposure to the counterparty and the potential detrimental impact on the Sub-Fund of a default by or the insolvency of the counterparty. While the assets are held by the counterparty, they will be outside of the Depositary’s custody network. The relevant Sub-Fund will have a contractual right, in accordance with the terms and conditions of the relevant agreement, for the return of those (or equivalent) assets, however the Sub- Fund will be subject to the risk that the counterparty may not perform its obligation to return the assets when required to do so. In the event that the counterparty is unable or unwilling to meet its contractual obligations in this regard, there may be a detrimental impact on the relevant Sub-Fund.
In addition, a Sub-Fund may grant a counterparty a security interest over its assets, whether by way of charge, pledge, lien or otherwise. This interest will generally give the counterparty certain preferential rights over the assets, in the event that the Sub-Fund fails to meet its obligations to the counterparty. | ## Garanties et sûretés réelles
Un Compartiment peut céder ses actifs à une contrepartie à titre de marge, de garantie ou de sûreté. La mise à disposition, par un Compartiment, d'actifs à titre de marge, de garantie ou de sûreté augmente l'exposition de ce Compartiment à la contrepartie et à l'impact potentiellement négatif d'un défaut ou d'une insolvabilité de la contrepartie. Tant que les actifs sont détenus par la contrepartie, ils seront hors du réseau de conservation du Dépositaire. Le Compartiment concerné disposera d'un droit contractuel, conformément aux termes et aux conditions de l'accord en question, relatif à la restitution desdits actifs (ou d'actifs similaires) ; cependant le Compartiment sera exposé au risque que la contrepartie n'exécute pas son obligation de restitution des actifs au moment où le Compartiment en fait la demande. Le fait que la contrepartie ne soit pas en mesure, ou ne soit pas disposée à respecter ses obligations contractuelles à ce sujet peut avoir des répercussions négatives sur le Compartiment concerné.
En outre, le Compartiment peut accorder à la contrepartie une sûreté sur ses actifs, que ce soit sous forme de charge, de nantissement, de gage ou autre. Cette sûreté donnera en général à la contrepartie certains droits préférentiels sur les actifs, dans le cas où le Compartiment manquerait à ses obligations envers la contrepartie. | ## Collateral and security interests
A Sub-Fund may pass its assets to a counterparty as margin, collateral or security. The provision by a Sub-Fund of assets as margin, collateral or security increases that Sub-Fund’s exposure to the counterparty and the potential detrimental impact on the Sub-Fund of a default by or the insolvency of the counterparty. While the assets are held by the counterparty, they will be outside of the Depositary’s custody network. The relevant Sub-Fund will have a contractual right, in accordance with the terms and conditions of the relevant agreement, for the return of those (or equivalent) assets, however the Sub- Fund will be subject to the risk that the counterparty may not perform its obligation to return the assets when required to do so. In the event that the counterparty is unable or unwilling to meet its contractual obligations in this regard, there may be a detrimental impact on the relevant Sub-Fund.
In addition, a Sub-Fund may grant a counterparty a security interest over its assets, whether by way of charge, pledge, lien or otherwise. This interest will generally give the counterparty certain preferential rights over the assets, in the event that the Sub-Fund fails to meet its obligations to the counterparty. | en | fr |
DOLFIN6941 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of the sub-fund Amundi Funds Equity Green Impact is to achieve long-term capital growth. Specifically, the sub-fund invests as a feeder fund in Amundi Valeurs Durables (Master Fund).
The Master Fund invests mainly in European equities. Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only. Amundi Valeurs Durables is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC.
The Master Fund invests at least 75% of net assets in equities of companies that are headquartered, or do substantial business, in Europe, that derive a large portion of revenue from environmental activities, and that perform well on extra-financial ESG criteria (environment, social and governance).
The Master Fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the Master Fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of its net assets in UCITS/UCIs.
Derivatives are integral to the Master Fund's investment strategies. The Master Fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives, the Master Fund may use credit derivatives(on single issuer and on indices). The Master Fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The Master Fund is not managed in consideration of any index though its performance is compared to the MSCI Europe Index.
The Master Fund's investment team analyses about 100 European equities, among which they select companies that are active in green technologies (energy efficiency, renewable energies, water and waste management) and exclude companies that produce energy from fossil fuels or nuclear power. The investment team uses an optimisation process to achieve the desired diversification, number of securities, risk profile and liquidity.
The Investment manager of the both sub-funds is Amundi Asset Management.
Fees directly charged to Amundi Funds Equity Green Impact amount to EUR 935 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Equity Green Impact share-classes: | El objetivo del subfondo Amundi Funds Equity Green Impact es lograr el crecimiento a largo plazo del capital. El subfondo invierte específicamente como fondo subordinado en Amundi Valeurs Durables (Fondo principal).
El Fondo principal invierte sobre todo en renta variable europea. En concreto, el subfondo invierte como mínimo el 85% de su patrimonio neto en participaciones del Fondo principal (Clase OR). El subfondo podrá invertir hasta el 15% en depósitos y derivados que se empleen exclusivamente a efectos de cobertura. Amundi Valeurs Durables es un FI constituido en virtud de la legislación francesa y considerado como un Fondo principal en virtud de la Directiva 2009/65/CE.
El Fondo principal invierte un mínimo del 75% del patrimonio neto en acciones de empresas que tienen sede en Europa, o que realizan una actividad considerable en dicho continente, que obtienen un elevado porcentaje de ingresos de actividades medioambientales y que obtienen buena puntuación en lo relativo a criterios extrafinancieros de índole medioambiental, social y de buen gobierno (criterios ESG, por sus siglas en inglés).
El Fondo principal prevé tener una exposición a la renta variable de entre el 75% y el 120%. No existen limitaciones en cuanto a capitalización bursátil para estas inversiones.
Al tiempo que cumple con las políticas antes mencionadas, el Fondo principal también podrá invertir en bonos aptos para la inversión y bonos convertibles, instrumentos del mercado monetario, depósitos y hasta un 10% de su patrimonio neto en OICVM/OIC.
Los derivados forman parte integrante de las estrategias de inversión del Fondo principal. El Fondo principal podrá emplear derivados a efectos de cobertura y gestión eficiente de la cartera, y para incrementar su exposición neta. Además de derivados principales, el Fondo principal podrá emplear derivados de crédito (sobre un emisor único y sobre índices). El Fondo principal podrá formalizar compraventas temporales de títulos (pactos de recompra y recompra inversa). Este no está gestionado teniendo en cuenta ningún índice, si bien su rentabilidad se compara con la del índice MSCI Europe.
El equipo de inversión del Fondo principal analiza alrededor de 100 títulos de renta variable europea, entre los que selecciona a empresas activas en tecnologías limpias (eficiencia energética, energías renovables, gestión del agua y los residuos) y excluye a empresas que producen energía a partir de combustibles fósiles o energía nuclear. El equipo de inversión aplica un proceso de optimización para lograr la diversificación, el número de títulos, el perfil de riesgo y la liquidez deseados.
El Gestor de inversiones de ambos subfondos es Amundi Asset Management.
En la siguiente tabla se resumen, en términos de VL porcentual medio de sus clases de acciones, las comisiones cobradas directamente a Amundi Funds Equity Green Impact, que ascienden a 935 EUR: | The objective of the sub-fund Amundi Funds Equity Green Impact is to achieve long-term capital growth. Specifically, the sub-fund invests as a feeder fund in Amundi Valeurs Durables (Master Fund).
The Master Fund invests mainly in European equities. Specifically, the sub-fund invests at least 85% of net assets in units of the Master Fund (OR class). The sub-fund may invest up to 15% in deposits and derivatives that are used for hedging only. Amundi Valeurs Durables is an FCP that is constituted under French law and qualifies as a Master Fund under Directive 2009/65/EC.
The Master Fund invests at least 75% of net assets in equities of companies that are headquartered, or do substantial business, in Europe, that derive a large portion of revenue from environmental activities, and that perform well on extra-financial ESG criteria (environment, social and governance).
The Master Fund expects to have an equity exposure of between 75% and 120%. There are no market capitalisation constraints for these investments.
While complying with the above policies, the Master Fund may also invest in investment-grade bonds and convertible bonds, money market instruments and deposits, and up to 10% of its net assets in UCITS/UCIs.
Derivatives are integral to the Master Fund's investment strategies. The Master Fund may use derivatives for hedging and efficient portfolio management, and to increase its net exposure. In addition to core derivatives, the Master Fund may use credit derivatives(on single issuer and on indices). The Master Fund may enter into temporary acquisitions and sales of securities (repurchase and reverse repurchase agreements).The Master Fund is not managed in consideration of any index though its performance is compared to the MSCI Europe Index.
The Master Fund's investment team analyses about 100 European equities, among which they select companies that are active in green technologies (energy efficiency, renewable energies, water and waste management) and exclude companies that produce energy from fossil fuels or nuclear power. The investment team uses an optimisation process to achieve the desired diversification, number of securities, risk profile and liquidity.
The Investment manager of the both sub-funds is Amundi Asset Management.
Fees directly charged to Amundi Funds Equity Green Impact amount to EUR 935 which is summarized in the table below in terms of percentages of the average NAV of Amundi Funds Equity Green Impact share-classes: | en | es |
DOLFIN6942 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Additional risks when investing in sub-funds tracking a fixed income index
- Sovereign single issuer riskCertain sub-funds are allowed to track the performance of an index composed of bonds issued by one single sovereign issuer. While the legal risk spreading rules allow such investments provided that securities are diversified with respect to at least 6 different issues, it is likely that if the sovereign issuer defaults under one issue of bonds, it will also be defaulting on other issues of bonds, thus causing the total loss of the investment of the relevant sub-fund.
- Government BondsAlthough a government bond sub-fund will invest in government bonds that invest and trade in the secondary market, the secondary market for inflation linked bonds can become illiquid and therefore it may be more difficult to achieve fair value on purchase and sale transactions. The price of bonds will generally be affected by changing interest rates. In periods of low inflation the positive growth of a government bond sub-fund may be limited.
- Sovereign DebtThe governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the state of its country's economy, the relative size of the debt service burden to the economy as a whole, restrictions on its ability to raise more cash, the governmental entity's policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt, including a sub-fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt may be collected in whole or in part. Banks, governments and companies (including within the EEA) invest in each other so if one Member State performs poorly, the others countries could be impacted. If one country defaults on its debt obligations, other countries could be at risk.
- Corporate BondsA corporate bond sub-fund may invest in corporate bonds issued by companies within a range of credit worthiness. Corporate bonds may be upgraded or downgraded from time to time due to an increase or reduction in the company's credit worthiness. Consequently, and depending on the relevant sub-fund's investment policy, certain sub-funds may hold investment grade bonds or non/sub-investment grade bonds, until such time as these bonds cease to form part of the sub-fund's index and the sub-fund's position in such bonds can be liquidated. A default by the issuer of a bond may result in a reduction in the value of that sub-fund. Although a sub-fund will invest in bonds that invest and trade in the secondary market, the secondary market for corporate bonds can often be illiquid and therefore it may be difficult to achieve fair value on purchase and sale transactions. Cash interest rates vary over time. The price of bonds will generally be affected by changing interest rates and credit spread.
- Investment in fixed-income securities - Effects and risks of interest and exchange rate fluctuationsThe value of sub-funds whose index's component securities are fixed-income securities will change in response to changes in interest rates and currency exchange rates. Except to the extent that values are independently affected by currency exchange rate changes, when interest rates decline, the value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the value of fixed-income securities generally can be expected to decline. The performance of investments in fixed-income securities denominated in a specific currency will also depend on the interest rate environment in the country issuing the currency. A sub-fund which holds securities denominated in a non-Base Currency will be at risk of a decline in value of that currency. A rise in interest rates or decline in the value of non-Base Currencies relative to the Base Currency generally can be expected to depress the value of the sub-fund's non- Base Currency investments. Additionally, as fixed income sub-funds will only receive a nominal fixed return, in times of high or rising inflation investors may make a real loss through such returns real value being eroded by the inflation of real prices.
- Illiquidity of bonds close to maturityIn addition to the liquidity risks of bonds already described above, there is a risk that bonds which are nearing maturity may become illiquid. In such cases, it may become more difficult to achieve fair value on the purchase and sale thereof.
- | # Risques supplémentaires liés à un investissement dans des compartiments suivant un indice obligataire
- Risque lié à un émetteur souverain uniqueCertains compartiments sont autorisés à répliquer la performance d'un indice composé d'obligations émises par un émetteur souverain unique. Même si les règles de diversification des risques prévues par la législation autorisent de tels investissements à condition que les titres relèvent d'au moins 6 émissions différentes, il est probable que si l'émetteur souverain se trouve en défaut de paiement dans le cadre d'une émission, il en sera de même pour les autres émissions, avec à la clé la perte totale des investissements du compartiment concerné.
- Obligations d'EtatBien qu’un compartiment d'obligations d'Etat investira dans des obligations d'Etat qui sont investies et négociées sur le marché secondaire, le marché secondaire des obligations indexées sur l'inflation peut devenir illiquide et, par conséquent, il peut être difficile d’obtenir la juste valeur lors des transactions d’achat et de vente. Le prix des obligations sera généralement affecté par les fluctuations des taux d’intérêt. Les périodes de faible inflation peuvent limiter la croissance (positive) d'un compartiment d'obligations d'Etat.
- Dette souveraineL'entité gouvernementale contrôlant le remboursement de la dette souveraine peut ne pas pouvoir ou vouloir rembourser le principal et/ou les intérêts à l'échéance conformément aux modalités prescrites. La capacité d'une entité gouvernementale à rembourser le principal et les intérêts en temps voulu peut être affectée par, entre autres, ses flux de trésorerie, le volume de ses réserves étrangères, la disponibilité de devises en quantité suffisante à la date d'échéance du paiement, la situation économique du pays, le poids du service de la dette dans l'économie globale, les restrictions assorties à la levée de fonds, la politique de l'entité gouvernementale envers le Fonds monétaire international et les contraintes politiques auxquelles cette entité gouvernementale peut être soumise. Les entités gouvernementales peuvent également être tributaires des décaissements attendus de gouvernements étrangers, d'agences multilatérales et d'autresinstances étrangères pour réduire les arriérés en principal et intérêts de leur dette. L'engagement de ces gouvernements, agences et autres instances quant à la réalisation de ces décaissements peut dépendre de la mise en œuvre de réformes économiques et/ou de la performance économique de l'entité gouvernementale concernée, ainsi que de l'exécution opportune des obligations de cet emprunteur. Si l'entité gouvernementale ne met pas en œuvre de telles réformes, n'atteint pas ces niveaux de performance économique ou ne rembourse pas le principal ou les intérêts à la date d'échéance, ces tiers peuvent annuler leurs engagements de prêter des fonds à l'entité gouvernementale, ce qui peut réduire encore davantage la capacité de l'emprunteur à assurer le service de sa dette en temps voulu. Par conséquent, les entités gouvernementales peuvent ne pas être en mesure d'honorer leur dette souveraine. Il peut être demandé aux détenteurs de dette souveraine, y compris à un compartiment, de participer au rééchelonnement de cette dette et d'accorder des prêts supplémentaires aux entités gouvernementales concernées. Aucune procédure de faillite ne peut autoriser le recouvrement, total ou partiel, de la dette souveraine. Les banques, les gouvernements et les entreprises (y compris au sein de l’EEE) investissent les uns dans les autres, c’est pourquoi la mauvaise performance d’un Etat membre peut porter préjudice aux autres pays. Si un pays est en situation de défaut de paiement de sa dette, cela peut faire courir un risque aux autres pays.
- Obligations d'entreprisesUn compartiment d'obligations d'entreprises peut investir dans des obligations émises par des sociétés présentant divers degrés de solvabilité. Les obligations d'entreprises peuvent, à l'occasion, être surclassées ou déclassées en raison d'une hausse ou d'une baisse de la solvabilité des sociétés concernées. Par conséquent, et en fonction de la politique d'investissement du compartiment concerné, certains compartiments peuvent détenir des obligations notées« investment grade » ou « non/sub investment grade » jusqu'à ce que ces obligations ne fassent plus partie de l'indice du compartiment et qu'il soit alors possible de liquider la position du compartiment sur ces obligations. Un défaut de paiement de la part de l’émetteur d’une obligation peut entraîner une baisse de la valeur de ce compartiment. Même si un compartiment investira dans des obligations qui sont investies et négociées sur le marché secondaire, le marché secondaire des obligations d'entreprises peut souvent être illiquide et il peut par conséquent être difficile d’obtenir la juste valeur lors des transactions d’achat et de vente. Les taux d'intérêt monétaires varient au fil du temps. Le prix des obligations sera généralement affecté par les fluctuations des taux d’intérêt et du spread de crédit.
- Investissement en titres obligataires - Effets et risques des fluctuations des taux d'intérêt et de changeLa valeur des compartiments dont les titres composant l'indice sont des titres de créance variera en fonction des fluctuations des taux d'intérêt et des taux de change. Sauf dans la mesure où les valeurs sont indépendamment affectées par les variations des taux de change, lorsque les taux d'intérêt déclinent, une augmentation de la valeur des titres obligataires peut généralement être anticipée. A l'inverse, lorsque les taux d'intérêt augmentent, une baisse de la valeur des titres obligataires peut généralement être anticipée. La performance des investissements en titres de créance libellés dans une devise spécifique dépendra également de l'environnement de taux dans le pays qui émet cette devise. Un compartiment qui détient des titres libellés dans une devise autre que la Devise de base courra le risque d'une dépréciation de cette devise. Une hausse des taux d'intérêt ou une dépréciation des devises autres que la Devise de base par rapport à cette dernière entraîne généralement des pressions baissières sur la valeur des investissements du compartiment non libellés dans la Devise de base. En outre, dans la mesure où les compartiments obligataires ne recevront qu'un rendement nominal fixe, les investisseurs sont susceptibles, en période de forte inflation ou d'inflation croissante, d'enregistrer des pertes réelles, la valeur réelle de ce rendement étant érodée par l'inflation des prix réels.
- Manque de liquidité des obligations se rapprochant de leur échéanceOutre les risques de liquidité des obligations décrits ci-dessus, il existe un risque que les obligations proches de leur date d’échéance deviennent illiquides. Dans de telles situations, il peut devenir plus difficile d'acheter et de vendre de telles obligations à leur juste valeur.
- | # Additional risks when investing in sub-funds tracking a fixed income index
- Sovereign single issuer riskCertain sub-funds are allowed to track the performance of an index composed of bonds issued by one single sovereign issuer. While the legal risk spreading rules allow such investments provided that securities are diversified with respect to at least 6 different issues, it is likely that if the sovereign issuer defaults under one issue of bonds, it will also be defaulting on other issues of bonds, thus causing the total loss of the investment of the relevant sub-fund.
- Government BondsAlthough a government bond sub-fund will invest in government bonds that invest and trade in the secondary market, the secondary market for inflation linked bonds can become illiquid and therefore it may be more difficult to achieve fair value on purchase and sale transactions. The price of bonds will generally be affected by changing interest rates. In periods of low inflation the positive growth of a government bond sub-fund may be limited.
- Sovereign DebtThe governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the state of its country's economy, the relative size of the debt service burden to the economy as a whole, restrictions on its ability to raise more cash, the governmental entity's policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Governmental entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity's implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the governmental entity, which may further impair such debtor's ability to service its debt on a timely basis. Consequently, governmental entities may default on their sovereign debt. Holders of sovereign debt, including a sub-fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt may be collected in whole or in part. Banks, governments and companies (including within the EEA) invest in each other so if one Member State performs poorly, the others countries could be impacted. If one country defaults on its debt obligations, other countries could be at risk.
- Corporate BondsA corporate bond sub-fund may invest in corporate bonds issued by companies within a range of credit worthiness. Corporate bonds may be upgraded or downgraded from time to time due to an increase or reduction in the company's credit worthiness. Consequently, and depending on the relevant sub-fund's investment policy, certain sub-funds may hold investment grade bonds or non/sub-investment grade bonds, until such time as these bonds cease to form part of the sub-fund's index and the sub-fund's position in such bonds can be liquidated. A default by the issuer of a bond may result in a reduction in the value of that sub-fund. Although a sub-fund will invest in bonds that invest and trade in the secondary market, the secondary market for corporate bonds can often be illiquid and therefore it may be difficult to achieve fair value on purchase and sale transactions. Cash interest rates vary over time. The price of bonds will generally be affected by changing interest rates and credit spread.
- Investment in fixed-income securities - Effects and risks of interest and exchange rate fluctuationsThe value of sub-funds whose index's component securities are fixed-income securities will change in response to changes in interest rates and currency exchange rates. Except to the extent that values are independently affected by currency exchange rate changes, when interest rates decline, the value of fixed-income securities generally can be expected to rise. Conversely, when interest rates rise, the value of fixed-income securities generally can be expected to decline. The performance of investments in fixed-income securities denominated in a specific currency will also depend on the interest rate environment in the country issuing the currency. A sub-fund which holds securities denominated in a non-Base Currency will be at risk of a decline in value of that currency. A rise in interest rates or decline in the value of non-Base Currencies relative to the Base Currency generally can be expected to depress the value of the sub-fund's non- Base Currency investments. Additionally, as fixed income sub-funds will only receive a nominal fixed return, in times of high or rising inflation investors may make a real loss through such returns real value being eroded by the inflation of real prices.
- Illiquidity of bonds close to maturityIn addition to the liquidity risks of bonds already described above, there is a risk that bonds which are nearing maturity may become illiquid. In such cases, it may become more difficult to achieve fair value on the purchase and sale thereof.
- | en | fr |
DOLFIN6943 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Profil de l’investisseur: Orienté sur la croissance
Le compartiment s'adresse aux investisseurs axés sur la croissance qui cherchent à accroître leur capital grâce essentiellement à des plus-values sur actions et gains de change. Le potentiel de rendement s'accompagne de risques élevés liés aux actions, taux d'intérêt et changes et de risques de solvabilité, ainsi que d'un risque de perte important, pouvant aller jusqu'à la perte totale du capital investi. L'investisseur est disposé et apte à supporter une perte financière de cet ordre ; il ne poursuit aucun objectif de protection du capital.
La société communique aux agents et partenaires de distribution des informations complémentaires sur le profil de l'investisseur type ou le marché cible de ce produit financier. Lorsqu'un agent ou partenaire de distribution de la société conseille un investisseur ou sert d'intermédiaire à une opération d'achat de cet investisseur, il lui communique le cas échéant les informations complémentaires afférentes au profil de l'investisseur type.
Vous pouvez obtenir les informations complémentaires relatives au marché cible et aux coûts et frais associés aux produits prévues par les dispositions de la directive MIFID II et mises à la disposition des distributeurs par la société d'investissement sous forme électronique sur le site internet de la société à l'adresse www.dws.com. | # Perfil de los inversores: Orientado al crecimiento
El Subfondo está diseñado para los inversores orientados al crecimiento que busquen obtener una revalorización del capital principalmente a partir de ganancias por acciones y movimientos del tipo de cambio. Los rendimientos previstos se compensan con los altos riesgos en los sectores de la renta variable, los tipos de interés y las divisas, así como los riesgos de crédito, y la posibilidad de grandes pérdidas, hasta la pérdida total del capital invertido. El inversor está dispuesto y es capaz de soportar tal pérdida financiera; no valora una protección del capital.
La Sociedad proporcionará información adicional relativa al perfil del inversor o al grupo de clientes objetivo típicos de este producto financiero a los distribuidores y afiliados. Si el inversor asesora o gestiona la compra de acciones mediante distribuidores y afiliados de la Sociedad, si es necesario, estos también pueden proporcionarle información adicional sobre el perfil del inversor típico.
Se puede obtener información adicional sobre el denominado mercado objetivo y los costes del producto derivados de la implementación de las disposiciones de la Directiva MiFID2, que la Sociedad Gestora pone a disposición de los agentes de ventas, en formato electrónico en el sitio web de la Sociedad en www.dws.com. | # Profil de l’investisseur: Orienté sur la croissance
Le compartiment s'adresse aux investisseurs axés sur la croissance qui cherchent à accroître leur capital grâce essentiellement à des plus-values sur actions et gains de change. Le potentiel de rendement s'accompagne de risques élevés liés aux actions, taux d'intérêt et changes et de risques de solvabilité, ainsi que d'un risque de perte important, pouvant aller jusqu'à la perte totale du capital investi. L'investisseur est disposé et apte à supporter une perte financière de cet ordre ; il ne poursuit aucun objectif de protection du capital.
La société communique aux agents et partenaires de distribution des informations complémentaires sur le profil de l'investisseur type ou le marché cible de ce produit financier. Lorsqu'un agent ou partenaire de distribution de la société conseille un investisseur ou sert d'intermédiaire à une opération d'achat de cet investisseur, il lui communique le cas échéant les informations complémentaires afférentes au profil de l'investisseur type.
Vous pouvez obtenir les informations complémentaires relatives au marché cible et aux coûts et frais associés aux produits prévues par les dispositions de la directive MIFID II et mises à la disposition des distributeurs par la société d'investissement sous forme électronique sur le site internet de la société à l'adresse www.dws.com. | fr | es |
DOLFIN6944 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
-
# Refusal to register transfers
- The Directors in their absolute discretion and without assigning any reason therefor may decline to register:-
- any transfer of a share to a person who is not a Permitted Investor;
- any transfer to or by an individual under the age of 18 (or such other age as the Directors may think fit) or of unsound mind;
- any transfer unless the transferee of such shares would following such transfer be the holder of shares equal to or greater than the Minimum Initial Investment Amount;
- any transfer in circumstances where as a result of such transfer the transferor or transferee would hold less than the Minimum Shareholding;
- any transfer in regard to which any payment of taxation remains outstanding ; and
- any transfer to a person who does not clear such money laundering checks as the Directors may determine. | -
# Ablehnung der Eintragung von Übertragungen
- Der Verwaltungsrat kann nach seinem alleinigen Ermessen und ohne Begründung hierfür die Eintragung von Übertragungen in folgenden Fällen ablehnen:
- jede Übertragung einer Aktie auf eine Person, die kein zulässiger Anleger ist;
- jede Übertragung an oder durch eine natürliche Person unter 18 Jahren (oder einem anderen, vom Verwaltungsrat als geeignet erachteten Alter) oder von psychischer Instabilität;
- jede Übertragung, wenn der Übertragungsempfänger dieser Aktien nach dieser Übertragung nicht Inhaber von Aktien wäre, die im Betrag dem Mindesterstanlagebetrag entsprechen oder darüber liegen;
- jede Übertragung unter Umständen, unter denen infolge einer solchen Übertragung der Übertragende oder der Übertragungsempfänger weniger als den Mindestbestand halten würde;
- jede Übertragung, für die noch eine Steuerzahlung aussteht; und
- jede Übertragung auf eine Person, die nicht die vom Verwaltungsrat festgelegten Geldwäscheprüfungen besteht. | -
# Refusal to register transfers
- The Directors in their absolute discretion and without assigning any reason therefor may decline to register:-
- any transfer of a share to a person who is not a Permitted Investor;
- any transfer to or by an individual under the age of 18 (or such other age as the Directors may think fit) or of unsound mind;
- any transfer unless the transferee of such shares would following such transfer be the holder of shares equal to or greater than the Minimum Initial Investment Amount;
- any transfer in circumstances where as a result of such transfer the transferor or transferee would hold less than the Minimum Shareholding;
- any transfer in regard to which any payment of taxation remains outstanding ; and
- any transfer to a person who does not clear such money laundering checks as the Directors may determine. | en | de |
DOLFIN6945 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Directors may resolve in their absolute discretion to retain sufficient monies prior to effecting a total redemption of Shares to cover the costs associated with the subsequent termination of a Fund or Class or the liquidation of the ICAV.
Please refer also to section 10.3 for a summary of the provisions in the Instrument of Incorporation in relation to the circumstances where a Fund may be terminated and also for a summary of provisions in the Instrument of Incorporation in relation to procedures for the winding up of the ICAV.
- Exchange of SharesShareholders will be able to apply to exchange on any Dealing Day all or part of their holding of Shares of any Class of any Fund (the "Original Class") for Shares of another Class which are being offered at that time (the "New Class") (such Class being of the same Fund or another Fund), provided that all the criteria for applying for Shares in the New Class have been met and that notice is given to the Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. The responsible person may however at their discretion in exceptional circumstances agree to accept requests for exchange received after the relevant Dealing Deadline provided they are received prior to the relevant Valuation Point (specifically before the close of business in the relevant market that closes first on the relevant Dealing Day). The general provisions and procedures relating to the issue and redemption of Shares will apply equally to exchanges, save in relation to charges payable, details of which are set out below and in the relevant Supplement. | Gli Amministratori potranno decidere, secondo la propria discrezione assoluta e prima di procedere a un rimborso totale di Azioni, di trattenere somme sufficienti a coprire i costi associati alla successiva cessazione di un Fondo o di una Classe o alla successiva liquidazione della ICAV.
Si rimanda inoltre alla sezione 10.3 per una sintesi delle disposizioni di cui all'Atto costitutivo relative alle circostanze in cui un Fondo può essere cessato e vi si rimanda anche 3 per una sintesi delle disposizioni di cui all'Atto costitutivo relative alle procedure di scioglimento della ICAV.
- Conversione di AzioniGli Azionisti potranno richiedere in qualunque Giorno di negoziazione la conversione di tutte o parte delle Azioni da essi detenute in qualunque Classe di qualunque Fondo (la "Classe originaria") in cambio di Azioni di un'altra Classe che siano offerte in quel momento (la "Nuova classe") (Classe appartenente allo stesso Fondo o a un altro Fondo), a condizione che siano stati rispettati tutti i criteri per la sottoscrizione di Azioni della Nuova classe e che all'Agente amministrativo sia stato fornito un preavviso rispetto al Termine ultimo di negoziazione relativo al Giorno di negoziazione in questione. In circostanze straordinarie e secondo la propria discrezione, il soggetto responsabile potrà tuttavia accettare richieste di conversione ricevute successivamente al Termine ultimo di negoziazione, a condizione che le richieste pervengano prima del relativo Momento di valutazione (nello specifico prima della chiusura delle attività sul mercato che chiude per primo nel Giorno di negoziazione in questione). Le disposizioni e le procedure generali in materia di emissione e rimborso di Azioni si applicheranno anche alle conversioni, fatta eccezione per le commissioni dovute, i cui dettagli sono riportati di seguito e nel Supplemento applicabile. | The Directors may resolve in their absolute discretion to retain sufficient monies prior to effecting a total redemption of Shares to cover the costs associated with the subsequent termination of a Fund or Class or the liquidation of the ICAV.
Please refer also to section 10.3 for a summary of the provisions in the Instrument of Incorporation in relation to the circumstances where a Fund may be terminated and also for a summary of provisions in the Instrument of Incorporation in relation to procedures for the winding up of the ICAV.
- Exchange of SharesShareholders will be able to apply to exchange on any Dealing Day all or part of their holding of Shares of any Class of any Fund (the "Original Class") for Shares of another Class which are being offered at that time (the "New Class") (such Class being of the same Fund or another Fund), provided that all the criteria for applying for Shares in the New Class have been met and that notice is given to the Administrator on or prior to the Dealing Deadline for the relevant Dealing Day. The responsible person may however at their discretion in exceptional circumstances agree to accept requests for exchange received after the relevant Dealing Deadline provided they are received prior to the relevant Valuation Point (specifically before the close of business in the relevant market that closes first on the relevant Dealing Day). The general provisions and procedures relating to the issue and redemption of Shares will apply equally to exchanges, save in relation to charges payable, details of which are set out below and in the relevant Supplement. | en | it |
DOLFIN6946 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2009.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -7.9 | 17.8 | -14.9 | -30.0 | 27.7 | -1.5 | -22.9 | 9.0 | -29.2 | 40.5 |
| Constraint †¹ | 1.8 | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | # Rentabilidad Pasada
La rentabilidad histórica no es un indicador de la futura rentabilidad.
En el gráfico se muestra la rentabilidad anual del Fondo en EUR para cada año natural durante el periodo mostrado en el gráfico. Se expresa en forma de una variación porcentual del valor de inventario neto del Fondo al cierre de cada ejercicio. El Fondo se lanzó en 2001. La clase de acciones se lanzó en 2009.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) No está previsto que la rentabilidad del Fondo replique la del índice.
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | -7,9 | 17,8 | -14,9 | -30,0 | 27,7 | -1,5 | -22,9 | 9,0 | -29,2 | 40,5 |
| Limitación †¹ | 1,8 | 18,1 | -11,8 | -23,5 | 27,8 | 5,3 | -16,3 | 12,3 | -29,8 | 39,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
*Antes de 4 diciembre de 2020, el Fondo utilizaba un índice de referencia distinto, lo que se refleja en los datos del índice de referencia. | # Past Performance
Past performance is not a guide to future performance.
The chart shows the Fund's annual performance in EUR for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2001. The share class was launched in 2009.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI World Energy 30% Buffer 10-40 Index (USD) It is not intended that the performance of the Fund will track the index.
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | -7.9 | 17.8 | -14.9 | -30.0 | 27.7 | -1.5 | -22.9 | 9.0 | -29.2 | 40.5 |
| Constraint †¹ | 1.8 | 18.1 | -11.8 | -23.5 | 27.8 | 5.3 | -16.3 | 12.3 | -29.8 | 39.3 |
During this period performance was achieved under circumstances that no longer apply.
*Prior to 4 December 2020, the Fund used a different benchmark which is reflected in the benchmark data. | en | es |
DOLFIN6947 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Morgan Stanley RADAR ex Agriculture & Livestock Fund
Investment manager’s report for the financial year ended 31 July 2022
The Sub-Fund’s investment objective is to provide Shareholders with a return equivalent to the performance of the Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index denominated in US dollars (“the Index”), before all fees and expenses charged to, or incurred by, the Sub-Fund.
The Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index aims to provide exposure to the commodities futures market excluding exposure to agriculture and livestock commodities, by selecting commodities for which the future price is lower than the spot price (these are also called 'backwardation commodities').
In order to achieve its objective, the fund seeks exposure to the Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index through a swap contract and invests in money market instruments issued by the US government (T-bills) to gain money market return.
Following Central Bank of Ireland approval in the first instance, and subsequent shareholder approval, all assets in Fundlogic Global Solution Plc Morgan Stanley RADAR ex Agriculture & Livestock Fund were merged into the Fundlogic Alternatives Plc Morgan Stanley RADAR ex Agriculture & Livestock Fund on 14 December 2017.
## Fundlogic Global Solutions Plc MS RADAR ex Agriculture & Livestock Fund was launched on 29 April 2015.
## FundLogic Alternatives Plc MS RADAR ex Agriculture & Livestock Fund was launched on 14 December 2017 (Merger Date).
From 29 April 2015 (I USD share class inception) to 4 January 2022, the performance of the I USD share class is 36.00%, compared to 36.00% for the Index and 0.47% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 30 December 2015 (I EUR share class inception) to 18 January 2022, the performance of the I EUR share class is 68.01%, compared to 68.01% for the Index and 55.53% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 2 November 2021 (A USD share class inception) to 16 March 2022, the performance of the A USD share class is 17.47%, compared to 17.47% for the Index and 13.67% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 20 January 2022 (J USD share class inception) to 7 February 2022, the performance of the J USD share class is 0.65%, compared to 0.65% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 31 July 2021 to 4 January 2022, the performance of the I USD Share Class is 0.64%, compared to 0.64% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 31 July 2021 to 18 January 2022, the performance of the I EUR Share Class is 3.38%, compared to 3.38% for the Index and 9.14% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 2 November 2021 to 16 March 2022, the performance of the A USD Share Class is 17.47%, compared to 17.47% for the Index and 13.67% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 20 January 2022 to 7 February 2022, the performance of the J USD Share Class is 0.65%, compared to 0.65% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
The Sub-Fund has an annualised volatility of 16.53% for the I USD share class, 16.39% for the I EUR share class, 27.62% for the A USD share class and 13.86% for the J USD share class compared to 18.16% for Bloomberg Commodity ex- Agriculture and Livestock Total Return Index.
## The Sub-Fund was liquidated on 16 March 2022. | # Morgan Stanley RADAR ex Agriculture & Livestock Fund
Rapport du Gestionnaire d’investissement pour l’exercice clos le 31 juillet 2022
L’objectif d’investissement du Compartiment est d’offrir aux Actionnaires un rendement équivalent à la performance de l’indice Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return, libellé en dollars US (l’« Indice ») avant toutes les commissions et charges facturées au Compartiment ou supportées par celui-ci.
L’objectif de l’indice Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return est de fournir une exposition au marché à terme des matières premières excluant l’exposition aux matières premières agricoles et aux produits du bétail en sélectionnant des matières premières pour lesquelles le prix à terme est plus bas que le prix au comptant (elles sont aussi nommées « matières premières en déport »).
Afin d’atteindre son objectif, le fonds recherche l’exposition à l’indice Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return par un contrat d’échange et investit dans des instruments du marché monétaire émis par le gouvernement des États-Unis (« T-bills ») afin d’obtenir un rendement de marché monétaire.
À la suite de l’approbation par la Banque centrale d’Irlande d’abord, puis de l’accord ultérieur des actionnaires, tous les actifs du Fonds Morgan Stanley RADAR ex Agriculture & Livestock Fund de Fundlogic Global Solution Plc ont été fusionnés dans le Fonds Morgan Stanley RADAR ex Agriculture & Livestock Fund de Fundlogic Alternatives Plc le 14 décembre 2017.
## Le Compartiment MS RADAR ex Agriculture & Livestock Fund de FundLogic Global Solutions Plc a été lancé le 29 avril 2015.
## Le Compartiment MS RADAR ex Agriculture & Livestock Fund de FundLogic Alternatives Plc a été lancé le 14 décembre 2017 (Date de la Fusion).
Du 29 avril 2015 (date de lancement de la Catégorie d’actions I USD) au 4 janvier 2022, la performance de la Catégorie d’actions I USD a été de 36,00 %, contre 36,00 % pour l’Indice et 0,47 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 30 décembre 2015 (date de lancement de la Catégorie d’actions I EUR) au 18 janvier 2022, la performance de la Catégorie d’actions I EUR a été de 68,01 %, contre 68,01 % pour l’Indice et 55,53 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 2 novembre 2021 (date de lancement de la Catégorie d’actions A USD) au 16 mars 2022, la performance de la Catégorie d’actions A USD a été de 17,47 %, contre 17,47 % pour l’Indice et 13,67 % pour l’indice Bloomberg Commodity ex- Agriculture and Livestock Total Return.
Du 20 janvier 2022 (date de lancement de la Catégorie d’actions J USD) au 7 février 2022, la performance de la Catégorie d’actions J USD a été de 0,65 %, contre 0,65 % pour l’Indice et 3,16 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 31 juillet 2021 au 4 janvier 2022, la performance de la Catégorie d’actions I USD a été de 0,64 %, contre 0,64 % pour l’Indice et 3,16 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 31 juillet 2021 au 18 janvier 2022, la performance de la Catégorie d’actions I EUR a été de 3,38 %, contre 3,38 % pour l’Indice et 9,14 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 2 novembre 2021 au 16 mars 2022, la performance de la Catégorie d’actions A USD a été de 17,47 %, contre 17,47 % pour l’Indice et 13,67 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Du 20 janvier 2022 au 7 février 2022, la performance de la Catégorie d’actions J USD a été de 0,65 %, contre 0,65 % pour l’Indice et 3,16 % pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
Le Compartiment affiche une volatilité annualisée de 16,53 % pour la catégorie d’actions I USD, de 16,39 % pour la Catégorie d’actions I EUR, de 27,62 % pour la catégorie d’actions A USD et de 13,86 % pour la catégorie d’actions J USD contre 18,16% pour l’indice Bloomberg Commodity ex-Agriculture and Livestock Total Return.
## Le Compartiment a été liquidé le 16 mars 2022. | # Morgan Stanley RADAR ex Agriculture & Livestock Fund
Investment manager’s report for the financial year ended 31 July 2022
The Sub-Fund’s investment objective is to provide Shareholders with a return equivalent to the performance of the Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index denominated in US dollars (“the Index”), before all fees and expenses charged to, or incurred by, the Sub-Fund.
The Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index aims to provide exposure to the commodities futures market excluding exposure to agriculture and livestock commodities, by selecting commodities for which the future price is lower than the spot price (these are also called 'backwardation commodities').
In order to achieve its objective, the fund seeks exposure to the Morgan Stanley RADAR ex Agriculture & Livestock Commodity Total Return Index through a swap contract and invests in money market instruments issued by the US government (T-bills) to gain money market return.
Following Central Bank of Ireland approval in the first instance, and subsequent shareholder approval, all assets in Fundlogic Global Solution Plc Morgan Stanley RADAR ex Agriculture & Livestock Fund were merged into the Fundlogic Alternatives Plc Morgan Stanley RADAR ex Agriculture & Livestock Fund on 14 December 2017.
## Fundlogic Global Solutions Plc MS RADAR ex Agriculture & Livestock Fund was launched on 29 April 2015.
## FundLogic Alternatives Plc MS RADAR ex Agriculture & Livestock Fund was launched on 14 December 2017 (Merger Date).
From 29 April 2015 (I USD share class inception) to 4 January 2022, the performance of the I USD share class is 36.00%, compared to 36.00% for the Index and 0.47% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 30 December 2015 (I EUR share class inception) to 18 January 2022, the performance of the I EUR share class is 68.01%, compared to 68.01% for the Index and 55.53% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 2 November 2021 (A USD share class inception) to 16 March 2022, the performance of the A USD share class is 17.47%, compared to 17.47% for the Index and 13.67% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 20 January 2022 (J USD share class inception) to 7 February 2022, the performance of the J USD share class is 0.65%, compared to 0.65% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 31 July 2021 to 4 January 2022, the performance of the I USD Share Class is 0.64%, compared to 0.64% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 31 July 2021 to 18 January 2022, the performance of the I EUR Share Class is 3.38%, compared to 3.38% for the Index and 9.14% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 2 November 2021 to 16 March 2022, the performance of the A USD Share Class is 17.47%, compared to 17.47% for the Index and 13.67% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
From 20 January 2022 to 7 February 2022, the performance of the J USD Share Class is 0.65%, compared to 0.65% for the Index and 3.16% for the Bloomberg Commodity ex-Agriculture and Livestock Total Return Index.
The Sub-Fund has an annualised volatility of 16.53% for the I USD share class, 16.39% for the I EUR share class, 27.62% for the A USD share class and 13.86% for the J USD share class compared to 18.16% for Bloomberg Commodity ex- Agriculture and Livestock Total Return Index.
## The Sub-Fund was liquidated on 16 March 2022. | en | fr |
DOLFIN6948 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Indicators the fund uses include:
- exposure to companies that derive a significant proportion of revenue, EBIT, enterprise value or similar metrics from economic activities that contribute to environmental or social objectives
- exposure to revenues from economic activities that contribute to environmental and/ or social objectives
- exposure to green and/or social labelled bond
- Principle Adverse Impact (PAI) indicators such as exposure to issuers that are in severe breach of international norms or have significant activities with adverse E/S impacts on society or the environment
-
#### How do sustainable investments not cause significant harm to any environmental or social sustainable investment objective? | ###### Der Fonds verwendet unter anderem folgende Indikatoren:
- Anlage in Unternehmen, die einen erheblichen Anteil ihres Umsatzes, EBIT, Unternehmenswerts oder ähnlicher Kennzahlen mit Wirtschaftstätigkeiten erzielen, die zu ökologischen oder sozialen Zielen beitragen
- Engagement in Umsätzen aus Wirtschaftstätigkeiten, die zu ökologischen und/oder sozialen Zielen beitragen
- Engagement in grünen und/oder sozialen Anleihen
- Indikatoren zu wichtigsten nachteiligen Auswirkungen (PAI), einschließlich Engagement in Emittenten mit schweren Verstößen gegen internationale Normen oder bedeutenden Aktivitäten mit nachteiligen ökologischen/sozialen Auswirkungen auf Gesellschaft oder Umwelt
-
#### Wie wird erreicht, dass nachhaltige Investitionen nicht zu einer erheblichen Beeinträchtigung des ökologischen oder sozialen nachhaltigen Investitionsziels führen? | ###### Indicators the fund uses include:
- exposure to companies that derive a significant proportion of revenue, EBIT, enterprise value or similar metrics from economic activities that contribute to environmental or social objectives
- exposure to revenues from economic activities that contribute to environmental and/ or social objectives
- exposure to green and/or social labelled bond
- Principle Adverse Impact (PAI) indicators such as exposure to issuers that are in severe breach of international norms or have significant activities with adverse E/S impacts on society or the environment
-
#### How do sustainable investments not cause significant harm to any environmental or social sustainable investment objective? | en | de |
DOLFIN6949 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/or
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | Un Compartiment géré conformément à la Stratégie axée sur la transition verte investit principalement
- dans des Obligations vertes finançant des projets d’atténuation ou d’adaptation au changement climatique ou d’autres projets de durabilité environnementale, notamment dans les domaines suivants : efficacité énergétique, énergies renouvelables, matières premières, eau et terres, gestion des déchets, réduction des émissions de gaz à effet de serre, préservation de la biodiversité ou économie circulaire,et/ou
- dans des Actions (titres de participation) et/ou des Titres de créance dont les émetteurs s’engagent explicitement à améliorer les résultats futurs en matière de durabilité dans un délai prédéfini, y compris, sans s’y limiter, les titres d’émetteurs participant à l’initiative SBTi,et/ou
- dans des Titres de créance émis par des émetteurs souverains dont le pays a ratifié de manière juridiquement contraignante l’Accord de Paris et présente une note Freedom House Index suffisante. | A Sub-Fund which is managed in accordance with the Green Transition Strategy invests primarily
- in Green Bonds financing climate change mitigation or adaptation projects or other environmental sustainability projects, notably in the following fields: energy efficiency, renewable energy, raw materials, water and land, waste management, greenhouse gas emissions reduction, biodiversity preservation or circular economy,and/or
- in Equities and / or Debt Securities whose issuers explicitly commit to future improvements in sustainability outcomes within a predefined timeline included, but not limited to, securities from issuers participating to the SBTi initiative,and/or
- in Debt Securities issued by sovereign issuers which have bindingly ratified the Paris Agreement, and which have a sufficient Freedom House Index score. | en | fr |
DOLFIN6950 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### All regulations will be interpreted and valuations carried out in accordance with generally accepted accounting principles.
Adequate provisions will be established for each Sub-Fund for the expenses incurred by each Sub-Fund of the Company and any off- balance sheet liabilities shall be taken into account in accordance with fair and prudent criteria.
For each Sub-Fund and for each Share-Class, the Net Asset Value per Share will be determined in the calculation currency of the Net Asset Value of the relevant Class, by a figure obtained by dividing, on the Valuation Day, the net assets of the Share-Class concerned, comprising the assets of this Share-Class less any liabilities attributable to it, by the number of Shares issued and outstanding for the Share-Class concerned.
If several Share-Classes are available for a Sub-Fund, the Net Asset Value per Share of a given Share-Class will at all times be equal to the amount obtained by dividing the portion of net assets attributable to this Share-Class by the total number of Shares of this Share-Class issued and outstanding.
Any Share that is in the process of being redeemed pursuant to Chapter III “Subscriptions, redemptions and conversions” of Part I of the Prospectus (“Essential information regarding the Company”) will be treated as an issued and existing share until the close of the Valuation Day applicable to the redemption of this share and, until such time as the redemption is settled, it will be deemed a Company liability. | #### Todo reglamento se interpretará conforme a los principios contables generalmente aceptados, conforme a los que también se realizarán las valoraciones.
Se establecerán disposiciones adecuadas para cada Subfondo relativas a los gastos soportados por cada Subfondo de la Sociedad y cualquier pasivo fuera del balance se tendrá en cuenta conforme a criterios justos y prudentes.
El Valor liquidativo por Acción de cada Subfondo y cada Clase de Acciones se determinará en la divisa de cálculo del Valor liquidativo de la Clase correspondiente, mediante una cifra obtenida dividiendo, en el Día de valoración, el patrimonio neto de la Clase de Acciones en cuestión, que incluye el activo de esta Clase de Acciones menos cualquier pasivo a ella atribuible, entre el número de Acciones emitidas y en circulación para la Clase de Acciones en cuestión.
Si un Subfondo cuenta con varias Clases de Acciones, el Valor liquidativo por Acción de una Clase de Acciones dada será, en todo momento, igual al importe obtenido mediante la división de la porción del patrimonio neto atribuible a esta Clase de Acciones entre el número total de Acciones de esta Clase de Acciones emitidas y en circulación.
Toda Acción que esté en proceso de reembolso conforme al Capítulo III «Suscripciones, reembolsos y conversiones» de la Parte I del Folleto («Información esencial sobre la Sociedad»), será tratada como una Acción emitida y existente hasta el cierre del Día de valoración aplicable al reembolso de esta Acción y se considerará un pasivo de la Sociedad hasta el momento en el que se liquide el reembolso. | ##### All regulations will be interpreted and valuations carried out in accordance with generally accepted accounting principles.
Adequate provisions will be established for each Sub-Fund for the expenses incurred by each Sub-Fund of the Company and any off- balance sheet liabilities shall be taken into account in accordance with fair and prudent criteria.
For each Sub-Fund and for each Share-Class, the Net Asset Value per Share will be determined in the calculation currency of the Net Asset Value of the relevant Class, by a figure obtained by dividing, on the Valuation Day, the net assets of the Share-Class concerned, comprising the assets of this Share-Class less any liabilities attributable to it, by the number of Shares issued and outstanding for the Share-Class concerned.
If several Share-Classes are available for a Sub-Fund, the Net Asset Value per Share of a given Share-Class will at all times be equal to the amount obtained by dividing the portion of net assets attributable to this Share-Class by the total number of Shares of this Share-Class issued and outstanding.
Any Share that is in the process of being redeemed pursuant to Chapter III “Subscriptions, redemptions and conversions” of Part I of the Prospectus (“Essential information regarding the Company”) will be treated as an issued and existing share until the close of the Valuation Day applicable to the redemption of this share and, until such time as the redemption is settled, it will be deemed a Company liability. | en | es |
DOLFIN6951 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The Sub-fund’s investment strategy also takes climate issues into account and aims to align the climate trajectory of the portfolio with the Paris Agreement.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe performance of the Sub-fund may be compared to the MSCI EMU, net dividends reinvested, with shares issued in Euros expressed in Euros. The MSCI EMU index (Bloomberg ticker: NDDUEMU index) is composed of 300 stocks from eurozone countries, selected according to criteria such as stock market capitalisation, transaction volumes and business sector. Weighted by country and business sector, the index endeavours to reflect, as far as possible, the economic structure of the eurozone. The index is calculated and published by MSCI Barra and the data may be consulted at www.mscibarra.com. | La strategia d'investimento del comparto tiene conto anche delle problematiche legate al clima e cerca di allineare la traiettoria climatica del portafoglio all'Accordo di Parigi.
Il Comparto viene gestito attivamente, vale a dire che il Gestore prende delle decisioni d’investimento allo scopo di adempiere all’obiettivo e alla politica di collocamento del Comparto. La suddetta gestione attiva include l’assunzione di decisioni relative alla selezione degli attivi, all’allocazione regionale, alle opinioni settoriali e al livello complessivo di esposizione al mercato. Il Gestore non viene in alcun caso limitato dagli elementi costitutivi dell’indice di riferimento in termini di posizionamento del relativo portafogli, e il Comparto può non detenere tutti gli elementi costitutivi dell’indice di riferimento, così come potrebbe non detenere alcuno degli elementi costitutivi interessati. La differenza rispetto all’indice di riferimento può essere totale o significativa, ma anche limitata.
- Indice di riferimentoLa performance del comparto potrà essere confrontata con l’indice MSCI EMU, con il reinvestimento dei dividendi netti, espressa in euro per le azioni emesse in euro. L’indice MSCI EMU (ticker Bloomberg: NDDUEMU Index) è un indice composto da 300 titoli appartenenti ai paesi membri della zona euro selezionati in funzione della capitalizzazione borsistica, volume di transazioni e settore di attività. L’indice si sforza di rispettare una ponderazione per paese e per settore d’attività suscettibile di riflettere al massimo la struttura economica della zona euro. L’indice è calcolato e pubblicato da MSCI Barra e i dati sono accessibili su www.mscibarra.com. | The Sub-fund’s investment strategy also takes climate issues into account and aims to align the climate trajectory of the portfolio with the Paris Agreement.
The Sub-fund is actively managed, which means that the Manager makes investment decisions with the aim of achieving the Sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little.
- Benchmark indexThe performance of the Sub-fund may be compared to the MSCI EMU, net dividends reinvested, with shares issued in Euros expressed in Euros. The MSCI EMU index (Bloomberg ticker: NDDUEMU index) is composed of 300 stocks from eurozone countries, selected according to criteria such as stock market capitalisation, transaction volumes and business sector. Weighted by country and business sector, the index endeavours to reflect, as far as possible, the economic structure of the eurozone. The index is calculated and published by MSCI Barra and the data may be consulted at www.mscibarra.com. | en | it |
DOLFIN6952 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10000 USD If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2070 USD | 2010 USD |
| Average return each year | -79.30% | -27.45% |
| Unfavourable | What you might get back after costs | 5970 USD | 5880 USD |
| Average return each year | -40.30% | -10.08% |
| Moderate | What you might get back after costs | 9470 USD | 9680 USD |
| Average return each year | -5.30% | -0.65% |
| Favourable | What you might get back after costs | 16040 USD | 16470 USD |
| Average return each year | 60.40% | 10.49% | | | Période de détention recommandée: 5 ans Exemple d'investissement: 10000 USD Si vous sortez après 1 Si vous sortez après 5 an ans Scénarios |
| --- |
| Minimum | Il n'y a pas de rendement minimum garanti si vous retirez votre investissement avant 5 ans. Vous encourez le risque de perdre une partie ou la totalité de votre investissement. |
| Tensions | Ce que vous pourriez obtenir après déduction des coûts | 2070 USD | 2010 USD |
| Rendement annuel moyen | -79.30% | -27.45% |
| Défavorable | Ce que vous pourriez obtenir après déduction des coûts | 5970 USD | 5880 USD |
| Rendement annuel moyen | -40.30% | -10.08% |
| Intermédiaire | Ce que vous pourriez obtenir après déduction des coûts | 9470 USD | 9680 USD |
| Rendement annuel moyen | -5.30% | -0.65% |
| Favorable | Ce que vous pourriez obtenir après déduction des coûts | 16040 USD | 16470 USD |
| Rendement annuel moyen | 60.40% | 10.49% | | | Recommended holding period: 5 years Example Investment: 10000 USD If you exit after 1 year If you exit after 5 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 2070 USD | 2010 USD |
| Average return each year | -79.30% | -27.45% |
| Unfavourable | What you might get back after costs | 5970 USD | 5880 USD |
| Average return each year | -40.30% | -10.08% |
| Moderate | What you might get back after costs | 9470 USD | 9680 USD |
| Average return each year | -5.30% | -0.65% |
| Favourable | What you might get back after costs | 16040 USD | 16470 USD |
| Average return each year | 60.40% | 10.49% | | en | fr |
DOLFIN6953 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Additional Fees and Expenses
Shareholders will be subject to the following additional fees and expenses set out in detail below.
Shareholders of Class A, Class AB, Class B, Class E, Class F, Class GU, Class H, Class HB, Class IB, Class IU, Class IF, Class R, Class S, Class SA, Class SB, Class T, Class X, or Class Z Shares will be charged such additional fees and expenses in addition to the relevant management fee set out in “Management Fees” above.
Additional fees and expenses will be charged to Shareholders of Class C, Class G, Class I, Class M and Class Q Shares as part of the management fee set out in “Management Fees” above, except for fees mentioned in sub-paragraph (j) below, which will be specifically charged in addition to the relevant management fee. Any additional fees and expenses below (except for fees in sub-paragraph (j)) that the Company cannot recover from the Shareholders of Class C, Class G, Class I, Class M and Class Q Shares through the management fee shall be borne by the Investment Manager.
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##### Shareholder Servicing Fee | ### Commissions et frais supplémentaires
Les Actionnaires seront soumis aux commissions et frais supplémentaires suivants, dont le détail est précisé ci-après.
Les Actionnaires détenant des Actions de Catégorie A, de Catégorie AB, de Catégorie B, de Catégorie E, de Catégorie F, de Catégorie GU, de Catégorie H, de Catégorie HB, de Catégorie IB, de Catégorie IU, de Catégorie IF, de Catégorie R, de Catégorie S, de Catégorie SA, de Catégorie SB, de Catégorie T, de Catégorie X ou de Catégorie Z seront soumis à ces commissions et frais supplémentaires en plus de la commission de gestion applicable (voir « Commissions de Gestion » ci-dessus).
Des commissions et frais supplémentaires seront facturés aux Actionnaires détenant des Actions de Catégorie C, de Catégorie G, de Catégorie I, de Catégorie M et de Catégorie Q, dans le cadre de la commission de gestion définie au paragraphe « Commissions de Gestion » ci-dessus, à l’exception des commissions visées au sous-paragraphe (j) ci-dessous, lesquelles seront imputées spécifiquement en sus de la commission de gestion correspondante. Toutes les commissions et tous les frais supplémentaires visés ci-dessous (à l’exception des commissions énoncées au sous-paragraphe (j) que la Société ne peut répercuter sur les Actionnaires détenant des Actions de Catégorie C, de Catégorie G, de Catégorie I, de Catégorie M et de Catégorie Q, dans le cadre de la commission de gestion, seront à la charge du Gestionnaire d’Investissement.
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##### Commission de Service aux Actionnaires | ### Additional Fees and Expenses
Shareholders will be subject to the following additional fees and expenses set out in detail below.
Shareholders of Class A, Class AB, Class B, Class E, Class F, Class GU, Class H, Class HB, Class IB, Class IU, Class IF, Class R, Class S, Class SA, Class SB, Class T, Class X, or Class Z Shares will be charged such additional fees and expenses in addition to the relevant management fee set out in “Management Fees” above.
Additional fees and expenses will be charged to Shareholders of Class C, Class G, Class I, Class M and Class Q Shares as part of the management fee set out in “Management Fees” above, except for fees mentioned in sub-paragraph (j) below, which will be specifically charged in addition to the relevant management fee. Any additional fees and expenses below (except for fees in sub-paragraph (j)) that the Company cannot recover from the Shareholders of Class C, Class G, Class I, Class M and Class Q Shares through the management fee shall be borne by the Investment Manager.
-
##### Shareholder Servicing Fee | en | fr |
DOLFIN6954 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# INVESTMENT RESTRICTIONS FOR U.S. PERSONS
Universal-Investment-Gesellschaft mbH and/or HNC Advisors Diversified Multi-Asset-Class UI have not been and will not be registered pursuant to the latest version of the U.S. Investment Company Act of 1940. The units of the investment fund have not been and will not be regis- tered under the latest version of the United States Securities Act of 1933 or under securities legislation of any federal state of the United States of America (USA). Units in HNC Advisors Diversified Multi-Asset-Class UI may not be offered or sold within the USA or to a U.S. person or on their behalf. Applicants must, where appropriate, demonstrate that they are not U.S. persons and that they are neither acquiring units on behalf of U.S. persons nor intending to transfer them to U.S. persons. U.S. persons are those who are U.S. nationals or who are established and/or subject to taxation in the USA. U.S. persons may also be partnerships or corporations established in accordance with the laws of the USA or a federal state, territory or dependency thereof. | # ANLAGEBESCHRÄNKUNGEN FÜR US-PERSONEN
Die Universal-Investment-Gesellschaft mbH und/oder der HNC Advisors Diversified Multi-As- set-Class UI sind und werden nicht gemäß dem United States Investment Company Act von 1940 in seiner gültigen Fassung registriert. Die Anteile des Sondervermögens sind und wer- den nicht gemäß dem United States Securities Act von 1933 in seiner gültigen Fassung oder nach den Wertpapiergesetzen eines Bundesstaates der Vereinigten Staaten von Amerika re- gistriert. Anteile des HNC Advisors Diversified Multi-Asset-Class UI dürfen weder in den Ver- einigten Staaten noch einer US-Person oder auf deren Rechnung angeboten oder verkauft werden. Antragsteller müssen gegebenenfalls darlegen, dass sie keine US-Person sind und Anteile weder im Auftrag von US-Personen erwerben noch an US-Personen weiterveräußern. US-Personen sind Personen, die Staatsangehörige der USA sind oder dort ihren Wohnsitz haben und/oder dort steuerpflichtig sind. US-Personen können auch Personen- oder Kapital- gesellschaften sein, die gemäß den Gesetzen der USA bzw. eines US-Bundesstaats, Territori- ums oder einer US-Besitzung gegründet werden. | # INVESTMENT RESTRICTIONS FOR U.S. PERSONS
Universal-Investment-Gesellschaft mbH and/or HNC Advisors Diversified Multi-Asset-Class UI have not been and will not be registered pursuant to the latest version of the U.S. Investment Company Act of 1940. The units of the investment fund have not been and will not be regis- tered under the latest version of the United States Securities Act of 1933 or under securities legislation of any federal state of the United States of America (USA). Units in HNC Advisors Diversified Multi-Asset-Class UI may not be offered or sold within the USA or to a U.S. person or on their behalf. Applicants must, where appropriate, demonstrate that they are not U.S. persons and that they are neither acquiring units on behalf of U.S. persons nor intending to transfer them to U.S. persons. U.S. persons are those who are U.S. nationals or who are established and/or subject to taxation in the USA. U.S. persons may also be partnerships or corporations established in accordance with the laws of the USA or a federal state, territory or dependency thereof. | en | de |
DOLFIN6955 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
Use of specific derivative contracts
- The following only represents a limited choice of risks associated with derivatives the Sub-funds may elect to invest in. The Sub-funds are substantially unrestricted in their use of derivatives and may decide to use various other derivatives contracts associated with much higher or different risks, as the case may be.
- Swap agreementsSub-funds may enter into swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Sub-funds' exposure to long-term or short-term interest rates, different currency values, corporate borrowing rates, or other factors such as without limitation security prices, baskets of equity securities or inflation rates. Swap agreements can take many different forms and are known by a variety of names. The Sub-funds are not limited to any particular form of swap agreement if consistent with the respective Sub-fund's Investment Objective. Swap agreements tend to shift the respective Sub-fund's investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Sub-funds' portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Sub-funds. | Utilisation de contrats dérivés spécifiques
- La liste qui suit ne représente qu’un choix limité de risques associés aux instruments dérivés dans lesquels les Compartiments peuvent choisir d’investir. Les Compartiments ne sont essentiellement pas soumis à des restrictions quant à leur utilisation des instruments dérivés et peuvent décider d’utiliser divers autres contrats dérivés associés à des risques beaucoup plus élevés ou différents, selon le cas.
- Contrats de swapLes Compartiments peuvent conclure des contrats de swap. Les contrats de swap peuvent être négociés et structurés individuellement pour inclure une exposition à différents types d’investissements ou facteurs de marché. Selon leur structure, les contrats de swap peuvent augmenter ou diminuer l’exposition des Compartiments aux taux d’intérêt à long terme ou à court terme, à différentes valeurs de devises, aux taux d’emprunt des sociétés ou à d’autres facteurs tels que, sans s’y limiter, les prix des titres, les paniers de titres de capital ou les taux d’inflation. Les contrats de swap peuvent prendre différentes formes et sont connus sous différents noms. Les Compartiments ne sont pas limités à une forme particulière de contrat de swap s’ils sont conformes à l’Objectif d’Investissement du Compartiment concerné. Les contrats de swap tendent à faire passer l’exposition d’investissement du Compartiment concerné d’un type d’investissement à un autre. Selon la manière dont ils sont utilisés, les contrats de swap peuvent augmenter ou diminuer la volatilité globale du portefeuille des Compartiments. Le facteur le plus important de la performance des contrats de swap est la variation du taux d’intérêt ou de la devise spécifique, des valeurs des actions individuelles ou d’autres facteurs spécifiques qui déterminent les montants des paiements dus aux Compartiments et par ceux-ci. | Use of specific derivative contracts
- The following only represents a limited choice of risks associated with derivatives the Sub-funds may elect to invest in. The Sub-funds are substantially unrestricted in their use of derivatives and may decide to use various other derivatives contracts associated with much higher or different risks, as the case may be.
- Swap agreementsSub-funds may enter into swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Sub-funds' exposure to long-term or short-term interest rates, different currency values, corporate borrowing rates, or other factors such as without limitation security prices, baskets of equity securities or inflation rates. Swap agreements can take many different forms and are known by a variety of names. The Sub-funds are not limited to any particular form of swap agreement if consistent with the respective Sub-fund's Investment Objective. Swap agreements tend to shift the respective Sub-fund's investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Sub-funds' portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Sub-funds. | en | fr |
DOLFIN6956 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
When the Directors decide to make a Dilution Adjustment, as defined in paragraph 15.1, no usual Dealing Charge will be levied on the Shares nor will any class of Shares be subject to the Swing Pricing.
Discretionary Dealing Charges Imposed for Excessive Trading
The Directors are entitled to levy a discretionary dealing charge on the Shares of any Sub-Fund where they believe that excessive trading is being practiced. The Directors do not knowingly allow investments that are associated with excessive trading practices, as such practices may adversely affect the interests of all shareholders. Excessive trading includes investors whose securities transactions seem to follow a timing pattern or are characterized by excessively frequent or large trades. In case of excessive trading, the Redemption Price of the Shares will be reduced by the discretionary dealing charge, not exceeding 3% of the Redemption Price, in favor of the relevant Sub-Fund.
- Annual Charges
- Management FeeFor the R, P, I, H, M and N classes of Shares, the Management Company may be entitled to a Management Fee calculated and accrued at each Valuation Day by reference to the Net Asset Value of the relevant classes of Shares and Sub-Funds and payable monthly in arrears. | Beschliesst der Verwaltungsrat, Verwässerungsanpassungen (wie in Paragraph 15.1 definiert) vorzunehmen, wird für keine Aktienklasse die übliche Handelsgebühr erhoben oder das "Swing Pricing" angewendet.
Nach freiem Ermessen erhobene Handelsgebühren bei übermässiger Handelstätigkeit
Der Verwaltungsrat ist berechtigt, nach freiem Ermessen eine Handelsgebühr für Aktien eines Teilfonds zu erheben, wenn er der Meinung ist, dass eine übermässige Anzahl von Transaktionen getätigt wird. Der Verwaltungsrat gestattet nicht wissentlich Anlagen, die mit übermässigen Handelsaktivitäten einhergehen, da solche Praktiken gegen das Interesse der Aktieninhaber verstossen können. Eine übermässige Handelstätigkeit liegt unter anderem dann vor, wenn die Wertpapiertransaktionen einem bestimmten zeitlichen Muster zu folgen scheinen oder durch übertriebene Häufigkeit oder übermässiges Volumen auffallen. Bei übermässiger Handelstätigkeit wird der Rücknahmepreis für Aktien zugunsten des massgeblichen Teilfonds um diese Handelsgebühr verringert, die frei festgelegt werden kann, 3% des Rücknahmepreises aber nicht übersteigen darf.
- Jahresgebühren
- ManagementgebührFür die Aktienklassen R, P, I, H, M und N hat die Verwaltungsgesellschaft ein Anrecht auf eine Managementgebühr, die an jedem Bewertungstag in Bezug auf den Nettoinventarwert der jeweiligen Aktienklassen und Teilfonds berechnet wird und anfällt und jeweils zum Monatsende (rückwirkend) zahlbar ist. | When the Directors decide to make a Dilution Adjustment, as defined in paragraph 15.1, no usual Dealing Charge will be levied on the Shares nor will any class of Shares be subject to the Swing Pricing.
Discretionary Dealing Charges Imposed for Excessive Trading
The Directors are entitled to levy a discretionary dealing charge on the Shares of any Sub-Fund where they believe that excessive trading is being practiced. The Directors do not knowingly allow investments that are associated with excessive trading practices, as such practices may adversely affect the interests of all shareholders. Excessive trading includes investors whose securities transactions seem to follow a timing pattern or are characterized by excessively frequent or large trades. In case of excessive trading, the Redemption Price of the Shares will be reduced by the discretionary dealing charge, not exceeding 3% of the Redemption Price, in favor of the relevant Sub-Fund.
- Annual Charges
- Management FeeFor the R, P, I, H, M and N classes of Shares, the Management Company may be entitled to a Management Fee calculated and accrued at each Valuation Day by reference to the Net Asset Value of the relevant classes of Shares and Sub-Funds and payable monthly in arrears. | en | de |
DOLFIN6957 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Derivatives
- Equity
- Hedging
- Currency
| - Interest rate
- Investment fund
- Management
- Market
- Small and Midcap stock
| | - Instrumentos derivados
- Valores de renta variable
- Cobertura
- Divisas
| - Tipo de interés
- Fondo de inversión
- Gestión
- Mercado
- Valores de pequeña y mediana capitalización
| | - Derivatives
- Equity
- Hedging
- Currency
| - Interest rate
- Investment fund
- Management
- Market
- Small and Midcap stock
| | en | es |
DOLFIN6958 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
| Example investment 10 000 USD | If you exit after: 1 year | If you exit after: 8 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 276 USD | 3 012 USD |
| Impact of costs annually (*) | 2.76 % | 2.84 % | | | Anlagebeispiel 10 000 USD | Wenn Sie aussteigen nach: 1 Jahr | Wenn Sie aussteigen nach: 8 Jahren (empfohlene Haltedauer) |
| --- | --- | --- |
| Kosten insgesamt | 276 USD | 3 012 USD |
| Jährliche Auswirkungen der Kosten (*) | 2.76 % | 2.84 % | | | Example investment 10 000 USD | If you exit after: 1 year | If you exit after: 8 years (recommended holding period) |
| --- | --- | --- |
| Total costs | 276 USD | 3 012 USD |
| Impact of costs annually (*) | 2.76 % | 2.84 % | | en | de |
DOLFIN6959 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 7
Exemple d’investissement EUR 10.000
1 an 7 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1870,00 | €1169,89 |
| Performance moyenne chaque année en % | -81,30 | -26,40 |
| Scénario défavorable Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2021-06-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8000,00 | €8799,76 |
| Performance moyenne chaque année en % | -20,00 | -1,81 |
| Scénario modéré Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2013-08-31 et 2020-08-31. |
| Ce que vous récupérerez après imputation des frais | €10430,00 | €15377,18 |
| Performance moyenne chaque année en % | 4,00 | 6,34 |
| Scénario favorable Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2014-03-31 et 2021-03-31. |
| Ce que vous récupérerez après imputation des frais | €14940,00 | €18779,20 |
| Performance moyenne chaque année en % | 49,00 | 9,42 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | # ¿Cuáles son los riesgos y qué puedo obtener a cambio? (continuación) Escenarios de
Lo que obtenga con este producto dependerá de la evolución futura del mercado. La evolución futura del mercado es incierta y no puede predecirse con exactitud.
Período de tenencia recomendado 7
Ejemplo de inversión EUR 10.000
1 año 7 años
| Supuesto de estrés El escenario de estrés muestra el importe que podría obtener en circunstancias extremas del mercado. |
| --- |
| Importe que podría obtener descontados los costes | €1870,00 | €1169,89 |
| Rendimiento medio anual % | -81,30 | -26,40 |
| Supuesto desfavorable Este tipo de escenario ocurrió por Robeco Emerging Stars Equities I EUR entre 2021-06-30 y 2022-11-30. |
| Importe que podría obtener descontados los costes | €8000,00 | €8799,76 |
| Rendimiento medio anual % | -20,00 | -1,81 |
| Supuesto alternativo Este tipo de escenario ocurrió por Robeco Emerging Stars Equities I EUR entre 2013-08-31 y 2020-08-31. |
| Importe que podría obtener descontados los costes | €10430,00 | €15377,18 |
| Rendimiento medio anual % | 4,00 | 6,34 |
| Supuesto favorable Este tipo de escenario ocurrió por Robeco Emerging Stars Equities I EUR entre 2014-03-31 y 2021-03-31. |
| Importe que podría obtener descontados los costes | €14940,00 | €18779,20 |
| Rendimiento medio anual % | 49,00 | 9,42 |
Las cifras incluyen todos los costes del producto propiamente dicho, pero podrían no incluir los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también podría afectar al importe que obtenga.
Los escenarios desfavorable, moderado y favorable que se muestran son ejemplos de la rentabilidad peor, media y mejor del producto y de un índice de referencia apropiado durante los 10 últimos años.
Podría perder la totalidad o parte de su inversión. | # Quels sont les risques et que puis-je espérer en retour ? (suite) Scénarios de performance
Le montant que vous allez récupérer sur ce produit dépend de la performance de marché future. Les évolutions de marché sont incertaines et ne peuvent pas être prévues de manière précise.
Période de conservation recommandée 7
Exemple d’investissement EUR 10.000
1 an 7 ans
| Scénario de crise Le scénario de crise montre ce que vous récupérerez dans des circonstances de marché extrêmes. |
| --- |
| Ce que vous récupérerez après imputation des frais | €1870,00 | €1169,89 |
| Performance moyenne chaque année en % | -81,30 | -26,40 |
| Scénario défavorable Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2021-06-30 et 2022-11-30. |
| Ce que vous récupérerez après imputation des frais | €8000,00 | €8799,76 |
| Performance moyenne chaque année en % | -20,00 | -1,81 |
| Scénario modéré Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2013-08-31 et 2020-08-31. |
| Ce que vous récupérerez après imputation des frais | €10430,00 | €15377,18 |
| Performance moyenne chaque année en % | 4,00 | 6,34 |
| Scénario favorable Ce type de scénario est survenu Robeco Emerging Stars Equities I EUR entre 2014-03-31 et 2021-03-31. |
| Ce que vous récupérerez après imputation des frais | €14940,00 | €18779,20 |
| Performance moyenne chaque année en % | 49,00 | 9,42 |
Les chiffres présentés incluent tous les frais du produit, mais n’incluent pas nécessairement tous les frais que vous réglez à votre conseiller ou distributeur. Ces chiffres ne tiennent pas compte de votre situation fiscale personnelle, qui peut influer sur le montant que vous allez récupérer.
Les scénarios défavorables, modérés et favorables présentés sont des illustrations utilisant la performance la moins bonne, moyenne et meilleure du produit et un indicateur adapté des 10 dernières années.
Vous pouvez perdre une partie, voire l’intégralité de vos investissements. | fr | es |
DOLFIN6960 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Central Administration
The Management Company has transferred the administration of the Company to Credit Suisse Fund Services (Luxembourg) S.A., a service company registered in Luxembourg, which belongs to Credit Suisse Group AG, and has authorized the latter in turn to delegate tasks wholly or partly to one or more third parties under the supervision and responsibility of the Management Company.
As the Central Administration, Credit Suisse Fund Services (Luxembourg) S.A., will assume all administrative duties that arise in connection with the administration of the Company, including the issue and redemption of Shares, valuation of the assets, calculation of the Net Asset Value, accounting and maintenance of the register of Shareholders.
- | # Zentrale Verwaltungsstelle
Die Verwaltungsgesellschaft hat die Verwaltung der Gesellschaft an die Credit Suisse Fund Services (Luxembourg) S.A., eine Luxemburger Dienstleistungsgesellschaft der Credit Suisse Group AG, übertragen und sie ermächtigt, unter der Aufsicht und Verantwortung der Verwaltungsgesellschaft ihrerseits Aufgaben gänzlich oder teilweise an einen oder mehrere Dritte zu delegieren.
Als Zentrale Verwaltungsstelle übernimmt die Credit Suisse Fund Services (Luxembourg) S.A. sämtliche in Verbindung mit der Verwaltung der Gesellschaft anfallenden verwaltungstechnischen Aufgaben einschließlich der Abwicklung der Ausgabe und Rücknahme von Aktien, der Bewertung der Anlagen, der Ermittlung des Nettovermögenswertes, der Buchhaltung und der Führung des Aktionärsregisters.
- | # Central Administration
The Management Company has transferred the administration of the Company to Credit Suisse Fund Services (Luxembourg) S.A., a service company registered in Luxembourg, which belongs to Credit Suisse Group AG, and has authorized the latter in turn to delegate tasks wholly or partly to one or more third parties under the supervision and responsibility of the Management Company.
As the Central Administration, Credit Suisse Fund Services (Luxembourg) S.A., will assume all administrative duties that arise in connection with the administration of the Company, including the issue and redemption of Shares, valuation of the assets, calculation of the Net Asset Value, accounting and maintenance of the register of Shareholders.
- | en | de |
DOLFIN6961 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
L’article 8 du règlement (UE) 2019/2088 et l’article 6 du règlement (UE) 2020/852 s’appliquent à ce fonds.
Compte tenu de la stratégie ESG du gestionnaire du fonds, le processus de décisions d’investissement du fonds tient compte de critères ESG, et en particulier des risques en matière de durabilité.
ETHENEA Independent Investors S.A. (Société de gestion et gestionnaire du fonds) a souscrit aux principes pour l’investissement responsable des Nations Unies (UN PRI - United Nations-supported Principles for Responsible Investment).
L’univers d’investissement englobe les actions et obligations d’entreprises du monde entier ayant subi un processus de sélection systématique. Ce processus de sélection tient également compte des aspects ESG sur la base des analyses propres et à l’aide de services de recherche externes. Le fonds investit uniquement dans des titres d’entreprises qui appliquent des pratiques de bonne gouvernance et qui ne tombent pas sous le coup des critères d’exclusion généraux.
La gestion du fonds par la Société de gestion fait également appel aux recherches externes d’une ou de plusieurs agences de notation en matière de durabilité. Les résultats de ces recherches sont l’une des composantes prises en compte dans le processus de décision d’investissement du gestionnaire de fonds.
Afin d’évaluer l’adéquation d’investissements pour l’actif du fonds, les différents critères ESG sont donc également pris en considération parallèlement aux paramètres traditionnels pour les prévisions de risques/rendement.
Le lecteur trouvera des informations détaillées sur les principes de l’investissement responsable appliqués par la Société de gestion ainsi que sur les agences de notation de durabilité utilisées sur le site www.ethenea.com , rubrique « A PROPOS D’ETHENEA ».
Le gestionnaire de fonds ne tient actuellement pas compte des incidences négatives des décisions d’investissement sur les facteurs de durabilité pour ce fonds. Il n’existe pas actuellement sur le marché de données suffisantes pour déterminer et pondérer les incidences négatives sur la durabilité. À partir du 30 décembre au plus tard, le gestionnaire de fonds
communiquera des informations sur la prise en compte ou non, et la méthode de prise en considération, des principales incidences négatives des décisions d’investissement.
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## Système de rémunération (non révisé) | Se aplicarán a este fondo el artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE).
De acuerdo con la estrategia ESG del gestor del fondo, los criterios ESG, especialmente los riesgos de sostenibilidad, se tienen en cuenta en el proceso de toma de decisiones de inversión del fondo.
ETHENEA Independent Investors S.A. (Sociedad gestora y gestor del fondo) ha firmado los Principios para la inversión responsable de las Naciones Unidas (UN PRI, por sus siglas en inglés).
El universo de inversión contiene acciones y bonos de empresas de todo el mundo que se han sometido a un proceso de selección sistemático. Dicho proceso de selección también tiene en cuenta los aspectos ESG basados en los propios análisis del fondo y con la ayuda de servicios de análisis externos. El fondo invierte únicamente en valores corporativos que aplican prácticas de buen gobierno corporativo y no entran en los criterios generales de exclusión.
Además, la gestión del fondo de la Sociedad gestora emplea análisis externos de una o varias agencias de calificación de la sostenibilidad. Sus resultados se tienen en cuenta entre los componentes del proceso de toma de decisiones de inversión del gestor del fondo.
Para evaluar la idoneidad de las inversiones para los activos del fondo, también se tienen en cuenta los criterios ESG individuales, además de los parámetros tradicionales de las expectativas de riesgo y remuneración.
Puede obtener más información detallada sobre los principios de inversión responsable de la Sociedad gestora, así como el nombre de las agencias de calificación de la sostenibilidad utilizadas, consulte el apartado «SOBRE ETHENEA» en www.ethenea.com.
El gestor del fondo no considera actualmente ningún impacto adverso de las decisiones de inversión sobre los factores de sostenibilidad de este fondo. Actualmente no se dispone de suficientes datos relevantes en el mercado para determinar y ponderar los impactos adversos sobre la sostenibilidad. Como muy tarde el 30 de diciembre de 2022, el gestor del fondo
proporcionará información sobre si se tienen en cuenta, y de qué modo, los principales impactos adversos de las decisiones de inversión sobre los factores de sostenibilidad.
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## Sistema de remuneración (sin auditar) | L’article 8 du règlement (UE) 2019/2088 et l’article 6 du règlement (UE) 2020/852 s’appliquent à ce fonds.
Compte tenu de la stratégie ESG du gestionnaire du fonds, le processus de décisions d’investissement du fonds tient compte de critères ESG, et en particulier des risques en matière de durabilité.
ETHENEA Independent Investors S.A. (Société de gestion et gestionnaire du fonds) a souscrit aux principes pour l’investissement responsable des Nations Unies (UN PRI - United Nations-supported Principles for Responsible Investment).
L’univers d’investissement englobe les actions et obligations d’entreprises du monde entier ayant subi un processus de sélection systématique. Ce processus de sélection tient également compte des aspects ESG sur la base des analyses propres et à l’aide de services de recherche externes. Le fonds investit uniquement dans des titres d’entreprises qui appliquent des pratiques de bonne gouvernance et qui ne tombent pas sous le coup des critères d’exclusion généraux.
La gestion du fonds par la Société de gestion fait également appel aux recherches externes d’une ou de plusieurs agences de notation en matière de durabilité. Les résultats de ces recherches sont l’une des composantes prises en compte dans le processus de décision d’investissement du gestionnaire de fonds.
Afin d’évaluer l’adéquation d’investissements pour l’actif du fonds, les différents critères ESG sont donc également pris en considération parallèlement aux paramètres traditionnels pour les prévisions de risques/rendement.
Le lecteur trouvera des informations détaillées sur les principes de l’investissement responsable appliqués par la Société de gestion ainsi que sur les agences de notation de durabilité utilisées sur le site www.ethenea.com , rubrique « A PROPOS D’ETHENEA ».
Le gestionnaire de fonds ne tient actuellement pas compte des incidences négatives des décisions d’investissement sur les facteurs de durabilité pour ce fonds. Il n’existe pas actuellement sur le marché de données suffisantes pour déterminer et pondérer les incidences négatives sur la durabilité. À partir du 30 décembre au plus tard, le gestionnaire de fonds
communiquera des informations sur la prise en compte ou non, et la méthode de prise en considération, des principales incidences négatives des décisions d’investissement.
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## Système de rémunération (non révisé) | fr | es |
DOLFIN6962 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Neuberger Berman Global Equity Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
Period Ended 30 June 2020*
US$
Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period 1,422,397
Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations (208,965)
Redemptions (1,213,432)
Net Assets Attributable to Holders of Redeemable Participating Shares at end of period –
* Portfolio liquidated on 15 May 2020.
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 357
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | # Neuberger Berman Global Equity Fund (continua)
## Prospetto delle variazioni del patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili
Periodo chiuso al 30 giugno 2020*
USD
Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili all’inizio del periodo 1.422.397
Profitti/(perdite) attribuibili ai detentori di azioni di partecipazione riscattabili da operazioni (208.965)
Rimborsi (1.213.432)
Patrimonio netto attribuibile ai detentori di azioni di partecipazione riscattabili alla fine del periodo –
* Portafoglio liquidato il 15 maggio 2020.
Le note integrative costituiscono parte integrante del bilancio.
RELAZIONE SEMESTRALE 2021 357
BILANCIO RELAZIONE DEL GESTORE DEGLI INVESTIMENTI | # Neuberger Berman Global Equity Fund (Continued)
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares
Period Ended 30 June 2020*
US$
Net Assets Attributable to Holders of Redeemable Participating Shares at beginning of period 1,422,397
Profit/(Loss) Attributable to Holders of Redeemable Participating Shares from Operations (208,965)
Redemptions (1,213,432)
Net Assets Attributable to Holders of Redeemable Participating Shares at end of period –
* Portfolio liquidated on 15 May 2020.
The accompanying notes form an integral part of the financial statements.
INTERIM REPORT 2021 357
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT | en | it |
DOLFIN6963 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increase
- Foreign currency risksThere is no capital guarantee and no capital protection. | I dati storici utilizzati per la determinazione della categoria di rischio e rendimento non possono essere considerati un'indicazione attendibile del profilo di rischio futuro.
La categoria di rischio e rendimento indicata può essere soggetta a variazioni. L'inserimento in una categoria può variare nel corso del tempo.
La categoria di rischio più bassa non può essere equiparata a un investimento privo di rischi.
Criteri per la classificazione nelle cat. di rischio e rendimento:
- Curva dei tassi
- Maggiorazione del tasso d'interesse
- Rischi di cambioNon esiste alcuna garanzia o protezione del capitale. | The historical data used for calculating the risk and profit category cannot serve as a reliable indicator of the future risk profile.
The risk and profit category shown may very well undergo changes. Assignment to a category may change over time.
The lowest risk category cannot be equated with a risk-free investment.
Reasons for being assigned to the risk and profit category:
- Interest-rate curve
- Interest-rate increase
- Foreign currency risksThere is no capital guarantee and no capital protection. | en | it |
DOLFIN6964 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# En quoi consiste ce produit?
Type
Un organisme de placement collectif de droit luxembourgeois constitué sous la forme d'une société d'investissement à capital variable (SICAV). Le Compartiment est enregistré conformément à la Partie I de la Loi du 17 décembre 2010.
Durée
Le Compartiment est constitué pour une durée illimitée et n'a donc pas de date d'échéance. L'Initiateur ne peut pas résilier le Fonds de manière unilatérale ; toutefois, les administrateurs et/ou les investisseurs du Compartiment peuvent, dans certaines circonstances énoncées dans le Prospectus et le document constitutif du Compartiment, résilier le Fonds de manière unilatérale. Des cas de résiliation automatique peuvent être prévus par la loi et les réglementations applicables au Compartiment.
Objectifs
Objectif d'investissement
Le Compartiment vise à dégager des revenus réguliers et à surperformer l'indice Bloomberg US Credit.
Le Compartiment investit principalement dans des obligations d'entreprises émises aux Etats-Unis, libellées en dollars américains et qui se situent dans les quatre catégories de notation les plus élevées s'agissant de la qualité du crédit (BBB- ou plus).
Classification SFDR : Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Politique d'investissement
Lorsqu'il sélectionne les investissements, le gestionnaire combine une recherche économique et crédit globale avec l'analyse des émetteurs individuels.
Le Compartiment peut également investir jusqu'à 5% de ses actifs nets dans des Obligations convertibles contingentes (« CoCo »).
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace de portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice Bloomberg US Credit (l'« Indice de référence »). Le Compartiment est géré de façon active.
Devise USD
Politique de la Classe d'actions Les actions mentionnées sont des actions de distribution (elles distribuent des dividendes).
Traitement des ordres de souscription et de rachat
Vous pouvez passer des ordres d'achat ou de vente d'actions à tout moment. Les ordres passés avant 14h00 (heure du Luxembourg) les jours qui sont des jours ouvrables au Luxembourg et dans le ou les pays où la majorité des actifs du Compartiment sont investis sont généralement traités le jour même.
Investisseur de détail visé
Les Actions du Compartiment s'adressent aux investisseurs (i) pour lesquels un investissement dans le Compartiment ne constitue pas un programme d'investissement complet ; (ii) qui comprennent pleinement et entendent assumer les risques impliqués par le programme d'investissement du Compartiment ; (iii) qui sont conscients de la possibilité de ne pas récupérer les montants investis ; et (iv) qui cherchent un investissement à moyen terme.
Dépositaire
The Bank of New York SA/NV, Luxembourg branch Informations complémentaires
Veuillez consulter la section « Autres informations pertinentes » ci- dessous. | # ¿Qué es este producto?
Tipo
Un organismo de inversión colectiva constituido conforme a las leyes del Gran Ducado de Luxemburgo, con forma de sociedad de inversión de capital variable (SICAV). El Subfondo está registrado de conformidad con la Parte I de la Ley de 17 de diciembre de 2010.
Plazo
El Subfondo tiene una duración ilimitada, por lo que no existe una fecha de vencimiento. El productor no puede cancelar unilateralmente el Fondo, si bien, cuando concurran determinadas circunstancias recogidas en el Folleto y en el documento constitutivo del Subfondo, los administradores del Subfondo y/o los inversores del Subfondo podrán cancelar unilateralmente el Fondo. Las leyes y reglamentos aplicables al Subfondo pueden prever casos de cancelación automática.
Objetivos
Objetivo de inversión
El Subfondo tiene como objetivo generar ingresos regulares y superar la rentabilidad del índice Bloomberg US Credit.
El Subfondo invierte principalmente en bonos corporativos emitidos en Estados Unidos, denominados en dólares estadounidenses y que se sitúan en las cuatro primeras categorías de calidad crediticia (BBB- o superior).
Clasificación SFDR: El Subfondo cumple los requisitos para ser considerado un fondo del artículo 8.
Política de inversión
En el proceso de selección de inversiones, el gestor de inversiones combina el análisis económico y crediticio general con el análisis de emisores individuales.
Este Subfondo también puede invertir hasta un 5% de su patrimonio neto en bonos convertibles contingentes (CoCo).
El Subfondo podrá emplear derivados con el fin de lograr una gestión eficaz de la cartera o para gestionar los riesgos.
Índice de referencia Este Subfondo tiene como objetivo superar la rentabilidad del índice Bloomberg US Credit (el «Índice de referencia»). El Subfondo se gestiona de forma activa.
Moneda USD
Política sobre clases de acciones Las acciones que se mencionan son acciones de reparto (que distribuyen dividendos).
Procesamiento de las órdenes de suscripción y reembolso
Usted puede efectuar órdenes de compra o venta de acciones en cualquier momento. Las órdenes que se realicen antes de las 14:00 horas (hora de Luxemburgo) de cualquier día hábil a efectos bancarios en Luxemburgo y en el país o los países donde estén invertidos la mayoría de los activos del Subfundo se tramitarán por regla general el mismo día.
Inversor minorista al que va dirigido
Las acciones del Subfondo resultan apropiadas para todo inversor (i) para el que una inversión en el Subfondo no represente un programa de inversión completo; (ii) que entienda plenamente y esté dispuesto a asumir los riesgos que comporta el programa de inversión en el Subfondo; (iii) que entienda que podría no recuperar el importe invertido; y (iv) que busque una inversión a medio plazo.
Depositario
The Bank of New York SA/NV Luxembourg branch Más información
Consulte el apartado sobre «Otra información relevante» más abajo. | # En quoi consiste ce produit?
Type
Un organisme de placement collectif de droit luxembourgeois constitué sous la forme d'une société d'investissement à capital variable (SICAV). Le Compartiment est enregistré conformément à la Partie I de la Loi du 17 décembre 2010.
Durée
Le Compartiment est constitué pour une durée illimitée et n'a donc pas de date d'échéance. L'Initiateur ne peut pas résilier le Fonds de manière unilatérale ; toutefois, les administrateurs et/ou les investisseurs du Compartiment peuvent, dans certaines circonstances énoncées dans le Prospectus et le document constitutif du Compartiment, résilier le Fonds de manière unilatérale. Des cas de résiliation automatique peuvent être prévus par la loi et les réglementations applicables au Compartiment.
Objectifs
Objectif d'investissement
Le Compartiment vise à dégager des revenus réguliers et à surperformer l'indice Bloomberg US Credit.
Le Compartiment investit principalement dans des obligations d'entreprises émises aux Etats-Unis, libellées en dollars américains et qui se situent dans les quatre catégories de notation les plus élevées s'agissant de la qualité du crédit (BBB- ou plus).
Classification SFDR : Le Compartiment est considéré comme un fonds relevant de l'Article 8.
Politique d'investissement
Lorsqu'il sélectionne les investissements, le gestionnaire combine une recherche économique et crédit globale avec l'analyse des émetteurs individuels.
Le Compartiment peut également investir jusqu'à 5% de ses actifs nets dans des Obligations convertibles contingentes (« CoCo »).
Le Compartiment peut avoir recours à des instruments dérivés à des fins de gestion efficace de portefeuille ou de gestion des risques.
Indice de référence Ce Compartiment vise à surperformer l'indice Bloomberg US Credit (l'« Indice de référence »). Le Compartiment est géré de façon active.
Devise USD
Politique de la Classe d'actions Les actions mentionnées sont des actions de distribution (elles distribuent des dividendes).
Traitement des ordres de souscription et de rachat
Vous pouvez passer des ordres d'achat ou de vente d'actions à tout moment. Les ordres passés avant 14h00 (heure du Luxembourg) les jours qui sont des jours ouvrables au Luxembourg et dans le ou les pays où la majorité des actifs du Compartiment sont investis sont généralement traités le jour même.
Investisseur de détail visé
Les Actions du Compartiment s'adressent aux investisseurs (i) pour lesquels un investissement dans le Compartiment ne constitue pas un programme d'investissement complet ; (ii) qui comprennent pleinement et entendent assumer les risques impliqués par le programme d'investissement du Compartiment ; (iii) qui sont conscients de la possibilité de ne pas récupérer les montants investis ; et (iv) qui cherchent un investissement à moyen terme.
Dépositaire
The Bank of New York SA/NV, Luxembourg branch Informations complémentaires
Veuillez consulter la section « Autres informations pertinentes » ci- dessous. | fr | es |
DOLFIN6965 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,653
-13.5%
EUR 9,413
-1.2% | # Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 31/01/2022-31/01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 653 EUR
-13,5%
9 413 EUR
-1,2% | # This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/01/2022-31/01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,653
-13.5%
EUR 9,413
-1.2% | en | es |
DOLFIN6966 | 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 key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a recommended investment period of five years. The sub-fund seeks to invest sustainably for long-term growth and pursues a thematic approach for a positive environmental contribution.
2 The sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The sub-fund's investment universe is at least partly derived from the reference indicator. The sub-fund's investment strategy is not dependent on the reference indicator; therefore, the sub-fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator is MSCI AC WORLD NR (USD) index (Bloomberg code: NDUEACWF), calculated with net dividends reinvested, then converted into euro for EUR Shares, and into the relevant reference currency for unhedged Shares.
2 The sub-fund invests mainly in international equity markets. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. The fund manager seeks to invest thematically in companies that provide products or services that are addressing climate change mitigation, such as companies providing low carbon solutions, enabling emissions reductions, or undertaking activities that contribute to a transition to net zero emissions by 2050 (including companies involved in the more efficient extraction of commodities).
2 The portfolio manager implements a bottom-up analysis, complemented by a fundamental top-down approach. Stock selection is completely discretionary and relies on the portfolio manager's expectations and financial analysis.
2 The sub-fund may invest on an ancilliary basis in debt securities (such as fixed and/or floating rate bonds), and/or money market instruments. The portfolio manager reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade. 2 The Sub-Fund has a sustainable objective seeks to invest at least 60% of assets in companies whose activity contribute to climate change mitigation and positive environmental change in accordance with article 9 of the Sustainable Finance Disclosure Regulation (“SFDR”). This Sub-Fund uses a thematic approach based on binding negative and positive screening using best-in-universe and best-efforts approaches. For the purpose of assessing the environmental sustainability, it will use science-based data to evaluate the progress and contribution towards mitigation of greenhouse gases (example measures include carbon intensity, total carbon emissions, greenhouse gas reduction targets, total renewable energy production), while maintaining minimum standards in Social and | # Objetivos y política de inversión
A continuación se recogen las principales características del subfondo:
2 El objetivo del subfondo consiste en superar la rentabilidad de su indicador de referencia durante un periodo recomendado de inversión de cinco años. El subfondo pretende invertir de forma sostenible con el fin de lograr un crecimiento a largo plazo, y adopta un enfoque temático con el fin de realizar una contribución positiva al medioambiente.
2 El subfondo es una IIC gestionada activamente. El gestor de inversiones puede determinar, a su discreción, la composición de su cartera, teniendo en cuenta la política y los objetivos de inversión indicados. El universo de inversión del subfondo se deriva, al menos parcialmente, del indicador de referencia. La estrategia de inversión del subfondo no depende del indicador de referencia; por lo tanto, las posiciones y las ponderaciones del subfondo podrían desviarse sustancialmente de la composición del indicador de referencia. No se establece ningún límite concreto en cuanto al grado de dicha desviación. El indicador de referencia es el índice MSCI AC WORLD NR (USD) (código Bloomberg: NDUEACWF), con dividendos netos reinvertidos, que luego se convierte a euros en el caso de las Acciones en euros, así como a la divisa de referencia pertinente en el caso de las Acciones sin cobertura.
2 El subfondo invierte principalmente en los mercados internacionales de renta variable. El fondo puede invertir hasta un 10% del patrimonio neto en bonos con una calificación inferior a «investment grade». El gestor del fondo trata de invertir temáticamente en empresas que ofrezcan productos o servicios que aborden la mitigación del cambio climático, tales como empresas que proporcionen soluciones con reducidas emisiones de carbono, permitan reducir las emisiones o lleven a cabo actividades que contribuyan a la transición hacia las emisiones netas cero de aquí a 2050, incluidas las compañías que apuestan por una extracción de materias primas más eficiente).
2 El gestor de carteras implementa un análisis ascendente («bottom-up»), complementado con un enfoque fundamental de carácter descendente («top-down»). La selección de valores reviste un carácter totalmente discrecional y se basa en el análisis financiero y las expectativas del gestor de carteras.
2 El subfondo podrá invertir, con carácter accesorio, en títulos de deuda (como bonos de tipo fijo y/o variable), y/o instrumentos del mercado monetario. El gestor de carteras se reserva el derecho a invertir, en un límite del 10% del patrimonio neto, en bonos cuya calificación podrá ser inferior a «investment grade».
2 El Subfondo tiene como objetivo sostenible invertir al menos el 60% de su patrimonio en empresas cuya actividad contribuya a la atenuación del cambio climático y genere un cambio medioambiental positivo, con arreglo al artículo 9 del Reglamento sobre la | # Objectives and investment policy
The key features of the sub-fund are as follows:
2 The sub-fund aims to outperform its reference indicator over a recommended investment period of five years. The sub-fund seeks to invest sustainably for long-term growth and pursues a thematic approach for a positive environmental contribution.
2 The sub-fund is an actively managed UCITS. The investment manager has discretion over the composition of its portfolio, subject to the stated investment objectives and policy. The sub-fund's investment universe is at least partly derived from the reference indicator. The sub-fund's investment strategy is not dependent on the reference indicator; therefore, the sub-fund's holdings and the weightings may substantially deviate from the composition of the Reference indicator. There is no limit set on the level of such deviation. The reference indicator is MSCI AC WORLD NR (USD) index (Bloomberg code: NDUEACWF), calculated with net dividends reinvested, then converted into euro for EUR Shares, and into the relevant reference currency for unhedged Shares.
2 The sub-fund invests mainly in international equity markets. The fund can invest up to 10% of the net assets in bonds with a rating below investment grade. The fund manager seeks to invest thematically in companies that provide products or services that are addressing climate change mitigation, such as companies providing low carbon solutions, enabling emissions reductions, or undertaking activities that contribute to a transition to net zero emissions by 2050 (including companies involved in the more efficient extraction of commodities).
2 The portfolio manager implements a bottom-up analysis, complemented by a fundamental top-down approach. Stock selection is completely discretionary and relies on the portfolio manager's expectations and financial analysis.
2 The sub-fund may invest on an ancilliary basis in debt securities (such as fixed and/or floating rate bonds), and/or money market instruments. The portfolio manager reserves the right to invest up to 10% of the net assets in bonds with a rating below investment grade. 2 The Sub-Fund has a sustainable objective seeks to invest at least 60% of assets in companies whose activity contribute to climate change mitigation and positive environmental change in accordance with article 9 of the Sustainable Finance Disclosure Regulation (“SFDR”). This Sub-Fund uses a thematic approach based on binding negative and positive screening using best-in-universe and best-efforts approaches. For the purpose of assessing the environmental sustainability, it will use science-based data to evaluate the progress and contribution towards mitigation of greenhouse gases (example measures include carbon intensity, total carbon emissions, greenhouse gas reduction targets, total renewable energy production), while maintaining minimum standards in Social and | en | es |
DOLFIN6967 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
All crisis management decisions on the part of the Fund and the Management Company are always made with a view to protecting investors and their rights in accordance with current laws, regulations and the provisions of the Prospectus.
In the event of an outbreak of COVID-19 and the resulting absences due to illness, all contractual partners of the Fund continue to have sufficient staff at their disposal to be able to continue their contractual obligations even in the event of such a loss of staff. Every employee within a team is sufficiently trained and able to take over the work of any colleagues who are absent due to illness.
- The Fund Management Company is responsible for the risk management of the subfunds. In this context, MainFirst Affiliated Fund Managers S.A. is, inter alia, closely monitoring unit certificate transactions, in particular with regard to significant redemptions, and reacts accordingly if necessary. Although the subfunds consist of assets that can generally be liquidated in the short term, there is a certain risk in the extreme market conditions during the crisis that significant redemptions might not be serviced. In the event that such a case is foreseeable in connection with redemptions, the Board of Directors of the SICAV may suspend the unit certificate transaction. The Management Company also has a swing pricing policy which makes it possible to compensate remaining investors in the respective subfund in the event of major share subscriptions and redemptions and any associated increased expenses due to securities transactions. | Sämtliche Entscheidungen des Krisenmanagements auf Seiten des Fonds und der Verwaltungsgesellschaft werden stets unter dem Aspekt des Schutzes der Anleger und ihrer Rechte gemäß aktueller Gesetze, Regelwerke und den Bestimmungen des Verkaufsprospektes getroffen.
Alle Vertragspartner des Fonds verfügen weiterhin im Fall einer Ausbreitung des COVID19 und damit verbundenen Krankheitsausfällen über ausreichend Personal, um die vertraglichen Pflichten auch über einen solchen Personalausfall hindurchfortführen zu können. Jeder Mitarbeiter innerhalb eines Teams ist ausreichend geschult und in der Lage, die Tätigkeit von potenziell krankheitsbedingt ausgefallenen Kollegen zu übernehmen.
- Die Fondsverwaltungsgesellschaft ist für das Risikomanagement der Teilfonds verantwortlich. In diesem Zusammenhang beobachtet die MainFirst Affiliated Fund Managers S.A. unter anderem verstärkt das Anteilscheingeschäft, insbesondere im Hinblick auf signifikante Rücknahmen und reagiert bei Bedarf entsprechend. Wenngleich die Teilfonds aus in der Regel kurzfristig liquidierbaren Assets bestehen, besteht unter den extremen Marktbedingungen in der Krise ein gewisses Risiko, dass signifikante Rücknahmen nicht bedient werden könnten. Sollte ein solcher Fall im Zusammenhang mit Rücknahmen absehbar sein, kann der Verwaltungsrat der SICAV das Anteilscheingeschäft aussetzen. Die Verwaltungsgesellschaft verfügt weiterhin über eine Swing Pricing Policy, die es ermöglicht im Fall von größeren Aktienzeichnungen und Rücknahmen und damit eventuell verbundenen erhöhten Aufwendungen durch Wertpapiertransaktionen einen Ausgleich für verbleibende Anleger im jeweiligen Teilfonds zu schaffen. | All crisis management decisions on the part of the Fund and the Management Company are always made with a view to protecting investors and their rights in accordance with current laws, regulations and the provisions of the Prospectus.
In the event of an outbreak of COVID-19 and the resulting absences due to illness, all contractual partners of the Fund continue to have sufficient staff at their disposal to be able to continue their contractual obligations even in the event of such a loss of staff. Every employee within a team is sufficiently trained and able to take over the work of any colleagues who are absent due to illness.
- The Fund Management Company is responsible for the risk management of the subfunds. In this context, MainFirst Affiliated Fund Managers S.A. is, inter alia, closely monitoring unit certificate transactions, in particular with regard to significant redemptions, and reacts accordingly if necessary. Although the subfunds consist of assets that can generally be liquidated in the short term, there is a certain risk in the extreme market conditions during the crisis that significant redemptions might not be serviced. In the event that such a case is foreseeable in connection with redemptions, the Board of Directors of the SICAV may suspend the unit certificate transaction. The Management Company also has a swing pricing policy which makes it possible to compensate remaining investors in the respective subfund in the event of major share subscriptions and redemptions and any associated increased expenses due to securities transactions. | en | de |
DOLFIN6968 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of intelligent machines are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from the ongoing technology- driven transformation of products, software, systems and machinery as wellas product design, manufacture, logistics, distribution and maintenance, including through developments in artificial intelligence. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | ### El Fondo puede invertir en menor medida en:
- títulos de deuda de cualquier vencimiento o calidad emitidos por sociedades de cualquier tamaño, situadas en cualquier país
- participaciones de otros fondos de inversión y fondos cotizados en bolsa (limitadas al 10 % de los activos)Las empresas pertinentes para el tema de inversión de las máquinas inteligentes del Fondo son aquellas que, en opinión del equipo de inversiones, se centran básicamente en la constante transformación tecnológica de los productos, el software, los sistemas y la maquinaria, así como del diseño, la fabricación, la logística, la distribución y elmantenimiento de los productos, incluidos los avances en la esfera de la inteligencia artificial, y que se espera que obtengan importantes beneficios de todo esto. El Fondo puede invertir una parte importante de su cartera en empresas ubicadas o cotizadas en Estados Unidos. | ### The Fund can invest to a lesser extent in:
- debt securities of any maturity or quality issued by companies of any size located in any country
- units of other mutual funds and exchange-traded funds (limited to 10% of assets)Companies relevant to the Fund's investment theme of intelligent machines are those that the investment team believes are substantially focused on and/or are expected to substantially benefit from the ongoing technology- driven transformation of products, software, systems and machinery as wellas product design, manufacture, logistics, distribution and maintenance, including through developments in artificial intelligence. The Fund may have a substantial part of its portfolio invested in companies located or traded in the US. | en | es |
DOLFIN6969 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
In connection with the above activities the Depositary or its affiliates:
- will seek to profit from such activities and are entitled to receive and retain any profits or compensation in any form and are not bound to disclose to, the Manager, the nature or amount of any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-up, mark-down, interest, rebate, discount, or other benefit received in connection with any such activities;
- may buy, sell, issue, deal with or hold, securities or other financial products or instruments as principal acting in its own interests, the interests of its affiliates or for its other clients;
- may trade in the same or opposite direction to the transactions undertaken, including based upon information in its possession that is not available to the Manager in respect of the Trust;
- may provide the same or similar services to other clients including competitors of the Trust;
- may be granted creditors’ rights by the Manager in respect of the Trust which it may exercise. | In Zusammenhang mit den oben genannten Geschäftsaktivitäten werden die Verwahrstelle oder ihre verbundenen Unternehmen:
- anstreben, von solchen Aktivitäten zu profitieren, und sind berechtigt, Gewinne oder Vergütungen in jeglicher Form zu erhalten und zu behalten und sind nicht daran gebunden, gegenüber der Verwaltungsgesellschaft, das Wesen oder den Betrag dieser Gewinne oder Vergütung offen zu legen, einschließlich Gebühren, Aufwendungen, Provisionen, Umsatzanteilen, Spreads, Aufschlägen, Zinsen, Preisnachlässen, Rabatten oder sonstiger Vorteile, die diese in Zusammenhang mit diesen Geschäftsaktivitäten erhält;
- unter Umständen Wertpapiere oder andere Finanzprodukte oder -instrumente als Auftraggeber, der in seinem eigenen Interesse, den Interessen seiner verbundenen Unternehmen oder für andere Kunden handelt, kaufen, verkaufen, begeben, handeln oder halten;
- in der gleichen oder entgegengesetzten Richtung der durchgeführten Transaktionen handeln, einschließlich auf Grundlage von Informationen, die in ihrem Besitz sind und der Verwaltungsgesellschaft in Bezug auf den Fonds nicht verfügbar sind;
- anderen Kunden die gleichen oder ähnliche Leistungen anbieten, einschließlich der Wettbewerber des Fonds;
- unter Umständen von der Verwaltungsgesellschaft Gläubigerrechte in Bezug auf den Fonds erhalten, welche sie ausüben können. | In connection with the above activities the Depositary or its affiliates:
- will seek to profit from such activities and are entitled to receive and retain any profits or compensation in any form and are not bound to disclose to, the Manager, the nature or amount of any such profits or compensation including any fee, charge, commission, revenue share, spread, mark-up, mark-down, interest, rebate, discount, or other benefit received in connection with any such activities;
- may buy, sell, issue, deal with or hold, securities or other financial products or instruments as principal acting in its own interests, the interests of its affiliates or for its other clients;
- may trade in the same or opposite direction to the transactions undertaken, including based upon information in its possession that is not available to the Manager in respect of the Trust;
- may provide the same or similar services to other clients including competitors of the Trust;
- may be granted creditors’ rights by the Manager in respect of the Trust which it may exercise. | en | de |
DOLFIN6970 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
Futures are generally exchange-traded. All other types of derivatives are generally OTC.
For any index-linked derivatives, the index provider determines the rebalancing frequency and the effects of the cost to the relevant fund will depend on the rebalancing frequency.
What the funds can use derivatives for
A fund may use derivatives for any of the following purposes, consistent with its objective and policies as described in “Fund Descriptions”.
Hedging Hedging is taking a market position that is in the opposite direction from – and is no greater than – the position created by other fund investments, for the purpose of reducing or canceling out exposure to price fluctuations or certain factors that contribute to them.
- Credit hedging Typically done using credit default swaps. The goal is to hedge against credit risk. This includes purchasing or selling protection against the risks of specific assets or issuers as well as proxy hedging (taking an opposite position in a different investment that is likely to behave similarly to the position being hedged).
- Currency hedging Typically done using currency forwards. The goal is to hedge against currency risk. This can be done at the fund level and, with H shares, at the share class level. All currency hedging must involve currencies that are within the applicable fund’s benchmark or are consistent with its objectives and policies. When a fund holds assets denominated in multiple currencies, it might not hedge against currencies that represent small portions of assets or for which a hedge is uneconomical or unavailable. A fund may engage in:direct hedging (same currency, opposite position)cross-hedging (reducing exposure to one currency while increasing exposure to another, the net exposure to the base currency being left unchanged), when it provides an efficient way of gaining the desired exposuresproxy hedging (taking an opposite position in a different currency that is considered likely to behave similarly to the base currency)anticipatory hedging (taking a hedge position in anticipation of an exposure that is anticipated to arise as the result of a planned investment or other event)
- Duration hedging Typically done using interest rate swaps, swaptions and futures. The goal is to seek to reduce the exposure to rate shifts for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | Futures sind in der Regel börsengehandelt. Alle anderen Arten von Derivaten werden in der Regel im Freiverkehr gehandelt.
Bei indexgebundenen Derivaten bestimmt der Indexanbieter die Häufigkeit der Neugewichtung, und die Auswirkungen auf die Kosten für den betreffenden Teilfonds hängen von der Häufigkeit der Neugewichtung ab.
Zulässige Verwendungszwecke von Derivaten für Teilfonds
Ein Teilfonds darf Derivate, im Einklang mit seinem Anlageziel und seinen Richtlinien, wie unter „Beschreibung der Teilfonds“ dargelegt, für jeden der folgenden Zwecke nutzen.
Absicherung Als Absicherung werden Marktpositionen bezeichnet, die einer durch andere Fondsanlagen geschaffenen Position entgegengesetzt wirken und diese nicht übersteigen; so soll das Risiko aus Kursschwankungen oder bestimmten anderen Faktoren, die zu Kursschwankungen beitragen, verringert oder aufgehoben werden.
- Kreditabsicherung Wird in der Regel mit Credit Default Swaps durchgeführt. Ziel ist die Absicherung gegen Kreditrisiken. Dazu gehören der Kauf oder Verkauf von Absicherungen gegen die Risiken bestimmter Vermögenswerte oder Emittenten sowie die Absicherung durch Stellvertreter (eine entgegengesetzte Position in einer anderen Anlage einnehmen, die sich wahrscheinlich ähnlich wie die abgesicherte Position verhält).
- Währungsabsicherung In der Regel werden dazu Devisentermingeschäfte verwendet. Ziel ist die Absicherung gegen Währungsrisiken. Dies kann auf Ebene der Teilfonds und bei H-Anteilen auf Ebene von Anteilsklassen erfolgen. Alle Währungsabsicherungen müssen Währungen umfassen, die zur Benchmark des jeweiligen Teilfonds gehören oder mit dessen Zielen und Strategien im Einklang stehen. Wenn ein Teilfonds Vermögenswerte hält, die auf mehrere Währungen lauten, kann er sich möglicherweise nicht gegen Währungen absichern, die nur kleine Teile des Vermögens darstellen oder für die eine Absicherung unwirtschaftlich oder nicht verfügbar ist. Ein Teilfonds darf sich an Folgendem beteiligen:Direkte Absicherung (gleiche Währung, Gegenposition) Cross-Hedging (Verringerung des Engagements in einer Währung bei gleichzeitiger Erhöhung des Engagements in einer anderen, wobei das Nettoengagement in der Basiswährung unverändert bleibt), wenn dies eine effiziente Möglichkeit bietet, um die gewünschten Engagements zu erzielenProxy-Hedging (Eingehen einer Gegenposition in einer anderen Währung, bei der davon ausgegangen wird, dass sie sich ähnlich wie die Basiswährung verhält)Antizipative Absicherung (Eingehen einer Absicherungsposition in Erwartung eines Engagements, das voraussichtlich als Ergebnis einer geplanten Investition oder eines anderen Ereignisses entstehen wird)
- Durationsabsicherung Wird in der Regel unter Verwendung von Zinsswaps, Swaptions und Futures durchgeführt. Ziel ist es, das Risiko von Zinsveränderungen bei Anleihen mit längerer Laufzeit zu reduzieren. Die Durationsabsicherung kann nur auf Teilfondsebene erfolgen.
- Kursabsicherung In der Regel erfolgt dies mit Optionen auf Indizes (insbesondere durch den Verkauf eines Call oder den Kauf eines Put). Die Nutzung ist im Allgemeinen auf Situationen beschränkt, in denen eine ausreichende Korrelation zwischen der Zusammensetzung oder Wertentwicklung des Index und des Teilfonds besteht. Ziel ist es, sich gegen Marktwertschwankungen einer Position abzusichern.
- Zinsabsicherung In der Regel erfolgt dies mit Zinsterminkontrakten, Zinsswaps, dem Verkauf von Kaufoptionen auf Zinssätze oder dem Kauf von Verkaufsoptionen auf Zinssätze. Ziel ist das Steuern des Zinsrisikos. | Futures are generally exchange-traded. All other types of derivatives are generally OTC.
For any index-linked derivatives, the index provider determines the rebalancing frequency and the effects of the cost to the relevant fund will depend on the rebalancing frequency.
What the funds can use derivatives for
A fund may use derivatives for any of the following purposes, consistent with its objective and policies as described in “Fund Descriptions”.
Hedging Hedging is taking a market position that is in the opposite direction from – and is no greater than – the position created by other fund investments, for the purpose of reducing or canceling out exposure to price fluctuations or certain factors that contribute to them.
- Credit hedging Typically done using credit default swaps. The goal is to hedge against credit risk. This includes purchasing or selling protection against the risks of specific assets or issuers as well as proxy hedging (taking an opposite position in a different investment that is likely to behave similarly to the position being hedged).
- Currency hedging Typically done using currency forwards. The goal is to hedge against currency risk. This can be done at the fund level and, with H shares, at the share class level. All currency hedging must involve currencies that are within the applicable fund’s benchmark or are consistent with its objectives and policies. When a fund holds assets denominated in multiple currencies, it might not hedge against currencies that represent small portions of assets or for which a hedge is uneconomical or unavailable. A fund may engage in:direct hedging (same currency, opposite position)cross-hedging (reducing exposure to one currency while increasing exposure to another, the net exposure to the base currency being left unchanged), when it provides an efficient way of gaining the desired exposuresproxy hedging (taking an opposite position in a different currency that is considered likely to behave similarly to the base currency)anticipatory hedging (taking a hedge position in anticipation of an exposure that is anticipated to arise as the result of a planned investment or other event)
- Duration hedging Typically done using interest rate swaps, swaptions and futures. The goal is to seek to reduce the exposure to rate shifts for longer-maturity bonds. Duration hedging can be done only at the fund level.
- Price hedging Typically done using options on indices (specifically, by selling a call or buying a put). Usage is generally limited to situations where there is sufficient correlation between the composition or performance of the index and that of the fund. The goal is to hedge against fluctuations in the market value of a position.
- Interest rate hedging Typically done using interest rate futures, interest rate swaps, writing call options on interest rates or buying put options on interest rates. The goal is to manage interest rate risk. | en | de |
DOLFIN6971 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# However:
- Transferable securities whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the management company's responsibility at their foreseeable trading prices. These valuations in addition to relevant evidence shall be communicated to the auditor at the time of the audits;
- Transferable debt securities and similar securities that are not traded in large volumes are valued by means of an actuarial method; the reference rate used is that applied to issues of equivalent securities plus or minus, where applicable, a differential reflecting the issuer’s specific characteristics. However, negotiable debt instruments with a residual duration of less than or equal to 3 months and assuming no specific sensitivity, may be valued according to the straight-line method. The methods of application of these rules are determined by the management company. They are specified in the notes to the financial statements;
- Shares or units of UCITS, AIFs and investment funds are valued at the last known net asset value;
- Securities that are not traded on a regulated market are valued under the management company's responsibility at their foreseeable trading prices;
- Securities subject to a temporary acquisition or sale agreement are valued in accordance with the regulations in force; the methods of application are determined by the management company and specified in the notes to the financial statements;
- - Futures and options traded on a French or foreign regulated market are valued at their market value according to the methods determined by the management company. They are specified in the notes to the financial statements;
- Futures, options or swap transactions conducted on over-the-counter markets, approved by regulations applicable to AIFs, are valued at their market value or at a value estimated according to the methods determined by the management company and specified in the notes to the financial statements;The financial statements of the Fund are presented in accordance with accounting rules prescribed by the regulations, in particular the accounting standards for AIFs laid out in the Ministry of Economy Decree of 21 June 2005. | # Toutefois :
- Les valeurs mobilières dont le cours n'a pas été constaté le jour de l'évaluation, ou dont le cours a été corrigé, sont évaluées à leur valeur probable de négociation sous la responsabilité de la société de gestion. Ces évaluations et leur justification sont communiquées au commissaire aux comptes à l'occasion de ses contrôles ;
- Les titres de créances et assimilés négociables qui ne font pas l'objet de transactions significatives sont évalués par l'application d'une méthode actuarielle, le taux retenu étant celui des émissions de titres équivalents affecté, le cas échéant, d'un écart représentatif des caractéristiques intrinsèques de l'émetteur du titre. Toutefois, les titres de créances négociables d'une durée de vie résiduelle inférieure ou égale à 3 mois et en l'absence de sensibilité particulière pourront être évalués selon la méthode linéaire. Les modalités d'application de ces règles sont fixées par la société de gestion. Elles sont mentionnées dans l'annexe aux comptes annuels ;
- Les parts ou actions d'OPCVM, FIA et fonds d’investissement sont évaluées à la dernière valeur liquidative connue ;
- Les titres qui ne sont pas négociés sur un marché réglementé sont évalués sous la responsabilité de la société de gestion à leur valeur probable de négociation ;
- Les titres qui font l'objet de contrats de cession ou d'acquisition temporaire sont évalués en conformité avec la réglementation en vigueur, les modalités d'application étant arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels ;
- Les opérations portant sur les instruments financiers à terme ferme ou conditionnels négociées sur des marchés organisés français ou étrangers sont valorisées à la valeur de marché selon les modalités arrêtées par la société de gestion. Elles sont précisées dans l'annexe aux comptes annuels ;
- Les opérations à terme ferme ou conditionnel ou les opérations d'échange conclues sur les marchés de gré à gré, autorisées par la réglementation applicable aux FIA sont valorisées à leur valeur de marché ou à une valeur estimée selon les modalités arrêtées par la société de gestion et précisées dans l'annexe aux comptes annuels;Les comptes annuels du FIA sont présentés conformément aux règles comptables prescrites par la réglementation en vigueur, et notamment au plan comptable des FIA prévu par l’arrêté du 21 juin 2005 du Ministère de l’Economie. | # However:
- Transferable securities whose prices have not been determined on the valuation day or whose prices have been adjusted are valued under the management company's responsibility at their foreseeable trading prices. These valuations in addition to relevant evidence shall be communicated to the auditor at the time of the audits;
- Transferable debt securities and similar securities that are not traded in large volumes are valued by means of an actuarial method; the reference rate used is that applied to issues of equivalent securities plus or minus, where applicable, a differential reflecting the issuer’s specific characteristics. However, negotiable debt instruments with a residual duration of less than or equal to 3 months and assuming no specific sensitivity, may be valued according to the straight-line method. The methods of application of these rules are determined by the management company. They are specified in the notes to the financial statements;
- Shares or units of UCITS, AIFs and investment funds are valued at the last known net asset value;
- Securities that are not traded on a regulated market are valued under the management company's responsibility at their foreseeable trading prices;
- Securities subject to a temporary acquisition or sale agreement are valued in accordance with the regulations in force; the methods of application are determined by the management company and specified in the notes to the financial statements;
- - Futures and options traded on a French or foreign regulated market are valued at their market value according to the methods determined by the management company. They are specified in the notes to the financial statements;
- Futures, options or swap transactions conducted on over-the-counter markets, approved by regulations applicable to AIFs, are valued at their market value or at a value estimated according to the methods determined by the management company and specified in the notes to the financial statements;The financial statements of the Fund are presented in accordance with accounting rules prescribed by the regulations, in particular the accounting standards for AIFs laid out in the Ministry of Economy Decree of 21 June 2005. | en | fr |
DOLFIN6972 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# Note for investors in Switzerland (Unaudited)
- Representative and Paying Agent in SwitzerlandBNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, is Representative and Paying Agent in Switzerland for the shares distributed in Switzerland.
- Place where the Relevant Documents may be obtainedThe Prospectus, the Articles of Incorporation, the Key Investor Information as well as the Annual and Semi-Annual reports as well as the details of the changes in portfolio composition during the period under review may be obtained without charge from the Representative in Switzerland.
- PublicationsPublications in Switzerland are made on www.fundinfo.com. In Switzerland, Subscription and Redemption Prices together and/or the Net Asset Value (with the indication “commissions excluded”) of the Shares are published daily on www.fundinfo. com.
- Payment of retrocessions and rebates Retrocessions:The Management Company and its agents may pay retrocessions as remuneration for distribution activity in respect of shares in or from Switzerland. This remuneration may be deemed payment for the following services in particular:
- setting up processes for subscribing, holding and safe custody of the shares;
- keeping a supply of marketing and legal documents, and issuing the said documents;
- forwarding or providing access to legally required publications and other publications;
- performing due diligence delegated by the Management Company in areas such as money laundering, ascertaining client needs and distribution restrictions;
- mandating an authorised auditor to check compliance with certain duties of the Distributor, in particular with theGuidelines on the Distribution of Collective Investment Schemes issued by the Swiss Funds & Asset Management Association SFAMA;
- operating and maintaining an electronic distribution and/or information platform;
- clarifying and answering specific questions from investors pertaining to the investment product or the Management Company or the Sub-Investment Manager;
- drawing up fund research material;
- central relationship management;
- subscribing for shares as a “nominee” for several clients as mandated by the Management Company;
- training client advisors in collective investment schemes;
- mandating and monitoring additional distributors.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.
The recipients of the retrocessions must ensure transparent disclosure and inform the investor, unsolicited and free of charge, about the amount of remuneration they may receive for distribution.
On request, the recipients of retrocessions must disclose the amounts they actually receive for distributing the collective investment schemes of the investors concerned.
Rebates:
In the case of distribution activity in or from Switzerland, the Management Company and its agents may, upon request, pay rebates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question.
Rebates are permitted provided that:
- they are paid from fees received by the Management Company and therefore do not represent an additional charge on the fund assets;
- they are granted on the basis of objective criteria;
- all investors who meet the objective criteria and demand rebates are also granted these within the same timeframe and to the same extent.
The objective criteria for the granting of rebates by the Management Company are:
- the volume subscribed by the investor or the total volume they hold in the collective investment scheme or, where applicable, in the product range of the promoter;
- the amount of the fees generated by the investor;
- the investment behaviour shown by the investor (e.g. expected investment period);
- the investor’s willingness to provide support in the launch phase of a collective investment scheme.
At the request of the investor, the Management Company must disclose the amounts of such rebates free of charge.
- Place of Performance and JurisdictionBoth the place of performance and the place of jurisdiction for Shares in the Company’s Sub-Funds offered or distributed or from Switzerland shall be the seat of the Swiss representative.
Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps | # Avis aux investisseurs en Suisse (non révisé)
- Représentant et Agent payeur en SuisseBNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, est Représentant et Agent payeur en Suisse pour les Actions distribuées dans ce pays.
- Lieu d’obtention des documentsLe Prospectus, les Statuts, les Informations clés pour l’investisseur, ainsi que les rapports annuel et semestriel, et les informations détaillées concernant les modifications liées à la composition du portefeuille durant la période considérée peuvent être obtenus gratuitement auprès du Représentant en Suisse.
- PublicationsLes publications en Suisse sont faites sur le site Internet www. fundinfo.com. En Suisse, les Prix de souscription et de rachat et/ou la Valeur nette d’inventaire (portant la mention « hors commissions ») des Actions sont publiés chaque jour à l’adresse www.fundinfo.com.
- Paiement de rétrocessions de remises Rétrocessions :La Société de gestion et ses mandataires peuvent verser des rétrocessions en rémunération de l’activité de distribution des actions en Suisse ou à partir de Suisse. Cette rémunération peut être considérée comme une rémunération versée en contrepartie des services suivants en particulier :
- la mise en place de procédures pour souscrire, détenir etconserver en lieu sûr les actions ;
- la gestion d’un stock de documents promotionnels etjuridiques et la publication desdits documents ;
- le transfert ou l’octroi d’un accès aux publications légalementrequises et à d’autres publications ;
- la due diligence déléguée par la Société de gestion dans des domaines tels que le blanchiment d’argent, l’analyse des besoins des clients et les restrictions en matière de distribution ;
- le mandat d’un réviseur d’entreprises agréé pour vérifier si le Distributeur s’acquitte des obligations stipulées dans les Lignes directrices sur la distribution d’organismes de placement collectif édictées par la Swiss Funds & Asset Management Association (SFAMA) ;
- l’exploitation et la maintenance d’une plate-forme dedistribution et/ou d’information ;
- l’apport d’éclaircissements et de réponses aux questions spécifiques des investisseurs concernant le produit d’investissement ou la Société de gestion ou le Gérant délégué ;
- l’élaboration des rapports d’étude pour le fonds ;
- la gestion centralisée de la relation ;
- la souscription d’actions en qualité de mandataire désignépar la Société de gestion pour le compte de plusieurs clients ;
- la formation de conseillers clientèle sur les organismes deplacement collectif ;
- mandater et surveiller d’autres distributeurs.
Les rétrocessions ne sont pas considérées comme des remises même si elles sont en dernière instance répercutées, en intégralité ou en partie, sur les investisseurs.
Les bénéficiaires de rétrocessions doivent faire preuve de transparence et informer l’investisseur, spontanément et gratuitement, du montant de la rémunération qu’ils peuvent recevoir au titre de l’activité de distribution.
Les bénéficiaires de rétrocessions doivent divulguer sur demande les montants qu’ils reçoivent en contrepartie de l’activité de distribution des organismes de placement collectif des investisseurs concernés.
Remises :
Dans le cadre de la distribution en Suisse ou à partir de la Suisse, la Société de gestion et ses mandataires peuvent accorder directement aux investisseurs, à leur demande, des remises permettant de réduire les commissions ou les frais incombant aux investisseurs concernés.
Les remises sont autorisées à condition :
- d’être prélevées sur les frais de la Société de gestion et, donc, de ne pas constituer une charge supplémentaire pour les actifs du Fonds ;
- d’être accordées sur la base de critères objectifs ;
- d’être accordées dans les mêmes délais et dans la même mesure à tous les investisseurs remplissant les critères objectifs et demandant des remises.
Les critères objectifs conditionnant l’octroi de remises par la
Société de gestion sont les suivants :
- le volume souscrit par l’investisseur ou le volume total des investissements qu’il détient dans le placement collectif de capitaux ou, le cas échéant, dans la gamme de produits du promoteur ;
- le montant des frais générés par l’investisseur ;
- le comportement de placement de l’investisseur (par ex. ladurée d’investissement prévue) ;
- la volonté de soutien de l’investisseur lors de la phase de lancement d’un placement collectif de capitaux.
Sur demande de l’investisseur, la Société de gestion communiquera gratuitement le montant des remises accordées.
- Lieu d’exécution et ressort territorialLe lieu d’exécution et le ressort territorial associés aux actions distribuées en Suisse sont situés au siège social du Représentant en Suisse.
Annexe conformément au Règlement (UE) 2015/2365 relatif aux opérations de financement sur titres et aux contrats d’échange sur rendement global | # Note for investors in Switzerland (Unaudited)
- Representative and Paying Agent in SwitzerlandBNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002 Zurich, is Representative and Paying Agent in Switzerland for the shares distributed in Switzerland.
- Place where the Relevant Documents may be obtainedThe Prospectus, the Articles of Incorporation, the Key Investor Information as well as the Annual and Semi-Annual reports as well as the details of the changes in portfolio composition during the period under review may be obtained without charge from the Representative in Switzerland.
- PublicationsPublications in Switzerland are made on www.fundinfo.com. In Switzerland, Subscription and Redemption Prices together and/or the Net Asset Value (with the indication “commissions excluded”) of the Shares are published daily on www.fundinfo. com.
- Payment of retrocessions and rebates Retrocessions:The Management Company and its agents may pay retrocessions as remuneration for distribution activity in respect of shares in or from Switzerland. This remuneration may be deemed payment for the following services in particular:
- setting up processes for subscribing, holding and safe custody of the shares;
- keeping a supply of marketing and legal documents, and issuing the said documents;
- forwarding or providing access to legally required publications and other publications;
- performing due diligence delegated by the Management Company in areas such as money laundering, ascertaining client needs and distribution restrictions;
- mandating an authorised auditor to check compliance with certain duties of the Distributor, in particular with theGuidelines on the Distribution of Collective Investment Schemes issued by the Swiss Funds & Asset Management Association SFAMA;
- operating and maintaining an electronic distribution and/or information platform;
- clarifying and answering specific questions from investors pertaining to the investment product or the Management Company or the Sub-Investment Manager;
- drawing up fund research material;
- central relationship management;
- subscribing for shares as a “nominee” for several clients as mandated by the Management Company;
- training client advisors in collective investment schemes;
- mandating and monitoring additional distributors.
Retrocessions are not deemed to be rebates even if they are ultimately passed on, in full or in part, to the investors.
The recipients of the retrocessions must ensure transparent disclosure and inform the investor, unsolicited and free of charge, about the amount of remuneration they may receive for distribution.
On request, the recipients of retrocessions must disclose the amounts they actually receive for distributing the collective investment schemes of the investors concerned.
Rebates:
In the case of distribution activity in or from Switzerland, the Management Company and its agents may, upon request, pay rebates directly to investors. The purpose of rebates is to reduce the fees or costs incurred by the investor in question.
Rebates are permitted provided that:
- they are paid from fees received by the Management Company and therefore do not represent an additional charge on the fund assets;
- they are granted on the basis of objective criteria;
- all investors who meet the objective criteria and demand rebates are also granted these within the same timeframe and to the same extent.
The objective criteria for the granting of rebates by the Management Company are:
- the volume subscribed by the investor or the total volume they hold in the collective investment scheme or, where applicable, in the product range of the promoter;
- the amount of the fees generated by the investor;
- the investment behaviour shown by the investor (e.g. expected investment period);
- the investor’s willingness to provide support in the launch phase of a collective investment scheme.
At the request of the investor, the Management Company must disclose the amounts of such rebates free of charge.
- Place of Performance and JurisdictionBoth the place of performance and the place of jurisdiction for Shares in the Company’s Sub-Funds offered or distributed or from Switzerland shall be the seat of the Swiss representative.
Annex according to Regulation (EU) 2015/2365 with regards to Securities Financing Transactions and Total Return Swaps | en | fr |
DOLFIN6973 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Classification as at 30 June 2020
## Economical Classification of Schedule of Investments
Internet, Software and IT Services24.75
Pharmaceuticals and Biotechnology9.72
Technology9.05
Healthcare8.90
Semiconductor Equipment and Products4.59
Communications4.35
Financial Services4.33
Retail4.06
Consumer, Non-cyclical3.62
Food and Beverages3.46
Oil and Gas2.83
Electrical Appliances and Components2.33
Industry2.07
Insurance1.87
Banks1.80
Media1.33
Entertainment1.31
Household Products and Durables1.12
Machinery1.10
Commercial Services and Supplies1.08
Aerospace and Defence0.99
Energy and Water Supply0.94
Chemicals0.85
Metals and Mining0.63
Distribution and Wholesale0.47
Building Materials and Products0.44
Real Estate0.39
Consumer, Cyclical0.28
Textiles, Garments and Leather Goods0.28
Automobiles0.25
Hotels, Restaurants and Leisure0.25
Traffic and Transportation0.14
Utilities0.12
99.70
## Geographical Classification of Schedule of Investments and Other Net Assets
| AllocationCriteria:GeographicalInvestment%ofNetMarketValuein MMUS$AssetsSub-FundCurrency |
| --- |
| Ireland | 2.92 | 2.72 | 2,922,922 |
| United Kingdom | 0.71 | 0.66 | 707,656 |
| United States of America | 103.60 | 96.32 | 103,598,490 |
| Others | 0.32 | 0.30 | 319,827 |
| | 107.55 | 100.00 | 107,548,895 |
AXA World Funds II - European Opportunities Equities | # Aufgliederung zum 30. Juni 2020
## Wirtschaftliche Aufteilung des Wertpapierbestands
Internet, Software und IT-Dienste24.75
Pharmazeutika und Biotechnologie9.72
Technologie9.05
Gesundheitswesen8.90
Halbleitergeräte und -produkte4.59
Kommunikation4.35
Finanzdienstleistungen4.33
Einzelhandel4.06
Nichtzyklische Konsumgüter3.62
Nahrungsmittel und Getränke3.46
Erdöl und Erdgas2.83
Elektrogeräte und -komponenten2.33
Industrie2.07
Versicherungen1.87
Banken1.80
Medien1.33
Unterhaltung1.31
Haushaltsartikel und Gebrauchsgüter1.12
Maschinen1.10
Gewerbliche Dienste und Betriebsstoffe1.08
Luftfahrt und Verteidigung0.99
Energie- und Wasserversorgung0.94
Chemikalien0.85
Metalle und Bergbau0.63
Vertrieb und Großhandel0.47
Baustoffe und Baumaterialien0.44
Immobilien0.39
Textilien, Kleidung und Lederprodukte0.28
Zyklische Konsumgüter0.28
Automobile0.25
Hotels, Restaurants und Freizeit0.25
Verkehr und Transport0.14
Versorgungsbetriebe0.12
99.70
## Geografische Aufteilung des Wertpapierbestands und der sonstigen Nettovermögenswerte
| Allokationskriterium:Geografisch | AnlageMIO.USD | %desNettovermög ens | MarktwertinderTeilfondswährung |
| --- | --- | --- | --- |
| Irland | 2.92 | 2.72 | 2,922,922 |
| Vereinigtes Königreich | 0.71 | 0.66 | 707,656 |
| Vereinigte Staaten | 103.60 | 96.32 | 103,598,490 |
| Andere | 0.32 | 0.30 | 319,827 |
| | 107.55 | 100.00 | 107,548,895 |
AXA World Funds II - European Opportunities Equities | # Classification as at 30 June 2020
## Economical Classification of Schedule of Investments
Internet, Software and IT Services24.75
Pharmaceuticals and Biotechnology9.72
Technology9.05
Healthcare8.90
Semiconductor Equipment and Products4.59
Communications4.35
Financial Services4.33
Retail4.06
Consumer, Non-cyclical3.62
Food and Beverages3.46
Oil and Gas2.83
Electrical Appliances and Components2.33
Industry2.07
Insurance1.87
Banks1.80
Media1.33
Entertainment1.31
Household Products and Durables1.12
Machinery1.10
Commercial Services and Supplies1.08
Aerospace and Defence0.99
Energy and Water Supply0.94
Chemicals0.85
Metals and Mining0.63
Distribution and Wholesale0.47
Building Materials and Products0.44
Real Estate0.39
Consumer, Cyclical0.28
Textiles, Garments and Leather Goods0.28
Automobiles0.25
Hotels, Restaurants and Leisure0.25
Traffic and Transportation0.14
Utilities0.12
99.70
## Geographical Classification of Schedule of Investments and Other Net Assets
| AllocationCriteria:GeographicalInvestment%ofNetMarketValuein MMUS$AssetsSub-FundCurrency |
| --- |
| Ireland | 2.92 | 2.72 | 2,922,922 |
| United Kingdom | 0.71 | 0.66 | 707,656 |
| United States of America | 103.60 | 96.32 | 103,598,490 |
| Others | 0.32 | 0.30 | 319,827 |
| | 107.55 | 100.00 | 107,548,895 |
AXA World Funds II - European Opportunities Equities | en | de |
DOLFIN6974 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 274 | CHF 1,448 |
| Annual cost impact (*) | 2.7% | 2.7% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 7.0% before costs and 4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.0% of the value of your investment per year. | CHF 101 |
| Transaction costs | 0.9% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | CHF 85 |
Performance fees 0.9% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 88 | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 CHF está invertido
| | En caso de salida después de 1 año | En caso de salida después de 5 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 274 CHF | 1 448 CHF |
| Incidencia anual de los costes (*) | 2,7% | 2,7% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 7,0% antes de deducir los costes y 4,3% después de deducir los costes.
| Composición de los costes | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año |
| Costes de entrada | 0,0% del valor de su inversión al entrar. | 0 CHF |
| Costes de salida | 0,0% del valor de su inversión antes de que se le pague. | 0 CHF |
| Costes corrientes detraídos cada año | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,0% del valor de su inversión por año. | 101 CHF |
| Costes de operación | 0,9% del valor de su inversión por año. Esta es una estimación de los costes incurridos al comprar y vender las inversiones subyacentes para el producto. El importe real variará dependiendo de cuánto compremos y vendamos. | 85 CHF |
Comisiones de rendimiento 0,9% El importe real variará dependiendo de lo buenos que sean los resultados de su
inversión. La estimación de costes agregados incluye el promedio de los últimos 5 años.
88 CHF | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- CHF 10,000 is invested
| | If you exit after 1 year | If you exit after 5 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | CHF 274 | CHF 1,448 |
| Annual cost impact (*) | 2.7% | 2.7% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 7.0% before costs and 4.3% after costs.
| Composition of costs | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year |
| Entry costs | 0.0% of the value of your investment when entering. | CHF 0 |
| Exit costs | 0.0% of the value of your investment before it is paid out to you. | CHF 0 |
| Ongoing costs taken each year | | |
| Management fees and other administrative or operating costs | 1.0% of the value of your investment per year. | CHF 101 |
| Transaction costs | 0.9% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | CHF 85 |
Performance fees 0.9% The actual amount will vary depending on how well your investment performs. The aggregated cost estimation includes the average over the last 5 years.
CHF 88 | en | es |
DOLFIN6975 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
The fund management company has documented written principles and procedures for the investment fund, which make it possible for it to monitor and guarantee the liquidity risks of the investment fund so that the liquidity profile of the equity of the investment fund covers the underlying obligations of the investment fund.
The fund management company monitors the liquidity risks, which can result at the level of the investment fund or assets. It makes an estimate of the liquidity of the assets in the investment fund in relation to the fund assets and establishes a liquidity ratio for this. The evaluation of the liquidity includes, for example, an analysis of the trading volume, the complexity of the assets, the number of trading days, which would be necessary to dispose of the respective assets without having an influence on the market price.
The fund management company monitors the liquidity risks, which can result from an increase in demand from investors on the redemption of units from investors. Here, the fund management company forms an opinion based on the expectations for net cash flow changes while taking into account the available information about the investor structure and experience values from historic net cash flow changes. It takes into account the effects of large-scale withdrawal risks and other risks (for example, reputation risks). | Die Fondsleitung hat für den Anlagefonds schriftliche Grundsätze und Verfahren festgelegt, die es ihr ermöglichen, die Liqui- ditätsrisiken des Anlagefonds zu überwachen und zu gewährleisten, dass sich das Liquiditätsprofil der Anlagen des Anlage- fonds mit den zugrundeliegenden Verbindlichkeiten des Anlagefonds deckt.
Die Fondsleitung überwacht die Liquiditätsrisiken, die sich auf Ebene des Anlagefonds oder der Vermögensgegenstände ergeben können. Sie nimmt dabei eine Einschätzung der Liquidität der im Anlagefonds gehaltenen Vermögensgegenstände in Relation zum Fondsvermögen vor und legt hierfür eine Liquiditätsquote fest. Die Beurteilung der Liquidität beinhaltet bei- spielsweise eine Analyse des Handelsvolumens, der Komplexität des Vermögensgegenstandes, die Anzahl der Handelstage, die zur Veräußerung des jeweiligen Vermögensgegenstandes benötigt werden, ohne Einfluss auf den Marktpreis zu nehmen.
Die Fondsleitung überwacht die Liquiditätsrisiken, die sich durch erhöhtes Verlangen der Anleger auf Anteilrücknahme der Anleger ergeben können. Hierbei bildet sie sich Erwartungen über Nettomittelveränderungen unter Berücksichtigung von verfügbaren Informationen über die Anlegerstruktur und Erfahrungswerten aus historischen Nettomittelveränderungen. Sie berücksichtigt die Auswirkungen von Großabrufrisiken und anderen Risiken (z. B. Reputationsrisiken). | The fund management company has documented written principles and procedures for the investment fund, which make it possible for it to monitor and guarantee the liquidity risks of the investment fund so that the liquidity profile of the equity of the investment fund covers the underlying obligations of the investment fund.
The fund management company monitors the liquidity risks, which can result at the level of the investment fund or assets. It makes an estimate of the liquidity of the assets in the investment fund in relation to the fund assets and establishes a liquidity ratio for this. The evaluation of the liquidity includes, for example, an analysis of the trading volume, the complexity of the assets, the number of trading days, which would be necessary to dispose of the respective assets without having an influence on the market price.
The fund management company monitors the liquidity risks, which can result from an increase in demand from investors on the redemption of units from investors. Here, the fund management company forms an opinion based on the expectations for net cash flow changes while taking into account the available information about the investor structure and experience values from historic net cash flow changes. It takes into account the effects of large-scale withdrawal risks and other risks (for example, reputation risks). | en | de |
DOLFIN6976 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SOFT COMMISSION, BROKERAGE & RESEARCH ARRANGEMENTS
To the extent not prohibited by applicable laws or regulations, the Sub-Advisers may, in circumstances in which two or more broker-dealers are in a position to offer comparable results for a portfolio transaction, give preference to a broker-dealer that has provided statistical or other research services to the Sub-Advisers. In selecting a broker-dealer under these circumstances, the Sub-Advisers will consider, in addition to the factors listed above, the quality of the research provided by the broker-dealer. The Sub-Advisers may cause a Sub-Fund to pay higher commissions than those obtainable from other broker-dealers in exchange for such research services. The research services generally include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the advisability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto. By allocating transactions in this manner, the Sub-Advisers are able to supplement their research and analysis with the views and information of securities firms. Information so received will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisers under the advisory contracts, and the expenses of the Sub-Advisers will not necessarily be reduced as a result of the receipt of this supplemental research information. Furthermore, research services furnished by broker-dealers through which the Sub-Advisers place securities transactions for a Sub-Fund may be used by the Sub-Advisers in servicing their other accounts, and although not all of these services may be used by the Sub-Advisers in connection with advising the Sub-Funds, they will always be in the interest of the Sub-Funds. It should be noted that the Sub-Advisers may place portfolio transactions with an affiliated broker-dealer. | # ACUERDOS DE COMISIONES EN ESPECIE, INTERMEDIACIÓN E INVESTIGACIÓN
En la medida en que no esté prohibido por las leyes o normativas aplicables, los Subasesores pueden, cuando dos corredores de bolsa estén en condiciones de ofrecer resultados comparables para una operación de cartera, dar prioridad al corredor de bolsa que les haya facilitado servicios estadísticos u otros servicios de análisis. A la hora de seleccionar un corredor de bolsa en tales circunstancias, los Subasesores considerarán, además de los factores indicados anteriormente, la calidad del análisis facilitado por el corredor de bolsa en cuestión. Los Subasesores pueden hacer que un Subfondo pague comisiones más elevadas que las que obtenga de otros corredores de bolsa a cambio de dichos servicios de análisis. Los servicios de análisis generalmente incluyen: (1) la provisión de asesoramiento sobre el valor de los títulos, la conveniencia de invertir, comprar o vender títulos, y la conveniencia de los títulos o de los compradores o vendedores de títulos; (2) la provisión de análisis e informes relativos a emisores, sectores, títulos, factores y tendencias económicos, estrategias de cartera, así como el rendimiento de cuentas; y (3) la realización de operaciones con títulos y otras funciones adicionales relacionadas. Por medio de esta asignación de operaciones, los Subasesores pueden complementar su análisis con las perspectivas y la información de las entidades de títulos. Toda la información recibida de este modo será complementaria y no sustituirá los servicios que se solicite a los Subasesores en virtud de los contratos de asesoramiento, y los gastos de los Subasesores no se verán necesariamente reducidos como resultado de la recepción de dicha información de análisis adicional. Además, los servicios de análisis facilitados por los corredores de bolsa a través de los cuales los Subasesores realizan operaciones con títulos para un Subfondo pueden utilizarse para prestar servicios a sus otras cuentas y, a pesar de que los Subasesores pueden no utilizar la totalidad de estos servicios para ofrecer asesoramiento a los Subfondos, siempre será en beneficio de estos. Debe tenerse en cuenta que los Subasesores podrán realizar operaciones de cartera con un corredor de bolsa afiliado. | # SOFT COMMISSION, BROKERAGE & RESEARCH ARRANGEMENTS
To the extent not prohibited by applicable laws or regulations, the Sub-Advisers may, in circumstances in which two or more broker-dealers are in a position to offer comparable results for a portfolio transaction, give preference to a broker-dealer that has provided statistical or other research services to the Sub-Advisers. In selecting a broker-dealer under these circumstances, the Sub-Advisers will consider, in addition to the factors listed above, the quality of the research provided by the broker-dealer. The Sub-Advisers may cause a Sub-Fund to pay higher commissions than those obtainable from other broker-dealers in exchange for such research services. The research services generally include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing, or selling securities, and the advisability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto. By allocating transactions in this manner, the Sub-Advisers are able to supplement their research and analysis with the views and information of securities firms. Information so received will be in addition to, and not in lieu of, the services required to be performed by the Sub-Advisers under the advisory contracts, and the expenses of the Sub-Advisers will not necessarily be reduced as a result of the receipt of this supplemental research information. Furthermore, research services furnished by broker-dealers through which the Sub-Advisers place securities transactions for a Sub-Fund may be used by the Sub-Advisers in servicing their other accounts, and although not all of these services may be used by the Sub-Advisers in connection with advising the Sub-Funds, they will always be in the interest of the Sub-Funds. It should be noted that the Sub-Advisers may place portfolio transactions with an affiliated broker-dealer. | en | es |
DOLFIN6977 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Art. 1 Name of the Investment Company
Under the name Deep Research Fund SICAV (“the Investment Company”) exists an Investment Company in the form of a company limited by shares with variable share capital.
Art. 2 Registered domicile of the Investment Company The company is domiciled in Vaduz, Principality of Liechtenstein. Art. 3 Purpose of the Investment Company
The exclusive purpose of the Investment Company is asset management on the account of investors by investing in ap- proved assets in accordance with the principle of risk diversification pursuant to the Liechtenstein Act concerning Specific Undertakings for Collective Investment in Transferable Securities ("UCITSG").
Taking account of the restrictions set out in the UCITSG, the Investment Company may take all other measures and per- form all actions that it considers reasonable to achieve its Company purpose. | # Art. 1 Firma der Investmentgesellschaft
Unter der Firma Deep Research Fund SICAV („die Investmentgesellschaft“) besteht eine Investmentgesellschaft in Form einer Aktiengesellschaft mit variablem Aktienkapital.
Art. 2 Sitz der Investmentgesellschaft Gesellschaftssitz ist Vaduz, Fürstentum Liechtenstein. Art. 3 Zweck der Investmentgesellschaft
Ausschliesslicher Zweck der Investmentgesellschaft ist die Vermögensverwaltung für Rechnung der Anleger durch Ver- mögensanlage in zulässigen Vermögenswerten nach dem Grundsatz der Risikostreuung gemäss dem Gesetz über be- stimmte Organismen für gemeinsame Anlagen in Wertpapieren („UCITSG“).
Die Investmentgesellschaft kann unter Berücksichtigung der im UCITSG festgelegten Beschränkungen alle anderen Massnahmen ergreifen und Handlungen vornehmen, die sie zur Erreichung ihres Gesellschaftszweckes für angemessen erachtet. | # Art. 1 Name of the Investment Company
Under the name Deep Research Fund SICAV (“the Investment Company”) exists an Investment Company in the form of a company limited by shares with variable share capital.
Art. 2 Registered domicile of the Investment Company The company is domiciled in Vaduz, Principality of Liechtenstein. Art. 3 Purpose of the Investment Company
The exclusive purpose of the Investment Company is asset management on the account of investors by investing in ap- proved assets in accordance with the principle of risk diversification pursuant to the Liechtenstein Act concerning Specific Undertakings for Collective Investment in Transferable Securities ("UCITSG").
Taking account of the restrictions set out in the UCITSG, the Investment Company may take all other measures and per- form all actions that it considers reasonable to achieve its Company purpose. | en | de |
DOLFIN6978 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
| QUE VA ME COÛTER CET INVESTISSEMENT? |
| --- |
| Il se peut que la personne qui vous vend ce produit ou qui vous fournit des conseils à son sujet vous demande de payer des coûts supplémentaires. Si c’est le cas, cette personne vous informera au sujet de ces coûts et vous montrera l’incidence de ces coûts sur votre investissement. |
| Coûts au fil du temps |
| Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons supposé que: - Au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire. | | ¿CUÁLES SON LOS COSTES? |
| --- |
| La persona que le asesore sobre este producto o se lo venda puede cobrarle otros costes. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión. |
| Costes a lo largo del tiempo |
| Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles. Hemos partido de los siguientes supuestos: - El primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado. | | QUE VA ME COÛTER CET INVESTISSEMENT? |
| --- |
| Il se peut que la personne qui vous vend ce produit ou qui vous fournit des conseils à son sujet vous demande de payer des coûts supplémentaires. Si c’est le cas, cette personne vous informera au sujet de ces coûts et vous montrera l’incidence de ces coûts sur votre investissement. |
| Coûts au fil du temps |
| Les tableaux présentent les montants prélevés sur votre investissement afin de couvrir les différents types de coûts. Ces montants dépendent du montant que vous investissez, du temps pendant lequel vous détenez le produit et du rendement du produit. Les montants indiqués ici sont des illustrations basées sur un exemple de montant d’investissement et différentes périodes d’investissement possibles. Nous avons supposé que: - Au cours de la première année vous récupéreriez le montant que vous avez investi (rendement annuel de 0 %). Que pour les autres périodes de détention, le produit évolue de la manière indiquée dans le scénario intermédiaire. | fr | es |
DOLFIN6979 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Power to delegate
Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee consisting of Directors. Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
- | # Befugnis zur Übertragung
Ohne die Allgemeingültigkeit des letzten vorstehenden Artikels zu beeinträchtigen, kann der Verwaltungsrat jedes seiner Befugnisse auf Ausschüsse übertragen, die aus Verwaltungsratsmitgliedern bestehen. Jede derartige Übertragung kann vorbehaltlich von Bedingungen erfolgen, die der Verwaltungsrat auferlegt, und entweder zusätzlich zu oder unter Ausschluss seiner eigenen Befugnisse, und sie kann widerrufen werden. Vorbehaltlich einer jeden solchen Bedingung unterliegen die Sitzungen eines Ausschusses mit zwei oder mehr Mitgliedern den Bestimmungen dieser Satzung, welche die Sitzungen des Verwaltungsrats regeln, soweit sie zur Anwendung geeignet sind.
- | # Power to delegate
Without prejudice to the generality of the last preceding Article, the Directors may delegate any of their powers to any committee consisting of Directors. Any such delegation may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and may be revoked. Subject to any such conditions, the proceedings of a committee with two or more members shall be governed by the provisions of these Articles regulating the proceedings of Directors so far as they are capable of applying.
- | en | de |
DOLFIN6980 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# Justification of our appraisals
The global crisis relating to the COVID-19 pandemic has created special conditions for the preparation and auditing of this year's accounts. The crisis and the exceptional measures taken in the context of the state of medical emergency have indeed had multiple consequences for the funds, their investments, and the valuation of the corresponding assets and liabilities. Some of these measures, such as travel restrictions and working from home, have also affected the operational management of the funds and the way audits are carried out.
It is in this complex and constantly changing context that, in application of the provisions of Articles L.823-9 and R.823-7 of the French Commercial Code relating to the justification of our appraisals, we hereby inform you that in our professional opinion, the most significant appraisals we conducted covered the appropriateness of the accounting principles applied, particularly as regards the financial instruments in the portfolio, and the overall presentation of the accounts, based on the chart of accounts of the open- ended undertakings for collective investment.
These appraisals formed part of our audit of the annual accounts as a whole, prepared under the conditions described above, and contributed to our opinion expressed above. We do not express an opinion on items in the annual accounts taken in isolation. | # Giustificazione delle valutazioni
La crisi mondiale legata alla pandemia di COVID-19 ha creato delle condizioni particolari per la stesura e la revisione del bilancio di questo esercizio. Infatti, questa crisi e le misure eccezionali adottate nell’ambito dello stato d‘emergenza sanitaria hanno prodotto numerose conseguenze per i fondi, i loro investimenti e la valutazione degli elementi attivi e passivi corrispondenti. Alcune di queste misure, quali le limitazioni agli spostamenti e il lavoro a distanza, hanno anche inciso sulla gestione operativa dei fondi e sulle modalità di attuazione delle revisioni.
È in questo contesto difficile e mutevole che, in applicazione delle disposizioni degli articoli L.823-9 e R.823-7 del Codice del Commercio relative alla giustificazione delle nostre valutazioni, vi informiamo che le valutazioni principali che abbiamo eseguito, a nostro avviso, hanno riguardato l'adeguatezza dei principi contabili applicati, soprattutto per quanto riguarda gli strumenti finanziari in portafoglio, e sulla presentazione complessiva dei conti, in virtù del piano contabile degli organismi d’investimento collettivo a capitale variabile, soprattutto per quanto riguarda gli strumenti finanziari in portafoglio.
Le valutazioni così riportate rientrano nel quadro della revisione del bilancio d'esercizio considerato nel suo insieme, redatto secondo le condizioni summenzionate, e della formazione dell'opinione espressa in precedenza. Non esprimiamo opinioni su elementi del presente bilancio presi singolarmente. | # Justification of our appraisals
The global crisis relating to the COVID-19 pandemic has created special conditions for the preparation and auditing of this year's accounts. The crisis and the exceptional measures taken in the context of the state of medical emergency have indeed had multiple consequences for the funds, their investments, and the valuation of the corresponding assets and liabilities. Some of these measures, such as travel restrictions and working from home, have also affected the operational management of the funds and the way audits are carried out.
It is in this complex and constantly changing context that, in application of the provisions of Articles L.823-9 and R.823-7 of the French Commercial Code relating to the justification of our appraisals, we hereby inform you that in our professional opinion, the most significant appraisals we conducted covered the appropriateness of the accounting principles applied, particularly as regards the financial instruments in the portfolio, and the overall presentation of the accounts, based on the chart of accounts of the open- ended undertakings for collective investment.
These appraisals formed part of our audit of the annual accounts as a whole, prepared under the conditions described above, and contributed to our opinion expressed above. We do not express an opinion on items in the annual accounts taken in isolation. | en | it |
DOLFIN6981 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### In all the above cases, the requests received will be executed at the first Net Asset Value applicable upon the expiry of the suspension period.
In exceptional circumstances which may have an adverse effect on the interests of Shareholders, in the event of large volumes of subscription, redemption or conversion requests or in the event of a lack of liquidity on the markets, the Board of Directors of the Company reserves the right to set the Net Asset Value of the Company Shares only after carrying out the required purchases and sales of securities on behalf of the Company (for redemptions, “large volumes” shall mean that the total value of Shares in all redemption requests in one Valuation Day exceeds 10% of the total Net Asset Value of the Sub-Fund on the same Valuation Day). In this case, any subscriptions, redemptions and conversions simultaneously pending will be executed on the basis of a single Net Asset Value.
The temporary suspension of the calculation of the Net Asset Value and resulting suspension of dealing of one or more Sub- Funds will be announced by any appropriate means and more specifically by publication in the press, unless the Board of Directors of the Company feels that such a publication is not useful in view of the short duration of the suspension. | ##### En todos los casos anteriores las solicitudes recibidas se tramitarán en función del primer Valor liquidativo aplicable una vez concluido el periodo de suspensión.
En circunstancias excepcionales que puedan afectar negativamente a los intereses de los Accionistas, en caso de grandes volúmenes de solicitudes de suscripción, reembolso o conversión, o en caso de falta de liquidez en los mercados, el Consejo de administración de la Sociedad se reserva el derecho a establecer el Valor liquidativo de las Acciones de la Sociedad únicamente tras haber realizado las compras y las ventas de valores necesarias en nombre de la Sociedad (en el caso de los reembolsos, «grandes volúmenes» significará que el valor total de las Acciones reembolsado un Día de valoración supera el 10 % del Valor liquidativo total del Subfondo ese mismo Día de valoración). En este caso, toda suscripción, reembolso y conversión simultáneamente pendiente se ejecutará conforme al mismo Valor liquidativo.
La suspensión temporal del cálculo del Valor liquidativo y la consiguiente suspensión de la negociación de uno o varios Subfondos se anunciará por todos los medios pertinentes y, concretamente, mediante su publicación en prensa, salvo que el Consejo de administración de la Sociedad considere que dicha publicación no es útil, dada la breve duración de la suspensión. | ##### In all the above cases, the requests received will be executed at the first Net Asset Value applicable upon the expiry of the suspension period.
In exceptional circumstances which may have an adverse effect on the interests of Shareholders, in the event of large volumes of subscription, redemption or conversion requests or in the event of a lack of liquidity on the markets, the Board of Directors of the Company reserves the right to set the Net Asset Value of the Company Shares only after carrying out the required purchases and sales of securities on behalf of the Company (for redemptions, “large volumes” shall mean that the total value of Shares in all redemption requests in one Valuation Day exceeds 10% of the total Net Asset Value of the Sub-Fund on the same Valuation Day). In this case, any subscriptions, redemptions and conversions simultaneously pending will be executed on the basis of a single Net Asset Value.
The temporary suspension of the calculation of the Net Asset Value and resulting suspension of dealing of one or more Sub- Funds will be announced by any appropriate means and more specifically by publication in the press, unless the Board of Directors of the Company feels that such a publication is not useful in view of the short duration of the suspension. | en | es |
DOLFIN6982 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
# What happens if Hermes Fund Managers Ireland Limited is unable to pay out?
You may face financial loss should the Manager or the Depositary default on their obligations to the Fund. In the event you suffer any such loss, there is no compensation or guarantee scheme in place which may offset all or any of such loss. In the event of insolvency of the Manager or the Depositary, the Fund's assets are segregated from the assets of the Manager and the Depositary and will not be subject to a claim by the liquidator of the Manager or the Depositary. | # Cosa accade se Hermes Fund Managers Ireland Limited non è in grado di corrispondere quanto dovuto?
Potreste subire perdite finanziarie se il Gestore o il Depositario non adempiono ai loro obblighi nei confronti del Fondo. In tale eventualità, non esiste alcun sistema di indennizzo o garanzia che possa compensare in tutto o in parte le perdite subite. In caso di insolvenza del Gestore o del Depositario, gli attivi del Fondo sono separati da quelli del Gestore e del Depositario e non saranno soggetti a rivendicazioni da parte del relativo liquidatore. | # What happens if Hermes Fund Managers Ireland Limited is unable to pay out?
You may face financial loss should the Manager or the Depositary default on their obligations to the Fund. In the event you suffer any such loss, there is no compensation or guarantee scheme in place which may offset all or any of such loss. In the event of insolvency of the Manager or the Depositary, the Fund's assets are segregated from the assets of the Manager and the Depositary and will not be subject to a claim by the liquidator of the Manager or the Depositary. | en | it |
DOLFIN6983 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Fund launched on 9 February 2021, the I/A(EUR) share class displayed launched 16 February 2021.
For indicative purposes, the Fund's performance is compared to the 85% ICE BofA BB Euro High Yield Non- Financial Constrained Index and 15% ICE BofA Euro Subordinated Financial Index (the "Reference Index"). The Fund outperformed its Reference Index since inception till the period ended 30 June 2021.
- The Fund outperformed its Reference Index.
- During this period, the spread over swap of the Reference Index tightened from 191 to 184 basis points, and remained at 223 basis points looking at spreads over government bonds. The Euro High Yield market showed some volatility, with spreads compressing whereby lower-rated bonds outperformed higher-rated ones.
- Positive contributors were Utilities, Infrastructure and Real Estate, whereas Oil & Gas, Insurance and Retail had a negative attribution.
- On a company level, among top contributors were Electricité de France, TVO, Aeroporti di Roma and Vivion. On the other hand, Petroleos Mexicanos (excluded due to weak ESG profile), Unibail- Rodamco and International Airlines Group detracted from performance.
- Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all Fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. Unless otherwise indicated, all defined terms used herein shall have the same meaning as set out in the Prospectus of the Company. | Le Fonds a été lancé le 9 février 2021, la classe d’actions I/A(EUR) présentée ici a été lancée le 16 février 2021.
À titre indicatif, la performance du Fonds est comparée à celle d’un indice composite composé à 85 % de l’indice ICE BofA BB Euro High Yield Non-Financial Constrained Index et à 15 % de l’indice ICE BofA Euro Subordinated Financial Index (l’« Indice de Référence »). Le Fonds a surperformé son Indice de Référence entre son lancement et la période close le 30 juin 2021.
- Le Fonds a surperformé son Indice de Référence.
- Au cours de cette période, le spread sur les swaps de l’Indice de Référence s’est resserré de 191 à 184 points de base, et a continué d’afficher 223 points de base en ce qui concerne les spreads sur les obligations d’État. Le marché à haut rendement de la zone euro a fait preuve d’une certaine volatilité, avec une compression des spreads, les obligations les moins bien notées ayant surperformé les obligations les mieux notées.
- Les principaux contributeurs ont été les secteurs des services publics, des infrastructures et de l’immobilier, tandis que les secteurs du pétrole et du gaz, de l’assurance et de la vente au détail ont nui à la performance.
- En ce qui concerne les entreprises, Electricité de France, TVO, Aeroporti di Roma et Vivion ont figuré parmi les principaux contributeurs. En revanche, Petroleos Mexicanos (exclu en raison de son faible profil ESG), Unibail-Rodamco et International Airlines Group ont nui à la performance.
- Les performances indiquées sont représentatives de performances passées et ne sauraient constituer une garantie de résultats futurs. Les performances récentes pourront être supérieures ou inférieures aux performances passées. La valeur du principal et les rendements évoluant au fil du temps (notamment du fait des fluctuations de change), le prix de rachat des actions sera supérieur ou inférieur à leur prix initial. Les performances indiquées sont nettes de toutes les charges imputées aux Fonds, mais excluent l’impact des droits d’entrée et des frais de banque correspondants, et supposent un réinvestissement des distributions. Si de tels droits et frais avaient été inclus, les rendements auraient été inférieurs. Les performances d’autres classes d’actions peuvent être supérieures ou inférieures selon les écarts de commissions et de droits d’entrée. Sauf indication contraire, tous les termes définis et utilisés dans le présent document ont le même sens que celui qui leur est donné dans le prospectus de la Société. | The Fund launched on 9 February 2021, the I/A(EUR) share class displayed launched 16 February 2021.
For indicative purposes, the Fund's performance is compared to the 85% ICE BofA BB Euro High Yield Non- Financial Constrained Index and 15% ICE BofA Euro Subordinated Financial Index (the "Reference Index"). The Fund outperformed its Reference Index since inception till the period ended 30 June 2021.
- The Fund outperformed its Reference Index.
- During this period, the spread over swap of the Reference Index tightened from 191 to 184 basis points, and remained at 223 basis points looking at spreads over government bonds. The Euro High Yield market showed some volatility, with spreads compressing whereby lower-rated bonds outperformed higher-rated ones.
- Positive contributors were Utilities, Infrastructure and Real Estate, whereas Oil & Gas, Insurance and Retail had a negative attribution.
- On a company level, among top contributors were Electricité de France, TVO, Aeroporti di Roma and Vivion. On the other hand, Petroleos Mexicanos (excluded due to weak ESG profile), Unibail- Rodamco and International Airlines Group detracted from performance.
- Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all Fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. Unless otherwise indicated, all defined terms used herein shall have the same meaning as set out in the Prospectus of the Company. | en | fr |
DOLFIN6984 | Translate the following text in en into it. Only provide the translation without any other text. The text to translate:
## 6. Fees and expenses (continued) Administration fees
From 1 June 2021, the Administrator (BNP Paribas Fund Administration Services (Ireland) Limited) shall be entitled to receive out of the assets of each Sub-Fund a fee, accrued and calculated daily and payable monthly in arrears, at a rate of up to 0.035% per annum of a Sub-Fund’s NAV for the first EUR 200 million, 0.03% per annum of a Sub-Fund’s NAV between EUR 200 million and EUR 500 million and 0.02% per annum of a Sub-Fund’s NAV above EUR 500 million subject to minimum fees of EUR 600,000 per annum on Fund Administration and Depositary based on a maximum of 10 sub-funds. In addition, the Administrator shall be entitled to be reimbursed its reasonable vouched out- of-pocket expenses, transaction and account fees.
Prior to 1 June 2021, the Administrator (HSBC Securities Services (Ireland) DAC) was entitled to receive out of the assets of each Sub-Fund a fee, accrued and calculated daily and payable monthly in arrears, at a rate of up to 0.05% per annum of a Sub-Fund’s NAV for the first EUR 250 million, 0.035% per annum of a Sub-Fund’s NAV between EUR 250 million and EUR 500 million and 0.02% per annum of a Sub-Fund’s NAV above EUR 500 million subject to a minimum monthly fee of up to EUR 300 per Share Class (which shall be reduced by 50% for the first six months after the launch of a Sub-Fund).
Administration fees for the financial period ended 30 June 2022 amounted to EUR 1,213,784 (30 June 2021: EUR 1,311,841) of which EUR 422,121 (31 December 2021: EUR 239,020) was payable at financial period end. | ## 6. Commissioni e spese (segue) Oneri di amministrazione
Dal 1° giugno 2021 l’Agente amministrativo (BNP Paribas Fund Administration Services (Ireland) Limited) ha diritto a ricevere, attingendo agli attivi di ciascun Comparto, una commissione che matura ed è calcolata giornalmente ed è pagabile mensilmente in via posticipata, a un tasso massimo dello 0,035% annuo del NAV del Comparto per i primi 200 milioni di euro, dello 0,03% annuo del NAV del Comparto tra 200 milioni di euro e 500 milioni di euro e dello 0,02% annuo del NAV del Comparto superiore a 500 milioni di euro, fatta salva una commissione annua minima di Euro 600.000 per l’Agente amministrativo e la Depositaria del Fondo sulla base di un massimo 10 comparti. Inoltre, l'Agente amministrativo ha diritto al rimborso delle spese ragionevoli sostenute, delle spese di transazione e di conto.
Prima del 1° giugno 2021 all’Agente amministrativo (HSBC Securities Services (Ireland) DAC) spettava, attingendo agli attivi di ciascun Comparto, una commissione che maturava ed era calcolata giornalmente ed era pagabile mensilmente in via posticipata, a un tasso massimo dello 0,05% annuo del NAV del Comparto per i primi Euro 250 milioni, dello 0,035% annuo del NAV del Comparto tra Euro 250 milioni ed Euro 500 milioni e dello 0,02% annuo del NAV del Comparto superiore a Euro 500 milioni, fatta salva una commissione mensile minima di Euro 300 per Classe di Azioni (ridotta del 50% per i primi sei mesi dalla data di lancio di un Comparto).
Le Commissioni di amministrazione per il periodo chiuso al 30 giugno 2022 sono state pari a Euro 1.213.784 (30 giugno 2021: Euro 1.311.841) di cui Euro 422.121 (31 dicembre 2021: Euro 239.020) pagabili a fine periodo. | ## 6. Fees and expenses (continued) Administration fees
From 1 June 2021, the Administrator (BNP Paribas Fund Administration Services (Ireland) Limited) shall be entitled to receive out of the assets of each Sub-Fund a fee, accrued and calculated daily and payable monthly in arrears, at a rate of up to 0.035% per annum of a Sub-Fund’s NAV for the first EUR 200 million, 0.03% per annum of a Sub-Fund’s NAV between EUR 200 million and EUR 500 million and 0.02% per annum of a Sub-Fund’s NAV above EUR 500 million subject to minimum fees of EUR 600,000 per annum on Fund Administration and Depositary based on a maximum of 10 sub-funds. In addition, the Administrator shall be entitled to be reimbursed its reasonable vouched out- of-pocket expenses, transaction and account fees.
Prior to 1 June 2021, the Administrator (HSBC Securities Services (Ireland) DAC) was entitled to receive out of the assets of each Sub-Fund a fee, accrued and calculated daily and payable monthly in arrears, at a rate of up to 0.05% per annum of a Sub-Fund’s NAV for the first EUR 250 million, 0.035% per annum of a Sub-Fund’s NAV between EUR 250 million and EUR 500 million and 0.02% per annum of a Sub-Fund’s NAV above EUR 500 million subject to a minimum monthly fee of up to EUR 300 per Share Class (which shall be reduced by 50% for the first six months after the launch of a Sub-Fund).
Administration fees for the financial period ended 30 June 2022 amounted to EUR 1,213,784 (30 June 2021: EUR 1,311,841) of which EUR 422,121 (31 December 2021: EUR 239,020) was payable at financial period end. | en | it |
DOLFIN6985 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Répartition au 30 juin 2018
## Classification économique de l'état des investissements
Alimentation et boissons 8.93
Produits chimiques 7.42
Distribution et grossistes 6.18
Matériaux et produits de construction 6.10
Fournitures et services commerciaux 5.95
Communications 5.66
Immobilier 4.81
Internet, logiciels et services informatiques 4.37
Assurance 4.06
Banques 3.92
Technologie 3.68
Services financiers 3.58
Semi-conducteurs et équipements pour leur fabrication 3.37
Soins de santé 2.69
Textiles, vêtements et articles en cuir 2.64
Vente au détail 2.44
Ingénierie et construction 2.38
Fonds de placement de type ouvert 2.37
Sociétés financières, d’investissement et autres sociétés diversifiées 2.03
Approvisionnement en eau et en énergie 1.84
Industrie 1.81
Produits ménagers et biens de consommation durables 1.67
Trafic et transports 1.65
Ingénierie mécanique et équipements industriels 1.45
MBS et ABS 1.35
Pétrole et gaz 1.34
Produits pharmaceutiques et biotechnologie 1.27
Hôtels, restaurants et loisirs 1.16
Services diversifiés 1.10
Machines 1.02
Produits et articles ménagers 0.88
99.12 | # Distribución a 30 de junio de 2018
## Desglose económico del inventario de inversiones
Alimentación y bebidas 8.93
Productos químicos 7.42
Distribución y comercio al por mayor 6.18
Materiales y productos de construcción 6.10
Servicios y suministros comerciales 5.95
Comunicaciones 5.66
Inmobiliarias 4.81
Internet, software y servicios de TI 4.37
Seguros 4.06
Bancos 3.92
Tecnología 3.68
Servicios financieros 3.58
Productos y equipos de semiconductores 3.37
Atención sanitaria 2.69
Productos textiles, prendas de vestir y artículos de marroquinería 2.64
Comercio al por menor 2.44
Ingeniería y construcción 2.38
Fondos de inversión abiertos 2.37
Sociedades financieras y de inversión y otras sociedades diversificadas 2.03
Suministro de energía y agua 1.84
Industriales 1.81
Productos para el hogar y bienes de equipo 1.67
Tráfico y transporte 1.65
Ingeniería mecánica y equipos industriales 1.45
Títulos respaldados por hipotecas o activos 1.35
Petróleo y gas 1.34
Productos farmacéuticos y biotecnología 1.27
Hoteles, restaurantes y ocio 1.16
Servicios diversificados 1.10
Maquinaria 1.02
Productos y artículos para el hogar 0.88
99.12 | # Répartition au 30 juin 2018
## Classification économique de l'état des investissements
Alimentation et boissons 8.93
Produits chimiques 7.42
Distribution et grossistes 6.18
Matériaux et produits de construction 6.10
Fournitures et services commerciaux 5.95
Communications 5.66
Immobilier 4.81
Internet, logiciels et services informatiques 4.37
Assurance 4.06
Banques 3.92
Technologie 3.68
Services financiers 3.58
Semi-conducteurs et équipements pour leur fabrication 3.37
Soins de santé 2.69
Textiles, vêtements et articles en cuir 2.64
Vente au détail 2.44
Ingénierie et construction 2.38
Fonds de placement de type ouvert 2.37
Sociétés financières, d’investissement et autres sociétés diversifiées 2.03
Approvisionnement en eau et en énergie 1.84
Industrie 1.81
Produits ménagers et biens de consommation durables 1.67
Trafic et transports 1.65
Ingénierie mécanique et équipements industriels 1.45
MBS et ABS 1.35
Pétrole et gaz 1.34
Produits pharmaceutiques et biotechnologie 1.27
Hôtels, restaurants et loisirs 1.16
Services diversifiés 1.10
Machines 1.02
Produits et articles ménagers 0.88
99.12 | fr | es |
DOLFIN6986 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
###### Section 6 Techniques for efficient portfolio management
Pursuant to CSSF Circular 14/592, techniques for efficient portfolio management can be used for the Fund. This also includes, inter alia, any type of derivative transactions, as well as securities lending trans- actions and repurchase agreements.
The techniques and instruments shall be used in accordance with the statutory requirements. These tech- niques and instruments shall be used in the best interests of the Fund.
The corresponding risk information is provided in the chapter entitled “Risk information” in the Prospectus.
Information on direct and indirect costs and fees in connection with techniques and instruments for efficient portfolio management is set out in section 14, Costs. This means that, with the exception of the direct and indirect costs referred to in the Prospectus and the Management Regulations, all income associated with the other techniques and instruments will benefit the Fund.
- Use of derivatives
- Provided that it has a suitable risk management system in place, the Fund can invest in all derivatives derived from assets that may be acquired for the Fund, or from interest rates, exchange rates, curren- cies or financial indices that have a sufficient level of diversification, represent an adequate benchmark for the market to which they refer and are published in an appropriate manner. Such derivatives include, in particular, options, financial futures and swaps, as well as combinations of these. These can be used not only for hedging purposes, but also as part of the investment strategy.
- Trading in derivatives is carried out within the investment limits and serves to ensure the efficient management of the Fund assets and the management of the investment maturities and risks. | ##### § 6 Techniken für eine effiziente Portfolioverwaltung
Gemäß CSSF-Rundschreiben 14/592 dürfen für den Fonds Techniken für eine effiziente Portfoliover- waltung genutzt werden. Hierzu zählt unter anderem auch jegliche Form von Derivatgeschäften sowie Wertpapierleihe- und Pensionsgeschäften.
Die Anwendung der Techniken und Instrumente findet gemäß den gesetzlichen Anforderungen statt. Diese Techniken und Instrumente werden im besten Interesse des Fonds angewendet. Die entspre- chenden Risikohinweise werden im Kapitel „Risikohinweise“ des Verkaufsprospektes erläutert. Anga- ben zu direkten und indirekten Kosten und Gebühren in Zusammenhang mit Techniken und Instrumen- ten zur effizienten Portfolioverwaltung befinden sich in § 14 „Kosten“. Dies bedeutet, dass bis auf die im Verkaufsprospekt und Verwaltungsreglement beschriebenen direkten und indirekten Kosten alle mit den sonstigen Techniken und Instrumenten verbundenen Erträge dem Fonds zugute kommen.
- Einsatz von Derivaten
- Der Fonds kann – vorbehaltlich eines geeigneten Risikomanagementsystems – in jeglichen Deriva- ten investieren, die von Vermögensgegenständen, die für den Fonds erworben werden dürfen, oder von Zinssätzen, Wechselkursen, Währungen oder Finanzindizes, die hinreichend diversifiziert sind, eine adäquate Bezugsgrundlage für den Markt darstellen, auf den sie sich beziehen, sowie in ange- messener Weise veröffentlicht werden, abgeleitet sind. Hierzu zählen insbesondere Optionen, Finanz- terminkontrakte und Swaps sowie Kombinationen hieraus. Diese können nicht nur zur Absicherung genutzt werden, sondern können einen Teil der Anlagestrategie darstellen.
- Der Handel mit Derivaten wird im Rahmen der Anlagegrenzen eingesetzt und dient der effizienten Verwaltung des Fondsvermögens sowie zum Laufzeiten- und Risikomanagement der Anlagen. | ###### Section 6 Techniques for efficient portfolio management
Pursuant to CSSF Circular 14/592, techniques for efficient portfolio management can be used for the Fund. This also includes, inter alia, any type of derivative transactions, as well as securities lending trans- actions and repurchase agreements.
The techniques and instruments shall be used in accordance with the statutory requirements. These tech- niques and instruments shall be used in the best interests of the Fund.
The corresponding risk information is provided in the chapter entitled “Risk information” in the Prospectus.
Information on direct and indirect costs and fees in connection with techniques and instruments for efficient portfolio management is set out in section 14, Costs. This means that, with the exception of the direct and indirect costs referred to in the Prospectus and the Management Regulations, all income associated with the other techniques and instruments will benefit the Fund.
- Use of derivatives
- Provided that it has a suitable risk management system in place, the Fund can invest in all derivatives derived from assets that may be acquired for the Fund, or from interest rates, exchange rates, curren- cies or financial indices that have a sufficient level of diversification, represent an adequate benchmark for the market to which they refer and are published in an appropriate manner. Such derivatives include, in particular, options, financial futures and swaps, as well as combinations of these. These can be used not only for hedging purposes, but also as part of the investment strategy.
- Trading in derivatives is carried out within the investment limits and serves to ensure the efficient management of the Fund assets and the management of the investment maturities and risks. | en | de |
DOLFIN6987 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
#### Temporary Suspensions
The Directors may, subject to the rules of any relevant Central Securities Depositories, and/or the rules of a relevant exchange, declare a temporary suspension of the determination of the Net Asset Value of any particular class, and of the issue and redemption of any particular class, of Shares:
- during the whole or any part of any period when any of the principal markets on which any significant portion of the constituents of the Index relating to the relevant Fund or the Investments of the relevant Fund, as the case may be, from time to time are quoted, listed, traded or dealt in, or when the foreign exchange markets corresponding to the Base Currency of the Fund or the currency in which a considerable portion of the constituents of the Index relating to the relevant Fund or the Fund’s Investments (as the case may be) are denominated, is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- during the whole or any part of any period when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Directors, any disposal or valuation of Investments of the relevant Fund is not, in the opinion of the Directors, reasonably practicable without this being detrimental to the interests of owners of Shares in general or the owners of Shares of the relevant Fund or if, in the opinion of the Directors, the Net Asset Value cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Shares in general or the owners of Shares of the relevant Fund;
- during the whole or any part of any period during which any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Company or when for any other reason the value of any of the Investments or other assets of the relevant Fund cannot reasonably or fairly be ascertained;
- during the whole or any part of any period when the Company is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange or during which there are difficulties or it is envisaged that there will be difficulties, in the transfer of monies or assets required for subscriptions, redemptions or trading;
- at the discretion of the Directors in circumstances where the Directors consider such a suspension to be in the best interest of the Company, or the Fund or the investors of the Fund as a whole;
- upon the publication of a notice convening a general Shareholder meeting for the purpose of resolving to wind up the Company or terminate any Fund;
- when dealings of the Shares on any Relevant Stock Exchange are listed are restricted or suspended;
- when settlement or clearing of securities in a recognised clearing and settlement system is disrupted;
- any period when the dealing of Shares is suspended pursuant to any order or direction issued by a relevant regulatory authority; or
- any period when an Index is not compiled or published. | ###### Vorübergehende Aussetzungen
Der Verwaltungsrat kann vorbehaltlich der Regeln der jeweiligen zentralen Wertpapierdepotstelle und / oder einer relevanten Börse eine vorübergehende Aussetzung der Ermittlung des Nettoinventarwerts einer bestimmten Klasse und der Ausgabe und Rücknahme von Anteilen einer bestimmten Klasse beschliessen:
- während der gesamten oder teilweisen Dauer eines Zeitraums, in dem einer der Hauptmärkte geschlossen ist, an denen ein wesentlicher Teil der Bestandteile des Index, auf den sich der betreffende Fonds oder die Anlagen des betreffenden Fonds beziehen, von Zeit zu Zeit kotiert oder gelistet ist oder gehandelt wird, oder eines Zeitraums, in dem die Devisenmärkte für die Basiswährung des Fonds oder die Währung, auf die ein wesentlicher Teil der Bestandteile des Index lautet, auf den sich der betreffende Fonds oder die Anlagen des betreffenden Fonds beziehen, geschlossen sind (ausser während der üblichen Schliessungszeiten an Wochenenden oder regulären Feiertagen) oder eines Zeitraums, während dessen der dortige Handel eingeschränkt oder ausgesetzt ist oder der Handel an einer relevanten Terminbörse oder einem relevanten Terminmarkt eingeschränkt oder ausgesetzt ist;
- während der gesamten oder teilweisen Dauer eines Zeitraums, in dem aufgrund politischer, wirtschaftlicher, militärischer oder monetärer Ereignisse oder anderer Umstände, die sich der Kontrolle, der Verantwortung und dem Einfluss des Verwaltungsrats entziehen, eine Veräusserung oder Bewertung von Anlagen des betreffenden Fonds nach Ansicht des Verwaltungsrats nicht ohneNachteile für die Interessen der Anteilinhaber im Allgemeinen oder der Anteilinhaber des betreffenden Fonds in angemessener Weise durchführbar ist, oder falls der Nettoinventarwert nach Ansicht des Verwaltungsrats nicht in angemessener Weise berechnet werden kann oder die Veräusserung erhebliche Nachteile für die Anteilinhaber im Allgemeinen oder die Anteilinhaber des betreffenden Fonds zur Folge hätte;
- während der gesamten oder teilweisen Dauer eines Zeitraums, in dem die normalerweise zur Ermittlung des Werts einer der Anlagen der Gesellschaft verwendeten Kommunikationsmittel ausfallen, oder in dem aus einem anderen Grund der Wert einer der Anlagen oder anderer Vermögenswerte des betreffenden Fonds nicht in angemessener oder gerechtfertigter Weise festgestellt werden kann;
- während der gesamten oder teilweisen Dauer eines Zeitraums, in dem die Gesellschaft nicht in der Lage ist, Gelder zurückzuführen, die für Rücknahmezahlungen erforderlich sind, oder in dem solche Zahlungen nach Ansicht des Verwaltungsrats nicht zu normalen Preisen oder normalen Wechselkursen durchgeführt werden können, oder in dem bei der Überweisung von Geldern oder Vermögenswerten, die für Zeichnungen, Rücknahmen oder Handelsgeschäfte erforderlich sind, Probleme auftreten oder voraussichtlich auftreten werden ;
- nach Ermessen des Verwaltungsrats unter Umständen, in denen eine solche Aussetzung nach Ansicht des Verwaltungsrats im besten Interesse der Gesellschaft oder des Fonds oder der Anleger des Fonds insgesamt ist;
- nach Veröffentlichung einer Einberufungsbekanntmachung einer Hauptversammlung von Anteilinhabern, auf der die Abwicklung der Gesellschaft oder die Schliessung eines Fonds beschlossen werden soll;
- wenn der Handel mit den Anteilen an einer relevanten Börse, an der sie kotiert sind, eingeschränkt oder ausgesetzt wird;
- wenn die Abwicklung oder Abrechnung von Wertpapieren in einem anerkannten Clearing- und Abrechnungssystem unterbrochen ist;
- in einem Zeitraum, in dem der Handel mit Anteilen aufgrund einer Verfügung oder Anordnung einer zuständigen Regulierungsbehörde ausgesetzt ist;
- in jedem Zeitraum, in dem ein Index nicht erstellt oder veröffentlicht wird. | #### Temporary Suspensions
The Directors may, subject to the rules of any relevant Central Securities Depositories, and/or the rules of a relevant exchange, declare a temporary suspension of the determination of the Net Asset Value of any particular class, and of the issue and redemption of any particular class, of Shares:
- during the whole or any part of any period when any of the principal markets on which any significant portion of the constituents of the Index relating to the relevant Fund or the Investments of the relevant Fund, as the case may be, from time to time are quoted, listed, traded or dealt in, or when the foreign exchange markets corresponding to the Base Currency of the Fund or the currency in which a considerable portion of the constituents of the Index relating to the relevant Fund or the Fund’s Investments (as the case may be) are denominated, is closed (otherwise than for customary weekend or ordinary holidays) or during which dealings therein are restricted or suspended or trading on any relevant futures exchange or market is restricted or suspended;
- during the whole or any part of any period when, as a result of political, economic, military or monetary events or any other circumstances outside the control, responsibility and power of the Directors, any disposal or valuation of Investments of the relevant Fund is not, in the opinion of the Directors, reasonably practicable without this being detrimental to the interests of owners of Shares in general or the owners of Shares of the relevant Fund or if, in the opinion of the Directors, the Net Asset Value cannot fairly be calculated or such disposal would be materially prejudicial to the owners of Shares in general or the owners of Shares of the relevant Fund;
- during the whole or any part of any period during which any breakdown occurs in the means of communication normally employed in determining the value of any of the Investments of the Company or when for any other reason the value of any of the Investments or other assets of the relevant Fund cannot reasonably or fairly be ascertained;
- during the whole or any part of any period when the Company is unable to repatriate funds required for the purpose of making redemption payments or when such payments cannot, in the opinion of the Directors, be effected at normal prices or normal rates of exchange or during which there are difficulties or it is envisaged that there will be difficulties, in the transfer of monies or assets required for subscriptions, redemptions or trading;
- at the discretion of the Directors in circumstances where the Directors consider such a suspension to be in the best interest of the Company, or the Fund or the investors of the Fund as a whole;
- upon the publication of a notice convening a general Shareholder meeting for the purpose of resolving to wind up the Company or terminate any Fund;
- when dealings of the Shares on any Relevant Stock Exchange are listed are restricted or suspended;
- when settlement or clearing of securities in a recognised clearing and settlement system is disrupted;
- any period when the dealing of Shares is suspended pursuant to any order or direction issued by a relevant regulatory authority; or
- any period when an Index is not compiled or published. | en | de |
DOLFIN6988 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### In the case of:
- transferable securities, money market instruments and/or financial derivatives in the portfolio on the valuation day not listed or traded on a stock exchange or on another regulated market that operates regularly and is recognised and open to the public or,
- transferable securities, money market instruments and/or financial derivatives listed and traded on a stock exchange or other such market whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of these transferable securities, money market instruments and/or financial derivatives or,
- financial derivatives traded over the counter and/or securities that represent undertaking for collective investment whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of the financial derivatives or securities that represent undertaking for collective investment,the Board of Directors estimates their probable market value prudently and in good faith. | ### Dans la mesure où :
- les valeurs mobilières, instruments du marché monétaire et/ou instruments financiers dérivés en portefeuille au Jour d’Evaluation ne sont cotées ou négociées ni à une bourse, ni sur un autre marché réglementé, en fonctionnement régulier, reconnu et ouvert au public ou,
- pour des valeurs mobilières, instruments du marché monétaire et/ou instruments financiers dérivés cotés et négociés en bourse ou à un tel autre marché mais pour lesquels le prix déterminé n’est pas, de l’avis du Conseil d’Administration, représentatif de la valeur réelle de ces valeurs mobilières, instruments du marché monétaire et/ou instruments financiers dérivés ou,
- pour des instruments financiers dérivés traités de gré à gré et/ou de titres représentatifs d’organismes de placement collectif, le prix déterminé n’est pas de l’avis du Conseil d’Administration, représentatif de la valeur réelle de ces instruments financiers dérivés ou titres représentatifs d’organismes de placement collectif,le Conseil d’Administration estime la valeur probable de réalisation avec prudence et bonne foi. | ### In the case of:
- transferable securities, money market instruments and/or financial derivatives in the portfolio on the valuation day not listed or traded on a stock exchange or on another regulated market that operates regularly and is recognised and open to the public or,
- transferable securities, money market instruments and/or financial derivatives listed and traded on a stock exchange or other such market whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of these transferable securities, money market instruments and/or financial derivatives or,
- financial derivatives traded over the counter and/or securities that represent undertaking for collective investment whose prices determined do not, in the opinion of the Board of Directors, reflect the true value of the financial derivatives or securities that represent undertaking for collective investment,the Board of Directors estimates their probable market value prudently and in good faith. | en | fr |
DOLFIN6989 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy Risk and reward profile
The Fund aims to provide a high level of income with the opportunity for long-term capital growth.
The Fund invests around the world in a diverse range of bonds (contracts to repay borrowed money which typically pay fixed or variable interest at fixed intervals) issued by governments, institutions and companies.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
Careful attention is paid to the quality and marketability of the investments held by the Fund although the Fund may also invest in bonds rated as below investment grade by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money). Investments in below investment grade bonds will still be subject to minimum rating requirements.
The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The BofAML Global Broad Market Corporate Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | # Objetivos y política de inversión Perfil de riesgo y remuneración
El objetivo del Fondo es generar un elevado nivel de ingresos, así como la oportunidad de crecimiento del capital a largo plazo.
El Fondo invierte en todo el mundo en una diversa gama de bonos (contratos para reembolsar dinero tomado en préstamo que suelen pagar intereses en momentos predeterminados) emitidos por gobiernos, instituciones y empresas.
Menor riesgo Potencialmente menor remuneración
1
2
3
Mayor riesgo Potencialmente mayor
remuneración
5
6
7
4
Se presta mucha atención a la calidad y comerciabilidad de las inversiones en cartera del Fondo, aunque el Fondo también puede invertir en bonos con calificaciones inferiores al grado de inversión de agencias de calificación crediticia (empresas que califican la capacidad de reembolsar el dinero tomado en préstamo de los emisores de los bonos). Las inversiones en bonos con calificaciones inferiores al grado de inversión también están sujetas a requisitos mínimos de calificación.
El Fondo puede invertir en otros activos, como efectivo, otros fondos (que pueden estar gestionados por el Gestor de inversiones, por otras empresas de su grupo o por un tercero) y derivados.
Se pueden utilizar derivados (contratos financieros cuyo valor está vinculado al precio de un activo subyacente) con fines de inversión (es decir, para lograr los objetivos de inversión del Fondo) o para lograr una gestión eficiente de la cartera, por ejemplo, con el fin de gestionar los riesgos del Fondo o de reducir los costes de su gestión.
El Gestor de inversiones utiliza una estrategia de cobertura de divisas (una técnica de inversión destinada a proteger el valor de una inversión frente a fluctuaciones cambiarias) cuyo objetivo es que la rentabilidad en la moneda de esta clase de acciones sea similar a la rentabilidad obtenida en la moneda en que están valoradas las inversiones del Fondo.
El Fondo se gestiona de forma activa. Esto significa que el Gestor de inversiones tiene libertad a la hora de seleccionar inversiones con el fin de lograr los objetivos del Fondo.
El índice BofAML Global Broad Market Corporate Hedged EUR Index se utiliza a efectos de comparación de la rentabilidad y para la gestión de riesgos. El Fondo no trata de replicar el índice. Por lo general, tendrá en cartera activos que son componentes del índice, pero no en las mismas proporciones, y está autorizado a mantener activos que no forman parte del índice. Por lo general, el Fondo no se asemejará al índice, y el Gestor de inversiones hará un seguimiento de las diferencias de rentabilidad.
Los ingresos generados por la inversión se distribuyen a los inversores.
Por lo general, podrá comprar o vender acciones del Fondo cualquier día hábil.
Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en el plazo de cinco años.
Este indicador se basa en datos históricos y puede no constituir una indicación fiable del futuro perfil de riesgo del Fondo. No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y dicha categoría puede variar a lo largo del tiempo. La asignación a la categoría más baja no significa que esté libre de riesgo.
El valor de su inversión y el valor de los ingresos generados por ella pueden tanto subir como bajar y no hay ninguna seguridad de que los inversores vayan a lograr beneficios, pudiendo llegar a sufrir pérdidas.
Los acontecimientos o factores de riesgo relacionados con aspectos medioambientales, sociales o de gobierno corporativo, en caso de suceder, podrían afectar negativamente al valor de las inversiones realizadas por el Fondo.
El Fondo se sitúa en la parte media de la escala del indicador de riesgo y remuneración. Esto se debe a que invierte en bonos cuya rentabilidad suele fluctuar más que la rentabilidad de los fondos que invierten en el mercado monetario, pero menos que la de los fondos que invierten en acciones de empresas.
Riesgos que el indicador de riesgo y remuneración puede no reflejar íntegramente:
Gastos deducidos del capital: Los gastos se deducirán del capital y no de los ingresos, lo que reducirá el capital. Esto podría limitar el crecimiento futuro del capital y los ingresos. Los ingresos pueden ser tributables.
Impagos: Existe el riesgo de que los emisores de inversiones de renta fija (como, por ejemplo, bonos) no puedan hacer frente al pago de intereses ni reembolsar el dinero que han tomado en préstamo. Cuanto peor sea la calidad crediticia del emisor, mayor será el riesgo de impago y, por consiguiente, de pérdida de la inversión.
Derivados: El uso de derivados puede incrementar el riesgo total al magnificar el efecto tanto de las ganancias como de las pérdidas, lo que puede traducirse en cambios del valor y puede llegar a causar grandes pérdidas financieras. Una contraparte de una operación de derivados puede incumplir sus obligaciones, lo que también podría ocasionar una pérdida financiera.
Tipos de interés: El valor de las inversiones en renta fija (como los bonos) suele reducirse cuando suben los tipos de interés.
Cobertura en la moneda de referencia: tiene por objeto proteger a los inversores de un descenso del valor de la moneda de referencia exclusivamente (la moneda en la que se elaboran las cuentas) y no protege de una caída del valor de las monedas de las inversiones subyacentes cuando estas no coinciden con la moneda de referencia. La diferencia entre las monedas de las inversiones subyacentes y la moneda de referencia puede generar pérdidas cuando aumenta el valor de esta última frente a la moneda de la clase de acciones. Esta cobertura no será perfecta y su éxito no está garantizado.
En los apéndices del folleto de Ninety One GSF puede consultarse la lista completa de los riesgos del Fondo. | # Objectives and investment policy Risk and reward profile
The Fund aims to provide a high level of income with the opportunity for long-term capital growth.
The Fund invests around the world in a diverse range of bonds (contracts to repay borrowed money which typically pay fixed or variable interest at fixed intervals) issued by governments, institutions and companies.
Lower risk
Potentially lower rewards
1
2
3
Higher risk Potentially higher rewards
5
6
7
4
Careful attention is paid to the quality and marketability of the investments held by the Fund although the Fund may also invest in bonds rated as below investment grade by the credit rating agencies (companies that rate the ability of the issuers of bonds to repay borrowed money). Investments in below investment grade bonds will still be subject to minimum rating requirements.
The Fund may invest in other assets such as cash, other funds (which may be managed by the Investment Manager, other companies in the same group as the Investment Manager or a third party) and derivatives.
Derivatives (financial contracts whose value is linked to the price of an underlying asset) may be used for investment purposes (i.e. in order to achieve the Fund's investment objectives) or for efficient portfolio management purposes e.g. with the aim of either managing the Fund risks or reducing the costs of managing the Fund.
The Investment Manager uses a currency hedging strategy (an investment technique which aims to protect the value of an investment against currency movements) that aims to align returns in this currency share class with those achieved in the currency that the Fund’s investments are valued in.
The Fund is actively managed. This means the Investment Manager is free to select investments with the aim of achieving the Fund’s objectives.
The BofAML Global Broad Market Corporate Hedged EUR Index is used for performance comparison and risk management. The Fund does not seek to replicate the index. It will generally hold assets that are components of the index, but not in the same proportions, and it is allowed to hold assets which are not components of the index. The Fund will therefore generally look different from the index, and the Investment Manager will monitor performance differences.
Any income due from your investment is paid out to you.
You can typically buy or sell shares in the Fund on any business day.
Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean 'risk free'.
The value of your investment and any income from it can fall as well as rise and you are not certain of making profits; losses may be made.
Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of the investments made by the Fund.
The Fund appears towards the middle of the Risk and Reward Indicator scale. This is because it invests in bonds whose returns tend to fluctuate more than those of cash funds but less than those of funds which invest in the shares of companies.
Risks that may not be fully captured by the Risk and Reward Indicator:
Charges from capital: Expenses are charged to the capital account rather than to income, so capital will be reduced. This could constrain future capital and income growth. Income may be taxable.
Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.
Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.
Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.
Reference Currency Hedging: Aims to protect investors from a decline in the value of the reference currency only (the currency in which accounts are reported) and will not protect against a decline in the values of the currencies of the underlying investments, where these are different from the reference currency. Difference between the currencies of the underlying investments and the reference currency may cause loss when the reference currency rises against the share class currency. Such hedging will not be perfect. Success is not assured.
The full list of Fund risks are contained in the appendices of the Ninety One GSF prospectus. | en | es |
DOLFIN6990 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de julio de 2012. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
15%
10%
5%
0%
-5% | ### Launch Date and Currency
Sub-Fund's launch date: July 16, 2012.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
15%
10%
5%
0%
-5% | en | es |
DOLFIN6991 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
# In addition, the annual or interim reports may be obtained from the Administrator free of charge.
Details of each Sub-Fund’s portfolio are available on the Website. The indicative net asset value per share (“INAV”) for each Sub-Fund is displayed on major market data vendor terminals as well as a wide range of websites that display stock market data. | # En outre, les rapports annuel et intermédiaire peuvent être obtenus gratuitement auprès de l'agent administratif.
Les informations détaillées concernant le portefeuille de chacun des compartiments sont disponibles sur le site internet. La valeur nette d'inventaire par action indicative (« VNII » ou « INAV ») de chaque compartiment s'affiche sur les terminaux des principaux fournisseurs de données boursières ainsi que sur de nombreux sites internet proposant des informations boursières. | # In addition, the annual or interim reports may be obtained from the Administrator free of charge.
Details of each Sub-Fund’s portfolio are available on the Website. The indicative net asset value per share (“INAV”) for each Sub-Fund is displayed on major market data vendor terminals as well as a wide range of websites that display stock market data. | en | fr |
DOLFIN6992 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
The Total Return Swap agreements are concluded at the beginning of the life of the Sub-Funds with the transferable securities and money market instruments having a similar cost to the notional value of the Reference Index. This position may however change during the life of the swap whereby the cost of the transferable securities and money market instruments, including net purchased accrued interest, may become higher / lower than the notional value of the Reference Index due to additional purchases / sales of transferable securities and money market instruments compared to the index notional.
The difference between these notional values is accounted for and disclosed in the financial statements as “Receivable due from swap counterparty” or as “Payable due to swap counterparty” depending on which notional is higher. The receivable balances will be settled to the Sub-Fund and the payable balances will be settled to the swap counterparty on termination of the respective Total Return Swap agreement.
The table below lists the notional values of the invested asset and underlying asset of the swap and the unrealised gain / (loss) on swap per Sub-Fund as at 30 June 2021. | Les conventions de Swap de rendement total sont conclues au début de la durée de vie des Compartiments, les valeurs mobilières et les instruments du marché monétaire ayant un coût similaire à la valeur nominale de l’Indice de Référence. Cette position peut cependant varier pendant la durée de vie du swap, le coût des valeurs mobilières et des instruments du marché monétaire, y compris les intérêts courus nets payés, pouvant devenir supérieur ou inférieur à la valeur nominale de l’Indice de Référence du fait d’achats/ de ventes complémentaires de valeurs mobilières et d’instruments du marché monétaire par rapport à la valeur nominale de l’indice.
La différence entre ces valeurs nominales est comptabilisée et constatée dans les États Financiers à la rubrique intitulée « Produits à recevoir de la contrepartie de swap » ou « Montant à payer à la contrepartie de swap », en prenant en compte la valeur nominale la plus élevée. Les soldes à recevoir seront imputés au Compartiment et les soldes à payer seront réglés à la contrepartie de swap à l’échéance des conventions de Swap de rendement total respectives.
Le tableau ci-dessous reprend les valeurs nominales de l’actif investi et de l’actif sous-jacent et la plus-value/(moins-value) latente sur swap pour chaque Compartiment au 30 juin 2021. | The Total Return Swap agreements are concluded at the beginning of the life of the Sub-Funds with the transferable securities and money market instruments having a similar cost to the notional value of the Reference Index. This position may however change during the life of the swap whereby the cost of the transferable securities and money market instruments, including net purchased accrued interest, may become higher / lower than the notional value of the Reference Index due to additional purchases / sales of transferable securities and money market instruments compared to the index notional.
The difference between these notional values is accounted for and disclosed in the financial statements as “Receivable due from swap counterparty” or as “Payable due to swap counterparty” depending on which notional is higher. The receivable balances will be settled to the Sub-Fund and the payable balances will be settled to the swap counterparty on termination of the respective Total Return Swap agreement.
The table below lists the notional values of the invested asset and underlying asset of the swap and the unrealised gain / (loss) on swap per Sub-Fund as at 30 June 2021. | en | fr |
DOLFIN6993 | 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 | 4,0 % 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 400 EUR |
| 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 | 1,4 % | 130 EUR |
| Le montant des coûts récurrents se fonde sur les frais de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,1 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au Produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 10 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Aucune commission de performance n’existe pour ce Produit. | Néant | | | Costes únicos de entrada o salida | En caso de salida después de 1 año |
| --- | --- |
| Costes de entrada | 4,0 % 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 400 EUR |
| 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 | 1,4 % | 130 EUR |
| 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 | 0,1 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del Producto. El importe real variará en función de la cantidad que compremos y vendamos. | 10 EUR |
| 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 | 4,0 % 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 400 EUR |
| 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 | 1,4 % | 130 EUR |
| Le montant des coûts récurrents se fonde sur les frais de l’exercice clos en décembre 2021. Ce montant peut varier d’un exercice à l’autre. |
| Coûts de transaction | 0,1 % de la valeur de votre investissement par an. Il s’agit d’une estimation des coûts encourus lorsque nous achetons et vendons les investissements sous-jacents au Produit. Le montant réel varie en fonction de la quantité que nous achetons et vendons. | 10 EUR |
| Coûts accessoires prélevés sous certaines conditions spécifiques |
| Commissions de performance | Aucune commission de performance n’existe pour ce Produit. | Néant | | fr | es |
DOLFIN6994 | Translate the following text in en into de. Only provide the translation without any other text. The text to translate:
# Collateral strategy
Within the scope of derivative transactions, the Company shall accept collateral on behalf of the Fund. The collateral serves to eliminate or partially reduce the risk of default of the contracting party to these transactions.
### Permitted types of collateral
For derivative transactions, the Company accepts the following assets as collateral:
- Bank deposits
- Transferable securities
- Money market instruments.
### Scope of collateral provided
Derivative transactions must be sufficiently collateralised to ensure that the attributable amount of the relevant counterparty's default risk does not exceed 5% of the Fund's assets. If the counterparty is a credit institution with its registered office in an EU Member State or in another State party to the EEA Agreement or in a third country in which equivalent prudential rules apply, the attributable value of the default risk may be up to 10% of the Fund's assets.
### Valuation discount strategy (haircut strategy)
In order to use certain valuation discounts, the Company pursues a haircut strategy on assets accept- ed as collateral. This covers all assets that are permitted as collateral.
### Investment of cash collateral
Cash collateral in the form of bank deposits may be held in blocked accounts with the Custodian of the Fund or, subject to the Custodian's consent, other credit institutions. They may only be reinvested in high-quality government bonds or in money market funds with short maturity structures.
### Holding securities in custody as collateral
The Company may receive securities as collateral on behalf of the Fund as part of derivative transac- tions. If these securities have been transferred as collateral, they must be held in custody with the Custodian. It is not permitted to reuse the securities. | # Sicherheitenstrategie
Im Rahmen von Derivategeschäften nimmt die Gesellschaft für Rechnung des Fonds Sicherheiten ent- gegen. Die Sicherheiten dienen dazu, das Ausfallrisiko des Vertragspartners dieser Geschäfte ganz oder teilweise zu reduzieren.
### Arten der zulässigen Sicherheiten
Die Gesellschaft akzeptiert bei Derivategeschäften folgende Vermögensgegenstände als Sicherheiten:
- Bankguthaben
- Wertpapiere
- Geldmarktinstrumente
### Umfang der Besicherung
Derivategeschäfte müssen in einem Umfang besichert sein, der sicherstellt, dass der Anrechnungsbe- trag für das Ausfallrisiko des jeweiligen Vertragspartners 5 % des Wertes des Fonds nicht überschreitet. Ist der Vertragspartner ein Kreditinstitut mit Sitz in Mitgliedstaat der EU oder in einem anderen Ver- tragsstaat des Abkommens über den EWR oder in einem Drittstaat, in dem gleichwertige Aufsichtsbe- stimmungen gelten, so darf der Anrechnungsbetrag für das Ausfallrisiko 10 % des Wertes des Fonds betragen.
### Strategie für Abschläge der Bewertung (Haircut-Strategie)
Die Gesellschaft verfolgt zur Anwendung bestimmter Bewertungsabschläge eine Haircut-Strategie auf die als Sicherheiten angenommenen Vermögensgegenstände. Sie umfasst alle Vermögensgegen- stände, die als Sicherheiten zulässig sind.
### Anlage von Barsicherheiten
Barsicherheiten in Form von Bankguthaben dürfen auf Sperrkonten bei der Verwahrstelle des Fonds oder mit ihrer Zustimmung bei einem anderen Kreditinstitut gehalten werden. Die Wiederanlage darf nur in Staatsanleihen von hoher Qualität oder in Geldmarktfonds mit kurzer Laufzeitstruktur erfolgen.
### Verwahrung von Wertpapieren als Sicherheit
Die Gesellschaft kann für Rechnung des Fonds im Rahmen von Derivategeschäften Wertpapiere als Sicherheit entgegennehmen. Wenn diese Wertpapiere als Sicherheit übertragen wurden, müssen sie bei der Verwahrstelle verwahrt werden. Eine Wiederverwendung der Wertpapiere ist nicht zulässig. | # Collateral strategy
Within the scope of derivative transactions, the Company shall accept collateral on behalf of the Fund. The collateral serves to eliminate or partially reduce the risk of default of the contracting party to these transactions.
### Permitted types of collateral
For derivative transactions, the Company accepts the following assets as collateral:
- Bank deposits
- Transferable securities
- Money market instruments.
### Scope of collateral provided
Derivative transactions must be sufficiently collateralised to ensure that the attributable amount of the relevant counterparty's default risk does not exceed 5% of the Fund's assets. If the counterparty is a credit institution with its registered office in an EU Member State or in another State party to the EEA Agreement or in a third country in which equivalent prudential rules apply, the attributable value of the default risk may be up to 10% of the Fund's assets.
### Valuation discount strategy (haircut strategy)
In order to use certain valuation discounts, the Company pursues a haircut strategy on assets accept- ed as collateral. This covers all assets that are permitted as collateral.
### Investment of cash collateral
Cash collateral in the form of bank deposits may be held in blocked accounts with the Custodian of the Fund or, subject to the Custodian's consent, other credit institutions. They may only be reinvested in high-quality government bonds or in money market funds with short maturity structures.
### Holding securities in custody as collateral
The Company may receive securities as collateral on behalf of the Fund as part of derivative transac- tions. If these securities have been transferred as collateral, they must be held in custody with the Custodian. It is not permitted to reuse the securities. | en | de |
DOLFIN6995 | Translate the following text in en into fr. Only provide the translation without any other text. The text to translate:
### Where the Manager delegates investment management functions in respect of the Fund or any Sub- Fund of the Fund, it will ensure that:
- the entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the ESMA Remuneration Guidelines; or
- appropriate contractual arrangements are put in place to ensure that there is no circumvention of the remuneration rules set out in the ESMA Remuneration Guidelines. | ### Lorsque le Gestionnaire délègue des fonctions de gestion des investissements relatives au Fonds ou d’un quelconque Compartiment du Fonds, il veillera à ce que :
- les entités auxquelles des activités de gestion de portefeuille ont été déléguées sont soumises à des exigences réglementaires en matière de rémunération qui ont la même efficacité que celles applicables dans les Lignes directrices sur la rémunération de l'ESMA ; ou
- des dispositions contractuelles appropriées sont mises en place pour éviter tout contournement des règles de rémunération définies dans les Lignes directrices sur la rémunération de l'ESMA. | ### Where the Manager delegates investment management functions in respect of the Fund or any Sub- Fund of the Fund, it will ensure that:
- the entities to which investment management activities have been delegated are subject to regulatory requirements on remuneration that are equally as effective as those applicable under the ESMA Remuneration Guidelines; or
- appropriate contractual arrangements are put in place to ensure that there is no circumvention of the remuneration rules set out in the ESMA Remuneration Guidelines. | en | fr |
DOLFIN6996 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
##### Garanties reçues
Conservation des garanties reçues dans le cadre de swaps de rendement total :
Morgan Stanley3 920 000
3 920 000 | ##### Garantías recibidas
El depósito de las garantías recibidas con respecto a los swaps de rentabilidad total es el siguiente:
Morgan Stanley3.920.000
3.920.000 | ##### Garanties reçues
Conservation des garanties reçues dans le cadre de swaps de rendement total :
Morgan Stanley3 920 000
3 920 000 | fr | es |
DOLFIN6997 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,414
4.1%
EUR 11,959
3.6% | # 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
10 414 EUR
4,1%
11 959 EUR
3,6% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,414
4.1%
EUR 11,959
3.6% | en | es |
DOLFIN6998 | Translate the following text in fr into es. Only provide the translation without any other text. The text to translate:
# Le niveau de risque ne reflète pas les effets éventuels de conditions inhabituelles du marché ou d'événements imprévisibles qui peuvent
Rendement potentiellement plus faible
N'est pas synonyme d'investissement sans risque
Rendement potentiellement plus
élevé | # El nivel de riesgo no refleja los posibles efectos de las condiciones poco habituales del mercado o de acontecimientos imprevisibles
Posible menor remuneración
No implica una inversión libre de riesgos
Posible mayor remuneración | # Le niveau de risque ne reflète pas les effets éventuels de conditions inhabituelles du marché ou d'événements imprévisibles qui peuvent
Rendement potentiellement plus faible
N'est pas synonyme d'investissement sans risque
Rendement potentiellement plus
élevé | fr | es |
DOLFIN6999 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
Securities acquired in reverse repurchase translations will be issued by
The Fund’s investment objective is to outperform the benchmark index, 50% (Capitalised) €STR and 50% Euro Stoxx 50 (Net Return) (Bloomberg code: SX5T INDEX) calculated with dividends reinvested over a minimum investment period of three years through a flexible allocation between equity markets and money market instruments.
The Fund is a stock-picking fund and is managed on a discretionary and active basis with reference to its benchmark. The investment process is based on (i) actively managing the asset allocation, divided between equity and money markets, through a tactical and strategic allocation determined according to an economic scenario, market valuations and portfolio risk management, and (ii) selecting shares or equity securities through an investment process that favours a contrarian, stock-picking approach.
The Fund’s composition may deviate significantly from that of the benchmark index.
Between 0% and 100% of the Fund’s assets may be invested in equities traded on regulated markets and issued by companies headquartered within the European Economic Area (EEA) or in a European member of the OECD.
At least 60% of the Fund’s equity component is permanently invested in shares issued by companies headquartered in the Euro Zone.
Equities issued by companies headquartered outside the Euro Zone may be held in the equity component up to a maximum of 40% of net assets.
The Fund may invest in equities from any economic sector and with any market capitalisation. Only 10% of the Fund may be exposed to emerging markets.
Between 0% and 100% of the Fund’s assets may be invested in transferable debt securities or money market instruments (maximum maturity of two years) or securities received under repurchase agreements (maximum period of three months). The transferable debt securities and money market instruments will be securities issued by governments, public entities or private corporations, denominated in euro and rated at least BBB+ (long-term rating by Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating).
governments, public institutions or private companies and denominated in euro, and will have a rating of A- to AAA (from Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating), with a maximum of 5% of assets held in securities rated below A- but no lower than BBB- (Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these money market instruments into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, the Fund may invest in financial futures or options traded on French or foreign regulated markets or over the counter for the purposes of hedging equity risk or exposing the Fund thereto and/or hedging currency risk. This shall be limited to 40% of the net assets.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-EUR units
accumulate their income
.
Recommended investment horizon: 3 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Los títulos recibidos con pacto de retroventa serán valores emitidos por
El objetivo de gestión del Fondo consiste en lograr una rentabilidad superior a la de su indicador de referencia, compuesto en un 50% por el €STR (capitalizado) y en un 50% por el Euro Stoxx 50 (Net Return) (código Bloomberg: SX5T INDEX) con dividendos reinvertidos, mediante una distribución flexible entre el mercado de renta variable y los productos del mercado monetario en un horizonte mínimo de inversión de tres años.
El Fondo es un fondo de selección de valores y se gestiona de forma discrecional y activa en referencia a su indicador. El proceso de inversión se fundamenta en
(i) una gestión activa de la asignación de activos, repartida entre los mercados de renta variable y los productos monetarios, mediante una asignación táctica y estratégica en función de un escenario económico, la valoración de los mercados y el control del riesgo de la cartera; y (ii) una selección de las acciones o las participaciones de capital a través de un proceso de inversión que prioriza el enfoque «a contracorriente» y la valoración individual de las acciones.
La composición del Fondo puede diferir de manera significativa respecto de la distribución del indicador de referencia.
El Fondo podrá invertir hasta un máximo del 100% de su patrimonio en acciones negociadas en mercados regulados y emitidas por sociedades domiciliadas en el Espacio Económico Europeo (EEE) o en un país europeo perteneciente a la OCDE.
El componente de renta variable del Fondo mantiene siempre una inversión del 60% en acciones emitidas por sociedades domiciliadas en la zona euro.
Las acciones emitidas por sociedades domiciliadas fuera de la zona euro podrán formar parte del componente de renta variable del Fondo en un límite máximo del 40% de su patrimonio neto.
Dichas sociedades, de cualquier capitalización, podrán pertenecer a cualquier sector económico. La exposición del Fondo a los mercados emergentes será del 10% como máximo.
El Fondo podrá invertir hasta un máximo del 100% en títulos de crédito negociables (TCN) o instrumentos del mercado monetario (con un vencimiento máximo de dos años) o títulos recibidos con pacto de retroventa (con un vencimiento máximo de tres meses). Los títulos de crédito negociables y los instrumentos del mercado monetario serán valores emitidos por gobiernos, autoridades públicas o empresas privadas, denominados en euros y que cuenten con una calificación mínima de BBB+ (calificación a largo plazo otorgada por Standard and Poor's, Moody's u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora).
gobiernos, autoridades públicas o empresas privadas, denominados en euros y que cuenten con una calificación entre A- y AAA (otorgada por Standard & Poor’s, Moody’s u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora), con un máximo del 5% del patrimonio invertido en títulos con calificación inferior a A- y, como mínimo, igual a BBB- (otorgada por Standard and Poor's, Moody's u otra agencia de calificación equivalente, o concedida de manera interna por parte de la Sociedad gestora). La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos productos del mercado monetario.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por ODDO BHF Asset Management SAS y/o ODDO BHF Asset Management GmbH y/o ODDO BHF Asset Management Lux y serán compatibles con la estrategia de inversión del Fondo.
El Fondo puede invertir, sin búsqueda de sobreexposición, en instrumentos financieros a plazo o condicionales, negociados en mercados regulados u OTC, tanto franceses como extranjeros, con fines de exposición, de cobertura del riesgo de renta variable y/o de cobertura del riesgo de cambio. Este último estará limitado al 40% del patrimonio neto.
La exposición máxima del Fondo a instrumentos financieros (renta variable, títulos de crédito, OIC y derivados) no podrá superar el 100% del patrimonio neto, entendiéndose que la exposición máxima constituye la suma de las exposiciones netas a cada uno de los mercados (renta variable, renta fija y monetario) a los que está expuesto el Fondo (suma de las posiciones compradoras y de cobertura).
Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día.
La participación CN-EUR
capitaliza sus ingresos
.
Horizonte de inversión recomendado: 3 años
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
Securities acquired in reverse repurchase translations will be issued by
The Fund’s investment objective is to outperform the benchmark index, 50% (Capitalised) €STR and 50% Euro Stoxx 50 (Net Return) (Bloomberg code: SX5T INDEX) calculated with dividends reinvested over a minimum investment period of three years through a flexible allocation between equity markets and money market instruments.
The Fund is a stock-picking fund and is managed on a discretionary and active basis with reference to its benchmark. The investment process is based on (i) actively managing the asset allocation, divided between equity and money markets, through a tactical and strategic allocation determined according to an economic scenario, market valuations and portfolio risk management, and (ii) selecting shares or equity securities through an investment process that favours a contrarian, stock-picking approach.
The Fund’s composition may deviate significantly from that of the benchmark index.
Between 0% and 100% of the Fund’s assets may be invested in equities traded on regulated markets and issued by companies headquartered within the European Economic Area (EEA) or in a European member of the OECD.
At least 60% of the Fund’s equity component is permanently invested in shares issued by companies headquartered in the Euro Zone.
Equities issued by companies headquartered outside the Euro Zone may be held in the equity component up to a maximum of 40% of net assets.
The Fund may invest in equities from any economic sector and with any market capitalisation. Only 10% of the Fund may be exposed to emerging markets.
Between 0% and 100% of the Fund’s assets may be invested in transferable debt securities or money market instruments (maximum maturity of two years) or securities received under repurchase agreements (maximum period of three months). The transferable debt securities and money market instruments will be securities issued by governments, public entities or private corporations, denominated in euro and rated at least BBB+ (long-term rating by Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating).
governments, public institutions or private companies and denominated in euro, and will have a rating of A- to AAA (from Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating), with a maximum of 5% of assets held in securities rated below A- but no lower than BBB- (Standard and Poor’s, Moody’s or equivalent, or using the Management Company’s internal rating). The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these money market instruments into account when respecting rating limits.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS under European Directive 2009/65/EC, (ii) in EU AIFs and/or in foreign investment funds mentioned in R.214-25 that meet the criteria of article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH and/or ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, the Fund may invest in financial futures or options traded on French or foreign regulated markets or over the counter for the purposes of hedging equity risk or exposing the Fund thereto and/or hedging currency risk. This shall be limited to 40% of the net assets.
The Fund’s maximum exposure to the instruments (equities, debt securities, funds and derivatives) may not exceed 100% of net assets, it being understood that the maximum exposure is the sum of the net exposures to each of the markets (equity, fixed income, money) to which the Fund is exposed (the sum of long and hedging positions).
Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day.
CN-EUR units
accumulate their income
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Recommended investment horizon: 3 years
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
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